Item 1. Reports to Shareholders
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Annual Report
and Investment Performance Review
for the fiscal year ended October 31, 2012
Eagle Capital Appreciation Fund
Eagle Growth & Income Fund
Eagle International Equity Fund
Eagle Investment Grade Bond Fund
Eagle Mid Cap Growth Fund
Eagle Mid Cap Stock Fund
Eagle Small Cap Growth Fund
Eagle Smaller Company Fund
Privacy Notice
Eagle Family of Funds
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Presidents 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 ended October 31, 2012 (the
reporting period).
This has been a year of ups and downs in the broad equity markets. Most major stock indices climbed steadily higher at
the end of 2011 and into the first few months of this year before taking a breather in the spring. They rallied throughout the summer and hit peaks in September. On the fixed-income side, the U.S. Federal Reserve kept its overnight interest rate at
near zero percent, suggested it likely would not raise rates until mid-2015 (it previously said 2014) and began its third round of quantitative-easing (often called QE3).
Over-arching news for the year included continued economic malaise in Europe (and the ongoing debt issues of its southern neighbors); a slowing growth rate in China; and the U.S. general elections.
One of the hallmarks of Eagle, over its more than 35 years, has been the fundamental research our managers do in constructing portfolios. Our goal here is to
provide superior risk-adjusted returns for our long-term clients. Producing the desired results means avoiding getting caught up in todays headlines and focusing on individual companies the Portfolio Managers believe have the characteristics
necessary to make money for our investors.
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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Many of Eagles funds continue to perform well, including the Eagle Growth & Income Fund that finished the ten-year period ended October 31,
2012 with a five-star rating
1,2
from Morningstar
®
.
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Co-Portfolio Managers Charles Schwartz,
CFA
®
, Betsy Pecor, CFA
®
, and Matthew McGeary, CFA
®
, as well as
Research Analyst Matthew Spitznagle, CFA
®
, assumed management of the Eagle Mid Cap Stock Fund on October 1, 2012. They
joined Eagle with years of experience managing small- and mid-cap mutual funds.
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This summer Eagle added David Powers,
CFA
®
, as a Co-Portfolio Manager on the team that manages the Eagle Growth & Income Fund. He brings with him a
wealth of experience managing successful portfolios as well as
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analyzing companies that are important elements of the value- and dividend-focused benchmarks. He has more than 15 years of investment industry experience as a Portfolio Manager and analyst,
including most recently serving as a Portfolio Manager of INGs highly regarded Large Cap Value and Equity Dividend Focus funds.
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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 Eagle Investment Grade Bond Fund, and Eric Mintz, CFA
®
, who is a Co-Portfolio Manager of the Eagle Small Cap Growth and Eagle Mid Cap Growth Funds have been on CNBC many times throughout the past year. The Wall Street
Journal and Barrons have quoted Ed Cowart, CFA
®
, and John Pandtle, CFA
®
, who are among the Eagle Growth & Income Funds Co-Portfolio Managers.
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The Board of Trustees changed the name of the Eagle Small Cap Core Value Fund to the Eagle Smaller Company Fund in an effort to better differentiate the Fund and
its investments from other Eagle Boston Investment Management accounts and other small cap funds in the industry.
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I would like to
remind you that investing in any mutual fund carries certain risks. The principal risk factors for each fund are described at the end of this report. Carefully consider the investment objectives, charges and expenses of any fund before you invest.
Contact us at 800.421.4184 or eagleasset.com or your financial advisor for a prospectus, which contains this and other important information about the Eagle Family of Funds.
We are grateful for your continued support of, and confidence in, the Eagle Family of Funds.
Sincerely,
Richard J. Rossi
President
December 20, 2012
1
The Eagle Growth & Income Funds Class A shares are rated 5 stars for
the 10-year period ended October 31, 2012; 4 stars for the five-year period ended October 31, 2012 and for the overall; and 2 stars for the three-year period ended October 31, 2012 among a total of 585, 926, 1,044 and 1,044 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 funds three-, five- and 10-year average annual returns (when available) and a
risk factor that reflects fund performance relative to three-month Treasury bill monthly returns. Fund returns are adjusted for fees and sales loads. Ten percent of the funds in an investment category receive five stars, 22.5% receive four stars,
35% receive three stars, 22.5% receive two stars and the bottom 10% receive one star. Investment return and principal value will vary so that investors have a gain or loss when shares are sold. Funds are rated for up to three time periods (three-,
five- and 10-years) and these ratings are combined to produce an overall rating. Ratings may vary among share classes and are based on past performance. Past performance does not guarantee future results.
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Performance Summary and Commentary
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Eagle Capital Appreciation Fund
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Meet the
managers
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Steven M. Barry, Joseph B. Hudepohl, CFA
®
, and Timothy M. Leahy, CFA
®
, are
Portfolio Managers of Goldman Sachs Asset Management, LPs (GSAM) Growth Team. Mr. Barry is Chief Investment Officer and has been responsible for the day-to-day management of the Eagle Capital Appreciation Fund (the
Fund) since 2002. Mr. Hudepohl has been a member of GSAMs Growth Team since 1999, and assumed day-to-day management of the Fund in December 2011. Mr. Leahy joined GSAM as a Managing Director in 2005, and has been
responsible for the day-to-day management of the Funds investment portfolio since February 2011.
Investment highlights
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The Fund invests primarily in common stocks. The Funds portfolio management team believes that wealth is created through the
long-term ownership of a growing business. They take a bottom-up approach to investing based on in-depth, fundamental research. A bottom-up method of analysis typically emphasizes the outlook at the company and industry level versus
reliance on the general economy and/or market trends. The Portfolio Managers use an intensive research process and each company is analyzed as if they were going to own and operate that company indefinitely. Key characteristics of the companies in
which the Fund currently seeks to invest may include: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life
cycle, enduring competitive advantage, favorable demographic trends and excellent management.
Performance
summary
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The Funds Class A shares returned 14.76% (excluding front-end sales charges) during the
fiscal year ended October 31, 2012, outperforming its benchmark index, the Russell 1000
®
Growth Index (Russell
1000 Growth), which returned 13.02%. The Russell 1000 Growth measures performance of those Russell 1000
®
companies
with higher price-to-book ratios and higher forecasted growth values and is representative of U.S. securities exhibiting growth characteristics. 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 11/1/02 to 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
The Russell 1000 Growth delivered broad based returns during the one year period ended October 31, 2012, however, the environment was marked by periods of elevated volatility driven by
macroeconomic conditions, along with significant fiscal and monetary policy attention. In addition, the annual Russell 1000 Growth reconstitution was completed in late June with significant changes this year, including a more than 500 basis point
(bps) decrease in the energy sectors weight. Other sectors such as materials and industrials lagged, while telecommunication services and health care were the top performing sectors.
The Fund outperformed its benchmark, the Russell 1000 Growth, during the period. On the positive side, stock selection
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Performance Summary and Commentary
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Eagle Capital Appreciation Fund (contd)
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in the telecommunication services and information technology sectors contributed to performance. In contrast, weakness in select health care and energy names detracted from performance.
Top
performers
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American Tower Corp., a leading owner and operator of wireless and broadcast communication sites,
contributed to performance during the reporting period. The Portfolio Managers believe new announcements made in the mobile services industry during the period (including the proposed merger between T-Mobile and Metro PCS and the investment in
Sprint by Softbank) bring additional long term stability to the mobile industry, which should ultimately benefit the tower companies. Crown Castle International Corp., a wireless tower owner and operator of shared wireless communications and
broadcast infrastructures, also contributed to performance during the period. Its shares rose after the company announced strong first quarter results, driven by better than expected revenues and a significant increase in new leases signed during
the quarter compared to last year. The company also raised 2012 guidance due, in large part, to the acquisition of outdoor distributed antennae systems (DAS) company NextG Networks. The Portfolio Managers continue to have conviction in the tower
companies over the long term as demand for mobile content grows and wireless carriers are required to add capacity in order to support increased usage, network upgrades and improved coverage. The Fund continues to hold both of these positions.
Shares of Lowes Companies, Inc., a home improvement retailer, was a top contributor to performance. Lowes recently announced its plan to
acquire a Canadian home improvement retailer in the midst of a turnaround strategy of its stores. The Portfolio Managers believe this move challenges the credibility of the management team and makes it increasingly more difficult to believe in
the turnaround of its U.S. business. While the Portfolio Managers continue to believe Lowes should benefit as the fundamentals of the home improvement industry improve and the housing market recovers, the risk of integrating a sizeable
acquisition in the midst of these strategic initiatives raises the risk profile for Lowes. As a result, the Fund sold out of its position.
Equinix, Inc., a provider of high performance IT data centers, contributed to performance. The companys core business remains strong and pricing is up in
the three main regions in which it operates, U.S., Europe and Asia. Equinix recently acquired data centers in Frankfurt, Hong Kong, Shanghai and Singapore to further drive growth. In addition, the company
announced that it plans to convert to a real estate investment trust (REIT). The Portfolio Managers view this decision favorably and believe it will unlock further shareholder value.
The Portfolio Managers continue to have conviction in the companys ability to drive revenue growth as it benefits from several secular growth drivers, including cloud computing, growth in internet traffic and enterprise outsourcing, and rising
demand for optimized network performance. The Fund continues to hold this position.
Apple Inc., a designer and marketer of consumer electronics,
computer software, and personal computers, contributed to the Fund during the period. Shares increased significantly as strong demand for the newly released iPad and iPhone continued to validate the value of the Apple franchise and its growth
profile. The Portfolio Managers believe there is still a long runway for growth as the company increases penetration of the smartphone and tablet markets, and continues to innovate and enter new markets. In addition, the Portfolio Managers remain
positive on Apple and believe the stocks valuation remains attractive. The Fund continues to hold this position.
Underperformers
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Facebook, Inc. (Class A), a social networking service provider, detracted from returns during the period. While the company delivered in line second quarter earnings on a strong increase in ad revenue payments, revenue growth was challenged and a
large amount of insider selling, due to the expiration of the lock-up, caused material weakness in the stock. In the Portfolio Managers view, Facebook has achieved tremendous scale in the U.S. and has a large market opportunity as its
networking effect creates stickiness in its user base. The Portfolio Managers exited the position during the period since they believe the path to growth has been extended and is less certain.
NetApp, Inc., a developer of data storage hardware and software for enterprise clients, detracted from performance as fears surfaced of reduced year end business spending on technology. In the Portfolio
Managers view, despite the near term headwind, NetApp continues to trade at an attractive valuation, and has a strong competitive position in an industry that has benefited from several secular growth trends, such as virtualization, which
should increase demand for the companys storage products. NetApp specializes in network-attached storage which, in the Portfolio Managers view, should continue to take share away from direct-attached products. The Portfolio Managers
believe NetApps storage devices are easier to buy, install and manage than competing products, which should
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Performance Summary and Commentary
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Eagle Capital Appreciation Fund (contd)
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also drive market share gains. The Fund continues to hold this position.
Shares of Schlumberger
Ltd., a large oil services company, pulled back during the period. The stock came under pressure due to macroeconomic concerns and a decline in oil prices. The Portfolio Managers continue to believe the company is well positioned given its extensive
and diversified global footprint. In addition, Schlumberger holds dominant market share in most of its product lines and offers a technological advantage over many of its competitors, which the Portfolio Managers view as a significant long term
positive. The Fund continues to hold this position.
Halliburton Company, a leading oil services firm, detracted from performance during the
period. The lack of a settlement in the Macondo lawsuit, in which BP is seeking to recover all of the costs resulting from the Gulf of Mexico oil spill, weighed on the stock. Additionally, the company has been facing pricing
pressure in its North American pressure pumping business. While the contingent legal liability from the Macondo proceedings could remain a drag on the stock until a settlement is reached, the
Portfolio Managers continue to believe the companys risk/reward profile is attractive at current valuations and the company should continue to be able to generate strong revenue growth and operating margins in North America. The Fund continues
to hold this position.
Oracle Corporation, a company that engineers hardware and software, detracted from relative performance during the period. Shares
of the stock came under pressure as the broader software/IT sector experienced a difficult spending environment during the period. In the Portfolio Managers view, despite the short term weakness in the stock, Oracle is well positioned to
benefit from secular growth trends in cloud computing, continued use and adoption of database systems, and a robust pipeline of new products and applications. The Fund continues to hold this position.
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Performance Summary and Commentary
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Eagle Growth & Income Fund
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Meet the managers
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David
Blount, CFA
®
, CPA , Edmund Cowart, CFA
®
, John Pandtle, CFA
®
, and David Powers,
CFA
®
are Co-Portfolio Managers of the Eagle Growth & Income Fund (the Fund). Messrs. Blount, Cowart,
and Pandtle have been jointly responsible for the day-to-day management of the Funds investment portfolio since June 2011. Mr. Powers has been Co-Portfolio Manager since June 2012.
Investment highlights
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The Fund
invests primarily in domestic equity securities (predominantly common stocks) that the Portfolio Managers believe are high-quality, financially strong companies that pay above-market dividends, have cash resources (
i.e.
free cash flow) and a
history of raising dividends. The Funds Portfolio Managers select companies based in part upon their belief that those companies have the following characteristics: (1) yield or dividend growth at or above the S&P 500
®
Index (S&P 500); (2) potential for growth; and (3) stock price below its estimated intrinsic value.
The Fund can also own a variety of other securities, including fixed income securities, which, in the opinion of the Funds Portfolio Managers, offer prospects for meeting the Funds investment goals.
Performance
summary
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The Funds Class A shares returned 13.48% (excluding front-end sales charges) during the fiscal year ended October 31, 2012, underperforming its benchmark index, the S&P 500
which returned 15.21%. The S&P 500 is an unmanaged index of 500 U.S. stocks and gives a broad look at how stock prices have performed. 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 11/1/02 to 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
The equity market as measured by the S&P 500 rallied for the first two quarters of the fiscal year ended October 31, 2012, followed by a period of consolidation during the month of
April. The rally was led by the beaten down financial sector, the usually volatile technology sector, and the somewhat unpredictable consumer discretionary sector. Forgotten were those stocks in the utilities, telecommunications, and consumer
staples sectors. The equity market began to decline in the second quarter of 2012, reversing a strong rally that began in the fourth quarter of 2011. Continuing sovereign debt and banking crises in Europe, growth challenges in China and softer
economic data in the U.S. heightened investor concerns. Federal Reserve Board (the Fed) Chairman Ben Bernanke gave a subdued update of the economy in June. The Fed reduced its growth projections for 2012 and 2013 and increased its 2013
unemployment forecast. A recent slowdown in employment growth and household spending may temper the expansion but the Fed still expects the economy to grow at a moderate pace. In the third quarter of 2012, the broad equity market experienced a
strong increase in the midst of global economic conditions that remained stressful. Notably, very low transaction volume and a subdued level of volatility accompanied the rally. One factor adding support to the market in the quarter was the
anticipation of, and actual start of, the next version of the Feds quantitative-easing program (QE3). Fed Chairman Ben Bernanke has made it clear he believes in the wealth effect (higher stock prices = higher consumption and
economic activity) and he is doing his part to create wealth on behalf of all U.S. stockholders.
For the year, cyclical sectors of the S&P 500 such
as energy and materials underperformed during the period as investors preferred the higher yield and stability of telecommunication services, consumer staples and health care. All sectors were positive for the period. Performance was led by the
consumer
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Performance Summary and Commentary
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Eagle Growth & Income Fund (contd)
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discretionary and utility sectors, each up over 30% for the year. While the consumer discretionary sector was the top performing sector in the Fund, health care and financials each contributed
significantly, both having strong double digit returns and larger exposures within the Fund. The information technology sector had the lowest return in the Fund, but with little exposure in this space, it had very little effect on the total
contribution of the Fund. Materials also contributed marginally, as the Fund only had a few holdings within the sector.
The Funds performance was
below the return of its benchmark index during the period. Relative to benchmark performance, consumer discretionary provided the best attribution as stock selection was strong. Energy and utilities also fared well versus the benchmark with stock
selection again being the determining factor. The information technology sector benefited on a relative basis due to the underweight maintained in that sector. Detracting from relative performance were the financial, industrial, and consumer staples
sectors. The industrial and consumer staples sectors lagged the benchmark due to stock selection. Within the financials, healing of the banking sector continued, as evidenced by the Feds latest round of stress tests. Although there were few
exceptions, the Feds study showed that banks are back on sound footing. This created a rally in regional banks with weaker balance sheets. The Fund is exposed to higher quality banks and, therefore, underperformed within that segment.
Underperformers
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Norfolk Southern Corporation, a rail and intermodal shipping and transportation company, has been the beneficiary of significant productivity, volume, and pricing gains over the last several years. However, coal, which is approximately 25-30% of
Norfolks revenues, has recently been a cyclical headwind. Over the last few quarters, coal stockpiles have been high and utilities have been switching from coal to natural gas to run their power plants resulting in pricing and margin
pressure. The Fund continues to hold this position.
A recent softness in demand for chemical company E.I. du Pont de Nemours and Companys
commodity chemical business led to a reduction in managements near-term earnings growth outlook. The Portfolio Managers believe the outlook for DuPonts agriculture and nutrition segment remains robust and, therefore, the Fund continues
to hold this position.
Becton, Dickinson and Company is a medical technology company which has suffered from a dearth of volume growth in hospital
admissions due to a lackluster economy. As a result, the company has a lack of visibility into improved pricing and
utilization trends making it difficult to drive any sales/profit growth acceleration. As a result, the Fund sold the shares during the period.
Despite a substantial increase in Wells Fargo & Companys (a diversified financial services company) dividend and solid earnings growth, the
market remains concerned about the impact of low interest rates on the companys near-term growth and profitability. In the view of the Portfolio Managers, Wells Fargo shares remain attractively valued; therefore, the Fund continues to maintain
this position.
Despite a substantial increase in the dividend and solid earnings growth for financial services company The PNC Financial Services Group,
Inc., the market is concerned about the companys ability to deliver operating leverage as well as earnings accretion from recent acquisitions. PNC shares remain attractively valued in the Portfolio Managers opinion. The Fund
continues to hold this position.
Top performers
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The Home Depot, Inc., the worlds largest home improvement specialty retailer, has benefitted from strong earnings growth as the housing market has stabilized and internal cost efficiency
measures materialize. The Fund continues to hold this position although it has decreased its holdings in order to manage concentration risk in the Fund.
Rapid earnings growth and a 35% increase in their dividend led to outperformance by Mattel, Inc., the worlds largest toy company. The Fund increased its
position because the Portfolio Managers are encouraged by the companys commitment to producing shareholder value.
Abbott Laboratories, a leading
global health care company, announced the company would be splitting into two pieces, a medical products business and a pharmaceutical business, thereby unlocking shareholder value. In addition to the perceived increase in value due to the split up,
the companys underlying business performance has remained strong, driven by their rheumatoid arthritis drug, Humira. The Fund continues to hold this position.
Pfizer, Inc., the worlds largest researched-based pharmaceutical company, is completing two major strategic alternatives, the sale of its Nutrition unit and the IPO of its Animal Health business. These moves
have allowed Pfizer to increase its dividend and buyback a substantial amount of shares. Additionally, post-Lipitor patent expiration, the company is transforming toward a broad revenue base with development and marketing driven by a more efficient
global infrastructure. The Fund continues to hold this position.
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Performance Summary and Commentary
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Eagle Growth & Income Fund (contd)
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Wisconsin Energy Corporation, an electric and natural gas service provider, operates within an attractive regulatory
environment and boasts diversified end user sales mix as well as solid demand forecasts that support low volatility EPS growth in the mid-single digits. The company has a major capital investment plan that is winding down following the completion of
two large power plants in the last three years. Given reduced capital expenditure needs, management has indicated it plans to increase the dividend payout ratio over the next few years. With the stock having appreciated significantly, the Fund sold
its position during the period.
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Performance Summary and Commentary
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Eagle International Equity Fund
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Meet the
managers
|
Richard C. Pell is Chief Investment Officer at Artio Global Management LLC (Artio
Global). Rudolph-Riad Younes, CFA
®
, is Head of International Equities at Artio Global. Messrs. Pell and Younes have
managed the Eagle International Equity Fund (the Fund) since 2002.
Investment highlights
|
The Fund invests primarily in foreign equity securities. The Funds Portfolio Managers seek investment opportunities within
the developed and emerging markets. In the developed markets, a bottom-up approach is adopted. A bottom-up method of analysis emphasizes the outlook at the company and industry level versus reliance on the general economy and/or market
trends. In the emerging markets, a top-down assessment consisting of currency/interest rate risks, political environments/leadership assessment, growth rates, structural reforms and risk (liquidity) is applied. A top-down method of
analysis emphasizes the significance of economy and market cycles. In Japan, given the highly segmented nature of this market comprised of both strong global competitors and protected domestic industries, a hybrid approach encompassing both
bottom-up and top-down analyses is conducted.
Performance summary
|
The Funds Class A shares returned 0.98% (excluding front-end sales charges) during the fiscal year ended
October 31, 2012, underperforming its benchmark index, which returned 3.98%. The Funds benchmark index, the Morgan Stanley Capital International
®
All Country World Index ex-US
(MSCI
®
ACWI ex-US), is a free float-adjusted market capitalization index that is designed to measure equity
market performance in the the global developed and emerging markets. 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
11/1/02 to 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
The market environment over the past year has been highly volatile, with strong positive quarters alternating with equally poor negative ones. Uncertainty with respect to events in Europe
(viability of the Euro, Greece, Spain, etc.), Japan (a continuation of stagnant growth), China (whether slowing growth culminates in a hard landing) and the U.S. (election, fiscal cliff) caused markets to ebb and flow over the full period. Over the
last year, the benchmark index managed a gain of 3.98%. The best performing sectors included health care, consumer staples and financial while telecommunications, materials, technology and energy sectors lagged the overall market. Returns were not
consistent over the full year with the exception of the health care sector which benefited from the industrys increased exposure to emerging countries and the rising incomes of consumers there, as well as benefiting from historically
attractive valuations and high dividend yields. Other sectors rallied and faded based on whether risk was on or off with cyclical sectors performing best with risk on and less sensitive sectors when risk was
off. From an allocation perspective, the Funds underweight to financial stocks in the developed markets was the largest impediment to results. On the positive side, an overweight to health care stocks provided the Fund with a
strong tail wind.
For some time, the Portfolio Managers have viewed the financial sector as extremely vulnerable given long-term regulatory issues that
are expected to have an impact on potential profits as well as short-term issues relating to deleveraging balance sheets, European sovereign debt exposure and recapitalization. Thus, within financials, the Portfolio Managers look for good bank
franchises and market leaders. They remain wary about the sovereign debt problem in the region and its effect on bank balance sheets but are also cognizant of the cheap valuations and central bank pump-priming efforts which provide some level of
support and more recently have moved to tactically increase exposure to the European sector. From a stock selection perspective, the
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Performance Summary and Commentary
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Eagle International Equity Fund (contd)
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Funds results were weak in the industrials and materials sectors and strongest in health care and technology.
Underperformers
|
Turquoise Hill Resources Ltd. (formerly Ivanhoe Mines
Ltd.) is a Canadian mineral exploration and development company which ran into trouble in the development of the Oyu Tolgoi Project copper and gold mine in southern Mongolia. The company also went through a takeover and management change during the
year which led to a drop in price at the end of the first quarter in 2012. The Fund still holds this position, but over the period the position was reduced.
Ctrip.com International Ltd., a leading travel service provider in China, underperformed during the period due to competition from a rival online travel service provider which caused operating margins to fall by
10%. Longer term, the Portfolio Managers believe the company will face consistent deflationary pricing pressures from the Kayak/Priceline equivalent in China. This is not to mention that the Portfolio Managers believe that the companys biggest
strengths will slowly morph into their biggest weakness, namely their large network of call centers amid wage inflation. The Fund no longer holds this position.
Baidu, Inc., a provider of Chinese language internet search services, is facing a similar dilemma to Ctrip.com in that the company is forced to grow out of the old easy money as consumers shift from a non-mobile
based web search to a mobile based web search. In addition, Baidu is also seeing its artificial monopoly position given by Googles exit in China being chipped away from new entrants. The Fund no longer holds this position.
Axis Bank Ltd., the India-based regional bank is highly leveraged to the overall economic health of India. While Axis is a well-run private sector bank, it still
has relatively higher exposure to wholesale funding and credit which is more volatile than the retail segment. The company also has greater loan exposure to the agricultural sector of the economy where the expectation of a weak crop yield has led to
concerns over non-performing loans in this segment. The greater exposure to both the wholesale and agricultural segments and an economic slowdown in India led to the company being a relative underperformer. The position was sold during a general
risk reduction move within the Fund.
Larsen & Toubro Ltd., an India based multinational conglomerate with business interests in engineering,
construction, manufacturing, information technology and financial services was sold during the period. Over the course of the last year, a marked deterioration was seen in the current accounts and fiscal deficits for the country which, along with a
marked deterioration in the Rupee and political gridlock, caused GDP growth to slip below expectations. The political gridlock was more evident in the infrastructure segment where new projects showed no signs of progress or moving through the
bureaucracy. Concerns of a marked slowdown in the order book for Larsen & Toubro, as well as continued declines of the Purchasing Managers Index and a relatively high valuation, caused the company to be a relative underperformer.
Top
performers
|
The global healthcare company Novo Nordisk AS (Class B), which is headquartered in Denmark, is
uniquely positioned to capitalize on the proliferation of diabetes and obesity in the developed and emerging markets. The company is an innovation leader at the high end and a cost leader at the low end. It is developing future technologies in oral
insulin and stem cell therapy as well as bringing its obesity treatments to market in the middle of the decade.
Sanofi, a diversified global healthcare
company located in France, and Roche Holding AG, a research-focused healthcare company located in Switzerland, are pharmaceutical companies with stable growth rates, high dividend yields and increasing exposure to the emerging markets. Health care
was the leading sector over the period.
Diageo PLC is a British multinational consumer products company with stable growth and good fundamental dynamics
located in Britain. The company is well positioned in emerging markets and will continue to capitalize on this growth via increasing international spirit penetration combined with premiumisation of the overall market.
Samsung Electronics Co., Ltd. is a Korean technology company with a growing exposure to the smart phones segment. Samsungs dominance in the Android mobile
market in both developed and emerging markets has helped drive recent results. It has been a leader in this market by controlling key components (speed and differentiation).
The Fund continues to hold each of the securities noted above as top performers.
|
|
|
Performance Summary and Commentary
|
|
|
Eagle Investment Grade Bond Fund
|
|
|
Meet the
managers
|
James C. Camp, CFA
®
, a Managing Director at Eagle Asset Management (Eagle) and Joseph Jackson, CFA
®
, are Co-Portfolio Managers of the Eagle Investment Grade Bond Fund (the Fund) and have been jointly responsible for the day-to-day management of the
Funds investment portfolio since the Funds inception.
Investment highlights
|
The Fund invests primarily in investment grade fixed income securities. Investment grade is defined as securities rated BBB- or
better by Standard & Poors Rating Services or an equivalent rating by at least one other nationally recognized statistical rating organization or, for unrated securities, those that are determined to be of equivalent quality by the
Funds Portfolio Managers. The average portfolio duration of the Fund is expected to vary and may generally range anywhere from two to seven years based upon economic and market conditions. The Fund expects to invest in a variety of fixed
income securities including, but not limited to, corporate debt securities of U.S. and non-U.S. issuers, including corporate commercial paper; bank certificates of deposit; debt securities issued by states or local governments and their agencies;
obligations of non-U.S. governments and their subdivisions, agencies and government sponsored enterprises; obligations of international agencies or supranational entities (such as the European Union); obligations issued or guaranteed by the U.S.
Government and its agencies; mortgage-backed securities and asset-backed securities; commercial real estate securities; and floating rate instruments.
Performance
summary
|
The Funds Class A shares returned 3.77% (excluding front-end sales charges) during the
fiscal year ended October 31, 2012, underperforming its benchmark index, which returned 4.24%. The Funds benchmark index, the Barclays 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 million or more of outstanding face value. 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 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
Two forces really drove the fixed income markets over the one-year period ended October 31, 2012. The first force was the Eurozone. From the long-term refinancing operations at the end of
2011 and beginning of 2012 convincing markets that all was well to continuing financial problems of peripheral sovereigns, the Eurozone was a focus for investors all year. The Federal Reserve Board (the Fed) policy was the second main
driver for the period and with the announcement of the Fed quantitative-easing program (QE3), the Fed insured another few months of risk-on. Not as large as the prior two issues, but the lead up to the U.S. Presidential elections had
some effect on markets as many investors chose to pull back due to the uncertainty of who was going to win and how that outcome would affect the markets. In the Funds benchmark index, all sectors posted positive returns for the year.
Corporates led the way followed by the financial, industrial and utilities sectors which all posted strong returns. Securitized and government related issues were the next highest sectors and Treasuries were the underperformer of the index, although
the sector still posted positive returns.
|
|
|
Performance Summary and Commentary
|
Eagle Investment Grade Bond Fund (contd)
|
|
|
The Fund underperformed its benchmark index during the period. The chief performance detractor relative to the
Funds benchmark was attributable to the financials sector as the risk-on mentality of the markets resulted in the highest risk firms in that space (as measured by the option adjustment spread) tightening substantially over the year.
Outperformance in industrials and securitized assets in the Fund was not enough to overcome the financial sector drag. The Fund was overweight in corporates and securitized while being underweight Treasuries and government related issues. Overall
the allocation decisions were a positive factor in the Funds performance, contributing to outperformance in aggregate versus the benchmark.
Underperformers
|
Anheuser-Busch InBev Worldwide Inc., FRN, 1.10%, 03/26/13, a multinational beverage company and the worlds largest brewer, Georgia Power Company, FRN, 0.71%, 03/15/13, one of the nations largest generators of electricity, and Teva
Pharmaceutical Finance III BV, FRN, 0.88%, 03/21/14, a global pharmaceutical and drug company, were all affected by the long end of the curve outperforming the short end during the period. In addition, the Funds holdings of floating rate notes
have very short maturities relative to other issues in the benchmark index.
International Bank for Reconstruction & Development, 2.38%,
05/26/15, an international financial institution, is a high credit quality rated bond with a short maturity duration. During the period, the lower rated credits and the longer duration bonds outperformed these types of bond held by the Fund. The
Fund continues to maintain some exposure to this sector despite this individual issue underperforming over the last 12 months.
U.S. Treasury Note,
2.00%, 04/30/16, an intermediate-long Treasury holding, also has the combination of a short maturity
duration and the high credit quality which underperformed in the current market conditions favoring the longer duration, lower rated issues. The Fund continues to maintain some exposure to
Treasuries as they are a significant part of the benchmark.
The Fund continues to hold each of the securities noted above as
underperformers.
Top performers
|
Mortgage bonds Freddie Mac, REMICs, Series 4098, Class HA, 2.00%, 05/15/41 and Freddie Mac, REMICs, Series 4097, Class BG, 2.00%, 12/15/41, were new additions to the Fund. Late in the period, the
Fund rotated out of low beta 5-year corporate positions and into high credit quality rated agency backed CMOs with higher yields and lower volatility.
Gilead Sciences, Inc., 4.50%, 04/01/21, an American biotechnology company that discovers, develops, and commercializes therapeutics, outperformed the industrials sector of the benchmark index by a wide margin
during the period. The outperformance was due to a combination of middle-rated credit outperforming high-rated issues, and a scarcity value (there was very little debt outstanding prior to the issuance).
Plum Creek Timberlands, L.P., 4.70%, 03/15/21, the largest and most geographically diverse private landowner in the nation, and Newmont Mining Corporation, 5.13%,
10/01/19, one of the worlds largest gold producers with significant assets or operations on five continents, both outperformed the industrial sector of the benchmark as lower rated credits outperformed higher rated credits.
The Fund continues to hold each of the securities noted above as top performers.
|
|
|
Performance Summary and Commentary
|
|
|
Eagle Mid Cap Growth Fund
|
|
|
Meet the
managers
|
Bert L. Boksen, CFA
®
, a Managing Director and Senior Vice President at Eagle Asset Management, Inc. (Eagle), is the Portfolio Manager of the Eagle Mid Cap Growth Fund (the
Fund), and has managed the Fund since its inception. Eric Mintz, CFA
®
, has been Co-Portfolio Manager since
2011, and Christopher Sassouni, DMD, has served as Assistant Portfolio Manager of the Fund since 2006. Mr. Mintz served as Assistant Portfolio Manager from 2008 through 2011.
Investment highlights
|
The Fund invests primarily in stocks of
mid-capitalization (mid-cap) companies. The Funds Portfolio Managers seek to capture the significant long-term capital appreciation potential of mid-cap, rapidly growing companies. The Portfolio Managers use a bottom-up
investment approach through a proprietary research strategy that emphasizes the selection of mid-cap growth stocks that are reasonably priced. A bottom-up method of analysis emphasizes the outlook at the company and industry level versus reliance on
the general economy and/or market trends. The Funds Portfolio Managers believe that conducting extensive research on mid-cap companies may enable the Fund to capitalize on market inefficiencies and thus outperform the market.
Performance
summary
|
The Funds Class A shares returned 5.21% (excluding front-end sales charges) during the
fiscal year ended October 31, 2012, underperforming its benchmark index, which returned 9.09%. The Funds benchmark index, the Russell Midcap
®
Growth Index (Russell Midcap), measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth
values. 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 11/1/02 to 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
The Russell Midcap benchmark posted gains during the one year period ended October 31, 2012. All sectors, except energy and information technology, generated positive
returns. Telecommunication services, health care and materials posted the strongest returns while energy and information technology somewhat tempered benchmark returns. Within telecommunication services, strong returns in the wireless
telecommunication services industry boosted the sector result. Biotechnology contributed most notably to solid performance within the health care sector. In materials, the chemicals industry supported healthy returns. Oil,
gas & consumable fuels posted negative returns in the energy sector while weak performance in the software industry tempered returns in the information technology sector.
The Fund underperformed its benchmark index during the period. The information technology, industrials and materials sectors detracted most notably from performance. The information technology sector
trailed the benchmark largely due to an overweight in the underperforming software industry. The Funds investment in the electrical equipment industry detracted most notably from relative returns within the industrials sector. Weak
performance of the Funds investments within the metals & mining industry led to underperformance in the materials sector. The Fund outperformed the index in the consumer discretionary, energy and telecommunication services
sectors. In consumer discretionary, strong returns generated by the specialty retail and household durables industries led to outperformance in the sector. Within energy, solid performance of the Funds investments in the oil,
gas & consumable fuels industry boosted relative returns in the sector. Very strong returns generated by the Funds investment within the wireless telecommunication services industry also led to meaningful outperformance in the
telecommunication services sector.
|
|
|
Performance Summary and Commentary
|
Eagle Mid Cap Growth Fund (contd)
|
|
|
Underperformers
|
Rovi Corporation provides digital entertainment technology solutions to the consumer electronics industry as well as service providers. A sharp slowdown in consumer electronics sales led the
firm to reduce earnings expectations.
Gentex Corporation is a global, high technology electronics company that specializes in a broad spectrum of
automotive, aerospace, and fire protection products. One of the firms more prominent growth products, a reverse camera display that is located on a rearview mirror, fell victim to more than one auto manufacturer shifting the primary location
for rear camera images from the mirror to the dashboard.
Walter Energy, Inc. is a producer of metallurgical coal for the global steel industry. In
the Portfolio Managers opinion, the firm saw some after-effect in operational performance due to weather related events as well as a slower than expected export facility upgrade in Canada during the reporting period.
Polypore International, Inc. is a specialty filtration company that makes separation membranes used in lithium ion batteries which have seen significant growth from
both consumer electronics and hybrid electric vehicles. The stock underperformed due to concerns about waning sales for the all-electric Chevy Volt, which was the subject of a well-publicized investigation into engine fires that had occurred
following crash tests. The investigation has since been resolved; however, there is near term uncertainty resulting from the incident that has clouded growth prospects for the time being.
Informatica Corporation, a top independent provider of data integration software and services, expressed some concern about the trajectory of its growth prospects overseas, which is where the firm generates a
substantial portion of its revenues.
The Fund no longer holds any of the securities noted above as underperformers.
Top performers
|
SBA Communications Corporation (Class A) owns and operates wireless communications infrastructure across North and Central America. The firms recent acquisition announcement of TowerCo
stands to significantly increase operational scale and boost tower leasing opportunities for SBA as soon as late this calendar year. The stock was also boosted by speculation the company could announce a conversion to a real estate investment
trust (REIT).
Catamaran Corporation, previously named SXC Health Solutions Corp., is a provider of pharmacy benefits management services and
healthcare information technology solutions to the healthcare benefits management industry. Positive prospects regarding Catamarans recent acquisition of Catalyst Health Solutions boosted the stock during the reporting period. Meaningful
synergies created by the acquisition are expected to bolster the firms positioning in the pharmacy benefits management space.
Sirius XM Radio,
Inc., a satellite radio service provider, saw meaningful traction in the auto production cycle, strong sales through an expanding installed base in lower end cars and continued rapid reduction of debt.
GNC Holdings, Inc. (Class A) is a global specialty retailer of health and wellness products including vitamins, sports nutrition and diet and herbal
supplements. The stock continues to benefit from sustained growth trends in the space as the baby boomer generation adopts the daily vitamin philosophy and the general public increases its health awareness.
PulteGroup Inc. is a national residential homebuilding business. Improvements in the North American housing landscape have reflected favorably on PulteGroup.
The Portfolio Managers believe that encouraging trends in the space should continue to provide a catalyst for the stock.
The Fund continues to hold each
of the securities noted above as top performers.
|
|
|
Performance Summary and Commentary
|
|
|
Eagle Mid Cap Stock Fund
|
|
|
Meet the
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 jointly responsible
for the day-to-day management of the Funds investment portfolio since October 2012. Prior to October 2012, the Fund was co-managed by Todd L. McCallister, Ph.D., CFA
®
, Scott Renner and Stacey Serafini Pittman,
CFA
®
.
Investment
highlights
|
The Fund invests primarily in stocks of mid-capitalization (mid-cap) companies. The
Portfolio Managers of the Fund employ a bottom-up stock-selection process to identify growing, mid-cap companies that are reasonably priced. A bottom-up method of analysis emphasizes the outlook at the company and industry level versus
reliance on the general economy and/or market trends. The Portfolio Managers seek to gain a comprehensive understanding of a companys management, business plan, financials, real rate of growth and competitive threats and advantages.
Performance summary
|
The Funds Class A shares returned 8.26% (excluding front-end sales charges) during the fiscal year ended October 31, 2012, underperforming its benchmark index, the S&P MidCap
400
®
Index (S&P MidCap 400) which returned 12.11%. The S&P MidCap 400 is an unmanaged index that
measures the performance of the mid-sized company segment of the U.S. market. 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 11/1/02 to 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
The market continued to have mixed growth throughout 2012. The S&P MidCap 400 was up during the reporting year, led by the telecom, healthcare, and consumer discretionary sectors. The energy
and technology sectors were the only sectors that were negative in the index. The risk-on, risk-off nature of the markets during the past fiscal year was driven by a variety of macro factors and concerns. Continued instability in Europe,
concerns about a hard landing in China, leadership changes across the globe including the U.S., and intermittent fiscal stimulus have created an environment of unusually high correlation. These high correlations have been seen across
asset classes, across sectors and within individual stocks of the benchmark index. Such a situation, with price direction largely driven by factors external to individual companies, has made for a challenging environment for fundamentally oriented
stock pickers. These conditions can be challenging in terms of performance relative to a benchmark over the shorter-term, but can also set the stage for future out performance when fundamental factors of individual businesses are again more
thoroughly considered by market participants.
On an absolute basis, the Funds best performing sectors were financials and consumer discretionary.
Total performance for the year lagged the benchmark index but showed strong growth. The telecom and energy sectors were the largest contributors to performance. Both sectors were overweight the benchmark, but much of the performance was due to good
stock picking. Detracting sectors were healthcare, technology, and industrials. Each of these sectors was overweight the benchmark as well and poor performance was due to negative selection effect.
|
|
|
Performance Summary and Commentary
|
Eagle Mid Cap Stock Fund (contd)
|
|
|
Beginning in October 2012, the Fund became modestly overweight in the industrial sector as the new Portfolio
Management team focused on pockets of strength over the medium term, such as infrastructure. The Fund also maintains healthy exposure to domestically focused businesses in an effort to limit exposure to weak overseas trends. Similarly, the Fund is
focused on infrastructure within the energy sector and, by fiscal year end, held multiple positions within this sector to capitalize on the trend.
The
Fund remains overweight in the healthcare and technology sectors. While looming healthcare reforms/legislation and near term election results create uncertainty in the healthcare sector, the Portfolio Managers believe the Fund could stand to benefit
from the strong secular tailwinds provided by an aging population. The technology sector has not been a particularly strong relative performer thus far in 2012, however, numerous sector fundamentals, such as solid balance sheets, strong cash flow
dynamics and reasonable valuations, remain attractive.
Relative to the Funds benchmark, the Fund has an equal weight within the consumer sectors
and is maintaining a somewhat defensive posture in this group. While reasonably positive housing statistics bode well for consumer confidence, the Portfolio Managers remain concerned about weak job growth, stagnant personal income trends and looming
potential inflation.
Underperformers
|
QEP Resources, Inc., a leading independent natural gas and oil exploration and production company, underperformed during the past year as the price of natural gas continued to fall. The Fund has
sold this holding.
Check Point Software Technologies, Ltd. provides security software to corporations and governments for internet communications and
transactions. Lower than expected demand from Europe and the U.S. government has contributed to a price decline. This holding has since been sold by the Fund.
The stock price of Gardner Denver, Inc., a designer, manufacturer, and marketer of engineered industrial machinery and related parts and services, was down as volumes in their natural gas pumps and hydraulic
fracturing, or fracking, business were down, even though the company had earnings results that were largely in line with estimates. The stock traded lower again after one of its key pressure pumping customers negatively preannounced earnings due to
falling demand in the natural gas fracking business. The Fund sold
out of this position earlier in the year, but purchased it back before fiscal year end because the Portfolio Managers felt that the market was over penalizing the stock for its exposure to the
fracking market. Further, since the abrupt departure of their former CEO (Barry Pennypacker), its becoming clear that Gardner Denver is an obvious takeover candidate.
Acacia Research Corporation is a provider of outsourced patent monetization services and an aggregator and licensor of patent assets. Due to the unpredictable nature of their revenue streams, the company has
experienced substantial decline in their stock price this year. The Funds new portfolio management team sold this holding.
Top
performers
|
Crown Castle International Corporation is a wireless tower owner and operator of shared wireless
communications and broadcast infrastructures. The company experienced a significant increase in site leasing and raised 2012 guidance due, in large part, to the acquisition of outdoor distributed antennae systems (DAS) company NextG Networks. This
holding has since been sold by the new portfolio management team.
The price of Solutia, Inc., a maker of specialty chemicals and performance materials,
was up significantly following the announcement, made in late January, that the company would be acquired by Eastman Chemical Company. The acquisition was completed during the second quarter of 2012. Leading up to the acquisition announcement,
Solutia had been experiencing wider profit margins after selling its lower profitability businesses during the downturn. The Fund sold the position prior to the acquisition.
Allied World Assurance Co. Holdings A.G. engages in the provision of property, casualty and specialty insurance, and reinsurance solutions. Allied has experienced strong growth this year due to a steady increase in
net written premiums. The Fund has since sold the holding.
Wyndham Worldwide Corporation, the holding company for Wyndham Hotels & Resorts,
beat earnings several times this year, but surprised some investors with the strength of its share repurchases. Wyndhams management has been putting the companys strong free cash flow directly into the share repurchases. Furthermore,
Wyndhams segments lodging, vacation exchange and vacation ownership units all outperformed expectations this year. The Fund continues to own this security.
|
|
|
Performance Summary and Commentary
|
|
|
Eagle Small Cap Growth Fund
|
|
|
Meet the
managers
|
Bert L. Boksen, CFA
®
, a Managing Director and Senior Vice President at Eagle Asset Management, Inc. (Eagle), has been responsible for the management of the Eagle Small Cap
Growth Fund (the Fund) since 1995. Eric Mintz, CFA
®
, has been Co-Portfolio Manager since 2011, and previously
served as Assistant Portfolio Manager from 2008 through 2011.
Investment
highlights
|
The Fund invests primarily in stocks of small-capitalization (small-cap) companies.
Using a bottom-up approach, the Funds Portfolio Managers seek to capture the significant long-term capital appreciation potential of small, rapidly growing companies. A bottom-up method of analysis emphasizes the outlook at the
company and industry level versus reliance on the general economy and/or market trends. The Portfolio Managers also look for small-cap growth companies that are reasonably priced. Since small-cap companies often have narrower markets than
large-capitalization (large-cap) companies, the Portfolio Managers believe that conducting extensive proprietary research on small-cap growth companies may enable the Fund to capitalize on market inefficiencies and thus outperform the
market.
Performance summary
|
The Funds Class A shares returned 5.65% (excluding front-end sales charges) during the fiscal year ended October 31, 2012, underperforming its benchmark index, the Russell 2000
®
Growth Index (Russell 2000 Growth), which returned 9.70%. The Russell
2000
®
Growth is an unmanaged index comprised of Russell 2000
®
Index (Russell 2000) companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 is an unmanaged index comprised of
the 2,000 smallest companies in the Russell 3000
®
Index (Russell 3000). The Russell 3000 measures the
performance of the 3,000 largest U.S. companies based on total market capitalization. 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 11/1/02 to 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
The Russell 2000 Growth posted positive returns for the one year period ended October 31, 2012. Health care, telecommunications services and consumer discretionary posted the strongest
returns while the energy sector somewhat tempered benchmark returns. In health care, strong returns in the biotechnology and health care equipment & supplies industries boosted the sector result. The diversified telecommunication
services industry contributed to solid performance in the telecommunication services sector. In consumer discretionary, the hotels, restaurants & leisure as well as specialty retail industries supported healthy returns. The oil,
gas & consumable fuels industry posted negative returns in the energy sector.
The Fund underperformed its benchmark index during the
period. The information technology, industrials, and to a lesser extent, financials sectors detracted from the Funds performance. The information technology sector trailed the benchmark largely due to an overweight in the
underperforming software industry. The Funds investments in the professional services and electrical equipment industries
|
|
|
Performance Summary and Commentary
|
Eagle Small Cap Growth Fund (contd)
|
|
|
detracted most notably from relative returns within the industrials sector. Weak performance of the Funds investments within the consumer finance industry led to underperformance in
the financial sector. The Fund outperformed the index in the energy and consumer staples sectors. In energy, outperformance was boosted by a modest overweight in the outperforming energy equipment & services industry, in addition to an
underweight in the underperforming oil, gas & consumable fuels industry where several benchmark names the Fund did not hold saw material detraction. Strong relative returns within the food and staples retailing industry supported
outperformance in the consumer staples sector.
Underperformers
|
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
engaged investment bankers to do a strategic review that could result in the sale of the company. The stock price declined as investors became concerned over the length of time the review was taking. The Fund continues to hold this position as the
Portfolio Managers believe that the company ultimately will be sold at a meaningful premium to its current stock price.
BJs Restaurants, Inc. owns
and operates casual dining restaurants across the U.S. After having a strong run, BJs was hurt by its own success as a high valuation combined with difficult comparables caused a stock price correction. The Portfolio Managers believe that
BJs remains a well-run concept within the tier of polished casual dining restaurants and, therefore, the Fund continues to own this security.
Qlik Technologies, Inc. designs and develops business analytics software solutions. Shares of the stock traded down as significant European exposure negatively affected investor sentiment during the
period. The Portfolio Managers continue to favor prospects in the business analytics space and they believe that the secular growth story for Qlik remains intact. The Fund continues to hold this position.
Meritor, Inc. is a supplier of automotive components, including drive trains used in commercial trucking. The firm continues to tighten its operational
efficiency through the implementation of restructuring efforts but sustained weakness in several of Meritors emerging markets (e.g., Brazil, China and India) has tempered near-term growth prospects. The firms strong presence in
those regions is expected to generate substantial benefit for Meritor once the environment stabilizes but a comfortable level of earnings visibility has remained elusive; consequently, the Fund sold out of its position in the stock.
Cash America International, Inc. is a specialty financial services provider of pawn loans and unsecured consumer loan
products. The stock has experienced some weakness during the period, which the Portfolio Managers believe reflects an expected hard line on the part of the administrations new consumer
protection agency and associated concerns regarding regulatory reform. The firm has seen some encouraging growth as of late in its e-Commerce lending segment in addition to ongoing restructuring within Cash Americas Mexican component. The
Portfolio Managers believe this is expected to benefit the firms operations upon completion, so the Fund continues to hold this position.
Top
performers
|
Medidata Solutions, Inc. provides technology that is 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. Medidata also has diversified its revenue stream by expanding its customer base and the array of clinical trials to which they provide technological products. The Fund continues to hold this position.
SuccessFactors, Inc. is a provider of cloud-based performance management, succession planning and learning management solutions to organizations. The firm was
acquired early in the period by SAP AG at a significant premium. The Fund sold its position prior to the acquisition at a significant premium.
Vitamin
Shoppe, Inc. is a specialty retailer of vitamins, sports nutrition, and health and beauty aid products, and GNC Holdings, Inc. (Class A) is a global specialty retailer of health and wellness products including vitamins, sports nutrition and diet and
herbal supplements. Both Vitamin Shoppe and GNC have benefitted from favorable U.S. demographics and increased vitamin and supplement utilization amongst the aging baby boomer generation as the general public increases its health awareness.
Vitamin Shoppe also continues to grow both earnings and square footage across the country. Since GNCs market capitalization had moved toward the upper end of the small cap space and the Fund already had exposure to this space through Vitamin
Shoppe, the Portfolio Managers opted to retain the Vitamin Shoppe position while moving out of the GNC position.
Onyx Pharmaceuticals, Inc. is a
biopharmaceutical company with a focus on the development of drug therapies for kidney, blood based and other forms of cancer. Positive news regarding the Food and Drug Administration advisory panels recommendation to approve Onyxs
multiple myeloma drug candidate Kyprolis boosted shares of the firms stock during the period. The drug compound has since been approved and initial product launch feedback has been largely positive thus far. The Fund continues to hold this
position.
|
|
|
Performance Summary and Commentary
|
Eagle Smaller Company Fund
|
|
(formerly known as the Eagle Small Cap Core Value Fund)
|
Meet the
managers
|
David M. Adams, CFA
®
, and John Jack McPherson,
CFA
®
, Managing Directors at Eagle Boston Investment Management, Inc. (EBIM), are Co-Portfolio Managers of the
Eagle Smaller Company Fund (the Fund), and have been jointly responsible for the day-to-day management of the Funds investment portfolio since its inception.
Investment highlights
|
The Fund invests primarily in equity securities of
small-capitalization (small-cap) companies. Using a valuation sensitive approach to investing, the Funds Portfolio Managers seek to capture capital growth by selecting securities that the Portfolio Managers believe are selling at a
discount relative to their underlying value and then hold them until their market value reflects their intrinsic value. To assess value, a bottom-up method of analysis is utilized. A bottom-up method of analysis emphasizes the outlook at
the company and industry level versus reliance on the general economy and/or market trends. Other factors that the Portfolio Managers may look for when selecting investments include: management with demonstrated ability and commitment to the
company, above-average potential for earnings and revenue growth, low debt levels relative to total capitalization and strong industry fundamentals.
Performance summary
|
The Funds Class A shares returned 9.31%
(excluding front-end sales charges) during the fiscal year ended October 31, 2012, underperforming both the primary benchmark index, the Russell 2000
®
Index (Russell 2000), and the secondary benchmark index, the Russell 2500
®
Index (Russell 2500), which returned 12.08% and 13.00%, respectively. The Russell 2000 is an unmanaged index comprised of the 2,000 smallest companies in
the Russell 3000
®
Index (Russell 3000), and the Russell 2500 is a market cap weighted index that includes the
smallest 2,500 companies in the Russell 3000. The Russell 3000 measures the performance of the 3,000 largest U.S. companies based on total market capitalization. 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 11/3/08 to 10/31/12 (a)
(a) The Funds 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 classs 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.
Performance discussion
|
Over the course of the Funds fiscal year, the U.S. and global markets continued to exhibit volatility but moved higher overall. The markets have risen in the face of a basically unchanged
market narrative of continued uncertainty related to the ongoing European sovereign debt crisis, as well as concerns about slowing economic activity both in the U.S. and globally. The markets began the 2012 calendar year with a very strong move
higher as investors were encouraged by improving global economic data, as well as some perceived progress on Europes sovereign debt crisis and strong corporate profitability. As we, the Portfolio Managers, suspected, the markets had difficulty
repeating the pace set in the first quarter of the year and subsequently retreated in the second calendar quarter. Markets sold off in response to softening data but by summer the data and investor sentiment had improved. More recently, investors
have been digesting the uncertainty surrounding the U.S. election cycle, as well as the merits of another round of so-called Quantitative Easing by the U.S. Federal Reserve. While investor risk appetite has ebbed
|
|
|
Performance Summary and Commentary
|
Eagle Smaller Company Fund (contd)
|
|
|
and flowed in response to market uncertainty, the past year did have periods where investors were able to add value through stock picking. Despite all of the macro crosswinds and investor
uncertainty that continue, the markets and the Fund generated absolute returns over the course of the Funds fiscal year. For the one year period ended October 31, 2012, eight out of the ten Global Industry Classifications
(GIC) sectors showed very strong double-digit returns, while energy and information technology were negative. The Funds benchmark index was led by the health care, telecommunication services, financials, consumer discretionary,
consumer staples, industrials, materials, and even the utilities sectors. The energy and information technology sectors lagged the benchmark by a wide margin.
The Fund realized absolute returns during the period despite underperforming its benchmark index. The Fund benefitted from positive performance in most sectors, especially benefitting from strong performance in the
health care, consumer discretionary, financials, and information technology sectors relative to the Funds benchmark. Utilities, industrials, and materials put up positive returns but lagged the Funds overall return, while
telecommunications services, consumer staples, and energy posted negative returns. The Fund underperformed most in the industrials, consumer staples, and materials sectors. In the industrial sector, the Fund was hurt by weak stock selection, while
being neutrally weighted. In consumer staples, the Fund was negatively impacted by stock selection, while being overweight. In materials, the Fund was hurt by weak stock selection, while also being slightly underweight. In contrast, information
technology was a source of relative outperformance.
Underperformers
|
RadioShack Corporation, a retail chain that sells consumer electronics and wireless products, declined 79% due to a decline in profitability in its wireless products. The Portfolio Managers view
the issues impacting their cell phone business as transitory in nature, and, coupled with a search for a new CEO, believe the fundamentals could be bottoming. Therefore, the Fund continues to maintain a position.
Rovi Corporation, a provider of digital entertainment technology solutions, suffered a decline of 73% due to a slowdown in sales of some of its legacy products. The
Fund maintains a position as the Portfolio Managers continue to believe that Rovi will occupy a key position in the delivery and security of digital media, plus their balance sheet remains a key strength as they weather a slowdown in demand.
Dycom Industries, Inc., a provider of engineering and construction services for telecommunications companies,
declined 27% as the company tempered its near-term growth outlook for this year. The Fund maintains a position due to an attractive secular demand outlook for the companys services.
Alaska Communications Systems Group, Inc. is a provider of telecommunications services in the state of Alaska. The company fell 58% due to an increased level of competition in their market that contributed to a cut
in the dividend that had been providing valuation support. The Funds position was subsequently sold.
Herbalife Ltd., a multi-level marketer of
nutritional supplements, fell 16% due to business model concerns raised by a noted hedge fund manager. Since that event, management has made efforts to better educate investors about their business model in an attempt to alleviate investor
misconceptions. The Fund continues to maintain a position in the shares as this thriving enterprise continues to organically expand its volumes and sales force globally and should benefit from leverage to faster growing emerging economies.
Top
performers
|
AMERIGROUP Corporation, a multi-state managed care service provider for Medicaid beneficiaries,
rose 64% as the company agreed to be acquired by WellPoint, Inc. for a sizeable premium. The Portfolio Managers view the takeover as a validation of Amerigroups business model as well as the strong value proposition driving the secular trend
of fiscally-challenged states outsourcing a greater percentage of their Medicaid services.
AFC Enterprises, Inc., an operator and franchisor of
quick-service restaurants, appreciated 86% due to several strong earnings reports. The Portfolio Managers believe the company continues to create value with strong execution and robust free cash flow.
Equinix, Inc., a provider of high performance IT data centers, appreciated 88% as a result of strong underlying fundamentals for their business. The Portfolio
Managers believe that the initial investment thesis of above-average, long-term demand for data transmission service remains intact.
Nationstar Mortgage
Holdings, Inc., a non-bank residential mortgage servicer of GSE Agency Mortgages, appreciated 154% as the company has executed very well following its initial public offering this year. The company possesses unique in-house origination and on-shore
servicing capabilities and is poised to rapidly grow their servicing portfolio as banks and servicers are forced to retrench due to regulatory and capital constraints.
|
|
|
Performance Summary and Commentary
|
Eagle Smaller Company Fund (contd)
|
|
|
Aspen Technology, Inc., an enterprise software company that develops process optimization software, rose 43% after
posting several strong earnings reports due to strong business momentum. The Portfolio Managers believe this high quality franchise is well-positioned to continue robust growth from market share gains and strong-end market demand.
The Fund continues to hold each of the securities noted above as top performers.
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE CAPITAL APPRECIATION FUND
|
|
|
|
|
|
|
|
|
Common stocks97.4%
|
|
|
|
Shares
|
|
|
Value
|
|
Apparel3.3%
|
|
|
|
|
|
|
|
|
|
|
NIKE, Inc., Class B
|
|
|
|
|
112,655
|
|
|
|
$10,294,414
|
|
|
|
|
|
Banks1.6%
|
|
|
|
|
|
|
|
|
|
|
Northern Trust Corp.
|
|
|
|
|
101,828
|
|
|
|
4,865,342
|
|
|
|
|
|
Beverages2.3%
|
|
|
|
|
|
|
|
|
|
|
PepsiCo, Inc.
|
|
|
|
|
104,365
|
|
|
|
7,226,233
|
|
|
|
|
|
Chemicals2.8%
|
|
|
|
|
|
|
|
|
|
|
Praxair, Inc.
|
|
|
|
|
82,676
|
|
|
|
8,781,018
|
|
|
|
|
|
Commercial services2.7%
|
|
|
|
|
|
|
|
|
|
|
MasterCard, Inc., Class A
|
|
|
|
|
18,237
|
|
|
|
8,405,980
|
|
|
|
|
|
Computers10.7%
|
|
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
|
|
45,680
|
|
|
|
27,184,168
|
|
NetApp, Inc.*
|
|
|
|
|
235,386
|
|
|
|
6,331,883
|
|
|
|
|
|
Cosmetics/personal care3.3%
|
|
|
|
|
|
|
|
|
|
|
Avon Products, Inc.
|
|
|
|
|
138,271
|
|
|
|
2,141,818
|
|
The Procter & Gamble Co.
|
|
|
|
|
118,757
|
|
|
|
8,222,735
|
|
|
|
|
|
Diversified financial services5.9%
|
|
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
|
|
178,183
|
|
|
|
9,972,902
|
|
CME Group, Inc.
|
|
|
|
|
153,845
|
|
|
|
8,604,551
|
|
|
|
|
|
Electronics1.4%
|
|
|
|
|
|
|
|
|
|
|
Honeywell International, Inc.
|
|
|
|
|
73,596
|
|
|
|
4,507,019
|
|
|
|
|
|
Healthcare products1.6%
|
|
|
|
|
|
|
|
|
|
|
St. Jude Medical, Inc.
|
|
|
|
|
127,738
|
|
|
|
4,887,256
|
|
|
|
|
|
Internet11.6%
|
|
|
|
|
|
|
|
|
|
|
Amazon.com, Inc.*
|
|
|
|
|
23,234
|
|
|
|
5,409,340
|
|
Equinix, Inc.*
|
|
|
|
|
44,140
|
|
|
|
7,963,297
|
|
Google, Inc., Class A*
|
|
|
|
|
29,193
|
|
|
|
19,844,526
|
|
priceline.com, Inc.*
|
|
|
|
|
5,547
|
|
|
|
3,182,702
|
|
|
|
|
|
Lodging3.6%
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
|
|
|
|
|
81,810
|
|
|
|
3,799,256
|
|
Marriott International, Inc., Class A
|
|
|
|
|
204,948
|
|
|
|
7,476,503
|
|
|
|
|
|
Oil & gas0.9%
|
|
|
|
|
|
|
|
|
|
|
Devon Energy Corp.
|
|
|
|
|
48,707
|
|
|
|
2,835,235
|
|
|
|
|
|
Oil & gas services6.4%
|
|
|
|
|
|
|
|
|
|
|
Halliburton Co.
|
|
|
|
|
171,767
|
|
|
|
5,546,357
|
|
Schlumberger Ltd.
|
|
|
|
|
207,770
|
|
|
|
14,446,248
|
|
|
|
|
|
Pharmaceuticals4.8%
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
|
|
|
142,449
|
|
|
|
9,333,258
|
|
Teva Pharmaceutical Industries Ltd., Sponsored ADR
|
|
|
|
|
143,806
|
|
|
|
5,812,639
|
|
|
|
|
|
Real estate2.9%
|
|
|
|
|
|
|
|
|
|
|
CBRE Group, Inc., Class A*
|
|
|
|
|
509,440
|
|
|
|
9,180,109
|
|
|
|
|
|
Real estate investment trusts5.9%
|
|
|
|
|
|
|
|
|
|
|
American Tower Corp.
|
|
|
|
|
246,342
|
|
|
|
18,547,089
|
|
|
|
|
|
Retail9.7%
|
|
|
|
|
|
|
|
|
|
|
Chipotle Mexican Grill, Inc.*
|
|
|
|
|
22,767
|
|
|
|
5,794,885
|
|
Costco Wholesale Corp.
|
|
|
|
|
114,060
|
|
|
|
11,226,926
|
|
PVH Corp.
|
|
|
|
|
57,171
|
|
|
|
6,288,238
|
|
Urban Outfitters, Inc.*
|
|
|
|
|
192,428
|
|
|
|
6,881,225
|
|
|
|
|
|
Semiconductors8.1%
|
|
|
|
|
|
|
|
|
|
|
QUALCOMM, Inc.
|
|
|
|
|
303,521
|
|
|
|
17,778,743
|
|
Xilinx, Inc.
|
|
|
|
|
235,481
|
|
|
|
7,714,357
|
|
|
|
|
|
Software4.1%
|
|
|
|
|
|
|
|
|
|
|
Oracle Corp.
|
|
|
|
|
248,139
|
|
|
|
7,704,716
|
|
Salesforce.com, Inc.*
|
|
|
|
|
34,191
|
|
|
|
4,991,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks97.4%
|
|
|
|
Shares
|
|
|
Value
|
|
Telecommunications3.8%
|
|
|
|
|
|
|
|
|
|
|
Crown Castle International Corp.*
|
|
|
|
|
176,276
|
|
|
|
$11,766,423
|
|
Total common stocks (cost $196,449,186)
|
|
|
|
|
|
|
|
|
304,948,593
|
|
|
|
Total investment portfolio (cost $196,449,186) 97.4%
|
|
|
|
304,948,593
|
|
|
|
|
|
Other assets in excess of liabilities 2.6%
|
|
|
|
|
|
|
|
|
8,077,631
|
|
|
|
|
|
Net assets 100.0%
|
|
|
|
|
|
|
|
|
$313,026,224
|
|
|
|
* Non-income producing security
|
|
|
|
|
|
|
|
ADRAmerican depository receipt
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector allocation (unaudited)
|
|
|
|
Sector
|
|
Percent of net assets
|
|
Technology
|
|
|
22.9%
|
|
Consumer, cyclical
|
|
|
16.6%
|
|
Financial
|
|
|
16.3%
|
|
Communications
|
|
|
15.4%
|
|
Consumer, non-cyclical
|
|
|
14.7%
|
|
Energy
|
|
|
7.3%
|
|
Basic materials
|
|
|
2.8%
|
|
Industrial
|
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE GROWTH & INCOME FUND
|
|
|
|
|
|
|
|
|
Common stocks98.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Domestic85.0%
|
|
|
|
|
|
|
|
|
|
|
Aerospace/defense2.6%
|
|
|
|
|
|
|
|
|
|
|
United Technologies Corp.
|
|
|
|
|
113,499
|
|
|
|
$8,871,082
|
|
|
|
|
|
Banks9.1%
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase & Co.
|
|
|
|
|
352,288
|
|
|
|
14,683,364
|
|
The PNC Financial Services Group, Inc.
|
|
|
|
|
98,765
|
|
|
|
5,747,135
|
|
Wells Fargo & Co.
|
|
|
|
|
325,530
|
|
|
|
10,967,106
|
|
|
|
|
|
Beverages5.4%
|
|
|
|
|
|
|
|
|
|
|
PepsiCo, Inc.
|
|
|
|
|
129,224
|
|
|
|
8,947,470
|
|
The Coca-Cola Co.
|
|
|
|
|
254,247
|
|
|
|
9,452,903
|
|
|
|
|
|
Chemicals4.3%
|
|
|
|
|
|
|
|
|
|
|
E.I. du Pont de Nemours and Co.
|
|
|
|
|
182,583
|
|
|
|
8,128,595
|
|
PPG Industries, Inc.
|
|
|
|
|
55,820
|
|
|
|
6,535,406
|
|
|
|
|
|
Cosmetics/personal care3.0%
|
|
|
|
|
|
|
|
|
|
|
The Procter & Gamble Co.
|
|
|
|
|
147,526
|
|
|
|
10,214,700
|
|
|
|
|
|
Electrical components & equipment2.8%
|
|
|
|
|
|
|
|
|
|
|
Emerson Electric Co.
|
|
|
|
|
200,742
|
|
|
|
9,721,935
|
|
|
|
|
|
Electronics2.7%
|
|
|
|
|
|
|
|
|
|
|
Honeywell International, Inc.
|
|
|
|
|
153,312
|
|
|
|
9,388,827
|
|
|
|
|
|
Entertainment3.3%
|
|
|
|
|
|
|
|
|
|
|
Regal Entertainment Group, Class A
|
|
|
|
|
742,261
|
|
|
|
11,401,129
|
|
|
|
|
|
Food5.7%
|
|
|
|
|
|
|
|
|
|
|
General Mills, Inc.
|
|
|
|
|
259,021
|
|
|
|
10,381,561
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
21
|
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE GROWTH & INCOME FUND
(contd)
|
|
|
|
|
|
|
|
|
Common stocks98.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Food (contd)
|
|
|
|
|
|
|
|
|
|
|
Sysco Corp.
|
|
|
|
|
298,767
|
|
|
|
$9,282,691
|
|
|
|
|
|
Healthcare products1.5%
|
|
|
|
|
|
|
|
|
|
|
St. Jude Medical, Inc.
|
|
|
|
|
137,820
|
|
|
|
5,272,993
|
|
|
|
|
|
Miscellaneous manufacturer2.9%
|
|
|
|
|
|
|
|
|
|
|
3M Co.
|
|
|
|
|
114,319
|
|
|
|
10,014,344
|
|
|
|
|
|
Oil & gas10.1%
|
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
|
|
109,427
|
|
|
|
12,059,950
|
|
ConocoPhillips
|
|
|
|
|
170,083
|
|
|
|
9,839,302
|
|
Exxon Mobil Corp.
|
|
|
|
|
141,537
|
|
|
|
12,903,928
|
|
|
|
|
|
Pharmaceuticals9.0%
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
|
|
|
173,191
|
|
|
|
11,347,474
|
|
Johnson & Johnson
|
|
|
|
|
149,600
|
|
|
|
10,594,672
|
|
Pfizer, Inc.
|
|
|
|
|
355,029
|
|
|
|
8,829,571
|
|
|
|
|
|
Real estate investment trusts6.0%
|
|
|
|
|
|
|
|
|
|
|
American Campus Communities, Inc.
|
|
|
|
|
112,581
|
|
|
|
5,101,045
|
|
Digital Realty Trust, Inc.
|
|
|
|
|
69,011
|
|
|
|
4,239,346
|
|
ProLogis, Inc.
|
|
|
|
|
125,980
|
|
|
|
4,319,854
|
|
Simon Property Group, Inc.
|
|
|
|
|
46,212
|
|
|
|
7,033,929
|
|
|
|
|
|
Retail4.6%
|
|
|
|
|
|
|
|
|
|
|
McDonalds Corp.
|
|
|
|
|
77,169
|
|
|
|
6,698,269
|
|
The Home Depot, Inc.
|
|
|
|
|
146,620
|
|
|
|
8,999,536
|
|
|
|
|
|
Semiconductors2.9%
|
|
|
|
|
|
|
|
|
|
|
Applied Materials, Inc.
|
|
|
|
|
930,320
|
|
|
|
9,861,392
|
|
|
|
|
|
Telecommunications4.7%
|
|
|
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
|
|
|
242,407
|
|
|
|
8,384,858
|
|
CenturyLink, Inc.
|
|
|
|
|
202,896
|
|
|
|
7,787,149
|
|
|
|
|
|
Toys/games/hobbies2.9%
|
|
|
|
|
|
|
|
|
|
|
Mattel, Inc.
|
|
|
|
|
269,123
|
|
|
|
9,898,344
|
|
|
|
|
|
Transportation1.5%
|
|
|
|
|
|
|
|
|
|
|
Norfolk Southern Corp.
|
|
|
|
|
84,392
|
|
|
|
5,177,449
|
|
Total domestic common stocks (cost $271,095,551)
|
|
|
|
|
|
|
|
|
292,087,309
|
|
|
|
|
|
Foreign13.2%
|
|
|
|
|
|
|
|
|
|
|
Banks2.6%
|
|
|
|
|
|
|
|
|
|
|
Bank of Montreal
|
|
|
|
|
147,874
|
|
|
|
8,742,311
|
|
|
|
|
|
Electronics2.9%
|
|
|
|
|
|
|
|
|
|
|
Tyco International Ltd.
|
|
|
|
|
367,619
|
|
|
|
9,877,922
|
|
|
|
|
|
Gas2.5%
|
|
|
|
|
|
|
|
|
|
|
National Grid PLC, Sponsored ADR
|
|
|
|
|
149,040
|
|
|
|
8,496,770
|
|
|
|
|
|
Oil & gas2.9%
|
|
|
|
|
|
|
|
|
|
|
Total S.A., Sponsored ADR
|
|
|
|
|
199,295
|
|
|
|
10,044,468
|
|
|
|
|
|
Pharmaceuticals2.3%
|
|
|
|
|
|
|
|
|
|
|
GlaxoSmithKline PLC, Sponsored ADR
|
|
|
|
|
179,525
|
|
|
|
8,060,673
|
|
Total foreign common stocks (cost $43,407,946)
|
|
|
|
|
|
|
|
|
45,222,144
|
|
Total common stocks (cost $314,503,497)
|
|
|
|
|
|
|
|
|
337,309,453
|
|
|
|
Total investment portfolio (cost $314,503,497) 98.2%
|
|
|
|
337,309,453
|
|
|
|
|
|
Other assets in excess of liabilities 1.8%
|
|
|
|
|
|
|
|
|
6,167,841
|
|
|
|
|
|
Net assets 100.0%
|
|
|
|
|
|
|
|
|
$343,477,294
|
|
|
|
ADRAmerican depository receipt
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector allocation (unaudited)
|
|
|
|
Sector
|
|
Percent of net assets
|
|
Consumer, non-cyclical
|
|
|
26.9%
|
|
Financial
|
|
|
17.7%
|
|
Industrial
|
|
|
15.4%
|
|
Energy
|
|
|
13.0%
|
|
Consumer, cyclical
|
|
|
10.8%
|
|
Communications
|
|
|
4.7%
|
|
Basic materials
|
|
|
4.3%
|
|
Technology
|
|
|
2.9%
|
|
Utilities
|
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE INTERNATIONAL EQUITY FUND
|
|
|
|
|
|
|
|
|
Common stocks95.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Australia0.4%
|
|
|
|
|
|
|
|
|
|
|
CSL Ltd.
|
|
|
|
|
1,053
|
|
|
|
$51,757
|
|
Telstra Corp. Ltd.
|
|
|
|
|
18,178
|
|
|
|
78,121
|
|
|
|
|
|
Austria0.1%
|
|
|
|
|
|
|
|
|
|
|
Erste Group Bank AG*
|
|
|
|
|
1,623
|
|
|
|
40,892
|
|
|
|
|
|
Belgium0.4%
|
|
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev N.V.
|
|
|
|
|
881
|
|
|
|
73,742
|
|
KBC Groep N.V.
|
|
|
|
|
2,513
|
|
|
|
59,274
|
|
|
|
|
|
Brazil0.4%
|
|
|
|
|
|
|
|
|
|
|
Petroleo Brasileiro S.A.Petrobras
|
|
|
|
|
5,497
|
|
|
|
58,189
|
|
Vale S.A.
|
|
|
|
|
3,274
|
|
|
|
60,369
|
|
|
|
|
|
Britain17.8%
|
|
|
|
|
|
|
|
|
|
|
AMEC PLC
|
|
|
|
|
2,777
|
|
|
|
47,594
|
|
Anglo American PLC
|
|
|
|
|
1,556
|
|
|
|
47,948
|
|
ARM Holdings PLC
|
|
|
|
|
11,926
|
|
|
|
128,407
|
|
BAE Systems PLC
|
|
|
|
|
16,357
|
|
|
|
82,562
|
|
Barclays PLC
|
|
|
|
|
65,972
|
|
|
|
243,688
|
|
BG Group PLC
|
|
|
|
|
7,854
|
|
|
|
145,720
|
|
BHP Billiton PLC
|
|
|
|
|
14,756
|
|
|
|
472,166
|
|
BP PLC
|
|
|
|
|
57,350
|
|
|
|
409,695
|
|
British American Tobacco PLC
|
|
|
|
|
4,046
|
|
|
|
200,752
|
|
BT Group PLC
|
|
|
|
|
18,657
|
|
|
|
64,148
|
|
Centrica PLC
|
|
|
|
|
13,192
|
|
|
|
69,070
|
|
Compass Group PLC
|
|
|
|
|
15,890
|
|
|
|
174,608
|
|
Diageo PLC
|
|
|
|
|
16,936
|
|
|
|
483,683
|
|
Direct Line Insurance Group PLC*
|
|
|
|
|
37,268
|
|
|
|
116,975
|
|
GlaxoSmithKline PLC
|
|
|
|
|
20,368
|
|
|
|
456,047
|
|
Hikma Pharmaceuticals PLC
|
|
|
|
|
3,901
|
|
|
|
46,553
|
|
HSBC Holdings PLC
|
|
|
|
|
36,520
|
|
|
|
359,574
|
|
Imperial Tobacco Group PLC
|
|
|
|
|
2,291
|
|
|
|
86,626
|
|
Lloyds Banking Group PLC*
|
|
|
|
|
312,863
|
|
|
|
205,694
|
|
Marks & Spencer Group PLC
|
|
|
|
|
5,693
|
|
|
|
36,235
|
|
National Grid PLC
|
|
|
|
|
12,501
|
|
|
|
142,526
|
|
Next PLC
|
|
|
|
|
568
|
|
|
|
32,749
|
|
Pearson PLC
|
|
|
|
|
2,175
|
|
|
|
43,750
|
|
Premier Oil PLC*
|
|
|
|
|
2,610
|
|
|
|
14,795
|
|
Rio Tinto PLC
|
|
|
|
|
3,286
|
|
|
|
163,844
|
|
Rolls-Royce Holdings PLC
|
|
|
|
|
13,929
|
|
|
|
192,354
|
|
|
|
|
22
|
|
The accompanying notes are an integral part of the financial statements.
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE INTERNATIONAL EQUITY FUND
(contd)
|
|
|
|
|
|
|
|
|
Common stocks95.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Britain (contd)
|
|
|
|
|
|
|
|
|
|
|
Royal Bank of Scotland Group PLC*
|
|
|
|
|
54,761
|
|
|
|
$244,300
|
|
SABMiller PLC
|
|
|
|
|
2,187
|
|
|
|
93,684
|
|
Tesco PLC
|
|
|
|
|
12,081
|
|
|
|
62,459
|
|
Vodafone Group PLC
|
|
|
|
|
194,276
|
|
|
|
527,485
|
|
Whitbread PLC
|
|
|
|
|
431
|
|
|
|
16,378
|
|
|
|
|
|
Canada4.7%
|
|
|
|
|
|
|
|
|
|
|
Barrick Gold Corp.
|
|
|
|
|
8,311
|
|
|
|
336,101
|
|
BCE, Inc.
|
|
|
|
|
740
|
|
|
|
32,349
|
|
Cenovus Energy, Inc.
|
|
|
|
|
1,830
|
|
|
|
64,551
|
|
Potash Corp. of Saskatchewan, Inc.
|
|
|
|
|
8,163
|
|
|
|
328,155
|
|
Rogers Communications, Inc., Class B
|
|
|
|
|
1,205
|
|
|
|
52,893
|
|
Suncor Energy, Inc.
|
|
|
|
|
12,741
|
|
|
|
427,613
|
|
TELUS Corp.
|
|
|
|
|
498
|
|
|
|
32,331
|
|
Turquoise Hill Resources Ltd.*
|
|
|
|
|
19,132
|
|
|
|
149,608
|
|
|
|
|
|
China1.7%
|
|
|
|
|
|
|
|
|
|
|
Bank of China Ltd., Class H
|
|
|
|
|
199,000
|
|
|
|
81,910
|
|
China Construction Bank Corp., Class H
|
|
|
|
|
171,000
|
|
|
|
128,856
|
|
Dongfeng Motor Group Co. Ltd., Class H
|
|
|
|
|
26,000
|
|
|
|
32,081
|
|
Industrial & Commercial Bank of China Ltd., Class H
|
|
|
|
|
148,000
|
|
|
|
97,411
|
|
PetroChina Co. Ltd., Class H
|
|
|
|
|
52,000
|
|
|
|
70,497
|
|
Tencent Holdings Ltd.
|
|
|
|
|
2,400
|
|
|
|
84,851
|
|
Wumart Stores, Inc., Class H
|
|
|
|
|
7,500
|
|
|
|
13,316
|
|
|
|
|
|
Czech0.4%
|
|
|
|
|
|
|
|
|
|
|
Komercni Banka AS
|
|
|
|
|
536
|
|
|
|
109,388
|
|
|
|
|
|
Denmark0.8%
|
|
|
|
|
|
|
|
|
|
|
Danske Bank AS*
|
|
|
|
|
1,293
|
|
|
|
20,219
|
|
Novo Nordisk AS, Class B
|
|
|
|
|
1,414
|
|
|
|
227,044
|
|
|
|
|
|
Finland0.2%
|
|
|
|
|
|
|
|
|
|
|
Fortum Oyj
|
|
|
|
|
2,553
|
|
|
|
47,221
|
|
|
|
|
|
France11.0%
|
|
|
|
|
|
|
|
|
|
|
Accor S.A.
|
|
|
|
|
1,345
|
|
|
|
41,962
|
|
Air Liquide S.A.
|
|
|
|
|
693
|
|
|
|
81,808
|
|
Alstom S.A.
|
|
|
|
|
2,233
|
|
|
|
76,265
|
|
AXA S.A.
|
|
|
|
|
5,575
|
|
|
|
89,167
|
|
BNP Paribas
|
|
|
|
|
9,280
|
|
|
|
469,552
|
|
Cie Generale dOptique Essilor International S.A.
|
|
|
|
|
1,015
|
|
|
|
91,614
|
|
Credit Agricole S.A.*
|
|
|
|
|
21,742
|
|
|
|
165,094
|
|
Danone
|
|
|
|
|
1,487
|
|
|
|
91,569
|
|
Eutelsat Communications
|
|
|
|
|
2,492
|
|
|
|
79,871
|
|
France Telecom S.A.
|
|
|
|
|
2,571
|
|
|
|
28,729
|
|
GDF Suez
|
|
|
|
|
6,583
|
|
|
|
151,069
|
|
Iliad S.A.
|
|
|
|
|
389
|
|
|
|
59,924
|
|
LOreal S.A.
|
|
|
|
|
509
|
|
|
|
64,964
|
|
LVMH Moet Hennessy Louis Vuitton S.A.
|
|
|
|
|
1,479
|
|
|
|
240,393
|
|
PPR
|
|
|
|
|
900
|
|
|
|
158,240
|
|
Publicis Groupe S.A.
|
|
|
|
|
1,577
|
|
|
|
85,101
|
|
Safran S.A.
|
|
|
|
|
2,151
|
|
|
|
85,682
|
|
Sanofi
|
|
|
|
|
5,340
|
|
|
|
470,377
|
|
Schneider Electric S.A.
|
|
|
|
|
3,520
|
|
|
|
220,532
|
|
Societe Generale S.A.*
|
|
|
|
|
7,340
|
|
|
|
235,086
|
|
Technip S.A.
|
|
|
|
|
466
|
|
|
|
52,681
|
|
Total S.A.
|
|
|
|
|
4,356
|
|
|
|
219,179
|
|
Veolia Environnement S.A.
|
|
|
|
|
1,515
|
|
|
|
14,996
|
|
Vinci S.A.
|
|
|
|
|
1,728
|
|
|
|
76,733
|
|
|
|
|
|
Germany10.6%
|
|
|
|
|
|
|
|
|
|
|
Adidas AG
|
|
|
|
|
416
|
|
|
|
35,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks95.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Germany (contd)
|
|
|
|
|
|
|
|
|
|
|
Allianz SE
|
|
|
|
|
1,184
|
|
|
|
$146,804
|
|
BASF SE
|
|
|
|
|
2,282
|
|
|
|
189,093
|
|
Bayer AG
|
|
|
|
|
2,649
|
|
|
|
230,697
|
|
Bayerische Motoren Werke AG
|
|
|
|
|
1,025
|
|
|
|
81,640
|
|
Brenntag AG
|
|
|
|
|
564
|
|
|
|
71,085
|
|
Commerzbank AG*
|
|
|
|
|
42,773
|
|
|
|
81,941
|
|
Continental AG
|
|
|
|
|
658
|
|
|
|
65,952
|
|
Daimler AG
|
|
|
|
|
1,730
|
|
|
|
80,780
|
|
Deutsche Bank AG
|
|
|
|
|
2,417
|
|
|
|
109,554
|
|
Deutsche Post AG
|
|
|
|
|
4,329
|
|
|
|
85,821
|
|
Deutsche Telekom AG
|
|
|
|
|
13,210
|
|
|
|
150,829
|
|
E.ON AG
|
|
|
|
|
14,654
|
|
|
|
332,961
|
|
Fraport AG
|
|
|
|
|
5,438
|
|
|
|
319,192
|
|
Fresenius SE & Co. KGaA
|
|
|
|
|
2,247
|
|
|
|
256,295
|
|
K+S AG
|
|
|
|
|
3,040
|
|
|
|
143,821
|
|
Kabel Deutschland Holding AG
|
|
|
|
|
1,076
|
|
|
|
77,612
|
|
Linde AG
|
|
|
|
|
909
|
|
|
|
152,871
|
|
RWE AG
|
|
|
|
|
5,642
|
|
|
|
257,816
|
|
SAP AG
|
|
|
|
|
2,640
|
|
|
|
192,307
|
|
Siemens AG
|
|
|
|
|
1,682
|
|
|
|
169,047
|
|
|
|
|
|
Hong Kong1.5%
|
|
|
|
|
|
|
|
|
|
|
Belle International Holdings Ltd.
|
|
|
|
|
18,000
|
|
|
|
33,538
|
|
Cheung Kong Holdings Ltd.
|
|
|
|
|
5,000
|
|
|
|
73,870
|
|
China Merchants Holdings International Co. Ltd.
|
|
|
|
|
10,970
|
|
|
|
36,321
|
|
China Mobile Ltd.
|
|
|
|
|
14,500
|
|
|
|
160,809
|
|
China Resources Enterprise Ltd.
|
|
|
|
|
6,000
|
|
|
|
19,460
|
|
Hang Lung Properties Ltd.
|
|
|
|
|
22,000
|
|
|
|
76,268
|
|
Hutchison Whampoa Ltd.
|
|
|
|
|
6,000
|
|
|
|
58,958
|
|
|
|
|
|
India0.2%
|
|
|
|
|
|
|
|
|
|
|
HDFC Bank Ltd., Sponsored ADR
|
|
|
|
|
1,352
|
|
|
|
50,551
|
|
|
|
|
|
Indonesia0.1%
|
|
|
|
|
|
|
|
|
|
|
PT Telekomunikasi Indonesia Persero Tbk
|
|
|
|
|
32,500
|
|
|
|
33,093
|
|
|
|
|
|
Ireland1.2%
|
|
|
|
|
|
|
|
|
|
|
CRH PLC
|
|
|
|
|
3,462
|
|
|
|
64,471
|
|
Experian PLC
|
|
|
|
|
2,025
|
|
|
|
35,019
|
|
WPP PLC
|
|
|
|
|
20,252
|
|
|
|
262,082
|
|
|
|
|
|
Israel0.3%
|
|
|
|
|
|
|
|
|
|
|
Teva Pharmaceutical Industries Ltd., Sponsored ADR
|
|
|
|
|
2,032
|
|
|
|
82,134
|
|
|
|
|
|
Italy3.4%
|
|
|
|
|
|
|
|
|
|
|
Enel SpA
|
|
|
|
|
25,651
|
|
|
|
96,618
|
|
Eni SpA
|
|
|
|
|
7,940
|
|
|
|
182,001
|
|
Intesa Sanpaolo SpA
|
|
|
|
|
194,689
|
|
|
|
314,620
|
|
Saipem SpA
|
|
|
|
|
1,701
|
|
|
|
76,590
|
|
Telecom Italia SpA
|
|
|
|
|
29,330
|
|
|
|
27,064
|
|
UniCredit SpA*
|
|
|
|
|
64,876
|
|
|
|
288,398
|
|
Unione di Banche Italiane SCPA
|
|
|
|
|
11,468
|
|
|
|
45,315
|
|
|
|
|
|
Japan10.0%
|
|
|
|
|
|
|
|
|
|
|
Aisin Seiki Co. Ltd.
|
|
|
|
|
2,201
|
|
|
|
64,020
|
|
Astellas Pharma, Inc.
|
|
|
|
|
1,000
|
|
|
|
49,668
|
|
Daikin Industries Ltd.
|
|
|
|
|
3,790
|
|
|
|
104,608
|
|
FANUC Corp.
|
|
|
|
|
1,200
|
|
|
|
192,429
|
|
Honda Motor Co. Ltd.
|
|
|
|
|
4,490
|
|
|
|
135,015
|
|
Isuzu Motors Ltd.
|
|
|
|
|
19,000
|
|
|
|
100,438
|
|
ITOCHU Corp.
|
|
|
|
|
13,600
|
|
|
|
135,784
|
|
Japan Tobacco, Inc.
|
|
|
|
|
2,000
|
|
|
|
55,267
|
|
KDDI Corp.
|
|
|
|
|
2,000
|
|
|
|
155,330
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
23
|
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE INTERNATIONAL EQUITY FUND
(contd)
|
|
|
|
|
|
|
|
|
Common stocks95.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Japan (contd)
|
|
|
|
|
|
|
|
|
|
|
Komatsu Ltd.
|
|
|
|
|
3,500
|
|
|
|
$73,306
|
|
Mitsubishi Electric Corp.
|
|
|
|
|
11,000
|
|
|
|
82,124
|
|
Mitsubishi UFJ Financial Group, Inc.
|
|
|
|
|
30,300
|
|
|
|
137,020
|
|
Mitsui & Co. Ltd.
|
|
|
|
|
7,700
|
|
|
|
108,512
|
|
Nikon Corp.
|
|
|
|
|
3,700
|
|
|
|
94,536
|
|
Nissan Motor Co. Ltd.
|
|
|
|
|
11,300
|
|
|
|
94,556
|
|
Nitto Denko Corp.
|
|
|
|
|
2,700
|
|
|
|
122,108
|
|
Seven & I Holdings Co. Ltd.
|
|
|
|
|
2,500
|
|
|
|
77,101
|
|
SMC Corp.
|
|
|
|
|
700
|
|
|
|
110,309
|
|
SoftBank Corp.
|
|
|
|
|
3,300
|
|
|
|
104,461
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
|
|
|
4,200
|
|
|
|
128,301
|
|
Suzuki Motor Corp.
|
|
|
|
|
4,300
|
|
|
|
97,387
|
|
The Bridgestone Corp.
|
|
|
|
|
5,200
|
|
|
|
121,402
|
|
Toyota Motor Corp.
|
|
|
|
|
8,441
|
|
|
|
326,342
|
|
Unicharm Corp.
|
|
|
|
|
6,316
|
|
|
|
341,790
|
|
Yakult Honsha Co. Ltd.
|
|
|
|
|
500
|
|
|
|
23,326
|
|
|
|
|
|
Luxembourg0.6%
|
|
|
|
|
|
|
|
|
|
|
LOccitane International S.A.
|
|
|
|
|
14,764
|
|
|
|
45,848
|
|
SES S.A., Sponsored FDR
|
|
|
|
|
5,031
|
|
|
|
139,515
|
|
|
|
|
|
Macau0.5%
|
|
|
|
|
|
|
|
|
|
|
Sands China Ltd.
|
|
|
|
|
20,800
|
|
|
|
78,234
|
|
Wynn Macau Ltd.
|
|
|
|
|
30,000
|
|
|
|
84,814
|
|
|
|
|
|
Mexico0.4%
|
|
|
|
|
|
|
|
|
|
|
America Movil SAB de CV, Sponsored ADR, Series L
|
|
|
|
|
4,716
|
|
|
|
119,268
|
|
|
|
|
|
Netherlands4.8%
|
|
|
|
|
|
|
|
|
|
|
Akzo Nobel N.V.
|
|
|
|
|
1,343
|
|
|
|
73,059
|
|
ASML Holding N.V.
|
|
|
|
|
3,118
|
|
|
|
171,557
|
|
European Aeronautic Defence and Space Co. N.V.
|
|
|
|
|
4,247
|
|
|
|
150,885
|
|
ING Groep N.V.*
|
|
|
|
|
8,225
|
|
|
|
73,209
|
|
Koninklijke Philips Electronics N.V.
|
|
|
|
|
3,441
|
|
|
|
86,035
|
|
Reed Elsevier N.V.
|
|
|
|
|
6,482
|
|
|
|
87,083
|
|
Royal Dutch Shell PLC, Class A
|
|
|
|
|
10,768
|
|
|
|
369,258
|
|
Unilever N.V.
|
|
|
|
|
8,769
|
|
|
|
321,997
|
|
Ziggo N.V.
|
|
|
|
|
4,128
|
|
|
|
133,709
|
|
|
|
|
|
Norway1.1%
|
|
|
|
|
|
|
|
|
|
|
DnB ASA
|
|
|
|
|
4,486
|
|
|
|
56,197
|
|
Orkla ASA
|
|
|
|
|
1,881
|
|
|
|
14,879
|
|
Seadrill Ltd.
|
|
|
|
|
782
|
|
|
|
31,657
|
|
Statoil ASA
|
|
|
|
|
3,524
|
|
|
|
87,091
|
|
Telenor ASA
|
|
|
|
|
2,837
|
|
|
|
55,708
|
|
Yara International ASA
|
|
|
|
|
1,829
|
|
|
|
86,168
|
|
|
|
|
|
Portugal0.2%
|
|
|
|
|
|
|
|
|
|
|
EDPEnergias de Portugal S.A.
|
|
|
|
|
11,171
|
|
|
|
30,394
|
|
Portugal Telecom SGPS S.A.
|
|
|
|
|
6,224
|
|
|
|
31,265
|
|
|
|
|
|
Russian Federation0.8%
|
|
|
|
|
|
|
|
|
|
|
Sberbank of Russia
|
|
|
|
|
78,544
|
|
|
|
230,134
|
|
|
|
|
|
Singapore1.5%
|
|
|
|
|
|
|
|
|
|
|
ComfortDelGro Corp. Ltd.
|
|
|
|
|
23,000
|
|
|
|
31,937
|
|
DBS Group Holdings Ltd.
|
|
|
|
|
6,000
|
|
|
|
68,497
|
|
Genting Singapore PLC
|
|
|
|
|
64,000
|
|
|
|
69,407
|
|
Keppel Corp. Ltd.
|
|
|
|
|
5,000
|
|
|
|
43,487
|
|
Oversea-Chinese Banking Corp. Ltd.
|
|
|
|
|
9,000
|
|
|
|
66,842
|
|
Singapore Press Holdings Ltd.
|
|
|
|
|
10,000
|
|
|
|
33,077
|
|
Singapore Telecommunications Ltd.
|
|
|
|
|
24,000
|
|
|
|
63,132
|
|
United Overseas Bank Ltd.
|
|
|
|
|
5,000
|
|
|
|
74,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks95.2%
|
|
|
|
Shares
|
|
|
Value
|
|
South Korea1.3%
|
|
|
|
|
|
|
|
|
|
|
Hyundai Motor Co.
|
|
|
|
|
156
|
|
|
|
$32,024
|
|
KIA Motors Corp.
|
|
|
|
|
563
|
|
|
|
31,214
|
|
LG Chem Ltd.
|
|
|
|
|
103
|
|
|
|
28,802
|
|
NHN Corp.
|
|
|
|
|
136
|
|
|
|
31,487
|
|
Samsung Electronics Co. Ltd.
|
|
|
|
|
229
|
|
|
|
275,069
|
|
|
|
|
|
Spain3.2%
|
|
|
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria S.A.
|
|
|
|
|
27,147
|
|
|
|
226,496
|
|
Banco Santander S.A.
|
|
|
|
|
45,923
|
|
|
|
346,298
|
|
Gas Natural SDG S.A.
|
|
|
|
|
2,119
|
|
|
|
32,947
|
|
Iberdrola S.A.
|
|
|
|
|
31,226
|
|
|
|
161,490
|
|
Inditex S.A.
|
|
|
|
|
849
|
|
|
|
108,326
|
|
Telefonica S.A.
|
|
|
|
|
6,115
|
|
|
|
80,808
|
|
|
|
|
|
Sweden2.3%
|
|
|
|
|
|
|
|
|
|
|
Assa Abloy AB, Class B
|
|
|
|
|
1,765
|
|
|
|
58,901
|
|
Atlas Copco AB, Class A
|
|
|
|
|
4,962
|
|
|
|
122,301
|
|
Elekta AB, Class B
|
|
|
|
|
4,926
|
|
|
|
70,182
|
|
Getinge AB, Class B
|
|
|
|
|
1,069
|
|
|
|
32,878
|
|
Hennes & Mauritz AB, Class B
|
|
|
|
|
2,370
|
|
|
|
80,412
|
|
Nordea Bank AB
|
|
|
|
|
7,873
|
|
|
|
71,514
|
|
Sandvik AB
|
|
|
|
|
2,197
|
|
|
|
30,557
|
|
Svenska Cellulosa AB, Class B
|
|
|
|
|
4,479
|
|
|
|
87,385
|
|
Swedbank AB, Class A
|
|
|
|
|
3,415
|
|
|
|
63,327
|
|
Tele2 AB, Class B
|
|
|
|
|
1,984
|
|
|
|
33,153
|
|
TeliaSonera AB
|
|
|
|
|
9,408
|
|
|
|
61,941
|
|
|
|
|
|
Switzerland12.2%
|
|
|
|
|
|
|
|
|
|
|
ABB Ltd.*
|
|
|
|
|
6,010
|
|
|
|
108,609
|
|
Adecco S.A.*
|
|
|
|
|
1,560
|
|
|
|
75,628
|
|
Cie Financiere Richemont S.A.
|
|
|
|
|
1,761
|
|
|
|
114,621
|
|
Credit Suisse Group AG*
|
|
|
|
|
7,209
|
|
|
|
167,773
|
|
Dufry AG*
|
|
|
|
|
713
|
|
|
|
90,668
|
|
Flughafen Zuerich AG
|
|
|
|
|
82
|
|
|
|
35,088
|
|
Nestle S.A.
|
|
|
|
|
8,726
|
|
|
|
553,749
|
|
Novartis AG
|
|
|
|
|
9,125
|
|
|
|
550,092
|
|
Roche Holding AG
|
|
|
|
|
2,486
|
|
|
|
478,622
|
|
Schindler Holding AG
|
|
|
|
|
247
|
|
|
|
32,576
|
|
Swiss Re AG*
|
|
|
|
|
3,318
|
|
|
|
229,733
|
|
Swisscom AG
|
|
|
|
|
80
|
|
|
|
33,276
|
|
Syngenta AG
|
|
|
|
|
885
|
|
|
|
346,398
|
|
The Swatch Group AG
|
|
|
|
|
461
|
|
|
|
191,335
|
|
Transocean Ltd.
|
|
|
|
|
659
|
|
|
|
30,156
|
|
UBS AG*
|
|
|
|
|
17,424
|
|
|
|
262,464
|
|
Xstrata PLC
|
|
|
|
|
11,312
|
|
|
|
179,496
|
|
Zurich Insurance Group AG*
|
|
|
|
|
950
|
|
|
|
234,684
|
|
|
|
|
|
Taiwan0.9%
|
|
|
|
|
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
|
|
|
88,000
|
|
|
|
267,201
|
|
|
|
|
|
United Arab Emirates0.2%
|
|
|
|
|
|
|
|
|
|
|
Dragon Oil PLC
|
|
|
|
|
7,938
|
|
|
|
71,095
|
|
Total common stocks (cost $24,380,146)
|
|
|
|
|
|
|
|
|
28,934,978
|
|
|
|
|
|
Preferred stocks1.8%
|
|
|
|
|
|
|
|
|
|
|
Brazil0.5%
|
|
|
|
|
|
|
|
|
|
|
Petroleo Brasileiro S.A.Petrobras
|
|
|
|
|
6,612
|
|
|
|
67,714
|
|
Vale S.A.
|
|
|
|
|
4,528
|
|
|
|
81,038
|
|
|
|
|
|
Britain0.0%
|
|
|
|
|
|
|
|
|
|
|
Rolls-Royce Holdings PLC, Class C*(a)
|
|
|
|
|
1,058,604
|
|
|
|
1,708
|
|
|
|
|
24
|
|
The accompanying notes are an integral part of the financial statements.
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE INTERNATIONAL EQUITY FUND
(contd)
|
|
|
|
|
|
|
|
|
Preferred stocks1.8%
|
|
|
|
Shares
|
|
|
Value
|
|
Germany1.3%
|
|
|
|
|
|
|
|
|
|
|
Henkel AG & Co. KGaA
|
|
|
|
|
977
|
|
|
|
$78,019
|
|
Volkswagen AG
|
|
|
|
|
1,613
|
|
|
|
333,674
|
|
Total preferred stocks (cost $410,208)
|
|
|
|
|
|
|
|
|
562,153
|
|
|
|
|
|
Investment companies0.6%
|
|
|
|
|
|
|
|
|
|
|
United States0.6%
|
|
|
|
|
|
|
|
|
|
|
Market VectorsGold Miners ETF
|
|
|
|
|
1,800
|
|
|
|
95,130
|
|
SPDR Gold Shares*
|
|
|
|
|
519
|
|
|
|
86,600
|
|
Total investment companies (cost $164,707)
|
|
|
|
|
|
|
|
|
181,730
|
|
|
|
|
|
Total investment portfolio (cost $24,955,061) 97.6%
|
|
|
|
|
|
|
|
|
29,678,861
|
|
|
|
|
|
Other assets in excess of liabilities 2.4%
|
|
|
|
|
|
|
|
|
718,702
|
|
|
|
|
|
Total net assets 100.0%
|
|
|
|
|
|
|
|
|
$30,397,563
|
|
|
|
* Non-income producing security
|
|
|
|
|
|
(a) Securities deemed to be illiquid for purposes of compliance limitations on holdings of illiquid securities. At October 31, 2012, these securities aggregated $1,708 or
0.0% of the net assets of the Fund.
|
|
|
|
|
|
|
|
ADRAmerican depository receipt
|
|
|
|
|
|
ETFExchange-traded fund
|
|
|
|
|
|
FDRFiduciary depository receipt
|
|
|
|
|
|
SPDRStandard & Poors Depositary Receipt
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector allocation (unaudited)
|
|
|
|
Sector
|
|
Percent of net assets
|
|
Financial
|
|
|
20.7%
|
|
Consumer, non-cyclical
|
|
|
19.1%
|
|
Consumer, cyclical
|
|
|
11.5%
|
|
Basic materials
|
|
|
10.5%
|
|
Communications
|
|
|
10.0%
|
|
Industrial
|
|
|
9.0%
|
|
Energy
|
|
|
8.0%
|
|
Utilities
|
|
|
4.3%
|
|
Technology
|
|
|
3.4%
|
|
Investment companies
|
|
|
0.6%
|
|
Diversified
|
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry allocation (unaudited)
|
|
|
|
|
|
|
Industry
|
|
Value
|
|
|
Percent of
net assets
|
|
Banks
|
|
|
$5,250,764
|
|
|
|
17.3%
|
|
Pharmaceuticals
|
|
|
2,591,234
|
|
|
|
8.5%
|
|
Telecommunications
|
|
|
2,279,288
|
|
|
|
7.5%
|
|
Oil & gas
|
|
|
2,249,211
|
|
|
|
7.4%
|
|
Chemicals
|
|
|
1,623,368
|
|
|
|
5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry allocation (unaudited)
(contd)
|
|
|
|
|
|
|
Industry
|
|
Value
|
|
|
Percent of
net assets
|
|
Mining
|
|
|
$1,349,163
|
|
|
|
4.4%
|
|
Auto manufacturers
|
|
|
1,345,151
|
|
|
|
4.4%
|
|
Electric
|
|
|
1,077,569
|
|
|
|
3.5%
|
|
Food
|
|
|
1,053,100
|
|
|
|
3.5%
|
|
Retail
|
|
|
956,001
|
|
|
|
3.1%
|
|
Insurance
|
|
|
890,572
|
|
|
|
2.9%
|
|
Semiconductors
|
|
|
842,234
|
|
|
|
2.8%
|
|
Beverages
|
|
|
651,109
|
|
|
|
2.1%
|
|
Engineering & construction
|
|
|
539,622
|
|
|
|
1.8%
|
|
Aerospace/defense
|
|
|
513,191
|
|
|
|
1.7%
|
|
Cosmetics/personal care
|
|
|
452,602
|
|
|
|
1.5%
|
|
Healthcare products
|
|
|
450,969
|
|
|
|
1.5%
|
|
Advertising
|
|
|
347,183
|
|
|
|
1.1%
|
|
Agriculture
|
|
|
342,645
|
|
|
|
1.1%
|
|
Electrical components & equipment
|
|
|
302,656
|
|
|
|
1.0%
|
|
Miscellaneous manufacturer
|
|
|
278,462
|
|
|
|
0.9%
|
|
Apparel
|
|
|
275,834
|
|
|
|
0.9%
|
|
Machinery-diversified
|
|
|
268,694
|
|
|
|
0.9%
|
|
Auto parts & equipment
|
|
|
251,374
|
|
|
|
0.8%
|
|
Gas
|
|
|
244,543
|
|
|
|
0.8%
|
|
Distribution/wholesale
|
|
|
244,296
|
|
|
|
0.8%
|
|
Media
|
|
|
241,522
|
|
|
|
0.8%
|
|
Lodging
|
|
|
221,388
|
|
|
|
0.7%
|
|
Machinery-construction & mining
|
|
|
195,607
|
|
|
|
0.6%
|
|
Software
|
|
|
192,307
|
|
|
|
0.6%
|
|
Oil & gas services
|
|
|
176,865
|
|
|
|
0.6%
|
|
Internet
|
|
|
176,262
|
|
|
|
0.6%
|
|
Food service
|
|
|
174,608
|
|
|
|
0.6%
|
|
Hand/machine tools
|
|
|
173,442
|
|
|
|
0.6%
|
|
Building materials
|
|
|
169,079
|
|
|
|
0.6%
|
|
Real estate
|
|
|
150,138
|
|
|
|
0.5%
|
|
Iron/steel
|
|
|
141,407
|
|
|
|
0.5%
|
|
Holding companies-diversified
|
|
|
138,766
|
|
|
|
0.5%
|
|
Transportation
|
|
|
117,758
|
|
|
|
0.4%
|
|
Commercial services
|
|
|
110,647
|
|
|
|
0.4%
|
|
Equity fund
|
|
|
95,130
|
|
|
|
0.3%
|
|
Forest products & paper
|
|
|
87,385
|
|
|
|
0.3%
|
|
Commodity fund
|
|
|
86,600
|
|
|
|
0.3%
|
|
Electronics
|
|
|
86,035
|
|
|
|
0.3%
|
|
Household products/wares
|
|
|
78,019
|
|
|
|
0.3%
|
|
Entertainment
|
|
|
69,407
|
|
|
|
0.2%
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
25
|
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
EAGLE
INTERNATIONAL EQUITY FUND
(contd)
|
|
|
Industry allocation (unaudited)
(contd)
|
|
Industry
|
|
Value
|
|
|
Percent of
net assets
|
|
Metal fabricate/hardware
|
|
|
$58,901
|
|
|
|
0.2%
|
|
Biotechnology
|
|
|
51,757
|
|
|
|
0.2%
|
|
Water
|
|
|
14,996
|
|
|
|
0.0%
|
|
Total investment portfolio
|
|
|
$29,678,861
|
|
|
|
97.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE INVESTMENT GRADE BOND FUND
|
|
|
|
|
Corporate bonds43.5%
|
|
|
|
Principal
amount
(in thousands)
|
|
|
Value
|
|
Domestic35.5%
|
|
|
|
|
|
|
|
|
|
|
Auto manufacturers0.8%
|
|
|
|
|
|
|
|
|
|
|
Daimler Finance North America LLC, 144A, FRN, 1.60%, 09/13/13
|
|
|
|
|
$1,000
|
|
|
|
$1,006,847
|
|
|
|
|
|
Banks2.4%
|
|
|
|
|
|
|
|
|
|
|
BB&T Corp., 2.15%, 03/22/17
|
|
|
|
|
1,000
|
|
|
|
1,039,031
|
|
PNC Funding Corp., 2.70%, 09/19/16
|
|
|
|
|
1,000
|
|
|
|
1,061,322
|
|
US Bancorp, 2.95%, 07/15/22
|
|
|
|
|
1,000
|
|
|
|
1,031,653
|
|
|
|
|
|
Beverages2.2%
|
|
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc., FRN, 1.10%, 03/26/13
|
|
|
|
|
2,000
|
|
|
|
2,006,374
|
|
The Coca-Cola Co., FRN, 0.34%, 03/14/14
|
|
|
|
|
1,000
|
|
|
|
1,000,311
|
|
|
|
|
|
Biotechnology1.1%
|
|
|
|
|
|
|
|
|
|
|
Gilead Sciences, Inc., 4.50%, 04/01/21
|
|
|
|
|
1,250
|
|
|
|
1,441,928
|
|
|
|
|
|
Chemicals0.8%
|
|
|
|
|
|
|
|
|
|
|
The Mosaic Co., 3.75%, 11/15/21
|
|
|
|
|
1,000
|
|
|
|
1,083,119
|
|
|
|
|
|
Diversified financial services7.7%
|
|
|
|
|
|
|
|
|
|
|
American Express Credit Corp., 2.80%, 09/19/16
|
|
|
|
|
750
|
|
|
|
798,641
|
|
AON Corp., 3.50%, 09/30/15
|
|
|
|
|
1,750
|
|
|
|
1,847,501
|
|
CME Group, Inc., 3.00%, 09/15/22
|
|
|
|
|
2,500
|
|
|
|
2,567,550
|
|
General Electric Capital Corp., 3.35%, 10/17/16
|
|
|
|
|
1,000
|
|
|
|
1,075,674
|
|
General Electric Capital Corp., 6.00%, 08/07/19
|
|
|
|
|
1,000
|
|
|
|
1,224,910
|
|
John Deere Capital Corp., FRN, 0.49%, 07/15/13
|
|
|
|
|
1,000
|
|
|
|
1,001,610
|
|
John Deere Capital Corp., FRN, 0.75%, 10/04/13
|
|
|
|
|
1,750
|
|
|
|
1,756,988
|
|
|
|
|
|
Electric2.3%
|
|
|
|
|
|
|
|
|
|
|
Georgia Power Co., FRN, 0.71%, 03/15/13
|
|
|
|
|
2,000
|
|
|
|
2,000,724
|
|
NextEra Energy Capital Holdings, Inc., 2.55%, 11/15/13
|
|
|
|
|
1,000
|
|
|
|
1,017,151
|
|
|
|
|
|
Food1.5%
|
|
|
|
|
|
|
|
|
|
|
General Mills, Inc., FRN, 0.79%, 05/16/14
|
|
|
|
|
2,000
|
|
|
|
2,008,584
|
|
|
|
|
|
Forest products & paper0.8%
|
|
|
|
|
|
|
|
|
|
|
Plum Creek Timberlands LP, 4.70%, 03/15/21
|
|
|
|
|
1,000
|
|
|
|
1,061,259
|
|
|
|
|
|
Gas1.1%
|
|
|
|
|
|
|
|
|
|
|
Sempra Energy, 9.80%, 02/15/19
|
|
|
|
|
1,000
|
|
|
|
1,420,477
|
|
|
|
|
|
Healthcare products0.9%
|
|
|
|
|
|
|
|
|
|
|
Baxter International, Inc., 5.38%, 06/01/18
|
|
|
|
|
1,000
|
|
|
|
1,214,445
|
|
|
|
|
|
Healthcare services3.3%
|
|
|
|
|
|
|
|
|
|
|
Cigna Corp., 4.00%, 02/15/22
|
|
|
|
|
1,500
|
|
|
|
1,639,446
|
|
Laboratory Corp. of America Holdings, 2.20%, 08/23/17
|
|
|
|
|
1,750
|
|
|
|
1,803,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds43.5%
|
|
|
|
Principal
amount
(in thousands)
|
|
|
Value
|
|
Healthcare services (contd)
|
|
|
|
|
|
|
|
|
|
|
WellPoint, Inc., 2.38%, 02/15/17
|
|
|
|
|
$1,000
|
|
|
|
$1,035,902
|
|
|
|
|
|
Housewares0.8%
|
|
|
|
|
|
|
|
|
|
|
Newell Rubbermaid, Inc., 2.00%, 06/15/15
|
|
|
|
|
1,000
|
|
|
|
1,010,952
|
|
|
|
|
|
Insurance0.8%
|
|
|
|
|
|
|
|
|
|
|
Berkshire Hathaway, Inc., 1.90%, 01/31/17
|
|
|
|
|
1,000
|
|
|
|
1,031,126
|
|
|
|
|
|
Internet0.8%
|
|
|
|
|
|
|
|
|
|
|
Google, Inc., 3.63%, 05/19/21
|
|
|
|
|
1,000
|
|
|
|
1,123,960
|
|
|
|
|
|
Media3.1%
|
|
|
|
|
|
|
|
|
|
|
CBS Corp., 1.95%, 07/01/17
|
|
|
|
|
1,500
|
|
|
|
1,536,703
|
|
Comcast Corp., 3.13%, 07/15/22
|
|
|
|
|
1,000
|
|
|
|
1,051,192
|
|
Discovery Communications LLC, 3.30%, 05/15/22
|
|
|
|
|
1,000
|
|
|
|
1,051,307
|
|
Time Warner, Inc., 3.40%, 06/15/22
|
|
|
|
|
500
|
|
|
|
534,430
|
|
|
|
|
|
Mining1.6%
|
|
|
|
|
|
|
|
|
|
|
Freeport-McMoRan Copper & Gold, Inc., 2.15%, 03/01/17
|
|
|
|
|
1,000
|
|
|
|
1,015,525
|
|
Newmont Mining Corp., 5.13%, 10/01/19
|
|
|
|
|
1,000
|
|
|
|
1,159,603
|
|
|
|
|
|
Oil & gas0.4%
|
|
|
|
|
|
|
|
|
|
|
EQT Corp., 4.88%, 11/15/21
|
|
|
|
|
500
|
|
|
|
541,303
|
|
|
|
|
|
Pharmaceuticals0.9%
|
|
|
|
|
|
|
|
|
|
|
McKesson Corp., 5.70%, 03/01/17
|
|
|
|
|
1,000
|
|
|
|
1,188,273
|
|
|
|
|
|
Real estate investment trusts0.7%
|
|
|
|
|
|
|
|
|
|
|
Essex Portfolio LP, 144A, 3.63%, 08/15/22
|
|
|
|
|
1,000
|
|
|
|
1,002,333
|
|
|
|
|
|
Software1.5%
|
|
|
|
|
|
|
|
|
|
|
Fiserv, Inc., 3.13%, 10/01/15
|
|
|
|
|
1,955
|
|
|
|
2,051,817
|
|
Total domestic corporate bonds (cost $45,687,455)
|
|
|
|
|
|
|
|
|
47,443,607
|
|
|
|
|
|
Foreign8.0%
|
|
|
|
|
|
|
|
|
|
|
Banks2.1%
|
|
|
|
|
|
|
|
|
|
|
National Bank of Canada, 1.50%, 06/26/15
|
|
|
|
|
1,000
|
|
|
|
1,021,430
|
|
The Toronto-Dominion Bank, 2.50%, 07/14/16
|
|
|
|
|
1,750
|
|
|
|
1,847,179
|
|
|
|
|
|
Mining0.8%
|
|
|
|
|
|
|
|
|
|
|
Rio Tinto Finance USA PLC, 1.63%, 08/21/17
|
|
|
|
|
1,000
|
|
|
|
1,004,599
|
|
|
|
|
|
Oil & gas4.3%
|
|
|
|
|
|
|
|
|
|
|
BP Capital Markets PLC, FRN, 1.01%, 03/11/14
|
|
|
|
|
1,750
|
|
|
|
1,762,756
|
|
Shell International Finance BV, 2.38%, 08/21/22
|
|
|
|
|
2,000
|
|
|
|
2,042,012
|
|
Total Capital Canada Ltd., FRN, 0.71%, 01/17/14
|
|
|
|
|
2,000
|
|
|
|
2,010,210
|
|
|
|
|
|
Pharmaceuticals0.8%
|
|
|
|
|
|
|
|
|
|
|
Teva Pharmaceutical Finance III BV, FRN, 0.88%, 03/21/14
|
|
|
|
|
1,000
|
|
|
|
1,005,764
|
|
Total foreign corporate bonds (cost $10,530,923)
|
|
|
|
|
|
|
|
|
10,693,950
|
|
|
|
|
|
Total corporate bonds (cost $56,218,378)
|
|
|
|
|
|
|
|
|
58,137,557
|
|
|
|
|
|
Mortgage-backed obligations27.6%
|
|
|
|
|
|
|
|
|
|
|
Domestic25.2%
|
|
|
|
|
|
|
|
|
|
|
Commercial mortgage-backed obligations1.6%
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class A3, 5.10%, 08/15/38
|
|
|
|
|
72
|
|
|
|
72,501
|
|
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C3, Class A2, 4.99%, 07/12/35
|
|
|
|
|
113
|
|
|
|
113,293
|
|
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-PM1A, Class A4, 5.33%, 08/12/40
|
|
|
|
|
480
|
|
|
|
489,293
|
|
|
|
|
26
|
|
The accompanying notes are an integral part of the financial statements.
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE INVESTMENT GRADE BOND FUND
(contd)
|
|
|
|
|
Mortgage-backed obligations27.6%
|
|
|
|
Principal
amount
(in thousands)
|
|
|
Value
|
|
Commercial mortgage-backed obligations (contd)
|
|
|
|
|
|
LB-UBS Commercial Mortgage Trust, Series 2004-C6, Class A6, 5.02%, 08/15/29
|
|
|
|
|
$1,000
|
|
|
|
$1,060,015
|
|
Morgan Stanley Capital I, Inc., Series 2003-T11, Class A4, 5.15%, 06/13/41
|
|
|
|
|
470
|
|
|
|
478,730
|
|
|
|
Federal agency mortgage-backed obligations23.6%
|
|
|
|
|
|
Fannie Mae Pool, Series 1212, Class MA,
2.50%, 10/01/22
|
|
|
|
|
2,479
|
|
|
|
2,596,424
|
|
Fannie Mae, REMICs, Series 2007-11, Class AB,
5.69%, 01/25/32
|
|
|
|
|
116
|
|
|
|
117,811
|
|
Fannie Mae, REMICs, Series 2007-118, Class AB,
5.00%, 04/25/35
|
|
|
|
|
200
|
|
|
|
203,106
|
|
Fannie Mae, REMICs, Series 2012-113, Class PB,
2.00%, 10/25/40
|
|
|
|
|
2,992
|
|
|
|
3,032,113
|
|
Fannie Mae, REMICs, Series 2012-93, Class TY,
2.00%, 06/25/42
|
|
|
|
|
3,209
|
|
|
|
3,256,768
|
|
Fannie Mae, REMICs, Series 2012-96, Class PD,
2.00%, 07/25/41
|
|
|
|
|
2,978
|
|
|
|
3,006,097
|
|
Freddie Mac, REMICs, Series 2628, Class AB,
4.50%, 06/15/18
|
|
|
|
|
126
|
|
|
|
132,718
|
|
Freddie Mac, REMICs, Series 2885, Class LC,
4.50%, 04/15/34
|
|
|
|
|
279
|
|
|
|
296,558
|
|
Freddie Mac, REMICs, Series 3456, Class CG,
5.00%, 01/15/35
|
|
|
|
|
292
|
|
|
|
294,984
|
|
Freddie Mac, REMICs, Series 4045, Class PA,
2.00%, 12/15/41
|
|
|
|
|
2,895
|
|
|
|
2,927,361
|
|
Freddie Mac, REMICs, Series 4068, Class MB,
2.00%, 02/15/42
|
|
|
|
|
3,640
|
|
|
|
3,705,089
|
|
Freddie Mac, REMICs, Series 4097, Class BG,
2.00%, 12/15/41
|
|
|
|
|
2,964
|
|
|
|
3,029,588
|
|
Freddie Mac, REMICs, Series 4097, Class EG,
2.00%, 11/15/40
|
|
|
|
|
2,482
|
|
|
|
2,538,594
|
|
Freddie Mac, REMICs, Series 4098, Class HA,
2.00%, 05/15/41
|
|
|
|
|
3,469
|
|
|
|
3,545,522
|
|
Freddie Mac, REMICs, Series 4105, Class KB,
2.25%, 08/15/41
|
|
|
|
|
2,491
|
|
|
|
2,557,064
|
|
Ginnie Mae, REMICs, Series 2004-86, Class PK,
4.00%, 09/20/34
|
|
|
|
|
350
|
|
|
|
371,279
|
|
Total domestic mortgage-backed obligations (cost $33,856,044)
|
|
|
|
33,824,908
|
|
|
|
|
|
Foreign2.4%
|
|
|
|
|
|
|
|
|
|
|
Covered bonds2.4%
|
|
|
|
|
|
|
|
|
|
|
Bank of Montreal, 144A, 2.63%, 01/25/16
|
|
|
|
|
1,000
|
|
|
|
1,063,100
|
|
Bank of Nova Scotia, 144A, 2.15%, 08/03/16
|
|
|
|
|
1,000
|
|
|
|
1,051,500
|
|
The Toronto-Dominion Bank, 144A, 2.20%, 07/29/15
|
|
|
|
|
1,000
|
|
|
|
1,044,300
|
|
Total foreign mortgage-backed obligations (cost $2,997,481)
|
|
|
|
3,158,900
|
|
|
|
Total mortgage-backed obligations (cost $36,853,525)
|
|
|
|
36,983,808
|
|
|
|
|
|
U.S. Treasuries17.8%
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Note, 2.00%, 04/30/16
|
|
|
|
|
6,250
|
|
|
|
6,582,031
|
|
U.S. Treasury Note, 1.00%, 09/30/16
|
|
|
|
|
7,250
|
|
|
|
7,381,406
|
|
U.S. Treasury Note, 2.38%, 07/31/17
|
|
|
|
|
6,000
|
|
|
|
6,474,846
|
|
U.S. Treasury Note, 0.63%, 08/31/17
|
|
|
|
|
1,250
|
|
|
|
1,246,583
|
|
U.S. Treasury Note, 1.75%, 10/31/18
|
|
|
|
|
2,000
|
|
|
|
2,096,094
|
|
Total U.S. Treasuries (cost $23,378,544)
|
|
|
|
|
|
|
|
|
23,780,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agency securities5.5%
|
|
|
|
Principal
amount
(in thousands)
|
|
|
Value
|
|
Private Export Funding Corp., 2.25%, 12/15/17
|
|
|
|
|
$3,500
|
|
|
|
$3,727,710
|
|
Tennessee Valley Authority, 5.50%, 07/18/17
|
|
|
|
|
3,000
|
|
|
|
3,648,684
|
|
Total U.S. Government agency securities
(cost $7,059,675)
|
|
|
|
|
|
|
|
|
7,376,394
|
|
|
|
|
|
Foreign government securities0.8%
|
|
|
|
|
|
|
|
|
|
|
Province of Ontario Canada, 3.00%, 07/16/18
|
|
|
|
|
1,000
|
|
|
|
1,092,600
|
|
Total foreign government securities (cost $999,310)
|
|
|
|
1,092,600
|
|
|
|
|
|
Supranational banks0.8%
|
|
|
|
|
|
|
|
|
|
|
International Bank for Reconstruction & Development,
2.38%, 05/26/15
|
|
|
|
|
1,000
|
|
|
|
1,050,423
|
|
Total supranational banks (cost $996,456)
|
|
|
|
|
|
|
|
|
1,050,423
|
|
|
|
Total investment portfolio (cost $125,505,888) 96.0%
|
|
|
|
128,421,742
|
|
|
|
|
|
Other assets in excess of liabilities 4.0%
|
|
|
|
|
|
|
|
|
5,415,929
|
|
|
|
|
|
Total net assets 100.0%
|
|
|
|
|
|
|
|
|
$133,837,671
|
|
|
|
144A144A securities are issued pursuant to Rule 144A of the Securities Act of 1933. Most of these are deemed to be liquid for purposes of compliance limitations on
holdings of illiquid securities and all may be resold as transactions exempt from registration to qualified institutional buyers. At October 31, 2012, these securities aggregated $5,168,080 or 3.9% of the net assets of the Fund.
|
|
|
|
|
|
FRNFloating rate notes reset their interest rates on a semiannual or quarterly basis.
|
|
|
|
|
|
REMICsReal estate mortgage investment conduit
|
|
|
|
|
|
|
|
|
|
|
Standard & Poors bond ratings (unaudited)
|
|
|
|
Bond rating
|
|
Percent of net assets
|
|
AAA
|
|
|
1.7%
|
|
AA
|
|
|
58.1%
|
|
A
|
|
|
16.0%
|
|
BBB
|
|
|
17.1%
|
|
Not rated
|
|
|
3.1%
|
|
|
|
|
|
|
Moodys bond ratings (unaudited)
|
|
|
|
Bond rating
|
|
Percent of net assets
|
|
Aaa
|
|
|
51.9%
|
|
Aa
|
|
|
8.9%
|
|
A
|
|
|
14.2%
|
|
Bbb
|
|
|
19.8%
|
|
Not rated
|
|
|
1.2%
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
27
|
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE MID CAP GROWTH FUND
|
|
|
|
|
|
|
|
|
Common stocks94.0%
|
|
|
|
Shares
|
|
|
Value
|
|
Aerospace/Defense1.4%
|
|
|
|
|
|
|
|
|
|
|
B/E Aerospace, Inc.*
|
|
|
|
|
66,165
|
|
|
|
$2,983,380
|
|
Triumph Group, Inc.
|
|
|
|
|
44,996
|
|
|
|
2,943,638
|
|
|
|
|
|
Airlines0.6%
|
|
|
|
|
|
|
|
|
|
|
Delta Air Lines, Inc.*
|
|
|
|
|
276,695
|
|
|
|
2,664,573
|
|
|
|
|
|
Apparel2.5%
|
|
|
|
|
|
|
|
|
|
|
Michael Kors Holdings Ltd.*
|
|
|
|
|
199,375
|
|
|
|
10,903,819
|
|
|
|
|
|
Beverages1.9%
|
|
|
|
|
|
|
|
|
|
|
Monster Beverage Corp.*
|
|
|
|
|
189,515
|
|
|
|
8,465,635
|
|
|
|
|
|
Biotechnology1.7%
|
|
|
|
|
|
|
|
|
|
|
Vertex Pharmaceuticals, Inc.*
|
|
|
|
|
151,265
|
|
|
|
7,297,024
|
|
|
|
|
|
Building materials2.9%
|
|
|
|
|
|
|
|
|
|
|
Eagle Materials, Inc.
|
|
|
|
|
109,890
|
|
|
|
5,820,873
|
|
Fortune Brands Home & Security, Inc.*
|
|
|
|
|
231,627
|
|
|
|
6,587,472
|
|
|
|
|
|
Chemicals4.5%
|
|
|
|
|
|
|
|
|
|
|
CF Industries Holdings, Inc.
|
|
|
|
|
37,990
|
|
|
|
7,795,168
|
|
Huntsman Corp.
|
|
|
|
|
211,140
|
|
|
|
3,175,546
|
|
Westlake Chemical Corp.
|
|
|
|
|
110,502
|
|
|
|
8,404,782
|
|
|
|
|
|
Commercial services1.4%
|
|
|
|
|
|
|
|
|
|
|
Gartner, Inc.*
|
|
|
|
|
57,315
|
|
|
|
2,659,989
|
|
Sothebys
|
|
|
|
|
113,260
|
|
|
|
3,525,784
|
|
|
|
|
|
Computers4.2%
|
|
|
|
|
|
|
|
|
|
|
Fortinet, Inc.*
|
|
|
|
|
261,160
|
|
|
|
5,058,669
|
|
Fusion-io, Inc.*
|
|
|
|
|
157,515
|
|
|
|
3,717,354
|
|
IHS, Inc., Class A*
|
|
|
|
|
64,963
|
|
|
|
5,482,227
|
|
Riverbed Technology, Inc.*
|
|
|
|
|
218,225
|
|
|
|
4,030,616
|
|
|
|
|
|
Distribution/wholesale2.3%
|
|
|
|
|
|
|
|
|
|
|
Fastenal Co.
|
|
|
|
|
100,980
|
|
|
|
4,513,806
|
|
Fossil, Inc.*
|
|
|
|
|
62,770
|
|
|
|
5,467,267
|
|
|
|
|
|
Diversified financial services5.0%
|
|
|
|
|
|
|
|
|
|
|
Ameriprise Financial, Inc.
|
|
|
|
|
170,195
|
|
|
|
9,934,282
|
|
TD AMERITRADE Holding Corp.
|
|
|
|
|
491,491
|
|
|
|
7,711,494
|
|
The Charles Schwab Corp.
|
|
|
|
|
305,715
|
|
|
|
4,151,610
|
|
|
|
|
|
Electronics0.5%
|
|
|
|
|
|
|
|
|
|
|
Amphenol Corp., Class A
|
|
|
|
|
36,940
|
|
|
|
2,221,202
|
|
|
|
|
|
Engineering & construction1.0%
|
|
|
|
|
|
|
|
|
|
|
Chicago Bridge & Iron Co. N.V.
|
|
|
|
|
116,482
|
|
|
|
4,373,899
|
|
|
|
|
|
Entertainment1.4%
|
|
|
|
|
|
|
|
|
|
|
Bally Technologies, Inc.*
|
|
|
|
|
125,434
|
|
|
|
6,261,665
|
|
|
|
|
|
Environmental control2.4%
|
|
|
|
|
|
|
|
|
|
|
Stericycle, Inc.*
|
|
|
|
|
35,505
|
|
|
|
3,364,454
|
|
Waste Connections, Inc.
|
|
|
|
|
212,532
|
|
|
|
6,977,425
|
|
|
|
|
|
Food1.1%
|
|
|
|
|
|
|
|
|
|
|
The Fresh Market, Inc.*
|
|
|
|
|
82,901
|
|
|
|
4,701,316
|
|
|
|
|
|
Hand/machine tools1.1%
|
|
|
|
|
|
|
|
|
|
|
Stanley Black & Decker, Inc.
|
|
|
|
|
68,625
|
|
|
|
4,755,712
|
|
|
|
|
|
Healthcare products2.9%
|
|
|
|
|
|
|
|
|
|
|
Sirona Dental Systems, Inc.*
|
|
|
|
|
77,220
|
|
|
|
4,421,617
|
|
The Cooper Companies, Inc.
|
|
|
|
|
86,625
|
|
|
|
8,314,268
|
|
|
|
|
|
Home builders2.7%
|
|
|
|
|
|
|
|
|
|
|
PulteGroup, Inc.*
|
|
|
|
|
681,927
|
|
|
|
11,824,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks94.0%
|
|
|
|
Shares
|
|
|
Value
|
|
Home furnishings1.3%
|
|
|
|
|
|
|
|
|
|
|
Harman International Industries, Inc.
|
|
|
|
|
136,195
|
|
|
|
$5,710,656
|
|
|
|
|
|
Household products/wares1.8%
|
|
|
|
|
|
|
|
|
|
|
Church & Dwight Co., Inc.
|
|
|
|
|
150,510
|
|
|
|
7,639,888
|
|
|
|
|
|
Insurance1.2%
|
|
|
|
|
|
|
|
|
|
|
Arch Capital Group Ltd.*
|
|
|
|
|
114,250
|
|
|
|
5,044,137
|
|
|
|
|
|
Internet0.8%
|
|
|
|
|
|
|
|
|
|
|
TIBCO Software, Inc.*
|
|
|
|
|
145,055
|
|
|
|
3,656,837
|
|
|
|
|
|
Leisure time3.1%
|
|
|
|
|
|
|
|
|
|
|
Royal Caribbean Cruises Ltd.
|
|
|
|
|
399,995
|
|
|
|
13,467,832
|
|
|
|
|
|
Lodging1.0%
|
|
|
|
|
|
|
|
|
|
|
Starwood Hotels & Resorts Worldwide, Inc.
|
|
|
|
|
84,270
|
|
|
|
4,369,399
|
|
|
|
|
|
Machinery-construction & mining1.1%
|
|
|
|
|
|
|
|
|
|
|
Terex Corp.*
|
|
|
|
|
214,760
|
|
|
|
4,842,838
|
|
|
|
|
|
Media3.0%
|
|
|
|
|
|
|
|
|
|
|
Sirius XM Radio, Inc.*
|
|
|
|
|
4,640,325
|
|
|
|
12,992,910
|
|
|
|
|
|
Miscellaneous manufacturer3.5%
|
|
|
|
|
|
|
|
|
|
|
Colfax Corp.*
|
|
|
|
|
171,206
|
|
|
|
5,887,774
|
|
Hexcel Corp.*
|
|
|
|
|
182,655
|
|
|
|
4,668,662
|
|
Pentair Ltd.
|
|
|
|
|
106,090
|
|
|
|
4,481,242
|
|
|
|
|
|
Oil & gas4.9%
|
|
|
|
|
|
|
|
|
|
|
Cabot Oil & Gas Corp.
|
|
|
|
|
176,230
|
|
|
|
8,279,285
|
|
Concho Resources, Inc.*
|
|
|
|
|
50,210
|
|
|
|
4,324,085
|
|
Oasis Petroleum, Inc.*
|
|
|
|
|
141,710
|
|
|
|
4,162,023
|
|
Rowan Companies PLC, Class A*
|
|
|
|
|
137,955
|
|
|
|
4,374,553
|
|
|
|
|
|
Oil & gas services2.3%
|
|
|
|
|
|
|
|
|
|
|
Cameron International Corp.*
|
|
|
|
|
138,614
|
|
|
|
7,019,413
|
|
Oil States International, Inc.*
|
|
|
|
|
43,904
|
|
|
|
3,209,382
|
|
|
|
|
|
Pharmaceuticals7.6%
|
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corp.
|
|
|
|
|
121,945
|
|
|
|
4,809,511
|
|
BioMarin Pharmaceutical, Inc.*
|
|
|
|
|
99,426
|
|
|
|
3,682,739
|
|
Catamaran Corp.*
|
|
|
|
|
149,600
|
|
|
|
7,055,136
|
|
Herbalife Ltd.
|
|
|
|
|
69,725
|
|
|
|
3,580,379
|
|
Mylan, Inc.*
|
|
|
|
|
544,880
|
|
|
|
13,807,259
|
|
|
|
|
|
Real estate investment trusts1.5%
|
|
|
|
|
|
|
|
|
|
|
MFA Financial, Inc.
|
|
|
|
|
809,870
|
|
|
|
6,616,638
|
|
|
|
|
|
Retail6.4%
|
|
|
|
|
|
|
|
|
|
|
DSW, Inc., Class A
|
|
|
|
|
115,007
|
|
|
|
7,198,288
|
|
GNC Holdings, Inc., Class A
|
|
|
|
|
74,918
|
|
|
|
2,897,079
|
|
HSN, Inc.
|
|
|
|
|
149,094
|
|
|
|
7,755,870
|
|
Sally Beauty Holdings, Inc.*
|
|
|
|
|
405,201
|
|
|
|
9,757,240
|
|
|
|
|
|
Semiconductors1.8%
|
|
|
|
|
|
|
|
|
|
|
Linear Technology Corp.
|
|
|
|
|
93,990
|
|
|
|
2,938,128
|
|
Teradyne, Inc.*
|
|
|
|
|
327,720
|
|
|
|
4,791,266
|
|
|
|
|
|
Software5.9%
|
|
|
|
|
|
|
|
|
|
|
ANSYS, Inc.*
|
|
|
|
|
102,620
|
|
|
|
7,273,706
|
|
Autodesk, Inc.*
|
|
|
|
|
130,310
|
|
|
|
4,149,070
|
|
Concur Technologies, Inc.*
|
|
|
|
|
66,007
|
|
|
|
4,371,644
|
|
Electronic Arts, Inc.*
|
|
|
|
|
319,215
|
|
|
|
3,942,305
|
|
MSCI, Inc.*
|
|
|
|
|
72,135
|
|
|
|
1,943,317
|
|
Red Hat, Inc.*
|
|
|
|
|
82,040
|
|
|
|
4,033,907
|
|
|
|
|
|
Telecommunications4.4%
|
|
|
|
|
|
|
|
|
|
|
IPG Photonics Corp.*
|
|
|
|
|
102,139
|
|
|
|
5,421,538
|
|
|
|
|
28
|
|
The accompanying notes are an integral part of the financial statements.
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE MID CAP GROWTH FUND
(contd)
|
|
|
|
|
|
|
|
|
Common stocks94.0%
|
|
|
|
Shares
|
|
|
Value
|
|
Telecommunications (contd)
|
|
|
|
|
|
|
|
|
|
|
SBA Communications Corp., Class A*
|
|
|
|
|
206,115
|
|
|
|
$13,733,443
|
|
|
|
|
|
Transportation0.9%
|
|
|
|
|
|
|
|
|
|
|
Expeditors International of Washington, Inc.
|
|
|
|
|
106,485
|
|
|
|
3,898,416
|
|
Total common stocks (cost $339,117,740)
|
|
|
|
|
|
|
|
|
408,298,975
|
|
|
|
Total investment portfolio (cost $339,117,740) 94.0%
|
|
|
|
408,298,975
|
|
|
|
|
|
Other assets in excess of liabilities 6%
|
|
|
|
|
|
|
|
|
26,004,973
|
|
|
|
|
|
Net assets 100.0%
|
|
|
|
|
|
|
|
|
$434,303,948
|
|
|
|
* Non-income producing security
|
|
|
|
|
|
|
|
|
|
|
|
Sector allocation (unaudited)
|
|
Sector
|
|
Percent of net assets
|
|
Consumer, cyclical
|
|
|
21.3%
|
|
Consumer, non-cyclical
|
|
|
18.4%
|
|
Industrial
|
|
|
14.8%
|
|
Technology
|
|
|
11.9%
|
|
Communications
|
|
|
8.2%
|
|
Financial
|
|
|
7.7%
|
|
Energy
|
|
|
7.2%
|
|
Basic materials
|
|
|
4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE MID CAP STOCK FUND
|
|
|
|
|
|
|
|
|
Common stocks95.7%
|
|
|
|
Shares
|
|
|
Value
|
|
Aerospace/Defense1.0%
|
|
|
|
|
|
|
|
|
|
|
B/E Aerospace, Inc.*
|
|
|
|
|
119,512
|
|
|
|
$5,388,796
|
|
|
|
|
|
Apparel0.8%
|
|
|
|
|
|
|
|
|
|
|
Hanesbrands, Inc.*
|
|
|
|
|
133,860
|
|
|
|
4,480,294
|
|
|
|
|
|
Auto parts & equipment1.2%
|
|
|
|
|
|
|
|
|
|
|
BorgWarner, Inc.*
|
|
|
|
|
47,805
|
|
|
|
3,146,525
|
|
Dana Holding Corp.
|
|
|
|
|
270,095
|
|
|
|
3,554,450
|
|
|
|
|
|
Banks3.5%
|
|
|
|
|
|
|
|
|
|
|
City National Corp.
|
|
|
|
|
60,334
|
|
|
|
3,083,067
|
|
East West Bancorp, Inc.
|
|
|
|
|
252,710
|
|
|
|
5,380,196
|
|
Signature Bank*
|
|
|
|
|
81,263
|
|
|
|
5,789,176
|
|
Zions Bancorporation
|
|
|
|
|
215,125
|
|
|
|
4,618,734
|
|
|
|
|
|
Biotechnology2.6%
|
|
|
|
|
|
|
|
|
|
|
Bio-Rad Laboratories, Inc., Class A*
|
|
|
|
|
40,156
|
|
|
|
4,069,811
|
|
Life Technologies Corp.*
|
|
|
|
|
129,075
|
|
|
|
6,313,058
|
|
Myriad Genetics, Inc.*
|
|
|
|
|
141,030
|
|
|
|
3,690,755
|
|
|
|
|
|
Chemicals3.8%
|
|
|
|
|
|
|
|
|
|
|
Airgas, Inc.
|
|
|
|
|
57,370
|
|
|
|
5,104,209
|
|
Ecolab, Inc.
|
|
|
|
|
81,265
|
|
|
|
5,656,044
|
|
Rockwood Holdings, Inc.
|
|
|
|
|
136,245
|
|
|
|
6,253,645
|
|
Sigma-Aldrich Corp.
|
|
|
|
|
52,590
|
|
|
|
3,688,663
|
|
|
|
|
|
Commercial services2.8%
|
|
|
|
|
|
|
|
|
|
|
HMS Holdings Corp.*
|
|
|
|
|
224,360
|
|
|
|
5,180,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks95.7%
|
|
|
|
Shares
|
|
|
Value
|
|
Commercial services (contd)
|
|
|
|
|
|
|
|
|
|
|
Morningstar, Inc.
|
|
|
|
|
82,218
|
|
|
|
$5,178,090
|
|
Quanta Services, Inc.*
|
|
|
|
|
196,000
|
|
|
|
5,082,280
|
|
|
|
|
|
Computers3.2%
|
|
|
|
|
|
|
|
|
|
|
IHS, Inc., Class A*
|
|
|
|
|
64,540
|
|
|
|
5,446,531
|
|
Jack Henry & Associates, Inc.
|
|
|
|
|
103,607
|
|
|
|
3,937,066
|
|
MICROS Systems, Inc.*
|
|
|
|
|
109,953
|
|
|
|
4,990,767
|
|
Riverbed Technology, Inc.*
|
|
|
|
|
166,390
|
|
|
|
3,073,223
|
|
|
|
|
|
Distribution/wholesale1.4%
|
|
|
|
|
|
|
|
|
|
|
LKQ Corp.*
|
|
|
|
|
349,540
|
|
|
|
7,301,891
|
|
|
|
|
|
Diversified financial services2.7%
|
|
|
|
|
|
|
|
|
|
|
Affiliated Managers Group, Inc.*
|
|
|
|
|
45,415
|
|
|
|
5,744,997
|
|
IntercontinentalExchange, Inc.*
|
|
|
|
|
31,079
|
|
|
|
4,071,349
|
|
Invesco Ltd.
|
|
|
|
|
188,830
|
|
|
|
4,592,346
|
|
|
|
|
|
Electric1.2%
|
|
|
|
|
|
|
|
|
|
|
ITC Holdings Corp.
|
|
|
|
|
83,662
|
|
|
|
6,661,168
|
|
|
|
|
|
Electrical components & equipment1.9%
|
|
|
|
|
|
|
|
|
|
|
AMETEK, Inc.
|
|
|
|
|
143,415
|
|
|
|
5,098,403
|
|
Energizer Holdings, Inc.
|
|
|
|
|
71,710
|
|
|
|
5,232,679
|
|
|
|
|
|
Electronics2.5%
|
|
|
|
|
|
|
|
|
|
|
FLIR Systems, Inc.
|
|
|
|
|
191,225
|
|
|
|
3,715,502
|
|
Mettler-Toledo International, Inc.*
|
|
|
|
|
25,820
|
|
|
|
4,373,133
|
|
Trimble Navigation Ltd.*
|
|
|
|
|
109,955
|
|
|
|
5,187,677
|
|
|
|
|
|
Engineering & construction0.9%
|
|
|
|
|
|
|
|
|
|
|
Jacobs Engineering Group, Inc.*
|
|
|
|
|
121,900
|
|
|
|
4,704,121
|
|
|
|
|
|
Entertainment0.7%
|
|
|
|
|
|
|
|
|
|
|
Dolby Laboratories, Inc., Class A*
|
|
|
|
|
121,900
|
|
|
|
3,850,821
|
|
|
|
|
|
Environmental control1.9%
|
|
|
|
|
|
|
|
|
|
|
Stericycle, Inc.*
|
|
|
|
|
45,415
|
|
|
|
4,303,525
|
|
Waste Connections, Inc.
|
|
|
|
|
186,435
|
|
|
|
6,120,661
|
|
|
|
|
|
Food2.0%
|
|
|
|
|
|
|
|
|
|
|
Flowers Foods, Inc.
|
|
|
|
|
229,920
|
|
|
|
4,527,125
|
|
Ralcorp Holdings, Inc.*
|
|
|
|
|
64,143
|
|
|
|
4,630,483
|
|
The Hain Celestial Group Inc.*
|
|
|
|
|
30,840
|
|
|
|
1,782,552
|
|
|
|
|
|
Hand/machine tools0.7%
|
|
|
|
|
|
|
|
|
|
|
Regal-Beloit Corp.
|
|
|
|
|
61,585
|
|
|
|
4,014,110
|
|
|
|
|
|
Healthcare products5.7%
|
|
|
|
|
|
|
|
|
|
|
DENTSPLY International, Inc.
|
|
|
|
|
145,810
|
|
|
|
5,371,640
|
|
Hologic, Inc.*
|
|
|
|
|
215,125
|
|
|
|
4,435,877
|
|
IDEXX Laboratories, Inc.*
|
|
|
|
|
57,370
|
|
|
|
5,518,994
|
|
Masimo Corp.*
|
|
|
|
|
123,980
|
|
|
|
2,723,841
|
|
ResMed, Inc.
|
|
|
|
|
130,525
|
|
|
|
5,213,169
|
|
Techne Corp.
|
|
|
|
|
68,695
|
|
|
|
4,627,295
|
|
Varian Medical Systems, Inc.*
|
|
|
|
|
46,525
|
|
|
|
3,106,009
|
|
|
|
|
|
Healthcare services0.9%
|
|
|
|
|
|
|
|
|
|
|
MEDNAX, Inc.*
|
|
|
|
|
71,065
|
|
|
|
4,902,064
|
|
|
|
|
|
Household products/wares2.2%
|
|
|
|
|
|
|
|
|
|
|
Church & Dwight Co., Inc.
|
|
|
|
|
126,680
|
|
|
|
6,430,277
|
|
Jarden Corp.
|
|
|
|
|
109,955
|
|
|
|
5,475,759
|
|
|
|
|
|
Insurance3.9%
|
|
|
|
|
|
|
|
|
|
|
Endurance Specialty Holdings Ltd.
|
|
|
|
|
129,075
|
|
|
|
5,233,991
|
|
Everest Re Group Ltd.
|
|
|
|
|
42,004
|
|
|
|
4,664,544
|
|
HCC Insurance Holdings, Inc.
|
|
|
|
|
171,190
|
|
|
|
6,101,212
|
|
ProAssurance Corp.
|
|
|
|
|
59,755
|
|
|
|
5,342,097
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
29
|
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE MID CAP STOCK FUND
(contd)
|
|
|
|
|
|
|
|
|
Common stocks95.7%
|
|
|
|
Shares
|
|
|
Value
|
|
Internet0.7%
|
|
|
|
|
|
|
|
|
|
|
F5 Networks, Inc.*
|
|
|
|
|
47,805
|
|
|
|
$3,942,956
|
|
|
|
|
|
Iron/steel1.1%
|
|
|
|
|
|
|
|
|
|
|
Steel Dynamics, Inc.
|
|
|
|
|
454,155
|
|
|
|
5,745,061
|
|
|
|
|
|
Leisure time1.1%
|
|
|
|
|
|
|
|
|
|
|
Polaris Industries, Inc.
|
|
|
|
|
69,315
|
|
|
|
5,857,118
|
|
|
|
|
|
Lodging0.9%
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide Corp.
|
|
|
|
|
95,612
|
|
|
|
4,818,845
|
|
|
|
|
|
Machinery-construction & mining0.9%
|
|
|
|
|
|
|
|
|
|
|
Joy Global, Inc.
|
|
|
|
|
78,885
|
|
|
|
4,926,368
|
|
|
|
|
|
Machinery-diversified4.5%
|
|
|
|
|
|
|
|
|
|
|
Flowserve Corp.
|
|
|
|
|
47,800
|
|
|
|
6,476,422
|
|
Gardner Denver, Inc.
|
|
|
|
|
45,415
|
|
|
|
3,148,622
|
|
IDEX Corp.
|
|
|
|
|
175,287
|
|
|
|
7,454,956
|
|
Roper Industries, Inc.
|
|
|
|
|
33,230
|
|
|
|
3,627,719
|
|
Wabtec Corp.
|
|
|
|
|
47,805
|
|
|
|
3,915,230
|
|
|
|
|
|
Media0.0%
|
|
|
|
|
|
|
|
|
|
|
Liberty Media Corp., Class A*
|
|
|
|
|
1
|
|
|
|
112
|
|
|
|
|
|
Miscellaneous manufacturer1.9%
|
|
|
|
|
|
|
|
|
|
|
AptarGroup, Inc.
|
|
|
|
|
90,015
|
|
|
|
4,615,969
|
|
Donaldson Co., Inc.
|
|
|
|
|
177,655
|
|
|
|
5,732,927
|
|
|
|
|
|
Oil & gas3.3%
|
|
|
|
|
|
|
|
|
|
|
Noble Corp.
|
|
|
|
|
141,030
|
|
|
|
5,322,472
|
|
Plains Exploration & Production Co.*
|
|
|
|
|
176,880
|
|
|
|
6,307,541
|
|
SM Energy Co.
|
|
|
|
|
114,725
|
|
|
|
6,185,972
|
|
|
|
|
|
Oil & gas services3.4%
|
|
|
|
|
|
|
|
|
|
|
Core Laboratories N.V.
|
|
|
|
|
40,635
|
|
|
|
4,212,224
|
|
Dril-Quip, Inc.*
|
|
|
|
|
66,925
|
|
|
|
4,635,225
|
|
Oil States International, Inc.*
|
|
|
|
|
54,979
|
|
|
|
4,018,965
|
|
Superior Energy Services, Inc.*
|
|
|
|
|
265,315
|
|
|
|
5,393,854
|
|
|
|
|
|
Pharmaceuticals2.3%
|
|
|
|
|
|
|
|
|
|
|
Catamaran Corp.*
|
|
|
|
|
90,830
|
|
|
|
4,283,543
|
|
Endo Health Solutions, Inc.*
|
|
|
|
|
143,415
|
|
|
|
4,110,274
|
|
Shire PLC, Sponsored ADR
|
|
|
|
|
50,200
|
|
|
|
4,236,378
|
|
|
|
|
|
Real estate investment trusts1.9%
|
|
|
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc.
|
|
|
|
|
57,370
|
|
|
|
4,040,569
|
|
Digital Realty Trust, Inc.
|
|
|
|
|
40,200
|
|
|
|
2,469,486
|
|
Home Properties, Inc.
|
|
|
|
|
62,150
|
|
|
|
3,778,099
|
|
|
|
|
|
Retail9.9%
|
|
|
|
|
|
|
|
|
|
|
Ascena Retail Group, Inc.*
|
|
|
|
|
344,197
|
|
|
|
6,815,101
|
|
Copart, Inc.*
|
|
|
|
|
163,445
|
|
|
|
4,705,581
|
|
Darden Restaurants, Inc.
|
|
|
|
|
76,490
|
|
|
|
4,024,904
|
|
Dicks Sporting Goods, Inc.
|
|
|
|
|
141,030
|
|
|
|
7,051,500
|
|
Dollar Tree, Inc.*
|
|
|
|
|
127,515
|
|
|
|
5,084,023
|
|
Dunkin Brands Group, Inc.
|
|
|
|
|
186,435
|
|
|
|
5,779,485
|
|
MSC Industrial Direct Co., Inc., Class A
|
|
|
|
|
76,490
|
|
|
|
5,706,154
|
|
PVH Corp.
|
|
|
|
|
71,530
|
|
|
|
7,867,585
|
|
Tractor Supply Co.
|
|
|
|
|
71,710
|
|
|
|
6,901,370
|
|
|
|
|
|
Savings & loans0.6%
|
|
|
|
|
|
|
|
|
|
|
New York Community Bancorp, Inc.
|
|
|
|
|
246,200
|
|
|
|
3,412,332
|
|
|
|
|
|
Semiconductors2.4%
|
|
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
|
|
114,725
|
|
|
|
3,496,818
|
|
Microchip Technology, Inc.
|
|
|
|
|
145,810
|
|
|
|
4,571,143
|
|
Semtech Corp.*
|
|
|
|
|
201,345
|
|
|
|
5,027,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks95.7%
|
|
|
|
Shares
|
|
|
Value
|
|
Software5.8%
|
|
|
|
|
|
|
|
|
|
|
ANSYS, Inc.*
|
|
|
|
|
69,320
|
|
|
|
$4,913,401
|
|
Citrix Systems, Inc.*
|
|
|
|
|
43,030
|
|
|
|
2,659,684
|
|
Informatica Corp.*
|
|
|
|
|
169,710
|
|
|
|
4,605,929
|
|
Nuance Communications, Inc.*
|
|
|
|
|
219,895
|
|
|
|
4,894,863
|
|
Open Text Corp.*
|
|
|
|
|
123,175
|
|
|
|
6,637,901
|
|
Qlik Technologies, Inc.*
|
|
|
|
|
198,390
|
|
|
|
3,652,360
|
|
SolarWinds, Inc.*
|
|
|
|
|
83,825
|
|
|
|
4,240,707
|
|
|
|
|
|
Telecommunications3.9%
|
|
|
|
|
|
|
|
|
|
|
NeuStar, Inc., Class A*
|
|
|
|
|
182,390
|
|
|
|
6,673,650
|
|
NICE Systems Ltd., Sponsored ADR*
|
|
|
|
|
227,860
|
|
|
|
7,587,738
|
|
Plantronics, Inc.
|
|
|
|
|
118,440
|
|
|
|
3,842,193
|
|
tw telecom inc.*
|
|
|
|
|
126,680
|
|
|
|
3,226,540
|
|
|
|
|
|
Textiles0.5%
|
|
|
|
|
|
|
|
|
|
|
Cintas Corp.
|
|
|
|
|
66,160
|
|
|
|
2,766,150
|
|
|
|
|
|
Transportation3.1%
|
|
|
|
|
|
|
|
|
|
|
Expeditors International of Washington, Inc.
|
|
|
|
|
78,681
|
|
|
|
2,880,511
|
|
Genesee & Wyoming, Inc., Class A*
|
|
|
|
|
74,100
|
|
|
|
5,370,027
|
|
J.B. Hunt Transport Services, Inc.
|
|
|
|
|
57,267
|
|
|
|
3,361,573
|
|
Tidewater, Inc.
|
|
|
|
|
105,170
|
|
|
|
4,996,627
|
|
Total common stocks (cost $526,489,635)
|
|
|
|
|
|
|
|
|
520,175,506
|
|
|
|
|
|
Total investment portfolio (cost $526,489,635) 95.7%
|
|
|
|
|
|
|
|
|
520,175,506
|
|
|
|
|
|
Other assets in excess of liabilities 4.3%
|
|
|
|
|
|
|
|
|
23,264,139
|
|
|
|
|
|
Net assets 100.0%
|
|
|
|
|
|
|
|
|
$543,439,645
|
|
|
|
* Non-income producing security
|
|
|
|
|
|
|
|
ADRAmerican depository receipt
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector allocation (unaudited)
|
|
|
|
Sector
|
|
Percent of net assets
|
|
Industrial
|
|
|
19.3%
|
|
Consumer, non-cyclical
|
|
|
18.5%
|
|
Consumer, cyclical
|
|
|
16.5%
|
|
Financial
|
|
|
12.6%
|
|
Technology
|
|
|
11.4%
|
|
Energy
|
|
|
6.7%
|
|
Basic materials
|
|
|
4.9%
|
|
Communications
|
|
|
4.6%
|
|
Utilities
|
|
|
1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE SMALL CAP GROWTH FUND
|
|
Common stocks98.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Aerospace/Defense1.8%
|
|
|
|
|
|
|
|
|
|
|
Triumph Group, Inc.
|
|
|
|
|
734,769
|
|
|
|
$48,068,588
|
|
|
|
|
|
Airlines1.2%
|
|
|
|
|
|
|
|
|
|
|
JetBlue Airways Corp.*
|
|
|
|
|
3,153,775
|
|
|
|
16,683,470
|
|
US Airways Group, Inc.*
|
|
|
|
|
1,359,640
|
|
|
|
16,560,415
|
|
|
|
|
30
|
|
The accompanying notes are an integral part of the financial statements.
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE SMALL CAP GROWTH FUND
(contd)
|
|
Common stocks98.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Apparel1.5%
|
|
|
|
|
|
|
|
|
|
|
Steven Madden Ltd.*
|
|
|
|
|
940,069
|
|
|
|
$40,347,761
|
|
|
|
|
|
Auto parts & equipment1.0%
|
|
|
|
|
|
|
|
|
|
|
WABCO Holdings, Inc.*
|
|
|
|
|
486,093
|
|
|
|
28,470,467
|
|
|
|
|
|
Banks0.6%
|
|
|
|
|
|
|
|
|
|
|
UMB Financial Corp.
|
|
|
|
|
337,905
|
|
|
|
15,046,910
|
|
|
|
|
|
Biotechnology5.3%
|
|
|
|
|
|
|
|
|
|
|
Acorda Therapeutics, Inc.*
|
|
|
|
|
671,217
|
|
|
|
16,075,647
|
|
ARIAD Pharmaceuticals, Inc.*
|
|
|
|
|
1,672,624
|
|
|
|
36,045,047
|
|
Cubist Pharmaceuticals, Inc.*
|
|
|
|
|
645,255
|
|
|
|
27,681,440
|
|
Seattle Genetics, Inc.*
|
|
|
|
|
706,823
|
|
|
|
17,783,667
|
|
United Therapeutics Corp.*
|
|
|
|
|
1,015,629
|
|
|
|
46,383,776
|
|
|
|
|
|
Building materials4.7%
|
|
|
|
|
|
|
|
|
|
|
Louisiana-Pacific Corp.*
|
|
|
|
|
4,050,042
|
|
|
|
63,950,163
|
|
Texas Industries, Inc.*
|
|
|
|
|
442,500
|
|
|
|
19,085,025
|
|
USG Corp.*
|
|
|
|
|
1,630,175
|
|
|
|
43,541,974
|
|
|
|
|
|
Chemicals4.2%
|
|
|
|
|
|
|
|
|
|
|
Chemtura Corp.*
|
|
|
|
|
1,216,788
|
|
|
|
19,383,433
|
|
Huntsman Corp.
|
|
|
|
|
2,897,958
|
|
|
|
43,585,288
|
|
Intrepid Potash, Inc.*
|
|
|
|
|
712,095
|
|
|
|
15,473,824
|
|
Kraton Performance Polymers, Inc.*
|
|
|
|
|
786,113
|
|
|
|
17,152,986
|
|
Quaker Chemical Corp.
|
|
|
|
|
327,649
|
|
|
|
17,362,121
|
|
|
|
|
|
Commercial services5.1%
|
|
|
|
|
|
|
|
|
|
|
LifeLock, Inc.*
|
|
|
|
|
1,593,250
|
|
|
|
11,551,063
|
|
Monster Worldwide, Inc.*
|
|
|
|
|
6,257,651
|
|
|
|
38,922,589
|
|
Parexel International Corp.*
|
|
|
|
|
1,053,252
|
|
|
|
32,324,304
|
|
Sothebys
|
|
|
|
|
785,515
|
|
|
|
24,453,082
|
|
The Geo Group, Inc.
|
|
|
|
|
1,179,382
|
|
|
|
32,692,469
|
|
|
|
|
|
Computers3.0%
|
|
|
|
|
|
|
|
|
|
|
Fortinet, Inc.*
|
|
|
|
|
1,590,085
|
|
|
|
30,799,947
|
|
Fusion-io, Inc.*
|
|
|
|
|
1,070,840
|
|
|
|
25,271,824
|
|
Riverbed Technology, Inc.*
|
|
|
|
|
1,438,981
|
|
|
|
26,577,979
|
|
|
|
|
|
Distribution/wholesale0.8%
|
|
|
|
|
|
|
|
|
|
|
MWI Veterinary Supply, Inc.*
|
|
|
|
|
201,060
|
|
|
|
21,115,321
|
|
|
|
|
|
Diversified financial services1.0%
|
|
|
|
|
|
|
|
|
|
|
Duff & Phelps Corp., Class A
|
|
|
|
|
921,053
|
|
|
|
11,448,689
|
|
Stifel Financial Corp.*
|
|
|
|
|
496,522
|
|
|
|
15,739,747
|
|
|
|
|
|
Electronics2.2%
|
|
|
|
|
|
|
|
|
|
|
Coherent, Inc.*
|
|
|
|
|
703,706
|
|
|
|
32,124,179
|
|
Cymer, Inc.*
|
|
|
|
|
353,292
|
|
|
|
28,153,839
|
|
|
|
|
|
Entertainment3.1%
|
|
|
|
|
|
|
|
|
|
|
Bally Technologies, Inc.*
|
|
|
|
|
904,240
|
|
|
|
45,139,661
|
|
Pinnacle Entertainment, Inc.*
|
|
|
|
|
996,026
|
|
|
|
12,709,292
|
|
SHFL entertainment, Inc.*
|
|
|
|
|
1,960,019
|
|
|
|
27,695,068
|
|
|
|
|
|
Environmental control1.6%
|
|
|
|
|
|
|
|
|
|
|
Waste Connections, Inc.
|
|
|
|
|
1,363,643
|
|
|
|
44,768,400
|
|
|
|
|
|
Food2.7%
|
|
|
|
|
|
|
|
|
|
|
The Fresh Market, Inc.*
|
|
|
|
|
726,629
|
|
|
|
41,207,130
|
|
United Natural Foods, Inc.*
|
|
|
|
|
616,870
|
|
|
|
32,842,159
|
|
|
|
|
|
Hand/machine tools1.5%
|
|
|
|
|
|
|
|
|
|
|
Regal-Beloit Corp.
|
|
|
|
|
623,136
|
|
|
|
40,616,004
|
|
|
|
|
|
Healthcare products3.0%
|
|
|
|
|
|
|
|
|
|
|
Sirona Dental Systems, Inc.*
|
|
|
|
|
903,676
|
|
|
|
51,744,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks98.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Healthcare products (contd)
|
|
|
|
|
|
|
|
|
|
|
Thoratec Corp.*
|
|
|
|
|
809,106
|
|
|
|
$28,885,084
|
|
|
|
|
|
Healthcare services1.3%
|
|
|
|
|
|
|
|
|
|
|
WellCare Health Plans, Inc.*
|
|
|
|
|
724,085
|
|
|
|
34,466,446
|
|
|
|
|
|
Home builders1.3%
|
|
|
|
|
|
|
|
|
|
|
The Ryland Group, Inc.
|
|
|
|
|
1,048,830
|
|
|
|
35,523,872
|
|
|
|
|
|
Home furnishings0.9%
|
|
|
|
|
|
|
|
|
|
|
DTS, Inc.*
|
|
|
|
|
634,977
|
|
|
|
13,321,817
|
|
Universal Electronics, Inc.*
|
|
|
|
|
683,766
|
|
|
|
11,733,425
|
|
|
|
|
|
Insurance0.9%
|
|
|
|
|
|
|
|
|
|
|
ProAssurance Corp.
|
|
|
|
|
263,079
|
|
|
|
23,519,263
|
|
|
|
|
|
Internet2.9%
|
|
|
|
|
|
|
|
|
|
|
BroadSoft, Inc.*
|
|
|
|
|
451,238
|
|
|
|
17,246,316
|
|
Sapient Corp.*
|
|
|
|
|
1,061,373
|
|
|
|
10,910,914
|
|
TIBCO Software, Inc.*
|
|
|
|
|
893,969
|
|
|
|
22,536,959
|
|
Web.com Group, Inc.*
|
|
|
|
|
998,247
|
|
|
|
15,752,338
|
|
Zillow, Inc., Class A*
|
|
|
|
|
350,000
|
|
|
|
13,076,000
|
|
|
|
|
|
Machinery-construction & mining1.0%
|
|
|
|
|
|
|
|
|
|
|
Terex Corp.*
|
|
|
|
|
1,260,945
|
|
|
|
28,434,310
|
|
|
|
|
|
Machinery-diversified1.0%
|
|
|
|
|
|
|
|
|
|
|
Cognex Corp.
|
|
|
|
|
723,370
|
|
|
|
26,374,070
|
|
|
|
|
|
Metal fabricate/hardware0.8%
|
|
|
|
|
|
|
|
|
|
|
Northwest Pipe Co.*
|
|
|
|
|
255,802
|
|
|
|
5,878,330
|
|
RTI International Metals, Inc.*
|
|
|
|
|
653,599
|
|
|
|
14,895,521
|
|
|
|
|
|
Mining1.0%
|
|
|
|
|
|
|
|
|
|
|
Titanium Metals Corp.
|
|
|
|
|
2,309,163
|
|
|
|
27,040,299
|
|
|
|
|
|
Miscellaneous manufacturer2.5%
|
|
|
|
|
|
|
|
|
|
|
Colfax Corp.*
|
|
|
|
|
1,131,437
|
|
|
|
38,910,119
|
|
Hexcel Corp.*
|
|
|
|
|
1,176,481
|
|
|
|
30,070,854
|
|
|
|
|
|
Oil & gas3.4%
|
|
|
|
|
|
|
|
|
|
|
Atwood Oceanics, Inc.*
|
|
|
|
|
358,300
|
|
|
|
17,126,740
|
|
Gulfport Energy Corp.*
|
|
|
|
|
1,039,715
|
|
|
|
34,497,744
|
|
Oasis Petroleum, Inc.*
|
|
|
|
|
954,526
|
|
|
|
28,034,429
|
|
Pacific Drilling S.A.*
|
|
|
|
|
1,317,064
|
|
|
|
13,407,711
|
|
|
|
|
|
Oil & gas services3.7%
|
|
|
|
|
|
|
|
|
|
|
Geospace Technologies Corp.*
|
|
|
|
|
633,170
|
|
|
|
40,985,094
|
|
Lufkin Industries, Inc.
|
|
|
|
|
888,052
|
|
|
|
44,411,481
|
|
Thermon Group Holdings, Inc.*
|
|
|
|
|
606,255
|
|
|
|
15,059,374
|
|
|
|
|
|
Pharmaceuticals5.3%
|
|
|
|
|
|
|
|
|
|
|
BioMarin Pharmaceutical, Inc.*
|
|
|
|
|
343,079
|
|
|
|
12,707,646
|
|
Catamaran Corp.*
|
|
|
|
|
652,686
|
|
|
|
30,780,672
|
|
Herbalife Ltd.
|
|
|
|
|
453,322
|
|
|
|
23,278,085
|
|
Onyx Pharmaceuticals, Inc.*
|
|
|
|
|
616,531
|
|
|
|
48,311,369
|
|
Salix Pharmaceuticals Ltd.*
|
|
|
|
|
730,967
|
|
|
|
28,536,951
|
|
|
|
|
|
Real estate investment trusts3.3%
|
|
|
|
|
|
|
|
|
|
|
Glimcher Realty Trust
|
|
|
|
|
2,829,077
|
|
|
|
30,186,251
|
|
Tanger Factory Outlet Centers
|
|
|
|
|
871,468
|
|
|
|
27,425,098
|
|
Two Harbors Investment Corp.
|
|
|
|
|
2,685,817
|
|
|
|
32,041,797
|
|
|
|
|
|
Retail10.4%
|
|
|
|
|
|
|
|
|
|
|
BJs Restaurants, Inc.*
|
|
|
|
|
674,395
|
|
|
|
22,288,755
|
|
Buffalo Wild Wings, Inc.*
|
|
|
|
|
378,148
|
|
|
|
28,720,341
|
|
Cash America International, Inc.
|
|
|
|
|
610,327
|
|
|
|
23,857,682
|
|
Chicos FAS, Inc.
|
|
|
|
|
1,121,356
|
|
|
|
20,857,222
|
|
Del Friscos Restaurant Group, Inc.*
|
|
|
|
|
691,406
|
|
|
|
10,232,809
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
31
|
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE SMALL CAP GROWTH FUND
(contd)
|
|
Common stocks98.2%
|
|
|
|
Shares
|
|
|
Value
|
|
Retail (contd)
|
|
|
|
|
|
|
|
|
|
|
Dominos Pizza, Inc.
|
|
|
|
|
453,345
|
|
|
|
$18,414,874
|
|
Genesco, Inc.*
|
|
|
|
|
1,196,605
|
|
|
|
68,565,466
|
|
The Pantry, Inc.*
|
|
|
|
|
1,210,744
|
|
|
|
16,060,519
|
|
Vitamin Shoppe, Inc.*
|
|
|
|
|
1,275,100
|
|
|
|
72,986,724
|
|
|
|
|
|
Semiconductors2.7%
|
|
|
|
|
|
|
|
|
|
|
Cavium, Inc.*
|
|
|
|
|
858,420
|
|
|
|
28,482,376
|
|
Teradyne, Inc.*
|
|
|
|
|
1,813,560
|
|
|
|
26,514,247
|
|
Veeco Instruments, Inc.*
|
|
|
|
|
642,473
|
|
|
|
19,723,921
|
|
|
|
|
|
Software7.3%
|
|
|
|
|
|
|
|
|
|
|
ANSYS, Inc.*
|
|
|
|
|
385,667
|
|
|
|
27,336,077
|
|
Compuware Corp.*
|
|
|
|
|
481,310
|
|
|
|
4,168,145
|
|
Concur Technologies, Inc.*
|
|
|
|
|
387,023
|
|
|
|
25,632,533
|
|
MedAssets, Inc.*
|
|
|
|
|
1,857,576
|
|
|
|
32,934,822
|
|
Medidata Solutions, Inc.*
|
|
|
|
|
1,265,285
|
|
|
|
53,167,276
|
|
OPNET Technologies, Inc.
|
|
|
|
|
584,973
|
|
|
|
24,820,404
|
|
Qlik Technologies, Inc.*
|
|
|
|
|
1,602,911
|
|
|
|
29,509,592
|
|
|
|
|
|
Telecommunications2.4%
|
|
|
|
|
|
|
|
|
|
|
EZchip Semiconductor Ltd.*
|
|
|
|
|
885,914
|
|
|
|
27,463,334
|
|
IPG Photonics Corp.*
|
|
|
|
|
452,347
|
|
|
|
24,010,579
|
|
NICE Systems Ltd., Sponsored ADR*
|
|
|
|
|
400,605
|
|
|
|
13,340,146
|
|
|
|
|
|
Transportation1.8%
|
|
|
|
|
|
|
|
|
|
|
Atlas Air Worldwide Holdings, Inc.*
|
|
|
|
|
395,712
|
|
|
|
21,760,203
|
|
Landstar System, Inc.
|
|
|
|
|
532,237
|
|
|
|
26,957,804
|
|
Total common stocks (cost $2,304,362,890)
|
|
|
|
|
|
|
|
|
2,669,751,466
|
|
|
|
Total investment portfolio (cost $2,304,362,890) 98.2%
|
|
|
|
2,669,751,466
|
|
|
|
|
|
Other assets in excess of liabilities 1.8%
|
|
|
|
|
|
|
|
|
48,918,646
|
|
|
|
|
|
Net assets 100.0%
|
|
|
|
|
|
|
|
|
$2,718,670,112
|
|
|
|
* Non-income producing security
|
|
|
|
|
|
|
|
ADRAmerican depository receipt
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector allocation (unaudited)
|
|
|
|
Sector
|
|
Percent of net assets
|
|
Consumer, non-cyclical
|
|
|
22.7%
|
|
Consumer, cyclical
|
|
|
20.2%
|
|
Industrial
|
|
|
18.9%
|
|
Technology
|
|
|
13.0%
|
|
Energy
|
|
|
7.1%
|
|
Financial
|
|
|
5.8%
|
|
Communications
|
|
|
5.3%
|
|
Basic materials
|
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE SMALLER COMPANY FUND
|
|
|
|
|
|
|
|
|
Common stocks95.0%
|
|
|
|
Shares
|
|
|
Value
|
|
Aerospace/Defense2.0%
|
|
|
|
|
|
|
|
|
|
|
HEICO Corp., Class A
|
|
|
|
|
29,709
|
|
|
|
$905,530
|
|
Orbital Sciences Corp.*
|
|
|
|
|
50,557
|
|
|
|
677,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks95.0%
|
|
|
|
Shares
|
|
|
Value
|
|
Apparel1.0%
|
|
|
|
|
|
|
|
|
|
|
Carters, Inc.*
|
|
|
|
|
14,558
|
|
|
|
$787,006
|
|
|
|
|
|
Banks5.8%
|
|
|
|
|
|
|
|
|
|
|
Cardinal Financial Corp.
|
|
|
|
|
43,256
|
|
|
|
690,798
|
|
First Financial Bancorp
|
|
|
|
|
21,035
|
|
|
|
330,249
|
|
Oriental Financial Group, Inc.
|
|
|
|
|
80,843
|
|
|
|
952,331
|
|
PrivateBancorp, Inc.
|
|
|
|
|
65,450
|
|
|
|
1,057,672
|
|
Signature Bank*
|
|
|
|
|
6,206
|
|
|
|
442,115
|
|
Sterling Financial Corp.
|
|
|
|
|
36,734
|
|
|
|
780,965
|
|
Texas Capital Bancshares, Inc.*
|
|
|
|
|
5,991
|
|
|
|
284,393
|
|
|
|
|
|
Biotechnology2.6%
|
|
|
|
|
|
|
|
|
|
|
Charles River Laboratories International, Inc.*
|
|
|
|
|
15,755
|
|
|
|
587,977
|
|
Cubist Pharmaceuticals, Inc.*
|
|
|
|
|
33,947
|
|
|
|
1,456,326
|
|
|
|
|
|
Chemicals2.1%
|
|
|
|
|
|
|
|
|
|
|
Albemarle Corp.
|
|
|
|
|
19,870
|
|
|
|
1,095,036
|
|
Kraton Performance Polymers, Inc.*
|
|
|
|
|
26,175
|
|
|
|
571,138
|
|
|
|
|
|
Coal0.7%
|
|
|
|
|
|
|
|
|
|
|
Alpha Natural Resources, Inc.*
|
|
|
|
|
33,532
|
|
|
|
287,369
|
|
Arch Coal, Inc.
|
|
|
|
|
33,535
|
|
|
|
266,939
|
|
|
|
|
|
Commercial services9.4%
|
|
|
|
|
|
|
|
|
|
|
Chemed Corp.
|
|
|
|
|
18,268
|
|
|
|
1,228,523
|
|
Cross Country Healthcare, Inc.*
|
|
|
|
|
39,742
|
|
|
|
174,865
|
|
Euronet Worldwide, Inc.*
|
|
|
|
|
43,279
|
|
|
|
878,131
|
|
FTI Consulting, Inc.*
|
|
|
|
|
22,495
|
|
|
|
583,970
|
|
Gartner, Inc.*
|
|
|
|
|
12,980
|
|
|
|
602,402
|
|
Matthews International Corp., Class A
|
|
|
|
|
29,117
|
|
|
|
837,696
|
|
Net 1 UEPS Technologies, Inc.*
|
|
|
|
|
91,520
|
|
|
|
809,952
|
|
On Assignment, Inc.*
|
|
|
|
|
85,895
|
|
|
|
1,638,876
|
|
Parexel International Corp.*
|
|
|
|
|
22,094
|
|
|
|
678,065
|
|
|
|
|
|
Computers2.4%
|
|
|
|
|
|
|
|
|
|
|
Electronics for Imaging, Inc.*
|
|
|
|
|
48,605
|
|
|
|
843,783
|
|
NCR Corp.*
|
|
|
|
|
50,590
|
|
|
|
1,076,555
|
|
|
|
|
|
Distribution/wholesale0.9%
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro, Inc., Class A*
|
|
|
|
|
43,425
|
|
|
|
660,060
|
|
School Specialty, Inc.*
|
|
|
|
|
20,516
|
|
|
|
37,955
|
|
|
|
|
|
Diversified financial services4.9%
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings N.V.*
|
|
|
|
|
39,978
|
|
|
|
498,126
|
|
Cohen & Steers, Inc.
|
|
|
|
|
27,975
|
|
|
|
783,020
|
|
Investment Technology Group, Inc.*
|
|
|
|
|
36,883
|
|
|
|
311,292
|
|
MarketAxess Holdings, Inc.
|
|
|
|
|
23,907
|
|
|
|
746,855
|
|
Nationstar Mortgage Holdings, Inc.*
|
|
|
|
|
20,907
|
|
|
|
755,370
|
|
The NASDAQ OMX Group, Inc.
|
|
|
|
|
30,785
|
|
|
|
732,991
|
|
|
|
|
|
Electric2.1%
|
|
|
|
|
|
|
|
|
|
|
ALLETE, Inc.
|
|
|
|
|
39,239
|
|
|
|
1,633,127
|
|
|
|
|
|
Electrical components & equipment1.0%
|
|
|
|
|
|
|
|
|
|
|
Belden, Inc.
|
|
|
|
|
22,005
|
|
|
|
787,779
|
|
|
|
|
|
Electronics1.2%
|
|
|
|
|
|
|
|
|
|
|
FLIR Systems, Inc.
|
|
|
|
|
31,225
|
|
|
|
606,702
|
|
Rogers Corp.*
|
|
|
|
|
9,415
|
|
|
|
371,045
|
|
|
|
|
|
Engineering & construction2.5%
|
|
|
|
|
|
|
|
|
|
|
Dycom Industries, Inc.*
|
|
|
|
|
67,503
|
|
|
|
961,243
|
|
URS Corp.
|
|
|
|
|
29,569
|
|
|
|
989,970
|
|
|
|
|
|
Food0.6%
|
|
|
|
|
|
|
|
|
|
|
Hillshire Brands Co.
|
|
|
|
|
16,979
|
|
|
|
441,624
|
|
|
|
|
32
|
|
The accompanying notes are an integral part of the financial statements.
|
Investment Portfolios
|
|
|
|
|
|
|
|
|
|
|
EAGLE SMALLER COMPANY FUND
(contd)
|
|
|
|
|
|
|
|
|
Common stocks95.0%
|
|
|
|
Shares
|
|
|
Value
|
|
Gas1.7%
|
|
|
|
|
|
|
|
|
|
|
AGL Resources, Inc.
|
|
|
|
|
33,015
|
|
|
|
$1,348,002
|
|
|
|
|
|
Healthcare products1.8%
|
|
|
|
|
|
|
|
|
|
|
Merit Medical Systems, Inc.*
|
|
|
|
|
97,987
|
|
|
|
1,414,932
|
|
|
|
|
|
Healthcare services3.2%
|
|
|
|
|
|
|
|
|
|
|
AMERIGROUP Corp.*
|
|
|
|
|
5,403
|
|
|
|
493,510
|
|
AmSurg Corp.*
|
|
|
|
|
44,630
|
|
|
|
1,272,847
|
|
MEDNAX, Inc.*
|
|
|
|
|
11,470
|
|
|
|
791,201
|
|
|
|
|
|
Holding companies-diversified0.9%
|
|
|
|
|
|
|
|
|
|
|
National Bank Holdings Corp., Class A*
|
|
|
|
|
39,309
|
|
|
|
746,871
|
|
|
|
|
|
Household products/wares1.7%
|
|
|
|
|
|
|
|
|
|
|
Jarden Corp.
|
|
|
|
|
17,892
|
|
|
|
891,022
|
|
Prestige Brands Holdings, Inc.*
|
|
|
|
|
25,468
|
|
|
|
442,888
|
|
|
|
|
|
Insurance4.2%
|
|
|
|
|
|
|
|
|
|
|
Allied World Assurance Co. Holdings AG
|
|
|
|
|
8,620
|
|
|
|
692,186
|
|
American Equity Investment Life Holding Co.
|
|
|
|
|
93,167
|
|
|
|
1,072,352
|
|
Assured Guaranty Ltd.
|
|
|
|
|
33,795
|
|
|
|
469,413
|
|
Platinum Underwriters Holdings Ltd.
|
|
|
|
|
10,850
|
|
|
|
481,740
|
|
Tower Group, Inc.
|
|
|
|
|
35,113
|
|
|
|
632,736
|
|
|
|
|
|
Internet3.3%
|
|
|
|
|
|
|
|
|
|
|
1-800-Flowers.com, Inc., Class A*
|
|
|
|
|
130,035
|
|
|
|
472,027
|
|
DealerTrack Holdings, Inc.*
|
|
|
|
|
31,733
|
|
|
|
867,263
|
|
Equinix, Inc.*
|
|
|
|
|
6,796
|
|
|
|
1,226,066
|
|
|
|
|
|
Machinery-diversified2.5%
|
|
|
|
|
|
|
|
|
|
|
AGCO Corp.*
|
|
|
|
|
13,505
|
|
|
|
614,613
|
|
Altra Holdings, Inc.
|
|
|
|
|
22,238
|
|
|
|
400,729
|
|
IDEX Corp.
|
|
|
|
|
22,550
|
|
|
|
959,051
|
|
|
|
|
|
Media0.9%
|
|
|
|
|
|
|
|
|
|
|
John Wiley & Sons, Inc., Class A
|
|
|
|
|
15,943
|
|
|
|
691,607
|
|
|
|
|
|
Metal fabricate/hardware0.4%
|
|
|
|
|
|
|
|
|
|
|
Kaydon Corp.
|
|
|
|
|
12,395
|
|
|
|
277,152
|
|
|
|
|
|
Mining2.1%
|
|
|
|
|
|
|
|
|
|
|
AuRico Gold, Inc.*
|
|
|
|
|
97,103
|
|
|
|
810,810
|
|
IAMGOLD Corp.
|
|
|
|
|
56,330
|
|
|
|
878,185
|
|
|
|
|
|
Miscellaneous manufacturer3.2%
|
|
|
|
|
|
|
|
|
|
|
AptarGroup, Inc.
|
|
|
|
|
15,140
|
|
|
|
776,379
|
|
Barnes Group, Inc.
|
|
|
|
|
35,300
|
|
|
|
807,664
|
|
Harsco Corp.
|
|
|
|
|
47,310
|
|
|
|
945,727
|
|
|
|
|
|
Oil & gas3.0%
|
|
|
|
|
|
|
|
|
|
|
Comstock Resources, Inc.*
|
|
|
|
|
28,405
|
|
|
|
486,293
|
|
Range Resources Corp.
|
|
|
|
|
11,545
|
|
|
|
754,581
|
|
Rosetta Resources, Inc.*
|
|
|
|
|
24,590
|
|
|
|
1,132,124
|
|
|
|
|
|
Oil & gas services3.5%
|
|
|
|
|
|
|
|
|
|
|
Dresser-Rand Group, Inc.*
|
|
|
|
|
27,791
|
|
|
|
1,432,070
|
|
Oceaneering International, Inc.
|
|
|
|
|
25,047
|
|
|
|
1,310,710
|
|
|
|
|
|
Packaging & containers0.5%
|
|
|
|
|
|
|
|
|
|
|
Silgan Holdings, Inc.
|
|
|
|
|
9,486
|
|
|
|
410,839
|
|
|
|
|
|
Pharmaceuticals2.1%
|
|
|
|
|
|
|
|
|
|
|
Herbalife Ltd.
|
|
|
|
|
32,022
|
|
|
|
1,644,330
|
|
|
|
|
|
Real estate investment trusts2.6%
|
|
|
|
|
|
|
|
|
|
|
BioMed Realty Trust, Inc.
|
|
|
|
|
19,710
|
|
|
|
376,855
|
|
Campus Crest Communities, Inc.
|
|
|
|
|
54,370
|
|
|
|
602,963
|
|
Government Properties Income Trust
|
|
|
|
|
23,703
|
|
|
|
525,970
|
|
Healthcare Realty Trust, Inc.
|
|
|
|
|
22,455
|
|
|
|
527,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks95.0%
|
|
|
|
Shares
|
|
|
Value
|
|
Retail4.2%
|
|
|
|
|
|
|
|
|
|
|
AFC Enterprises, Inc.*
|
|
|
|
|
46,345
|
|
|
|
$1,173,455
|
|
Nu Skin Enterprises, Inc., Class A
|
|
|
|
|
21,145
|
|
|
|
1,000,793
|
|
RadioShack Corp.
|
|
|
|
|
66,400
|
|
|
|
148,736
|
|
Stage Stores, Inc.
|
|
|
|
|
39,533
|
|
|
|
968,559
|
|
|
|
|
|
Savings & loans3.9%
|
|
|
|
|
|
|
|
|
|
|
BankUnited, Inc.
|
|
|
|
|
45,860
|
|
|
|
1,087,341
|
|
Beneficial Mutual Bancorp, Inc.*
|
|
|
|
|
67,681
|
|
|
|
641,616
|
|
Berkshire Hills Bancorp, Inc.
|
|
|
|
|
28,954
|
|
|
|
679,840
|
|
Peoples United Financial, Inc.
|
|
|
|
|
53,785
|
|
|
|
647,033
|
|
|
|
|
|
Semiconductors1.7%
|
|
|
|
|
|
|
|
|
|
|
Emulex Corp.*
|
|
|
|
|
86,435
|
|
|
|
601,588
|
|
Intersil Corp., Class A
|
|
|
|
|
53,125
|
|
|
|
374,531
|
|
Rovi Corp.*
|
|
|
|
|
28,641
|
|
|
|
387,513
|
|
|
|
|
|
Software5.2%
|
|
|
|
|
|
|
|
|
|
|
ACI Worldwide, Inc.*
|
|
|
|
|
21,775
|
|
|
|
851,402
|
|
Aspen Technology, Inc.*
|
|
|
|
|
74,419
|
|
|
|
1,844,103
|
|
Avid Technology, Inc.*
|
|
|
|
|
26,340
|
|
|
|
154,616
|
|
Bottomline Technologies, Inc.*
|
|
|
|
|
42,486
|
|
|
|
994,172
|
|
Digital River, Inc.*
|
|
|
|
|
20,375
|
|
|
|
292,178
|
|
|
|
|
|
Telecommunications2.3%
|
|
|
|
|
|
|
|
|
|
|
Cbeyond, Inc.*
|
|
|
|
|
41,548
|
|
|
|
318,258
|
|
DigitalGlobe, Inc.*
|
|
|
|
|
16,431
|
|
|
|
426,220
|
|
NeuStar, Inc., Class A*
|
|
|
|
|
25,685
|
|
|
|
939,814
|
|
Neutral Tandem, Inc.
|
|
|
|
|
33,347
|
|
|
|
154,063
|
|
|
|
|
|
Transportation0.9%
|
|
|
|
|
|
|
|
|
|
|
Genesee & Wyoming, Inc., Class A*
|
|
|
|
|
9,220
|
|
|
|
668,173
|
|
Total common stocks (cost $51,764,487)
|
|
|
|
|
|
|
|
|
74,878,465
|
|
|
|
|
|
Investment companies0.5%
|
|
|
|
|
|
|
|
|
|
|
Solar Capital Ltd.
|
|
|
|
|
18,220
|
|
|
|
415,416
|
|
|
|
|
|
Total investment companies (cost $420,960)
|
|
|
|
|
|
|
|
|
415,416
|
|
Total investment portfolio (cost $52,185,447) 95.5%
|
|
|
|
|
|
|
|
|
75,293,881
|
|
|
|
|
|
Other assets in excess of liabilities 4.5%
|
|
|
|
|
|
|
|
|
3,555,704
|
|
|
|
|
|
Net assets 100.0%
|
|
|
|
|
|
|
|
|
$78,849,585
|
|
|
|
* Non-income producing security
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector allocation (unaudited)
|
|
|
|
Sector
|
|
Percent of net assets
|
|
Financial
|
|
|
21.9%
|
|
Consumer, non-cyclical
|
|
|
21.4%
|
|
Industrial
|
|
|
14.2%
|
|
Technology
|
|
|
9.3%
|
|
Energy
|
|
|
7.2%
|
|
Communications
|
|
|
6.5%
|
|
Consumer, cyclical
|
|
|
6.1%
|
|
Basic materials
|
|
|
4.2%
|
|
Utilities
|
|
|
3.8%
|
|
Diversified
|
|
|
0.9%
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
33
|
|
Statements of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
Capital
Appreciation
Fund
|
|
|
Eagle
Growth
& Income
Fund
|
|
|
Eagle
International
Equity
Fund
|
|
|
Eagle
Investment
Grade Bond
Fund
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (a)
|
|
|
$304,948,593
|
|
|
|
$337,309,453
|
|
|
|
$29,678,861
|
|
|
|
$128,421,742
|
|
Cash
|
|
|
175,244
|
|
|
|
4,479,740
|
|
|
|
614,759
|
|
|
|
5,010,272
|
|
Foreign currency (identified cost $56,098)
|
|
|
|
|
|
|
|
|
|
|
57,082
|
|
|
|
|
|
Receivable for investments sold
|
|
|
8,502,537
|
|
|
|
|
|
|
|
148,418
|
|
|
|
|
|
Receivable for fund shares sold
|
|
|
302,268
|
|
|
|
2,113,976
|
|
|
|
11,162
|
|
|
|
420,751
|
|
Receivable for dividends and interest
|
|
|
204,096
|
|
|
|
721,903
|
|
|
|
66,073
|
|
|
|
535,428
|
|
Receivable for recoverable foreign withholding taxes
|
|
|
|
|
|
|
97,900
|
|
|
|
64,744
|
|
|
|
|
|
Receivable due from advisor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses
|
|
|
21,985
|
|
|
|
20,653
|
|
|
|
22,570
|
|
|
|
10,752
|
|
Total assets
|
|
|
314,154,723
|
|
|
|
344,743,625
|
|
|
|
30,663,669
|
|
|
|
134,398,945
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for investments purchased
|
|
|
|
|
|
|
|
|
|
|
41,452
|
|
|
|
|
|
Payable for fund shares redeemed
|
|
|
726,017
|
|
|
|
843,876
|
|
|
|
117,115
|
|
|
|
397,513
|
|
Payable to the custodian
|
|
|
2,876
|
|
|
|
2,461
|
|
|
|
12,206
|
|
|
|
1,292
|
|
Accrued investment advisory fees
|
|
|
163,595
|
|
|
|
144,773
|
|
|
|
8,158
|
|
|
|
22,380
|
|
Accrued administrative fees
|
|
|
38,995
|
|
|
|
42,132
|
|
|
|
3,902
|
|
|
|
16,735
|
|
Accrued distribution fees
|
|
|
101,645
|
|
|
|
142,112
|
|
|
|
16,497
|
|
|
|
66,756
|
|
Accrued transfer agent and shareholder servicing fees
|
|
|
29,009
|
|
|
|
25,222
|
|
|
|
4,467
|
|
|
|
5,570
|
|
Accrued internal audit fees
|
|
|
879
|
|
|
|
879
|
|
|
|
879
|
|
|
|
879
|
|
Accrued trustees and officers compensation
|
|
|
9,547
|
|
|
|
11,328
|
|
|
|
11,328
|
|
|
|
11,328
|
|
Other accrued expenses
|
|
|
55,936
|
|
|
|
53,548
|
|
|
|
50,102
|
|
|
|
38,821
|
|
Total liabilities
|
|
|
1,128,499
|
|
|
|
1,266,331
|
|
|
|
266,106
|
|
|
|
561,274
|
|
Net assets
|
|
|
313,026,224
|
|
|
|
343,477,294
|
|
|
|
30,397,563
|
|
|
|
133,837,671
|
|
|
|
|
|
|
Net assets consists of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
|
219,658,181
|
|
|
|
317,707,212
|
|
|
|
108,312,935
|
|
|
|
127,888,970
|
|
Undistributed net investment income (loss)
|
|
|
(153,101
|
)
|
|
|
395,278
|
|
|
|
197,038
|
|
|
|
(42,989
|
)
|
Accumulated net realized gain (loss)
|
|
|
(14,978,263
|
)
|
|
|
2,572,106
|
|
|
|
(82,835,378
|
)
|
|
|
3,075,836
|
|
Net unrealized appreciation(depreciation) on investments and translation of assets and liabilities denominated in foreign currencies
|
|
|
108,499,407
|
|
|
|
22,802,698
|
|
|
|
4,722,968
|
|
|
|
2,915,854
|
|
Net assets
|
|
|
313,026,224
|
|
|
|
343,477,294
|
|
|
|
30,397,563
|
|
|
|
133,837,671
|
|
|
|
|
|
|
Net assets, at market value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
202,868,257
|
|
|
|
175,317,373
|
|
|
|
13,957,078
|
|
|
|
64,712,876
|
|
Class C
|
|
|
65,507,679
|
|
|
|
120,697,411
|
|
|
|
15,465,031
|
|
|
|
62,656,006
|
|
Class I
|
|
|
14,028,148
|
|
|
|
44,271,611
|
|
|
|
593,997
|
|
|
|
6,436,851
|
|
Class R-3
|
|
|
703,433
|
|
|
|
3,019,835
|
|
|
|
379,176
|
|
|
|
29,103
|
|
Class R-5
|
|
|
29,918,707
|
|
|
|
168,107
|
|
|
|
2,281
|
|
|
|
2,835
|
|
Class R-6
|
|
|
N/A
|
|
|
|
2,957
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
Net asset value (NAV),
offering and redemption price per share (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
$30.95
|
|
|
|
$13.87
|
|
|
|
$18.47
|
|
|
|
$15.51
|
|
Maximum offering price (c)
|
|
|
32.49
|
|
|
|
14.56
|
|
|
|
19.40
|
|
|
|
16.12
|
|
Class C
|
|
|
26.62
|
|
|
|
13.41
|
|
|
|
16.45
|
|
|
|
15.49
|
|
Class I
|
|
|
31.72
|
|
|
|
13.85
|
|
|
|
18.71
|
|
|
|
15.54
|
|
Class R-3
|
|
|
30.53
|
|
|
|
13.82
|
|
|
|
17.92
|
|
|
|
15.51
|
|
Class R-5
|
|
|
31.66
|
|
|
|
13.84
|
|
|
|
18.52
|
|
|
|
15.51
|
|
Class R-6
|
|
|
N/A
|
|
|
|
13.86
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
Shares of beneficial interest outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
6,554,509
|
|
|
|
12,640,662
|
|
|
|
755,497
|
|
|
|
4,171,025
|
|
Class C
|
|
|
2,460,965
|
|
|
|
8,999,912
|
|
|
|
939,902
|
|
|
|
4,044,043
|
|
Class I
|
|
|
442,204
|
|
|
|
3,195,710
|
|
|
|
31,744
|
|
|
|
414,190
|
|
Class R-3
|
|
|
23,044
|
|
|
|
218,459
|
|
|
|
21,159
|
|
|
|
1,876
|
|
Class R-5
|
|
|
945,137
|
|
|
|
12,150
|
|
|
|
123
|
|
|
|
183
|
|
Class R-6
|
|
|
N/A
|
|
|
|
213
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
(a) Identified cost
|
|
|
$196,449,186
|
|
|
|
$314,503,497
|
|
|
|
$24,955,061
|
|
|
|
$125,505,888
|
|
(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.
|
|
|
34
|
|
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
Smaller
Company
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$408,298,975
|
|
|
|
$520,175,506
|
|
|
|
$2,669,751,466
|
|
|
|
$75,293,881
|
|
|
25,781,534
|
|
|
|
21,811,656
|
|
|
|
59,726,473
|
|
|
|
3,630,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,222,159
|
|
|
|
9,625,915
|
|
|
|
2,843,761
|
|
|
|
|
|
|
918,270
|
|
|
|
540,001
|
|
|
|
9,415,166
|
|
|
|
241,335
|
|
|
23,320
|
|
|
|
55,584
|
|
|
|
179,164
|
|
|
|
28,496
|
|
|
4,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,520
|
|
|
16,903
|
|
|
|
30,252
|
|
|
|
39,622
|
|
|
|
11,520
|
|
|
445,265,829
|
|
|
|
552,238,914
|
|
|
|
2,741,955,652
|
|
|
|
79,208,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,408,250
|
|
|
|
1,769,158
|
|
|
|
9,349,604
|
|
|
|
|
|
|
2,041,374
|
|
|
|
6,285,581
|
|
|
|
11,742,465
|
|
|
|
292,878
|
|
|
3,773
|
|
|
|
24,922
|
|
|
|
13,809
|
|
|
|
720
|
|
|
225,136
|
|
|
|
281,628
|
|
|
|
1,231,848
|
|
|
|
|
|
|
51,467
|
|
|
|
65,401
|
|
|
|
272,289
|
|
|
|
|
|
|
124,227
|
|
|
|
187,593
|
|
|
|
294,552
|
|
|
|
9,171
|
|
|
44,668
|
|
|
|
67,299
|
|
|
|
215,735
|
|
|
|
9,055
|
|
|
879
|
|
|
|
879
|
|
|
|
879
|
|
|
|
879
|
|
|
11,328
|
|
|
|
11,329
|
|
|
|
11,328
|
|
|
|
11,328
|
|
|
50,779
|
|
|
|
105,479
|
|
|
|
153,031
|
|
|
|
34,410
|
|
|
10,961,881
|
|
|
|
8,799,269
|
|
|
|
23,285,540
|
|
|
|
358,441
|
|
|
434,303,948
|
|
|
|
543,439,645
|
|
|
|
2,718,670,112
|
|
|
|
78,849,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
352,908,394
|
|
|
|
476,058,129
|
|
|
|
2,416,296,717
|
|
|
|
49,790,359
|
|
|
(2,505,988
|
)
|
|
|
(1,294,276
|
)
|
|
|
(9,445,703
|
)
|
|
|
324,189
|
|
|
14,720,307
|
|
|
|
74,989,921
|
|
|
|
(53,569,478
|
)
|
|
|
5,626,603
|
|
|
69,181,235
|
|
|
|
(6,314,129
|
)
|
|
|
365,388,576
|
|
|
|
23,108,434
|
|
|
434,303,948
|
|
|
|
543,439,645
|
|
|
|
2,718,670,112
|
|
|
|
78,849,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
232,671,640
|
|
|
|
259,703,265
|
|
|
|
690,018,559
|
|
|
|
13,347,454
|
|
|
81,777,207
|
|
|
|
146,825,613
|
|
|
|
129,340,842
|
|
|
|
7,289,957
|
|
|
81,480,860
|
|
|
|
117,707,274
|
|
|
|
1,312,595,011
|
|
|
|
57,986,740
|
|
|
7,685,635
|
|
|
|
6,351,726
|
|
|
|
84,213,210
|
|
|
|
219,179
|
|
|
29,936,992
|
|
|
|
12,849,031
|
|
|
|
242,033,485
|
|
|
|
3,388
|
|
|
751,614
|
|
|
|
2,736
|
|
|
|
260,469,005
|
|
|
|
2,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$31.52
|
|
|
|
$27.14
|
|
|
|
$41.13
|
|
|
|
$18.93
|
|
|
33.09
|
|
|
|
28.49
|
|
|
|
43.19
|
|
|
|
19.87
|
|
|
27.41
|
|
|
|
23.49
|
|
|
|
34.40
|
|
|
|
18.22
|
|
|
32.36
|
|
|
|
27.76
|
|
|
|
42.04
|
|
|
|
19.28
|
|
|
31.19
|
|
|
|
26.78
|
|
|
|
40.68
|
|
|
|
18.77
|
|
|
32.34
|
|
|
|
27.77
|
|
|
|
42.14
|
|
|
|
19.25
|
|
|
32.37
|
|
|
|
27.81
|
|
|
|
42.20
|
|
|
|
19.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,382,279
|
|
|
|
9,570,559
|
|
|
|
16,774,833
|
|
|
|
705,148
|
|
|
2,983,507
|
|
|
|
6,249,992
|
|
|
|
3,760,105
|
|
|
|
400,184
|
|
|
2,517,877
|
|
|
|
4,239,611
|
|
|
|
31,224,310
|
|
|
|
3,007,733
|
|
|
246,397
|
|
|
|
237,211
|
|
|
|
2,070,328
|
|
|
|
11,678
|
|
|
925,803
|
|
|
|
462,660
|
|
|
|
5,743,860
|
|
|
|
176
|
|
|
23,220
|
|
|
|
98
|
|
|
|
6,171,626
|
|
|
|
149
|
|
|
|
|
|
|
$339,117,740
|
|
|
|
$526,489,635
|
|
|
|
$2,304,362,890
|
|
|
|
$52,185,447
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
35
|
|
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
Capital
Appreciation
Fund
|
|
|
Eagle
Growth
& Income
Fund
|
|
|
Eagle
International
Equity
Fund
|
|
|
Eagle
Investment
Grade Bond
Fund
|
|
|
|
|
|
|
Investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (a)
|
|
|
$4,231,951
|
|
|
|
$9,993,631
|
|
|
|
$1,041,882
|
|
|
|
$
|
|
Interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,555,744
|
|
Total Income
|
|
|
4,231,951
|
|
|
|
9,993,631
|
|
|
|
1,041,882
|
|
|
|
2,555,744
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees
|
|
|
1,950,959
|
|
|
|
1,486,607
|
|
|
|
321,422
|
|
|
|
384,505
|
|
Administrative fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
322,395
|
|
|
|
237,489
|
|
|
|
26,050
|
|
|
|
95,029
|
|
Class C
|
|
|
101,089
|
|
|
|
156,299
|
|
|
|
29,699
|
|
|
|
89,371
|
|
Class I
|
|
|
14,503
|
|
|
|
32,735
|
|
|
|
609
|
|
|
|
5,188
|
|
Class R-3
|
|
|
1,220
|
|
|
|
2,487
|
|
|
|
56
|
|
|
|
68
|
|
Class R-5
|
|
|
27,523
|
|
|
|
89
|
|
|
|
2
|
|
|
|
3
|
|
Class R-6
|
|
|
N/A
|
|
|
|
3
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Distribution and service fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
537,320
|
|
|
|
395,812
|
|
|
|
43,417
|
|
|
|
158,381
|
|
Class C
|
|
|
673,924
|
|
|
|
1,041,981
|
|
|
|
197,989
|
|
|
|
595,802
|
|
Class R-3
|
|
|
4,066
|
|
|
|
8,289
|
|
|
|
186
|
|
|
|
225
|
|
Transfer agent and shareholder servicing fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
300,546
|
|
|
|
161,273
|
|
|
|
27,228
|
|
|
|
28,684
|
|
Class C
|
|
|
60,226
|
|
|
|
91,637
|
|
|
|
27,840
|
|
|
|
34,036
|
|
Class I
|
|
|
17,013
|
|
|
|
35,946
|
|
|
|
964
|
|
|
|
3,157
|
|
Class R-3
|
|
|
1,436
|
|
|
|
2,379
|
|
|
|
19
|
|
|
|
86
|
|
Class R-5
|
|
|
33,912
|
|
|
|
116
|
|
|
|
1
|
|
|
|
1
|
|
Class R-6
|
|
|
N/A
|
|
|
|
3
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Custodian fees
|
|
|
16,626
|
|
|
|
16,291
|
|
|
|
88,753
|
|
|
|
8,628
|
|
Professional fees
|
|
|
109,481
|
|
|
|
124,664
|
|
|
|
106,808
|
|
|
|
98,936
|
|
State qualification expenses
|
|
|
92,710
|
|
|
|
113,974
|
|
|
|
69,507
|
|
|
|
79,475
|
|
Trustees and officers compensation
|
|
|
40,501
|
|
|
|
58,245
|
|
|
|
54,193
|
|
|
|
54,194
|
|
Internal audit fees
|
|
|
10,279
|
|
|
|
10,340
|
|
|
|
10,279
|
|
|
|
10,279
|
|
Other
|
|
|
76,165
|
|
|
|
40,759
|
|
|
|
30,831
|
|
|
|
21,729
|
|
Total expenses before adjustments
|
|
|
4,391,894
|
|
|
|
4,017,418
|
|
|
|
1,035,853
|
|
|
|
1,667,777
|
|
Fees and expenses waived
|
|
|
|
|
|
|
|
(c)
|
|
|
(247,044
|
)
|
|
|
(226,711
|
)
|
Recovered fees previously waived by Manager
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
115,206
|
|
Expense offsets
|
|
|
(6,842
|
)
|
|
|
(8,589
|
)
|
|
|
(1,452
|
)
|
|
|
(3,719
|
)
|
Total expenses after adjustments
|
|
|
4,385,052
|
|
|
|
4,008,845
|
|
|
|
787,357
|
|
|
|
1,552,553
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
(153,101
|
)
|
|
|
5,984,786
|
|
|
|
254,525
|
|
|
|
1,003,191
|
|
|
|
|
|
|
Realized and unrealized gain (loss) on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments (b)
|
|
|
45,625,460
|
|
|
|
6,873,583
|
|
|
|
(523,167
|
)
|
|
|
3,077,067
|
|
Net realized loss on foreign currency transactions
|
|
|
|
|
|
|
(2,372
|
)
|
|
|
(183,379
|
)
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
|
|
|
|
|
|
|
|
|
|
|
234,200
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies
|
|
|
(367,546
|
)
|
|
|
22,325,369
|
|
|
|
213,045
|
|
|
|
248,865
|
|
Net gain (loss) on investments
|
|
|
45,257,914
|
|
|
|
29,196,580
|
|
|
|
(259,301
|
)
|
|
|
3,325,932
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
45,104,813
|
|
|
|
35,181,366
|
|
|
|
(4,776
|
)
|
|
|
4,329,123
|
|
|
|
|
|
|
(a) Net of foreign withholding taxes
|
|
|
$
|
|
|
|
$27,595
|
|
|
|
$83,424
|
|
|
|
$
|
|
|
|
|
|
|
(b) Includes India capital gains tax of
|
|
|
|
|
|
|
|
|
|
|
(212
|
)
|
|
|
|
|
(c) Amount is rounded to zero
|
|
|
36
|
|
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
Smaller
Company
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$2,841,362
|
|
|
|
$8,079,913
|
|
|
|
$11,289,247
|
|
|
|
$1,247,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,841,362
|
|
|
|
8,079,913
|
|
|
|
11,289,247
|
|
|
|
1,247,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,639,402
|
|
|
|
4,325,650
|
|
|
|
11,980,988
|
|
|
|
477,914
|
|
|
380,181
|
|
|
|
547,611
|
|
|
|
933,708
|
|
|
|
19,077
|
|
|
120,325
|
|
|
|
268,740
|
|
|
|
180,765
|
|
|
|
10,441
|
|
|
72,138
|
|
|
|
147,444
|
|
|
|
1,067,917
|
|
|
|
59,887
|
|
|
10,147
|
|
|
|
8,592
|
|
|
|
103,284
|
|
|
|
121
|
|
|
27,120
|
|
|
|
43,601
|
|
|
|
200,549
|
|
|
|
3
|
|
|
244
|
|
|
|
3
|
|
|
|
165,812
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
633,629
|
|
|
|
912,678
|
|
|
|
1,556,167
|
|
|
|
31,795
|
|
|
802,160
|
|
|
|
1,791,584
|
|
|
|
1,205,093
|
|
|
|
69,607
|
|
|
33,822
|
|
|
|
28,640
|
|
|
|
344,278
|
|
|
|
402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
329,435
|
|
|
|
474,059
|
|
|
|
806,765
|
|
|
|
12,767
|
|
|
68,868
|
|
|
|
175,610
|
|
|
|
110,136
|
|
|
|
7,886
|
|
|
68,972
|
|
|
|
200,476
|
|
|
|
1,069,551
|
|
|
|
86,304
|
|
|
10,229
|
|
|
|
9,685
|
|
|
|
101,418
|
|
|
|
157
|
|
|
31,300
|
|
|
|
74,473
|
|
|
|
230,707
|
|
|
|
8
|
|
|
49
|
|
|
|
3
|
|
|
|
20,961
|
|
|
|
4
|
|
|
22,559
|
|
|
|
116,885
|
|
|
|
85,295
|
|
|
|
9,185
|
|
|
88,970
|
|
|
|
89,463
|
|
|
|
88,970
|
|
|
|
89,463
|
|
|
103,014
|
|
|
|
99,277
|
|
|
|
256,485
|
|
|
|
89,044
|
|
|
54,194
|
|
|
|
54,194
|
|
|
|
54,193
|
|
|
|
54,193
|
|
|
10,279
|
|
|
|
10,279
|
|
|
|
10,279
|
|
|
|
10,279
|
|
|
114,860
|
|
|
|
268,004
|
|
|
|
679,141
|
|
|
|
7,116
|
|
|
5,621,897
|
|
|
|
9,646,951
|
|
|
|
21,252,462
|
|
|
|
1,035,656
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
(144,205
|
)
|
|
|
|
|
|
|
|
|
|
277
|
|
|
|
|
|
|
(14,317
|
)
|
|
|
(10,285
|
)
|
|
|
(70,518
|
)
|
|
|
(2,836
|
)
|
|
5,607,580
|
|
|
|
9,636,664
|
|
|
|
21,182,221
|
|
|
|
888,615
|
|
|
|
|
|
|
(2,766,218
|
)
|
|
|
(1,556,751
|
)
|
|
|
(9,892,974
|
)
|
|
|
358,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,539,962
|
|
|
|
153,967,944
|
|
|
|
(33,512,594
|
)
|
|
|
5,760,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,365,462
|
|
|
|
(80,618,977
|
)
|
|
|
174,682,950
|
|
|
|
999,291
|
|
|
30,905,424
|
|
|
|
73,348,967
|
|
|
|
141,170,356
|
|
|
|
6,759,729
|
|
|
|
|
|
|
28,139,206
|
|
|
|
71,792,216
|
|
|
|
131,277,382
|
|
|
|
7,118,700
|
|
|
|
|
|
|
$8,088
|
|
|
|
$13,962
|
|
|
|
$
|
|
|
|
$3,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
37
|
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Capital
Appreciation Fund
|
|
|
Eagle Growth
& Income Fund
|
|
|
Eagle International
Equity Fund
|
|
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
|
|
|
|
|
|
Net assets, beginning of year
|
|
|
$402,173,747
|
|
|
|
$586,465,458
|
|
|
|
$228,780,172
|
|
|
|
$208,708,199
|
|
|
|
$49,391,367
|
|
|
|
$84,065,854
|
|
Increase (decrease) in net assets from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
(153,101
|
)
|
|
|
(628,420
|
)
|
|
|
5,984,786
|
|
|
|
4,220,542
|
|
|
|
254,525
|
|
|
|
(208,981
|
)
|
Net realized gain (loss) on investments (a)
|
|
|
45,625,460
|
|
|
|
7,792,547
|
|
|
|
6,873,583
|
|
|
|
22,945,083
|
|
|
|
(523,167
|
)
|
|
|
3,789,391
|
|
Net realized gain (loss) on foreign currency transactions (b)
|
|
|
|
|
|
|
|
|
|
|
(2,372
|
)
|
|
|
21,796
|
|
|
|
(183,379
|
)
|
|
|
(343,848
|
)
|
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
234,200
|
|
|
|
(77,658
|
)
|
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies
|
|
|
(367,546
|
)
|
|
|
(2,353,826
|
)
|
|
|
22,325,369
|
|
|
|
(18,729,263
|
)
|
|
|
213,045
|
|
|
|
(10,747,926
|
)
|
Net increase (decrease) in net assets resulting from operations
|
|
|
45,104,813
|
|
|
|
4,810,301
|
|
|
|
35,181,366
|
|
|
|
8,458,158
|
|
|
|
(4,776
|
)
|
|
|
(7,589,022
|
)
|
Distributions to shareholders from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
(5,588,649
|
)
|
|
|
(4,261,143
|
)
|
|
|
|
|
|
|
(1,589,549
|
)
|
Net realized gains
|
|
|
|
|
|
|
|
|
|
|
(12,154,993
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders
|
|
|
|
|
|
|
|
|
|
|
(17,743,642
|
)
|
|
|
(4,261,143
|
)
|
|
|
|
|
|
|
(1,589,549
|
)
|
Fund share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold-Class A
|
|
|
21,659,106
|
|
|
|
150,556,609
|
|
|
|
51,424,760
|
|
|
|
45,742,142
|
|
|
|
1,428,306
|
|
|
|
3,819,721
|
|
Proceeds issued in connection with merger-Class A
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
7,847,558
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class A
|
|
|
|
|
|
|
|
|
|
|
8,837,454
|
|
|
|
2,386,818
|
|
|
|
|
|
|
|
785,708
|
|
Cost of shares redeemed-Class A
|
|
|
(142,289,923
|
)
|
|
|
(328,524,662
|
)
|
|
|
(35,927,410
|
)
|
|
|
(44,876,604
|
)
|
|
|
(10,703,921
|
)
|
|
|
(14,499,060
|
)
|
Proceeds from shares sold-Class C
|
|
|
2,881,103
|
|
|
|
2,784,091
|
|
|
|
38,067,525
|
|
|
|
20,606,839
|
|
|
|
469,256
|
|
|
|
1,070,069
|
|
Proceeds issued in connection with merger-Class C
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
7,436,436
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class C
|
|
|
|
|
|
|
|
|
|
|
4,851,500
|
|
|
|
880,356
|
|
|
|
|
|
|
|
693,884
|
|
Cost of shares redeemed-Class C
|
|
|
(12,989,463
|
)
|
|
|
(19,660,905
|
)
|
|
|
(15,586,817
|
)
|
|
|
(14,756,084
|
)
|
|
|
(10,713,589
|
)
|
|
|
(17,467,684
|
)
|
Proceeds from shares sold-Class I
|
|
|
3,399,396
|
|
|
|
14,440,652
|
|
|
|
30,292,030
|
|
|
|
23,318,736
|
|
|
|
528,929
|
|
|
|
417,990
|
|
Proceeds issued in connection with merger-Class I
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
4,853,721
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class I
|
|
|
|
|
|
|
|
|
|
|
804,292
|
|
|
|
165,312
|
|
|
|
|
|
|
|
8,749
|
|
Cost of shares redeemed-Class I
|
|
|
(9,288,120
|
)
|
|
|
(7,966,827
|
)
|
|
|
(7,822,488
|
)
|
|
|
(18,137,904
|
)
|
|
|
(377,237
|
)
|
|
|
(327,825
|
)
|
Proceeds from shares sold-Class R-3
|
|
|
114,731
|
|
|
|
212,628
|
|
|
|
2,413,772
|
|
|
|
735,400
|
|
|
|
391,751
|
|
|
|
2,394
|
|
Issued as reinvestment of distributions-Class R-3
|
|
|
|
|
|
|
|
|
|
|
74,897
|
|
|
|
12,186
|
|
|
|
|
|
|
|
64
|
|
Cost of shares redeemed-Class R-3
|
|
|
(283,650
|
)
|
|
|
(143,500
|
)
|
|
|
(456,723
|
)
|
|
|
(212,037
|
)
|
|
|
(12,523
|
)
|
|
|
|
|
Proceeds from shares sold-Class R-5
|
|
|
6,934,710
|
|
|
|
4,165,343
|
|
|
|
157,341
|
|
|
|
7,176
|
|
|
|
|
|
|
|
|
|
Proceeds issued in connection with merger-Class R-5
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
20,748
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class R-5
|
|
|
|
|
|
|
|
|
|
|
2,979
|
|
|
|
107
|
|
|
|
|
|
|
|
74
|
|
Cost of shares redeemed-Class R-5
|
|
|
(4,390,226
|
)
|
|
|
(4,965,441
|
)
|
|
|
(32,371
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold-Class R-6 (d)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
2,500
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class R-6 (d)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
194
|
|
|
|
15
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Cost of shares redeemed-Class R-6 (d)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Net increase (decrease) from fund share transactions
|
|
|
(134,252,336
|
)
|
|
|
(189,102,012
|
)
|
|
|
97,259,398
|
|
|
|
15,874,958
|
|
|
|
(18,989,028
|
)
|
|
|
(25,495,916
|
)
|
Increase (decrease) in net assets
|
|
|
(89,147,523
|
)
|
|
|
(184,291,711
|
)
|
|
|
114,697,122
|
|
|
|
20,071,973
|
|
|
|
(18,993,804
|
)
|
|
|
(34,674,487
|
)
|
Net assets, end of year (c)
|
|
|
313,026,224
|
|
|
|
402,173,747
|
|
|
|
343,477,294
|
|
|
|
228,780,172
|
|
|
|
30,397,563
|
|
|
|
49,391,367
|
|
(a) Includes India capital gains tax of
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$(212
|
)
|
|
|
$
|
|
(b) Includes Brazilian IOF tax of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,930
|
|
(c) Includes undistributed net investment income (accumulated net investment loss) of
|
|
|
(153,101
|
)
|
|
|
|
|
|
|
395,278
|
|
|
|
|
|
|
|
197,038
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued and redeemed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold-Class A
|
|
|
717,778
|
|
|
|
5,378,967
|
|
|
|
3,838,861
|
|
|
|
3,427,752
|
|
|
|
79,570
|
|
|
|
182,577
|
|
Shares issued in connection with merger-Class A
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
601,815
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class A
|
|
|
|
|
|
|
|
|
|
|
695,331
|
|
|
|
178,141
|
|
|
|
|
|
|
|
36,528
|
|
Shares redeemed-Class A
|
|
|
(5,029,602
|
)
|
|
|
(12,406,299
|
)
|
|
|
(2,680,955
|
)
|
|
|
(3,405,024
|
)
|
|
|
(588,339
|
)
|
|
|
(689,039
|
)
|
Shares sold-Class C
|
|
|
109,997
|
|
|
|
114,292
|
|
|
|
2,935,224
|
|
|
|
1,600,885
|
|
|
|
28,949
|
|
|
|
56,576
|
|
Shares issued in connection with merger-Class C
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
588,982
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class C
|
|
|
|
|
|
|
|
|
|
|
395,863
|
|
|
|
67,808
|
|
|
|
|
|
|
|
35,712
|
|
Shares redeemed-Class C
|
|
|
(509,989
|
)
|
|
|
(813,314
|
)
|
|
|
(1,195,012
|
)
|
|
|
(1,139,910
|
)
|
|
|
(661,847
|
)
|
|
|
(917,611
|
)
|
Shares sold-Class I
|
|
|
110,406
|
|
|
|
517,496
|
|
|
|
2,266,448
|
|
|
|
1,723,647
|
|
|
|
28,552
|
|
|
|
19,188
|
|
Shares issued in connection with merger-Class I
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
372,654
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class I
|
|
|
|
|
|
|
|
|
|
|
62,333
|
|
|
|
12,334
|
|
|
|
|
|
|
|
405
|
|
Shares redeemed-Class I
|
|
|
(318,659
|
)
|
|
|
(287,327
|
)
|
|
|
(576,422
|
)
|
|
|
(1,333,444
|
)
|
|
|
(21,241
|
)
|
|
|
(15,013
|
)
|
Shares sold-Class R-3
|
|
|
3,865
|
|
|
|
7,442
|
|
|
|
177,013
|
|
|
|
54,207
|
|
|
|
21,651
|
|
|
|
128
|
|
Issued as reinvestment of distributions-Class R-3
|
|
|
|
|
|
|
|
|
|
|
5,849
|
|
|
|
917
|
|
|
|
|
|
|
|
3
|
|
Shares redeemed-Class R-3
|
|
|
(9,184
|
)
|
|
|
(5,041
|
)
|
|
|
(34,855
|
)
|
|
|
(15,596
|
)
|
|
|
(743
|
)
|
|
|
|
|
Shares sold-Class R-5
|
|
|
229,922
|
|
|
|
147,001
|
|
|
|
11,969
|
|
|
|
570
|
|
|
|
|
|
|
|
|
|
Shares issued in connection with merger-Class R-5
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
1,595
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class R-5
|
|
|
|
|
|
|
|
|
|
|
223
|
|
|
|
8
|
|
|
|
|
|
|
|
3
|
|
Shares redeemed-Class R-5
|
|
|
(143,294
|
)
|
|
|
(174,177
|
)
|
|
|
(2,424
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold-Class R-6 (d)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
197
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Issued as reinvestment of distributions-Class R-6 (d)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
15
|
|
|
|
1
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Shares redeemed-Class R-6 (d)
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Shares issued and redeemed
|
|
|
(4,838,760
|
)
|
|
|
(7,520,960
|
)
|
|
|
7,464,507
|
|
|
|
1,172,493
|
|
|
|
(1,113,448
|
)
|
|
|
(1,290,543
|
)
|
|
|
|
|
|
|
|
(d) Class R-6 commenced operations on August 15, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
The accompanying notes are an integral part of the financial statements.
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Investment
Grade Bond Fund
|
|
|
Eagle Mid Cap
Growth Fund
|
|
|
Eagle Mid Cap
Stock Fund
|
|
|
Eagle Small Cap
Growth Fund
|
|
|
Eagle Smaller
Company Fund
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
11/1/11 to
10/31/12
|
|
|
11/1/10 to
10/31/11
|
|
|
|
|
|
|
|
|
|
|
|
|
$114,492,263
|
|
|
|
$101,706,495
|
|
|
|
$386,134,823
|
|
|
|
$214,455,420
|
|
|
|
$981,152,942
|
|
|
|
$1,391,084,078
|
|
|
|
$1,535,886,218
|
|
|
|
$485,861,025
|
|
|
|
$79,210,716
|
|
|
|
$70,856,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,003,191
|
|
|
|
1,017,227
|
|
|
|
(2,766,218
|
)
|
|
|
(2,287,785
|
)
|
|
|
(1,556,751
|
)
|
|
|
(1,970,910
|
)
|
|
|
(9,892,974
|
)
|
|
|
(5,991,791
|
)
|
|
|
358,971
|
|
|
|
27,303
|
|
|
3,077,067
|
|
|
|
1,015,364
|
|
|
|
18,539,962
|
|
|
|
3,635,942
|
|
|
|
153,967,944
|
|
|
|
119,675,118
|
|
|
|
(33,512,594
|
)
|
|
|
32,335,102
|
|
|
|
5,760,464
|
|
|
|
10,473,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
248,865
|
|
|
|
328,136
|
|
|
|
12,365,462
|
|
|
|
3,132,755
|
|
|
|
(80,618,977
|
)
|
|
|
(109,656,621
|
)
|
|
|
174,682,950
|
|
|
|
44,883,433
|
|
|
|
999,291
|
|
|
|
(1,993,868
|
)
|
|
4,329,123
|
|
|
|
2,360,727
|
|
|
|
28,139,206
|
|
|
|
4,480,912
|
|
|
|
71,792,216
|
|
|
|
8,047,587
|
|
|
|
131,277,382
|
|
|
|
71,226,744
|
|
|
|
7,118,700
|
|
|
|
8,506,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,046,193
|
)
|
|
|
(1,220,091
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(29,578
|
)
|
|
|
(38,788
|
)
|
|
(1,008,116
|
)
|
|
|
(539,279
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,468,101
|
)
|
|
|
(6,284,232
|
)
|
|
(2,054,309
|
)
|
|
|
(1,759,370
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,497,679
|
)
|
|
|
(6,323,020
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,680,184
|
|
|
|
31,511,028
|
|
|
|
112,576,206
|
|
|
|
150,823,483
|
|
|
|
19,725,409
|
|
|
|
107,670,184
|
|
|
|
371,729,117
|
|
|
|
346,225,993
|
|
|
|
2,932,544
|
|
|
|
3,185,520
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
1,027,730
|
|
|
|
804,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,365,600
|
|
|
|
782,925
|
|
|
(21,213,645
|
)
|
|
|
(22,440,534
|
)
|
|
|
(130,128,815
|
)
|
|
|
(63,830,502
|
)
|
|
|
(341,290,247
|
)
|
|
|
(304,331,261
|
)
|
|
|
(215,827,492
|
)
|
|
|
(149,599,533
|
)
|
|
|
(2,378,466
|
)
|
|
|
(2,426,615
|
)
|
|
20,729,068
|
|
|
|
18,794,229
|
|
|
|
19,944,837
|
|
|
|
22,376,241
|
|
|
|
6,325,023
|
|
|
|
19,152,718
|
|
|
|
34,854,989
|
|
|
|
40,254,987
|
|
|
|
1,548,911
|
|
|
|
1,552,280
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
637,068
|
|
|
|
561,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
842,720
|
|
|
|
456,887
|
|
|
(12,932,756
|
)
|
|
|
(16,305,813
|
)
|
|
|
(13,892,879
|
)
|
|
|
(10,767,809
|
)
|
|
|
(78,390,933
|
)
|
|
|
(51,325,989
|
)
|
|
|
(18,935,695
|
)
|
|
|
(14,441,059
|
)
|
|
|
(1,173,634
|
)
|
|
|
(684,200
|
)
|
|
4,618,682
|
|
|
|
1,200,033
|
|
|
|
44,066,950
|
|
|
|
63,324,968
|
|
|
|
48,106,027
|
|
|
|
121,137,093
|
|
|
|
875,394,108
|
|
|
|
719,123,336
|
|
|
|
9,888,102
|
|
|
|
13,336,578
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
70,047
|
|
|
|
49,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,797,913
|
|
|
|
4,808,072
|
|
|
(1,521,998
|
)
|
|
|
(1,987,205
|
)
|
|
|
(26,002,685
|
)
|
|
|
(16,538,707
|
)
|
|
|
(107,463,540
|
)
|
|
|
(305,680,058
|
)
|
|
|
(311,625,421
|
)
|
|
|
(152,146,322
|
)
|
|
|
(18,015,128
|
)
|
|
|
(14,854,678
|
)
|
|
1,343
|
|
|
|
5,889
|
|
|
|
5,828,678
|
|
|
|
3,353,309
|
|
|
|
4,065,929
|
|
|
|
3,624,843
|
|
|
|
45,740,438
|
|
|
|
48,666,548
|
|
|
|
211,273
|
|
|
|
13,335
|
|
|
836
|
|
|
|
937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,082
|
|
|
|
246
|
|
|
(26,026
|
)
|
|
|
(9,400
|
)
|
|
|
(2,234,679
|
)
|
|
|
(1,071,987
|
)
|
|
|
(2,743,975
|
)
|
|
|
(2,325,476
|
)
|
|
|
(13,151,500
|
)
|
|
|
(2,704,567
|
)
|
|
|
(3,814
|
)
|
|
|
(2,900
|
)
|
|
|
|
|
|
|
|
|
|
17,416,695
|
|
|
|
22,041,691
|
|
|
|
4,739,715
|
|
|
|
17,471,503
|
|
|
|
138,787,831
|
|
|
|
102,641,689
|
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
61
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
404
|
|
|
|
248
|
|
|
|
|
|
|
|
|
|
|
(8,296,646
|
)
|
|
|
(2,514,696
|
)
|
|
|
(62,578,921
|
)
|
|
|
(23,374,780
|
)
|
|
|
(44,560,198
|
)
|
|
|
(21,268,307
|
)
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
769,536
|
|
|
|
2,500
|
|
|
|
|
|
|
|
2,500
|
|
|
|
216,805,471
|
|
|
|
62,511,274
|
|
|
|
|
|
|
|
2,500
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
341
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
(17,279
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(27,705,136
|
)
|
|
|
(465,590
|
)
|
|
|
|
|
|
|
|
|
|
17,070,594
|
|
|
|
12,184,411
|
|
|
|
20,029,919
|
|
|
|
167,198,491
|
|
|
|
(509,505,513
|
)
|
|
|
(417,978,723
|
)
|
|
|
1,051,506,512
|
|
|
|
978,798,449
|
|
|
|
3,017,848
|
|
|
|
6,170,198
|
|
|
19,345,408
|
|
|
|
12,785,768
|
|
|
|
48,169,125
|
|
|
|
171,679,403
|
|
|
|
(437,713,297
|
)
|
|
|
(409,931,136
|
)
|
|
|
1,182,783,894
|
|
|
|
1,050,025,193
|
|
|
|
(361,131
|
)
|
|
|
8,354,153
|
|
|
133,837,671
|
|
|
|
114,492,263
|
|
|
|
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
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42,989
|
)
|
|
|
13
|
|
|
|
(2,505,988
|
)
|
|
|
|
|
|
|
(1,294,276
|
)
|
|
|
|
|
|
|
(9,445,703
|
)
|
|
|
|
|
|
|
324,189
|
|
|
|
(30,823
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,679,587
|
|
|
|
2,104,935
|
|
|
|
3,756,169
|
|
|
|
4,821,472
|
|
|
|
747,193
|
|
|
|
3,943,685
|
|
|
|
9,299,124
|
|
|
|
8,777,461
|
|
|
|
157,571
|
|
|
|
155,355
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
67,612
|
|
|
|
54,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,920
|
|
|
|
40,109
|
|
|
(1,386,441
|
)
|
|
|
(1,505,442
|
)
|
|
|
(4,081,631
|
)
|
|
|
(2,098,955
|
)
|
|
|
(12,872,006
|
)
|
|
|
(11,262,612
|
)
|
|
|
(5,293,320
|
)
|
|
|
(3,867,079
|
)
|
|
|
(129,304
|
)
|
|
|
(115,729
|
)
|
|
1,355,569
|
|
|
|
1,253,087
|
|
|
|
737,445
|
|
|
|
816,199
|
|
|
|
271,315
|
|
|
|
800,211
|
|
|
|
1,022,708
|
|
|
|
1,207,645
|
|
|
|
86,646
|
|
|
|
77,022
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
42,147
|
|
|
|
38,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,181
|
|
|
|
23,833
|
|
|
(844,950
|
)
|
|
|
(1,097,800
|
)
|
|
|
(510,030
|
)
|
|
|
(408,349
|
)
|
|
|
(3,358,996
|
)
|
|
|
(2,213,347
|
)
|
|
|
(559,448
|
)
|
|
|
(442,329
|
)
|
|
|
(65,421
|
)
|
|
|
(34,144
|
)
|
|
301,257
|
|
|
|
80,301
|
|
|
|
1,395,748
|
|
|
|
1,974,435
|
|
|
|
1,789,648
|
|
|
|
4,492,971
|
|
|
|
21,697,603
|
|
|
|
18,274,114
|
|
|
|
517,460
|
|
|
|
658,055
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
4,595
|
|
|
|
3,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
460,870
|
|
|
|
244,065
|
|
|
(99,103
|
)
|
|
|
(134,115
|
)
|
|
|
(825,832
|
)
|
|
|
(557,478
|
)
|
|
|
(3,933,132
|
)
|
|
|
(11,300,305
|
)
|
|
|
(7,589,962
|
)
|
|
|
(3,966,758
|
)
|
|
|
(969,162
|
)
|
|
|
(717,378
|
)
|
|
88
|
|
|
|
397
|
|
|
|
191,423
|
|
|
|
114,580
|
|
|
|
152,417
|
|
|
|
132,178
|
|
|
|
1,147,045
|
|
|
|
1,270,937
|
|
|
|
11,202
|
|
|
|
606
|
|
|
55
|
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65
|
|
|
|
13
|
|
|
(1,699
|
)
|
|
|
(642
|
)
|
|
|
(71,943
|
)
|
|
|
(35,748
|
)
|
|
|
(102,832
|
)
|
|
|
(87,353
|
)
|
|
|
(332,342
|
)
|
|
|
(71,861
|
)
|
|
|
(194
|
)
|
|
|
(154
|
)
|
|
|
|
|
|
|
|
|
|
552,445
|
|
|
|
713,159
|
|
|
|
176,271
|
|
|
|
623,069
|
|
|
|
3,339,736
|
|
|
|
2,585,750
|
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
4
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
(260,178
|
)
|
|
|
(85,294
|
)
|
|
|
(2,263,695
|
)
|
|
|
(847,671
|
)
|
|
|
(1,073,911
|
)
|
|
|
(539,159
|
)
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
23,665
|
|
|
|
84
|
|
|
|
|
|
|
|
98
|
|
|
|
5,191,879
|
|
|
|
1,658,855
|
|
|
|
|
|
|
|
129
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
(529
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(666,828
|
)
|
|
|
(12,280
|
)
|
|
|
|
|
|
|
|
|
|
1,118,721
|
|
|
|
796,679
|
|
|
|
906,752
|
|
|
|
5,254,105
|
|
|
|
(19,393,817
|
)
|
|
|
(15,719,076
|
)
|
|
|
26,182,284
|
|
|
|
24,875,296
|
|
|
|
203,878
|
|
|
|
331,794
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
39
|
|
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*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11/01/11
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
35.99
|
|
|
|
(0.13
|
)
|
|
|
(12.71
|
)
|
|
|
(12.84
|
)
|
|
|
|
|
|
|
(4.57
|
)
|
|
|
(4.57
|
)
|
|
|
18.58
|
|
|
|
1.20
|
|
|
|
1.20
|
|
|
|
(0.45
|
)
|
|
|
61
|
|
|
|
(40.38
|
)
|
|
|
329
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
32.64
|
|
|
|
(0.30
|
)
|
|
|
(11.32
|
)
|
|
|
(11.62
|
)
|
|
|
|
|
|
|
(4.57
|
)
|
|
|
(4.57
|
)
|
|
|
16.45
|
|
|
|
1.95
|
|
|
|
1.95
|
|
|
|
(1.19
|
)
|
|
|
61
|
|
|
|
(40.85
|
)
|
|
|
87
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
36.21
|
|
|
|
|
|
|
|
(12.86
|
)
|
|
|
(12.86
|
)
|
|
|
|
|
|
|
(4.57
|
)
|
|
|
(4.57
|
)
|
|
|
18.78
|
|
|
|
0.79
|
|
|
|
0.79
|
|
|
|
(0.01
|
)
|
|
|
61
|
|
|
|
(40.16
|
)
|
|
|
10
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
35.97
|
|
|
|
(0.20
|
)
|
|
|
(12.69
|
)
|
|
|
(12.89
|
)
|
|
|
|
|
|
|
(4.57
|
)
|
|
|
(4.57
|
)
|
|
|
18.51
|
|
|
|
1.42
|
|
|
|
1.42
|
|
|
|
(0.70
|
)
|
|
|
61
|
|
|
|
(40.56
|
)
|
|
|
0
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
36.13
|
|
|
|
(0.04
|
)
|
|
|
(12.79
|
)
|
|
|
(12.83
|
)
|
|
|
|
|
|
|
(4.57
|
)
|
|
|
(4.57
|
)
|
|
|
18.73
|
|
|
|
0.83
|
|
|
|
0.83
|
|
|
|
(0.13
|
)
|
|
|
61
|
|
|
|
(40.17
|
)
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Growth & Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(c)
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
17.77
|
|
|
|
0.37
|
|
|
|
(6.27
|
)
|
|
|
(5.90
|
)
|
|
|
(0.35
|
)
|
|
|
(1.81
|
)
|
|
|
(2.16
|
)
|
|
|
9.71
|
|
|
|
1.35
|
|
|
|
1.33
|
|
|
|
2.75
|
|
|
|
64
|
|
|
|
(37.25
|
)
|
|
|
61
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(c)
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
17.34
|
|
|
|
0.26
|
|
|
|
(6.10
|
)
|
|
|
(5.84
|
)
|
|
|
(0.24
|
)
|
|
|
(1.81
|
)
|
|
|
(2.05
|
)
|
|
|
9.45
|
|
|
|
2.15
|
|
|
|
2.09
|
|
|
|
1.95
|
|
|
|
64
|
|
|
|
(37.75
|
)
|
|
|
36
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(c)
|
|
|
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
|
(d)
|
|
|
1.12
|
(d)
|
|
|
3.08
|
(d)
|
|
|
57
|
|
|
|
40.72
|
|
|
|
2
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(c)
|
|
|
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
|
(d)
|
|
|
1.56
|
(d)
|
|
|
0.94
|
(d)
|
|
|
57
|
|
|
|
(1.83
|
)
|
|
|
0
|
|
|
|
|
40
|
|
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 (contd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(c)
|
|
|
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
|
(d)
|
|
|
1.85
|
(d)
|
|
|
2.11
|
(d)
|
|
|
50
|
|
|
|
7.53
|
|
|
|
0
|
|
Class R-6*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
0.96
|
(d)
|
|
|
2.17
|
(d)
|
|
|
123
|
(c)
|
|
|
4.00
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle International Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11/01/11
|
|
|
10/31/12
|
|
|
|
18.29
|
|
|
|
0.19
|
|
|
|
(0.01
|
)
|
|
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18.47
|
|
|
|
1.71
|
|
|
|
2.35
|
|
|
|
1.03
|
|
|
|
72
|
|
|
|
0.98
|
|
|
|
14
|
|
11/01/10
|
|
|
10/31/11
|
|
|
|
21.50
|
|
|
|
0.03
|
|
|
|
(2.73
|
)
|
|
|
(2.70
|
)
|
|
|
(0.51
|
)
|
|
|
|
|
|
|
(0.51
|
)
|
|
|
18.29
|
|
|
|
1.65
|
|
|
|
1.93
|
|
|
|
0.13
|
|
|
|
68
|
|
|
|
(12.90
|
)
|
|
|
23
|
|
11/01/09
|
|
|
10/31/10
|
|
|
|
19.52
|
|
|
|
0.09
|
|
|
|
1.89
|
|
|
|
1.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.50
|
|
|
|
1.74
|
|
|
|
2.04
|
|
|
|
0.46
|
|
|
|
133
|
|
|
|
10.14
|
|
|
|
37
|
|
11/01/08
|
|
|
10/31/09
|
|
|
|
17.80
|
|
|
|
0.20
|
|
|
|
2.23
|
|
|
|
2.43
|
|
|
|
(0.71
|
)(e)
|
|
|
|
|
|
|
(0.71
|
)
|
|
|
19.52
|
|
|
|
1.70
|
|
|
|
1.85
|
|
|
|
1.18
|
|
|
|
179
|
|
|
|
14.34
|
|
|
|
52
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
36.52
|
|
|
|
0.32
|
|
|
|
(16.15
|
)
|
|
|
(15.83
|
)
|
|
|
|
|
|
|
(2.89
|
)
|
|
|
(2.89
|
)
|
|
|
17.80
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
1.11
|
|
|
|
115
|
|
|
|
(46.77
|
)
|
|
|
73
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11/01/11
|
|
|
10/31/12
|
|
|
|
16.41
|
|
|
|
0.05
|
|
|
|
(0.01
|
)
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16.45
|
|
|
|
2.44
|
|
|
|
3.09
|
|
|
|
0.32
|
|
|
|
72
|
|
|
|
0.24
|
|
|
|
15
|
|
11/01/10
|
|
|
10/31/11
|
|
|
|
19.32
|
|
|
|
(0.13
|
)
|
|
|
(2.44
|
)
|
|
|
(2.57
|
)
|
|
|
(0.34
|
)
|
|
|
|
|
|
|
(0.34
|
)
|
|
|
16.41
|
|
|
|
2.45
|
|
|
|
2.72
|
|
|
|
(0.68
|
)
|
|
|
68
|
|
|
|
(13.58
|
)
|
|
|
26
|
|
11/01/09
|
|
|
10/31/10
|
|
|
|
17.68
|
|
|
|
(0.05
|
)
|
|
|
1.69
|
|
|
|
1.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19.32
|
|
|
|
2.49
|
|
|
|
2.79
|
|
|
|
(0.30
|
)
|
|
|
133
|
|
|
|
9.28
|
|
|
|
46
|
|
11/01/08
|
|
|
10/31/09
|
|
|
|
16.15
|
|
|
|
0.06
|
|
|
|
2.01
|
|
|
|
2.07
|
|
|
|
(0.54
|
)(e)
|
|
|
|
|
|
|
(0.54
|
)
|
|
|
17.68
|
|
|
|
2.48
|
|
|
|
2.62
|
|
|
|
0.39
|
|
|
|
179
|
|
|
|
13.34
|
|
|
|
65
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
33.66
|
|
|
|
0.09
|
|
|
|
(14.71
|
)
|
|
|
(14.62
|
)
|
|
|
|
|
|
|
(2.89
|
)
|
|
|
(2.89
|
)
|
|
|
16.15
|
|
|
|
2.17
|
|
|
|
2.17
|
|
|
|
0.33
|
|
|
|
115
|
|
|
|
(47.19
|
)
|
|
|
91
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11/01/11
|
|
|
10/31/12
|
|
|
|
18.42
|
|
|
|
0.34
|
|
|
|
(0.05
|
)
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18.71
|
|
|
|
1.15
|
|
|
|
2.11
|
|
|
|
1.86
|
|
|
|
72
|
|
|
|
1.57
|
|
|
|
1
|
|
11/01/10
|
|
|
10/31/11
|
|
|
|
21.67
|
|
|
|
0.07
|
|
|
|
(2.70
|
)
|
|
|
(2.63
|
)
|
|
|
(0.62
|
)
|
|
|
|
|
|
|
(0.62
|
)
|
|
|
18.42
|
|
|
|
1.15
|
|
|
|
1.69
|
|
|
|
0.35
|
|
|
|
68
|
|
|
|
(12.57
|
)
|
|
|
0
|
|
11/01/09
|
|
|
10/31/10
|
|
|
|
19.57
|
|
|
|
0.10
|
|
|
|
2.00
|
|
|
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.67
|
|
|
|
1.15
|
|
|
|
1.56
|
|
|
|
0.53
|
|
|
|
179
|
|
|
|
10.73
|
|
|
|
1
|
|
03/13/09(f)
|
|
|
10/31/09
|
|
|
|
13.59
|
|
|
|
0.08
|
|
|
|
5.90
|
|
|
|
5.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19.57
|
|
|
|
1.15
|
(d)
|
|
|
1.50
|
(d)
|
|
|
0.76
|
(d)
|
|
|
179
|
|
|
|
44.00
|
|
|
|
0
|
|
02/09/09
|
|
|
02/28/09
|
(f)
|
|
|
15.60
|
|
|
|
0.02
|
|
|
|
(1.86
|
)
|
|
|
(1.84
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13.76
|
|
|
|
1.15
|
(d)
|
|
|
1.40
|
(d)
|
|
|
2.92
|
(d)
|
|
|
179
|
|
|
|
(11.79
|
)
|
|
|
0
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11/01/11
|
|
|
10/31/12
|
|
|
|
17.75
|
|
|
|
0.03
|
|
|
|
0.14
|
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17.92
|
|
|
|
1.75
|
|
|
|
2.42
|
|
|
|
0.16
|
|
|
|
72
|
|
|
|
0.96
|
|
|
|
0
|
|
11/01/10
|
|
|
10/31/11
|
|
|
|
20.95
|
|
|
|
|
(g)
|
|
|
(2.67
|
)
|
|
|
(2.67
|
)
|
|
|
(0.53
|
)
|
|
|
|
|
|
|
(0.53
|
)
|
|
|
17.75
|
|
|
|
1.75
|
|
|
|
2.19
|
|
|
|
0.01
|
|
|
|
68
|
|
|
|
(13.18
|
)
|
|
|
0
|
|
12/28/09
|
|
|
10/31/10
|
|
|
|
20.80
|
|
|
|
(0.79
|
)
|
|
|
0.94
|
|
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.95
|
|
|
|
1.74
|
(d)
|
|
|
3.18
|
(d)
|
|
|
(4.66
|
)(d)
|
|
|
133
|
|
|
|
0.72
|
|
|
|
0
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11/01/11
|
|
|
10/31/12
|
|
|
|
18.24
|
|
|
|
0.30
|
|
|
|
(0.02
|
)
|
|
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18.52
|
|
|
|
1.15
|
|
|
|
1.95
|
|
|
|
1.65
|
|
|
|
72
|
|
|
|
1.54
|
|
|
|
0
|
|
11/01/10
|
|
|
10/31/11
|
|
|
|
21.49
|
|
|
|
0.14
|
|
|
|
(2.77
|
)
|
|
|
(2.63
|
)
|
|
|
(0.62
|
)
|
|
|
|
|
|
|
(0.62
|
)
|
|
|
18.24
|
|
|
|
1.15
|
|
|
|
1.59
|
|
|
|
0.66
|
|
|
|
68
|
|
|
|
(12.70
|
)
|
|
|
0
|
|
12/28/09
|
|
|
10/31/10
|
|
|
|
20.88
|
|
|
|
(0.07
|
)
|
|
|
0.68
|
|
|
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.49
|
|
|
|
1.14
|
(d)
|
|
|
1.78
|
(d)
|
|
|
(0.43
|
)(d)
|
|
|
133
|
|
|
|
2.92
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
1.48
|
(d)
|
|
|
1.51
|
(d)
|
|
|
53
|
|
|
|
5.78
|
|
|
|
48
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
2.23
|
(d)
|
|
|
0.68
|
(d)
|
|
|
53
|
|
|
|
5.23
|
|
|
|
50
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
2.11
|
(d)
|
|
|
1.59
|
(d)
|
|
|
53
|
|
|
|
6.05
|
|
|
|
4
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
1.95
|
(d)
|
|
|
0.91
|
(d)
|
|
|
53
|
|
|
|
5.63
|
|
|
|
0
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
41
|
|
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 Investment Grade Bond Fund (contd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
4.92
|
(d)
|
|
|
1.77
|
(d)
|
|
|
53
|
|
|
|
5.75
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Mid Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
34.48
|
|
|
|
(0.20
|
)
|
|
|
(10.29
|
)
|
|
|
(10.49
|
)
|
|
|
|
|
|
|
(5.36
|
)
|
|
|
(5.36
|
)
|
|
|
18.63
|
|
|
|
1.30
|
|
|
|
1.30
|
|
|
|
(0.74
|
)
|
|
|
141
|
|
|
|
(35.68
|
)
|
|
|
86
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
31.65
|
|
|
|
(0.36
|
)
|
|
|
(9.25
|
)
|
|
|
(9.61
|
)
|
|
|
|
|
|
|
(5.36
|
)
|
|
|
(5.36
|
)
|
|
|
16.68
|
|
|
|
2.05
|
|
|
|
2.05
|
|
|
|
(1.48
|
)
|
|
|
141
|
|
|
|
(36.16
|
)
|
|
|
42
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
34.69
|
|
|
|
(0.12
|
)
|
|
|
(10.38
|
)
|
|
|
(10.50
|
)
|
|
|
|
|
|
|
(5.36
|
)
|
|
|
(5.36
|
)
|
|
|
18.83
|
|
|
|
0.95
|
|
|
|
1.04
|
|
|
|
(0.54
|
)
|
|
|
141
|
|
|
|
(35.46
|
)
|
|
|
0
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
1.74
|
(d)
|
|
|
(0.94
|
)(d)
|
|
|
127
|
|
|
|
25.83
|
|
|
|
0
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
1.15
|
(d)
|
|
|
(0.44
|
)(d)
|
|
|
96
|
|
|
|
15.63
|
|
|
|
0
|
|
Class R-6*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
0.85
|
(d)
|
|
|
(0.32
|
)(d)
|
|
|
91
|
|
|
|
3.74
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Mid Cap Stock Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
32.59
|
|
|
|
(0.09
|
)
|
|
|
(10.83
|
)
|
|
|
(10.92
|
)
|
|
|
|
|
|
|
(3.33
|
)
|
|
|
(3.33
|
)
|
|
|
18.34
|
|
|
|
1.15
|
|
|
|
1.15
|
|
|
|
(0.34
|
)
|
|
|
176
|
|
|
|
(37.04
|
)
|
|
|
780
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
29.62
|
|
|
|
(0.25
|
)
|
|
|
(9.70
|
)
|
|
|
(9.95
|
)
|
|
|
|
|
|
|
(3.33
|
)
|
|
|
(3.33
|
)
|
|
|
16.34
|
|
|
|
1.88
|
|
|
|
1.88
|
|
|
|
(1.07
|
)
|
|
|
176
|
|
|
|
(37.53
|
)
|
|
|
229
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
32.74
|
|
|
|
|
|
|
|
(10.92
|
)
|
|
|
(10.92
|
)
|
|
|
|
|
|
|
(3.33
|
)
|
|
|
(3.33
|
)
|
|
|
18.49
|
|
|
|
0.81
|
|
|
|
0.81
|
|
|
|
(0.02
|
)
|
|
|
176
|
|
|
|
(36.85
|
)
|
|
|
79
|
|
|
|
|
42
|
|
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 (contd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
32.52
|
|
|
|
(0.13
|
)
|
|
|
(10.80
|
)
|
|
|
(10.93
|
)
|
|
|
|
|
|
|
(3.33
|
)
|
|
|
(3.33
|
)
|
|
|
18.26
|
|
|
|
1.33
|
|
|
|
1.33
|
|
|
|
(0.53
|
)
|
|
|
176
|
|
|
|
(37.16
|
)
|
|
|
1
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
32.73
|
|
|
|
0.02
|
|
|
|
(10.92
|
)
|
|
|
(10.90
|
)
|
|
|
|
|
|
|
(3.33
|
)
|
|
|
(3.33
|
)
|
|
|
18.50
|
|
|
|
0.74
|
|
|
|
0.74
|
|
|
|
0.06
|
|
|
|
176
|
|
|
|
(36.80
|
)
|
|
|
24
|
|
Class R-6*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
0.85
|
(d)
|
|
|
0.24
|
(d)
|
|
|
242
|
|
|
|
1.14
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Small Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
41.33
|
|
|
|
(0.16
|
)
|
|
|
(12.81
|
)
|
|
|
(12.97
|
)
|
|
|
|
|
|
|
(5.84
|
)
|
|
|
(5.84
|
)
|
|
|
22.52
|
|
|
|
1.27
|
|
|
|
1.27
|
|
|
|
(0.50
|
)
|
|
|
51
|
|
|
|
(35.81
|
)
|
|
|
189
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
36.69
|
|
|
|
(0.34
|
)
|
|
|
(11.11
|
)
|
|
|
(11.45
|
)
|
|
|
|
|
|
|
(5.84
|
)
|
|
|
(5.84
|
)
|
|
|
19.40
|
|
|
|
2.02
|
|
|
|
2.02
|
|
|
|
(1.25
|
)
|
|
|
51
|
|
|
|
(36.26
|
)
|
|
|
59
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
41.51
|
|
|
|
(0.08
|
)
|
|
|
(12.87
|
)
|
|
|
(12.95
|
)
|
|
|
|
|
|
|
(5.84
|
)
|
|
|
(5.84
|
)
|
|
|
22.72
|
|
|
|
0.93
|
|
|
|
0.93
|
|
|
|
(0.27
|
)
|
|
|
51
|
|
|
|
(35.57
|
)
|
|
|
10
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
41.25
|
|
|
|
(0.20
|
)
|
|
|
(12.77
|
)
|
|
|
(12.97
|
)
|
|
|
|
|
|
|
(5.84
|
)
|
|
|
(5.84
|
)
|
|
|
22.44
|
|
|
|
1.42
|
|
|
|
1.42
|
|
|
|
(0.67
|
)
|
|
|
51
|
|
|
|
(35.88
|
)
|
|
|
1
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
11/01/07
|
|
|
10/31/08
|
|
|
|
41.50
|
|
|
|
(0.05
|
)
|
|
|
(12.89
|
)
|
|
|
(12.94
|
)
|
|
|
|
|
|
|
(5.84
|
)
|
|
|
(5.84
|
)
|
|
|
22.72
|
|
|
|
0.90
|
|
|
|
0.90
|
|
|
|
(0.15
|
)
|
|
|
51
|
|
|
|
(35.55
|
)
|
|
|
11
|
|
Class R-6*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
0.85
|
(d)
|
|
|
(0.75
|
)(d)
|
|
|
36
|
|
|
|
5.05
|
|
|
|
65
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
|
|
|
43
|
|
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 Smaller Company Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
4.53
|
(d)
|
|
|
(0.45
|
)(d)
|
|
|
23
|
|
|
|
15.75
|
|
|
|
6
|
|
Class C*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
5.37
|
(d)
|
|
|
(1.27
|
)(d)
|
|
|
23
|
|
|
|
14.84
|
|
|
|
3
|
|
Class I*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
1.80
|
(d)
|
|
|
(0.04
|
)(d)
|
|
|
23
|
|
|
|
71.92
|
|
|
|
49
|
|
Class R-3*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11/01/11
|
|
|
10/31/12
|
|
|
|
19.96
|
|
|
|
|
(g)
|
|
|
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
|
(d)
|
|
|
2.68
|
(d)
|
|
|
(0.69
|
)(d)
|
|
|
22
|
|
|
|
9.74
|
|
|
|
0
|
|
Class R-5*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
1.96
|
(d)
|
|
|
0.05
|
(d)
|
|
|
22
|
|
|
|
10.44
|
|
|
|
0
|
|
Class R-6*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
(d)
|
|
|
1.24
|
(d)
|
|
|
0.17
|
(d)
|
|
|
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 Growth & Income Fund changed its subadvisor effective June 1, 2011.
(d)
Annualized.
(e) Includes tax return of capital distribution of $0.02 per share.
(f) There were no shares outstanding from February 25, 2009 through March 12, 2009.
(g) Per share
amount is less than $0.005.
|
|
|
44
|
|
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 Boards of Trustees (Boards) 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 six series:
|
|
|
The
Eagle International Equity Fund
(International Equity Fund) seeks capital appreciation principally through investment in a portfolio of
international equity securities,
|
|
|
|
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, and
|
|
|
|
The
Eagle Smaller Company Fund
(Smaller Company Fund) (formerly known as the Eagle Small Cap Core Value Fund) seeks capital growth.
|
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 Mid Cap Growth Fund, the
Mid Cap Stock Fund, the Small Cap Growth 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 Funds 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 to reflect events that occur between the close of those markets and the time of the Funds determination of the
NAV.
A market quotation may be considered unreliable or unavailable for various reasons, such as:
|
|
|
The quotation may be stale;
|
|
|
|
The quotation may be unreliable because the security is not actively traded;
|
|
|
|
Trading on the security halted before the close of the trading market;
|
|
|
|
Security is newly issued;
|
Notes to Financial Statements
|
|
|
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.
|
Both the latest transaction prices and adjustments are furnished by independent pricing services subject to supervision by the Boards. 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 Boards. A Fund may fair value small-cap securities, for example, that are thinly traded or illiquid. Fair
value is the amount that the owner might reasonably expect to receive for the security upon its current sale. Fair value requires consideration of all 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
Boards have 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
Boards at their regularly scheduled meetings. The Boards retain 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, Procedures and
pricing services can change from time to time as approved by the Boards, 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 the Fund 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 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. The Fund may fair value a security if certain events occur between the time trading ends on a particular security and the Funds NAV calculation. The Fund may also fair value a particular security if the events are significant and
make the closing price unreliable. If an issuer-specific event has occurred that Eagle determines, in its judgment, is likely to have affected the closing price of a foreign security, the Fund will price the security at fair value. Eagle also
utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the NYSE Close.
Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by a pricing service. The pricing vendor, pricing methodology or degree of certainty may change
|
Notes to Financial Statements
|
|
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 Funds 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 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. 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. At October 31, 2012, none of the Funds held any futures or options.
|
|
|
|
Investment
companies
|
Investments in other investment companies are valued at their reported NAV. In addition, investments
in exchange traded funds are valued on the basis of market quotations, if available. 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.
|
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 1Valuations
based on quoted prices for identical securities in active markets;
Level 2Valuations 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 3Valuations based on inputs that are unobservable and significant to the fair value measurement, and may include the Valuation Committees 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 investments 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 are primarily supported by quoted prices from brokers
and dealers participating in the market for those investments. However, these 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. During the fiscal year ended October 31, 2012, none of the Funds held any investments that were deemed
to be Level 3.
The following is a summary of the inputs used to value each Funds investments as of October 31, 2012.
Notes to Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted prices in
active markets
for identical
assets
(Level 1)
|
|
|
Significant
other
observable
inputs
(Level 2)(a)
|
|
|
Total
|
|
Capital Appreciation Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stocks (b)
|
|
|
$304,948,593
|
|
|
|
$
|
|
|
|
$304,948,593
|
|
Total investment portfolio
|
|
|
$304,948,593
|
|
|
|
$
|
|
|
|
$304,948,593
|
|
Growth & Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stocks (b)
|
|
|
$292,087,309
|
|
|
|
$
|
|
|
|
$292,087,309
|
|
Foreign common stocks (b)
|
|
|
45,222,144
|
|
|
|
|
|
|
|
45,222,144
|
|
Total investment portfolio
|
|
|
$337,309,453
|
|
|
|
$
|
|
|
|
$337,309,453
|
|
International Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign common stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
|
$
|
|
|
|
$347,183
|
|
|
|
$347,183
|
|
Aerospace/defense
|
|
|
|
|
|
|
511,483
|
|
|
|
511,483
|
|
Agriculture
|
|
|
|
|
|
|
342,645
|
|
|
|
342,645
|
|
Apparel
|
|
|
|
|
|
|
275,834
|
|
|
|
275,834
|
|
Auto manufacturers
|
|
|
|
|
|
|
1,011,477
|
|
|
|
1,011,477
|
|
Auto parts & equipment
|
|
|
|
|
|
|
251,374
|
|
|
|
251,374
|
|
Banks
|
|
|
50,551
|
|
|
|
5,200,213
|
|
|
|
5,250,764
|
|
Beverages
|
|
|
|
|
|
|
651,109
|
|
|
|
651,109
|
|
Biotechnology
|
|
|
|
|
|
|
51,757
|
|
|
|
51,757
|
|
Building materials
|
|
|
|
|
|
|
169,079
|
|
|
|
169,079
|
|
Chemicals
|
|
|
328,155
|
|
|
|
1,295,213
|
|
|
|
1,623,368
|
|
Commercial services
|
|
|
|
|
|
|
110,647
|
|
|
|
110,647
|
|
Cosmetics/personal care
|
|
|
|
|
|
|
452,602
|
|
|
|
452,602
|
|
Distribution/wholesale
|
|
|
|
|
|
|
244,296
|
|
|
|
244,296
|
|
Electric
|
|
|
|
|
|
|
1,077,569
|
|
|
|
1,077,569
|
|
Electrical components & equipment
|
|
|
|
|
|
|
302,656
|
|
|
|
302,656
|
|
Electronics
|
|
|
|
|
|
|
86,035
|
|
|
|
86,035
|
|
Engineering & construction
|
|
|
|
|
|
|
539,622
|
|
|
|
539,622
|
|
Entertainment
|
|
|
|
|
|
|
69,407
|
|
|
|
69,407
|
|
Food
|
|
|
|
|
|
|
1,053,100
|
|
|
|
1,053,100
|
|
Food service
|
|
|
|
|
|
|
174,608
|
|
|
|
174,608
|
|
Forest products & paper
|
|
|
|
|
|
|
87,385
|
|
|
|
87,385
|
|
Gas
|
|
|
|
|
|
|
244,543
|
|
|
|
244,543
|
|
Hand/machine tools
|
|
|
|
|
|
|
173,442
|
|
|
|
173,442
|
|
Healthcare products
|
|
|
|
|
|
|
450,969
|
|
|
|
450,969
|
|
Holding companiesdiversified
|
|
|
|
|
|
|
138,766
|
|
|
|
138,766
|
|
Insurance
|
|
|
|
|
|
|
890,572
|
|
|
|
890,572
|
|
Internet
|
|
|
|
|
|
|
176,262
|
|
|
|
176,262
|
|
Iron/steel
|
|
|
60,369
|
|
|
|
|
|
|
|
60,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted prices in
active markets
for identical
assets
(Level 1)
|
|
|
Significant
other
observable
inputs
(Level 2)(a)
|
|
|
Total
|
|
International Equity Fund (contd)
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
|
$
|
|
|
|
$221,388
|
|
|
|
$221,388
|
|
Machineryconstruction & mining
|
|
|
|
|
|
|
195,607
|
|
|
|
195,607
|
|
Machinery-diversified
|
|
|
|
|
|
|
268,694
|
|
|
|
268,694
|
|
Media
|
|
|
|
|
|
|
241,522
|
|
|
|
241,522
|
|
Metal fabricate/hardware
|
|
|
|
|
|
|
58,901
|
|
|
|
58,901
|
|
Mining
|
|
|
485,709
|
|
|
|
863,454
|
|
|
|
1,349,163
|
|
Miscellaneous manufacturer
|
|
|
|
|
|
|
278,462
|
|
|
|
278,462
|
|
Oil & gas
|
|
|
550,353
|
|
|
|
1,631,144
|
|
|
|
2,181,497
|
|
Oil & gas services
|
|
|
|
|
|
|
176,865
|
|
|
|
176,865
|
|
Pharmaceuticals
|
|
|
82,134
|
|
|
|
2,509,100
|
|
|
|
2,591,234
|
|
Real estate
|
|
|
|
|
|
|
150,138
|
|
|
|
150,138
|
|
Retail
|
|
|
|
|
|
|
956,001
|
|
|
|
956,001
|
|
Semiconductors
|
|
|
|
|
|
|
842,234
|
|
|
|
842,234
|
|
Software
|
|
|
|
|
|
|
192,307
|
|
|
|
192,307
|
|
Telecommunications
|
|
|
236,841
|
|
|
|
2,042,447
|
|
|
|
2,279,288
|
|
Transportation
|
|
|
|
|
|
|
117,758
|
|
|
|
117,758
|
|
Water
|
|
|
|
|
|
|
14,996
|
|
|
|
14,996
|
|
Foreign preferred stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace/defense
|
|
|
|
|
|
|
1,708
|
|
|
|
1,708
|
|
Auto manufacturers
|
|
|
|
|
|
|
333,674
|
|
|
|
333,674
|
|
Household products/wares
|
|
|
|
|
|
|
78,019
|
|
|
|
78,019
|
|
Iron/steel
|
|
|
81,038
|
|
|
|
|
|
|
|
81,038
|
|
Oil & gas
|
|
|
67,714
|
|
|
|
|
|
|
|
67,714
|
|
Investment companies
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity fund
|
|
|
86,600
|
|
|
|
|
|
|
|
86,600
|
|
Equity fund
|
|
|
95,130
|
|
|
|
|
|
|
|
95,130
|
|
Total investment portfolio
|
|
|
$2,124,594
|
|
|
|
$27,554,267
|
|
|
|
$29,678,861
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic corporate bonds (b)
|
|
|
$
|
|
|
|
$47,443,607
|
|
|
|
$47,443,607
|
|
Foreign corporate bonds (b)
|
|
|
|
|
|
|
10,693,950
|
|
|
|
10,693,950
|
|
Domestic mortgage-backed obligations (b)
|
|
|
|
|
|
|
33,824,908
|
|
|
|
33,824,908
|
|
Foreign mortgage-backed obligations (b)
|
|
|
|
|
|
|
3,158,900
|
|
|
|
3,158,900
|
|
U.S. Treasuries
|
|
|
|
|
|
|
23,780,960
|
|
|
|
23,780,960
|
|
U.S. Government agency securities
|
|
|
|
|
|
|
7,376,394
|
|
|
|
7,376,394
|
|
Foreign government securities
|
|
|
|
|
|
|
1,092,600
|
|
|
|
1,092,600
|
|
Notes to Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted prices in
active markets
for identical
assets
(Level 1)
|
|
|
Significant
other
observable
inputs
(Level 2)(a)
|
|
|
Total
|
|
Investment Grade Bond Fund (contd)
|
|
|
|
|
|
Supranational banks
|
|
|
$
|
|
|
|
$1,050,423
|
|
|
|
$1,050,423
|
|
Total investment portfolio
|
|
|
$
|
|
|
|
$128,421,742
|
|
|
|
$128,421,742
|
|
Mid Cap Growth Fund
|
|
Domestic common stocks (b)
|
|
|
$408,298,975
|
|
|
|
$
|
|
|
|
$408,298,975
|
|
Total investment portfolio
|
|
|
$408,298,975
|
|
|
|
$
|
|
|
|
$408,298,975
|
|
Mid Cap Stock Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stocks (b)
|
|
|
$520,175,506
|
|
|
|
$
|
|
|
|
$520,175,506
|
|
Total investment portfolio
|
|
|
$520,175,506
|
|
|
|
$
|
|
|
|
$520,175,506
|
|
Small Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stocks (b)
|
|
|
$2,669,751,466
|
|
|
|
$
|
|
|
|
$2,669,751,466
|
|
Total investment portfolio
|
|
|
$2,669,751,466
|
|
|
|
$
|
|
|
|
$2,669,751,466
|
|
Smaller Company Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stocks (b)
|
|
|
$74,878,465
|
|
|
|
$
|
|
|
|
$74,878,465
|
|
Investment companies
|
|
|
415,416
|
|
|
|
|
|
|
|
415,416
|
|
Total investment portfolio
|
|
|
$75,293,881
|
|
|
|
$
|
|
|
|
$75,293,881
|
|
(a) Securities in the International Equity Fund with a market value of $2,199,341 transferred from Level 1 to Level 2 during the fiscal year ended October 31, 2012. This
includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
|
|
|
(b) Please see the investment portfolio for detail by industry
|
|
Derivative instruments
|
Authoritative guidance over derivatives requires qualitative disclosures about the objectives and strategies for using derivative instruments, quantitative disclosures about the fair value of,
and gains and losses on, derivative instruments, as well as disclosures about credit-risk-related contingent features in derivative agreements.
During
the year ended October 31, 2012, the International Equity Fund engaged in foreign currency contracts. The average notional value of forward foreign currency contracts was approximately $5,981,000 during the year ended October 31, 2012.
As of October 31, 2012 none of the Funds held any derivative instruments.
The effect of derivative instruments on the International Equity Funds Statement of Operations for the fiscal year ended October 31, 2012 is as follows:
|
|
|
Type of derivative
|
|
Forward foreign currency
exchange contracts
|
Location of gain (loss) on
derivatives recognized in income
|
|
Net realized gain (loss) on foreign currency transactions/Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
|
Realized gain (loss) on derivatives recognized in income
|
|
$(77,296)
|
Change in unrealized appreciation (depreciation) on derivatives recognized in income
|
|
$234,200
|
During the fiscal year ended October 31, 2012, no other Fund engaged in derivative activity.
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. Each Fund does 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. Net realized gain (loss) from foreign currency transactions also includes
the effect of any Brazilian IOF tax.
Forward foreign currency exchange
contracts
|
Each of the Funds except the Small Cap Growth Fund is authorized to enter into forward foreign
currency exchange 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 Statement of Assets and Liabilities. When the contracts are closed, the gain or loss
Notes to Financial Statements
is realized. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise from unanticipated movements in the currencys value relative to the U.S.
dollar and from the possible inability of counter-parties to meet the terms of their contracts.
Real estate investment trusts
(REITs)
|
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 Managers estimate of the income included in distributions from the REIT investments.
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, 2012, 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 capital gains 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. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Funds may accrue such taxes when the related income or tax gains are earned. 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 those expenses that are directly attributable to it, while other expenses are allocated proportionately among the Eagle Family of Funds based upon
methods approved by the Boards. 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 receives credits on
uninvested cash balances which are used to offset a portion of each Funds expenses. These custodian credits are shown as Expense offsets in the Statement 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 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
|
|
11/1/2011 to
10/31/2012
|
|
|
11/1/2010 to
10/31/2011
|
|
Growth & Income Fund
|
|
|
|
|
|
|
|
|
Class A
|
|
|
$3,227,251
|
|
|
|
$2,761,512
|
|
Class C
|
|
|
1,520,090
|
|
|
|
1,076,255
|
|
Class I
|
|
|
808,093
|
|
|
|
411,068
|
|
Class R-3
|
|
|
30,718
|
|
|
|
12,186
|
|
Class R-5
|
|
|
2,434
|
|
|
|
107
|
|
Class R-6
|
|
|
63
|
|
|
|
15
|
|
International Equity Fund
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
838,237
|
|
Notes to Financial Statements
|
|
|
|
|
|
|
|
|
Distributions from net investment income
(contd)
|
|
11/1/2011 to
10/31/2012
|
|
|
11/1/2010 to
10/31/2011
|
|
International Equity Fund (contd)
|
|
|
|
|
|
|
|
|
Class C
|
|
|
$
|
|
|
|
$738,065
|
|
Class I
|
|
|
|
|
|
|
13,109
|
|
Class R-3
|
|
|
|
|
|
|
64
|
|
Class R-5
|
|
|
|
|
|
|
74
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
Class A
|
|
|
746,484
|
|
|
|
784,310
|
|
Class C
|
|
|
227,963
|
|
|
|
380,410
|
|
Class I
|
|
|
71,307
|
|
|
|
54,671
|
|
Class R-3
|
|
|
400
|
|
|
|
654
|
|
Class R-5
|
|
|
39
|
|
|
|
46
|
|
Smaller Company Fund
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
|
|
Class I
|
|
|
29,572
|
|
|
|
38,786
|
|
Class R-3
|
|
|
|
|
|
|
|
|
Class R-5
|
|
|
4
|
|
|
|
2
|
|
Class R-6
|
|
|
2
|
|
|
|
|
|
Distributions paid to shareholders from net realized gains were as follows:
|
|
|
|
|
|
|
|
|
Distributions from net realized gains
|
|
11/1/2011 to
10/31/2012
|
|
|
11/1/2010 to
10/31/2011
|
|
Growth & Income Fund
|
|
|
|
|
|
|
|
|
Class A
|
|
|
$6,921,356
|
|
|
|
$
|
|
Class C
|
|
|
4,328,785
|
|
|
|
|
|
Class I
|
|
|
858,710
|
|
|
|
|
|
Class R-3
|
|
|
45,466
|
|
|
|
|
|
Class R-5
|
|
|
545
|
|
|
|
|
|
Class R-6
|
|
|
131
|
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
Class A
|
|
|
503,904
|
|
|
|
255,024
|
|
Class C
|
|
|
469,581
|
|
|
|
266,145
|
|
Class I
|
|
|
34,172
|
|
|
|
17,814
|
|
Class R-3
|
|
|
436
|
|
|
|
283
|
|
Class R-5
|
|
|
23
|
|
|
|
13
|
|
Smaller Company Fund
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,561,809
|
|
|
|
920,371
|
|
Class C
|
|
|
878,269
|
|
|
|
462,137
|
|
Class I
|
|
|
8,026,202
|
|
|
|
4,901,232
|
|
Class R-3
|
|
|
1,082
|
|
|
|
246
|
|
Class R-5
|
|
|
400
|
|
|
|
246
|
|
Class R-6
|
|
|
339
|
|
|
|
|
|
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 its 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, 2012, purchases and sales of investment securities (excluding repurchase agreements and short-term obligations) were as follows:
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
Sales
|
|
Capital Appreciation Fund
|
|
|
$70,610,752
|
|
|
|
$209,089,517
|
|
Growth & Income Fund
|
|
|
125,301,374
|
|
|
|
58,542,509
|
|
International Equity Fund
|
|
|
26,113,659
|
|
|
|
43,831,308
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
Stocks and Long-Term Debt Securities
|
|
|
96,409,568
|
|
|
|
89,048,223
|
|
Long-Term U.S. Treasury Securities
|
|
|
32,994,583
|
|
|
|
26,432,217
|
|
Mid Cap Growth Fund
|
|
|
372,432,809
|
|
|
|
375,236,375
|
|
Mid Cap Stock Fund
|
|
|
1,373,649,427
|
|
|
|
1,900,491,115
|
|
Small Cap Growth Fund
|
|
|
2,023,489,853
|
|
|
|
961,723,617
|
|
Smaller Company Fund
|
|
|
10,339,077
|
|
|
|
18,039,092
|
|
NOTE
4
|
Investment advisory fees and other transactions with affiliates
| Each
Fund agreed to pay to the Manager an investment advisory and an administrative fee equal to an annualized rate based on a percentage of each Funds average daily net assets, computed daily and payable monthly. For advisory services provided by
the Manager, the investment advisory rate for each Fund was as follows:
|
|
|
|
|
|
|
|
|
Investment advisory fee
rate schedule
|
|
Breakpoint
|
|
|
Investment
advisory fee
|
|
Capital Appreciation Fund
|
|
|
First $1 billion
|
|
|
|
0.60
|
%
|
|
|
|
Over $1 billion
|
|
|
|
0.55
|
%
|
Growth & Income Fund
|
|
|
First $100 million
|
|
|
|
0.60
|
%
|
|
|
|
$100 million to $500 million
|
|
|
|
0.45
|
%
|
|
|
|
Over $500 million
|
|
|
|
0.40
|
%
|
International Equity Fund
|
|
|
First $100 million
|
|
|
|
0.85
|
%
|
|
|
|
$100 million to $1 billion
|
|
|
|
0.65
|
%
|
|
|
|
Over $1 billion
|
|
|
|
0.55
|
%
|
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
|
|
|
|
0.60
|
%
|
|
|
$500 million to $1 billion
|
|
|
|
0.55
|
%
|
|
|
Over $1 billion
|
|
|
|
0.50
|
%
|
Notes to Financial Statements
For administrative services provided by the Manager, each Fund agreed to pay an administrative rate of 0.15% for
Class A, Class C and Class R-3 shares and 0.10% for Class I, Class R-5 and Class R-6 shares.
Subadvisory fees
|
The Manager entered into subadvisory agreements with certain parties to provide investment advice, portfolio management services
(including the placement of brokerage orders), certain compliance and other services to the Funds.
The Manager entered into a subadvisory
agreement with unaffiliated parties to serve as subadviser to the Capital Appreciation Fund and the International Equity Fund.
The Manager 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 Funds 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 funds 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 Distribution
plans for Class I, Class R-5, and Class R-6 shares do not authorize a distribution fee to be paid from Fund assets.
Sales charges
|
For the fiscal year ended October 31, 2012, 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
|
|
|
$36,184
|
|
|
|
$
|
|
|
|
$1,089
|
|
Growth & Income Fund
|
|
|
433,589
|
|
|
|
4
|
|
|
|
6,731
|
|
International Equity Fund
|
|
|
11,786
|
|
|
|
|
|
|
|
667
|
|
Investment Grade Bond Fund
|
|
|
51,259
|
|
|
|
14,679
|
|
|
|
9,931
|
|
Mid Cap Growth Fund
|
|
|
112,061
|
|
|
|
|
|
|
|
9,786
|
|
Mid Cap Stock Fund
|
|
|
133,348
|
|
|
|
108
|
|
|
|
12,468
|
|
Small Cap Growth Fund
|
|
|
452,954
|
|
|
|
496
|
|
|
|
13,023
|
|
Smaller Company Fund
|
|
|
31,323
|
|
|
|
|
|
|
|
660
|
|
The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.
Agency
commissions
|
For the fiscal year ended October 31, 2012, 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
|
|
|
$109,150
|
|
|
|
$
|
|
Growth & Income Fund
|
|
|
61,779
|
|
|
|
|
|
International Equity Fund
|
|
|
76,942
|
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
Mid Cap Growth Fund
|
|
|
507,677
|
|
|
|
36,588
|
|
Mid Cap Stock Fund
|
|
|
1,485,055
|
|
|
|
25,299
|
|
Small Cap Growth Fund
|
|
|
2,069,286
|
|
|
|
57,850
|
|
Smaller Company Fund
|
|
|
24,930
|
|
|
|
1,995
|
|
Internal audit fees
|
RJA provides internal audit services to the Funds. Each Fund pays RJA a fixed and/or hourly fee for these services.
Shareholder servicing fees
|
Eagle Fund Services, Inc. (EFS),
an affiliate of the Manager, is the shareholder servicing agent for each of the Funds. EFS actual cost of providing such services is reimbursed by the Funds on a pro-rata basis of each Funds relative total net assets. The amount of
Shareholder servicing fees charged to the Funds were as follows:
Notes to Financial Statements
|
|
|
|
|
Shareholder servicing fees
|
|
11/1/2011 to
10/31/2012
|
|
Capital Appreciation Fund Class A
|
|
|
$15,686
|
|
Capital Appreciation Fund Class C
|
|
|
4,957
|
|
Capital Appreciation Fund Class I
|
|
|
1,059
|
|
Capital Appreciation Fund Class R-3
|
|
|
59
|
|
Capital Appreciation Fund Class R-5
|
|
|
2,031
|
|
Capital Appreciation Fund Class R-6
|
|
|
N/A
|
|
Growth & Income Fund Class A
|
|
|
11,709
|
|
Growth & Income Fund Class C
|
|
|
7,730
|
|
Growth & Income Fund Class I
|
|
|
2,447
|
|
Growth & Income Fund Class R-3
|
|
|
124
|
|
Growth & Income Fund Class R-5
|
|
|
7
|
|
Growth & Income Fund Class R-6
|
|
|
|
|
International Equity Fund Class A
|
|
|
1,265
|
|
International Equity Fund Class C
|
|
|
1,445
|
|
International Equity Fund Class I
|
|
|
45
|
|
International Equity Fund Class R-3
|
|
|
3
|
|
International Equity Fund Class R-5
|
|
|
|
|
International Equity Fund Class R-6
|
|
|
N/A
|
|
Investment Grade Bond Fund Class A
|
|
|
4,673
|
|
Investment Grade Bond Fund Class C
|
|
|
4,388
|
|
Investment Grade Bond Fund Class I
|
|
|
385
|
|
Investment Grade Bond Fund Class R-3
|
|
|
3
|
|
Investment Grade Bond Fund Class R-5
|
|
|
|
|
Investment Grade Bond Fund Class R-6
|
|
|
N/A
|
|
Mid Cap Growth Fund Class A
|
|
|
18,784
|
|
Mid Cap Growth Fund Class C
|
|
|
5,906
|
|
Mid Cap Growth Fund Class I
|
|
|
5,290
|
|
Mid Cap Growth Fund Class R-3
|
|
|
502
|
|
Mid Cap Growth Fund Class R-5
|
|
|
2,002
|
|
Mid Cap Growth Fund Class R-6
|
|
|
|
|
Mid Cap Stock Fund Class A
|
|
|
26,490
|
|
Mid Cap Stock Fund Class C
|
|
|
13,133
|
|
Mid Cap Stock Fund Class I
|
|
|
10,827
|
|
Mid Cap Stock Fund Class R-3
|
|
|
423
|
|
Mid Cap Stock Fund Class R-5
|
|
|
3,185
|
|
Mid Cap Stock Fund Class R-6
|
|
|
|
|
Small Cap Growth Fund Class A
|
|
|
45,903
|
|
Small Cap Growth Fund Class C
|
|
|
8,880
|
|
Small Cap Growth Fund Class I
|
|
|
79,385
|
|
Small Cap Growth Fund Class R-3
|
|
|
5,084
|
|
Small Cap Growth Fund Class R-5
|
|
|
14,829
|
|
Small Cap Growth Fund Class R-6
|
|
|
|
|
Smaller Company Fund Class A
|
|
|
939
|
|
|
|
|
|
|
Shareholder servicing fees (contd)
|
|
11/1/2011 to
10/31/2012
|
|
Smaller Company Fund Class C
|
|
|
$515
|
|
Smaller Company Fund Class I
|
|
|
4,408
|
|
Smaller Company Fund Class R-3
|
|
|
6
|
|
Smaller Company Fund Class R-5
|
|
|
|
|
Smaller Company Fund Class R-6
|
|
|
|
|
Expense limitations
|
Eagle has contractually agreed to reduce its fees and/or reimburse expenses to each class to the extent that the annual operating expense rate for each class of shares exceeds the following
annualized rates as a percentage of average daily net assets of each class of shares.
|
|
|
|
|
|
|
|
|
Expense limitations rate schedule
|
|
Class A
|
|
|
Class C
|
|
Capital Appreciation Fund
|
|
|
1.40
|
%
|
|
|
2.20
|
%
|
Growth & Income Fund
|
|
|
1.40
|
%
|
|
|
2.20
|
%
|
International Equity Fund
|
|
|
1.75
|
%
|
|
|
2.55
|
%
|
Investment Grade Bond Fund
|
|
|
0.85
|
%
|
|
|
1.65
|
%
|
Mid Cap Growth Fund
|
|
|
1.50
|
%
|
|
|
2.30
|
%
|
Mid Cap Stock Fund
|
|
|
1.50
|
%
|
|
|
2.30
|
%
|
Small Cap Growth Fund
|
|
|
1.50
|
%
|
|
|
2.30
|
%
|
Smaller Company Fund
|
|
|
1.50
|
%
|
|
|
2.30
|
%
|
|
|
|
|
|
|
|
|
|
Expense limitations rate schedule (contd)
|
|
Class I
|
|
|
Class R-3
|
|
Capital Appreciation Fund
|
|
|
0.95
|
%
|
|
|
1.65
|
%
|
Growth & Income Fund
|
|
|
0.95
|
%
|
|
|
1.65
|
%
|
International Equity Fund
|
|
|
1.15
|
%
|
|
|
1.75
|
%
|
Investment Grade Bond Fund
|
|
|
0.60
|
%
|
|
|
1.15
|
%
|
Mid Cap Growth Fund
|
|
|
0.95
|
%
|
|
|
1.70
|
%
|
Mid Cap Stock Fund
|
|
|
0.95
|
%
|
|
|
1.70
|
%
|
Small Cap Growth Fund
|
|
|
0.95
|
%
|
|
|
1.70
|
%
|
Smaller Company Fund
|
|
|
0.95
|
%
|
|
|
1.70
|
%
|
|
|
|
|
|
|
|
|
|
Expense limitations rate schedule (contd)
|
|
Class R-5
|
|
|
Class R-6
|
|
Capital Appreciation Fund
|
|
|
0.95
|
%
|
|
|
N/A
|
|
Growth & Income Fund
|
|
|
0.95
|
%
|
|
|
0.85
|
%
|
International Equity Fund
|
|
|
1.15
|
%
|
|
|
N/A
|
|
Investment Grade Bond Fund
|
|
|
0.60
|
%
|
|
|
N/A
|
|
Mid Cap Growth Fund
|
|
|
0.95
|
%
|
|
|
0.85
|
%
|
Mid Cap Stock Fund
|
|
|
0.95
|
%
|
|
|
0.85
|
%
|
Small Cap Growth Fund
|
|
|
0.95
|
%
|
|
|
0.85
|
%
|
Smaller Company Fund
|
|
|
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
|
|
11/1/2011 to
10/31/2012
|
|
Growth & Income Fund Class R-6
|
|
|
$
|
(a)
|
International Equity Fund
|
|
|
245,429
|
|
International Equity Fund Class A
|
|
|
3
|
|
International Equity Fund Class I
|
|
|
1,571
|
|
International Equity Fund Class R-3
|
|
|
38
|
|
International Equity Fund Class R-5
|
|
|
3
|
|
Investment Grade Bond Fund Class A
|
|
|
124,126
|
|
Investment Grade Bond Fund Class C
|
|
|
94,101
|
|
Investment Grade Bond Fund Class I
|
|
|
8,350
|
|
Investment Grade Bond Fund Class R-3
|
|
|
131
|
|
Investment Grade Bond Fund Class R-5
|
|
|
3
|
|
Mid Cap Stock Fund Class R-6
|
|
|
2
|
|
Smaller Company Fund
|
|
|
57,411
|
|
Smaller Company Fund Class I
|
|
|
86,779
|
|
Smaller Company Fund Class R-5
|
|
|
8
|
|
Smaller Company Fund Class R-6
|
|
|
7
|
|
(a) Amount is rounded to zero.
|
|
A portion or all of a Funds 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 Funds fiscal year-end during which the fees and expenses
where 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
|
|
10/31/2014
|
|
|
10/31/2013
|
|
Growth & Income Fund Class R-6
|
|
|
$
|
|
|
|
$1
|
|
International Equity Fund
|
|
|
245,429
|
|
|
|
217,607
|
|
International Equity Fund Class A
|
|
|
3
|
|
|
|
|
|
International Equity Fund Class I
|
|
|
1,571
|
|
|
|
532
|
|
International Equity Fund Class R-3
|
|
|
38
|
|
|
|
3
|
|
International Equity Fund Class R-5
|
|
|
3
|
|
|
|
4
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
1
|
|
Investment Grade Bond Fund Class A
|
|
|
124,126
|
|
|
|
96,010
|
|
Investment Grade Bond Fund Class C
|
|
|
94,101
|
|
|
|
71,573
|
|
Investment Grade Bond Fund Class I
|
|
|
8,350
|
|
|
|
4,295
|
|
|
|
|
|
|
|
|
|
|
Recoverable expenses (contd)
|
|
10/31/2014
|
|
|
10/31/2013
|
|
Investment Grade Bond Fund Class R-3
|
|
|
$131
|
|
|
|
$124
|
|
Investment Grade Bond Fund Class R-5
|
|
|
3
|
|
|
|
142
|
|
Mid Cap Stock Fund Class R-6
|
|
|
2
|
|
|
|
|
|
Smaller Company Fund
|
|
|
57,411
|
|
|
|
87,392
|
|
Smaller Company Fund Class I
|
|
|
86,779
|
|
|
|
77,351
|
|
Smaller Company Fund Class R-5
|
|
|
8
|
|
|
|
1
|
|
Smaller Company Fund Class R-6
|
|
|
7
|
|
|
|
1
|
|
The Manager recovered previously waived expenses as follows:
|
|
|
|
|
Recovered fees previously waived
|
|
11/1/2011 to
10/31/2012
|
|
Growth & Income Fund Class R-5
|
|
|
$16
|
|
Investment Grade Bond Fund
|
|
|
115,206
|
|
Small Cap Growth Fund Class R-6
|
|
|
277
|
|
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 Officers 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, 2009 to October 31, 2012) 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
Notes to Financial Statements
net investment income and realized gains for financial reporting purposes. 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.
Permanent book and tax basis
differences relating to shareholder distributions resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at October 31, 2012 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
net investment
income (loss)
|
|
|
Accumulated
net realized
gain (loss)
|
|
|
Paid-in
capital
|
|
Capital Appreciation Fund
|
|
|
$
|
|
|
|
$23,492
|
|
|
|
$(23,492
|
)
|
Growth & Income Fund
|
|
|
(859
|
)
|
|
|
(4,258,390
|
)
|
|
|
4,259,249
|
|
International Equity Fund
|
|
|
(57,487
|
)
|
|
|
57,487
|
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Growth Fund
|
|
|
260,230
|
|
|
|
1
|
|
|
|
(260,231
|
)
|
Mid Cap Stock Fund
|
|
|
262,475
|
|
|
|
525,176
|
|
|
|
(787,651
|
)
|
Small Cap Growth Fund
|
|
|
447,271
|
|
|
|
202,369
|
|
|
|
(649,640
|
)
|
Smaller Company Fund
|
|
|
25,619
|
|
|
|
(25,619
|
)
|
|
|
|
|
The above reclassifications arise from permanent book/tax differences primarily attributable, but not limited, 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.
For income tax purposes, distributions paid during the fiscal years indicated were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
|
Long-term
Capital gains
|
|
|
|
10/31/12
|
|
|
10/31/11
|
|
|
10/31/12
|
|
|
10/31/11
|
|
Capital Appreciation Fund
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
Growth & Income Fund
|
|
|
5,588,649
|
|
|
|
4,261,143
|
|
|
|
12,154,993
|
|
|
|
|
|
International Equity Fund
|
|
|
|
|
|
|
1,589,549
|
|
|
|
|
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
1,347,477
|
|
|
|
1,759,370
|
|
|
|
706,832
|
|
|
|
|
|
Mid Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Stock Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smaller Company Fund
|
|
|
482,166
|
|
|
|
1,542,600
|
|
|
|
10,015,513
|
|
|
|
4,780,420
|
|
As of October 31, 2012, the identified cost of investments in securities owned by each Fund for federal income tax purposes
were as follows:
|
|
|
|
|
|
|
Identified cost
|
|
Capital Appreciation Fund
|
|
|
$199,031,499
|
|
Growth & Income Fund
|
|
|
314,703,024
|
|
International Equity Fund
|
|
|
25,132,474
|
|
Investment Grade Bond Fund
|
|
|
125,520,103
|
|
Mid Cap Growth Fund
|
|
|
340,305,919
|
|
Mid Cap Stock Fund
|
|
|
527,493,407
|
|
Small Cap Growth Fund
|
|
|
2,326,354,548
|
|
Smaller Company Fund
|
|
|
52,274,505
|
|
As of October 31, 2012, the net unrealized appreciation (depreciation) of investments in securities owned by each Fund were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
appreciation
|
|
|
Unrealized
(depreciation)
|
|
|
Net unrealized
appreciation
(depreciation)
|
|
Capital Appreciation Fund
|
|
|
$113,615,779
|
|
|
|
$(7,698,685
|
)
|
|
|
$105,917,094
|
|
Growth & Income Fund
|
|
|
30,459,395
|
|
|
|
(7,852,966
|
)
|
|
|
22,606,429
|
|
International Equity Fund
|
|
|
5,214,694
|
|
|
|
(668,307
|
)
|
|
|
4,546,387
|
|
Investment Grade Bond Fund
|
|
|
3,037,942
|
|
|
|
(136,303
|
)
|
|
|
2,901,639
|
|
Mid Cap Growth Fund
|
|
|
76,568,879
|
|
|
|
(8,575,823
|
)
|
|
|
67,993,056
|
|
Mid Cap Stock Fund
|
|
|
18,185,926
|
|
|
|
(25,503,827
|
)
|
|
|
(7,317,901
|
)
|
Small Cap Growth Fund
|
|
|
469,037,220
|
|
|
|
(125,640,302
|
)
|
|
|
343,396,918
|
|
Smaller Company Fund
|
|
|
28,291,127
|
|
|
|
(5,271,751
|
)
|
|
|
23,019,376
|
|
The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is primarily attributable to the
deferral of losses from wash sales.
As of October 31, 2012, the components of distributable earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
Undistributed
ordinary income
|
|
|
Undistributed
long-term gain
|
|
Capital Appreciation Fund
|
|
|
$
|
|
|
|
$
|
|
Growth & Income Fund
|
|
|
2,616,674
|
|
|
|
4,128,862
|
|
International Equity Fund
|
|
|
197,038
|
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
1,255,273
|
|
|
|
1,891,333
|
|
Mid Cap Growth Fund
|
|
|
|
|
|
|
15,908,486
|
|
Mid Cap Stock Fund
|
|
|
|
|
|
|
75,993,693
|
|
Small Cap Growth Fund
|
|
|
|
|
|
|
|
|
Smaller Company Fund
|
|
|
445,929
|
|
|
|
5,622,175
|
|
Under the Regulated Investment Company Modernization Act of 2010 (the Act), net capital losses recognized by the Funds
after October 31, 2011, may get carried forward indefinitely, and retain their character as short-term and/or long-term. Prior to the Act, net capital losses incurred by the Funds were carried forward for up to eight years and treated as 100%
Notes to Financial Statements
short-term. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses, therefore some net capital loss carryforwards that would have been utilized
under prior law may expire unused.
At October 31, 2012, the Funds had post-enactment net capital loss carryforwards as follows:
|
|
|
|
|
|
|
|
|
|
|
Short-term
|
|
|
Long-term
|
|
Capital Appreciation Fund
|
|
|
$
|
|
|
|
$
|
|
Growth & Income Fund
|
|
|
|
|
|
|
|
|
International Equity Fund
|
|
|
566,647
|
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
Mid Cap Growth Fund
|
|
|
|
|
|
|
|
|
Mid Cap Stock Fund
|
|
|
|
|
|
|
|
|
Small Cap Growth Fund
|
|
|
22,307,983
|
|
|
|
|
|
Smaller Company Fund
|
|
|
|
|
|
|
|
|
At October 31, 2012, the following Funds have the following pre-enactment net capital loss carryforwards, expiring during the
year indicated, which are available to offset future realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2016
|
|
|
10/31/2017
|
|
|
Total
|
|
Capital Appreciation Fund
|
|
|
$
|
|
|
|
$12,395,950
|
|
|
|
$12,395,950
|
|
Growth & Income Fund*
|
|
|
2,100,979
|
|
|
|
1,477,645
|
|
|
|
3,578,624
|
|
International Equity Fund
|
|
|
28,261,000
|
|
|
|
53,830,395
|
|
|
|
82,091,395
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Stock Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Growth Fund
|
|
|
|
|
|
|
9,269,837
|
|
|
|
9,269,837
|
|
Smaller Company Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital loss
carryforwards
utilized during the
year ended
October 31, 2012
|
|
|
Capital loss
carryforwards
expired during the
year ended
October 31, 2012
|
|
Capital Appreciation Fund
|
|
|
$45,013,849
|
|
|
|
$
|
|
Growth & Income Fund*
|
|
|
556,893
|
|
|
|
38,466,375
|
|
International Equity Fund
|
|
|
|
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
Mid Cap Growth Fund
|
|
|
2,740,584
|
|
|
|
|
|
Mid Cap Stock Fund
|
|
|
61,718,184
|
|
|
|
|
|
Small Cap Growth 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.
Deferred late year losses represent ordinary losses realized on investment
transactions from January 1, 2012 through October 31, 2012, that in accordance with Federal income tax regulations the Funds have elected to defer and treat as having
arisen on the first day of the following fiscal year. For the year ended October 31, 2012, the Funds have elected to defer late year losses of:
|
|
|
|
|
|
|
Late Year
Loss Deferral
|
|
Capital Appreciation Fund
|
|
|
$153,101
|
|
Growth & Income Fund
|
|
|
|
|
International Equity Fund
|
|
|
|
|
Investment Grade Bond Fund
|
|
|
|
|
Mid Cap Growth Fund
|
|
|
2,505,988
|
|
Mid Cap Stock Fund
|
|
|
1,294,276
|
|
Small Cap Growth Fund
|
|
|
9,445,703
|
|
Smaller Company Fund
|
|
|
|
|
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 Asset Management, Inc. 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 Funds
realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Large Cap Core Funds 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.
Notes to Financial Statements
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 Funds 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 Board of Trustees for the Eagle Series Trust has approved the establishment of Eagle Small Cap Stock Fund as a new Fund of the Eagle Series Trust. Subsequently, Eagle Series
Trust filed an amendment to its registration statement pursuant to Rule 485(a) and the Fund is expected to commence operation on December 31, 2012.
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 Equity Fund, Eagle
Investment Grade Bond Fund, Eagle Mid Cap Growth Fund, Eagle Mid Cap Stock Fund, Eagle Small Cap Growth 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 Equity Fund, Eagle Investment Grade Bond Fund, Eagle Mid Cap Growth Fund, Eagle Mid Cap Stock Fund, Eagle Small Cap Growth Fund and Eagle
Smaller Company Fund (the Funds) at October 31, 2012, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended 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, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
December 20, 2012
Tampa,
Florida
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 Funds 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, 2012, and held through October 31, 2012. It also shows how much a $1,000
investment would be worth at the close of the 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, 2012
|
|
|
Ending account value
October 31, 2012
|
|
|
Expenses paid
during period (a)
|
|
|
Annualized
expense ratio (%)
|
|
|
|
|
|
|
Capital Appreciation Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
$1,000.00
|
|
|
|
$989.40
|
|
|
|
$5.50
|
|
|
|
1.10
|
|
Class C
|
|
|
1,000.00
|
|
|
|
985.60
|
|
|
|
9.63
|
|
|
|
1.93
|
|
Class I
|
|
|
1,000.00
|
|
|
|
990.60
|
|
|
|
4.45
|
|
|
|
0.89
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
987.70
|
|
|
|
7.34
|
|
|
|
1.47
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
990.60
|
|
|
|
4.50
|
|
|
|
0.90
|
|
Growth & Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,024.50
|
|
|
|
5.70
|
|
|
|
1.12
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,021.10
|
|
|
|
9.40
|
|
|
|
1.85
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,026.00
|
|
|
|
4.23
|
|
|
|
0.83
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,022.80
|
|
|
|
7.22
|
|
|
|
1.42
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,026.80
|
|
|
|
4.33
|
|
|
|
0.85
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
1,025.80
|
|
|
|
4.48
|
|
|
|
0.88
|
|
International Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
990.30
|
|
|
|
8.81
|
|
|
|
1.76
|
|
Class C
|
|
|
1,000.00
|
|
|
|
986.80
|
|
|
|
12.29
|
|
|
|
2.46
|
|
Class I
|
|
|
1,000.00
|
|
|
|
993.60
|
|
|
|
5.76
|
|
|
|
1.15
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
990.60
|
|
|
|
8.76
|
|
|
|
1.75
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
993.60
|
|
|
|
5.76
|
|
|
|
1.15
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,018.60
|
|
|
|
4.31
|
|
|
|
0.85
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,014.50
|
|
|
|
8.36
|
|
|
|
1.65
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,019.80
|
|
|
|
3.05
|
|
|
|
0.60
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,016.70
|
|
|
|
5.83
|
|
|
|
1.15
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,020.40
|
|
|
|
3.15
|
|
|
|
0.62
|
|
Mid Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
949.10
|
|
|
|
6.08
|
|
|
|
1.24
|
|
Class C
|
|
|
1,000.00
|
|
|
|
945.50
|
|
|
|
9.44
|
|
|
|
1.93
|
|
Class I
|
|
|
1,000.00
|
|
|
|
950.60
|
|
|
|
4.31
|
|
|
|
0.88
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
947.70
|
|
|
|
7.29
|
|
|
|
1.49
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
950.60
|
|
|
|
4.36
|
|
|
|
0.89
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
950.90
|
|
|
|
3.92
|
|
|
|
0.80
|
|
Mid Cap Stock Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
965.10
|
|
|
|
5.73
|
|
|
|
1.16
|
|
Class C
|
|
|
1,000.00
|
|
|
|
961.10
|
|
|
|
9.56
|
|
|
|
1.94
|
|
Class I
|
|
|
1,000.00
|
|
|
|
965.90
|
|
|
|
4.79
|
|
|
|
0.97
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
964.00
|
|
|
|
7.41
|
|
|
|
1.50
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
965.90
|
|
|
|
4.79
|
|
|
|
0.97
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
966.30
|
|
|
|
4.50
|
|
|
|
0.91
|
|
Understanding Your Ongoing Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Beginning account value
May 1, 2012
|
|
|
Ending account value
October 31, 2012
|
|
|
Expenses paid
during period (a)
|
|
|
Annualized
expense ratio (%)
|
|
Small Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
$1,000.00
|
|
|
|
$969.40
|
|
|
|
$5.54
|
|
|
|
1.12
|
|
Class C
|
|
|
1,000.00
|
|
|
|
966.00
|
|
|
|
9.04
|
|
|
|
1.83
|
|
Class I
|
|
|
1,000.00
|
|
|
|
971.10
|
|
|
|
3.86
|
|
|
|
0.78
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
968.30
|
|
|
|
6.73
|
|
|
|
1.36
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
971.00
|
|
|
|
3.81
|
|
|
|
0.77
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
971.50
|
|
|
|
3.42
|
|
|
|
0.69
|
|
Smaller Company Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,004.80
|
|
|
|
6.75
|
|
|
|
1.34
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,001.10
|
|
|
|
10.76
|
|
|
|
2.14
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,006.80
|
|
|
|
4.79
|
|
|
|
0.95
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,002.70
|
|
|
|
8.71
|
|
|
|
1.73
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,006.30
|
|
|
|
4.79
|
|
|
|
0.95
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
1,007.30
|
|
|
|
4.29
|
|
|
|
0.85
|
|
(a) Expenses are calculated using each Funds 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 (366).
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 Funds expenses based on a $1,000 investment held from May 1, 2012 through October 31, 2012 and assuming for this period a hypothetical 5% annualized rate of return before
ongoing expenses, which is not the Funds
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, 2012
|
|
|
Ending Account Value
October 31, 2012
|
|
|
Expenses paid
during period (a)
|
|
|
Annualized
expense ratio (%)
|
|
|
|
|
|
|
Capital Appreciation Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
$1,000.00
|
|
|
|
$1,019.61
|
|
|
|
$5.58
|
|
|
|
1.10
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,015.43
|
|
|
|
9.78
|
|
|
|
1.93
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,020.66
|
|
|
|
4.52
|
|
|
|
0.89
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,017.75
|
|
|
|
7.46
|
|
|
|
1.47
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,020.61
|
|
|
|
4.57
|
|
|
|
0.90
|
|
Growth & Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,019.51
|
|
|
|
5.69
|
|
|
|
1.12
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,015.84
|
|
|
|
9.37
|
|
|
|
1.85
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,020.96
|
|
|
|
4.22
|
|
|
|
0.83
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,018.00
|
|
|
|
7.20
|
|
|
|
1.42
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,020.86
|
|
|
|
4.32
|
|
|
|
0.85
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
1,020.71
|
|
|
|
4.47
|
|
|
|
0.88
|
|
International Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,016.29
|
|
|
|
8.92
|
|
|
|
1.76
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,012.77
|
|
|
|
12.45
|
|
|
|
2.46
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,019.36
|
|
|
|
5.84
|
|
|
|
1.15
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,016.34
|
|
|
|
8.87
|
|
|
|
1.75
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,019.36
|
|
|
|
5.84
|
|
|
|
1.15
|
|
Investment Grade Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,020.86
|
|
|
|
4.32
|
|
|
|
0.85
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,016.84
|
|
|
|
8.36
|
|
|
|
1.65
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,022.12
|
|
|
|
3.05
|
|
|
|
0.60
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,019.36
|
|
|
|
5.84
|
|
|
|
1.15
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,022.02
|
|
|
|
3.15
|
|
|
|
0.62
|
|
Understanding Your Ongoing Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical
|
|
Beginning Account Value
May 1, 2012
|
|
|
Ending Account Value
October 31, 2012
|
|
|
Expenses paid
during period (a)
|
|
|
Annualized
expense ratio (%)
|
|
Mid Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
$1,000.00
|
|
|
|
$1,018.90
|
|
|
|
$6.29
|
|
|
|
1.24
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,015.43
|
|
|
|
9.78
|
|
|
|
1.93
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,020.71
|
|
|
|
4.47
|
|
|
|
0.88
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,017.65
|
|
|
|
7.56
|
|
|
|
1.49
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,020.66
|
|
|
|
4.52
|
|
|
|
0.89
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
1,021.11
|
|
|
|
4.06
|
|
|
|
0.80
|
|
Mid Cap Stock Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,019.30
|
|
|
|
5.89
|
|
|
|
1.16
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,015.38
|
|
|
|
9.83
|
|
|
|
1.94
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,020.26
|
|
|
|
4.93
|
|
|
|
0.97
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,017.60
|
|
|
|
7.61
|
|
|
|
1.50
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,020.26
|
|
|
|
4.93
|
|
|
|
0.97
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
1,020.56
|
|
|
|
4.62
|
|
|
|
0.91
|
|
Small Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,019.51
|
|
|
|
5.69
|
|
|
|
1.12
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,015.94
|
|
|
|
9.27
|
|
|
|
1.83
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,021.22
|
|
|
|
3.96
|
|
|
|
0.78
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,018.30
|
|
|
|
6.90
|
|
|
|
1.36
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,021.27
|
|
|
|
3.91
|
|
|
|
0.77
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
1,021.67
|
|
|
|
3.51
|
|
|
|
0.69
|
|
Smaller Company Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,000.00
|
|
|
|
1,018.40
|
|
|
|
6.80
|
|
|
|
1.34
|
|
Class C
|
|
|
1,000.00
|
|
|
|
1,014.38
|
|
|
|
10.84
|
|
|
|
2.14
|
|
Class I
|
|
|
1,000.00
|
|
|
|
1,020.36
|
|
|
|
4.82
|
|
|
|
0.95
|
|
Class R-3
|
|
|
1,000.00
|
|
|
|
1,016.44
|
|
|
|
8.77
|
|
|
|
1.73
|
|
Class R-5
|
|
|
1,000.00
|
|
|
|
1,020.36
|
|
|
|
4.82
|
|
|
|
0.95
|
|
Class R-6
|
|
|
1,000.00
|
|
|
|
1,020.86
|
|
|
|
4.32
|
|
|
|
0.85
|
|
(a) Expenses are calculated using each Funds 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 (366).
Renewal of Investment Advisory and Subadvisory Agreements
Overview
|
At a meeting held on August 17, 2012, 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 the: (1) Eagle Capital Appreciation Fund and Eagle Asset Management, Inc. (Eagle); (2) Eagle Growth & Income
Fund and Eagle; and (3) Eagle Series Trust, on behalf of the Eagle International Equity Fund, 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, and
Eagle. 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: (1) Goldman Sachs Asset Management, L.P. (GSAM) as subadviser to the Eagle Capital Appreciation Fund; (2) Artio Global Investors, Inc. (Artio) as subadviser to the Eagle
International Equity Fund; and (3) 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. GSAM, Artio and EBIM are collectively referred to as the Subadvisers.
In renewing the Agreements, the Board took into consideration information furnished for the Boards 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, the Subadvisers, 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, Eagles and the Subadvisers investment philosophy, investment strategy, personnel and operations;
compliance and audit reports concerning the Funds, Eagle, the Subadvisers, 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 the Subadvisers. Among other matters, these reports included information on: (1) the nature and extent of the advisory and other services provided
by Eagle and the Subadvisers; (2) the personnel of Eagle and the Subadvisers; (3) the financial condition of Eagle and the Subadvisers; (4) the compliance programs and records of Eagle and the Subadvisers; (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 peer funds, 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, the Subadvisers and their respective affiliates;
and (9) the estimated profitability of Eagle and the Subadvisers 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, the Subadvisers 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 the Subadvisers with other clients (such as pension funds and other institutional investors); and (7) any other benefits derived by Eagle or the Subadvisers 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 the Subadvisers are experienced in serving as investment advisers
for the Funds and have provided a continuous investment program, including investment
Renewal of Investment Advisory and Subadvisory Agreements
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 the Subadvisers, J.P.
Morgan and USBFS, and is responsible for the selection of Fund subadvisers. 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 prospectus and other public disclosures, have chosen to invest in the
Funds.
The Board noted that each Subadviser is responsible for making investment decisions on behalf of its respective 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 Subadviser 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 each Subadviser; (3) the financial information regarding Eagle and each Subadviser, as provided; and
(4) Eagles recommendation to continue to retain the Subadvisers to manage the Funds.
Investment performance
|
The Board considered comparisons of each Funds Class A performance, including, if applicable, a Funds one-,
three-, five- and ten-year annualized total returns for the period ended June 30, 2012, relative to the average performance of its peer group funds and benchmark indexes. 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 the Subadvisers relative to other accounts managed by the Subadvisers, 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 year-to-date period, but underperformed for all other relevant time periods; (2) the Fund outperformed the average performance of its peer group funds for the year-to-date, one- and ten-year periods, but underperformed
for the three- and five-year periods; and (3) the Fund underperformed
comparable accounts managed by GSAM for the three- and five-year periods but outperformed for all other relevant time periods. The Board noted GSAMs explanation that the underperformance of
its security selections in different market sectors was the primary reason for the Funds underperformance.
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 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 peer group funds for all relevant time periods with the exception of the year-to-date and three-year periods, during which the Fund underperformed; (3) the Fund has
outperformed the composite performance of comparable accounts managed by Eagle for all relevant time periods with the exception of the three-year period, during which the Fund underperformed; and (4) the Funds overall 4-star Morningstar
rating.
With respect to the Eagle International Equity Fund, the Board noted the following specific factors regarding performance: (1) the Fund
outperformed its benchmark index for the year-to-date period, but underperformed for all other relevant time periods; (2) the Fund underperformed the average performance of its peer group funds for all relevant time periods; and (3) the
Fund has outperformed the average performance of comparable accounts managed by Artio for the 3-year time period, but underperformed for all other relevant time periods. The Board also noted Artios explanation that its defensive investment
positioning in 2009 and overweight positions to Asia were the primary reasons for the Funds underperformance. In this regard, the Board noted that management was evaluating proposals to address the underperformance of the Fund and that the
Board would continue to monitor closely the investment performance of the Fund.
With respect to the Eagle Investment Grade Bond Fund, the Board
noted the following specific factors regarding performance: (1) the Fund commenced operations in March 2010; (2) the Fund underperformed its benchmark index for the year-to-date and one-year periods; (3) the Fund underperformed the
average performance of its peer group funds for the year-to-date and one-year periods; and (4) the Fund has outperformed the composite performance of comparable accounts managed by Eagle for the year-to-date period, but underperformed for the
one-year period. In this
Renewal of Investment Advisory and Subadvisory Agreements
regard, the Board noted that the Fund commenced operations in March 2010 and it is reasonable to permit the Fund to establish a longer performance record for purposes of evaluating performance.
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 five-year period, but underperformed for all other relevant time periods; (2) the Fund outperformed the average performance of its peer group funds for the year-to-date, three-, five- and ten-year periods, but
underperformed for the one-year period; and (3) the Fund outperformed the composite performance of comparable accounts managed by Eagle for all relevant time periods with the exception of the three-year period, during which the Fund
underperformed.
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 underperformed the average performance of its peer group funds for all relevant time periods; and (3) the Fund outperformed the composite performance of
comparable accounts managed by Eagle for all relevant time periods. 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 Smaller Company 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 its Morningstar peer group funds for the three-year period, but underperformed for all other relevant time periods; and (3) the Fund
underperformed comparable institutional accounts managed by EBIM for all relevant time periods. In this regard, the Board considered that the Fund recently changed its investment strategy from a focus on small capitalization companies to smaller
companies.
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 three-, five- and ten-year periods, but underperformed for the year-to-date and one-year periods; (2) the Fund outperformed the average performance of its peer group funds for the three-, five- and
ten-year periods, but underperformed for the year-to-date and one-year periods; (3) the Fund
underperformed the composite performance of comparable accounts managed by Eagle for all relevant time periods.
Fees and expenses
|
The Board considered the advisory fee rate payable by
each Fund to Eagle under the Agreement, the subadvisory fee rate payable to a Subadviser, each Funds total expense ratio and its Rule 12b-1 fees. The Board also considered comparisons of a Funds expense ratio (with and without Rule 12b-1
fees) to the average expense ratio of its peer group based on data ended June 30, 2012. In addition, the Board noted that Eagle had undertaken contractual and/or voluntary expense limitations with respect to the Funds for its 2012 fiscal year,
which will continue for the 2013 fiscal year.
With respect to the Eagle Capital Appreciation Fund, the Board noted that the Funds expense ratio
was higher than the average expense ratio of its peer group. With respect to GSAMs subadvisory rate, GSAM represented its fee rate schedule is lower than the standard fee rates charged to a comparable mutual fund subadvised by GSAM.
With respect to Eagle Growth & Income Fund, the Board noted that the Funds expense ratio was lower than the average expense ratio of its
peer group. The Board also noted that Eagles fee rate is higher than that charged to comparable institutional accounts.
With respect to the Eagle
International Equity Fund, the Board noted that the Funds expense ratio (including the contractual cap) was higher than the average expense ratio of its peer group. With respect to Artios subadvisory fee rate, Artio represented that its
fee rate is equal to or lower than that charged to comparable fund clients.
With respect to the Eagle Investment Grade Bond Fund, the Board noted that
the Funds expense ratio (including the contractual cap) was lower than the average expense ratio of its peer group. The Board also noted that Eagles 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 Funds expense ratio was lower than the average expense ratio of its peer group and
the fee rate that Eagle charges to its comparably managed institutional accounts.
With respect to the Eagle Mid Cap Stock Fund, the Board
noted that the Funds expense ratio was lower than the average expense ratio of its peer group and the fee rate that Eagle charges to its comparably managed institutional accounts.
Renewal of Investment Advisory and Subadvisory Agreements
With respect to the Eagle Smaller Company Fund, the Board noted that the Funds expense ratio (including the
contractual cap) was lower than the average expense ratio of its peer group. With respect to EBIMs 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.
With respect to the Eagle Small Cap Growth Fund, the Board noted that the Funds expense ratio was
lower than the average expense ratio of its peer group and the fee rate that Eagle charges to its comparably managed institutional accounts.
Costs, profitability and economies of scale
|
The Board evaluated Eagles and, to the extent available, each Subadvisers costs and profitability in providing services to a Fund. The Board noted that each Subadvisers costs
and profitability generally are less significant to the Boards evaluation of the fee rates and expenses paid by a Fund than Eagles advisory fee rate and profitability and the Funds overall expense ratios. The Board noted that
Eagles profits on the services it provided to the Funds are reasonable in light of Eagles costs in providing services to each Fund and that Eagle manages each Funds 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 Funds 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, each Subadviser 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.
Each Subadviser also may engage in soft dollar transactions in connection with transactions on behalf of the Fund. In this regard, the Board considered each Subadvisers process for selecting broker-dealers
and for engaging in soft dollar transactions.
Conclusions
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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 Eagles and each
Subadvisers services, as applicable to the Funds; (2) each Funds 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 a
Subadviser were reasonable in the context of all the factors considered by the Board; and (4) the current advisory fee rate structure provides each Funds 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 each Subadviser.
Principal Risks
Additional Informational 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 funds 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
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Capital
Appreciation
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Growth
& Income
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International
Equity
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Investment
Grade
Bond
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Mid Cap
Growth
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Mid Cap
Stock
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Small Cap
Growth
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Smaller
Company
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Call
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X
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Credit
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X
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X
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Derivatives
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X
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Emerging markets
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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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Government sponsored enterprises
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X
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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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High-yield securities
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X
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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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X
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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 activities
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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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Other investment 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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Precious metal-related instruments
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X
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Sectors
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X
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X
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Small- and 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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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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Value stocks
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X
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X
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X
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Call
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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
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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.
Derivatives
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A fund
may use derivatives such as futures contracts, forward foreign currency exchange contracts and options on futures to adjust the risk/return characteristics of its investment portfolio. These practices, however, may present risks different from or in
addition to the risks associated with investments in foreign currencies. There can be no assurance
Principal Risks
that any strategy used will succeed. If a funds Portfolio Manager incorrectly forecasts stock market values or currency exchange rates in utilizing a strategy for the fund, the fund could
lose money.
Emerging
markets
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When investing in emerging markets, the risks mentioned below of investing in foreign securities are
heightened. Emerging markets have unique risks that are greater than or in addition to investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the
U.S. and other developed markets. There are also risks of: greater political uncertainties; an economys dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a
limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. In addition, there may be more volatile rates of return.
Focused holdings
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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 funds net asset value (NAV) and total return.
Foreign
securities
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Investments in foreign securities involve greater risks than investing in domestic securities. As a
result, a funds return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political
systems, may be less stable than U.S. markets, and changes in the exchange rates of foreign currencies can affect the value of a funds 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.
Government sponsored
enterprises
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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 issuers 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
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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
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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 issuers 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 funds securities, the achievement of a funds 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
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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 funds 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
Principal Risks
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
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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
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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 funds liquidity. Market developments may cause the funds
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
activities
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Because of specific securities a fund may invest in, it could be subject to the risk of market
timing activities by fund shareholders. Some examples of these types of securities are high-yield, small-cap and foreign securities. Typically, foreign securities offer the most opportunity for these market timing activities. A fund generally prices
these foreign securities using their closing prices from the foreign markets in which they trade, typically prior to a funds 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 funds 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.
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 funds securities and the potential loss of principal as a result of a mortgagees 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 funds income.
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 funds 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 funds 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 funds investment will decline, adversely affecting the funds 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 funds holdings at the most optimal time, adversely affecting the funds 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 funds 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 additional tax consequences to investors and adversely affect performance.
Precious metal-related instruments
|
Precious metal-related instruments
can fluctuate due to monetary and political developments such as economic cycles, the devaluation of currency, changes in inflation or expectations about inflation in various countries, interest rates, metal sales by governments or other entities,
government regulation including the possibility that the U.S. government could restrict or prohibit the ownership of gold, and resource availability and demand. Changes in the political climate for major precious metal producers such as China,
Australia, South Africa, Russia, the United States, Peru and Canada may have a direct impact on worldwide precious metal prices.
Principal Risks
Based on historical experience, during periods of economic or fiscal instability precious metal-related instruments
may be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of precious metal-related companies,
which may, in turn, adversely affect the financial condition of such companies.
Sectors
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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- and mid-cap
companies
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Investments in small- and mid-cap companies generally involve greater risks than investing in
large-capitalization companies. Small- and mid-cap companies often have narrower commercial markets and more limited managerial and financial resources than larger, more
established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a funds portfolio.
Generally, the smaller the company size, the greater these risks. Additionally, small- and mid-cap companies may have less market liquidity than large-cap companies.
Stock market
|
The value of a funds 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 funds performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors.
2012 Federal Tax Income Notice
For the fiscal year ended October 31, 2012
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 below designates the maximum amount of qualified dividend income, which is 100% of what was distributed. In addition, 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 2012 Form 1099-DIV.
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Qualified
dividend income
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Long-term
capital gains
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Capital Appreciation Fund
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$
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$
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Growth & Income Fund
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5,588,649
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12,154,993
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International Equity Fund
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Investment Grade Bond Fund
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706,832
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Mid Cap Growth Fund
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Mid Cap Stock Fund
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Small Cap Growth Fund
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Smaller Company Fund
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482,166
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10,015,513
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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
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Directorships of other
public companies
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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; Senior Vice President, Institutional Sales of Eagle 2007-2009; Director of Asset Management Services
since 2005
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9
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N/A
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Independent Trustees
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Keith B. Jarrett, PhD
(1948)
Trustee since 2005
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Founder, Rockport Funding, LLC (private equity), and Ajax Partners (investment partnership) since 2003; Director, Safeguard Scientific, INC (NYSE-SFE-NYSE) since 2012.
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9
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N/A
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Lincoln Kinnicutt
(1944)
(c)
Trustee since 2006
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Retired since 2002; Managing Director, Goldman Sachs 1997-2002
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8
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N/A
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William J. Meurer
(1943)
Trustee since 2003
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Private investor and financial consultant since 2000
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9
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Sykes Enterprises, Inc.
(d)
; Walter Investment Management Corporation
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James L. Pappas
(1943)
Trustee since 1989; Chairman of the Board of Trustees since 2003
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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
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9
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Walter Investment Management Corporation
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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; Board Member, Hillsborough Arts, Inc. (501c3 group supporting the arts) since 2009
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9
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N/A
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Officers
(e)
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Richard J. Rossi
(1956)
President since March 2010
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President and Co-Chief Operating Officer of Eagle since 2009 and 2007, respectively; 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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Susan L. Walzer
(1967)
Principal Executive Officer since May 2011
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Vice President of Fund Administration since May 2011; Chief Compliance Officer of Eagle Family of Funds and Eagle Fund Services
(EFS)
(f)
2007-2011; Director of Compliance for Eagle
2005-2007
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Carolyn K. Gill
(1978)
Principal Financial Officer and Treasurer
since May 2011
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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
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Manager of Fund Compliance for Eagle since May 2011; Director of Compliance for Eagle 2007-2011
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(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 72nd 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 EFD, Eagle and RJF. (c) Mr. Kinnicutt is not a Trustee of the Eagle Capital Appreciation Fund. (d) Sykes Enterprises, Inc. is a technical support company. (e) Officers each serve one year terms.
(f) Prior to September 13, 2010, EFS served as the Funds transfer agent.
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Go Paperless with eDelivery
|
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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 funds fiscal year end on Form N-Q. These filings
are available on the Commissions website at www.sec.gov and may be reviewed and copied at the Commissions 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 funds proxy voting policies, procedures and information regarding how each fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012, 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 Commissions 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