N-CSR
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: October 31, 2013
Item 1. Reports to Shareholders
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Annual
Report and Investment
Performance Review for the fiscal year
ended October 31, 2013 Eagle Capital Appreciation Fund Eagle Growth & Income Fund Eagle International Stock Fund Eagle Investment Grade Bond Fund Eagle Mid Cap Growth Fund Eagle Mid Cap Stock Fund Eagle Small Cap Growth Fund Eagle Small Cap Stock Fund Eagle Smaller Company Fund
Privacy Notice Eagle Family of Funds |
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Table of Contents
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President’s Letter
Dear Fellow Shareholders:
I am pleased to present the annual report and investment-performance review of the Eagle Family of Funds for the fiscal year that ended October 31, 2013 (the
“reporting period”).
The equity market has mostly gone up—“climbing the wall of worry” is how many of the funds’ Portfolio
Managers have described it—over the last year. And it did so in the face of New Year sequestration and tax-law changes, ongoing strife in the Middle East, continued economic malaise in the Eurozone, slowing growth in China and U.S. political
theater (e.g., a partial government shutdown and debates over the nation’s debt ceiling). Perhaps the market knew what many of our portfolio managers identified: the U.S. economy is growing, albeit slowly, and the fundamentals of many companies
are as strong as they’ve ever been.
On the fixed-income side, the U.S. Federal Reserve kept its overnight interest rate near 0% but not without
some drama this summer when there were hints that the Fed was thinking about starting to taper its third round of quantitative easing (often called QE3). The specter of rising interest rates was enough to roil bond markets, which recovered somewhat
after Reserve Chairman Ben Bernanke said the Fed was standing pat. The market also reacted favorably to the nomination of Janet Yellen to take the reins when Bernanke steps down early next year.
Our managers at Eagle are aware of headlines but one of the hallmarks of Eagle over its more than 35 years has been the research our managers do in constructing
portfolios. They strive to avoid getting caught up in today’s headlines and instead focus on finding individual companies they believe will help their funds meet their investment objectives.
I hope you will read the commentaries that follow in which our Portfolio Managers discuss their specific funds.
Here are just a few highlights from this year:
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The Eagle Growth & Income Fund finished the period with a five- and 10-year four-star rating1,2 from
Morningstar®. |
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A new Eagle-affiliated investment team assumed management of the Eagle Capital Appreciation Fund after the market closed on June 28. The new managers are
David Pavan, CFA®; Frank Feng, Ph.D.; Ed Wagner, CFA®; and Stacey Nutt, Ph.D., of ClariVest Asset Management LLC. |
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Eagle opened two new funds, under the management of well-seasoned teams, this year: |
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The Eagle Small Cap Stock Fund is run by Co-Portfolio Managers Charles Schwartz, CFA®; Betsy Pecor,
CFA®; and Matthew McGeary, CFA®, as well as Research Analyst Matthew Spitznagle,
CFA®. They also manage the Eagle Mid Cap Stock Fund. |
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The Eagle International Stock Fund is run by a team of investment professionals at Eagle affiliate ClariVest Asset Management LLC. The team consists of David
Vaughn, CFA®, Co-Portfolio Manager; Stacey Nutt, Ph.D., Co-Portfolio Manager; and Alex Turner, CFA®, Assistant Portfolio Manager. |
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High-profile media outlets continue to seek Eagle managers for input on current events and investing themes. James Camp, CFA®, who heads the Investment Grade Bond Fund, has been on CNBC many times. The Wall Street Journal and Barron’s have quoted
Charles Schwartz, CFA®, and Matthew McGeary, CFA®, who are among the managers of the Eagle Mid Cap Stock Fund and the Eagle Small Cap Stock Fund. |
I would like to remind you that investing in any mutual fund carries certain risks. The principal risk factors for each fund are described at the end of this
report. Carefully consider the investment objectives, 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, which contains this and other important
information about the Eagle Family of Funds. Read the prospectus carefully before you invest or send money.
We are grateful for your continued
support of and confidence in the Eagle Family of Funds.
Sincerely,
Richard J. Rossi
President
December 19, 2013
1 For the period ended October 31, 2013, the Eagle Growth & Income Fund’s Class A shares are rated 4 stars for the 10-year period; 4 stars for the
five-year period; 3 stars for the overall; and 2 stars for the three-year period among a total of 605, 922, 1,036 and 1,036 funds respectively, in the large-cap value category. Star ratings may be different for other share classes. Morningstar
Rating® is based on risk-adjusted performance adjusted for fees and loads. Past performance is no guarantee of future results. Ratings are subject to change each month.
2 Performance data
represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the
performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at eagleasset.com.
* The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and
(3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Funds with at least three years of performance history
are assigned ratings from the fund’s three-, five- and 10-year average annual returns (when available) and a risk factor that reflects fund performance relative to three-month Treasury bill monthly returns. Funds 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.
Performance Summary and Commentary
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| Eagle Capital Appreciation Fund |
Portfolio
Managers | David J. Pavan, CFA®, C. Frank Feng, Ph.D., Ed Wagner, CFA®,
and Stacey R. Nutt, Ph.D., of ClariVest Asset Management LLC (“ClariVest”), are Co-Portfolio Managers of the Eagle Capital Appreciation Fund (the “Fund”) and assumed responsibility for the day-to-day management of the Fund’s
investment portfolio on June 28, 2013.
Performance discussion | The following commentary covers the fiscal year ended October 31, 2013. For the period November 1, 2012 through
June 28, 2013, the Fund was subadvised by Goldman Sachs Asset Management, L.P. ClariVest assumed responsibility of the day-to-day management of the Fund’s investment portfolio as of the close of business on June 28, 2013, and
subadvised the Fund through the fiscal year end. For the fiscal year ended October 31, 2013, the Fund’s Class A shares returned 28.41% (excluding front-end sales charges of 4.75%) outperforming its benchmark index, the Russell 1000® Growth Index, which returned 28.30%. The Fund posted positive absolute performance in all sectors for the period.
Outperformance, relative to the benchmark, was led by the information technology, consumer discretionary, consumer staples, and energy sectors. In information technology, despite being hurt by an overweight position, strong security selection helped
the Fund’s relative performance. In both the consumer sectors, outperformance was led by solid security selection. In energy, an overweight position coupled with solid security selection helped bolster returns. The Fund primarily lagged the
benchmark in the health care, materials and industrials sectors. In health care, the Fund was hurt by an underweight positioning and weak stock selection. In materials, the Fund was negatively impacted by stock selection. An underweight position
within industrials was a drag on performance, while solid security selection within the sector was positive, helping temper relative returns. Please keep in mind that an index is not available for direct investment; therefore its performance does
not reflect the expenses associated with the active management of an actual portfolio.
Growth of a
$10,000 investment from 10/31/03 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses.
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.
Top performers | Google, Inc. (Class A) focuses on improving the ways people connect with information by providing a variety of services and tools for advertisers of all sizes, from simple text ads to display and
mobile advertising and to publishers. Overall ad impression and click volume continued to increase during the period driving the stock higher. NIKE, Inc. (Class B) designs, develops, markets and sells high quality footwear, apparel, and equipment,
accessories and services. The company had better-than-expected gross margins through the year which drove the stock’s earnings higher. Order demand has been strong as the company executes on the global consumer’s growing demand for
innovation and performance in athletic footwear and apparel. One strong area of growth was emerging markets where Nike saw a 16% revenue increase in fiscal 2013. Schlumberger Ltd. operates as an oilfield services company, which supplies technology,
project management and information solutions for the oil and gas industry. Shares have rallied on strong North American deep-water oil services demand and a renewed share buyback. Chipotle Mexican Grill, Inc. operates fast-casual Mexican-food
restaurants across the United States. Same store sales grew 5.8% in the third quarter of 2013, faster than the 4.6% consensus. Long-term opportunities appear strong as the company is looking to expand into the breakfast area. American Express Co. is
a global payments and travel company. The company was a positive contributor in the Fund as the company appears to have benefited from strong tailwinds towards plastic money instead of cash and the explosion in online shopping. Card member spending
remained strong in the United States despite events in Washington that could have led to fiscal drag. Credit quality has been high with the company reporting historically low net write-offs worldwide. The Fund continues to hold each of the
securities noted above as “top performers.”
Underperformers | St. Jude Medical, Inc., a developer of medical technology and services, was a negative contributor to the Fund as the stock was volatile given uncertainty around the U.S. Food and Drug
Administration’s approval for the company’s next generation implantable cardioverter-defibrillators. The Fund no longer holds this security. Teva Pharmaceutical Industries Ltd, Sponsored ADR develops, manufactures, markets and distributes
pharmaceutical products worldwide. The company reported disappointing earnings and cash flows, and has been hampered due to a $1.6 billion settlement with Pfizer Inc. related to patent-infringement damages. The Fund no longer holds the security.
Devon Energy Corp. is an independent energy company engaged primarily in exploration, development and production of oil and natural gas. The company’s stock price fluctuated with volatile energy prices, and both the company and the industry
proved to be difficult to time correctly during the period. The Fund no longer holds this security. Rackspace Hosting, Inc., a leading provider of managed hosting and cloud computing services, detracted from performance during the period. The
slowdown in sales growth highlights the challenges the company has been experiencing gaining traction with its new cloud offering and, more specifically, transitioning large enterprise customers to the new offering. The company also indicated that
it would have to spend more to acquire new customers. The Fund no longer holds the security. Apple, Inc. designs, manufactures and markets mobile communication and media devices, personal computing products, and portable digital music players.
Shares of the stock were hurt during the early part of 2013 as earnings estimates came down from the $60 range to the $40s due to a maturing smartphone market. In the third quarter, shares rose sharply due in part to strong iPhone sales and news of
investor Carl Icahn taking a stake in the company’s shares. The Fund continues to hold this security.
Performance Summary and Commentary
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| Eagle Growth & Income Fund |
Portfolio
Managers | Edmund Cowart, CFA®, David Blount, CFA®, CPA, John Pandtle,
CFA®, and Jeff Vancavage, CFA®, are Co-Portfolio Managers of the Eagle Growth & Income Fund (the “Fund”). Messrs. Cowart, Blount, and Pandtle have been responsible for the
day-to-day management of the Fund’s investment portfolio since June 2011 and Mr. Vancavage since July 2013.
Performance
discussion | For the fiscal year ended October 31, 2013, the Fund’s Class A shares returned
25.14% (excluding front-end sales charges of 4.75%) underperforming its benchmark index, the S&P 500® Index, which
returned 27.18%. Though the Portfolio Management team (“PM team”) was not satisfied with trailing the benchmark, the PM team was pleased with absolute performance during the period, as well as the Fund’s ability to mostly keep pace
with the benchmark despite heavy yield-based headwinds. Stocks with no dividends appreciated nearly twice as much as stocks with dividend yields higher than the weighted average yield of the benchmark at the start of the period. Relative to the
benchmark, performance was particularly strong within the technology, industrials and materials sectors. Stock selection was strong in all three sectors; however, the Fund also benefited from a relative underweight position within the technology
sector, as well as an overweight within industrials. The Fund’s weakest performing sectors on a relative basis were financials and consumer discretionary. The Fund’s allocation within these two sectors was not a significant factor;
however, the stock selection within these sectors detracted from relative performance. Please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the active
management of an actual portfolio.
Growth of a $10,000 investment from 10/31/03 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses.
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.
Underperformers | American Campus Communities, Inc., is a real estate investment trust (“REIT”) which manages on-campus and off-campus housing facilities for students at various universities in the
United States. With interest rates expected to rise, REITs in general have been punished by the market. The company took on an acquisition whose integration proved to be more complicated than anticipated. As a result, the company was unable to
execute efficiently during an important leasing window, necessitating increased marketing expenditures which caused the company to miss earnings. The Fund continues to own the stock as the PM team sees tremendous cash flow potential and believes the
marketing expenses were temporary in nature. Digital Realty Trust, Inc., also a REIT that has felt the impact of expected interest rate increases, is a company that operates data centers in the United States. The Fund sold the stock in an effort to
reduce its exposure to the industry, but also because the PM team believed pricing was soft and the uneven economic recovery has led to companies deferring leasing decisions. CenturyLink, Inc., an integrated telecommunications company, surprised
investors with the announcement of a major shift in the company’s capital allocation plan, which included a dividend cut. The Fund continues to hold the stock; however, the PM team is actively monitoring the situation. Abbott Laboratories, a
global leading health care company, split into two companies, a medical device company and a pharmaceuticals company. The Fund sold the stock during the period as the PM team believed the medical device company was too richly valued and the
pharmaceuticals company to be too risky. International oil and gas company, Exxon Mobil Corp, was sold during the period, as the company’s management had positioned it for a scenario which did not come to pass: low oil prices, a natural gas
shortage and petrochemicals produced in Asia. The PM team saw better investment opportunities available in the space.
Top performers | Applied Materials, Inc. is a dominant player in its core business providing semiconductor fabrication tools to chipmakers. The
company competes in nearly every segment of the market whereas peers mostly specialize in one segment or another. The stock had already been rewarded strongly for its strong fundamentals, when it announced a merger with Tokyo Electron. The merger is
expected to widen the company’s base of expertise, while carrying the potential for cost synergies as well as a lower tax rate as the company incorporates in the Netherlands. Medical device company, St. Jude Medical, Inc., has enjoyed
solid execution with earnings above expectations due to margin expansion and strong revenue streams from its product lines. The industrials sector also performed strongly throughout the year. In this regard, 3M Company, a diversified technology
company serving customers and communities with innovative products and services, outperformed its peers due to solid execution despite some foreign exchange and demand-based headwinds. In addition, revenues were on target in a recent earnings
release despite the market expecting a miss. JPMorgan Chase & Co., a financial holding company that provides financial and investment banking services, is diverse and well-managed with a superior capital position, excess reserves and strong
earnings momentum. It has been gaining market share across retail, commercial, investment banking, and capital markets businesses and it remains one of the least expensive large capitalization United States banks on a price to earnings basis. Regal
Entertainment Group, the largest and most geographically diverse theatre circuit in the United States with 6,854 screens in 537 theatres in 37 states, appears to have benefited from digital technology allowing for 3-D and alternative content to
incrementally increase revenues. The Fund continues to hold each of the securities noted above as “top performers.”
Performance Summary and Commentary
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| Eagle International Stock Fund |
Portfolio
Managers | David V. Vaughn, CFA®, and Stacey R. Nutt, Ph.D., are Co-Portfolio Managers of the Eagle International Stock Fund (the “Fund”). Mr. Vaughn has been responsible for the
day-to-day management of the Fund’s investment portfolio since its inception and Dr. Nutt since June 2013. Alex Turner,
CFA®, has served as Assistant Portfolio Manager of the Fund since its inception.
Performance
discussion | From its inception on February 28, 2013 through October 31, 2013, the fiscal year end,
the Fund’s Class A shares had a cumulative return of 15.33% (excluding front-end sales charges of 4.75%) outperforming its benchmark index, the MSCI EAFE® Index, which returned 15.13% for the same time period. Sector selection was positive, where an overweight to telecommunication services and an underweight in
materials helped performance. Conversely, an overweight in industrials and an underweight in utilities detracted from performance. Country selection was flat, where an underweight to Spain hurt performance and an underweight to Australia helped
performance. Value measures were strong across the globe, while momentum struggled in Asia. Growth worked modestly well. Overall factor performance was positive during the period. Please keep in mind that an index is not available for direct
investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.
Growth of a $10,000 investment from 2/28/13 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses. (b) Not annualized because the Fund has been operational for less than one year.
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.
Top performers | Japanese company Fuji Heavy Industries Ltd. is the owner of Subaru automobile manufacturing as well as aerospace, industrial products and eco-technology, trains, and housing. The majority of the
company’s sales are generated overseas, but most of its production is in Japan. The company has been improving in car manufacturing surveys and has been gaining market share in the United States. At the same time, there initially was skepticism
around the company as it is one of the smallest Japanese car manufacturers. Additionally, the company appears to have benefitted from the weak yen and analysts have repeatedly raised numbers to keep up with fundamentals. British company Vodafone
Group PLC, a worldwide provider of mobile telecommunications, helped performance as the company sold off its stake in Verizon Wireless and pledged to return 65% of the proceeds to its shareholders. KDDI Corporation, a Japanese mobile communication
company and the second-largest wireless carrier in Japan, boosted performance as the company delivered strong earnings and outlook during the period. Sumitomo Corporation, a leading integrated Japanese trading company engaged in diverse businesses
based on its global network, appears to have benefited from a weaker yen and increased global demand for metals and commodities. German company, Allianz SE, an international financial services provider, was able to increase profits in part due to
focusing on higher margin asset management products and its non-life insurance division benefited from pricing improvements in Germany. The Fund continues to hold each of the securities noted above as “top performers.”
Underperformers |
Kanematsu Corp., a Japan-based trading company that provides electronic components and materials, semiconductors, liquid crystal and solar cell manufacturing equipment, and communication technology systems, was a drag on performance. Specifically, a
lack of transparency into Kanematsu’s earnings was worrisome and, in general, the distribution/wholesale industry experienced downward revisions. Shares of Austrian semiconductor manufacturer ams AG fell after the company announced that
operating profits would fall as clients delayed orders. Costs were also higher than expected as the company transitioned to a new CEO and experienced write-downs on equity investments. Two Australian companies with significant exposure to
commodities hurt performance during the period. The first, Silver Lake Resources Ltd., a large gold producing and exploration company with multiple mines and multiple mills operating in the Eastern Goldfields and Murchison districts of Western
Australia, hurt performance as gold prices fell sharply during the second quarter. The second, Downer EDI Ltd., an engineering and infrastructure management service firm, also fell as many of its materials sector clients cut back spending due to
falling commodity prices. Similarly, another Australian-based firm, Skilled Group Ltd., the largest provider of workforce solutions, detracted from performance as shares fell during the second quarter due in part to its exposure to the mining
sector, which experienced reduced working hours. The Fund no longer holds any of the securities noted above as “underperformers.”
Performance Summary and Commentary
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| Eagle Investment Grade Bond Fund |
Portfolio
Managers | James C. Camp, CFA®, and Joseph Jackson, CFA®, are
Co-Portfolio Managers of the Eagle Investment Grade Bond Fund (the “Fund”) and have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception.
Performance
discussion | For the fiscal year ended October 31, 2013, the Fund’s Class A shares returned
(1.00)% (excluding front-end sales charges of 3.75%) underperforming its benchmark index, the Barclays U.S. Intermediate Government/Credit Bond Index, which returned (0.03)%. The rumored ‘tapering’ of Fed bond purchases was by far the
largest determinant of market returns in fixed income during the period. The notion of tapering purchases drove a significant steepening of the yield curve causing underperformance in ten-year bonds and low-coupon mortgage backed securities
(“MBS”). The main factor in relative performance for the Fund during the period was the underperformance of the MBS holdings. The Fund’s positions in low-coupon collateralized mortgage obligations (“CMOs”) as interest rates
spiked during May and June drove underperformance. The Fund earned positive relative returns in the Treasury, government-related and corporate sectors due largely to its underweight in the seven- and ten- year duration buckets within these sectors.
Please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.
Growth of a $10,000 investment from 3/1/10 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 3.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses.
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.
Underperformers | Federal agency MBS, including Freddie Mac, REMICs, Series 4105, Class KB, 2.25%, 08/15/41, and Fannie Mae, REMICs, Series 2012-96, Class PD, 2.00%, 07/25/41, were low-coupon CMOs which
underperformed as interest rates moved above their coupon rates. Compounding the problem, the negative convexity inherent with these types of securities caused the duration of the bonds to extend as rates increased. Corporate bond, Newmont Mining
Corp., 5.13%, 10/01/19, one of the world’s largest gold producers with significant assets or operations on five continents, generated negative absolute returns and underperformance relative to the industrial sector as the price of gold fell in
May and June of this year. U.S. Treasury Note, 1.13%, 04/30/20, along with other seven- and ten-year U.S. Treasuries, fell as rumors that the Federal Reserve may taper, or reduce, the size of the bond-buying program surfaced in May. The Fund’s
holding of corporate bond, U.S. Bancorp, 2.95%, 07/15/22, a regional financial services holding company operating in the Midwest and Western U.S. underperformed largely due to its curve positioning. The Portfolio Management team does not believe the
security’s underperformance was related to a fundamental credit issue; it was simply that the bond was longer in duration compared to the average bond in the benchmark. The Fund no longer holds any of the securities noted above as
“underperformers.”
Top performers | Baidu Inc., 3.25% 08/06/18, an Internet search engine operator serving the Chinese market, was a leading performer during the period thanks to attractive pricing in the primary market. The Fund
continues to own this security. Corporate bond Broadridge Financial Solutions Inc., 3.95%, 09/01/20 is a leading global provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers.
The security generated high returns, which the Portfolio Managers believe was due to curve positioning. The Fund purchased Broadridge as the long end began to recover from the early-summer selloff. The Fund continues to own this security.
Asset-backed security, Ford Credit Auto Owner Trust, Series 2012-C, Class D, 2.43% 01/15/19, the financial services arm of the Ford Motor Company, performed in-line with similar maturity asset-backed securities, earning positive absolute
returns when compared to the benchmark and other structured product sectors. The Fund continues to own this security. The Goldman Sachs Group, Inc., 6.25%, 09/01/17, a leading global investment banking, securities and investment management firm, was
a top performer in a period when the financials sector outperformed the industrials and utilities sectors within the benchmark. The Fund’s specific holding, a four-year issue, also generated positive relative returns while the long-end of the
curve sold off. The Fund no longer holds this security. Although for Treasury holding, U.S. Treasury Note, 2.50%, 08/15/23, the long end underperformed the short end for the entire duration of the period, the timing of the purchase of this security
in the Fund (near the highs in ten year interest rates) generated high relative returns. The Fund continues to own this security.
Performance Summary and Commentary
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| Eagle Mid Cap Growth Fund |
Portfolio
Managers | Bert L. Boksen, CFA®, and Eric Mintz, CFA®, are Co-Portfolio
Managers of the Eagle Mid Cap Growth Fund (the “Fund”). Mr. Boksen has been responsible for the day-to-day management of the Fund’s investment portfolio since its inception. Mr. Mintz has been co-managing the portfolio since
2011, and previously had served as Assistant Portfolio Manager beginning in 2008. Christopher Sassouni, D.M.D., has served as Assistant Portfolio Manager of the Fund since 2006.
Performance
discussion | For the fiscal year ended October 31, 2013, the Fund’s Class A shares returned
34.81% (excluding front-end sales charges of 4.75%) outperforming its benchmark index, the Russell MidCap® Growth Index,
which returned 33.93%. The Fund generated positive returns in all sectors, especially benefitting from strong absolute and relative performance within the industrials and financials sectors, while being slightly overweight. In contrast,
underperformance within the consumer staples and energy sectors somewhat tempered the Fund’s performance as both sectors failed to keep up with the benchmark. Please keep in mind that an index is not available for direct investment; therefore
its performance does not reflect the expenses associated with the active management of an actual portfolio.
Growth of a $10,000 investment from 10/31/03 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses.
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.
Top performers | Ameriprise Financial Inc. offers asset-management and insurance products through a substantial financial-advisor network. In addition to being aided by general strength in equity
markets, the company continued to reallocate a portion of its revenue stream away from the capital-intensive annuity business toward asset-management offerings, reflecting what the Portfolio
Management team (“PM team”) believed to be a more balanced and attractive return profile as a result. Harman International Industries, Inc., a leader in the car-audio and infotainment-systems industry, continued its strong run as the firm
announced record backlogs and raised earnings guidance projections for its approaching budget year. The PM team believes that TD Ameritrade Holding Corp, a banking and securities-brokerage firm, benefited from continued strength in the equity
markets which has encouraged an increased amount of trading activity in recent periods, as investors look to put previously sidelined cash to work. Chicago Bridge & Iron Company N.V. develops and fabricates a comprehensive range of
structures and components used primarily by the energy and petrochemical industries. The petrochemical industry is experiencing a dramatic shift in the global competitive landscape as low-cost feedstock-advantaged plants based in North America are
experiencing record margins and driving a significant wave of new investment. The Portfolio Managers believe that the company is well-aligned with this development and has substantially benefitted as a result. Delta Air Lines, Inc., a domestic and
international passenger and cargo air transportation company, was up sharply during the period as the firm benefitted from strong leisure and business travel demand as well as better-than-expected execution on strategic cost-cutting initiatives. The
Fund continues to hold each of the securities noted above as “top performers.”
Underperformers | Fusion-io, Inc., a producer of commercial data storage using “flash” memory, continued to have customer-concentration
issues, which plagued the firm in recent periods, exacerbated by multiple management departures earlier in the year. Despite a solid product offering, Fusion-io appears to have lost its strategic footing for the time being and the stock has suffered
as a result. Shares of Edwards Lifesciences Corp., a company which develops and manufactures medical devices used in the treatment of structural heart disease, were down as the firm missed estimates and reduced guidance earlier in the period. The PM
team believes that this reduction was primarily a result of lighter-than-expected transcatheter aortic valve replacement revenues despite strong year-over-year as well as sequential growth. ARIAD Pharmaceuticals, Inc. is a company that focuses on
therapies used to treat drug-resistant, difficult-to-treat cancers. The PM team believes that investors were caught off-guard by an unexpected Food & Drug Administration (“FDA”) halt placed on ARIAD’s late-stage clinical
trial, which was analyzing the firm’s leukemia drug candidate Iclusig. Axiall Corp., a manufacturer of a variety of specialty chemicals and building products, had substantial capacity expansion in recent periods which, the PM team believes, has
inadvertently resulted in an oversupply of a key chemical used in the production of plastics, adhesives and coatings used by the construction industry. The company’s margins failed to meet expectations as a result of the supply glut and have
clouded the firm’s near-term growth trajectory. Cobalt International Energy, Inc. is a global oil & gas exploration and production company primarily active in deep water Gulf of Mexico and offshore Angola and Gabon in West Africa.
Despite optimistic expectations, the company encountered disappointing well results at two of its drill sites, which, the PM team believes, materially weighed on investor sentiment and, subsequently, the stock price during the period. The Fund no
longer holds any of the securities noted above as “underperformers.”
Performance Summary and Commentary
Portfolio
Managers | Charles Schwartz, CFA®, Betsy Pecor, CFA®, and Matthew
McGeary, CFA®, are Co-Portfolio Managers of the Eagle Mid Cap Stock Fund (the “Fund”) and have been responsible
for the day-to-day management of the Fund’s investment portfolio since October 2012.
Performance discussion | For the fiscal year ended October 31, 2013, the Fund’s Class A shares returned 30.90% (excluding front-end sales
charges of 4.75%), underperforming both benchmark indices, the S&P MidCap 400® Index and, secondarily, the Russell
Midcap® Index, which returned 33.48% and 33.79%, respectively. The Fund benefitted from positive absolute performance in
all sectors, and most returns were greater than 20%, with the consumer staples sector delivering returns of over 50%. The Fund’s performance, relative to the benchmark, benefitted from solid performance in the consumer discretionary and
staples, energy, financials, materials and utilities sectors. Telecommunications services returned in-line relative results for the period. Health care, industrials, and information technology put up positive returns but lagged the benchmark for the
period. Please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.
Growth of a $10,000 investment from 10/31/03 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses.
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.
Underperformers | Energy XXI Bermuda Ltd., an exploration and production company, stumbled early in the year when oil production suffered due to infrastructure issues with a few of its assets. The Fund
continues to hold the stock as the Portfolio Management team (“PM team”) believes that the company is well positioned heading into 2014. Riverbed Technology, Inc. is a company offering
solutions for enhancing network performance. While the company continues to show good top line growth, its income guidance has fallen short of expectations. The PM team believes the company’s products still have growth potential and investor
concerns are reflected in the current share price; as such, the Fund continues to hold the stock. Ascena Retail Group, Inc. is a leading specialty retailer offering clothing, shoes, and accessories for women and tweens under multiple brand names.
The PM team believes that the company underperformed given the challenging retail environment. The Fund no longer holds this stock. SolarWinds, Inc. is a leading provider of powerful and affordable IT management software. While the company continues
to grow, the PM team believes that some investors have been disappointed with the moderation in the growth rate, as well as dilution effects from the recent N-able acquisition. The PM team believes there is still good growth potential for the
company and that its management may be able to reverse the recent sales force execution issues and get the company’s license sales back on track. The Fund continues to hold this stock. Nuance Communications Inc. is a leading provider of voice
recognition and other language solutions for both the consumer and corporate marketplaces. The company’s results and outlook have been challenged and are primarily below expectations this year. The PM team feels the long term outlook for the
company is solid. The Fund continues to hold this stock.
Top
performers | Flower Foods, Inc., the second largest producer and marketer of fresh packaged bakery foods in the
United States, performed well driven by the liquidation of Hostess Brands, which the PM team believes allowed the company’s snack brands to enjoy nice market share gains and profits in the absence of Hostess products on store shelves. The
company also acquired 20 of Hostess’ 38 bread facilities giving it plenty of opportunity to grow both its own bread business as well as that of Hostess’ flagship Wonder bread line in the long term. Hanesbrands Inc., a consumer goods
company, performed well this year driven by lower cotton costs, increased product innovation, and by leveraging its new global supply chain to lower costs. The company recently acquired Maidenform Brands, Inc. and the PM team believes that its
strong free cash flow generation may result in dividends, share buybacks and future acquisitions. IDEX Corporation, a diversified, engineered products company serving high-growth niche markets, has been a consistent performer over time with industry
leading margins, returns and cash flow dynamics. The PM team believes the company is very well positioned to take advantage of slowly improving industrial fundamentals globally. B/E Aerospace, Inc. is a leading aerospace equipment provider with a
focus on various cabin interior systems and parts for the commercial aerospace and business jet markets. Given the company’s content on current new build aircraft and solutions for retrofits, the PM team believes the company remains very well
positioned for continued profitable growth. Jarden Corporation, a company that engages in the manufacturing, sourcing, marketing, and distribution of consumer products used in and around the home, performed well driven by accelerating organic sales
growth, aggressive share buybacks and the announcement of a strategic deal. The PM team believes that the company’s rising free cash flow position may result in future mergers and acquisitions and share buybacks. The Fund continues to hold each
of the securities noted above as “top performers.”
Performance Summary and Commentary
|
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|
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| |
|
|
| Eagle Small Cap Growth Fund |
Portfolio
Managers | Bert L. Boksen, CFA®, and Eric Mintz, CFA®, are Co-Portfolio
Managers of the Eagle Small Cap Growth Fund (the “Fund”). Mr. Boksen has been responsible for the day-to-day management of the Fund’s investment portfolio since 1995 and Mr. Mintz since March 2011.
Performance
discussion | For the fiscal year ended October 31, 2013, the Fund’s Class A shares returned
32.09% (excluding front-end sales charges of 4.75%), underperforming its benchmark index, the Russell 2000® Growth Index,
which returned 39.84%. The Fund underperformed most in the information technology, industrials, and consumer staples sectors. Within these sectors, the Fund was hurt by weak stock selection, while being slightly underweight. In contrast, the energy
and health care sectors were bright spots for the Fund to an extent, with very strong absolute and relative performance generated in both sectors, while being slightly overweight. Please keep in mind that an index is not available for direct
investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.
Growth of a $10,000 investment from 10/31/03 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses.
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.
Underperformers | ARIAD Pharmaceuticals, Inc. is a company that focuses on therapies used to treat drug-resistant, difficult-to-treat cancers. The Portfolio Managers believe that investors were caught off-guard by
an unexpected Food and Drug Administration (“FDA”) halt
placed on ARIAD’s late-stage clinical trial which was analyzing the firm’s leukemia drug candidate Iclusig. The Fund’s position was sold. Fusion-io, Inc., a producer of commercial
data storage using “flash” memory, continued to have customer-concentration issues which plagued the firm in recent periods, exacerbated by multiple management departures earlier in the year. Despite a solid product offering, Fusion-io
appears to have lost its strategic footing for the time being and the stock has suffered. As a result, the Fund’s position was sold. Vitamin Shoppe, Inc. is a specialty retailer of vitamins, sports nutrition, and health and beauty aids
products. The stock had been a strong long term performer for the Fund, but it suffered a sharp sell-off early in the year as the firm back-end-loaded guidance for 2013. The company has continued to gain market share and maintain solid earnings
growth. The Fund continues to hold this position. Monster Worldwide, Inc. provides online employment solutions through offerings such as searchable job postings for prospective employees and resume database access for recruiters. The firm has
proceeded with some selective restructuring as part of a cost-savings initiative while continuing to entertain and evaluate strategic alternatives through a possible sale of the company. Shares of the stock have waned as the anticipated sale of the
company has taken longer than expected. The Fund sold its position in the stock. Walter Energy, Inc., a producer of metallurgical coal used by the steel industry, softened manufacturing expectations, hampered by weakness in China’s economic
outlook. This resulted in elevated metallurgical-coal supply levels that weighed heavily on the pricing environment for the company as well as others in the industry. The Fund’s position in the stock was sold.
Top
performers | Medidata Solutions, Inc. provides technology used to enhance its customers’ efficiency in
clinical development and research processes. The firm continues to experience solid demand for its clinical trial software and is taking market share from competitors at a substantial rate as it leverages its differentiated product offerings. The
Fund continues to hold the stock. United Therapeutics Corp. is a biotechnology company focused on the development and commercialization of unique products to address the medical needs of patients with chronic and life threatening conditions such as
pulmonary arterial hypertension. The Portfolio Managers believe that the company has benefitted from better-than-expected growth of its core marketed product portfolio as its diverse revenue base provides solid visibility from one period to the
next. The Fund continues to hold the stock. Lufkin Industries, Inc., is a manufacturer of pump jacks used in the enhanced oil-recovery process. Its stock advanced when General Electric Co. announced its intention to purchase the stock at a
substantial premium. The stock was sold prior to the acquisition. Gulfport Energy Corp., an independent oil and natural-gas exploration and production company, continues to see positive well results within its Utica acreage in Ohio. The Portfolio
Management team expects the company to benefit from production increases on several of those wells as they begin to ramp. The Fund continues to hold this position. Colfax Corp., a manufacturer of fluid and gas handling and fabrication technology,
has benefitted from close alignment with the secular growth tailwinds of low-cost natural gas in North America, which has fostered substantial capital investments as firms pour resources into building out. The Fund continues to hold this position.
Performance Summary and Commentary
|
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| |
|
|
| Eagle Small Cap Stock Fund |
|
|
Portfolio
Managers | Charles Schwartz, CFA®, Betsy Pecor, CFA®, and Matthew
McGeary, CFA®, are Co-Portfolio Managers of the Eagle Small Cap Stock Fund (the “Fund”) and have been
responsible for the day-to-day management of the Fund’s investment portfolio since its inception.
Performance
discussion | From its inception on December 31, 2012 through October 31, 2013, the fiscal year end,
the Fund’s Class A shares had a cumulative return of 29.46% (excluding front-end sales charges of 4.75%) underperforming its benchmark index, the Russell 2000® Index, which returned 30.90% for the same time period. The Fund benefitted from positive absolute and relative performance in most sectors, including good performance
in the consumer staples, energy, financials, materials and utilities sectors relative to the Fund’s benchmark. Consumer discretionary, information technology, and telecommunications services returned in-line relative results for the period. The
health care and industrials sectors put up nicely positive returns, but lagged the benchmark. The Fund underperformed most in the health care and industrials sectors. Please keep in mind that an index is not available for direct investment;
therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.
Growth of a $10,000 investment from 12/31/12 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses. (b) Not annualized because the Fund has been operational for less than one year.
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.
Underperformers | Mistras Group, Inc. provides highly technical products and services that test the structural integrity and reliability of
infrastructure in the energy, industrial and public marketplaces. The company’s business was negatively impacted by the slow economy in the United States and very low activity levels in the oil refining industry throughout the year. The
Fund continues to hold the security
due to the company’s niche focus and growth potential. The Portfolio Management team (“PM team”) believes that ValueClick, Inc., a digital marketing services provider, has
experienced a tough combination of an increasingly competitive landscape and some self-inflicted sales execution issues. Additionally, there was a less-than-anticipated windfall to the company from Google Inc. in connection with the company’s
exit from the affiliate marketing business. Vitamin Shoppe, Inc., a specialty retailer of vitamins, sports nutrition, and health and beauty aids products, underperformed due to a deceleration in sales, declining new store productivity,
margin-dilutive investments and increased promotional activity; all of these factors led to back-end-loaded guidance for 2013. The PM team continues to like the company’s positioning in the vitamin, minerals and supplements market, its
specialized niche as the industry leader based on its broad assortment and well-trained sales associates plus its square footage growth potential. Volcano Corporation, a developer of devices designed to assist with percutaneous coronary
intervention, has had inconsistent performance this year. The PM team believes that much of the blame is on general industry malaise, and that there has been a significant decrease in volumes, which appears to have been reported by other larger
companies that focus in the space. The company also has a large exposure to Japan, and has been hurt on foreign currency exchange rates. Vocera Communications, Inc. is a leader in hands-free, instant communication solutions with a focus on the
healthcare industry. The company believes this is a $6 billion global market opportunity, where they are less than 2% penetrated. It has over 750 customers and a 95% retention rate. Unfortunately, being a young company, it is still learning the ways
of its customers and, as such, reported first quarter financial results and guidance that did not meet investor expectations. The PM team believes that the company had a nice second quarter, and remains conservative on forward guidance. The Fund
continues to hold each of the securities noted above as “underperformers.”
Top performers | Evercore Partners Inc., an independent investment banking firm, performed well, driven by strong revenue production, a growing
advisory backlog, and opportunistic hiring of advisory senior managing directors. The Middleby Corporation provides a diversified suite of cooking equipment to the commercial food service and food processing industries. The company posted
better-than-expected results all year driven by solid growth in its core businesses and through its purchase of Viking Range Corp., which is the company’s first foray into the high-end residential market. Carrizo Oil & Gas, Inc., a
domestic oil and gas exploration and production company, posted strong results this year. The company spent the year divesting non-core assets and focusing its attention on its core growth assets in the Eagle Ford, Utica and Niobrara basins. The PM
team believes that production growth has been very strong and the company’s balance sheet has improved. Buffalo Wild Wings, Inc. is the largest sports bar restaurant chain in the domestic casual dining industry, with nearly 1,000 units. The
stock has performed well recently due to better-than-expected margins as a result of moderating traditional wing prices, as well as the firm’s July rollout of ordering wings by the portion, which has benefited margins with no significant
customer pushback. Additionally, the stock has outperformed as same-store-sales trends have been better than expected. J2 Global, Inc., a company offering internet business solutions primarily to the small business market, performed well as a result
of improved financial metrics in its core cloud-based business solutions as well as having better-than-expected results from its digital media segment. The Fund continues to hold each of the securities noted above as “top performers.”
Performance Summary and Commentary
|
|
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|
|
| |
|
|
| Eagle Smaller Company Fund |
|
|
Portfolio
Managers | David M. Adams, CFA®, and John “Jack” McPherson,
CFA®, are Co-Portfolio Managers of the Eagle Smaller Company Fund (the “Fund”) and have been responsible for the
day-to-day management of the Fund’s investment portfolio since its inception.
Performance discussion | For the fiscal year ended October 31, 2013, the Fund’s Class A shares returned 33.60% (excluding front-end sales
charges of 4.75%) underperforming both benchmark indices, the Russell 2000® Index and, secondarily, the Russell
2500TM Index, which returned 36.28% and 35.41%, respectively. The Fund
benefitted from positive performance in eight of ten sectors, including strong performance in the industrials, financials, consumer staples and utilities sectors relative to the Fund’s benchmark. The Fund’s holdings in materials, health
care, energy, consumer discretionary, information technology and telecommunication services lagged their index peers. In materials, the Fund was hurt by weak stock selection, while being neutrally weighted. In health care, the Fund’s stock
selections underperformed, while being underweight. In energy, the Fund underperformed due to weak stock selection, while being modestly overweight. Please keep in mind that an index is not available for direct investment; therefore its performance
does not reflect the expenses associated with the active management of an actual portfolio.
Growth of
a $10,000 investment from 11/03/08 to 10/31/13 (a)
(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment
of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. The value of an investment in other share classes will differ due to each class’s respective sales charges
and expenses.
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.
Underperformers | IAMGOLD Corporation, a leading gold mining company, declined 66% due to falling gold prices that the Portfolio
Management (“PM team”) believes drove investors away from gold mining companies and company-specific project cost over-runs. As the PM team investment thesis was never predicated on a
gold “bet”, we continue to believe the cost over-run issues are transitory and believe the company can extract value from its asset base over time. Therefore the Fund continues to hold this security. Net1 UEPS Technologies, Inc., an
electronic transactions provider in under-banked developing nations, fell 54% after the company announced it was being investigated by the Department of Justice, FBI and SEC for violations of the Foreign Corrupt Practices Act. The Fund no longer
holds this security. Tower Group International, LTD., a property/casualty insurance company, fell 76% due to the fallout after the company announced it would be increasing prior period loss reserves for its legacy insured portfolio. As of the period
end, the PM team is evaluating their options and the Fund continues to hold this security. AuRico Gold Inc., a gold and silver mining company, declined 50% as falling gold prices drove investors away from gold mining companies, and there was a
disappointing earnings outlook as the company absorbed production cost increases. The PM team continues to believe the company can extract value from its asset base, and therefore, the Fund continues to hold the security. Coal producer, Arch Coal,
Inc., fell 46% as the company lowered its earnings outlook due to weak demand in the United States, as well as lower-than-expected profitability in some of its operations. The Fund continues to hold the position as the PM team believes that demand
destruction has reached its trough and the company continues to enjoy solid growth in overseas demand.
Top performers | Dycom Industries, Inc., a provider of engineering and construction services for telecommunications companies, rose 108% as the
company is enjoying a multi-year tailwind of an improved outlook for capital spending by its largest customers. In addition, the company’s recent sizeable acquisition of the telecommunications infrastructure services subsidiaries of Quanta
Services, Inc. should provide it greater scale when bidding on new contracts. Euronet Worldwide, Inc., an electronic transaction processing company, rose 114% after posting several strong earnings reports. The PM team believes that the company is
benefitting from strong secular demand trends in most of its businesses as well as from its own fundamental execution efforts. On Assignment, Inc., a leading specialty staffing company that places professionals in the technology, life sciences, and
health care sectors, appreciated 77% as the company is executing well and posting strong results. The PM team believes that the company continues to benefit from skill-set imbalances and high demand for temporary workers in each of its markets. The
PM team believes the company is poised to benefit from strong synergies and a higher growth profile of its recent transformational acquisition, a continuation of strong demand trends in its end markets, and the expansion of its workforce. Nu Skin
Enterprises, Inc., a multi-level marketer of primarily personal care products, rose 152% after several impressive earnings reports. The PM team believes that the company should continue to benefit from recent new product introductions, a robust new
product pipeline, promising sales force growth and diverse end-market demand both domestically and in emerging markets such as China. Oceaneering International, Inc., a provider of oilfield services and equipment, appreciated 66% as a result of
strong underlying fundamentals and a favorable long-term outlook for the company’s various businesses. The Fund continues to hold each of the securities noted above as “top performers.”
Description of Indices
The Barclays U.S. Intermediate Government/Credit Bond Index includes U.S.
government and investment grade credit securities that have a greater than or equal to one year and less than ten years remaining to maturity and have $250,000,000 or more of outstanding face value. The returns of the index do not include the effect
of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.
As of November 27, 2013, the index consisted of 21 developed market country indices. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell 1000® Growth Index measures the
performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges.
That means that actual returns would be lower if they included the effect of sales charges.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the
smallest securities based on a combination of their market cap and current index membership. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell
2500TM Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as
“smid” cap. The Russell 2500 is a subset of the Russell 3000® Index. It includes approximately 2,500 of the
smallest securities based on a combination of their market cap and current index membership. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell 2000® Growth Index measures the
performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. Its returns do not include the effect of any sales
charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index
membership. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes
those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales
charges.
The S&P 500® Index is an
unmanaged index of 500 U.S. stocks and gives a broad look at how stock prices have performed. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The S&P MidCap 400® Index is an unmanaged
index that measures the performance of the mid-sized company segment of the U.S. market. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
Investment Portfolios
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| EAGLE CAPITAL APPRECIATION FUND |
|
|
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|
|
|
|
| COMMON STOCKS—99.5% |
|
|
|
Shares |
|
|
Value |
|
| Aerospace/defense—1.6% |
|
|
|
|
|
|
|
|
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| Northrop Grumman Corp. |
|
|
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|
49,300 |
|
|
|
$5,300,243 |
|
|
|
|
|
| Apparel—3.4% |
|
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|
|
|
|
|
|
|
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| Hanesbrands, Inc. |
|
|
|
|
31,000 |
|
|
|
2,111,720 |
|
| NIKE, Inc., Class B |
|
|
|
|
117,752 |
|
|
|
8,920,892 |
|
|
|
|
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| Auto manufacturers—1.0% |
|
|
|
|
|
|
|
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| Ford Motor Co. |
|
|
|
|
187,900 |
|
|
|
3,214,969 |
|
|
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| Auto parts & equipment—1.8% |
|
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|
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|
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| Johnson Controls, Inc. |
|
|
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|
82,100 |
|
|
|
3,788,915 |
|
| Lear Corp. |
|
|
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|
26,500 |
|
|
|
2,050,835 |
|
|
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| Beverages—2.3% |
|
|
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| PepsiCo, Inc. |
|
|
|
|
90,221 |
|
|
|
7,586,684 |
|
|
|
|
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| Biotechnology—5.0% |
|
|
|
|
|
|
|
|
|
|
| Amgen, Inc. |
|
|
|
|
29,300 |
|
|
|
3,398,800 |
|
| Celgene Corp.* |
|
|
|
|
25,100 |
|
|
|
3,727,099 |
|
| Gilead Sciences, Inc.* |
|
|
|
|
56,700 |
|
|
|
4,025,133 |
|
| Vertex Pharmaceuticals, Inc.* |
|
|
|
|
69,727 |
|
|
|
4,974,324 |
|
|
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| Chemicals—1.3% |
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|
|
| Praxair, Inc. |
|
|
|
|
34,348 |
|
|
|
4,283,539 |
|
|
|
|
|
| Commercial services—2.2% |
|
|
|
|
|
|
|
|
|
|
| MasterCard, Inc., Class A |
|
|
|
|
10,133 |
|
|
|
7,266,374 |
|
|
|
|
|
| Computers—7.9% |
|
|
|
|
|
|
|
|
|
|
| Apple, Inc. |
|
|
|
|
43,138 |
|
|
|
22,533,134 |
|
| Western Digital Corp. |
|
|
|
|
46,000 |
|
|
|
3,202,980 |
|
|
|
|
|
| Cosmetics/personal care—1.0% |
|
|
|
|
|
|
|
|
|
|
| The Procter & Gamble Co. |
|
|
|
|
41,891 |
|
|
|
3,382,698 |
|
|
|
|
|
| Diversified financial services—3.4% |
|
|
|
|
|
|
|
|
|
|
| American Express Co. |
|
|
|
|
83,575 |
|
|
|
6,836,435 |
|
| IntercontinentalExchange, Inc.* |
|
|
|
|
22,285 |
|
|
|
4,294,988 |
|
|
|
|
|
| Electronics—2.3% |
|
|
|
|
|
|
|
|
|
|
| Honeywell International, Inc. |
|
|
|
|
83,980 |
|
|
|
7,283,585 |
|
|
|
|
|
| Food—1.1% |
|
|
|
|
|
|
|
|
|
|
| The Kroger Co. |
|
|
|
|
81,800 |
|
|
|
3,504,312 |
|
|
|
|
|
| Healthcare services—2.9% |
|
|
|
|
|
|
|
|
|
|
| Aetna, Inc. |
|
|
|
|
79,800 |
|
|
|
5,003,460 |
|
| Cigna Corp. |
|
|
|
|
57,000 |
|
|
|
4,387,860 |
|
|
|
|
|
| Internet—14.4% |
|
|
|
|
|
|
|
|
|
|
| Amazon.com, Inc.* |
|
|
|
|
25,431 |
|
|
|
9,257,647 |
|
| Equinix, Inc.* |
|
|
|
|
36,466 |
|
|
|
5,888,530 |
|
| Facebook, Inc., Class A* |
|
|
|
|
100,200 |
|
|
|
5,036,052 |
|
| Google, Inc., Class A* |
|
|
|
|
20,252 |
|
|
|
20,871,306 |
|
| priceline.com, Inc.* |
|
|
|
|
5,360 |
|
|
|
5,648,529 |
|
|
|
|
|
| Lodging—1.8% |
|
|
|
|
|
|
|
|
|
|
| Marriott International, Inc., Class A |
|
|
|
|
129,195 |
|
|
|
5,824,111 |
|
|
|
|
|
| Media—1.8% |
|
|
|
|
|
|
|
|
|
|
| Comcast Corp., Class A |
|
|
|
|
70,500 |
|
|
|
3,354,390 |
|
| DIRECTV* |
|
|
|
|
40,800 |
|
|
|
2,549,592 |
|
|
|
|
|
| Metal fabricate/hardware—1.1% |
|
|
|
|
|
|
|
|
|
|
| Precision Castparts Corp. |
|
|
|
|
13,480 |
|
|
|
3,416,506 |
|
|
|
|
|
| Oil & gas—2.7% |
|
|
|
|
|
|
|
|
|
|
| Anadarko Petroleum Corp. |
|
|
|
|
28,564 |
|
|
|
2,721,863 |
|
| Pioneer Natural Resources Co. |
|
|
|
|
18,524 |
|
|
|
3,793,345 |
|
| Valero Energy Corp. |
|
|
|
|
50,400 |
|
|
|
2,074,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMON STOCKS—99.5% |
|
|
|
Shares |
|
|
Value |
|
| Oil & gas services—4.7% |
|
|
|
|
|
|
|
|
|
|
| Schlumberger Ltd. |
|
|
|
|
162,910 |
|
|
|
$15,267,925 |
|
|
|
|
|
| Pharmaceuticals—0.9% |
|
|
|
|
|
|
|
|
|
|
| McKesson Corp. |
|
|
|
|
19,500 |
|
|
|
3,048,630 |
|
|
|
|
|
| Real estate—2.8% |
|
|
|
|
|
|
|
|
|
|
| CBRE Group, Inc., Class A* |
|
|
|
|
391,447 |
|
|
|
9,093,314 |
|
|
|
|
|
| Real estate investment trusts (REITs)—4.7% |
|
|
|
|
|
|
|
|
|
|
| American Tower Corp. |
|
|
|
|
190,853 |
|
|
|
15,144,186 |
|
|
|
|
|
| Retail—13.0% |
|
|
|
|
|
|
|
|
|
|
| Chipotle Mexican Grill, Inc.* |
|
|
|
|
13,135 |
|
|
|
6,921,751 |
|
| Costco Wholesale Corp. |
|
|
|
|
98,602 |
|
|
|
11,635,036 |
|
| CVS Caremark Corp. |
|
|
|
|
79,500 |
|
|
|
4,949,670 |
|
| Dollar General Corp.* |
|
|
|
|
94,612 |
|
|
|
5,466,681 |
|
| PVH Corp. |
|
|
|
|
49,423 |
|
|
|
6,156,623 |
|
| The Home Depot, Inc. |
|
|
|
|
89,800 |
|
|
|
6,994,522 |
|
|
|
|
|
| Semiconductors—8.8% |
|
|
|
|
|
|
|
|
|
|
| Lam Research Corp.* |
|
|
|
|
70,000 |
|
|
|
3,796,100 |
|
| QUALCOMM, Inc. |
|
|
|
|
232,330 |
|
|
|
16,139,965 |
|
| Xilinx, Inc. |
|
|
|
|
186,450 |
|
|
|
8,468,559 |
|
|
|
|
|
| Software—3.4% |
|
|
|
|
|
|
|
|
|
|
| Fiserv, Inc.* |
|
|
|
|
23,400 |
|
|
|
2,450,682 |
|
| Microsoft Corp. |
|
|
|
|
69,900 |
|
|
|
2,470,965 |
|
| Salesforce.com, Inc.* |
|
|
|
|
113,399 |
|
|
|
6,050,971 |
|
|
|
|
|
| Telecommunications—1.6% |
|
|
|
|
|
|
|
|
|
|
| Crown Castle International Corp.* |
|
|
|
|
66,797 |
|
|
|
5,077,908 |
|
|
|
|
|
| Textiles—0.6% |
|
|
|
|
|
|
|
|
|
|
| Mohawk Industries, Inc.* |
|
|
|
|
15,000 |
|
|
|
1,986,300 |
|
| Total common stocks (cost $185,772,437) |
|
|
|
|
|
|
|
|
322,635,606 |
|
|
|
| Total investment portfolio (cost $185,772,437) 99.5% ‡ |
|
|
|
322,635,606 |
|
|
|
|
|
| Other assets in excess of liabilities 0.5% |
|
|
|
|
|
|
|
|
1,747,256 |
|
|
|
|
|
| Net assets 100.0% |
|
|
|
|
|
|
|
|
$324,382,862 |
|
|
|
| * Non-income producing security |
|
|
|
|
|
| ‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $186,471,455. Net unrealized appreciation (depreciation) on a tax-basis was
$136,164,151, including aggregate gross unrealized appreciation and (depreciation) of $136,550,393 and $(386,242), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to
deferral of losses from wash sales. |
|
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
|
|
| Sector |
|
Percent of net assets |
|
| Consumer, cyclical |
|
|
21.6% |
|
| Technology |
|
|
20.1% |
|
| Communications |
|
|
17.8% |
|
| Consumer, non-cyclical |
|
|
15.4% |
|
| Financial |
|
|
10.9% |
|
| Energy |
|
|
7.4% |
|
| Industrial |
|
|
5.0% |
|
| Basic materials |
|
|
1.3% |
|
|
|
|
| 12 |
|
The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE GROWTH & INCOME FUND |
|
|
|
|
|
|
|
|
| COMMON STOCKS—98.5% |
|
|
|
Shares |
|
|
Value |
|
| Aerospace/defense—2.8% |
|
|
|
|
|
|
|
|
|
|
| United Technologies Corp. |
|
|
|
|
129,604 |
|
|
|
$13,770,425 |
|
|
|
|
|
| Banks—12.9% |
|
|
|
|
|
|
|
|
|
|
| Capital One Financial Corp. |
|
|
|
|
246,300 |
|
|
|
16,913,421 |
|
| JPMorgan Chase & Co. |
|
|
|
|
315,103 |
|
|
|
16,240,409 |
|
| The PNC Financial Services Group, Inc. |
|
|
|
|
185,310 |
|
|
|
13,625,844 |
|
| Wells Fargo & Co. |
|
|
|
|
371,675 |
|
|
|
15,866,806 |
|
|
|
|
|
| Beverages—5.1% |
|
|
|
|
|
|
|
|
|
|
| PepsiCo, Inc. |
|
|
|
|
150,124 |
|
|
|
12,623,927 |
|
| The Coca-Cola Co. |
|
|
|
|
303,777 |
|
|
|
12,020,456 |
|
|
|
|
|
| Chemicals—5.2% |
|
|
|
|
|
|
|
|
|
|
| E.I. du Pont de Nemours & Co. |
|
|
|
|
184,608 |
|
|
|
11,298,010 |
|
| LyondellBasell Industries N.V., Class A |
|
|
|
|
188,620 |
|
|
|
14,071,052 |
|
|
|
|
|
| Computers—4.1% |
|
|
|
|
|
|
|
|
|
|
| Apple, Inc. |
|
|
|
|
37,842 |
|
|
|
19,766,769 |
|
|
|
|
|
| Cosmetics/personal care—2.8% |
|
|
|
|
|
|
|
|
|
|
| The Procter & Gamble Co. |
|
|
|
|
168,451 |
|
|
|
13,602,418 |
|
|
|
|
|
| Electrical components & equipment—2.7% |
|
|
|
|
|
|
|
|
|
|
| Emerson Electric Co. |
|
|
|
|
195,127 |
|
|
|
13,067,655 |
|
|
|
|
|
| Electronics—6.1% |
|
|
|
|
|
|
|
|
|
|
| Honeywell International, Inc. |
|
|
|
|
168,357 |
|
|
|
14,601,603 |
|
| Tyco International Ltd. |
|
|
|
|
414,799 |
|
|
|
15,160,903 |
|
|
|
|
|
| Entertainment—3.3% |
|
|
|
|
|
|
|
|
|
|
| Regal Entertainment Group, Class A |
|
|
|
|
847,536 |
|
|
|
16,111,659 |
|
|
|
|
|
| Food—4.4% |
|
|
|
|
|
|
|
|
|
|
| General Mills, Inc. |
|
|
|
|
203,511 |
|
|
|
10,261,025 |
|
| Sysco Corp. |
|
|
|
|
341,132 |
|
|
|
11,032,209 |
|
|
|
|
|
| Healthcare products—2.8% |
|
|
|
|
|
|
|
|
|
|
| St. Jude Medical, Inc. |
|
|
|
|
238,030 |
|
|
|
13,660,542 |
|
|
|
|
|
| Miscellaneous manufacturer—3.3% |
|
|
|
|
|
|
|
|
|
|
| 3M Co. |
|
|
|
|
127,159 |
|
|
|
16,002,960 |
|
|
|
|
|
| Oil & gas—11.7% |
|
|
|
|
|
|
|
|
|
|
| Chevron Corp. |
|
|
|
|
124,937 |
|
|
|
14,987,443 |
|
| ConocoPhillips |
|
|
|
|
176,888 |
|
|
|
12,965,890 |
|
| Occidental Petroleum Corp. |
|
|
|
|
160,996 |
|
|
|
15,468,496 |
|
| Total S.A., Sponsored ADR |
|
|
|
|
218,025 |
|
|
|
13,338,769 |
|
|
|
|
|
| Pharmaceuticals—8.6% |
|
|
|
|
|
|
|
|
|
|
| GlaxoSmithKline PLC, Sponsored ADR |
|
|
|
|
273,280 |
|
|
|
14,382,726 |
|
| Merck & Co., Inc. |
|
|
|
|
290,440 |
|
|
|
13,095,940 |
|
| Pfizer, Inc. |
|
|
|
|
469,789 |
|
|
|
14,413,127 |
|
|
|
|
|
| Real estate investment trusts (REITs)—2.5% |
|
|
|
|
|
|
|
|
|
|
| American Campus Communities, Inc. |
|
|
|
|
223,301 |
|
|
|
7,717,283 |
|
| Simon Property Group, Inc. |
|
|
|
|
30,242 |
|
|
|
4,673,901 |
|
|
|
|
|
| Retail—4.4% |
|
|
|
|
|
|
|
|
|
|
| McDonald’s Corp. |
|
|
|
|
88,109 |
|
|
|
8,504,281 |
|
| The Home Depot, Inc. |
|
|
|
|
167,425 |
|
|
|
13,040,733 |
|
|
|
|
|
| Semiconductors—3.2% |
|
|
|
|
|
|
|
|
|
|
| Applied Materials, Inc. |
|
|
|
|
870,605 |
|
|
|
15,540,299 |
|
|
|
|
|
| Software—3.3% |
|
|
|
|
|
|
|
|
|
|
| Microsoft Corp. |
|
|
|
|
458,181 |
|
|
|
16,196,698 |
|
|
|
|
|
| Telecommunications—3.7% |
|
|
|
|
|
|
|
|
|
|
| AT&T, Inc. |
|
|
|
|
285,902 |
|
|
|
10,349,652 |
|
| CenturyLink, Inc. |
|
|
|
|
231,666 |
|
|
|
7,844,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMON STOCKS—98.5% |
|
|
|
Shares |
|
|
Value |
|
| Toys/games/hobbies—2.9% |
|
|
|
|
|
|
|
|
|
|
| Mattel, Inc. |
|
|
|
|
314,728 |
|
|
|
$13,964,481 |
|
|
|
|
|
| Transportation—2.7% |
|
|
|
|
|
|
|
|
|
|
| United Parcel Service, Inc., Class B |
|
|
|
|
133,260 |
|
|
|
13,091,462 |
|
| Total common stocks (cost $387,753,034) |
|
|
|
|
|
|
|
|
479,273,485 |
|
|
|
| Total investment portfolio (cost $387,753,034) 98.5% ‡ |
|
|
|
479,273,485 |
|
|
|
|
|
| Other assets in excess of liabilities 1.5% |
|
|
|
|
|
|
|
|
7,132,283 |
|
|
|
|
|
| Net assets 100.0% |
|
|
|
|
|
|
|
|
$486,405,768 |
|
|
| ‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $387,508,857. Net unrealized appreciation (depreciation) on a tax-basis was $91,764,628,
including aggregate gross unrealized appreciation and (depreciation) of $95,459,910 and $(3,695,282), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of
losses from wash sales and non-REIT return of capital. |
|
|
|
| ADR—American depository receipt |
|
|
|
|
|
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
|
|
| Sector |
|
Percent of net assets |
|
| Consumer, non-cyclical |
|
|
23.7% |
|
| Industrial |
|
|
17.6% |
|
| Financial |
|
|
15.4% |
|
| Energy |
|
|
11.7% |
|
| Consumer, cyclical |
|
|
10.6% |
|
| Technology |
|
|
10.6% |
|
| Basic materials |
|
|
5.2% |
|
| Communications |
|
|
3.7% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| EAGLE INTERNATIONAL STOCK FUND |
|
|
|
|
|
|
| COMMON STOCKS—93.5% |
|
Shares |
|
|
Value |
|
| Australia—9.9% |
|
|
|
|
|
|
|
|
| Amcor Ltd. |
|
|
13,261 |
|
|
|
$135,865 |
|
| Arrium Ltd. |
|
|
12,780 |
|
|
|
16,729 |
|
| Commonwealth Bank of Australia |
|
|
458 |
|
|
|
32,933 |
|
| CSL Ltd. |
|
|
2,296 |
|
|
|
150,819 |
|
| Insurance Australia Group Ltd. |
|
|
19,524 |
|
|
|
114,040 |
|
| Iress Ltd. |
|
|
2,102 |
|
|
|
19,629 |
|
| National Australia Bank Ltd. |
|
|
3,852 |
|
|
|
128,554 |
|
| Suncorp Group Ltd. |
|
|
5,635 |
|
|
|
71,261 |
|
|
|
|
| Belgium—1.3% |
|
|
|
|
|
|
|
|
| Barco N.V. |
|
|
198 |
|
|
|
15,003 |
|
| Delhaize Group S.A. |
|
|
489 |
|
|
|
31,197 |
|
| KBC Groep N.V. |
|
|
708 |
|
|
|
38,488 |
|
|
|
|
| Bermuda—0.3% |
|
|
|
|
|
|
|
|
| Catlin Group Ltd. |
|
|
2,203 |
|
|
|
18,134 |
|
|
|
|
| Britain—14.5% |
|
|
|
|
|
|
|
|
| Associated British Foods PLC |
|
|
1,052 |
|
|
|
38,351 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
13 |
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
| EAGLE INTERNATIONAL STOCK FUND (cont’d) |
|
|
|
|
|
|
| COMMON STOCKS—93.5% |
|
Shares |
|
|
Value |
|
| Britain (cont’d) |
|
|
|
|
|
|
|
|
| AstraZeneca PLC |
|
|
750 |
|
|
|
$39,682 |
|
| Barclays PLC |
|
|
18,626 |
|
|
|
78,724 |
|
| Barratt Developments PLC |
|
|
12,372 |
|
|
|
66,311 |
|
| Bellway PLC |
|
|
898 |
|
|
|
21,713 |
|
| Diageo PLC |
|
|
3,747 |
|
|
|
119,378 |
|
| DS Smith PLC |
|
|
4,189 |
|
|
|
20,298 |
|
| easyJet PLC |
|
|
2,573 |
|
|
|
54,003 |
|
| HSBC Holdings PLC |
|
|
9,031 |
|
|
|
98,983 |
|
| Lloyds Banking Group PLC* |
|
|
27,328 |
|
|
|
33,972 |
|
| Quindell Portfolio PLC* |
|
|
46,204 |
|
|
|
11,668 |
|
| Taylor Wimpey PLC |
|
|
13,683 |
|
|
|
24,251 |
|
| Tesco PLC |
|
|
12,733 |
|
|
|
74,195 |
|
| Vodafone Group PLC |
|
|
59,402 |
|
|
|
218,760 |
|
| WPP PLC |
|
|
3,538 |
|
|
|
75,427 |
|
|
|
|
| Denmark—3.0% |
|
|
|
|
|
|
|
|
| AP Moeller—Maersk A/S, Class B |
|
|
10 |
|
|
|
96,755 |
|
| GN Store Nord A/S |
|
|
1,604 |
|
|
|
36,522 |
|
| Novo Nordisk A/S, Class B |
|
|
123 |
|
|
|
20,489 |
|
| Topdanmark A/S* |
|
|
1,211 |
|
|
|
32,980 |
|
| Tryg A/S |
|
|
163 |
|
|
|
14,896 |
|
|
|
|
| France—11.4% |
|
|
|
|
|
|
|
|
| AXA S.A. |
|
|
2,273 |
|
|
|
56,785 |
|
| BNP Paribas S.A. |
|
|
691 |
|
|
|
51,085 |
|
| Cie Generale des Etablissements Michelin |
|
|
542 |
|
|
|
56,585 |
|
| Compagnie Plastic Omnium S.A. |
|
|
1,447 |
|
|
|
41,373 |
|
| Credit Agricole S.A.* |
|
|
6,292 |
|
|
|
75,854 |
|
| European Aeronautic Defence and Space Co. N.V. |
|
|
933 |
|
|
|
64,112 |
|
| Ipsen S.A. |
|
|
302 |
|
|
|
13,242 |
|
| L’Oreal S.A. |
|
|
74 |
|
|
|
12,675 |
|
| Renault S.A. |
|
|
1,239 |
|
|
|
108,301 |
|
| Sanofi |
|
|
1,116 |
|
|
|
119,335 |
|
| Societe Generale S.A. |
|
|
860 |
|
|
|
48,698 |
|
| Technicolor S.A.* |
|
|
4,754 |
|
|
|
25,652 |
|
| Teleperformance |
|
|
392 |
|
|
|
20,763 |
|
| Total S.A. |
|
|
931 |
|
|
|
57,102 |
|
| UBISOFT Entertainment* |
|
|
1,599 |
|
|
|
20,539 |
|
|
|
|
| Germany—13.0% |
|
|
|
|
|
|
|
|
| Allianz SE |
|
|
1,017 |
|
|
|
171,085 |
|
| Bayer AG |
|
|
735 |
|
|
|
91,352 |
|
| Commerzbank AG* |
|
|
3,422 |
|
|
|
43,995 |
|
| Deutsche Bank AG |
|
|
1,845 |
|
|
|
89,255 |
|
| Deutsche Lufthansa AG* |
|
|
2,088 |
|
|
|
40,441 |
|
| freenet AG* |
|
|
528 |
|
|
|
13,754 |
|
| Fresenius SE & Co. KGaA |
|
|
224 |
|
|
|
29,115 |
|
| HeidelbergCement AG |
|
|
962 |
|
|
|
75,835 |
|
| Muenchener Rueckversicherungs AG |
|
|
706 |
|
|
|
147,524 |
|
| ProSiebenSat.1 Media AG |
|
|
746 |
|
|
|
35,532 |
|
| Volkswagen AG |
|
|
577 |
|
|
|
141,408 |
|
|
|
|
| Guernsey—0.2% |
|
|
|
|
|
|
|
|
| Resolution Ltd. |
|
|
2,502 |
|
|
|
14,338 |
|
|
|
|
| Hong Kong—1.2% |
|
|
|
|
|
|
|
|
| Power Assets Holdings Ltd. |
|
|
4,000 |
|
|
|
33,329 |
|
| Singamas Container Holdings Ltd. |
|
|
40,000 |
|
|
|
9,338 |
|
| Wheelock & Co. Ltd. |
|
|
8,000 |
|
|
|
40,862 |
|
|
|
|
| Isle of Man—0.2% |
|
|
|
|
|
|
|
|
| Playtech PLC |
|
|
1,056 |
|
|
|
12,470 |
|
|
|
|
| Israel—1.2% |
|
|
|
|
|
|
|
|
| Teva Pharmaceutical Industries Ltd. |
|
|
2,073 |
|
|
|
77,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMON STOCKS—93.5% |
|
Shares |
|
|
Value |
|
| Italy—1.7% |
|
|
|
|
|
|
|
|
| Gtech Spa |
|
|
1,468 |
|
|
|
$44,541 |
|
| Milano Assicurazioni SpA* |
|
|
22,936 |
|
|
|
19,539 |
|
| Telecom Italia SpA |
|
|
50,505 |
|
|
|
49,201 |
|
|
|
|
| Japan—24.2% |
|
|
|
|
|
|
|
|
| Bridgestone Corp. |
|
|
900 |
|
|
|
30,866 |
|
| Central Japan Railway Co. |
|
|
400 |
|
|
|
51,867 |
|
| Enplas Corp. |
|
|
300 |
|
|
|
19,765 |
|
| Fuji Heavy Industries Ltd. |
|
|
4,000 |
|
|
|
109,411 |
|
| Fuji Machine Manufacturing Co. Ltd. |
|
|
1,300 |
|
|
|
11,687 |
|
| Fuji Oil Co. Ltd. |
|
|
1,900 |
|
|
|
34,595 |
|
| Heiwa Corp. |
|
|
1,800 |
|
|
|
30,207 |
|
| IRISO Electronics Co. Ltd. |
|
|
300 |
|
|
|
11,808 |
|
| ITOCHU Corp. |
|
|
10,900 |
|
|
|
131,169 |
|
| KDDI Corp. |
|
|
1,900 |
|
|
|
102,934 |
|
| Kyowa Exeo Corp. |
|
|
2,600 |
|
|
|
30,875 |
|
| Marubeni Corp. |
|
|
16,000 |
|
|
|
125,331 |
|
| Matsumotokiyoshi Holdings Co. Ltd. |
|
|
1,100 |
|
|
|
37,102 |
|
| Mitsui & Co. Ltd. |
|
|
8,100 |
|
|
|
115,722 |
|
| NEC Networks & System Integration Corp. |
|
|
500 |
|
|
|
12,583 |
|
| Nexon Co. Ltd. |
|
|
3,700 |
|
|
|
43,285 |
|
| Nippon Telegraph & Telephone Corp. |
|
|
2,300 |
|
|
|
119,495 |
|
| SCSK Corp. |
|
|
2,200 |
|
|
|
55,715 |
|
| Shindengen Electric Manufacturing Co. Ltd. |
|
|
5,000 |
|
|
|
32,035 |
|
| SHOWA Corp. |
|
|
1,400 |
|
|
|
19,402 |
|
| Sojitz Corp. |
|
|
44,000 |
|
|
|
85,282 |
|
| Sumitomo Corp. |
|
|
7,700 |
|
|
|
100,186 |
|
| Sumitomo Mitsui Financial Group, Inc. |
|
|
1,300 |
|
|
|
62,607 |
|
| Suzuken Co. Ltd. |
|
|
600 |
|
|
|
21,657 |
|
| Takuma Co. Ltd. |
|
|
2,000 |
|
|
|
17,011 |
|
| Toyo Tire & Rubber Co. Ltd. |
|
|
3,000 |
|
|
|
17,548 |
|
| Toyota Motor Corp. |
|
|
3,100 |
|
|
|
201,109 |
|
|
|
|
| Netherlands—2.4% |
|
|
|
|
|
|
|
|
| Delta Lloyd N.V. |
|
|
2,973 |
|
|
|
63,213 |
|
| Royal Dutch Shell PLC, Class B |
|
|
2,900 |
|
|
|
100,226 |
|
|
|
|
| Norway—0.8% |
|
|
|
|
|
|
|
|
| DNO International ASA* |
|
|
12,264 |
|
|
|
34,702 |
|
| Fred Olsen Energy ASA |
|
|
497 |
|
|
|
20,901 |
|
|
|
|
| Singapore—1.4% |
|
|
|
|
|
|
|
|
| DBS Group Holdings Ltd. |
|
|
7,000 |
|
|
|
94,219 |
|
|
|
|
| Sweden—2.9% |
|
|
|
|
|
|
|
|
| AarhusKarlshamn AB |
|
|
272 |
|
|
|
16,069 |
|
| SAS AB* |
|
|
9,907 |
|
|
|
29,714 |
|
| Skandinaviska Enskilda Banken AB, Class A |
|
|
9,821 |
|
|
|
118,619 |
|
| Svenska Cellulosa AB SCA, Class B |
|
|
1,087 |
|
|
|
30,865 |
|
|
|
|
| Switzerland—3.9% |
|
|
|
|
|
|
|
|
| Credit Suisse Group AG* |
|
|
401 |
|
|
|
12,476 |
|
| Implenia AG* |
|
|
212 |
|
|
|
14,264 |
|
| Roche Holding AG |
|
|
433 |
|
|
|
119,646 |
|
| Swiss Re AG* |
|
|
1,325 |
|
|
|
116,109 |
|
| Total common stocks (cost $5,751,819) |
|
|
|
|
|
|
6,304,586 |
|
|
|
|
| PREFERRED STOCKS—0.2% |
|
|
|
|
|
|
|
|
| Italy—0.2% |
|
|
|
|
|
|
|
|
| Unipol Gruppo Finanziario SpA, 0.17% |
|
|
3,453 |
|
|
|
15,495 |
|
| Total preferred stocks (cost $12,914) |
|
|
|
|
|
|
15,495 |
|
|
|
|
| 14 |
|
The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
|
|
|
|
|
|
|
|
|
| EAGLE INTERNATIONAL STOCK FUND (cont’d) |
|
|
|
| |
|
|
|
|
|
Value |
|
| Total investment portfolio (cost $5,764,733) 93.7% ‡ |
|
|
|
|
|
|
$6,320,081 |
|
|
|
|
|
| Other assets in excess of liabilities 6.3% |
|
|
|
|
|
|
428,414 |
|
|
|
|
|
| Total net assets 100.0% |
|
|
|
|
|
|
$6,748,495 |
|
|
| * Non-income producing security
‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $5,766,180. Net unrealized appreciation (depreciation) on a tax-basis was
$553,901, including aggregate gross unrealized appreciation and (depreciation) of $613,303 and $(59,402), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of
losses from wash sales. |
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
| Sector |
|
Percent of net assets |
|
| Financial |
|
|
28.2% |
|
| Consumer, cyclical |
|
|
24.7% |
|
| Consumer, non-cyclical |
|
|
15.0% |
|
| Communications |
|
|
11.0% |
|
| Industrial |
|
|
8.2% |
|
| Energy |
|
|
3.1% |
|
| Technology |
|
|
2.0% |
|
| Basic materials |
|
|
1.0% |
|
| Utilities |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
|
|
| Industry allocation (unaudited) |
|
| Industry |
|
Value |
|
|
Percent of
net assets |
|
| Banks |
|
|
$1,008,462 |
|
|
|
14.9% |
|
| Insurance |
|
|
855,399 |
|
|
|
12.7% |
|
| Auto manufacturers |
|
|
560,229 |
|
|
|
8.3% |
|
| Distribution/wholesale |
|
|
557,690 |
|
|
|
8.3% |
|
| Telecommunications |
|
|
540,666 |
|
|
|
8.0% |
|
| Pharmaceuticals |
|
|
502,687 |
|
|
|
7.5% |
|
| Food |
|
|
194,407 |
|
|
|
2.9% |
|
| Oil & gas |
|
|
192,030 |
|
|
|
2.8% |
|
| Auto parts & equipment |
|
|
165,774 |
|
|
|
2.5% |
|
| Biotechnology |
|
|
150,819 |
|
|
|
2.2% |
|
| Transportation |
|
|
148,622 |
|
|
|
2.2% |
|
| Packaging & containers |
|
|
135,865 |
|
|
|
2.0% |
|
| Airlines |
|
|
124,158 |
|
|
|
1.8% |
|
| Beverages |
|
|
119,378 |
|
|
|
1.8% |
|
| Home builders |
|
|
112,275 |
|
|
|
1.7% |
|
| Advertising |
|
|
96,190 |
|
|
|
1.4% |
|
| Building materials |
|
|
75,835 |
|
|
|
1.1% |
|
|
|
|
|
|
|
|
|
|
|
| Industry allocation (unaudited) (cont’d) |
|
| Industry |
|
Value |
|
|
Percent of
net assets |
|
| Entertainment |
|
|
$74,748 |
|
|
|
1.1% |
|
| Internet |
|
|
74,582 |
|
|
|
1.1% |
|
| Computers |
|
|
68,298 |
|
|
|
1.0% |
|
| Aerospace/defense |
|
|
64,112 |
|
|
|
1.0% |
|
| Engineering & construction |
|
|
62,150 |
|
|
|
0.9% |
|
| Forest products & paper |
|
|
51,163 |
|
|
|
0.8% |
|
| Electronics |
|
|
46,576 |
|
|
|
0.7% |
|
| Real estate |
|
|
40,862 |
|
|
|
0.6% |
|
| Retail |
|
|
37,102 |
|
|
|
0.6% |
|
| Media |
|
|
35,532 |
|
|
|
0.5% |
|
| Electric |
|
|
33,329 |
|
|
|
0.5% |
|
| Software |
|
|
33,009 |
|
|
|
0.5% |
|
| Semiconductors |
|
|
32,035 |
|
|
|
0.5% |
|
| Healthcare services |
|
|
29,115 |
|
|
|
0.4% |
|
| Home furnishings |
|
|
25,652 |
|
|
|
0.4% |
|
| Oil & gas services |
|
|
20,901 |
|
|
|
0.3% |
|
| Iron/steel |
|
|
16,729 |
|
|
|
0.2% |
|
| Cosmetics/personal care |
|
|
12,675 |
|
|
|
0.2% |
|
| Machinery-diversified |
|
|
11,687 |
|
|
|
0.2% |
|
| Miscellaneous manufacturer |
|
|
9,338 |
|
|
|
0.1% |
|
| Total investment portfolio |
|
|
$6,320,081 |
|
|
|
93.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| EAGLE INVESTMENT GRADE BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE BONDS—50.1% |
|
|
|
Principal
amount
(in thousands) |
|
|
Value |
|
| Domestic—40.0% |
|
|
|
|
|
|
|
|
|
|
| Banks—4.1% |
|
|
|
|
|
|
|
|
|
|
| Branch Banking & Trust Co., 2.30%, 10/15/18 |
|
|
|
|
$1,000 |
|
|
|
$1,011,559 |
|
| Huntington Bancshares, Inc., 2.60%, 08/02/18 |
|
|
|
|
1,500 |
|
|
|
1,513,838 |
|
| SunTrust Banks, Inc., 2.35%, 11/01/18 |
|
|
|
|
1,000 |
|
|
|
1,005,037 |
|
|
|
|
|
| Biotechnology—1.2% |
|
|
|
|
|
|
|
|
|
|
| Celgene Corp., 2.30%, 08/15/18 |
|
|
|
|
1,000 |
|
|
|
1,006,640 |
|
|
|
|
|
| Computers—1.8% |
|
|
|
|
|
|
|
|
|
|
| EMC Corp., 1.88%, 06/01/18 |
|
|
|
|
1,500 |
|
|
|
1,500,149 |
|
|
|
|
|
| Diversified financial services—3.6% |
|
|
|
|
|
|
|
|
|
|
| General Electric Capital Corp., 1.00%, 12/11/15 |
|
|
|
|
1,000 |
|
|
|
1,005,423 |
|
| Hyundai Capital America, 144A, 2.88%, 08/09/18 (a) |
|
|
|
|
1,000 |
|
|
|
1,005,847 |
|
| IntercontinentalExchange Group, Inc., 2.50%, 10/15/18 |
|
|
|
|
1,000 |
|
|
|
1,019,031 |
|
|
|
|
|
| Electric—4.4% |
|
|
|
|
|
|
|
|
|
|
| Duke Energy Corp., 2.15%, 11/15/16 |
|
|
|
|
750 |
|
|
|
773,246 |
|
| NextEra Energy Capital Holdings, Inc., 2.55%, 11/15/13 |
|
|
|
|
1,000 |
|
|
|
1,000,614 |
|
| The Southern Co., 2.45%, 09/01/18 |
|
|
|
|
1,000 |
|
|
|
1,023,234 |
|
| Xcel Energy, Inc., 0.75%, 05/09/16 |
|
|
|
|
1,000 |
|
|
|
994,648 |
|
|
|
|
|
| Food—0.6% |
|
|
|
|
|
|
|
|
|
|
| Wm. Wrigley Jr. Co., 144A, 1.40%, 10/21/16 (a) |
|
|
|
|
500 |
|
|
|
500,922 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
15 |
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE INVESTMENT GRADE BOND FUND (cont’d) |
|
|
|
|
|
|
|
|
| CORPORATE BONDS—50.1% |
|
|
|
Principal amount
(in thousands) |
|
|
Value |
|
| Healthcare products—1.2% |
|
|
|
|
|
|
|
|
|
|
| Edwards Lifesciences Corp., 2.88%, 10/15/18 |
|
|
|
|
$
1,000 |
|
|
|
$
1,005,140 |
|
|
|
|
|
| Healthcare services—3.6% |
|
|
|
|
|
|
|
|
|
|
| Laboratory Corp. of America Holdings, 2.20%, 08/23/17 |
|
|
|
|
1,000 |
|
|
|
1,004,619 |
|
| Ventas Realty LP, 1.55%, 09/26/16 |
|
|
|
|
1,000 |
|
|
|
1,006,324 |
|
| WellPoint, Inc., 2.38%, 02/15/17 |
|
|
|
|
1,000 |
|
|
|
1,023,911 |
|
|
|
|
|
| Housewares—1.2% |
|
|
|
|
|
|
|
|
|
|
| Newell Rubbermaid, Inc., 2.00%, 06/15/15 |
|
|
|
|
1,000 |
|
|
|
1,012,735 |
|
|
|
|
|
| Insurance—6.3% |
|
|
|
|
|
|
|
|
|
|
| American International Group, Inc., 3.38%, 08/15/20 |
|
|
|
|
1,500 |
|
|
|
1,523,635 |
|
| AON Corp., 3.50%, 09/30/15 |
|
|
|
|
1,750 |
|
|
|
1,831,932 |
|
| Assurant, Inc., 2.50%, 03/15/18 |
|
|
|
|
1,000 |
|
|
|
988,047 |
|
| Prudential Financial, Inc., 2.30%, 08/15/18 |
|
|
|
|
1,000 |
|
|
|
1,014,844 |
|
|
|
|
|
| Media—1.2% |
|
|
|
|
|
|
|
|
|
|
| Viacom, Inc., 2.50%, 09/01/18 |
|
|
|
|
1,000 |
|
|
|
1,012,597 |
|
|
|
|
|
| Oil & gas—1.2% |
|
|
|
|
|
|
|
|
|
|
| Nabors Industries, Inc., 144A, 2.35%, 09/15/16 (a) |
|
|
|
|
1,000 |
|
|
|
1,014,805 |
|
|
|
|
|
| Oil & gas services—1.2% |
|
|
|
|
|
|
|
|
|
|
| Halliburton Co., 2.00%, 08/01/18 |
|
|
|
|
1,000 |
|
|
|
1,007,101 |
|
|
|
|
|
| Pharmaceuticals—1.8% |
|
|
|
|
|
|
|
|
|
|
| AbbVie, Inc., 1.75%, 11/06/17 |
|
|
|
|
1,500 |
|
|
|
1,507,958 |
|
|
|
|
|
| Software—3.5% |
|
|
|
|
|
|
|
|
|
|
| Autodesk, Inc., 1.95%, 12/15/17 |
|
|
|
|
1,000 |
|
|
|
999,104 |
|
| Broadridge Financial Solutions, Inc., 3.95%, 09/01/20 |
|
|
|
|
1,000 |
|
|
|
1,025,538 |
|
| Oracle Corp., 1.20%, 10/15/17 |
|
|
|
|
1,000 |
|
|
|
989,209 |
|
|
|
|
|
| Telecommunications—3.1% |
|
|
|
|
|
|
|
|
|
|
| AT&T, Inc., 1.40%, 12/01/17 |
|
|
|
|
1,000 |
|
|
|
986,584 |
|
| Verizon Communications, Inc., 2.50%, 09/15/16 |
|
|
|
|
1,000 |
|
|
|
1,036,844 |
|
| Verizon Communications, Inc., 8.75%, 11/01/18 |
|
|
|
|
500 |
|
|
|
645,102 |
|
|
|
| Total domestic corporate bonds (cost $33,683,194) |
|
|
|
33,996,217 |
|
|
|
|
|
| Foreign—10.1% |
|
|
|
|
|
|
|
|
|
|
| Household products/wares—1.2% |
|
|
|
|
|
|
|
|
|
|
| Reckitt Benckiser Treasury Services PLC, 144A, 2.13%, 09/21/18 (a) |
|
|
|
|
1,000 |
|
|
|
1,009,372 |
|
|
|
|
|
| Internet—1.8% |
|
|
|
|
|
|
|
|
|
|
| Baidu, Inc., 3.25%, 08/06/18 |
|
|
|
|
1,500 |
|
|
|
1,532,405 |
|
|
|
|
|
| Mining—1.2% |
|
|
|
|
|
|
|
|
|
|
| Goldcorp, Inc., 2.13%, 03/15/18 |
|
|
|
|
1,000 |
|
|
|
982,444 |
|
|
|
|
|
| Oil & gas—4.7% |
|
|
|
|
|
|
|
|
|
|
| Petrobras Global Finance BV, 2.00%, 05/20/16 |
|
|
|
|
1,000 |
|
|
|
991,200 |
|
| Shell International Finance BV, 1.90%, 08/10/18 |
|
|
|
|
1,500 |
|
|
|
1,517,609 |
|
| Total Capital, 2.13%, 08/10/18 |
|
|
|
|
1,500 |
|
|
|
1,519,217 |
|
|
|
|
|
| Semiconductors—1.2% |
|
|
|
|
|
|
|
|
|
|
| TSMC Global Ltd., 144A, 0.95%, 04/03/16 (a) |
|
|
|
|
1,000 |
|
|
|
995,375 |
|
| Total foreign corporate bonds (cost $8,472,899) |
|
|
|
|
|
|
|
|
8,547,622 |
|
|
|
|
|
| Total corporate bonds (cost $42,156,093) |
|
|
|
|
|
|
|
|
42,543,839 |
|
|
|
| MORTGAGE AND ASSET-BACKED SECURITIES—35.7% |
|
|
|
|
|
| Domestic—32.0% |
|
|
|
|
|
|
|
|
|
|
| Asset-Backed Securities—7.8% |
|
|
|
|
|
|
|
|
|
|
| AmeriCredit Automobile Receivables Trust, Series 2011-5, Class A3, 1.55%, 07/08/16 |
|
|
|
|
1,000 |
|
|
|
1,003,044 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| MORTGAGE AND ASSET-BACKED SECURITIES—35.7% |
|
|
|
Principal
amount
(in thousands) |
|
|
Value |
|
| Asset-Backed Securities (cont’d) |
|
|
|
|
|
|
|
|
|
|
| CarMax Auto Owner Trust, Series 2013-4, Class B, 1.72%, 07/15/19 |
|
|
|
|
$
1,000 |
|
|
|
$
999,925 |
|
| Ford Credit Auto Owner Trust, Series 2012-C, Class D, 2.43%, 01/15/19 |
|
|
|
|
1,000 |
|
|
|
1,016,388 |
|
| Ford Credit Floorplan Master Owner Trust, Series 2012-1, Class C, FRN, 1.67%, 01/15/16 |
|
|
|
|
2,000 |
|
|
|
2,002,828 |
|
| Santander Drive Auto Receivables Trust, Series 2012-1, Class C, 3.78%, 11/15/17 |
|
|
|
|
1,000 |
|
|
|
1,025,509 |
|
| Sierra Timeshare Receivables Funding LLC, Series 2012-1A, Class B, 144A, 3.58%, 11/20/28
(b) |
|
|
|
|
620 |
|
|
|
631,400 |
|
|
|
| Federal agency mortgage-backed obligations—24.2% |
|
|
|
|
|
| Fannie Mae Pool, |
|
|
|
|
|
|
|
|
|
|
| Series 0957, Class MA, 3.00%, 01/01/22 |
|
|
|
|
1,253 |
|
|
|
1,307,743 |
|
| Series 1212, Class MA, 2.50%, 10/01/22 |
|
|
|
|
1,257 |
|
|
|
1,290,579 |
|
| Series 255933, 5.50%, 11/01/35 |
|
|
|
|
462 |
|
|
|
504,570 |
|
| Fannie Mae, REMIC, |
|
|
|
|
|
|
|
|
|
|
| Series 2008-18, Class ND, 4.00%, 05/25/20 |
|
|
|
|
363 |
|
|
|
378,966 |
|
| Series 2011-45, Class NG, 3.00%, 03/25/25 |
|
|
|
|
1,135 |
|
|
|
1,170,057 |
|
| Series 2011-53, Class CY, 4.00%, 06/25/41 |
|
|
|
|
698 |
|
|
|
743,985 |
|
| Series 2012-136, Class PD, 2.50%, 11/25/42 |
|
|
|
|
1,401 |
|
|
|
1,405,563 |
|
| Series 2012-96, Class VA, 3.50%, 02/25/22 |
|
|
|
|
447 |
|
|
|
469,571 |
|
| Freddie Mac Gold Pool, |
|
|
|
|
|
|
|
|
|
|
| Series 15482, Class J, 4.00%, 05/01/26 |
|
|
|
|
975 |
|
|
|
1,029,974 |
|
| Series 91366, Class C, 4.50%, 04/01/31 |
|
|
|
|
834 |
|
|
|
899,140 |
|
| Freddie Mac, REMIC, |
|
|
|
|
|
|
|
|
|
|
| Series 2628, Class AB, 4.50%, 06/15/18 |
|
|
|
|
70 |
|
|
|
72,693 |
|
| Series 2885, Class LC, 4.50%, 04/15/34 |
|
|
|
|
146 |
|
|
|
153,876 |
|
| Series 3650, Class PA, 5.00%, 01/15/40 |
|
|
|
|
357 |
|
|
|
386,508 |
|
| Series 4045, Class PA, 2.00%, 12/15/41 |
|
|
|
|
2,566 |
|
|
|
2,544,761 |
|
| Series 4068, Class MB, 2.00%, 02/15/42 |
|
|
|
|
3,096 |
|
|
|
3,095,243 |
|
| Series 4097, Class BG, 2.00%, 12/15/41 |
|
|
|
|
2,609 |
|
|
|
2,549,431 |
|
| Ginnie Mae I Pool, Series 783112, 5.50%, 09/15/22 |
|
|
|
|
912 |
|
|
|
976,518 |
|
| Ginnie Mae II Pool, Series 5107, 4.00%, 07/20/26 |
|
|
|
|
967 |
|
|
|
1,028,294 |
|
| Ginnie Mae, REMIC, |
|
|
|
|
|
|
|
|
|
|
| Series 2004-86, Class PK, 4.00%, 09/20/34 |
|
|
|
|
235 |
|
|
|
246,269 |
|
| Series 2010-169, Class CD, 3.00%, 12/16/25 |
|
|
|
|
256 |
|
|
|
268,116 |
|
|
|
|
|
| Total domestic mortgage and asset-backed securities (cost $27,478,286) |
|
|
|
|
|
|
|
|
27,200,951 |
|
|
|
|
|
| Foreign—3.7% |
|
|
|
|
|
|
|
|
|
|
| Covered bonds — 3.7% |
|
|
|
|
|
|
|
|
|
|
| Bank of Montreal, 144A, 2.63%, 01/25/16(a) |
|
|
|
|
1,000 |
|
|
|
1,044,037 |
|
| The Bank of Nova Scotia, 144A, 2.15%, 08/03/16 (a) |
|
|
|
|
1,000 |
|
|
|
1,036,673 |
|
| The Toronto-Dominion Bank, 144A, 2.20%, 07/29/15 (a) |
|
|
|
|
1,000 |
|
|
|
1,029,893 |
|
| Total foreign mortgage and asset-backed securities (cost $2,997,481) |
|
|
|
|
|
|
|
|
3,110,603 |
|
Total mortgage and asset-backed securities
(cost $30,475,767) |
|
|
|
|
|
|
|
|
30,311,554 |
|
|
|
|
|
| U.S. TREASURIES—8.2% |
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Notes, |
|
|
|
|
|
|
|
|
|
|
| 1.00%, 09/30/16 |
|
|
|
|
1,500 |
|
|
|
1,518,750 |
|
| 2.50%, 08/15/23 |
|
|
|
|
5,500 |
|
|
|
5,479,375 |
|
| Total U.S. Treasuries (cost $6,933,140) |
|
|
|
|
|
|
|
|
6,998,125 |
|
|
|
|
| 16 |
|
The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE INVESTMENT GRADE BOND FUND (cont’d) |
|
|
|
|
|
|
|
| U.S. GOVERNMENT AGENCY SECURITIES—4.5% |
|
Principal
amount
(in thousands) |
|
|
Value |
|
| Federal Farm Credit Banks, 0.60%, 04/25/17 |
|
|
|
|
$
2,000 |
|
|
|
$
1,979,046 |
|
| Private Export Funding Corp., 2.25%, 12/15/17 |
|
|
|
|
1,750 |
|
|
|
1,810,484 |
|
| Total U.S. Government agency securities (cost $3,774,420) |
|
|
|
3,789,530 |
|
|
|
|
|
| SUPRANATIONAL BANKS—1.2% |
|
|
|
|
|
|
|
|
|
|
| International Bank for Reconstruction & Development, 2.38%, 05/26/15 |
|
|
|
|
1,000 |
|
|
|
1,031,080 |
|
| Total supranational banks (cost $996,312) |
|
|
|
1,031,080 |
|
|
|
| Total investment portfolio (cost $84,335,732) 99.7% ‡ |
|
|
|
84,674,128 |
|
|
|
|
|
| Other assets in excess of liabilities 0.3% |
|
|
|
|
|
|
|
|
227,956 |
|
|
|
|
|
| Total net assets 100.0% |
|
|
|
|
|
|
|
|
$84,902,084 |
|
|
| (a) Restricted securities deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities. At
October 31, 2013, these securities aggregated $7,636,924 or 9.0% of the net assets of the Fund. (b) Restricted security deemed to be illiquid
for purposes of compliance limitations on holdings of illiquid securities. This security was purchased on February 12, 2013 at a cost of $936,872 which was 0.7% of net assets at the time of purchase. At October 31, 2013, this security had
an amortized cost of $632,498 and a market value of $631,400 which was 0.7% of the net assets of the Fund. 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. FRN—Floating rate notes reset their interest rates on a semiannual or quarterly basis. Rate
shown was as of October 31, 2013. REMIC—Real estate mortgage investment conduit
‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $84,335,732. Net unrealized appreciation (depreciation) on a tax-basis was
$338,396, including aggregate gross unrealized appreciation and (depreciation) of $771,426 and $(433,030), respectively. |
|
|
|
|
|
|
|
| Standard & Poor’s bond ratings (unaudited) |
|
| Bond rating |
|
Percent of net assets |
|
| AAA |
|
|
1.2% |
|
| AA |
|
|
45.2% |
|
| A |
|
|
19.5% |
|
| BBB |
|
|
27.1% |
|
| Not rated |
|
|
6.7% |
|
|
| Moody’s bond ratings (unaudited) |
|
| Bond rating |
|
Percent of net assets |
|
| Aaa |
|
|
44.1% |
|
| Aa |
|
|
9.5% |
|
| A |
|
|
11.8% |
|
| Baa |
|
|
33.6% |
|
| Not rated |
|
|
0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EAGLE MID CAP GROWTH FUND |
|
|
|
|
|
|
|
|
| COMMON STOCKS—98.9% |
|
|
|
Shares |
|
|
Value |
|
| Aerospace/defense—0.5% |
|
|
|
|
|
|
|
|
|
|
| Triumph Group, Inc. |
|
|
|
|
44,996 |
|
|
|
$3,223,963 |
|
|
|
|
|
| Airlines—1.3% |
|
|
|
|
|
|
|
|
|
|
| Delta Air Lines, Inc. |
|
|
|
|
304,180 |
|
|
|
8,024,268 |
|
|
|
|
|
| Apparel—1.8% |
|
|
|
|
|
|
|
|
|
|
| Michael Kors Holdings Ltd.* |
|
|
|
|
138,045 |
|
|
|
10,622,563 |
|
|
|
|
|
| Beverages—3.4% |
|
|
|
|
|
|
|
|
|
|
| Constellation Brands, Inc., Class A* |
|
|
|
|
125,870 |
|
|
|
8,219,311 |
|
| Monster Beverage Corp.* |
|
|
|
|
206,885 |
|
|
|
11,840,028 |
|
|
|
|
|
| Biotechnology—0.7% |
|
|
|
|
|
|
|
|
|
|
| Vertex Pharmaceuticals, Inc.* |
|
|
|
|
59,585 |
|
|
|
4,250,794 |
|
|
|
|
|
| Building materials—2.1% |
|
|
|
|
|
|
|
|
|
|
| Eagle Materials, Inc. |
|
|
|
|
82,175 |
|
|
|
6,163,947 |
|
| Fortune Brands Home & Security, Inc. |
|
|
|
|
142,017 |
|
|
|
6,118,092 |
|
|
|
|
|
| Chemicals—4.7% |
|
|
|
|
|
|
|
|
|
|
| CF Industries Holdings, Inc. |
|
|
|
|
24,195 |
|
|
|
5,216,442 |
|
| Huntsman Corp. |
|
|
|
|
356,345 |
|
|
|
8,274,331 |
|
| Westlake Chemical Corp. |
|
|
|
|
135,373 |
|
|
|
14,541,768 |
|
|
|
|
|
| Commercial services—2.4% |
|
|
|
|
|
|
|
|
|
|
| Gartner, Inc.* |
|
|
|
|
122,735 |
|
|
|
7,235,228 |
|
| Sotheby’s |
|
|
|
|
136,400 |
|
|
|
7,079,160 |
|
|
|
|
|
| Computers—3.0% |
|
|
|
|
|
|
|
|
|
|
| Cognizant Technology Solutions Corp., Class A* |
|
|
|
|
80,460 |
|
|
|
6,994,388 |
|
| IHS, Inc., Class A* |
|
|
|
|
100,068 |
|
|
|
10,912,415 |
|
|
|
|
|
| Distribution/wholesale—1.0% |
|
|
|
|
|
|
|
|
|
|
| HD Supply Holdings, Inc.* |
|
|
|
|
283,080 |
|
|
|
5,715,385 |
|
|
|
|
|
| Diversified financial services—5.2% |
|
|
|
|
|
|
|
|
|
|
| Ameriprise Financial, Inc. |
|
|
|
|
170,195 |
|
|
|
17,111,405 |
|
| TD Ameritrade Holding Corp. |
|
|
|
|
503,161 |
|
|
|
13,716,169 |
|
|
|
|
|
| Electronics—1.0% |
|
|
|
|
|
|
|
|
|
|
| Amphenol Corp., Class A |
|
|
|
|
72,520 |
|
|
|
5,822,631 |
|
|
|
|
|
| Engineering & construction—1.7% |
|
|
|
|
|
|
|
|
|
|
| Chicago Bridge & Iron Co. N.V. |
|
|
|
|
140,592 |
|
|
|
10,416,461 |
|
|
|
|
|
| Entertainment—3.8% |
|
|
|
|
|
|
|
|
|
|
| Bally Technologies, Inc.* |
|
|
|
|
125,434 |
|
|
|
9,174,243 |
|
| International Game Technology |
|
|
|
|
704,025 |
|
|
|
13,235,670 |
|
|
|
|
|
| Environmental control—1.7% |
|
|
|
|
|
|
|
|
|
|
| Waste Connections, Inc. |
|
|
|
|
241,957 |
|
|
|
10,341,242 |
|
|
|
|
|
| Food—1.1% |
|
|
|
|
|
|
|
|
|
|
| The Fresh Market, Inc.* |
|
|
|
|
124,301 |
|
|
|
6,328,164 |
|
| Healthcare products—2.9% |
|
|
|
|
|
|
|
|
|
|
| Sirona Dental Systems, Inc.* |
|
|
|
|
77,220 |
|
|
|
5,579,145 |
|
| The Cooper Companies, Inc. |
|
|
|
|
88,380 |
|
|
|
11,419,580 |
|
|
|
|
|
| Healthcare services—1.5% |
|
|
|
|
|
|
|
|
|
|
| Universal Health Services, Inc., Class B |
|
|
|
|
114,345 |
|
|
|
9,211,633 |
|
|
|
|
|
| Home furnishings—2.9% |
|
|
|
|
|
|
|
|
|
|
| Harman International Industries, Inc. |
|
|
|
|
209,705 |
|
|
|
16,990,299 |
|
|
|
|
|
| Household products/wares—1.6% |
|
|
|
|
|
|
|
|
|
|
| Church & Dwight Co., Inc. |
|
|
|
|
150,510 |
|
|
|
9,805,726 |
|
|
|
|
|
| Insurance—3.2% |
|
|
|
|
|
|
|
|
|
|
| Arch Capital Group Ltd.* |
|
|
|
|
133,930 |
|
|
|
7,762,583 |
|
| Genworth Financial, Inc., Class A* |
|
|
|
|
763,570 |
|
|
|
11,094,672 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
17 |
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE MID CAP GROWTH FUND (cont’d) |
|
|
|
|
|
|
|
|
| COMMON STOCKS—98.9% |
|
|
|
Shares |
|
|
Value |
|
| Internet—5.7% |
|
|
|
|
|
|
|
|
|
|
| Liberty Interactive Corp.* |
|
|
|
|
561,400 |
|
|
|
$15,135,344 |
|
| LinkedIn Corp., Class A* |
|
|
|
|
16,440 |
|
|
|
3,677,135 |
|
| TIBCO Software, Inc.* |
|
|
|
|
145,055 |
|
|
|
3,562,551 |
|
| TripAdvisor, Inc.* |
|
|
|
|
138,245 |
|
|
|
11,434,244 |
|
|
|
|
|
| Leisure time—2.4% |
|
|
|
|
|
|
|
|
|
|
| Norwegian Cruise Line Holdings Ltd.* |
|
|
|
|
102,779 |
|
|
|
3,290,984 |
|
| Royal Caribbean Cruises Ltd. |
|
|
|
|
258,855 |
|
|
|
10,882,264 |
|
|
|
|
|
| Lodging—3.5% |
|
|
|
|
|
|
|
|
|
|
| Starwood Hotels & Resorts Worldwide, Inc. |
|
|
|
|
156,925 |
|
|
|
11,552,818 |
|
| Wynn Resorts Ltd. |
|
|
|
|
55,235 |
|
|
|
9,182,819 |
|
|
|
|
|
| Machinery-diversified—1.1% |
|
|
|
|
|
|
|
|
|
|
| Flowserve Corp. |
|
|
|
|
94,845 |
|
|
|
6,588,882 |
|
|
|
|
|
| Media—3.8% |
|
|
|
|
|
|
|
|
|
|
| Discovery Communications, Inc., Class A* |
|
|
|
|
46,640 |
|
|
|
4,147,229 |
|
| FactSet Research Systems, Inc. |
|
|
|
|
52,555 |
|
|
|
5,725,342 |
|
| Sirius XM Radio, Inc. |
|
|
|
|
3,348,960 |
|
|
|
12,625,579 |
|
|
|
|
|
| Miscellaneous manufacturer—5.2% |
|
|
|
|
|
|
|
|
|
|
| Colfax Corp.* |
|
|
|
|
171,206 |
|
|
|
9,580,688 |
|
| Hexcel Corp.* |
|
|
|
|
182,655 |
|
|
|
7,728,133 |
|
| Pall Corp. |
|
|
|
|
78,785 |
|
|
|
6,343,768 |
|
| Pentair Ltd. |
|
|
|
|
106,090 |
|
|
|
7,117,578 |
|
|
|
|
|
| Oil & gas—3.8% |
|
|
|
|
|
|
|
|
|
|
| Cabot Oil & Gas Corp. |
|
|
|
|
321,350 |
|
|
|
11,350,082 |
|
| Cimarex Energy Co. |
|
|
|
|
74,305 |
|
|
|
7,828,032 |
|
| Pioneer Natural Resources Co. |
|
|
|
|
16,595 |
|
|
|
3,398,324 |
|
|
|
|
|
| Oil & gas services—1.4% |
|
|
|
|
|
|
|
|
|
|
| Dresser-Rand Group, Inc.* |
|
|
|
|
134,435 |
|
|
|
8,169,615 |
|
|
|
|
|
| Pharmaceuticals—8.0% |
|
|
|
|
|
|
|
|
|
|
| AmerisourceBergen Corp. |
|
|
|
|
140,315 |
|
|
|
9,166,779 |
|
| BioMarin Pharmaceutical, Inc.* |
|
|
|
|
103,496 |
|
|
|
6,501,619 |
|
| Catamaran Corp.* |
|
|
|
|
239,815 |
|
|
|
11,261,713 |
|
| Medivation, Inc.* |
|
|
|
|
94,720 |
|
|
|
5,669,939 |
|
| Mylan, Inc.* |
|
|
|
|
258,330 |
|
|
|
9,782,957 |
|
| Quintiles Transnational Holdings, Inc.* |
|
|
|
|
116,072 |
|
|
|
4,873,863 |
|
|
|
|
|
| Retail—3.9% |
|
|
|
|
|
|
|
|
|
|
| AutoZone, Inc.* |
|
|
|
|
14,580 |
|
|
|
6,337,780 |
|
| Chipotle Mexican Grill, Inc.* |
|
|
|
|
11,205 |
|
|
|
5,904,699 |
|
| Sally Beauty Holdings, Inc.* |
|
|
|
|
412,347 |
|
|
|
10,852,973 |
|
|
|
|
|
| Semiconductors—2.3% |
|
|
|
|
|
|
|
|
|
|
| Altera Corp. |
|
|
|
|
183,225 |
|
|
|
6,156,360 |
|
| Linear Technology Corp. |
|
|
|
|
93,990 |
|
|
|
3,866,748 |
|
| Microchip Technology, Inc. |
|
|
|
|
80,785 |
|
|
|
3,470,524 |
|
|
|
|
|
| Software—5.1% |
|
|
|
|
|
|
|
|
|
|
| ANSYS, Inc.* |
|
|
|
|
102,620 |
|
|
|
8,974,119 |
|
| Autodesk, Inc.* |
|
|
|
|
190,520 |
|
|
|
7,603,653 |
|
| Concur Technologies, Inc.* |
|
|
|
|
70,582 |
|
|
|
7,382,877 |
|
| Electronic Arts, Inc.* |
|
|
|
|
231,730 |
|
|
|
6,082,913 |
|
|
|
|
|
| Telecommunications—5.0% |
|
|
|
|
|
|
|
|
|
|
| IPG Photonics Corp. |
|
|
|
|
140,719 |
|
|
|
9,325,448 |
|
| JDS Uniphase Corp.* |
|
|
|
|
242,855 |
|
|
|
3,178,972 |
|
| Juniper Networks, Inc.* |
|
|
|
|
261,105 |
|
|
|
4,866,997 |
|
| SBA Communications Corp., Class A* |
|
|
|
|
142,335 |
|
|
|
12,450,043 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| COMMON STOCKS—98.9% |
|
|
|
Shares |
|
|
Value |
|
| Transportation—0.2% |
|
|
|
|
|
|
|
|
|
|
| Expeditors International of Washington, Inc. |
|
|
|
|
33,564 |
|
|
|
$1,520,114 |
|
| Total common stocks (cost $397,979,334) |
|
|
|
586,994,207 |
|
|
|
| Total investment portfolio (cost $397,979,334) 98.9% ‡ |
|
|
|
586,994,207 |
|
|
|
|
|
| Other assets in excess of liabilities 1.1% |
|
|
|
|
|
|
|
|
6,569,134 |
|
|
|
|
|
| Net assets 100.0% |
|
|
|
|
|
|
|
|
$593,563,341 |
|
|
| * Non-income producing security
‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $398,863,401. Net unrealized appreciation (depreciation) on a tax-basis
was $188,130,806, including aggregate gross unrealized appreciation and (depreciation) of $190,084,933 and $(1,954,127), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable
to deferral of losses from wash sales. |
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
| Sector |
|
Percent of net assets |
|
| Consumer, non-cyclical |
|
|
21.6% |
|
| Consumer, cyclical |
|
|
20.6% |
|
| Communications |
|
|
14.5% |
|
| Industrial |
|
|
13.5% |
|
| Technology |
|
|
10.4% |
|
| Financial |
|
|
8.4% |
|
| Energy |
|
|
5.2% |
|
| Basic materials |
|
|
4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| EAGLE MID CAP STOCK FUND |
|
|
|
|
|
|
|
|
| COMMON STOCKS—96.4% |
|
|
|
Shares |
|
|
Value |
|
| Aerospace/defense—1.0% |
|
|
|
|
|
|
|
|
|
|
| B/E Aerospace, Inc.* |
|
|
|
|
53,093 |
|
|
|
$4,309,028 |
|
|
|
|
|
| Apparel—1.3% |
|
|
|
|
|
|
|
|
|
|
| Hanesbrands, Inc. |
|
|
|
|
87,615 |
|
|
|
5,968,334 |
|
|
|
|
|
| Auto parts & equipment—0.6% |
|
|
|
|
|
|
|
|
|
|
| Dana Holding Corp. |
|
|
|
|
129,555 |
|
|
|
2,539,278 |
|
|
|
|
|
| Banks—4.6% |
|
|
|
|
|
|
|
|
|
|
| East West Bancorp, Inc. |
|
|
|
|
165,420 |
|
|
|
5,573,000 |
|
| First Republic Bank |
|
|
|
|
109,009 |
|
|
|
5,567,089 |
|
| Signature Bank* |
|
|
|
|
54,388 |
|
|
|
5,537,786 |
|
| Zions Bancorporation |
|
|
|
|
140,810 |
|
|
|
3,994,780 |
|
|
|
|
|
| Biotechnology—1.6% |
|
|
|
|
|
|
|
|
|
|
| Bio-Rad Laboratories, Inc., Class A* |
|
|
|
|
33,488 |
|
|
|
4,136,438 |
|
| Illumina, Inc.* |
|
|
|
|
31,070 |
|
|
|
2,905,355 |
|
|
|
|
|
| Chemicals—2.6% |
|
|
|
|
|
|
|
|
|
|
| Airgas, Inc. |
|
|
|
|
37,560 |
|
|
|
4,096,669 |
|
| Rockwood Holdings, Inc. |
|
|
|
|
76,125 |
|
|
|
4,814,906 |
|
| Sigma-Aldrich Corp. |
|
|
|
|
34,430 |
|
|
|
2,975,785 |
|
|
|
|
| 18 |
|
The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE MID CAP STOCK FUND (cont’d) |
|
|
|
|
|
|
|
|
| COMMON STOCKS—96.4% |
|
|
|
Shares |
|
|
Value |
|
| Commercial services—2.9% |
|
|
|
|
|
|
|
|
|
|
| HMS Holdings Corp.* |
|
|
|
|
148,469 |
|
|
|
$3,137,150 |
|
| Morningstar, Inc. |
|
|
|
|
53,823 |
|
|
|
4,321,449 |
|
| Quanta Services, Inc.* |
|
|
|
|
184,420 |
|
|
|
5,571,328 |
|
|
|
|
|
| Computers—3.4% |
|
|
|
|
|
|
|
|
|
|
| IHS, Inc., Class A* |
|
|
|
|
26,680 |
|
|
|
2,909,454 |
|
| Jack Henry & Associates, Inc. |
|
|
|
|
58,502 |
|
|
|
3,194,794 |
|
| MICROS Systems, Inc.* |
|
|
|
|
119,903 |
|
|
|
6,504,738 |
|
| Riverbed Technology, Inc.* |
|
|
|
|
189,400 |
|
|
|
2,806,908 |
|
|
|
|
|
| Distribution/wholesale—1.3% |
|
|
|
|
|
|
|
|
|
|
| LKQ Corp.* |
|
|
|
|
179,788 |
|
|
|
5,938,398 |
|
|
|
|
|
| Diversified financial services—3.1% |
|
|
|
|
|
|
|
|
|
|
| Affiliated Managers Group, Inc.* |
|
|
|
|
29,730 |
|
|
|
5,869,891 |
|
| IntercontinentalExchange, Inc.* |
|
|
|
|
20,354 |
|
|
|
3,922,827 |
|
| Invesco Ltd. |
|
|
|
|
123,600 |
|
|
|
4,171,500 |
|
|
|
|
|
| Electric—1.9% |
|
|
|
|
|
|
|
|
|
|
| ITC Holdings Corp. |
|
|
|
|
54,767 |
|
|
|
5,509,013 |
|
| NRG Energy, Inc. |
|
|
|
|
106,465 |
|
|
|
3,037,446 |
|
|
|
|
|
| Electrical components & equipment—1.7% |
|
|
|
|
|
|
|
|
|
|
| AMETEK, Inc. |
|
|
|
|
75,005 |
|
|
|
3,587,489 |
|
| Energizer Holdings, Inc. |
|
|
|
|
41,635 |
|
|
|
4,084,810 |
|
|
|
|
|
| Electronics—2.4% |
|
|
|
|
|
|
|
|
|
|
| FLIR Systems, Inc. |
|
|
|
|
125,170 |
|
|
|
3,564,842 |
|
| Mettler-Toledo International, Inc.* |
|
|
|
|
12,005 |
|
|
|
2,970,757 |
|
| Trimble Navigation Ltd.* |
|
|
|
|
143,955 |
|
|
|
4,112,794 |
|
|
|
|
|
| Engineering & construction—1.1% |
|
|
|
|
|
|
|
|
|
|
| Jacobs Engineering Group, Inc.* |
|
|
|
|
79,800 |
|
|
|
4,853,436 |
|
|
|
|
|
| Entertainment—0.6% |
|
|
|
|
|
|
|
|
|
|
| Dolby Laboratories, Inc., Class A |
|
|
|
|
79,805 |
|
|
|
2,852,231 |
|
|
|
|
|
| Environmental control—2.4% |
|
|
|
|
|
|
|
|
|
|
| Clean Harbors, Inc.* |
|
|
|
|
69,875 |
|
|
|
4,314,781 |
|
| Stericycle, Inc.* |
|
|
|
|
29,730 |
|
|
|
3,454,626 |
|
| Waste Connections, Inc. |
|
|
|
|
70,725 |
|
|
|
3,022,787 |
|
|
|
|
|
| Food—2.4% |
|
|
|
|
|
|
|
|
|
|
| Flowers Foods, Inc. |
|
|
|
|
256,366 |
|
|
|
6,496,315 |
|
| The Hain Celestial Group, Inc.* |
|
|
|
|
52,783 |
|
|
|
4,393,129 |
|
|
|
|
|
| Hand/machine tools—0.7% |
|
|
|
|
|
|
|
|
|
|
| Regal-Beloit Corp. |
|
|
|
|
40,315 |
|
|
|
2,956,299 |
|
|
|
|
|
| Healthcare products—8.4% |
|
|
|
|
|
|
|
|
|
|
| DENTSPLY International, Inc. |
|
|
|
|
112,860 |
|
|
|
5,315,706 |
|
| Edwards Lifesciences Corp.* |
|
|
|
|
56,890 |
|
|
|
3,708,659 |
|
| Hologic, Inc.* |
|
|
|
|
195,559 |
|
|
|
4,378,566 |
|
| IDEXX Laboratories, Inc.* |
|
|
|
|
52,610 |
|
|
|
5,674,514 |
|
| ResMed, Inc. |
|
|
|
|
73,270 |
|
|
|
3,790,990 |
|
| Sirona Dental Systems, Inc.* |
|
|
|
|
106,108 |
|
|
|
7,666,303 |
|
| Techne Corp. |
|
|
|
|
41,344 |
|
|
|
3,613,052 |
|
| Varian Medical Systems, Inc.* |
|
|
|
|
53,465 |
|
|
|
3,880,490 |
|
|
|
|
|
| Healthcare services—0.9% |
|
|
|
|
|
|
|
|
|
|
| MEDNAX, Inc.* |
|
|
|
|
36,045 |
|
|
|
3,929,626 |
|
|
|
|
|
| Household products/wares—2.3% |
|
|
|
|
|
|
|
|
|
|
| Church & Dwight Co., Inc. |
|
|
|
|
71,138 |
|
|
|
4,634,641 |
|
| Jarden Corp.* |
|
|
|
|
107,950 |
|
|
|
5,976,112 |
|
|
|
|
|
| Insurance—3.0% |
|
|
|
|
|
|
|
|
|
|
| Everest Re Group Ltd. |
|
|
|
|
27,509 |
|
|
|
4,229,234 |
|
| HCC Insurance Holdings, Inc. |
|
|
|
|
121,585 |
|
|
|
5,550,355 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| COMMON STOCKS—96.4% |
|
|
|
Shares |
|
|
Value |
|
| Insurance (cont’d) |
|
|
|
|
|
|
|
|
|
|
| ProAssurance Corp. |
|
|
|
|
79,070 |
|
|
|
$3,583,452 |
|
|
|
|
|
| Internet—0.7% |
|
|
|
|
|
|
|
|
|
|
| F5 Networks, Inc.* |
|
|
|
|
36,820 |
|
|
|
3,001,198 |
|
|
|
|
|
| Iron/steel—1.2% |
|
|
|
|
|
|
|
|
|
|
| Steel Dynamics, Inc. |
|
|
|
|
297,310 |
|
|
|
5,342,661 |
|
|
|
|
|
| Leisure time—1.2% |
|
|
|
|
|
|
|
|
|
|
| Polaris Industries, Inc. |
|
|
|
|
40,950 |
|
|
|
5,362,403 |
|
|
|
|
|
| Lodging—0.9% |
|
|
|
|
|
|
|
|
|
|
| Wyndham Worldwide Corp. |
|
|
|
|
62,587 |
|
|
|
4,155,777 |
|
|
|
|
|
| Machinery-construction & mining—0.7% |
|
|
|
|
|
|
|
|
|
|
| Joy Global, Inc. |
|
|
|
|
58,730 |
|
|
|
3,332,927 |
|
|
|
|
|
| Machinery-diversified—3.8% |
|
|
|
|
|
|
|
|
|
|
| Flowserve Corp. |
|
|
|
|
74,738 |
|
|
|
5,192,049 |
|
| IDEX Corp. |
|
|
|
|
76,490 |
|
|
|
5,289,283 |
|
| Roper Industries, Inc. |
|
|
|
|
21,770 |
|
|
|
2,760,654 |
|
| Wabtec Corp. |
|
|
|
|
62,590 |
|
|
|
4,080,242 |
|
|
|
|
|
| Miscellaneous manufacturer—1.9% |
|
|
|
|
|
|
|
|
|
|
| AptarGroup, Inc. |
|
|
|
|
58,920 |
|
|
|
3,780,307 |
|
| Donaldson Co., Inc. |
|
|
|
|
116,295 |
|
|
|
4,606,445 |
|
|
|
|
|
| Oil & gas—3.4% |
|
|
|
|
|
|
|
|
|
|
| Energy XXI Bermuda Ltd. |
|
|
|
|
121,156 |
|
|
|
3,520,793 |
|
| Noble Corp. |
|
|
|
|
129,344 |
|
|
|
4,876,269 |
|
| Oasis Petroleum, Inc.* |
|
|
|
|
53,980 |
|
|
|
2,874,435 |
|
| SM Energy Co. |
|
|
|
|
46,156 |
|
|
|
4,089,883 |
|
|
|
|
|
| Oil & gas services—4.7% |
|
|
|
|
|
|
|
|
|
|
| Core Laboratories N.V. |
|
|
|
|
22,001 |
|
|
|
4,119,027 |
|
| Dril-Quip, Inc.* |
|
|
|
|
36,291 |
|
|
|
4,261,289 |
|
| Helix Energy Solutions Group, Inc.* |
|
|
|
|
175,013 |
|
|
|
4,140,808 |
|
| Oil States International, Inc.* |
|
|
|
|
31,919 |
|
|
|
3,467,361 |
|
| Superior Energy Services, Inc.* |
|
|
|
|
192,335 |
|
|
|
5,160,348 |
|
|
|
|
|
| Packaging & containers—0.9% |
|
|
|
|
|
|
|
|
|
|
| Berry Plastics Group, Inc.* |
|
|
|
|
211,515 |
|
|
|
4,247,221 |
|
|
|
|
|
| Pharmaceuticals—2.0% |
|
|
|
|
|
|
|
|
|
|
| Catamaran Corp.* |
|
|
|
|
133,415 |
|
|
|
6,265,168 |
|
| Shire PLC, Sponsored ADR |
|
|
|
|
20,536 |
|
|
|
2,733,342 |
|
|
|
|
|
| Real estate investment trusts (REITs)—1.3% |
|
|
|
|
|
|
|
|
|
|
| Alexandria Real Estate Equities, Inc. |
|
|
|
|
37,565 |
|
|
|
2,471,026 |
|
| Essex Property Trust, Inc. |
|
|
|
|
22,009 |
|
|
|
3,543,449 |
|
|
|
|
|
| Retail—9.0% |
|
|
|
|
|
|
|
|
|
|
| Copart, Inc.* |
|
|
|
|
106,990 |
|
|
|
3,448,288 |
|
| Dick’s Sporting Goods, Inc. |
|
|
|
|
92,325 |
|
|
|
4,912,613 |
|
| Dollar Tree, Inc.* |
|
|
|
|
73,025 |
|
|
|
4,264,660 |
|
| Dunkin’ Brands Group, Inc. |
|
|
|
|
122,035 |
|
|
|
5,818,629 |
|
| MSC Industrial Direct Co., Inc., Class A |
|
|
|
|
50,080 |
|
|
|
3,824,609 |
|
| Panera Bread Co., Class A* |
|
|
|
|
16,295 |
|
|
|
2,573,306 |
|
| PVH Corp. |
|
|
|
|
46,825 |
|
|
|
5,832,990 |
|
| Tractor Supply Co. |
|
|
|
|
71,376 |
|
|
|
5,092,678 |
|
| Ulta Salon Cosmetics & Fragrance, Inc.* |
|
|
|
|
38,116 |
|
|
|
4,911,247 |
|
|
|
|
|
| Semiconductors—2.3% |
|
|
|
|
|
|
|
|
|
|
| Altera Corp. |
|
|
|
|
75,115 |
|
|
|
2,523,864 |
|
| Microchip Technology, Inc. |
|
|
|
|
95,455 |
|
|
|
4,100,747 |
|
| Semtech Corp.* |
|
|
|
|
117,268 |
|
|
|
3,648,207 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
19 |
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE MID CAP STOCK FUND (cont’d) |
|
|
|
|
|
|
|
|
| COMMON STOCKS—96.4% |
|
|
|
Shares |
|
|
Value |
|
| Software—5.2% |
|
|
|
|
|
|
|
|
|
|
| ANSYS, Inc.* |
|
|
|
|
45,375 |
|
|
|
$3,968,044 |
|
| Informatica Corp.* |
|
|
|
|
111,105 |
|
|
|
4,288,653 |
|
| Nuance Communications, Inc.* |
|
|
|
|
194,730 |
|
|
|
3,029,999 |
|
| Open Text Corp. |
|
|
|
|
43,122 |
|
|
|
3,162,567 |
|
| Qlik Technologies, Inc.* |
|
|
|
|
179,609 |
|
|
|
4,551,292 |
|
| SolarWinds, Inc.* |
|
|
|
|
126,425 |
|
|
|
4,575,321 |
|
|
|
|
|
| Telecommunications—4.1% |
|
|
|
|
|
|
|
|
|
|
| NeuStar, Inc., Class A* |
|
|
|
|
119,390 |
|
|
|
5,482,389 |
|
| NICE Systems Ltd., Sponsored ADR |
|
|
|
|
149,155 |
|
|
|
5,843,893 |
|
| Plantronics, Inc. |
|
|
|
|
77,530 |
|
|
|
3,329,138 |
|
| tw telecom inc.* |
|
|
|
|
115,070 |
|
|
|
3,627,006 |
|
|
|
|
|
| Transportation—2.9% |
|
|
|
|
|
|
|
|
|
|
| Expeditors International of Washington, Inc. |
|
|
|
|
118,341 |
|
|
|
5,359,664 |
|
| Genesee & Wyoming, Inc., Class A* |
|
|
|
|
48,515 |
|
|
|
4,843,737 |
|
| J.B. Hunt Transport Services, Inc. |
|
|
|
|
37,492 |
|
|
|
2,813,025 |
|
| Total common stocks (cost $342,365,727) |
|
|
|
434,410,271 |
|
|
|
| Total investment portfolio (cost $342,365,727) 96.4% ‡ |
|
|
|
434,410,271 |
|
|
|
|
|
| Other assets in excess of liabilities 3.6% |
|
|
|
|
|
|
|
|
16,172,618 |
|
|
|
| Net assets 100.0% |
|
|
|
$450,582,889 |
|
|
| * Non-income producing security
‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $344,298,635. Net unrealized appreciation (depreciation) on a tax-basis
was $90,111,636, including aggregate gross unrealized appreciation and (depreciation) of $96,605,122 and $(6,493,486), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to
deferral of losses from wash sales. ADR—American depository
receipt |
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
| Sector |
|
Percent of net assets |
|
| Consumer, non-cyclical |
|
|
20.5% |
|
| Industrial |
|
|
19.5% |
|
| Consumer, cyclical |
|
|
14.9% |
|
| Financial |
|
|
12.0% |
|
| Technology |
|
|
10.9% |
|
| Energy |
|
|
8.1% |
|
| Communications |
|
|
4.8% |
|
| Basic materials |
|
|
3.8% |
|
| Utilities |
|
|
1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| EAGLE SMALL CAP GROWTH FUND |
|
|
|
|
|
|
|
|
| COMMON STOCKS—98.2% |
|
|
|
Shares |
|
|
Value |
|
| Aerospace/defense—1.1% |
|
|
|
|
|
|
|
|
|
|
| Triumph Group, Inc. |
|
|
|
|
624,669 |
|
|
|
$44,757,534 |
|
|
|
|
|
| Airlines—1.4% |
|
|
|
|
|
|
|
|
|
|
| JetBlue Airways Corp.* |
|
|
|
|
3,518,043 |
|
|
|
24,942,925 |
|
| US Airways Group, Inc.* |
|
|
|
|
1,359,640 |
|
|
|
29,871,291 |
|
|
|
|
|
|
|
|
|
|
|
|
| EAGLE SMALL CAP GROWTH FUND (cont’d) |
|
|
|
|
| COMMON STOCKS—98.2% |
|
|
|
Shares |
|
|
Value |
|
| Apparel—1.7% |
|
|
|
|
|
|
|
|
|
|
| Deckers Outdoor Corp.* |
|
|
|
|
148,340 |
|
|
|
$10,210,242 |
|
| Steven Madden Ltd.* |
|
|
|
|
1,598,382 |
|
|
|
58,628,652 |
|
|
|
|
|
| Auto parts & equipment—1.4% |
|
|
|
|
|
|
|
|
|
|
| Tenneco, Inc.* |
|
|
|
|
185,585 |
|
|
|
9,848,996 |
|
| WABCO Holdings, Inc.* |
|
|
|
|
517,358 |
|
|
|
44,327,233 |
|
|
|
|
|
| Banks—0.5% |
|
|
|
|
|
|
|
|
|
|
| UMB Financial Corp. |
|
|
|
|
349,443 |
|
|
|
20,589,182 |
|
|
|
|
|
| Biotechnology—5.9% |
|
|
|
|
|
|
|
|
|
|
| Acorda Therapeutics, Inc.* |
|
|
|
|
1,132,139 |
|
|
|
34,654,775 |
|
| Aegerion Pharmaceuticals, Inc.* |
|
|
|
|
272,998 |
|
|
|
22,609,694 |
|
| Cubist Pharmaceuticals, Inc.* |
|
|
|
|
864,347 |
|
|
|
53,589,514 |
|
| Seattle Genetics, Inc.* |
|
|
|
|
836,438 |
|
|
|
32,311,600 |
|
| United Therapeutics Corp.* |
|
|
|
|
1,026,779 |
|
|
|
90,890,477 |
|
|
|
|
|
| Building materials—2.3% |
|
|
|
|
|
|
|
|
|
|
| Louisiana-Pacific Corp.* |
|
|
|
|
1,924,984 |
|
|
|
32,743,978 |
|
| Texas Industries, Inc.* |
|
|
|
|
513,141 |
|
|
|
27,555,671 |
|
| USG Corp.* |
|
|
|
|
1,112,145 |
|
|
|
30,372,680 |
|
|
|
|
|
| Chemicals—3.0% |
|
|
|
|
|
|
|
|
|
|
| Chemtura Corp.* |
|
|
|
|
1,016,903 |
|
|
|
24,914,124 |
|
| Huntsman Corp. |
|
|
|
|
2,866,022 |
|
|
|
66,549,031 |
|
| Quaker Chemical Corp. |
|
|
|
|
356,953 |
|
|
|
27,096,302 |
|
|
|
|
|
| Commercial services—5.3% |
|
|
|
|
|
|
|
|
|
|
| EVERTEC, Inc. |
|
|
|
|
1,042,620 |
|
|
|
24,459,865 |
|
| HMS Holdings Corp.* |
|
|
|
|
1,477,050 |
|
|
|
31,210,066 |
|
| LifeLock, Inc.* |
|
|
|
|
2,622,422 |
|
|
|
42,194,770 |
|
| Parexel International Corp.* |
|
|
|
|
859,724 |
|
|
|
39,297,984 |
|
| Sotheby’s |
|
|
|
|
628,155 |
|
|
|
32,601,245 |
|
| Team Health Holdings, Inc.* |
|
|
|
|
965,496 |
|
|
|
41,941,146 |
|
|
|
|
|
| Computers—1.3% |
|
|
|
|
|
|
|
|
|
|
| Fortinet, Inc.* |
|
|
|
|
2,562,851 |
|
|
|
51,538,934 |
|
|
|
|
|
| Distribution/wholesale—0.9% |
|
|
|
|
|
|
|
|
|
|
| MWI Veterinary Supply, Inc.* |
|
|
|
|
216,760 |
|
|
|
34,386,806 |
|
|
|
|
|
| Diversified financial services—2.1% |
|
|
|
|
|
|
|
|
|
|
| Artisan Partners Asset Management, Inc., Class A |
|
|
|
|
875,275 |
|
|
|
52,402,714 |
|
| Stifel Financial Corp.* |
|
|
|
|
786,280 |
|
|
|
32,198,166 |
|
|
|
|
|
| Electrical components & equipment—0.6% |
|
|
|
|
|
|
|
|
|
|
| Acuity Brands, Inc. |
|
|
|
|
238,454 |
|
|
|
23,967,011 |
|
|
|
|
|
| Electronics—1.3% |
|
|
|
|
|
|
|
|
|
|
| Coherent, Inc. |
|
|
|
|
755,045 |
|
|
|
49,976,429 |
|
|
|
|
|
| Engineering & construction—0.5% |
|
|
|
|
|
|
|
|
|
|
| Foster Wheeler AG* |
|
|
|
|
779,812 |
|
|
|
21,047,126 |
|
|
|
|
|
| Entertainment—3.1% |
|
|
|
|
|
|
|
|
|
|
| Bally Technologies, Inc.* |
|
|
|
|
1,039,389 |
|
|
|
76,020,911 |
|
| Pinnacle Entertainment, Inc.* |
|
|
|
|
712,147 |
|
|
|
16,664,240 |
|
| SeaWorld Entertainment, Inc. |
|
|
|
|
974,000 |
|
|
|
29,249,220 |
|
|
|
|
|
| Environmental control—1.7% |
|
|
|
|
|
|
|
|
|
|
| Waste Connections, Inc. |
|
|
|
|
1,609,001 |
|
|
|
68,768,703 |
|
|
|
|
|
| Food—4.6% |
|
|
|
|
|
|
|
|
|
|
| Pinnacle Foods, Inc. |
|
|
|
|
826,952 |
|
|
|
22,402,130 |
|
| The Fresh Market, Inc.* |
|
|
|
|
1,237,347 |
|
|
|
62,993,336 |
|
| The Hain Celestial Group, Inc.* |
|
|
|
|
472,652 |
|
|
|
39,338,826 |
|
| The WhiteWave Foods Co., Class A* |
|
|
|
|
1,115,945 |
|
|
|
22,330,059 |
|
| United Natural Foods, Inc.* |
|
|
|
|
509,980 |
|
|
|
36,438,071 |
|
|
|
|
| 20 |
|
The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE SMALL CAP GROWTH FUND (cont’d) |
|
|
|
|
| COMMON STOCKS—98.2% |
|
|
|
Shares |
|
|
Value |
|
| Healthcare products—6.4% |
|
|
|
|
|
|
|
|
|
|
| Align Technology, Inc.* |
|
|
|
|
1,192,599 |
|
|
|
$68,049,699 |
|
| Cyberonics, Inc.* |
|
|
|
|
759,068 |
|
|
|
43,843,768 |
|
| Sirona Dental Systems, Inc.* |
|
|
|
|
883,345 |
|
|
|
63,821,676 |
|
| Thoratec Corp.* |
|
|
|
|
1,815,075 |
|
|
|
78,393,089 |
|
|
|
|
|
| Healthcare services—0.5% |
|
|
|
|
|
|
|
|
|
|
| Centene Corp.* |
|
|
|
|
250,000 |
|
|
|
14,040,000 |
|
| Envision Healthcare Holdings, Inc.* |
|
|
|
|
200,000 |
|
|
|
5,810,000 |
|
|
|
|
|
| Home furnishings—0.7% |
|
|
|
|
|
|
|
|
|
|
| Universal Electronics, Inc.* |
|
|
|
|
747,096 |
|
|
|
29,069,505 |
|
|
|
|
|
| Household products/wares—0.5% |
|
|
|
|
|
|
|
|
|
|
| Tumi Holdings, Inc.* |
|
|
|
|
979,736 |
|
|
|
20,917,364 |
|
|
|
|
|
| Insurance—1.3% |
|
|
|
|
|
|
|
|
|
|
| Enstar Group Ltd.* |
|
|
|
|
185,710 |
|
|
|
25,243,560 |
|
| ProAssurance Corp. |
|
|
|
|
542,564 |
|
|
|
24,589,001 |
|
|
|
|
|
| Internet—4.6% |
|
|
|
|
|
|
|
|
|
|
| Angie’s List, Inc.* |
|
|
|
|
1,138,590 |
|
|
|
16,042,733 |
|
| BroadSoft, Inc.* |
|
|
|
|
939,965 |
|
|
|
30,755,655 |
|
| OpenTable, Inc.* |
|
|
|
|
604,495 |
|
|
|
42,000,313 |
|
| TIBCO Software, Inc.* |
|
|
|
|
1,107,299 |
|
|
|
27,195,263 |
|
| Web.com Group, Inc.* |
|
|
|
|
953,737 |
|
|
|
25,703,212 |
|
| Zillow, Inc., Class A* |
|
|
|
|
524,901 |
|
|
|
41,797,867 |
|
|
|
|
|
| Machinery-construction & mining—1.2% |
|
|
|
|
|
|
|
|
|
|
| Terex Corp.* |
|
|
|
|
1,346,545 |
|
|
|
47,061,748 |
|
|
|
|
|
| Machinery-diversified—2.2% |
|
|
|
|
|
|
|
|
|
|
| Chart Industries, Inc.* |
|
|
|
|
321,442 |
|
|
|
34,545,372 |
|
| Cognex Corp. |
|
|
|
|
1,735,116 |
|
|
|
54,222,375 |
|
|
|
|
|
| Metal fabricate/hardware—0.9% |
|
|
|
|
|
|
|
|
|
|
| RTI International Metals, Inc.* |
|
|
|
|
1,096,939 |
|
|
|
37,186,232 |
|
|
|
|
|
| Miscellaneous manufacturer—4.0% |
|
|
|
|
|
|
|
|
|
|
| Colfax Corp.* |
|
|
|
|
1,351,249 |
|
|
|
75,615,894 |
|
| Hexcel Corp.* |
|
|
|
|
1,125,766 |
|
|
|
47,631,159 |
|
| Trimas Corp.* |
|
|
|
|
889,832 |
|
|
|
33,689,040 |
|
|
|
|
|
| Oil & gas—3.8% |
|
|
|
|
|
|
|
|
|
|
| Diamondback Energy, Inc.* |
|
|
|
|
275,000 |
|
|
|
14,203,750 |
|
| Gulfport Energy Corp.* |
|
|
|
|
1,163,170 |
|
|
|
68,266,447 |
|
| Oasis Petroleum, Inc.* |
|
|
|
|
944,096 |
|
|
|
50,273,112 |
|
| Pacific Drilling S.A.* |
|
|
|
|
1,497,502 |
|
|
|
17,026,598 |
|
|
|
|
|
| Oil & gas services—2.2% |
|
|
|
|
|
|
|
|
|
|
| Geospace Technologies Corp.* |
|
|
|
|
607,748 |
|
|
|
59,206,810 |
|
| Thermon Group Holdings, Inc.* |
|
|
|
|
1,235,112 |
|
|
|
29,037,483 |
|
|
|
|
|
| Pharmaceuticals—3.5% |
|
|
|
|
|
|
|
|
|
|
| Isis Pharmaceuticals, Inc.* |
|
|
|
|
636,325 |
|
|
|
21,170,533 |
|
| Salix Pharmaceuticals Ltd.* |
|
|
|
|
862,499 |
|
|
|
61,884,303 |
|
| ViroPharma, Inc.* |
|
|
|
|
1,437,114 |
|
|
|
55,788,765 |
|
|
|
|
|
| Real estate investment trusts (REITs)—2.8% |
|
|
|
|
|
|
|
|
|
|
| Glimcher Realty Trust |
|
|
|
|
2,679,077 |
|
|
|
27,460,539 |
|
| The Geo Group, Inc. |
|
|
|
|
1,555,930 |
|
|
|
54,877,651 |
|
| Two Harbors Investment Corp. |
|
|
|
|
3,030,027 |
|
|
|
28,270,152 |
|
|
|
|
|
| Retail—6.2% |
|
|
|
|
|
|
|
|
|
|
| Buffalo Wild Wings, Inc.* |
|
|
|
|
276,474 |
|
|
|
39,419,663 |
|
| Cash America International, Inc. |
|
|
|
|
342,961 |
|
|
|
13,529,811 |
|
| Del Frisco’s Restaurant Group, Inc.* |
|
|
|
|
273,745 |
|
|
|
4,954,784 |
|
| Domino’s Pizza, Inc. |
|
|
|
|
267,378 |
|
|
|
17,930,369 |
|
| Genesco, Inc.* |
|
|
|
|
1,186,605 |
|
|
|
80,819,667 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| COMMON STOCKS—98.2% |
|
|
|
Shares |
|
|
Value |
|
| Retail (cont’d) |
|
|
|
|
|
|
|
|
|
|
| The Pantry, Inc.* |
|
|
|
|
1,239,285 |
|
|
|
$16,594,026 |
|
| Vitamin Shoppe, Inc.* |
|
|
|
|
1,591,890 |
|
|
|
74,675,560 |
|
|
|
|
|
| Semiconductors—3.0% |
|
|
|
|
|
|
|
|
|
|
| Cavium, Inc.* |
|
|
|
|
1,199,368 |
|
|
|
48,346,524 |
|
| Teradyne, Inc.* |
|
|
|
|
2,243,480 |
|
|
|
39,238,465 |
|
| Veeco Instruments, Inc.* |
|
|
|
|
1,072,655 |
|
|
|
31,332,253 |
|
|
|
|
|
| Software—12.0% |
|
|
|
|
|
|
|
|
|
|
| ANSYS, Inc.* |
|
|
|
|
400,096 |
|
|
|
34,988,395 |
|
| athenahealth, Inc.* |
|
|
|
|
79,430 |
|
|
|
10,604,699 |
|
| Concur Technologies, Inc.* |
|
|
|
|
484,282 |
|
|
|
50,655,897 |
|
| Cornerstone OnDemand, Inc.* |
|
|
|
|
727,169 |
|
|
|
34,445,996 |
|
| MedAssets, Inc.* |
|
|
|
|
2,531,585 |
|
|
|
58,302,403 |
|
| Medidata Solutions, Inc.* |
|
|
|
|
1,296,125 |
|
|
|
142,975,549 |
|
| Proofpoint, Inc.* |
|
|
|
|
465,862 |
|
|
|
14,739,874 |
|
| PTC, Inc.* |
|
|
|
|
1,511,888 |
|
|
|
41,909,535 |
|
| Qlik Technologies, Inc.* |
|
|
|
|
1,690,977 |
|
|
|
42,849,357 |
|
| RealPage, Inc.* |
|
|
|
|
578,736 |
|
|
|
14,196,394 |
|
| The Ultimate Software Group, Inc.* |
|
|
|
|
217,183 |
|
|
|
33,550,430 |
|
|
|
|
|
| Telecommunications—3.0% |
|
|
|
|
|
|
|
|
|
|
| Finisar Corp.* |
|
|
|
|
2,601,717 |
|
|
|
59,865,508 |
|
| IPG Photonics Corp. |
|
|
|
|
670,452 |
|
|
|
44,430,854 |
|
| NICE Systems Ltd., Sponsored ADR |
|
|
|
|
400,605 |
|
|
|
15,695,704 |
|
|
|
|
|
| Transportation—0.7% |
|
|
|
|
|
|
|
|
|
|
| Landstar System, Inc. |
|
|
|
|
532,237 |
|
|
|
29,427,384 |
|
| Total common stocks (cost $2,689,941,628) |
|
|
|
3,908,061,428 |
|
|
|
| Total investment portfolio (cost $2,689,941,628) 98.2% ‡ |
|
|
|
3,908,061,428 |
|
|
|
|
|
| Other assets in excess of liabilities 1.8% |
|
|
|
|
|
|
|
|
73,232,338 |
|
|
|
| Net assets 100.0% |
|
|
|
$3,981,293,766 |
|
|
| * Non-income producing security
‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $2,707,848,850. Net unrealized appreciation (depreciation) on a tax-basis
was $1,200,212,578, including aggregate gross unrealized appreciation and (depreciation) of $1,237,755,229 and $(37,542,651), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily
attributable to deferral of losses from wash sales. |
|
|
|
| ADR—American depository receipt |
|
|
|
|
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
| Sector |
|
Percent of net assets |
|
| Consumer, non-cyclical |
|
|
26.7% |
|
| Industrial |
|
|
16.5% |
|
| Technology |
|
|
16.3% |
|
| Consumer, cyclical |
|
|
15.4% |
|
| Communications |
|
|
7.6% |
|
| Financial |
|
|
6.7% |
|
| Energy |
|
|
6.0% |
|
| Basic materials |
|
|
3.0% |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
21 |
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE SMALL CAP STOCK FUND |
|
|
|
|
|
|
|
|
| COMMON STOCKS—92.5% |
|
|
|
Shares |
|
|
Value |
|
| Aerospace/defense—2.0% |
|
|
|
|
|
|
|
|
|
|
| Esterline Technologies Corp.* |
|
|
|
|
2,740 |
|
|
|
$219,639 |
|
| HEICO Corp. |
|
|
|
|
4,823 |
|
|
|
258,416 |
|
|
|
|
|
| Apparel—3.6% |
|
|
|
|
|
|
|
|
|
|
| Iconix Brand Group, Inc.* |
|
|
|
|
8,596 |
|
|
|
310,230 |
|
| Steven Madden Ltd.* |
|
|
|
|
9,511 |
|
|
|
348,863 |
|
| Wolverine World Wide, Inc. |
|
|
|
|
3,654 |
|
|
|
210,982 |
|
|
|
|
|
| Auto parts & equipment—1.2% |
|
|
|
|
|
|
|
|
|
|
| Dana Holding Corp. |
|
|
|
|
14,611 |
|
|
|
286,376 |
|
|
|
|
|
| Banks—3.4% |
|
|
|
|
|
|
|
|
|
|
| City National Corp. |
|
|
|
|
2,393 |
|
|
|
172,559 |
|
| First Midwest Bancorp, Inc. |
|
|
|
|
14,523 |
|
|
|
241,518 |
|
| Prosperity Bancshares, Inc. |
|
|
|
|
3,867 |
|
|
|
241,494 |
|
| SVB Financial Group* |
|
|
|
|
1,900 |
|
|
|
181,982 |
|
|
|
|
|
| Biotechnology—1.2% |
|
|
|
|
|
|
|
|
|
|
| Bio-Rad Laboratories, Inc., Class A* |
|
|
|
|
2,283 |
|
|
|
281,996 |
|
|
|
|
|
| Chemicals—3.2% |
|
|
|
|
|
|
|
|
|
|
| Balchem Corp. |
|
|
|
|
5,253 |
|
|
|
300,787 |
|
| Rockwood Holdings, Inc. |
|
|
|
|
2,237 |
|
|
|
141,490 |
|
| Sensient Technologies Corp. |
|
|
|
|
6,348 |
|
|
|
330,921 |
|
|
|
|
|
| Commercial services—4.2% |
|
|
|
|
|
|
|
|
|
|
| Healthcare Services Group, Inc. |
|
|
|
|
7,210 |
|
|
|
197,482 |
|
| HMS Holdings Corp.* |
|
|
|
|
6,750 |
|
|
|
142,627 |
|
| Monro Muffler Brake, Inc. |
|
|
|
|
4,307 |
|
|
|
198,122 |
|
| Morningstar, Inc. |
|
|
|
|
3,065 |
|
|
|
246,089 |
|
| Ritchie Bros Auctioneers, Inc. |
|
|
|
|
12,512 |
|
|
|
247,738 |
|
|
|
|
|
| Computers—2.3% |
|
|
|
|
|
|
|
|
|
|
| j2 Global, Inc. |
|
|
|
|
3,430 |
|
|
|
188,582 |
|
| MICROS Systems, Inc.* |
|
|
|
|
3,869 |
|
|
|
209,893 |
|
| Vocera Communications, Inc.* |
|
|
|
|
9,105 |
|
|
|
153,237 |
|
|
|
|
|
| Distribution/wholesale—1.3% |
|
|
|
|
|
|
|
|
|
|
| Beacon Roofing Supply, Inc.* |
|
|
|
|
9,350 |
|
|
|
324,538 |
|
|
|
|
|
| Diversified financial services—3.3% |
|
|
|
|
|
|
|
|
|
|
| Evercore Partners, Inc., Class A |
|
|
|
|
6,463 |
|
|
|
326,188 |
|
| Portfolio Recovery Associates, Inc.* |
|
|
|
|
4,554 |
|
|
|
270,735 |
|
| Stifel Financial Corp.* |
|
|
|
|
5,019 |
|
|
|
205,528 |
|
|
|
|
|
| Electric—0.9% |
|
|
|
|
|
|
|
|
|
|
| ALLETE, Inc. |
|
|
|
|
4,167 |
|
|
|
210,558 |
|
|
|
|
|
| Electronics—1.7% |
|
|
|
|
|
|
|
|
|
|
| II-VI, Inc.* |
|
|
|
|
9,642 |
|
|
|
164,493 |
|
| Rofin-Sinar Technologies, Inc.* |
|
|
|
|
9,646 |
|
|
|
253,207 |
|
|
|
|
|
| Engineering & construction—0.8% |
|
|
|
|
|
|
|
|
|
|
| Mistras Group, Inc.* |
|
|
|
|
10,682 |
|
|
|
196,122 |
|
|
|
|
|
| Entertainment—0.6% |
|
|
|
|
|
|
|
|
|
|
| Penn National Gaming, Inc.* |
|
|
|
|
2,701 |
|
|
|
158,036 |
|
|
|
|
|
| Food—2.3% |
|
|
|
|
|
|
|
|
|
|
| The Hain Celestial Group, Inc.* |
|
|
|
|
4,017 |
|
|
|
334,335 |
|
| TreeHouse Foods, Inc.* |
|
|
|
|
3,229 |
|
|
|
236,556 |
|
|
|
|
|
| Hand/machine tools—0.7% |
|
|
|
|
|
|
|
|
|
|
| Regal-Beloit Corp. |
|
|
|
|
2,308 |
|
|
|
169,246 |
|
|
|
|
|
| Healthcare products—10.4% |
|
|
|
|
|
|
|
|
|
|
| Align Technology, Inc.* |
|
|
|
|
2,105 |
|
|
|
120,111 |
|
| Cyberonics, Inc.* |
|
|
|
|
4,330 |
|
|
|
250,101 |
|
| Globus Medical, Inc., Class A* |
|
|
|
|
13,495 |
|
|
|
259,104 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| COMMON STOCKS—92.5% |
|
|
|
Shares |
|
|
Value |
|
| Healthcare products (cont’d) |
|
|
|
|
|
|
|
|
|
|
| Haemonetics Corp.* |
|
|
|
|
8,743 |
|
|
|
$354,616 |
|
| ICU Medical, Inc.* |
|
|
|
|
3,065 |
|
|
|
189,417 |
|
| Integra LifeSciences Holdings Corp.* |
|
|
|
|
7,157 |
|
|
|
327,647 |
|
| Luminex Corp.* |
|
|
|
|
7,661 |
|
|
|
149,390 |
|
| Sirona Dental Systems, Inc.* |
|
|
|
|
2,760 |
|
|
|
199,410 |
|
| Techne Corp. |
|
|
|
|
2,589 |
|
|
|
226,253 |
|
| Volcano Corp.* |
|
|
|
|
10,823 |
|
|
|
207,477 |
|
| West Pharmaceutical Services, Inc. |
|
|
|
|
5,167 |
|
|
|
249,824 |
|
|
|
|
|
| Healthcare services—1.1% |
|
|
|
|
|
|
|
|
|
|
| ICON PLC* |
|
|
|
|
6,466 |
|
|
|
261,485 |
|
|
|
|
|
| Household products/wares—1.3% |
|
|
|
|
|
|
|
|
|
|
| Tumi Holdings, Inc.* |
|
|
|
|
14,262 |
|
|
|
304,494 |
|
|
|
|
|
| Housewares—0.8% |
|
|
|
|
|
|
|
|
|
|
| The Toro Co. |
|
|
|
|
3,320 |
|
|
|
195,681 |
|
|
|
|
|
| Insurance—2.8% |
|
|
|
|
|
|
|
|
|
|
| Amtrust Financial Services, Inc. |
|
|
|
|
6,775 |
|
|
|
259,889 |
|
| HCC Insurance Holdings, Inc. |
|
|
|
|
3,415 |
|
|
|
155,895 |
|
| ProAssurance Corp. |
|
|
|
|
6,095 |
|
|
|
276,225 |
|
|
|
|
|
| Internet—1.4% |
|
|
|
|
|
|
|
|
|
|
| Constant Contact, Inc.* |
|
|
|
|
7,051 |
|
|
|
182,691 |
|
| ValueClick, Inc.* |
|
|
|
|
8,409 |
|
|
|
161,537 |
|
|
|
|
|
| Iron/steel—1.0% |
|
|
|
|
|
|
|
|
|
|
| Steel Dynamics, Inc. |
|
|
|
|
13,533 |
|
|
|
243,188 |
|
|
|
|
|
| Machinery-diversified—1.9% |
|
|
|
|
|
|
|
|
|
|
| Cognex Corp. |
|
|
|
|
5,538 |
|
|
|
173,063 |
|
| The Middleby Corp.* |
|
|
|
|
1,222 |
|
|
|
278,188 |
|
|
|
|
|
| Metal fabricate/hardware—1.2% |
|
|
|
|
|
|
|
|
|
|
| RBC Bearings, Inc.* |
|
|
|
|
4,207 |
|
|
|
289,400 |
|
|
|
|
|
| Miscellaneous manufacturer—2.8% |
|
|
|
|
|
|
|
|
|
|
| Actuant Corp., Class A |
|
|
|
|
6,797 |
|
|
|
255,295 |
|
| AptarGroup, Inc. |
|
|
|
|
2,866 |
|
|
|
183,883 |
|
| CLARCOR, Inc. |
|
|
|
|
4,005 |
|
|
|
234,212 |
|
|
|
|
|
| Oil & gas—2.9% |
|
|
|
|
|
|
|
|
|
|
| Carrizo Oil & Gas, Inc.* |
|
|
|
|
6,726 |
|
|
|
294,868 |
|
| Emerald Oil, Inc.* |
|
|
|
|
20,350 |
|
|
|
177,045 |
|
| Energy XXI Bermuda Ltd. |
|
|
|
|
8,085 |
|
|
|
234,950 |
|
|
|
|
|
| Oil & gas services—3.9% |
|
|
|
|
|
|
|
|
|
|
| Dril-Quip, Inc.* |
|
|
|
|
993 |
|
|
|
116,598 |
|
| Forum Energy Technologies, Inc.* |
|
|
|
|
8,518 |
|
|
|
249,237 |
|
| Helix Energy Solutions Group, Inc.* |
|
|
|
|
9,629 |
|
|
|
227,822 |
|
| Key Energy Services, Inc.* |
|
|
|
|
28,418 |
|
|
|
222,229 |
|
| Superior Energy Services, Inc.* |
|
|
|
|
4,965 |
|
|
|
133,211 |
|
|
|
|
|
| Packaging & containers—1.1% |
|
|
|
|
|
|
|
|
|
|
| Berry Plastics Group, Inc.* |
|
|
|
|
13,518 |
|
|
|
271,441 |
|
|
|
|
|
| Pharmaceuticals—1.1% |
|
|
|
|
|
|
|
|
|
|
| Akorn, Inc.* |
|
|
|
|
13,101 |
|
|
|
267,784 |
|
|
|
|
|
| Real estate investment trusts (REITs)—2.4% |
|
|
|
|
|
|
|
|
|
|
| BioMed Realty Trust, Inc. |
|
|
|
|
7,208 |
|
|
|
143,583 |
|
| Corporate Office Properties Trust |
|
|
|
|
7,969 |
|
|
|
196,038 |
|
| Pebblebrook Hotel Trust |
|
|
|
|
8,057 |
|
|
|
243,321 |
|
|
|
|
|
| Retail—7.6% |
|
|
|
|
|
|
|
|
|
|
| Buffalo Wild Wings, Inc.* |
|
|
|
|
2,297 |
|
|
|
327,506 |
|
| Casey’s General Stores, Inc. |
|
|
|
|
3,866 |
|
|
|
281,754 |
|
|
|
|
| 22 |
|
The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE SMALL CAP STOCK FUND (cont’d) |
|
|
|
|
|
|
|
|
| COMMON STOCKS—92.5% |
|
|
|
Shares |
|
|
Value |
|
| Retail (cont’d) |
|
|
|
|
|
|
|
|
|
|
| Copart, Inc.* |
|
|
|
|
3,521 |
|
|
|
$113,482 |
|
| Express, Inc.* |
|
|
|
|
12,729 |
|
|
|
295,440 |
|
| MSC Industrial Direct Co., Inc., Class A |
|
|
|
|
1,378 |
|
|
|
105,238 |
|
| Pier 1 Imports, Inc. |
|
|
|
|
13,669 |
|
|
|
285,409 |
|
| Texas Roadhouse, Inc. |
|
|
|
|
8,208 |
|
|
|
225,063 |
|
| Vitamin Shoppe, Inc.* |
|
|
|
|
4,832 |
|
|
|
226,669 |
|
|
|
|
|
| Semiconductors—3.7% |
|
|
|
|
|
|
|
|
|
|
| Diodes, Inc.* |
|
|
|
|
7,261 |
|
|
|
175,861 |
|
| Power Integrations, Inc. |
|
|
|
|
6,255 |
|
|
|
359,287 |
|
| Semtech Corp.* |
|
|
|
|
11,598 |
|
|
|
360,814 |
|
|
|
|
|
| Software—4.2% |
|
|
|
|
|
|
|
|
|
|
| Bottomline Technologies de, Inc.* |
|
|
|
|
4,664 |
|
|
|
146,543 |
|
| CommVault Systems, Inc.* |
|
|
|
|
1,976 |
|
|
|
154,286 |
|
| Progress Software Corp.* |
|
|
|
|
5,386 |
|
|
|
139,821 |
|
| Qlik Technologies, Inc.* |
|
|
|
|
11,498 |
|
|
|
291,359 |
|
| SolarWinds, Inc.* |
|
|
|
|
8,154 |
|
|
|
295,093 |
|
|
|
|
|
| Telecommunications—4.4% |
|
|
|
|
|
|
|
|
|
|
| NeuStar, Inc., Class A* |
|
|
|
|
7,400 |
|
|
|
339,808 |
|
| NICE Systems Ltd., Sponsored ADR |
|
|
|
|
11,113 |
|
|
|
435,407 |
|
| Plantronics, Inc. |
|
|
|
|
7,088 |
|
|
|
304,359 |
|
|
|
|
|
| Transportation—3.8% |
|
|
|
|
|
|
|
|
|
|
| Heartland Express, Inc. |
|
|
|
|
6,733 |
|
|
|
96,686 |
|
| Hub Group, Inc., Class A* |
|
|
|
|
6,691 |
|
|
|
245,761 |
|
| Landstar System, Inc. |
|
|
|
|
4,560 |
|
|
|
252,122 |
|
| Roadrunner Transportation Systems, Inc.* |
|
|
|
|
12,028 |
|
|
|
318,742 |
|
| Total common stocks (cost $20,523,182) |
|
|
|
|
|
|
|
|
22,503,678 |
|
|
|
|
|
| HOLDING COMPANIES—1.1% |
|
|
|
|
|
|
|
|
|
|
| Holding companies–diversified—1.1% |
|
|
|
|
|
|
|
|
|
|
| National Bank Holdings Corp., Class A |
|
|
|
|
12,781 |
|
|
|
268,401 |
|
| Total Holding companies (cost $260,949) |
|
|
|
268,401 |
|
|
|
| Total investment portfolio (cost $20,784,131) 93.6% ‡ |
|
|
|
22,772,079 |
|
|
|
|
|
| Other assets in excess of liabilities 6.4% |
|
|
|
|
|
|
|
|
1,558,573 |
|
|
|
|
|
| Net assets 100.0% |
|
|
|
|
|
|
|
|
$24,330,652 |
|
|
|
| * Non-income producing security |
|
|
|
|
|
| ‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $20,802,508. Net unrealized appreciation (depreciation) on a tax-basis was
$1,969,571, including aggregate gross unrealized appreciation and (depreciation) of $2,378,905 and $(409,334), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to
deferral of losses from wash sales. |
|
|
|
| ADR—American depository receipt |
|
|
|
|
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
| Sector |
|
Percent of net assets |
|
| Consumer, non-cyclical |
|
|
21.6% |
|
| Industrial |
|
|
16.0% |
|
| Consumer, cyclical |
|
|
15.1% |
|
| Financial |
|
|
11.9% |
|
| Technology |
|
|
10.2% |
|
| Energy |
|
|
6.8% |
|
| Communications |
|
|
5.8% |
|
| Basic materials |
|
|
4.2% |
|
| Diversified |
|
|
1.1% |
|
| Utilities |
|
|
0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| EAGLE SMALLER COMPANY FUND |
|
|
|
|
|
|
|
|
| COMMON STOCKS—96.9% |
|
|
|
Shares |
|
|
Value |
|
| Aerospace/defense—2.7% |
|
|
|
|
|
|
|
|
|
|
| HEICO Corp., Class A |
|
|
|
|
59,853 |
|
|
|
$2,331,853 |
|
| Orbital Sciences Corp.* |
|
|
|
|
81,497 |
|
|
|
1,880,136 |
|
|
|
|
|
| Apparel—0.9% |
|
|
|
|
|
|
|
|
|
|
| Carter’s, Inc. |
|
|
|
|
19,323 |
|
|
|
1,336,185 |
|
|
|
|
|
| Banks—8.0% |
|
|
|
|
|
|
|
|
|
|
| BankUnited, Inc. |
|
|
|
|
76,335 |
|
|
|
2,348,828 |
|
| Cardinal Financial Corp. |
|
|
|
|
57,270 |
|
|
|
944,955 |
|
| First Financial Bancorp |
|
|
|
|
33,925 |
|
|
|
526,516 |
|
| Fulton Financial Corp. |
|
|
|
|
66,030 |
|
|
|
806,226 |
|
| OFG Bancorp |
|
|
|
|
145,007 |
|
|
|
2,147,554 |
|
| PrivateBancorp, Inc. |
|
|
|
|
85,441 |
|
|
|
2,081,343 |
|
| Signature Bank* |
|
|
|
|
8,276 |
|
|
|
842,662 |
|
| Sterling Financial Corp. |
|
|
|
|
62,627 |
|
|
|
1,813,678 |
|
| Texas Capital Bancshares, Inc.* |
|
|
|
|
9,671 |
|
|
|
503,376 |
|
| The Bancorp, Inc.* |
|
|
|
|
21,267 |
|
|
|
343,887 |
|
|
|
|
|
| Biotechnology—3.0% |
|
|
|
|
|
|
|
|
|
|
| Charles River Laboratories International, Inc.* |
|
|
|
|
25,405 |
|
|
|
1,250,180 |
|
| Cubist Pharmaceuticals, Inc.* |
|
|
|
|
54,697 |
|
|
|
3,391,214 |
|
|
|
|
|
| Chemicals—2.3% |
|
|
|
|
|
|
|
|
|
|
| Albemarle Corp. |
|
|
|
|
23,220 |
|
|
|
1,536,932 |
|
| Kraton Performance Polymers, Inc.* |
|
|
|
|
42,180 |
|
|
|
897,169 |
|
| Tronox Ltd., Class A |
|
|
|
|
48,570 |
|
|
|
1,121,481 |
|
|
|
|
|
| Coal—0.4% |
|
|
|
|
|
|
|
|
|
|
| Alpha Natural Resources, Inc.* |
|
|
|
|
54,077 |
|
|
|
378,539 |
|
| Arch Coal, Inc. |
|
|
|
|
54,090 |
|
|
|
229,342 |
|
|
|
|
|
| Commercial services—9.1% |
|
|
|
|
|
|
|
|
|
|
| Chemed Corp. |
|
|
|
|
29,433 |
|
|
|
1,996,146 |
|
| Cross Country Healthcare, Inc.* |
|
|
|
|
64,072 |
|
|
|
380,588 |
|
| Euronet Worldwide, Inc.* |
|
|
|
|
59,272 |
|
|
|
2,572,405 |
|
| FTI Consulting, Inc.* |
|
|
|
|
38,360 |
|
|
|
1,556,649 |
|
| Gartner, Inc.* |
|
|
|
|
10,135 |
|
|
|
597,458 |
|
| Matthews International Corp., Class A |
|
|
|
|
58,132 |
|
|
|
2,360,159 |
|
| On Assignment, Inc.* |
|
|
|
|
85,540 |
|
|
|
2,890,397 |
|
| Parexel International Corp.* |
|
|
|
|
37,519 |
|
|
|
1,714,993 |
|
|
|
|
|
| Computers—3.6% |
|
|
|
|
|
|
|
|
|
|
| Electronics for Imaging, Inc.* |
|
|
|
|
74,295 |
|
|
|
2,549,062 |
|
| NCR Corp.* |
|
|
|
|
81,555 |
|
|
|
2,980,835 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
23 |
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
| EAGLE SMALLER COMPANY FUND (cont’d) |
|
|
|
|
|
|
|
|
| COMMON STOCKS—96.9% |
|
|
|
Shares |
|
|
Value |
|
| Distribution/wholesale—1.1% |
|
|
|
|
|
|
|
|
|
|
| Ingram Micro, Inc., Class A* |
|
|
|
|
73,710 |
|
|
|
$1,707,861 |
|
|
|
|
|
| Diversified financial services—5.6% |
|
|
|
|
|
|
|
|
|
|
| AerCap Holdings N.V.* |
|
|
|
|
64,443 |
|
|
|
1,307,549 |
|
| Cohen & Steers, Inc. |
|
|
|
|
45,105 |
|
|
|
1,730,228 |
|
| Investment Technology Group, Inc.* |
|
|
|
|
79,322 |
|
|
|
1,270,738 |
|
| MarketAxess Holdings, Inc. |
|
|
|
|
23,532 |
|
|
|
1,534,992 |
|
| Nationstar Mortgage Holdings, Inc.* |
|
|
|
|
16,357 |
|
|
|
839,441 |
|
| The NASDAQ OMX Group, Inc. |
|
|
|
|
56,920 |
|
|
|
2,016,676 |
|
|
|
|
|
| Electric—1.7% |
|
|
|
|
|
|
|
|
|
|
| ALLETE, Inc. |
|
|
|
|
51,900 |
|
|
|
2,622,507 |
|
|
|
|
|
| Electrical components & equipment—1.4% |
|
|
|
|
|
|
|
|
|
|
| Belden, Inc. |
|
|
|
|
32,790 |
|
|
|
2,205,455 |
|
|
|
|
|
| Electronics—2.4% |
|
|
|
|
|
|
|
|
|
|
| FLIR Systems, Inc. |
|
|
|
|
55,320 |
|
|
|
1,575,514 |
|
| Itron, Inc.* |
|
|
|
|
17,220 |
|
|
|
734,777 |
|
| Rogers Corp.* |
|
|
|
|
21,724 |
|
|
|
1,324,295 |
|
|
|
|
|
| Engineering & construction—3.7% |
|
|
|
|
|
|
|
|
|
|
| Dycom Industries, Inc.* |
|
|
|
|
106,783 |
|
|
|
3,166,116 |
|
| URS Corp. |
|
|
|
|
47,664 |
|
|
|
2,584,342 |
|
|
|
|
|
| Food—0.6% |
|
|
|
|
|
|
|
|
|
|
| Hillshire Brands Co. |
|
|
|
|
27,374 |
|
|
|
898,688 |
|
|
|
|
|
| Gas—1.8% |
|
|
|
|
|
|
|
|
|
|
| AGL Resources, Inc. |
|
|
|
|
56,785 |
|
|
|
2,717,730 |
|
|
|
|
|
| Healthcare products—1.6% |
|
|
|
|
|
|
|
|
|
|
| Merit Medical Systems, Inc.* |
|
|
|
|
157,947 |
|
|
|
2,525,572 |
|
|
|
|
|
| Healthcare services—3.1% |
|
|
|
|
|
|
|
|
|
|
| AmSurg Corp.* |
|
|
|
|
67,961 |
|
|
|
2,914,847 |
|
| MEDNAX, Inc.* |
|
|
|
|
17,565 |
|
|
|
1,914,937 |
|
|
|
|
|
| Household products/wares—2.1% |
|
|
|
|
|
|
|
|
|
|
| Jarden Corp.* |
|
|
|
|
39,715 |
|
|
|
2,198,622 |
|
| Prestige Brands Holdings, Inc.* |
|
|
|
|
33,754 |
|
|
|
1,054,138 |
|
|
|
|
|
| Insurance—3.8% |
|
|
|
|
|
|
|
|
|
|
| Allied World Assurance Co. Holdings AG |
|
|
|
|
13,885 |
|
|
|
1,503,607 |
|
| American Equity Investment Life Holding Co. |
|
|
|
|
100,537 |
|
|
|
2,095,191 |
|
| Assured Guaranty Ltd. |
|
|
|
|
40,364 |
|
|
|
827,462 |
|
| Platinum Underwriters Holdings Ltd. |
|
|
|
|
17,505 |
|
|
|
1,088,636 |
|
| Tower Group International Ltd. |
|
|
|
|
83,686 |
|
|
|
303,780 |
|
|
|
|
|
| Internet—3.3% |
|
|
|
|
|
|
|
|
|
|
| 1-800-Flowers.com, Inc., Class A* |
|
|
|
|
209,625 |
|
|
|
1,138,264 |
|
| Dealertrack Technologies, Inc.* |
|
|
|
|
40,420 |
|
|
|
1,507,666 |
|
| Equinix, Inc.* |
|
|
|
|
8,031 |
|
|
|
1,296,846 |
|
| Liquidity Services, Inc.* |
|
|
|
|
41,741 |
|
|
|
1,089,857 |
|
|
|
|
|
| Machinery-diversified—3.0% |
|
|
|
|
|
|
|
|
|
|
| AGCO Corp. |
|
|
|
|
21,765 |
|
|
|
1,270,641 |
|
| Altra Holdings, Inc. |
|
|
|
|
26,199 |
|
|
|
795,663 |
|
| IDEX Corp. |
|
|
|
|
36,365 |
|
|
|
2,514,640 |
|
|
|
|
|
| Media—0.8% |
|
|
|
|
|
|
|
|
|
|
| John Wiley & Sons, Inc., Class A |
|
|
|
|
25,718 |
|
|
|
1,293,358 |
|
|
|
|
|
| Mining—0.7% |
|
|
|
|
|
|
|
|
|
|
| AuRico Gold, Inc. |
|
|
|
|
156,523 |
|
|
|
643,309 |
|
| IAMGOLD Corp. |
|
|
|
|
90,810 |
|
|
|
463,131 |
|
|
|
|
|
| Miscellaneous manufacturer—4.7% |
|
|
|
|
|
|
|
|
|
|
| AptarGroup, Inc. |
|
|
|
|
24,385 |
|
|
|
1,564,542 |
|
| AZZ, Inc. |
|
|
|
|
29,609 |
|
|
|
1,329,444 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| COMMON STOCKS—96.9% |
|
|
|
Shares |
|
|
Value |
|
| Miscellaneous manufacturer (cont’d) |
|
|
|
|
|
|
|
|
|
|
| Barnes Group, Inc. |
|
|
|
|
68,519 |
|
|
|
$2,435,165 |
|
| Harsco Corp. |
|
|
|
|
69,020 |
|
|
|
1,924,278 |
|
|
|
|
|
| Oil & gas—2.9% |
|
|
|
|
|
|
|
|
|
|
| Comstock Resources, Inc. |
|
|
|
|
50,750 |
|
|
|
868,332 |
|
| Range Resources Corp. |
|
|
|
|
18,615 |
|
|
|
1,409,342 |
|
| Rosetta Resources, Inc.* |
|
|
|
|
35,675 |
|
|
|
2,138,360 |
|
|
|
|
|
| Oil & gas services—3.9% |
|
|
|
|
|
|
|
|
|
|
| Dresser-Rand Group, Inc.* |
|
|
|
|
44,806 |
|
|
|
2,722,861 |
|
| Oceaneering International, Inc. |
|
|
|
|
38,297 |
|
|
|
3,288,946 |
|
|
|
|
|
| Packaging & containers—0.4% |
|
|
|
|
|
|
|
|
|
|
| Silgan Holdings, Inc. |
|
|
|
|
15,306 |
|
|
|
689,841 |
|
|
|
|
|
| Pharmaceuticals—1.6% |
|
|
|
|
|
|
|
|
|
|
| Herbalife Ltd. |
|
|
|
|
38,492 |
|
|
|
2,495,051 |
|
|
|
|
|
| Real estate investment trusts (REITs)—2.0% |
|
|
|
|
|
|
|
|
|
|
| Campus Crest Communities, Inc. |
|
|
|
|
87,640 |
|
|
|
877,276 |
|
| Government Properties Income Trust |
|
|
|
|
14,273 |
|
|
|
348,975 |
|
| QTS Realty Trust, Inc., Class A* |
|
|
|
|
32,495 |
|
|
|
697,993 |
|
| Select Income REIT |
|
|
|
|
44,257 |
|
|
|
1,219,280 |
|
|
|
|
|
| Retail—3.7% |
|
|
|
|
|
|
|
|
|
|
| AFC Enterprises, Inc.* |
|
|
|
|
49,948 |
|
|
|
2,226,682 |
|
| Nu Skin Enterprises, Inc., Class A |
|
|
|
|
24,450 |
|
|
|
2,858,938 |
|
| RadioShack Corp.* |
|
|
|
|
107,050 |
|
|
|
300,811 |
|
| Stage Stores, Inc. |
|
|
|
|
16,788 |
|
|
|
346,672 |
|
|
|
|
|
| Savings & loans—1.4% |
|
|
|
|
|
|
|
|
|
|
| Beneficial Mutual Bancorp, Inc.* |
|
|
|
|
109,116 |
|
|
|
1,063,881 |
|
| Berkshire Hills Bancorp, Inc. |
|
|
|
|
40,330 |
|
|
|
1,023,172 |
|
|
|
|
|
| Semiconductors—1.8% |
|
|
|
|
|
|
|
|
|
|
| Emulex Corp.* |
|
|
|
|
148,470 |
|
|
|
1,117,979 |
|
| Intersil Corp., Class A |
|
|
|
|
85,655 |
|
|
|
955,910 |
|
| Rovi Corp.* |
|
|
|
|
46,161 |
|
|
|
773,658 |
|
|
|
|
|
| Software—4.8% |
|
|
|
|
|
|
|
|
|
|
| ACI Worldwide, Inc.* |
|
|
|
|
20,149 |
|
|
|
1,110,613 |
|
| Aspen Technology, Inc.* |
|
|
|
|
96,862 |
|
|
|
3,703,034 |
|
| Bottomline Technologies de, Inc.* |
|
|
|
|
66,101 |
|
|
|
2,076,894 |
|
| Digital River, Inc.* |
|
|
|
|
32,860 |
|
|
|
586,222 |
|
|
|
|
|
| Telecommunications—2.1% |
|
|
|
|
|
|
|
|
|
|
| Cbeyond, Inc.* |
|
|
|
|
66,978 |
|
|
|
431,338 |
|
| DigitalGlobe, Inc.* |
|
|
|
|
26,486 |
|
|
|
842,785 |
|
| NeuStar, Inc., Class A* |
|
|
|
|
41,415 |
|
|
|
1,901,777 |
|
|
|
|
|
| Transportation—0.9% |
|
|
|
|
|
|
|
|
|
|
| Genesee & Wyoming, Inc., Class A* |
|
|
|
|
14,165 |
|
|
|
1,414,234 |
|
| Total common stocks (cost $100,455,406) |
|
|
|
|
|
|
|
|
149,732,110 |
|
|
|
|
|
| HOLDING COMPANIES—1.4% |
|
|
|
|
|
|
|
|
|
|
| Holding companies–diversified—1.4% |
|
|
|
|
|
|
|
|
|
|
| National Bank Holdings Corp., Class A |
|
|
|
|
103,116 |
|
|
|
2,165,436 |
|
| Total Holding companies (cost $1,989,625) |
|
|
|
|
|
|
|
|
2,165,436 |
|
|
|
|
|
| INVESTMENT COMPANIES—0.5% |
|
|
|
|
|
|
|
|
|
|
| Solar Capital Ltd. |
|
|
|
|
32,926 |
|
|
|
755,652 |
|
| Total investment companies (cost $763,076) |
|
|
|
|
|
|
|
|
755,652 |
|
|
|
|
| 24 |
|
The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
|
|
|
|
|
|
|
|
|
| EAGLE SMALLER COMPANY FUND (cont’d) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
Value |
|
| Total investment portfolio (cost $103,208,107) 98.8% ‡ |
|
|
$152,653,198 |
|
|
|
|
|
| Other assets in excess of liabilities 1.2% |
|
|
|
|
|
|
1,869,140 |
|
|
|
|
|
| Net assets 100.0% |
|
|
|
|
|
|
$154,522,338 |
|
|
|
| * Non-income producing security |
|
|
|
|
| ‡ As of October 31, 2013, aggregate cost for federal income tax purposes was $103,245,156. Net unrealized appreciation (depreciation) on a tax-basis was $49,408,042,
including aggregate gross unrealized appreciation and (depreciation) of $54,614,555 and $(5,206,513), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of
losses from wash sales and non-REIT return of capital. |
|
|
|
|
|
|
|
|
| Sector allocation (unaudited) |
|
|
|
| Sector |
|
Percent of net assets |
|
| Financial |
|
|
21.3% |
|
| Consumer, non-cyclical |
|
|
21.1% |
|
| Industrial |
|
|
19.2% |
|
| Technology |
|
|
10.2% |
|
| Energy |
|
|
7.2% |
|
| Communications |
|
|
6.2% |
|
| Consumer, cyclical |
|
|
5.7% |
|
| Utilities |
|
|
3.5% |
|
| Basic materials |
|
|
3.0% |
|
| Diversified |
|
|
1.4% |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
25 |
|
Statements of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Eagle
Capital
Appreciation
Fund |
|
|
Eagle
Growth
& Income
Fund |
|
|
Eagle
International
Stock
Fund |
|
|
Eagle
Investment
Grade Bond
Fund |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at value (a) |
|
|
$322,635,606 |
|
|
|
$479,273,485 |
|
|
|
$6,320,081 |
|
|
|
$84,674,128 |
|
| Cash |
|
|
1,994,162 |
|
|
|
9,514,551 |
|
|
|
168,858 |
|
|
|
156,750 |
|
| Receivable for investments sold |
|
|
— |
|
|
|
7,370,682 |
|
|
|
— |
|
|
|
1,507,930 |
|
| Receivable for fund shares sold |
|
|
628,972 |
|
|
|
3,093,586 |
|
|
|
256,522 |
|
|
|
207,719 |
|
| Receivable for dividends and interest |
|
|
87,177 |
|
|
|
572,505 |
|
|
|
18,480 |
|
|
|
355,764 |
|
| Receivable for recoverable foreign withholding taxes |
|
|
— |
|
|
|
100,168 |
|
|
|
2,293 |
|
|
|
— |
|
| Receivable due from advisor |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Deferred offering costs |
|
|
— |
|
|
|
— |
|
|
|
46,703 |
|
|
|
— |
|
| Prepaid expenses |
|
|
6,640 |
|
|
|
7,088 |
|
|
|
2,336 |
|
|
|
4,420 |
|
| Total assets |
|
|
325,352,557 |
|
|
|
499,932,065 |
|
|
|
6,815,273 |
|
|
|
86,906,711 |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable for investments purchased |
|
|
— |
|
|
|
11,853,258 |
|
|
|
— |
|
|
|
999,925 |
|
| Payable for fund shares redeemed |
|
|
579,635 |
|
|
|
1,122,791 |
|
|
|
30 |
|
|
|
874,462 |
|
| Payable to the custodian |
|
|
3,165 |
|
|
|
3,378 |
|
|
|
12,625 |
|
|
|
1,491 |
|
| Accrued investment advisory fees |
|
|
157,753 |
|
|
|
194,049 |
|
|
|
5,819 |
|
|
|
16,353 |
|
| Accrued administrative fees |
|
|
38,254 |
|
|
|
56,395 |
|
|
|
786 |
|
|
|
10,785 |
|
| Accrued distribution fees |
|
|
99,250 |
|
|
|
188,131 |
|
|
|
2,976 |
|
|
|
44,130 |
|
| Accrued transfer agent and shareholder servicing fees |
|
|
29,542 |
|
|
|
35,571 |
|
|
|
613 |
|
|
|
7,102 |
|
| Accrued internal audit fees |
|
|
862 |
|
|
|
862 |
|
|
|
— |
|
|
|
862 |
|
| Accrued trustees and officers compensation |
|
|
10,789 |
|
|
|
10,789 |
|
|
|
10,701 |
|
|
|
10,789 |
|
| Other accrued expenses |
|
|
50,445 |
|
|
|
61,073 |
|
|
|
33,228 |
|
|
|
38,728 |
|
| Total liabilities |
|
|
969,695 |
|
|
|
13,526,297 |
|
|
|
66,778 |
|
|
|
2,004,627 |
|
| Net assets |
|
|
324,382,862 |
|
|
|
486,405,768 |
|
|
|
6,748,495 |
|
|
|
84,902,084 |
|
|
|
|
|
|
| Net assets consists of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in capital |
|
|
153,823,144 |
|
|
|
386,588,296 |
|
|
|
6,105,773 |
|
|
|
84,422,278 |
|
| Undistributed net investment income (loss) |
|
|
(613,607 |
) |
|
|
— |
|
|
|
49,352 |
|
|
|
(53,605 |
) |
| Accumulated net realized gain |
|
|
34,310,156 |
|
|
|
8,296,943 |
|
|
|
37,862 |
|
|
|
195,015 |
|
| Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies |
|
|
136,863,169 |
|
|
|
91,520,529 |
|
|
|
555,508 |
|
|
|
338,396 |
|
| Net assets |
|
|
324,382,862 |
|
|
|
486,405,768 |
|
|
|
6,748,495 |
|
|
|
84,902,084 |
|
|
|
|
|
|
| Net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
204,959,933 |
|
|
|
214,047,726 |
|
|
|
3,504,570 |
|
|
|
36,867,952 |
|
| Class C |
|
|
67,944,548 |
|
|
|
170,363,679 |
|
|
|
2,769,309 |
|
|
|
41,375,805 |
|
| Class I |
|
|
30,237,252 |
|
|
|
94,417,987 |
|
|
|
465,956 |
|
|
|
6,626,799 |
|
| Class R-3 |
|
|
780,643 |
|
|
|
4,110,429 |
|
|
|
2,878 |
|
|
|
28,714 |
|
| Class R-5 |
|
|
20,460,486 |
|
|
|
3,410,855 |
|
|
|
2,890 |
|
|
|
2,814 |
|
| Class R-6 |
|
|
N/A |
|
|
|
55,092 |
|
|
|
2,892 |
|
|
|
N/A |
|
|
|
|
|
|
Net asset value (“NAV”),
offering and redemption price per share (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
$39.59 |
|
|
|
$16.68 |
|
|
|
$16.48 |
|
|
|
$14.89 |
|
| Maximum offering price (c) |
|
|
41.56 |
|
|
|
17.51 |
|
|
|
17.30 |
|
|
|
15.47 |
|
| Class C |
|
|
33.93 |
|
|
|
16.10 |
|
|
|
16.38 |
|
|
|
14.86 |
|
| Class I |
|
|
40.60 |
|
|
|
16.65 |
|
|
|
16.52 |
|
|
|
14.92 |
|
| Class R-3 |
|
|
39.05 |
|
|
|
16.61 |
|
|
|
16.45 |
|
|
|
14.89 |
|
| Class R-5 |
|
|
40.50 |
|
|
|
16.63 |
|
|
|
16.52 |
|
|
|
14.89 |
|
| Class R-6 |
|
|
N/A |
|
|
|
16.67 |
|
|
|
16.53 |
|
|
|
N/A |
|
|
|
|
|
|
| Shares of beneficial interest outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
5,177,356 |
|
|
|
12,835,059 |
|
|
|
212,716 |
|
|
|
2,475,495 |
|
| Class C |
|
|
2,002,632 |
|
|
|
10,584,613 |
|
|
|
169,058 |
|
|
|
2,785,073 |
|
| Class I |
|
|
744,821 |
|
|
|
5,670,036 |
|
|
|
28,208 |
|
|
|
444,201 |
|
| Class R-3 |
|
|
19,990 |
|
|
|
247,423 |
|
|
|
175 |
|
|
|
1,928 |
|
| Class R-5 |
|
|
505,256 |
|
|
|
205,097 |
|
|
|
175 |
|
|
|
189 |
|
| Class R-6 |
|
|
N/A |
|
|
|
3,305 |
|
|
|
175 |
|
|
|
N/A |
|
|
|
|
|
|
| (a) Identified cost |
|
|
$185,772,437 |
|
|
|
$387,753,034 |
|
|
|
$5,764,733 |
|
|
|
$84,335,732 |
|
(b)
NAV amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(c) For all funds except the Eagle Investment Grade Bond
Fund, the maximum offering price is computed as 100/95.25 of NAV. The maximum offering price for the Eagle Investment Grade Bond Fund is computed as 100/96.25 of NAV.
|
|
|
| 26 |
|
The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
Mid Cap
Growth
Fund |
|
|
Eagle
Mid Cap
Stock
Fund |
|
|
Eagle
Small Cap
Growth
Fund |
|
|
Eagle
Small Cap
Stock
Fund |
|
|
Eagle
Smaller
Company
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$586,994,207 |
|
|
|
$434,410,271 |
|
|
|
$3,908,061,428 |
|
|
|
$22,772,079 |
|
|
|
$152,653,198 |
|
| |
4,474,924 |
|
|
|
18,720,451 |
|
|
|
71,189,718 |
|
|
|
1,886,133 |
|
|
|
4,842,241 |
|
| |
12,245,083 |
|
|
|
447,262 |
|
|
|
18,895,375 |
|
|
|
— |
|
|
|
— |
|
| |
750,582 |
|
|
|
220,339 |
|
|
|
7,841,380 |
|
|
|
547,411 |
|
|
|
505,533 |
|
| |
47,123 |
|
|
|
58,962 |
|
|
|
30,999 |
|
|
|
2,044 |
|
|
|
39,808 |
|
| |
5,305 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
19,142 |
|
|
|
— |
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,548 |
|
|
|
— |
|
| |
8,177 |
|
|
|
8,646 |
|
|
|
36,295 |
|
|
|
2,405 |
|
|
|
3,726 |
|
| |
604,525,401 |
|
|
|
453,865,931 |
|
|
|
4,006,055,195 |
|
|
|
25,251,762 |
|
|
|
158,044,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
8,559,396 |
|
|
|
653,389 |
|
|
|
13,031,592 |
|
|
|
755,215 |
|
|
|
3,168,395 |
|
| |
1,752,907 |
|
|
|
2,042,482 |
|
|
|
8,529,736 |
|
|
|
97,780 |
|
|
|
208,795 |
|
| |
3,722 |
|
|
|
4,467 |
|
|
|
20,608 |
|
|
|
14,285 |
|
|
|
2,931 |
|
| |
294,628 |
|
|
|
231,172 |
|
|
|
1,744,790 |
|
|
|
— |
|
|
|
48,961 |
|
| |
67,407 |
|
|
|
53,114 |
|
|
|
392,356 |
|
|
|
— |
|
|
|
14,146 |
|
| |
157,732 |
|
|
|
162,807 |
|
|
|
428,787 |
|
|
|
9,860 |
|
|
|
13,535 |
|
| |
49,846 |
|
|
|
66,568 |
|
|
|
343,384 |
|
|
|
822 |
|
|
|
14,074 |
|
| |
862 |
|
|
|
862 |
|
|
|
862 |
|
|
|
— |
|
|
|
862 |
|
| |
10,789 |
|
|
|
10,789 |
|
|
|
10,789 |
|
|
|
10,789 |
|
|
|
10,789 |
|
| |
64,771 |
|
|
|
57,392 |
|
|
|
258,525 |
|
|
|
32,359 |
|
|
|
39,680 |
|
| |
10,962,060 |
|
|
|
3,283,042 |
|
|
|
24,761,429 |
|
|
|
921,110 |
|
|
|
3,522,168 |
|
| |
593,563,341 |
|
|
|
450,582,889 |
|
|
|
3,981,293,766 |
|
|
|
24,330,652 |
|
|
|
154,522,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
377,050,808 |
|
|
|
329,712,609 |
|
|
|
2,746,144,004 |
|
|
|
22,008,092 |
|
|
|
101,771,480 |
|
| |
— |
|
|
|
— |
|
|
|
(14,774,729 |
) |
|
|
— |
|
|
|
(25,685 |
) |
| |
27,497,660 |
|
|
|
28,825,736 |
|
|
|
31,804,691 |
|
|
|
334,612 |
|
|
|
3,331,452 |
|
|
189,014,873 |
|
|
|
92,044,544 |
|
|
|
1,218,119,800 |
|
|
|
1,987,948 |
|
|
|
49,445,091 |
|
| |
593,563,341 |
|
|
|
450,582,889 |
|
|
|
3,981,293,766 |
|
|
|
24,330,652 |
|
|
|
154,522,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
303,752,664 |
|
|
|
207,504,449 |
|
|
|
999,181,418 |
|
|
|
11,771,509 |
|
|
|
18,763,776 |
|
| |
105,992,381 |
|
|
|
137,681,372 |
|
|
|
189,466,602 |
|
|
|
9,444,714 |
|
|
|
11,354,564 |
|
| |
125,889,013 |
|
|
|
98,274,048 |
|
|
|
1,815,298,278 |
|
|
|
3,104,704 |
|
|
|
106,485,217 |
|
| |
11,615,778 |
|
|
|
6,058,064 |
|
|
|
134,203,494 |
|
|
|
3,230 |
|
|
|
261,134 |
|
| |
38,954,136 |
|
|
|
664,348 |
|
|
|
341,124,765 |
|
|
|
3,246 |
|
|
|
56,087 |
|
| |
7,359,369 |
|
|
|
400,608 |
|
|
|
502,019,209 |
|
|
|
3,249 |
|
|
|
17,601,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$41.03 |
|
|
|
$30.48 |
|
|
|
$54.33 |
|
|
|
$18.50 |
|
|
|
$23.38 |
|
| |
43.08 |
|
|
|
32.00 |
|
|
|
57.04 |
|
|
|
19.42 |
|
|
|
24.55 |
|
| |
35.24 |
|
|
|
25.52 |
|
|
|
45.11 |
|
|
|
18.38 |
|
|
|
22.38 |
|
| |
42.31 |
|
|
|
31.39 |
|
|
|
55.68 |
|
|
|
18.57 |
|
|
|
23.86 |
|
| |
40.48 |
|
|
|
29.92 |
|
|
|
53.58 |
|
|
|
18.46 |
|
|
|
23.12 |
|
| |
42.27 |
|
|
|
31.53 |
|
|
|
55.83 |
|
|
|
18.55 |
|
|
|
23.82 |
|
| |
42.36 |
|
|
|
31.50 |
|
|
|
55.92 |
|
|
|
18.57 |
|
|
|
23.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
7,402,671 |
|
|
|
6,807,263 |
|
|
|
18,389,467 |
|
|
|
636,259 |
|
|
|
802,554 |
|
| |
3,007,727 |
|
|
|
5,395,355 |
|
|
|
4,200,083 |
|
|
|
513,858 |
|
|
|
507,392 |
|
| |
2,975,370 |
|
|
|
3,130,750 |
|
|
|
32,603,684 |
|
|
|
167,148 |
|
|
|
4,463,588 |
|
| |
286,957 |
|
|
|
202,479 |
|
|
|
2,504,520 |
|
|
|
175 |
|
|
|
11,294 |
|
| |
921,494 |
|
|
|
21,073 |
|
|
|
6,110,437 |
|
|
|
175 |
|
|
|
2,355 |
|
| |
173,744 |
|
|
|
12,718 |
|
|
|
8,977,187 |
|
|
|
175 |
|
|
|
737,723 |
|
|
|
|
|
|
| |
$397,979,334 |
|
|
|
$342,365,727 |
|
|
|
$2,689,941,628 |
|
|
|
$20,784,131 |
|
|
|
$103,208,107 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
27 |
|
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Eagle
Capital
Appreciation
Fund |
|
|
Eagle
Growth
& Income
Fund |
|
|
Eagle
International
Stock
Fund † |
|
|
Eagle
Investment
Grade Bond
Fund |
|
|
|
|
|
|
| Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends (a) |
|
|
$5,041,253 |
|
|
|
$13,184,062 |
|
|
|
$96,570 |
|
|
|
$— |
|
| Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,927,927 |
|
| Total Income |
|
|
5,041,253 |
|
|
|
13,184,062 |
|
|
|
96,570 |
|
|
|
1,927,927 |
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
1,890,422 |
|
|
|
1,986,070 |
|
|
|
25,363 |
|
|
|
349,719 |
|
| Administrative fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
298,806 |
|
|
|
289,788 |
|
|
|
2,343 |
|
|
|
83,250 |
|
| Class C |
|
|
100,212 |
|
|
|
216,205 |
|
|
|
2,080 |
|
|
|
81,686 |
|
| Class I |
|
|
22,723 |
|
|
|
65,664 |
|
|
|
30 |
|
|
|
6,584 |
|
| Class R-3 |
|
|
1,014 |
|
|
|
5,597 |
|
|
|
3 |
|
|
|
44 |
|
| Class R-5 |
|
|
25,659 |
|
|
|
1,272 |
|
|
|
2 |
|
|
|
3 |
|
| Class R-6 |
|
|
N/A |
|
|
|
18 |
|
|
|
2 |
|
|
|
N/A |
|
| Distribution and service fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
498,008 |
|
|
|
482,978 |
|
|
|
3,905 |
|
|
|
138,750 |
|
| Class C |
|
|
668,076 |
|
|
|
1,441,365 |
|
|
|
13,864 |
|
|
|
544,573 |
|
| Class R-3 |
|
|
3,380 |
|
|
|
18,659 |
|
|
|
9 |
|
|
|
146 |
|
| Transfer agent and shareholder servicing fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
247,003 |
|
|
|
188,921 |
|
|
|
1,613 |
|
|
|
37,961 |
|
| Class C |
|
|
71,155 |
|
|
|
144,077 |
|
|
|
2,682 |
|
|
|
43,917 |
|
| Class I |
|
|
20,398 |
|
|
|
70,903 |
|
|
|
8 |
|
|
|
5,591 |
|
| Class R-3 |
|
|
1,156 |
|
|
|
6,887 |
|
|
|
1 |
|
|
|
44 |
|
| Class R-5 |
|
|
31,666 |
|
|
|
307 |
|
|
|
1 |
|
|
|
1 |
|
| Class R-6 |
|
|
N/A |
|
|
|
2 |
|
|
|
1 |
|
|
|
N/A |
|
| Custodian fees |
|
|
17,603 |
|
|
|
21,252 |
|
|
|
71,032 |
|
|
|
8,971 |
|
| Professional fees |
|
|
191,425 |
|
|
|
102,911 |
|
|
|
66,769 |
|
|
|
92,335 |
|
| State qualification expenses |
|
|
87,948 |
|
|
|
113,260 |
|
|
|
16,193 |
|
|
|
77,794 |
|
| Offering costs |
|
|
— |
|
|
|
— |
|
|
|
89,815 |
|
|
|
— |
|
| Trustees and officers compensation |
|
|
46,912 |
|
|
|
50,572 |
|
|
|
36,178 |
|
|
|
50,571 |
|
| Internal audit fees |
|
|
9,838 |
|
|
|
9,838 |
|
|
|
— |
|
|
|
9,838 |
|
| Other |
|
|
212,842 |
|
|
|
142,141 |
|
|
|
16,627 |
|
|
|
43,622 |
|
| Total expenses before adjustments |
|
|
4,446,246 |
|
|
|
5,358,687 |
|
|
|
348,521 |
|
|
|
1,575,400 |
|
| Fees and expenses waived |
|
|
(17,201 |
) |
|
|
— |
|
|
|
(290,449 |
) |
|
|
(159,651 |
) |
| Recovered fees previously waived by Manager |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
| Expense offsets |
|
|
(5,390 |
) |
|
|
(10,946 |
) |
|
|
(195 |
) |
|
|
(5,644 |
) |
| Total expenses after adjustments |
|
|
4,423,655 |
|
|
|
5,347,742 |
|
|
|
57,877 |
|
|
|
1,410,106 |
|
|
|
|
|
|
| Net investment income (loss) |
|
|
617,598 |
|
|
|
7,836,320 |
|
|
|
38,693 |
|
|
|
517,821 |
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain on investments |
|
|
49,288,419 |
|
|
|
11,801,216 |
|
|
|
37,862 |
|
|
|
209,233 |
|
| Net realized loss on foreign currency transactions |
|
|
— |
|
|
|
(198 |
) |
|
|
(4,858 |
) |
|
|
— |
|
| Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies |
|
|
28,363,762 |
|
|
|
68,717,831 |
|
|
|
555,508 |
|
|
|
(2,577,458 |
) |
| Net gain (loss) on investments |
|
|
77,652,181 |
|
|
|
80,518,849 |
|
|
|
588,512 |
|
|
|
(2,368,225 |
) |
|
|
|
|
|
| Net increase (decrease) in net assets resulting from operations |
|
|
78,269,779 |
|
|
|
88,355,169 |
|
|
|
627,205 |
|
|
|
(1,850,404 |
) |
|
|
|
|
|
| (a) Net of foreign withholding taxes |
|
|
$— |
|
|
|
$53,829 |
|
|
|
$10,439 |
|
|
|
$— |
|
† For the period February 28, 2013 (commencement of operations) to October 31, 2013.
†† For the period December 31, 2012 (commencement of operations) to October 31, 2013.
|
|
|
| 28 |
|
The accompanying notes are an integral part of the financial statements. |
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
Mid Cap
Growth
Fund |
|
|
Eagle
Mid Cap
Stock
Fund |
|
|
Eagle
Small Cap
Growth
Fund |
|
|
Eagle
Small Cap
Stock
Fund †† |
|
|
Eagle
Smaller
Company
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$5,696,493 |
|
|
|
$5,142,926 |
|
|
|
$25,966,304 |
|
|
|
$51,892 |
|
|
|
$1,242,638 |
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
5,696,493 |
|
|
|
5,142,926 |
|
|
|
25,966,304 |
|
|
|
51,892 |
|
|
|
1,242,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
3,058,910 |
|
|
|
2,878,398 |
|
|
|
17,581,292 |
|
|
|
51,461 |
|
|
|
617,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
401,547 |
|
|
|
332,366 |
|
|
|
1,297,999 |
|
|
|
6,407 |
|
|
|
24,359 |
|
| |
141,730 |
|
|
|
204,708 |
|
|
|
237,277 |
|
|
|
5,507 |
|
|
|
13,790 |
|
| |
102,284 |
|
|
|
112,320 |
|
|
|
1,580,391 |
|
|
|
627 |
|
|
|
71,599 |
|
| |
15,468 |
|
|
|
10,286 |
|
|
|
166,428 |
|
|
|
4 |
|
|
|
324 |
|
| |
35,206 |
|
|
|
2,608 |
|
|
|
283,773 |
|
|
|
2 |
|
|
|
11 |
|
| |
2,013 |
|
|
|
257 |
|
|
|
367,622 |
|
|
|
2 |
|
|
|
5,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
669,242 |
|
|
|
553,941 |
|
|
|
2,163,323 |
|
|
|
10,678 |
|
|
|
40,598 |
|
| |
944,864 |
|
|
|
1,364,716 |
|
|
|
1,581,847 |
|
|
|
36,713 |
|
|
|
91,935 |
|
| |
51,559 |
|
|
|
34,288 |
|
|
|
554,760 |
|
|
|
12 |
|
|
|
1,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
336,392 |
|
|
|
303,103 |
|
|
|
1,200,798 |
|
|
|
3,028 |
|
|
|
20,096 |
|
| |
89,650 |
|
|
|
161,579 |
|
|
|
177,836 |
|
|
|
3,063 |
|
|
|
10,790 |
|
| |
102,344 |
|
|
|
381,068 |
|
|
|
2,067,859 |
|
|
|
362 |
|
|
|
129,335 |
|
| |
17,138 |
|
|
|
12,611 |
|
|
|
180,543 |
|
|
|
1 |
|
|
|
709 |
|
| |
39,621 |
|
|
|
1,071 |
|
|
|
302,225 |
|
|
|
1 |
|
|
|
3 |
|
| |
264 |
|
|
|
46 |
|
|
|
53,187 |
|
|
|
1 |
|
|
|
637 |
|
| |
23,043 |
|
|
|
15,681 |
|
|
|
122,509 |
|
|
|
69,778 |
|
|
|
18,747 |
|
| |
86,233 |
|
|
|
85,740 |
|
|
|
86,233 |
|
|
|
78,014 |
|
|
|
85,740 |
|
| |
91,130 |
|
|
|
91,496 |
|
|
|
150,372 |
|
|
|
18,677 |
|
|
|
82,284 |
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
105,727 |
|
|
|
— |
|
| |
50,571 |
|
|
|
50,571 |
|
|
|
50,571 |
|
|
|
38,009 |
|
|
|
50,571 |
|
| |
9,838 |
|
|
|
9,838 |
|
|
|
9,838 |
|
|
|
— |
|
|
|
9,838 |
|
| |
140,792 |
|
|
|
172,497 |
|
|
|
999,349 |
|
|
|
12,058 |
|
|
|
41,193 |
|
| |
6,409,839 |
|
|
|
6,779,189 |
|
|
|
31,216,032 |
|
|
|
440,132 |
|
|
|
1,316,785 |
|
| |
— |
|
|
|
(194,382 |
) |
|
|
— |
|
|
|
(300,566 |
) |
|
|
(161,007 |
) |
| |
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
(10,168 |
) |
|
|
(19,172 |
) |
|
|
(66,274 |
) |
|
|
(549 |
) |
|
|
(5,196 |
) |
| |
6,399,671 |
|
|
|
6,565,637 |
|
|
|
31,149,758 |
|
|
|
139,017 |
|
|
|
1,150,582 |
|
|
|
|
|
|
| |
(703,178 |
) |
|
|
(1,422,711 |
) |
|
|
(5,183,454 |
) |
|
|
(87,125 |
) |
|
|
92,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
31,895,135 |
|
|
|
32,546,008 |
|
|
|
86,131,918 |
|
|
|
387,727 |
|
|
|
3,531,728 |
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
119,833,638 |
|
|
|
98,358,673 |
|
|
|
852,731,224 |
|
|
|
1,987,948 |
|
|
|
26,336,657 |
|
| |
151,728,773 |
|
|
|
130,904,681 |
|
|
|
938,863,142 |
|
|
|
2,375,675 |
|
|
|
29,868,385 |
|
|
|
|
|
|
| |
151,025,595 |
|
|
|
129,481,970 |
|
|
|
933,679,688 |
|
|
|
2,288,550 |
|
|
|
29,960,441 |
|
|
|
|
|
|
| |
$5,076 |
|
|
|
$10,648 |
|
|
|
$— |
|
|
|
$763 |
|
|
|
$6,930 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
29 |
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Eagle Capital
Appreciation Fund |
|
|
Eagle Growth &
Income Fund |
|
|
Eagle
International
Stock Fund |
|
|
Eagle Investment
Grade Bond Fund |
|
| |
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
|
02/28/13 (a)
to 10/31/13 |
|
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
|
|
|
|
|
|
|
|
| Net assets, beginning of period |
|
|
$313,026,224 |
|
|
|
$402,173,747 |
|
|
|
$343,477,294 |
|
|
|
$228,780,172 |
|
|
|
$— |
|
|
|
$133,837,671 |
|
|
|
$114,492,263 |
|
| Increase (decrease) in net assets from operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
|
617,598 |
|
|
|
(153,101 |
) |
|
|
7,836,320 |
|
|
|
5,984,786 |
|
|
|
38,693 |
|
|
|
517,821 |
|
|
|
1,003,191 |
|
| Net realized gain (loss) on investments |
|
|
49,288,419 |
|
|
|
45,625,460 |
|
|
|
11,801,216 |
|
|
|
6,873,583 |
|
|
|
37,862 |
|
|
|
209,233 |
|
|
|
3,077,067 |
|
| Net realized loss on foreign currency transactions |
|
|
— |
|
|
|
— |
|
|
|
(198 |
) |
|
|
(2,372 |
) |
|
|
(4,858 |
) |
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies |
|
|
28,363,762 |
|
|
|
(367,546 |
) |
|
|
68,717,831 |
|
|
|
22,325,369 |
|
|
|
555,508 |
|
|
|
(2,577,458 |
) |
|
|
248,865 |
|
| Net increase (decrease) in net assets resulting from operations |
|
|
78,269,779 |
|
|
|
45,104,813 |
|
|
|
88,355,169 |
|
|
|
35,181,366 |
|
|
|
627,205 |
|
|
|
(1,850,404 |
) |
|
|
4,329,123 |
|
| Distributions to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(1,078,104 |
) |
|
|
— |
|
|
|
(7,957,450 |
) |
|
|
(5,588,649 |
) |
|
|
— |
|
|
|
(528,391 |
) |
|
|
(1,046,193 |
) |
| Net realized gains |
|
|
— |
|
|
|
— |
|
|
|
(6,350,330 |
) |
|
|
(12,154,993 |
) |
|
|
— |
|
|
|
(3,090,100 |
) |
|
|
(1,008,116 |
) |
| Total distributions to shareholders |
|
|
(1,078,104 |
) |
|
|
— |
|
|
|
(14,307,780 |
) |
|
|
(17,743,642 |
) |
|
|
— |
|
|
|
(3,618,491 |
) |
|
|
(2,054,309 |
) |
| Fund share transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from shares sold-Class A |
|
|
17,552,300 |
|
|
|
21,659,106 |
|
|
|
60,859,237 |
|
|
|
51,424,760 |
|
|
|
3,474,294 |
|
|
|
12,874,011 |
|
|
|
25,680,184 |
|
| Proceeds issued in connection with merger-Class A |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
7,847,558 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class A |
|
|
716,365 |
|
|
|
— |
|
|
|
6,425,429 |
|
|
|
8,837,454 |
|
|
|
— |
|
|
|
1,715,233 |
|
|
|
1,027,730 |
|
| Cost of shares redeemed-Class A |
|
|
(65,063,250 |
) |
|
|
(142,289,923 |
) |
|
|
(64,254,597 |
) |
|
|
(35,927,410 |
) |
|
|
(305,547 |
) |
|
|
(39,768,491 |
) |
|
|
(21,213,645 |
) |
| Proceeds from shares sold-Class C |
|
|
3,491,041 |
|
|
|
2,881,103 |
|
|
|
42,778,376 |
|
|
|
38,067,525 |
|
|
|
2,603,474 |
|
|
|
6,076,970 |
|
|
|
20,729,068 |
|
| Proceeds issued in connection with merger-Class C |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
7,436,436 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class C |
|
|
— |
|
|
|
— |
|
|
|
3,630,601 |
|
|
|
4,851,500 |
|
|
|
— |
|
|
|
1,407,991 |
|
|
|
637,068 |
|
| Cost of shares redeemed-Class C |
|
|
(17,285,532 |
) |
|
|
(12,989,463 |
) |
|
|
(22,692,491 |
) |
|
|
(15,586,817 |
) |
|
|
(117,977 |
) |
|
|
(26,240,549 |
) |
|
|
(12,932,756 |
) |
| Proceeds from shares sold-Class I |
|
|
19,415,081 |
|
|
|
3,399,396 |
|
|
|
57,418,049 |
|
|
|
30,292,030 |
|
|
|
459,546 |
|
|
|
3,564,796 |
|
|
|
4,618,682 |
|
| Proceeds issued in connection with merger-Class I |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
4,853,721 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class I |
|
|
91,496 |
|
|
|
— |
|
|
|
1,276,585 |
|
|
|
804,292 |
|
|
|
— |
|
|
|
135,324 |
|
|
|
70,047 |
|
| Cost of shares redeemed-Class I |
|
|
(8,841,361 |
) |
|
|
(9,288,120 |
) |
|
|
(20,044,792 |
) |
|
|
(7,822,488 |
) |
|
|
— |
|
|
|
(3,232,876 |
) |
|
|
(1,521,998 |
) |
| Proceeds from shares sold-Class R-3 |
|
|
158,334 |
|
|
|
114,731 |
|
|
|
1,464,043 |
|
|
|
2,413,772 |
|
|
|
2,500 |
|
|
|
810 |
|
|
|
1,343 |
|
| Issued as reinvestment of distributions-Class R-3 |
|
|
215 |
|
|
|
— |
|
|
|
119,916 |
|
|
|
74,897 |
|
|
|
— |
|
|
|
803 |
|
|
|
836 |
|
| Cost of shares redeemed-Class R-3 |
|
|
(251,600 |
) |
|
|
(283,650 |
) |
|
|
(1,166,617 |
) |
|
|
(456,723 |
) |
|
|
— |
|
|
|
(807 |
) |
|
|
(26,026 |
) |
| Proceeds from shares sold-Class R-5 |
|
|
4,157,409 |
|
|
|
6,934,710 |
|
|
|
3,267,724 |
|
|
|
157,341 |
|
|
|
2,500 |
|
|
|
— |
|
|
|
— |
|
| Proceeds issued in connection with merger-Class R-5 |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
20,748 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class R-5 |
|
|
225,574 |
|
|
|
— |
|
|
|
26,441 |
|
|
|
2,979 |
|
|
|
— |
|
|
|
93 |
|
|
|
61 |
|
| Cost of shares redeemed-Class R-5 |
|
|
(20,201,109 |
) |
|
|
(4,390,226 |
) |
|
|
(277,226 |
) |
|
|
(32,371 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Proceeds from shares sold-Class R-6 |
|
|
N/A |
|
|
|
N/A |
|
|
|
50,000 |
|
|
|
— |
|
|
|
2,500 |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class R-6 |
|
|
N/A |
|
|
|
N/A |
|
|
|
407 |
|
|
|
194 |
|
|
|
— |
|
|
|
N/A |
|
|
|
N/A |
|
| Cost of shares redeemed-Class R-6 |
|
|
N/A |
|
|
|
N/A |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
N/A |
|
|
|
N/A |
|
| Net increase (decrease) from fund share transactions |
|
|
(65,835,037 |
) |
|
|
(134,252,336 |
) |
|
|
68,881,085 |
|
|
|
97,259,398 |
|
|
|
6,121,290 |
|
|
|
(43,466,692 |
) |
|
|
17,070,594 |
|
| Increase (decrease) in net assets |
|
|
11,356,638 |
|
|
|
(89,147,523 |
) |
|
|
142,928,474 |
|
|
|
114,697,122 |
|
|
|
6,748,495 |
|
|
|
(48,935,587 |
) |
|
|
19,345,408 |
|
| Net assets, end of period (b) |
|
|
324,382,862 |
|
|
|
313,026,224 |
|
|
|
486,405,768 |
|
|
|
343,477,294 |
|
|
|
6,748,495 |
|
|
|
84,902,084 |
|
|
|
133,837,671 |
|
(b) Includes undistributed net investment income
(accumulated net investment loss) of |
|
|
$(613,607 |
) |
|
|
$(153,101 |
) |
|
|
$— |
|
|
|
$395,278 |
|
|
|
$49,352 |
|
|
|
$(53,605 |
) |
|
|
$(42,989 |
) |
|
|
|
|
|
|
|
|
| Shares issued and redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares sold-Class A |
|
|
509,322 |
|
|
|
717,778 |
|
|
|
3,952,726 |
|
|
|
3,838,861 |
|
|
|
233,253 |
|
|
|
850,499 |
|
|
|
1,679,587 |
|
| Shares issued in connection with merger-Class A |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
601,815 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class A |
|
|
22,220 |
|
|
|
— |
|
|
|
443,111 |
|
|
|
695,331 |
|
|
|
— |
|
|
|
113,335 |
|
|
|
67,612 |
|
| Shares redeemed-Class A |
|
|
(1,908,695 |
) |
|
|
(5,029,602 |
) |
|
|
(4,201,440 |
) |
|
|
(2,680,955 |
) |
|
|
(20,537 |
) |
|
|
(2,659,364 |
) |
|
|
(1,386,441 |
) |
| Shares sold-Class C |
|
|
119,287 |
|
|
|
109,997 |
|
|
|
2,862,804 |
|
|
|
2,935,224 |
|
|
|
176,776 |
|
|
|
399,832 |
|
|
|
1,355,569 |
|
| Shares issued in connection with merger-Class C |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
588,982 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class C |
|
|
— |
|
|
|
— |
|
|
|
260,498 |
|
|
|
395,863 |
|
|
|
— |
|
|
|
93,105 |
|
|
|
42,147 |
|
| Shares redeemed-Class C |
|
|
(577,620 |
) |
|
|
(509,989 |
) |
|
|
(1,538,601 |
) |
|
|
(1,195,012 |
) |
|
|
(7,718 |
) |
|
|
(1,751,907 |
) |
|
|
(844,950 |
) |
| Shares sold-Class I |
|
|
541,945 |
|
|
|
110,406 |
|
|
|
3,712,705 |
|
|
|
2,266,448 |
|
|
|
28,208 |
|
|
|
235,093 |
|
|
|
301,257 |
|
| Shares issued in connection with merger-Class I |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
372,654 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class I |
|
|
2,777 |
|
|
|
— |
|
|
|
86,136 |
|
|
|
62,333 |
|
|
|
— |
|
|
|
8,933 |
|
|
|
4,595 |
|
| Shares redeemed-Class I |
|
|
(242,105 |
) |
|
|
(318,659 |
) |
|
|
(1,324,515 |
) |
|
|
(576,422 |
) |
|
|
— |
|
|
|
(214,015 |
) |
|
|
(99,103 |
) |
| Shares sold-Class R-3 |
|
|
4,568 |
|
|
|
3,865 |
|
|
|
95,883 |
|
|
|
177,013 |
|
|
|
175 |
|
|
|
53 |
|
|
|
88 |
|
| Issued as reinvestment of distributions-Class R-3 |
|
|
7 |
|
|
|
— |
|
|
|
8,309 |
|
|
|
5,849 |
|
|
|
— |
|
|
|
53 |
|
|
|
55 |
|
| Shares redeemed-Class R-3 |
|
|
(7,629 |
) |
|
|
(9,184 |
) |
|
|
(75,228 |
) |
|
|
(34,855 |
) |
|
|
— |
|
|
|
(54 |
) |
|
|
(1,699 |
) |
| Shares sold-Class R-5 |
|
|
120,333 |
|
|
|
229,922 |
|
|
|
208,356 |
|
|
|
11,969 |
|
|
|
175 |
|
|
|
— |
|
|
|
— |
|
| Shares issued in connection with merger-Class R-5 |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
1,595 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class R-5 |
|
|
6,863 |
|
|
|
— |
|
|
|
1,702 |
|
|
|
223 |
|
|
|
— |
|
|
|
6 |
|
|
|
4 |
|
| Shares redeemed-Class R-5 |
|
|
(567,077 |
) |
|
|
(143,294 |
) |
|
|
(17,111 |
) |
|
|
(2,424 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Shares sold-Class R-6 |
|
|
N/A |
|
|
|
N/A |
|
|
|
3,066 |
|
|
|
— |
|
|
|
175 |
|
|
|
N/A |
|
|
|
N/A |
|
| Issued as reinvestment of distributions-Class R-6 |
|
|
N/A |
|
|
|
N/A |
|
|
|
26 |
|
|
|
15 |
|
|
|
— |
|
|
|
N/A |
|
|
|
N/A |
|
| Shares redeemed-Class R-6 |
|
|
N/A |
|
|
|
N/A |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
N/A |
|
|
|
N/A |
|
| Shares issued and redeemed |
|
|
(1,975,804 |
) |
|
|
(4,838,760 |
) |
|
|
4,478,427 |
|
|
|
7,464,507 |
|
|
|
410,507 |
|
|
|
(2,924,431 |
) |
|
|
1,118,721 |
|
|
|
|
|
|
|
|
|
| (a) Commencement of Operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 30 |
|
The accompanying notes are an integral part of the financial statements. |
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Mid Cap Growth Fund |
|
|
Eagle Mid Cap Stock Fund |
|
|
Eagle Small Cap Growth Fund |
|
|
Eagle Small
Cap Stock Fund |
|
|
Eagle Smaller Company Fund |
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
|
12/31/12 (a) to
10/31/13 |
|
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
|
|
|
|
|
|
|
|
|
| |
$434,303,948 |
|
|
|
$386,134,823 |
|
|
|
$543,439,645 |
|
|
|
$981,152,942 |
|
|
|
$2,718,670,112 |
|
|
|
$1,535,886,218 |
|
|
|
$— |
|
|
|
$78,849,585 |
|
|
|
$79,210,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(703,178 |
) |
|
|
(2,766,218 |
) |
|
|
(1,422,711 |
) |
|
|
(1,556,751 |
) |
|
|
(5,183,454 |
) |
|
|
(9,892,974 |
) |
|
|
(87,125 |
) |
|
|
92,056 |
|
|
|
358,971 |
|
| |
31,895,135 |
|
|
|
18,539,962 |
|
|
|
32,546,008 |
|
|
|
153,967,944 |
|
|
|
86,131,918 |
|
|
|
(33,512,594 |
) |
|
|
387,727 |
|
|
|
3,531,728 |
|
|
|
5,760,464 |
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
119,833,638 |
|
|
|
12,365,462 |
|
|
|
98,358,673 |
|
|
|
(80,618,977 |
) |
|
|
852,731,224 |
|
|
|
174,682,950 |
|
|
|
1,987,948 |
|
|
|
26,336,657 |
|
|
|
999,291 |
|
| |
151,025,595 |
|
|
|
28,139,206 |
|
|
|
129,481,970 |
|
|
|
71,792,216 |
|
|
|
933,679,688 |
|
|
|
131,277,382 |
|
|
|
2,288,550 |
|
|
|
29,960,441 |
|
|
|
7,118,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(903,321 |
) |
|
|
— |
|
|
|
— |
|
|
|
(553,093 |
) |
|
|
(29,578 |
) |
| |
(15,908,617 |
) |
|
|
— |
|
|
|
(75,993,788 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,715,716 |
) |
|
|
(10,468,101 |
) |
| |
(15,908,617 |
) |
|
|
— |
|
|
|
(75,993,788 |
) |
|
|
— |
|
|
|
(903,321 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,268,809 |
) |
|
|
(10,497,679 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
64,900,855 |
|
|
|
112,576,206 |
|
|
|
11,663,576 |
|
|
|
19,725,409 |
|
|
|
412,049,520 |
|
|
|
371,729,117 |
|
|
|
11,029,634 |
|
|
|
4,084,965 |
|
|
|
2,932,544 |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
7,801,024 |
|
|
|
— |
|
|
|
33,533,368 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
930,631 |
|
|
|
1,365,600 |
|
| |
(72,502,676 |
) |
|
|
(130,128,815 |
) |
|
|
(122,470,173 |
) |
|
|
(341,290,247 |
) |
|
|
(341,018,778 |
) |
|
|
(215,827,492 |
) |
|
|
(458,449 |
) |
|
|
(3,245,625 |
) |
|
|
(2,378,466 |
) |
| |
10,992,386 |
|
|
|
19,944,837 |
|
|
|
4,779,422 |
|
|
|
6,325,023 |
|
|
|
40,769,932 |
|
|
|
34,854,989 |
|
|
|
8,699,611 |
|
|
|
2,703,952 |
|
|
|
1,548,911 |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
3,225,017 |
|
|
|
— |
|
|
|
22,414,326 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
536,376 |
|
|
|
842,720 |
|
| |
(13,910,284 |
) |
|
|
(13,892,879 |
) |
|
|
(49,141,433 |
) |
|
|
(78,390,933 |
) |
|
|
(22,953,739 |
) |
|
|
(18,935,695 |
) |
|
|
(194,133 |
) |
|
|
(1,191,406 |
) |
|
|
(1,173,634 |
) |
| |
34,287,853 |
|
|
|
44,066,950 |
|
|
|
29,641,815 |
|
|
|
48,106,027 |
|
|
|
727,095,439 |
|
|
|
875,394,108 |
|
|
|
3,025,544 |
|
|
|
42,191,540 |
|
|
|
9,888,102 |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
2,660,852 |
|
|
|
— |
|
|
|
15,408,290 |
|
|
|
— |
|
|
|
334,383 |
|
|
|
— |
|
|
|
— |
|
|
|
4,468,703 |
|
|
|
7,797,913 |
|
| |
(20,119,800 |
) |
|
|
(26,002,685 |
) |
|
|
(78,899,645 |
) |
|
|
(107,463,540 |
) |
|
|
(668,406,588 |
) |
|
|
(311,625,421 |
) |
|
|
(67,605 |
) |
|
|
(14,329,298 |
) |
|
|
(18,015,128 |
) |
| |
4,303,047 |
|
|
|
5,828,678 |
|
|
|
2,537,900 |
|
|
|
4,065,929 |
|
|
|
39,537,175 |
|
|
|
45,740,438 |
|
|
|
2,500 |
|
|
|
113,471 |
|
|
|
211,273 |
|
| |
279,183 |
|
|
|
— |
|
|
|
932,905 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,966 |
|
|
|
1,082 |
|
| |
(3,381,453 |
) |
|
|
(2,234,679 |
) |
|
|
(4,634,618 |
) |
|
|
(2,743,975 |
) |
|
|
(19,674,347 |
) |
|
|
(13,151,500 |
) |
|
|
— |
|
|
|
(123,717 |
) |
|
|
(3,814 |
) |
| |
9,011,085 |
|
|
|
17,416,695 |
|
|
|
310,706 |
|
|
|
4,739,715 |
|
|
|
140,917,988 |
|
|
|
138,787,831 |
|
|
|
2,500 |
|
|
|
49,871 |
|
|
|
— |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
1,077,505 |
|
|
|
— |
|
|
|
486,525 |
|
|
|
— |
|
|
|
49,011 |
|
|
|
— |
|
|
|
— |
|
|
|
275 |
|
|
|
404 |
|
| |
(10,545,269 |
) |
|
|
(8,296,646 |
) |
|
|
(13,239,409 |
) |
|
|
(62,578,921 |
) |
|
|
(120,018,665 |
) |
|
|
(44,560,198 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
7,066,939 |
|
|
|
769,536 |
|
|
|
419,189 |
|
|
|
— |
|
|
|
190,792,778 |
|
|
|
216,805,471 |
|
|
|
2,500 |
|
|
|
17,546,017 |
|
|
|
— |
|
| |
29,351 |
|
|
|
— |
|
|
|
396 |
|
|
|
— |
|
|
|
344,748 |
|
|
|
— |
|
|
|
— |
|
|
|
234 |
|
|
|
341 |
|
| |
(1,033,200 |
) |
|
|
(17,279 |
) |
|
|
(88,078 |
) |
|
|
— |
|
|
|
(49,971,570 |
) |
|
|
(27,705,136 |
) |
|
|
— |
|
|
|
(1,759,834 |
) |
|
|
— |
|
| |
24,142,415 |
|
|
|
20,029,919 |
|
|
|
(146,344,938 |
) |
|
|
(509,505,513 |
) |
|
|
329,847,287 |
|
|
|
1,051,506,512 |
|
|
|
22,042,102 |
|
|
|
51,981,121 |
|
|
|
3,017,848 |
|
| |
159,259,393 |
|
|
|
48,169,125 |
|
|
|
(92,856,756 |
) |
|
|
(437,713,297 |
) |
|
|
1,262,623,654 |
|
|
|
1,182,783,894 |
|
|
|
24,330,652 |
|
|
|
75,672,753 |
|
|
|
(361,131 |
) |
| |
593,563,341 |
|
|
|
434,303,948 |
|
|
|
450,582,889 |
|
|
|
543,439,645 |
|
|
|
3,981,293,766 |
|
|
|
2,718,670,112 |
|
|
|
24,330,652 |
|
|
|
154,522,338 |
|
|
|
78,849,585 |
|
|
$— |
|
|
|
$(2,505,988 |
) |
|
|
$— |
|
|
|
$(1,294,276 |
) |
|
|
$(14,774,729 |
) |
|
|
$(9,445,703 |
) |
|
|
$— |
|
|
|
$(25,685 |
) |
|
|
$324,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1,791,139 |
|
|
|
3,756,169 |
|
|
|
429,069 |
|
|
|
747,193 |
|
|
|
8,665,271 |
|
|
|
9,299,124 |
|
|
|
662,136 |
|
|
|
201,526 |
|
|
|
157,571 |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
243,174 |
|
|
|
— |
|
|
|
1,381,111 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
51,444 |
|
|
|
81,920 |
|
| |
(2,013,921 |
) |
|
|
(4,081,631 |
) |
|
|
(4,573,476 |
) |
|
|
(12,872,006 |
) |
|
|
(7,050,637 |
) |
|
|
(5,293,320 |
) |
|
|
(25,877 |
) |
|
|
(155,564 |
) |
|
|
(129,304 |
) |
| |
359,548 |
|
|
|
737,445 |
|
|
|
209,619 |
|
|
|
271,315 |
|
|
|
1,019,852 |
|
|
|
1,022,708 |
|
|
|
525,260 |
|
|
|
138,403 |
|
|
|
86,646 |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
116,301 |
|
|
|
— |
|
|
|
1,095,837 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,773 |
|
|
|
52,181 |
|
| |
(451,629 |
) |
|
|
(510,030 |
) |
|
|
(2,160,093 |
) |
|
|
(3,358,996 |
) |
|
|
(579,874 |
) |
|
|
(559,448 |
) |
|
|
(11,402 |
) |
|
|
(61,968 |
) |
|
|
(65,421 |
) |
| |
924,651 |
|
|
|
1,395,748 |
|
|
|
1,069,302 |
|
|
|
1,789,648 |
|
|
|
15,028,741 |
|
|
|
21,697,603 |
|
|
|
170,945 |
|
|
|
1,901,087 |
|
|
|
517,460 |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
80,656 |
|
|
|
— |
|
|
|
617,814 |
|
|
|
— |
|
|
|
7,764 |
|
|
|
— |
|
|
|
— |
|
|
|
242,996 |
|
|
|
460,870 |
|
| |
(547,814 |
) |
|
|
(825,832 |
) |
|
|
(2,795,977 |
) |
|
|
(3,933,132 |
) |
|
|
(13,657,131 |
) |
|
|
(7,589,962 |
) |
|
|
(3,797 |
) |
|
|
(688,228 |
) |
|
|
(969,162 |
) |
| |
123,416 |
|
|
|
191,423 |
|
|
|
97,260 |
|
|
|
152,417 |
|
|
|
849,995 |
|
|
|
1,147,045 |
|
|
|
175 |
|
|
|
5,736 |
|
|
|
11,202 |
|
| |
8,799 |
|
|
|
— |
|
|
|
39,050 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
277 |
|
|
|
65 |
|
| |
(91,655 |
) |
|
|
(71,943 |
) |
|
|
(171,042 |
) |
|
|
(102,832 |
) |
|
|
(415,803 |
) |
|
|
(332,342 |
) |
|
|
— |
|
|
|
(6,397 |
) |
|
|
(194 |
) |
| |
244,644 |
|
|
|
552,445 |
|
|
|
11,210 |
|
|
|
176,271 |
|
|
|
2,813,151 |
|
|
|
3,339,736 |
|
|
|
175 |
|
|
|
2,164 |
|
|
|
— |
|
| |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
32,691 |
|
|
|
— |
|
|
|
19,500 |
|
|
|
— |
|
|
|
1,135 |
|
|
|
— |
|
|
|
— |
|
|
|
15 |
|
|
|
24 |
|
| |
(281,644 |
) |
|
|
(260,178 |
) |
|
|
(472,297 |
) |
|
|
(2,263,695 |
) |
|
|
(2,447,709 |
) |
|
|
(1,073,911 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
176,307 |
|
|
|
23,665 |
|
|
|
15,552 |
|
|
|
— |
|
|
|
3,808,524 |
|
|
|
5,191,879 |
|
|
|
175 |
|
|
|
814,318 |
|
|
|
— |
|
| |
889 |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
7,978 |
|
|
|
— |
|
|
|
— |
|
|
|
13 |
|
|
|
20 |
|
| |
(26,672 |
) |
|
|
(529 |
) |
|
|
(2,948 |
) |
|
|
— |
|
|
|
(1,010,941 |
) |
|
|
(666,828 |
) |
|
|
— |
|
|
|
(76,757 |
) |
|
|
— |
|
| |
688,880 |
|
|
|
906,752 |
|
|
|
(5,190,493 |
) |
|
|
(19,393,817 |
) |
|
|
7,040,316 |
|
|
|
26,182,284 |
|
|
|
1,317,790 |
|
|
|
2,399,838 |
|
|
|
203,878 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
31 |
|
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal periods |
|
|
|
|
|
From investment operations |
|
|
Dividends & distributions |
|
|
|
|
|
Ratio to average net assets (%) |
|
|
|
|
|
|
|
|
|
|
| |
Beginning
net asset
value |
|
|
Income
(loss) |
|
|
Realized &
unrealized
gain (loss) |
|
|
Total |
|
|
From
investment
income |
|
|
From
realized
gains |
|
|
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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
22.65 |
|
|
|
(0.04 |
) |
|
|
3.63 |
|
|
|
3.59 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.24 |
|
|
|
1.27 |
|
|
|
1.27 |
|
|
|
(0.18 |
) |
|
|
45 |
|
|
|
15.85 |
|
|
|
469 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.58 |
|
|
|
(0.06 |
) |
|
|
4.13 |
|
|
|
4.07 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.65 |
|
|
|
1.32 |
|
|
|
1.32 |
|
|
|
(0.31 |
) |
|
|
54 |
|
|
|
21.91 |
|
|
|
367 |
|
| Class C* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
19.90 |
|
|
|
(0.19 |
) |
|
|
3.17 |
|
|
|
2.98 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.88 |
|
|
|
1.99 |
|
|
|
1.99 |
|
|
|
(0.91 |
) |
|
|
45 |
|
|
|
14.97 |
|
|
|
81 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
16.45 |
|
|
|
(0.18 |
) |
|
|
3.63 |
|
|
|
3.45 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19.90 |
|
|
|
2.08 |
|
|
|
2.08 |
|
|
|
(1.07 |
) |
|
|
54 |
|
|
|
20.97 |
|
|
|
84 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
22.98 |
|
|
|
0.04 |
|
|
|
3.70 |
|
|
|
3.74 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.72 |
|
|
|
0.91 |
|
|
|
0.91 |
|
|
|
0.17 |
|
|
|
45 |
|
|
|
16.28 |
|
|
|
11 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.78 |
|
|
|
0.01 |
|
|
|
4.19 |
|
|
|
4.20 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.98 |
|
|
|
0.94 |
|
|
|
0.94 |
|
|
|
0.07 |
|
|
|
54 |
|
|
|
22.36 |
|
|
|
14 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
22.52 |
|
|
|
(0.10 |
) |
|
|
3.61 |
|
|
|
3.51 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.03 |
|
|
|
1.49 |
|
|
|
1.49 |
|
|
|
(0.41 |
) |
|
|
45 |
|
|
|
15.59 |
|
|
|
1 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.51 |
|
|
|
(0.10 |
) |
|
|
4.11 |
|
|
|
4.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.52 |
|
|
|
1.49 |
|
|
|
1.49 |
|
|
|
(0.51 |
) |
|
|
54 |
|
|
|
21.66 |
|
|
|
1 |
|
| Class R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
22.94 |
|
|
|
0.06 |
|
|
|
3.67 |
|
|
|
3.73 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.67 |
|
|
|
0.87 |
|
|
|
0.87 |
|
|
|
0.22 |
|
|
|
45 |
|
|
|
16.26 |
|
|
|
24 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.73 |
|
|
|
0.02 |
|
|
|
4.19 |
|
|
|
4.21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.94 |
|
|
|
0.87 |
|
|
|
0.87 |
|
|
|
0.12 |
|
|
|
54 |
|
|
|
22.48 |
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Growth & Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
11.57 |
|
|
|
0.20 |
|
|
|
1.26 |
|
|
|
1.46 |
|
|
|
(0.20 |
) |
|
|
— |
|
|
|
(0.20 |
) |
|
|
12.83 |
|
|
|
1.40 |
|
|
|
1.30 |
|
|
|
1.61 |
|
|
|
50 |
|
|
|
12.65 |
|
|
|
128 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
9.71 |
|
|
|
0.31 |
|
|
|
1.86 |
|
|
|
2.17 |
|
|
|
(0.31 |
) |
|
|
— |
|
|
|
(0.31 |
) |
|
|
11.57 |
|
|
|
1.39 |
|
|
|
1.55 |
|
|
|
3.12 |
|
|
|
57 |
|
|
|
22.88 |
|
|
|
90 |
|
| Class C* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
11.24 |
|
|
|
0.11 |
|
|
|
1.23 |
|
|
|
1.34 |
|
|
|
(0.12 |
) |
|
|
— |
|
|
|
(0.12 |
) |
|
|
12.46 |
|
|
|
2.12 |
|
|
|
2.05 |
|
|
|
0.89 |
|
|
|
50 |
|
|
|
11.95 |
|
|
|
72 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
9.45 |
|
|
|
0.23 |
|
|
|
1.80 |
|
|
|
2.03 |
|
|
|
(0.24 |
) |
|
|
— |
|
|
|
(0.24 |
) |
|
|
11.24 |
|
|
|
2.19 |
|
|
|
2.31 |
|
|
|
2.35 |
|
|
|
57 |
|
|
|
21.89 |
|
|
|
49 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
11.56 |
|
|
|
0.29 |
|
|
|
1.22 |
|
|
|
1.51 |
|
|
|
(0.25 |
) |
|
|
— |
|
|
|
(0.25 |
) |
|
|
12.82 |
|
|
|
0.95 |
|
|
|
0.97 |
|
|
|
2.01 |
|
|
|
50 |
|
|
|
13.15 |
|
|
|
9 |
|
| 03/18/09 |
|
|
10/31/09 |
|
|
|
8.43 |
|
|
|
0.20 |
|
|
|
3.20 |
|
|
|
3.40 |
|
|
|
(0.27 |
) |
|
|
— |
|
|
|
(0.27 |
) |
|
|
11.56 |
|
|
|
0.95 |
(e) |
|
|
1.12 |
(e) |
|
|
3.08 |
(e) |
|
|
57 |
|
|
|
40.72 |
|
|
|
2 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
11.55 |
|
|
|
0.18 |
|
|
|
1.26 |
|
|
|
1.44 |
|
|
|
(0.18 |
) |
|
|
— |
|
|
|
(0.18 |
) |
|
|
12.81 |
|
|
|
1.54 |
|
|
|
1.54 |
|
|
|
1.46 |
|
|
|
50 |
|
|
|
12.54 |
|
|
|
0 |
|
| 09/30/09 |
|
|
10/31/09 |
|
|
|
11.84 |
|
|
|
0.01 |
|
|
|
(0.22 |
) |
|
|
(0.21 |
) |
|
|
(0.08 |
) |
|
|
— |
|
|
|
(0.08 |
) |
|
|
11.55 |
|
|
|
1.65 |
(e) |
|
|
1.56 |
(e) |
|
|
0.94 |
(e) |
|
|
57 |
|
|
|
(1.83 |
) |
|
|
0 |
|
|
|
|
| 32 |
|
The accompanying notes are an integral part of the financial statements. |
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal periods |
|
|
|
|
|
From investment operations |
|
|
Dividends & distributions |
|
|
|
|
|
Ratio to average net assets (%) |
|
|
|
|
|
|
|
|
|
|
| |
Beginning
net asset
value |
|
|
Income
(loss) |
|
|
Realized &
unrealized
gain (loss) |
|
|
Total |
|
|
From
investment
income |
|
|
From
realized
gains |
|
|
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 R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 12/28/09 |
|
|
10/31/10 |
|
|
|
12.11 |
|
|
|
0.22 |
|
|
|
0.69 |
|
|
|
0.91 |
|
|
|
(0.19 |
) |
|
|
— |
|
|
|
(0.19 |
) |
|
|
12.83 |
|
|
|
0.95 |
(e) |
|
|
1.85 |
(e) |
|
|
2.11 |
(e) |
|
|
50 |
|
|
|
7.53 |
|
|
|
0 |
|
| Class R-6* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| Class R-6* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
15.51 |
|
|
|
0.12 |
|
|
|
(0.27 |
) |
|
|
(0.15 |
) |
|
|
(0.11 |
) |
|
|
(0.36 |
) |
|
|
(0.47 |
) |
|
|
14.89 |
|
|
|
0.85 |
|
|
|
1.01 |
|
|
|
0.80 |
|
|
|
136 |
|
|
|
(1.00 |
) |
|
|
37 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
15.25 |
|
|
|
0.18 |
|
|
|
0.39 |
|
|
|
0.57 |
|
|
|
(0.18 |
) |
|
|
(0.13 |
) |
|
|
(0.31 |
) |
|
|
15.51 |
|
|
|
0.85 |
|
|
|
0.96 |
|
|
|
1.15 |
|
|
|
94 |
|
|
|
3.77 |
|
|
|
65 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
15.15 |
|
|
|
0.20 |
|
|
|
0.21 |
|
|
|
0.41 |
|
|
|
(0.23 |
) |
|
|
(0.08 |
) |
|
|
(0.31 |
) |
|
|
15.25 |
|
|
|
0.85 |
|
|
|
1.04 |
|
|
|
1.34 |
|
|
|
78 |
|
|
|
2.75 |
|
|
|
58 |
|
| 03/01/10 |
|
|
10/31/10 |
|
|
|
14.44 |
|
|
|
0.16 |
|
|
|
0.67 |
|
|
|
0.83 |
|
|
|
(0.12 |
) |
|
|
— |
|
|
|
(0.12 |
) |
|
|
15.15 |
|
|
|
0.85 |
(e) |
|
|
1.48 |
(e) |
|
|
1.51 |
(e) |
|
|
53 |
|
|
|
5.78 |
|
|
|
48 |
|
| Class C* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
15.49 |
|
|
|
— |
(f) |
|
|
(0.26 |
) |
|
|
(0.26 |
) |
|
|
(0.01 |
) |
|
|
(0.36 |
) |
|
|
(0.37 |
) |
|
|
14.86 |
|
|
|
1.65 |
|
|
|
1.77 |
|
|
|
0.01 |
|
|
|
136 |
|
|
|
(1.75 |
) |
|
|
41 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
15.23 |
|
|
|
0.05 |
|
|
|
0.40 |
|
|
|
0.45 |
|
|
|
(0.06 |
) |
|
|
(0.13 |
) |
|
|
(0.19 |
) |
|
|
15.49 |
|
|
|
1.65 |
|
|
|
1.72 |
|
|
|
0.34 |
|
|
|
94 |
|
|
|
2.96 |
|
|
|
63 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
15.13 |
|
|
|
0.08 |
|
|
|
0.21 |
|
|
|
0.29 |
|
|
|
(0.11 |
) |
|
|
(0.08 |
) |
|
|
(0.19 |
) |
|
|
15.23 |
|
|
|
1.65 |
|
|
|
1.79 |
|
|
|
0.55 |
|
|
|
78 |
|
|
|
1.95 |
|
|
|
53 |
|
| 03/01/10 |
|
|
10/31/10 |
|
|
|
14.44 |
|
|
|
0.07 |
|
|
|
0.68 |
|
|
|
0.75 |
|
|
|
(0.06 |
) |
|
|
— |
|
|
|
(0.06 |
) |
|
|
15.13 |
|
|
|
1.65 |
(e) |
|
|
2.23 |
(e) |
|
|
0.68 |
(e) |
|
|
53 |
|
|
|
5.23 |
|
|
|
50 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
15.54 |
|
|
|
0.16 |
|
|
|
(0.27 |
) |
|
|
(0.11 |
) |
|
|
(0.15 |
) |
|
|
(0.36 |
) |
|
|
(0.51 |
) |
|
|
14.92 |
|
|
|
0.60 |
|
|
|
0.72 |
|
|
|
1.04 |
|
|
|
136 |
|
|
|
(0.74 |
) |
|
|
7 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
15.27 |
|
|
|
0.21 |
|
|
|
0.41 |
|
|
|
0.62 |
|
|
|
(0.22 |
) |
|
|
(0.13 |
) |
|
|
(0.35 |
) |
|
|
15.54 |
|
|
|
0.60 |
|
|
|
0.67 |
|
|
|
1.38 |
|
|
|
94 |
|
|
|
4.09 |
|
|
|
6 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
15.17 |
|
|
|
0.24 |
|
|
|
0.20 |
|
|
|
0.44 |
|
|
|
(0.26 |
) |
|
|
(0.08 |
) |
|
|
(0.34 |
) |
|
|
15.27 |
|
|
|
0.60 |
|
|
|
0.74 |
|
|
|
1.58 |
|
|
|
78 |
|
|
|
2.97 |
|
|
|
3 |
|
| 03/01/10 |
|
|
10/31/10 |
|
|
|
14.44 |
|
|
|
0.16 |
|
|
|
0.71 |
|
|
|
0.87 |
|
|
|
(0.14 |
) |
|
|
— |
|
|
|
(0.14 |
) |
|
|
15.17 |
|
|
|
0.60 |
(e) |
|
|
2.11 |
(e) |
|
|
1.59 |
(e) |
|
|
53 |
|
|
|
6.05 |
|
|
|
4 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
15.51 |
|
|
|
0.08 |
|
|
|
(0.27 |
) |
|
|
(0.19 |
) |
|
|
(0.07 |
) |
|
|
(0.36 |
) |
|
|
(0.43 |
) |
|
|
14.89 |
|
|
|
1.15 |
|
|
|
1.34 |
|
|
|
0.50 |
|
|
|
136 |
|
|
|
(1.28 |
) |
|
|
0 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
15.24 |
|
|
|
0.13 |
|
|
|
0.40 |
|
|
|
0.53 |
|
|
|
(0.13 |
) |
|
|
(0.13 |
) |
|
|
(0.26 |
) |
|
|
15.51 |
|
|
|
1.15 |
|
|
|
1.35 |
|
|
|
0.88 |
|
|
|
94 |
|
|
|
3.49 |
|
|
|
0 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
15.15 |
|
|
|
0.16 |
|
|
|
0.19 |
|
|
|
0.35 |
|
|
|
(0.18 |
) |
|
|
(0.08 |
) |
|
|
(0.26 |
) |
|
|
15.24 |
|
|
|
1.15 |
|
|
|
1.39 |
|
|
|
1.04 |
|
|
|
78 |
|
|
|
2.38 |
|
|
|
0 |
|
| 03/01/10 |
|
|
10/31/10 |
|
|
|
14.44 |
|
|
|
0.05 |
|
|
|
0.76 |
|
|
|
0.81 |
|
|
|
(0.10 |
) |
|
|
— |
|
|
|
(0.10 |
) |
|
|
15.15 |
|
|
|
1.14 |
(e) |
|
|
1.95 |
(e) |
|
|
0.91 |
(e) |
|
|
53 |
|
|
|
5.63 |
|
|
|
0 |
|
| Class R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
15.51 |
|
|
|
0.16 |
|
|
|
(0.27 |
) |
|
|
(0.11 |
) |
|
|
(0.15 |
) |
|
|
(0.36 |
) |
|
|
(0.51 |
) |
|
|
14.89 |
|
|
|
0.60 |
|
|
|
0.64 |
|
|
|
1.04 |
|
|
|
136 |
|
|
|
(0.77 |
) |
|
|
0 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
15.22 |
|
|
|
0.22 |
|
|
|
0.41 |
|
|
|
0.63 |
|
|
|
(0.21 |
) |
|
|
(0.13 |
) |
|
|
(0.34 |
) |
|
|
15.51 |
|
|
|
0.60 |
|
|
|
0.60 |
|
|
|
1.41 |
|
|
|
94 |
|
|
|
4.20 |
|
|
|
0 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
15.13 |
|
|
|
0.24 |
|
|
|
0.19 |
|
|
|
0.43 |
|
|
|
(0.26 |
) |
|
|
(0.08 |
) |
|
|
(0.34 |
) |
|
|
15.22 |
|
|
|
0.60 |
|
|
|
6.01 |
|
|
|
1.59 |
|
|
|
78 |
|
|
|
2.91 |
|
|
|
0 |
|
| 03/01/10 |
|
|
10/31/10 |
|
|
|
14.44 |
|
|
|
0.18 |
|
|
|
0.65 |
|
|
|
0.83 |
|
|
|
(0.14 |
) |
|
|
— |
|
|
|
(0.14 |
) |
|
|
15.13 |
|
|
|
0.61 |
(e) |
|
|
4.92 |
(e) |
|
|
1.77 |
(e) |
|
|
53 |
|
|
|
5.75 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Mid Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
31.52 |
|
|
|
(0.03 |
) |
|
|
10.68 |
|
|
|
10.65 |
|
|
|
— |
|
|
|
(1.14 |
) |
|
|
(1.14 |
) |
|
|
41.03 |
|
|
|
1.20 |
|
|
|
1.20 |
|
|
|
(0.08 |
) |
|
|
52 |
|
|
|
34.81 |
|
|
|
304 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
29.96 |
|
|
|
(0.18 |
) |
|
|
1.74 |
|
|
|
1.56 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31.52 |
|
|
|
1.22 |
|
|
|
1.22 |
|
|
|
(0.57 |
) |
|
|
87 |
|
|
|
5.21 |
|
|
|
233 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
28.03 |
|
|
|
(0.19 |
) |
|
|
2.12 |
|
|
|
1.93 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29.96 |
|
|
|
1.23 |
|
|
|
1.23 |
|
|
|
(0.60 |
) |
|
|
91 |
|
|
|
6.89 |
|
|
|
231 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
21.25 |
|
|
|
(0.09 |
) |
|
|
6.87 |
|
|
|
6.78 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.03 |
|
|
|
1.33 |
|
|
|
1.33 |
|
|
|
(0.36 |
) |
|
|
96 |
|
|
|
31.91 |
|
|
|
140 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.63 |
|
|
|
(0.11 |
) |
|
|
2.73 |
|
|
|
2.62 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.25 |
|
|
|
1.44 |
|
|
|
1.44 |
|
|
|
(0.59 |
) |
|
|
127 |
|
|
|
14.06 |
|
|
|
95 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
33 |
|
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal periods |
|
|
|
|
|
From investment operations |
|
|
Dividends & distributions |
|
|
|
|
|
Ratio to average net assets (%) |
|
|
|
|
|
|
|
|
|
|
| |
Beginning
net asset
value |
|
|
Income
(loss) |
|
|
Realized &
unrealized
gain (loss) |
|
|
Total |
|
|
From
investment
income |
|
|
From
realized
gains |
|
|
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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
27.41 |
|
|
|
(0.25 |
) |
|
|
9.22 |
|
|
|
8.97 |
|
|
|
— |
|
|
|
(1.14 |
) |
|
|
(1.14 |
) |
|
|
35.24 |
|
|
|
1.92 |
|
|
|
1.92 |
|
|
|
(0.80 |
) |
|
|
52 |
|
|
|
33.87 |
|
|
|
106 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
26.24 |
|
|
|
(0.34 |
) |
|
|
1.51 |
|
|
|
1.17 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.41 |
|
|
|
1.92 |
|
|
|
1.92 |
|
|
|
(1.27 |
) |
|
|
87 |
|
|
|
4.46 |
|
|
|
82 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
24.71 |
|
|
|
(0.35 |
) |
|
|
1.88 |
|
|
|
1.53 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.24 |
|
|
|
1.94 |
|
|
|
1.94 |
|
|
|
(1.30 |
) |
|
|
91 |
|
|
|
6.19 |
|
|
|
72 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
18.88 |
|
|
|
(0.24 |
) |
|
|
6.07 |
|
|
|
5.83 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24.71 |
|
|
|
2.10 |
|
|
|
2.10 |
|
|
|
(1.11 |
) |
|
|
96 |
|
|
|
30.88 |
|
|
|
58 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
16.68 |
|
|
|
(0.23 |
) |
|
|
2.43 |
|
|
|
2.20 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.88 |
|
|
|
2.22 |
|
|
|
2.22 |
|
|
|
(1.36 |
) |
|
|
127 |
|
|
|
13.19 |
|
|
|
45 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
32.36 |
|
|
|
0.08 |
|
|
|
11.01 |
|
|
|
11.09 |
|
|
|
— |
|
|
|
(1.14 |
) |
|
|
(1.14 |
) |
|
|
42.31 |
|
|
|
0.87 |
|
|
|
0.87 |
|
|
|
0.22 |
|
|
|
52 |
|
|
|
35.28 |
|
|
|
126 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
30.66 |
|
|
|
(0.07 |
) |
|
|
1.77 |
|
|
|
1.70 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32.36 |
|
|
|
0.88 |
|
|
|
0.88 |
|
|
|
(0.23 |
) |
|
|
87 |
|
|
|
5.54 |
|
|
|
81 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
28.58 |
|
|
|
(0.09 |
) |
|
|
2.17 |
|
|
|
2.08 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30.66 |
|
|
|
0.89 |
|
|
|
0.88 |
|
|
|
(0.29 |
) |
|
|
91 |
|
|
|
7.28 |
|
|
|
60 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
21.58 |
|
|
|
(0.02 |
) |
|
|
7.02 |
|
|
|
7.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.58 |
|
|
|
0.95 |
|
|
|
0.95 |
|
|
|
(0.07 |
) |
|
|
96 |
|
|
|
32.44 |
|
|
|
15 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.83 |
|
|
|
(0.02 |
) |
|
|
2.77 |
|
|
|
2.75 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.58 |
|
|
|
0.95 |
|
|
|
1.05 |
|
|
|
(0.13 |
) |
|
|
127 |
|
|
|
14.60 |
|
|
|
6 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
31.19 |
|
|
|
(0.14 |
) |
|
|
10.57 |
|
|
|
10.43 |
|
|
|
— |
|
|
|
(1.14 |
) |
|
|
(1.14 |
) |
|
|
40.48 |
|
|
|
1.49 |
|
|
|
1.49 |
|
|
|
(0.39 |
) |
|
|
52 |
|
|
|
34.46 |
|
|
|
12 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
29.73 |
|
|
|
(0.26 |
) |
|
|
1.72 |
|
|
|
1.46 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31.19 |
|
|
|
1.49 |
|
|
|
1.49 |
|
|
|
(0.84 |
) |
|
|
87 |
|
|
|
4.91 |
|
|
|
8 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
27.88 |
|
|
|
(0.27 |
) |
|
|
2.12 |
|
|
|
1.85 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29.73 |
|
|
|
1.52 |
|
|
|
1.52 |
|
|
|
(0.89 |
) |
|
|
91 |
|
|
|
6.64 |
|
|
|
4 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
21.19 |
|
|
|
(0.19 |
) |
|
|
6.88 |
|
|
|
6.69 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.88 |
|
|
|
1.61 |
|
|
|
1.61 |
|
|
|
(0.72 |
) |
|
|
96 |
|
|
|
31.57 |
|
|
|
1 |
|
| 01/12/09 |
|
|
10/31/09 |
|
|
|
16.84 |
|
|
|
(0.15 |
) |
|
|
4.50 |
|
|
|
4.35 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.19 |
|
|
|
1.74 |
(e) |
|
|
1.74 |
(e) |
|
|
(0.94 |
) (e) |
|
|
127 |
|
|
|
25.83 |
|
|
|
0 |
|
| Class R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
32.34 |
|
|
|
0.09 |
|
|
|
10.98 |
|
|
|
11.07 |
|
|
|
— |
|
|
|
(1.14 |
) |
|
|
(1.14 |
) |
|
|
42.27 |
|
|
|
0.89 |
|
|
|
0.89 |
|
|
|
0.24 |
|
|
|
52 |
|
|
|
35.24 |
|
|
|
39 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
30.64 |
|
|
|
(0.08 |
) |
|
|
1.78 |
|
|
|
1.70 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32.34 |
|
|
|
0.90 |
|
|
|
0.90 |
|
|
|
(0.25 |
) |
|
|
87 |
|
|
|
5.55 |
|
|
|
30 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
28.56 |
|
|
|
(0.11 |
) |
|
|
2.19 |
|
|
|
2.08 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30.64 |
|
|
|
0.91 |
|
|
|
0.91 |
|
|
|
(0.35 |
) |
|
|
91 |
|
|
|
7.28 |
|
|
|
19 |
|
| 12/28/09 |
|
|
10/31/10 |
|
|
|
24.70 |
|
|
|
(0.12 |
) |
|
|
3.98 |
|
|
|
3.86 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.56 |
|
|
|
0.95 |
(e) |
|
|
1.15 |
(e) |
|
|
(0.44 |
) (e) |
|
|
96 |
|
|
|
15.63 |
|
|
|
0 |
|
| Class R-6* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
27.14 |
|
|
|
(0.04 |
) |
|
|
7.40 |
|
|
|
7.36 |
|
|
|
— |
|
|
|
(4.02 |
) |
|
|
(4.02 |
) |
|
|
30.48 |
|
|
|
1.22 |
|
|
|
1.22 |
|
|
|
(0.14 |
) |
|
|
27 |
|
|
|
30.90 |
|
|
|
208 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
25.07 |
|
|
|
(0.02 |
) |
|
|
2.09 |
|
|
|
2.07 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.14 |
|
|
|
1.20 |
|
|
|
1.20 |
|
|
|
(0.09 |
) |
|
|
184 |
|
|
|
8.26 |
|
|
|
260 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
25.37 |
|
|
|
(0.03 |
) |
|
|
(0.27 |
) |
|
|
(0.30 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.07 |
|
|
|
1.14 |
|
|
|
1.14 |
|
|
|
(0.11 |
) |
|
|
242 |
|
|
|
(1.18 |
) |
|
|
544 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
21.10 |
|
|
|
(0.07 |
) |
|
|
4.34 |
|
|
|
4.27 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.37 |
|
|
|
1.20 |
|
|
|
1.20 |
|
|
|
(0.32 |
) |
|
|
245 |
|
|
|
20.24 |
|
|
|
736 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.34 |
|
|
|
(0.03 |
) |
|
|
2.79 |
|
|
|
2.76 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.10 |
|
|
|
1.26 |
|
|
|
1.26 |
|
|
|
(0.18 |
) |
|
|
196 |
|
|
|
15.05 |
|
|
|
812 |
|
| Class C* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
23.49 |
|
|
|
(0.21 |
) |
|
|
6.26 |
|
|
|
6.05 |
|
|
|
— |
|
|
|
(4.02 |
) |
|
|
(4.02 |
) |
|
|
25.52 |
|
|
|
1.95 |
|
|
|
1.95 |
|
|
|
(0.90 |
) |
|
|
27 |
|
|
|
30.00 |
|
|
|
138 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
21.86 |
|
|
|
(0.20 |
) |
|
|
1.83 |
|
|
|
1.63 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23.49 |
|
|
|
1.92 |
|
|
|
1.92 |
|
|
|
(0.85 |
) |
|
|
184 |
|
|
|
7.46 |
|
|
|
147 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
22.28 |
|
|
|
(0.19 |
) |
|
|
(0.23 |
) |
|
|
(0.42 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.86 |
|
|
|
1.85 |
|
|
|
1.85 |
|
|
|
(0.83 |
) |
|
|
242 |
|
|
|
(1.89 |
) |
|
|
204 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
18.67 |
|
|
|
(0.21 |
) |
|
|
3.82 |
|
|
|
3.61 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.28 |
|
|
|
1.93 |
|
|
|
1.93 |
|
|
|
(1.06 |
) |
|
|
245 |
|
|
|
19.34 |
|
|
|
239 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
16.34 |
|
|
|
(0.15 |
) |
|
|
2.48 |
|
|
|
2.33 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.67 |
|
|
|
2.00 |
|
|
|
2.00 |
|
|
|
(0.93 |
) |
|
|
196 |
|
|
|
14.26 |
|
|
|
232 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
27.76 |
|
|
|
0.03 |
|
|
|
7.62 |
|
|
|
7.65 |
|
|
|
— |
|
|
|
(4.02 |
) |
|
|
(4.02 |
) |
|
|
31.39 |
|
|
|
0.95 |
|
|
|
1.12 |
|
|
|
0.11 |
|
|
|
27 |
|
|
|
31.31 |
|
|
|
98 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
25.58 |
|
|
|
0.04 |
|
|
|
2.14 |
|
|
|
2.18 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.76 |
|
|
|
0.91 |
|
|
|
0.91 |
|
|
|
0.16 |
|
|
|
184 |
|
|
|
8.52 |
|
|
|
118 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
25.79 |
|
|
|
0.07 |
|
|
|
(0.28 |
) |
|
|
(0.21 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.58 |
|
|
|
0.79 |
|
|
|
0.79 |
|
|
|
0.24 |
|
|
|
242 |
|
|
|
(0.81 |
) |
|
|
163 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
21.36 |
|
|
|
0.01 |
|
|
|
4.42 |
|
|
|
4.43 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.79 |
|
|
|
0.79 |
|
|
|
0.79 |
|
|
|
0.06 |
|
|
|
245 |
|
|
|
20.74 |
|
|
|
340 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.49 |
|
|
|
0.03 |
|
|
|
2.84 |
|
|
|
2.87 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.36 |
|
|
|
0.87 |
|
|
|
0.87 |
|
|
|
0.16 |
|
|
|
196 |
|
|
|
15.52 |
|
|
|
254 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
26.78 |
|
|
|
(0.13 |
) |
|
|
7.29 |
|
|
|
7.16 |
|
|
|
— |
|
|
|
(4.02 |
) |
|
|
(4.02 |
) |
|
|
29.92 |
|
|
|
1.52 |
|
|
|
1.52 |
|
|
|
(0.48 |
) |
|
|
27 |
|
|
|
30.53 |
|
|
|
6 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
24.80 |
|
|
|
(0.12 |
) |
|
|
2.10 |
|
|
|
1.98 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.78 |
|
|
|
1.49 |
|
|
|
1.49 |
|
|
|
(0.47 |
) |
|
|
184 |
|
|
|
7.98 |
|
|
|
6 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
25.17 |
|
|
|
(0.11 |
) |
|
|
(0.26 |
) |
|
|
(0.37 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24.80 |
|
|
|
1.43 |
|
|
|
1.43 |
|
|
|
(0.43 |
) |
|
|
242 |
|
|
|
(1.47 |
) |
|
|
5 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
20.98 |
|
|
|
(0.13 |
) |
|
|
4.32 |
|
|
|
4.19 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.17 |
|
|
|
1.41 |
|
|
|
1.41 |
|
|
|
(0.57 |
) |
|
|
245 |
|
|
|
19.97 |
|
|
|
4 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.26 |
|
|
|
(0.06 |
) |
|
|
2.78 |
|
|
|
2.72 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20.98 |
|
|
|
1.40 |
|
|
|
1.40 |
|
|
|
(0.35 |
) |
|
|
196 |
|
|
|
14.90 |
|
|
|
3 |
|
|
|
|
| 34 |
|
The accompanying notes are an integral part of the financial statements. |
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal periods |
|
|
|
|
|
From investment operations |
|
|
Dividends & distributions |
|
|
|
|
|
Ratio to average net assets (%) |
|
|
|
|
|
|
|
|
|
|
| |
Beginning
net asset
value |
|
|
Income
(loss) |
|
|
Realized &
unrealized
gain (loss) |
|
|
Total |
|
|
From
investment
income |
|
|
From
realized
gains |
|
|
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 R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
27.77 |
|
|
|
0.19 |
|
|
|
7.59 |
|
|
|
7.78 |
|
|
|
— |
|
|
|
(4.02 |
) |
|
|
(4.02 |
) |
|
|
31.53 |
|
|
|
0.84 |
|
|
|
0.84 |
|
|
|
0.69 |
|
|
|
27 |
|
|
|
31.84 |
|
|
|
1 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
25.60 |
|
|
|
0.05 |
|
|
|
2.12 |
|
|
|
2.17 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.77 |
|
|
|
0.94 |
|
|
|
0.94 |
|
|
|
0.19 |
|
|
|
184 |
|
|
|
8.48 |
|
|
|
13 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
25.83 |
|
|
|
0.05 |
|
|
|
(0.28 |
) |
|
|
(0.23 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.60 |
|
|
|
0.85 |
|
|
|
0.85 |
|
|
|
0.18 |
|
|
|
242 |
|
|
|
(0.89 |
) |
|
|
65 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
21.39 |
|
|
|
0.02 |
|
|
|
4.42 |
|
|
|
4.44 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.83 |
|
|
|
0.78 |
|
|
|
0.78 |
|
|
|
0.09 |
|
|
|
245 |
|
|
|
20.76 |
|
|
|
72 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
18.50 |
|
|
|
0.05 |
|
|
|
2.84 |
|
|
|
2.89 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.39 |
|
|
|
0.79 |
|
|
|
0.79 |
|
|
|
0.28 |
|
|
|
196 |
|
|
|
15.62 |
|
|
|
60 |
|
| Class R-6* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
41.13 |
|
|
|
(0.16 |
) |
|
|
13.36 |
|
|
|
13.20 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54.33 |
|
|
|
1.10 |
|
|
|
1.10 |
|
|
|
(0.33 |
) |
|
|
38 |
|
|
|
32.09 |
|
|
|
999 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
38.93 |
|
|
|
(0.24 |
) |
|
|
2.44 |
|
|
|
2.20 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41.13 |
|
|
|
1.11 |
|
|
|
1.11 |
|
|
|
(0.61 |
) |
|
|
44 |
|
|
|
5.65 |
|
|
|
690 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
33.79 |
|
|
|
(0.27 |
) |
|
|
5.41 |
|
|
|
5.14 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38.93 |
|
|
|
1.16 |
|
|
|
1.16 |
|
|
|
(0.69 |
) |
|
|
36 |
|
|
|
15.21 |
|
|
|
497 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
25.10 |
|
|
|
(0.16 |
) |
|
|
8.85 |
|
|
|
8.69 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33.79 |
|
|
|
1.31 |
|
|
|
1.31 |
|
|
|
(0.55 |
) |
|
|
49 |
|
|
|
34.62 |
|
|
|
266 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
22.52 |
|
|
|
(0.18 |
) |
|
|
2.76 |
|
|
|
2.58 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.10 |
|
|
|
1.37 |
|
|
|
1.37 |
|
|
|
(0.83 |
) |
|
|
110 |
|
|
|
11.46 |
|
|
|
200 |
|
| Class C* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
34.40 |
|
|
|
(0.42 |
) |
|
|
11.13 |
|
|
|
10.71 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45.11 |
|
|
|
1.82 |
|
|
|
1.82 |
|
|
|
(1.05 |
) |
|
|
38 |
|
|
|
31.13 |
|
|
|
189 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
32.78 |
|
|
|
(0.44 |
) |
|
|
2.06 |
|
|
|
1.62 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34.40 |
|
|
|
1.83 |
|
|
|
1.83 |
|
|
|
(1.32 |
) |
|
|
44 |
|
|
|
4.94 |
|
|
|
129 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
28.65 |
|
|
|
(0.46 |
) |
|
|
4.59 |
|
|
|
4.13 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32.78 |
|
|
|
1.86 |
|
|
|
1.86 |
|
|
|
(1.40 |
) |
|
|
36 |
|
|
|
14.42 |
|
|
|
108 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
21.44 |
|
|
|
(0.31 |
) |
|
|
7.52 |
|
|
|
7.21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.65 |
|
|
|
2.05 |
|
|
|
2.05 |
|
|
|
(1.25 |
) |
|
|
49 |
|
|
|
33.63 |
|
|
|
72 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
19.40 |
|
|
|
(0.30 |
) |
|
|
2.34 |
|
|
|
2.04 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.44 |
|
|
|
2.17 |
|
|
|
2.17 |
|
|
|
(1.63 |
) |
|
|
110 |
|
|
|
10.52 |
|
|
|
60 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
42.04 |
|
|
|
(0.01 |
) |
|
|
13.67 |
|
|
|
13.66 |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
|
55.68 |
|
|
|
0.79 |
|
|
|
0.79 |
|
|
|
(0.01 |
) |
|
|
38 |
|
|
|
32.49 |
|
|
|
1,815 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
39.65 |
|
|
|
(0.11 |
) |
|
|
2.50 |
|
|
|
2.39 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42.04 |
|
|
|
0.78 |
|
|
|
0.78 |
|
|
|
(0.28 |
) |
|
|
44 |
|
|
|
6.03 |
|
|
|
1,313 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
34.41 |
|
|
|
(0.14 |
) |
|
|
5.38 |
|
|
|
5.24 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
39.65 |
|
|
|
0.82 |
|
|
|
0.83 |
|
|
|
(0.37 |
) |
|
|
36 |
|
|
|
15.23 |
|
|
|
679 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
25.44 |
|
|
|
(0.12 |
) |
|
|
9.09 |
|
|
|
8.97 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34.41 |
|
|
|
0.86 |
|
|
|
0.86 |
|
|
|
(0.34 |
) |
|
|
49 |
|
|
|
35.26 |
|
|
|
97 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
22.72 |
|
|
|
(0.08 |
) |
|
|
2.80 |
|
|
|
2.72 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.44 |
|
|
|
0.87 |
|
|
|
0.87 |
|
|
|
(0.37 |
) |
|
|
110 |
|
|
|
11.97 |
|
|
|
20 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
40.68 |
|
|
|
(0.29 |
) |
|
|
13.19 |
|
|
|
12.90 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
53.58 |
|
|
|
1.37 |
|
|
|
1.37 |
|
|
|
(0.62 |
) |
|
|
38 |
|
|
|
31.71 |
|
|
|
134 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
38.58 |
|
|
|
(0.35 |
) |
|
|
2.45 |
|
|
|
2.10 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
40.68 |
|
|
|
1.38 |
|
|
|
1.38 |
|
|
|
(0.88 |
) |
|
|
44 |
|
|
|
5.44 |
|
|
|
84 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
33.52 |
|
|
|
(0.34 |
) |
|
|
5.40 |
|
|
|
5.06 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38.58 |
|
|
|
1.37 |
|
|
|
1.37 |
|
|
|
(0.90 |
) |
|
|
36 |
|
|
|
15.10 |
|
|
|
48 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
24.96 |
|
|
|
(0.19 |
) |
|
|
8.75 |
|
|
|
8.56 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33.52 |
|
|
|
1.55 |
|
|
|
1.55 |
|
|
|
(0.66 |
) |
|
|
49 |
|
|
|
34.29 |
|
|
|
2 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
22.44 |
|
|
|
(0.18 |
) |
|
|
2.70 |
|
|
|
2.52 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24.96 |
|
|
|
1.54 |
|
|
|
1.54 |
|
|
|
(1.01 |
) |
|
|
110 |
|
|
|
11.23 |
|
|
|
2 |
|
| Class R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
42.14 |
|
|
|
0.01 |
|
|
|
13.69 |
|
|
|
13.70 |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
|
55.83 |
|
|
|
0.77 |
|
|
|
0.77 |
|
|
|
0.02 |
|
|
|
38 |
|
|
|
32.51 |
|
|
|
341 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
39.74 |
|
|
|
(0.12 |
) |
|
|
2.52 |
|
|
|
2.40 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42.14 |
|
|
|
0.80 |
|
|
|
0.80 |
|
|
|
(0.29 |
) |
|
|
44 |
|
|
|
6.04 |
|
|
|
242 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
34.39 |
|
|
|
(0.16 |
) |
|
|
5.51 |
|
|
|
5.35 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
39.74 |
|
|
|
0.85 |
|
|
|
0.85 |
|
|
|
(0.39 |
) |
|
|
36 |
|
|
|
15.56 |
|
|
|
138 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
25.43 |
|
|
|
(0.04 |
) |
|
|
9.00 |
|
|
|
8.96 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34.39 |
|
|
|
0.88 |
|
|
|
0.88 |
|
|
|
(0.14 |
) |
|
|
49 |
|
|
|
35.23 |
|
|
|
49 |
|
| 11/01/08 |
|
|
10/31/09 |
|
|
|
22.72 |
|
|
|
(0.09 |
) |
|
|
2.80 |
|
|
|
2.71 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25.43 |
|
|
|
0.90 |
|
|
|
0.90 |
|
|
|
(0.40 |
) |
|
|
110 |
|
|
|
11.93 |
|
|
|
30 |
|
| Class R-6* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
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 Small Cap Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/12 |
|
|
10/31/13 |
|
|
|
14.29 |
|
|
|
(0.10 |
) |
|
|
4.31 |
|
|
|
4.21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.50 |
|
|
|
1.32 |
(e) |
|
|
4.78 |
(e) |
|
|
(0.73 |
) (e) |
|
|
42 |
|
|
|
29.46 |
|
|
|
12 |
|
| Class C* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/12 |
|
|
10/31/13 |
|
|
|
14.29 |
|
|
|
(0.21 |
) |
|
|
4.30 |
|
|
|
4.09 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.38 |
|
|
|
2.08 |
(e) |
|
|
5.54 |
(e) |
|
|
(1.47 |
) (e) |
|
|
42 |
|
|
|
28.62 |
|
|
|
9 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/12 |
|
|
10/31/13 |
|
|
|
14.29 |
|
|
|
(0.05 |
) |
|
|
4.33 |
|
|
|
4.28 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.57 |
|
|
|
0.95 |
(e) |
|
|
4.89 |
(e) |
|
|
(0.35 |
) (e) |
|
|
42 |
|
|
|
29.95 |
|
|
|
3 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/12 |
|
|
10/31/13 |
|
|
|
14.29 |
|
|
|
(0.12 |
) |
|
|
4.29 |
|
|
|
4.17 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.46 |
|
|
|
1.52 |
(e) |
|
|
11.76 |
(e) |
|
|
(0.90 |
) (e) |
|
|
42 |
|
|
|
29.18 |
|
|
|
0 |
|
|
|
|
|
|
| The accompanying notes are an integral part of the financial statements. |
|
|
35 |
|
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal periods |
|
|
|
|
|
From investment
operations |
|
|
Dividends & distributions |
|
|
|
|
|
Ratio to average net assets (%) |
|
|
|
|
|
|
|
|
|
|
| |
Beginning
net asset
value |
|
|
Income
(loss) |
|
|
Realized &
unrealized
gain (loss) |
|
|
Total |
|
|
From
investment
income |
|
|
From
realized
gains |
|
|
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 Stock Fund (cont’d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/12 |
|
|
10/31/13 |
|
|
|
14.29 |
|
|
|
(0.05 |
) |
|
|
4.31 |
|
|
|
4.26 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.55 |
|
|
|
0.95 |
(e) |
|
|
11.20 |
(e) |
|
|
(0.33 |
) (e) |
|
|
42 |
|
|
|
29.81 |
|
|
|
0 |
|
| Class R-6* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/12 |
|
|
10/31/13 |
|
|
|
14.29 |
|
|
|
(0.03 |
) |
|
|
4.31 |
|
|
|
4.28 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.57 |
|
|
|
0.85 |
(e) |
|
|
11.19 |
(e) |
|
|
(0.23 |
) (e) |
|
|
42 |
|
|
|
29.95 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Smaller Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
18.93 |
|
|
|
(0.03 |
) |
|
|
5.96 |
|
|
|
5.93 |
|
|
|
(0.09 |
) |
|
|
(1.39 |
) |
|
|
(1.48 |
) |
|
|
23.38 |
|
|
|
1.37 |
|
|
|
1.40 |
|
|
|
(0.13 |
) |
|
|
14 |
|
|
|
33.60 |
|
|
|
19 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
20.05 |
|
|
|
0.04 |
|
|
|
1.47 |
|
|
|
1.51 |
|
|
|
— |
|
|
|
(2.63 |
) |
|
|
(2.63 |
) |
|
|
18.93 |
|
|
|
1.35 |
|
|
|
1.42 |
|
|
|
0.23 |
|
|
|
13 |
|
|
|
9.31 |
|
|
|
13 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
19.63 |
|
|
|
(0.05 |
) |
|
|
2.23 |
|
|
|
2.18 |
|
|
|
— |
|
|
|
(1.76 |
) |
|
|
(1.76 |
) |
|
|
20.05 |
|
|
|
1.40 |
|
|
|
1.44 |
|
|
|
(0.25 |
) |
|
|
36 |
|
|
|
11.35 |
|
|
|
12 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
16.54 |
|
|
|
(0.09 |
) |
|
|
3.75 |
|
|
|
3.66 |
|
|
|
— |
|
|
|
(0.57 |
) |
|
|
(0.57 |
) |
|
|
19.63 |
|
|
|
1.50 |
|
|
|
1.67 |
|
|
|
(0.46 |
) |
|
|
22 |
|
|
|
22.63 |
|
|
|
10 |
|
| 11/03/08 |
|
|
10/31/09 |
|
|
|
14.29 |
|
|
|
(0.07 |
) |
|
|
2.32 |
|
|
|
2.25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16.54 |
|
|
|
1.48 |
(e) |
|
|
4.53 |
(e) |
|
|
(0.45 |
) (e) |
|
|
23 |
|
|
|
15.75 |
|
|
|
6 |
|
| Class C* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
18.22 |
|
|
|
(0.18 |
) |
|
|
5.73 |
|
|
|
5.55 |
|
|
|
— |
|
|
|
(1.39 |
) |
|
|
(1.39 |
) |
|
|
22.38 |
|
|
|
2.12 |
|
|
|
2.14 |
|
|
|
(0.88 |
) |
|
|
14 |
|
|
|
32.62 |
|
|
|
11 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
19.52 |
|
|
|
(0.10 |
) |
|
|
1.43 |
|
|
|
1.33 |
|
|
|
— |
|
|
|
(2.63 |
) |
|
|
(2.63 |
) |
|
|
18.22 |
|
|
|
2.11 |
|
|
|
2.19 |
|
|
|
(0.54 |
) |
|
|
13 |
|
|
|
8.54 |
|
|
|
7 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
19.32 |
|
|
|
(0.22 |
) |
|
|
2.18 |
|
|
|
1.96 |
|
|
|
— |
|
|
|
(1.76 |
) |
|
|
(1.76 |
) |
|
|
19.52 |
|
|
|
2.28 |
|
|
|
2.21 |
|
|
|
(1.13 |
) |
|
|
36 |
|
|
|
10.31 |
|
|
|
6 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
16.41 |
|
|
|
(0.23 |
) |
|
|
3.71 |
|
|
|
3.48 |
|
|
|
— |
|
|
|
(0.57 |
) |
|
|
(0.57 |
) |
|
|
19.32 |
|
|
|
2.30 |
|
|
|
2.49 |
|
|
|
(1.25 |
) |
|
|
22 |
|
|
|
21.69 |
|
|
|
5 |
|
| 11/03/08 |
|
|
10/31/09 |
|
|
|
14.29 |
|
|
|
(0.19 |
) |
|
|
2.31 |
|
|
|
2.12 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16.41 |
|
|
|
2.28 |
(e) |
|
|
5.37 |
(e) |
|
|
(1.27 |
) (e) |
|
|
23 |
|
|
|
14.84 |
|
|
|
3 |
|
| Class I* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
19.28 |
|
|
|
0.06 |
|
|
|
6.07 |
|
|
|
6.13 |
|
|
|
(0.16 |
) |
|
|
(1.39 |
) |
|
|
(1.55 |
) |
|
|
23.86 |
|
|
|
0.95 |
|
|
|
1.16 |
|
|
|
0.27 |
|
|
|
14 |
|
|
|
34.20 |
|
|
|
106 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
20.31 |
|
|
|
0.12 |
|
|
|
1.49 |
|
|
|
1.61 |
|
|
|
(0.01 |
) |
|
|
(2.63 |
) |
|
|
(2.64 |
) |
|
|
19.28 |
|
|
|
0.95 |
|
|
|
1.17 |
|
|
|
0.61 |
|
|
|
13 |
|
|
|
9.74 |
|
|
|
58 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
19.80 |
|
|
|
0.04 |
|
|
|
2.24 |
|
|
|
2.28 |
|
|
|
(0.01 |
) |
|
|
(1.76 |
) |
|
|
(1.77 |
) |
|
|
20.31 |
|
|
|
0.95 |
|
|
|
1.19 |
|
|
|
0.20 |
|
|
|
36 |
|
|
|
11.81 |
|
|
|
61 |
|
| 11/01/09 |
|
|
10/31/10 |
|
|
|
16.59 |
|
|
|
0.02 |
|
|
|
3.77 |
|
|
|
3.79 |
|
|
|
(0.01 |
) |
|
|
(0.57 |
) |
|
|
(0.58 |
) |
|
|
19.80 |
|
|
|
0.95 |
|
|
|
1.56 |
|
|
|
0.11 |
|
|
|
22 |
|
|
|
23.39 |
|
|
|
56 |
|
| 03/09/09 |
|
|
10/31/09 |
|
|
|
9.65 |
|
|
|
(0.01 |
) |
|
|
6.95 |
|
|
|
6.94 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16.59 |
|
|
|
0.95 |
(e) |
|
|
1.80 |
(e) |
|
|
(0.04 |
) (e) |
|
|
23 |
|
|
|
71.92 |
|
|
|
49 |
|
| Class R-3* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
18.77 |
|
|
|
(0.08 |
) |
|
|
5.89 |
|
|
|
5.81 |
|
|
|
(0.07 |
) |
|
|
(1.39 |
) |
|
|
(1.46 |
) |
|
|
23.12 |
|
|
|
1.70 |
|
|
|
1.85 |
|
|
|
(0.40 |
) |
|
|
14 |
|
|
|
33.17 |
|
|
|
0 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
19.96 |
|
|
|
— |
(f) |
|
|
1.44 |
|
|
|
1.44 |
|
|
|
— |
|
|
|
(2.63 |
) |
|
|
(2.63 |
) |
|
|
18.77 |
|
|
|
1.70 |
|
|
|
1.80 |
|
|
|
0.02 |
|
|
|
13 |
|
|
|
8.95 |
|
|
|
0 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
19.60 |
|
|
|
(0.11 |
) |
|
|
2.23 |
|
|
|
2.12 |
|
|
|
— |
|
|
|
(1.76 |
) |
|
|
(1.76 |
) |
|
|
19.96 |
|
|
|
1.70 |
|
|
|
1.67 |
|
|
|
(0.55 |
) |
|
|
36 |
|
|
|
11.03 |
|
|
|
0 |
|
| 12/28/09 |
|
|
10/31/10 |
|
|
|
17.86 |
|
|
|
(0.11 |
) |
|
|
1.85 |
|
|
|
1.74 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19.60 |
|
|
|
1.71 |
(e) |
|
|
2.68 |
(e) |
|
|
(0.69 |
) (e) |
|
|
22 |
|
|
|
9.74 |
|
|
|
0 |
|
| Class R-5* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11/01/12 |
|
|
10/31/13 |
|
|
|
19.25 |
|
|
|
(0.02 |
) |
|
|
6.15 |
|
|
|
6.13 |
|
|
|
(0.17 |
) |
|
|
(1.39 |
) |
|
|
(1.56 |
) |
|
|
23.82 |
|
|
|
0.95 |
|
|
|
1.00 |
|
|
|
(0.11 |
) |
|
|
14 |
|
|
|
34.25 |
|
|
|
0 |
|
| 11/01/11 |
|
|
10/31/12 |
|
|
|
20.30 |
|
|
|
0.12 |
|
|
|
1.48 |
|
|
|
1.60 |
|
|
|
(0.02 |
) |
|
|
(2.63 |
) |
|
|
(2.65 |
) |
|
|
19.25 |
|
|
|
0.95 |
|
|
|
1.28 |
|
|
|
0.62 |
|
|
|
13 |
|
|
|
9.72 |
|
|
|
0 |
|
| 11/01/10 |
|
|
10/31/11 |
|
|
|
19.79 |
|
|
|
0.04 |
|
|
|
2.25 |
|
|
|
2.29 |
|
|
|
(0.02 |
) |
|
|
(1.76 |
) |
|
|
(1.78 |
) |
|
|
20.30 |
|
|
|
0.95 |
|
|
|
1.13 |
|
|
|
0.21 |
|
|
|
36 |
|
|
|
11.83 |
|
|
|
0 |
|
| 12/28/09 |
|
|
10/31/10 |
|
|
|
17.92 |
|
|
|
0.01 |
|
|
|
1.86 |
|
|
|
1.87 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19.79 |
|
|
|
0.97 |
(e) |
|
|
1.96 |
(e) |
|
|
0.05 |
(e) |
|
|
22 |
|
|
|
10.44 |
|
|
|
0 |
|
| Class R-6* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
(†) The ratio of expenses to average net assets includes the effects of expense offsets. If the expense offsets were
excluded, the ratio would be equal to the ratio presented.
* Per share amounts have been calculated using the daily average share
method.
(a) Not annualized for periods less than one year.
(b) Total returns are calculated without the imposition of either front-end or contingent deferred sales charges.
(c) 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.
|
|
|
| 36 |
|
The accompanying notes are an integral part of the financial statements. |
Notes to Financial Statements
NOTE 1 | Organization and investment objective | The
Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and Eagle Series Trust (each a “Trust” and collectively the “Trusts” or the “Eagle Family of Funds”) are organized as separate Massachusetts business
trusts, and are registered under the Investment Company Act of 1940, as amended, as diversified, open-end management investment companies. Members of the Board of Trustees (“Board”) for the Trusts may serve as Trustees for one or more of
the Trusts. Each Trust offers shares in the following series (each a “Fund” and collectively the “Funds”) and are advised by Eagle Asset Management, Inc. (“Eagle” or “Manager”).
| |
• |
|
The Eagle Capital Appreciation Fund (“Capital Appreciation Fund”) seeks long-term capital appreciation. |
| |
• |
|
The Eagle Growth & Income Fund (“Growth & Income Fund”) primarily seeks long-term capital appreciation and, secondarily, seeks
current income. |
The Eagle Series Trust currently offers shares in seven series:
| |
• |
|
The Eagle International Stock Fund (“International Stock Fund”) (commenced operations on February 28, 2013) seeks capital appreciation,
|
| |
• |
|
The Eagle Investment Grade Bond Fund (“Investment Grade Bond Fund”) seeks current income and preservation of capital,
|
| |
• |
|
The Eagle Mid Cap Growth Fund (“Mid Cap Growth Fund”) seeks long-term capital appreciation, |
| |
• |
|
The Eagle Mid Cap Stock Fund (“Mid Cap Stock Fund”) seeks long-term capital appreciation, |
| |
• |
|
The Eagle Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation, |
| |
• |
|
The Eagle Small Cap Stock Fund (“Small Cap Stock Fund”) (commenced operations on December 31, 2012) seeks capital appreciation, and
|
| |
• |
|
The Eagle Smaller Company Fund (“Smaller Company Fund”) seeks capital growth. |
The Eagle Series Trust also includes the Eagle Tax-Exempt Bond Fund which is not currently offered for sale.
Class offerings | Each Fund is authorized and currently offers Class A, Class C, Class I, Class R-3 and Class R-5 shares to
qualified buyers. The Growth & Income Fund, the International
Stock Fund, the Mid Cap Growth Fund, the Mid Cap Stock Fund, the Small Cap Growth Fund, the Small Cap Stock Fund and the Smaller Company Fund are authorized and currently offer Class R-6 shares
to qualified buyers.
| |
• |
|
For all Funds except the Investment Grade Bond Fund, Class A shares are sold at a maximum front-end sales charge of 4.75%. For the Investment Grade Bond
Fund, Class A shares are sold at a maximum front-end sales charge of 3.75%. Class A share investments greater than $1 million, which are not sold subject to a sales charge, may be subject to a contingent deferred sales charge
(“CDSC”) of up to 1% of the lower of net asset value (“NAV”) or purchase price if redeemed within 18 months of purchase. |
| |
• |
|
Class C shares are sold subject to a CDSC of 1% of the lower of NAV or purchase price if redeemed within one year of purchase. |
| |
• |
|
Class I, Class R-3, Class R-5 and Class R-6 shares are each sold without a front-end sales charge or a CDSC to qualified buyers. |
NOTE
2 | Significant accounting policies
Use of estimates | The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates and those differences could be material.
Valuation of securities | The price of each Fund’s shares is based on the NAV per share of each class of a Fund. The Funds determine the NAV of their shares on each day the New
York Stock Exchange (“NYSE”) is open for business, as of the close of the regular trading session (typically 4:00 p.m. Eastern Time) (“NYSE Close”), or earlier NYSE closing time that day. If the NYSE or other securities exchange
modifies the published closing price of securities traded on that exchange after the NAV is calculated, the Manager is not required to recalculate the NAV.
Generally, the Funds value 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.
Notes to Financial Statements
A market quotation may be considered unreliable or unavailable for various reasons, such as:
| |
• |
|
The quotation may be stale; |
| |
• |
|
The quotation is not actively traded; |
| |
• |
|
Trading on the security halted before the close of the trading market; |
| |
• |
|
Security is newly issued; |
| |
• |
|
Issuer-specific events occurred after the security halted trading; or |
| |
• |
|
Because of the passage of time between the close of the market on which the security trades and the close of the NYSE. |
Issuer-specific events may cause the last market quotation to be unreliable. Such events may include:
| |
• |
|
A merger or insolvency; |
| |
• |
|
Events which affect a geographical area or an industry segment, such as political events or natural disasters; or |
| |
• |
|
Market events, such as a significant movement in the U.S. markets. |
For most securities, both the latest transaction prices and adjustments for securities traded in foreign markets are furnished by Board approved independent pricing services. The Funds value all other securities
and assets for which market quotations are unavailable or unreliable at their fair value in good faith using Pricing and Valuation Procedures (“Procedures”) approved by the Board. A Fund may fair value small-cap securities, for example,
that are thinly traded or illiquid. Fair value requires consideration of appropriate factors, including indications of fair value available from pricing services. A fair value price is an estimated price and may vary from the prices used by other
mutual funds to calculate their NAV.
Pursuant to the Procedures, the Board has delegated the day-to-day responsibility for applying and
administering the Procedures to a valuation committee comprised of certain officers of the Trusts and other employees of the Manager (“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 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 pricing services can change from time to time as approved by the
Board, and may occur as a result of lookback testing results or changes in industry best practices.
There can be no assurance, however, that a
fair value price used by a Fund on any given day will more accurately reflect the market value of a security than the market price of such security on that day, as fair valuation determinations may involve subjective judgments made by the Valuation
Committee. Fair value pricing may deter shareholders from trading a Fund’s shares on a frequent basis in an attempt to take advantage of arbitrage opportunities resulting from potentially stale prices of portfolio holdings. However, it cannot
eliminate the possibility of frequent trading. Specific types of securities are valued as follows:
| |
• |
|
Domestic exchange-traded equity securities | Market quotations are generally available and reliable for domestic exchange-traded
equity securities. If the prices provided by the pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
| |
• |
|
Foreign equity securities | If market quotations are available and reliable for foreign exchange-traded equity securities, the
securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the NYSE Close, closing market quotations may become unreliable. Consequently, fair valuation of portfolio securities may occur on a
daily basis. A Fund 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. A Fund 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 affected Fund will
price the security at fair value. The Fund also utilizes a
|
Notes to Financial Statements
| |
|
screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the
current market value as of the NYSE Close. Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by a pricing service. The pricing vendor, pricing methodology or degree of certainty may
change from time to time. Securities primarily traded on foreign markets may trade on days that are not business days of the Funds. Because the NAV of a Fund’s shares is determined only on business days of the Fund, the value of the portfolio
securities of a Fund that invests in foreign securities may change on days when shareholders would not be able to purchase or redeem shares of the Fund. |
| |
• |
|
Fixed income securities | Government bonds, corporate bonds, asset-backed bonds, municipal bonds and convertible securities,
including high yield or junk bonds, normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing services may be determined without exclusive reliance on quoted prices, and may reflect
appropriate factors such as institution-size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. If the prices provided by the pricing service and independent quoted
prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
| |
• |
|
Short-term securities | The amortized cost method of security valuation is used by the Funds (as set forth in Rule 2a-7 under the
Investment Company Act of 1940, as amended) for short-term investments (investments that have a maturity date of 60 days or less). The amortized cost of an instrument is determined by valuing it at cost as of the time of purchase and thereafter
accreting/ amortizing any purchase discount/premium at a constant rate until maturity. Amortized cost approximates fair value. |
| |
• |
|
Futures and Options | Futures and options are valued on the basis of market quotations, if available and reliable. If the prices
provided by the pricing service and independent quoted prices are unreliable, the Valuation Committee will fair value the security using the Procedures. During the fiscal year ended October 31, 2013, none of the Funds held futures or options.
|
| |
• |
|
Investment companies and Exchange traded funds (ETFs) | Investments in other investment companies are valued at their reported NAV.
In addition, investments in
|
| |
|
ETFs are valued on the basis of market quotations, if available. If the prices provided by the pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee
will fair value the security using the Procedures. |
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 below:
Level 1—Valuations
based on unadjusted quoted prices for identical securities in active markets;
Level 2—Valuations based on inputs other than quoted prices that are
observable, either directly or indirectly, including inputs in markets that are not considered active; and
Level 3—Valuations based on inputs that
are unobservable and significant to the fair value measurement, and may include the Valuation Committee’s own assumptions on determining fair value of investments.
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The
availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and/or level of activity for that investment or similar investments in the marketplace. The inputs will
be considered by the Valuation Committee, along with any other relevant factors in the calculation of an investment’s fair value. A Fund uses prices and inputs that are current as of the valuation date, which may include periods of market
dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted
prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Valuation
Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Notes to Financial Statements
The following is a summary of the inputs used to value each Fund’s investments as of October 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quoted
prices
in
active
markets
for identical
assets
(Level 1) |
|
|
Significant
other
observable
inputs
(Level 2) |
|
|
Total |
|
| Capital Appreciation Fund |
|
|
|
|
|
|
|
|
|
| Domestic common stocks (a) |
|
|
$322,635,606 |
|
|
|
$— |
|
|
|
$322,635,606 |
|
| Total investment portfolio |
|
|
$322,635,606 |
|
|
|
$— |
|
|
|
$322,635,606 |
|
| Growth & Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Domestic common stocks (a) |
|
|
$479,273,485 |
|
|
|
$— |
|
|
|
$479,273,485 |
|
| Total investment portfolio |
|
|
$479,273,485 |
|
|
|
$— |
|
|
|
$479,273,485 |
|
| International Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign common stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| Advertising |
|
|
$— |
|
|
|
$96,190 |
|
|
|
$96,190 |
|
| Aerospace/defense |
|
|
— |
|
|
|
64,112 |
|
|
|
64,112 |
|
| Airlines |
|
|
— |
|
|
|
124,158 |
|
|
|
124,158 |
|
| Auto manufacturers |
|
|
— |
|
|
|
560,229 |
|
|
|
560,229 |
|
| Auto parts & equipment |
|
|
— |
|
|
|
165,774 |
|
|
|
165,774 |
|
| Banks |
|
|
— |
|
|
|
1,008,462 |
|
|
|
1,008,462 |
|
| Beverages |
|
|
— |
|
|
|
119,378 |
|
|
|
119,378 |
|
| Biotechnology |
|
|
— |
|
|
|
150,819 |
|
|
|
150,819 |
|
| Building materials |
|
|
— |
|
|
|
75,835 |
|
|
|
75,835 |
|
| Computers |
|
|
— |
|
|
|
68,298 |
|
|
|
68,298 |
|
| Cosmetics/personal care |
|
|
— |
|
|
|
12,675 |
|
|
|
12,675 |
|
| Distribution/wholesale |
|
|
— |
|
|
|
557,690 |
|
|
|
557,690 |
|
| Electric |
|
|
— |
|
|
|
33,329 |
|
|
|
33,329 |
|
| Electronics |
|
|
— |
|
|
|
46,576 |
|
|
|
46,576 |
|
| Engineering & construction |
|
|
— |
|
|
|
62,150 |
|
|
|
62,150 |
|
| Entertainment |
|
|
— |
|
|
|
74,748 |
|
|
|
74,748 |
|
| Food |
|
|
— |
|
|
|
194,407 |
|
|
|
194,407 |
|
| Forest products & paper |
|
|
— |
|
|
|
51,163 |
|
|
|
51,163 |
|
| Healthcare services |
|
|
— |
|
|
|
29,115 |
|
|
|
29,115 |
|
| Home builders |
|
|
— |
|
|
|
112,275 |
|
|
|
112,275 |
|
| Home furnishings |
|
|
— |
|
|
|
25,652 |
|
|
|
25,652 |
|
| Insurance |
|
|
— |
|
|
|
839,904 |
|
|
|
839,904 |
|
| Internet |
|
|
— |
|
|
|
74,582 |
|
|
|
74,582 |
|
| Iron/steel |
|
|
— |
|
|
|
16,729 |
|
|
|
16,729 |
|
| Machinery-diversified |
|
|
— |
|
|
|
11,687 |
|
|
|
11,687 |
|
| Media |
|
|
— |
|
|
|
35,532 |
|
|
|
35,532 |
|
| Miscellaneous manufacturer |
|
|
— |
|
|
|
9,338 |
|
|
|
9,338 |
|
| Oil & gas |
|
|
— |
|
|
|
192,030 |
|
|
|
192,030 |
|
| Oil & gas services |
|
|
— |
|
|
|
20,901 |
|
|
|
20,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quoted
prices
in
active
markets
for identical
assets
(Level 1) |
|
|
Significant
other
observable
inputs
(Level 2) |
|
|
Total |
|
| International Stock Fund (cont’d) |
|
|
|
|
|
| Packaging & containers |
|
|
$— |
|
|
|
$135,865 |
|
|
|
$135,865 |
|
| Pharmaceuticals |
|
|
— |
|
|
|
502,687 |
|
|
|
502,687 |
|
| Real estate |
|
|
— |
|
|
|
40,862 |
|
|
|
40,862 |
|
| Retail |
|
|
— |
|
|
|
37,102 |
|
|
|
37,102 |
|
| Semiconductors |
|
|
— |
|
|
|
32,035 |
|
|
|
32,035 |
|
| Software |
|
|
— |
|
|
|
33,009 |
|
|
|
33,009 |
|
| Telecommunications |
|
|
— |
|
|
|
540,666 |
|
|
|
540,666 |
|
| Transportation |
|
|
— |
|
|
|
148,622 |
|
|
|
148,622 |
|
| Foreign preferred stocks |
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance |
|
|
— |
|
|
|
15,495 |
|
|
|
15,495 |
|
| Total investment portfolio |
|
|
$— |
|
|
|
$6,320,081 |
|
|
|
$6,320,081 |
|
| Investment Grade Bond Fund |
|
|
|
|
|
|
|
|
|
| Domestic corporate bonds (a) |
|
|
$— |
|
|
|
$33,996,217 |
|
|
|
$33,996,217 |
|
| Foreign corporate bonds (a) |
|
|
— |
|
|
|
8,547,622 |
|
|
|
8,547,622 |
|
| Mortgage and asset-backed securities (a) |
|
|
— |
|
|
|
30,311,554 |
|
|
|
30,311,554 |
|
| U.S. Treasuries |
|
|
— |
|
|
|
6,998,125 |
|
|
|
6,998,125 |
|
| U.S. Government agency securities |
|
|
— |
|
|
|
3,789,530 |
|
|
|
3,789,530 |
|
| Supranational banks |
|
|
— |
|
|
|
1,031,080 |
|
|
|
1,031,080 |
|
| Total investment portfolio |
|
|
$— |
|
|
|
$84,674,128 |
|
|
|
$84,674,128 |
|
| Mid Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Domestic common stocks (a) |
|
|
$586,994,207 |
|
|
|
$— |
|
|
|
$586,994,207 |
|
| Total investment portfolio |
|
|
$586,994,207 |
|
|
|
$— |
|
|
|
$586,994,207 |
|
| Mid Cap Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Domestic common stocks (a) |
|
|
$434,410,271 |
|
|
|
$— |
|
|
|
$434,410,271 |
|
| Total investment portfolio |
|
|
$434,410,271 |
|
|
|
$— |
|
|
|
$434,410,271 |
|
| Small Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Domestic common stocks (a) |
|
|
$3,908,061,428 |
|
|
|
$— |
|
|
|
$3,908,061,428 |
|
| Total investment portfolio |
|
|
$3,908,061,428 |
|
|
|
$— |
|
|
|
$3,908,061,428 |
|
| Small Cap Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Domestic common stocks (a) |
|
|
$22,503,678 |
|
|
|
$— |
|
|
|
$22,503,678 |
|
| Holding companies |
|
|
268,401 |
|
|
|
— |
|
|
|
268,401 |
|
| Total investment portfolio |
|
|
$22,772,079 |
|
|
|
$— |
|
|
|
$22,772,079 |
|
| Smaller Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Domestic common stocks (a) |
|
|
$149,732,110 |
|
|
|
$— |
|
|
|
$149,732,110 |
|
| Holding companies |
|
|
2,165,436 |
|
|
|
— |
|
|
|
2,165,436 |
|
| Investment companies |
|
|
755,652 |
|
|
|
— |
|
|
|
755,652 |
|
| Total investment portfolio |
|
|
$152,653,198 |
|
|
|
$— |
|
|
|
$152,653,198 |
|
| (a) Please see the investment portfolio for detail by industry. |
|
|
|
|
|
Notes to Financial Statements
During the fiscal year ended October 31, 2013, none of the Funds had any investments classified as Level 3 and
there were no transfers in or out of levels 1, 2 or 3.
Foreign currency transactions | The books and records of each Fund
are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and other liabilities at the daily rates of exchange, and
(ii) purchases and sales of investment securities, dividend and interest income 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) from foreign currency transactions and the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies include gains and losses between trade and settlement
date on securities transactions, gains and losses arising from the purchase and sale of forward foreign currency exchange contracts and gains and losses between the ex and payment dates on dividends, interest and foreign withholding taxes.
Forward foreign currency exchange contracts | Each of the Funds except the Small Cap Growth Fund is authorized to enter
into forward foreign currency contracts which are used primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. Forward foreign currency exchange contracts are translated to U.S.
dollars using forward exchange rates provided by a pricing service as of the close of the NYSE each valuation day and the unrealized gain or loss is included in the Statements of Assets and Liabilities. When the contracts are closed, the gain or
loss is realized. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise from unanticipated movements in the currency’s value relative to the U.S. dollar and from the possible inability of
counter-parties to meet the terms of their contracts. During the fiscal year ended October 31, 2013, none of the Funds held forward foreign currency exchange contracts.
Real estate investment trusts (“REIT(s)”) | There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions,
changes in zoning laws, real estate values, property taxes and interest rates.
Dividend income is recorded at the Manager’s estimate of the income included in distributions from the REITs. Distributions received in excess of the estimated amount are recorded as a
reduction of the cost of the investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts.
Repurchase agreements | Each Fund may enter into repurchase agreements whereby a Fund, through its custodian, receives delivery of the
underlying securities, the market value of which at the time of purchase is required to be in an amount of at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In
that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be
incurred. At October 31, 2013, none of the Funds held a repurchase agreement.
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 be recoverable. The Funds accrue such taxes and recoveries as applicable, when the related income or capital gains are earned
and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales
earned by foreign investors.
Expenses | Each Fund is charged for certain expenses that are directly attributable to it,
and certain other expenses 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. Other expenses of each Fund are allocated to each class of shares based upon its relative percentage of net assets. The Funds have entered into an arrangement with the
custodian whereby each Fund
Notes to Financial Statements
receives credits on uninvested cash balances which are used to offset a portion of each Fund’s expenses. These custodian credits are shown as “Expense offsets” in the Statements
of Operations.
Class allocations | Each class of shares has equal rights to earnings and assets except that each
class may bear different expenses for administration, distribution and/or shareholder services. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each
class of shares based on its relative net assets.
Distribution of income and gains | Each Fund except the Investment Grade
Bond Fund and the Growth & Income Fund distributes net investment income annually. Distributions of net investment income in the Investment Grade Bond Fund and the Growth & Income Fund are made monthly and quarterly, respectively.
Net realized gains from investment transactions during any particular fiscal year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to each Fund, will be distributed to shareholders annually in the
following fiscal year. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.
All dividends paid by the Funds from net investment income are deemed to be ordinary income for federal income tax purposes. Dividends paid to shareholders from net investment income were as follows:
|
|
|
|
|
|
|
|
|
Distributions from net
investment income |
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
| Capital Appreciation Fund |
|
| Class A |
|
|
$755,281 |
|
|
|
$— |
|
| Class C |
|
|
— |
|
|
|
— |
|
| Class I |
|
|
97,034 |
|
|
|
— |
|
| Class R-3 |
|
|
215 |
|
|
|
— |
|
| Class R-5 |
|
|
225,574 |
|
|
|
— |
|
| Growth & Income Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
4,158,689 |
|
|
|
3,227,251 |
|
| Class C |
|
|
2,158,530 |
|
|
|
1,520,090 |
|
| Class I |
|
|
1,547,741 |
|
|
|
808,093 |
|
| Class R-3 |
|
|
68,821 |
|
|
|
30,718 |
|
| Class R-5 |
|
|
23,317 |
|
|
|
2,434 |
|
| Class R-6 |
|
|
352 |
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
Distributions from net
investment income (cont’d) |
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
| Investment Grade Bond Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
$431,685 |
|
|
|
$746,484 |
|
| Class C |
|
|
31,799 |
|
|
|
227,963 |
|
| Class I |
|
|
64,746 |
|
|
|
71,307 |
|
| Class R-3 |
|
|
133 |
|
|
|
400 |
|
| Class R-5 |
|
|
28 |
|
|
|
39 |
|
| Small Cap Growth Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
— |
|
|
|
— |
|
| Class C |
|
|
— |
|
|
|
— |
|
| Class I |
|
|
509,544 |
|
|
|
— |
|
| Class R-3 |
|
|
— |
|
|
|
— |
|
| Class R-5 |
|
|
49,029 |
|
|
|
— |
|
| Class R-6 |
|
|
344,748 |
|
|
|
— |
|
| Smaller Company Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
62,795 |
|
|
|
— |
|
| Class C |
|
|
— |
|
|
|
— |
|
| Class I |
|
|
489,714 |
|
|
|
29,572 |
|
| Class R-3 |
|
|
527 |
|
|
|
— |
|
| Class R-5 |
|
|
30 |
|
|
|
4 |
|
| Class R-6 |
|
|
27 |
|
|
|
2 |
|
Distributions paid to shareholders from net realized gains were as follows:
|
|
|
|
|
|
|
|
|
Distributions from net
realized gains |
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
| Growth & Income Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
$3,223,192 |
|
|
|
$6,921,356 |
|
| Class C |
|
|
2,285,085 |
|
|
|
4,328,785 |
|
| Class I |
|
|
780,909 |
|
|
|
858,710 |
|
| Class R-3 |
|
|
57,965 |
|
|
|
45,466 |
|
| Class R-5 |
|
|
3,124 |
|
|
|
545 |
|
| Class R-6 |
|
|
55 |
|
|
|
131 |
|
| Investment Grade Bond Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
1,509,825 |
|
|
|
503,904 |
|
| Class C |
|
|
1,440,673 |
|
|
|
469,581 |
|
| Class I |
|
|
138,866 |
|
|
|
34,172 |
|
| Class R-3 |
|
|
671 |
|
|
|
436 |
|
| Class R-5 |
|
|
65 |
|
|
|
23 |
|
Notes to Financial Statements
|
|
|
|
|
|
|
|
|
Distributions from net
realized gains (cont’d) |
|
11/1/12 to
10/31/13 |
|
|
11/1/11 to
10/31/12 |
|
| Mid Cap Growth Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
$8,276,297 |
|
|
|
$— |
|
| Class C |
|
|
3,374,447 |
|
|
|
— |
|
| Class I |
|
|
2,852,287 |
|
|
|
— |
|
| Class R-3 |
|
|
298,730 |
|
|
|
— |
|
| Class R-5 |
|
|
1,077,505 |
|
|
|
— |
|
| Class R-6 |
|
|
29,351 |
|
|
|
— |
|
| Mid Cap Stock Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
35,266,770 |
|
|
|
— |
|
| Class C |
|
|
23,055,849 |
|
|
|
— |
|
| Class I |
|
|
16,236,433 |
|
|
|
— |
|
| Class R-3 |
|
|
947,815 |
|
|
|
— |
|
| Class R-5 |
|
|
486,525 |
|
|
|
— |
|
| Class R-6 |
|
|
396 |
|
|
|
— |
|
| Smaller Company Fund |
|
|
|
|
|
|
|
|
| Class A |
|
|
975,450 |
|
|
|
1,561,809 |
|
| Class C |
|
|
562,596 |
|
|
|
878,269 |
|
| Class I |
|
|
4,166,354 |
|
|
|
8,026,202 |
|
| Class R-3 |
|
|
10,864 |
|
|
|
1,082 |
|
| Class R-5 |
|
|
245 |
|
|
|
400 |
|
| Class R-6 |
|
|
207 |
|
|
|
339 |
|
Offering costs | Offering costs of $136,518 and $128,275 associated with the formation of the International Stock Fund and the Small Cap Stock Fund, respectively, were accounted for as a deferred charge and are
amortized on a straight line basis over 12 months from the date of commencement of operations. For the fiscal period ended October 31, 2013, the International Stock Fund and the Small Cap Stock Fund amortized expenses of $89,815 and $105,727,
respectively, and as of October 31, 2013, $46,703 and $22,548, respectively, 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
fiscal year ended October 31, 2013, purchases and sales of investment securities (excluding short-term obligations) were as follows:
|
|
|
|
|
|
|
|
|
| |
|
Purchases |
|
|
Sales |
|
| Capital Appreciation Fund |
|
|
$214,061,910 |
|
|
|
$273,811,485 |
|
| Growth & Income Fund |
|
|
172,915,850 |
|
|
|
111,279,748 |
|
| International Stock Fund |
|
|
7,443,691 |
|
|
|
1,709,945 |
|
| Investment Grade Bond Fund |
|
|
|
|
|
|
|
|
| Long-Term Debt Securities |
|
|
113,543,975 |
|
|
|
137,032,381 |
|
| Long-Term U.S. Treasury Securities |
|
|
39,053,279 |
|
|
|
55,295,938 |
|
| Mid Cap Growth Fund |
|
|
290,039,282 |
|
|
|
263,018,373 |
|
| Mid Cap Stock Fund |
|
|
126,251,243 |
|
|
|
342,510,836 |
|
| Small Cap Growth Fund |
|
|
1,557,767,603 |
|
|
|
1,258,627,543 |
|
| Small Cap Stock Fund |
|
|
24,455,609 |
|
|
|
4,055,672 |
|
| Smaller Company Fund |
|
|
61,750,863 |
|
|
|
14,208,714 |
|
NOTE
4 | Investment advisory fees and other transactions with affiliates | Each Fund has agreed to pay to the Manager an investment advisory and an administrative fee equal to an annualized rate based on a
percentage of each Fund’s average daily net assets, computed daily and payable monthly. For advisory services provided by the Manager, the investment advisory rate for each Fund is as follows:
|
|
|
|
|
|
|
|
|
| Investment advisory fee rate
schedule |
|
Breakpoint |
|
|
Investment
advisory fee |
|
| Capital Appreciation Fund |
|
|
First $1 billion
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% |
|
| Small Cap Stock Fund |
|
|
All assets |
|
|
|
0.60% |
|
For administrative services provided by the Manager, each Fund agreed to pay an administrative rate of 0.15% of the average daily
net assets of Class A, Class C and Class R-3 shares and 0.10% of the average daily net assets of Class I, Class R-5 and Class R-6 shares.
Subadvisory fees | The
Manager has entered into subadvisory agreements with certain parties to provide investment advice, portfolio management services (including the placement of brokerage orders), certain compliance and other services to the Funds.
Notes to Financial Statements
The Manager has entered into a subadvisory agreement with ClariVest Asset Management LLC (“ClariVest”), an
affiliate of Eagle, to serve as subadvisor for the Capital Appreciation Fund and the International Stock Fund. Under this agreement, Eagle pays ClariVest an annualized rate of 0.55% and 0.85% on all assets as a percentage of the Fund’s average
daily net assets, computed daily and payable monthly for the Capital Appreciation Fund and the International Stock Fund, respectively.
The Manager has
entered into a subadvisory agreement with Eagle Boston Investment Management, Inc. (“EBIM”), an affiliate of Eagle, to serve as subadviser for the Smaller Company Fund. Under this agreement, Eagle pays EBIM an annualized rate of 0.375% on
the first $500 million of total assets, 0.35% on assets between $500 million and $1 billion, and 0.325% on all assets over $1 billion as a percentage of the Fund’s average daily net assets, computed daily and payable monthly.
Distribution and service
fees | Pursuant to the Class A, Class C and Class R-3 Distribution plans and in accordance with Rule 12b-1
of the Investment Company Act of 1940, as amended (“Rule 12b-1 Plans”), the Funds are authorized to pay Eagle Fund Distributors, Inc. (“Distributor”), an affiliate of the Manager, a fee based on the average daily net assets for
each class of shares, accrued daily and payable monthly. Each Fund of the Series Trust is authorized to pay the Distributor distribution and service fees of up to 0.35% of that fund’s average daily net assets attributable to Class A shares
of that fund. The Capital Appreciation Fund and the Growth & Income Fund are authorized to pay the Distributor distribution and service fees of up to 0.50% of those Funds’ average daily net assets attributable to Class A shares of
those Funds. Currently, the distribution and service fee is 0.25% for Class A shares. Each Fund is authorized to pay the Distributor distribution and services fees of 1% for Class C shares, and 0.50% for Class R-3 shares. The Funds do not incur
any direct distribution expenses related to Class I, Class R-5 or Class R-6 shares. However, Eagle or any third party may make payments for the sale and distribution of Class I, Class R-5 or Class R-6 shares from its own resources.
Sales charges | For the fiscal year ended October 31, 2013, 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 |
|
|
$69,119 |
|
|
|
$— |
|
|
|
$1,032 |
|
| Growth & Income Fund |
|
|
540,164 |
|
|
|
659 |
|
|
|
3,030 |
|
| International Stock Fund |
|
|
27,710 |
|
|
|
— |
|
|
|
69 |
|
| Investment Grade Bond Fund |
|
|
23,112 |
|
|
|
— |
|
|
|
1,794 |
|
| Mid Cap Growth Fund |
|
|
107,835 |
|
|
|
— |
|
|
|
2,669 |
|
| Mid Cap Stock Fund |
|
|
101,310 |
|
|
|
20 |
|
|
|
6,005 |
|
| Small Cap Growth Fund |
|
|
547,604 |
|
|
|
8,564 |
|
|
|
7,313 |
|
| Small Cap Stock Fund |
|
|
111,824 |
|
|
|
— |
|
|
|
200 |
|
| Smaller Company Fund |
|
|
16,780 |
|
|
|
— |
|
|
|
369 |
|
The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.
Agency
commissions | For the fiscal year ended October 31, 2013, 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 |
|
|
$223,113 |
|
|
|
$— |
|
| Growth & Income Fund |
|
|
63,685 |
|
|
|
1,874 |
|
| International Stock Fund |
|
|
4,573 |
|
|
|
— |
|
| Investment Grade Bond Fund |
|
|
— |
|
|
|
— |
|
| Mid Cap Growth Fund |
|
|
385,585 |
|
|
|
8,745 |
|
| Mid Cap Stock Fund |
|
|
147,015 |
|
|
|
28,536 |
|
| Small Cap Growth Fund |
|
|
1,740,831 |
|
|
|
56,058 |
|
| Small Cap Stock Fund |
|
|
10,367 |
|
|
|
40 |
|
| Smaller Company Fund |
|
|
35,223 |
|
|
|
701 |
|
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
Notes to Financial Statements
each Fund’s relative total net assets. The amount of shareholder servicing fees charged to the Funds were as follows:
|
|
|
|
|
| Shareholder servicing fees |
|
11/1/2012 to
10/31/2013 |
|
| Capital Appreciation Fund Class A |
|
|
$11,471 |
|
| Capital Appreciation Fund Class C |
|
|
3,855 |
|
| Capital Appreciation Fund Class I |
|
|
1,250 |
|
| Capital Appreciation Fund Class R-3 |
|
|
39 |
|
| Capital Appreciation Fund Class R-5 |
|
|
1,544 |
|
| Capital Appreciation Fund Class R-6 |
|
|
N/A |
|
| Growth & Income Fund Class A |
|
|
11,188 |
|
| Growth & Income Fund Class C |
|
|
8,260 |
|
| Growth & Income Fund Class I |
|
|
3,673 |
|
| Growth & Income Fund Class R-3 |
|
|
214 |
|
| Growth & Income Fund Class R-5 |
|
|
62 |
|
| Growth & Income Fund Class R-6 |
|
|
— |
|
| International Stock Fund Class A (a) |
|
|
84 |
|
| International Stock Fund Class C (a) |
|
|
77 |
|
| International Stock Fund Class I (a) |
|
|
3 |
|
| International Stock Fund Class R-3 (a) |
|
|
— |
|
| International Stock Fund Class R-5 (a) |
|
|
— |
|
| International Stock Fund Class R-6 (a) |
|
|
— |
|
| Investment Grade Bond Fund Class A |
|
|
3,243 |
|
| Investment Grade Bond Fund Class C |
|
|
3,154 |
|
| Investment Grade Bond Fund Class I |
|
|
379 |
|
| Investment Grade Bond Fund Class R-3 |
|
|
2 |
|
| Investment Grade Bond Fund Class R-5 |
|
|
— |
|
| Investment Grade Bond Fund Class R-6 |
|
|
N/A |
|
| Mid Cap Growth Fund Class A |
|
|
15,406 |
|
| Mid Cap Growth Fund Class C |
|
|
5,442 |
|
| Mid Cap Growth Fund Class I |
|
|
5,880 |
|
| Mid Cap Growth Fund Class R-3 |
|
|
590 |
|
| Mid Cap Growth Fund Class R-5 |
|
|
2,030 |
|
| Mid Cap Growth Fund Class R-6 |
|
|
— |
|
| Mid Cap Stock Fund Class A |
|
|
12,768 |
|
| Mid Cap Stock Fund Class C |
|
|
7,859 |
|
| Mid Cap Stock Fund Class I |
|
|
6,481 |
|
| Mid Cap Stock Fund Class R-3 |
|
|
402 |
|
| Mid Cap Stock Fund Class R-5 |
|
|
143 |
|
| Mid Cap Stock Fund Class R-6 |
|
|
— |
|
| Small Cap Growth Fund Class A |
|
|
49,552 |
|
| Small Cap Growth Fund Class C |
|
|
9,092 |
|
| Small Cap Growth Fund Class I |
|
|
91,005 |
|
| Small Cap Growth Fund Class R-3 |
|
|
6,380 |
|
|
|
|
|
|
| Shareholder servicing fees (cont’d) |
|
11/1/2012 to
10/31/2013 |
|
| Small Cap Growth Fund Class R-5 |
|
|
$16,337 |
|
| Small Cap Growth Fund Class R-6 |
|
|
— |
|
| Small Cap Stock Fund Class A (b) |
|
|
238 |
|
| Small Cap Stock Fund Class C (b) |
|
|
207 |
|
| Small Cap Stock Fund Class I (b) |
|
|
41 |
|
| Small Cap Stock Fund Class R-3 (b) |
|
|
— |
|
| Small Cap Stock Fund Class R-5 (b) |
|
|
— |
|
| Small Cap Stock Fund Class R-6 (b) |
|
|
— |
|
| Smaller Company Fund Class A |
|
|
932 |
|
| Smaller Company Fund Class C |
|
|
528 |
|
| Smaller Company Fund Class I |
|
|
4,155 |
|
| Smaller Company Fund Class R-3 |
|
|
12 |
|
| Smaller Company Fund Class R-5 |
|
|
1 |
|
| Smaller Company Fund Class R-6 |
|
|
— |
|
| (a) For the period February 28, 2013 (commencement of operations) to October 31, 2013.
(b) For the period December 31, 2012 (commencement of operations) to October 31, 2013. |
|
Expense limitations | Eagle has contractually agreed to reduce its fees and/or reimburse expenses to each class to the extent that the annual operating expense rate for each class of shares exceeds the following
annualized rates as a percentage of average daily net assets of each class of shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expense limitations rate schedule |
|
Class A |
|
|
Class C |
|
|
Class I |
|
| Capital Appreciation Fund |
|
|
1.40% |
|
|
|
2.20% |
|
|
|
0.95% |
|
| Growth & Income Fund |
|
|
1.40% |
|
|
|
2.20% |
|
|
|
0.95% |
|
| International Stock Fund |
|
|
1.75% |
|
|
|
2.55% |
|
|
|
1.15% |
|
| Investment Grade Bond Fund |
|
|
0.85% |
|
|
|
1.65% |
|
|
|
0.60% |
|
| Mid Cap Growth Fund |
|
|
1.50% |
|
|
|
2.30% |
|
|
|
0.95% |
|
| Mid Cap Stock Fund |
|
|
1.50% |
|
|
|
2.30% |
|
|
|
0.95% |
|
| Small Cap Growth Fund |
|
|
1.50% |
|
|
|
2.30% |
|
|
|
0.95% |
|
| Small Cap Stock Fund |
|
|
1.50% |
|
|
|
2.30% |
|
|
|
0.95% |
|
| Smaller Company Fund |
|
|
1.50% |
|
|
|
2.30% |
|
|
|
0.95% |
|
|
|
|
|
| Expense limitations rate schedule (cont’d) |
|
Class R-3 |
|
|
Class R-5 |
|
|
Class R-6 |
|
| Capital Appreciation Fund |
|
|
1.65% |
|
|
|
0.95% |
|
|
|
N/A |
|
| Growth & Income Fund |
|
|
1.65% |
|
|
|
0.95% |
|
|
|
0.85% |
|
| International Stock Fund |
|
|
1.75% |
|
|
|
1.15% |
|
|
|
1.05% |
|
| Investment Grade Bond Fund |
|
|
1.15% |
|
|
|
0.60% |
|
|
|
N/A |
|
| Mid Cap Growth Fund |
|
|
1.70% |
|
|
|
0.95% |
|
|
|
0.85% |
|
| Mid Cap Stock Fund |
|
|
1.70% |
|
|
|
0.95% |
|
|
|
0.85% |
|
| Small Cap Growth Fund |
|
|
1.70% |
|
|
|
0.95% |
|
|
|
0.85% |
|
| Small Cap Stock Fund |
|
|
1.70% |
|
|
|
0.95% |
|
|
|
0.85% |
|
| Smaller Company Fund |
|
|
1.70% |
|
|
|
0.95% |
|
|
|
0.85% |
|
Notes to Financial Statements
Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:
|
|
|
|
|
| Expenses waived and/or reimbursed |
|
11/1/2012 to
10/31/2013 |
|
| Capital Appreciation Fund Class I |
|
|
$7,958 |
|
| Capital Appreciation Fund Class R-5 |
|
|
9,243 |
|
| International Stock Fund (a) |
|
|
290,423 |
|
| International Stock Fund Class C (a) |
|
|
15 |
|
| International Stock Fund Class I (a) |
|
|
7 |
|
| International Stock Fund Class R-5 (a) |
|
|
1 |
|
| International Stock Fund Class R-6 (a) |
|
|
3 |
|
| Investment Grade Bond Fund Class A |
|
|
86,579 |
|
| Investment Grade Bond Fund Class C |
|
|
64,789 |
|
| Investment Grade Bond Fund Class I |
|
|
8,227 |
|
| Investment Grade Bond Fund Class R-3 |
|
|
55 |
|
| Investment Grade Bond Fund Class R-5 |
|
|
1 |
|
| Mid Cap Stock Fund Class I |
|
|
194,382 |
|
| Small Cap Stock Fund (b) |
|
|
300,190 |
|
| Small Cap Stock Fund Class A (b) |
|
|
7 |
|
| Small Cap Stock Fund Class I (b) |
|
|
365 |
|
| Small Cap Stock Fund Class R-5 (b) |
|
|
1 |
|
| Small Cap Stock Fund Class R-6 (b) |
|
|
3 |
|
| Smaller Company Fund |
|
|
25,764 |
|
| Smaller Company Fund Class A |
|
|
— |
|
| Smaller Company Fund Class I |
|
|
128,961 |
|
| Smaller Company Fund Class R-3 |
|
|
277 |
|
| Smaller Company Fund Class R-5 |
|
|
3 |
|
| Smaller Company Fund Class R-6 |
|
|
6,002 |
|
| (a) For the period February 28, 2013 (commencement of operations) to October 31, 2013.
(b) For the period December 31, 2012 (commencement of operations) to October 31, 2013. |
|
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 |
|
10/31/2015 |
|
|
10/31/2014 |
|
| Capital Appreciation Fund Class I |
|
|
$7,958 |
|
|
|
$— |
|
| Capital Appreciation Fund Class R-5 |
|
|
9,243 |
|
|
|
— |
|
| International Stock Fund |
|
|
290,423 |
|
|
|
— |
|
| International Stock Fund Class C |
|
|
15 |
|
|
|
— |
|
| International Stock Fund Class I |
|
|
7 |
|
|
|
— |
|
| International Stock Fund Class R-5 |
|
|
1 |
|
|
|
— |
|
| International Stock Fund Class R-6 |
|
|
3 |
|
|
|
— |
|
| Investment Grade Bond Fund Class A |
|
|
86,579 |
|
|
|
124,126 |
|
| Investment Grade Bond Fund Class C |
|
|
64,789 |
|
|
|
94,101 |
|
| Investment Grade Bond Fund Class I |
|
|
8,227 |
|
|
|
8,350 |
|
| Investment Grade Bond Fund R-3 |
|
|
55 |
|
|
|
131 |
|
| Investment Grade Bond Fund R-5 |
|
|
1 |
|
|
|
3 |
|
| Mid Cap Stock Fund Class I |
|
|
194,382 |
|
|
|
— |
|
| Small Cap Stock Fund |
|
|
300,190 |
|
|
|
— |
|
| Small Cap Stock Fund Class A |
|
|
7 |
|
|
|
— |
|
| Small Cap Stock Fund Class I |
|
|
365 |
|
|
|
— |
|
| Small Cap Stock Fund Class R-5 |
|
|
1 |
|
|
|
— |
|
| Small Cap Stock Fund Class R-6 |
|
|
3 |
|
|
|
— |
|
| Smaller Company Fund |
|
|
25,764 |
|
|
|
57,411 |
|
| Smaller Company Fund Class I |
|
|
128,961 |
|
|
|
86,779 |
|
| Smaller Company Fund Class R-3 |
|
|
277 |
|
|
|
— |
|
| Smaller Company Fund Class R-5 |
|
|
3 |
|
|
|
8 |
|
| Smaller Company Fund Class R-6 |
|
|
6,002 |
|
|
|
7 |
|
The Manager recovered previously waived expenses as follows:
|
|
|
|
|
| Recovered fees previously waived |
|
11/1/2012 to
10/31/2013 |
|
| Growth & Income Fund Class R-6 |
|
|
$1 |
|
| Investment Grade Bond Fund |
|
|
1 |
|
| Mid Cap Stock Fund Class R-6 |
|
|
2 |
|
Trustees and officers compensation | Each Trustee of the Eagle Family of Funds who is not an employee of the Manager receives an annual retainer along with meeting fees for those Eagle Family of Funds’ regular or special
meetings attended in person and 25% of such fees are received for telephonic meetings. All reasonable out-of-pocket expenses are also reimbursed. Except when directly attributable to a Fund, Trustees’ fees and expenses are allocated on a pro
rata basis among each Fund in the Eagle Family of Funds. The pro rata allocation is for each Fund for which the Trustee is elected to serve. Certain officers of the Eagle Family of Funds may also be officers and/or directors of Eagle. Such officers
receive no compensation from the Funds except for the Funds’ Chief Compliance Officer. A portion of the Chief Compliance Officer’s
Notes to Financial Statements
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, 2010 to October 31, 2013) and has concluded that no provision for
federal income tax is required in the Funds’ financial statements.
Federal income tax regulations differ from accounting principles generally
accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. These
differences primarily relate to deferral of losses from wash sales and non-REIT return of capital.
For income tax purposes, distributions paid during
the fiscal years indicated were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ordinary income |
|
|
Long-term
Capital gains |
|
| |
|
10/31/13 |
|
|
10/31/12 |
|
|
10/31/13 |
|
|
10/31/12 |
|
| Capital Appreciation Fund |
|
|
$1,078,104 |
|
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
| Growth & Income Fund |
|
|
10,026,061 |
|
|
|
5,588,649 |
|
|
|
4,281,719 |
|
|
|
12,154,993 |
|
| International Stock Fund |
|
|
— |
|
|
|
N/A |
|
|
|
— |
|
|
|
N/A |
|
| Investment Grade Bond Fund |
|
|
1,727,155 |
|
|
|
1,347,477 |
|
|
|
1,891,336 |
|
|
|
706,832 |
|
| Mid Cap Growth Fund |
|
|
— |
|
|
|
— |
|
|
|
15,908,617 |
|
|
|
— |
|
| Mid Cap Stock Fund |
|
|
— |
|
|
|
— |
|
|
|
75,993,788 |
|
|
|
— |
|
| Small Cap Growth Fund |
|
|
704,202 |
|
|
|
— |
|
|
|
199,119 |
|
|
|
— |
|
| Small Cap Stock Fund |
|
|
— |
|
|
|
N/A |
|
|
|
— |
|
|
|
N/A |
|
| Smaller Company Fund |
|
|
646,602 |
|
|
|
482,166 |
|
|
|
5,622,207 |
|
|
|
10,015,513 |
|
Financial reporting records are adjusted for permanent book/tax differences to reflect tax character; these adjustments have no
effect on net assets or NAV per share. Financial reporting records are not adjusted for temporary differences. The reclassifications arise from permanent book/tax differences primarily attributable to net operating losses not utilized, foreign
currency transactions, capital loss carryforwards
expired, return of capital distributions from REITs, adjustments for partnership distributions and income and merger adjustments. The reclassifications were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Undistributed
net investment
income (loss) |
|
|
Accumulated
net realized
gain (loss) |
|
|
Paid-in
capital |
|
| Capital Appreciation Fund |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
| Growth & Income Fund |
|
|
(274,148 |
) |
|
|
274,149 |
|
|
|
(1 |
) |
| International Stock Fund |
|
|
10,659 |
|
|
|
4,858 |
|
|
|
(15,517 |
) |
| Investment Grade Bond Fund |
|
|
(46 |
) |
|
|
46 |
|
|
|
— |
|
| Mid Cap Growth Fund |
|
|
3,209,166 |
|
|
|
(3,209,165 |
) |
|
|
(1 |
) |
| Mid Cap Stock Fund |
|
|
2,716,987 |
|
|
|
(2,716,405 |
) |
|
|
(582 |
) |
| Small Cap Growth Fund |
|
|
757,749 |
|
|
|
(757,749 |
) |
|
|
— |
|
| Small Cap Stock Fund |
|
|
87,125 |
|
|
|
(53,115 |
) |
|
|
(34,010 |
) |
| Smaller Company Fund |
|
|
111,163 |
|
|
|
(111,163 |
) |
|
|
— |
|
At October 31, 2013, the Funds had capital loss carryforwards available to offset future realized gains through the years
listed below as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
10/31/16 |
|
|
10/31/17 |
|
|
Total |
|
| Capital Appreciation Fund |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
| Growth & Income Fund* |
|
|
1,385,254 |
|
|
|
1,477,645 |
|
|
|
2,862,899 |
|
| International Stock Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Investment Grade Bond Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Mid Cap Growth Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Mid Cap Stock Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Small Cap Growth Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Small Cap Stock Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Smaller Company Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
| |
|
Capital loss
carryforwards utilized
during the year fiscal
ended October 31, 2013 |
|
| Capital Appreciation Fund |
|
|
$12,395,950 |
|
| Growth & Income Fund* |
|
|
715,725 |
|
| International Stock Fund |
|
|
— |
|
| Investment Grade Bond Fund |
|
|
— |
|
| Mid Cap Growth Fund |
|
|
— |
|
| Mid Cap Stock Fund |
|
|
— |
|
| Small Cap Growth Fund |
|
|
31,713,065 |
|
| Small Cap Stock Fund |
|
|
— |
|
| Smaller Company Fund |
|
|
— |
|
|
| * Capital loss carryforwards reflected above are a result of the merger with Large Cap Core Fund on January 20, 2012. These losses are subject to an annual limitation of
$715,725. |
|
Notes to Financial Statements
The Funds did not have any capital loss
carryforwards that expired during the fiscal year ended October 31, 2013.
As of October 31, 2013, the components of distributable earnings on a
tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Undistributed
Ordinary
Income |
|
|
Undistributed
Long-term
gain |
|
|
Capital Loss
carry forwards |
|
|
Late Year
Loss
Deferral |
|
|
Net
unrealized
app/dep |
|
| Capital Appreciation Fund |
|
|
$— |
|
|
|
$35,009,174 |
|
|
|
$— |
|
|
|
$(613,607) |
|
|
|
$136,164,151 |
|
| Growth & Income Fund |
|
|
— |
|
|
|
10,915,665 |
|
|
|
(2,862,899 |
) |
|
|
— |
|
|
|
91,764,707 |
† |
| International Stock Fund |
|
|
88,660 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
554,062 |
†† |
| Investment Grade Bond Fund |
|
|
37,868 |
|
|
|
195,015 |
|
|
|
— |
|
|
|
— |
|
|
|
338,396 |
|
| Mid Cap Growth Fund |
|
|
5,011,874 |
|
|
|
23,369,853 |
|
|
|
— |
|
|
|
— |
|
|
|
188,130,806 |
|
| Mid Cap Stock Fund |
|
|
19,279,057 |
|
|
|
11,479,587 |
|
|
|
— |
|
|
|
— |
|
|
|
90,111,636 |
|
| Small Cap Growth Fund |
|
|
— |
|
|
|
49,711,913 |
|
|
|
— |
|
|
|
(14,774,729 |
) |
|
|
1,200,212,578 |
|
| Small Cap Stock Fund |
|
|
352,949 |
|
|
|
40 |
|
|
|
— |
|
|
|
— |
|
|
|
1,969,571 |
|
| Smaller Company Fund |
|
|
170,710 |
|
|
|
3,197,791 |
|
|
|
— |
|
|
|
— |
|
|
|
49,408,042 |
|
| † Includes currency gain/loss of $79. |
|
| †† Includes currency gain/loss of $161. |
|
NOTE 6 | Fund Reorganization | After the close of business on January 20, 2012, the Growth & Income Fund acquired the net assets of the Eagle Large Cap
Core Fund (“Large Cap Core Fund”) pursuant to a Plan of Reorganization and Termination as approved by the Board of Trustees of Eagle Series Trust on August 16, 2011. The purpose of this merger was to combine funds managed by Eagle
with substantially similar investment objectives, although they employed different investment policies and strategies to reach those objectives. For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by
a tax-free exchange resulting in the Growth & Income Fund issuing 601,815 Class A shares, 588,982 Class C shares, 372,654 Class I shares and 1,595 Class R-5 shares (valued at $7,847,558, $7,436,436, $4,853,721 and $20,748,
respectively) in exchange for 560,928 Class A shares, 539,815 Class C shares, 342,710 Class I shares and 1,455 Class R-5 shares of the Large Cap Core Fund. The securities held by the Large Cap Core Fund, with a fair value of $20,270,102 and
identified cost of $19,073,144 at January 20, 2012, were the principal assets acquired by the Growth & Income Fund. For financial reporting purposes, assets received and shares issued by the Growth & Income Fund were recorded
at fair value; however, the cost basis of the investments from the Large Cap Core Fund was carried forward to align ongoing reporting of the Growth & Income Fund’s realized and unrealized gains and
losses with amounts distributable to shareholders for tax purposes. The Large Cap Core Fund’s net assets at the merger date of $20,158,463, including $1,196,958 of unrealized appreciation,
were combined with those of the Growth & Income Fund. Assuming the acquisition had been completed on November 1, 2011, the beginning of the annual reporting period of the Growth & Income Fund, pro forma results of operations
for the fiscal year ended October 31, 2012 would include net investment income of $6,172,310, and net realized and unrealized gain on investments of $29,708,120, resulting in an increase in net assets from operations of $35,880,430. Because the
combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the Large Cap Core Fund that have been included in the
Growth & Income Fund‘s statement of operations since the merger date, January, 20, 2012. Prior to the combination, the net assets of the Growth & Income Fund totaled $255,648,243. Immediately after the combination, the net
assets of the Growth & Income Fund totaled $275,806,706.
NOTE
7 | Subsequent events | The Manager has evaluated subsequent events through
December 19, 2013, the date these Investment Portfolios were issued, and determined that no material events or transactions would require recognition or disclosure in the Funds’ Investment Portfolios.
Report of Independent Registered Certified Public Accounting Firm
To the Board of Trustees and Shareholders of Eagle Capital Appreciation Fund, Eagle Growth & Income Fund, Eagle International Stock Fund, Eagle
Investment Grade Bond Fund, Eagle Mid Cap Growth Fund, Eagle Mid Cap Stock Fund, Eagle Small Cap Growth Fund, Eagle Small Cap Stock Fund and Eagle Smaller Company Fund:
In our opinion, the accompanying statements of assets and liabilities, including the investment portfolios, and the related statements of operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Eagle Capital Appreciation Fund, Eagle Growth & Income Fund, Eagle International Stock Fund, Eagle Investment Grade Bond Fund, Eagle Mid Cap Growth Fund, Eagle Mid Cap Stock Fund, Eagle
Small Cap Growth Fund, Eagle Small Cap Stock Fund and Eagle Smaller Company Fund (the “Funds”) at October 31, 2013, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of
the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the
responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
December 19, 2013
Tampa, Florida
[THIS PAGE
INTENTIONALLY LEFT BLANK]
Understanding Your Ongoing Costs
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on
purchases, contingent deferred sales charges, or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution (12b-1) fees, and other Fund expenses. The following sections are intended to help you understand your
ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not
reflect one-time transaction expenses, such as sales charges or redemption fees. Therefore, if these transactional costs were included, your costs would have been higher. For more information, see your Fund’s prospectus or contact your
financial advisor.
Actual expenses | The table below shows the actual expenses you would have paid on a
$1,000 investment in each Fund on May 1, 2013, and held through October 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the fiscal year, assuming actual returns after ongoing expenses. This table is
useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Actual |
|
Beginning Account Value
May 1, 2013 |
|
|
Ending Account Value
October 31, 2013 |
|
|
Expenses paid
during period (a) |
|
|
Annualized
expense ratio (%) |
|
|
|
|
|
|
| Capital Appreciation Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
$1,000.00 |
|
|
|
$1,123.80 |
|
|
|
$7.23 |
|
|
|
1.35 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,119.40 |
|
|
|
11.16 |
|
|
|
2.09 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,125.90 |
|
|
|
5.20 |
|
|
|
0.97 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,122.10 |
|
|
|
8.56 |
|
|
|
1.60 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,125.90 |
|
|
|
5.14 |
|
|
|
0.96 |
|
| Growth & Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,078.10 |
|
|
|
5.71 |
|
|
|
1.09 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,074.50 |
|
|
|
9.62 |
|
|
|
1.84 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,079.30 |
|
|
|
4.14 |
|
|
|
0.79 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,075.90 |
|
|
|
7.59 |
|
|
|
1.45 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,079.80 |
|
|
|
3.77 |
|
|
|
0.72 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,080.50 |
|
|
|
3.67 |
|
|
|
0.70 |
|
| International Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,095.70 |
|
|
|
8.29 |
|
|
|
1.57 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,090.50 |
|
|
|
12.80 |
|
|
|
2.43 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,097.70 |
|
|
|
6.08 |
|
|
|
1.15 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,094.50 |
|
|
|
9.24 |
|
|
|
1.75 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,097.70 |
|
|
|
6.08 |
|
|
|
1.15 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,098.30 |
|
|
|
5.55 |
|
|
|
1.05 |
|
| Investment Grade Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
983.10 |
|
|
|
4.25 |
|
|
|
0.85 |
|
| Class C |
|
|
1,000.00 |
|
|
|
979.60 |
|
|
|
8.23 |
|
|
|
1.65 |
|
| Class I |
|
|
1,000.00 |
|
|
|
984.40 |
|
|
|
3.00 |
|
|
|
0.60 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
981.70 |
|
|
|
5.74 |
|
|
|
1.15 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
984.20 |
|
|
|
3.00 |
|
|
|
0.60 |
|
| Mid Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,146.70 |
|
|
|
6.44 |
|
|
|
1.19 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,142.70 |
|
|
|
10.32 |
|
|
|
1.91 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,148.80 |
|
|
|
4.71 |
|
|
|
0.87 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,145.10 |
|
|
|
8.00 |
|
|
|
1.48 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,148.60 |
|
|
|
4.71 |
|
|
|
0.87 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,149.20 |
|
|
|
4.17 |
|
|
|
0.77 |
|
| Mid Cap Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,133.50 |
|
|
|
6.35 |
|
|
|
1.18 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,129.20 |
|
|
|
10.25 |
|
|
|
1.91 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,134.90 |
|
|
|
5.11 |
|
|
|
0.95 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,131.60 |
|
|
|
8.11 |
|
|
|
1.51 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,139.90 |
|
|
|
1.46 |
|
|
|
0.27 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,136.00 |
|
|
|
4.20 |
|
|
|
0.78 |
|
Understanding Your Ongoing Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Actual |
|
Beginning Account Value
May 1, 2013 |
|
|
Ending Account Value
October 31, 2013 |
|
|
Expenses paid
during period (a) |
|
|
Annualized
expense ratio (%) |
|
| Small Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
$1,000.00 |
|
|
|
$1,150.80 |
|
|
|
$5.96 |
|
|
|
1.10 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,146.70 |
|
|
|
9.85 |
|
|
|
1.82 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,152.80 |
|
|
|
4.23 |
|
|
|
0.78 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,149.30 |
|
|
|
7.42 |
|
|
|
1.37 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,153.00 |
|
|
|
4.07 |
|
|
|
0.75 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,153.50 |
|
|
|
3.64 |
|
|
|
0.67 |
|
| Small Cap Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,165.00 |
|
|
|
7.09 |
|
|
|
1.30 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,161.10 |
|
|
|
11.11 |
|
|
|
2.04 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,167.20 |
|
|
|
5.19 |
|
|
|
0.95 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,163.90 |
|
|
|
7.74 |
|
|
|
1.42 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,167.40 |
|
|
|
5.19 |
|
|
|
0.95 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,167.90 |
|
|
|
4.64 |
|
|
|
0.85 |
|
| Smaller Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,173.70 |
|
|
|
7.62 |
|
|
|
1.39 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,169.30 |
|
|
|
11.59 |
|
|
|
2.12 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,176.50 |
|
|
|
5.21 |
|
|
|
0.95 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,171.80 |
|
|
|
9.42 |
|
|
|
1.72 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,176.90 |
|
|
|
5.21 |
|
|
|
0.95 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,177.10 |
|
|
|
4.66 |
|
|
|
0.85 |
|
(a) Expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average
account value for the period, then multiplying the result by the actual number of days in the period (184), and then dividing that result by the actual number of days in the fiscal year (365).
Hypothetical example for comparison purposes | All mutual funds now follow guidelines to
assist shareholders in comparing expenses between different funds. Per these guidelines, the table below shows each Fund’s expenses based on a $1,000 investment held from May 1, 2013 through October 31, 2013 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hypothetical |
|
Beginning Account Value
May 1, 2013 |
|
|
Ending Account Value
October 31, 2013 |
|
|
Expenses paid
during period (a) |
|
|
Annualized
expense ratio (%) |
|
| Capital Appreciation Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
$1,000.00 |
|
|
|
$1,018.40 |
|
|
|
$6.87 |
|
|
|
1.35 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,014.67 |
|
|
|
10.61 |
|
|
|
2.09 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,020.32 |
|
|
|
4.94 |
|
|
|
0.97 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,017.14 |
|
|
|
8.13 |
|
|
|
1.60 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,020.37 |
|
|
|
4.89 |
|
|
|
0.96 |
|
| Growth & Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,019.71 |
|
|
|
5.55 |
|
|
|
1.09 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,015.93 |
|
|
|
9.35 |
|
|
|
1.84 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,021.22 |
|
|
|
4.02 |
|
|
|
0.79 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,017.90 |
|
|
|
7.38 |
|
|
|
1.45 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,021.58 |
|
|
|
3.67 |
|
|
|
0.72 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,021.68 |
|
|
|
3.57 |
|
|
|
0.70 |
|
| International Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,017.29 |
|
|
|
7.98 |
|
|
|
1.57 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,012.96 |
|
|
|
12.33 |
|
|
|
2.43 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,019.41 |
|
|
|
5.85 |
|
|
|
1.15 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,016.38 |
|
|
|
8.89 |
|
|
|
1.75 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,019.41 |
|
|
|
5.85 |
|
|
|
1.15 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,019.91 |
|
|
|
5.35 |
|
|
|
1.05 |
|
| Investment Grade Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,020.92 |
|
|
|
4.33 |
|
|
|
0.85 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,016.89 |
|
|
|
8.39 |
|
|
|
1.65 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,022.18 |
|
|
|
3.06 |
|
|
|
0.60 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,019.41 |
|
|
|
5.85 |
|
|
|
1.15 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,022.18 |
|
|
|
3.06 |
|
|
|
0.60 |
|
Understanding Your Ongoing Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hypothetical |
|
Beginning Account Value
May 1, 2013 |
|
|
Ending Account Value
October 31, 2013 |
|
|
Expenses paid
during period (a) |
|
|
Annualized
expense ratio (%) |
|
| Mid Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
$1,000.00 |
|
|
|
$1,019.21 |
|
|
|
$6.06 |
|
|
|
1.19 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,015.58 |
|
|
|
9.70 |
|
|
|
1.91 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,020.82 |
|
|
|
4.43 |
|
|
|
0.87 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,017.74 |
|
|
|
7.53 |
|
|
|
1.48 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,020.82 |
|
|
|
4.43 |
|
|
|
0.87 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,021.32 |
|
|
|
3.92 |
|
|
|
0.77 |
|
| Mid Cap Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,019.26 |
|
|
|
6.01 |
|
|
|
1.18 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,015.58 |
|
|
|
9.70 |
|
|
|
1.91 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,020.42 |
|
|
|
4.84 |
|
|
|
0.95 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,017.59 |
|
|
|
7.68 |
|
|
|
1.51 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,023.84 |
|
|
|
1.38 |
|
|
|
0.27 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,021.27 |
|
|
|
3.97 |
|
|
|
0.78 |
|
|
|
|
|
|
| Small Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,019.66 |
|
|
|
5.60 |
|
|
|
1.10 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,016.03 |
|
|
|
9.25 |
|
|
|
1.82 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,021.27 |
|
|
|
3.97 |
|
|
|
0.78 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,018.30 |
|
|
|
6.97 |
|
|
|
1.37 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,021.42 |
|
|
|
3.82 |
|
|
|
0.75 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,021.83 |
|
|
|
3.41 |
|
|
|
0.67 |
|
| Small Cap Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,018.65 |
|
|
|
6.61 |
|
|
|
1.30 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,014.92 |
|
|
|
10.36 |
|
|
|
2.04 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,020.42 |
|
|
|
4.84 |
|
|
|
0.95 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,018.05 |
|
|
|
7.22 |
|
|
|
1.42 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,020.42 |
|
|
|
4.84 |
|
|
|
0.95 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,020.92 |
|
|
|
4.33 |
|
|
|
0.85 |
|
| Smaller Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
1,000.00 |
|
|
|
1,018.20 |
|
|
|
7.07 |
|
|
|
1.39 |
|
| Class C |
|
|
1,000.00 |
|
|
|
1,014.52 |
|
|
|
10.76 |
|
|
|
2.12 |
|
| Class I |
|
|
1,000.00 |
|
|
|
1,020.42 |
|
|
|
4.84 |
|
|
|
0.95 |
|
| Class R-3 |
|
|
1,000.00 |
|
|
|
1,016.53 |
|
|
|
8.74 |
|
|
|
1.72 |
|
| Class R-5 |
|
|
1,000.00 |
|
|
|
1,020.42 |
|
|
|
4.84 |
|
|
|
0.95 |
|
| Class R-6 |
|
|
1,000.00 |
|
|
|
1,020.92 |
|
|
|
4.33 |
|
|
|
0.85 |
|
(a) Expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average
account value for the period, then multiplying the result by the actual number of days in the period (184), and then dividing that result by the actual number of days in the fiscal year (365).
Additional Information
Special Shareholder Meeting | A Special Meeting of shareholders (“Special Meeting”) of the Eagle
Capital Appreciation Fund (“Fund”) scheduled for June 3, 2013, was adjourned and held on June 28, 2013. At the Special Meeting, shareholders were asked to: (1) approve a
subadvisory agreement between Eagle and ClariVest with respect to the Fund; and (2) elect Lincoln Kinnicutt, an Independent Trustee, to the Fund’s Board of Trustees. Voting results
for each proposal are set forth below:
|
|
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|
|
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|
|
|
|
| Proposals |
|
Votes For |
|
|
Votes
Against or
Withheld |
|
|
Abstentions |
|
|
Broker
Non-Votes |
|
| Proposal 1: Election of Lincoln Kinnicutt to the Board of Trustees |
|
|
4,797,550.248 |
|
|
|
619,317.930 |
|
|
|
0.000 |
|
|
|
0.000 |
|
| Proposal 2: Approval of a Subadvisory Agreement between Eagle and ClariVest |
|
|
3,667,504.369 |
|
|
|
103,279,540 |
|
|
|
133,818.668 |
|
|
|
1,512,265.601 |
|
The term of office of each of the other members of the Fund’s Board of Trustees continued after the Special Meeting. The
other Trustees are: James L. Pappas, J. Cooper Abbott, Keith B. Jarrett, William J. Meurer and Deborah L. Talbot.
Renewal of Investment Advisory and Subadvisory Agreements
Overview | At a meeting held on August 16, 2013, the Boards of Trustees for the
Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and Eagle Series Trust, including their independent members (together, the “Board”), approved the renewal of the investment advisory agreement between Eagle Asset
Management, Inc. (“Eagle”) and: (1) Eagle Capital Appreciation Fund; (2) Eagle Growth & Income Fund; and (3) Eagle Series Trust, on behalf of the Eagle Investment Grade Bond Fund, Eagle Mid Cap Growth Fund, Eagle
Mid Cap Stock Fund, Eagle Smaller Company Fund and Eagle Small Cap Growth Fund. Each of the Funds mentioned is referred to as a “Fund” and collectively, the “Funds.”
The Board also approved the renewal of the investment subadvisory agreement with Eagle Boston Investment Management, Inc. (“EBIM”) as subadviser to the Eagle Smaller Company Fund. The investment advisory
and subadvisory agreements are referred to herein as an “Agreement” and collectively, the “Agreements.”
In renewing the Agreements,
the Board took into consideration information furnished for the Board’s review and consideration throughout the year at regular Board meetings, as well as information specifically prepared in connection with the annual renewal process. The
Board, acting directly or through its committees, has been provided with information and reports relevant to the annual renewal of the Agreements, including: reports regarding the services and support provided to the Funds and their shareholders by
Eagle, EBIM, J.P. Morgan Chase Bank, N.A. and its affiliates (collectively, “J.P. Morgan”), a third party that provides sub-administration, transfer agent, fund accounting and custody services to the Funds, and U.S. Bancorp Fund Services,
LLC (“USBFS”), which provides certain sub-transfer agent services to the Funds; information on the Funds’ performance and commentary on the reasons for the performance; presentations by Fund portfolio managers addressing, as
applicable, Eagle’s and EBIM’s investment philosophy, investment strategy, personnel and operations; compliance and audit reports concerning the Funds, Eagle, EBIM, J.P. Morgan and USBFS, including responses to issues raised therein; and
information on relevant developments in the mutual fund industry and how the Eagle Funds and/or Eagle are responding to them.
As part of the renewal
process, the Board, with the assistance of independent legal counsel, requested and received additional reports containing substantial and detailed information regarding the Funds, Eagle and EBIM. Among other matters, these reports included
information on: (1) the nature
and extent of the advisory and other services provided by Eagle and EBIM; (2) the personnel of Eagle and EBIM; (3) the financial condition of Eagle and EBIM; (4) the compliance
programs and records of Eagle and EBIM; (5) the performance of the Funds as compared to their peer groups and appropriate benchmarks; (6) the Funds’ expenses, including the advisory fee rates, the overall expense structures of the
Funds, both in absolute terms and relative to funds within the same Morningstar population category (“Morningstar Category”) and peer funds within that Morningstar Category, and any applicable contractual expense limitations; (7) the
anticipated effect of growth and size on the Funds’ performance and expenses, where applicable; (8) benefits to be realized by Eagle, EBIM and their respective affiliates; and (9) the estimated profitability of Eagle and EBIM under
the Agreements, when available. The Board posed questions to various management personnel of Eagle regarding certain key aspects of the materials submitted in support of the renewal.
With respect to the renewal of the Agreements, the Board considered various factors, including: (1) the nature, extent and quality of services provided to the Funds; (2) the investment performance of the
Funds; (3) the costs of the services provided to the Funds and the profits realized by Eagle, EBIM and their respective affiliates from their relationship with the Funds; (4) the extent to which economies of scale have been realized as the
Funds grow; (5) whether the level of fees reflects those economies of scale for the benefit of the Funds’ investors; (6) comparisons of services and fees with contracts entered into by Eagle and EBIM with other clients (such as
pension funds and other institutional investors); and (7) any other benefits derived by Eagle or EBIM from their relationships with the Funds.
Provided below is a discussion of the factors the Board considered at its August meeting to form the basis of its renewal of the Agreements. The Board did not
identify any particular information that was most relevant to its consideration to renew the Agreements and each Trustee may have accorded different weight to the various factors.
Nature, Extent and Quality of Services. The Board considered that Eagle and EBIM are experienced in serving as investment advisers for the Funds and have provided a continuous investment program, including
investment selection, credit review and market analysis among other matters, for the Funds. The Board noted that Eagle oversees and monitors the performance and services provided by EBIM, J.P. Morgan and USBFS, and is responsible for the selection
of Fund
Renewal of Investment Advisory and Subadvisory Agreements
subadvisers. The Board also considered that Eagle and its affiliate, Eagle Fund Services, Inc., provide certain administration, transfer agent and fund accounting services to the Funds. In
addition, the Board noted that Eagle is responsible for oversight of compliance with the Funds’ policies and objectives, review of brokerage matters, oversight of the Funds’ compliance with applicable law, and implementation of Board
directives as they relate to the Funds. The Board noted that shareholders in the Funds have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Eagle, and that the Funds’
shareholders, with the opportunity to review and weigh the disclosure provided by the Funds in their prospectuses and other public disclosures, have chosen to invest in the Funds.
The Board noted that EBIM is responsible for making investment decisions on behalf of the Eagle Smaller Company Fund and placing all orders for the purchase and sale of investments for the Fund with brokers or
dealers. The Board considered information regarding: (1) the background and experience of Eagle and EBIM personnel who provide services to the Funds; (2) material compliance matters during the last year, if any, and certifications as to
the adequacy of the compliance programs of Eagle and EBIM; (3) the financial information regarding Eagle and EBIM, as provided; and (4) Eagle’s recommendation to continue to retain EBIM to manage the Eagle Smaller Company Fund.
Investment Performance. The Board considered comparisons of each Fund’s Class A performance, including, if applicable, a Fund’s year to
date, one-, three-, five- and ten-year annualized total returns for the period ended June 30, 2013, relative to the average performance of its peer group funds and benchmark indices. The Board also considered the performance of Eagle relative
to the composite performance of comparable accounts managed by Eagle, as well as the performance of EBIM relative to other accounts managed by EBIM, to the extent such information was available.
With respect to the Eagle Capital Appreciation Fund, the Board noted the following specific factors regarding performance: (1) the Fund outperformed its
benchmark index for the one-year period, but underperformed for the year to date, three-, five- and ten-year periods; (2) the Fund outperformed the average performance of its Morningstar Category for the one- and ten-year periods, but
underperformed for the three- and five-year periods; (3) the Fund outperformed the average performance of its peer group funds for the one- and ten-year periods, but
underperformed for the three- and five-year periods; (4) the Fund underperformed an institutional composite managed by ClariVest Asset Management LLC for all relevant periods; and
(5) the Fund’s overall 2-star Morningstar rating.
With respect to the Eagle Growth & Income Fund, the Board noted the following
specific factors regarding performance: (1) the Fund outperformed its benchmark index for the one-, five- and ten-year periods, but underperformed for the year to date and three-year periods; (2) the Fund outperformed the average
performance of its Morningstar Category for the five- and ten-year periods, but underperformed for the one- and three-year periods; (3) the Fund outperformed the average performance of its peer group funds for the five- and ten-year periods,
but underperformed for the one- and three-year periods; (4) the Fund outperformed the composite performance of comparable institutional accounts managed by Eagle for all relevant time periods with the exception of the three-year period, during
which the Fund underperformed; and (5) the Fund’s overall 4-star Morningstar rating.
With respect to the Eagle Investment Grade Bond Fund,
the Board noted the following specific factors regarding performance: (1) the Fund underperformed its benchmark index for all relevant periods; (2) the Fund underperformed the average performance of its Morningstar Category for all
relevant periods; (3) the Fund underperformed the average performance of its peer group funds for all relevant periods; (4) the Fund outperformed the composite performance of comparable institutional accounts managed by Eagle for all
relevant periods; and (5) the Fund’s overall 1-star Morningstar rating.
With respect to the Eagle Mid Cap Growth Fund, the Board noted the
following specific factors regarding performance: (1) the Fund outperformed its benchmark index for the year to date and one-year periods, but underperformed for all other relevant time periods; (2) the Fund outperformed the average
performance of its Morningstar Category for all relevant time periods; (3) the Fund outperformed the average performance of its peer group funds for all relevant time periods; (4) the Fund outperformed the composite performance of
comparable institutional accounts managed by Eagle for the five- and ten-year periods, but underperformed for the one- and three-year periods; and (5) the Fund’s 3-star Morningstar rating.
With respect to the Eagle Mid Cap Stock Fund, the Board noted the following specific factors regarding performance: (1) the Fund underperformed its benchmark
index for all relevant time periods; (2) the Fund outperformed the average performance of
Renewal of Investment Advisory and Subadvisory Agreements
its Morningstar Category for the ten-year period, but underperformed for all other relevant time periods; (3) the Fund outperformed the average performance of its peer group funds for the
one-year period, but underperformed for all other relevant time periods; (4) the Fund outperformed the composite performance of comparable institutional accounts managed by Eagle for the ten-year period, equaled the performance for the three-
and five-year periods, and underperformed for the one-year period; and (5) the Fund’s 3-star Morningstar rating. In this regard, the Board considered a proposal by Eagle to change the portfolio management team for the Fund in order to
address the underperformance of the Fund.
With respect to the Eagle Small Cap Growth Fund, the Board noted the following specific factors regarding
performance: (1) the Fund outperformed its benchmark index for the five- and ten-year periods, but underperformed for the year to date, one- and three-year periods; (2) the Fund outperformed the average performance of its Morningstar
Category for all relevant time periods; (3) the Fund outperformed the average performance of its peer group funds for the ten-year period, but underperformed for all other relevant time periods; (4) the Fund outperformed the composite
performance of comparable institutional accounts managed by Eagle for the five-year period, but underperformed for all other relevant time periods; and (5) the Fund’s 3-star Morningstar rating.
With respect to the Eagle Smaller Company Fund, the Board noted the following specific factors regarding performance: (1) the Fund underperformed its primary
and secondary benchmark indices for all relevant time periods; (2) the Fund underperformed the average performance of its Morningstar Category for all relevant time periods; (3) the Fund outperformed the average performance of its peer
group funds for all relevant time periods; (4) the Fund underperformed comparable institutional accounts managed by EBIM for all relevant time periods; and (5) the Fund’s 2-star Morningstar rating.
Fees and Expenses. The Board considered the advisory fee rate payable by each Fund to Eagle under the Agreements, the subadvisory fee rate payable to EBIM, each
Fund’s total expense ratio and its Rule 12b-1 fees. The Board also considered comparisons of a Fund’s expense ratio (with and without 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, 2013. In addition, the Board noted that Eagle had undertaken contractual and/or voluntary expense limitations with respect to the Funds for its 2013 fiscal year, which will continue for the 2014
fiscal year.
With respect to the Eagle Capital Appreciation Fund, the Board noted that the Fund’s expense ratio was higher
than the average expense ratio of its Morningstar Category and lower than the overall expense ratio of its peer group.
With respect to Eagle
Growth & Income Fund, the Board noted that the Fund’s expense ratio was lower than the average expense ratio of its Morningstar Category and peer group. The Board also noted that Eagle’s fee rate is higher than that charged to
comparable institutional accounts.
With respect to the Eagle Investment Grade Bond Fund, the Board noted that the Fund’s expense ratio (including
the contractual fee cap) was lower than the average expense ratio of its Morningstar Category and peer group. The Board also noted that Eagle’s fee rate is higher than that charged to comparable institutional accounts.
With respect to the Eagle Mid Cap Growth Fund, the Board noted that the Fund’s expense ratio was lower than the average expense ratio of its Morningstar
Category and peer group. The Board also noted that Eagle’s fee rate is higher than that charged to an investment company subadvisory client and lower than the fee rate charged for a standard institutional equity account.
With respect to the Eagle Mid Cap Stock Fund, the Board noted that the Fund’s expense ratio was lower than the average expense ratio of its Morningstar
Category and peer group.
With respect to the Eagle Small Cap Growth Fund, the Board noted that the Fund’s expense ratio was lower than the average
expense ratio of its Morningstar Category and peer group. The Board also noted that Eagle’s fee rate is higher than that charged to an investment company subadvisory client but is lower than the fee charged to institutional clients of a
similar size.
With respect to the Eagle Smaller Company Fund, the Board noted that the Fund’s expense ratio (including the contractual cap)
was lower than the average expense ratio of its Morningstar Category and peer group. With respect to EBIM’s subadvisory fee rate, EBIM represented that it does not manage any other mutual fund and that certain of its clients with performance
incentive fees may pay a lower base fee than the Fund.
Costs, Profitability and Economies of Scale. The Board evaluated Eagle’s and, to the extent
available, EBIM’s costs
Renewal of Investment Advisory and Subadvisory Agreements
and profitability in providing services to a Fund. The Board noted that EBIM’s costs and profitability generally are less significant to the Board’s evaluation of the fee rates and
expenses paid by a Fund than Eagle’s advisory fee rate and profitability and the Fund’s overall expense ratios. The Board noted that Eagle’s profits on the services it provided to the Funds are reasonable in light of Eagle’s
costs in providing services to each Fund and that Eagle manages each Fund’s assets and provides a comprehensive compliance program for each Fund.
The Board considered that the Funds’ management fee rate structures provide for breakpoints, which is a reduction of the applicable fee rate as assets
increase. The Board also considered that each Fund may benefit from economies of scale, and shareholders may realize such economies of scale, through (1) reduced advisory fees achieved when a Fund’s asset size reaches breakpoints in the
fee schedules instituted by Eagle; (2) increased services to a Fund; or (3) allocation of fixed fund expenses over a large asset size.
Benefits. In evaluating compensation, the Board considered other benefits that may be realized by Eagle, EBIM and their respective affiliates from their
relationship with the Funds. In this connection, the Board noted, among other things, that Eagle is responsible for serving as administrator for the Funds and oversight of the Funds’ service providers and subadvisers, and receives compensation
for acting in these capacities. The Board noted that Eagle and its affiliates have entered into revenue sharing and services agreements with third parties for promotion and/or shareholder services.
The Board also recognized that Eagle Fund Distributors, Inc. (“Distributor”), a subsidiary of Eagle, serves as the principal
underwriter and distributor for the Funds, and as such, receives Rule 12b-1 payments from the Funds to compensate it for providing services and distribution activities. These activities could
lead to growth in the Funds’ 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 the Distributor to sell Fund
shares and receive compensation from the Distributor.
EBIM also may engage in soft dollar transactions in connection with transactions on behalf of the
Eagle Smaller Company Fund. In this regard, the Board considered EBIM’s process for selecting broker-dealers and for engaging in soft dollar transactions, but noted that EBIM does not currently engage in proprietary or third-party soft dollar
transactions on behalf of the Eagle Smaller Company Fund.
Conclusions. Based on these considerations, the Board concluded with respect to the Funds
that: (1) each Fund was reasonably likely to benefit from the nature, quality and extent of Eagle’s and EBIM’s services, as applicable to the Funds; (2) each Fund’s performance was satisfactory in light of all the factors
considered by the Board; (3) the fees payable under the Agreements and profits earned by Eagle or EBIM were reasonable in the context of all the factors considered by the Board; and (4) the current advisory fee rate structure provides each
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 renew the Agreements and to approve the Agreements between each Fund
and Eagle, and Eagle and EBIM.
Principal Risks
Additional Information About Risk Factors
The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and
reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities
that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its
investment objective. The following table identifies the risk factors of each fund in light of their respective principal investment strategies. These risk factors are explained following the table.
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| Risk |
|
Capital Appreciation Fund |
|
|
Growth & Income Fund |
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|
International
Stock
Fund |
|
|
Investment Grade Bond Fund |
|
|
Mid Cap Growth Fund |
|
|
Mid Cap Stock Fund |
|
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Small Cap Growth Fund |
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|
Small Cap
Stock
Fund |
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Smaller
Company Fund |
|
| Call |
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X |
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| Credit |
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X |
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| Focused holdings |
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X |
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| Foreign securities |
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X |
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X |
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X |
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| Government sponsored enterprises |
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X |
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| Growth stocks |
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X |
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X |
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X |
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X |
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X |
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X |
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X |
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X |
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| High-yield securities |
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X |
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| Inflation |
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X |
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| Interest rates |
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X |
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| Issuer and market |
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X |
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| Liquidity |
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X |
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X |
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| Market timing |
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X |
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X |
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X |
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X |
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| Mid-cap companies |
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X |
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X |
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X |
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X |
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X |
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X |
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X |
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| Mortgage- and asset-backed securities |
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X |
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| Municipal securities |
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X |
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| Other investments companies and ETFs |
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X |
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X |
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X |
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| Portfolio turnover |
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X |
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X |
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X |
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| Sectors |
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X |
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| Small -cap companies |
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X |
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X |
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X |
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X |
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X |
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| Stock market |
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X |
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X |
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X |
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X |
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X |
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X |
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X |
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X |
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| Value stocks |
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X |
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X |
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X |
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X |
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Call | Call risk is the possibility that, as interest rates decline to a level that is
significantly lower than the rate assigned to the fixed income security, the security may be called (redeemed) prior to maturity. A fund would lose the benefit of holding a fixed income security that is paying a rate above the current market rate
and would likely have to reinvest the proceeds in other fixed income securities that have lower yields.
Credit | A
fund could lose money if the issuer of a fixed income security is unable to meet its financial obligations or goes bankrupt. Credit risk usually applies to most fixed
income securities, but generally is not a factor for U.S. government obligations.
Focused
holdings | For funds that normally hold a core portfolio of stocks of fewer companies than other more diversified funds, the increase or decrease of the value of a single stock may have a greater impact on the fund’s
net asset value (“NAV”) and total return.
Foreign securities | Investments in foreign securities involve greater
risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions
Principal Risks
and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less stable than U.S. markets, and changes in the exchange rates
of foreign currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less public information available about foreign companies.
Custodial and/or settlement systems in foreign markets may not be fully developed and the laws of certain countries may limit the ability to recover assets if a foreign bank or depository or their agents goes bankrupt. Foreign security risk may also
apply to ADRs, GDRs and EDRs. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change, which may lead to default or expropriation,
and inadequate government oversight and accounting.
Government sponsored enterprises | Investments in government
sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. government. These obligations vary in the level of support they receive from the U.S. government. They may be: (1) supported by the full faith and
credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (2) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal National Mortgage Association;
(3) supported by the discretionary authority of the U.S. government to purchase the issuer’s obligations, such as those of the Student Loan Marketing Association; or (4) supported only by the credit of the issuer, such as those of the
Federal Farm Credit Bureau. The U.S. government may choose not to provide financial support to U.S. government sponsored agencies or instrumentalities if it is not legally obligated to do so in which case, if the issuer defaulted, the fund holding
securities of such issuer might not be able to recover its investment from the U.S. government.
Growth stocks | Growth
companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the prices of stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack
the dividend yield that can cushion stock prices in market downturns.
High-yield securities | Investments in securities
rated below investment grade, or “junk bonds,” generally involve significantly greater risks of loss of your money than an investment in investment grade bonds. Compared with issuers of investment grade bonds, junk bonds are more likely to
encounter financial difficulties and to be materially affected by these difficulties. Rising interest rates may compound these difficulties and reduce an issuer’s ability to repay principal
and interest obligations. Issuers of lower-rated securities also have a greater risk of default or bankruptcy. Additionally, due to the greater number of considerations involved in the selection of a fund’s securities, the achievement of a
fund’s objective depends more on the skills of the portfolio manager than investing only in higher-rated securities. Therefore, your investment may experience greater volatility in price and yield. High-yield securities may be less liquid than
higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell.
Inflation | Inflation risk is the risk that the market value of securities will decrease as higher inflation shrinks the purchasing
power of any affected currencies.
Interest rates | Investments in investment grade and non-investment grade fixed income
securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. A fund is particularly sensitive to changes in interest rates because it may invest in debt securities
with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. Yields of debt securities will
fluctuate over time.
Issuer and market | Issuer and market risk is the risk that the prices of, and the income generated
by, securities held by the fund may decline in response to certain events, such as general economic and market conditions, regional or global economic instability, interest rate fluctuations, and those events directly involving the issuers.
Liquidity | Liquidity risk is the possibility that the fund might be unable to sell a security promptly and at an
acceptable price, which could have the effect of decreasing the overall level of the fund’s liquidity. Market developments may cause the fund’s investments to become less liquid and subject to erratic price movements. The fund could lose
money if it cannot sell a security at the time and price that would be most beneficial to the fund.
Market
timing | Because of specific securities a fund may invest in, it could be subject to the risk of market timing activities by fund shareholders. Some examples of these types of securities are high-yield, small-cap and
foreign securities.
Principal Risks
Typically, foreign securities offer the most opportunity for these market timing activities. A fund generally prices these foreign securities using their closing prices from the foreign markets
in which they trade, typically prior to a fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before a fund prices its shares. In such instances, a fund may fair value foreign
securities. However, some investors may engage in frequent short-term trading in a fund to take advantage of any price differentials that may be reflected in the NAV of a fund’s shares. There is no assurance that fair valuation of securities
can reduce or eliminate market timing. While the manager and transfer agent of the Funds monitor trading in each fund, there is no guarantee that they can detect all market timing activities.
Mid-cap companies | Investments in mid-cap companies generally involve greater risks than investing in large-capitalization companies. Mid-cap companies often have narrower markets and
limited managerial and financial resources compared to larger, more established companies. The performance of mid-cap companies can be more volatile compared to larger, more established companies, which could increase the volatility of a fund’s
portfolio and performance. Shareholders of a fund that invests in mid-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in large-cap companies. Generally, the smaller the
company size, the greater these risks.
Mortgage- and asset-backed securities | Mortgage- and asset-backed security risk,
which is possible in an unstable or depressed housing market, arises from the potential for mortgage failure or premature repayment of principal. The reduced value of the fund’s securities and the potential loss of principal as a result of a
mortgagee’s failure to repay would have a negative impact on the fund. Premature repayment of principal would make it difficult for the fund to reinvest the prepaid principal at a time when interest rates on new mortgages are declining, thereby
reducing the fund’s income.
Municipal securities | A municipal security’s value, interest payments or repayment
of principal could be affected by economic, legislative or political changes. Municipal securities are also subject to potential volatility in the municipal market and the fund’s share price, yield and total return may fluctuate in response to
municipal bond market movements. Municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, as opposed to general tax revenues, may have increased risks. Changes in a
municipality’s financial health may affect its ability to make interest and principal payments when due.
Other investment companies and ETFs | Investments in the securities of other investment companies and exchange-traded funds (“ETFs”), (which may, in turn invest in equities,
bonds, and other financial vehicles) may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, a fund becomes a shareholder of that investment company or ETF. As a result, fund
shareholders indirectly bear the fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses fund shareholders directly bear in connection with the
fund’s own operations.
As a shareholder, the fund must rely on the investment company or ETF to achieve its investment objective. If the
investment company or ETF fails to achieve its investment objective, the value of the fund’s investment will decline, adversely affecting the fund’s performance. In addition, because ETFs are listed on national stock exchanges and are
traded like stocks listed on an exchange, ETF shares may potentially trade at a discount or a premium. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a fund. Finally, because the
value of ETF shares depends on the demand in the market, the portfolio manager may not be able to liquidate a fund’s holdings at the most optimal time, adversely affecting the fund’s performance.
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.
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
Principal Risks
companies. Companies with smaller market capitalizations generally have lower volume of shares traded daily, less liquid stock and more volatile stock prices. Companies with smaller market
capitalizations also tend to have a limited product or service base and limited access to capital. Newer companies with unproven business strategies also tend to be smaller companies. The above factors increase risks and make these companies more
likely to fail than companies with larger market capitalizations, and could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in small-cap companies should expect that the value of the
fund’s shares will be more volatile than a fund that invests exclusively in mid-cap or large-cap companies. Generally, the smaller the company size, the greater these risks.
Stock market | The value of a fund’s stock holdings may decline in price because of
changes in prices of its holdings or a broad stock market decline. These fluctuations could be a sustained trend or a drastic movement. The stock markets generally move in cycles, with periods of rising prices followed by periods of declining
prices. The value of your investment may reflect these fluctuations.
Value stocks | Investments in value stocks are
subject to the risk that their true worth may not be fully realized by the market. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value
stocks remain unpopular with or lose favor among investors.
2013 Federal Income Tax Notice
For the fiscal year ended October 31, 2013 certain dividends paid by the funds may be subject to a maximum tax
rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003, and as extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. For each applicable fund, the table designates amounts
characterized as long-term capital gains which are also subject to the 15% tax rate. The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending
December 31, 2012. All dividends paid by the Funds from net investment income are deemed to be ordinary income for federal income tax purposes. Complete information
will be computed and reported in conjunction with your 2013 Form 1099-DIV.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Qualified
dividend income |
|
|
Dividends
Received
Deduction |
|
|
Long-term capital gains |
|
| Capital Appreciation Fund |
|
|
$1,078,104 |
|
|
|
100.00 |
% |
|
|
$— |
|
| Growth & Income Fund |
|
|
10,026,061 |
|
|
|
98.78 |
|
|
|
4,281,719 |
|
| International Stock Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Investment Grade Bond Fund |
|
|
— |
|
|
|
— |
|
|
|
1,891,336 |
|
| Mid Cap Growth Fund |
|
|
— |
|
|
|
— |
|
|
|
15,908,617 |
|
| Mid Cap Stock Fund |
|
|
— |
|
|
|
— |
|
|
|
75,993,788 |
|
| Small Cap Growth Fund |
|
|
704,202 |
|
|
|
100.00 |
|
|
|
199,119 |
|
| Small Cap Stock Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Smaller Company Fund |
|
|
646,602 |
|
|
|
100.00 |
|
|
|
5,622,207 |
|
Trustees and Officers
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Name, birth year, position,
term of office (a) and length of
time served |
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Principal occupation(s)
during past five years |
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Number of funds
overseen in fund
complex |
|
Directorships
of other public companies |
| Interested Trustee (b) |
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| J. Cooper Abbott (1969)
Trustee since 2012 |
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Executive Vice President, Investments and Co-Chief Operating Officer of Eagle since 2009; Director of ClariVest Asset Management LLC since December
2012; Senior Vice President, Institutional Sales of Eagle 2007-2009; Director, Asset Management Services since 2005 |
|
10 |
|
N/A |
| Independent Trustees |
|
|
|
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| Keith B. Jarrett, PhD (1948)
Trustee since 2005 |
|
Founder, Rockport Funding, LLC (private equity), and Ajax Partners (investment partnership) since 2003 |
|
10 |
|
Safeguard Scientific, Inc. |
|
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| Lincoln Kinnicutt (1944)
Trustee since 2006 |
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Retired since 2002; Managing Director, Goldman Sachs 1997-2002 |
|
10 |
|
N/A |
|
|
|
|
| William J. Meurer (1943)
Trustee since 2003 |
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Private investor and financial consultant since 2000 |
|
10 |
|
Sykes Enterprises, Inc. (c); Walter Investment Mgmt. Corp.; LifeLink Foundation |
|
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| James L. Pappas (1943)
Trustee since 1989; Lead Independent
Trustee 2003 – 2012; Chariman of the
Board of Trustees since 2012 |
|
Private investor; Lykes Professor of Banking and Finance at University of South Florida 1986-2006; President, Graduate School of Banking, University of
Wisconsin 1995-2005 |
|
10 |
|
Walter Investment Mgmt. Corp. |
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|
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| Deborah L. Talbot, PhD (1950)
Trustee since 2002 |
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Independent Consultant; Director, ethiKids, Inc. (child development) since 2009-2010; Founder and Board Member, Creative Tampa Bay (community
networking) since 2003; Deans’ Advisory Board, College of Arts and Sciences, University of Memphis since 2002 |
|
10 |
|
N/A |
| Officers (d) |
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| Richard J. Rossi (1956)
President since March 2010 |
|
President and Co-Chief Operating Officer of Eagle since 2009 and 2007, respectively; Director of ClariVest Asset Management LLC since December 2012;
Executive Vice President Eagle 2000-2009; President and Director of EFD 2005-2011; Chief Executive Officer and Director of EFD since 2011 |
|
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|
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| Susan L. Walzer (1967)
Principal Executive Officer since May 2011 |
|
Vice President of Fund Administration since May 2011; Chief Compliance Officer of Eagle Family of Funds and Eagle Fund Services (‘EFS”) (e)
2007-2011; Director of Compliance for Eagle 2005-2007 |
|
|
|
|
|
|
|
|
| Carolyn K. Gill (1978)
Principal Financial Officer and Treasurer
since May 2011 |
|
Manager of Fund Accounting and Fund Reporting for Eagle since 2005 and 2010, respectively |
|
|
|
|
|
|
|
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| Daniel R. Dzibinski (1974)
Chief Compliance Officer and Secretary
since May 2011 |
|
Manager of Fund Compliance for Eagle since May 2011; Director of Compliance for Eagle 2007-2011 |
|
|
|
|
The principal address for each Trustee and Officer is P.O. Box 33022, St. Petersburg, Florida, 33733-8022.
Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, which is available, without charge, upon
request, by calling the Eagle Family of Funds toll free at 1-800-421-4184 or by accessing our website at eagleasset.com.
(a) Trustees serve for life
or until they are removed, resign or retire. The Board has adopted a Board Governance Policy that requires Independent Trustees to retire no later than at the end of the meeting which occurs immediately after his or her 75th birthday.
(b) Mr. Abbott is an “interested” person of the Trust as that term is defined by the 1940 Act. Mr. Abbott is affiliated with ClariVest, EFD, Eagle and RJF. (c) Sykes Enterprises, Inc. is a technical support company. (d)
Officers each serve one year terms. (e) Prior to September 13, 2010, EFS served as the Funds’ transfer agent.
Rev. 10-31-2013
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| FACTS
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WHAT DOES EAGLE FAMILY OF FUNDS DO
WITH YOUR PERSONAL INFORMATION? |
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| |
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| Why? |
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Financial companies choose how they share your personal information. Federal law gives consumers the
right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
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| What? |
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The types of personal information we collect
and share depend on the product or service you have with us. This information can include: |
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n Social security number |
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| |
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n Birth
date |
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| How? |
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All financial companies need to share customers’ personal
information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eagle Family of Funds chooses to share; and whether you can limit this
sharing. |
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| Reasons we can share your personal information |
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Does Eagle
Family of
Funds share? |
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Can you limit this
sharing? |
| |
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| For our everyday business purposes
– such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit
bureaus |
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Yes |
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No |
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| For our marketing purposes –
to offer our products and services to you |
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No |
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No |
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| For joint marketing with other financial companies |
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No |
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No |
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| For our affiliates’ everyday business purposes
– information about your transactions and experiences |
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Yes |
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No |
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| For our affiliates’ everyday business purposes
– information about your creditworthiness |
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No |
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No |
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| For our affiliates to market to you |
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No |
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No |
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| For non-affiliates to market to you |
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No |
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No |
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| To
limit our
sharing |
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n Call 800-421-4184 – our menu will prompt you through your choice(s) or
n Visit us online: eagleasset.com
Please note: If you are a new customer, we can begin sharing your
information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
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| Questions? |
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Call 800-421-4184 or go to eagleasset.com |
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|
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| Who we are |
| Who is providing this notice? |
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Eagle Asset Management, Inc., Eagle Fund Services, Inc. and Eagle Family of Funds (collectively,
“Eagle Family of Funds”) |
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| What we do |
| How does Eagle Family of Funds protect my personal information? |
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To protect your personal information from unauthorized access and use, we use security
measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does Eagle Fund Services collect my personal information? |
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We collect your personal information, for example, when you open an account or deposit money |
| |
We also collect your personal information from others, such as affiliates, or other
companies. |
| Why can’t I limit all sharing? |
|
Federal law gives you the right to limit
only n sharing for affiliates’ everyday business purposes – information about
your creditworthiness
n affiliates from using your information to market to you n sharing for non-affiliates to market to
you State laws and individual companies may give you additional rights to limit
sharing. |
| What happens when I limit sharing for an account I hold jointly with someone
else? |
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Your choices will apply to everyone on your account – unless you tell us
otherwise. |
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| Definitions |
| Affiliates |
|
Companies related by common ownership or control.
They can be financial and non-financial companies. n Raymond James & Associates, Inc., Raymond James Financial Services, Inc., Eagle Asset Management, Inc., Eagle Fund Distributors,
Inc., Eagle Fund Services, Inc., Eagle Boston Investment Management, Inc. and ClariVest Asset Management LLC. |
| Non-affiliates |
|
Companies not related by common ownership or
control. They can be financial and non-financial companies. n Broker-dealers for business related matters. |
| Joint Marketing |
|
A formal agreement between non-affiliated financial
companies that together market financial products or services to you. n N/A |
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Go Paperless with eDelivery |
|
|
eDelivery is the most convenient, economical and
environmentally-conscious way to receive information about your fund.
To enroll, please visit
eagleasset.com/eDelivery
Please consider the investment
objectives, risks, charges and expenses of any fund carefully before investing. Contact Eagle at 800.421.4184 or your financial advisor for a prospectus, which contains this and other important information about the Funds. Read the prospectus
carefully before you invest or send money.
This report is for the information of shareholders of the Eagle mutual
funds. If you wish to review additional information on the portfolio holdings of a fund, a complete schedule has been filed with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fund’s
fiscal year end on Form N-Q. These filings are available on the Commission’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C.
Information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330. A description of each fund’s proxy voting policies, procedures and information regarding how each fund voted proxies relating to portfolio
securities during the 12-month period ended June 30, 2013, is available without charge, upon request, by calling the Eagle Family of Funds, toll-free at the number above, by accessing our website at
eagleasset.com or by accessing the Commission’s website at www.sec.gov.
727.567.8143 I 800.421.4184
Eagle Fund Distributors, Inc., Member FINRA | Not FDIC Insured | May Lose
Value | No Bank Guarantee
Item 2. Code of Ethics
As of the end of the fiscal period October 31, 2013, Eagle Capital Appreciation Fund ( the “Trust”) has adopted a code of
ethics, as defined in Item 2 of Form N-CSR, that applies to the Principal Executive Officer and Principal Financial Officer. The Trust has not made any amendments to its code of ethics during the covered period. The Trust has not granted any
waivers from any provisions of the code of ethics during the covered period. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Trust’s Board of Trustees (“Board”) has determined that William J. Meurer is an audit committee financial expert, as defined
in Item 3 of Form N-CSR, serving on its audit committee. Mr. Meurer is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services1
(a) Audit Fees
The aggregate fees billed by the Trust’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”) for professional
services rendered in connection with the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $32,000 for the
fiscal period ended October 31, 2012, and $31,000 for the fiscal period ended October 31, 2013.
(b)
Audit-Related Fees
There were no aggregate fees PwC billed to the Trust for assurance and other services which are reasonably related to
the performance of the Trust’s audit and are not reported under Item 4(a) for the fiscal periods ended October 31, 2012, and October 31, 2013. The aggregate fees PwC billed to the Trust’s investment adviser and
any entity controlling, controlled by, or under common control with the Trust’s investment adviser for assurance and other services directly related to the operations and financial reporting of the Trust were $0.00 for the fiscal period
ended October 31, 2012, and $0.00 for the fiscal period ended October 31, 2013.
(c) Tax Fees
The aggregate tax fees PwC billed to the Trust for tax compliance, tax advice, and tax planning services were $6,000 for the fiscal
period ended October 31, 2012, and $6,000 for the fiscal period ended October 31, 2013. There were no aggregate tax fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or
under common control with the Trust’s investment adviser for services directly related to the operations and financial reporting of the Trust for the fiscal periods ended October 31, 2012, and October 31, 2013.
1 All accountant fees and services amounts are rounded to the nearest whole thousand.
(d) All Other Fees
For the fiscal periods ended October 31, 2012, and October 31, 2013 the Trust paid PwC no other fees. There were no
aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s
investment adviser for any other services directly related to the operations and financial reporting of the Trust for the fiscal periods ended
October 31, 2012, and October 31, 2013.
(e) The Trust’s Audit Committee Charter provides that the Audit
Committee (comprised of the Independent Trustees of the Trust) is responsible for pre-approval of all auditing services performed for the Trust. The Audit Committee reports to the Board regarding its approval of the engagement of the auditor and the
proposed fees for the engagement, and the majority of the Board (including the members of the Board who are Independent Trustees) must approve the auditor at an in-person meeting. The Audit Committee also is responsible for pre-approval (subject to
the de minimus exception for non-audit services described in the Securities Exchange Act of 1934, as amended, and applicable rule thereunder and not expecting to exceed $5,000) of all non-auditing services performed for the Trust or for any
service affiliate of the Trust. The Trust’s Audit Committee Charter also permits a designated member of the Audit Committee to pre-approve, between meetings, one or more non-audit service projects, subject to ratification by the Audit Committee
at the next meeting of the Audit Committee. The Trust’s Audit Committee pre-approved all fees described above which PwC billed to the Trust.
(f) Less than 50% of the hours billed by PwC for auditing services to the Trust for the fiscal period ended October 31, 2013, were
for work performed by persons other than full-time, permanent employees of PwC.
(g) There were no aggregate non-audit fees billed by PwC
to the Trust and to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for the fiscal periods ended October 31, 2012, and October 31,
2013.
(h) The Trust’s Audit Committee has considered the non-audit services provided to the Trust and the Trust’s
investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser as described above and determined that these services do not compromise PwC’s independence.
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 Trust’s Nominating Committee Charter, which sets forth procedures by which shareholders may recommend nominees
to the Board, since the Trust last provided disclosure in response to this item.
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 the
Trust have concluded that such disclosure controls and procedures are effective as of December 18, 2013. |
| (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 the Trust 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) Code of
Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit 99.CODEETH.
(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 certification required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Trust has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
EAGLE CAPITAL APPRECIATION FUND
Date: December 18, 2013
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| /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
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| Date: December 18, 2013 |
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/s/ Susan L. Walzer |
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Susan L. Walzer |
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Principal Executive Officer |
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| Date: December 18, 2013 |
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/s/ Carolyn Gill |
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Carolyn Gill |
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Principal Financial Officer |