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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, 2016
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Item 1. Reports to Shareholders
Table of Contents
EAGLE MUTUAL FUNDS
Semiannual Report
and Investment Performance Review for the
six-month period ended April 30, 2016 (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 Smaller Company Fund
Eagle Tactical Allocation Fund
EAGLE
Family of Funds
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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, 2016.
The broad equity market (as measured by the S&P 500 Index) finished 2015 on a slightly positive note, despite the volatility experienced over the course of the year. U.S. economic expansion, now in its seventh year, continued at a moderate pace in 2015. Investors appeared to be concerned about slowing earnings growth, a deep slump in oil prices and the impact of the stronger dollar on revenues earned in markets outside the United States. In mid-December, the Federal Open Market Committee of the Federal Reserve increased the target range for the federal funds rate from 0 percent to 0.25 percent to 0.25 percent to 0.50 percent, noting in its announcement improvement in labor markets, including ongoing job gains, declining unemployment and diminishing of labor underutilization.
Although widely expected, this first increase in the target range for the federal funds rate in nearly a decade raised new questions. 2016 has been volatile for risk markets: interest rates nose-dived with collapsing oil prices and continued worries over China’s slowing economy as well as credit concerns with European banks. Oil prices, which had been an anchor for the previous 18 months, recovered sharply in mid-February on talks of production freezes from the world’s energy-producing countries. The European Central Bank announced further easing measures and the Federal Reserve left short-term interest rates unchanged in mid-March, which contributed to the continued positive performance of broad equity markets into the end of April.
We believe this volatility and ongoing market dynamics may create an environment that allows research-based investment strategies to demonstrate their advantages for long-term investors.
Here are just a few highlights from the last six months:
• | The Eagle Capital Appreciation Fund’s Class A shares have a five-year four-star rating from Morningstar.1* |
• | The Eagle Mid Cap Growth Fund’s Class A shares have maintained their overall and ten-year four-star ratings from Morningstar.2* |
• | The Eagle Growth & Income Fund’s Class A shares have maintained their ten-year four-star rating from Morningstar.3* |
• | The Eagle Small Cap Growth Fund’s Class A shares have maintained their ten-year four-star rating from Morningstar.4* |
• | In December we launched the Eagle Tactical Allocation Fund. This global tactical strategy builds on the long-term experience of its subadvisor, Cougar Global Investments Limited. The philosophy and allocation process of this fund differs considerably from our others and I invite you to learn more about it. Information on our fund offerings is available at eagleasset.com/fund_directory.htm. |
• | High-profile media outlets continue to seek Eagle managers for market commentary, perspective and insights. |
• | The Wall Street Journal recently interviewed Ed Cowart, CFA®, who co-manages the Eagle Growth & Income Fund. |
• | Meanwhile, Barron’s and Reuters have quoted James Camp, CFA®, who heads the Eagle Investment Grade Bond Fund. |
• | At the Eagle Family of Funds, we try to maintain a sustainable long-term perspective. As part of our succession planning, longtime President Richard Rossi will retire on December 31, 2016; in an effort to ensure the smoothest succession, he stepped aside from day-to-day duties for the funds on April 4, 2016. We thank Richard for his service and I am honored to carry on his efforts to make our fund family a high-quality investment option for long-term investors. Importantly, there will be no changes, in connection with Richard’s retirement, to the Eagle investment teams, their processes or the autonomy each team currently enjoys. |
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 semi-annual report. Carefully consider the investment objectives, risks, 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, or summary prospectus, which contains this and other important information about the Eagle Family of Funds. Read the prospectus, or summary prospectus, carefully before you invest or send money.
We are grateful for your continued support of the Eagle Family of Funds.
Sincerely,
J. Cooper Abbott
President
June 16, 2016
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.
1 For the period ended April 30, 2016, the Fund’s Class A shares are rated 4 stars for the five-year period, 3 stars overall and for the three-year period and 2 stars for the ten-year period among a total of 1,296; 1,476; 1,476; and 922 funds respectively, in the large-cap growth 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 For the period ended April 30, 2016, the Fund’s Class A shares are rated 4 stars for the ten-year period and overall and 3 stars for five- and three-year periods among a total of 426, 641, 573 and 641 funds respectively, in the mid-cap growth 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.
3 For the period ended April 30, 2016, the Fund’s Class A shares are rated 4 stars for the ten-year period, 3 stars overall and for the five-year period and 2 stars for the three-year period among a total of 759; 1,199; 1,048; and 1,199 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.
(footnotes continued on next page)
1 |
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President’s Letter
(footnotes continued)
4 For the period ended April 30, 2016, the Fund’s Class A shares are rated 4 stars for the ten-year period, 3 stars overall and for the five-year period and 2 stars for the three-year period among a total of 423, 656, 586 and 656 funds respectively, in the small-cap growth 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.
*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.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
2 |
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Investment Portfolios
(UNAUDITED) | 04.30.2016 |
COMMON STOCKS—98.6% | Shares | Value | ||||||||
Internet & catalog retail—2.6% | ||||||||||
Amazon.com, Inc.* | 13,200 | $8,706,588 | ||||||||
Internet software & services—8.4% | ||||||||||
Alphabet, Inc., Class A* | 13,614 | 9,637,078 | ||||||||
Alphabet, Inc., Class C* | 10,512 | 7,284,921 | ||||||||
Facebook, Inc., Class A* | 94,300 | 11,087,794 | ||||||||
IT services—8.9% | ||||||||||
Amdocs Ltd. | 34,300 | 1,939,322 | ||||||||
Fiserv, Inc.* | 52,000 | 5,081,440 | ||||||||
FleetCor Technologies, Inc.* | 13,800 | 2,134,584 | ||||||||
Global Payments, Inc. | 40,400 | 2,916,072 | ||||||||
International Business Machines Corp. | 22,500 | 3,283,650 | ||||||||
MasterCard, Inc., Class A | 93,630 | 9,081,174 | ||||||||
Vantiv, Inc., Class A* | 100,504 | 5,481,488 | ||||||||
Life sciences tools & services—1.6% | ||||||||||
Thermo Fisher Scientific, Inc. | 37,300 | 5,380,525 | ||||||||
Media—3.0% | ||||||||||
Comcast Corp., Class A | 71,700 | 4,356,492 | ||||||||
The Walt Disney Co. | 56,500 | 5,834,190 | ||||||||
Metals & mining—1.0% | ||||||||||
Steel Dynamics, Inc. | 129,600 | 3,267,216 | ||||||||
Oil, gas & consumable fuels—0.8% | ||||||||||
Tesoro Corp. | 14,700 | 1,171,443 | ||||||||
Valero Energy Corp. | 22,900 | 1,348,123 | ||||||||
Pharmaceuticals—0.8% | ||||||||||
Eli Lilly & Co. | 36,807 | 2,780,033 | ||||||||
Real estate management & development—0.9% | ||||||||||
CBRE Group, Inc., Class A* | 105,047 | 3,112,543 | ||||||||
Semiconductors & semiconductor equipment—4.1% | ||||||||||
Intel Corp. | 166,500 | 5,041,620 | ||||||||
Lam Research Corp. | 45,300 | 3,460,920 | ||||||||
NVIDIA Corp. | 75,400 | 2,678,962 | ||||||||
Skyworks Solutions, Inc. | 40,400 | 2,699,528 | ||||||||
Software—5.8% | ||||||||||
Electronic Arts, Inc.* | 90,200 | 5,578,870 | ||||||||
Microsoft Corp. | 185,000 | 9,225,950 | ||||||||
Oracle Corp. | 37,900 | 1,510,694 | ||||||||
Synopsys, Inc.* | 66,000 | 3,136,320 | ||||||||
Specialty retail—5.3% | ||||||||||
Foot Locker, Inc. | 50,900 | 3,127,296 | ||||||||
Lowe’s Cos., Inc. | 76,245 | 5,796,145 | ||||||||
The Home Depot, Inc. | 65,000 | 8,702,850 | ||||||||
Technology hardware, storage & peripherals—4.4% | ||||||||||
Apple, Inc. | 155,666 | 14,592,131 | ||||||||
Textiles, apparel & luxury goods—1.7% | ||||||||||
NIKE, Inc., Class B | 94,704 | 5,581,854 | ||||||||
Tobacco—2.3% | ||||||||||
Reynolds American, Inc. | 157,100 | 7,792,160 | ||||||||
Trading companies & distributors—1.0% | ||||||||||
HD Supply Holdings, Inc.* | 93,300 | 3,198,324 | ||||||||
Total common stocks (cost $237,302,771) | 330,372,189 |
The accompanying notes are an integral part of the financial statements. | 3 |
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Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE CAPITAL APPRECIATION FUND (cont’d) | ||||||||||
MONEY MARKET FUNDS—1.0% | Shares | Value | ||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares—0.23% # | 3,447,117 | $3,447,117 | ||||||||
Total money market funds (cost $3,447,117) | 3,447,117 | |||||||||
Total investment portfolio (cost $240,749,888)—99.6% ‡ | 333,819,306 | |||||||||
Other Assets in Excess of Liabilities—0.4% | 1,202,377 | |||||||||
Total net assets—100.0% | $335,021,683 |
* Non-income producing security
# Annualized seven-day yield as of April 30, 2016.
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $241,172,418. Net unrealized appreciation (depreciation) on a tax-basis was $92,646,888, including aggregate gross unrealized appreciation and depreciation of $97,060,590 and $(4,413,702), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
Sector allocation | ||||
Sector | Percent of net assets | |||
Information technology | 32.7% | |||
Consumer discretionary | 19.0% | |||
Health care | 17.0% | |||
Consumer staples | 11.6% | |||
Industrials | 10.2% | |||
Telecommunication services | 3.1% | |||
Materials | 2.3% | |||
Financials | 1.9% | |||
Money market funds | 1.0% | |||
Energy | 0.8% |
COMMON STOCKS—97.7% | Shares | Value | ||||||||
Diversified telecommunication—3.0% | ||||||||||
AT&T, Inc. | 423,734 | $16,449,354 | ||||||||
Electric utilities—2.1% | ||||||||||
PG&E Corp. | 193,071 | 11,236,732 | ||||||||
Food & staples retailing—2.9% | ||||||||||
Sysco Corp. | 341,579 | 15,736,544 | ||||||||
Food products—2.4% | ||||||||||
General Mills, Inc. | 213,698 | 13,108,235 | ||||||||
Health care equipment & supplies—6.3% | ||||||||||
Abbott Laboratories | 404,451 | 15,733,144 | ||||||||
St. Jude Medical, Inc. | 246,744 | 18,801,893 | ||||||||
Hotels, restaurants & leisure—2.2% | ||||||||||
McDonald’s Corp. | 94,492 | 11,952,293 | ||||||||
Household products—2.7% | ||||||||||
The Procter & Gamble Co. | 182,698 | 14,637,764 | ||||||||
Industrial conglomerates—2.2% | ||||||||||
3M Co. | 73,399 | 12,285,525 | ||||||||
Media—4.1% | ||||||||||
Regal Entertainment Group, Class A | 1,086,197 | 22,647,207 | ||||||||
Multi-utilities—2.0% | ||||||||||
Sempra Energy | 106,462 | 11,002,848 | ||||||||
Oil, gas & consumable fuels—7.9% | ||||||||||
Chevron Corp. | 153,286 | 15,662,763 | ||||||||
Occidental Petroleum Corp. | 209,977 | 16,094,737 | ||||||||
TOTAL S.A., Sponsored ADR | 227,757 | 11,558,668 | ||||||||
Pharmaceuticals—11.0% | ||||||||||
Johnson & Johnson | 175,146 | 19,630,364 | ||||||||
Merck & Co., Inc. | 352,763 | 19,345,523 | ||||||||
Pfizer, Inc. | 644,612 | 21,085,258 | ||||||||
Real estate investment trusts (REITs)—4.3% | ||||||||||
Camden Property Trust | 105,036 | 8,479,556 | ||||||||
Prologis, Inc. | 177,580 | 8,063,908 | ||||||||
Simon Property Group, Inc. | 33,597 | 6,758,709 | ||||||||
Road & rail—2.5% | ||||||||||
Union Pacific Corp. | 156,355 | 13,638,847 | ||||||||
Software—3.8% | ||||||||||
Microsoft Corp. | 410,445 | 20,468,892 | ||||||||
Specialty retail—3.2% | ||||||||||
The Home Depot, Inc. | 130,260 | 17,440,511 | ||||||||
Technology hardware, storage & peripherals—3.3% | ||||||||||
Apple, Inc. | 191,855 | 17,984,488 | ||||||||
Tobacco—3.1% | ||||||||||
Altria Group, Inc. | 267,777 | 16,792,296 | ||||||||
Total common stocks (cost $407,483,838) | 533,226,998 | |||||||||
MONEY MARKET FUNDS—2.2% | ||||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares, 0.23% # | 11,834,430 | 11,834,430 | ||||||||
Total money market funds (cost $11,834,430) | 11,834,430 | |||||||||
Total investment portfolio (cost $419,318,268)—99.9% ‡ | 545,061,428 | |||||||||
Other assets in excess of liabilities—0.1% | 279,498 | |||||||||
Total net assets—100.0% | $545,340,926 |
4 | The accompanying notes are an integral part of the financial statements. |
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Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE GROWTH & INCOME FUND (cont’d) |
# Annualized seven-day yield as of April 30, 2016.
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $418,381,525. Net unrealized appreciation (depreciation) on a tax-basis was $126,679,903, including aggregate gross unrealized appreciation and depreciation of $131,026,277 and $(4,346,374), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
ADR—American depository receipt
Sector allocation | ||||
Sector | Percent of net assets | |||
Health care | 17.4% | |||
Consumer staples | 16.6% | |||
Industrials | 13.7% | |||
Financials | 13.6% | |||
Information technology | 9.7% | |||
Consumer discretionary | 9.5% | |||
Energy | 7.9% | |||
Utilities | 4.1% | |||
Telecommunication services | 3.0% | |||
Materials | 2.2% | |||
Money market funds | 2.2% |
COMMON STOCKS—93.9% | Shares | Value | ||||||||
France (cont’d) | ||||||||||
Credit Agricole S.A. | 14,274 | $157,996 | ||||||||
Engie | 6,052 | 99,819 | ||||||||
Faurecia S.A. | 1,457 | 60,200 | ||||||||
Nexans S.A.* | 1,834 | 85,321 | ||||||||
Orange S.A. | 14,887 | 247,333 | ||||||||
Renault S.A. | 3,520 | 339,639 | ||||||||
Societe Generale S.A. | 3,730 | 146,766 | ||||||||
TOTAL S.A. | 3,511 | 177,450 | ||||||||
Germany—12.5% | ||||||||||
Allianz SE | 1,405 | 239,031 | ||||||||
Bayer AG | 1,889 | 218,307 | ||||||||
Commerzbank AG | 11,028 | 103,414 | ||||||||
Daimler AG | 5,587 | 389,285 | ||||||||
Deutsche Bank AG | 3,875 | 73,443 | ||||||||
Deutsche Lufthansa AG | 12,568 | 195,683 | ||||||||
E.ON SE | 23,267 | 241,144 | ||||||||
Fresenius SE & Co. KGaA | 5,409 | 394,417 | ||||||||
Gerresheimer AG | 1,905 | 142,079 | ||||||||
GFT Technologies SE | 2,099 | 51,601 | ||||||||
HeidelbergCement AG | 1,082 | 96,343 | ||||||||
Merck KGaA | 3,149 | 296,564 | ||||||||
Siemens AG | 2,297 | 240,378 | ||||||||
Suedzucker AG | 2,196 | 38,777 | ||||||||
Hong Kong—1.5% | ||||||||||
CLP Holdings Ltd. | 16,500 | 152,543 | ||||||||
Orient Overseas International Ltd. | 9,500 | 36,106 | ||||||||
Wheelock and Co. Ltd. | 32,000 | 148,147 | ||||||||
Ireland—0.5% | ||||||||||
CRH PLC | 3,756 | 109,311 | ||||||||
Israel—2.5% | ||||||||||
Israel Discount Bank Ltd., Class A* | 53,753 | 89,711 | ||||||||
Teva Pharmaceutical Industries Ltd. | 6,669 | 366,348 | ||||||||
Tower Semiconductor Ltd.* | 8,380 | 97,655 | ||||||||
Italy—3.6% | ||||||||||
Enel SpA | 45,469 | 206,650 | ||||||||
Intesa Sanpaolo SpA | 84,141 | 233,896 | ||||||||
Snam SpA | 51,468 | 314,749 | ||||||||
Unipol Gruppo Finanziario SpA | 8,590 | 36,880 | ||||||||
Japan—26.0% | ||||||||||
Bridgestone Corp. | 6,500 | 239,248 | ||||||||
Cosmo Energy Holdings Co. Ltd. | 8,900 | 112,928 | ||||||||
Fuji Heavy Industries Ltd. | 3,200 | 105,072 | ||||||||
Fujitsu Ltd. | 16,000 | 55,906 | ||||||||
Heiwa Corp. | 4,700 | 98,727 | ||||||||
Hokkaido Electric Power Co., Inc. | 11,300 | 102,999 | ||||||||
ITOCHU Corp. | 19,400 | 246,547 | ||||||||
Japan Display, Inc. | 11,300 | 21,630 | ||||||||
Kajima Corp. | 46,000 | 285,760 | ||||||||
KDDI Corp. | 9,500 | 273,655 | ||||||||
Marubeni Corp. | 43,600 | 231,440 | ||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 900 | 44,052 | ||||||||
Mazda Motor Corp. | 9,000 | 137,127 | ||||||||
MITSUBA Corp. | 3,200 | 45,812 | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 48,000 | 221,511 | ||||||||
Mizuho Financial Group, Inc. | 38,400 | 57,558 | ||||||||
Nippon Soda Co. Ltd. | 16,000 | 83,607 | ||||||||
Nippon Suisan Kaisha Ltd. | 63,400 | 350,422 | ||||||||
Nippon Telegraph & Telephone Corp. | 12,900 | 577,279 | ||||||||
NTT DOCOMO, Inc. | 11,300 | 271,019 |
The accompanying notes are an integral part of the financial statements. | 5 |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE INTERNATIONAL STOCK FUND (cont’d) | ||||||||||
COMMON STOCKS—93.9% | Shares | Value | ||||||||
Japan (cont’d) | ||||||||||
Rengo Co. Ltd. | 32,000 | $174,253 | ||||||||
Resona Holdings, Inc. | 22,600 | 79,897 | ||||||||
Sanden Holdings Corp. | 16,000 | 47,185 | ||||||||
Sompo Japan Nippon Nipponkoa Holdings, Inc. | 9,700 | 254,684 | ||||||||
Sumitomo Corp. | 25,800 | 272,764 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 3,200 | 96,294 | ||||||||
Tohoku Electric Power Co., Inc. | 12,200 | 155,977 | ||||||||
Topre Corp. | 1,900 | 37,406 | ||||||||
Toyo Tire & Rubber Co., Inc. | 8,300 | 124,132 | ||||||||
Toyoda Gosei Co. Ltd. | 3,200 | 59,004 | ||||||||
Toyota Boshoku Corp. | 8,100 | 150,690 | ||||||||
Toyota Motor Corp. | 10,800 | 547,449 | ||||||||
ZEON Corp. | 16,000 | 113,683 | ||||||||
Netherlands—4.3% | ||||||||||
Aegon N.V. | 24,118 | 138,663 | ||||||||
AerCap Holdings N.V.* | 6,400 | 256,064 | ||||||||
Heineken N.V. | 2,067 | 193,942 | ||||||||
Koninklijke Ahold N.V. | 2,743 | 59,727 | ||||||||
NN Group N.V. | 8,539 | 296,412 | ||||||||
New Zealand—0.3% | ||||||||||
Air New Zealand Ltd. | 31,728 | 54,441 | ||||||||
Norway—1.1% | ||||||||||
Orkla ASA | 8,897 | 77,670 | ||||||||
Telenor ASA | 8,881 | 152,808 | ||||||||
Singapore—2.1% | ||||||||||
Singapore Telecommunications Ltd. | 158,200 | 452,514 | ||||||||
Spain—1.7% | ||||||||||
Almirall S.A. | 2,781 | 45,781 | ||||||||
Banco de Sabadell S.A. | 72,547 | 139,007 | ||||||||
Banco Santander S.A. | 8,583 | 43,588 | ||||||||
Iberdrola S.A. | 21,168 | 150,690 | ||||||||
Sweden—3.0% | ||||||||||
Boliden AB | 11,455 | 200,352 | ||||||||
Svenska Cellulosa AB SCA, Class B | 10,219 | 322,426 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 13,208 | 107,017 | ||||||||
Tethys Oil AB | 3,455 | 24,781 | ||||||||
Switzerland—3.9% | ||||||||||
Geberit AG | 109 | 41,936 | ||||||||
Lafargeholcim Ltd. | 565 | 28,696 | ||||||||
Novartis AG | 5,732 | 436,218 | ||||||||
Roche Holding AG | 307 | 77,674 | ||||||||
Swiss Re AG | 2,470 | 219,530 | ||||||||
Ypsomed Holding AG | 371 | 55,332 | ||||||||
United Kingdom—15.5% | ||||||||||
AstraZeneca PLC | 1,808 | 103,730 | ||||||||
Aviva PLC | 20,813 | 131,861 | ||||||||
BAE Systems PLC | 27,417 | 191,280 | ||||||||
Barclays PLC | 62,811 | 157,704 | ||||||||
Barratt Developments PLC | 7,702 | 59,979 | ||||||||
Bellway PLC | 2,217 | 79,385 | ||||||||
Bovis Homes Group PLC | 2,318 | 29,584 | ||||||||
BP PLC | 26,012 | 143,311 | ||||||||
British American Tobacco PLC | 4,682 | 285,472 | ||||||||
Britvic PLC | 6,039 | 62,216 | ||||||||
BT Group PLC | 30,986 | 200,854 |
COMMON STOCKS—93.9% | Shares | Value | ||||||||
United Kingdom (cont’d) | ||||||||||
GlaxoSmithKline PLC | 2,000 | $42,745 | ||||||||
HSBC Holdings PLC | 43,483 | 288,157 | ||||||||
Imperial Brands PLC | 8,493 | 461,793 | ||||||||
Investec PLC | 11,012 | 84,330 | ||||||||
Lloyds Banking Group PLC | 248,983 | 244,381 | ||||||||
Reckitt Benckiser Group PLC | 1,101 | 107,259 | ||||||||
Royal Dutch Shell PLC, Class B | 18,295 | 480,334 | ||||||||
Taylor Wimpey PLC | 81,751 | 220,529 | ||||||||
Total common stocks (cost $20,845,963) | 20,473,627 | |||||||||
EXCHANGE TRADED FUNDS—2.5% | ||||||||||
iShares MSCI EAFE ETF | 9,200 | 537,556 | ||||||||
Total exchange traded funds (cost $530,560) | 537,556 | |||||||||
MONEY MARKET FUNDS—3.0% | ||||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares, 0.23% # | 652,941 | 652,941 | ||||||||
Total money market funds (cost $652,941) | 652,941 | |||||||||
Total investment portfolio (cost $22,029,464)—99.4% ‡ | 21,664,124 | |||||||||
Other assets in excess of liabilities—0.6% | 139,201 | |||||||||
Total net assets—100.0% | $21,803,325 |
* Non-income producing security
# Annualized seven-day yield as of April 30, 2016.
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $22,056,876. Net unrealized appreciation (depreciation) on a tax-basis was $(392,752), including aggregate gross unrealized appreciation and depreciation of $1,980,408 and $(2,373,160), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
ETF—Exchange Traded Fund
Sector Allocation | ||||
Sector | Percent of net assets | |||
Financials | 20.4% | |||
Consumer discretionary | 14.2% | |||
Industrials | 11.6% | |||
Health care | 10.5% | |||
Telecommunication services | 10.0% | |||
Consumer staples | 9.2% | |||
Utilities | 6.7% | |||
Materials | 5.1% | |||
Energy | 4.3% | |||
Money market funds | 3.0% | |||
Exchange traded funds | 2.5% | |||
Information technology | 1.9% |
6 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE INTERNATIONAL STOCK FUND (cont’d) | ||||||||
Industry allocation | ||||||||
Industry | Value | Percent of net assets | ||||||
Banks | $2,565,783 | 11.8% | ||||||
Diversified telecommunication services | 1,630,788 | 7.5% | ||||||
Pharmaceuticals | 1,625,669 | 7.5% | ||||||
Automobiles | 1,518,572 | 7.0% | ||||||
Insurance | 1,432,801 | 6.6% | ||||||
Trading companies & distributors | 1,006,815 | 4.6% | ||||||
Auto components | 952,524 | 4.4% | ||||||
Oil, gas & consumable fuels | 938,804 | 4.3% | ||||||
Electric utilities | 813,817 | 3.7% | ||||||
Tobacco | 747,265 | 3.4% | ||||||
Money market funds | 652,941 | 3.0% | ||||||
Wireless telecommunication services | 544,674 | 2.5% | ||||||
Exchange traded funds | 537,556 | 2.5% | ||||||
Food products | 466,869 | 2.1% | ||||||
Airlines | 455,494 | 2.1% | ||||||
Household products | 429,685 | 2.0% | ||||||
Metals & mining | 424,587 | 1.9% | ||||||
Health care providers & services | 394,417 | 1.8% | ||||||
Household durables | 389,477 | 1.8% | ||||||
Multi-utilities | 340,963 | 1.6% | ||||||
Gas utilities | 314,749 | 1.4% | ||||||
Construction & engineering | 285,760 | 1.3% | ||||||
Beverages | 256,158 | 1.2% | ||||||
Industrial conglomerates | �� | 240,378 | 1.1% | |||||
Construction materials | 234,350 | 1.1% | ||||||
Chemicals | 197,290 | 0.9% | ||||||
Aerospace & defense | 191,280 | 0.9% | ||||||
Capital markets | 190,732 | 0.9% | ||||||
IT services | 187,315 | 0.9% | ||||||
Containers & packaging | 174,253 | 0.8% | ||||||
Real estate management & development | 148,147 | 0.7% | ||||||
Life sciences tools & services | 142,079 | 0.6% | ||||||
Hotels restaurants & leisure | 137,057 | 0.6% | ||||||
Real estate investment trusts (REITs) | 113,286 | 0.5% | ||||||
Communications equipment | 107,017 | 0.5% | ||||||
Food & staples retailing | 103,779 | 0.5% | ||||||
Marine | 100,585 | 0.5% | ||||||
Leisure products | 98,727 | 0.4% | ||||||
Semiconductors & semiconductor equipment | 97,655 | 0.4% | ||||||
Building products | 95,686 | 0.4% | ||||||
Paper & forest products | 92,418 | 0.4% | ||||||
Electrical equipment | 85,321 | 0.4% |
Industry allocation | ||||||||
Industry | Value | Percent of net assets | ||||||
Health care technology | $62,472 | 0.3% | ||||||
Machinery | 61,167 | 0.3% | ||||||
Health care equipment & supplies | 55,332 | 0.2% | ||||||
Electronic equipment, instruments & components | 21,630 | 0.1% |
The accompanying notes are an integral part of the financial statements. | 7 |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE INVESTMENT GRADE BOND FUND (cont’d) | ||||||||||
CORPORATE BONDS—54.2% | Principal (in thousands) | Value | ||||||||
Electric—2.1% | ||||||||||
Berkshire Hathaway Energy Co., 2.40%, 02/01/20 | $250 | $255,557 | ||||||||
Exelon Generation Co. LLC, 5.20%, 10/01/19 | 250 | 274,291 | ||||||||
NextEra Energy Capital Holdings, Inc., 2.70%, 09/15/19 | 250 | 255,307 | ||||||||
PSEG Power LLC, 5.13%, 04/15/20 | 210 | 226,875 | ||||||||
Electric utilities—1.1% | ||||||||||
PG&E Corp., 2.40%, 03/01/19 | 250 | 254,572 | ||||||||
The Southern Co., 2.15%, 09/01/19 | 250 | 253,025 | ||||||||
Electronic equipment, instruments & components—0.5% | ||||||||||
Amphenol Corp., 3.13%, 09/15/21 | 250 | 255,465 | ||||||||
Electronics—0.5% | ||||||||||
Tyco Electronics Group S.A., 2.38%, 12/17/18 | 250 | 251,336 | ||||||||
Food—0.6% | ||||||||||
Kraft Heinz Foods Co., 144A, 2.80%, 07/02/20 (a) | 250 | 257,496 | ||||||||
Food products—2.2% | ||||||||||
Ingredion, Inc., 1.80%, 09/25/17 | 250 | 250,808 | ||||||||
Kellogg Co., 3.25%, 04/01/26 | 250 | 256,258 | ||||||||
Mead Johnson Nutrition Co., 3.00%, 11/15/20 | 250 | 258,784 | ||||||||
The J.M. Smucker Co., 2.50%, 03/15/20 | 250 | 255,549 | ||||||||
Gas—0.5% | ||||||||||
Dominion Gas Holdings LLC, 2.50%, 12/15/19 | 250 | 254,656 | ||||||||
Health care equipment & supplies—2.1% | ||||||||||
Becton Dickinson and Co., 2.68%, 12/15/19 | 250 | 256,527 | ||||||||
CareFusion Corp., 6.38%, 08/01/19 | 103 | 115,100 | ||||||||
Edwards Lifesciences Corp., 2.88%, 10/15/18 | 250 | 256,080 | ||||||||
St. Jude Medical, Inc., 2.80%, 09/15/20 | 100 | 102,422 | ||||||||
Zimmer Biomet Holdings, Inc., 2.70%, 04/01/20 | 250 | 254,991 | ||||||||
Health care products—0.6% | ||||||||||
Medtronic, Inc., 3.15%, 03/15/22 | 250 | 266,196 | ||||||||
Health care providers & services—1.6% | ||||||||||
Aetna, Inc., 3.95%, 09/01/20 | 250 | 266,825 | ||||||||
Owens & Minor, Inc., 3.88%, 09/15/21 | 500 | 513,491 | ||||||||
Health care services—1.1% | ||||||||||
Roche Holdings, Inc., 144A, 2.88%, 09/29/21 (a) | 500 | 525,065 | ||||||||
Household durables—0.3% | ||||||||||
Newell Brands, Inc., 2.15%, 10/15/18 | 150 | 151,237 | ||||||||
Insurance—6.0% | ||||||||||
Assurant, Inc., 2.50%, 03/15/18 | 500 | 500,194 | ||||||||
Chubb INA Holdings, Inc., 2.30%, 11/03/20 | 250 | 255,753 | ||||||||
Jackson National Life Global Funding, 144A, 1.88%, 10/15/18 (a) | 250 | 251,656 | ||||||||
Metropolitan Life Global Funding I, 144A, 2.30%, 04/10/19 (a) | 500 | 509,101 | ||||||||
New York Life Global Funding, | ||||||||||
144A, 1.55%, 11/02/18 (a) | 250 | 251,114 | ||||||||
144A, 2.00%, 04/13/21 (a) | 250 | 249,614 | ||||||||
Principal Life Global Funding II, 144A, 1.50%, 04/18/19 (a) | 250 | 249,414 | ||||||||
TIAA Asset Management Finance Co. LLC, 144A, | 335 | 345,880 | ||||||||
Trinity Acquisition PLC, 3.50%, 09/15/21 | 250 | 254,230 | ||||||||
Internet software & services—0.5% | ||||||||||
Tencent Holdings Ltd., 144A, 2.88%, 02/11/20 (a) | 250 | 254,846 | ||||||||
IT services—3.6% | ||||||||||
Automatic Data Processing, Inc., 3.38%, 09/15/25 | 250 | 268,672 | ||||||||
Broadridge Financial Solutions, Inc., 3.95%, 09/01/20 | 250 | 264,077 | ||||||||
Fidelity National Information Services, Inc., 2.85%, 10/15/18 | 250 | 255,085 |
CORPORATE BONDS—54.2% | Principal (in thousands) | Value | ||||||||
IT services (cont’d) | ||||||||||
Fiserv, Inc., 4.63%, 10/01/20 | $100 | $107,944 | ||||||||
International Business Machines Corp., 3.45%, 02/19/26 | 250 | 264,569 | ||||||||
Total System Services, Inc., 2.38%, 06/01/18 | 300 | 300,162 | ||||||||
Visa, Inc., 3.15%, 12/14/25 | 250 | 261,922 | ||||||||
Life sciences tools & services—0.5% | ||||||||||
Thermo Fisher Scientific, Inc., 3.00%, 04/15/23 | 250 | 253,669 | ||||||||
Media—1.7% | ||||||||||
Scripps Networks Interactive, Inc., 2.80%, 06/15/20 | 250 | 252,771 | ||||||||
Sky PLC, 144A, 9.50%, 11/15/18 (a) | 205 | 241,612 | ||||||||
The Interpublic Group of Cos., Inc., 4.20%, 04/15/24 | 291 | 304,688 | ||||||||
Multi-utilities—0.2% | ||||||||||
CenterPoint Energy, Inc., 6.50%, 05/01/18 | 100 | 108,347 | ||||||||
Oil & gas—0.2% | ||||||||||
ConocoPhillips Co., 4.20%, 03/15/21 | 100 | 106,865 | ||||||||
Oil & gas services—0.6% | ||||||||||
Schlumberger Holdings Corp., 144A, 3.00%, 12/21/20 (a) | 250 | 256,915 | ||||||||
Oil, gas & consumable fuels—1.9% | ||||||||||
HollyFontier Corp., 5.88%, 04/01/26 | 250 | 254,652 | ||||||||
Kinder Morgan Energy Partners LP, 2.65%, 02/01/19 | 250 | 247,556 | ||||||||
Magellan Midstream Partners LP, 6.55%, 07/15/19 | 250 | 279,497 | ||||||||
ONEOK Partners LP, 3.80%, 03/15/20 | 100 | 100,375 | ||||||||
Pharmaceuticals—1.5% | ||||||||||
Allergan, Inc., 3.38%, 09/15/20 | 200 | 207,012 | ||||||||
Bayer US Finance LLC, 144A, 3.00%, 10/08/21 (a) | 500 | 523,872 | ||||||||
Pipelines—0.6% | ||||||||||
Enterprise Products Operating LLC, 4.05%, 02/15/22 | 250 | 262,727 | ||||||||
Professional services—0.8% | ||||||||||
The Dun & Bradstreet Corp., 4.00%, 06/15/20 | 100 | 100,068 | ||||||||
Verisk Analytics, Inc., 5.80%, 05/01/21 | 250 | 285,034 | ||||||||
Real estate investment trusts (REITs)—0.4% | ||||||||||
American Tower Corp., 3.30%, 02/15/21 | 100 | 103,103 | ||||||||
Simon Property Group LP, 2.50%, 07/15/21 | 100 | 102,933 | ||||||||
Road & rail—0.3% | ||||||||||
Ryder System, Inc., 2.65%, 03/02/20 | 150 | 150,371 | ||||||||
Semiconductors & semiconductor equipment—1.1% | ||||||||||
Intel Corp., 3.70%, 07/29/25 | 250 | 275,331 | ||||||||
KLA-Tencor Corp., 3.38%, 11/01/19 | 250 | 257,073 | ||||||||
Software—2.2% | ||||||||||
Electronic Arts, Inc., 3.70%, 03/01/21 | 250 | 261,681 | ||||||||
Intuit, Inc., 5.75%, 03/15/17 | 250 | 259,469 | ||||||||
Microsoft Corp., 3.63%, 12/15/23 | 250 | 274,179 | ||||||||
Oracle Corp., 2.50%, 10/15/22 | 250 | 255,374 | ||||||||
Specialty retail—1.1% | ||||||||||
AutoNation, Inc., 6.75%, 04/15/18 | 250 | 268,611 | ||||||||
The Home Depot, Inc., 2.00%, 04/01/21 | 250 | 252,753 | ||||||||
Technology hardware, storage & peripherals—1.1% | ||||||||||
Hewlett Packard Enterprise Co., 144A, 2.45%, 10/05/17 (a) | 250 | 252,815 | ||||||||
NetApp, Inc., 3.38%, 06/15/21 | 250 | 260,666 | ||||||||
Tobacco—0.5% | ||||||||||
Philip Morris International, Inc., 1.88%, 02/25/21 | 250 | 250,808 | ||||||||
Trading companies & distributors—0.5% | ||||||||||
Air Lease Corp., 2.63%, 09/04/18 | 250 | 248,125 | ||||||||
Total corporate bonds (cost $25,325,126) | 25,816,547 |
8 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE INVESTMENT GRADE BOND FUND (cont’d) | ||||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—24.3% | Principal (in thousands) | Value | ||||||||
Asset-backed securities—4.2% | ||||||||||
Ford Credit Auto Owner Trust, | $1,000 | $1,004,923 | ||||||||
Hyundai Auto Receivables Trust, | 1,000 | 997,628 | ||||||||
Federal agency mortgage-backed obligations—20.1% | ||||||||||
Fannie Mae Pool, | ||||||||||
Series 0323, Class AS, 2.50%, 08/01/23 | 458 | 470,951 | ||||||||
Series 0798, Class AK, 3.50%, 01/01/27 | 435 | 460,749 | ||||||||
Series 1895, Class MA, 2.50%, 05/01/24 | 398 | 409,699 | ||||||||
Series 1935, Class MA, 3.00%, 06/01/24 | 376 | 393,523 | ||||||||
Series 2020, Class MA, 2.50%, 09/01/24 | 396 | 407,718 | ||||||||
Series 2126, Class MA, 3.50%, 12/01/24 | 575 | 608,832 | ||||||||
Series 2154, Class MA, 3.00%, 01/01/25 | 454 | 475,721 | ||||||||
Series 2185, Class MA, 3.00%, 02/01/25 | 397 | 416,345 | ||||||||
Series 2233, Class MA, 2.50%, 04/01/25 | 419 | 431,895 | ||||||||
Series 2239, Class MA, 3.00%, 04/01/25 | 828 | 867,650 | ||||||||
Freddie Mac Gold Pool, | ||||||||||
Series 13368, Class G, 6.00%, 11/01/23 | 431 | 466,043 | ||||||||
Series 18509, Class G, 3.50%, 04/01/29 | 517 | 547,938 | ||||||||
Series 18513, Class G, 3.50%, 05/01/29 | 302 | 320,151 | ||||||||
Series 18519, Class G, 3.50%, 07/01/29 | 933 | 988,965 | ||||||||
Series 18592, Class G, 3.00%, 03/01/31 | 597 | 624,902 | ||||||||
Series 18597, Class G, 3.50%, 04/01/31 | 750 | 795,317 | ||||||||
Ginnie Mae I Pool, Series 783112, 5.50%, 09/15/22 | 329 | 349,375 | ||||||||
Ginnie Mae II Pool, Series 5107, 4.00%, 07/20/26 | 500 | 522,947 | ||||||||
Total mortgage and asset-backed securities (cost $11,498,933) | 11,561,272 | |||||||||
FOREIGN GOVERNMENT BONDS—0.3% | ||||||||||
Province of Alberta Canada, 144A, 1.75%, 08/26/20 (a) | 150 | 151,031 | ||||||||
Total foreign government bonds (cost $149,309) | 151,031 | |||||||||
U.S. TREASURIES—10.3% | ||||||||||
U.S. Treasury Notes, | ||||||||||
2.13%, 09/30/21 | 1,100 | 1,142,282 | ||||||||
2.63%, 04/30/18 | 1,000 | 1,036,719 | ||||||||
2.75%, 11/15/23 | 1,000 | 1,078,906 | ||||||||
3.63%, 02/15/21 | 1,500 | 1,662,656 | ||||||||
Total U.S. Treasuries (cost $4,791,552) | 4,920,563 | |||||||||
U.S. GOVERNMENT AGENCY SECURITIES—5.3% | ||||||||||
Federal Farm Credit Banks, | ||||||||||
0.75%, 04/18/18 | 500 | 499,090 | ||||||||
1.15%, 10/10/17 | 1,000 | 1,005,373 | ||||||||
Private Export Funding Corp., Series CC, 2.25%, 12/15/17 | 1,000 | 1,020,875 | ||||||||
Total U.S. Government Agencies (cost $2,503,452) | 2,525,338 | |||||||||
SUPRANATIONAL BANKS—3.2% | ||||||||||
Inter-American Development Bank, | ||||||||||
1.75%, 10/15/19 | 1,000 | 1,015,006 | ||||||||
1.88%, 06/16/20 | 500 | 509,782 | ||||||||
Total supranational banks (cost $1,495,090) | 1,524,788 |
MONEY MARKET FUNDS—4.0% | Shares | Value | ||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares, 0.23% # | 1,914,740 | $1,914,740 | ||||||||
Total money market funds (cost $1,914,740) | 1,914,740 | |||||||||
Total investment portfolio (cost $47,678,202)—101.6% ‡ | 48,414,279 | |||||||||
Liabilities in excess of other assets—(1.6)% | (754,342 | ) | ||||||||
Total net assets—100.0% | $47,659,937 |
(a) Restricted securities deemed to be liquid for purpose of compliance limitations on holdings of illiquid securities. At April 30, 2016, these securities aggregated $5,025,875 or 10.5% of the net assets of the Fund.
# Annualized seven-day yield as of April 30, 2016.
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $47,678,202. Net unrealized appreciation (depreciation) on a tax-basis was $736,077, including aggregate gross unrealized appreciation and depreciation of $748,309 and $(12,232), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
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.
Credit quality breakdown* | ||||
Rating | Percent of net assets | |||
AAA/Aaa | 45.3% | |||
AA/Aa | 8.1% | |||
A/A | 19.8% | |||
BBB/Baa | 24.4% | |||
Not rated | 0.0% |
* The table depicts the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s® (“S&P”), Moody’s Investors Service (“Moody’s”), and Fitch Ratings Inc. (“Fitch”), each of which is a widely used independent nationally recognized statistical rating organization (“NRSRO”). NRSRO ratings are shown because they provide an independent analysis of the credit quality of the Fund’s investments. These credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category. Securities may be rated by other NRSROs and these ratings may be higher or lower. When ratings from multiple agencies are available, the highest is used, consistent with the Fund’s portfolio investment process. Credit quality ratings are subject to change without notice. For more information on S&P’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research & Ratings on the homepage. For more information on Fitch’s rating methodology, please visit fitchratings.com and select “Ratings Definitions” at the bottom of the homepage. Eagle Asset Management, Inc. (“Manager”) also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Manager considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure-specific characteristics. Any securities that are not rated by S&P, Moody’s, or Fitch appear in the table as “Not rated.” However, these securities are analyzed and monitored by the Manager on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government are not rated, but are treated by the Fund, and reflected in the table above, as being rated AAA and Aaa for credit quality purposes.
The accompanying notes are an integral part of the financial statements. | 9 |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
COMMON STOCKS—96.8% | Shares | Value | ||||||||
Health care providers & services (cont’d) | ||||||||||
Universal Health Services, Inc., Class B | 89,436 | $11,955,804 | ||||||||
VCA, Inc.* | 195,143 | 12,288,155 | ||||||||
Health care technology—0.5% | ||||||||||
Cerner Corp.* | 123,830 | 6,951,816 | ||||||||
Hotels, restaurants & leisure—5.0% | ||||||||||
Chipotle Mexican Grill, Inc.* | 25,655 | 10,799,985 | ||||||||
Dominos Pizza, Inc. | 97,381 | 11,771,415 | ||||||||
Royal Caribbean Cruises Ltd. | 375,140 | 29,035,836 | ||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 182,988 | 14,983,058 | ||||||||
Household durables—3.1% | ||||||||||
Harman International Industries, Inc. | 308,949 | 23,714,925 | ||||||||
Lennar Corp., Class A | 391,750 | 17,750,193 | ||||||||
Household products—1.8% | ||||||||||
Church & Dwight Co., Inc. | 264,610 | 24,529,347 | ||||||||
Internet & catalog retail—2.5% | ||||||||||
Liberty Interactive Corp. QVC Group, Class A* | 966,079 | 25,311,270 | ||||||||
TripAdvisor, Inc.* | 125,148 | 8,083,309 | ||||||||
Internet software & services—2.0% | ||||||||||
CoStar Group, Inc.* | 38,940 | 7,683,251 | ||||||||
LinkedIn Corp., Class A* | 116,324 | 14,576,560 | ||||||||
Twitter, Inc.* | 318,817 | 4,661,105 | ||||||||
IT services—2.1% | ||||||||||
FleetCor Technologies, Inc.* | 52,050 | 8,051,094 | ||||||||
Gartner, Inc.* | 74,145 | 6,463,219 | ||||||||
Sabre Corp. | 456,187 | 13,206,614 | ||||||||
Leisure products—1.0% | ||||||||||
Brunswick Corp. | 286,335 | 13,752,670 | ||||||||
Life sciences tools & services—1.0% | ||||||||||
Quintiles Transnational Holdings, Inc.* | 191,201 | 13,206,253 | ||||||||
Machinery—1.5% | ||||||||||
The Middleby Corp.* | 93,406 | 10,241,034 | ||||||||
WABCO Holdings, Inc.* | 92,093 | 10,329,151 | ||||||||
Media—2.8% | ||||||||||
Lions Gate Entertainment Corp. | 421,990 | 9,368,178 | ||||||||
Sirius XM Holdings, Inc.* | 7,119,229 | 28,120,955 | ||||||||
Multiline retail—1.2% | ||||||||||
Dollar Tree, Inc.* | 98,086 | 7,818,435 | ||||||||
Macy’s, Inc. | 210,273 | 8,324,708 | ||||||||
Oil, gas & consumable fuels—2.7% | ||||||||||
Diamondback Energy, Inc.* | 237,640 | 20,574,871 | ||||||||
RSP Permian, Inc.* | 497,236 | 15,220,394 | ||||||||
Professional services—2.2% | ||||||||||
IHS, Inc., Class A* | 131,566 | 16,206,300 | ||||||||
Verisk Analytics, Inc.* | 169,493 | 13,149,267 | ||||||||
Real estate investment trusts (REITs)—3.4% | ||||||||||
Brixmor Property Group, Inc. | 670,356 | 16,926,489 | ||||||||
Crown Castle International Corp. | 186,171 | 16,174,536 | ||||||||
Equity Residential | 175,152 | 11,922,597 | ||||||||
Road & rail—0.6% | ||||||||||
Old Dominion Freight Line, Inc.* | 129,111 | 8,527,782 | ||||||||
Semiconductors & semiconductor equipment—3.3% | ||||||||||
Cavium, Inc.* | 111,904 | 5,524,700 | ||||||||
Microchip Technology, Inc. | 359,074 | 17,447,406 | ||||||||
NVIDIA Corp. | 264,379 | 9,393,386 | ||||||||
Skyworks Solutions, Inc. | 167,845 | 11,215,403 |
10 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE MID CAP GROWTH FUND (cont’d) | ||||||||||
COMMON STOCKS—96.8% | Shares | Value | ||||||||
Software—7.5% | ||||||||||
ANSYS, Inc.* | 146,020 | $13,254,235 | ||||||||
Autodesk, Inc.* | 230,722 | 13,801,790 | ||||||||
Cadence Design Systems, Inc.* | 527,835 | 12,240,494 | ||||||||
Electronic Arts, Inc.* | 149,000 | 9,215,650 | ||||||||
Mobileye N.V.* | 211,646 | 8,074,295 | ||||||||
ServiceNow, Inc.* | 122,880 | 8,783,462 | ||||||||
Splunk, Inc.* | 199,016 | 10,344,852 | ||||||||
Synopsys, Inc.* | 213,577 | 10,149,179 | ||||||||
Tableau Software, Inc., Class A* | 116,217 | 6,008,419 | ||||||||
The Ultimate Software Group, Inc.* | 39,102 | 7,687,062 | ||||||||
Specialty retail—7.2% | ||||||||||
American Eagle Outfitters, Inc. | 614,628 | 8,795,327 | ||||||||
AutoZone, Inc.* | 17,675 | 13,525,440 | ||||||||
Burlington Stores, Inc.* | 173,370 | 9,876,889 | ||||||||
O’Reilly Automotive, Inc.* | 60,492 | 15,890,039 | ||||||||
Sally Beauty Holdings, Inc.* | 576,819 | 18,112,117 | ||||||||
Tractor Supply Co. | 247,732 | 23,450,311 | ||||||||
Ulta Salon, Cosmetics & Fragrance, Inc.* | 32,191 | 6,704,741 | ||||||||
Textiles, apparel & luxury goods—0.4% | ||||||||||
Lululemon Athletica, Inc.* | 70,882 | 4,646,315 | ||||||||
Trading companies & distributors—2.2% | ||||||||||
AerCap Holdings N.V.* | 277,997 | 11,122,660 | ||||||||
HD Supply Holdings, Inc.* | 517,334 | 17,734,209 | ||||||||
Total common stocks (cost $1,096,342,854) | 1,291,202,193 | |||||||||
MONEY MARKET FUNDS—1.7% | ||||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares, 0.23% # | 23,093,786 | 23,093,786 | ||||||||
Total money market funds (cost $23,093,786) | 23,093,786 | |||||||||
Total investment portfolio (cost $1,119,436,640)—98.5% ‡ | 1,314,295,979 | |||||||||
Other Assets in Excess of Liabilities—1.5% |
| 20,560,646 | ||||||||
Total net assets—100.0% | $1,334,856,625 |
* Non-income producing security
# Annualized seven-day yield as of April 30, 2016
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $1,122,636,023. Net unrealized appreciation (depreciation) on a tax-basis was $191,659,956, including aggregate gross unrealized appreciation and depreciation of $241,993,719 and $(50,333,763), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
Sector allocation | ||||
Sector | Percent of net assets | |||
Consumer discretionary | 23.2% | |||
Industrials | 18.9% | |||
Information technology | 17.2% | |||
Health care | 13.6% | |||
Financials | 8.9% | |||
Consumer staples | 7.3% | |||
Materials | 3.3% | |||
Energy | 2.7% | |||
Money market funds | 1.7% | |||
Telecommunication services | 1.7% |
The accompanying notes are an integral part of the financial statements. | 11 |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
COMMON STOCKS—96.8% | Shares | Value | ||||||||
Semiconductors & semiconductor equipment—2.8% | ||||||||||
Microchip Technology, Inc. | 82,653 | $4,016,109 | ||||||||
Skyworks Solutions, Inc. | 57,427 | 3,837,272 | ||||||||
Software—7.1% | ||||||||||
ANSYS, Inc.* | 50,864 | 4,616,925 | ||||||||
Manhattan Associates, Inc.* | 47,297 | 2,863,361 | ||||||||
NICE- Systems Ltd., Sponsored ADR | 66,807 | 4,265,627 | ||||||||
Nuance Communications, Inc.* | 95,991 | 1,649,125 | ||||||||
Qlik Technologies, Inc.* | 113,327 | 3,489,338 | ||||||||
The Ultimate Software Group, Inc.* | 13,490 | 2,651,999 | ||||||||
Specialty retail—3.9% | ||||||||||
Foot Locker, Inc. | 28,944 | 1,778,320 | ||||||||
Tractor Supply Co. | 53,505 | 5,064,783 | ||||||||
Ulta Salon, Cosmetics & Fragrance, Inc.* | 19,989 | 4,163,309 | ||||||||
Textiles, apparel & luxury goods—2.4% | ||||||||||
Hanesbrands, Inc. | 143,346 | 4,161,334 | ||||||||
PVH Corp. | 25,726 | 2,459,406 | ||||||||
Trading companies & distributors—0.9% | ||||||||||
Fastenal Co. | 51,070 | 2,389,565 | ||||||||
Total common stocks (cost $216,943,326) | 268,046,559 | |||||||||
MONEY MARKET FUNDS—2.9% | ||||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares, 0.23%# | 8,159,537 | 8,159,537 | ||||||||
Total money market funds (cost $8,159,537) | 8,159,537 | |||||||||
Total investment portfolio (cost $225,102,863)—99.7% ‡ | 276,206,096 | |||||||||
Other assets in excess of liabilities—0.3% | 849,649 | |||||||||
Total net assets—100.0% | $277,055,745 |
* Non-income producing security
# Annualized seven-day yield as of April 30, 2016.
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $226,502,969. Net unrealized appreciation (depreciation) on a tax-basis was $49,703,127, including aggregate gross unrealized appreciation and depreciation of $58,072,403 and $(8,369,276), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
ADR—American depository receipt
Sector allocation | ||||
Sector | Percent of net assets | |||
Information technology | 17.1% | |||
Financials | 16.8% | |||
Consumer discretionary | 16.0% | |||
Industrials | 14.8% | |||
Health care | 14.3% | |||
Consumer staples | 6.4% | |||
Materials | 5.4% | |||
Energy | 5.1% | |||
Money market funds | 2.9% | |||
Utilities | 0.9% |
12 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
COMMON STOCKS—99.2% | Shares | Value | ||||||||
Food & staples retailing—0.9% | ||||||||||
Casey’s General Stores, Inc. | 293,637 | $32,887,344 | ||||||||
Food products—2.4% | ||||||||||
Pinnacle Foods, Inc. | 493,988 | 21,038,949 | ||||||||
The Hain Celestial Group, Inc.* | 744,708 | 31,173,477 | ||||||||
The WhiteWave Foods Co.* | 952,612 | 38,304,528 | ||||||||
Health care equipment & supplies—6.3% | ||||||||||
Abiomed, Inc.* | 476,004 | 46,239,029 | ||||||||
Natus Medical, Inc.* | 1,439,443 | 45,875,048 | ||||||||
NuVasive, Inc.* | 590,328 | 31,251,964 | ||||||||
STERIS PLC | 548,771 | 38,781,647 | ||||||||
West Pharmaceutical Services, Inc. | 632,499 | 45,033,929 | ||||||||
ZELTIQ Aesthetics, Inc.* | 984,983 | 29,450,992 | ||||||||
Health care providers & services—5.1% | ||||||||||
Acadia Healthcare Co., Inc.* | 465,862 | 29,437,820 | ||||||||
Adeptus Health, Inc., Class A* | 401,508 | 27,350,725 | ||||||||
Air Methods Corp.* | 919,316 | 33,996,306 | ||||||||
Centene Corp.* | 964,442 | 59,756,826 | ||||||||
HealthSouth Corp. | 518,642 | 21,502,897 | ||||||||
Team Health Holdings, Inc.* | 448,495 | 18,760,546 | ||||||||
Health care technology—0.9% | ||||||||||
HMS Holdings Corp.* | 2,047,943 | 34,589,757 | ||||||||
Hotels restaurants & leisure—4.2% | ||||||||||
Buffalo Wild Wings, Inc.* | 146,359 | 19,562,344 | ||||||||
Chuy’s Holdings, Inc.* | 840,467 | 25,667,862 | ||||||||
Cracker Barrel Old Country Store, Inc. | 192,336 | 28,159,914 | ||||||||
Dominos Pizza, Inc. | 368,044 | 44,489,159 | ||||||||
Intrawest Resorts Holdings, Inc.* | 1,685,772 | 14,565,070 | ||||||||
Jack in the Box, Inc. | 405,943 | 27,421,450 | ||||||||
Household durables—2.5% | ||||||||||
Universal Electronics, Inc.* | 1,401,052 | 93,043,863 | ||||||||
Insurance—1.5% | ||||||||||
Enstar Group Ltd.* | 192,849 | 30,554,995 | ||||||||
ProAssurance Corp. | 526,745 | 25,141,539 | ||||||||
Internet & catalog retail—1.8% | ||||||||||
Expedia, Inc. | 66,375 | 7,684,234 | ||||||||
HSN, Inc. | 408,795 | 21,678,399 | ||||||||
Nutrisystem, Inc. | 1,762,897 | 38,818,992 | ||||||||
Internet software & services—2.2% | ||||||||||
Cornerstone OnDemand, Inc.* | 716,443 | 24,609,817 | ||||||||
Demandware, Inc.* | 357,700 | 16,482,816 | ||||||||
WebMD Health Corp.* | 420,191 | 26,362,783 | ||||||||
Zillow Group, Inc., Class A* | 188,196 | 4,708,664 | ||||||||
Zillow Group, Inc., Class C* | 376,392 | 9,048,464 | ||||||||
IT services—0.1% | ||||||||||
Everi Holdings, Inc.* | 2,814,421 | 4,728,227 | ||||||||
Leisure products—1.0% | ||||||||||
Brunswick Corp. | 795,010 | 38,184,330 | ||||||||
Life sciences tools & services—1.4% | ||||||||||
PAREXEL International Corp.* | 446,813 | 27,300,274 | ||||||||
PRA Health Sciences, Inc.* | 549,784 | 26,087,251 | ||||||||
Machinery—2.5% | ||||||||||
Colfax Corp.* | 410,926 | 13,326,330 | ||||||||
Proto Labs, Inc.* | 213,615 | 12,780,586 | ||||||||
WABCO Holdings, Inc.* | 402,720 | 45,169,075 | ||||||||
Woodward, Inc. | 392,322 | 21,267,776 |
The accompanying notes are an integral part of the financial statements. | 13 |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE SMALL CAP GROWTH FUND (cont’d) | ||||||||||
COMMON STOCKS—99.2% | Shares | Value | ||||||||
Oil, gas & consumable fuels—2.1% | ||||||||||
Diamondback Energy, Inc.* | 330,900 | $28,649,322 | ||||||||
RSP Permian, Inc.* | 1,612,345 | 49,353,880 | ||||||||
Pharmaceuticals—2.3% | ||||||||||
Dermira, Inc.* | 854,147 | 21,601,378 | ||||||||
Prestige Brands Holdings, Inc.* | 863,476 | 49,028,167 | ||||||||
The Medicines Co.* | 489,615 | 17,425,398 | ||||||||
Professional services—0.4% | ||||||||||
The Advisory Board Co.* | 456,040 | 14,429,106 | ||||||||
Real estate investment trusts (REITs)—3.2% | ||||||||||
CubeSmart | 1,089,817 | 32,269,481 | ||||||||
Equity One, Inc. | 817,505 | 23,135,392 | ||||||||
Seritage Growth Properties, Class A | 460,370 | 24,569,947 | ||||||||
The GEO Group, Inc. | 1,283,247 | 41,102,401 | ||||||||
Road & rail—1.0% | ||||||||||
Landstar System, Inc. | 570,617 | 37,403,944 | ||||||||
Semiconductors & semiconductor equipment—2.6% | ||||||||||
Cavium, Inc.* | 1,014,448 | 50,083,298 | ||||||||
Teradyne, Inc. | 886,438 | 16,762,543 | ||||||||
Veeco Instruments, Inc.* | 1,594,162 | 29,348,522 | ||||||||
Software—12.1% | ||||||||||
ANSYS, Inc.* | 359,070 | 32,592,784 | ||||||||
Aspen Technology, Inc.* | 565,366 | 21,500,869 | ||||||||
Ellie Mae, Inc.* | 17,763 | 1,484,987 | ||||||||
Fortinet, Inc.* | 928,499 | 30,185,502 | ||||||||
Guidewire Software, Inc.* | 535,436 | 30,503,789 | ||||||||
Imperva, Inc.* | 666,029 | 30,957,028 | ||||||||
Manhattan Associates, Inc.* | 611,746 | 37,035,103 | ||||||||
Proofpoint, Inc.* | 1,132,558 | 65,982,829 | ||||||||
PTC, Inc.* | 1,511,888 | 55,123,436 | ||||||||
Qualys, Inc.* | 903,440 | 22,748,619 | ||||||||
RealPage, Inc.* | 1,102,340 | 24,240,457 | ||||||||
The Ultimate Software Group, Inc.* | 391,923 | 77,048,143 | ||||||||
Tyler Technologies, Inc.* | 176,531 | 25,845,904 | ||||||||
Specialty retail—5.7% | ||||||||||
Burlington Stores, Inc.* | 940,195 | 53,562,909 | ||||||||
Genesco, Inc.* | 1,632,729 | 112,952,192 | ||||||||
MarineMax, Inc.* | 118,170 | 2,246,412 | ||||||||
Sportsman’s Warehouse Holdings, Inc.* | 425,000 | 4,836,500 | ||||||||
Vitamin Shoppe, Inc.* | 1,474,434 | 40,355,259 | ||||||||
Technology hardware, storage & peripherals—0.5% | ||||||||||
Electronics For Imaging, Inc.* | 456,080 | 18,170,227 | ||||||||
Textiles, apparel & luxury goods—2.5% | ||||||||||
Steven Madden Ltd.* | 1,404,258 | 49,163,073 | ||||||||
Tumi Holdings, Inc.* | 1,660,150 | 44,292,802 | ||||||||
Thrifts & mortgage finance—0.5% | ||||||||||
MGIC Investment Corp.* | 2,656,111 | 19,203,683 | ||||||||
Trading companies & distributors—0.9% | ||||||||||
Air Lease Corp. | 658,930 | 20,084,186 | ||||||||
H&E Equipment Services, Inc. | 605,641 | 12,252,118 | ||||||||
Total common stocks (cost $2,956,044,473) | 3,729,279,757 | |||||||||
CONTINGENT VALUE RIGHTS—0.0% | ||||||||||
Biotechnology—0.0% | ||||||||||
Dyax Corp.* (a) | 303,243 | 242,594 | ||||||||
Total contingent value rights (cost $142,782) | 242,594 |
MONEY MARKET FUNDS—0.4% | Shares | Value | ||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares, 0.23%# | 16,370,890 | $16,370,890 | ||||||||
Total money market funds (cost $16,370,890) | 16,370,890 | |||||||||
Total investment portfolio (cost $2,972,558,145)—99.6% ‡ | 3,745,893,241 | |||||||||
Other Assets in Excess of Liabilities—0.4% | 15,825,822 | |||||||||
Total net assets—100.0% | $3,761,719,063 |
(a) Security is fair valued as determined in good faith in accordance with the Pricing and Valuation Procedures approved by the Board of Trustees. The security is also illiquid and may not be sold by the Fund. As of April 30, 2016, the total market value of fair valued and illiquid securities held by the Fund is $242,594, representing less than 0.01% of the Fund’s net assets.
* Non-income producing security
# Annualized seven-day yield as of April 30, 2016.
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $2,991,732,228. Net unrealized appreciation (depreciation) on a tax-basis was $754,161,013, including aggregate gross unrealized appreciation and depreciation of $976,486,154 and $(222,325,141), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
Sector allocation | ||||
Sector | Percent of net assets | |||
Health care | 24.2% | |||
Information technology | 21.8% | |||
Consumer discretionary | 20.1% | |||
Industrials | 14.5% | |||
Financials | 8.1% | |||
Materials | 4.9% | |||
Consumer staples | 3.3% | |||
Energy | 2.3% | |||
Money market funds | 0.4% |
14 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE SMALLER COMPANY FUND (cont’d) | ||||||||||
COMMON STOCKS—96.3% | Shares | Value | ||||||||
Banks (cont’d) | ||||||||||
Talmer Bancorp, Inc., Class A | 25,094 | $486,824 | ||||||||
Texas Capital Bancshares, Inc.* | 5,587 | 255,996 | ||||||||
Western Alliance Bancorporation* | 13,357 | 488,599 | ||||||||
Building products—1.0% | ||||||||||
A.O. Smith Corp. | 5,901 | 455,675 | ||||||||
Capital markets—3.0% | ||||||||||
Evercore Partners, Inc., Class A | 9,199 | 475,037 | ||||||||
Financial Engines, Inc. | 11,801 | 380,110 | ||||||||
HFF, Inc., Class A | 17,445 | 555,274 | ||||||||
Chemicals—3.0% | ||||||||||
Albemarle Corp. | 7,392 | 489,055 | ||||||||
Balchem Corp. | 9,922 | 608,814 | ||||||||
Innospec, Inc. | 6,468 | 312,792 | ||||||||
Commercial services & supplies—2.2% | ||||||||||
Healthcare Services Group, Inc. | 16,041 | 607,152 | ||||||||
Ritchie Bros Auctioneers, Inc. | 14,670 | 420,882 | ||||||||
Communications equipment—0.7% | ||||||||||
Plantronics, Inc. | 8,582 | 329,978 | ||||||||
Construction & engineering—0.9% | ||||||||||
Primoris Services Corp. | 18,121 | 423,850 | ||||||||
Consumer finance—1.1% | ||||||||||
PRA Group, Inc.* | 16,172 | 536,587 | ||||||||
Containers & packaging—2.0% | ||||||||||
AptarGroup, Inc. | 5,914 | 449,464 | ||||||||
Berry Plastics Group, Inc.* | 13,056 | 470,277 | ||||||||
Diversified consumer services—1.0% | ||||||||||
Bright Horizons Family Solutions, Inc.* | 7,153 | 469,380 | ||||||||
Diversified financial services—0.9% | ||||||||||
NASDAQ, Inc. | 7,120 | 439,375 | ||||||||
Electric utilities—1.2% | ||||||||||
ALLETE, Inc. | 10,005 | 562,181 | ||||||||
Electronic equipment, instruments & components—2.3% | ||||||||||
Cognex Corp. | 15,426 | 548,086 | ||||||||
FLIR Systems, Inc. | 18,302 | 552,903 | ||||||||
Energy equipment & services—0.7% | ||||||||||
Core Laboratories N.V. | 2,636 | 352,328 | ||||||||
Food & staples retailing—1.3% | ||||||||||
Casey’s General Stores, Inc. | 5,610 | 628,320 | ||||||||
Food products—2.5% | ||||||||||
J&J Snack Foods Corp. | 4,340 | 438,904 | ||||||||
TreeHouse Foods, Inc.* | 8,365 | 739,466 | ||||||||
Health care equipment & supplies—7.2% | ||||||||||
Globus Medical, Inc., Class A* | 16,973 | 425,004 | ||||||||
ICU Medical, Inc.* | 4,534 | 450,408 | ||||||||
Integra LifeSciences Holdings Corp.* | 8,564 | 606,502 | ||||||||
NuVasive, Inc.* | 8,238 | 436,120 | ||||||||
STERIS PLC | 7,611 | 537,869 | ||||||||
Teleflex, Inc. | 3,460 | 538,999 | ||||||||
West Pharmaceutical Services, Inc. | 5,610 | 399,432 | ||||||||
Health care providers & services—3.2% | ||||||||||
Acadia Healthcare Co., Inc.* | 4,998 | 315,824 | ||||||||
Centene Corp.* | 8,343 | 516,932 | ||||||||
MEDNAX, Inc.* | 5,713 | 407,280 | ||||||||
VCA, Inc.* | 4,128 | 259,940 |
COMMON STOCKS—96.3% | Shares | Value | ||||||||
Health care technology—0.9% | ||||||||||
Omnicell, Inc.* | 13,105 | $417,525 | ||||||||
Hotels restaurants & leisure—3.5% | ||||||||||
Bloomin’ Brands, Inc. | 27,966 | 522,964 | ||||||||
Popeyes Louisiana Kitchen, Inc.* | 10,431 | 560,771 | ||||||||
Texas Roadhouse, Inc. | 13,935 | 567,433 | ||||||||
Household durables—0.8% | ||||||||||
Helen Of Troy Ltd.* | 3,864 | 384,584 | ||||||||
Household products—0.9% | ||||||||||
Spectrum Brands Holdings, Inc. | 3,821 | 434,066 | ||||||||
Insurance—2.9% | ||||||||||
AMERISAFE, Inc. | 8,814 | 474,898 | ||||||||
James River Group Holdings Ltd. | 13,298 | 411,706 | ||||||||
Reinsurance Group of America, Inc. | 5,203 | 495,430 | ||||||||
Internet software & services—1.5% | ||||||||||
j2 Global, Inc. | 4,407 | 279,933 | ||||||||
SPS Commerce, Inc.* | 8,744 | 445,332 | ||||||||
IT services—1.4% | ||||||||||
Gartner, Inc.* | 4,092 | 356,700 | ||||||||
NeuStar, Inc., Class A* | 13,115 | 308,071 | ||||||||
Life sciences tools & services—2.1% | ||||||||||
Bio-Rad Laboratories, Inc., Class A* | 4,039 | 572,932 | ||||||||
Bio-Techne Corp. | 4,232 | 394,338 | ||||||||
Machinery—5.5% | ||||||||||
CLARCOR, Inc. | 7,167 | 421,204 | ||||||||
Graco, Inc. | 5,918 | 463,912 | ||||||||
IDEX Corp. | 4,690 | 384,111 | ||||||||
Proto Labs, Inc.* | 7,937 | 474,871 | ||||||||
The Middleby Corp.* | 4,195 | 459,940 | ||||||||
The Toro Co. | 4,666 | 403,376 | ||||||||
Media—2.0% | ||||||||||
Gray Television, Inc.* | 33,809 | 434,446 | ||||||||
MDC Partners, Inc., Class A | 24,940 | 504,785 | ||||||||
Metals & mining—2.0% | ||||||||||
Reliance Steel & Aluminum Co. | 4,647 | 343,739 | ||||||||
Steel Dynamics, Inc. | 24,165 | 609,200 | ||||||||
Multiline retail—0.1% | ||||||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 1,639 | 43,352 | ||||||||
Oil, gas & consumable fuels—1.3% | ||||||||||
Carrizo Oil & Gas, Inc.* | 8,581 | 303,510 | ||||||||
Diamondback Energy, Inc.* | 3,340 | 289,177 | ||||||||
Pharmaceuticals—1.4% | ||||||||||
Catalent, Inc.* | 13,404 | 395,820 | ||||||||
Prestige Brands Holdings, Inc.* | 4,606 | 261,529 | ||||||||
Professional services—1.1% | ||||||||||
WageWorks, Inc.* | 9,781 | 526,805 | ||||||||
Real estate investment trusts (REITs)—4.8% | ||||||||||
American Assets Trust, Inc. | 13,610 | 539,909 | ||||||||
Corporate Office Properties Trust | 23,939 | 614,753 | ||||||||
Hudson Pacific Properties, Inc. | 17,937 | 524,657 | ||||||||
Pebblebrook Hotel Trust | 10,665 | 294,781 | ||||||||
Terreno Realty Corp. | 12,158 | 276,838 | ||||||||
Road & rail—2.0% | ||||||||||
Genesee & Wyoming, Inc., Class A* | 8,981 | 584,753 | ||||||||
Landstar System, Inc. | 5,613 | 367,932 |
The accompanying notes are an integral part of the financial statements. | 15 |
Table of Contents
Investment Portfolios
(UNAUDITED) | 04.30.2016 |
EAGLE SMALLER COMPANY FUND (cont’d) | ||||||||||
COMMON STOCKS—96.3% | Shares | Value | ||||||||
Semiconductors & semiconductor equipment—2.4% | ||||||||||
Cavium, Inc.* | 5,541 | $273,559 | ||||||||
Monolithic Power Systems, Inc. | 6,584 | 410,973 | ||||||||
Power Integrations, Inc. | 9,737 | 469,810 | ||||||||
Software—8.7% | ||||||||||
Ellie Mae, Inc.* | 9,487 | 793,113 | ||||||||
Manhattan Associates, Inc.* | 7,561 | 457,743 | ||||||||
Monotype Imaging Holdings, Inc. | 14,866 | 327,498 | ||||||||
NICE- Systems Ltd., Sponsored ADR | 13,006 | 830,433 | ||||||||
Qlik Technologies, Inc.* | 27,176 | 836,749 | ||||||||
Qualys, Inc.* | 16,943 | 426,625 | ||||||||
RealPage, Inc.* | 1,252 | 27,531 | ||||||||
The Ultimate Software Group, Inc.* | 1,993 | 391,804 | ||||||||
Specialty retail—3.1% | ||||||||||
Burlington Stores, Inc.* | 10,592 | 603,426 | ||||||||
Mattress Firm Holding Corp.* | 5,735 | 223,780 | ||||||||
Monro Muffler Brake, Inc. | 9,045 | 626,095 | ||||||||
Textiles, apparel & luxury goods—0.9% | ||||||||||
Steven Madden Ltd.* | 11,615 | 406,641 | ||||||||
Thrifts & mortgage finance—0.5% | ||||||||||
LendingTree, Inc.* | 2,555 | 228,596 | ||||||||
Trading companies & distributors—0.8% | ||||||||||
MSC Industrial Direct Co., Inc., Class A | 4,585 | 355,337 | ||||||||
Total common stocks (cost $37,034,972) | 45,377,956 | |||||||||
MONEY MARKET FUNDS—4.6% | ||||||||||
Fidelity Institutional Money Market Funds—Government Portfolio—Institutional Shares, 0.23%# | 2,188,198 | 2,188,198 | ||||||||
Total money market funds (cost $2,188,198) | 2,188,198 | |||||||||
Total investment portfolio (cost $39,223,170)—100.9% ‡ | 47,566,154 | |||||||||
Liabilities in excess of other assets—(0.9)% | (425,260 | ) | ||||||||
Total net assets—100.0% | $47,140,894 |
* Non-income producing security
# Annualized seven-day yield as of April 30, 2016
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $39,689,757. Net unrealized appreciation (depreciation) on a tax-basis was $7,876,397, including aggregate gross unrealized appreciation and depreciation of $9,204,644 and $(1,328,247), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales. Because tax adjustments are calculated annually, these amounts reflect the tax adjustments outstanding as of the Fund’s previous fiscal year-end.
ADR—American depository receipt
Sector allocation | ||||
Sector | Percent of net assets | |||
Financials | 21.8% | |||
Information technology | 17.1% | |||
Industrials | 15.6% | |||
Health care | 14.7% | |||
Consumer discretionary | 12.1% | |||
Materials | 7.0% | |||
Consumer staples | 4.8% | |||
Money market funds | 4.6% | |||
Energy | 2.0% | |||
Utilities | 1.2% |
* Non-income producing security
# Annualized seven-day yield as of April 30, 2016.
‡ As of April 30, 2016, aggregate cost for federal income tax purposes was $2,330,791. Net unrealized appreciation (depreciation) on a tax-basis was $53,107, including aggregate gross unrealized appreciation and depreciation of $53,107 and $0, respectively. Because tax adjustments are calculated annually as of the Fund’s fiscal year end, the first tax adjustments for the Fund will be calculated as of October 31, 2016.
ETF—Exchange Traded Fund
Asset allocation | ||||
Asset class | Percent of net assets | |||
Fixed Income | 57.8% | |||
Equity | 31.4% | |||
Commodity | 5.0% | |||
Money market funds | 1.9% |
16 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
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Table of Contents
Statements of Assets and Liabilities
(UNAUDITED) | 04.30.2016 |
Eagle Capital Appreciation Fund | Eagle Growth & Income Fund | Eagle International Stock Fund | Eagle Investment Grade Bond Fund | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (a) | $333,819,306 | $545,061,428 | $21,664,124 | $48,414,279 | ||||||||||||
Cash | — | 1 | 4,339 | — | ||||||||||||
Receivable for investments sold | 1,106,596 | — | — | — | ||||||||||||
Receivable for fund shares sold | 791,122 | 1,054,158 | 32,763 | 206,402 | ||||||||||||
Receivable for dividends and interest, net | 301,611 | 894,762 | 125,031 | 250,895 | ||||||||||||
Receivable due from advisor, net | — | — | 15,252 | 17,370 | ||||||||||||
Prepaid expenses | 20,148 | 199 | 11,089 | 24,578 | ||||||||||||
Deferred offering costs | — | — | — | — | ||||||||||||
Total assets | 336,038,783 | 547,010,548 | 21,852,598 | 48,913,524 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for investments purchased | — | — | — | 1,047,294 | ||||||||||||
Payable for fund shares redeemed | 673,061 | 1,080,035 | 5,323 | 151,778 | ||||||||||||
Accrued custody fees | 765 | 9,330 | 5,831 | 508 | ||||||||||||
Accrued investment advisory fees, net | 168,371 | 211,580 | — | — | ||||||||||||
Accrued administrative fees | 37,352 | 59,768 | 2,381 | 5,427 | ||||||||||||
Accrued distribution fees | 87,560 | 191,740 | 6,432 | 20,609 | ||||||||||||
Accrued transfer agent and shareholder servicing fees | 16,210 | 62,100 | 458 | 2,046 | ||||||||||||
Accrued internal audit fees | 1,838 | 1,838 | 1,840 | 1,838 | ||||||||||||
Accrued trustees and officers compensation | 6,136 | 6,142 | 6,139 | 6,142 | ||||||||||||
Other accrued expenses | 25,807 | 47,089 | 20,869 | 17,945 | ||||||||||||
Total liabilities | 1,017,100 | 1,669,622 | 49,273 | 1,253,587 | ||||||||||||
Net assets | 335,021,683 | 545,340,926 | 21,803,325 | 47,659,937 | ||||||||||||
Net assets consists of | ||||||||||||||||
Paid-in capital | 236,428,438 | 412,056,142 | 22,547,589 | 46,950,155 | ||||||||||||
Undistributed net investment income (loss) | 354,385 | 475,005 | 91,457 | (87,890 | ) | |||||||||||
Accumulated net realized gain (loss) | 5,169,442 | 7,070,282 | (474,818 | ) | 61,595 | |||||||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 93,069,418 | 125,739,497 | (360,903 | ) | 736,077 | |||||||||||
Net assets | 335,021,683 | 545,340,926 | 21,803,325 | 47,659,937 | ||||||||||||
Net assets, at market value | ||||||||||||||||
Class A | 155,317,057 | 176,436,008 | 9,991,661 | 16,848,560 | ||||||||||||
Class C | 64,666,275 | 188,258,425 | 5,451,539 | 20,970,353 | ||||||||||||
Class I | 106,831,919 | 145,166,521 | 6,327,508 | 9,694,666 | ||||||||||||
Class R-3 | 961,276 | 2,686,472 | 3,165 | 121,049 | ||||||||||||
Class R-5 | 7,242,737 | 359,022 | 26,516 | 22,741 | ||||||||||||
Class R-6 | 2,419 | 32,434,478 | 2,936 | 2,568 | ||||||||||||
Net asset value (“NAV”), offering and redemption price per share (b) | ||||||||||||||||
Class A | $33.80 | $17.87 | $15.15 | $15.01 | ||||||||||||
Maximum offering price (c) | 35.49 | 18.76 | 15.91 | 15.59 | ||||||||||||
Class C | 26.02 | 17.20 | 14.98 | 14.97 | ||||||||||||
Class I | 35.19 | 17.84 | 15.20 | 15.03 | ||||||||||||
Class R-3 | 32.79 | 17.80 | 15.17 | 15.00 | ||||||||||||
Class R-5 | 35.08 | 17.86 | 15.21 | 15.02 | ||||||||||||
Class R-6 | 34.98 | 17.81 | 15.23 | 15.07 | ||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||
Class A | 4,595,740 | 9,870,754 | 659,336 | 1,122,834 | ||||||||||||
Class C | 2,485,365 | 10,948,340 | 363,836 | 1,400,737 | ||||||||||||
Class I | 3,036,077 | 8,136,085 | 416,237 | 644,866 | ||||||||||||
Class R-3 | 29,320 | 150,886 | 209 | 8,070 | ||||||||||||
Class R-5 | 206,482 | 20,105 | 1,743 | 1,514 | ||||||||||||
Class R-6 | 69 | 1,821,484 | 193 | 170 | ||||||||||||
(a) identified cost | $240,749,888 | $419,318,268 | $22,029,464 | $47,678,202 | ||||||||||||
(b) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding. | ||||||||||||||||
(c) For all funds except 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. |
18 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Statements of Assets and Liabilities
(UNAUDITED) | 04.30.2016 |
Eagle Mid Cap Growth Fund | Eagle Mid Cap Stock Fund | Eagle Fund | Eagle Smaller Company Fund | Eagle Tactical Allocation Fund | ||||||||||||||
$1,314,295,979 | $276,206,096 | $3,745,893,241 | $47,566,154 | $2,383,898 | ||||||||||||||
— | — | — | — | — | ||||||||||||||
4,560,771 | 2,717,622 | 22,703,563 | 144,621 | — | ||||||||||||||
28,260,245 | 134,715 | 6,244,043 | 34,626 | 31,000 | ||||||||||||||
249,711 | 66,298 | 1,486,780 | 9,141 | 9 | ||||||||||||||
— | — | — | — | 31,356 | ||||||||||||||
242 | 130 | 21,646 | 63 | — | ||||||||||||||
— | — | — | — | 97,943 | ||||||||||||||
1,347,366,948 | 279,124,861 | 3,776,349,273 | 47,754,605 | 2,544,206 | ||||||||||||||
9,296,985 | 1,148,069 | 1,728,855 | 437,991 | 20,186 | ||||||||||||||
2,198,694 | 566,818 | 10,125,900 | 106,026 | — | ||||||||||||||
10,187 | 4,298 | 7,981 | 1,573 | 11 | ||||||||||||||
592,806 | 134,017 | 1,611,565 | 5,020 | — | ||||||||||||||
125,547 | 32,351 | 348,002 | 5,528 | 240 | ||||||||||||||
171,526 | 108,907 | 318,150 | 18,030 | 427 | ||||||||||||||
42,716 | 50,817 | 284,761 | 10,497 | 1,913 | ||||||||||||||
1,838 | 1,838 | 1,838 | 1,838 | 1,467 | ||||||||||||||
6,142 | 6,142 | 6,139 | 6,270 | 15,237 | ||||||||||||||
63,882 | 15,859 | 197,019 | 20,938 | 24,151 | ||||||||||||||
12,510,323 | 2,069,116 | 14,630,210 | 613,711 | 63,632 | ||||||||||||||
1,334,856,625 | 277,055,745 | 3,761,719,063 | 47,140,894 | 2,480,574 | ||||||||||||||
1,161,371,009 | 219,965,460 | 2,936,586,532 | 37,288,752 | 2,445,009 | ||||||||||||||
(5,115,126 | ) | (2,784,105 | ) | (20,372,994 | ) | (535,187 | ) | 696 | ||||||||||
(16,258,597 | ) | 8,771,157 | 72,170,429 | 2,044,345 | (18,238 | ) | ||||||||||||
| 194,859,339 | | 51,103,233 | 773,335,096 | 8,342,984 | 53,107 | ||||||||||||
1,334,856,625 | 277,055,745 | 3,761,719,063 | 47,140,894 | 2,480,574 | ||||||||||||||
328,263,114 | 131,335,210 | 643,830,110 | 15,869,326 | 1,482,360 | ||||||||||||||
114,349,979 | 98,691,726 | 173,037,407 | 17,780,551 | 288,454 | ||||||||||||||
412,711,524 | 44,270,988 | 1,568,637,648 | 10,588,532 | 679,465 | ||||||||||||||
21,822,810 | 1,588,998 | 101,487,521 | 374,464 | 10,086 | ||||||||||||||
142,563,633 | 238,237 | 420,856,976 | 38,043 | 10,103 | ||||||||||||||
315,145,565 | 930,586 | 853,869,401 | 2,489,978 | 10,106 | ||||||||||||||
$40.80 | $25.27 | $48.15 | $12.47 | $14.42 | ||||||||||||||
42.83 | 26.53 | 50.55 | 13.09 | 15.14 | ||||||||||||||
33.39 | 19.39 | 37.43 | 11.15 | 14.39 | ||||||||||||||
42.67 | 26.48 | 50.04 | 13.27 | 14.43 | ||||||||||||||
39.85 | 24.42 | 46.97 | 12.09 | 14.41 | ||||||||||||||
42.57 | 26.63 | 50.23 | 13.12 | 14.44 | ||||||||||||||
42.85 | 26.70 | 50.50 | 13.17 | 14.44 | ||||||||||||||
8,044,869 | 5,197,540 | 13,371,010 | 1,272,236 | 102,788 | ||||||||||||||
3,424,305 | 5,089,295 | 4,623,238 | 1,594,707 | 20,051 | ||||||||||||||
9,671,849 | 1,671,938 | 31,347,185 | 797,926 | 47,081 | ||||||||||||||
547,575 | 65,068 | 2,160,739 | 30,962 | 700 | ||||||||||||||
3,349,277 | 8,948 | 8,377,883 | 2,900 | 700 | ||||||||||||||
7,354,114 | 34,860 | 16,909,052 | 189,112 | 700 | ||||||||||||||
$1,119,436,640 | $225,102,863 | $2,972,558,145 | $39,223,170 | $2,330,791 |
The accompanying notes are an integral part of the financial statements. | 19 |
Table of Contents
(UNAUDITED) | 11.01.2015 to 04.30.2016 |
Eagle Capital Appreciation Fund | Eagle Growth & Income Fund | Eagle International Stock Fund | Eagle Investment Grade Bond Fund | |||||||||||||
Investment income | ||||||||||||||||
Dividends (a) | $2,457,179 | $8,227,591 | $259,546 | $— | ||||||||||||
Interest | 2,426 | 10,753 | 579 | 457,706 | ||||||||||||
Total income | 2,459,605 | 8,238,344 | 260,125 | 457,706 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 998,816 | 1,280,974 | 82,426 | 70,847 | ||||||||||||
Administrative fees: | ||||||||||||||||
Class A | 118,105 | 128,609 | 7,298 | 13,417 | ||||||||||||
Class C | 49,134 | 139,335 | 3,853 | 15,574 | ||||||||||||
Class I | 50,765 | 79,280 | 2,248 | 4,242 | ||||||||||||
Class R-3 | 701 | 2,172 | 2 | 61 | ||||||||||||
Class R-5 | 3,744 | 162 | 13 | 5 | ||||||||||||
Class R-6 | 1 | 11,001 | 1 | 1 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 196,841 | 214,349 | 12,163 | 22,362 | ||||||||||||
Class C | 327,557 | 928,901 | 25,686 | 103,824 | ||||||||||||
Class R-3 | 2,335 | 7,239 | 7 | 202 | ||||||||||||
Transfer agent and shareholder servicing fees: | ||||||||||||||||
Class A | 75,773 | 79,283 | 9,430 | 8,197 | ||||||||||||
Class C | 36,591 | 104,107 | 6,147 | 10,841 | ||||||||||||
Class I | 45,510 | 118,186 | 1,679 | 4,480 | ||||||||||||
Class R-3 | 1,005 | 4,337 | 11 | 34 | ||||||||||||
Class R-5 | 2,689 | 175 | 22 | 6 | ||||||||||||
Class R-6 | 3 | 15 | 7 | 3 | ||||||||||||
Custodian fees | 5,603 | 15,452 | 25,803 | 1,338 | ||||||||||||
Professional fees | 52,494 | 53,629 | 56,925 | 58,092 | ||||||||||||
State registration fees | 57,923 | 57,319 | 56,804 | 52,464 | ||||||||||||
Trustees and officers compensation | 26,542 | 26,548 | 26,545 | 26,548 | ||||||||||||
Internal audit fees | 7,092 | 7,092 | 7,094 | 7,092 | ||||||||||||
Other expenses | 46,339 | 68,689 | 14,153 | 18,014 | ||||||||||||
Offering costs | — | — | — | — | ||||||||||||
Total expenses before adjustments | 2,105,563 | 3,326,854 | 338,317 | 417,644 | ||||||||||||
Fees and expenses waived | (3 | ) | — | (169,649 | ) | (144,351 | ) | |||||||||
Total expenses after adjustments | 2,105,560 | 3,326,854 | 168,668 | 273,293 | ||||||||||||
Net investment income (loss) | 354,045 | 4,911,490 | 91,457 | 184,413 | ||||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) on investments | 5,592,054 | 8,243,328 | (313,905 | ) | 61,651 | |||||||||||
Net realized loss on foreign currency translations | — | — | (9,491 | ) | — | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | (17,587,189 | ) | 239,391 | (703,116 | ) | 521,275 | ||||||||||
Net gain (loss) on investments | (11,995,135 | ) | 8,482,719 | (1,026,512 | ) | 582,926 | ||||||||||
Net increase (decrease) in assets resulting from operations | (11,641,090 | ) | 13,394,209 | (935,055 | ) | 767,339 | ||||||||||
(a) Net of foreign withholding taxes | $— | $47,644 | $30,750 | $— |
(†) For the period December 31, 2015 (commencement of operations) to April 30, 2016.
20 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Statements of Operations
(UNAUDITED) | 11.01.2015 to 04.30.2016 |
Eagle Mid Cap Growth Fund | Eagle Mid Cap Stock Fund | Eagle Small Cap Growth Fund | Eagle Smaller Company Fund | Eagle Tactical Allocation Fund (†) | ||||||||||||||
$5,418,165 | $1,295,681 | $11,319,623 | $356,670 | $5,848 | ||||||||||||||
19,378 | 6,051 | 28,890 | 949 | 25 | ||||||||||||||
5,437,543 | 1,301,732 | 11,348,513 | 357,619 | 5,873 | ||||||||||||||
3,406,976 | 834,885 | 9,598,370 | 169,224 | 2,554 | ||||||||||||||
248,957 | 98,956 | 487,235 | 12,238 | 538 | ||||||||||||||
83,682 | 73,853 | 129,485 | 13,833 | 26 | ||||||||||||||
187,195 | 22,594 | 786,011 | 5,906 | 63 | ||||||||||||||
16,533 | 1,183 | 78,578 | 272 | 5 | ||||||||||||||
67,518 | 116 | 204,384 | 7 | 3 | ||||||||||||||
119,312 | 443 | 391,157 | 4,728 | 3 | ||||||||||||||
414,928 | 164,927 | 812,058 | 20,396 | 896 | ||||||||||||||
557,877 | 492,353 | 863,234 | 92,223 | 173 | ||||||||||||||
55,109 | 3,944 | 261,927 | 908 | 16 | ||||||||||||||
244,535 | 92,393 | 623,951 | 14,550 | 3,599 | ||||||||||||||
59,801 | 70,504 | 119,346 | 15,064 | 74 | ||||||||||||||
181,034 | 36,272 | 1,210,400 | 10,949 | 74 | ||||||||||||||
23,487 | 1,130 | 86,218 | 496 | 74 | ||||||||||||||
86,508 | 202 | 233,459 | 11 | 74 | ||||||||||||||
12,688 | 48 | 37,884 | 1,708 | 74 | ||||||||||||||
18,895 | 8,230 | 60,457 | 3,424 | 115 | ||||||||||||||
53,806 | 53,807 | 53,807 | 50,154 | 35,572 | ||||||||||||||
70,928 | 54,726 | 88,359 | 39,086 | 17,056 | ||||||||||||||
26,548 | 26,548 | 26,545 | 26,676 | 18,546 | ||||||||||||||
7,092 | 7,092 | 7,092 | 7,093 | 4,502 | ||||||||||||||
135,883 | 44,571 | 484,757 | 14,594 | 7,197 | ||||||||||||||
— | — | — | — | 58,013 | ||||||||||||||
6,079,292 | 2,088,777 | 16,644,714 | 503,540 | 149,247 | ||||||||||||||
— | (11,460 | ) | — | (88,045 | ) | (144,070 | ) | |||||||||||
6,079,292 | 2,077,317 | 16,644,714 | 415,495 | 5,177 | ||||||||||||||
(641,749 | ) | (775,585 | ) | (5,296,201 | ) | (57,876 | ) | 696 | ||||||||||
(12,961,435 | ) | 10,171,374 | 93,635,122 | 2,851,286 | (18,238 | ) | ||||||||||||
— | — | — | — | — | ||||||||||||||
(37,690,686 | ) | (6,645,067 | ) | (189,817,827 | ) | (2,670,677 | ) | 53,107 | ||||||||||
(50,652,121 | ) | 3,526,307 | (96,182,705 | ) | 180,609 | 34,869 | ||||||||||||
| (51,293,870 | ) | 2,750,722 | (101,478,906 | ) | 122,733 | 35,565 | |||||||||||
$8,693 | $7,275 | $— | $3,653 | $— |
The accompanying notes are an integral part of the financial statements. | 21 |
Table of Contents
Statements of Changes in Net Assets
Eagle Capital Appreciation Fund | Eagle Growth & Income Fund | Eagle International Stock Fund | ||||||||||||||||||||||
11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | 11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | 11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | |||||||||||||||||||
Net assets, beginning of year | $348,684,017 | $318,992,086 | $580,909,868 | $649,868,578 | $17,008,658 | $9,609,342 | ||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||
Net investment income (loss) | 354,045 | 518,644 | 4,911,490 | 11,580,549 | 91,457 | 85,401 | ||||||||||||||||||
Net realized gain (loss) on investments | 5,592,054 | 51,957,713 | 8,243,328 | (1,242,408 | ) | (313,905 | ) | (144,269 | ) | |||||||||||||||
Net realized loss on foreign currency transactions | — | — | — | (4,139 | ) | (9,491 | ) | (11,144 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | (17,587,189 | ) | (20,354,740 | ) | 239,391 | (23,211,803 | ) | (703,116 | ) | 306,709 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (11,641,090 | ) | 32,121,617 | 13,394,209 | (12,877,801 | ) | (935,055 | ) | 236,697 | |||||||||||||||
Distributions to shareholders from | ||||||||||||||||||||||||
Net investment income | (402,552 | ) | (115,740 | ) | (4,436,485 | ) | (10,641,982 | ) | (74,253 | ) | (196,447 | ) | ||||||||||||
Net realized gains | (46,902,728 | ) | (43,827,035 | ) | — | (4,636,851 | ) | — | (367,993 | ) | ||||||||||||||
Return of capital | — | — | — | (660,554 | ) | — | — | |||||||||||||||||
Total distributions to shareholders | (47,305,280 | ) | (43,942,775 | ) | (4,436,485 | ) | (15,939,387 | ) | (74,253 | ) | (564,440 | ) | ||||||||||||
Fund share transactions | ||||||||||||||||||||||||
Proceeds from shares sold-Class A | 6,955,843 | 33,136,485 | 15,342,598 | 23,264,358 | 2,457,887 | 6,395,621 | ||||||||||||||||||
Proceeds issued in connection with merger-Class A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class A | 21,122,750 | 20,299,251 | 1,371,524 | 4,820,342 | 45,124 | 234,175 | ||||||||||||||||||
Cost of shares redeemed-Class A | (13,173,851 | ) | (37,453,147 | ) | (24,254,170 | ) | (60,811,651 | ) | (1,731,115 | ) | (884,504 | ) | ||||||||||||
Proceeds from shares sold-Class C | 3,885,657 | 4,446,482 | 6,261,070 | 24,729,602 | 864,453 | 1,412,539 | ||||||||||||||||||
Proceeds issued in connection with merger-Class C | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class C | 10,927,535 | 10,611,069 | 847,048 | 3,354,086 | — | 235,418 | ||||||||||||||||||
Cost of shares redeemed-Class C | (5,561,190 | ) | (9,606,335 | ) | (19,475,583 | ) | (33,234,997 | ) | (214,911 | ) | (596,199 | ) | ||||||||||||
Proceeds from shares sold-Class I | 19,897,640 | 21,883,378 | 13,078,278 | 52,192,777 | 4,703,162 | 1,569,614 | ||||||||||||||||||
Proceeds issued in connection with merger-Class I | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class I | 13,171,755 | 11,392,648 | 1,138,374 | 4,753,546 | 28,889 | 86,523 | ||||||||||||||||||
Cost of shares redeemed-Class I | (12,777,392 | ) | (16,357,631 | ) | (69,777,467 | ) | (54,463,116 | ) | (350,046 | ) | (750,130 | ) | ||||||||||||
Proceeds from shares sold-Class R-3 | 152,372 | 558,225 | 245,892 | 740,034 | 292 | — | ||||||||||||||||||
Proceeds issued in connection with merger-Class R-3 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 129,413 | 81,840 | 14,718 | 55,416 | 3 | 184 | ||||||||||||||||||
Cost of shares redeemed-Class R-3 | (40,431 | ) | (311,328 | ) | (745,263 | ) | (1,665,403 | ) | — | — | ||||||||||||||
Proceeds from shares sold-Class R-5 | 491,901 | 2,886,352 | 34,868 | 324,557 | — | 23,411 | ||||||||||||||||||
Proceeds issued in connection with merger-Class R-5 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 1,022,592 | 708,641 | 3,495 | 76,170 | 212 | 202 | ||||||||||||||||||
Cost of shares redeemed-Class R-5 | (920,884 | ) | (765,341 | ) | (17,969 | ) | (4,179,809 | ) | — | — | ||||||||||||||
Proceeds from shares sold-Class R-6 | — | 2,500 | 31,968,272 | 55,189 | — | — | ||||||||||||||||||
Proceeds issued in connection with merger-Class R-6 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 326 | — | 330,800 | 2,713 | 25 | 205 | ||||||||||||||||||
Cost of shares redeemed-Class R-6 | — | — | (893,151 | ) | (155,336 | ) | — | — | ||||||||||||||||
Net increase (decrease) from fund share transactions | 45,284,036 | 41,513,089 | (44,526,666 | ) | (40,141,522 | ) | 5,803,975 | 7,727,059 | ||||||||||||||||
Increase (decrease) in net assets | (13,662,334 | ) | 29,691,931 | (35,568,942 | ) | (68,958,710 | ) | 4,794,667 | 7,399,316 | |||||||||||||||
Net assets, end of year (a) | 335,021,683 | 348,684,017 | 545,340,926 | 580,909,868 | 21,803,325 | 17,008,658 | ||||||||||||||||||
(a) includes undistributed (accumulated) net investment income (loss) of | $354,385 | $402,892 | $475,005 | $— | $91,457 | $74,253 | ||||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||
Shares sold-Class A | 196,494 | 836,060 | 915,552 | 1,291,847 | 162,282 | 399,470 | ||||||||||||||||||
Shares issued in connection with merger-Class A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class A | 618,167 | 542,616 | 79,174 | 270,191 | 2,851 | 15,467 | ||||||||||||||||||
Shares redeemed-Class A | (379,786 | ) | (953,260 | ) | (1,420,572 | ) | (3,480,079 | ) | (113,894 | ) | (54,995 | ) | ||||||||||||
Shares sold-Class C | 142,478 | 141,111 | 365,109 | 1,419,072 | 57,184 | 86,814 | ||||||||||||||||||
Shares issued in connection with merger-Class C | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class C | 414,236 | 350,895 | 50,590 | 194,455 | — | 15,622 | ||||||||||||||||||
Shares redeemed-Class C | (205,853 | ) | (303,924 | ) | (1,167,623 | ) | (1,937,121 | ) | (14,653 | ) | (37,342 | ) | ||||||||||||
Shares sold-Class I | 557,240 | 543,861 | 760,641 | 2,890,819 | 304,516 | 95,575 | ||||||||||||||||||
Shares issued in connection with merger-Class I | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class I | 370,722 | 294,308 | 65,978 | 267,917 | 1,823 | 5,711 | ||||||||||||||||||
Shares redeemed-Class I | (355,169 | ) | (406,488 | ) | (4,120,547 | ) | (3,071,098 | ) | (23,808 | ) | (45,654 | ) | ||||||||||||
Shares sold-Class R-3 | 4,177 | 14,534 | 14,585 | 41,163 | 20 | — | ||||||||||||||||||
Shares issued in connection with merger-Class R-3 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 3,899 | 2,237 | 852 | 3,122 | — | 12 | ||||||||||||||||||
Shares redeemed-Class R-3 | (1,229 | ) | (8,614 | ) | (43,197 | ) | (91,172 | ) | — | — | ||||||||||||||
Shares sold-Class R-5 | 13,277 | 71,310 | 1,988 | 18,072 | — | 1,539 | ||||||||||||||||||
Shares issued in connection with merger-Class R-5 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 28,871 | 18,354 | 202 | 4,175 | 13 | 13 | ||||||||||||||||||
Shares redeemed-Class R-5 | (25,471 | ) | (19,094 | ) | (1,024 | ) | (228,125 | ) | — | — | ||||||||||||||
Shares sold-Class R-6 | — | 60 | 1,855,710 | 3,021 | — | — | ||||||||||||||||||
Shares issued in connection with merger-Class R-6 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 9 | — | 19,197 | 151 | 2 | 13 | ||||||||||||||||||
Shares redeemed-Class R-6 | — | — | (53,662 | ) | (8,665 | ) | — | — | ||||||||||||||||
Shares issued and redeemed | 1,382,062 | 1,123,966 | (2,677,047 | ) | (2,412,255 | ) | 376,336 | 482,245 |
(b) Commencement of operations.
(†) The data for fiscal periods ending after October 31, 2015 is unaudited.
22 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
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 Smaller Company Fund | Eagle Tactical Allocation Fund | |||||||||||||||||||||||||||||||||||||
11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | 11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | 11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | 11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | 11/1/15 to 04/30/16 (†) | 11/1/14 to 10/31/15 | 12/31/15 (b) to 04/30/16 (†) | ||||||||||||||||||||||||||||||||
$49,945,886 | $57,903,233 | $1,175,711,953 | $698,785,887 | $308,982,156 | $388,881,638 | $3,927,386,017 | $3,769,291,164 | $65,465,101 | $88,240,501 | $— | ||||||||||||||||||||||||||||||||
184,413 | 447,678 | (641,749 | ) | (4,810,056 | ) | (775,585 | ) | (2,127,042 | ) | (5,296,201 | ) | (15,703,001 | ) | (57,876 | ) | (477,439 | ) | 696 | ||||||||||||||||||||||||
61,651 | 161,988 | (12,961,435 | ) | 17,451,158 | 10,171,374 | 37,997,276 | 93,635,122 | 248,468,849 | 2,851,286 | 15,766,964 | (18,238 | ) | ||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
521,275 | 9,154 | (37,690,686 | ) | 13,728,345 | (6,645,067 | ) | (25,980,055 | ) | (189,817,827 | ) | (137,448,677 | ) | (2,670,677 | ) | (18,566,546 | ) | 53,107 | |||||||||||||||||||||||||
767,339 | 618,820 | (51,293,870 | ) | 26,369,447 | 2,750,722 | 9,890,179 | (101,478,906 | ) | 95,317,171 | 122,733 | (3,277,021 | ) | 35,565 | |||||||||||||||||||||||||||||
(226,627 | ) | (458,386 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
(141,621 | ) | (231,903 | ) | (20,306,456 | ) | (68,282,709 | ) | (38,425,850 | ) | (31,201,435 | ) | (253,307,437 | ) | (415,686,715 | ) | — | (37,344,156 | ) | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
(368,248 | ) | (690,289 | ) | (20,306,456 | ) | (68,282,709 | ) | (38,425,850 | ) | (31,201,435 | ) | (253,307,437 | ) | (415,686,715 | ) | — | (37,344,156 | ) | — | |||||||||||||||||||||||
1,527,481 | 1,804,098 | 50,552,890 | 154,981,624 | 1,182,858 | 4,198,810 | 78,518,734 | 297,090,315 | 727,651 | 1,630,067 | 1,641,652 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13,607,380 | N/A | ||||||||||||||||||||||||||||||||
155,790 | 315,286 | 5,550,338 | 24,891,239 | 16,352,942 | 12,520,760 | 42,318,007 | 78,356,875 | — | 7,518,494 | — | ||||||||||||||||||||||||||||||||
(4,667,126 | ) | (5,251,757 | ) | (59,220,051 | ) | (96,110,753 | ) | (17,406,282 | ) | (32,750,607 | ) | (121,521,773 | ) | (357,398,487 | ) | (4,486,982 | ) | (12,684,604 | ) | (188,088 | ) | |||||||||||||||||||||
2,717,541 | 1,550,375 | 10,622,521 | 23,171,267 | 1,607,531 | 2,704,544 | 10,655,130 | 23,022,664 | 1,015,065 | 4,375,469 | 300,564 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13,691,573 | N/A | ||||||||||||||||||||||||||||||||
108,120 | 183,902 | 2,188,795 | 11,057,171 | 15,409,780 | 11,274,729 | 13,522,945 | 22,545,321 | — | 4,792,335 | — | ||||||||||||||||||||||||||||||||
(3,168,393 | ) | (6,975,957 | ) | (7,211,741 | ) | (14,843,390 | ) | (12,080,812 | ) | (20,454,958 | ) | (16,194,376 | ) | (29,084,741 | ) | (4,076,704 | ) | (6,613,385 | ) | (12,605 | ) | |||||||||||||||||||||
3,490,944 | 3,777,682 | 135,991,670 | 210,208,261 | 2,370,405 | 10,853,022 | 200,463,636 | 572,029,963 | 1,610,357 | 4,862,500 | 673,486 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5,851,450 | N/A | ||||||||||||||||||||||||||||||||
83,677 | 148,462 | 5,709,718 | 18,968,090 | 5,272,356 | 6,015,615 | 87,038,982 | 159,129,969 | — | 8,475,402 | — | ||||||||||||||||||||||||||||||||
(3,043,877 | ) | (3,439,617 | ) | (64,494,266 | ) | (67,776,416 | ) | (9,510,131 | ) | (49,875,149 | ) | (323,565,571 | ) | (611,221,897 | ) | (5,979,375 | ) | (26,327,463 | ) | — | ||||||||||||||||||||||
90,687 | 240 | 2,901,833 | 10,436,504 | 183,963 | 736,793 | 7,912,183 | 28,626,053 | 227,357 | 153,620 | 10,000 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 71,144 | N/A | ||||||||||||||||||||||||||||||||
467 | 374 | 378,859 | 1,518,526 | 198,370 | 374,968 | 7,278,883 | 13,661,003 | — | 150,787 | — | ||||||||||||||||||||||||||||||||
(40 | ) | (1,523 | ) | (3,588,971 | ) | (3,471,463 | ) | (391,788 | ) | (3,858,954 | ) | (21,194,421 | ) | (39,789,004 | ) | (197,249 | ) | (305,072 | ) | — | ||||||||||||||||||||||
19,578 | — | 32,767,837 | 102,996,374 | 13,409 | 62,933 | 69,061,118 | 145,476,829 | 31,396 | 315 | 10,000 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3,563 | N/A | ||||||||||||||||||||||||||||||||
83 | 51 | 2,154,918 | 4,875,830 | 27,645 | 29,218 | 27,210,413 | 38,385,435 | — | 2,565 | — | ||||||||||||||||||||||||||||||||
— | — | (18,297,877 | ) | (26,865,439 | ) | (52,920 | ) | (215,982 | ) | (55,550,197 | ) | (83,926,911 | ) | (2,859 | ) | — | — | |||||||||||||||||||||||||
— | 2,500 | 155,682,374 | 187,190,750 | 805,981 | 37,633 | 231,207,649 | 406,839,390 | 2,694,155 | 6,791,015 | 10,000 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3,570 | N/A | ||||||||||||||||||||||||||||||||
28 | 6 | 3,455,584 | 3,132,740 | 123,684 | 51,774 | 50,703,433 | 62,838,102 | — | 12,875,708 | — | ||||||||||||||||||||||||||||||||
— | — | (24,399,433 | ) | (25,521,587 | ) | (358,274 | ) | (293,375 | ) | (98,745,386 | ) | (248,116,482 | ) | (10,009,752 | ) | (21,080,656 | ) | — | ||||||||||||||||||||||||
(2,685,040 | ) | (7,885,878 | ) | 230,744,998 | 518,839,328 | 3,748,717 | (58,588,226 | ) | 189,119,389 | 478,464,397 | (18,446,940 | ) | 17,845,777 | 2,445,009 | ||||||||||||||||||||||||||||
(2,285,949 | ) | (7,957,347 | ) | 159,144,672 | 476,926,066 | (31,926,411 | ) | (79,899,482 | ) | (165,666,954 | ) | 158,094,853 | (18,324,207 | ) | (22,775,400 | ) | 2,480,574 | |||||||||||||||||||||||||
47,659,937 | 49,945,886 | 1,334,856,625 | 1,175,711,953 | 277,055,745 | 308,982,156 | 3,761,719,063 | 3,927,386,017 | 47,140,894 | 65,465,101 | 2,480,574 | ||||||||||||||||||||||||||||||||
$(87,890 | ) | $(45,676 | ) | $(5,115,126 | ) | $(4,473,377 | ) | $(2,784,105 | ) | $(2,008,520 | ) | $(20,372,994 | ) | $(15,076,793 | ) | $(535,187 | ) | $(477,311 | ) | $696 | ||||||||||||||||||||||
102,708 | 121,201 | 1,253,904 | 3,537,463 | 48,183 | 143,442 | 1,637,495 | 5,298,430 | 60,698 | 112,247 | 116,213 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1,038,708 | N/A | ||||||||||||||||||||||||||||||||
10,538 | 21,246 | 135,242 | 593,496 | 684,797 | 440,872 | 871,458 | 1,471,219 | — | 511,127 | — | ||||||||||||||||||||||||||||||||
(314,856 | ) | (352,849 | ) | (1,493,029 | ) | (2,186,789 | ) | (703,554 | ) | (1,115,292 | ) | (2,548,694 | ) | (6,541,425 | ) | (375,780 | ) | (854,809 | ) | (13,425 | ) | |||||||||||||||||||||
183,266 | 104,200 | 316,351 | 632,821 | 84,586 | 114,946 | 284,139 | 522,553 | 94,511 | 352,716 | 20,924 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1,158,849 | N/A | ||||||||||||||||||||||||||||||||
7,336 | 12,435 | 65,007 | 317,826 | 838,400 | 493,856 | 357,372 | 529,357 | — | 357,495 | — | ||||||||||||||||||||||||||||||||
(213,794 | ) | (469,439 | ) | (220,537 | ) | (404,639 | ) | (632,272 | ) | (864,095 | ) | (434,365 | ) | (655,014 | ) | (380,604 | ) | (471,908 | ) | (873 | ) | |||||||||||||||||||||
234,499 | 253,282 | 3,162,997 | 4,536,863 | 92,580 | 355,200 | 4,081,488 | 9,950,031 | 125,801 | 319,240 | 47,081 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 422,219 | N/A | ||||||||||||||||||||||||||||||||
5,645 | 9,986 | 133,218 | 434,749 | 210,978 | 204,058 | 1,726,964 | 2,894,273 | — | 539,091 | — | ||||||||||||||||||||||||||||||||
(205,019 | ) | (230,793 | ) | (1,544,978 | ) | (1,479,921 | ) | (369,898 | ) | (1,627,944 | ) | (6,509,036 | ) | (10,701,063 | ) | (473,252 | ) | (1,508,034 | ) | — | ||||||||||||||||||||||
6,121 | 16 | 73,716 | 242,518 | 7,787 | 25,838 | 170,693 | 523,192 | 20,243 | 10,471 | 700 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5,582 | N/A | ||||||||||||||||||||||||||||||||
32 | 25 | 9,441 | 36,920 | 8,588 | 13,541 | 153,530 | 261,605 | — | 10,415 | — | ||||||||||||||||||||||||||||||||
(3 | ) | (101 | ) | (92,951 | ) | (79,611 | ) | (16,034 | ) | (138,763 | ) | (450,207 | ) | (736,395 | ) | (16,906 | ) | (19,124 | ) | — | ||||||||||||||||||||||
1,313 | — | 785,214 | 2,258,291 | 515 | 2,095 | 1,351,065 | 2,511,078 | 2,478 | 22 | 700 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 260 | N/A | ||||||||||||||||||||||||||||||||
5 | 4 | 50,396 | 111,908 | 1,100 | 986 | 537,861 | 696,018 | — | 168 | — | ||||||||||||||||||||||||||||||||
— | — | (432,617 | ) | (586,680 | ) | (1,944 | ) | (7,092 | ) | (1,110,121 | ) | (1,465,804 | ) | (225 | ) | — | — | |||||||||||||||||||||||||
— | 168 | 3,667,203 | 4,046,600 | 28,434 | 1,205 | 4,552,927 | 6,991,787 | 211,800 | 459,810 | 700 | ||||||||||||||||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 260 | N/A | ||||||||||||||||||||||||||||||||
1 | 1 | 80,306 | 71,622 | 4,910 | �� | 1,746 | 997,314 | 1,135,286 | — | 839,493 | — | |||||||||||||||||||||||||||||||
— | — | (581,890 | ) | (555,759 | ) | (13,650 | ) | (9,849 | ) | (1,975,328 | ) | (4,460,601 | ) | (779,985 | ) | (1,580,210 | ) | — | ||||||||||||||||||||||||
(182,208 | ) | (530,618 | ) | 5,366,993 | 11,527,678 | 273,506 | (1,965,250 | ) | 3,694,555 | 8,224,527 | (1,511,221 | ) | 1,704,088 | 172,020 |
The accompanying notes are an integral part of the financial statements. | 23 |
Table of Contents
Fiscal periods | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered | Without expenses waived/ recovered | Net income (loss) | Portfolio turnover rate (%) (a) | Total return (%) (a)(b) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Capital Appreciation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | $40.32 | $0.05 | $(1.31 | ) | $(1.26 | ) | $(0.01 | ) | $(5.25 | ) | $— | $(5.26 | ) | $33.80 | 1.21 | (e) | 1.21 | (e) | 0.27 | (e) | 16 | (3.28 | ) | $155 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 42.02 | 0.09 | 3.80 | 3.89 | — | (5.59 | ) | — | (5.59 | ) | 40.32 | 1.19 | 1.19 | 0.22 | 42 | 10.29 | 168 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 39.59 | 0.01 | 6.64 | 6.65 | — | (4.22 | ) | — | (4.22 | ) | 42.02 | 1.23 | 1.23 | 0.02 | 33 | 18.34 | 157 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | (c) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 32.37 | (0.07 | ) | (1.03 | ) | (1.10 | ) | — | (5.25 | ) | — | (5.25 | ) | 26.02 | 1.98 | (e) | 1.98 | (e) | (0.50 | )(e) | 16 | (3.63 | ) | 65 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 35.05 | (0.17 | ) | 3.08 | 2.91 | — | (5.59 | ) | — | (5.59 | ) | 32.37 | 1.96 | 1.96 | (0.54 | ) | 42 | 9.42 | 69 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 33.93 | (0.24 | ) | 5.58 | 5.34 | — | (4.22 | ) | — | (4.22 | ) | 35.05 | 1.97 | 1.97 | (0.73 | ) | 33 | 17.45 | 68 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/12 | 10/31/13 | 26.62 | (0.13 | ) | 7.44 | 7.31 | — | — | — | — | 33.93 | 2.03 | 2.03 | (0.43 | ) | 69 | (c) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 41.83 | 0.10 | (1.36 | ) | (1.26 | ) | (0.13 | ) | (5.25 | ) | — | (5.38 | ) | 35.19 | 0.91 | (e) | 0.91 | (e) | 0.56 | (e) | 16 | (3.14 | ) | 107 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 43.34 | 0.21 | 3.93 | 4.14 | (0.06 | ) | (5.59 | ) | — | (5.65 | ) | 41.83 | 0.90 | 0.90 | 0.51 | 42 | 10.59 | 103 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 40.60 | 0.13 | 6.83 | 6.96 | — | (4.22 | ) | — | (4.22 | ) | 43.34 | 0.94 | 0.93 | 0.32 | 33 | 18.68 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | (c) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 39.33 | (0.02 | ) | (1.27 | ) | (1.29 | ) | — | (5.25 | ) | — | (5.25 | ) | 32.79 | 1.58 | (e) | 1.58 | (e) | (0.11 | )(e) | 16 | (3.45 | ) | 1 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 41.24 | (0.04 | ) | 3.72 | 3.68 | — | (5.59 | ) | — | (5.59 | ) | 39.33 | 1.51 | 1.51 | (0.10 | ) | 42 | 9.94 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 39.05 | (0.11 | ) | 6.52 | 6.41 | — | (4.22 | ) | — | (4.22 | ) | 41.24 | 1.56 | 1.56 | (0.30 | ) | 33 | 17.94 | 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 | (c) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 41.70 | 0.11 | (1.35 | ) | (1.24 | ) | (0.13 | ) | (5.25 | ) | — | (5.38 | ) | 35.08 | 0.89 | (e) | 0.89 | (e) | 0.59 | (e) | 16 | (3.12 | ) | 7 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 43.20 | 0.18 | 3.93 | 4.11 | (0.02 | ) | (5.59 | ) | — | (5.61 | ) | 41.70 | 0.95 | 0.86 | 0.46 | 42 | 10.54 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 40.50 | 0.10 | 6.82 | 6.92 | — | (4.22 | ) | — | (4.22 | ) | 43.20 | 0.95 | 0.94 | 0.25 | 33 | 18.62 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | (c) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 41.66 | 0.11 | (1.35 | ) | (1.24 | ) | (0.19 | ) | (5.25 | ) | — | (5.44 | ) | 34.98 | 0.85 | (e) | 1.09 | (e) | 0.63 | (e) | 16 | (3.11 | ) | 0 | |||||||||||||||||||||||||||||||||||||||
07/31/15 | 10/31/15 | 41.71 | 0.06 | (0.11 | ) | (0.05 | ) | — | — | — | — | 41.66 | 0.82 | (e) | 0.82 | (e) | 0.57 | (e) | 42 | (0.12 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Eagle Growth & Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 17.52 | 0.17 | 0.33 | 0.50 | (0.15 | ) | — | — | (0.15 | ) | 17.87 | 1.05 | (e) | 1.05 | (e) | 1.99 | (e) | 6 | 2.91 | 176 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.27 | 0.36 | (0.64 | ) | (0.28 | ) | (0.32 | ) | (0.13 | ) | (0.02 | ) | (0.47 | ) | 17.52 | 1.02 | 1.02 | 1.99 | 25 | (1.55 | ) | 180 | |||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.68 | 0.30 | 1.91 | 2.21 | (0.28 | ) | (0.34 | ) | — | (0.62 | ) | 18.27 | 1.02 | 1.02 | 1.71 | 10 | 13.52 | 223 | |||||||||||||||||||||||||||||||||||||||||||||
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 | (d) | 4.46 | 134 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 16.86 | 0.10 | 0.33 | 0.43 | (0.09 | ) | — | — | (0.09 | ) | 17.20 | 1.82 | (e) | 1.82 | (e) | 1.22 | (e) | 6 | 2.58 | 188 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 17.60 | 0.21 | (0.60 | ) | (0.39 | ) | (0.20 | ) | (0.13 | ) | (0.02 | ) | (0.35 | ) | 16.86 | 1.79 | 1.79 | 1.21 | 25 | (2.30 | ) | 197 | |||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.10 | 0.16 | 1.83 | 1.99 | (0.15 | ) | (0.34 | ) | — | (0.49 | ) | 17.60 | 1.79 | 1.79 | 0.92 | 10 | 12.63 | 212 | |||||||||||||||||||||||||||||||||||||||||||||
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 | (d) | 3.68 | 80 |
24 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered | Without expenses waived/ recovered | Net income (loss) | Portfolio turnover rate (%) (a) | Total return (%) (a)(b) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Growth & Income Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | $17.48 | $0.19 | $0.34 | $0.53 | $(0.17 | ) | $— | $— | $(0.17 | ) | $17.84 | 0.81 | (e) | 0.81 | (e) | 2.28 | (e) | 6 | 3.09 | $145 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.24 | 0.40 | (0.64 | ) | (0.24 | ) | (0.37 | ) | (0.13 | ) | (0.02 | ) | (0.52 | ) | 17.48 | 0.76 | 0.76 | 2.23 | 25 | (1.33 | ) | 200 | |||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.65 | 0.33 | 1.93 | 2.26 | (0.33 | ) | (0.34 | ) | — | (0.67 | ) | 18.24 | 0.77 | 0.77 | 1.89 | 10 | 13.86 | 207 | |||||||||||||||||||||||||||||||||||||||||||||
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 | (d) | 4.77 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 17.44 | 0.13 | 0.34 | 0.47 | (0.11 | ) | — | — | (0.11 | ) | 17.80 | 1.51 | (e) | 1.51 | (e) | 1.56 | (e) | 6 | 2.72 | 3 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.19 | 0.28 | (0.63 | ) | (0.35 | ) | (0.25 | ) | (0.13 | ) | (0.02 | ) | (0.40 | ) | 17.44 | 1.44 | 1.44 | 1.57 | 25 | (1.99 | ) | 3 | |||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.61 | 0.23 | 1.90 | 2.13 | (0.21 | ) | (0.34 | ) | — | (0.55 | ) | 18.19 | 1.40 | 1.40 | 1.33 | 10 | 13.08 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
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 | (d) | 4.14 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 17.50 | 0.19 | 0.35 | 0.54 | (0.18 | ) | — | — | (0.18 | ) | 17.86 | 0.77 | (e) | 0.77 | (e) | 2.27 | (e) | 6 | 3.14 | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.21 | 0.44 | (0.76 | ) | (0.32 | ) | (0.24 | ) | (0.13 | ) | (0.02 | ) | (0.39 | ) | 17.50 | 0.78 | 0.79 | 2.39 | 25 | (1.82 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.63 | 0.34 | 1.90 | 2.24 | (0.32 | ) | (0.34 | ) | — | (0.66 | ) | 18.21 | 0.76 | 0.76 | 1.95 | 10 | 13.80 | 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 | (d) | 4.77 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 17.46 | 0.18 | 0.36 | 0.54 | (0.19 | ) | — | — | (0.19 | ) | 17.81 | 0.66 | (e) | 0.66 | (e) | 2.13 | (e) | 6 | 3.15 | 32 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.26 | 0.45 | (0.71 | ) | (0.26 | ) | (0.39 | ) | (0.13 | ) | (0.02 | ) | (0.54 | ) | 17.46 | 0.65 | 0.65 | 2.47 | 25 | (1.46 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.67 | 0.35 | 1.92 | 2.27 | (0.34 | ) | (0.34 | ) | — | (0.68 | ) | 18.26 | 0.66 | 0.66 | 2.01 | 10 | 13.94 | 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 | (e) | 0.96 | (e) | 2.17 | (e) | 123 | (d) | 4.00 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Eagle International Stock Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 16.02 | 0.07 | (0.87 | ) | (0.80 | ) | (0.07 | ) | — | — | (0.07 | ) | 15.15 | 1.64 | (e) | 3.38 | (e) | 0.95 | (e) | 22 | (5.02 | ) | 10 | ||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.54 | 0.14 | 0.40 | 0.54 | (0.39 | ) | (0.67 | ) | — | (1.06 | ) | 16.02 | 1.58 | 4.04 | 0.88 | 86 | 3.63 | 10 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.48 | 0.42 | (0.13 | ) | 0.29 | (0.14 | ) | (0.09 | ) | — | (0.23 | ) | 16.54 | 1.57 | 5.96 | 2.49 | 96 | 1.73 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.15 | 2.04 | 2.19 | — | — | — | — | 16.48 | 1.55 | (e) | 11.48 | (e) | 1.50 | (e) | 42 | 15.33 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 15.83 | 0.01 | (0.86 | ) | (0.85 | ) | — | — | — | — | 14.98 | 2.44 | (e) | 4.17 | (e) | 0.17 | (e) | 22 | (5.37 | ) | 5 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.38 | 0.03 | 0.38 | 0.41 | (0.29 | ) | (0.67 | ) | — | (0.96 | ) | 15.83 | 2.35 | 4.95 | 0.18 | 86 | 2.80 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.38 | 0.30 | (0.14 | ) | 0.16 | (0.07 | ) | (0.09 | ) | — | (0.16 | ) | 16.38 | 2.35 | 6.68 | 1.78 | 96 | 0.94 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.11 | 1.98 | 2.09 | — | — | — | — | 16.38 | 2.39 | (e) | 12.03 | (e) | 1.07 | (e) | 42 | 14.63 | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 16.08 | 0.14 | (0.90 | ) | (0.76 | ) | (0.12 | ) | — | — | (0.12 | ) | 15.20 | 1.15 | (e) | 2.94 | (e) | 1.82 | (e) | 22 | (4.75 | ) | 6 | ||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.62 | 0.21 | 0.39 | 0.60 | (0.47 | ) | (0.67 | ) | — | (1.14 | ) | 16.08 | 1.15 | 3.82 | 1.31 | 86 | 4.04 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.52 | 0.53 | (0.17 | ) | 0.36 | (0.17 | ) | (0.09 | ) | — | (0.26 | ) | 16.62 | 1.15 | 5.43 | 3.16 | 96 | 2.18 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.13 | 2.10 | 2.23 | — | — | — | 16.52 | 1.15 | (e) | 4.25 | (e) | 1.21 | (e) | 42 | 15.61 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 15.99 | 0.06 | (0.86 | ) | (0.80 | ) | (0.02 | ) | — | — | (0.02 | ) | 15.17 | 1.75 | (e) | 4.22 | (e) | 0.82 | (e) | 22 | (5.03 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.53 | 0.13 | 0.37 | 0.50 | (0.37 | ) | (0.67 | ) | — | (1.04 | ) | 15.99 | 1.74 | 4.38 | 0.79 | 86 | 3.37 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.45 | 0.40 | (0.13 | ) | 0.27 | (0.10 | ) | (0.09 | ) | — | (0.19 | ) | 16.53 | 1.73 | 6.22 | 2.37 | 96 | 1.64 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.19 | 1.97 | 2.16 | — | — | — | — | 16.45 | 1.75 | (e) | 13.83 | (e) | 1.84 | (e) | 42 | 15.12 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 16.09 | 0.11 | (0.87 | ) | (0.76 | ) | (0.12 | ) | — | — | (0.12 | ) | 15.21 | 1.15 | (e) | 3.06 | (e) | 1.41 | (e) | 22 | (4.74 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.63 | 0.25 | 0.35 | 0.60 | (0.47 | ) | (0.67 | ) | — | (1.14 | ) | 16.09 | 1.15 | 3.59 | 1.58 | 86 | 4.01 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.52 | 0.50 | (0.14 | ) | 0.36 | (0.16 | ) | (0.09 | ) | — | (0.25 | ) | 16.63 | 1.15 | 5.67 | 2.96 | 96 | 2.18 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.25 | 1.98 | 2.23 | — | — | — | — | 16.52 | 1.15 | (e) | 13.27 | (e) | 2.44 | (e) | 42 | 15.61 | 0 |
The accompanying notes are an integral part of the financial statements. | 25 |
Table of Contents
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered | Without expenses waived/ recovered | Net income (loss) | Portfolio turnover rate (%) (a) | Total return (%) (a)(b) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle International Stock Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | $16.11 | $0.11 | $(0.86 | ) | $(0.75 | ) | $(0.13 | ) | $— | $— | $(0.13 | ) | $15.23 | 1.05 | (e) | 3.39 | (e) | 1.50 | (e) | 22 | (4.70 | ) | $0 | ||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.65 | 0.24 | 0.37 | 0.61 | (0.48 | ) | (0.67 | ) | — | (1.15 | ) | 16.11 | 1.05 | 3.80 | 1.48 | 86 | 4.11 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 16.53 | 0.51 | (0.13 | ) | 0.38 | (0.17 | ) | (0.09 | ) | — | (0.26 | ) | 16.65 | 1.05 | 5.67 | 3.05 | 96 | 2.31 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
02/28/13 | 10/31/13 | 14.29 | 0.26 | 1.98 | 2.24 | — | — | — | — | 16.53 | 1.05 | (e) | 13.27 | (e) | 2.54 | (e) | 42 | 15.68 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Eagle Investment Grade Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 14.87 | 0.08 | 0.19 | 0.27 | (0.09 | ) | (0.04 | ) | — | (0.13 | ) | 15.01 | 0.85 | (e) | 1.48 | (e) | 1.09 | (e) | 31 | 1.88 | 17 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 14.89 | 0.17 | 0.04 | 0.21 | (0.17 | ) | (0.06 | ) | — | (0.23 | ) | 14.87 | 0.85 | 1.36 | 1.14 | 82 | 1.46 | 20 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 14.89 | 0.17 | 0.04 | 0.21 | (0.17 | ) | (0.04 | ) | — | (0.21 | ) | 14.89 | 0.85 | 1.21 | 1.15 | 139 | 1.42 | 23 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 14.84 | 0.02 | 0.18 | 0.20 | (0.03 | ) | (0.04 | ) | — | (0.07 | ) | 14.97 | 1.65 | (e) | 2.25 | (e) | 0.29 | (e) | 31 | 1.41 | 21 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 14.86 | 0.05 | 0.04 | 0.09 | (0.05 | ) | (0.06 | ) | — | (0.11 | ) | 14.84 | 1.65 | 2.12 | 0.34 | 82 | 0.64 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 14.86 | 0.05 | 0.04 | 0.09 | (0.05 | ) | (0.04 | ) | — | (0.09 | ) | 14.86 | 1.65 | 1.96 | 0.35 | 139 | 0.60 | 26 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 14.90 | 0.10 | 0.18 | 0.28 | (0.11 | ) | (0.04 | ) | — | (0.15 | ) | 15.03 | 0.60 | (e) | 1.20 | (e) | 1.34 | (e) | 31 | 1.94 | 10 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 14.92 | 0.21 | 0.04 | 0.25 | (0.21 | ) | (0.06 | ) | — | (0.27 | ) | 14.90 | 0.60 | 1.09 | 1.39 | 82 | 1.71 | 9 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 14.92 | 0.21 | 0.04 | 0.25 | (0.21 | ) | (0.04 | ) | — | (0.25 | ) | 14.92 | 0.60 | 0.91 | 1.40 | 139 | 1.67 | 9 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 14.87 | 0.06 | 0.18 | 0.24 | (0.07 | ) | (0.04 | ) | — | (0.11 | ) | 15.00 | 1.15 | (e) | 1.77 | (e) | 0.84 | (e) | 31 | 1.68 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 14.89 | 0.13 | 0.04 | 0.17 | (0.13 | ) | (0.06 | ) | — | (0.19 | ) | 14.87 | 1.15 | 1.69 | 0.84 | 82 | 1.15 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 14.89 | 0.13 | 0.04 | 0.17 | (0.13 | ) | (0.04 | ) | — | (0.17 | ) | 14.89 | 1.15 | 1.55 | 0.85 | 139 | 1.12 | 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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 14.88 | 0.10 | 0.19 | 0.29 | (0.11 | ) | (0.04 | ) | — | (0.15 | ) | 15.02 | 0.60 | (e) | 1.28 | (e) | 1.40 | (e) | 31 | 2.01 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 14.90 | 0.18 | 0.06 | 0.24 | (0.20 | ) | (0.06 | ) | — | (0.26 | ) | 14.88 | 0.60 | 1.01 | 1.23 | 82 | 1.66 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 14.89 | 0.20 | 0.05 | 0.25 | (0.20 | ) | (0.04 | ) | — | (0.24 | ) | 14.90 | 0.60 | 0.81 | 1.34 | 139 | 1.70 | 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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 14.94 | 0.11 | 0.18 | 0.29 | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | 15.07 | 0.50 | (e) | 1.35 | (e) | 1.42 | (e) | 31 | 1.98 | 0 | ||||||||||||||||||||||||||||||||||||||||||
07/31/15 | 10/31/15 | 14.87 | 0.05 | 0.06 | 0.11 | (0.04 | ) | — | — | (0.04 | ) | 14.94 | 0.50 | (e) | 0.99 | (e) | 1.33 | (e) | 82 | 0.71 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Eagle Mid Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 43.39 | (0.05 | ) | (1.84 | ) | (1.89 | ) | — | (0.70 | ) | — | (0.70 | ) | 40.80 | 1.16 | (e) | 1.16 | (e) | (0.27 | )(e) | 16 | (4.37 | ) | 328 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 45.68 | (0.26 | ) | 2.26 | 2.00 | — | (4.29 | ) | — | (4.29 | ) | 43.39 | 1.14 | 1.14 | (0.59 | ) | 52 | 4.70 | 354 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 41.03 | (0.17 | ) | 6.74 | 6.57 | — | (1.92 | ) | — | (1.92 | ) | 45.68 | 1.19 | 1.19 | (0.40 | ) | 60 | 16.58 | 283 | ||||||||||||||||||||||||||||||||||||||||||||
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 |
26 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered | Without expenses waived/ recovered | Net income (loss) | Portfolio turnover rate (%) (a) | Total return (%) (a)(b) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Mid Cap Growth Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | $35.76 | $(0.16 | ) | $(1.51 | ) | $(1.67 | ) | $— | $(0.70 | ) | $— | $(0.70 | ) | $33.39 | 1.87 | (e) | 1.87 | (e) | (0.98 | )(e) | 16 | (4.69 | ) | $114 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 38.65 | (0.48 | ) | 1.88 | 1.40 | — | (4.29 | ) | — | (4.29 | ) | 35.76 | 1.87 | 1.88 | (1.32 | ) | 52 | 3.92 | 117 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 35.24 | (0.41 | ) | 5.74 | 5.33 | — | (1.92 | ) | — | (1.92 | ) | 38.65 | 1.89 | 1.89 | (1.12 | ) | 60 | 15.75 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 45.26 | 0.02 | (1.91) | (1.89 | ) | — | (0.70 | ) | — | (0.70 | ) | 42.67 | 0.81 | (e) | 0.81 | (e) | 0.09 | (e) | 16 | (4.18 | ) | 413 | |||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.33 | (0.13 | ) | 2.35 | 2.22 | — | (4.29 | ) | — | (4.29 | ) | 45.26 | 0.82 | 0.83 | (0.28 | ) | 52 | 5.02 | 358 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 42.31 | (0.05 | ) | 6.99 | 6.94 | — | (1.92 | ) | — | (1.92 | ) | 47.33 | 0.85 | 0.85 | (0.12 | ) | 60 | 16.97 | 210 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 42.46 | (0.11 | ) | (1.80 | ) | (1.91 | ) | — | (0.70 | ) | — | (0.70 | ) | 39.85 | 1.48 | (e) | 1.48 | (e) | (0.59 | )(e) | 16 | (4.51 | ) | 22 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 44.90 | (0.37 | ) | 2.22 | 1.85 | — | (4.29 | ) | — | (4.29 | ) | 42.46 | 1.41 | 1.42 | (0.86 | ) | 52 | 4.42 | 24 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 40.48 | (0.31 | ) | 6.65 | 6.34 | — | (1.92 | ) | — | (1.92 | ) | 44.90 | 1.48 | 1.48 | (0.73 | ) | 60 | 16.23 | 16 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 45.15 | 0.01 | (1.89 | ) | (1.88 | ) | — | (0.70 | ) | — | (0.70 | ) | 42.57 | 0.84 | (e) | 0.84 | (e) | 0.06 | (e) | 16 | (4.17 | ) | 143 | ||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.28 | (0.13 | ) | 2.29 | 2.16 | — | (4.29 | ) | — | (4.29 | ) | 45.15 | 0.82 | 0.83 | (0.28 | ) | 52 | 4.89 | 133 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 42.27 | (0.06 | ) | 6.99 | 6.93 | — | (1.92 | ) | — | (1.92 | ) | 47.28 | 0.87 | 0.87 | (0.14 | ) | 60 | 16.96 | 55 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 45.43 | 0.04 | (1.92 | ) | (1.88 | ) | — | (0.70 | ) | — | (0.70 | ) | 42.85 | 0.72 | (e) | 0.72 | (e) | 0.18 | (e) | 16 | (4.15 | ) | 315 | ||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.44 | (0.10 | ) | 2.38 | 2.28 | — | (4.29 | ) | — | (4.29 | ) | 45.43 | 0.73 | 0.74 | (0.21 | ) | 52 | 5.15 | 190 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 42.36 | (0.05 | ) | 7.05 | 7.00 | — | (1.92 | ) | — | (1.92 | ) | 47.44 | 0.77 | 0.77 | (0.10 | ) | 60 | 17.10 | 30 | ||||||||||||||||||||||||||||||||||||||||||||
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 | (e) | 0.85 | (e) | (0.32 | )(e) | 91 | 3.74 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Eagle Mid Cap Stock Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 28.35 | (0.04 | ) | 0.30 | 0.26 | — | (3.34 | ) | — | (3.34 | ) | 25.27 | 1.28 | (e) | 1.28 | (e) | (0.34 | )(e) | 24 | 1.62 | 131 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 30.05 | (0.12 | ) | 0.75 | 0.63 | — | (2.33 | ) | — | (2.33 | ) | 28.35 | 1.24 | 1.24 | (0.40 | ) | 56 | 2.07 | 147 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 30.48 | (0.13 | ) | 1.72 | 1.59 | — | (2.02 | ) | — | (2.02 | ) | 30.05 | 1.22 | 1.22 | (0.43 | ) | 32 | 5.51 | 171 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 22.64 | (0.11 | ) | 0.20 | 0.09 | — | (3.34 | ) | — | (3.34 | ) | 19.39 | 2.03 | (e) | 2.03 | (e) | (1.10 | )(e) | 24 | 1.23 | 99 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 24.62 | (0.27 | ) | 0.62 | 0.35 | — | (2.33 | ) | — | (2.33 | ) | 22.64 | 1.99 | 1.99 | (1.16 | ) | 56 | 1.32 | 109 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 25.52 | (0.28 | ) | 1.40 | 1.12 | — | (2.02 | ) | — | (2.02 | ) | 24.62 | 1.96 | 1.96 | (1.17 | ) | 32 | 4.69 | 124 | ||||||||||||||||||||||||||||||||||||||||||||
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 |
The accompanying notes are an integral part of the financial statements. | 27 |
Table of Contents
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered | Without expenses waived/ recovered | Net income (loss) | Portfolio turnover rate (%) (a) | Total return (%) (a)(b) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Mid Cap Stock Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | $29.50 | $(— | ) | $0.32 | $0.32 | $— | $(3.34 | ) | $— | $(3.34 | ) | $26.48 | 0.95(e | ) | 1.00(e | ) | (0.01 | )(e) | 24 | 1.77 | $44 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 31.09 | (0.03 | ) | 0.77 | 0.74 | — | (2.33 | ) | — | (2.33 | ) | 29.50 | 0.95 | 1.06 | (0.10 | ) | 56 | 2.37 | 51 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 31.39 | (0.05 | ) | 1.77 | 1.72 | — | (2.02 | ) | — | (2.02 | ) | 31.09 | 0.95 | 1.10 | (0.16 | ) | 32 | 5.78 | 87 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 27.55 | (0.07 | ) | 0.28 | 0.21 | — | (3.34 | ) | — | (3.34 | ) | 24.42 | 1.53(e | ) | 1.53(e | ) | (0.60 | )(e) | 24 | 1.47 | 2 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 29.36 | (0.21 | ) | 0.73 | 0.52 | — | (2.33 | ) | — | (2.33 | ) | 27.55 | 1.59 | 1.59 | (0.73 | ) | 56 | 1.71 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 29.92 | (0.21 | ) | 1.67 | 1.46 | — | (2.02 | ) | — | (2.02 | ) | 29.36 | 1.53 | 1.53 | (0.73 | ) | 32 | 5.16 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 29.65 | (— | ) | 0.32 | 0.32 | — | (3.34 | ) | — | (3.34 | ) | 26.63 | 0.95(e | ) | 1.01(e | ) | (0.01 | )(e) | 24 | 1.77 | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 31.24 | (0.03 | ) | 0.77 | 0.74 | — | (2.33 | ) | — | (2.33 | ) | 29.65 | 0.95 | 0.99 | (0.10 | ) | 56 | 2.36 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 31.53 | (0.05 | ) | 1.78 | 1.73 | — | (2.02 | ) | — | (2.02 | ) | 31.24 | 0.94 | 0.94 | (0.16 | ) | 32 | 5.79 | 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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 29.70 | 0.01 | 0.33 | 0.34 | — | (3.34 | ) | — | (3.34 | ) | 26.70 | 0.85(e | ) | 0.85(e | ) | 0.07 | (e) | 24 | 1.83 | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 31.25 | — | (f) | 0.78 | 0.78 | — | (2.33 | ) | — | (2.33 | ) | 29.70 | 0.83 | 0.84 | 0.01 | 56 | 2.49 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 31.50 | (0.01 | ) | 1.78 | 1.77 | — | (2.02 | ) | — | (2.02 | ) | 31.25 | 0.82 | 0.82 | (0.04 | ) | 32 | 5.93 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
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(e | ) | 0.85(e | ) | 0.24 | (e) | 242 | 1.14 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Eagle Small Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 52.98 | (0.13 | ) | (1.24 | ) | (1.37 | ) | — | (3.46 | ) | — | (3.46 | ) | 48.15 | 1.15(e | ) | 1.15(e | ) | (0.54 | )(e) | 15 | (2.64 | ) | 644 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 57.57 | (0.33 | ) | 2.22 | 1.89 | — | (6.48 | ) | — | (6.48 | ) | 52.98 | 1.10 | 1.10 | (0.60 | ) | 45 | 3.23 | 711 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 54.33 | (0.34 | ) | 4.27 | 3.93 | — | (0.69 | ) | — | (0.69 | ) | 57.57 | 1.11 | 1.11 | (0.61 | ) | 37 | 7.30 | 759 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 42.10 | (0.23 | ) | (0.98 | ) | (1.21 | ) | — | (3.46 | ) | — | (3.46 | ) | 37.43 | 1.85(e | ) | 1.85(e | ) | (1.23 | )(e) | 15 | (2.96 | ) | 173 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.33 | (0.59 | ) | 1.84 | 1.25 | — | (6.48 | ) | — | (6.48 | ) | 42.10 | 1.82 | 1.82 | (1.32 | ) | 45 | 2.49 | 186 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 45.11 | (0.61 | ) | 3.52 | 2.91 | — | (0.69 | ) | — | (0.69 | ) | 47.33 | 1.82 | 1.82 | (1.32 | ) | 37 | 6.52 | 190 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 54.84 | (0.05 | ) | (1.29 | ) | (1.34 | ) | — | (3.46 | ) | — | (3.46 | ) | 50.04 | 0.81(e | ) | 0.81(e | ) | (0.20 | )(e) | 15 | (2.49 | ) | 1,569 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 59.19 | (0.16 | ) | 2.29 | 2.13 | — | (6.48 | ) | — | (6.48 | ) | 54.84 | 0.78 | 0.78 | (0.28 | ) | 45 | 3.58 | 1,757 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 55.68 | (0.16 | ) | 4.36 | 4.20 | — | (0.69 | ) | — | (0.69 | ) | 59.19 | 0.78 | 0.78 | (0.29 | ) | 37 | 7.61 | 1,770 | ||||||||||||||||||||||||||||||||||||||||||||
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 |
28 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered | Without expenses waived/ recovered | Net income (loss) | Portfolio turnover rate (%) (a) | Total return (%) (a)(b) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Small Cap Growth Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | $51.82 | $(0.18 | ) | $(1.21 | ) | $(1.39 | ) | $— | $(3.46 | ) | $— | $(3.46 | ) | $46.97 | 1.37 | (e) | 1.37 | (e) | (0.76 | )(e) | 15 | (2.74 | ) | $101 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 56.59 | (0.48 | ) | 2.19 | 1.71 | — | (6.48 | ) | — | (6.48 | ) | 51.82 | 1.38 | 1.38 | (0.88 | ) | 45 | 2.94 | 119 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 53.58 | (0.50 | ) | 4.20 | 3.70 | — | (0.69 | ) | — | (0.69 | ) | 56.59 | 1.42 | 1.42 | (0.92 | ) | 37 | 6.97 | 127 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 55.02 | (0.04 | ) | (1.29 | ) | (1.33 | ) | — | (3.46 | ) | — | (3.46 | ) | $50.23 | 0.77 | (e) | 0.77 | (e) | (0.16 | )(e) | 15 | (2.44 | ) | 421 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 59.37 | (0.15 | ) | 2.28 | 2.13 | — | (6.48 | ) | — | (6.48 | ) | 55.02 | 0.75 | 0.75 | (0.25 | ) | 45 | 3.57 | 418 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 55.83 | (0.16 | ) | 4.39 | 4.23 | — | (0.69 | ) | — | (0.69 | ) | 59.37 | 0.77 | 0.77 | (0.28 | ) | 37 | 7.64 | 348 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 55.27 | (0.01 | ) | (1.30 | ) | (1.31 | ) | — | (3.46 | ) | — | (3.46 | ) | 50.50 | 0.67 | (e) | 0.67 | (e) | (0.05 | )(e) | 15 | (2.41 | ) | 854 | |||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 59.55 | (0.10 | ) | 2.30 | 2.20 | — | (6.48 | ) | — | (6.48 | ) | 55.27 | 0.66 | 0.66 | (0.17 | ) | 45 | 3.68 | 737 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 55.92 | (0.10 | ) | 4.42 | 4.32 | — | (0.69 | ) | — | (0.69 | ) | 59.55 | 0.66 | 0.66 | (0.17 | ) | 37 | 7.79 | 576 | ||||||||||||||||||||||||||||||||||||||||||||
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 | (e) | 0.85 | (e) | (0.75 | )(e) | 36 | 5.05 | 65 | ||||||||||||||||||||||||||||||||||||||||||||
Eagle Smaller Company Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 12.32 | (0.01 | ) | 0.16 | 0.15 | — | — | — | — | 12.47 | 1.43 | (e) | 1.68 | (e) | (0.17 | )(e) | 26 | 1.22 | 16 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 23.65 | (0.10 | ) | 0.08 | (0.02 | ) | — | (11.31 | ) | — | (11.31 | ) | 12.32 | 1.41 | 1.60 | (0.70 | ) | 79 | (1.88 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 23.38 | (0.09 | ) | 0.87 | 0.78 | — | (0.51 | ) | — | (0.51 | ) | 23.65 | 1.38 | 1.36 | (0.38 | ) | 68 | (g) | 3.34 | 18 | |||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 11.05 | (0.05 | ) | 0.15 | 0.10 | — | — | — | — | 11.15 | 2.16 | (e) | 2.42 | (e) | (0.90 | )(e) | 26 | 0.90 | 18 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 22.46 | (0.18 | ) | 0.08 | (0.10 | ) | — | (11.31 | ) | — | (11.31 | ) | 11.05 | 2.17 | 2.35 | (1.49 | ) | 79 | (2.64 | ) | 21 | ||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 22.38 | (0.25 | ) | 0.84 | 0.59 | — | (0.51 | ) | — | (0.51 | ) | 22.46 | 2.11 | 2.09 | (1.11 | ) | 68 | (g) | 2.63 | 11 | |||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 13.07 | 0.02 | 0.18 | 0.20 | — | — | — | — | 13.27 | 0.95 | (e) | 1.38 | (e) | 0.33 | (e) | 26 | 1.53 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 24.27 | (0.03 | ) | 0.14 | 0.11 | — | (11.31 | ) | — | (11.31 | ) | 13.07 | 0.95 | 1.27 | (0.17 | ) | 79 | (0.99 | ) | 15 | |||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 23.86 | 0.02 | 0.91 | 0.93 | (0.01 | ) | (0.51 | ) | — | (0.52 | ) | 24.27 | 0.95 | 1.10 | 0.10 | 68 | (g) | 3.93 | 33 | ||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 11.96 | (0.02 | ) | 0.15 | 0.13 | — | — | — | — | 12.09 | 1.70 | (e) | 2.03 | (e) | (0.43 | )(e) | 26 | 1.09 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 23.33 | (0.13 | ) | 0.07 | (0.06 | ) | — | (11.31 | ) | — | (11.31 | ) | 11.96 | 1.70 | 2.07 | (0.94 | ) | 79 | (2.19 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 23.12 | (0.17 | ) | 0.89 | 0.72 | — | (0.51 | ) | — | (0.51 | ) | 23.33 | 1.70 | 1.77 | (0.72 | ) | 68 | (g) | 3.11 | 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 |
The accompanying notes are an integral part of the financial statements. | 29 |
Table of Contents
Financial Highlights
Fiscal periods | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered | Without expenses waived/ recovered | Net income (loss) | Portfolio turnover rate (%) (a) | Total return (%) (a)(b) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Smaller Company Fund (cont’d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | $12.93 | $(— | ) | $0.19 | $0.19 | $— | $— | $— | $— | $13.12 | 0.95(e | ) | 1.44(e | ) | (0.03 | )(e) | 26 | 1.47 | $0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 24.20 | (0.03 | ) | 0.07 | 0.04 | — | (11.31 | ) | — | (11.31 | ) | 12.93 | 0.95 | 1.14 | (0.24 | ) | 79 | (1.41 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 23.82 | 0.04 | 0.87 | 0.91 | (0.02 | ) | (0.51 | ) | — | (0.53 | ) | 24.20 | 0.95 | 1.04 | 0.18 | 68(g | ) | 3.85 | 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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 04/30/16 | 12.96 | 0.03 | 0.18 | 0.21 | — | — | — | — | 13.17 | 0.85(e | ) | 1.23(e | ) | 0.45 | (e) | 26 | 1.62 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 24.22 | (0.01 | ) | 0.06 | 0.05 | — | (11.31 | ) | — | (11.31 | ) | 12.96 | 0.85 | 1.20 | (0.07 | ) | 79 | (1.33 | ) | 10 | |||||||||||||||||||||||||||||||||||||||||||
11/01/13 | 10/31/14 | 23.86 | 0.03 | 0.87 | 0.90 | (0.03 | ) | (0.51 | ) | — | (0.54 | ) | 24.22 | 0.85 | 0.94 | 0.13 | 68(g | ) | 3.78 | 25 | ||||||||||||||||||||||||||||||||||||||||||||
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(e | ) | 1.24(e | ) | 0.17 | (e) | 36 | 4.42 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Eagle Tactical Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 04/30/16 | 14.29 | 0.01 | 0.12 | 0.13 | — | — | — | — | 14.42 | 1.17(e | ) | 35.69(e | ) | 0.20 | (e) | 79 | 0.91 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 04/30/16 | 14.29 | (0.07 | ) | 0.17 | 0.10 | — | — | — | — | 14.39 | 1.97(e | ) | 23.73(e | ) | (1.35 | )(e) | 79 | 0.70 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 04/30/16 | 14.29 | 0.02 | 0.12 | 0.14 | — | — | — | — | 14.43 | 0.87(e | ) | 21.02(e | ) | 0.32 | (e) | 79 | 0.98 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 04/30/16 | 14.29 | (— | ) | 0.12 | 0.12 | — | — | — | — | 14.41 | 1.37(e | ) | 41.93(e | ) | (0.07 | )(e) | 79 | 0.84 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 04/30/16 | 14.29 | 0.02 | 0.13 | 0.15 | — | — | — | — | 14.44 | 0.87(e | ) | 41.36(e | ) | 0.43 | (e) | 79 | 1.05 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 04/30/16 | 14.29 | 0.02 | 0.13 | 0.15 | — | — | — | — | 14.44 | 0.77(e | ) | 41.36(e | ) | 0.53 | (e) | 79 | 1.05 | 0 |
* Per share amounts have been calculated using the daily average share method. The data for fiscal periods ending after October 31, 2015 is unaudited.
(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) The Eagle Capital Appreciation Fund changed its subadvisor effective June 28, 2013.
(d) The Eagle Growth & Income Fund changed its subadvisor effective June 1, 2011.
(e) Annualized.
(f) Per share amount is less than $0.005.
(g) The Eagle Smaller Company Fund changed its subadvisor effective October 20, 2014.
30 | The accompanying notes are an integral part of the financial statements. |
Table of Contents
(UNAUDITED) | 04.30.2016 |
NOTE 1 | Organization and investment objective | The Eagle Capital Appreciation Fund, the Eagle Growth & Income Fund and the 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. Trusts offer 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 Smaller Company Fund (“Smaller Company Fund”) seeks capital growth, and |
• | The Eagle Tactical Allocation Fund (“Tactical Allocation Fund”) seeks long-term capital appreciation. |
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, Class R-5, and 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, other than Class C shares of the International Stock Fund purchased between July 31, 2015 and August 31, 2016, which were sold without a CDSC. |
• | 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 | The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. GAAP.
Use of estimates | The preparation of financial statements in accordance with U.S. GAAP 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 NAV of each Fund’s shares is normally calculated each business day as of the scheduled close of regular trading on the New York Stock Exchange (NYSE) and the Nasdaq, generally 4 p.m., Eastern time. A Fund will not treat an intraday unscheduled disruption in trading on either the NYSE or Nasdaq as a closure of that particular market, and will price its shares as of the normally scheduled close of the NYSE and Nasdaq if the disruption directly affects only one of those markets. If the NYSE or other securities exchange modifies the published closing price of securities traded on that exchange after the NAV is calculated, the Funds are not required to recalculate their NAVs.
Generally, the Funds value portfolio 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 or vendor specific events occurred after the security halted trading; or |
• | Due to the passage of time between the close of the market on which the security trades and the close of the NYSE and the Nasdaq. |
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 is the amount that the owner might reasonably expect to receive for the security upon its current sale. Fair value requires consideration of appropriate factors, including indications of fair value available from independent 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 responsibility for applying and administering the Procedures to a valuation committee (“Valuation Committee”). 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 portfolio securities fair valued by the Valuation Committee, Eagle checks fair value
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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 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 independent 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 independent 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 close of the NYSE and the Nasdaq, closing market quotations may become unreliable. Consequently, fair valuation of portfolio 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. Eagle 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 an independent 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, short-term securities (investments that have a maturity date of 60 days or less) and convertible securities, including high yield or junk bonds, normally are valued on the basis of evaluated prices provided by independent pricing services. Evaluated prices provided by the independent 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 evaluated prices provided by the independent pricing service and independent quoted prices are unavailable or |
unreliable, the Valuation Committee will fair value the security using the Procedures. |
• | 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, 2016, 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. Investments in ETFs are valued on the basis of market quotations, if available and reliable. If the 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 such 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 entity data.
The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2016.
Quoted prices in (Level 1) | Significant other observable inputs (Level 2) | Significant (Level 3) | ||||||||||
Capital Appreciation Fund | ||||||||||||
Common Stocks (a) | $330,372,189 | $— | $— | |||||||||
Money market funds | 3,447,117 | — | — | |||||||||
Total investment portfolio | $333,819,306 | $— | $— |
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Quoted prices in (Level 1) | Significant other observable inputs (Level 2) | Significant (Level 3) | ||||||||||
Growth & Income Fund | ||||||||||||
Common Stocks (a) | $533,226,998 | $— | $— | |||||||||
Money market funds | 11,834,430 | — | — | |||||||||
Total investment portfolio | $545,061,428 | $— | $— | |||||||||
International Stock Fund | ||||||||||||
Common Stocks (a): | ||||||||||||
Australia | $— | $828,647 | $— | |||||||||
Austria | — | 36,875 | — | |||||||||
Belgium | — | 107,430 | — | |||||||||
Denmark | — | 280,216 | — | |||||||||
Finland | — | 153,585 | — | |||||||||
France | — | 1,928,522 | — | |||||||||
Germany | — | 2,720,466 | — | |||||||||
Hong Kong | — | 336,796 | — | |||||||||
Ireland | — | 109,311 | — | |||||||||
Israel | — | 553,714 | — | |||||||||
Italy | — | 792,175 | — | |||||||||
Japan | — | 5,675,717 | — | |||||||||
Netherlands | 256,064 | 688,744 | — | |||||||||
New Zealand | — | 54,441 | — | |||||||||
Norway | — | 230,478 | — | |||||||||
Singapore | — | 452,514 | — | |||||||||
Spain | — | 379,066 | — | |||||||||
Sweden | — | 654,576 | — | |||||||||
Switzerland | — | 859,386 | — | |||||||||
United Kingdom | — | 3,374,904 | — | |||||||||
Exchange traded funds | 537,556 | — | — | |||||||||
Money market funds | 652,941 | — | — | |||||||||
Total investment portfolio | $1,446,561 | $20,217,563 | $— | |||||||||
Investment Grade Bond Fund | ||||||||||||
Corporate bonds (a) | $— | $25,816,547 | $— | |||||||||
Mortgage and asset-backed securities | — | 11,561,272 | — | |||||||||
Foreign government bonds | — | 151,031 | — | |||||||||
U.S. Treasuries | — | 4,920,563 | — | |||||||||
U.S. Government agency securities | — | 2,525,338 | — | |||||||||
Supranational banks | — | 1,524,788 | — | |||||||||
Money market funds | 1,914,740 | — | — | |||||||||
Total investment portfolio | $1,914,740 | $46,499,539 | $— |
Quoted prices in (Level 1) | Significant other observable inputs (Level 2) | Significant (Level 3) | ||||||||||
Mid Cap Growth Fund | ||||||||||||
Common stocks (a) | $1,291,202,193 | $— | $— | |||||||||
Money market funds | 23,093,786 | — | — | |||||||||
Total investment portfolio | $1,314,295,979 | $— | $— | |||||||||
Mid Cap Stock Fund | ||||||||||||
Common stocks (a) | $268,046,559 | $— | $— | |||||||||
Money market funds | 8,159,537 | — | — | |||||||||
Total investment portfolio | $276,206,096 | $— | $— | |||||||||
Small Cap Growth Fund | ||||||||||||
Common stocks (a) | $3,729,279,757 | $— | $— | |||||||||
Contingent value rights | — | — | 242,594 | |||||||||
Money market funds | 16,370,890 | — | — | |||||||||
Total investment portfolio | $3,745,650,647 | $— | $242,594 | |||||||||
Smaller Company Fund | ||||||||||||
Common stocks (a) | $45,377,956 | $— | $— | |||||||||
Money market funds | 2,188,198 | — | — | |||||||||
Total investment portfolio | $47,566,154 | $— | $— | |||||||||
Tactical Allocation Fund | ||||||||||||
Exchange traded funds | $2,336,477 | $— | $— | |||||||||
Money market funds | 47,421 | — | — | |||||||||
Total investment portfolio | $2,383,898 | $— | $— | |||||||||
(a) Please see the investment portfolio for detail by industry. |
The Fund recognizes transfers between levels at the end of the reporting period. During the period ended April 30, 2016, there were no transfers in or out of Levels 1, 2, or 3.
The following is a reconciliation of Level 3 securities held by the Small Cap Growth Fund as of April 30, 2016 for which significant unobservable inputs were used to determine fair value:
Small Cap Growth Fund | ||||||||
Balance as of October 31, 2015 | $— | |||||||
Purchases (acquired as a result of corporate action) | 242,594 | |||||||
Change in unrealized appreciation (depreciation) | — | |||||||
Balance as of April 30, 2016 | $242,594 |
The Funds’ policy for disclosing the valuation techniques and significant unobservable inputs for Level 3 assets and liabilities is to provide such disclosures when aggregate exposure to Level 3 investments exceeds 1% of net asset value. At April 30, 2016 the Level 3 investments within the Fund did not exceed such threshold and therefore have not been disclosed.
The contingent value rights (“CVR”) were acquired as a result of Dyax Corp. (which was a portfolio holding of the Fund) being acquired by Shire PLC. In exchange for the Fund’s shares in Dyax Corp., the Fund received cash considerations from Shire PLC as well as the CVR.
Foreign currency transactions | The books and records of each Fund are maintained in U.S. dollars. Foreign currency transactions are translated into
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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 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 currency exchange contracts | Each of the Funds, except the Small Cap Growth Fund, is authorized to enter into forward currency contracts, which are used primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. Forward currency exchange contracts are valued in U.S. dollars based upon forward exchange rates provided by an independent pricing service as of the close of the NYSE each valuation day and the unrealized gain or loss is included in the related Statement 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 related Statement 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, 2016, none of the Funds held forward 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 Funds’ 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, 2016, 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 a 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.
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 applicable 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.
Dividends paid to shareholders from net investment income were as follows:
Distributions from net investment income | 11/1/15 to 04/30/16 | 11/1/14 to 10/31/15 | ||||||
Capital Appreciation Fund | ||||||||
Class A | $46,043 | $— | ||||||
Class C | — | — | ||||||
Class I | 332,588 | 113,793 | ||||||
Class R-3 | — | — | ||||||
Class R-5 | 23,910 | 1,947 | ||||||
Class R-6 | 11 | — | ||||||
Growth & Income Fund | ||||||||
Class A | 1,545,860 | 3,895,855 | * | |||||
Class C | 1,026,191 | 2,482,573 | * | |||||
Class I | 1,512,473 | 4,536,288 | * | |||||
Class R-3 | 17,666 | 45,076 | * | |||||
Class R-5 | 3,495 | 45,331 | * | |||||
Class R-6 | 330,800 | 1,935 | * | |||||
*Includes return of capital in the amount of $365,076 | ||||||||
International Stock Fund | ||||||||
Class A | 45,124 | 86,181 | ||||||
Class C | — | 72,288 | ||||||
Class I | 28,889 | 37,744 | ||||||
Class R-3 | 3 | 65 | ||||||
Class R-5 | 212 | 83 | ||||||
Class R-6 | 25 | 86 | ||||||
Investment Grade Bond Fund | ||||||||
Class A | 113,221 | 249,813 | ||||||
Class C | 49,041 | 84,024 | ||||||
Class I | 63,886 | 124,253 | ||||||
Class R-3 | 384 | 251 | ||||||
Class R-5 | 74 | 39 | ||||||
Class R-6 | 21 | 6 |
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Distributions paid to shareholders from net realized gains were as follows:
Distributions from net realized gains | 11/1/15 to 04/30/16 | 11/1/14 to 10/31/15 | ||||||
Capital Appreciation Fund | ||||||||
Class A | $21,628,944 | $20,832,937 | ||||||
Class C | 11,141,899 | 10,785,656 | ||||||
Class I | 13,002,521 | 11,419,909 | ||||||
Class R-3 | 130,368 | 81,839 | ||||||
Class R-5 | 998,682 | 706,694 | ||||||
Class R-6 | 314 | — | ||||||
Growth & Income Fund | ||||||||
Class A | — | 1,655,129^ | ||||||
Class C | — | 1,643,442^ | ||||||
Class I | — | 1,577,964^ | ||||||
Class R-3 | — | 24,176^ | ||||||
Class R-5 | — | 30,840^ | ||||||
Class R-6 | — | 778^ | ||||||
^ Includes return of capital in the amount of $295,478 | ||||||||
International Stock Fund | ||||||||
Class A | — | 147,994 | ||||||
Class C | — | 166,177 | ||||||
Class I | — | 53,466 | ||||||
Class R-3 | — | 118 | ||||||
Class R-5 | — | 119 | ||||||
Class R-6 | — | 119 | ||||||
Investment Grade Bond Fund | ||||||||
Class A | 56,240 | 91,386 | ||||||
Class C | 61,745 | 106,233 | ||||||
Class I | 23,537 | 34,149 | ||||||
Class R-3 | 83 | 123 | ||||||
Class R-5 | 9 | 12 | ||||||
Class R-6 | 7 | — | ||||||
Mid Cap Growth Fund | ||||||||
Class A | 5,805,631 | 26,793,835 | ||||||
Class C | 2,320,335 | 11,654,418 | ||||||
Class I | 6,175,640 | 20,217,916 | ||||||
Class R-3 | 394,348 | 1,607,970 | ||||||
Class R-5 | 2,154,918 | 4,875,830 | ||||||
Class R-6 | 3,455,584 | 3,132,740 | ||||||
Mid Cap Stock Fund | ||||||||
Class A | 16,786,955 | 12,929,183 | ||||||
Class C | 15,689,307 | 11,465,291 | ||||||
Class I | 5,595,464 | 6,350,615 | ||||||
Class R-3 | 202,795 | 375,354 | ||||||
Class R-5 | 27,645 | 29,218 | ||||||
Class R-6 | 123,684 | 51,774 |
Distributions from net realized gains (cont’d) | 11/1/15 to 04/30/16 | 11/1/14 to 10/31/15 | ||||||
Small Cap Growth Fund | ||||||||
Class A | $45,836,966 | $84,387,164 | ||||||
Class C | 15,163,196 | 25,713,397 | ||||||
Class I | 106,369,790 | 190,073,412 | ||||||
Class R-3 | 7,617,115 | 14,232,137 | ||||||
Class R-5 | 27,455,434 | 38,429,995 | ||||||
Class R-6 | 50,864,936 | 62,850,610 | ||||||
Smaller Company Fund | ||||||||
Class A | — | 8,138,310 | ||||||
Class C | — | 5,160,921 | ||||||
Class I | — | 10,961,615 | ||||||
Class R-3 | — | 205,037 | ||||||
Class R-5 | — | 2,565 | ||||||
Class R-6 | — | 12,875,708 |
Offering costs | Offering costs of $155,956 associated with the formation of the Tactical Allocation Fund are being accounted for as a deferred charge and are being amortized on a straight line basis over 12 months from the date of commencement of operations, December 31, 2015. For the period ended April 30, 2016, the Tactical Allocation Fund amortized expenses of $58,013, and as of April 30, 2016, $97,943 of offering costs remain deferred.
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, 2016, purchases and sales of investment securities (excluding short-term obligations) were as follows:
Purchases | Sales | |||||||
Capital Appreciation Fund | $53,567,950 | $56,034,119 | ||||||
Growth & Income Fund | 30,522,501 | 83,612,769 | ||||||
International Stock Fund | 9,590,089 | 4,132,897 | ||||||
Investment Grade Bond Fund | ||||||||
Debt securities | 11,588,289 | 8,674,437 | ||||||
U.S. Treasury securities | 2,688,822 | 8,177,258 | ||||||
Mid Cap Growth Fund | 405,228,209 | 190,921,496 | ||||||
Mid Cap Stock Fund | 66,895,207 | 103,560,987 | ||||||
Small Cap Growth Fund | 560,826,476 | 568,052,904 | ||||||
Smaller Company Fund | 14,565,047 | 34,164,980 | ||||||
Tactical Allocation Fund | 3,216,007 | 914,398 |
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
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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 Over $1 billion |
|
| 0.60 0.55 | % % | ||
Growth & Income Fund | | First $100 million $100 million to $500 million Over $500 million | |
| 0.60 0.45 0.40 | % % % | ||
International Stock Fund | All assets | 0.85 | % | |||||
Investment Grade Bond Fund | All assets | 0.30 | % | |||||
Mid Cap Growth Fund, Mid Cap Stock Fund, Small Cap Growth Fund, Smaller Company Fund | | First $500 million $500 million to $1 billion Over $1 billion | |
| 0.60 0.55 0.50 | % % % | ||
Tactical Allocation Fund | All assets | 0.57 | % |
For administrative services provided by the Manager, each Fund has 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 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%, respectively, 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 entered into a subadvisory agreement with Cougar Global Investments Limited (“Cougar Global”), an affiliate of Eagle, to serve as subadvisor for the Tactical Allocation Fund. Under this agreement, Eagle pays Cougar Global an annualized rate of 0.57% on all assets as a percentage of the Fund’s average daily net assets, computed daily and payable monthly for the Tactical Allocation Fund.
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 all share classes, including Class I, Class R-5 or Class R-6 shares, from its own resources.
Sales charges | For the period ended April 30, 2016, 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 | $27,166 | $— | $363 | |||||||||
Growth & Income Fund | 83,757 | — | 674 | |||||||||
International Stock Fund | 11,686 | — | 1 | |||||||||
Investment Grade Bond Fund | 7,177 | — | — | |||||||||
Mid Cap Growth Fund | 118,959 | — | 1,885 | |||||||||
Mid Cap Stock Fund | 10,517 | — | 61 | |||||||||
Small Cap Growth Fund | 72,813 | — | 525 | |||||||||
Smaller Company Fund | 3,842 | — | 1 | |||||||||
Tactical Allocation Fund | 8,750 | — | — |
The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.
Agency commissions | For the period ended April 30, 2016, 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 | $33,870 | $— | ||||||
Growth & Income Fund | 58,030 | — | ||||||
International Stock Fund | 6,857 | — | ||||||
Investment Grade Bond Fund | — | — | ||||||
Mid Cap Growth Fund | 266,033 | 26,612 | ||||||
Mid Cap Stock Fund | 73,758 | 5,959 | ||||||
Small Cap Growth Fund | 847,429 | 39,836 | ||||||
Smaller Company Fund | 22,340 | 2,588 | ||||||
Tactical Allocation Fund | 635 | — |
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 | 11/1/15 to 04/30/16 | |||
Capital Appreciation Fund Class A | $5,185 | |||
Capital Appreciation Fund Class C | 2,164 | |||
Capital Appreciation Fund Class I | 3,374 | |||
Capital Appreciation Fund Class R-3 | 31 | |||
Capital Appreciation Fund Class R-5 | 246 | |||
Capital Appreciation Fund Class R-6 | — |
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Notes to Financial Statements
(UNAUDITED) | 04.30.2016 |
Shareholder servicing fees (cont’d) | 11/1/15 to 04/30/16 | |||
Growth & Income Fund Class A | $5,663 | |||
Growth & Income Fund Class C | 6,128 | |||
Growth & Income Fund Class I | 5,043 | |||
Growth & Income Fund Class R-3 | 95 | |||
Growth & Income Fund Class R-5 | 11 | |||
Growth & Income Fund Class R-6 | — | |||
International Stock Fund Class A | 325 | |||
International Stock Fund Class C | 172 | |||
International Stock Fund Class I | 167 | |||
International Stock Fund Class R-3 | — | |||
International Stock Fund Class R-5 | 1 | |||
International Stock Fund Class R-6 | — | |||
Investment Grade Bond Fund Class A | 575 | |||
Investment Grade Bond Fund Class C | 687 | |||
Investment Grade Bond Fund Class I | 280 | |||
Investment Grade Bond Fund Class R-3 | 3 | |||
Investment Grade Bond Fund Class R-5 | — | |||
Investment Grade Bond Fund Class R-6 | — | |||
Mid Cap Growth Fund Class A | 10,960 | |||
Mid Cap Growth Fund Class C | 3,705 | |||
Mid Cap Growth Fund Class I | 12,545 | |||
Mid Cap Growth Fund Class R-3 | 730 | |||
Mid Cap Growth Fund Class R-5 | 4,524 | |||
Mid Cap Growth Fund Class R-6 | — | |||
Mid Cap Stock Fund Class A | 4,344 | |||
Mid Cap Stock Fund Class C | 3,242 | |||
Mid Cap Stock Fund Class I | 1,480 | |||
Mid Cap Stock Fund Class R-3 | 52 | |||
Mid Cap Stock Fund Class R-5 | 8 | |||
Mid Cap Stock Fund Class R-6 | — | |||
Small Cap Growth Fund Class A | 21,401 | |||
Small Cap Growth Fund Class C | 5,701 | |||
Small Cap Growth Fund Class I | 51,718 | |||
Small Cap Growth Fund Class R-3 | 3,440 | |||
Small Cap Growth Fund Class R-5 | 13,559 | |||
Small Cap Growth Fund Class R-6 | — | |||
Smaller Company Fund Class A | 534 | |||
Smaller Company Fund Class C | 605 | |||
Smaller Company Fund Class I | 376 | |||
Smaller Company Fund Class R-3 | 13 | |||
Smaller Company Fund Class R-5 | 1 | |||
Smaller Company Fund Class R-6 | — | |||
Tactical Allocation Fund Class A | 22 |
Shareholder servicing fees (cont’d) | 11/1/15 to 04/30/16 | |||
Tactical Allocation Fund Class C | $2 | |||
Tactical Allocation Fund Class I | 6 | |||
Tactical Allocation Fund Class R-3 | — | |||
Tactical Allocation Fund Class R-5 | — | |||
Tactical Allocation Fund Class R-6 | — |
Expense limitations | Eagle has contractually agreed to reduce its fees and/or reimburse expenses to each class of the Funds through February 28, 2017, 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% | |||||||||
Smaller Company Fund | 1.50% | 2.30% | 0.95% | |||||||||
Tactical Allocation Fund | 1.17% | 1.97% | 0.87% | |||||||||
Expense limitations rate schedule | Class R-3 | Class R-5 | Class R-6 | |||||||||
Capital Appreciation Fund | 1.65% | 0.95% | 0.85% | |||||||||
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% | 0.50% | |||||||||
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% | |||||||||
Smaller Company Fund | 1.70% | 0.95% | 0.85% | |||||||||
Tactical Allocation Fund | 1.37% | 0.87% | 0.77% |
Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:
Expenses waived and/or reimbursed | 11/1/15 to 04/30/16 | |||
Capital Appreciation Fund Class R-6 | $3 | |||
International Stock Fund | 167,929 | |||
International Stock Fund Class I | 1,679 | |||
International Stock Fund Class R-3 | 10 | |||
International Stock Fund Class R-5 | 22 | |||
International Stock Fund Class R-6 | 9 | |||
Investment Grade Bond Fund | 116,316 | |||
Investment Grade Bond Fund Class A | 12,669 | |||
Investment Grade Bond Fund Class C | 10,841 |
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(UNAUDITED) | 04.30.2016 |
Expenses waived and/or reimbursed (cont’d) | 11/1/15 to 04/30/16 | |||
Investment Grade Bond Fund Class I | $4,480 | |||
Investment Grade Bond Fund Class R-3 | 34 | |||
Investment Grade Bond Fund Class R-5 | 6 | |||
Investment Grade Bond Fund Class R-6 | 5 | |||
Mid Cap Stock Fund Class I | 11,385 | |||
Mid Cap Stock Fund Class R-5 | 75 | |||
Smaller Company Fund | 70,516 | |||
Smaller Company Fund Class I | 10,949 | |||
Smaller Company Fund Class R-3 | 133 | |||
Smaller Company Fund Class R-5 | 11 | |||
Smaller Company Fund Class R-6 | 6,436 | |||
Tactical Allocation Fund | 140,106 | |||
Tactical Allocation Fund Class A | 3,599 | |||
Tactical Allocation Fund Class C | 65 | |||
Tactical Allocation Fund Class I | 74 | |||
Tactical Allocation Fund Class R-3 | 75 | |||
Tactical Allocation Fund Class R-5 | 74 | |||
Tactical Allocation Fund Class R-6 | 77 |
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 | 10/31/2018 | 10/31/2017 | 10/31/2016 | |||||||||
Capital Appreciation Fund Class R-6 | $3 | $— | N/A | |||||||||
International Stock Fund | 167,929 | 317,873 | $376,583 | |||||||||
International Stock Fund Class I | 1,679 | 1,726 | 651 | |||||||||
International Stock Fund Class R-3 | 10 | — | — | |||||||||
International Stock Fund Class R-5 | 22 | 1 | 1 | |||||||||
International Stock Fund Class R-6 | 9 | 4 | 4 | |||||||||
Investment Grade Bond Fund | 116,316 | 201,626 | 86,061 | |||||||||
Investment Grade Bond Fund Class A | 12,669 | 27,428 | 70,495 | |||||||||
Investment Grade Bond Fund Class C | 10,841 | 23,111 | 60,494 | |||||||||
Investment Grade Bond Fund Class I | 4,480 | 8,879 | 10,603 | |||||||||
Investment Grade Bond Fund Class R-3 | 34 | 47 | 78 | |||||||||
Investment Grade Bond Fund Class R-5 | 6 | 1 | 3 | |||||||||
Investment Grade Bond Fund Class R-6 | 5 | 1 | N/A | |||||||||
Mid Cap Stock Fund Class I | 11,385 | 75,095 | 131,328 | |||||||||
Mid Cap Stock Fund Class R-5 | 75 | 90 | — | |||||||||
Smaller Company Fund | 70,516 | 156,879 | — |
Recoverable expenses (cont’d) | 10/31/2018 | 10/31/2017 | 10/31/2016 | |||||||||
Smaller Company Fund Class I | $10,949 | $25,016 | $170,844 | |||||||||
Smaller Company Fund Class R-3 | 133 | 600 | 317 | |||||||||
Smaller Company Fund Class R-5 | 11 | 1 | 38 | |||||||||
Smaller Company Fund Class R-6 | 6,436 | 34,149 | 23,868 | |||||||||
Tactical Allocation Fund | 140,106 | N/A | N/A | |||||||||
Tactical Allocation Fund Class A | 3,599 | N/A | N/A | |||||||||
Tactical Allocation Fund Class C | 65 | N/A | N/A | |||||||||
Tactical Allocation Fund Class I | 74 | N/A | N/A | |||||||||
Tactical Allocation Fund Class R-3 | 75 | N/A | N/A | |||||||||
Tactical Allocation Fund Class R-5 | 74 | N/A | N/A | |||||||||
Tactical Allocation Fund Class R-6 | 77 | N/A | N/A |
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 paid equally by each Fund in the Eagle Family of Funds. 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 Funds’ tax positions taken or expected to be taken on federal income tax returns for all open tax years (tax years ended October 31, 2012 to October 31, 2015) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
Federal income tax regulations differ from GAAP; 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 | Line of Credit | As of April 30, 2016, the Trusts have a line of credit of up to $250,000,000 with U.S. Bank N.A, secured by a first priority lien on the Trusts’ assets. Each Fund may borrow up to 33.33% of the net market value of such Fund’s assets, with the maximum aggregate limit of $250,000,000 for all Funds. Borrowings under this arrangement bear interest at U.S. Bank N.A.’s prime rate minus one percent, which during the period ended April 30, 2016 was 2.50%. The only Fund to utilize the line of credit, during the period ended April 30, 2016, was the Smaller Company Fund, which had a maximum outstanding balance of $2,313,000 and an average daily balance outstanding of $12,709. The total interest expense incurred by the Smaller Company Fund under the terms of the line of credit was $161. As of April 30, 2016, none of the Funds had any amounts outstanding under the line of credit.
NOTE 7 | Subsequent events | On May 20, 2016, the Board, including the Independent Trustees, approved the nomination of the six existing Trustees and three new Trustee candidates (collectively the “Nominees”) for election to the Board. The Board is submitting to shareholders the election of the following Nominees: J. Cooper Abbott, John Carter, Courtland James, Keith B. Jarrett,
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Notes to Financial Statements
(UNAUDITED) | 04.30.2016 |
William J. Meurer, Liana O’Drobinak, James L. Pappas, Stephen Roussin and Deborah L. Talbot. All Nominees, other than Messrs Carter, James and Roussin, currently serve as Trustees on the Board of each Trust. If elected, all Nominees, other than Messrs. Abbott and James, would serve as Independent Trustees. Messrs. Abbott and James would be deemed “interested” persons of the Trusts, as that term is defined in the 1940 Act, due to their affiliation with Eagle.
The Manager has evaluated subsequent events through June 16, 2016, the date these financial statements were issued, and determined that no other material events or transactions would require recognition or disclosure in the Funds’ financial statements.
39 |
Table of Contents
Understanding Your Ongoing Costs
(UNAUDITED) | 04.30.2016 |
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 made in each Fund on November 1, 2015 and held through April 30, 2016. 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, and $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 the period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes | The table below shows each Fund’s expenses based on a $1,000 investment held from November 1, 2015 through April 30, 2016 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 | Annualized expense ratio | ||||||||||||||||||
Capital Appreciation Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $967.20 | $5.92 | $1,018.85 | $6.07 | 1.21 | % | |||||||||||||||||
Class C | 1,000.00 | 963.70 | 9.67 | 1,015.02 | 9.92 | 1.98 | ||||||||||||||||||
Class I | 1,000.00 | 968.60 | 4.45 | 1,020.34 | 4.57 | 0.91 | ||||||||||||||||||
Class R-3 | 1,000.00 | 965.50 | 7.72 | 1,017.01 | 7.92 | 1.58 | ||||||||||||||||||
Class R-5 | 1,000.00 | 968.80 | 4.36 | 1,020.44 | 4.47 | 0.89 | ||||||||||||||||||
Class R-6 | 1,000.00 | 968.90 | 4.16 | 1,020.64 | 4.27 | 0.85 | ||||||||||||||||||
Growth & Income Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,029.10 | 5.30 | 1,019.64 | 5.27 | 1.05 | ||||||||||||||||||
Class C | 1,000.00 | 1,025.80 | 9.17 | 1,015.81 | 9.12 | 1.82 | ||||||||||||||||||
Class I | 1,000.00 | 1,030.90 | 4.09 | 1,020.84 | 4.07 | 0.81 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,027.20 | 7.61 | 1,017.35 | 7.57 | 1.51 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,031.40 | 3.89 | 1,021.03 | 3.87 | 0.77 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,031.50 | 3.33 | 1,021.58 | 3.32 | 0.66 | ||||||||||||||||||
International Stock Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 949.80 | 7.95 | 1,016.71 | 8.22 | 1.64 | ||||||||||||||||||
Class C | 1,000.00 | 946.30 | 11.81 | 1,012.73 | 12.21 | 2.44 | ||||||||||||||||||
Class I | 1,000.00 | 952.50 | 5.58 | 1,019.14 | 5.77 | 1.15 | ||||||||||||||||||
Class R-3 | 1,000.00 | 949.70 | 8.48 | 1,016.16 | 8.77 | 1.75 | ||||||||||||||||||
Class R-5 | 1,000.00 | 952.60 | 5.58 | 1,019.14 | 5.77 | 1.15 | ||||||||||||||||||
Class R-6 | 1,000.00 | 953.00 | 5.10 | 1,019.64 | 5.27 | 1.05 | ||||||||||||||||||
Investment Grade Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,018.80 | 4.27 | 1,020.64 | 4.27 | 0.85 | ||||||||||||||||||
Class C | 1,000.00 | 1,014.10 | 8.26 | 1,016.66 | 8.27 | 1.65 | ||||||||||||||||||
Class I | 1,000.00 | 1,019.40 | 3.01 | 1,021.88 | 3.02 | 0.60 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,016.80 | 5.77 | 1,019.14 | 5.77 | 1.15 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,020.10 | 3.01 | 1,021.88 | 3.02 | 0.60 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,019.80 | 2.51 | 1,022.38 | 2.51 | 0.50 | ||||||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 956.30 | 5.64 | 1,019.10 | 5.82 | 1.16 | ||||||||||||||||||
Class C | 1,000.00 | 953.10 | 9.08 | 1,015.56 | 9.37 | 1.87 | ||||||||||||||||||
Class I | 1,000.00 | 958.20 | 3.94 | 1,020.84 | 4.07 | 0.81 | ||||||||||||||||||
Class R-3 | 1,000.00 | 954.90 | 7.19 | 1,017.50 | 7.42 | 1.48 | ||||||||||||||||||
Class R-5 | 1,000.00 | 958.30 | 4.09 | 1,020.69 | 4.22 | 0.84 | ||||||||||||||||||
Class R-6 | 1,000.00 | 958.50 | 3.51 | 1,021.28 | 3.62 | 0.72 |
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Understanding Your Ongoing Costs
(UNAUDITED) | 04.30.2016 |
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 | Annualized expense ratio | ||||||||||||||||||
Mid Cap Stock Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $1,016.20 | $6.42 | $1,018.50 | $6.42 | 1.28 | % | |||||||||||||||||
Class C | 1,000.00 | 1,012.30 | 10.16 | 1,014.77 | 10.17 | 2.03 | ||||||||||||||||||
Class I | 1,000.00 | 1,017.70 | 4.77 | 1,020.14 | 4.77 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,014.70 | 7.66 | 1,017.26 | 7.67 | 1.53 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,017.70 | 4.77 | 1,020.14 | 4.77 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,018.30 | 4.27 | 1,020.64 | 4.27 | 0.85 | ||||||||||||||||||
Small Cap Growth Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 973.60 | 5.64 | 1,019.14 | 5.77 | 1.15 | ||||||||||||||||||
Class C | 1,000.00 | 970.40 | 9.06 | 1,015.66 | 9.27 | 1.85 | ||||||||||||||||||
Class I | 1,000.00 | 975.10 | 3.98 | 1,020.84 | 4.07 | 0.81 | ||||||||||||||||||
Class R-3 | 1,000.00 | 972.60 | 6.72 | 1,018.05 | 6.87 | 1.37 | ||||||||||||||||||
Class R-5 | 1,000.00 | 975.60 | 3.78 | 1,021.03 | 3.87 | 0.77 | ||||||||||||||||||
Class R-6 | 1,000.00 | 975.90 | 3.29 | 1,021.53 | 3.37 | 0.67 | ||||||||||||||||||
Smaller Company Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,012.20 | 7.15 | 1,017.75 | 7.17 | 1.43 | ||||||||||||||||||
Class C | 1,000.00 | 1,009.00 | 10.79 | 1,014.12 | 10.82 | 2.16 | ||||||||||||||||||
Class I | 1,000.00 | 1,015.30 | 4.76 | 1,020.14 | 4.77 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,010.90 | 8.50 | 1,016.41 | 8.52 | 1.70 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,014.70 | 4.76 | 1,020.14 | 4.77 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,016.20 | 4.26 | 1,020.64 | 4.27 | 0.85 | ||||||||||||||||||
Tactical Allocation Fund* | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,009.10 | 3.89 | 1,019.05 | 5.87 | 1.17 | ||||||||||||||||||
Class C | 1,000.00 | 1,007.00 | 6.54 | 1,015.07 | 9.87 | 1.97 | ||||||||||||||||||
Class I | 1,000.00 | 1,009.80 | 2.89 | 1,020.54 | 4.37 | 0.87 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,008.40 | 4.55 | 1,018.05 | 6.87 | 1.37 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,010.50 | 2.89 | 1,020.54 | 4.37 | 0.87 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,010.50 | 2.56 | 1,021.03 | 3.87 | 0.77 |
(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 (182), and then dividing that result by the actual number of days in the fiscal year (366).
*Commenced operations on December 31, 2015. Actual expenses information is for the period from December 31, 2015 to April 30, 2016 (121 days).
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Approval of Investment Advisory and Subadvisory Agreements
(UNAUDITED) |
Overview | At a meeting held on August 15, 2015, the Board of Trustees for the Eagle Series Trust (“Trust”), including their independent members (together, the “Board”), approved an investment advisory agreement (“Advisory Agreement”) between Eagle Asset Management, Inc. (“Eagle”) and the Trust, on behalf of the Eagle Global Tactical Strategy with Conservative Growth Fund, which subsequently was renamed the Eagle Tactical Allocation Fund (the “Fund”).
The Board also approved an investment subadvisory agreement with Cougar Global Investments Limited (“Cougar Global”) to serve as the subadviser to the Fund (“Subadvisory Agreement”). The Advisory Agreement and Subadvisory Agreement are collectively referred to herein, as the “Agreements.”
As part of the approval process, the Board, with the assistance of independent legal counsel, requested and received reports containing substantial and detailed information regarding the Fund, Eagle and Cougar Global. Among other matters, these reports included information regarding Eagle’s and Cougar Globals’s investment philosophy, investment strategies, personnel and operations and compliance processes. The Board also considered information that had been provided to the Board by Eagle in connection with the Board’s consideration at the meeting of the renewal of the Investment Advisory Agreement between Eagle and the Trust as it related to other existing series of the Trust (“Existing Funds”).
In approving the Agreements, the Board also reviewed information provided by Eagle and Cougar Global regarding: (1) the advisory services proposed to be provided by Eagle and sub-advisory services proposed to be provided by Cougar Global; (2) the professional personnel who are proposed to be assigned primary responsibility for managing the Fund; (3) the financial condition of Eagle and Cougar Global; (4) the proposed advisory and subadvisory fee rates and the Fund’s projected expense structure, both in absolute terms and relative to funds within a refined Morningstar, Inc. (“Morningstar”) category population (“Morningstar Population”) and peer funds (“Peer Group”), and proposed contractual expense limitations; (5) the performance of a mutual fund (the “Subadvised Fund”) and other accounts managed by Cougar Global in the strategy of the Fund (the “Composite”), net of fees, as compared to funds within the applicable Morningstar category (“Morningstar Category”), Lipper, Inc. category (“Lipper Category”) and two benchmark indices; (6) the anticipated effect of growth and size on the Fund’s expenses; (7) Cougar’s compliance program and any material compliance matters, as well as its trading activities; (8) benefits to be realized by Eagle and Cougar Global and their affiliates; (10) the estimated profitability of Eagle under the Agreements; any other information the Eagle and Cougar Global believed would be material to the Board’s consideration of the Agreements.
The Board did not identify any particular information that was most relevant to its consideration of the Agreements, and each Trustee may have afforded different weight to the various factors. The Trustees posed questions to various management personnel of Eagle regarding certain key aspects of the materials submitted in support of the approval. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the approval of the Agreements. The memorandum explained the regulatory requirements surrounding the Trustees’ process for evaluating investment advisors and the terms of investment advisory contracts. Based on its evaluation, the Board unanimously concluded that the terms of the Agreements were reasonable and fair and that the approval of the Agreements was in the best interests of each Fund.
Provided below is an overview of the primary factors the Board considered at its August 15 meeting at which the Board considered the approval of the Agreements. In determining whether to approve the Agreements, the Board considered, among other things, the following factors: (1) the nature, extent and quality of services to be provided to the Fund; (2) the investment performance of the Composite and the Subadvised Fund; (3) the estimated costs to be incurred by Eagle and its affiliates and the resulting profits or
losses; (4) the extent to which economies of scale, if any, have been taken into account in setting the fee schedule; (5) whether the level of fees reflects economies of scale, if any, for the benefit of the Fund’s investors; (6) comparisons of fees with contracts entered into by Eagle and Cougar Global with the Existing Funds, the Subadvised Fund and other clients (such as pension funds and other institutional investors); and (7) any other benefits derived by Eagle or Cougar Global from their relationships with the Fund.
Nature, Extent and Quality of Services | The Board considered information regarding the services to be provided by Eagle and the background and experience of the Eagle personnel who would be responsible for overseeing the Fund. The Board also considered Eagle’s representation that the advisory and related services proposed to be provided to the Fund will be consistent with the services provided to the Existing Funds, except to the extent that Cougar Global will manage the Fund and place trades for the purchase and sale of securities with brokers or dealers. The Board considered that Eagle would monitor the subadvisory services provided by Cougar Global and sub-administration, transfer agency, fund accounting and custody services provided by US Bancorp Fund Services, LLC and its affiliates, and reviewed Eagle’s description of its oversight programs. The Board also considered that Eagle would be responsible for overseeing compliance with the Fund’s investment objectives and policies, reviewing brokerage matters, overseeing the Fund’s compliance with applicable law and implementing Board directives as they relate to the Fund. Additionally, the Board noted that Eagle and its affiliates, Eagle Distributors, Inc. (“EFD”) and Eagle Fund Services, Inc. (“EFS”), would provide certain administration, distribution and shareholder services to the Fund.
The Board considered that Cougar Global is an affiliate of Eagle, and reviewed information regarding Cougar Global’s principal business activities, its financial condition and overall capabilities to perform the services under the Subadvisory Agreement. The Board noted that Cougar Global would manage the Fund and would be placing all orders for the purchase and sale of the Fund’s securities with brokers or dealers. In addition, the Board considered the background and experience of the personnel who will be assigned responsibility for managing the Fund. The Board also considered Cougar Global’s infrastructure and the adequacy of its compliance program. In addition, the Board took into consideration Eagle’s recommendation of Cougar Global. The Board considered Cougar Global’s representation that its financial condition is adequate to provide high quality advisory services to the Fund and that its current staffing levels were adequate to service the Fund. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by Cougar Global were appropriate for the Fund in light of its investment objective, and, thus, supported a decision to approve the Subadvisory Agreement.
Investment Performance | The Board noted that the Fund is new and, therefore, had no historical performance for the Board to review. In connection with their consideration of the Subadvisory Agreement, The Board considered comparisons of the performance of the Subadvised Fund and the Composite, for the year-to-date, one-year, three-year and five-year periods ended June 30, 2015, relative to the average performance of the MSCI AC World Index (“MSCI Index”) and the Barclays Capital U.S. Aggregate Bond Index (“Barclays Index”) and the relevant Morningstar Category and Lipper Category. The Board noted that, because Cougar Global’s investment philosophy is to minimize downside risk, Cougar Global is expected to underperform in an up market, while outperforming in a down market.
The Board noted that the Composite outperformed the Barclays Index for the year-to-date, 3-year and 5-year periods, underperformed the Barclays Index for the 1-year period, and underperformed the MSCI Index for each period, other than the 1-year period. The Board noted that the Composite outperformed the average performance of its Lipper Category for the year-to-date and 1-year periods, but underperformed for the 3- and 5-year periods, and underperformed the Morningstar Category for each of the relevant periods. In addition, the Board noted that the Subadvised Fund outperformed the Barclays
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(UNAUDITED)
Index and underperformed the MSCI Index for the year-to-date period, and underperformed the Barclays Index and outperformed the MSCI Index for the 1-year period. The Board also noted that the Subadvised Fund outperformed the Lipper Category for the year-to-date and 1-year periods and underperformed the Morningstar Category for the same periods.
Fees and Expenses | The Board considered the proposed advisory fee rate payable by the Fund to Eagle under the Agreement, the proposed subadvisory fee rate payable by Eagle to Cougar Global under the Subadvisory Agreement, the Fund’s projected total expense ratio and its proposed Rule 12b-1 fees. The Board also considered comparisons of the Fund’s proposed advisory fee rate and projected expense ratio (including Rule 12b-1 fees) to the average expense ratio of its Morningstar Category and Peer Group within that Morningstar Category based on data ended June 30, 2015. The Board noted that Eagle does not manage any similar accounts in the strategies of the Fund. The Board considered the proposed advisory fee rate relative to the advisory fee rates charged to the Existing Funds. The Board also considered that Eagle has agreed to contractually limit the expenses of the Fund for at least one year from the date of the Fund’s prospectus at competitive market levels. In considering the proposed subadvisory fee rate to be paid by Eagle, the Board considered comparisons of the subadvisory fee rate to Cougar Global’s standard fee rate for separate accounts in the same strategy and the subadvisory fee rates paid by the Subadvised Fund.
The Board considered that the Fund’s proposed advisory fee rate was lower than the average advisory fee rate of the Morningstar Peer Group and Population. The Board also considered that the Fund’s projected net expense ratio was lower than the average expense ratio of its Morningstar Peer Group, but higher than the average expense ratio of its Morningstar Population. The Board noted that the proposed subadvisory fee rate was lower than Cougar Global’s standard fee rate for separate accounts in the same strategy and the Subadvised Fund.
Costs, Profitability and Economies of Scale | In analyzing the cost of services and profitability of Eagle, the Board considered the estimated revenues to be earned and the expenses to be incurred by Eagle. The Board also considered that Eagle will pay to Cougar Global a subadvisory fee equal to the entirety of the advisory fee to be paid by the Fund, but that Eagle will receive fees for providing administrative services to the Fund. Additionally, the Board noted that Eagle does not expect to earn a profit on the Fund for the first two years.
The Board did not consider the costs of the services to be provided and profits to be realized by Cougar Global from its relationship with the Fund, noting instead the arm’s-length nature of the relationship between the Eagle and Cougar Global with respect to the negotiation of the subadvisory fee rate on behalf of the Fund.
The Board considered that, because Eagle would pay to Cougar Global a subadvisory fee equal to the entirety of the advisory fee to be paid by the Fund, Eagle would not benefit economically from the proposed fee arrangement, other than as a result of Cougar Global’s affiliation with Eagle. However, the Board noted Eagle’s representation that it would consider instituting breakpoints in the advisory fee as Fund assets grow, and Cougar Global’s representation that increases in Fund assets may lead to economies of scale as various fixed costs can be allocated across a larger asset base.
Benefits | In evaluating compensation, the Board considered other benefits that may be realized by Eagle, Cougar Global and their affiliates from their relationship with the Fund. In this connection, the Board also considered Cougar Global’s representation that it may benefit from research provided by brokers used to execute transactions for the Fund. The Board considered that the Fund would compensate Eagle for providing administrative services and EFS for providing shareholder services. The Board recognized that, as the Fund’s principal underwriter and distributor, EFD would receive Rule 12b-1 payments from the Fund to compensate it for providing services and distribution activities. These activities could lead to growth in the Fund’s assets and the corresponding benefits of that growth, including economies of scale and greater diversification. In addition, other affiliates of Eagle have entered into agreements with EFD to sell Fund shares and receive compensation from EFD. In this regard, the Board also considered that Cougar Global also is an affiliate of Eagle.
Conclusions | Based on these considerations, the Board concluded with respect to the Fund that: (1) the Fund was reasonably likely to benefit from the nature, quality and extent of Eagle’s and Cougar’s services, as applicable to the Fund; (2) the performance of the Composite and the Subadvised Fund were satisfactory in light of all the factors considered by the Board; (3) the fees payable under the Agreements and profits projected by Eagle were reasonable in the context of all the factors considered by the Board; and (4) the proposed advisory fee rate structure provides the Fund’s shareholders with reasonable benefits associated with economies of scale. Based on these conclusions and other factors, the Board determined in its business judgment to approve the Advisory Agreement between the Fund and Eagle, and the Subadvisory Agreement between Eagle and Cougar Global.
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Additional Information About Principal 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. An investment in a fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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.
The Tactical Allocation Fund is a “fund of funds” that seeks to achieve its investment objective by investing its assets primarily in underlying funds. Therefore, in this section, the term “fund” may include a fund, an underlying fund, or both a fund and an underlying fund.
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 | Smaller Fund | Tactical Allocation Fund | |||||||||||||||||||||||||||
Call | X | X | ||||||||||||||||||||||||||||||||||
Commodities | X | |||||||||||||||||||||||||||||||||||
Credit | X | X | ||||||||||||||||||||||||||||||||||
Equity securities | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||
Fixed income market | X | X | ||||||||||||||||||||||||||||||||||
Floating Rate Securities | X | |||||||||||||||||||||||||||||||||||
Focused holdings | X | X | ||||||||||||||||||||||||||||||||||
Foreign and emerging market securities | X | X | X | X | ||||||||||||||||||||||||||||||||
Fund of funds | X | |||||||||||||||||||||||||||||||||||
Growth stocks | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||
High-yield securities | X | X | ||||||||||||||||||||||||||||||||||
Inflation | X | X | ||||||||||||||||||||||||||||||||||
Interest rates | X | X | ||||||||||||||||||||||||||||||||||
Liquidity | X | X | X | |||||||||||||||||||||||||||||||||
Market | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||
Market timing | X | X | X | X | ||||||||||||||||||||||||||||||||
Mid-cap companies | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||
Mortgage- and asset-backed securities | X | X | ||||||||||||||||||||||||||||||||||
Municipal securities | X | X | ||||||||||||||||||||||||||||||||||
Other investments companies and ETFs | X | X | ||||||||||||||||||||||||||||||||||
Portfolio turnover | X | X | X | |||||||||||||||||||||||||||||||||
Redemptions | X | X | ||||||||||||||||||||||||||||||||||
Sectors | X | X | X | X | ||||||||||||||||||||||||||||||||
Small-cap companies | X | X | X | X | X | |||||||||||||||||||||||||||||||
U.S. Government securities and Government sponsored enterprises | 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.
Commodities | The value of commodities may be more volatile than the value of equity securities or debt instruments and their value may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.
Investments in commodities, such as gold, or in commodity-linked instruments, will subject a fund’s portfolio to volatility that may also deviate from price movements in equity and fixed income securities. The value of commodity-linked instruments typically is based upon the price movements of underlying commodities and, therefore, may fluctuate widely based on a variety of both macroeconomic and commodity-specific factors. At times, these price fluctuations may be significant or rapid, and may not correlate to price movements in other asset classes. There may also be an imperfect correlation between the value of commodity-linked instruments and the underlying assets. Investments in these types of instruments may subject a fund to additional expenses.
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Credit | A fund could lose money if the issuer of a fixed income security is unable or unwilling, or is perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise) to meet its financial obligations or goes bankrupt. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. The downgrade of the credit rating of a security held by a fund may decrease its value. Credit risk usually applies to most fixed income securities. U.S. government securities, especially those that are not backed by the full faith and credit of the U.S. Treasury, such as securities supported only by the credit of the issuing governmental agency or government-sponsored enterprise, carry at least some risk of nonpayment, and the maximum potential liability of the issuers of such securities may greatly exceed their current resources. There is no assurance that the U.S. government would provide financial support to the issuing entity if not obligated to do so by law. Further, any government guarantees on U.S. government securities that a fund owns extend only to the timely payment of interest and the repayment of principal on the securities themselves and do not extend to the market value of the securities themselves or to shares of the fund.
Equity Securities | A fund’s equity securities investments are subject to stock market risk. Such investments may also expose a fund to additional risks:
• | Common Stocks. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. |
• | Preferred Stocks. Preferred securities are subject to issuer-specific and stock market risks; however, preferred securities may be less liquid than common stocks and offer more limited participation in the growth of an issuer. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred shareholders may have only certain limited rights if distributions are not paid for a stated period, but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Preferred stocks may have mandatory sinking fund provisions, as well as provisions for their call or redemption prior to maturity which can have a negative effect on their prices when interest rates decline. Because the rights of preferred stock on distribution of a corporation’s assets in the event of its liquidation are generally subordinated to the rights associated with a corporation’s debt securities, in the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay preferred stockholders after payments, if any, to bondholders have been made. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects. |
• | Convertible Securities. The investment value of a convertible security (“convertible”) is based on its yield and tends to decline as interest rates increase. The conversion value of a convertible is the market value that would be received if the convertible were converted to its underlying common stock. Since it derives a portion of its value from the common stock into which it may be converted, a convertible is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. A convertible may be subject to redemption at the option of the issuer at a price established in the convertible’s governing instrument, which may be less than the current market price of the |
security. Convertibles typically are “junior” securities, which means an issuer may pay interest on its non-convertible debt before it can make payments on its convertibles. In the event of a liquidation, holders of convertibles may be paid before a company’s common stockholders but after holders of a company’s senior debt obligations. |
• | Depositary Receipts. A fund may invest in securities issued by foreign companies through ADRs, GDRs and EDRs. These securities are subject to many of the risks inherent in investing in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt. |
• | REITs. REITs or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions or changes in demographic trends or tastes, increases in operating expenses, and adverse governmental, legal or regulatory action (such as changes to zoning laws, changes in interest rates, condemnation, tax increases, regulatory limitations on rents, or enforcement of or changes to environmental regulations). Shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. REITs typically incur fees that are separate from those incurred by a fund, meaning a fund’s investment in REITs will result in the layering of expenses such that as a shareholder, a fund will indirectly bear a proportionate share of a REIT’s operating expenses. |
• | Rights and Warrants. Investments in rights and warrants may be more speculative than certain other types of investments because rights and warrants do not carry dividend or voting rights with respect to the underlying securities or any rights in the assets of the issuer. In addition, the value of a right or a warrant does not necessarily change with the value of the underlying securities and a right or a warrant ceases to have value if it is not exercised prior to its expiration date. |
Fixed income market | Fixed income market risk is the risk that the prices of, and the income generated by, fixed income securities held by a fund may decline significantly and/or rapidly in response to adverse issuer, political, regulatory, general economic and market conditions, or other developments, such as regional or global economic instability (including terrorism and related geopolitical risks), interest rate fluctuations, and those events directly involving the issuers that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. 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.
Floating rate securities | Floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. When a fund holds floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares.
Focused holdings | For funds that normally hold a core portfolio of securities of fewer companies than other more diversified funds, the increase or decrease of the value of a single security may have a greater impact on the fund’s net asset value (“NAV”) and total return when compared to other diversified funds.
Foreign and emerging market 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
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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. Over a given period of time, foreign securities may underperform U.S. securities—sometimes for years. A fund could also underperform if it invests in countries or regions whose economic performance falls short. 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. Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. The effect of recent, worldwide economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading and financial partners or other members of their currency bloc. Foreign security risk may also apply to ADRs, GDRs and EDRs. When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets have unique risks that are greater than or in addition to investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. In addition, there may be less information available to make investment decisions and more volatile rates of return.
Fund of funds | Because investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed in the 1940 Act and the rules thereunder if the Tactical Allocation Fund is unable to rely on an ETF’s exemptive order permitting unaffiliated funds to invest in the ETF’s shares beyond these statutory limitations, the fund may be unable to allocate its investments in the manner the subadviser considers prudent, or the subadviser may have to select an investment other than that which the subadviser considers suitable.
Because the Tactical Allocation Fund invests principally in underlying funds, and the fund’s performance is directly related to the performance of such underlying funds, the ability of the fund to achieve its investment objectives is directly related to the ability of the underlying funds to meet their investment objectives. The investment techniques and risk analysis used by the fund’s and the underlying funds’ portfolio managers may not produce the desired results.
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, thus causing the purchasing power not to keep pace with inflation.
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 may be particularly sensitive to changes in interest rates if it invests 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. For example, if a bond has a duration of five years, a 1% increase in interest rates could be expected to result in a 5% decrease in the value of the bond. Since the financial crisis that started in 2008, the Federal Reserve Board has attempted to stabilize the economy and support the economic recovery by keeping the federal funds rate (the interest rate at which depository institutions lend reserve balances to other depository institutions overnight) at or near zero percent. In addition, as part of its monetary stimulus program known as quantitative easing, the Federal Reserve has purchased on the open market large quantities of securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. The Federal Reserve has halted its asset purchases pursuant to quantitative easing. As of the date of this Prospectus, interest rates are near historic lows, which may increase the risk that they could rise significantly and/or rapidly, potentially resulting in substantial losses to the fund.
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 | Markets may at times be volatile and the value of a fund’s stock holdings may decline in price, sometimes significantly and/or rapidly, because of changes in prices of its holdings or a broad stock market decline. The value of a security may decline due to adverse issuer-specific conditions or general market conditions which are not specifically related to a particular company, such as real or perceived adverse political, regulatory, market, economic or other developments that may cause broad changes in market value, changes in the general outlook for corporate earnings, changes in interest or currency rates, public perceptions concerning these developments or adverse investment sentiment generally. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments. These fluctuations in stock prices 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.
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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. There is no guarantee that the manager and transfer agent of the Funds 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, and their stocks less liquid, 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, or a delay in the 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. Conversely, a delay in the repayment of principal could lengthen the expected maturity of the securities, thereby increasing the potential for loss when prevailing interest rates rise, which could cause the values of the securities to fall sharply.
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, including ETFs | Investments in the securities of other investment companies, including 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, a fund becomes a shareholder of that investment company. As a result, fund shareholders indirectly bear the fund’s proportionate share of the fees and expenses paid by the other investment company, in addition to the fees and expenses fund shareholders indirectly bear in connection with the fund’s own operations. Investments in other investment companies will subject a fund to the risks of the types of investments in which the investment companies invest.
As a shareholder, a fund must rely on the other investment company to achieve its investment objective. If the other investment company fails to achieve its investment objective, the value of the fund’s investment will typically 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 of ETF shares at the most optimal time, adversely affecting the fund’s performance. An ETF that tracks an index may not precisely replicate the returns of its benchmark index.
Portfolio turnover | A fund may engage in more active and frequent trading of portfolio 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.
Redemptions | A fund may experience periods of heavy redemptions that could cause a fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in a fund, have short investment horizons, or have unpredictable cash flow needs. A general rise in interest rates has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. This, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets, and heightened redemption risk. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt a fund’s 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.
U.S. Government securities and Government sponsored enterprises | A security backed by the U.S. Treasury or the full faith and credit of the United States is only guaranteed by the applicable entity only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Investments in securities issued by 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 Home Loan Bank and the Federal Farm Credit Banks; (3) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; or (4) supported only by the
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Principal Risks
(UNAUDITED) | 04.30.2016 |
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 such circumstances, if the issuer defaulted, a fund may not be able to recover its investment from the U.S. Government. Like all bonds, U.S. Government securities and Government-sponsored enterprise bonds are also subject to credit risk.
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.
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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, 2015, 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
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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 16, 2016. |
(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 |
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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.
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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 16, 2016 | |||||
/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 16, 2016 | |||||
/s/ Susan L. Walzer | ||||||
Susan L. Walzer | ||||||
Principal Executive Officer | ||||||
Date: | June 16, 2016 | |||||
/s/ Carolyn Gill | ||||||
Carolyn Gill | ||||||
Principal Financial Officer |