UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04338
EAGLE CAPITAL APPRECIATION FUND
(Exact name of Registrant as Specified in Charter)
880 Carillon Parkway
St. Petersburg, FL 33716
(Address of Principal Executive Office) (Zip Code)
Registrant’s Telephone Number, including Area Code: (727) 567-8143
SUSAN L. WALZER, PRINCIPAL EXECUTIVE OFFICER
880 Carillon Parkway
St. Petersburg, FL 33716
(Name and Address of Agent for Service)
Copy to:
KATHY KRESCH INGBER, ESQ.
K&L Gates LLP
1601 K Street, NW
Washington, D.C. 20006
Date of fiscal year end: October 31
Date of reporting period: April 30, 2014
Item 1. Reports to Shareholders
Semiannual Report
and Investment Performance Review for the six-month period ended April 30, 2014 (unaudited)
Eagle Capital Appreciation Fund Eagle Growth & Income Fund Eagle International Stock Fund Eagle Investment Grade Bond Fund Eagle Mid Cap Growth Fund Eagle Mid Cap Stock Fund Eagle Small Cap Growth Fund Eagle Small Cap Stock Fund Eagle Smaller Company Fund
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Table of Contents
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Dear Fellow Shareholders:
I am pleased to present the semi-annual report and investment performance review of the Eagle Family of Funds for the six-month period that ended April 30, 2014.
Major equity indices rallied through the end of 2013 to continue a five-year bull market. Observers may debate the exact cause—or drivers—of the market’s strong returns for the year but many likely would agree an improving U.S. economy and the Federal Reserve’s maintenance of near-zero interest rates contributed significantly. On the fixed-income side, however, questions about how and when the Fed would begin tapering its quantitative-easing (QE) program rattled bond markets.
The New Year began with concerns about emerging-market economies and there was some thought that the markets might take a real breather. Equity markets dropped a bit in January but then moved toward new nominal highs in February and March before taking a breather in April. The general consensus among our Portfolio Managers seems to be that the U.S. economy is growing, Europe may be moving out of its recession and China’s growth continues to bear watching. Valuations, particularly in the small-cap space, may appear to be stretched but our Portfolio Managers—across capitalization ranges and investing styles—believe there remains market upside, particularly for long-term investors.
Here are just a few highlights from the last six months:
• | The Eagle Growth & Income Fund has maintained its 10-year five-star rating from Morningstar.1* |
• | The Eagle Small Cap Stock Fund and the Eagle International Stock Fund have celebrated their first anniversaries and continue to perform as we would expect them to in the current market situations.2 |
• | The Eagle Investment Grade Bond Fund—under the direction of Co-Portfolio Managers James Camp, CFA®, and Joe Jackson, CFA®—has continued to perform as we expected of this core-type fixed-income fund: a non-correlated (to equities) piece of an investor’s well-allocated overall portfolio. |
• | High-profile media outlets continue to seek out Eagle managers. James Camp, CFA®, has appeared on CNBC. Ed Cowart, CFA®, a Co-Portfolio Manager of the Growth & Income Fund, was featured in a March edition of Barron’s. The magazine also has quoted Co-Portfolio Manager Matt McGeary, CFA®, and analyst Matthew Spitznagle, CFA®, from the team that runs the Eagle Mid Cap Stock and Eagle Small Cap Stock Funds. |
I would like to remind you that investing in any mutual fund carries certain risks. The principal risk factors for each fund are described at the end of this report. Carefully consider the investment objectives, charges and expenses of any fund before you invest. Contact us at 800.421.4184 or eagleasset.com or your financial advisor for a prospectus, which contains this and other important information about the Eagle Family of Funds. Read the prospectus carefully before you invest or send money.
We are grateful for your continued support of, and confidence in, the Eagle Family of Funds.
Sincerely,
Richard J. Rossi
President
June 18, 2014
1 For the period ended April 30, 2014, the Fund’s Class A shares are rated 5 stars for the 10-year period, 4 stars overall, 2 stars for the five-year period and 3 stars for the 3-year period among a total of 621, 1,068, 942 and 1,068 funds, respectively, in the large-cap value category. Star ratings may be different for other share classes. Morningstar Rating® is based on risk-adjusted performance adjusted for fees and loads. Past performance is no guarantee of future results. Ratings are subject to change each month.
2 Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at eagleasset.com.
* The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Funds with at least three years of performance history are assigned ratings from the fund’s three-, five- and 10-year average annual returns (when available) and a risk factor that reflects fund performance relative to three-month Treasury bill monthly returns. Fund returns are adjusted for fees and sales loads. Ten percent of the funds in an investment category receive five stars, 22.5% receive four stars, 35% receive three stars, 22.5% receive two stars and the bottom 10% receive one star. Investment return and principal value will vary so that investors have a gain or loss when shares are sold. Funds are rated for up to three time periods (three-, five-, and 10-years) and these ratings are combined to produce an overall rating. Ratings may vary among share classes and are based on past performance. Past performance does not guarantee future results.
1 |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
COMMON STOCKS—99.7% | Shares | Value | ||||||||
Media—2.7% | ||||||||||
Comcast Corp., Class A | 66,800 | $3,457,568 | ||||||||
DIRECTV* | 31,500 | 2,444,400 | ||||||||
Viacom, Inc., Class B | 22,000 | 1,869,560 | ||||||||
Metal fabricate/hardware—1.1% | ||||||||||
Precision Castparts Corp. | 12,780 | 3,234,490 | ||||||||
Miscellaneous manufacturer—0.8% | ||||||||||
Trinity Industries, Inc. | 30,200 | 2,266,812 | ||||||||
Oil & gas—1.7% | ||||||||||
Marathon Petroleum Corp. | 23,800 | 2,212,210 | ||||||||
Valero Energy Corp. | 47,700 | 2,727,009 | ||||||||
Oil & gas services—2.5% | ||||||||||
Schlumberger Ltd. | 72,810 | 7,393,856 | ||||||||
Pharmaceuticals—6.4% | ||||||||||
AbbVie, Inc. | 36,600 | 1,906,128 | ||||||||
Actavis plc* | 12,300 | 2,513,259 | ||||||||
Cardinal Health, Inc. | 43,400 | 3,016,734 | ||||||||
Johnson & Johnson | 52,900 | 5,358,241 | ||||||||
McKesson Corp. | 35,600 | 6,023,164 | ||||||||
Real estate—2.3% | ||||||||||
CBRE Group, Inc., Class A* | 256,547 | 6,834,412 | ||||||||
Real estate investment trusts (REITs)—2.0% | ||||||||||
American Tower Corp. | 38,853 | 3,245,002 | ||||||||
Crown Castle International Corp. | 34,197 | 2,487,148 | ||||||||
Retail—10.8% | ||||||||||
Chipotle Mexican Grill, Inc.* | 12,435 | 6,198,848 | ||||||||
Costco Wholesale Corp. | 45,902 | 5,309,943 | ||||||||
CVS Caremark Corp. | 69,000 | 5,017,680 | ||||||||
Foot Locker, Inc. | 44,700 | 2,079,891 | ||||||||
Macy’s, Inc. | 52,700 | 3,026,561 | ||||||||
PVH Corp. | 36,423 | 4,573,636 | ||||||||
The Home Depot, Inc. | 69,300 | 5,510,043 | ||||||||
Semiconductors—9.4% | ||||||||||
Lam Research Corp.* | 59,600 | 3,433,556 | ||||||||
QUALCOMM, Inc. | 181,030 | 14,248,871 | ||||||||
Skyworks Solutions, Inc.* | 47,300 | 1,941,665 | ||||||||
Texas Instruments, Inc. | 38,100 | 1,731,645 | ||||||||
Xilinx, Inc. | 131,550 | 6,207,845 | ||||||||
Software—5.4% | ||||||||||
Fiserv, Inc.* | 46,800 | 2,844,504 | ||||||||
Microsoft Corp. | 203,800 | 8,233,520 | ||||||||
salesforce.com, Inc.* | 92,099 | 4,756,913 | ||||||||
Telecommunications—2.6% | ||||||||||
Juniper Networks, Inc.* | 107,300 | 2,649,237 | ||||||||
Verizon Communications, Inc. | 109,300 | 5,107,589 | ||||||||
Textiles—0.5% | ||||||||||
Mohawk Industries, Inc.* | 11,100 | 1,469,751 | ||||||||
Total common stocks (cost $190,269,335) | 292,885,385 | |||||||||
Total investment portfolio (cost $190,269,335) 99.7% ‡ | 292,885,385 | |||||||||
Other assets in excess of liabilities 0.3% | 928,721 | |||||||||
Net assets 100.0% | $293,814,106 |
2 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $191,038,912. Net unrealized appreciation (depreciation) on a tax-basis was $101,846,473, including aggregate gross unrealized appreciation and (depreciation) of $103,191,524 and $(1,345,051), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
Sector allocation | ||||
Sector | Percent of net assets | |||
Technology | 22.4% | |||
Consumer, non-cyclical | 21.3% | |||
Consumer, cyclical | 19.8% | |||
Communications | 15.7% | |||
Financial | 8.8% | |||
Industrial | 7.5% | |||
Energy | 4.2% |
COMMON STOCKS—98.8% | Shares | Value | ||||||||
Miscellaneous manufacturer—3.4% | ||||||||||
3M Co. | 144,665 | $20,121,455 | ||||||||
Oil & gas—12.1% | ||||||||||
Chevron Corp. | 142,147 | 17,842,291 | ||||||||
ConocoPhillips | 249,803 | 18,562,861 | ||||||||
Occidental Petroleum Corp. | 183,166 | 17,538,145 | ||||||||
Total S.A., Sponsored ADR | 248,053 | 17,671,296 | ||||||||
Pharmaceuticals—8.9% | ||||||||||
Abbott Laboratories | 440,485 | 17,064,389 | ||||||||
Merck & Co., Inc. | 330,439 | 19,350,508 | ||||||||
Pfizer, Inc. | 534,481 | 16,718,565 | ||||||||
Real estate investment trusts (REITs)—2.6% | ||||||||||
American Campus Communities, Inc. | 254,047 | 9,704,595 | ||||||||
Simon Property Group, Inc. | 34,415 | 5,960,678 | ||||||||
Retail—4.3% | ||||||||||
McDonald’s Corp. | 100,239 | 10,162,230 | ||||||||
The Home Depot, Inc. | 190,487 | 15,145,621 | ||||||||
Semiconductors—3.2% | ||||||||||
Applied Materials, Inc. | 990,499 | 18,878,911 | ||||||||
Software—3.5% | ||||||||||
Microsoft Corp. | 521,274 | 21,059,470 | ||||||||
Telecommunications—2.0% | ||||||||||
AT&T, Inc. | 325,273 | 11,612,246 | ||||||||
Toys/games/hobbies—2.4% | ||||||||||
Mattel, Inc. | 358,072 | 14,041,793 | ||||||||
Transportation—3.0% | ||||||||||
United Parcel Service, Inc., Class B | 178,810 | 17,612,785 | ||||||||
Total common stocks (cost $456,630,835) | 586,620,744 | |||||||||
Total investment portfolio (cost $456,630,835) 98.8% ‡ | 586,620,744 | |||||||||
Other assets in excess of liabilities 1.2% | 7,324,265 | |||||||||
Net assets 100.0% | $593,945,009 |
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $456,814,775. Net unrealized appreciation (depreciation) on a tax-basis was $129,805,969, including aggregate gross unrealized appreciation and (depreciation) of $131,526,633 and $(1,720,664), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
ADR—American depository receipt
Sector allocation | ||||
Sector | Percent of net assets | |||
Consumer, non-cyclical | 23.7% | |||
Industrial | 18.1% | |||
Financial | 16.4% | |||
Energy | 12.1% | |||
Technology | 11.0% | |||
Consumer, cyclical | 9.8% | |||
Basic materials | 5.7% | |||
Communications | 2.0% |
The accompanying notes are an integral part of the financial statements. | 3 |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
COMMON STOCKS—93.9% | Shares | Value | ||||||||
Ireland—2.5% | ||||||||||
Greencore Group PLC | 5,860 | $25,833 | ||||||||
Shire PLC | 3,264 | 186,621 | ||||||||
Israel—1.5% | ||||||||||
Teva Pharmaceutical Industries Ltd. | 2,605 | 127,181 | ||||||||
Italy—0.7% | ||||||||||
Banca IFIS SpA | 1,015 | 22,026 | ||||||||
Recordati SpA | 2,369 | 41,506 | ||||||||
Japan—23.5% | ||||||||||
Bridgestone Corp. | 3,900 | 139,619 | ||||||||
Central Japan Railway Co. | 1,200 | 147,853 | ||||||||
EIZO Corp. | 900 | 24,341 | ||||||||
Enplas Corp. | 400 | 22,967 | ||||||||
Fuji Heavy Industries Ltd. | 1,500 | 39,395 | ||||||||
Fuji Oil Co. Ltd. | 2,400 | 32,503 | ||||||||
Heiwa Corp. | 1,500 | 24,957 | ||||||||
Honda Motor Co. Ltd. | 2,400 | 79,347 | ||||||||
ITOCHU Corp. | 6,100 | 68,511 | ||||||||
KDDI Corp. | 2,100 | 111,784 | ||||||||
Marubeni Corp. | 21,000 | 140,089 | ||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 900 | 26,542 | ||||||||
Minebea Co. Ltd. | 8,000 | 64,714 | ||||||||
MITSUBA Corp. | 1,400 | 20,623 | ||||||||
Mitsui & Co. Ltd. | 11,000 | 155,905 | ||||||||
Mochida Pharmaceutical Co. Ltd. | 300 | 21,128 | ||||||||
NEC Networks & System Integration Corp. | 1,100 | 23,262 | ||||||||
Nippon Telegraph and Telephone Corp. | 3,300 | 182,729 | ||||||||
Nippon Yusen KK | 35,000 | 95,276 | ||||||||
Resona Holdings, Inc. | 15,900 | 81,184 | ||||||||
Shindengen Electric Manufacturing Co. Ltd. | 5,000 | 20,394 | ||||||||
SIIX Corp. | 1,100 | 16,129 | ||||||||
Sojitz Corp. | 53,300 | 83,937 | ||||||||
Sumitomo Corp. | 9,400 | 122,011 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 1,500 | 59,172 | ||||||||
Topre Corp. | 1,200 | 12,125 | ||||||||
Toyo Tire & Rubber Co. Ltd. | 3,000 | 22,331 | ||||||||
Toyota Motor Corp. | 3,600 | 194,532 | ||||||||
Netherlands—5.1% | ||||||||||
Aegon N.V. | 10,381 | 94,395 | ||||||||
ING Groep N.V., CVA* | 11,053 | 157,894 | ||||||||
Royal Dutch Shell PLC, Class B | 4,438 | 188,412 | ||||||||
Norway—1.0% | ||||||||||
Marine Harvest ASA | 3,991 | 48,978 | ||||||||
Telenor ASA | 1,759 | 41,337 | ||||||||
Singapore—3.7% | ||||||||||
DBS Group Holdings Ltd. | 9,000 | 121,899 | ||||||||
First Resources Ltd. | 20,000 | 41,060 | ||||||||
Golden Agri-Resources Ltd. | 94,000 | 45,817 | ||||||||
Singapore Telecommunications Ltd. | 10,000 | 30,550 | ||||||||
Wilmar International Ltd. | 31,000 | 84,254 | ||||||||
Sweden—3.1% | ||||||||||
Skandinaviska Enskilda Banken AB, Class A | 11,873 | 163,807 | ||||||||
Svenska Cellulosa AB SCA, Class B | 2,144 | 60,201 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 3,671 | 44,087 | ||||||||
Switzerland—4.0% | ||||||||||
Actelion Ltd.* | 288 | 28,372 | ||||||||
Aryzta AG* | 212 | 19,572 |
4 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE INTERNATIONAL STOCK FUND (cont’d) | ||||||||||
COMMON STOCKS—93.9% | Shares | Value | ||||||||
Switzerland (cont’d) | ||||||||||
Ascom Holding AG | 977 | $18,186 | ||||||||
Autoneum Holding AG* | 96 | 20,361 | ||||||||
Lonza Group AG* | 236 | 24,656 | ||||||||
Rieter Holding AG* | 191 | 43,185 | ||||||||
Roche Holding AG | 525 | 154,344 | ||||||||
Swiss Re AG* | 477 | 41,719 | ||||||||
Total common stocks (cost $7,604,496) | 8,119,603 | |||||||||
INVESTMENT COMPANIES—2.5% | ||||||||||
United States—2.5% | ||||||||||
iShares MSCI EAFE ETF | 3,100 | 211,792 | ||||||||
Total investment companies (cost $208,316) | 211,792 | |||||||||
PREFERRED STOCKS—0.5% | ||||||||||
Italy—0.5% | ||||||||||
Unipol Gruppo Finanziario SpA | 7,038 | 46,513 | ||||||||
Total preferred stocks (cost $30,537) | 46,513 | |||||||||
Total investment portfolio (cost $7,843,349) 96.9% ‡ | 8,377,908 | |||||||||
Other assets in excess of liabilities 3.1% | 269,878 | |||||||||
Total net assets 100.0% | $8,647,786 |
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $7,853,770. Net unrealized appreciation (depreciation) on a tax-basis was $524,138, including aggregate gross unrealized appreciation and (depreciation) of $729,129 and $(204,991), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
CVA—Dutch certification
ETF—Exchange-traded fund
Sector allocation | ||||
Sector | Percent of net assets | |||
Financial | 28.2% | |||
Consumer, cyclical | 23.2% | |||
Consumer, non-cyclical | 18.0% | |||
Industrial | 10.2% | |||
Communications | 8.7% | |||
Energy | 4.0% | |||
Funds | 2.5% | |||
Basic materials | 1.0% | |||
Utilities | 0.6% | |||
Technology | 0.5% |
Industry allocation | ||||||||
Industry | Value | Percent of net assets | ||||||
Banks | $1,337,909 | 15.5% | ||||||
Pharmaceuticals | 989,594 | 11.4% | ||||||
Insurance | 985,014 | 11.4% | ||||||
Auto manufacturers | 789,841 | 9.1% | ||||||
Telecommunications | 748,949 | 8.7% | ||||||
Distribution/wholesale | 570,453 | 6.6% | ||||||
Oil & gas | 348,935 | 4.0% | ||||||
Transportation | 306,198 | 3.5% | ||||||
Food | 235,785 | 2.7% | ||||||
Auto parts & equipment | 215,059 | 2.5% | ||||||
Equity fund | 211,792 | 2.5% | ||||||
Home builders | 207,627 | 2.4% | ||||||
Biotechnology | 176,945 | 2.0% | ||||||
Packaging & containers | 153,562 | 1.8% | ||||||
Retail | 151,600 | 1.8% | ||||||
Building materials | 139,856 | 1.6% | ||||||
Electronics | 128,151 | 1.5% | ||||||
Agriculture | 86,877 | 1.0% | ||||||
Aerospace/defense | 77,807 | 0.9% | ||||||
Forest products & paper | 60,201 | 0.7% | ||||||
Real estate | 53,489 | 0.6% | ||||||
Electric | 51,761 | 0.6% | ||||||
Beverages | 49,462 | 0.6% | ||||||
Machinery-diversified | 43,185 | 0.5% | ||||||
Home furnishings | 42,976 | 0.5% | ||||||
Diversified financial services | 40,238 | 0.5% | ||||||
Engineering & construction | 32,633 | 0.4% | ||||||
Healthcare services | 28,269 | 0.3% | ||||||
Entertainment | 24,957 | 0.3% | ||||||
Chemicals | 24,656 | 0.3% | ||||||
Computers | 23,262 | 0.3% | ||||||
Real estate investment trusts (REITs) | 20,471 | 0.2% | ||||||
Semiconductors | 20,394 | 0.2% | ||||||
Total investment portfolio | $8,377,908 | 96.9% |
The accompanying notes are an integral part of the financial statements. | 5 |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
CORPORATE BONDS—42.8% | Principal amount (in thousands) | Value | ||||||||
Insurance (cont’d) | ||||||||||
Prudential Financial, Inc., 2.30%, 08/15/18 | $250 | $252,392 | ||||||||
Media—0.8% | ||||||||||
Comcast Corp., 3.60%, 03/01/24 | 500 | 507,112 | ||||||||
Miscellaneous manufacturer—0.8% | ||||||||||
Crane Co., 2.75%, 12/15/18 | 250 | 253,678 | ||||||||
Illinois Tool Works, Inc., 1.95%, 03/01/19 | 250 | 248,961 | ||||||||
Oil & gas—0.8% | ||||||||||
Devon Energy Corp., 1.20%, 12/15/16 | 250 | 250,999 | ||||||||
Nabors Industries, Inc., 144A, 2.35%, 09/15/16 (a) | 250 | 255,470 | ||||||||
Oil & gas services—1.1% | ||||||||||
Cameron International Corp., 1.15%, 12/15/16 | 500 | 501,485 | ||||||||
Halliburton Co., 2.00%, 08/01/18 | 250 | 251,208 | ||||||||
Pharmaceuticals—2.1% | ||||||||||
AbbVie, Inc., 1.75%, 11/06/17 | 500 | 503,678 | ||||||||
Allergan, Inc., 3.38%, 09/15/20 | 500 | 497,559 | ||||||||
Johnson & Johnson, 2.95%, 09/01/20 | 370 | 387,613 | ||||||||
Real estate investment trusts (REITs)—0.4% | ||||||||||
American Tower Corp., 3.40%, 02/15/19 | 250 | 258,121 | ||||||||
Retail—0.4% | ||||||||||
Starbucks Corp., 2.00%, 12/05/18 | 250 | 251,413 | ||||||||
Semiconductors—0.8% | ||||||||||
Maxim Integrated Products, Inc., 2.50%, 11/15/18 | 500 | 501,263 | ||||||||
Software—3.4% | ||||||||||
Autodesk, Inc., 1.95%, 12/15/17 | 500 | 504,821 | ||||||||
Broadridge Financial Solutions, Inc., 3.95%, 09/01/20 | 400 | 414,371 | ||||||||
Intuit, Inc., 5.75%, 03/15/17 | 500 | 561,328 | ||||||||
Microsoft Corp., 3.63%, 12/15/23 | 500 | 518,383 | ||||||||
Oracle Corp., 1.20%, 10/15/17 | 250 | 249,047 | ||||||||
Telecommunications—2.1% | ||||||||||
AT&T, Inc., 5.80%, 02/15/19 | 500 | 581,176 | ||||||||
Juniper Networks, Inc., 4.50%, 03/15/24 | 250 | 256,644 | ||||||||
Verizon Communications, Inc., 4.50%, 09/15/20 | 500 | 543,708 | ||||||||
Transportation—0.4% | ||||||||||
J.B. Hunt Transport Services, Inc., 2.40%, 03/15/19 | 250 | 250,559 | ||||||||
Total domestic corporate bonds (cost $24,082,243) | 24,329,987 | |||||||||
Foreign—5.5% | ||||||||||
Insurance—0.8% | ||||||||||
XLIT Ltd., 2.30%, 12/15/18 | 500 | 500,289 | ||||||||
Internet—1.2% | ||||||||||
Baidu, Inc., 3.25%, 08/06/18 | 750 | 761,947 | ||||||||
Media—0.4% | ||||||||||
British Sky Broadcasting Group PLC, 144A, 9.50%, 11/15/18 (a) | 205 | 266,778 | ||||||||
Miscellaneous manufacturer—0.4% | ||||||||||
Tyco Electronics Group S.A., 2.38%, 12/17/18 | 250 | 249,175 | ||||||||
Oil & gas—1.9% | ||||||||||
CNOOC Nexen Finance 2014 ULC, 1.63%, 04/30/17 | 200 | 199,718 | ||||||||
Petrobras Global Finance BV, 2.00%, 05/20/16 | 250 | 249,855 | ||||||||
Petroleos Mexicanos, 144A, 3.13%, 01/23/19 (a) | 250 | 256,155 | ||||||||
Total Capital, 4.45%, 06/24/20 | 500 | 554,212 |
6 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE INVESTMENT GRADE BOND FUND (cont’d) | ||||||||||
CORPORATE BONDS—42.8% | Principal amount (in thousands) | Value | ||||||||
Telecommunications—0.8% | ||||||||||
British Telecommunications PLC, 1.25%, 02/14/17 | $500 | $499,719 | ||||||||
Total foreign corporate bonds (cost $3,508,339) | 3,537,848 | |||||||||
Total corporate bonds (cost $27,590,582) | 27,867,835 | |||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—33.9% | ||||||||||
Domestic—29.2% | ||||||||||
Asset-backed securities—11.6% | ||||||||||
AmeriCredit Automobile Receivables Trust, | 1,000 | 1,000,186 | ||||||||
BMW Vehicle Lease Trust, | 1,000 | 999,835 | ||||||||
CarMax Auto Owner Trust, | 1,000 | 1,002,222 | ||||||||
Ford Credit Auto Owner Trust, | 1,000 | 1,020,061 | ||||||||
Ford Credit Floorplan Master Owner Trust A, | 1,000 | 999,998 | ||||||||
Hyundai Auto Receivables Trust, | 1,000 | 999,402 | ||||||||
Santander Drive Auto Receivables Trust, | 1,000 | 1,027,663 | ||||||||
Sierra Timeshare Receivables Funding LLC, 144A, | 493 | 500,915 | ||||||||
Federal agency mortgage-backed obligations—17.6% | ||||||||||
Fannie Mae Pool, | ||||||||||
Series 0957, Class MA, 3.00%, 01/01/22 | 1,119 | 1,168,105 | ||||||||
Series 1212, Class MA, 2.50%, 10/01/22 | 1,152 | 1,184,588 | ||||||||
Fannie Mae, REMIC, | ||||||||||
Series 2008-18, Class ND, 4.00%, 05/25/20 | 297 | 310,472 | ||||||||
Series 2011-45, Class NG, 3.00%, 03/25/25 | 1,013 | 1,052,516 | ||||||||
Series 2012-96, Class VA, 3.50%, 02/25/22 | 423 | 445,605 | ||||||||
Freddie Mac Gold Pool, | ||||||||||
Series 13368, Class G, 6.00%, 11/01/23 | 912 | 1,000,553 | ||||||||
Series 91366, Class C, 4.50%, 04/01/31 | 766 | 834,011 | ||||||||
Freddie Mac, REMIC, | ||||||||||
Series 2628, Class AB, 4.50%, 06/15/18 | 58 | 60,222 | ||||||||
Series 2885, Class LC, 4.50%, 04/15/34 | 124 | 130,137 | ||||||||
Series 3650, Class PA, 5.00%, 01/15/40 | 313 | 341,990 | ||||||||
Series 4068, Class MB, 2.00%, 02/15/42 | 2,814 | 2,776,519 | ||||||||
Ginnie Mae I Pool, Series 783112, 5.50%, 09/15/22 | 770 | 830,769 | ||||||||
Ginnie Mae II Pool, Series 5107, 4.00%, 07/20/26 | 860 | 918,504 | ||||||||
Ginnie Mae, REMIC, | ||||||||||
Series 2004-86, Class PK, 4.00%, 09/20/34 | 202 | 211,981 | ||||||||
Series 2010-169, Class CD, 3.00%, 12/16/25 | 231 | 241,428 | ||||||||
Total domestic mortgage and asset-backed securities (cost $19,101,198) | 19,057,682 | |||||||||
Foreign—4.7% | ||||||||||
Covered bonds—4.7% | ||||||||||
Bank of Montreal, 144A, 2.63%, 01/25/16 (a) | 1,000 | 1,035,263 | ||||||||
The Bank of Nova Scotia, 144A, 2.15%, 08/03/16 (a) | 1,000 | 1,031,905 | ||||||||
The Toronto-Dominion Bank, 144A, 2.20%, 07/29/15 (a) | 1,000 | 1,019,324 | ||||||||
Total foreign mortgage and asset-backed securities (cost $2,997,481) | 3,086,492 | |||||||||
Total mortgage and asset-backed securities (cost $22,098,679) | 22,144,174 |
U.S. TREASURIES—14.5% | Principal amount (in thousands) | Value | ||||||||
U.S. Treasury Note, | ||||||||||
2.75%, 02/15/19 | $7,000 | $7,369,687 | ||||||||
3.63%, 02/15/21 | 1,000 | 1,092,813 | ||||||||
2.75%, 02/15/24 | 1,000 | 1,008,750 | ||||||||
Total U.S. Treasuries (cost $9,433,543) | 9,471,250 | |||||||||
U.S. GOVERNMENT AGENCY SECURITIES—1.6% | ||||||||||
Private Export Funding Corp., | 1,000 | 1,024,080 | ||||||||
Total U.S. Government agency securities (cost $1,004,590) | 1,024,080 | |||||||||
SUPRANATIONAL BANKS—1.6% | ||||||||||
International Bank for Reconstruction & Development, 2.38%, 05/26/15 | 1,000 | 1,022,936 | ||||||||
Total supranational banks (cost $996,239) | 1,022,936 | |||||||||
Total investment portfolio (cost $61,123,633) 94.4% ‡ | 61,530,275 | |||||||||
Other assets in excess of liabilities 5.6% | 3,660,993 | |||||||||
Total net assets 100.0% | $65,191,268 |
(a) Restricted securities deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities. At April 30, 2014, these securities aggregated $4,619,481 or 7.1% of the net assets of the Fund.
(b) Restricted securities deemed to be illiquid for purposes of compliance limitations on holdings of illiquid securities. This security was purchased on February 12, 2013 at a cost of $936,872 which was 0.7% of the net assets at the time of purchase. At April 30, 2014, these security had an amortized cost of $501,279 and a market value $500,915 which was 0.8% of the net assets of the Fund.
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $61,124,220. Net unrealized appreciation (depreciation) on a tax-basis was $406,055, including aggregate gross unrealized appreciation and (depreciation) of $560,168 and $(154,113), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.
REMIC—Real estate mortgage investment conduit
Standard & Poor’s bond ratings | ||||
Bond rating | Percent of net assets | |||
AAA | 4.5% | |||
AA | 43.4% | |||
A | 18.7% | |||
BBB | 18.8% | |||
Not rated | 9.0% |
The accompanying notes are an integral part of the financial statements. | 7 |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE INVESTMENT GRADE BOND FUND (cont’d) | ||||
Moody’s bond ratings | ||||
Bond rating | Percent of net assets | |||
Aaa | 46.1% | |||
Aa | 9.3% | |||
A | 11.9% | |||
Baa | 26.0% | |||
Not rated | 1.1% |
COMMON STOCKS—99.6% | Shares | Value | ||||||||
Food—1.0% | ||||||||||
The Fresh Market, Inc.* | 167,811 | $6,225,788 | ||||||||
Healthcare products—3.4% | ||||||||||
Bruker Corp.* | 138,032 | 2,851,741 | ||||||||
Sirona Dental Systems, Inc.* | 77,220 | 5,808,489 | ||||||||
St. Jude Medical, Inc. | 96,110 | 6,100,102 | ||||||||
The Cooper Companies, Inc. | 46,385 | 6,118,645 | ||||||||
Healthcare services—2.2% | ||||||||||
Envision Healthcare Holdings, Inc.* | 91,440 | 3,089,757 | ||||||||
Universal Health Services, Inc., Class B | 129,215 | 10,568,495 | ||||||||
Home furnishings—2.8% | ||||||||||
Harman International Industries, Inc. | 158,451 | 17,367,814 | ||||||||
Household products/wares—1.6% | ||||||||||
Church & Dwight Co., Inc. | 140,140 | 9,671,061 | ||||||||
Insurance—3.0% | ||||||||||
Genworth Financial, Inc., Class A* | 1,019,560 | 18,199,146 | ||||||||
Internet—6.3% | ||||||||||
Liberty Interactive Corp., Class A* | 584,765 | 16,993,271 | ||||||||
Netflix, Inc.* | 12,305 | 3,962,702 | ||||||||
TripAdvisor, Inc.* | 143,335 | 11,572,868 | ||||||||
Twitter, Inc.* | 160,857 | 6,268,597 | ||||||||
Leisure time—2.7% | ||||||||||
Norwegian Cruise Line Holdings Ltd.* | 109,064 | 3,574,027 | ||||||||
Royal Caribbean Cruises Ltd. | 251,160 | 13,344,131 | ||||||||
Lodging—3.9% | ||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 163,620 | 12,541,473 | ||||||||
Wynn Resorts Ltd. | 55,235 | 11,261,864 | ||||||||
Machinery-diversified—1.5% | ||||||||||
Flowserve Corp. | 126,625 | 9,249,956 | ||||||||
Media—4.6% | ||||||||||
Discovery Communications, Inc., Class A* | 46,640 | 3,539,976 | ||||||||
FactSet Research Systems, Inc. | 58,145 | 6,192,443 | ||||||||
Sirius XM Holdings, Inc.* | 5,898,890 | 18,817,459 | ||||||||
Mining—1.1% | ||||||||||
Constellium N.V., Class A* | 215,449 | 6,575,504 | ||||||||
Miscellaneous manufacturer—5.7% | ||||||||||
Colfax Corp.* | 184,706 | 13,295,138 | ||||||||
Hexcel Corp.* | 182,655 | 7,614,887 | ||||||||
Pall Corp. | 78,785 | 6,629,758 | ||||||||
Pentair Ltd. | 100,955 | 7,499,947 | ||||||||
Oil & gas—6.1% | ||||||||||
Antero Resources Corp.* | 158,162 | 10,386,498 | ||||||||
Cabot Oil & Gas Corp. | 321,350 | 12,622,628 | ||||||||
Gulfport Energy Corp.* | 151,482 | 11,159,679 | ||||||||
Pioneer Natural Resources Co. | 17,155 | 3,315,547 | ||||||||
Oil & gas services—1.0% | ||||||||||
Dresser-Rand Group, Inc.* | 103,480 | 6,254,331 | ||||||||
Pharmaceuticals—4.4% | ||||||||||
AmerisourceBergen Corp. | 148,650 | 9,689,007 | ||||||||
Catamaran Corp.* | 106,125 | 4,006,219 | ||||||||
Mylan, Inc.* | 258,330 | 13,117,997 | ||||||||
Retail—2.2% | ||||||||||
AutoZone, Inc.* | 14,580 | 7,784,116 | ||||||||
Sally Beauty Holdings, Inc.* | 199,697 | 5,473,695 |
8 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE MID CAP GROWTH FUND (cont’d) | ||||||||||
COMMON STOCKS—99.6% | Shares | Value | ||||||||
Semiconductors—1.7% | ||||||||||
Altera Corp. | 98,455 | $3,201,756 | ||||||||
Microchip Technology, Inc. | 80,785 | 3,840,519 | ||||||||
Skyworks Solutions, Inc.* | 91,115 | 3,740,271 | ||||||||
Software—5.9% | ||||||||||
Akamai Technologies, Inc.* | 64,140 | 3,403,910 | ||||||||
ANSYS, Inc.* | 102,620 | 7,830,932 | ||||||||
Autodesk, Inc.* | 120,990 | 5,809,940 | ||||||||
Concur Technologies, Inc.* | 70,582 | 5,679,734 | ||||||||
IMS Health Holdings, Inc.* | 239,130 | 5,676,946 | ||||||||
NetSuite, Inc.* | 26,939 | 2,082,654 | ||||||||
ServiceNow, Inc.* | 116,385 | 5,786,662 | ||||||||
Telecommunications—4.2% | ||||||||||
IPG Photonics Corp.* | 98,189 | 6,345,955 | ||||||||
Palo Alto Networks, Inc.* | 102,305 | 6,504,552 | ||||||||
SBA Communications Corp., Class A* | 142,335 | 12,775,990 | ||||||||
Total common stocks (cost $424,476,092) | 611,086,069 | |||||||||
Total investment portfolio (cost $424,476,092) 99.6% ‡ | 611,086,069 | |||||||||
Other assets in excess of liabilities 0.4% | 2,485,318 | |||||||||
Net assets 100.0% | $613,571,387 |
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $425,442,615. Net unrealized appreciation (depreciation) on a tax-basis was $185,643,454, including aggregate gross unrealized appreciation and (depreciation) of $192,507,370 and $(6,863,916), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
Sector allocation | ||||
Sector | Percent of net assets | |||
Consumer, non-cyclical | 21.2% | |||
Consumer, cyclical | 17.4% | |||
Industrial | 15.2% | |||
Communications | 15.1% | |||
Technology | 10.7% | |||
Financial | 8.6% | |||
Energy | 7.1% | |||
Basic materials | 4.3% |
COMMON STOCKS—97.4% | Shares | Value | ||||||||
Banks—4.9% | ||||||||||
East West Bancorp, Inc. | 151,345 | $5,222,916 | ||||||||
First Republic Bank | 99,734 | 5,062,498 | ||||||||
Signature Bank* | 49,763 | 5,912,840 | ||||||||
Zions Bancorporation | 128,830 | 3,725,763 | ||||||||
Biotechnology—1.1% | ||||||||||
Bio-Rad Laboratories, Inc., Class A* | 35,469 | 4,370,136 | ||||||||
Chemicals—2.1% | ||||||||||
Airgas, Inc. | 34,370 | 3,652,156 | ||||||||
Rockwood Holdings, Inc. | 69,650 | 4,948,633 | ||||||||
Commercial services—3.0% | ||||||||||
Morningstar, Inc. | 49,238 | 3,610,623 | ||||||||
Quanta Services, Inc.* | 168,730 | 5,952,794 | ||||||||
The Advisory Board Co.* | 47,355 | 2,711,547 | ||||||||
Computers—2.8% | ||||||||||
IHS, Inc., Class A* | 24,910 | 3,004,893 | ||||||||
Jack Henry & Associates, Inc. | 53,522 | 2,952,274 | ||||||||
MICROS Systems, Inc.* | 109,693 | 5,649,189 | ||||||||
Distribution/wholesale—1.3% | ||||||||||
LKQ Corp.* | 189,178 | 5,508,863 | ||||||||
Diversified financial services—3.7% | ||||||||||
Affiliated Managers Group, Inc.* | 29,943 | 5,934,703 | ||||||||
Invesco Ltd. | 116,598 | 4,105,415 | ||||||||
Portfolio Recovery Associates, Inc.* | 90,364 | 5,164,303 | ||||||||
Electric—2.1% | ||||||||||
ITC Holdings Corp. | 150,321 | 5,557,367 | ||||||||
NRG Energy, Inc. | 97,405 | 3,187,092 | ||||||||
Electrical components & equipment—0.9% | ||||||||||
AMETEK, Inc. | 68,630 | 3,618,174 | ||||||||
Electronics—3.0% | ||||||||||
FLIR Systems, Inc. | 86,855 | 2,956,544 | ||||||||
Mettler-Toledo International, Inc.* | 17,523 | 4,084,962 | ||||||||
Trimble Navigation Ltd.* | 131,710 | 5,061,615 | ||||||||
Engineering & construction—1.0% | ||||||||||
Jacobs Engineering Group, Inc.* | 73,010 | 4,212,677 | ||||||||
Environmental control—2.4% | ||||||||||
Clean Harbors, Inc.* | 63,930 | 3,835,800 | ||||||||
Stericycle, Inc.* | 27,200 | 3,167,168 | ||||||||
Waste Connections, Inc. | 64,705 | 2,889,725 | ||||||||
Food—2.6% | ||||||||||
Flowers Foods, Inc. | 234,551 | 4,812,987 | ||||||||
The Hain Celestial Group, Inc.* | 66,970 | 5,760,759 | ||||||||
Hand/machine tools—0.7% | ||||||||||
Regal-Beloit Corp. | 36,885 | 2,756,416 | ||||||||
Healthcare products—9.6% | ||||||||||
DENTSPLY International, Inc. | 112,996 | 5,043,011 | ||||||||
Edwards Lifesciences Corp.* | 58,477 | 4,764,121 | ||||||||
Hologic, Inc.* | 94,889 | 1,991,246 | ||||||||
IDEXX Laboratories, Inc.* | 40,888 | 5,169,879 | ||||||||
ResMed, Inc. | 114,400 | 5,702,840 | ||||||||
Sirona Dental Systems, Inc.* | 56,058 | 4,216,683 | ||||||||
Techne Corp. | 38,125 | 3,404,944 | ||||||||
Teleflex, Inc. | 31,777 | 3,244,114 | ||||||||
Varian Medical Systems, Inc.* | 47,215 | 3,755,953 | ||||||||
West Pharmaceutical Services, Inc. | 48,625 | 2,109,352 |
The accompanying notes are an integral part of the financial statements. | 9 |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE MID CAP STOCK FUND (cont’d) | ||||||||||
COMMON STOCKS—97.4% | Shares | Value | ||||||||
Healthcare services—0.8% | ||||||||||
MEDNAX, Inc.* | 56,470 | $3,345,848 | ||||||||
Household products/wares—2.5% | ||||||||||
Church & Dwight Co., Inc. | 66,413 | 4,583,161 | ||||||||
Jarden Corp.* | 98,765 | 5,644,420 | ||||||||
Insurance—3.1% | ||||||||||
Arthur J Gallagher & Co. | 99,671 | 4,487,188 | ||||||||
HCC Insurance Holdings, Inc. | 111,235 | 5,110,136 | ||||||||
ProAssurance Corp. | 72,345 | 3,285,910 | ||||||||
Internet—0.9% | ||||||||||
F5 Networks, Inc.* | 33,685 | 3,542,651 | ||||||||
Iron/steel—1.2% | ||||||||||
Steel Dynamics, Inc. | 272,020 | 4,969,805 | ||||||||
Leisure time—1.0% | ||||||||||
Polaris Industries, Inc. | 30,605 | 4,111,170 | ||||||||
Lodging—1.0% | ||||||||||
Wyndham Worldwide Corp. | 57,262 | 4,085,071 | ||||||||
Machinery-diversified—3.8% | ||||||||||
Flowserve Corp. | 68,378 | 4,995,013 | ||||||||
IDEX Corp. | 52,888 | 3,943,858 | ||||||||
Roper Industries, Inc. | 19,920 | 2,767,884 | ||||||||
The Middleby Corp.* | 199 | 50,243 | ||||||||
Wabtec Corp. | 48,625 | 3,624,994 | ||||||||
Miscellaneous manufacturer—1.7% | ||||||||||
AptarGroup, Inc. | 36,537 | 2,463,325 | ||||||||
Donaldson Co., Inc. | 106,400 | 4,478,376 | ||||||||
Oil & gas—3.2% | ||||||||||
Energy XXI Bermuda Ltd. | 110,841 | 2,652,425 | ||||||||
Noble Corp. PLC | 118,344 | 3,646,179 | ||||||||
Oasis Petroleum, Inc.* | 77,365 | 3,598,246 | ||||||||
SM Energy Co. | 42,231 | 3,130,584 | ||||||||
Oil & gas services—4.7% | ||||||||||
Core Laboratories N.V. | 14,946 | 2,805,065 | ||||||||
Dril-Quip, Inc.* | 33,201 | 3,755,697 | ||||||||
Helix Energy Solutions Group, Inc.* | 195,163 | 4,691,719 | ||||||||
Oil States International, Inc.* | 21,032 | 2,043,049 | ||||||||
Superior Energy Services, Inc. | 175,970 | 5,792,932 | ||||||||
Packaging & containers—1.1% | ||||||||||
Berry Plastics Group, Inc.* | 198,698 | 4,468,718 | ||||||||
Pharmaceuticals—1.8% | ||||||||||
Catamaran Corp.* | 101,505 | 3,831,814 | ||||||||
Zoetis, Inc. | 119,445 | 3,614,405 | ||||||||
Real estate investment trusts (REITs)—1.9% | ||||||||||
DDR Corp. | 252,169 | 4,329,742 | ||||||||
Essex Property Trust, Inc. | 20,134 | 3,488,417 | ||||||||
Retail—9.2% | ||||||||||
Copart, Inc.* | 99,880 | 3,622,648 | ||||||||
Dick’s Sporting Goods, Inc. | 57,940 | 3,051,120 | ||||||||
Dollar Tree, Inc.* | 68,205 | 3,551,434 | ||||||||
Dunkin’ Brands Group, Inc. | 111,650 | 5,081,191 | ||||||||
GNC Holdings, Inc., Class A | 79,485 | 3,576,825 | ||||||||
MSC Industrial Direct Co., Inc., Class A | 45,820 | 4,172,369 | ||||||||
Panera Bread Co., Class A* | 14,915 | 2,281,548 | ||||||||
PVH Corp. | 35,580 | 4,467,781 |
COMMON STOCKS—97.4% | Shares | Value | ||||||||
Retail (cont’d) | ||||||||||
Tractor Supply Co. | 65,306 | $4,391,175 | ||||||||
Ulta Salon, Cosmetics & Fragrance, Inc.* | 40,836 | 3,581,726 | ||||||||
Semiconductors—2.1% | ||||||||||
Microchip Technology, Inc. | 89,115 | 4,236,527 | ||||||||
Skyworks Solutions, Inc.* | 104,980 | 4,309,429 | ||||||||
Software—6.3% | ||||||||||
ANSYS, Inc.* | 41,510 | 3,167,628 | ||||||||
CommVault Systems, Inc.* | 112,263 | 5,433,529 | ||||||||
Informatica Corp.* | 101,650 | 3,603,493 | ||||||||
Nuance Communications, Inc.* | 178,165 | 2,866,675 | ||||||||
Open Text Corp. | 68,349 | 3,372,340 | ||||||||
Qlik Technologies, Inc.* | 164,329 | 3,611,951 | ||||||||
SolarWinds, Inc.* | 90,365 | 3,643,517 | ||||||||
Telecommunications—3.9% | ||||||||||
NeuStar, Inc., Class A* | 109,225 | 2,809,267 | ||||||||
NICE Systems Ltd., Sponsored ADR | 139,240 | 6,015,168 | ||||||||
Plantronics, Inc. | 88,555 | 3,858,342 | ||||||||
tw telecom inc.* | 105,280 | 3,231,043 | ||||||||
Transportation—3.2% | ||||||||||
Expeditors International of Washington, Inc. | 108,266 | 4,464,890 | ||||||||
Genesee & Wyoming, Inc., Class A* | 51,284 | 5,077,629 | ||||||||
J.B. Hunt Transport Services, Inc. | 49,723 | 3,783,920 | ||||||||
Total common stocks (cost $317,174,697) | 399,250,849 | |||||||||
Total investment portfolio (cost $317,174,697) 97.4% ‡ | 399,250,849 | |||||||||
Other assets in excess of liabilities 2.6% | 10,458,975 | |||||||||
Net assets 100.0% | $409,709,824 |
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $318,609,935. Net unrealized appreciation (depreciation) on a tax-basis was $80,640,914, including aggregate gross unrealized appreciation and (depreciation) of $89,723,508 and $(9,082,594), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
ADR—American depository receipt
Sector allocation | ||||
Sector | Percent of net assets | |||
Consumer, non-cyclical | 21.4% | |||
Industrial | 18.8% | |||
Consumer, cyclical | 14.3% | |||
Financial | 13.6% | |||
Technology | 11.2% | |||
Energy | 7.9% | |||
Communications | 4.8% | |||
Basic materials | 3.3% | |||
Utilities | 2.1% |
10 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
COMMON STOCKS—99.6% | Shares | Value | ||||||||
Food—4.5% | ||||||||||
Pinnacle Foods, Inc. | 826,952 | $25,139,341 | ||||||||
The Fresh Market, Inc.* | 964,254 | 35,773,823 | ||||||||
The Hain Celestial Group, Inc.* | 395,211 | 33,996,050 | ||||||||
The WhiteWave Foods Co., Class A* | 1,413,840 | 39,149,230 | ||||||||
United Natural Foods, Inc.* | 542,050 | 37,417,712 | ||||||||
Healthcare products—5.8% | ||||||||||
Align Technology, Inc.* | 1,179,192 | 59,419,485 | ||||||||
Cyberonics, Inc.* | 759,068 | 44,906,463 | ||||||||
HeartWare International, Inc.* | 221,826 | 18,846,337 | ||||||||
Sirona Dental Systems, Inc.* | 564,567 | 42,466,730 | ||||||||
Thoratec Corp.* | 1,638,230 | 53,701,179 | ||||||||
Healthcare services—1.2% | ||||||||||
Centene Corp.* | 486,161 | 32,281,090 | ||||||||
Envision Healthcare Holdings, Inc.* | 332,858 | 11,247,272 | ||||||||
Home furnishings—0.9% | ||||||||||
Universal Electronics, Inc.* | 869,170 | 32,463,499 | ||||||||
Household products/wares—0.5% | ||||||||||
Tumi Holdings, Inc.* | 979,736 | 20,006,209 | ||||||||
Insurance—1.3% | ||||||||||
Enstar Group Ltd.* | 198,125 | 25,577,937 | ||||||||
ProAssurance Corp. | 542,564 | 24,643,257 | ||||||||
Internet—3.0% | ||||||||||
Angie’s List, Inc.* | 1,505,444 | 17,026,571 | ||||||||
OpenTable, Inc.* | 570,851 | 38,338,353 | ||||||||
Zillow, Inc., Class A* | 524,901 | 57,056,739 | ||||||||
Lodging—0.5% | ||||||||||
Intrawest Resorts Holdings, Inc.* | 1,519,339 | 17,229,304 | ||||||||
Machinery-construction & mining—1.1% | ||||||||||
Terex Corp. | 946,545 | 40,975,933 | ||||||||
Machinery-diversified—2.2% | ||||||||||
Chart Industries, Inc.* | 385,432 | 26,294,171 | ||||||||
Cognex Corp.* | 1,656,476 | 57,032,469 | ||||||||
Media—0.7% | ||||||||||
Houghton Mifflin Harcourt Co.* | 1,374,378 | 28,078,543 | ||||||||
Metal fabricate/hardware—0.8% | ||||||||||
RTI International Metals, Inc.* | 1,096,939 | 30,889,802 | ||||||||
Miscellaneous manufacturer—4.7% | ||||||||||
Colfax Corp.* | 1,351,249 | 97,262,903 | ||||||||
Hexcel Corp.* | 1,125,766 | 46,933,185 | ||||||||
TriMas Corp.* | 889,832 | 31,909,375 | ||||||||
Oil & gas—3.6% | ||||||||||
Athlon Energy, Inc.* | 530,060 | 21,419,724 | ||||||||
Diamondback Energy, Inc.* | 242,590 | 17,451,925 | ||||||||
Gulfport Energy Corp.* | 1,110,855 | 81,836,688 | ||||||||
Pacific Drilling S.A.* | 1,497,502 | 14,840,245 | ||||||||
Oil & gas services—1.7% | ||||||||||
Geospace Technologies Corp.* | 607,748 | 35,328,391 | ||||||||
Thermon Group Holdings, Inc.* | 1,235,112 | 29,420,368 | ||||||||
Pharmaceuticals—3.2% | ||||||||||
Anacor Pharmaceuticals, Inc.* | 1,228,892 | 20,239,851 | ||||||||
Enanta Pharmaceuticals, Inc.* | 573,796 | 21,350,949 | ||||||||
Keryx Biopharmaceuticals, Inc.* | 1,367,798 | 20,202,377 | ||||||||
Natural Grocers by Vitamin Cottage, Inc.* | 123,325 | 4,390,370 |
The accompanying notes are an integral part of the financial statements. | 11 |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE SMALL CAP GROWTH FUND (cont’d) | ||||||||||
COMMON STOCKS—99.6% | Shares | Value | ||||||||
Pharmaceuticals (cont’d) | ||||||||||
Ophthotech Corp.* | 493,768 | $16,783,174 | ||||||||
Portola Pharmaceuticals, Inc.* | 862,217 | 20,227,611 | ||||||||
Receptos, Inc.* | 538,066 | 18,181,250 | ||||||||
Real estate investment trusts (REITs)—2.1% | ||||||||||
The Geo Group, Inc. | 1,444,404 | 48,430,866 | ||||||||
Two Harbors Investment Corp. | 3,103,867 | 32,218,140 | ||||||||
Retail—7.5% | ||||||||||
Buffalo Wild Wings, Inc.* | 276,474 | 40,398,381 | ||||||||
Domino’s Pizza, Inc. | 326,319 | 24,271,607 | ||||||||
Genesco, Inc.* | 1,186,605 | 90,621,024 | ||||||||
Noodles & Co.* | 958,860 | 31,441,020 | ||||||||
The Pantry, Inc.* | 1,292,733 | 19,442,704 | ||||||||
Vitamin Shoppe, Inc.* | 1,614,932 | 77,322,944 | ||||||||
Semiconductors—4.2% | ||||||||||
Cavium, Inc.* | 1,327,793 | 56,258,589 | ||||||||
SunEdison, Inc.* | 1,756,910 | 33,785,379 | ||||||||
Teradyne, Inc.* | 1,496,335 | 26,440,240 | ||||||||
Veeco Instruments, Inc.* | 1,172,655 | 43,353,055 | ||||||||
Software—10.9% | ||||||||||
ANSYS, Inc.* | 359,070 | 27,400,632 | ||||||||
Aspen Technology, Inc.* | 393,906 | 16,934,019 | ||||||||
athenahealth, Inc.* | 98,161 | 12,136,626 | ||||||||
Concur Technologies, Inc.* | 397,062 | 31,951,579 | ||||||||
Cornerstone OnDemand, Inc.* | 773,846 | 28,446,579 | ||||||||
MedAssets, Inc.* | 2,533,950 | 57,850,078 | ||||||||
Medidata Solutions, Inc.* | 2,236,620 | 81,211,672 | ||||||||
Proofpoint, Inc.* | 956,311 | 24,328,552 | ||||||||
PTC, Inc.* | 1,511,888 | 53,475,479 | ||||||||
Qlik Technologies, Inc.* | 1,120,475 | 24,628,041 | ||||||||
RealPage, Inc.* | 897,460 | 15,929,915 | ||||||||
The Ultimate Software Group, Inc.* | 319,123 | 38,176,684 | ||||||||
Telecommunications—3.9% | ||||||||||
Aruba Networks, Inc.* | 1,102,676 | 21,799,905 | ||||||||
Finisar Corp.* | 1,581,223 | 41,348,982 | ||||||||
Fortinet, Inc.* | 1,917,883 | 42,155,068 | ||||||||
IPG Photonics Corp.* | 658,921 | 42,586,064 | ||||||||
Transportation—0.9% | ||||||||||
Landstar System, Inc. | 532,237 | 33,525,609 | ||||||||
Total common stocks (cost $2,800,509,076) | 3,770,472,802 | |||||||||
Total investment portfolio (cost $2,800,509,076) 99.6% ‡ | 3,770,472,802 | |||||||||
Other assets in excess of liabilities 0.4% | 14,167,443 | |||||||||
Net assets 100.0% | $3,784,640,245 |
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $2,814,032,591. Net unrealized appreciation (depreciation) on a tax-basis was $956,440,211, including aggregate gross unrealized appreciation and (depreciation) of $1,082,647,866 and $(126,207,655), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
Sector allocation | ||||
Sector | Percent of net assets | |||
Consumer, non-cyclical | 24.7% | |||
Consumer, cyclical | 18.5% | |||
Industrial | 18.0% | |||
Technology | 15.5% | |||
Communications | 7.6% | |||
Financial | 6.6% | |||
Energy | 5.3% | |||
Basic materials | 3.4% |
12 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE SMALL CAP STOCK FUND (cont’d) | ||||||||||
COMMON STOCKS—95.8% | Shares | Value | ||||||||
Electric—0.9% | ||||||||||
ALLETE, Inc. | 5,368 | $277,848 | ||||||||
Electronics—1.2% | ||||||||||
Rofin-Sinar Technologies, Inc.* | 16,498 | 366,256 | ||||||||
Engineering & construction—1.0% | ||||||||||
Mistras Group, Inc.* | 13,757 | 312,421 | ||||||||
Food—2.5% | ||||||||||
J & J Snack Foods Corp. | 2,421 | 226,606 | ||||||||
The Chefs’ Warehouse, Inc.* | 10,014 | 201,181 | ||||||||
TreeHouse Foods, Inc.* | 4,629 | 346,434 | ||||||||
Hand/machine tools—0.6% | ||||||||||
Regal-Beloit Corp. | 2,523 | 188,544 | ||||||||
Healthcare products—8.3% | ||||||||||
Cantel Medical Corp. | 5,991 | 198,661 | ||||||||
Cyberonics, Inc.* | 4,309 | 254,920 | ||||||||
Globus Medical, Inc., Class A* | 17,388 | 424,615 | ||||||||
ICU Medical, Inc.* | 4,769 | 266,015 | ||||||||
Integra LifeSciences Holdings Corp.* | 7,224 | 329,270 | ||||||||
Masimo Corp.* | 6,468 | 173,084 | ||||||||
Sirona Dental Systems, Inc.* | 2,117 | 159,241 | ||||||||
Techne Corp. | 2,456 | 219,345 | ||||||||
Volcano Corp.* | 10,712 | 188,103 | ||||||||
West Pharmaceutical Services, Inc. | 8,273 | 358,883 | ||||||||
Healthcare services—1.2% | ||||||||||
ICON PLC* | 9,360 | 362,887 | ||||||||
Household products/wares—1.2% | ||||||||||
Tumi Holdings, Inc.* | 18,367 | 375,054 | ||||||||
Housewares—0.9% | ||||||||||
The Toro Co. | 4,275 | 271,634 | ||||||||
Insurance—2.3% | ||||||||||
AmTrust Financial Services, Inc. | 9,652 | 373,243 | ||||||||
ProAssurance Corp. | 7,858 | 356,910 | ||||||||
Internet—2.2% | ||||||||||
Constant Contact, Inc.* | 6,502 | 168,142 | ||||||||
HealthStream, Inc.* | 10,554 | 239,048 | ||||||||
SPS Commerce, Inc.* | 5,340 | 276,612 | ||||||||
Iron/steel—1.0% | ||||||||||
Steel Dynamics, Inc. | 17,436 | 318,556 | ||||||||
Machinery-diversified—0.8% | ||||||||||
Cognex Corp.* | 7,138 | 245,761 | ||||||||
Metal fabricate/hardware—0.8% | ||||||||||
RBC Bearings, Inc.* | 3,997 | 248,853 | ||||||||
Miscellaneous manufacturer—4.1% | ||||||||||
Actuant Corp., Class A | 11,414 | 386,478 | ||||||||
AptarGroup, Inc. | 653 | 44,025 | ||||||||
CLARCOR, Inc. | 6,766 | 390,804 | ||||||||
Proto Labs, Inc.* | 4,634 | 280,542 | ||||||||
Raven Industries, Inc. | 5,234 | 161,731 | ||||||||
Oil & gas—2.5% | ||||||||||
Carrizo Oil & Gas, Inc.* | 4,866 | 267,727 | ||||||||
Emerald Oil, Inc.* | 36,210 | 256,005 | ||||||||
Energy XXI Bermuda Ltd. | 10,419 | 249,327 | ||||||||
Oil & gas services—3.7% | ||||||||||
Dril-Quip, Inc.* | 1,291 | 146,038 | ||||||||
Forum Energy Technologies, Inc.* | 13,457 | 401,826 |
COMMON STOCKS—95.8% | Shares | Value | ||||||||
Oil & gas services (cont’d) | ||||||||||
Helix Energy Solutions Group, Inc.* | 14,326 | $344,397 | ||||||||
Key Energy Services, Inc.* | 26,025 | 261,291 | ||||||||
Packaging & containers—1.3% | ||||||||||
Berry Plastics Group, Inc.* | 17,448 | 392,406 | ||||||||
Pharmaceuticals—2.4% | ||||||||||
Akorn, Inc.* | 15,813 | 398,804 | ||||||||
Prestige Brands Holdings, Inc.* | 9,980 | 334,529 | ||||||||
Pipelines—0.6% | ||||||||||
Primoris Services Corp. | 6,227 | 174,231 | ||||||||
Real estate investment trusts (REITs)—3.5% | ||||||||||
American Assets Trust, Inc. | 7,421 | 251,943 | ||||||||
BioMed Realty Trust, Inc. | 9,284 | 194,035 | ||||||||
Corporate Office Properties Trust | 10,273 | 274,803 | ||||||||
Pebblebrook Hotel Trust | 10,386 | 357,694 | ||||||||
Retail—5.3% | ||||||||||
Casey’s General Stores, Inc. | 4,950 | 339,867 | ||||||||
Del Frisco’s Restaurant Group, Inc.* | 9,480 | 246,575 | ||||||||
Pier 1 Imports, Inc. | 17,605 | 321,467 | ||||||||
Popeyes Louisiana Kitchen, Inc.* | 5,515 | 210,122 | ||||||||
Texas Roadhouse, Inc. | 7,480 | 185,055 | ||||||||
Vitamin Shoppe, Inc.* | 7,472 | 357,759 | ||||||||
Semiconductors—3.1% | ||||||||||
Diodes, Inc.* | 11,927 | 314,515 | ||||||||
Power Integrations, Inc. | 6,011 | 283,900 | ||||||||
Semtech Corp.* | 14,946 | 358,405 | ||||||||
Software—8.2% | ||||||||||
Bottomline Technologies de, Inc.* | 10,449 | 330,606 | ||||||||
CommVault Systems, Inc.* | 8,427 | 407,867 | ||||||||
Monotype Imaging Holdings, Inc. | 6,214 | 164,112 | ||||||||
Progress Software Corp.* | 6,940 | 148,932 | ||||||||
Qlik Technologies, Inc.* | 18,018 | 396,036 | ||||||||
RealPage, Inc.* | 23,900 | 424,225 | ||||||||
SolarWinds, Inc.* | 8,549 | 344,696 | ||||||||
Tangoe, Inc.* | 21,062 | 316,772 | ||||||||
Telecommunications—4.1% | ||||||||||
NeuStar, Inc., Class A* | 9,534 | 245,215 | ||||||||
NICE Systems Ltd., Sponsored ADR | 14,322 | 618,710 | ||||||||
Plantronics, Inc. | 9,131 | 397,838 | ||||||||
Transportation—3.8% | ||||||||||
Hub Group, Inc., Class A* | 8,618 | 384,794 | ||||||||
Landstar System, Inc. | 5,873 | 369,940 | ||||||||
Roadrunner Transportation Systems, Inc.* | 17,318 | 426,542 | ||||||||
Total common stocks (cost $28,066,042) | 29,673,012 | |||||||||
HOLDING COMPANIES—1.0% | ||||||||||
Holding companies-diversified—1.0% | ||||||||||
National Bank Holdings Corp., Class A | 16,470 | 315,565 | ||||||||
Total Holding companies (cost $337,004) | 315,565 | |||||||||
Total investment portfolio (cost $28,403,046) 96.8% ‡ | 29,988,577 | |||||||||
Other assets in excess of liabilities 3.2% | 984,625 | |||||||||
Net assets 100.0% | $30,973,202 |
The accompanying notes are an integral part of the financial statements. | 13 |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $28,424,298. Net unrealized appreciation (depreciation) on a tax-basis was $1,564,279, including aggregate gross unrealized appreciation and (depreciation) of $2,898,279 and $(1,334,000), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
ADR—American depository receipt
Sector allocation | ||||
Sector | Percent of net assets | |||
Consumer, non-cyclical | 23.2% | |||
Industrial | 15.4% | |||
Financial | 13.8% | |||
Technology | 13.7% | |||
Consumer, cyclical | 11.2% | |||
Energy | 6.8% | |||
Communications | 6.3% | |||
Basic materials | 4.5% | |||
Diversified | 1.0% | |||
Utilities | 0.9% |
COMMON STOCKS—93.3% | Shares | Value | ||||||||
Commercial services—9.0% | ||||||||||
Chemed Corp. | 29,723 | $2,475,034 | ||||||||
Cross Country Healthcare, Inc.* | 61,287 | 434,525 | ||||||||
Euronet Worldwide, Inc.* | 53,310 | 2,451,727 | ||||||||
FTI Consulting, Inc.* | 40,840 | 1,400,812 | ||||||||
Gartner, Inc.* | 9,695 | 668,373 | ||||||||
Matthews International Corp., Class A | 57,327 | 2,313,145 | ||||||||
On Assignment, Inc.* | 74,333 | 2,601,655 | ||||||||
PAREXEL International Corp.* | 35,884 | 1,627,339 | ||||||||
Computers—3.1% | ||||||||||
Electronics for Imaging, Inc.* | 58,859 | 2,224,282 | ||||||||
NCR Corp.* | 84,430 | 2,575,959 | ||||||||
Distribution/wholesale—1.1% | ||||||||||
Ingram Micro, Inc., Class A* | 64,400 | 1,736,224 | ||||||||
Diversified financial services—5.0% | ||||||||||
AerCap Holdings N.V.* | 47,482 | 1,981,424 | ||||||||
Cohen & Steers, Inc. | 45,120 | 1,827,811 | ||||||||
Investment Technology Group, Inc.* | 45,336 | 935,735 | ||||||||
MarketAxess Holdings, Inc. | 16,847 | 907,716 | ||||||||
The NASDAQ OMX Group, Inc. | 54,440 | 2,008,836 | ||||||||
Electric—1.7% | ||||||||||
ALLETE, Inc. | 50,660 | 2,622,162 | ||||||||
Electrical components & equipment—1.2% | ||||||||||
Belden, Inc. | 26,167 | 1,931,386 | ||||||||
Electronics—2.9% | ||||||||||
FLIR Systems, Inc. | 59,135 | 2,012,955 | ||||||||
Itron, Inc.* | 29,746 | 1,130,348 | ||||||||
Rogers Corp.* | 22,289 | 1,337,786 | ||||||||
Engineering & construction—3.2% | ||||||||||
Dycom Industries, Inc.* | 87,829 | 2,757,831 | ||||||||
URS Corp. | 47,184 | 2,223,310 | ||||||||
Food—0.7% | ||||||||||
The Hillshire Brands Co. | 28,619 | 1,020,267 | ||||||||
Gas—1.9% | ||||||||||
AGL Resources, Inc. | 54,315 | 2,933,010 | ||||||||
Healthcare products—1.3% | ||||||||||
Merit Medical Systems, Inc.* | 156,209 | 2,010,410 | ||||||||
Healthcare services—2.9% | ||||||||||
AmSurg Corp.* | 56,111 | 2,430,167 | ||||||||
MEDNAX, Inc.* | 33,600 | 1,990,800 | ||||||||
Household products/wares—1.2% | ||||||||||
Jarden Corp.* | 33,660 | 1,923,669 | ||||||||
Insurance—3.4% | ||||||||||
Allied World Assurance Co. Holdings AG | 12,990 | 1,398,893 | ||||||||
American Equity Investment Life Holding Co. | 82,000 | 1,912,240 | ||||||||
Assured Guaranty Ltd. | 38,604 | 923,022 | ||||||||
Platinum Underwriters Holdings Ltd. | 15,530 | 973,886 | ||||||||
Internet—2.5% | ||||||||||
1-800-Flowers.com, Inc., Class A* | 236,520 | 1,289,034 | ||||||||
Equinix, Inc.* | 9,386 | 1,762,785 | ||||||||
Liquidity Services, Inc.* | 49,860 | 860,085 | ||||||||
Machinery-diversified—3.1% | ||||||||||
AGCO Corp. | 22,870 | 1,273,859 | ||||||||
Altra Industrial Motion Corp. | 25,059 | 856,015 | ||||||||
IDEX Corp. | 34,780 | 2,593,545 |
14 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
(UNAUDITED) | 04.30.2014 |
EAGLE SMALLER COMPANY FUND (cont’d) | ||||||||||
COMMON STOCKS—93.3% | Shares | Value | ||||||||
Media—0.9% | ||||||||||
John Wiley & Sons, Inc., Class A | 24,598 | $1,413,401 | ||||||||
Mining—0.6% | ||||||||||
AuRico Gold, Inc. | 149,708 | 622,785 | ||||||||
IAMGOLD Corp. | 86,865 | 303,159 | ||||||||
Miscellaneous manufacturer—4.6% | ||||||||||
AptarGroup, Inc. | 24,605 | 1,658,869 | ||||||||
AZZ, Inc. | 33,260 | 1,444,149 | ||||||||
Barnes Group, Inc. | 60,529 | 2,331,577 | ||||||||
Harsco Corp. | 70,385 | 1,684,313 | ||||||||
Oil & gas—3.0% | ||||||||||
Comstock Resources, Inc. | 51,210 | 1,423,638 | ||||||||
Range Resources Corp. | 17,805 | 1,610,462 | ||||||||
Rosetta Resources, Inc.* | 34,395 | 1,628,259 | ||||||||
Oil & gas services—3.4% | ||||||||||
Dresser-Rand Group, Inc.* | 42,856 | 2,590,217 | ||||||||
Oceaneering International, Inc. | 36,632 | 2,684,393 | ||||||||
Packaging & containers—0.5% | ||||||||||
Silgan Holdings, Inc. | 14,641 | 728,390 | ||||||||
Pharmaceuticals—1.7% | ||||||||||
Herbalife Ltd. | 25,597 | 1,535,308 | ||||||||
Prestige Brands Holdings, Inc.* | 32,284 | 1,082,160 | ||||||||
Real estate investment trusts (REITs)—2.3% | ||||||||||
Campus Crest Communities, Inc. | 112,491 | 968,548 | ||||||||
Government Properties Income Trust | 13,653 | 347,469 | ||||||||
QTS Realty Trust, Inc., Class A | 54,887 | 1,495,671 | ||||||||
Select Income REIT | 26,107 | 803,573 | ||||||||
Retail—2.5% | ||||||||||
Nu Skin Enterprises, Inc., Class A | 17,440 | 1,517,280 | ||||||||
Popeyes Louisiana Kitchen, Inc.* | 49,463 | 1,884,540 | ||||||||
RadioShack Corp.* | 102,390 | 146,418 | ||||||||
Stage Stores, Inc. | 16,063 | 308,088 | ||||||||
Savings & loans—1.6% | ||||||||||
Beneficial Mutual Bancorp, Inc.* | 104,366 | 1,360,933 | ||||||||
Berkshire Hills Bancorp, Inc. | 45,915 | 1,075,788 | ||||||||
Semiconductors—2.1% | ||||||||||
Emulex Corp.* | 151,820 | 1,085,513 | ||||||||
Intersil Corp., Class A | 81,925 | 1,010,954 | ||||||||
Rovi Corp.* | 49,071 | 1,093,793 | ||||||||
Software—5.1% | ||||||||||
ACI Worldwide, Inc.* | 19,269 | 1,101,223 | ||||||||
Aspen Technology, Inc.* | 70,629 | 3,036,341 | ||||||||
Bottomline Technologies de, Inc.* | 54,831 | 1,734,853 | ||||||||
Dealertrack Technologies, Inc.* | 29,371 | 1,341,961 | ||||||||
Digital River, Inc.* | 40,890 | 625,208 | ||||||||
Telecommunications—1.6% | ||||||||||
Cbeyond, Inc.* | 43,643 | 431,629 | ||||||||
DigitalGlobe, Inc.* | 25,336 | 754,506 | ||||||||
NeuStar, Inc., Class A* | 39,610 | 1,018,769 | ||||||||
Ruckus Wireless, Inc.* | 26,261 | 274,428 | ||||||||
Transportation—0.9% | ||||||||||
Genesee & Wyoming, Inc., Class A* | 14,420 | 1,427,724 | ||||||||
Total common stocks (cost $90,034,969) | 144,319,063 |
HOLDING COMPANIES—1.3% | Shares | Value | ||||||||
Holding companies–diversified—1.3% | ||||||||||
National Bank Holdings Corp., Class A | 102,262 | $1,959,340 | ||||||||
Total Holding companies (cost $1,969,646) | 1,959,340 | |||||||||
INVESTMENT COMPANIES—0.5% | ||||||||||
Solar Capital Ltd. | 37,841 | 828,718 | ||||||||
Total investment companies (cost $868,804) | 828,718 | |||||||||
Total investment portfolio (cost $92,873,419) 95.1% ‡ | 147,107,121 | |||||||||
Other assets in excess of liabilities 4.9% | 7,499,936 | |||||||||
Net assets 100.0% | $154,607,057 |
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $93,107,563. Net unrealized appreciation (depreciation) on a tax-basis was $53,999,558, including aggregate gross unrealized appreciation and (depreciation) of $57,880,616 and $(3,881,058), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
Sector allocation | ||||
Sector | Percent of net assets | |||
Financial | 21.6% | |||
Consumer, non-cyclical | 19.8% | |||
Industrial | 19.0% | |||
Technology | 10.3% | |||
Energy | 6.7% | |||
Communications | 5.0% | |||
Consumer, cyclical | 4.5% | |||
Utilities | 3.6% | |||
Basic materials | 3.3% | |||
Diversified | 1.3% |
The accompanying notes are an integral part of the financial statements. | 15 |
Statements of Assets and Liabilities
(UNAUDITED) | 04.30.2014 |
Eagle Capital Appreciation Fund | Eagle Growth & Income Fund | Eagle International Stock Fund | Eagle Investment Grade Bond Fund | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (a) | $292,885,385 | $586,620,744 | $8,377,908 | $61,530,275 | ||||||||||||
Cash | 1,681,347 | 7,711,009 | 205,862 | 2,784,730 | ||||||||||||
Receivable for investments sold | 2,806,256 | — | — | 1,818,383 | ||||||||||||
Receivable for fund shares sold | 67,981 | 1,101,790 | 30,232 | 21,948 | ||||||||||||
Receivable for dividends and interest | 143,914 | 801,166 | 29,261 | 332,575 | ||||||||||||
Receivable for recoverable foreign withholding taxes | — | 103,004 | 4,398 | — | ||||||||||||
Receivable due from advisor | — | — | 24,695 | — | ||||||||||||
Prepaid expenses | 20,225 | 16,265 | 47,966 | 36,601 | ||||||||||||
Total assets | 297,605,108 | 596,353,978 | 8,720,322 | 66,524,512 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for investments purchased | 2,879,807 | — | 34,048 | 1,007,266 | ||||||||||||
Payable for fund shares redeemed | 590,846 | 1,824,941 | 1,920 | 253,827 | ||||||||||||
Payable to the custodian | 2,404 | 4,190 | �� | 16,961 | 2,188 | |||||||||||
Accrued investment advisory fees | 133,339 | 225,097 | — | — | ||||||||||||
Accrued administrative fees | 34,225 | 65,824 | — | 6,629 | ||||||||||||
Accrued distribution fees | 90,698 | 208,059 | 3,742 | 32,644 | ||||||||||||
Accrued transfer agent and shareholder servicing fees | 30,554 | 32,543 | 482 | 10,740 | ||||||||||||
Accrued internal audit fees | 871 | 871 | 277 | 871 | ||||||||||||
Accrued trustees and officers compensation | 11,857 | 11,857 | 11,808 | 11,857 | ||||||||||||
Other accrued expenses | 16,401 | 35,587 | 3,298 | 7,222 | ||||||||||||
Total liabilities | 3,791,002 | 2,408,969 | 72,536 | 1,333,244 | ||||||||||||
Net assets | 293,814,106 | 593,945,009 | 8,647,786 | 65,191,268 | ||||||||||||
Net assets consists of | ||||||||||||||||
Paid-in capital | 141,948,526 | 465,495,220 | 7,809,234 | 65,034,724 | ||||||||||||
Undistributed net investment income (loss) | (904,961 | ) | 391,224 | 50,414 | (39,286 | ) | ||||||||||
Accumulated net realized gain (loss) | 50,154,491 | (1,934,258 | ) | 253,439 | (210,812 | ) | ||||||||||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 102,616,050 | 129,992,823 | 534,699 | 406,642 | ||||||||||||
Net assets | 293,814,106 | 593,945,009 | 8,647,786 | 65,191,268 | ||||||||||||
Net assets, at market value | ||||||||||||||||
Class A | 146,414,062 | 237,846,924 | 3,987,340 | 30,034,192 | ||||||||||||
Class C | 64,956,137 | 195,164,299 | 3,735,158 | 31,391,073 | ||||||||||||
Class I | 77,282,105 | 152,505,616 | 916,274 | 3,734,147 | ||||||||||||
Class R-3 | 666,370 | 4,507,040 | 2,990 | 29,026 | ||||||||||||
Class R-5 | 4,495,432 | 3,821,418 | 3,010 | 2,830 | ||||||||||||
Class R-6 | N/A | 99,712 | 3,014 | N/A | ||||||||||||
Net asset value (“NAV”), offering and redemption price per share (b) | ||||||||||||||||
Class A | $37.35 | $17.56 | $16.90 | $14.84 | ||||||||||||
Maximum offering price (c) | 39.21 | 18.44 | 17.74 | 15.42 | ||||||||||||
Class C | 31.28 | 16.93 | 16.80 | 14.80 | ||||||||||||
Class I | 38.47 | 17.53 | 16.94 | 14.87 | ||||||||||||
Class R-3 | 36.73 | 17.49 | 16.90 | 14.84 | ||||||||||||
Class R-5 | 38.35 | 17.51 | 16.95 | 14.84 | ||||||||||||
Class R-6 | N/A | 17.56 | 16.96 | N/A | ||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||
Class A | 3,920,144 | 13,544,717 | 235,966 | 2,024,075 | ||||||||||||
Class C | 2,076,770 | 11,528,930 | 222,287 | 2,120,430 | ||||||||||||
Class I | 2,008,892 | 8,699,402 | 54,081 | 251,201 | ||||||||||||
Class R-3 | 18,144 | 257,644 | 177 | 1,956 | ||||||||||||
Class R-5 | 117,226 | 218,288 | 178 | 191 | ||||||||||||
Class R-6 | N/A | 5,680 | 178 | N/A | ||||||||||||
(a) Identified cost | $190,269,335 | $456,630,835 | $7,843,349 | $61,123,633 |
(b) NAV amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(c) For all funds except the Eagle Investment Grade Bond Fund, the maximum offering price is computed as 100/95.25 of NAV. The maximum offering price for the Eagle Investment Grade Bond Fund is computed as 100/96.25 of NAV.
16 | The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
(UNAUDITED) | 04.30.2014 |
Eagle Mid Cap Growth Fund | Eagle Mid Cap Stock Fund | Eagle Small Cap Growth Fund | Eagle Small Cap Stock Fund | Eagle Smaller Company Fund | ||||||||||||||
$611,086,069 | $399,250,849 | $3,770,472,802 | $29,988,577 | $147,107,121 | ||||||||||||||
— | 6,919,212 | 1,476,945 | 633,168 | 2,000,971 | ||||||||||||||
7,297,024 | 4,647,666 | 18,942,355 | 612,703 | — | ||||||||||||||
737,642 | 238,110 | 6,009,207 | 74,764 | 6,210,072 | ||||||||||||||
82,204 | 106,764 | 216,554 | 3,497 | 53,145 | ||||||||||||||
— | — | — | — | — | ||||||||||||||
— | — | — | 7,036 | — | ||||||||||||||
28,273 | 24,559 | 62,559 | 50,563 | 16,684 | ||||||||||||||
619,231,212 | 411,187,160 | 3,797,180,422 | 31,370,308 | 155,387,993 | ||||||||||||||
3,176,263 | 48,769 | 4,195,363 | 317,878 | — | ||||||||||||||
1,275,753 | 923,052 | 5,435,135 | 21,140 | 646,469 | ||||||||||||||
596,858 | 6,890 | 20,940 | 27,158 | 4,982 | ||||||||||||||
298,627 | 191,640 | 1,651,161 | — | 66,092 | ||||||||||||||
67,889 | 47,532 | 370,051 | — | 13,691 | ||||||||||||||
154,398 | 149,613 | 408,096 | 13,253 | 14,461 | ||||||||||||||
38,017 | 86,222 | 277,138 | 1,662 | 7,733 | ||||||||||||||
871 | 871 | 871 | 277 | 871 | ||||||||||||||
11,857 | 11,857 | 11,857 | 11,857 | 11,857 | ||||||||||||||
39,292 | 10,890 | 169,565 | 3,881 | 14,780 | ||||||||||||||
5,659,825 | 1,477,336 | 12,540,177 | 397,106 | 780,936 | ||||||||||||||
613,571,387 | 409,709,824 | 3,784,640,245 | 30,973,202 | 154,607,057 | ||||||||||||||
381,342,897 | 312,395,667 | 2,566,426,889 | 28,676,614 | 100,380,846 | ||||||||||||||
(720,311 | ) | (1,265,026 | ) | (24,225,181 | ) | (129,561 | ) | (106,190 | ) | |||||||||
46,338,824 | 16,503,031 | 272,474,811 | 840,618 | 98,699 | ||||||||||||||
| 186,609,977 | | 82,076,152 | 969,963,726 | 1,585,531 | 54,233,702 | ||||||||||||
613,571,387 | 409,709,824 | 3,784,640,245 | 30,973,202 | 154,607,057 | ||||||||||||||
300,763,560 | 186,705,514 | 870,078,119 | 14,347,984 | 19,574,385 | ||||||||||||||
104,524,055 | 130,527,745 | 189,298,925 | 12,438,342 | 12,407,049 | ||||||||||||||
135,711,454 | 85,925,277 | 1,744,678,291 | 4,176,974 | 101,587,932 | ||||||||||||||
13,501,732 | 5,739,695 | 131,600,265 | 3,282 | 370,961 | ||||||||||||||
44,094,354 | 391,831 | 352,785,334 | 3,308 | 4,685 | ||||||||||||||
14,976,232 | 419,762 | 496,199,311 | 3,312 | 20,662,045 | ||||||||||||||
$42.09 | $28.96 | $53.94 | $18.57 | $23.53 | ||||||||||||||
44.19 | 30.40 | 56.63 | 19.50 | 24.70 | ||||||||||||||
35.74 | 23.83 | 44.51 | 18.38 | 22.42 | ||||||||||||||
43.53 | 29.93 | 55.38 | 18.68 | 24.07 | ||||||||||||||
41.43 | 28.35 | 53.12 | 18.52 | 23.23 | ||||||||||||||
43.49 | 30.06 | 55.54 | 18.66 | 24.01 | ||||||||||||||
43.61 | 30.06 | 55.66 | 18.69 | 24.06 | ||||||||||||||
7,146,194 | 6,446,317 | 16,129,903 | 772,543 | 831,790 | ||||||||||||||
2,924,877 | 5,478,268 | 4,252,760 | 676,765 | 553,358 | ||||||||||||||
3,117,590 | 2,871,288 | 31,504,120 | 223,585 | 4,221,194 | ||||||||||||||
325,889 | 202,492 | 2,477,548 | 177 | 15,971 | ||||||||||||||
1,013,899 | 13,034 | 6,352,264 | 177 | 195 | ||||||||||||||
343,451 | 13,965 | 8,915,226 | 177 | 858,775 | ||||||||||||||
$424,476,092 | $317,174,697 | $2,800,509,076 | $28,403,046 | $92,873,419 |
The accompanying notes are an integral part of the financial statements. | 17 |
(UNAUDITED) | 11.01.2013 to 04.30.2014 |
Eagle Capital Appreciation Fund | Eagle Growth & Income Fund | Eagle International Stock Fund | Eagle Investment Grade Bond Fund | |||||||||||||
Investment income | ||||||||||||||||
Dividends (a) | $1,819,501 | $7,677,289 | $119,649 | $— | ||||||||||||
Interest | — | — | — | 754,122 | ||||||||||||
Total income | 1,819,501 | 7,677,289 | 119,649 | 754,122 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 929,495 | 1,297,638 | 31,776 | 112,210 | ||||||||||||
Administrative fees | ||||||||||||||||
Class A | 148,213 | 169,219 | 2,715 | 25,282 | ||||||||||||
Class C | 50,255 | 135,884 | 2,359 | 26,771 | ||||||||||||
Class I | 16,263 | 67,519 | 351 | 2,685 | ||||||||||||
Class R-3 | 538 | 3,177 | 2 | 22 | ||||||||||||
Class R-5 | 5,981 | 1,786 | 1 | 1 | ||||||||||||
Class R-6 | N/A | 42 | 1 | N/A | ||||||||||||
Distribution and service fees | ||||||||||||||||
Class A | 247,021 | 282,031 | 4,525 | 42,137 | ||||||||||||
Class C | 335,031 | 905,891 | 15,728 | 178,476 | ||||||||||||
Class R-3 | 1,795 | 10,590 | 7 | 71 | ||||||||||||
Transfer agent and shareholder servicing fees | ||||||||||||||||
Class A | 116,327 | 85,528 | 1,993 | 16,628 | ||||||||||||
Class C | 31,556 | 78,537 | 2,234 | 16,841 | ||||||||||||
Class I | 17,423 | 84,888 | 180 | 2,502 | ||||||||||||
Class R-3 | 621 | 4,292 | — | 24 | ||||||||||||
Class R-5 | 9,658 | 2,102 | — | — | ||||||||||||
Class R-6 | N/A | 4 | — | N/A | ||||||||||||
Custodian fees | 8,491 | 10,422 | 39,127 | 4,040 | ||||||||||||
Professional fees | 84,897 | 62,101 | 51,713 | 49,218 | ||||||||||||
State qualification expenses | 40,015 | 56,732 | 34,167 | 39,270 | ||||||||||||
Offering costs | — | — | 46,703 | — | ||||||||||||
Trustees and officers compensation | 28,296 | 28,296 | 28,335 | 28,296 | ||||||||||||
Internal audit fees | 4,146 | 4,146 | 4,414 | 4,146 | ||||||||||||
Other | 41,552 | 63,787 | 12,107 | 14,723 | ||||||||||||
Total expenses before adjustments | 2,117,574 | 3,354,612 | 278,438 | 563,343 | ||||||||||||
Fees and expenses waived | (5,752 | ) | — | (209,124 | ) | (107,939 | ) | |||||||||
Recovered fees previously waived by Manager | — | — | 15 | — | ||||||||||||
Expense offsets | (967 | ) | (8,927 | ) | (150 | ) | (1,371 | ) | ||||||||
Total expenses after adjustments | 2,110,855 | 3,345,685 | 69,179 | 454,033 | ||||||||||||
Net investment income (loss) | (291,354 | ) | 4,331,604 | 50,470 | 300,089 | |||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) on investments | 50,853,537 | 684,476 | 256,383 | (210,786 | ) | |||||||||||
Net realized loss on foreign currency transactions | — | — | (1,553 | ) | — | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | (34,247,119 | ) | 38,472,294 | (20,809 | ) | 68,246 | ||||||||||
Net gain (loss) on investments | 16,606,418 | 39,156,770 | 234,021 | (142,540 | ) | |||||||||||
Net increase in net assets resulting from operations | 16,315,064 | 43,488,374 | 284,491 | 157,549 | ||||||||||||
(a) Net of foreign withholding taxes | $— | $— | $7,563 | $— |
18 | The accompanying notes are an integral part of the financial statements. |
Statements of Operations
(UNAUDITED) | 11.01.2013 to 04.30.2014 |
Eagle Mid Cap Growth Fund | Eagle Mid Cap Stock Fund | Eagle Small Cap Growth Fund | Eagle Small Cap Stock Fund | Eagle Smaller Company Fund | ||||||||||||||
$2,995,317 | $1,724,345 | $8,747,632 | $94,491 | $860,030 | ||||||||||||||
— | — | — | — | — | ||||||||||||||
2,995,317 | 1,724,345 | 8,747,632 | 94,491 | 860,030 | ||||||||||||||
1,823,967 | 1,286,731 | 10,417,893 | 85,065 | 473,353 | ||||||||||||||
233,276 | 147,678 | 744,500 | 10,015 | 14,932 | ||||||||||||||
81,051 | 100,525 | 147,121 | 8,476 | 9,101 | ||||||||||||||
65,892 | 45,620 | 904,741 | 1,846 | 52,951 | ||||||||||||||
9,602 | 4,369 | 103,685 | 2 | 248 | ||||||||||||||
21,210 | 261 | 180,080 | 2 | 23 | ||||||||||||||
6,034 | 192 | 260,828 | 2 | 9,731 | ||||||||||||||
388,792 | 246,129 | 1,240,827 | 16,691 | 24,886 | ||||||||||||||
540,340 | 670,168 | 980,805 | 56,503 | 60,670 | ||||||||||||||
32,007 | 14,563 | 345,615 | 8 | 825 | ||||||||||||||
180,304 | 125,845 | 709,862 | 5,275 | 11,784 | ||||||||||||||
43,764 | 72,330 | 97,863 | 4,697 | 5,882 | ||||||||||||||
58,913 | 157,746 | 1,132,161 | 1,367 | 72,792 | ||||||||||||||
10,691 | 5,485 | 109,306 | — | 449 | ||||||||||||||
22,302 | 553 | 185,126 | — | 26 | ||||||||||||||
469 | 23 | 19,632 | — | 706 | ||||||||||||||
11,617 | 12,021 | 64,733 | 43,277 | 7,971 | ||||||||||||||
45,956 | 45,956 | 45,956 | 45,956 | 45,956 | ||||||||||||||
42,568 | 41,190 | 70,923 | 34,678 | 37,336 | ||||||||||||||
— | — | — | 22,548 | — | ||||||||||||||
28,296 | 28,296 | 28,296 | 28,296 | 28,296 | ||||||||||||||
4,146 | 4,146 | 4,147 | 4,414 | 4,146 | ||||||||||||||
69,606 | 75,111 | 435,601 | 8,869 | 22,158 | ||||||||||||||
3,720,803 | 3,084,938 | 18,229,701 | 377,987 | 884,222 | ||||||||||||||
— | (85,616 | ) | — | (152,891 | ) | (83,464 | ) | |||||||||||
— | — | — | 7 | 54,175 | ||||||||||||||
(5,175 | ) | (9,951 | ) | (31,617 | ) | (1,051 | ) | (2,772 | ) | |||||||||
3,715,628 | 2,989,371 | 18,198,084 | 224,052 | 852,161 | ||||||||||||||
(720,311 | ) | (1,265,026 | ) | (9,450,452 | ) | (129,561 | ) | 7,869 | ||||||||||
47,222,974 | 18,436,123 | 290,382,436 | 859,001 | 135,821 | ||||||||||||||
— | — | — | — | — | ||||||||||||||
| (2,404,896 | ) | (9,968,392 | ) | (248,156,074 | ) | (402,417 | ) | 4,788,611 | |||||||||
44,818,078 | 8,467,731 | 42,226,362 | 456,584 | 4,924,432 | ||||||||||||||
44,097,767 | 7,202,705 | 32,775,910 | 327,023 | 4,932,301 | ||||||||||||||
$— | $9,672 | $— | $1,235 | $3,361 |
The accompanying notes are an integral part of the financial statements. | 19 |
Statements of Changes in Net Assets
Eagle Capital Appreciation Fund | Eagle Growth & Income Fund | Eagle International Stock Fund | ||||||||||||||||||||||
11/1/13 to 04/30/14 (†) | 11/1/12 to 10/31/13 | 11/1/13 to 04/30/14 (†) | 11/1/12 to 10/31/13 | 11/1/13 to 04/30/14 (†) | 02/28/13 (a) to 10/31/13 | |||||||||||||||||||
Net assets, beginning of period | $324,382,862 | $313,026,224 | $486,405,768 | $343,477,294 | $6,748,495 | $— | ||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||
Net investment income (loss) | (291,354 | ) | 617,598 | 4,331,604 | 7,836,320 | 50,470 | 38,693 | |||||||||||||||||
Net realized gain (loss) on investments | 50,853,537 | 49,288,419 | 684,476 | 11,801,216 | 256,383 | 37,862 | ||||||||||||||||||
Net realized loss on foreign currency transactions | — | — | — | (198 | ) | (1,553 | ) | (4,858 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | (34,247,119 | ) | 28,363,762 | 38,472,294 | 68,717,831 | (20,809 | ) | 555,508 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 16,315,064 | 78,269,779 | 43,488,374 | 88,355,169 | 284,491 | 627,205 | ||||||||||||||||||
Distributions to shareholders from | ||||||||||||||||||||||||
Net investment income | — | (1,078,104 | ) | (3,940,380 | ) | (7,957,450 | ) | (49,408 | ) | — | ||||||||||||||
Net realized gains | (35,009,202 | ) | — | (10,915,677 | ) | (6,350,330 | ) | (39,253 | ) | — | ||||||||||||||
Total distributions to shareholders | (35,009,202 | ) | (1,078,104 | ) | (14,856,057 | ) | (14,307,780 | ) | (88,661 | ) | — | |||||||||||||
Fund share transactions | ||||||||||||||||||||||||
Proceeds from shares sold-Class A | 6,706,831 | 17,552,300 | 28,784,173 | 60,859,237 | 763,667 | 3,474,294 | ||||||||||||||||||
Issued as reinvestment of distributions-Class A | 20,412,864 | 716,365 | 5,386,698 | 6,425,429 | 49,644 | — | ||||||||||||||||||
Cost of shares redeemed-Class A | (74,493,487 | ) | (65,063,250 | ) | (22,416,550 | ) | (64,254,597 | ) | (427,445 | ) | (305,547 | ) | ||||||||||||
Proceeds from shares sold-Class C | 945,303 | 3,491,041 | 23,454,024 | 42,778,376 | 970,419 | 2,603,474 | ||||||||||||||||||
Issued as reinvestment of distributions-Class C | 7,834,393 | — | 3,583,885 | 3,630,601 | 27,517 | — | ||||||||||||||||||
Cost of shares redeemed-Class C | (6,693,465 | ) | (17,285,532 | ) | (11,639,985 | ) | (22,692,491 | ) | (112,704 | ) | (117,977 | ) | ||||||||||||
Proceeds from shares sold-Class I | 49,787,200 | 19,415,081 | 60,971,644 | 57,418,049 | 463,742 | 459,546 | ||||||||||||||||||
Issued as reinvestment of distributions-Class I | 2,990,467 | 91,496 | 2,761,269 | 1,276,585 | 8,456 | — | ||||||||||||||||||
Cost of shares redeemed-Class I | (4,395,797 | ) | (8,841,361 | ) | (12,410,419 | ) | (20,044,792 | ) | (39,956 | ) | — | |||||||||||||
Proceeds from shares sold-Class R-3 | 107,297 | 158,334 | 965,422 | 1,464,043 | — | 2,500 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 84,996 | 215 | 94,769 | 119,916 | 33 | — | ||||||||||||||||||
Cost of shares redeemed-Class R-3 | (261,017 | ) | (251,600 | ) | (892,988 | ) | (1,166,617 | ) | — | — | ||||||||||||||
Proceeds from shares sold-Class R-5 | 486,542 | 4,157,409 | 271,633 | 3,267,724 | — | 2,500 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 2,133,186 | 225,574 | 103,150 | 26,441 | 43 | — | ||||||||||||||||||
Cost of shares redeemed-Class R-5 | (17,519,931 | ) | (20,201,109 | ) | (149,659 | ) | (277,226 | ) | — | — | ||||||||||||||
Proceeds from shares sold-Class R-6 | N/A | N/A | 38,065 | 50,000 | — | 2,500 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | N/A | N/A | 1,861 | 407 | 45 | — | ||||||||||||||||||
Cost of shares redeemed-Class R-6 | N/A | N/A | (68 | ) | — | — | — | |||||||||||||||||
Net increase (decrease) from fund share transactions | (11,874,618 | ) | (65,835,037 | ) | 78,906,924 | 68,881,085 | 1,703,461 | 6,121,290 | ||||||||||||||||
Increase (decrease) in net assets | (30,568,756 | ) | 11,356,638 | 107,539,241 | 142,928,474 | 1,899,291 | 6,748,495 | |||||||||||||||||
Net assets, end of period (b) | 293,814,106 | 324,382,862 | 593,945,009 | 486,405,768 | 8,647,786 | 6,748,495 | ||||||||||||||||||
(b) Includes undistributed net investment income (accumulated net investment loss) of | $(904,961 | ) | $(613,607 | ) | $391,224 | $— | $50,414 | $49,352 | ||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||
Shares sold-Class A | 177,115 | 509,322 | 1,698,965 | 3,952,726 | 46,165 | 233,253 | ||||||||||||||||||
Issued as reinvestment of distributions-Class A | 555,869 | 22,220 | 320,536 | 443,111 | 3,018 | — | ||||||||||||||||||
Shares redeemed-Class A | (1,990,196 | ) | (1,908,695 | ) | (1,309,843 | ) | (4,201,440 | ) | (25,933 | ) | (20,537 | ) | ||||||||||||
Shares sold-Class C | 29,628 | 119,287 | 1,433,815 | 2,862,804 | 58,441 | 176,776 | ||||||||||||||||||
Issued as reinvestment of distributions-Class C | 254,111 | — | 221,360 | 260,498 | 1,678 | — | ||||||||||||||||||
Shares redeemed-Class C | (209,601 | ) | (577,620 | ) | (710,858 | ) | (1,538,601 | ) | (6,890 | ) | (7,718 | ) | ||||||||||||
Shares sold-Class I | 1,297,360 | 541,945 | 3,594,524 | 3,712,705 | 27,832 | 28,208 | ||||||||||||||||||
Issued as reinvestment of distributions-Class I | 79,155 | 2,777 | 164,476 | 86,136 | 513 | — | ||||||||||||||||||
Shares redeemed-Class I | (112,444 | ) | (242,105 | ) | (729,634 | ) | (1,324,515 | ) | (2,472 | ) | — | |||||||||||||
Shares sold-Class R-3 | 2,900 | 4,568 | 56,858 | 95,883 | — | 175 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 2,351 | 7 | 5,662 | 8,309 | 2 | — | ||||||||||||||||||
Shares redeemed-Class R-3 | (7,097 | ) | (7,629 | ) | (52,299 | ) | (75,228 | ) | — | — | ||||||||||||||
Shares sold-Class R-5 | 12,430 | 120,333 | 16,028 | 208,356 | — | 175 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 56,613 | 6,863 | 6,152 | 1,702 | 3 | — | ||||||||||||||||||
Shares redeemed-Class R-5 | (457,073 | ) | (567,077 | ) | (8,989 | ) | (17,111 | ) | — | — | ||||||||||||||
Shares sold-Class R-6 | N/A | N/A | 2,269 | 3,066 | — | 175 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | N/A | N/A | 110 | 26 | 3 | — | ||||||||||||||||||
Shares redeemed-Class R-6 | N/A | N/A | (4 | ) | — | — | — | |||||||||||||||||
Shares issued and redeemed | (308,879 | ) | (1,975,804 | ) | 4,709,128 | 4,478,427 | 102,360 | 410,507 |
(†) The data for fiscal periods ending after October 31, 2013 are unaudited.
(a) Commencement of operations.
20 | The accompanying notes are an integral part of the financial statements. |
Statements of Changes in Net Assets
Eagle Investment Grade Bond Fund | Eagle Mid Cap Growth Fund | Eagle Mid Cap Stock Fund | Eagle Small Cap Growth Fund | Eagle Small Cap Stock Fund | Eagle Smaller Company Fund | |||||||||||||||||||||||||||||||||||||||||
11/1/13 to 04/30/14 (†) | 11/1/12 to 10/31/13 | 11/1/13 to 04/30/14 (†) | 11/1/12 to 10/31/13 | 11/1/13 to 04/30/14 (†) | 11/1/12 to 10/31/13 | 11/1/13 to 04/30/14 (†) | 11/1/12 to 10/31/13 | 11/1/13 to 04/30/14 (†) | 12/31/12 (a) to 10/31/13 | 11/1/13 to 04/30/14 (†) | 11/1/12 to 10/31/13 | |||||||||||||||||||||||||||||||||||
$84,902,084 | $133,837,671 | $593,563,341 | $434,303,948 | $450,582,889 | $543,439,645 | $3,981,293,766 | $2,718,670,112 | $24,330,652 | $— | $154,522,338 | $78,849,585 | |||||||||||||||||||||||||||||||||||
300,089 | 517,821 | (720,311 | ) | (703,178 | ) | (1,265,026 | ) | (1,422,711 | ) | (9,450,452 | ) | (5,183,454 | ) | (129,561 | ) | (87,125 | ) | 7,869 | 92,056 | |||||||||||||||||||||||||||
(210,786 | ) | 209,233 | 47,222,974 | 31,895,135 | 18,436,123 | 32,546,008 | 290,382,436 | 86,131,918 | 859,001 | 387,727 | 135,821 | 3,531,728 | ||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| 68,246 | | (2,577,458 | ) | (2,404,896 | ) | 119,833,638 | (9,968,392 | ) | 98,358,673 | (248,156,074 | ) | 852,731,224 | (402,417 | ) | 1,987,948 | 4,788,611 | 26,336,657 | ||||||||||||||||||||||||||||
157,549 | (1,850,404 | ) | 44,097,767 | 151,025,595 | 7,202,705 | 129,481,970 | 32,775,910 | 933,679,688 | 327,023 | 2,288,550 | 4,932,301 | 29,960,441 | ||||||||||||||||||||||||||||||||||
(285,770 | ) | (528,391 | ) | — | — | — | — | — | (903,321 | ) | — | — | (88,374 | ) | (553,093 | ) | ||||||||||||||||||||||||||||||
(195,041 | ) | (3,090,100 | ) | (28,381,810 | ) | (15,908,617 | ) | (30,758,828 | ) | (75,993,788 | ) | (49,712,316 | ) | — | (352,995 | ) | — | (3,368,574 | ) | (5,715,716 | ) | |||||||||||||||||||||||||
(480,811 | ) | (3,618,491 | ) | (28,381,810 | ) | (15,908,617 | ) | (30,758,828 | ) | (75,993,788 | ) | (49,712,316 | ) | (903,321 | ) | (352,995 | ) | — | (3,456,948 | ) | (6,268,809 | ) | ||||||||||||||||||||||||
6,146,275 | 12,874,011 | 38,658,880 | 64,900,855 | 4,097,378 | 11,663,576 | 141,179,149 | 412,049,520 | 3,969,598 | 11,029,634 | 3,263,577 | 4,084,965 | |||||||||||||||||||||||||||||||||||
260,177 | 1,715,233 | 13,448,101 | 7,801,024 | 12,830,745 | 33,533,368 | 11,481,538 | — | 165,103 | — | 371,262 | 930,631 | |||||||||||||||||||||||||||||||||||
(13,092,147 | ) | (39,768,491 | ) | (63,428,740 | ) | (72,502,676 | ) | (27,799,032 | ) | (122,470,173 | ) | (278,701,205 | ) | (341,018,778 | ) | (1,546,935 | ) | (458,449 | ) | (2,959,443 | ) | (3,245,625 | ) | |||||||||||||||||||||||
808,277 | 6,076,970 | 4,796,020 | 10,992,386 | 3,132,431 | 4,779,422 | 16,103,772 | 40,769,932 | 3,351,579 | 8,699,611 | 1,255,338 | 2,703,952 | |||||||||||||||||||||||||||||||||||
142,088 | 1,407,991 | 5,418,216 | 3,225,017 | 10,471,294 | 22,414,326 | 2,520,743 | — | 132,865 | — | 242,230 | 536,376 | |||||||||||||||||||||||||||||||||||
(10,787,743 | ) | (26,240,549 | ) | (13,399,273 | ) | (13,910,284 | ) | (11,824,537 | ) | (49,141,433 | ) | (16,184,875 | ) | (22,953,739 | ) | (458,228 | ) | (194,133 | ) | (450,693 | ) | (1,191,406 | ) | |||||||||||||||||||||||
562,634 | 3,564,796 | 17,741,079 | 34,287,853 | 5,961,787 | 29,641,815 | 300,897,509 | 727,095,439 | 1,465,886 | 3,025,544 | 17,870,066 | 42,191,540 | |||||||||||||||||||||||||||||||||||
27,554 | 135,324 | 5,211,140 | 2,660,852 | 5,784,713 | 15,408,290 | 17,723,669 | 334,383 | 43,185 | — | 2,256,614 | 4,468,703 | |||||||||||||||||||||||||||||||||||
(3,455,110 | ) | (3,232,876 | ) | (16,967,152 | ) | (20,119,800 | ) | (19,757,471 | ) | (78,899,645 | ) | (384,783,319 | ) | (668,406,588 | ) | (454,660 | ) | (67,605 | ) | (26,233,910 | ) | (14,329,298 | ) | |||||||||||||||||||||||
225 | 810 | 2,063,475 | 4,303,047 | 412,852 | 2,537,900 | 18,247,634 | 39,537,175 | — | 2,500 | 191,926 | 113,471 | |||||||||||||||||||||||||||||||||||
191 | 803 | 538,973 | 279,183 | 396,879 | 932,905 | 1,714,339 | — | 43 | — | 3,289 | 4,966 | |||||||||||||||||||||||||||||||||||
— | (807 | ) | (1,000,238 | ) | (3,381,453 | ) | (825,410 | ) | (4,634,618 | ) | (21,453,818 | ) | (19,674,347 | ) | — | — | (84,146 | ) | (123,717 | ) | ||||||||||||||||||||||||||
— | — | 8,178,384 | 9,011,085 | 91,140 | 310,706 | 93,592,952 | 140,917,988 | — | 2,500 | 662 | 49,871 | |||||||||||||||||||||||||||||||||||
25 | 93 | 1,762,800 | 1,077,505 | 43,105 | 486,525 | 4,405,002 | 49,011 | 43 | — | 1,260 | 275 | |||||||||||||||||||||||||||||||||||
— | — | (6,133,458 | ) | (10,545,269 | ) | (366,767 | ) | (13,239,409 | ) | (84,082,243 | ) | (120,018,665 | ) | — | — | (55,426 | ) | — | ||||||||||||||||||||||||||||
N/A | N/A | 9,720,441 | 7,066,939 | 178,144 | 419,189 | 94,304,876 | 190,792,778 | — | 2,500 | 4,526,899 | 17,546,017 | |||||||||||||||||||||||||||||||||||
N/A | N/A | 462,038 | 29,351 | 19,559 | 396 | 6,342,356 | 344,748 | 43 | — | 403,770 | 234 | |||||||||||||||||||||||||||||||||||
N/A | N/A | (2,778,597 | ) | (1,033,200 | ) | (163,752 | ) | (88,078 | ) | (103,025,194 | ) | (49,971,570 | ) | — | — | (1,993,909 | ) | (1,759,834 | ) | |||||||||||||||||||||||||||
(19,387,554 | ) | (43,466,692 | ) | 4,292,089 | 24,142,415 | (17,316,942 | ) | (146,344,938 | ) | (179,717,115 | ) | 329,847,287 | 6,668,522 | 22,042,102 | (1,390,634 | ) | 51,981,121 | |||||||||||||||||||||||||||||
(19,710,816 | ) | (48,935,587 | ) | 20,008,046 | 159,259,393 | (40,873,065 | ) | (92,856,756 | ) | (196,653,521 | ) | 1,262,623,654 | 6,642,550 | 24,330,652 | 84,719 | 75,672,753 | ||||||||||||||||||||||||||||||
65,191,268 | 84,902,084 | 613,571,387 | 593,563,341 | 409,709,824 | 450,582,889 | 3,784,640,245 | 3,981,293,766 | 30,973,202 | 24,330,652 | 154,607,057 | 154,522,338 | |||||||||||||||||||||||||||||||||||
$(39,286 | ) | $(53,605 | ) | $(720,311 | ) | $— | $(1,265,026 | ) | $— | $(24,225,181 | ) | $(14,774,729 | ) | $(129,561 | ) | $— | $(106,190 | ) | $(25,685 | ) | ||||||||||||||||||||||||||
414,100 | 850,499 | 920,545 | 1,791,139 | 139,334 | 429,069 | 2,518,892 | 8,665,271 | 211,288 | 662,136 | 137,889 | 201,526 | |||||||||||||||||||||||||||||||||||
17,599 | 113,335 | 330,258 | 243,174 | 445,357 | 1,381,111 | 209,402 | — | 8,896 | — | 15,725 | 51,444 | |||||||||||||||||||||||||||||||||||
(883,119 | ) | (2,659,364 | ) | (1,507,280 | ) | (2,013,921 | ) | (945,637 | ) | (4,573,476 | ) | (4,987,858 | ) | (7,050,637 | ) | (83,900 | ) | (25,877 | ) | (124,378 | ) | (155,564 | ) | |||||||||||||||||||||||
54,604 | 399,832 | 133,362 | 359,548 | 128,534 | 209,619 | 347,173 | 1,019,852 | 180,657 | 525,260 | 55,145 | 138,403 | |||||||||||||||||||||||||||||||||||
9,646 | 93,105 | 156,319 | 116,301 | 440,682 | 1,095,837 | 55,571 | — | 7,213 | — | 10,742 | 30,773 | |||||||||||||||||||||||||||||||||||
(728,893 | ) | (1,751,907 | ) | (372,531 | ) | (451,629 | ) | (486,303 | ) | (2,160,093 | ) | (350,067 | ) | (579,874 | ) | (24,963 | ) | (11,402 | ) | (19,921 | ) | (61,968 | ) | |||||||||||||||||||||||
37,865 | 235,093 | 407,224 | 924,651 | 197,224 | 1,069,302 | 5,237,168 | 15,028,741 | 78,161 | 170,945 | 739,333 | 1,901,087 | |||||||||||||||||||||||||||||||||||
1,860 | 8,933 | 123,868 | 80,656 | 194,575 | 617,814 | 315,200 | 7,764 | 2,316 | — | 93,635 | 242,996 | |||||||||||||||||||||||||||||||||||
(232,725 | ) | (214,015 | ) | (388,872 | ) | (547,814 | ) | (651,261 | ) | (2,795,977 | ) | (6,651,932 | ) | (13,657,131 | ) | (24,040 | ) | (3,797 | ) | (1,075,362 | ) | (688,228 | ) | |||||||||||||||||||||||
15 | 53 | 49,612 | 123,416 | 14,377 | 97,260 | 330,165 | 849,995 | — | 175 | 8,164 | 5,736 | |||||||||||||||||||||||||||||||||||
13 | 53 | 13,431 | 8,799 | 14,064 | 39,050 | 31,718 | — | 2 | — | 141 | 277 | |||||||||||||||||||||||||||||||||||
— | (54 | ) | (24,111 | ) | (91,655 | ) | (28,428 | ) | (171,042 | ) | (388,855 | ) | (415,803 | ) | — | — | (3,628 | ) | (6,397 | ) | ||||||||||||||||||||||||||
— | — | 191,298 | 244,644 | 2,960 | 11,210 | 1,622,662 | 2,813,151 | — | 175 | 27 | 2,164 | |||||||||||||||||||||||||||||||||||
2 | 6 | 41,941 | 32,691 | 1,443 | 19,500 | 78,131 | 1,135 | 2 | — | 52 | 15 | |||||||||||||||||||||||||||||||||||
— | — | (140,834 | ) | (281,644 | ) | (12,442 | ) | (472,297 | ) | (1,458,966 | ) | (2,447,709 | ) | — | — | (2,239 | ) | — | ||||||||||||||||||||||||||||
N/A | N/A | 222,596 | 176,307 | 5,873 | 15,552 | 1,622,424 | 3,808,524 | — | 175 | 186,817 | 814,318 | |||||||||||||||||||||||||||||||||||
N/A | N/A | 10,970 | 889 | 655 | 16 | 112,294 | 7,978 | 2 | — | 16,761 | 13 | |||||||||||||||||||||||||||||||||||
N/A | N/A | (63,859 | ) | (26,672 | ) | (5,281 | ) | (2,948 | ) | (1,796,679 | ) | (1,010,941 | ) | — | — | (82,526 | ) | (76,757 | ) | |||||||||||||||||||||||||||
(1,309,033 | ) | (2,924,431 | ) | 103,937 | 688,880 | (544,274 | ) | (5,190,493 | ) | (3,153,557 | ) | 7,040,316 | 355,634 | 1,317,790 | (43,623 | ) | 2,399,838 |
The accompanying notes are an integral part of the financial statements. | 21 |
Fiscal periods | From investment operations | Dividends & distributions | Ratio to average net assets (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Income | Realized & | Total | From | From | Total | Ending net asset value | With expenses waived/ recovered (†) | Without expenses waived/ recovered (†) | Net | Portfolio turnover rate (%) (a) | Total | Ending net assets (millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Capital Appreciation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | $39.59 | $(0.01 | ) | $1.99 | $1.98 | $— | $(4.22 | ) | $(4.22 | ) | $37.35 | 1.25 | (c) | 1.25 | (c) | (0.06 | )(c) | 26 | 5.19 | $146 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 30.95 | 0.10 | 8.66 | 8.76 | (0.12 | ) | — | (0.12 | ) | 39.59 | 1.30 | 1.30 | 0.30 | 69 | (d) | 28.41 | 205 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 26.97 | 0.02 | 3.96 | 3.98 | — | — | — | 30.95 | 1.24 | 1.24 | 0.06 | 22 | 14.76 | 203 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 26.24 | (0.01 | ) | 0.74 | 0.73 | — | — | — | 26.97 | 1.22 | 1.22 | (0.03 | ) | 37 | 2.78 | 293 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 22.65 | (0.04 | ) | 3.63 | 3.59 | — | — | — | 26.24 | 1.27 | 1.27 | (0.18 | ) | 45 | 15.85 | 469 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.58 | (0.06 | ) | 4.13 | 4.07 | — | — | — | 22.65 | 1.32 | 1.32 | (0.31 | ) | 54 | 21.91 | 367 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 33.93 | (0.13 | ) | 1.70 | 1.57 | — | (4.22 | ) | (4.22 | ) | 31.28 | 1.98 | (c) | 1.98 | (c) | (0.80 | )(c) | 26 | 4.81 | 65 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 26.62 | (0.13 | ) | 7.44 | 7.31 | — | — | — | 33.93 | 2.03 | 2.03 | (0.43 | ) | 69 | (d) | 27.46 | 68 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 23.36 | (0.16 | ) | 3.42 | 3.26 | — | — | — | 26.62 | 1.94 | 1.94 | (0.64 | ) | 22 | 13.96 | 66 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 22.88 | (0.18 | ) | 0.66 | 0.48 | — | — | — | 23.36 | 1.92 | 1.92 | (0.74 | ) | 37 | 2.10 | 67 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 19.90 | (0.19 | ) | 3.17 | 2.98 | — | — | — | 22.88 | 1.99 | 1.99 | (0.91 | ) | 45 | 14.97 | 81 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 16.45 | (0.18 | ) | 3.63 | 3.45 | — | — | — | 19.90 | 2.08 | 2.08 | (1.07 | ) | 54 | 20.97 | 84 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 40.60 | 0.03 | 2.06 | 2.09 | — | (4.22 | ) | (4.22 | ) | 38.47 | 0.95 | (c) | 0.98 | (c) | 0.16 | (c) | 26 | 5.34 | 77 | ||||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 31.72 | 0.19 | 8.92 | 9.11 | (0.23 | ) | — | (0.23 | ) | 40.60 | 0.95 | 0.99 | 0.51 | 69 | (d) | 28.87 | 30 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 27.55 | 0.11 | 4.06 | 4.17 | — | — | — | 31.72 | 0.92 | 0.92 | 0.38 | 22 | 15.14 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 26.72 | 0.08 | 0.75 | 0.83 | — | — | — | 27.55 | 0.90 | 0.90 | 0.28 | 37 | 3.11 | 18 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 22.98 | 0.04 | 3.70 | 3.74 | — | — | — | 26.72 | 0.91 | 0.91 | 0.17 | 45 | 16.28 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.78 | 0.01 | 4.19 | 4.20 | — | — | — | 22.98 | 0.94 | 0.94 | 0.07 | 54 | 22.36 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 39.05 | (0.07 | ) | 1.97 | 1.90 | — | (4.22 | ) | (4.22 | ) | 36.73 | 1.56 | (c) | 1.56 | (c) | (0.38 | )(c) | 26 | 5.04 | 1 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 30.53 | 0.01 | 8.52 | 8.53 | (0.01 | ) | — | (0.01 | ) | 39.05 | 1.60 | 1.60 | 0.02 | 69 | (d) | 27.94 | 1 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 26.68 | (0.06 | ) | 3.91 | 3.85 | — | — | — | 30.53 | 1.53 | 1.53 | (0.22 | ) | 22 | 14.43 | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 26.03 | (0.09 | ) | 0.74 | 0.65 | — | — | — | 26.68 | 1.51 | 1.51 | (0.33 | ) | 37 | 2.50 | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 22.52 | (0.10 | ) | 3.61 | 3.51 | — | — | — | 26.03 | 1.49 | 1.49 | (0.41 | ) | 45 | 15.59 | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.51 | (0.10 | ) | 4.11 | 4.01 | — | — | — | 22.52 | 1.49 | 1.49 | (0.51 | ) | 54 | 21.66 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 40.50 | 0.04 | 2.03 | 2.07 | — | (4.22 | ) | (4.22 | ) | 38.35 | 0.95 | (c) | 0.98 | (c) | 0.21 | (c) | 26 | 5.30 | 4 | ||||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 31.66 | 0.25 | 8.83 | 9.08 | (0.24 | ) | — | (0.24 | ) | 40.50 | 0.95 | 0.99 | 0.73 | 69 | (d) | 28.84 | 20 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 27.50 | 0.11 | 4.05 | 4.16 | — | — | — | 31.66 | 0.92 | 0.92 | 0.37 | 22 | 15.13 | 30 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 26.67 | 0.07 | 0.76 | 0.83 | — | — | — | 27.50 | 0.93 | 0.93 | 0.25 | 37 | 3.11 | 24 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 22.94 | 0.06 | 3.67 | 3.73 | — | — | — | 26.67 | 0.87 | 0.87 | 0.22 | 45 | 16.26 | 24 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.73 | 0.02 | 4.19 | 4.21 | — | — | — | 22.94 | 0.87 | 0.87 | 0.12 | 54 | 22.48 | 20 | |||||||||||||||||||||||||||||||||||||||||||||
Eagle Growth & Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.68 | 0.15 | 1.20 | 1.35 | (0.13 | ) | (0.34 | ) | (0.47 | ) | 17.56 | 1.03 | (c) | 1.03 | (c) | 1.78 | (c) | 4 | 8.25 | 238 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 13.87 | 0.33 | 3.06 | 3.39 | (0.33 | ) | (0.25 | ) | (0.58 | ) | 16.68 | 1.09 | 1.09 | 2.17 | 28 | 25.14 | 214 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 13.14 | 0.30 | 1.36 | 1.66 | (0.27 | ) | (0.66 | ) | (0.93 | ) | 13.87 | 1.12 | 1.12 | 2.25 | 20 | 13.48 | 175 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 12.83 | 0.27 | 0.30 | 0.57 | (0.26 | ) | — | (0.26 | ) | 13.14 | 1.21 | 1.21 | 2.02 | 123 | (e) | 4.46 | 134 | ||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 11.57 | 0.20 | 1.26 | 1.46 | (0.20 | ) | — | (0.20 | ) | 12.83 | 1.40 | 1.30 | 1.61 | 50 | 12.65 | 128 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 9.71 | 0.31 | 1.86 | 2.17 | (0.31 | ) | — | (0.31 | ) | 11.57 | 1.39 | 1.55 | 3.12 | 57 | 22.88 | 90 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.10 | 0.08 | 1.16 | 1.24 | (0.07 | ) | (0.34 | ) | (0.41 | ) | 16.93 | 1.79 | (c) | 1.79 | (c) | 1.01 | (c) | 4 | 7.84 | 195 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 13.41 | 0.21 | 2.95 | 3.16 | (0.22 | ) | (0.25 | ) | (0.47 | ) | 16.10 | 1.84 | 1.84 | 1.39 | 28 | 24.23 | 170 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 12.74 | 0.20 | 1.32 | 1.52 | (0.19 | ) | (0.66 | ) | (0.85 | ) | 13.41 | 1.86 | 1.86 | 1.50 | 20 | 12.67 | 121 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 12.46 | 0.17 | 0.29 | 0.46 | (0.18 | ) | — | (0.18 | ) | 12.74 | 1.93 | 1.93 | 1.30 | 123 | (e) | 3.68 | 80 | ||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 11.24 | 0.11 | 1.23 | 1.34 | (0.12 | ) | — | (0.12 | ) | 12.46 | 2.12 | 2.05 | 0.89 | 50 | 11.95 | 72 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 9.45 | 0.23 | 1.80 | 2.03 | (0.24 | ) | — | (0.24 | ) | 11.24 | 2.19 | 2.31 | 2.35 | 57 | 21.89 | 49 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.65 | 0.17 | 1.21 | 1.38 | (0.16 | ) | (0.34 | ) | (0.50 | ) | 17.53 | 0.78 | (c) | 0.78 | (c) | 1.98 | (c) | 4 | 8.41 | 153 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 13.85 | 0.37 | 3.06 | 3.43 | (0.38 | ) | (0.25 | ) | (0.63 | ) | 16.65 | 0.80 | 0.80 | 2.37 | 28 | 25.49 | 94 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 13.13 | 0.34 | 1.36 | 1.70 | (0.32 | ) | (0.66 | ) | (0.98 | ) | 13.85 | 0.83 | 0.83 | 2.49 | 20 | 13.79 | 44 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 12.82 | 0.32 | 0.29 | 0.61 | (0.30 | ) | — | (0.30 | ) | 13.13 | 0.88 | 0.87 | 2.39 | 123 | (e) | 4.77 | 14 | ||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 11.56 | 0.29 | 1.22 | 1.51 | (0.25 | ) | — | (0.25 | ) | 12.82 | 0.95 | 0.97 | 2.01 | 50 | 13.15 | 9 | |||||||||||||||||||||||||||||||||||||||||||
03/18/09 | 10/31/09 | 8.43 | 0.20 | 3.20 | 3.40 | (0.27 | ) | — | (0.27 | ) | 11.56 | 0.95 | (c) | 1.12 | (c) | 3.08 | (c) | 57 | 40.72 | 2 |
22 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratio to average net assets (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Income | Realized & | Total | From | From | Total | Ending net asset value | With expenses waived/ recovered (†) | Without expenses waived/ recovered (†) | Net | Portfolio turnover rate (%) (a) | Total | Ending net assets (millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Growth & Income Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | $16.61 | $0.12 | $1.20 | $1.32 | $(0.10 | ) | $(0.34 | ) | $(0.44 | ) | $17.49 | 1.40 | (c) | 1.40 | (c) | 1.40 | (c) | 4 | 8.07 | $5 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 13.82 | 0.28 | 3.04 | 3.32 | (0.28 | ) | (0.25 | ) | (0.53 | ) | 16.61 | 1.43 | 1.43 | 1.81 | 28 | 24.71 | 4 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 13.10 | 0.26 | 1.36 | 1.62 | (0.24 | ) | (0.66 | ) | (0.90 | ) | 13.82 | 1.41 | 1.41 | 1.95 | 20 | 13.13 | 3 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 12.81 | 0.23 | 0.30 | 0.53 | (0.24 | ) | — | (0.24 | ) | 13.10 | 1.51 | 1.51 | 1.71 | 123 | (e) | 4.14 | 1 | ||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 11.55 | 0.18 | 1.26 | 1.44 | (0.18 | ) | — | (0.18 | ) | 12.81 | 1.54 | 1.54 | 1.46 | 50 | 12.54 | 0 | |||||||||||||||||||||||||||||||||||||||||||
09/30/09 | 10/31/09 | 11.84 | 0.01 | (0.22 | ) | (0.21 | ) | (0.08 | ) | — | (0.08 | ) | 11.55 | 1.65 | (c) | 1.56 | (c) | 0.94 | (c) | 57 | (1.83 | ) | 0 | |||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.63 | 0.17 | �� | 1.21 | 1.38 | (0.16 | ) | (0.34 | ) | (0.50 | ) | 17.51 | 0.77 | (c) | 0.77 | (c) | 2.03 | (c) | 4 | 8.43 | 4 | ||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 13.84 | 0.33 | 3.10 | 3.43 | (0.39 | ) | (0.25 | ) | (0.64 | ) | 16.63 | 0.72 | 0.72 | 2.07 | 28 | 25.54 | 3 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 13.13 | 0.32 | 1.37 | 1.69 | (0.32 | ) | (0.66 | ) | (0.98 | ) | 13.84 | 0.86 | 0.84 | 2.37 | 20 | 13.69 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 12.83 | 0.29 | 0.32 | 0.61 | (0.31 | ) | — | (0.31 | ) | 13.13 | 0.95 | 0.85 | 2.17 | 123 | (e) | 4.77 | 0 | ||||||||||||||||||||||||||||||||||||||||||
12/28/09 | 10/31/10 | 12.11 | 0.22 | 0.69 | 0.91 | (0.19 | ) | — | (0.19 | ) | 12.83 | 0.95 | (c) | 1.85 | (c) | 2.11 | (c) | 50 | 7.53 | 0 | ||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.67 | 0.17 | 1.22 | 1.39 | (0.16 | ) | (0.34 | ) | (0.50 | ) | 17.56 | 0.66 | (c) | 0.66 | (c) | 2.05 | (c) | 4 | 8.50 | 0 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 13.86 | 0.34 | 3.10 | 3.44 | (0.38 | ) | (0.25 | ) | (0.63 | ) | 16.67 | 0.71 | 0.71 | 2.09 | 28 | 25.59 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 13.13 | 0.34 | 1.35 | 1.69 | (0.30 | ) | (0.66 | ) | (0.96 | ) | 13.86 | 0.85 | 0.86 | 2.54 | 20 | 13.73 | 0 | ||||||||||||||||||||||||||||||||||||||||||
08/15/11 | 10/31/11 | 12.70 | 0.06 | 0.44 | 0.50 | (0.07 | ) | — | (0.07 | ) | 13.13 | 0.85 | (c) | 0.96 | (c) | 2.17 | (c) | 123 | (e) | 4.00 | 0 | |||||||||||||||||||||||||||||||||||||||
Eagle International Stock Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.48 | 0.13 | 0.52 | 0.65 | (0.14 | ) | (0.09 | ) | (0.23 | ) | 16.90 | 1.56 | (c) | 7.16 | (c) | 1.57 | (c) | 50 | 3.94 | 4 | |||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.15 | 2.04 | 2.19 | — | — | — | 16.48 | 1.55 | (c) | 11.48 | (c) | 1.50 | (c) | 42 | 15.33 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.38 | 0.07 | 0.51 | 0.58 | (0.07 | ) | (0.09 | ) | (0.16 | ) | 16.80 | 2.34 | (c) | 7.93 | (c) | 0.89 | (c) | 50 | 3.53 | 4 | |||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.11 | 1.98 | 2.09 | — | — | — | 16.38 | 2.39 | (c) | 12.03 | (c) | 1.07 | (c) | 42 | 14.63 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.52 | 0.19 | 0.49 | 0.68 | (0.17 | ) | (0.09 | ) | (0.26 | ) | 16.94 | 1.15 | (c) | 6.74 | (c) | 2.30 | (c) | 50 | 4.15 | 1 | |||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.13 | 2.10 | 2.23 | — | — | — | 16.52 | 1.15 | (c) | 4.25 | (c) | 1.21 | (c) | 42 | 15.61 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.45 | 0.11 | 0.53 | 0.64 | (0.10 | ) | (0.09 | ) | (0.19 | ) | 16.90 | 1.73 | (c) | 7.34 | (c) | �� | 1.38 | (c) | 50 | 3.91 | 0 | ||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.19 | 1.97 | 2.16 | — | — | — | 16.45 | 1.75 | (c) | 13.83 | (c) | 1.84 | (c) | 42 | 15.12 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.52 | 0.16 | 0.52 | 0.68 | (0.16 | ) | (0.09 | ) | (0.25 | ) | 16.95 | 1.15 | (c) | 6.79 | (c) | 1.96 | (c) | 50 | 4.15 | 0 | |||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.25 | 1.98 | 2.23 | — | — | — | 16.52 | 1.15 | (c) | 13.27 | (c) | 2.44 | (c) | 42 | 15.61 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 16.53 | 0.17 | 0.52 | 0.69 | (0.17 | ) | (0.09 | ) | (0.26 | ) | 16.96 | 1.05 | (c) | 6.79 | (c) | 2.06 | (c) | 50 | 4.21 | 0 | |||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.26 | 1.98 | 2.24 | — | — | — | 16.53 | 1.05 | (c) | 13.27 | (c) | 2.54 | (c) | 42 | 15.68 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Eagle Investment Grade Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 14.89 | 0.09 | (0.02 | ) | 0.07 | (0.08 | ) | (0.04 | ) | (0.12 | ) | 14.84 | 0.85 | (c) | 1.17 | (c) | 1.17 | (c) | 77 | 0.48 | 30 | ||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 15.51 | 0.12 | (0.27 | ) | (0.15 | ) | (0.11 | ) | (0.36 | ) | (0.47 | ) | 14.89 | 0.85 | 1.01 | 0.80 | 136 | (1.00 | ) | 37 | |||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 15.25 | 0.18 | 0.39 | 0.57 | (0.18 | ) | (0.13 | ) | (0.31 | ) | 15.51 | 0.85 | 0.96 | 1.15 | 94 | 3.77 | 65 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 15.15 | 0.20 | 0.21 | 0.41 | (0.23 | ) | (0.08 | ) | (0.31 | ) | 15.25 | 0.85 | 1.04 | 1.34 | 78 | 2.75 | 58 | ||||||||||||||||||||||||||||||||||||||||||
03/01/10 | 10/31/10 | 14.44 | 0.16 | 0.67 | 0.83 | (0.12 | ) | — | (0.12 | ) | 15.15 | 0.85 | (c) | 1.48 | (c) | 1.51 | (c) | 53 | 5.78 | 48 | ||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 14.86 | 0.03 | (0.03 | ) | — | (0.02 | ) | (0.04 | ) | (0.06 | ) | 14.80 | 1.65 | (c) | 1.91 | (c) | 0.37 | (c) | 77 | 0.00 | 31 | ||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 15.49 | — | (f) | (0.26 | ) | (0.26 | ) | (0.01 | ) | (0.36 | ) | (0.37 | ) | 14.86 | 1.65 | 1.77 | 0.01 | 136 | (1.75 | ) | 41 | ||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 15.23 | 0.05 | 0.40 | 0.45 | (0.06 | ) | (0.13 | ) | (0.19 | ) | 15.49 | 1.65 | 1.72 | 0.34 | 94 | 2.96 | 63 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 15.13 | 0.08 | 0.21 | 0.29 | (0.11 | ) | (0.08 | ) | (0.19 | ) | 15.23 | 1.65 | 1.79 | 0.55 | 78 | 1.95 | 53 | ||||||||||||||||||||||||||||||||||||||||||
03/01/10 | 10/31/10 | 14.44 | 0.07 | 0.68 | 0.75 | (0.06 | ) | — | (0.06 | ) | 15.13 | 1.65 | (c) | 2.23 | (c) | 0.68 | (c) | 53 | 5.23 | 50 | ||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 14.92 | 0.10 | (0.01 | ) | 0.09 | (0.10 | ) | (0.04 | ) | (0.14 | ) | 14.87 | 0.60 | (c) | 0.86 | (c) | 1.41 | (c) | 77 | 0.60 | 4 | ||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 15.54 | 0.16 | (0.27 | ) | (0.11 | ) | (0.15 | ) | (0.36 | ) | (0.51 | ) | 14.92 | 0.60 | 0.72 | 1.04 | 136 | (0.74 | ) | 7 | |||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 15.27 | 0.21 | 0.41 | 0.62 | (0.22 | ) | (0.13 | ) | (0.35 | ) | 15.54 | 0.60 | 0.67 | 1.38 | 94 | 4.09 | 6 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 15.17 | 0.24 | 0.20 | 0.44 | (0.26 | ) | (0.08 | ) | (0.34 | ) | 15.27 | 0.60 | 0.74 | 1.58 | 78 | 2.97 | 3 | ||||||||||||||||||||||||||||||||||||||||||
03/01/10 | 10/31/10 | 14.44 | 0.16 | 0.71 | 0.87 | (0.14 | ) | — | (0.14 | ) | 15.17 | 0.60 | (c) | 2.11 | (c) | 1.59 | (c) | 53 | 6.05 | 4 |
The accompanying notes are an integral part of the financial statements. | 23 |
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratio to average net assets (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Income | Realized & | Total | From | From | Total | Ending net asset value | With expenses waived/ recovered (†) | Without expenses waived/ recovered (†) | Net | Portfolio turnover rate (%) (a) | Total | Ending net assets (millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Investment Grade Bond Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | $14.89 | $0.06 | $(0.01 | ) | $0.05 | $(0.06 | ) | $(0.04 | ) | $(0.10 | ) | $14.84 | 1.15 | (c) | 1.49 | (c) | 0.87 | (c) | 77 | 0.33 | $0 | ||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 15.51 | 0.08 | (0.27 | ) | (0.19 | ) | (0.07 | ) | (0.36 | ) | (0.43 | ) | 14.89 | 1.15 | 1.34 | 0.50 | 136 | (1.28 | ) | 0 | |||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 15.24 | 0.13 | 0.40 | 0.53 | (0.13 | ) | (0.13 | ) | (0.26 | ) | 15.51 | 1.15 | 1.35 | 0.88 | 94 | 3.49 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 15.15 | 0.16 | 0.19 | 0.35 | (0.18 | ) | (0.08 | ) | (0.26 | ) | 15.24 | 1.15 | 1.39 | 1.04 | 78 | 2.38 | 0 | ||||||||||||||||||||||||||||||||||||||||||
03/01/10 | 10/31/10 | 14.44 | 0.05 | 0.76 | 0.81 | (0.10 | ) | — | (0.10 | ) | 15.15 | 1.14 | (c) | 1.95 | (c) | 0.91 | (c) | 53 | 5.63 | 0 | ||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 14.89 | 0.10 | (0.01 | ) | 0.09 | (0.10 | ) | (0.04 | ) | (0.14 | ) | 14.84 | 0.60 | (c) | 0.74 | (c) | 1.39 | (c) | 77 | 0.58 | 0 | ||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 15.51 | 0.16 | (0.27 | ) | (0.11 | ) | (0.15 | ) | (0.36 | ) | (0.51 | ) | 14.89 | 0.60 | 0.64 | 1.04 | 136 | (0.77 | ) | 0 | |||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 15.22 | 0.22 | 0.41 | 0.63 | (0.21 | ) | (0.13 | ) | (0.34 | ) | 15.51 | 0.60 | 0.60 | 1.41 | 94 | 4.20 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 15.13 | 0.24 | 0.19 | 0.43 | (0.26 | ) | (0.08 | ) | (0.34 | ) | 15.22 | 0.60 | 6.01 | 1.59 | 78 | 2.91 | 0 | ||||||||||||||||||||||||||||||||||||||||||
03/01/10 | 10/31/10 | 14.44 | 0.18 | 0.65 | 0.83 | (0.14 | ) | — | (0.14 | ) | 15.13 | 0.61 | (c) | 4.92 | (c) | 1.77 | (c) | 53 | 5.75 | 0 | ||||||||||||||||||||||||||||||||||||||||
Eagle Mid Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 41.03 | (0.04 | ) | 3.02 | 2.98 | — | (1.92 | ) | (1.92 | ) | 42.09 | 1.17 | (c) | 1.17 | (c) | (0.20 | )(c) | 29 | 7.42 | 301 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 31.52 | (0.03 | ) | 10.68 | 10.65 | — | (1.14 | ) | (1.14 | ) | 41.03 | 1.20 | 1.20 | (0.08 | ) | 52 | 34.81 | 304 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 29.96 | (0.18 | ) | 1.74 | 1.56 | — | — | — | 31.52 | 1.22 | 1.22 | (0.57 | ) | 87 | 5.21 | 233 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 28.03 | (0.19 | ) | 2.12 | 1.93 | — | — | — | 29.96 | 1.23 | 1.23 | (0.60 | ) | 91 | 6.89 | 231 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 21.25 | (0.09 | ) | 6.87 | 6.78 | — | — | — | 28.03 | 1.33 | 1.33 | (0.36 | ) | 96 | 31.91 | 140 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.63 | (0.11 | ) | 2.73 | 2.62 | — | — | — | 21.25 | 1.44 | 1.44 | (0.59 | ) | 127 | 14.06 | 95 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 35.24 | (0.16 | ) | 2.58 | 2.42 | — | (1.92 | ) | (1.92 | ) | 35.74 | 1.88 | (c) | 1.88 | (c) | (0.91 | )(c) | 29 | 7.04 | 105 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 27.41 | (0.25 | ) | 9.22 | 8.97 | — | (1.14 | ) | (1.14 | ) | 35.24 | 1.92 | 1.92 | (0.80 | ) | 52 | 33.87 | 106 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 26.24 | (0.34 | ) | 1.51 | 1.17 | — | — | — | 27.41 | 1.92 | 1.92 | (1.27 | ) | 87 | 4.46 | 82 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 24.71 | (0.35 | ) | 1.88 | 1.53 | — | — | — | 26.24 | 1.94 | 1.94 | (1.30 | ) | 91 | 6.19 | 72 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 18.88 | (0.24 | ) | 6.07 | 5.83 | — | — | — | 24.71 | 2.10 | 2.10 | (1.11 | ) | 96 | 30.88 | 58 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 16.68 | (0.23 | ) | 2.43 | 2.20 | — | — | — | 18.88 | 2.22 | 2.22 | (1.36 | ) | 127 | 13.19 | 45 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 42.31 | 0.03 | 3.11 | 3.14 | — | (1.92 | ) | (1.92 | ) | 43.53 | 0.84 | (c) | 0.84 | (c) | 0.12 | (c) | 29 | 7.58 | 136 | ||||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 32.36 | 0.08 | 11.01 | 11.09 | — | (1.14 | ) | (1.14 | ) | 42.31 | 0.87 | 0.87 | 0.22 | 52 | 35.28 | 126 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 30.66 | (0.07 | ) | 1.77 | 1.70 | — | — | — | 32.36 | 0.88 | 0.88 | (0.23 | ) | 87 | 5.54 | 81 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 28.58 | (0.09 | ) | 2.17 | 2.08 | — | — | — | 30.66 | 0.89 | 0.88 | (0.29 | ) | 91 | 7.28 | 60 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 21.58 | (0.02 | ) | 7.02 | 7.00 | — | — | — | 28.58 | 0.95 | 0.95 | (0.07 | ) | 96 | 32.44 | 15 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.83 | (0.02 | ) | 2.77 | 2.75 | — | — | — | 21.58 | 0.95 | 1.05 | (0.13 | ) | 127 | 14.60 | 6 | |||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 40.48 | (0.11 | ) | 2.98 | 2.87 | — | (1.92 | ) | (1.92 | ) | 41.43 | 1.47 | (c) | 1.47 | (c) | (0.52 | )(c) | 29 | 7.24 | 14 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 31.19 | (0.14 | ) | 10.57 | 10.43 | — | (1.14 | ) | (1.14 | ) | 40.48 | 1.49 | 1.49 | (0.39 | ) | 52 | 34.46 | 12 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 29.73 | (0.26 | ) | 1.72 | 1.46 | — | — | — | 31.19 | 1.49 | 1.49 | (0.84 | ) | 87 | 4.91 | 8 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 27.88 | (0.27 | ) | 2.12 | 1.85 | — | — | — | 29.73 | 1.52 | 1.52 | (0.89 | ) | 91 | 6.64 | 4 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 21.19 | (0.19 | ) | 6.88 | 6.69 | — | — | — | 27.88 | 1.61 | 1.61 | (0.72 | ) | 96 | 31.57 | 1 | |||||||||||||||||||||||||||||||||||||||||||
01/12/09 | 10/31/09 | 16.84 | (0.15 | ) | 4.50 | 4.35 | — | — | — | 21.19 | 1.74 | (c) | 1.74 | (c) | (0.94 | )(c) | 127 | 25.83 | 0 | |||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 42.27 | 0.02 | 3.12 | 3.14 | — | (1.92 | ) | (1.92 | ) | 43.49 | 0.86 | (c) | 0.86 | (c) | 0.11 | (c) | 29 | 7.59 | 44 | ||||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 32.34 | 0.09 | 10.98 | 11.07 | — | (1.14 | ) | (1.14 | ) | 42.27 | 0.89 | 0.89 | 0.24 | 52 | 35.24 | 39 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 30.64 | (0.08 | ) | 1.78 | 1.70 | — | — | — | 32.34 | 0.90 | 0.90 | (0.25 | ) | 87 | 5.55 | 30 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 28.56 | (0.11 | ) | 2.19 | 2.08 | — | — | — | 30.64 | 0.91 | 0.91 | (0.35 | ) | 91 | 7.28 | 19 | |||||||||||||||||||||||||||||||||||||||||||
12/28/09 | 10/31/10 | 24.70 | (0.12 | ) | 3.98 | 3.86 | — | — | — | 28.56 | 0.95 | (c) | 1.15 | (c) | (0.44 | )(c) | 96 | 15.63 | 0 | |||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 42.36 | 0.03 | 3.14 | 3.17 | — | (1.92 | ) | (1.92 | ) | 43.61 | 0.76 | (c) | 0.76 | (c) | 0.12 | (c) | 29 | 7.64 | 15 | ||||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 32.37 | 0.02 | 11.11 | 11.13 | — | (1.14 | ) | (1.14 | ) | 42.36 | 0.78 | 0.78 | 0.05 | 52 | 35.40 | 7 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 30.76 | (0.05 | ) | 1.66 | 1.61 | — | — | — | 32.37 | 0.80 | 0.80 | (0.16 | ) | 87 | 5.23 | 1 | |||||||||||||||||||||||||||||||||||||||||||
08/15/11 | 10/31/11 | 29.65 | (0.02 | ) | 1.13 | 1.11 | — | — | — | 30.76 | 0.85 | (c) | 0.85 | (c) | (0.32 | )(c) | 91 | 3.74 | 0 |
24 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratio to average net assets (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Income | Realized & | Total | From | From | Total | Ending net asset value | With expenses waived/ recovered (†) | Without expenses waived/ recovered (†) | Net | Portfolio turnover rate (%) (a) | Total | Ending net assets (millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Mid Cap Stock Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | $30.48 | $(0.06 | ) | $0.56 | $0.50 | $— | $(2.02 | ) | $(2.02 | ) | $28.96 | 1.22 | (c) | 1.22 | (c) | (0.42 | )(c) | 14 | 1.68 | $187 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 27.14 | (0.04 | ) | 7.40 | 7.36 | — | (4.02 | ) | (4.02 | ) | 30.48 | 1.22 | 1.22 | (0.14 | ) | 27 | 30.90 | 208 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 25.07 | (0.02 | ) | 2.09 | 2.07 | — | — | — | 27.14 | 1.20 | 1.20 | (0.09 | ) | 184 | 8.26 | 260 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 25.37 | (0.03 | ) | (0.27 | ) | (0.30 | ) | — | — | — | 25.07 | 1.14 | 1.14 | (0.11 | ) | 242 | (1.18 | ) | 544 | ||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 21.10 | (0.07 | ) | 4.34 | 4.27 | — | — | — | 25.37 | 1.20 | 1.20 | (0.32 | ) | 245 | 20.24 | 736 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.34 | (0.03 | ) | 2.79 | 2.76 | — | — | — | 21.10 | 1.26 | 1.26 | (0.18 | ) | 196 | 15.05 | 812 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 25.52 | (0.14 | ) | 0.47 | 0.33 | — | (2.02 | ) | (2.02 | ) | 23.83 | 1.95 | (c) | 1.95 | (c) | (1.15 | )(c) | 14 | 1.33 | 131 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 23.49 | (0.21 | ) | 6.26 | 6.05 | — | (4.02 | ) | (4.02 | ) | 25.52 | 1.95 | 1.95 | (0.90 | ) | 27 | 30.00 | 138 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 21.86 | (0.20 | ) | 1.83 | 1.63 | — | — | — | 23.49 | 1.92 | 1.92 | (0.85 | ) | 184 | 7.46 | 147 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 22.28 | (0.19 | ) | (0.23 | ) | (0.42 | ) | — | — | — | 21.86 | 1.85 | 1.85 | (0.83 | ) | 242 | (1.89 | ) | 204 | ||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 18.67 | (0.21 | ) | 3.82 | 3.61 | — | — | — | 22.28 | 1.93 | 1.93 | (1.06 | ) | 245 | 19.34 | 239 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 16.34 | (0.15 | ) | 2.48 | 2.33 | — | — | — | 18.67 | 2.00 | 2.00 | (0.93 | ) | 196 | 14.26 | 232 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 31.39 | (0.02 | ) | 0.58 | 0.56 | — | (2.02 | ) | (2.02 | ) | 29.93 | 0.95 | (c) | 1.14 | (c) | (0.14 | )(c) | 14 | 1.84 | 86 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 27.76 | 0.03 | 7.62 | 7.65 | — | (4.02 | ) | (4.02 | ) | 31.39 | 0.95 | 1.12 | 0.11 | 27 | 31.31 | 98 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 25.58 | 0.04 | 2.14 | 2.18 | — | — | — | 27.76 | 0.91 | 0.91 | 0.16 | 184 | 8.52 | 118 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 25.79 | 0.07 | (0.28 | ) | (0.21 | ) | — | — | — | 25.58 | 0.79 | 0.79 | 0.24 | 242 | (0.81 | ) | 163 | ||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 21.36 | 0.01 | 4.42 | 4.43 | — | — | — | 25.79 | 0.79 | 0.79 | 0.06 | 245 | 20.74 | 340 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.49 | 0.03 | 2.84 | 2.87 | — | — | — | 21.36 | 0.87 | 0.87 | 0.16 | 196 | 15.52 | 254 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 29.92 | (0.10 | ) | 0.55 | 0.45 | — | (2.02 | ) | (2.02 | ) | 28.35 | 1.53 | (c) | 1.53 | (c) | (0.73 | )(c) | 14 | 1.55 | 6 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 26.78 | (0.13 | ) | 7.29 | 7.16 | — | (4.02 | ) | (4.02 | ) | 29.92 | 1.52 | 1.52 | (0.48 | ) | 27 | 30.53 | 6 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 24.80 | (0.12 | ) | 2.10 | 1.98 | — | — | — | 26.78 | 1.49 | 1.49 | (0.47 | ) | 184 | 7.98 | 6 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 25.17 | (0.11 | ) | (0.26 | ) | (0.37 | ) | — | — | — | 24.80 | 1.43 | 1.43 | (0.43 | ) | 242 | (1.47 | ) | 5 | ||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 20.98 | (0.13 | ) | 4.32 | 4.19 | — | — | — | 25.17 | 1.41 | 1.41 | (0.57 | ) | 245 | 19.97 | 4 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.26 | (0.06 | ) | 2.78 | 2.72 | — | — | — | 20.98 | 1.40 | 1.40 | (0.35 | ) | 196 | 14.90 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 31.53 | (0.02 | ) | 0.57 | 0.55 | — | (2.02 | ) | (2.02 | ) | 30.06 | 0.95 | (c) | 1.00 | (c) | (0.16 | )(c) | 14 | 1.79 | 0 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 27.77 | 0.19 | 7.59 | 7.78 | — | (4.02 | ) | (4.02 | ) | 31.53 | 0.84 | 0.84 | 0.69 | 27 | 31.84 | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 25.60 | 0.05 | 2.12 | 2.17 | — | — | — | 27.77 | 0.94 | 0.94 | 0.19 | 184 | 8.48 | 13 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 25.83 | 0.05 | (0.28 | ) | (0.23 | ) | — | — | — | 25.60 | 0.85 | 0.85 | 0.18 | 242 | (0.89 | ) | 65 | ||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 21.39 | 0.02 | 4.42 | 4.44 | — | — | — | 25.83 | 0.78 | 0.78 | 0.09 | 245 | 20.76 | 72 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 18.50 | 0.05 | 2.84 | 2.89 | — | — | — | 21.39 | 0.79 | 0.79 | 0.28 | 196 | 15.62 | 60 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 31.50 | — | (f) | 0.58 | 0.58 | — | (2.02 | ) | (2.02 | ) | 30.06 | 0.81 | (c) | 0.81 | (c) | 0.01 | (c) | 14 | 1.90 | 0 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 27.81 | (0.02 | ) | 7.73 | 7.71 | — | (4.02 | ) | (4.02 | ) | 31.50 | 0.79 | 0.79 | (0.08 | ) | 27 | 31.49 | 0 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 25.70 | 0.05 | 2.06 | 2.11 | — | — | — | 27.81 | 0.85 | 0.91 | 0.18 | 184 | 8.21 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
08/15/11 | 10/31/11 | 25.41 | 0.01 | 0.28 | 0.29 | — | — | — | 25.70 | 0.85 | (c) | 0.85 | (c) | 0.24 | (c) | 242 | 1.14 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Eagle Small Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 54.33 | (0.18 | ) | 0.48 | 0.30 | — | (0.69 | ) | (0.69 | ) | 53.94 | 1.09 | (c) | 1.09 | (c) | (0.65 | )(c) | 20 | 0.53 | 870 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 41.13 | (0.16 | ) | 13.36 | 13.20 | — | — | — | 54.33 | 1.10 | 1.10 | (0.33 | ) | 38 | 32.09 | 999 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 38.93 | (0.24 | ) | 2.44 | 2.20 | — | — | — | 41.13 | 1.11 | 1.11 | (0.61 | ) | 44 | 5.65 | 690 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 33.79 | (0.27 | ) | 5.41 | 5.14 | — | — | — | 38.93 | 1.16 | 1.16 | (0.69 | ) | 36 | 15.21 | 497 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 25.10 | (0.16 | ) | 8.85 | 8.69 | — | — | — | 33.79 | 1.31 | 1.31 | (0.55 | ) | 49 | 34.62 | 266 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 22.52 | (0.18 | ) | 2.76 | 2.58 | — | — | — | 25.10 | 1.37 | 1.37 | (0.83 | ) | 110 | 11.46 | 200 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 45.11 | (0.31 | ) | 0.40 | 0.09 | — | (0.69 | ) | (0.69 | ) | 44.51 | 1.80 | (c) | 1.80 | (c) | (1.36 | )(c) | 20 | 0.17 | 189 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 34.40 | (0.42 | ) | 11.13 | 10.71 | — | — | — | 45.11 | 1.82 | 1.82 | (1.05 | ) | 38 | 31.13 | 189 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 32.78 | (0.44 | ) | 2.06 | 1.62 | — | — | — | 34.40 | 1.83 | 1.83 | (1.32 | ) | 44 | 4.94 | 129 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 28.65 | (0.46 | ) | 4.59 | 4.13 | — | — | — | 32.78 | 1.86 | 1.86 | (1.40 | ) | 36 | 14.42 | 108 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 21.44 | (0.31 | ) | 7.52 | 7.21 | — | — | — | 28.65 | 2.05 | 2.05 | (1.25 | ) | 49 | 33.63 | 72 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 19.40 | (0.30 | ) | 2.34 | 2.04 | — | — | — | 21.44 | 2.17 | 2.17 | (1.63 | ) | 110 | 10.52 | 60 |
The accompanying notes are an integral part of the financial statements. | 25 |
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratio to average net assets (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Income | Realized & | Total | From | From | Total | Ending net asset value | With expenses waived/ recovered (†) | Without expenses waived/ recovered (†) | Net | Portfolio turnover rate (%) (a) | Total | Ending net assets (millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Small Cap Growth Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | $55.68 | $(0.10 | ) | $0.49 | $0.39 | $— | $(0.69 | ) | $(0.69 | ) | $55.38 | 0.77 | (c) | 0.77 | (c) | (0.34 | )(c) | 20 | 0.68 | $1,745 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 42.04 | (0.01 | ) | 13.67 | 13.66 | (0.02 | ) | — | (0.02 | ) | 55.68 | 0.79 | 0.79 | (0.01 | ) | 38 | 32.49 | 1,815 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 39.65 | (0.11 | ) | 2.50 | 2.39 | — | — | — | 42.04 | 0.78 | 0.78 | (0.28 | ) | 44 | 6.03 | 1,313 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 34.41 | (0.14 | ) | 5.38 | 5.24 | — | — | — | 39.65 | 0.82 | 0.83 | (0.37 | ) | 36 | 15.23 | 679 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 25.44 | (0.12 | ) | 9.09 | 8.97 | — | — | — | 34.41 | 0.86 | 0.86 | (0.34 | ) | 49 | 35.26 | 97 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 22.72 | (0.08 | ) | 2.80 | 2.72 | — | — | — | 25.44 | 0.87 | 0.87 | (0.37 | ) | 110 | 11.97 | 20 | |||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 53.58 | (0.25 | ) | 0.48 | 0.23 | — | (0.69 | ) | (0.69 | ) | 53.12 | 1.36 | (c) | 1.36 | (c) | (0.92 | )(c) | 20 | 0.41 | 132 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 40.68 | (0.29 | ) | 13.19 | 12.90 | — | — | — | 53.58 | 1.37 | 1.37 | (0.62 | ) | 38 | 31.71 | 134 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 38.58 | (0.35 | ) | 2.45 | 2.10 | — | — | — | 40.68 | 1.38 | 1.38 | (0.88 | ) | 44 | 5.44 | 84 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 33.52 | (0.34 | ) | 5.40 | 5.06 | — | — | — | 38.58 | 1.37 | 1.37 | (0.90 | ) | 36 | 15.10 | 48 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 24.96 | (0.19 | ) | 8.75 | 8.56 | — | — | — | 33.52 | 1.55 | 1.55 | (0.66 | ) | 49 | 34.29 | 2 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 22.44 | (0.18 | ) | 2.70 | 2.52 | — | — | — | 24.96 | 1.54 | 1.54 | (1.01 | ) | 110 | 11.23 | 2 | |||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 55.83 | (0.09 | ) | 0.49 | 0.40 | — | (0.69 | ) | (0.69 | ) | 55.54 | 0.75 | (c) | 0.75 | (c) | (0.32 | )(c) | 20 | 0.70 | 353 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 42.14 | 0.01 | 13.69 | 13.70 | (0.01 | ) | — | (0.01 | ) | 55.83 | 0.77 | 0.77 | 0.02 | 38 | 32.51 | 341 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 39.74 | (0.12 | ) | 2.52 | 2.40 | — | — | — | 42.14 | 0.80 | 0.80 | (0.29 | ) | 44 | 6.04 | 242 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 34.39 | (0.16 | ) | 5.51 | 5.35 | — | — | — | 39.74 | 0.85 | 0.85 | (0.39 | ) | 36 | 15.56 | 138 | |||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 25.43 | (0.04 | ) | 9.00 | 8.96 | — | — | — | 34.39 | 0.88 | 0.88 | (0.14 | ) | 49 | 35.23 | 49 | |||||||||||||||||||||||||||||||||||||||||||
11/01/08 | 10/31/09 | 22.72 | (0.09 | ) | 2.80 | 2.71 | — | — | — | 25.43 | 0.90 | 0.90 | (0.40 | ) | 110 | 11.93 | 30 | |||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 55.92 | (0.06 | ) | 0.49 | 0.43 | — | (0.69 | ) | (0.69 | ) | 55.66 | 0.66 | (c) | 0.66 | (c) | (0.23 | )(c) | 20 | 0.75 | 496 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 42.20 | 0.03 | 13.74 | 13.77 | (0.05 | ) | — | (0.05 | ) | 55.92 | 0.68 | 0.68 | 0.07 | 38 | 32.68 | 502 | |||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 39.76 | (0.09 | ) | 2.53 | 2.44 | — | — | — | 42.20 | 0.69 | 0.69 | (0.22 | ) | 44 | 6.14 | 260 | |||||||||||||||||||||||||||||||||||||||||||
08/15/11 | 10/31/11 | 37.85 | (0.06 | ) | 1.97 | 1.91 | — | — | — | 39.76 | 0.85 | (c) | 0.85 | (c) | (0.75 | )(c) | 36 | 5.05 | 65 | |||||||||||||||||||||||||||||||||||||||||
Eagle Small Cap Stock Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 18.50 | (0.06 | ) | 0.38 | 0.32 | — | (0.25 | ) | (0.25 | ) | 18.57 | 1.33 | (c) | 2.40 | (c) | (0.66 | )(c) | 27 | 1.71 | 14 | |||||||||||||||||||||||||||||||||||||||
12/31/12 | 10/31/13 | 14.29 | (0.10 | ) | 4.31 | 4.21 | — | — | — | 18.50 | 1.32 | (c) | 4.78 | (c) | (0.73 | )(c) | 42 | 29.46 | 12 | |||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 18.38 | (0.13 | ) | 0.38 | 0.25 | — | (0.25 | ) | (0.25 | ) | 18.38 | 2.08 | (c) | 3.15 | (c) | (1.42 | )(c) | 27 | 1.33 | 12 | |||||||||||||||||||||||||||||||||||||||
12/31/12 | 10/31/13 | 14.29 | (0.21 | ) | 4.30 | 4.09 | — | — | — | 18.38 | 2.08 | (c) | 5.54 | (c) | (1.47 | )(c) | 42 | 28.62 | 9 | |||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 18.57 | (0.03 | ) | 0.39 | 0.36 | — | (0.25 | ) | (0.25 | ) | 18.68 | 0.95 | (c) | 2.09 | (c) | (0.29 | )(c) | 27 | 1.92 | 4 | |||||||||||||||||||||||||||||||||||||||
12/31/12 | 10/31/13 | 14.29 | (0.05 | ) | 4.33 | 4.28 | — | — | — | 18.57 | 0.95 | (c) | 4.89 | (c) | (0.35 | )(c) | 42 | 29.95 | 3 | |||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 18.46 | (0.08 | ) | 0.39 | 0.31 | — | (0.25 | ) | (0.25 | ) | 18.52 | 1.52 | (c) | 2.61 | (c) | (0.85 | )(c) | 27 | 1.66 | 0 | |||||||||||||||||||||||||||||||||||||||
12/31/12 | 10/31/13 | 14.29 | (0.12 | ) | 4.29 | 4.17 | — | — | — | 18.46 | 1.52 | (c) | 11.76 | (c) | (0.90 | )(c) | 42 | 29.18 | 0 | |||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 18.55 | (0.03 | ) | 0.39 | 0.36 | — | (0.25 | ) | (0.25 | ) | 18.66 | 0.95 | (c) | 2.07 | (c) | (0.28 | )(c) | 27 | 1.92 | 0 | |||||||||||||||||||||||||||||||||||||||
12/31/12 | 10/31/13 | 14.29 | (0.05 | ) | 4.31 | 4.26 | — | — | — | 18.55 | 0.95 | (c) | 11.20 | (c) | (0.33 | )(c) | 42 | 29.81 | 0 | |||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 18.57 | (0.02 | ) | 0.39 | 0.37 | — | (0.25 | ) | (0.25 | ) | 18.69 | 0.85 | (c) | 2.06 | (c) | (0.18 | )(c) | 27 | 1.97 | 0 | |||||||||||||||||||||||||||||||||||||||
12/31/12 | 10/31/13 | 14.29 | (0.03 | ) | 4.31 | 4.28 | — | — | — | 18.57 | 0.85 | (c) | 11.19 | (c) | (0.23 | )(c) | 42 | 29.95 | 0 | |||||||||||||||||||||||||||||||||||||||||
Eagle Smaller Company Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 23.38 | (0.03 | ) | 0.69 | 0.66 | — | (0.51 | ) | (0.51 | ) | 23.53 | 1.37 | (c) | 1.30 | (c) | (0.28 | )(c) | 11 | 2.82 | 20 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 18.93 | (0.03 | ) | 5.96 | 5.93 | (0.09 | ) | (1.39 | ) | (1.48 | ) | 23.38 | 1.37 | 1.40 | (0.13 | ) | 14 | 33.60 | 19 | ||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 20.05 | 0.04 | 1.47 | 1.51 | — | (2.63 | ) | (2.63 | ) | 18.93 | 1.35 | 1.42 | 0.23 | 13 | 9.31 | 13 | |||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 19.63 | (0.05 | ) | 2.23 | 2.18 | — | (1.76 | ) | (1.76 | ) | 20.05 | 1.40 | 1.44 | (0.25 | ) | 36 | 11.35 | 12 | |||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 16.54 | (0.09 | ) | 3.75 | 3.66 | — | (0.57 | ) | (0.57 | ) | 19.63 | 1.50 | 1.67 | (0.46 | ) | 22 | 22.63 | 10 | |||||||||||||||||||||||||||||||||||||||||
11/03/08 | 10/31/09 | 14.29 | (0.07 | ) | 2.32 | 2.25 | — | — | — | 16.54 | 1.48 | (c) | 4.53 | (c) | (0.45 | )(c) | 23 | 15.75 | 6 |
26 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratio to average net assets (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Income | Realized & | Total | From | From | Total | Ending net asset value | With expenses waived/ recovered (†) | Without expenses waived/ recovered (†) | Net | Portfolio turnover rate (%) (a) | Total | Ending net assets (millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Smaller Company Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | $22.38 | $(0.11 | ) | $0.66 | $0.55 | $— | $(0.51 | ) | $(0.51 | ) | $22.42 | 2.10 | (c) | 2.03 | (c) | (1.01 | )(c) | 11 | 2.45 | $12 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 18.22 | (0.18 | ) | 5.73 | 5.55 | — | (1.39 | ) | (1.39 | ) | 22.38 | 2.12 | 2.14 | (0.88 | ) | 14 | 32.62 | 11 | |||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 19.52 | (0.10 | ) | 1.43 | 1.33 | — | (2.63 | ) | (2.63 | ) | 18.22 | 2.11 | 2.19 | (0.54 | ) | 13 | 8.54 | 7 | |||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 19.32 | (0.22 | ) | 2.18 | 1.96 | — | (1.76 | ) | (1.76 | ) | 19.52 | 2.28 | 2.21 | (1.13 | ) | 36 | 10.31 | 6 | |||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 16.41 | (0.23 | ) | 3.71 | 3.48 | — | (0.57 | ) | (0.57 | ) | 19.32 | 2.30 | 2.49 | (1.25 | ) | 22 | 21.69 | 5 | |||||||||||||||||||||||||||||||||||||||||
11/03/08 | 10/31/09 | 14.29 | (0.19 | ) | 2.31 | 2.12 | — | — | — | 16.41 | 2.28 | (c) | 5.37 | (c) | (1.27 | )(c) | 23 | 14.84 | 3 | |||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 23.86 | 0.02 | 0.71 | 0.73 | (0.01 | ) | (0.51 | ) | (0.52 | ) | 24.07 | 0.95 | (c) | 1.02 | (c) | 0.14 | (c) | 11 | 3.08 | 102 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 19.28 | 0.06 | 6.07 | 6.13 | (0.16 | ) | (1.39 | ) | (1.55 | ) | 23.86 | 0.95 | 1.16 | 0.27 | 14 | 34.20 | 106 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 20.31 | 0.12 | 1.49 | 1.61 | (0.01 | ) | (2.63 | ) | (2.64 | ) | 19.28 | 0.95 | 1.17 | 0.61 | 13 | 9.74 | 58 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 19.80 | 0.04 | 2.24 | 2.28 | (0.01 | ) | (1.76 | ) | (1.77 | ) | 20.31 | 0.95 | 1.19 | 0.20 | 36 | 11.81 | 61 | ||||||||||||||||||||||||||||||||||||||||||
11/01/09 | 10/31/10 | 16.59 | 0.02 | 3.77 | 3.79 | (0.01 | ) | (0.57 | ) | (0.58 | ) | 19.80 | 0.95 | 1.56 | 0.11 | 22 | 23.39 | 56 | ||||||||||||||||||||||||||||||||||||||||||
03/09/09 | 10/31/09 | 9.65 | (0.01 | ) | 6.95 | 6.94 | — | — | — | 16.59 | 0.95 | (c) | 1.80 | (c) | (0.04 | )(c) | 23 | 71.92 | 49 | |||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 23.12 | (0.07 | ) | 0.69 | 0.62 | — | (0.51 | ) | (0.51 | ) | 23.23 | 1.70 | (c) | 1.71 | (c) | (0.63 | )(c) | 11 | 2.67 | 0 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 18.77 | (0.08 | ) | 5.89 | 5.81 | (0.07 | ) | (1.39 | ) | (1.46 | ) | 23.12 | 1.70 | 1.85 | (0.40 | ) | 14 | 33.17 | 0 | ||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 19.96 | — | (f) | 1.44 | 1.44 | — | (2.63 | ) | (2.63 | ) | 18.77 | 1.70 | 1.80 | 0.02 | 13 | 8.95 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 19.60 | (0.11 | ) | 2.23 | 2.12 | — | (1.76 | ) | (1.76 | ) | 19.96 | 1.70 | 1.67 | (0.55 | ) | 36 | 11.03 | 0 | |||||||||||||||||||||||||||||||||||||||||
12/28/09 | 10/31/10 | 17.86 | (0.11 | ) | 1.85 | 1.74 | — | — | — | 19.60 | 1.71 | (c) | 2.68 | (c) | (0.69 | )(c) | 22 | 9.74 | 0 | |||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 23.82 | 0.03 | 0.69 | 0.72 | (0.02 | ) | (0.51 | ) | (0.53 | ) | 24.01 | 0.95 | (c) | 0.99 | (c) | 0.21 | (c) | 11 | 3.04 | 0 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 19.25 | (0.02 | ) | 6.15 | 6.13 | (0.17 | ) | (1.39 | ) | (1.56 | ) | 23.82 | 0.95 | 1.00 | (0.11 | ) | 14 | 34.25 | 0 | ||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 20.30 | 0.12 | 1.48 | 1.60 | (0.02 | ) | (2.63 | ) | (2.65 | ) | 19.25 | 0.95 | 1.28 | 0.62 | 13 | 9.72 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/10 | 10/31/11 | 19.79 | 0.04 | 2.25 | 2.29 | (0.02 | ) | (1.76 | ) | (1.78 | ) | 20.30 | 0.95 | 1.13 | 0.21 | 36 | 11.83 | 0 | ||||||||||||||||||||||||||||||||||||||||||
12/28/09 | 10/31/10 | 17.92 | 0.01 | 1.86 | 1.87 | — | — | — | 19.79 | 0.97 | (c) | 1.96 | (c) | 0.05 | (c) | 22 | 10.44 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 04/30/14 | 23.86 | 0.03 | 0.71 | 0.74 | (0.03 | ) | (0.51 | ) | (0.54 | ) | 24.06 | 0.85 | (c) | 0.89 | (c) | 0.23 | (c) | 11 | 3.09 | 21 | |||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 19.28 | 0.01 | 6.14 | 6.15 | (0.18 | ) | (1.39 | ) | (1.57 | ) | 23.86 | 0.85 | 0.96 | 0.04 | 14 | 34.33 | 18 | ||||||||||||||||||||||||||||||||||||||||||
11/01/11 | 10/31/12 | 20.30 | 0.14 | 1.49 | 1.63 | (0.02 | ) | (2.63 | ) | (2.65 | ) | 19.28 | 0.85 | 1.15 | 0.72 | 13 | 9.85 | 0 | ||||||||||||||||||||||||||||||||||||||||||
08/15/11 | 10/31/11 | 19.44 | 0.01 | 0.85 | 0.86 | — | — | — | 20.30 | 0.85 | (c) | 1.24 | (c) | 0.17 | (c) | 36 | 4.42 | 0 |
(†) The ratio of expenses to average net assets includes the effects of expense offsets. If the expense offsets were excluded, the ratio would be equal to the ratio presented.
* Per share amounts have been calculated using the daily average share method.
(a) Not annualized for periods less than one year.
(b) Total returns are calculated without the imposition of either front-end or contingent deferred sales charges.
(c) Annualized.
(d) The Eagle Capital Appreciation Fund changed its subadvisor effective June 28, 2013.
(e) The Eagle Growth & Income Fund changed its subadvisor effective June 1, 2011.
(f) Per share amount is less than $0.005.
The accompanying notes are an integral part of the financial statements. | 27 |
(UNAUDITED) | 04.30.2014 |
NOTE 1 | Organization and investment objective | The Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and Eagle Series Trust (each a “Trust” and collectively the “Trusts” or the “Eagle Family of Funds”) are organized as separate Massachusetts business trusts, and are registered under the Investment Company Act of 1940, as amended, as open-end diversified management investment companies. Members of the Board of Trustees (“Board”) for the Trusts may serve as Trustees for one or more of the Trusts. Each Trust offers shares in the following series (each a “Fund” and collectively the “Funds”) and are advised by Eagle Asset Management, Inc. (“Eagle” or “Manager”).
• | The Eagle Capital Appreciation Fund (“Capital Appreciation Fund”) seeks long-term capital appreciation. |
• | The Eagle Growth & Income Fund (“Growth & Income Fund”) primarily seeks long-term capital appreciation and, secondarily, seeks current income. |
The Eagle Series Trust currently offers shares in seven series:
• | The Eagle International Stock Fund (“International Stock Fund”) seeks capital appreciation, |
• | The Eagle Investment Grade Bond Fund (“Investment Grade Bond Fund”) seeks current income and preservation of capital, |
• | The Eagle Mid Cap Growth Fund (“Mid Cap Growth Fund”) seeks long-term capital appreciation, |
• | The Eagle Mid Cap Stock Fund (“Mid Cap Stock Fund”) seeks long-term capital appreciation, |
• | The Eagle Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation, |
• | The Eagle Small Cap Stock Fund (“Small Cap Stock Fund”) seeks capital appreciation, and |
• | The Eagle Smaller Company Fund (“Smaller Company Fund”) seeks capital growth. |
The Eagle Series Trust also includes the Eagle Tax-Exempt Bond Fund which is not currently offered for sale.
Class offerings | Each Fund is authorized and currently offers Class A, Class C, Class I, Class R-3 and Class R-5 shares to qualified buyers. The Growth & Income Fund, the International Stock Fund, the Mid Cap Growth Fund, the Mid Cap Stock Fund, the Small Cap Growth Fund, the Small Cap Stock Fund and the Smaller Company Fund are authorized and currently offer Class R-6 shares to qualified buyers.
• | For all Funds except the Investment Grade Bond Fund, Class A shares are sold at a maximum front-end sales charge of 4.75%. For the Investment Grade Bond Fund, Class A shares are sold at a maximum front-end sales charge of 3.75%. Class A share investments greater than $1 million, which are not sold subject to a sales charge, may be subject to a contingent deferred sales charge (“CDSC”) of up to 1% of the lower of net asset value (“NAV”) or purchase price if redeemed within 18 months of purchase. |
• | Class C shares are sold subject to a CDSC of 1% of the lower of NAV or purchase price if redeemed within one year of purchase. |
• | Class I, Class R-3, Class R-5 and Class R-6 shares are each sold without a front-end sales charge or a CDSC to qualified buyers. |
NOTE 2 | Significant accounting policies
Use of estimates | The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the
reported amounts and disclosures. Actual results could differ from those estimates and those differences could be material.
Valuation of securities | The price of each Fund’s shares is based on the NAV per share of each class of a Fund. The Funds determine the NAV of their shares on each day the New York Stock Exchange (“NYSE”) is open for business, as of the close of the regular trading session (typically 4:00 p.m. Eastern Time) (“NYSE Close”), or earlier NYSE closing time that day. If the NYSE or other securities exchange modifies the published closing price of securities traded on that exchange after the NAV is calculated, the Manager is not required to recalculate the NAV.
Generally, the Funds value securities for which market quotations are readily available at market value; however, a Fund may adjust the market quotation price of securities traded in foreign markets to reflect events that occur between the close of those markets and the time of the Fund’s determination of the NAV.
A market quotation may be considered unreliable or unavailable for various reasons, such as:
• | The quotation may be stale; |
• | The security is not actively traded; |
• | Trading on the security halted before the close of the trading market; |
• | The security is newly issued; |
• | Issuer-specific events occurred after the security halted trading; or |
• | Because of the passage of time between the close of the market on which the security trades and the close of the NYSE. |
Issuer-specific events may cause the last market quotation to be unreliable. Such events may include:
• | A merger or insolvency; |
• | Events which affect a geographical area or an industry segment, such as political events or natural disasters; or |
• | Market events, such as a significant movement in the U.S. markets. |
For most securities, both the latest transaction prices and adjustments for securities traded in foreign markets are furnished by Board approved independent pricing services. The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value in good faith using Pricing and Valuation Procedures (“Procedures”) approved by the Board. A Fund may fair value small-cap securities, for example, that are thinly traded or illiquid. Fair value requires consideration of appropriate factors, including indications of fair value available from pricing services. A fair value price is an estimated price and may vary from the prices used by other mutual funds to calculate their NAV.
Pursuant to the Procedures, the Board has delegated the day-to-day responsibility for applying and administering the Procedures to a valuation committee (“Valuation Committee”) comprised of certain officers of the Trusts and other employees of the Manager. The composition of this Valuation Committee may change from time to time. The Valuation Committee follows fair valuation guidelines as set forth in the Procedures to make fair value determinations on all securities and assets for which market quotations are unavailable or unreliable. For securities fair valued by the Valuation Committee, Eagle checks fair value prices by comparing the fair value of the security with values that are available from other sources (if any). Eagle compares the fair value of the security to the next-day opening price or next actual sale price, when applicable. Eagle documents and reports to the Valuation Committee such comparisons when they are made. The Valuation Committee reports such comparisons to the Board at their regularly scheduled meetings. The Board
28 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
retains the responsibility for periodic review and consideration of the appropriateness of any fair value pricing methodology established or implemented for a Fund. Fair value pricing methods, the Procedures and pricing services can change from time to time as approved by the Board, and may occur as a result of lookback testing results or changes in industry best practices.
There can be no assurance, however, that a fair value price used by a Fund on any given day will more accurately reflect the market value of a security than the market price of such security on that day, as fair valuation determinations may involve subjective judgments made by the Valuation Committee. Fair value pricing may deter shareholders from trading a Fund’s shares on a frequent basis in an attempt to take advantage of arbitrage opportunities resulting from potentially stale prices of portfolio holdings. However, it cannot eliminate the possibility of frequent trading. Specific types of securities are valued as follows:
• | Domestic exchange-traded equity securities | Market quotations are generally available and reliable for domestic exchange-traded equity securities. If the prices provided by the pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
• | Foreign exchange-traded equity securities | If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the NYSE Close, closing market quotations may become unreliable. Consequently, fair valuation of securities may occur on a daily basis. The Valuation Committee, using the Procedures, may fair value a security if certain events occur between the time trading ends in a foreign market on a particular security and the Fund’s NAV calculation. The Valuation Committee, using the Procedures, may also fair value a particular security if the events are significant and make the closing price unavailable or unreliable. If an issuer-specific event has occurred that a Fund or Eagle determines, in its judgment, is likely to have affected the closing price of a foreign security, the security will be priced at fair value. The Fund also utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the NYSE Close. Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by a pricing service. The pricing vendor, pricing methodology or degree of certainty may change from time to time. Securities primarily traded on foreign markets may trade on days that are not business days of the Funds. Because the NAV of a Fund’s shares is determined only on business days of the Fund, the value of the securities of a Fund that invests in foreign securities may change on days when shareholders would not be able to purchase or redeem shares of the Fund. |
• | Fixed income securities | Government bonds, corporate bonds, asset-backed bonds, municipal bonds and convertible securities, including high yield or junk bonds, normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing services may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. If the prices provided by the pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
• | Short-term securities | The amortized cost method of security valuation is used by the Funds (as set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended) for short-term securities (investments that have a maturity date of 60 days or less). The amortized cost of an instrument is determined by valuing it at the cost as of the time of |
purchase and thereafter accreting/amortizing any purchase discount/premium at a constant rate until maturity. Amortized cost approximates fair value. |
• | Futures and Options | Futures and options are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the period ended April 30, 2014, none of the Funds held futures or options. |
• | Investment companies and Exchange traded funds (ETFs) | Investments in other investment companies are valued at their reported NAV. In addition, investments in ETFs are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
Fair value measurements | Each Fund utilizes a three-level hierarchy of inputs to establish a classification of fair value measurements. The three levels are defined as:
Level 1—Valuations based on unadjusted quoted prices for identical securities in active markets;
Level 2—Valuations based on inputs other than quoted prices that are observable, either directly or indirectly, including inputs in markets that are not considered active; and
Level 3—Valuations based on inputs that are unobservable and significant to the fair value measurement, and may include the Valuation Committee’s own assumptions on determining fair value of investments.
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and/or level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Valuation Committee, along with any other relevant factors in the calculation of an investment’s fair value. A Fund uses prices and inputs that are current as of the valuation date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category may be classified as Level 3 investments due to a lack of market transparency and corroboration to support the quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
29 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2014.
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Total | ||||||||||
Capital Appreciation Fund | ||||||||||||
Common stocks (a) | $292,885,385 | $— | $292,885,385 | |||||||||
Total investment portfolio | $292,885,385 | $— | $292,885,385 | |||||||||
Growth & Income Fund | ||||||||||||
Common stocks (a) | $586,620,744 | $— | $586,620,744 | |||||||||
Total investment portfolio | $586,620,744 | $— | $586,620,744 | |||||||||
International Stock Fund | ||||||||||||
Foreign common stocks | ||||||||||||
Aerospace/defense | $— | $77,807 | $77,807 | |||||||||
Agriculture | — | 86,877 | 86,877 | |||||||||
Auto manufacturers | — | 789,841 | 789,841 | |||||||||
Auto parts & equipment | — | 215,059 | 215,059 | |||||||||
Banks | — | 1,337,909 | 1,337,909 | |||||||||
Beverages | — | 49,462 | 49,462 | |||||||||
Biotechnology | — | 176,945 | 176,945 | |||||||||
Building materials | — | 139,856 | 139,856 | |||||||||
Chemicals | — | 24,656 | 24,656 | |||||||||
Computers | — | 23,262 | 23,262 | |||||||||
Distribution/wholesale | — | 570,453 | 570,453 | |||||||||
Diversified financial services | — | 40,238 | 40,238 | |||||||||
Electric | — | 51,761 | 51,761 | |||||||||
Electronics | — | 128,151 | 128,151 | |||||||||
Engineering & construction | — | 32,633 | 32,633 | |||||||||
Entertainment | — | 24,957 | 24,957 | |||||||||
Food | — | 235,785 | 235,785 | |||||||||
Forest products & paper | — | 60,201 | 60,201 | |||||||||
Healthcare services | — | 28,269 | 28,269 | |||||||||
Home builders | — | 207,627 | 207,627 | |||||||||
Home furnishings | — | 42,976 | 42,976 | |||||||||
Insurance | — | 938,501 | 938,501 | |||||||||
Machinery-diversified | — | 43,185 | 43,185 | |||||||||
Oil & gas | — | 348,935 | 348,935 | |||||||||
Packaging & containers | — | 153,562 | 153,562 | |||||||||
Pharmaceuticals | — | 989,594 | 989,594 | |||||||||
Real estate | — | 53,489 | 53,489 | |||||||||
Real estate investment trusts (REITs) | — | 20,471 | 20,471 | |||||||||
Retail | — | 151,600 | 151,600 | |||||||||
Semiconductors | — | 20,394 | 20,394 | |||||||||
Telecommunications | — | 748,949 | 748,949 | |||||||||
Transportation | — | 306,198 | 306,198 |
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Total | ||||||||||
International Stock Fund (cont’d) | ||||||||||||
Foreign preferred stocks | ||||||||||||
Insurance | $— | $46,513 | $46,513 | |||||||||
Domestic investment companies | ||||||||||||
Equity fund | 211,792 | — | 211,792 | |||||||||
Total investment portfolio | $211,792 | $8,166,116 | $8,377,908 | |||||||||
Investment Grade Bond Fund | ||||||||||||
Domestic corporate bonds (a) | $— | $24,329,987 | $24,329,987 | |||||||||
Foreign corporate bonds (a) | — | 3,537,848 | 3,537,848 | |||||||||
Domestic mortgage and asset-backed securities (a) | — | 19,057,682 | 19,057,682 | |||||||||
Foreign mortgage and asset-backed securities (a) | — | 3,086,492 | 3,086,492 | |||||||||
U.S. Treasuries | — | 9,471,250 | 9,471,250 | |||||||||
U.S. Government agency securities | — | 1,024,080 | 1,024,080 | |||||||||
Supranational banks | — | 1,022,936 | 1,022,936 | |||||||||
Total investment portfolio | $— | $61,530,275 | $61,530,275 | |||||||||
Mid Cap Growth Fund | ||||||||||||
Common stocks (a) | $611,086,069 | $— | $611,086,069 | |||||||||
Total investment portfolio | $611,086,069 | $— | $611,086,069 | |||||||||
Mid Cap Stock Fund | ||||||||||||
Common stocks (a) | $399,250,849 | $— | $399,250,849 | |||||||||
Total investment portfolio | $399,250,849 | $— | $399,250,849 | |||||||||
Small Cap Growth Fund | ||||||||||||
Common stocks (a) | $3,770,472,802 | $— | $3,770,472,802 | |||||||||
Total investment portfolio | $3,770,472,802 | $— | $3,770,472,802 | |||||||||
Small Cap Stock Fund | ||||||||||||
Common stocks (a) | $29,673,012 | $— | $29,673,012 | |||||||||
Holding companies | 315,565 | — | 315,565 | |||||||||
Total investment portfolio | $29,988,577 | $— | $29,988,577 | |||||||||
Smaller Company Fund | ||||||||||||
Common stocks (a) | $144,319,063 | $ — | $144,319,063 | |||||||||
Holding companies | 1,959,340 | — | 1,959,340 | |||||||||
Investment companies | 828,718 | — | 828,718 | |||||||||
Total investment portfolio | $147,107,121 | $— | $147,107,121 | |||||||||
(a) Please see the investment portfolio for detail by industry. |
During the period ended April 30, 2014, none of the Funds had any investments classified as Level 3 and there were no transfers in or out of levels 1, 2 or 3.
Foreign currency transactions | The books and records of each Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and other liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income
30 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains and losses from investment transactions. Net realized gain (loss) on foreign currency transactions and the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies include gains and losses between trade and settlement date on securities transactions, gains and losses arising from the purchase and sale of forward foreign currency exchange contracts and gains and losses between the ex and payment dates on dividends, interest and foreign withholding taxes.
Forward foreign currency exchange contracts | Each of the Funds, except the Small Cap Growth Fund, is authorized to enter into forward foreign currency contracts which are used primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. Forward foreign currency exchange contracts are valued in U.S. dollars based upon forward exchange rates provided by a pricing service as of the close of the NYSE each valuation day and the unrealized gain or loss is included in the Statements of Assets and Liabilities. When the contracts are closed, the gain or loss is realized. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise from unanticipated movements in the currency’s value relative to the U.S. dollar and from the possible inability of counter-parties to meet the terms of their contracts. During the period ended April 30, 2014, none of the Funds held forward foreign currency exchange contracts.
Real estate investment trusts (“REIT(s)”) | There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Dividend income is recorded at the Manager’s estimate of the income included in distributions from the REITs. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of the investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts.
Repurchase agreements | Each Fund may enter into repurchase agreements whereby a Fund, through its custodian, receives delivery of the underlying securities, the market value of which at the time of purchase is required to be in an amount of at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred. During the period ended April 30, 2014, none of the Funds held any repurchase agreements.
Revenue recognition | Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.
Foreign taxes | The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may or may not be recoverable. The Funds accrue such taxes and recoveries as applicable, when the related income or capital gains are earned and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors.
Expenses | Each Fund is charged for certain expenses which are directly attributable to it, and certain other expenses which are allocated proportionately
among the Eagle Family of Funds based upon methods approved by the Board. Expenses that are directly attributable to a specific class of shares, such as distribution fees, shareholder servicing fees and administrative fees, are charged directly to that class of shares. Other expenses of each Fund are allocated to each class of shares based upon its relative percentage of net assets. The Funds have entered into an arrangement with the custodian whereby each Fund receives credits on uninvested cash balances which are used to offset a portion of each Fund’s expenses. These custodian credits are shown as “Expense offsets” in the Statements of Operations.
Class allocations | Each class of shares has equal rights to earnings and assets except that each class may bear different expenses for administration, distribution and/or shareholder services. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative percentage of net assets.
Distributions | Each Fund, except the Investment Grade Bond Fund and the Growth & Income Fund, distributes net investment income annually. Distributions of net investment income in the Investment Grade Bond Fund and the Growth & Income Fund are made monthly and quarterly, respectively. Net realized gains from investment transactions during any particular fiscal year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to each Fund, will be distributed to shareholders annually in the following fiscal year. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.
All dividends paid by the Funds from net investment income are deemed to be ordinary income for federal income tax purposes. Dividends paid to shareholders from net investment income were as follows:
Distributions from net investment income | 11/1/13 to 04/30/14 | 11/1/12 to 10/31/13 | ||||||
Capital Appreciation Fund | ||||||||
Class A | $— | $755,281 | ||||||
Class C | — | — | ||||||
Class I | — | 97,034 | ||||||
Class R-3 | — | 215 | ||||||
Class R-5 | — | 225,574 | ||||||
Growth & Income Fund | ||||||||
Class A | 1,773,680 | 4,158,689 | ||||||
Class C | 818,538 | 2,158,530 | ||||||
Class I | 1,289,457 | 1,547,741 | ||||||
Class R-3 | 24,470 | 68,821 | ||||||
Class R-5 | 33,496 | 23,317 | ||||||
Class R-6 | 739 | 352 | ||||||
International Stock Fund | ||||||||
Class A | 30,280 | — | ||||||
Class C | 11,981 | — | ||||||
Class I | 7,072 | — | ||||||
Class R-3 | 17 | — | ||||||
Class R-5 | 28 | — | ||||||
Class R-6 | 30 | — |
31 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
Distributions from net investment income (cont’d) | 11/1/13 to 04/30/14 | 11/1/12 to 10/31/13 | ||||||
Investment Grade Bond Fund | ||||||||
Class A | $193,048 | $431,685 | ||||||
Class C | 54,681 | 31,799 | ||||||
Class I | 37,904 | 64,746 | ||||||
Class R-3 | 119 | 133 | ||||||
Class R-5 | 18 | 28 | ||||||
Small Cap Growth Fund | ||||||||
Class A | — | — | ||||||
Class C | — | — | ||||||
Class I | — | 509,544 | ||||||
Class R-3 | — | — | ||||||
Class R-5 | — | 49,029 | ||||||
Class R-6 | — | 344,748 | ||||||
Smaller Company Fund | ||||||||
Class A | — | 62,795 | ||||||
Class C | — | — | ||||||
Class I | 66,661 | 489,714 | ||||||
Class R-3 | — | 527 | ||||||
Class R-5 | 56 | 30 | ||||||
Class R-6 | 21,657 | 27 |
Distributions paid to shareholders from net realized gains were as follows:
Distributions from net realized gains | 11/1/13 to 04/30/14 | 11/1/12 to 10/31/13 | ||||||
Capital Appreciation Fund | ||||||||
Class A | $21,395,874 | $— | ||||||
Class C | 8,299,481 | — | ||||||
Class I | 3,095,665 | — | ||||||
Class R-3 | 84,996 | — | ||||||
Class R-5 | 2,133,186 | — | ||||||
Growth & Income Fund | ||||||||
Class A | 4,415,858 | 3,223,192 | ||||||
Class C | 3,668,620 | 2,285,085 | ||||||
Class I | 2,679,903 | 780,909 | ||||||
Class R-3 | 80,520 | 57,965 | ||||||
Class R-5 | 69,654 | 3,124 | ||||||
Class R-6 | 1,122 | 55 | ||||||
International Stock Fund | ||||||||
Class A | 19,718 | — | ||||||
Class C | 15,816 | — | ||||||
Class I | 3,673 | — | ||||||
Class R-3 | 16 | — | ||||||
Class R-5 | 15 | — | ||||||
Class R-6 | 15 | — |
Distributions from net realized gains (cont’d) | 11/1/13 to 04/30/14 | 11/1/12 to 10/31/13 | ||||||
Investment Grade Bond Fund | ||||||||
Class A | $86,361 | $1,509,825 | ||||||
Class C | 93,414 | 1,440,673 | ||||||
Class I | 15,187 | 138,866 | ||||||
Class R-3 | 72 | 671 | ||||||
Class R-5 | 7 | 65 | ||||||
Mid Cap Growth Fund | ||||||||
Class A | 14,126,765 | 8,276,297 | ||||||
Class C | 5,726,464 | 3,374,447 | ||||||
Class I | 5,736,130 | 2,852,287 | ||||||
Class R-3 | 567,613 | 298,730 | ||||||
Class R-5 | 1,762,800 | 1,077,505 | ||||||
Class R-6 | 462,038 | 29,351 | ||||||
Mid Cap Stock Fund | ||||||||
Class A | 13,423,846 | 35,266,770 | ||||||
Class C | 10,750,360 | 23,055,849 | ||||||
Class I | 6,122,957 | 16,236,433 | ||||||
Class R-3 | 398,181 | 947,815 | ||||||
Class R-5 | 43,925 | 486,525 | ||||||
Class R-6 | 19,559 | 396 | ||||||
Small Cap Growth Fund | ||||||||
Class A | 12,363,095 | — | ||||||
Class C | 2,914,205 | — | ||||||
Class I | 21,911,755 | — | ||||||
Class R-3 | 1,773,847 | — | ||||||
Class R-5 | 4,407,058 | — | ||||||
Class R-6 | 6,342,356 | — | ||||||
Small Cap Stock Fund | ||||||||
Class A | 170,735 | — | ||||||
Class C | 136,255 | — | ||||||
Class I | 45,876 | — | ||||||
Class R-3 | 43 | — | ||||||
Class R-5 | 43 | — | ||||||
Class R-6 | 43 | — | ||||||
Smaller Company Fund | ||||||||
Class A | 408,410 | 975,450 | ||||||
Class C | 270,712 | 562,596 | ||||||
Class I | 2,300,351 | 4,166,354 | ||||||
Class R-3 | 5,784 | 10,864 | ||||||
Class R-5 | 1,204 | 245 | ||||||
Class R-6 | 382,113 | 207 |
Offering costs | Offering costs of $136,518 and $128,275 associated with the formation of the International Stock Fund and the Small Cap Stock Fund, respectively, were accounted for as a deferred charge and are amortized on a straight line basis over 12 months from the date of commencement of operations. For the fiscal year ended October 31, 2013, the International Stock
32 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
Fund and the Small Cap Stock Fund amortized expenses of $89,815 and $105,727, respectively, and $46,703 and $22,548, respectively, were amortized during the period ended April 30, 2014.
Other | In the normal course of business the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the risk of loss to each Fund is expected to be remote.
NOTE 3 | Purchases and sales of securities | For the period ended April 30, 2014, purchases and sales of investment securities (excluding short-term obligations) were as follows:
Purchases | Sales | |||||||
Capital Appreciation Fund | $79,745,582 | $126,064,618 | ||||||
Growth & Income Fund | 91,887,453 | 23,614,869 | ||||||
International Stock Fund | 5,482,924 | 3,660,697 | ||||||
Investment Grade Bond Fund | ||||||||
Debt securities | 30,041,911 | 55,446,712 | ||||||
U.S. Treasury securities | 25,812,725 | 23,222,686 | ||||||
Mid Cap Growth Fund | 178,752,642 | 199,478,781 | ||||||
Mid Cap Stock Fund | 57,555,335 | 101,140,796 | ||||||
Small Cap Growth Fund | 787,286,435 | 963,886,426 | ||||||
Small Cap Stock Fund | 13,941,978 | 7,184,018 | ||||||
Smaller Company Fund | 17,819,971 | 28,272,699 |
NOTE 4 | Investment advisory fees and other transactions with affiliates | Each Fund has agreed to pay to the Manager an investment advisory and an administrative fee equal to an annualized rate based on a percentage of each Fund’s average daily net assets, computed daily and payable monthly. For advisory services provided by the Manager, the investment advisory rate for each Fund is as follows:
Investment advisory fee rate schedule | Breakpoint | Investment advisory fee | ||||||
Capital Appreciation Fund | First $1 billion | 0.60 | % | |||||
Over $1 billion | 0.55 | % | ||||||
Growth & Income Fund | First $100 million | 0.60 | % | |||||
$100 million to $500 million | 0.45 | % | ||||||
Over $500 million | 0.40 | % | ||||||
International Stock Fund | All assets | 0.85 | % | |||||
Investment Grade Bond Fund | All assets | 0.30 | % | |||||
Mid Cap Growth Fund, Mid Cap Stock | First $500 million | 0.60 | % | |||||
Fund, Small Cap Growth Fund, | $500 million to $1 billion | 0.55 | % | |||||
Smaller Company Fund | Over $1 billion | 0.50 | % | |||||
Small Cap Stock Fund | All assets | 0.60 | % |
For administrative services provided by the Manager, each Fund agreed to pay an administrative rate of 0.15% of the average daily net assets of Class A, Class C and Class R-3 shares and 0.10% of the average daily net assets of Class I, Class R-5 and Class R-6 shares.
Subadvisory fees | The Manager has entered into subadvisory agreements with certain parties to provide investment advice, portfolio management services (including the placement of brokerage orders), certain compliance and other services to the Funds.
The Manager has entered into a subadvisory agreement with ClariVest Asset Management LLC (“ClariVest”), an affiliate of Eagle, to serve as subadvisor for the Capital Appreciation Fund and the International Stock Fund. Under this agreement, Eagle pays ClariVest an annualized rate of 0.55% and 0.85% on all assets as a percentage of the Fund’s average daily net assets, computed daily and payable monthly for the Capital Appreciation Fund and the International Stock Fund, respectively.
The Manager has entered into a subadvisory agreement with Eagle Boston Investment Management, Inc. (“EBIM”), an affiliate of Eagle, to serve as subadviser for the Smaller Company Fund. Under this agreement, Eagle pays EBIM an annualized rate of 0.375% on the first $500 million of total assets, 0.35% on assets between $500 million and $1 billion, and 0.325% on all assets over $1 billion as a percentage of the Fund’s average daily net assets, computed daily and payable monthly.
Distribution and service fees | Pursuant to the Class A, Class C and Class R-3 Distribution plans and in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended (“Rule 12b-1 Plans”), the Funds are authorized to pay Eagle Fund Distributors, Inc. (“Distributor”), an affiliate of the Manager, a fee based on the average daily net assets for each class of shares, accrued daily and payable monthly. Each Fund of the Series Trust is authorized to pay the Distributor distribution and service fees of up to 0.35% of that fund’s average daily net assets attributable to Class A shares of that fund. The Capital Appreciation Fund and the Growth & Income Fund are authorized to pay the Distributor distribution and service fees of up to 0.50% of those Funds’ average daily net assets attributable to Class A shares of those Funds. Currently, the distribution and service fee is 0.25% for Class A shares of each Fund. Each Fund also is authorized, and currently pays, the Distributor distribution and services fees of 1% for Class C shares, and 0.50% for Class R-3 shares. The Funds do not incur any direct distribution expenses related to Class I, Class R-5 or Class R-6 shares. However, Eagle or any third party may make payments for the sale and distribution of Class I, Class R-5 or Class R-6 shares from its own resources.
Sales charges | For the period ended April 30, 2014, total front-end sales charges and CDSCs paid to the Distributor were as follows:
Front-end sales charge | Contingent deferred sales charges | |||||||||||
Class A | Class A | Class C | ||||||||||
Capital Appreciation Fund | $26,377 | $— | $108 | |||||||||
Growth & Income Fund | 321,142 | — | 3,397 | |||||||||
International Stock Fund | 16,462 | — | 26 | |||||||||
Investment Grade Bond Fund | 23,214 | — | 402 | |||||||||
Mid Cap Growth Fund | 67,586 | 30 | 192 | |||||||||
Mid Cap Stock Fund | 35,753 | — | 961 | |||||||||
Small Cap Growth Fund | 202,096 | 4,928 | 2,125 | |||||||||
Small Cap Stock Fund | 74,835 | — | 1,570 | |||||||||
Smaller Company Fund | 9,316 | — | 5 |
The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.
33 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
Agency commissions | For the period ended April 30, 2014, total agency brokerage commissions paid by the Funds and agency brokerage commissions paid directly to Raymond James & Associates, Inc. (“RJA”), an affiliate of the Manager, were as follows:
Total agency brokerage commissions | Paid to Raymond James & Associates, Inc. | |||||||
Capital Appreciation Fund | $52,358 | $— | ||||||
Growth & Income Fund | 31,953 | — | ||||||
International Stock Fund | 4,568 | — | ||||||
Investment Grade Bond Fund | — | — | ||||||
Mid Cap Growth Fund | 227,787 | 2,043 | ||||||
Mid Cap Stock Fund | 55,670 | 711 | ||||||
Small Cap Growth Fund | 894,085 | 8,082 | ||||||
Small Cap Stock Fund | 10,173 | 961 | ||||||
Smaller Company Fund | 27,681 | 1,657 |
Internal audit fees | RJA provides internal audit services to the Funds. Each Fund pays RJA a fixed and/or hourly fee for these services.
Shareholder servicing fees | Eagle Fund Services, Inc. (“EFS”), an affiliate of the Manager, is the shareholder servicing agent for each of the Funds. EFS’ actual cost of providing such services is reimbursed by the Funds on a pro-rata basis of each Fund’s relative total net assets. The amount of shareholder servicing fees charged to the Funds were as follows:
Shareholder servicing fees | 11/1/2013 to 4/30/2014 | |||
Capital Appreciation Fund Class A | $5,192 | |||
Capital Appreciation Fund Class C | 1,808 | |||
Capital Appreciation Fund Class I | 1,021 | |||
Capital Appreciation Fund Class R-3 | 19 | |||
Capital Appreciation Fund Class R-5 | 255 | |||
Capital Appreciation Fund Class R-6 | N/A | |||
Growth & Income Fund Class A | 6,171 | |||
Growth & Income Fund Class C | 4,967 | |||
Growth & Income Fund Class I | 3,803 | |||
Growth & Income Fund Class R-3 | 116 | |||
Growth & Income Fund Class R-5 | 98 | |||
Growth & Income Fund Class R-6 | — | |||
International Stock Fund Class A | 100 | |||
International Stock Fund Class C | 88 | |||
International Stock Fund Class I | 20 | |||
International Stock Fund Class R-3 | — | |||
International Stock Fund Class R-5 | — | |||
International Stock Fund Class R-6 | — | |||
Investment Grade Bond Fund Class A | 890 | |||
Investment Grade Bond Fund Class C | 939 | |||
Investment Grade Bond Fund Class I | 136 | |||
Investment Grade Bond Fund Class R-3 | 1 | |||
Investment Grade Bond Fund Class R-5 | — | |||
Investment Grade Bond Fund Class R-6 | N/A | |||
Mid Cap Growth Fund Class A | 8,452 | |||
Mid Cap Growth Fund Class C | 2,926 |
Shareholder servicing fees (cont’d) | 11/1/2013 to 4/30/2014 | |||
Mid Cap Growth Fund Class I | $3,596 | |||
Mid Cap Growth Fund Class R-3 | 352 | |||
Mid Cap Growth Fund Class R-5 | 1,160 | |||
Mid Cap Growth Fund Class R-6 | — | |||
Mid Cap Stock Fund Class A | 5,277 | |||
Mid Cap Stock Fund Class C | 3,609 | |||
Mid Cap Stock Fund Class I | 2,441 | |||
Mid Cap Stock Fund Class R-3 | 156 | |||
Mid Cap Stock Fund Class R-5 | 13 | |||
Mid Cap Stock Fund Class R-6 | — | |||
Small Cap Growth Fund Class A | 26,578 | |||
Small Cap Growth Fund Class C | 5,323 | |||
Small Cap Growth Fund Class I | 49,002 | |||
Small Cap Growth Fund Class R-3 | 3,760 | |||
Small Cap Growth Fund Class R-5 | 9,825 | |||
Small Cap Growth Fund Class R-6 | — | |||
Small Cap Stock Fund Class A | 369 | |||
Small Cap Stock Fund Class C | 314 | |||
Small Cap Stock Fund Class I | 102 | |||
Small Cap Stock Fund Class R-3 | — | |||
Small Cap Stock Fund Class R-5 | — | |||
Small Cap Stock Fund Class R-6 | — | |||
Smaller Company Fund Class A | 544 | |||
Smaller Company Fund Class C | 332 | |||
Smaller Company Fund Class I | 2,802 | |||
Smaller Company Fund Class R-3 | 9 | |||
Smaller Company Fund Class R-5 | 1 | |||
Smaller Company Fund Class R-6 | — |
Expense limitations | Eagle has contractually agreed to reduce its fees and/or reimburse expenses to each class to the extent that the annual operating expense rate for each class of shares exceeds the following annualized rates as a percentage of average daily net assets of each class of shares.
Expense limitations rate schedule | Class A | Class C | Class I | |||||||||
Capital Appreciation Fund | 1.40 | % | 2.20 | % | 0.95 | % | ||||||
Growth & Income Fund | 1.40 | % | 2.20 | % | 0.95 | % | ||||||
International Stock Fund | 1.75 | % | 2.55 | % | 1.15 | % | ||||||
Investment Grade Bond Fund | 0.85 | % | 1.65 | % | 0.60 | % | ||||||
Mid Cap Growth Fund | 1.50 | % | 2.30 | % | 0.95 | % | ||||||
Mid Cap Stock Fund | 1.50 | % | 2.30 | % | 0.95 | % | ||||||
Small Cap Growth Fund | 1.50 | % | 2.30 | % | 0.95 | % | ||||||
Small Cap Stock Fund | 1.50 | % | 2.30 | % | 0.95 | % | ||||||
Smaller Company Fund | 1.50 | % | 2.30 | % | 0.95 | % |
34 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
Expense limitations rate schedule (cont’d) | Class R-3 | Class R-5 | Class R-6 | |||||||||
Capital Appreciation Fund | 1.65 | % | 0.95 | % | N/A | |||||||
Growth & Income Fund | 1.65 | % | 0.95 | % | 0.85 | % | ||||||
International Stock Fund | 1.75 | % | 1.15 | % | 1.05 | % | ||||||
Investment Grade Bond Fund | 1.15 | % | 0.60 | % | N/A | |||||||
Mid Cap Growth Fund | 1.70 | % | 0.95 | % | 0.85 | % | ||||||
Mid Cap Stock Fund | 1.70 | % | 0.95 | % | 0.85 | % | ||||||
Small Cap Growth Fund | 1.70 | % | 0.95 | % | 0.85 | % | ||||||
Small Cap Stock Fund | 1.70 | % | 0.95 | % | 0.85 | % | ||||||
Smaller Company Fund | 1.70 | % | 0.95 | % | 0.85 | % |
Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:
Expenses waived and/or reimbursed | 11/1/2013 to 4/30/2014 | |||
Capital Appreciation Fund Class I | $4,147 | |||
Capital Appreciation Fund Class R-5 | 1,605 | |||
International Stock Fund | 208,944 | |||
International Stock Fund Class I | 178 | |||
International Stock Fund Class R-5 | — | |||
International Stock Fund Class R-6 | 2 | |||
Investment Grade Bond Fund | 26,101 | |||
Investment Grade Bond Fund Class A | 41,972 | |||
Investment Grade Bond Fund Class C | 34,636 | |||
Investment Grade Bond Fund Class I | 5,190 | |||
Investment Grade Bond Fund Class R-3 | 38 | |||
Investment Grade Bond Fund Class R-5 | 2 | |||
Mid Cap Stock Fund Class I | 85,482 | |||
Mid Cap Stock Fund Class R-5 | 134 | |||
Small Cap Stock Fund | 151,523 | |||
Small Cap Stock Fund Class I | 1,366 | |||
Small Cap Stock Fund Class R-5 | — | |||
Small Cap Stock Fund Class R-6 | 2 | |||
Smaller Company Fund Class I | 72,901 | |||
Smaller Company Fund Class R-3 | 119 | |||
Smaller Company Fund Class R-5 | 26 | |||
Smaller Company Fund Class R-6 | 10,418 |
A portion or all of a Fund’s fees and expenses reduced and/or reimbursed by the Manager in prior fiscal years may be recoverable by Eagle prior to their expiration date. Eagle must recover from the same class of shares any previously reduced and/or reimbursed fees and expenses within two years from the Fund’s fiscal year-end during which the fees and expenses were originally reduced and/or reimbursed. Previously reduced and/or reimbursed fees and expenses are recovered by Eagle when expenses in the current fiscal year fall below the expense rate limitation then in effect. The following table shows the
amounts that Eagle may be allowed to recover by class of shares and the date in which these amounts will expire:
Recoverable expenses | 10/31/2016 | 10/31/2015 | 10/31/2014 | |||||||||
Capital Appreciation Fund Class I | $4,147 | $7,958 | $— | |||||||||
Capital Appreciation Fund Class R-5 | 1,605 | 9,243 | — | |||||||||
International Stock Fund | 208,944 | 290,423 | — | |||||||||
International Stock Fund Class I | 178 | 7 | — | |||||||||
International Stock Fund Class R-5 | — | 1 | — | |||||||||
International Stock Fund Class R-6 | 2 | 3 | — | |||||||||
Investment Grade Bond Fund | 26,101 | — | — | |||||||||
Investment Grade Bond Fund Class A | 41,972 | 86,579 | 124,126 | |||||||||
Investment Grade Bond Fund Class C | 34,636 | 64,789 | 94,101 | |||||||||
Investment Grade Bond Fund Class I | 5,190 | 8,227 | 8,350 | |||||||||
Investment Grade Bond Fund Class R-3 | 38 | 55 | 131 | |||||||||
Investment Grade Bond Fund Class R-5 | 2 | 1 | 3 | |||||||||
Mid Cap Stock Fund Class I | 85,482 | 194,382 | — | |||||||||
Mid Cap Stock Fund Class R-5 | 134 | — | — | |||||||||
Small Cap Stock Fund | 151,523 | 300,190 | — | |||||||||
Small Cap Stock Fund Class I | 1,366 | 365 | — | |||||||||
Small Cap Stock Fund R-5 | — | 1 | — | |||||||||
Small Cap Stock Fund R-6 | 2 | 3 | — | |||||||||
Smaller Company Fund | — | 25,764 | 3,236 | |||||||||
Smaller Company Fund Class I | 72,901 | 128,961 | 86,779 | |||||||||
Smaller Company Fund Class R-3 | 119 | 277 | — | |||||||||
Smaller Company Fund Class R-5 | 26 | 3 | 8 | |||||||||
Smaller Company Fund Class R-6 | 10,418 | 6,002 | 7 |
The Manager recovered previously waived expenses as follows:
Recovered fees previously waived | 11/1/2013 to 4/30/2014 | |||
International Stock Fund Class C | $15 | |||
Small Cap Stock Fund Class A | 7 | |||
Smaller Company Fund | 54,175 |
Trustees and officers compensation | Each Trustee of the Eagle Family of Funds who is not an employee of the Manager receives an annual retainer along with meeting fees for those Eagle Family of Funds’ regular or special meetings attended in person and 25% of such fees are received for telephonic meetings. All reasonable out-of-pocket expenses are also reimbursed. Except when directly attributable to a Fund, Trustees’ fees and expenses are allocated on a pro rata basis among each Fund in the Eagle Family of Funds. The pro rata allocation is for each Fund for which the Trustee is elected to serve. Certain officers of the Eagle Family of Funds may also be officers and/or directors of Eagle. Such officers receive no compensation from the Funds except for the Funds’ Chief Compliance Officer. A portion of the Chief Compliance Officer’s total compensation is paid equally by each Fund in the Eagle Family of Funds.
NOTE 5 | Federal income taxes and distributions | Each Fund is treated as a single corporate taxpayer as provided for in the Tax Reform Act of 1986, as amended. Accordingly, no provision for federal income taxes is required since each of the Funds intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. The Manager has analyzed the
35 |
Notes to Financial Statements
(UNAUDITED) | 04.30.2014 |
Funds’ tax positions taken or expected to be taken on federal income tax returns for all open tax years (tax years ended October 31, 2010 to October 31, 2013) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and net realized gains for financial reporting purposes. These differences primarily relate to deferral of losses from wash sales and non-REIT return of capital.
NOTE 6 | Subsequent events | Effective May 15, 2014, Liana O’Drobinak began serving as a non-interested member of the Board of Trustees of the Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and Eagle Series Trust.
36 |
Understanding Your Ongoing Costs
(UNAUDITED) | 04.30.2014 |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchases, contingent deferred sales charges, or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution (12b-1) fees, and other Fund expenses. The following sections are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect one-time transaction expenses, such as sales charges or redemption fees. Therefore, if these transactional costs were included, your costs would have been higher. For more information, see your Fund’s prospectus or contact your financial advisor.
Actual expenses | The table below shows the actual expenses you would have paid on a $1,000 investment in each Fund on November 1, 2013, and held through April 30, 2014. It also shows how much a $1,000 investment would be worth at the close of the fiscal year, assuming actual returns after ongoing expenses. This table is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes | All mutual funds now follow guidelines to assist shareholders in comparing expenses between different funds. Per these guidelines, the table below shows each Fund’s expenses based on a $1,000 investment held from November 1, 2013 through April 30, 2014 and assuming for this period a hypothetical 5% annualized rate of return before ongoing expenses, which is not the Fund’s actual return. Please note that you should not use this information to estimate your actual ending account balance and expenses paid during the period. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the Funds with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison.
Actual expenses | Hypothetical expenses | |||||||||||||||||||||||
Actual | Beginning Account Value | Ending Account Value | Expenses paid during period (a) | Ending Account Value | Expenses paid during period (a) | Annualized expense ratio | ||||||||||||||||||
Capital Appreciation Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $1,051.90 | $6.36 | $1,018.60 | $6.26 | 1.25 | % | |||||||||||||||||
Class C | 1,000.00 | 1,048.10 | 10.05 | 1,014.98 | 9.89 | 1.98 | ||||||||||||||||||
Class I | 1,000.00 | 1,053.40 | 4.84 | 1,020.08 | 4.76 | �� | 0.95 | |||||||||||||||||
Class R-3 | 1,000.00 | 1,050.40 | 7.93 | 1,017.06 | 7.80 | 1.56 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,053.00 | 4.84 | 1,020.08 | 4.76 | 0.95 | ||||||||||||||||||
Growth & Income Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,082.50 | 5.32 | 1,019.69 | 5.16 | 1.03 | ||||||||||||||||||
Class C | 1,000.00 | 1,078.40 | 9.22 | 1,015.92 | 8.95 | 1.79 | ||||||||||||||||||
Class I | 1,000.00 | 1,084.10 | 4.03 | 1,020.93 | 3.91 | 0.78 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,080.70 | 7.22 | 1,017.85 | 7.00 | 1.40 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,084.30 | 3.98 | 1,020.98 | 3.86 | 0.77 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,085.00 | 3.41 | 1,021.52 | 3.31 | 0.66 | ||||||||||||||||||
International Stock Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,039.40 | 7.89 | 1,017.06 | 7.80 | 1.56 | ||||||||||||||||||
Class C | 1,000.00 | 1,035.30 | 11.81 | 1,013.19 | 11.68 | 2.34 | ||||||||||||||||||
Class I | 1,000.00 | 1,041.50 | 5.82 | 1,019.09 | 5.76 | 1.15 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,039.10 | 8.75 | 1,016.22 | 8.65 | 1.73 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,041.50 | 5.82 | 1,019.09 | 5.76 | 1.15 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,042.10 | 5.32 | 1,019.59 | 5.26 | 1.05 | ||||||||||||||||||
Investment Grade Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,004.80 | 4.23 | 1,020.58 | 4.26 | 0.85 | ||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 8.18 | 1,016.61 | 8.25 | 1.65 | ||||||||||||||||||
Class I | 1,000.00 | 1,006.00 | 2.98 | 1,021.82 | 3.01 | 0.60 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,003.30 | 5.71 | 1,019.09 | 5.76 | 1.15 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,005.80 | 2.98 | 1,021.82 | 3.01 | 0.60 | ||||||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,074.20 | 6.02 | 1,018.99 | 5.86 | 1.17 | ||||||||||||||||||
Class C | 1,000.00 | 1,070.40 | 9.65 | 1,015.47 | 9.39 | 1.88 | ||||||||||||||||||
Class I | 1,000.00 | 1,075.80 | 4.32 | 1,020.63 | 4.21 | 0.84 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,072.40 | 7.55 | 1,017.50 | 7.35 | 1.47 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,075.90 | 4.43 | 1,020.53 | 4.31 | 0.86 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,076.40 | 3.91 | 1,021.03 | 3.81 | 0.76 | ||||||||||||||||||
Mid Cap Stock Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,016.80 | 6.10 | 1,018.74 | 6.11 | 1.22 | ||||||||||||||||||
Class C | 1,000.00 | 1,013.30 | 9.73 | 1,015.12 | 9.74 | 1.95 | ||||||||||||||||||
Class I | 1,000.00 | 1,018.40 | 4.75 | 1,020.08 | 4.76 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,015.50 | 7.65 | 1,017.21 | 7.65 | 1.53 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,017.90 | 4.75 | 1,020.08 | 4.76 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,019.00 | 4.05 | 1,020.78 | 4.06 | 0.81 |
37 |
Understanding Your Ongoing Costs
(UNAUDITED) | 04.30.2014 |
Actual expenses | Hypothetical expenses | |||||||||||||||||||||||
Actual (cont’d) | Beginning Account Value | Ending Account Value | Expenses paid during period (a) | Ending Account Value | Expenses paid during period (a) | Annualized expense ratio | ||||||||||||||||||
Small Cap Growth Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $1,005.30 | $5.42 | $1,019.39 | $5.46 | 1.09 | % | |||||||||||||||||
Class C | 1,000.00 | 1,001.70 | 8.93 | 1,015.87 | 9.00 | 1.80 | ||||||||||||||||||
Class I | 1,000.00 | 1,006.80 | 3.83 | 1,020.98 | 3.86 | 0.77 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,004.10 | 6.76 | 1,018.05 | 6.81 | 1.36 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,007.00 | 3.73 | 1,021.08 | 3.76 | 0.75 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,007.50 | 3.29 | 1,021.52 | 3.31 | 0.66 | ||||||||||||||||||
Small Cap Stock Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,017.10 | 6.65 | 1,018.20 | 6.66 | 1.33 | ||||||||||||||||||
Class C | 1,000.00 | 1,013.30 | 10.38 | 1,014.48 | 10.39 | 2.08 | ||||||||||||||||||
Class I | 1,000.00 | 1,019.20 | 4.76 | 1,020.08 | 4.76 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,016.60 | 7.60 | 1,017.26 | 7.60 | 1.52 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,019.20 | 4.76 | 1,020.08 | 4.76 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,019.70 | 4.26 | 1,020.58 | 4.26 | 0.85 | ||||||||||||||||||
Smaller Company Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,028.20 | 6.89 | 1,018.00 | 6.85 | 1.37 | ||||||||||||||||||
Class C | 1,000.00 | 1,024.50 | 10.54 | 1,014.38 | 10.49 | 2.10 | ||||||||||||||||||
Class I | 1,000.00 | 1,030.80 | 4.78 | 1,020.08 | 4.76 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,026.70 | 8.54 | 1,016.36 | 8.50 | 1.70 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,030.40 | 4.78 | 1,020.08 | 4.76 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,030.90 | 4.28 | 1,020.58 | 4.26 | 0.85 |
(a) Expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average account value for the period, then multiplying the result by the actual number of days in the period (181), and then dividing that result by the actual number of days in the fiscal year (365).
38 |
(UNAUDITED) | 04.30.2014 |
Additional Information About Risk Factors
The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its investment objective. The following table identifies the risk factors of each fund in light of their respective principal investment strategies. These risk factors are explained following the table.
Risk | Capital Appreciation Fund | Growth & Income Fund | International Stock Fund | Investment Grade Bond Fund | Mid Cap Growth Fund | Mid Cap Stock Fund | Small Cap Growth Fund | Small Cap Stock Fund | Smaller Fund | |||||||||||||||||||||||||||
Call | X | |||||||||||||||||||||||||||||||||||
Credit | X | |||||||||||||||||||||||||||||||||||
Focused holdings | X | |||||||||||||||||||||||||||||||||||
Foreign securities | X | X | X | |||||||||||||||||||||||||||||||||
Government sponsored enterprises | X | |||||||||||||||||||||||||||||||||||
Growth stocks | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||
High-yield securities | X | |||||||||||||||||||||||||||||||||||
Inflation | X | |||||||||||||||||||||||||||||||||||
Interest rates | X | |||||||||||||||||||||||||||||||||||
Issuer and market | X | |||||||||||||||||||||||||||||||||||
Liquidity | X | X | ||||||||||||||||||||||||||||||||||
Market timing | X | X | X | X | ||||||||||||||||||||||||||||||||
Mid-cap companies | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||
Mortgage- and asset-backed securities | X | |||||||||||||||||||||||||||||||||||
Municipal securities | X | |||||||||||||||||||||||||||||||||||
Other investments companies and ETFs | X | X | X | |||||||||||||||||||||||||||||||||
Portfolio turnover | X | |||||||||||||||||||||||||||||||||||
Sectors | X | X | ||||||||||||||||||||||||||||||||||
Small-cap companies | X | X | X | X | X | |||||||||||||||||||||||||||||||
Stock market | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||
Value stocks | X | X | X | X |
Call | Call risk is the possibility that, as interest rates decline to a level that is significantly lower than the rate assigned to the fixed income security, the security may be called (redeemed) prior to maturity. A fund would lose the benefit of holding a fixed income security that is paying a rate above the current market rate and would likely have to reinvest the proceeds in other fixed income securities that have lower yields.
Credit | A fund could lose money if the issuer of a fixed income security is unable to meet its financial obligations or goes bankrupt. Credit risk usually applies to most fixed income securities, but generally is not a factor for U.S. government obligations.
Focused holdings | For funds that normally hold a core portfolio of stocks of fewer companies than other more diversified funds, the increase or decrease of the value of a single stock may have a greater impact on the fund’s net asset value (“NAV”) and total return.
Foreign securities | Investments in foreign securities involve greater risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less
stable than U.S. markets, and changes in the exchange rates of foreign currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less public information available about foreign companies. Custodial and/or settlement systems in foreign markets may not be fully developed and the laws of certain countries may limit the ability to recover assets if a foreign bank or depository or their agents goes bankrupt. Foreign security risk may also apply to ADRs, GDRs and EDRs. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change, which may lead to default or expropriation, and inadequate government oversight and accounting.
Government sponsored enterprises | Investments in government sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. government. These obligations vary in the level of support they receive from the U.S. government. They may be: (1) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (2) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal National Mortgage Association; (3) supported by the discretionary authority of the U.S. government to purchase
39 |
Principal Risks
(UNAUDITED) | 04.30.2014 |
the issuer’s obligations, such as those of the Student Loan Marketing Association; or (4) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. government may choose not to provide financial support to U.S. government sponsored agencies or instrumentalities if it is not legally obligated to do so in which case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. government.
Growth stocks | Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the prices of stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.
High-yield securities | Investments in securities rated below investment grade, or “junk bonds,” generally involve significantly greater risks of loss of your money than an investment in investment grade bonds. Compared with issuers of investment grade bonds, junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties. Rising interest rates may compound these difficulties and reduce an issuer’s ability to repay principal and interest obligations. Issuers of lower-rated securities also have a greater risk of default or bankruptcy. Additionally, due to the greater number of considerations involved in the selection of a fund’s securities, the achievement of a fund’s objective depends more on the skills of the portfolio manager than investing only in higher-rated securities. Therefore, your investment may experience greater volatility in price and yield. High-yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell.
Inflation | Inflation risk is the risk that the market value of securities will decrease as higher inflation shrinks the purchasing power of any affected currencies.
Interest rates | Investments in investment grade and non-investment grade fixed income securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. A fund is particularly sensitive to changes in interest rates because it may invest in debt securities with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. As of the date of this prospectus, interest rates are at or near historic lows, which may increase a fund’s exposure to the risks associated with rising interest rates. Yields of debt securities will fluctuate over time.
Issuer and market | Issuer and market risk is the risk that the prices of, and the income generated by, fixed income securities held by a fund may decline in response to certain events, such as general economic and market conditions, regional or global economic instability, interest rate fluctuations, and those events directly involving the issuers. These events may lead to periods of volatility, which may be exacerbated by changes in bond market size and structure. In addition, adverse market events may lead to increased redemptions, which could cause a fund to experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.
Liquidity | Liquidity risk is the possibility that the fund might be unable to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the fund’s liquidity. Market developments may cause the fund’s investments to become less liquid and subject to erratic price movements. The fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the fund.
Market timing | Because of specific securities a fund may invest in, it could be subject to the risk of market timing activities by fund shareholders. Some examples of these types of securities are high-yield, small-cap and foreign securities. Typically, foreign securities offer the most opportunity for these
market timing activities. A fund generally prices these foreign securities using their closing prices from the foreign markets in which they trade, typically prior to a fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before a fund prices its shares. In such instances, a fund may fair value foreign securities. However, some investors may engage in frequent short-term trading in a fund to take advantage of any price differentials that may be reflected in the NAV of a fund’s shares. There is no assurance that fair valuation of securities can reduce or eliminate market timing. While the manager and transfer agent of the Funds monitor trading in each fund, there is no guarantee that they can detect all market timing activities.
Mid-cap companies | Investments in mid-cap companies generally involve greater risks than investing in large-capitalization companies. Mid-cap companies often have narrower markets and limited managerial and financial resources compared to larger, more established companies. The performance of mid-cap companies can be more volatile compared to larger, more established companies, which could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in mid-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in large-cap companies. Generally, the smaller the company size, the greater these risks.
Mortgage- and asset-backed securities | Mortgage- and asset-backed security risk, which is possible in an unstable or depressed housing market, arises from the potential for mortgage failure or premature repayment of principal. The reduced value of the fund’s securities and the potential loss of principal as a result of a mortgagee’s failure to repay would have a negative impact on the fund. Premature repayment of principal would make it difficult for the fund to reinvest the prepaid principal at a time when interest rates on new mortgages are declining, thereby reducing the fund’s income.
Municipal securities | A municipal security’s value, interest payments or repayment of principal could be affected by economic, legislative or political changes. Municipal securities are also subject to potential volatility in the municipal market and the fund’s share price, yield and total return may fluctuate in response to municipal bond market movements. Municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, as opposed to general tax revenues, may have increased risks. Changes in a municipality’s financial health may affect its ability to make interest and principal payments when due.
Other investment companies and ETFs | Investments in the securities of other investment companies and exchange-traded funds (“ETFs”), (which may, in turn invest in equities, bonds, and other financial vehicles) may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, a fund becomes a shareholder of that investment company or ETF. As a result, fund shareholders indirectly bear the fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses fund shareholders directly bear in connection with the fund’s own operations.
As a shareholder, the fund must rely on the investment company or ETF to achieve its investment objective. If the investment company or ETF fails to achieve its investment objective, the value of the fund’s investment will decline, adversely affecting the fund’s performance. In addition, because ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, ETF shares may potentially trade at a discount or a premium. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a fund. Finally, because the value of ETF shares depends on the demand in the market, the portfolio manager may not be able to liquidate a fund’s holdings at the most optimal time, adversely affecting the fund’s performance.
40 |
Principal Risks
(UNAUDITED) | 04.30.2014 |
Portfolio turnover | A fund may engage in more active and frequent trading of securities to a greater extent than certain other mutual funds with similar investment objectives. A fund’s turnover rate may vary greatly from year to year or during periods within a year. A high rate of portfolio turnover may lead to greater transaction costs, result in adverse tax consequences to investors and adversely affect performance.
Sectors | Companies that are in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to change. To the extent a fund has substantial holdings within a particular sector, the risks associated with that sector increase.
Small-cap companies | Investments in small-cap companies generally involve greater risks than investing in large-capitalization companies. Companies with smaller market capitalizations generally have lower volume of shares traded daily, less liquid stock and more volatile stock prices. Companies with smaller market capitalizations also tend to have a limited product or service base and limited access to capital. Newer companies with unproven business strategies also tend to be smaller companies. The above factors increase risks and make these companies more likely to fail than companies with larger market capitalizations, and could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in small-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in mid-cap or large-cap companies. Generally, the smaller the company size, the greater these risks.
Stock market | The value of a fund’s stock holdings may decline in price because of changes in prices of its holdings or a broad stock market decline. These fluctuations could be a sustained trend or a drastic movement. The stock 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.
Value stocks | Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors.
41 |
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Please consider the investment objectives, risks, charges and expenses of any fund carefully before investing. Contact Eagle at 800.421.4184 or your financial advisor for a prospectus, which contains this and other important information about the Funds. Read the prospectus carefully before you invest or send money.
This report is for the information of shareholders of the Eagle Mutual Funds. If you wish to review additional information on the portfolio holdings of a fund, a complete schedule has been filed with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fund’s fiscal year end on Form N-Q. These filings are available on the Commission’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330. A description of each fund’s proxy voting policies, procedures and information regarding how each fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013, is available without charge, upon request, by calling the Eagle Family of Funds, toll-free at the number above, by accessing our website at eagleasset.com or by accessing the Commission’s website at www.sec.gov.
727.567.8143 | 800.421.4184
Eagle Fund Distributors, Inc., Member FINRA | Not FDIC Insured | May Lose Value | No Bank Guarantee
Item 2. Code of Ethics
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable to the Trust.
Item 6. Schedule of Investments
Included as part of report to shareholders under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies
Not applicable to the Trust.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the Trust.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the Trust.
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees, since the Trust last provided disclosure in response to this item. The procedures by which shareholders may recommend nominees to the Board are included in the Nominating Committee Charter for the Trust.
Item 11. Controls and Procedures
(a) | Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended), the Principal Executive Officer and Principal Financial Officer of Eagle Capital Appreciation Fund have concluded that such disclosure controls and procedures are effective as of June 18, 2014. |
(b) | There was no change in the internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) of Eagle Capital Appreciation |
Fund that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. |
Item 12. Exhibits
(a)(1) Not applicable to semi-annual reports.
(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable to the Trust.
(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Trust has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EAGLE CAPITAL APPRECIATION FUND | ||||||
Date: June 18, 2014 | ||||||
/s/ Susan L. Walzer | ||||||
Susan L. Walzer | ||||||
Principal Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Trust and in the capacities and on the dates indicated.
EAGLE CAPITAL APPRECIATION FUND | ||||||
Date: June 18, 2014 | ||||||
/s/ Susan L. Walzer | ||||||
Susan L. Walzer | ||||||
Principal Executive Officer | ||||||
Date: June 18, 2014 | ||||||
/s/ Carolyn Gill | ||||||
Carolyn Gill | ||||||
Principal Financial Officer |