EX-99.17D 9 semiannual2.htm

 
 
EAGLE MUTUAL FUNDS
 
 

 
 
 
Semiannual Report
and Investment Performance Review for the
 six-month period ended April 30, 2014 (unaudited)
Eagle Capital Appreciation Fund
Eagle Growth & Income Fund
Eagle International Stock Fund
Eagle Investment Grade Bond Fund
Eagle Mid Cap Growth Fund
Eagle Mid Cap Stock Fund
Eagle Small Cap Growth Fund
Eagle Small Cap Stock Fund
Eagle Smaller Company Fund

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Table of Contents
 
President’s Letter 
1
Investment Portfolios 
 
Eagle Capital Appreciation Fund 
2
Eagle Growth & Income Fund 
3
Eagle International Stock Fund 
4
Eagle Investment Grade Bond Fund 
6
Eagle Mid Cap Growth Fund 
8
Eagle Mid Cap Stock Fund 
9
Eagle Small Cap Growth Fund 
11
Eagle Small Cap Stock Fund 
12
Eagle Smaller Company Fund 
14
   
Statements of Assets and Liabilities 
16
Statements of Operations 
18
Statements of Changes in Net Assets 
20
Financial Highlights 
22
Notes to Financial Statements 
28
Understanding Your Ongoing Costs 
37
Principal Risks 
39
 




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President’s Letter
 
 
Dear Fellow Shareholders:
I am pleased to present the semi-annual report and investment performance review of the Eagle Family of Funds for the six-month period that ended April 30, 2014.
Major equity indices rallied through the end of 2013 to continue a five-year bull market. Observers may debate the exact cause—or drivers—of the market’s strong returns for the year but many likely would agree an improving U.S. economy and the Federal Reserve’s maintenance of near-zero interest rates contributed significantly. On the fixed-income side, however, questions about how and when the Fed would begin tapering its quantitative-easing (QE) program rattled bond markets.
The New Year began with concerns about emerging-market economies and there was some thought that the markets might take a real breather. Equity markets dropped a bit in January but then moved toward new nominal highs in February and March before taking a breather in April. The general consensus among our Portfolio Managers seems to be that the U.S. economy is growing, Europe may be moving out of its recession and China’s growth continues to bear watching. Valuations, particularly in the small-cap space, may appear to be stretched but our Portfolio Managers—across capitalization ranges and investing styles—believe there remains market upside, particularly for long-term investors.
Here are just a few highlights from the last six months:
• The Eagle Growth & Income Fund has maintained its 10-year five-star rating from Morningstar.1*
• The Eagle Small Cap Stock Fund and the Eagle International Stock Fund have celebrated their first anniversaries and continue to perform as we would expect them to in the current market situations.2
 
• The Eagle Investment Grade Bond Fund—under the direction of Co-Portfolio Managers James Camp, CFA®, and Joe Jackson, CFA®—has continued to perform as we expected of this core-type fixed-income fund: a non-correlated (to equities) piece of an investor’s well-allocated overall portfolio.
• High-profile media outlets continue to seek out Eagle managers. James Camp, CFA®, has appeared on CNBC. Ed Cowart, CFA®, a Co-Portfolio Manager of the Growth & Income Fund, was featured in a March edition of Barron’s. The magazine also has quoted Co-Portfolio Manager Matt McGeary, CFA®, and analyst Matthew Spitznagle, CFA®, from the team that runs the Eagle Mid Cap Stock and Eagle Small Cap Stock Funds.
I would like to remind you that investing in any mutual fund carries certain risks. The principal risk factors for each fund are described at the end of this report. Carefully consider the investment objectives, charges and expenses of any fund before you invest. Contact us at 800.421.4184 or eagleasset.com or your financial advisor for a prospectus, which contains this and other important information about the Eagle Family of Funds. Read the prospectus carefully before you invest or send money.
We are grateful for your continued support of, and confidence in, the Eagle Family of Funds.
Sincerely,
 
Richard J. Rossi
President
June 18, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 For the period ended April 30, 2014, the Fund’s Class A shares are rated 5 stars for the 10-year period, 4 stars overall, 2 stars for the five-year period and 3 stars for the 3-year period among a total of 621, 1,068, 942 and 1,068 funds, respectively, in the large-cap value category. Star ratings may be different for other share classes. Morningstar Rating® is based on risk-adjusted performance adjusted for fees and loads. Past performance is no guarantee of future results. Ratings are subject to change each month.
2 Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at eagleasset.com.
* The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Funds with at least three years of performance history are assigned ratings from the fund’s three-, five- and 10-year average annual returns (when available) and a risk factor that reflects fund performance relative to three-month Treasury bill monthly returns. Fund returns are adjusted for fees and sales loads. Ten percent of the funds in an investment category receive five stars, 22.5% receive four stars, 35% receive three stars, 22.5% receive two stars and the bottom 10% receive one star. Investment return and principal value will vary so that investors have a gain or loss when shares are sold. Funds are rated for up to three time periods (three-, five-, and 10-years) and these ratings are combined to produce an overall rating. Ratings may vary among share classes and are based on past performance. Past performance does not guarantee future results.
 
 
 
1
 Investment Portfolios
 
 
(UNAUDITED)
   04.30.2014
   
 
EAGLE CAPITAL APPRECIATION FUND
COMMON STOCKS—99.7%
 
Shares
Value
Aerospace/defense—2.4%
 
 
 
Northrop Grumman Corp.
 
46,700
$5,674,517
Raytheon Co.
 
15,000
1,432,200
       
Agriculture—1.3%
 
 
 
Archer-Daniels-Midland Co.
 
89,300
3,905,089
       
Airlines—1.5%
 
 
 
Delta Air Lines, Inc.
 
119,100
4,386,453
       
Apparel—2.7%
 
 
 
Hanesbrands, Inc.
 
31,000
2,544,790
NIKE, Inc., Class B
 
73,352
5,351,028
       
Auto parts & equipment—1.4%
 
 
 
Johnson Controls, Inc.
 
40,700
1,837,198
Lear Corp.
 
26,500
2,201,090
       
Banks—0.7%
 
 
 
The Goldman Sachs Group, Inc.
 
13,000
2,077,660
       
Beverages—2.5%
 
 
 
PepsiCo, Inc.
 
85,421
7,336,810
       
Biotechnology—3.8%
 
 
 
Amgen, Inc.
 
29,300
3,274,275
Celgene Corp.*
 
17,900
2,631,479
Gilead Sciences, Inc.*
 
66,800
5,243,132
       
Commercial services—3.0%
 
 
 
FleetCor Technologies, Inc.*
 
14,100
1,609,233
MasterCard, Inc., Class A
 
95,930
7,055,652
       
Computers—7.6%
 
 
 
Apple, Inc.
 
28,938
17,076,024
International Business Machines Corp.
 
11,400
2,239,758
Western Digital Corp.
 
35,200
3,102,176
       
Cosmetics/personal care—0.9%
 
 
 
The Procter & Gamble Co.
 
31,691
2,616,092
       
Distribution/wholesale—0.5%
 
 
 
Ingram Micro, Inc., Class A*
 
58,200
1,569,072
       
Diversified financial services—3.8%
 
 
 
American Express Co.
 
79,175
6,922,270
IntercontinentalExchange Group, Inc.
 
21,185
4,331,062
       
Electronics—3.2%
 
 
 
Honeywell International, Inc.
 
68,780
6,389,662
Thermo Fisher Scientific, Inc.
 
27,400
3,123,600
       
Food—1.0%
 
 
 
The Kroger Co.
 
66,300
3,052,452
       
Healthcare products—0.6%
 
 
 
St. Jude Medical, Inc.
 
26,400
1,675,608
       
Healthcare services—1.8%
 
 
 
Aetna, Inc.
 
39,000
2,786,550
Cigna Corp.
 
31,600
2,529,264
       
Internet—10.4%
 
 
 
Amazon.com, Inc.*
 
17,631
5,362,116
Facebook, Inc., Class A*
 
69,400
4,148,732
Google, Inc., Class A*
 
16,752
8,960,310
Google, Inc., Class C*
 
16,752
8,822,608
The Priceline Group, Inc.*
 
2,760
3,195,390
       
Lodging—2.4%
 
 
 
Marriott International, Inc., Class A
 
122,395
7,090,342


COMMON STOCKS—99.7%
 
Shares
Value
Media—2.7%
 
 
 
Comcast Corp., Class A
 
66,800
$3,457,568
DIRECTV*
 
31,500
2,444,400
Viacom, Inc., Class B
 
22,000
1,869,560
       
Metal fabricate/hardware—1.1%
 
 
 
Precision Castparts Corp.
 
12,780
3,234,490
       
Miscellaneous manufacturer—0.8%
 
 
 
Trinity Industries, Inc.
 
30,200
2,266,812
       
Oil & gas—1.7%
 
 
 
Marathon Petroleum Corp.
 
23,800
2,212,210
Valero Energy Corp.
 
47,700
2,727,009
       
Oil & gas services—2.5%
 
 
 
Schlumberger Ltd.
 
72,810
7,393,856
       
Pharmaceuticals—6.4%
 
 
 
AbbVie, Inc.
 
36,600
1,906,128
Actavis plc*
 
12,300
2,513,259
Cardinal Health, Inc.
 
43,400
3,016,734
Johnson & Johnson
 
52,900
5,358,241
McKesson Corp.
 
35,600
6,023,164
       
Real estate—2.3%
 
 
 
CBRE Group, Inc., Class A*
 
256,547
6,834,412
       
Real estate investment trusts (REITs)—2.0%
 
  
American Tower Corp.
 
38,853
3,245,002
Crown Castle International Corp.
 
34,197
2,487,148
       
Retail—10.8%
 
 
 
Chipotle Mexican Grill, Inc.*
 
12,435
6,198,848
Costco Wholesale Corp.
 
45,902
5,309,943
CVS Caremark Corp.
 
69,000
5,017,680
Foot Locker, Inc.
 
44,700
2,079,891
Macy’s, Inc.
 
52,700
3,026,561
PVH Corp.
 
36,423
4,573,636
The Home Depot, Inc.
 
69,300
5,510,043
       
Semiconductors—9.4%
 
 
 
Lam Research Corp.*
 
59,600
3,433,556
QUALCOMM, Inc.
 
181,030
14,248,871
Skyworks Solutions, Inc.*
 
47,300
1,941,665
Texas Instruments, Inc.
 
38,100
1,731,645
Xilinx, Inc.
 
131,550
6,207,845
       
Software—5.4%
 
 
 
Fiserv, Inc.*
 
46,800
2,844,504
Microsoft Corp.
 
203,800
8,233,520
salesforce.com, Inc.*
 
92,099
4,756,913
       
Telecommunications—2.6%
 
 
 
Juniper Networks, Inc.*
 
107,300
2,649,237
Verizon Communications, Inc.
 
109,300
5,107,589
       
Textiles—0.5%
 
 
 
Mohawk Industries, Inc.*
 
11,100
1,469,751
Total common stocks (cost $190,269,335)
 
 
292,885,385
   
Total investment portfolio (cost $190,269,335) 99.7% ‡
292,885,385
       
Other assets in excess of liabilities 0.3%
 
 
928,721 
       
Net assets 100.0%
 
 
$293,814,106
 
   
2
   The accompanying notes are an integral part of the financial statements.
Investment Portfolios
 
 
(UNAUDITED)   
  04.30.2014
   
 
 
 
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $191,038,912. Net unrealized appreciation (depreciation) on a tax-basis was $101,846,473, including aggregate gross unrealized appreciation and (depreciation) of $103,191,524 and $(1,345,051), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
 
Sector allocation
 
Sector
Percent of net assets
Technology
22.4% 
Consumer, non-cyclical
21.3% 
Consumer, cyclical
19.8% 
Communications
15.7% 
Financial
8.8% 
Industrial
7.5% 
Energy
4.2% 
 
       
 
 
 
 
EAGLE GROWTH & INCOME FUND 
COMMON STOCKS—98.8%
 
Shares
Value
Aerospace/defense—2.9%
 
 
 
United Technologies Corp.
 
147,453
$17,448,113
       
Banks—13.8%
 
 
 
Capital One Financial Corp.
 
280,218
20,708,110
JPMorgan Chase & Co.
 
358,497
20,068,662
The PNC Financial Services Group, Inc.
 
210,831
17,718,237
Wells Fargo & Co.
 
477,049
23,680,713
       
Beverages—4.8%
 
 
 
PepsiCo, Inc.
 
170,806
14,670,527
The Coca-Cola Co.
 
345,607
14,097,310
       
Chemicals—5.7%
 
 
 
E.I. du Pont de Nemours & Co.
 
210,030
14,139,220
LyondellBasell Industries N.V., Class A
 
214,596
19,850,130
       
Computers—4.3%
 
 
 
Apple, Inc.
 
43,060
25,409,275
       
Cosmetics/personal care—2.7%
 
 
 
The Procter & Gamble Co.
 
191,645
15,820,295
       
Electrical components & equipment—2.6%
 
 
 
Emerson Electric Co.
 
222,000
15,135,960
       
Electronics—6.2%
 
 
 
Honeywell International, Inc.
 
191,540
17,794,066
Tyco International Ltd.
 
471,914
19,301,283
       
Entertainment—3.1%
 
 
 
Regal Entertainment Group, Class A
 
964,251
18,127,919
       
Food—4.4%
 
 
 
General Mills, Inc.
 
231,538
12,276,145
Sysco Corp.
 
388,111
14,138,883
       
Healthcare products—2.9%
 
 
 
St. Jude Medical, Inc.
 
270,806
17,188,057
 
 
 
 


COMMON STOCKS—98.8%
 
Shares
Value
Miscellaneous manufacturer—3.4%
 
 
 
3M Co.
 
144,665 
$20,121,455
       
Oil & gas—12.1%
 
 
 
Chevron Corp.
 
142,147 
17,842,291
ConocoPhillips
 
249,803 
18,562,861
Occidental Petroleum Corp.
 
183,166 
17,538,145
Total S.A., Sponsored ADR
 
248,053 
17,671,296
       
Pharmaceuticals—8.9%
 
 
 
Abbott Laboratories
 
440,485 
17,064,389
Merck & Co., Inc.
 
330,439 
19,350,508
Pfizer, Inc.
 
534,481 
16,718,565
       
Real estate investment trusts (REITs)—2.6%
 
 
 
American Campus Communities, Inc.
 
254,047 
9,704,595
Simon Property Group, Inc.
 
34,415 
5,960,678
       
Retail—4.3%
 
 
 
McDonald’s Corp.
 
100,239 
10,162,230
The Home Depot, Inc.
 
190,487 
15,145,621
       
Semiconductors—3.2%
 
 
 
Applied Materials, Inc.
 
990,499 
18,878,911
       
Software—3.5%
 
 
 
Microsoft Corp.
 
521,274 
21,059,470
       
Telecommunications—2.0%
 
 
 
AT&T, Inc.
 
325,273 
11,612,246
Toys/games/hobbies—2.4%
 
 
 
Mattel, Inc.
 
358,072 
14,041,793
       
Transportation—3.0%
 
 
 
United Parcel Service, Inc., Class B
 
178,810 
17,612,785
Total common stocks (cost $456,630,835)
 
 
586,620,744
   
Total investment portfolio (cost $456,630,835) 98.8% ‡
586,620,744
       
Other assets in excess of liabilities 1.2%
 
 
7,324,265
       
Net assets 100.0%
 
 
$593,945,009
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $456,814,775. Net unrealized appreciation (depreciation) on a tax-basis was $129,805,969, including aggregate gross unrealized appreciation and (depreciation) of $131,526,633 and $(1,720,664), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
ADR—American depository receipt
Sector allocation
Sector
Percent of net assets
Consumer, non-cyclical
23.7% 
Industrial
18.1% 
Financial
16.4% 
Energy
12.1% 
Technology
11.0% 
Consumer, cyclical
9.8% 
Basic materials
5.7% 
Communications
2.0% 
 
   
The accompanying notes are an integral part of the financial statements.
3
Investment Portfolios
   
   
(UNAUDITED) 
04.30.2014
   

       
EAGLE INTERNATIONAL STOCK FUND
COMMON STOCKS—93.9%
 
Shares
Value
Australia—10.0%
 
 
 
Amcor Ltd.
 
16,033
$153,562
Ardent Leisure Group
 
8,232
20,471 
Australia & New Zealand Banking Group Ltd.
 
1,071
34,405 
Commonwealth Bank of Australia
 
1,480
108,788
CSL Ltd.
 
2,775
176,945
CSR Ltd.
 
41,074
139,856
Insurance Australia Group Ltd.
 
23,609
126,214
Macquarie Group Ltd.
 
338 
18,212 
Suncorp Group Ltd.
 
6,811
82,593 
       
Belgium—0.6%
 
 
 
Arseus NV
 
909 
51,579 
       
Britain—11.5%
 
 
 
Aviva PLC
 
4,215
37,493 
Barclays PLC
 
20,678
88,165 
Barratt Developments PLC
 
14,967
93,630 
Bellway PLC
 
1,089
26,575 
Britvic PLC
 
1,329
16,290 
BT Group PLC
 
19,550
122,268
Diageo PLC
 
1,081
33,172 
HSBC Holdings PLC
 
10,931
111,720
Lloyds Banking Group PLC*
 
66,619
85,170 
Next PLC
 
1,132
125,058
Stolt-Nielsen Ltd.
 
562 
15,199 
Taylor Wimpey PLC
 
49,015
87,422 
Vodafone Group PLC
 
39,193
148,955
       
Denmark—0.5%
 
 
 
AP Moeller—Maersk A/S, Class B
 
20 
47,870 
       
France—12.7%
 
 
 
Airbus Group N.V.
 
1,130
77,807 
AXA S.A.
 
4,234
110,493
BNP Paribas S.A.
 
836 
62,869 
Carrefour S.A.
 
632 
24,645 
Credit Agricole S.A.*
 
7,610
120,204
Ipsen S.A.
 
368 
16,327 
Orange S.A.
 
3,020
49,053 
Renault S.A.
 
1,496
145,920
Sanofi
 
1,566
168,855
Societe Generale S.A.
 
1,876
116,817
Technicolor S.A.*
 
5,760
42,976 
Total S.A.
 
2,245
160,523
       
Germany—11.7%
 
 
 
Aareal Bank AG*
 
1,885
85,450 
Allianz SE
 
1,230
213,049
Bayer AG
 
1,145
158,852
Daimler AG
 
1,558
144,236
Deutsche Bank AG
 
2,230
98,259 
Fresenius SE & Co. KGaA
 
186 
28,269 
Muenchener Rueckversicherungs AG*
 
257 
59,348 
STADA Arzneimittel AG
 
799 
34,829 
Volkswagen AG*
 
698 
186,411
       
Guernsey—0.2%
 
 
 
Resolution Ltd.
 
3,033
15,303 
       
Hong Kong—1.6%
 
 
 
Cheung Kong Infrastructure Holdings Ltd.
 
5,000
32,633 
Power Assets Holdings Ltd.
 
6,000
51,761 
Wheelock and Co. Ltd.
 
13,000
53,489 

COMMON STOCKS—93.9%
 
Shares
Value
Ireland—2.5%
 
 
 
Greencore Group PLC
 
5,860
$25,833
Shire PLC
 
3,264
186,621
       
Israel—1.5%
 
 
 
Teva Pharmaceutical Industries Ltd.
 
2,605
127,181
       
Italy—0.7%
 
 
 
Banca IFIS SpA
 
1,015
22,026 
Recordati SpA
 
2,369
41,506 
       
Japan—23.5%
 
 
 
Bridgestone Corp.
 
3,900
139,619
Central Japan Railway Co.
 
1,200
147,853
EIZO Corp.
 
900 
24,341 
Enplas Corp.
 
400 
22,967 
Fuji Heavy Industries Ltd.
 
1,500
39,395 
Fuji Oil Co. Ltd.
 
2,400
32,503 
Heiwa Corp.
 
1,500
24,957 
Honda Motor Co. Ltd.
 
2,400
79,347 
ITOCHU Corp.
 
6,100
68,511 
KDDI Corp.
 
2,100
111,784
Marubeni Corp.
 
21,000
140,089
Matsumotokiyoshi Holdings Co. Ltd.
 
900 
26,542 
Minebea Co. Ltd.
 
8,000
64,714 
MITSUBA Corp.
 
1,400
20,623 
Mitsui & Co. Ltd.
 
11,000
155,905
Mochida Pharmaceutical Co. Ltd.
 
300 
21,128 
NEC Networks & System Integration Corp.
 
1,100
23,262 
Nippon Telegraph and Telephone Corp.
 
3,300
182,729
Nippon Yusen KK
 
35,000
95,276 
Resona Holdings, Inc.
 
15,900
81,184 
Shindengen Electric Manufacturing Co. Ltd.
 
5,000
20,394 
SIIX Corp.
 
1,100
16,129 
Sojitz Corp.
 
53,300
83,937 
Sumitomo Corp.
 
9,400
122,011
Sumitomo Mitsui Financial Group, Inc.
 
1,500
59,172 
Topre Corp.
 
1,200
12,125 
Toyo Tire & Rubber Co. Ltd.
 
3,000
22,331 
Toyota Motor Corp.
 
3,600
194,532
       
Netherlands—5.1%
 
 
 
Aegon N.V.
 
10,381
94,395 
ING Groep N.V., CVA*
 
11,053
157,894
Royal Dutch Shell PLC, Class B
 
4,438
188,412
       
Norway—1.0%
 
 
 
Marine Harvest ASA
 
3,991
48,978 
Telenor ASA
 
1,759
41,337 
       
Singapore—3.7%
 
 
 
DBS Group Holdings Ltd.
 
9,000
121,899
First Resources Ltd.
 
20,000
41,060 
Golden Agri-Resources Ltd.
 
94,000
45,817 
Singapore Telecommunications Ltd.
 
10,000
30,550 
Wilmar International Ltd.
 
31,000
84,254 
       
Sweden—3.1%
 
 
 
Skandinaviska Enskilda Banken AB, Class A
 
11,873
163,807
Svenska Cellulosa AB SCA, Class B
 
2,144
60,201 
Telefonaktiebolaget LM Ericsson, Class B
 
3,671
44,087 
       
Switzerland—4.0%
 
 
 
Actelion Ltd.*
 
288 
28,372 
Aryzta AG*
 
212 
19,572 
 
 
   
4
   The accompanying notes are an integral part of the financial statements.
Investment Portfolios
   
   
(UNAUDITED)    
  04.30.2014
   
 
       
EAGLE INTERNATIONAL STOCK FUND (cont’d)
COMMON STOCKS—93.9%
 
Shares
Value
Switzerland (cont’d)
 
 
 
Ascom Holding AG
 
977 
$18,186
Autoneum Holding AG*
 
96 
20,361 
Lonza Group AG*
 
236 
24,656 
Rieter Holding AG*
 
191 
43,185 
Roche Holding AG
 
525 
154,344
Swiss Re AG*
 
477 
41,719 
Total common stocks (cost $7,604,496)
 
 
8,119,603
       
INVESTMENT COMPANIES—2.5%
 
United States—2.5%
 
 
 
iShares MSCI EAFE ETF
 
3,100
211,792
Total investment companies (cost $208,316)
 
 
211,792
       
PREFERRED STOCKS—0.5%
 
 
 
Italy—0.5%
 
 
 
Unipol Gruppo Finanziario SpA
 
7,038
46,513 
Total preferred stocks (cost $30,537)
 
 
46,513 
   
Total investment portfolio (cost $7,843,349) 96.9% ‡
8,377,908
       
Other assets in excess of liabilities 3.1%
 
 
269,878
       
Total net assets 100.0%
 
 
$8,647,786
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $7,853,770. Net unrealized appreciation (depreciation) on a tax-basis was $524,138, including aggregate gross unrealized appreciation and (depreciation) of $729,129 and $(204,991), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
CVA—Dutch certification
ETF—Exchange-traded fund
 
Sector allocation
 
Sector
Percent of net assets
Financial
28.2% 
Consumer, cyclical
23.2% 
Consumer, non-cyclical
18.0% 
Industrial
10.2% 
Communications
8.7% 
Energy
4.0% 
Funds
2.5% 
Basic materials
1.0% 
Utilities
0.6% 
Technology
0.5% 

 
Industry allocation
Industry
Value
Percent of net assets
Banks
$1,337,909
15.5%
Pharmaceuticals
989,594 
11.4%
Insurance
985,014 
11.4%
Auto manufacturers
789,841 
9.1%
Telecommunications
748,949 
8.7%
Distribution/wholesale
570,453 
6.6%
Oil & gas
348,935 
4.0%
Transportation
306,198 
3.5%
Food
235,785 
2.7%
Auto parts & equipment
215,059 
2.5%
Equity fund
211,792 
2.5%
Home builders
207,627 
2.4%
Biotechnology
176,945 
2.0%
Packaging & containers
153,562 
1.8%
Retail
151,600 
1.8%
Building materials
139,856 
1.6%
Electronics
128,151 
1.5%
Agriculture
86,877 
1.0%
Aerospace/defense
77,807 
0.9%
Forest products & paper
60,201 
0.7%
Real estate
53,489 
0.6%
Electric
51,761 
0.6%
Beverages
49,462 
0.6%
Machinery-diversified
43,185 
0.5%
Home furnishings
42,976 
0.5%
Diversified financial services
40,238 
0.5%
Engineering & construction
32,633 
0.4%
Healthcare services
28,269 
0.3%
Entertainment
24,957 
0.3%
Chemicals
24,656 
0.3%
Computers
23,262 
0.3%
Real estate investment trusts (REITs)
20,471 
0.2%
Semiconductors
20,394 
0.2%
Total investment portfolio
$8,377,908
96.9%
 
 
   
The accompanying notes are an integral part of the financial statements.
5
Investment Portfolios
   
   
(UNAUDITED)
04.30.2014
   

       
EAGLE INVESTMENT GRADE BOND FUND
CORPORATE BONDS—42.8%
Principal
amount
(in thousands)
Value

Domestic—37.3%
 
 
 
Advertising—0.8%
 
 
 
Omnicom Group, Inc., 4.45%, 08/15/20
 
$500
$539,680
       
Banks—7.1%
 
 
 
Branch Banking & Trust Co., 2.30%, 10/15/18
 
250 
252,590
Fifth Third Bank, 1.15%, 11/18/16
 
250 
250,792
Huntington Bancshares, Inc., 2.60%, 08/02/18
 
250 
252,658
JPMorgan Chase & Co., 2.35%, 01/28/19
 
500 
500,999
KeyCorp, 2.30%, 12/13/18
 
500 
503,160
Manufacturers & Traders Trust Co., 2.30%, 01/30/19
 
250 
250,949
Morgan Stanley, 5.50%, 07/24/20
 
500 
567,539
PNC Funding Corp., 4.38%, 08/11/20
 
500 
543,913
SunTrust Banks, Inc., 2.35%, 11/01/18
 
250 
251,330
The Bank of New York Mellon Corp., 2.20%, 03/04/19
 
500 
500,562
The Goldman Sachs Group, Inc., 2.90%, 07/19/18
 
250 
256,331
Wells Fargo & Co., 3.00%, 01/22/21
 
500 
505,681
       
Beverages—0.4%
 
 
 
Anheuser-Busch InBev Finance, Inc., 2.15%, 02/01/19
 
250 
251,225
       
Biotechnology—0.8%
 
 
 
Gilead Sciences, Inc., 4.50%, 04/01/21
 
500 
548,817
       
Computers—0.8%
 
 
 
International Business Machines Corp., 1.95%, 02/12/19
 
250 
249,876
NetApp, Inc., 2.00%, 12/15/17
 
250 
253,992
       
Cosmetics/personal care—0.4%
 
 
 
Colgate-Palmolive Co., 1.75%, 03/15/19
 
250 
248,602
       
Diversified financial services—2.0%
 
 
 
BlackRock, Inc., 5.00%, 12/10/19
 
500 
567,003
Capital One Bank USA N.A., 1.15%, 11/21/16
 
250 
250,293
IntercontinentalExchange Group, Inc., 2.50%, 10/15/18
 
500 
509,192
       
Electric—1.9%
 
 
 
NextEra Energy Capital Holdings, Inc., 2.70%, 09/15/19
 
250 
252,053
PG&E Corp., 2.40%, 03/01/19
 
250 
251,190
The Southern Co., 2.45%, 09/01/18
 
500 
511,043
Virginia Electric and Power Co., 3.45%, 02/15/24
 
250 
252,107
       
Entertainment—0.9%
 
 
 
International Game Technology, 7.50%, 06/15/19
 
500 
591,276
       
Food—0.8%
 
 
 
The Kroger Co., 2.30%, 01/15/19
 
250 
250,209
Wm. Wrigley Jr. Co., 144A, 1.40%, 10/21/16 (a)
 
250 
251,911
       
Healthcare products—1.6%
 
 
 
Edwards Lifesciences Corp., 2.88%, 10/15/18
 
750 
763,636
Zimmer Holdings, Inc., 4.63%, 11/30/19
 
250 
276,352
       
Healthcare services—2.0%
 
 
 
Laboratory Corp. of America Holdings, 2.20%, 08/23/17
 
500 
507,928
Ventas Realty LP, 1.55%, 09/26/16
 
250 
252,681
WellPoint, Inc., 2.38%, 02/15/17
 
500 
514,251
       
Home furnishings—0.4%
 
 
 
Whirlpool Corp., 2.40%, 03/01/19
 
250 
249,875
       
Insurance—4.3%
 
 
 
American International Group, Inc., 3.38%, 08/15/20
 
500 
516,936
AON Corp., 3.50%, 09/30/15
 
500 
518,983
Assurant, Inc., 2.50%, 03/15/18
 
500 
500,454
Berkshire Hathaway Finance Corp., 2.90%, 10/15/20
 
500 
510,254
Metropolitan Life Global Funding I, 144A, 2.30%, 04/10/19 (a)
 
500 
502,675
 
CORPORATE BONDS—42.8%
Principal
amount
(in thousands)
Value

Insurance (cont’d)
 
 
 
Prudential Financial, Inc., 2.30%, 08/15/18
 
$250
$252,392
       
Media—0.8%
 
 
 
Comcast Corp., 3.60%, 03/01/24
 
500
507,112
       
Miscellaneous manufacturer—0.8%
 
 
 
Crane Co., 2.75%, 12/15/18
 
250
253,678
Illinois Tool Works, Inc., 1.95%, 03/01/19
 
250
248,961
       
Oil & gas—0.8%
 
 
 
Devon Energy Corp., 1.20%, 12/15/16
 
250
250,999
Nabors Industries, Inc., 144A, 2.35%, 09/15/16 (a)
 
250
255,470
       
Oil & gas services—1.1%
 
 
 
Cameron International Corp., 1.15%, 12/15/16
 
500
501,485
Halliburton Co., 2.00%, 08/01/18
 
250
251,208
       
Pharmaceuticals—2.1%
 
 
 
AbbVie, Inc., 1.75%, 11/06/17
 
500
503,678
Allergan, Inc., 3.38%, 09/15/20
 
500
497,559
Johnson & Johnson, 2.95%, 09/01/20
 
370
387,613
       
Real estate investment trusts (REITs)—0.4%
 
 
 
American Tower Corp., 3.40%, 02/15/19
 
250
258,121
       
Retail—0.4%
 
 
 
Starbucks Corp., 2.00%, 12/05/18
 
250
251,413
       
Semiconductors—0.8%
 
 
 
Maxim Integrated Products, Inc., 2.50%, 11/15/18
 
500
501,263
       
Software—3.4%
 
 
 
Autodesk, Inc., 1.95%, 12/15/17
 
500
504,821
Broadridge Financial Solutions, Inc., 3.95%, 09/01/20
 
400
414,371
Intuit, Inc., 5.75%, 03/15/17
 
500
561,328
Microsoft Corp., 3.63%, 12/15/23
 
500
518,383
Oracle Corp., 1.20%, 10/15/17
 
250
249,047
       
Telecommunications—2.1%
 
 
 
AT&T, Inc., 5.80%, 02/15/19
 
500
581,176
Juniper Networks, Inc., 4.50%, 03/15/24
 
250
256,644
Verizon Communications, Inc., 4.50%, 09/15/20
 
500
543,708
       
Transportation—0.4%
 
 
 
J.B. Hunt Transport Services, Inc., 2.40%, 03/15/19
 
250
250,559
Total domestic corporate bonds (cost $24,082,243)
24,329,987
       
Foreign—5.5%
 
 
 
Insurance—0.8%
 
 
 
XLIT Ltd., 2.30%, 12/15/18
 
500
500,289
       
Internet—1.2%
 
 
 
Baidu, Inc., 3.25%, 08/06/18
 
750
761,947
       
Media—0.4%
 
 
 
British Sky Broadcasting Group PLC, 144A, 9.50%, 11/15/18 (a)
 
205
266,778
       
Miscellaneous manufacturer—0.4%
 
 
 
Tyco Electronics Group S.A., 2.38%, 12/17/18
 
250
249,175
       
Oil & gas—1.9%
 
 
 
CNOOC Nexen Finance 2014 ULC, 1.63%, 04/30/17
 
200
199,718
Petrobras Global Finance BV, 2.00%, 05/20/16
 
250
249,855
Petroleos Mexicanos, 144A, 3.13%, 01/23/19 (a)
 
250
256,155
Total Capital, 4.45%, 06/24/20
 
500
554,212
 
 
   
6
   The accompanying notes are an integral part of the financial statements.
Investment Portfolios
   
   
(UNAUDITED)   
  04.30.2014
   
 

EAGLE INVESTMENT GRADE BOND FUND (cont’d)
CORPORATE BONDS—42.8%
Principal
amount
(in thousands)
Value

       
Telecommunications—0.8%
 
 
 
British Telecommunications PLC, 1.25%, 02/14/17
 
$500
$499,719
Total foreign corporate bonds (cost $3,508,339)
 
 
3,537,848
       
Total corporate bonds (cost $27,590,582)
 
 
27,867,835
   
MORTGAGE AND ASSET-BACKED SECURITIES—33.9%
 
Domestic—29.2%
 
 
 
Asset-backed securities—11.6%
 
 
 
AmeriCredit Automobile Receivables Trust,
 Series 2013-5, Class B, 1.52%, 01/08/19
 
1,000
1,000,186
BMW Vehicle Lease Trust,
 Series 2014-1, Class A3, 0.73%, 02/21/17
 
1,000
999,835 
CarMax Auto Owner Trust,
 Series 2013-4, Class B, 1.71%, 07/15/19
 
1,000
1,002,222
Ford Credit Auto Owner Trust,
 Series 2012-C, Class D, 2.43%, 01/15/19
 
1,000
1,020,061
Ford Credit Floorplan Master Owner Trust A,
 Series 2014-1, Class A1, 1.20%, 02/15/19
 
1,000
999,998 
Hyundai Auto Receivables Trust,
 Series 2014-A, Class B, 1.73%, 08/15/19
 
1,000
999,402 
Santander Drive Auto Receivables Trust,
 Series 2012-1, Class C, 3.78%, 11/15/17
 
1,000
1,027,663
Sierra Timeshare Receivables Funding LLC, 144A,
 Series 2012-1A, Class B, 3.58%, 11/20/28 (b)
 
493 
500,915 
   
Federal agency mortgage-backed obligations—17.6%
 
Fannie Mae Pool,
 
 
 
Series 0957, Class MA, 3.00%, 01/01/22
 
1,119
1,168,105
Series 1212, Class MA, 2.50%, 10/01/22
 
1,152
1,184,588
Fannie Mae, REMIC,
 
 
 
Series 2008-18, Class ND, 4.00%, 05/25/20
 
297 
310,472 
Series 2011-45, Class NG, 3.00%, 03/25/25
 
1,013
1,052,516
Series 2012-96, Class VA, 3.50%, 02/25/22
 
423 
445,605 
Freddie Mac Gold Pool,
 
 
 
Series 13368, Class G, 6.00%, 11/01/23
 
912 
1,000,553
Series 91366, Class C, 4.50%, 04/01/31
 
766 
834,011 
Freddie Mac, REMIC,
 
 
 
Series 2628, Class AB, 4.50%, 06/15/18
 
58 
60,222 
Series 2885, Class LC, 4.50%, 04/15/34
 
124 
130,137 
Series 3650, Class PA, 5.00%, 01/15/40
 
313 
341,990 
Series 4068, Class MB, 2.00%, 02/15/42
 
2,814
2,776,519
Ginnie Mae I Pool, Series 783112, 5.50%, 09/15/22
 
770 
830,769 
Ginnie Mae II Pool, Series 5107, 4.00%, 07/20/26
 
860 
918,504 
Ginnie Mae, REMIC,
 
 
 
Series 2004-86, Class PK, 4.00%, 09/20/34
 
202 
211,981 
Series 2010-169, Class CD, 3.00%, 12/16/25
 
231 
241,428 
Total domestic mortgage and asset-backed securities (cost $19,101,198)
 
 
19,057,682
       
Foreign—4.7%
 
 
 
Covered bonds—4.7%
 
 
 
Bank of Montreal, 144A, 2.63%, 01/25/16 (a)
 
1,000
1,035,263
The Bank of Nova Scotia, 144A, 2.15%, 08/03/16 (a)
 
1,000
1,031,905
The Toronto-Dominion Bank, 144A, 2.20%, 07/29/15 (a)
 
1,000
1,019,324
Total foreign mortgage and asset-backed securities (cost $2,997,481)
 
 
3,086,492
       
Total mortgage and asset-backed securities (cost $22,098,679)
 
 
22,144,174


U.S. TREASURIES—14.5%
Principal
amount
(in thousands)
Value

U.S. Treasury Note,
 
 
 
2.75%, 02/15/19
 
$7,000
$7,369,687
3.63%, 02/15/21
 
1,000
1,092,813
2.75%, 02/15/24
 
1,000
1,008,750
Total U.S. Treasuries (cost $9,433,543)
 
 
9,471,250
   
U.S. GOVERNMENT AGENCY SECURITIES—1.6%
 
Private Export Funding Corp.,
 Series CC, 2.25%, 12/15/17
 
1,000
1,024,080
Total U.S. Government agency securities
 (cost $1,004,590)
1,024,080
       
SUPRANATIONAL BANKS—1.6%
 
 
 
International Bank for Reconstruction & Development, 2.38%, 05/26/15
 
1,000
1,022,936
Total supranational banks
 (cost $996,239)
 
 
1,022,936
   
Total investment portfolio (cost $61,123,633) 94.4% ‡
61,530,275
       
Other assets in excess of liabilities 5.6%
 
 
3,660,993
       
Total net assets 100.0%
 
 
$65,191,268
(a) Restricted securities deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities. At April 30, 2014, these securities aggregated $4,619,481 or 7.1% of the net assets of the Fund.
(b) Restricted securities deemed to be illiquid for purposes of compliance limitations on holdings of illiquid securities. This security was purchased on February 12, 2013 at a cost of $936,872 which was 0.7% of the net assets at the time of purchase. At April 30, 2014, these security had an amortized cost of $501,279 and a market value $500,915 which was 0.8% of the net assets of the Fund.
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $61,124,220. Net unrealized appreciation (depreciation) on a tax-basis was $406,055, including aggregate gross unrealized appreciation and (depreciation) of $560,168 and $(154,113), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.
REMIC—Real estate mortgage investment conduit
   
Standard & Poor’s bond ratings
 
Bond rating
Percent of net assets
AAA
4.5% 
AA
43.4% 
A
18.7% 
BBB
18.8% 
Not rated
9.0% 
 
 
   
The accompanying notes are an integral part of the financial statements.
7
Investment Portfolios
   
   
(UNAUDITED)
04.30.2014
   
 
   
EAGLE INVESTMENT GRADE BOND FUND (cont’d)
Moody’s bond ratings
 
Bond rating
Percent of net assets
Aaa
46.1% 
Aa
9.3% 
A
11.9% 
Baa
26.0% 
Not rated
1.1% 
 
       
 
 
 
 
EAGLE MID CAP GROWTH FUND
COMMON STOCKS—99.6%
 
Shares
Value
Airlines—2.2%
 
 
 
Delta Air Lines, Inc.
 
366,695
$13,505,377
       
Apparel—1.0%
 
 
 
Michael Kors Holdings Ltd.*
 
66,090
6,027,408
       
Beverages—3.6%
 
 
 
Constellation Brands, Inc., Class A*
 
137,070
10,943,669
Monster Beverage Corp.*
 
165,691
11,094,669
       
Biotechnology—3.1%
 
 
 
BioMarin Pharmaceutical, Inc.*
 
65,956
3,840,618
Cubist Pharmaceuticals, Inc.*
 
43,350
3,037,101
Medivation, Inc.*
 
97,930
5,896,365
Seattle Genetics, Inc.*
 
87,215
3,356,033
United Therapeutics Corp.*
 
32,310
3,231,323
       
Building materials—3.2%
 
 
 
Eagle Materials, Inc.
 
43,895
3,657,770
Fortune Brands Home & Security, Inc.
 
216,292
8,619,236
Texas Industries, Inc.*
 
82,572
7,158,993
       
Chemicals—3.2%
 
 
 
Huntsman Corp.
 
356,345
8,926,442
RPM International, Inc.
 
160,690
6,855,036
Westlake Chemical Corp.
 
51,386
3,658,683
       
Commercial services—1.9%
 
 
 
Gartner, Inc.*
 
122,735
8,461,351
Sotheby’s
 
70,245
2,954,505
       
Computers—3.1%
 
 
 
Cadence Design Systems, Inc.*
 
444,470
6,915,953
IHS, Inc., Class A*
 
100,068
12,071,203
       
Distribution/wholesale—1.2%
 
 
 
HD Supply Holdings, Inc.*
 
283,080
7,297,802
       
Diversified financial services—5.6%
 
 
 
Ally Financial, Inc.*
 
364,706
8,807,650
Ameriprise Financial, Inc.
 
168,965
18,861,563
TD Ameritrade Holding Corp.
 
201,811
6,437,771
       
Electronics—2.2%
 
 
 
Amphenol Corp., Class A
 
72,520
6,914,782
Sensata Technologies Holding N.V.*
 
154,590
6,565,437
       
Engineering & construction—0.8%
 
 
 
Chicago Bridge & Iron Co. N.V.
 
62,622
5,014,144
       
Entertainment—1.4%
 
 
 
Bally Technologies, Inc.*
 
131,129
8,537,809
       
Environmental control—1.8%
 
 
 
Waste Connections, Inc.
 
246,592
11,012,799
 
 
 
 


COMMON STOCKS—99.6%
 
Shares
Value
Food—1.0%
 
 
 
The Fresh Market, Inc.*
 
167,811
$6,225,788
       
Healthcare products—3.4%
 
 
 
Bruker Corp.*
 
138,032
2,851,741
Sirona Dental Systems, Inc.*
 
77,220
5,808,489
St. Jude Medical, Inc.
 
96,110
6,100,102
The Cooper Companies, Inc.
 
46,385
6,118,645
       
Healthcare services—2.2%
 
 
 
Envision Healthcare Holdings, Inc.*
 
91,440
3,089,757
Universal Health Services, Inc., Class B
 
129,215
10,568,495
       
Home furnishings—2.8%
 
 
 
Harman International Industries, Inc.
 
158,451
17,367,814
       
Household products/wares—1.6%
 
 
 
Church & Dwight Co., Inc.
 
140,140
9,671,061
       
Insurance—3.0%
 
 
 
Genworth Financial, Inc., Class A*
 
1,019,560
18,199,146
       
Internet—6.3%
 
 
 
Liberty Interactive Corp., Class A*
 
584,765
16,993,271
Netflix, Inc.*
 
12,305
3,962,702
TripAdvisor, Inc.*
 
143,335
11,572,868
Twitter, Inc.*
 
160,857
6,268,597
       
Leisure time—2.7%
 
 
 
Norwegian Cruise Line Holdings Ltd.*
 
109,064
3,574,027
Royal Caribbean Cruises Ltd.
 
251,160
13,344,131
       
Lodging—3.9%
 
 
 
Starwood Hotels & Resorts Worldwide, Inc.
 
163,620
12,541,473
Wynn Resorts Ltd.
 
55,235
11,261,864
       
Machinery-diversified—1.5%
 
 
 
Flowserve Corp.
 
126,625
9,249,956
       
Media—4.6%
 
 
 
Discovery Communications, Inc., Class A*
 
46,640
3,539,976
FactSet Research Systems, Inc.
 
58,145
6,192,443
Sirius XM Holdings, Inc.*
 
5,898,890
18,817,459
       
Mining—1.1%
 
 
 
Constellium N.V., Class A*
 
215,449
6,575,504
       
Miscellaneous manufacturer—5.7%
 
 
 
Colfax Corp.*
 
184,706
13,295,138
Hexcel Corp.*
 
182,655
7,614,887
Pall Corp.
 
78,785
6,629,758
Pentair Ltd.
 
100,955
7,499,947
       
Oil & gas—6.1%
 
 
 
Antero Resources Corp.*
 
158,162
10,386,498
Cabot Oil & Gas Corp.
 
321,350
12,622,628
Gulfport Energy Corp.*
 
151,482
11,159,679
Pioneer Natural Resources Co.
 
17,155
3,315,547
       
Oil & gas services—1.0%
 
 
 
Dresser-Rand Group, Inc.*
 
103,480
6,254,331
       
Pharmaceuticals—4.4%
 
 
 
AmerisourceBergen Corp.
 
148,650
9,689,007
Catamaran Corp.*
 
106,125
4,006,219
Mylan, Inc.*
 
258,330
13,117,997
       
Retail—2.2%
 
 
 
AutoZone, Inc.*
 
14,580
7,784,116
Sally Beauty Holdings, Inc.*
 
199,697
5,473,695
 
   
8
   The accompanying notes are an integral part of the financial statements.
Investment Portfolios
   
   
(UNAUDITED)   
  04.30.2014
   
 
       
EAGLE MID CAP GROWTH FUND (cont’d)
 
COMMON STOCKS—99.6%
 
Shares
Value
Semiconductors—1.7%
 
 
 
Altera Corp.
 
98,455
$3,201,756
Microchip Technology, Inc.
 
80,785
3,840,519
Skyworks Solutions, Inc.*
 
91,115
3,740,271
       
Software—5.9%
 
 
 
Akamai Technologies, Inc.*
 
64,140
3,403,910
ANSYS, Inc.*
 
102,620
7,830,932
Autodesk, Inc.*
 
120,990
5,809,940
Concur Technologies, Inc.*
 
70,582
5,679,734
IMS Health Holdings, Inc.*
 
239,130
5,676,946
NetSuite, Inc.*
 
26,939
2,082,654
ServiceNow, Inc.*
 
116,385
5,786,662
       
Telecommunications—4.2%
 
 
 
IPG Photonics Corp.*
 
98,189
6,345,955
Palo Alto Networks, Inc.*
 
102,305
6,504,552
SBA Communications Corp., Class A*
 
142,335
12,775,990
Total common stocks (cost $424,476,092)
 
 
611,086,069
   
Total investment portfolio (cost $424,476,092) 99.6% ‡
611,086,069
       
Other assets in excess of liabilities 0.4%
 
 
2,485,318
       
Net assets 100.0%
 
 
$613,571,387
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $425,442,615. Net unrealized appreciation (depreciation) on a tax-basis was $185,643,454, including aggregate gross unrealized appreciation and (depreciation) of $192,507,370 and $(6,863,916), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
Sector allocation
 
Sector
Percent of net assets
Consumer, non-cyclical
21.2% 
Consumer, cyclical
17.4% 
Industrial
15.2% 
Communications
15.1% 
Technology
10.7% 
Financial
8.6% 
Energy
7.1% 
Basic materials
4.3% 
 
       
 
 
 
 
EAGLE MID CAP STOCK FUND
 
 
 
COMMON STOCKS—97.4%
 
Shares
Value
Aerospace/defense—1.0%
 
 
 
B/E Aerospace, Inc.*
 
48,578
$4,263,691
       
Apparel—1.2%
 
 
 
Hanesbrands, Inc.
 
61,927
5,083,587
       
Auto parts & equipment—0.6%
 
 
 
Dana Holding Corp.
 
118,535
2,509,386


COMMON STOCKS—97.4%
 
Shares
Value
Banks—4.9%
 
 
 
East West Bancorp, Inc.
 
151,345
$5,222,916
First Republic Bank
 
99,734
5,062,498
Signature Bank*
 
49,763
5,912,840
Zions Bancorporation
 
128,830
3,725,763
       
Biotechnology—1.1%
 
 
 
Bio-Rad Laboratories, Inc., Class A*
 
35,469
4,370,136
       
Chemicals—2.1%
 
 
 
Airgas, Inc.
 
34,370
3,652,156
Rockwood Holdings, Inc.
 
69,650
4,948,633
       
Commercial services—3.0%
 
 
 
Morningstar, Inc.
 
49,238
3,610,623
Quanta Services, Inc.*
 
168,730
5,952,794
The Advisory Board Co.*
 
47,355
2,711,547
       
Computers—2.8%
 
 
 
IHS, Inc., Class A*
 
24,910
3,004,893
Jack Henry & Associates, Inc.
 
53,522
2,952,274
MICROS Systems, Inc.*
 
109,693
5,649,189
       
Distribution/wholesale—1.3%
 
 
 
LKQ Corp.*
 
189,178
5,508,863
       
Diversified financial services—3.7%
 
 
 
Affiliated Managers Group, Inc.*
 
29,943
5,934,703
Invesco Ltd.
 
116,598
4,105,415
Portfolio Recovery Associates, Inc.*
 
90,364
5,164,303
       
Electric—2.1%
 
 
 
ITC Holdings Corp.
 
150,321
5,557,367
NRG Energy, Inc.
 
97,405
3,187,092
       
Electrical components & equipment—0.9%
 
 
 
AMETEK, Inc.
 
68,630
3,618,174
       
Electronics—3.0%
 
 
 
FLIR Systems, Inc.
 
86,855
2,956,544
Mettler-Toledo International, Inc.*
 
17,523
4,084,962
Trimble Navigation Ltd.*
 
131,710
5,061,615
       
Engineering & construction—1.0%
 
 
 
Jacobs Engineering Group, Inc.*
 
73,010
4,212,677
       
Environmental control—2.4%
 
 
 
Clean Harbors, Inc.*
 
63,930
3,835,800
Stericycle, Inc.*
 
27,200
3,167,168
Waste Connections, Inc.
 
64,705
2,889,725
       
Food—2.6%
 
 
 
Flowers Foods, Inc.
 
234,551
4,812,987
The Hain Celestial Group, Inc.*
 
66,970
5,760,759
       
Hand/machine tools—0.7%
 
 
 
Regal-Beloit Corp.
 
36,885
2,756,416
       
Healthcare products—9.6%
 
 
 
DENTSPLY International, Inc.
 
112,996
5,043,011
Edwards Lifesciences Corp.*
 
58,477
4,764,121
Hologic, Inc.*
 
94,889
1,991,246
IDEXX Laboratories, Inc.*
 
40,888
5,169,879
ResMed, Inc.
 
114,400
5,702,840
Sirona Dental Systems, Inc.*
 
56,058
4,216,683
Techne Corp.
 
38,125
3,404,944
Teleflex, Inc.
 
31,777
3,244,114
Varian Medical Systems, Inc.*
 
47,215
3,755,953
West Pharmaceutical Services, Inc.
 
48,625
2,109,352
 
 
   
The accompanying notes are an integral part of the financial statements.
9
Investment Portfolios
   
   
(UNAUDITED)
04.30.2014
   
 
       
EAGLE MID CAP STOCK FUND (cont’d)
COMMON STOCKS—97.4%
 
Shares
Value
Healthcare services—0.8%
 
 
 
MEDNAX, Inc.*
 
56,470
$3,345,848
       
Household products/wares—2.5%
 
 
 
Church & Dwight Co., Inc.
 
66,413
4,583,161
Jarden Corp.*
 
98,765
5,644,420
       
Insurance—3.1%
 
 
 
Arthur J Gallagher & Co.
 
99,671
4,487,188
HCC Insurance Holdings, Inc.
 
111,235
5,110,136
ProAssurance Corp.
 
72,345
3,285,910
       
Internet—0.9%
 
 
 
F5 Networks, Inc.*
 
33,685
3,542,651
       
Iron/steel—1.2%
 
 
 
Steel Dynamics, Inc.
 
272,020
4,969,805
       
Leisure time—1.0%
 
 
 
Polaris Industries, Inc.
 
30,605
4,111,170
       
Lodging—1.0%
 
 
 
Wyndham Worldwide Corp.
 
57,262
4,085,071
       
Machinery-diversified—3.8%
 
 
 
Flowserve Corp.
 
68,378
4,995,013
IDEX Corp.
 
52,888
3,943,858
Roper Industries, Inc.
 
19,920
2,767,884
The Middleby Corp.*
 
199 
50,243
Wabtec Corp.
 
48,625
3,624,994
       
Miscellaneous manufacturer—1.7%
 
 
 
AptarGroup, Inc.
 
36,537
2,463,325
Donaldson Co., Inc.
 
106,400
4,478,376
       
Oil & gas—3.2%
 
 
 
Energy XXI Bermuda Ltd.
 
110,841
2,652,425
Noble Corp. PLC
 
118,344
3,646,179
Oasis Petroleum, Inc.*
 
77,365
3,598,246
SM Energy Co.
 
42,231
3,130,584
       
Oil & gas services—4.7%
 
 
 
Core Laboratories N.V.
 
14,946
2,805,065
Dril-Quip, Inc.*
 
33,201
3,755,697
Helix Energy Solutions Group, Inc.*
 
195,163
4,691,719
Oil States International, Inc.*
 
21,032
2,043,049
Superior Energy Services, Inc.
 
175,970
5,792,932
       
Packaging & containers—1.1%
 
 
 
Berry Plastics Group, Inc.*
 
198,698
4,468,718
       
Pharmaceuticals—1.8%
 
 
 
Catamaran Corp.*
 
101,505
3,831,814
Zoetis, Inc.
 
119,445
3,614,405
       
Real estate investment trusts (REITs)—1.9%
 
 
 
DDR Corp.
 
252,169
4,329,742
Essex Property Trust, Inc.
 
20,134
3,488,417
       
Retail—9.2%
 
 
 
Copart, Inc.*
 
99,880
3,622,648
Dick’s Sporting Goods, Inc.
 
57,940
3,051,120
Dollar Tree, Inc.*
 
68,205
3,551,434
Dunkin’ Brands Group, Inc.
 
111,650
5,081,191
GNC Holdings, Inc., Class A
 
79,485
3,576,825
MSC Industrial Direct Co., Inc., Class A
 
45,820
4,172,369
Panera Bread Co., Class A*
 
14,915
2,281,548
PVH Corp.
 
35,580
4,467,781


 
 
 
 
COMMON STOCKS—97.4%
 
Shares
Value
Retail (cont’d)
 
 
 
Tractor Supply Co.
 
65,306
$4,391,175
Ulta Salon, Cosmetics & Fragrance, Inc.*
 
40,836
3,581,726
       
Semiconductors—2.1%
 
 
 
Microchip Technology, Inc.
 
89,115
4,236,527
Skyworks Solutions, Inc.*
 
104,980
4,309,429
       
Software—6.3%
 
 
 
ANSYS, Inc.*
 
41,510
3,167,628
CommVault Systems, Inc.*
 
112,263
5,433,529
Informatica Corp.*
 
101,650
3,603,493
Nuance Communications, Inc.*
 
178,165
2,866,675
Open Text Corp.
 
68,349
3,372,340
Qlik Technologies, Inc.*
 
164,329
3,611,951
SolarWinds, Inc.*
 
90,365
3,643,517
       
Telecommunications—3.9%
 
 
 
NeuStar, Inc., Class A*
 
109,225
2,809,267
NICE Systems Ltd., Sponsored ADR
 
139,240
6,015,168
Plantronics, Inc.
 
88,555
3,858,342
tw telecom inc.*
 
105,280
3,231,043
       
Transportation—3.2%
 
 
 
Expeditors International of Washington, Inc.
 
108,266
4,464,890
Genesee & Wyoming, Inc., Class A*
 
51,284
5,077,629
J.B. Hunt Transport Services, Inc.
 
49,723
3,783,920
Total common stocks (cost $317,174,697)
 
 
399,250,849
   
Total investment portfolio
(cost $317,174,697)
 97.4% ‡
399,250,849
       
Other assets in excess of liabilities 2.6%
 
 
10,458,975
       
Net assets 100.0%
 
 
$409,709,824
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $318,609,935. Net unrealized appreciation (depreciation) on a tax-basis was $80,640,914, including aggregate gross unrealized appreciation and (depreciation) of $89,723,508 and $(9,082,594), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
ADR—American depository receipt
Sector allocation
 
Sector
Percent of net assets
Consumer, non-cyclical
21.4% 
Industrial
18.8% 
Consumer, cyclical
14.3% 
Financial
13.6% 
Technology
11.2% 
Energy
7.9% 
Communications
4.8% 
Basic materials
3.3% 
Utilities
2.1% 
 
 
   
10
  The accompanying notes are an integral part of the financial statements.
Investment Portfolios
   
   
(UNAUDITED)   
  04.30.2014
   
 
       
EAGLE SMALL CAP GROWTH FUND
COMMON STOCKS—99.6%
 
Shares
Value
Airlines—1.9%
 
American Airlines Group, Inc.*
 
1,290,306
$45,251,031
JetBlue Airways Corp.*
 
3,518,043
27,810,130
       
Apparel—2.4%
 
 
 
Deckers Outdoor Corp.*
 
485,667
38,343,410
Steven Madden Ltd.*
 
1,510,631
53,793,570
       
Auto parts & equipment—1.8%
 
 
 
Tenneco, Inc.*
 
442,806
26,510,795
WABCO Holdings, Inc.*
 
402,720
43,095,067
       
Banks—0.5%
 
 
 
UMB Financial Corp.
 
349,443
20,515,799
       
Biotechnology—4.3%
 
 
 
Acorda Therapeutics, Inc.*
 
1,178,264
41,769,459
Aegerion Pharmaceuticals, Inc.*
 
474,013
20,979,815
Cubist Pharmaceuticals, Inc.*
 
287,170
20,119,130
Intercept Pharmaceuticals, Inc.*
 
36,555
9,654,907
Puma Biotechnology, Inc.*
 
263,300
19,889,682
Seattle Genetics, Inc.*
 
465,846
17,925,754
Theravance, Inc.*
 
530,165
14,272,042
United Therapeutics Corp.*
 
179,397
17,941,494
       
Building materials—2.4%
 
 
 
Texas Industries, Inc.*
 
666,210
57,760,407
USG Corp.*
 
1,112,145
33,208,650
       
Chemicals—3.4%
 
 
 
Chemtura Corp.*
 
1,016,903
22,676,937
Huntsman Corp.
 
3,157,317
79,090,791
Quaker Chemical Corp.
 
366,456
27,275,320
       
Commercial services—5.2%
 
 
 
EVERTEC, Inc.
 
1,042,620
24,543,275
HMS Holdings Corp.*
 
1,576,803
25,496,904
LifeLock, Inc.*
 
1,735,704
27,250,553
PAREXEL International Corp.*
 
558,716
25,337,771
Sotheby’s
 
470,143
19,774,214
Team Health Holdings, Inc.*
 
965,496
46,807,246
The Advisory Board Co.*
 
500,903
28,681,706
       
Computers—0.4%
 
 
 
Qualys, Inc.*
 
756,530
14,593,464
       
Distribution/wholesale—0.8%
 
 
 
MWI Veterinary Supply, Inc.*
 
204,080
31,967,091
       
Diversified financial services—2.7%
 
 
 
Artisan Partners Asset Management, Inc., Class A
 
858,382
49,846,243
Stifel Financial Corp.*
 
1,110,481
51,937,196
       
Electrical components & equipment—0.8%
 
 
 
Acuity Brands, Inc.
 
238,454
29,704,215
       
Electronics—2.3%
 
 
 
Coherent, Inc.*
 
763,541
45,591,033
InvenSense, Inc.*
 
1,838,159
39,575,563
       
Engineering & construction—0.9%
 
 
 
EMCOR Group, Inc.
 
698,882
32,141,583
       
Entertainment—2.7%
 
 
 
Bally Technologies, Inc.*
 
1,040,924
67,774,561
Multimedia Games Holding Co., Inc.*
 
697,515
20,367,438
Pinnacle Entertainment, Inc.*
 
581,581
13,533,390
       
Environmental control—1.9%
 
 
 
Waste Connections, Inc.
 
1,613,521
72,059,848


COMMON STOCKS—99.6%
 
Shares
Value
Food—4.5%
 
 
 
Pinnacle Foods, Inc.
 
826,952
$25,139,341
The Fresh Market, Inc.*
 
964,254
35,773,823
The Hain Celestial Group, Inc.*
 
395,211
33,996,050
The WhiteWave Foods Co., Class A*
 
1,413,840
39,149,230
United Natural Foods, Inc.*
 
542,050
37,417,712
       
Healthcare products—5.8%
 
 
 
Align Technology, Inc.*
 
1,179,192
59,419,485
Cyberonics, Inc.*
 
759,068
44,906,463
HeartWare International, Inc.*
 
221,826
18,846,337
Sirona Dental Systems, Inc.*
 
564,567
42,466,730
Thoratec Corp.*
 
1,638,230
53,701,179
       
Healthcare services—1.2%
 
 
 
Centene Corp.*
 
486,161
32,281,090
Envision Healthcare Holdings, Inc.*
 
332,858
11,247,272
       
Home furnishings—0.9%
 
 
 
Universal Electronics, Inc.*
 
869,170
32,463,499
       
Household products/wares—0.5%
 
 
 
Tumi Holdings, Inc.*
 
979,736
20,006,209
       
Insurance—1.3%
 
 
 
Enstar Group Ltd.*
 
198,125
25,577,937
ProAssurance Corp.
 
542,564
24,643,257
       
Internet—3.0%
 
 
 
Angie’s List, Inc.*
 
1,505,444
17,026,571
OpenTable, Inc.*
 
570,851
38,338,353
Zillow, Inc., Class A*
 
524,901
57,056,739
       
Lodging—0.5%
 
 
 
Intrawest Resorts Holdings, Inc.*
 
1,519,339
17,229,304
       
Machinery-construction & mining—1.1%
 
 
 
Terex Corp.
 
946,545
40,975,933
       
Machinery-diversified—2.2%
 
 
 
Chart Industries, Inc.*
 
385,432
26,294,171
Cognex Corp.*
 
1,656,476
57,032,469
       
Media—0.7%
 
 
 
Houghton Mifflin Harcourt Co.*
 
1,374,378
28,078,543
       
Metal fabricate/hardware—0.8%
 
 
 
RTI International Metals, Inc.*
 
1,096,939
30,889,802
       
Miscellaneous manufacturer—4.7%
 
 
 
Colfax Corp.*
 
1,351,249
97,262,903
Hexcel Corp.*
 
1,125,766
46,933,185
TriMas Corp.*
 
889,832
31,909,375
       
Oil & gas—3.6%
 
 
 
Athlon Energy, Inc.*
 
530,060
21,419,724
Diamondback Energy, Inc.*
 
242,590
17,451,925
Gulfport Energy Corp.*
 
1,110,855
81,836,688
Pacific Drilling S.A.*
 
1,497,502
14,840,245
       
Oil & gas services—1.7%
 
 
 
Geospace Technologies Corp.*
 
607,748
35,328,391
Thermon Group Holdings, Inc.*
 
1,235,112
29,420,368
       
Pharmaceuticals—3.2%
 
 
 
Anacor Pharmaceuticals, Inc.*
 
1,228,892
20,239,851
Enanta Pharmaceuticals, Inc.*
 
573,796
21,350,949
Keryx Biopharmaceuticals, Inc.*
 
1,367,798
20,202,377
Natural Grocers by Vitamin Cottage, Inc.*
 
123,325
4,390,370
 
   
The accompanying notes are an integral part of the financial statements.
11

Investment Portfolios
 
 
  
(UNAUDITED)
04.30.2014
   
 
       
EAGLE SMALL CAP GROWTH FUND (cont’d)
 
COMMON STOCKS—99.6%
 
Shares
Value
Pharmaceuticals (cont’d)
 
 
 
Ophthotech Corp.*
 
493,768
$16,783,174
Portola Pharmaceuticals, Inc.*
 
862,217
20,227,611
Receptos, Inc.*
 
538,066
18,181,250
       
Real estate investment trusts
 (REITs)—2.1%
 
 
 
The Geo Group, Inc.
 
1,444,404
48,430,866
Two Harbors Investment Corp.
 
3,103,867
32,218,140
       
Retail—7.5%
 
 
 
Buffalo Wild Wings, Inc.*
 
276,474
40,398,381
Domino’s Pizza, Inc.
 
326,319
24,271,607
Genesco, Inc.*
 
1,186,605
90,621,024
Noodles & Co.*
 
958,860
31,441,020
The Pantry, Inc.*
 
1,292,733
19,442,704
Vitamin Shoppe, Inc.*
 
1,614,932
77,322,944
       
Semiconductors—4.2%
 
 
 
Cavium, Inc.*
 
1,327,793
56,258,589
SunEdison, Inc.*
 
1,756,910
33,785,379
Teradyne, Inc.*
 
1,496,335
26,440,240
Veeco Instruments, Inc.*
 
1,172,655
43,353,055
       
Software—10.9%
 
 
 
ANSYS, Inc.*
 
359,070
27,400,632
Aspen Technology, Inc.*
 
393,906
16,934,019
athenahealth, Inc.*
 
98,161
12,136,626
Concur Technologies, Inc.*
 
397,062
31,951,579
Cornerstone OnDemand, Inc.*
 
773,846
28,446,579
MedAssets, Inc.*
 
2,533,950
57,850,078
Medidata Solutions, Inc.*
 
2,236,620
81,211,672
Proofpoint, Inc.*
 
956,311
24,328,552
PTC, Inc.*
 
1,511,888
53,475,479
Qlik Technologies, Inc.*
 
1,120,475
24,628,041
RealPage, Inc.*
 
897,460
15,929,915
The Ultimate Software Group, Inc.*
 
319,123
38,176,684
       
Telecommunications—3.9%
 
 
 
Aruba Networks, Inc.*
 
1,102,676
21,799,905
Finisar Corp.*
 
1,581,223
41,348,982
Fortinet, Inc.*
 
1,917,883
42,155,068
IPG Photonics Corp.*
 
658,921
42,586,064
       
Transportation—0.9%
 
 
 
Landstar System, Inc.
 
532,237
33,525,609
Total common stocks (cost $2,800,509,076)
 
 
3,770,472,802
   
Total investment portfolio (cost $2,800,509,076) 99.6% ‡
3,770,472,802
       
Other assets in excess of liabilities 0.4%
 
 
14,167,443
       
Net assets 100.0%
 
 
$3,784,640,245
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $2,814,032,591. Net unrealized appreciation (depreciation) on a tax-basis was $956,440,211, including aggregate gross unrealized appreciation and (depreciation) of $1,082,647,866 and $(126,207,655), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
 
 
Sector allocation
 
Sector
Percent of net assets
Consumer, non-cyclical
24.7%
Consumer, cyclical
18.5%
Industrial
18.0%
Technology
15.5%
Communications
7.6%
Financial
6.6%
Energy
5.3%
Basic materials
3.4%
 
       
 
 
 
 
EAGLE SMALL CAP STOCK FUND
 
COMMON STOCKS—95.8%
 
Shares
Value
Aerospace/defense—1.8%
 
Esterline Technologies Corp.*
 
2,128
$231,995
HEICO Corp.
 
6,211
343,592
       
Apparel—2.9%
 
 
 
Iconix Brand Group, Inc.*
 
9,180
390,150
Steven Madden Ltd.*
 
8,701
309,842
Wolverine World Wide, Inc.
 
6,887
193,525
       
Auto parts & equipment—0.7%
 
 
 
Dana Holding Corp.
 
10,293
217,903
       
Banks—4.4%
 
 
 
Eagle Bancorp, Inc.*
 
13,251
442,451
First Financial Holdings, Inc.
 
6,523
374,877
First Midwest Bancorp, Inc.
 
18,717
306,397
Texas Capital Bancshares, Inc.*
 
4,135
232,346
       
Biotechnology—1.2%
 
 
 
Bio-Rad Laboratories, Inc., Class A*
 
2,946
362,977
       
Chemicals—3.5%
 
 
 
Balchem Corp.
 
6,760
418,782
Quaker Chemical Corp.
 
2,977
221,578
Sensient Technologies Corp.
 
8,179
442,075
       
Commercial services—6.4%
 
 
 
Healthcare Services Group, Inc.
 
14,884
433,124
LifeLock, Inc.*
 
16,255
255,204
Monro Muffler Brake, Inc.
 
5,550
313,020
Morningstar, Inc.
 
3,959
290,314
Ritchie Bros Auctioneers, Inc.
 
16,118
402,950
The Advisory Board Co.*
 
4,993
285,899
       
Computers—2.4%
 
 
 
j2 Global, Inc.
 
6,150
285,114
MICROS Systems, Inc.*
 
4,989
256,934
Vocera Communications, Inc.*
 
14,388
219,417
       
Distribution/wholesale—1.4%
 
 
 
Beacon Roofing Supply, Inc.*
 
12,047
428,632
       
Diversified financial services—3.6%
 
 
 
Evercore Partners, Inc., Class A
 
7,316
390,894
Portfolio Recovery Associates, Inc.*
 
7,523
429,939
Stifel Financial Corp.*
 
6,465
302,368
 
   
12
  The accompanying notes are an integral part of the financial statements.
Investment Portfolios
   
   
(UNAUDITED)    
  04.30.2014
   
 
       
EAGLE SMALL CAP STOCK FUND (cont’d)
COMMON STOCKS—95.8%
 
Shares
Value
Electric—0.9%
 
 
 
ALLETE, Inc.
 
5,368
$277,848
       
Electronics—1.2%
 
 
 
Rofin-Sinar Technologies, Inc.*
 
16,498
366,256
       
Engineering & construction—1.0%
 
 
 
Mistras Group, Inc.*
 
13,757
312,421
       
Food—2.5%
 
 
 
J & J Snack Foods Corp.
 
2,421
226,606
The Chefs’ Warehouse, Inc.*
 
10,014
201,181
TreeHouse Foods, Inc.*
 
4,629
346,434
       
Hand/machine tools—0.6%
 
 
 
Regal-Beloit Corp.
 
2,523
188,544
       
Healthcare products—8.3%
 
 
 
Cantel Medical Corp.
 
5,991
198,661
Cyberonics, Inc.*
 
4,309
254,920
Globus Medical, Inc., Class A*
 
17,388
424,615
ICU Medical, Inc.*
 
4,769
266,015
Integra LifeSciences Holdings Corp.*
 
7,224
329,270
Masimo Corp.*
 
6,468
173,084
Sirona Dental Systems, Inc.*
 
2,117
159,241
Techne Corp.
 
2,456
219,345
Volcano Corp.*
 
10,712
188,103
West Pharmaceutical Services, Inc.
 
8,273
358,883
       
Healthcare services—1.2%
 
 
 
ICON PLC*
 
9,360
362,887
       
Household products/wares—1.2%
 
 
 
Tumi Holdings, Inc.*
 
18,367
375,054
       
Housewares—0.9%
 
 
 
The Toro Co.
 
4,275
271,634
       
Insurance—2.3%
 
 
 
AmTrust Financial Services, Inc.
 
9,652
373,243
ProAssurance Corp.
 
7,858
356,910
       
Internet—2.2%
 
 
 
Constant Contact, Inc.*
 
6,502
168,142
HealthStream, Inc.*
 
10,554
239,048
SPS Commerce, Inc.*
 
5,340
276,612
       
Iron/steel—1.0%
 
 
 
Steel Dynamics, Inc.
 
17,436
318,556
       
Machinery-diversified—0.8%
 
 
 
Cognex Corp.*
 
7,138
245,761
       
Metal fabricate/hardware—0.8%
 
 
 
RBC Bearings, Inc.*
 
3,997
248,853
       
Miscellaneous manufacturer—4.1%
 
 
 
Actuant Corp., Class A
 
11,414
386,478
AptarGroup, Inc.
 
653 
44,025 
CLARCOR, Inc.
 
6,766
390,804
Proto Labs, Inc.*
 
4,634
280,542
Raven Industries, Inc.
 
5,234
161,731
       
Oil & gas—2.5%
 
 
 
Carrizo Oil & Gas, Inc.*
 
4,866
267,727
Emerald Oil, Inc.*
 
36,210
256,005
Energy XXI Bermuda Ltd.
 
10,419
249,327
       
Oil & gas services—3.7%
 
 
 
Dril-Quip, Inc.*
 
1,291
146,038
Forum Energy Technologies, Inc.*
 
13,457
401,826
 
 
 
 
 
COMMON STOCKS—95.8%
 
Shares
Value
Oil & gas services (cont’d)
 
 
 
Helix Energy Solutions Group, Inc.*
 
14,326
$344,397
Key Energy Services, Inc.*
 
26,025
261,291
       
Packaging & containers—1.3%
 
 
 
Berry Plastics Group, Inc.*
 
17,448
392,406
       
Pharmaceuticals—2.4%
 
 
 
Akorn, Inc.*
 
15,813
398,804
Prestige Brands Holdings, Inc.*
 
9,980
334,529
       
Pipelines—0.6%
 
 
 
Primoris Services Corp.
 
6,227
174,231
       
Real estate investment trusts (REITs)—3.5%
 
 
 
American Assets Trust, Inc.
 
7,421
251,943
BioMed Realty Trust, Inc.
 
9,284
194,035
Corporate Office Properties Trust
 
10,273
274,803
Pebblebrook Hotel Trust
 
10,386
357,694
       
Retail—5.3%
 
 
 
Casey’s General Stores, Inc.
 
4,950
339,867
Del Frisco’s Restaurant Group, Inc.*
 
9,480
246,575
Pier 1 Imports, Inc.
 
17,605
321,467
Popeyes Louisiana Kitchen, Inc.*
 
5,515
210,122
Texas Roadhouse, Inc.
 
7,480
185,055
Vitamin Shoppe, Inc.*
 
7,472
357,759
       
Semiconductors—3.1%
 
 
 
Diodes, Inc.*
 
11,927
314,515
Power Integrations, Inc.
 
6,011
283,900
Semtech Corp.*
 
14,946
358,405
       
Software—8.2%
 
 
 
Bottomline Technologies de, Inc.*
 
10,449
330,606
CommVault Systems, Inc.*
 
8,427
407,867
Monotype Imaging Holdings, Inc.
 
6,214
164,112
Progress Software Corp.*
 
6,940
148,932
Qlik Technologies, Inc.*
 
18,018
396,036
RealPage, Inc.*
 
23,900
424,225
SolarWinds, Inc.*
 
8,549
344,696
Tangoe, Inc.*
 
21,062
316,772
       
Telecommunications—4.1%
 
 
 
NeuStar, Inc., Class A*
 
9,534
245,215
NICE Systems Ltd., Sponsored ADR
 
14,322
618,710
Plantronics, Inc.
 
9,131
397,838
       
Transportation—3.8%
 
 
 
Hub Group, Inc., Class A*
 
8,618
384,794
Landstar System, Inc.
 
5,873
369,940
Roadrunner Transportation Systems, Inc.*
 
17,318
426,542
Total common stocks (cost $28,066,042)
 
 
29,673,012
       
HOLDING COMPANIES—1.0%
 
 
 
Holding companies-diversified—1.0%
 
 
 
National Bank Holdings Corp., Class A
 
16,470
315,565
Total Holding companies (cost $337,004)
 
 
315,565
   
Total investment portfolio (cost $28,403,046) 96.8% ‡
29,988,577
       
Other assets in excess of liabilities 3.2%
 
 
984,625
       
Net assets 100.0%
 
 
$30,973,202
 
 
   
The accompanying notes are an integral part of the financial statements.
13
Investment Portfolios
 
 
  
(UNAUDITED)
04.30.2014
   

       
 
 
 
 
 
 
 
  
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $28,424,298. Net unrealized appreciation (depreciation) on a tax-basis was $1,564,279, including aggregate gross unrealized appreciation and (depreciation) of $2,898,279 and $(1,334,000), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
ADR—American depository receipt
 
Sector allocation
 
Sector
Percent of net assets
Consumer, non-cyclical
23.2% 
Industrial
15.4% 
Financial
13.8% 
Technology
13.7% 
Consumer, cyclical
11.2% 
Energy
6.8% 
Communications
6.3% 
Basic materials
4.5% 
Diversified
1.0% 
Utilities
0.9% 
 
       
 
 
 
 
EAGLE SMALLER COMPANY FUND
 
COMMON STOCKS—93.3%
 
Shares
Value
Aerospace/defense—2.6%
 
HEICO Corp., Class A
 
57,247
$2,332,815
Orbital Sciences Corp.*
 
56,880
1,672,272
       
Apparel—0.9%
 
 
 
Carter’s, Inc.
 
19,663
1,448,377
       
Banks—8.8%
 
 
 
BankUnited, Inc.
 
75,140
2,478,869
Cardinal Financial Corp.
 
54,775
920,220
First Financial Bancorp
 
32,450
525,365
Fulton Financial Corp.
 
70,405
858,237
OFG Bancorp
 
146,955
2,507,052
PrivateBancorp, Inc.
 
76,756
2,116,163
Signature Bank*
 
7,921
941,173
Talmer Bancorp, Inc., Class A*
 
54,594
732,106
Texas Capital Bancshares, Inc.*
 
9,251
519,814
The Bancorp, Inc.*
 
41,739
660,311
Umpqua Holdings Corp.
 
84,534
1,405,804
       
Biotechnology—3.0%
 
 
 
Charles River Laboratories International, Inc.*
 
24,300
1,305,396
Cubist Pharmaceuticals, Inc.*
 
47,272
3,311,876
       
Chemicals—2.7%
 
 
 
Albemarle Corp.
 
24,860
1,666,614
Kraton Performance Polymers, Inc.*
 
44,314
1,154,380
Tronox Ltd., Class A
 
56,265
1,378,493
       
Coal—0.3%
 
 
 
Alpha Natural Resources, Inc.*
 
51,722
222,405
Arch Coal, Inc.
 
51,740
236,969
 
 
 
 

 
COMMON STOCKS—93.3%
 
Shares
Value
Commercial services—9.0%
 
 
 
Chemed Corp.
 
29,723
$2,475,034
Cross Country Healthcare, Inc.*
 
61,287
434,525
Euronet Worldwide, Inc.*
 
53,310
2,451,727
FTI Consulting, Inc.*
 
40,840
1,400,812
Gartner, Inc.*
 
9,695
668,373
Matthews International Corp., Class A
 
57,327
2,313,145
On Assignment, Inc.*
 
74,333
2,601,655
PAREXEL International Corp.*
 
35,884
1,627,339
       
Computers—3.1%
 
 
 
Electronics for Imaging, Inc.*
 
58,859
2,224,282
NCR Corp.*
 
84,430
2,575,959
       
Distribution/wholesale—1.1%
 
 
 
Ingram Micro, Inc., Class A*
 
64,400
1,736,224
       
Diversified financial services—5.0%
 
 
 
AerCap Holdings N.V.*
 
47,482
1,981,424
Cohen & Steers, Inc.
 
45,120
1,827,811
Investment Technology Group, Inc.*
 
45,336
935,735
MarketAxess Holdings, Inc.
 
16,847
907,716
The NASDAQ OMX Group, Inc.
 
54,440
2,008,836
       
Electric—1.7%
 
 
 
ALLETE, Inc.
 
50,660
2,622,162
       
Electrical components & equipment—1.2%
 
 
 
Belden, Inc.
 
26,167
1,931,386
       
Electronics—2.9%
 
 
 
FLIR Systems, Inc.
 
59,135
2,012,955
Itron, Inc.*
 
29,746
1,130,348
Rogers Corp.*
 
22,289
1,337,786
       
Engineering & construction—3.2%
 
 
 
Dycom Industries, Inc.*
 
87,829
2,757,831
URS Corp.
 
47,184
2,223,310
       
Food—0.7%
 
 
 
The Hillshire Brands Co.
 
28,619
1,020,267
       
Gas—1.9%
 
 
 
AGL Resources, Inc.
 
54,315
2,933,010
       
Healthcare products—1.3%
 
 
 
Merit Medical Systems, Inc.*
 
156,209
2,010,410
       
Healthcare services—2.9%
 
 
 
AmSurg Corp.*
 
56,111
2,430,167
MEDNAX, Inc.*
 
33,600
1,990,800
       
Household products/wares—1.2%
 
 
 
Jarden Corp.*
 
33,660
1,923,669
       
Insurance—3.4%
 
 
 
Allied World Assurance Co. Holdings AG
 
12,990
1,398,893
American Equity Investment Life Holding Co.
 
82,000
1,912,240
Assured Guaranty Ltd.
 
38,604
923,022
Platinum Underwriters Holdings Ltd.
 
15,530
973,886
       
Internet—2.5%
 
 
 
1-800-Flowers.com, Inc., Class A*
 
236,520
1,289,034
Equinix, Inc.*
 
9,386
1,762,785
Liquidity Services, Inc.*
 
49,860
860,085
       
Machinery-diversified—3.1%
 
 
 
AGCO Corp.
 
22,870
1,273,859
Altra Industrial Motion Corp.
 
25,059
856,015
IDEX Corp.
 
34,780
2,593,545
 
   
14
   The accompanying notes are an integral part of the financial statements.
Investment Portfolios
   
   
(UNAUDITED)   
  04.30.2014
   
 
       
EAGLE SMALLER COMPANY FUND (cont’d)
 
COMMON STOCKS—93.3%
 
Shares
Value
Media—0.9%
 
 
 
John Wiley & Sons, Inc., Class A
 
24,598
$1,413,401
       
Mining—0.6%
 
 
 
AuRico Gold, Inc.
 
149,708
622,785 
IAMGOLD Corp.
 
86,865
303,159 
       
Miscellaneous manufacturer—4.6%
 
 
 
AptarGroup, Inc.
 
24,605
1,658,869
AZZ, Inc.
 
33,260
1,444,149
Barnes Group, Inc.
 
60,529
2,331,577
Harsco Corp.
 
70,385
1,684,313
       
Oil & gas—3.0%
 
 
 
Comstock Resources, Inc.
 
51,210
1,423,638
Range Resources Corp.
 
17,805
1,610,462
Rosetta Resources, Inc.*
 
34,395
1,628,259
       
Oil & gas services—3.4%
 
 
 
Dresser-Rand Group, Inc.*
 
42,856
2,590,217
Oceaneering International, Inc.
 
36,632
2,684,393
       
Packaging & containers—0.5%
 
 
 
Silgan Holdings, Inc.
 
14,641
728,390 
       
Pharmaceuticals—1.7%
 
 
 
Herbalife Ltd.
 
25,597
1,535,308
Prestige Brands Holdings, Inc.*
 
32,284
1,082,160
       
Real estate investment trusts (REITs)—2.3%
 
 
 
Campus Crest Communities, Inc.
 
112,491
968,548 
Government Properties Income Trust
 
13,653
347,469 
QTS Realty Trust, Inc., Class A
 
54,887
1,495,671
Select Income REIT
 
26,107
803,573 
       
Retail—2.5%
 
 
 
Nu Skin Enterprises, Inc., Class A
 
17,440
1,517,280
Popeyes Louisiana Kitchen, Inc.*
 
49,463
1,884,540
RadioShack Corp.*
 
102,390
146,418 
Stage Stores, Inc.
 
16,063
308,088 
       
Savings & loans—1.6%
 
 
 
Beneficial Mutual Bancorp, Inc.*
 
104,366
1,360,933
Berkshire Hills Bancorp, Inc.
 
45,915
1,075,788
       
Semiconductors—2.1%
 
 
 
Emulex Corp.*
 
151,820
1,085,513
Intersil Corp., Class A
 
81,925
1,010,954
Rovi Corp.*
 
49,071
1,093,793
       
Software—5.1%
 
 
 
ACI Worldwide, Inc.*
 
19,269
1,101,223
Aspen Technology, Inc.*
 
70,629
3,036,341
Bottomline Technologies de, Inc.*
 
54,831
1,734,853
Dealertrack Technologies, Inc.*
 
29,371
1,341,961
Digital River, Inc.*
 
40,890
625,208 
       
Telecommunications—1.6%
 
 
 
Cbeyond, Inc.*
 
43,643
431,629 
DigitalGlobe, Inc.*
 
25,336
754,506 
NeuStar, Inc., Class A*
 
39,610
1,018,769
Ruckus Wireless, Inc.*
 
26,261
274,428 
       
Transportation—0.9%
 
 
 
Genesee & Wyoming, Inc., Class A*
 
14,420
1,427,724
Total common stocks (cost $90,034,969)
 
 
144,319,063


HOLDING COMPANIES—1.3%
Shares
Value
Holding companies–diversified—1.3%
      
National Bank Holdings Corp., Class A
 
102,262
$1,959,340
Total Holding companies (cost $1,969,646)
 
 
1,959,340
       
INVESTMENT COMPANIES—0.5%
 
 
 
Solar Capital Ltd.
 
37,841
828,718 
Total investment companies (cost $868,804)
 
 
828,718 
   
Total investment portfolio (cost $92,873,419) 95.1% ‡
147,107,121
       
Other assets in excess of liabilities 4.9%
 
 
7,499,936
       
Net assets 100.0%
 
 
$154,607,057
* Non-income producing security
‡ As of April 30, 2014, aggregate cost for federal income tax purposes was $93,107,563. Net unrealized appreciation (depreciation) on a tax-basis was $53,999,558, including aggregate gross unrealized appreciation and (depreciation) of $57,880,616 and $(3,881,058), respectively. The difference between book-basis and tax-basis unrealized appreciation (depreciation) was primarily attributable to deferral of losses from wash sales.
 
   
Sector allocation
 
Sector
Percent of net assets
Financial
21.6% 
Consumer, non-cyclical
19.8% 
Industrial
19.0% 
Technology
10.3% 
Energy
6.7% 
Communications
5.0% 
Consumer, cyclical
4.5% 
Utilities
3.6% 
Basic materials
3.3% 
Diversified
1.3% 
 
 
   
The accompanying notes are an integral part of the financial statements.
  15
 
Statements of Assets and Liabilities
 
   
(UNAUDITED)
04.30.2014
   
 
                 
   
Eagle
Capital
Appreciation
 Fund
    
Eagle
Growth
& Income
 Fund
    
Eagle
International
Stock
 Fund
    
Eagle
Investment
Grade Bond
 Fund
  
                 
Assets
  
   
   
   
 
Investments, at value (a)
  
$292,885,385
    
$586,620,744
    
$8,377,908
    
$61,530,275
  
Cash
  
1,681,347
    
7,711,009
    
205,862
    
2,784,730
  
Receivable for investments sold
  
2,806,256
    
—
    
—
    
1,818,383
  
Receivable for fund shares sold
  
67,981
    
1,101,790
    
30,232
    
21,948
  
Receivable for dividends and interest
  
143,914
    
801,166
    
29,261
    
332,575
  
Receivable for recoverable foreign withholding taxes
  
—
    
103,004
    
4,398
    
—
  
Receivable due from advisor
  
—
    
—
    
24,695
    
—
  
Prepaid expenses
  
20,225
    
16,265
    
47,966
    
36,601
  
Total assets
  
297,605,108
    
596,353,978
    
8,720,322
    
66,524,512
  
                         
Liabilities
                        
Payable for investments purchased
  
2,879,807
    
—
    
34,048
    
1,007,266
  
Payable for fund shares redeemed
  
590,846
    
1,824,941
    
1,920
    
253,827
  
Payable to the custodian
  
2,404
    
4,190
    
16,961
    
2,188
  
Accrued investment advisory fees
  
133,339
    
225,097
    
—
    
—
  
Accrued administrative fees
  
34,225
    
65,824
    
—
    
6,629
  
Accrued distribution fees
  
90,698
    
208,059
    
3,742
    
32,644
  
Accrued transfer agent and shareholder servicing fees
  
30,554
    
32,543
    
482
    
10,740
  
Accrued internal audit fees
  
871
    
871
    
277
    
871
  
Accrued trustees and officers compensation
  
11,857
    
11,857
    
11,808
    
11,857
  
Other accrued expenses
  
16,401
    
35,587
    
3,298
    
7,222
  
Total liabilities
  
3,791,002
    
2,408,969
    
72,536
    
1,333,244
  
Net assets
  
293,814,106
    
593,945,009
    
8,647,786
    
65,191,268
  
                         
Net assets consists of
                        
Paid-in capital
  
141,948,526
    
465,495,220
    
7,809,234
    
65,034,724
  
Undistributed net investment income (loss)
  
(904,961
)
  
391,224
    
50,414
    
(39,286
)
Accumulated net realized gain (loss)
  
50,154,491
    
(1,934,258
)
  
253,439
    
(210,812
)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies
  
102,616,050
    
129,992,823
    
534,699
    
406,642
  
Net assets
  
293,814,106
    
593,945,009
    
8,647,786
    
65,191,268
  
                         
Net assets, at market value
                        
Class A
  
146,414,062
    
237,846,924
    
3,987,340
    
30,034,192
  
Class C
  
64,956,137
    
195,164,299
    
3,735,158
    
31,391,073
  
Class I
  
77,282,105
    
152,505,616
    
916,274
    
3,734,147
  
Class R-3
  
666,370
    
4,507,040
    
2,990
    
29,026
  
Class R-5
  
4,495,432
    
3,821,418
    
3,010
    
2,830
  
Class R-6
  
N/A
 
  
99,712
    
3,014
    
N/A
 
                         
Net asset value (“NAV”), offering and redemption price per share (b)
                        
Class A
  
$37.35
    
$17.56
    
$16.90
    
$14.84
  
Maximum offering price (c)
  
39.21
    
18.44
    
17.74
    
15.42
  
Class C
  
31.28
    
16.93
    
16.80
    
14.80
  
Class I
  
38.47
    
17.53
    
16.94
    
14.87
  
Class R-3
  
36.73
    
17.49
    
16.90
    
14.84
  
Class R-5
  
38.35
    
17.51
    
16.95
    
14.84
  
Class R-6
  
N/A
 
  
17.56
    
16.96
    
N/A
 
                         
Shares of beneficial interest outstanding
                        
Class A
  
3,920,144
    
13,544,717
    
235,966
    
2,024,075
  
Class C
  
2,076,770
    
11,528,930
    
222,287
    
2,120,430
  
Class I
  
2,008,892
    
8,699,402
    
54,081
    
251,201
  
Class R-3
  
18,144
    
257,644
    
177
    
1,956
  
Class R-5
  
117,226
    
218,288
    
178
    
191
  
Class R-6
  
N/A
 
  
5,680
    
178
    
N/A
 

                 
(a) Identified cost
  
$190,269,335
    
$456,630,835
    
$7,843,349
    
$61,123,633
  
(b) NAV amounts may not recalculate due to rounding of net assets and/or shares outstanding.
  
(c) For all funds except the Eagle Investment Grade Bond Fund, the maximum offering price is computed as 100/95.25 of NAV. The maximum offering price for the Eagle Investment Grade Bond Fund is computed as 100/96.25 of NAV.
  
 
   
16
   The accompanying notes are an integral part of the financial statements.
 
Statements of Assets and Liabilities
 
 
(UNAUDITED)   
  04.30.2014
   
 
                 
Eagle
Mid Cap
Growth
 Fund
  
Eagle
Mid Cap
Stock
 Fund
    
Eagle
Small Cap
Growth
 Fund
    
Eagle
Small Cap
Stock
 Fund
    
Eagle
Smaller
Company
 Fund
  
                 
 
  
   
   
   
 
$611,086,069
  
$399,250,849
    
$3,770,472,802
    
$29,988,577
    
$147,107,121
  
— 
   
6,919,212
      
1,476,945
      
633,168
      
2,000,971
  
7,297,024 
   
4,647,666
      
18,942,355
      
612,703
      
—
  
737,642 
   
238,110
      
6,009,207
      
74,764
      
6,210,072
  
82,204 
   
106,764
      
216,554
      
3,497
      
53,145
  
— 
   
—
      
—
      
—
      
—
  
— 
   
—
      
—
      
7,036
      
—
  
28,273 
   
24,559
      
62,559
      
50,563
      
16,684
  
619,231,212 
   
411,187,160
      
3,797,180,422
      
31,370,308
      
155,387,993
  
                                 
 
                                
3,176,263 
   
48,769
      
4,195,363
      
317,878
      
—
  
1,275,753 
   
923,052
      
5,435,135
      
21,140
      
646,469
  
596,858 
   
6,890
      
20,940
      
27,158
      
4,982
  
298,627 
   
191,640
      
1,651,161
      
—
      
66,092
  
67,889 
   
47,532
      
370,051
      
—
      
13,691
  
154,398 
   
149,613
      
408,096
      
13,253
      
14,461
  
38,017 
   
86,222
      
277,138
      
1,662
      
7,733
  
871 
   
871
      
871
      
277
      
871
  
11,857 
   
11,857
      
11,857
      
11,857
      
11,857
  
39,292 
   
10,890
      
169,565
      
3,881
      
14,780
  
5,659,825 
   
1,477,336
      
12,540,177
      
397,106
      
780,936
  
613,571,387 
   
409,709,824
      
3,784,640,245
      
30,973,202
      
154,607,057
  
                                 
 
                                
381,342,897 
   
312,395,667
      
2,566,426,889
      
28,676,614
      
100,380,846
  
(720,311)
    
(1,265,026
)
    
(24,225,181
)
    
(129,561
)
    
(106,190
)
46,338,824 
   
16,503,031
      
272,474,811
      
840,618
      
98,699
  
186,609,977 
   
82,076,152
      
969,963,726
      
1,585,531
      
54,233,702
  
613,571,387 
   
409,709,824
      
3,784,640,245
      
30,973,202
      
154,607,057
  
                                 
 
                                
300,763,560 
   
186,705,514
      
870,078,119
      
14,347,984
      
19,574,385
  
104,524,055 
   
130,527,745
      
189,298,925
      
12,438,342
      
12,407,049
  
135,711,454 
   
85,925,277
      
1,744,678,291
      
4,176,974
      
101,587,932
  
13,501,732 
   
5,739,695
      
131,600,265
      
3,282
      
370,961
  
44,094,354 
   
391,831
      
352,785,334
      
3,308
      
4,685
  
14,976,232 
   
419,762
      
496,199,311
      
3,312
      
20,662,045
  
                                 
 
                                
$42.09 
 
$28.96
    
$53.94
    
$18.57
    
$23.53
  
44.19 
   
30.40
      
56.63
      
19.50
      
24.70
  
35.74 
   
23.83
      
44.51
      
18.38
      
22.42
  
43.53 
   
29.93
      
55.38
      
18.68
      
24.07
  
41.43 
   
28.35
      
53.12
      
18.52
      
23.23
  
43.49 
   
30.06
      
55.54
      
18.66
      
24.01
  
43.61 
   
30.06
      
55.66
      
18.69
      
24.06
  
                                 
 
                                
7,146,194 
   
6,446,317
      
16,129,903
      
772,543
      
831,790
  
2,924,877 
   
5,478,268
      
4,252,760
      
676,765
      
553,358
  
3,117,590 
   
2,871,288
      
31,504,120
      
223,585
      
4,221,194
  
325,889 
   
202,492
      
2,477,548
      
177
      
15,971
  
1,013,899 
   
13,034
      
6,352,264
      
177
      
195
  
343,451 
   
13,965
      
8,915,226
      
177
      
858,775
  
                                 
$424,476,092
  
$317,174,697
    
$2,800,509,076
    
$28,403,046
    
$92,873,419
  
 
 
   
The accompanying notes are an integral part of the financial statements.
17
 
Statements of Operations
 
 
(UNAUDITED)
11.01.2013 to 04.30.2014
   
 
                 
   
Eagle
Capital
Appreciation
 Fund
    
Eagle
Growth
& Income
 Fund
    
Eagle
International
Stock
 Fund
    
Eagle
Investment
Grade Bond
 Fund
  
                 
Investment income
  
   
   
   
 
Dividends (a)
  
$1,819,501
    
$7,677,289
    
$119,649
    
$—
  
Interest
    
—
      
—
      
—
      
754,122
  
Total income
    
1,819,501
      
7,677,289
      
119,649
      
754,122
  
                                 
Expenses
                                
Investment advisory fees
    
929,495
      
1,297,638
      
31,776
      
112,210
  
Administrative fees
                                
Class A
    
148,213
      
169,219
      
2,715
      
25,282
  
Class C
    
50,255
      
135,884
      
2,359
      
26,771
  
Class I
    
16,263
      
67,519
      
351
      
2,685
  
Class R-3
    
538
      
3,177
      
2
      
22
  
Class R-5
    
5,981
      
1,786
      
1
      
1
  
Class R-6
    
N/A
 
    
42
      
1
      
N/A
 
Distribution and service fees
                                
Class A
    
247,021
      
282,031
      
4,525
      
42,137
  
Class C
    
335,031
      
905,891
      
15,728
      
178,476
  
Class R-3
    
1,795
      
10,590
      
7
      
71
  
Transfer agent and shareholder servicing fees
                                
Class A
    
116,327
      
85,528
      
1,993
      
16,628
  
Class C
    
31,556
      
78,537
      
2,234
      
16,841
  
Class I
    
17,423
      
84,888
      
180
      
2,502
  
Class R-3
    
621
      
4,292
      
—
      
24
  
Class R-5
    
9,658
      
2,102
      
—
      
—
  
Class R-6
    
N/A
 
    
4
      
—
      
N/A
 
Custodian fees
    
8,491
      
10,422
      
39,127
      
4,040
  
Professional fees
    
84,897
      
62,101
      
51,713
      
49,218
  
State qualification expenses
    
40,015
      
56,732
      
34,167
      
39,270
  
Offering costs
    
—
      
—
      
46,703
      
—
  
Trustees and officers compensation
    
28,296
      
28,296
      
28,335
      
28,296
  
Internal audit fees
    
4,146
      
4,146
      
4,414
      
4,146
  
Other
    
41,552
      
63,787
      
12,107
      
14,723
  
Total expenses before adjustments
    
2,117,574
      
3,354,612
      
278,438
      
563,343
  
Fees and expenses waived
    
(5,752
)
    
—
      
(209,124
)
    
(107,939
)
Recovered fees previously waived by Manager
    
—
      
—
      
15
      
—
  
Expense offsets
    
(967
)
    
(8,927
)
    
(150
)
    
(1,371
)
Total expenses after adjustments
    
2,110,855
      
3,345,685
      
69,179
      
454,033
  
                                 
Net investment income (loss)
    
(291,354
)
    
4,331,604
      
50,470
      
300,089
  
                                 
Realized and unrealized gain (loss) on investments
                                
Net realized gain (loss) on investments
    
50,853,537
      
684,476
      
256,383
      
(210,786
)
Net realized loss on foreign currency transactions
    
—
      
—
      
(1,553
)
    
—
  
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies
    
(34,247,119
)
    
38,472,294
      
(20,809
)
    
68,246
  
Net gain (loss) on investments
    
16,606,418
      
39,156,770
      
234,021
      
(142,540
)
                                 
Net increase in net assets resulting from operations
    
16,315,064
      
43,488,374
      
284,491
      
157,549
  
                                 
(a) Net of foreign withholding taxes
  
$—
    
$—
    
$7,563
    
$—
  
 
 
18
   The accompanying notes are an integral part of the financial statements.
 
 Statements of Operations
 
 
(UNAUDITED)   
  11.01.2013 to 04.30.2014
   
 
                 
Eagle
Mid Cap
Growth
 Fund
  
Eagle
Mid Cap
Stock
 Fund
    
Eagle
Small Cap
Growth
 Fund
    
Eagle
Small Cap
Stock
 Fund
    
Eagle
Smaller
Company
 Fund
  
                 
 
  
   
   
   
 
$2,995,317 
 
$1,724,345
    
$8,747,632
    
$94,491
    
$860,030
  
— 
   
—
      
—
      
—
      
—
  
2,995,317 
   
1,724,345
      
8,747,632
      
94,491
      
860,030
  
 
                                
1,823,967 
   
1,286,731
      
10,417,893
      
85,065
      
473,353
  
 
                                
233,276 
   
147,678
      
744,500
      
10,015
      
14,932
  
81,051 
   
100,525
      
147,121
      
8,476
      
9,101
  
65,892 
   
45,620
      
904,741
      
1,846
      
52,951
  
9,602 
   
4,369
      
103,685
      
2
      
248
  
21,210 
   
261
      
180,080
      
2
      
23
  
6,034 
   
192
      
260,828
      
2
      
9,731
  
 
                                
388,792 
   
246,129
      
1,240,827
      
16,691
      
24,886
  
540,340 
   
670,168
      
980,805
      
56,503
      
60,670
  
32,007 
   
14,563
      
345,615
      
8
      
825
  
 
                                
180,304 
   
125,845
      
709,862
      
5,275
      
11,784
  
43,764 
   
72,330
      
97,863
      
4,697
      
5,882
  
58,913 
   
157,746
      
1,132,161
      
1,367
      
72,792
  
10,691 
   
5,485
      
109,306
      
—
      
449
  
22,302 
   
553
      
185,126
      
—
      
26
  
469 
   
23
      
19,632
      
—
      
706
  
11,617 
   
12,021
      
64,733
      
43,277
      
7,971
  
45,956 
   
45,956
      
45,956
      
45,956
      
45,956
  
42,568 
   
41,190
      
70,923
      
34,678
      
37,336
  
— 
   
—
      
—
      
22,548
      
—
  
28,296 
   
28,296
      
28,296
      
28,296
      
28,296
  
4,146 
   
4,146
      
4,147
      
4,414
      
4,146
  
69,606 
   
75,111
      
435,601
      
8,869
      
22,158
  
3,720,803 
   
3,084,938
      
18,229,701
      
377,987
      
884,222
  
— 
   
(85,616
)
    
—
      
(152,891
)
    
(83,464
)
— 
   
—
      
—
      
7
      
54,175
  
(5,175)
    
(9,951
)
    
(31,617
)
    
(1,051
)
    
(2,772
)
3,715,628 
   
2,989,371
      
18,198,084
      
224,052
      
852,161
  
                                 
(720,311)
    
(1,265,026
)
    
(9,450,452
)
    
(129,561
)
    
7,869
  
                                 
 
                                
47,222,974 
   
18,436,123
      
290,382,436
      
859,001
      
135,821
  
— 
   
—
      
—
      
—
      
—
  
   
  (2,404,896  )
    
(9,968,392
)
    
(248,156,074
)
    
(402,417
)
    
4,788,611
  
44,818,078 
   
8,467,731
      
42,226,362
      
456,584
      
4,924,432
  
                                 
44,097,767 
   
7,202,705
      
32,775,910
      
327,023
      
4,932,301
  
                                 
$— 
 
$9,672
    
$—
    
$1,235
    
$3,361
  
 
   
The accompanying notes are an integral part of the financial statements.
19
 
             
Statements of Changes in Net Assets
 

 
  
Eagle Capital
Appreciation Fund
    
Eagle Growth
& Income Fund
  
Eagle International
Stock Fund
  
   
11/1/13 to
 04/30/14 (†)
    
11/1/12 to
 10/31/13
    
11/1/13 to
 04/30/14 (†)
    
11/1/12 to
 10/31/13
    
11/1/13 to
 04/30/14 (†)
    
02/28/13 (a) to
 10/31/13
  
                         
Net assets, beginning of period
  
$324,382,862
    
$313,026,224
    
$486,405,768
    
$343,477,294
    
$6,748,495
    
$—
  
Increase (decrease) in net assets from operations
                                                
Net investment income (loss)
    
(291,354
)
    
617,598
      
4,331,604
      
7,836,320
      
50,470
      
38,693
  
Net realized gain (loss) on investments
    
50,853,537
      
49,288,419
      
684,476
      
11,801,216
      
256,383
      
37,862
  
Net realized loss on foreign currency transactions
    
—
      
—
      
—
      
(198
)
    
(1,553
)
    
(4,858
)
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies
    
(34,247,119
)
    
28,363,762
      
38,472,294
      
68,717,831
      
(20,809
)
    
555,508
  
Net increase (decrease) in net assets resulting from operations
    
16,315,064
      
78,269,779
      
43,488,374
      
88,355,169
      
284,491
      
627,205
  
Distributions to shareholders from
                                                
Net investment income
    
—
      
(1,078,104
)
    
(3,940,380
)
    
(7,957,450
)
    
(49,408
)
    
—
  
Net realized gains
    
(35,009,202
)
    
—
      
(10,915,677
)
    
(6,350,330
)
    
(39,253
)
    
—
  
Total distributions to shareholders
    
(35,009,202
)
    
(1,078,104
)
    
(14,856,057
)
    
(14,307,780
)
    
(88,661
)
    
—
  
Fund share transactions
                                                
Proceeds from shares sold-Class A
    
6,706,831
      
17,552,300
      
28,784,173
      
60,859,237
      
763,667
      
3,474,294
  
Issued as reinvestment of distributions-Class A
    
20,412,864
      
716,365
      
5,386,698
      
6,425,429
      
49,644
      
—
  
Cost of shares redeemed-Class A
    
(74,493,487
)
    
(65,063,250
)
    
(22,416,550
)
    
(64,254,597
)
    
(427,445
)
    
(305,547
)
Proceeds from shares sold-Class C
    
945,303
      
3,491,041
      
23,454,024
      
42,778,376
      
970,419
      
2,603,474
  
Issued as reinvestment of distributions-Class C
    
7,834,393
      
—
      
3,583,885
      
3,630,601
      
27,517
      
—
  
Cost of shares redeemed-Class C
    
(6,693,465
)
    
(17,285,532
)
    
(11,639,985
)
    
(22,692,491
)
    
(112,704
)
    
(117,977
)
Proceeds from shares sold-Class I
    
49,787,200
      
19,415,081
      
60,971,644
      
57,418,049
      
463,742
      
459,546
  
Issued as reinvestment of distributions-Class I
    
2,990,467
      
91,496
      
2,761,269
      
1,276,585
      
8,456
      
—
  
Cost of shares redeemed-Class I
    
(4,395,797
)
    
(8,841,361
)
    
(12,410,419
)
    
(20,044,792
)
    
(39,956
)
    
—
  
Proceeds from shares sold-Class R-3
    
107,297
      
158,334
      
965,422
      
1,464,043
      
—
      
2,500
  
Issued as reinvestment of distributions-Class R-3
    
84,996
      
215
      
94,769
      
119,916
      
33
      
—
  
Cost of shares redeemed-Class R-3
    
(261,017
)
    
(251,600
)
    
(892,988
)
    
(1,166,617
)
    
—
      
—
  
Proceeds from shares sold-Class R-5
    
486,542
      
4,157,409
      
271,633
      
3,267,724
      
—
      
2,500
  
Issued as reinvestment of distributions-Class R-5
    
2,133,186
      
225,574
      
103,150
      
26,441
      
43
      
—
  
Cost of shares redeemed-Class R-5
    
(17,519,931
)
    
(20,201,109
)
    
(149,659
)
    
(277,226
)
    
—
      
—
  
Proceeds from shares sold-Class R-6
    
N/
A
    
N/
A
    
38,065
      
50,000
      
—
      
2,500
  
Issued as reinvestment of distributions-Class R-6
    
N/
A
    
N/
A
    
1,861
      
407
      
45
      
—
  
Cost of shares redeemed-Class R-6
    
N/
A
    
N/
A
    
(68
)
    
—
      
—
      
—
  
Net increase (decrease) from fund share transactions
    
(11,874,618
)
    
(65,835,037
)
    
78,906,924
      
68,881,085
      
1,703,461
      
6,121,290
  
Increase (decrease) in net assets
    
(30,568,756
)
    
11,356,638
      
107,539,241
      
142,928,474
      
1,899,291
      
6,748,495
  
Net assets, end of period (b)
    
293,814,106
      
324,382,862
      
593,945,009
      
486,405,768
      
8,647,786
      
6,748,495
  
(b) Includes undistributed net investment income (accumulated net investment loss) of
  
$(904,961
)
  
$(613,607
)
  
$391,224
    
$—
    
$50,414
    
$49,352
  
                                                 
Shares issued and redeemed
                                                
Shares sold-Class A
    
177,115
      
509,322
      
1,698,965
      
3,952,726
      
46,165
      
233,253
  
Issued as reinvestment of distributions-Class A
    
555,869
      
22,220
      
320,536
      
443,111
      
3,018
      
—
  
Shares redeemed-Class A
    
(1,990,196
)
    
(1,908,695
)
    
(1,309,843
)
    
(4,201,440
)
    
(25,933
)
    
(20,537
)
Shares sold-Class C
    
29,628
      
119,287
      
1,433,815
      
2,862,804
      
58,441
      
176,776
  
Issued as reinvestment of distributions-Class C
    
254,111
      
—
      
221,360
      
260,498
      
1,678
      
—
  
Shares redeemed-Class C
    
(209,601
)
    
(577,620
)
    
(710,858
)
    
(1,538,601
)
    
(6,890
)
    
(7,718
)
Shares sold-Class I
    
1,297,360
      
541,945
      
3,594,524
      
3,712,705
      
27,832
      
28,208
  
Issued as reinvestment of distributions-Class I
    
79,155
      
2,777
      
164,476
      
86,136
      
513
      
—
  
Shares redeemed-Class I
    
(112,444
)
    
(242,105
)
    
(729,634
)
    
(1,324,515
)
    
(2,472
)
    
—
  
Shares sold-Class R-3
    
2,900
      
4,568
      
56,858
      
95,883
      
—
      
175
  
Issued as reinvestment of distributions-Class R-3
    
2,351
      
7
      
5,662
      
8,309
      
2
      
—
  
Shares redeemed-Class R-3
    
(7,097
)
    
(7,629
)
    
(52,299
)
    
(75,228
)
    
—
      
—
  
Shares sold-Class R-5
    
12,430
      
120,333
      
16,028
      
208,356
      
—
      
175
  
Issued as reinvestment of distributions-Class R-5
    
56,613
      
6,863
      
6,152
      
1,702
      
3
      
—
  
Shares redeemed-Class R-5
    
(457,073
)
    
(567,077
)
    
(8,989
)
    
(17,111
)
    
—
      
—
  
Shares sold-Class R-6
    
N/
A
    
N/
A
    
2,269
      
3,066
      
—
      
175
  
Issued as reinvestment of distributions-Class R-6
    
N/
A
    
N/
A
    
110
      
26
      
3
      
—
  
Shares redeemed-Class R-6
    
N/
A
    
N/
A
    
(4
)
    
—
      
—
      
—
  
Shares issued and redeemed
    
(308,879
)
    
(1,975,804
)
    
4,709,128
      
4,478,427
      
102,360
      
410,507
  
(†) The data for fiscal periods ending after October 31, 2013 are unaudited.
(a) Commencement of operations.
 
 
   
20
  The accompanying notes are an integral part of the financial statements.
 
Statements of Changes in Net Assets
 
                                             
Eagle Investment
 Grade Bond Fund
    
Eagle Mid Cap
Growth Fund
    
Eagle Mid Cap
Stock Fund
    
Eagle Small Cap
Growth Fund
    
Eagle Small Cap
Stock Fund
    
Eagle Smaller
Company Fund
  
11/1/13 to
04/30/14 (†)
    
11/1/12 to
 10/31/13
    
11/1/13 to
 04/30/14 (†)
    
11/1/12 to
 10/31/13
    
11/1/13 to
04/30/14 (†)
    
11/1/12 to
 10/31/13
    
11/1/13 to
 04/30/14 (†)
    
11/1/12 to
 10/31/13
    
11/1/13 to
04/30/14 (†)
    
12/31/12 (a)
 to 10/31/13
    
11/1/13 to
04/30/14 (†)
    
11/1/12 to
 10/31/13
  
                                             
$84,902,084
    
$133,837,671
    
$593,563,341
    
$434,303,948
    
$450,582,889
    
$543,439,645
    
$3,981,293,766
    
$2,718,670,112
    
$24,330,652
    
$—
    
$154,522,338
    
$78,849,585
  
                                                                                             
 
300,089
      
517,821
      
(720,311
)
    
(703,178
)
    
(1,265,026
)
    
(1,422,711
)
    
(9,450,452
)
    
(5,183,454
)
    
(129,561
)
    
(87,125
)
    
7,869
      
92,056
  
 
(210,786
)
    
209,233
      
47,222,974
      
31,895,135
      
18,436,123
      
32,546,008
      
290,382,436
      
86,131,918
      
859,001
      
387,727
      
135,821
      
3,531,728
  
 
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
  
 
68,246
      
(2,577,458
)
    
(2,404,896
)
    
119,833,638
      
(9,968,392
)
    
98,358,673
      
(248,156,074
)
    
852,731,224
      
(402,417
)
    
1,987,948
      
4,788,611
      
26,336,657
  
 
157,549
      
(1,850,404
)
    
44,097,767
      
151,025,595
      
7,202,705
      
129,481,970
      
32,775,910
      
933,679,688
      
327,023
      
2,288,550
      
4,932,301
      
29,960,441
  
                                                                                             
 
(285,770
)
    
(528,391
)
    
—
      
—
      
—
      
—
      
—
      
(903,321
)
    
—
      
—
      
(88,374
)
    
(553,093
)
 
(195,041
)
    
(3,090,100
)
    
(28,381,810
)
    
(15,908,617
)
    
(30,758,828
)
    
(75,993,788
)
    
(49,712,316
)
    
—
      
(352,995
)
    
—
      
(3,368,574
)
    
(5,715,716
)
 
(480,811
)
    
(3,618,491
)
    
(28,381,810
)
    
(15,908,617
)
    
(30,758,828
)
    
(75,993,788
)
    
(49,712,316
)
    
(903,321
)
    
(352,995
)
    
—
      
(3,456,948
)
    
(6,268,809
)
                                                                                             
 
6,146,275
      
12,874,011
      
38,658,880
      
64,900,855
      
4,097,378
      
11,663,576
      
141,179,149
      
412,049,520
      
3,969,598
      
11,029,634
      
3,263,577
      
4,084,965
  
 
260,177
      
1,715,233
      
13,448,101
      
7,801,024
      
12,830,745
      
33,533,368
      
11,481,538
      
—
      
165,103
      
—
      
371,262
      
930,631
  
 
(13,092,147
)
    
(39,768,491
)
    
(63,428,740
)
    
(72,502,676
)
    
(27,799,032
)
    
(122,470,173
)
    
(278,701,205
)
    
(341,018,778
)
    
(1,546,935
)
    
(458,449
)
    
(2,959,443
)
    
(3,245,625
)
 
808,277
      
6,076,970
      
4,796,020
      
10,992,386
      
3,132,431
      
4,779,422
      
16,103,772
      
40,769,932
      
3,351,579
      
8,699,611
      
1,255,338
      
2,703,952
  
 
142,088
      
1,407,991
      
5,418,216
      
3,225,017
      
10,471,294
      
22,414,326
      
2,520,743
      
—
      
132,865
      
—
      
242,230
      
536,376
  
 
(10,787,743
)
    
(26,240,549
)
    
(13,399,273
)
    
(13,910,284
)
    
(11,824,537
)
    
(49,141,433
)
    
(16,184,875
)
    
(22,953,739
)
    
(458,228
)
    
(194,133
)
    
(450,693
)
    
(1,191,406
)
 
562,634
      
3,564,796
      
17,741,079
      
34,287,853
      
5,961,787
      
29,641,815
      
300,897,509
      
727,095,439
      
1,465,886
      
3,025,544
      
17,870,066
      
42,191,540
  
 
27,554
      
135,324
      
5,211,140
      
2,660,852
      
5,784,713
      
15,408,290
      
17,723,669
      
334,383
      
43,185
      
—
      
2,256,614
      
4,468,703
  
 
(3,455,110
)
    
(3,232,876
)
    
(16,967,152
)
    
(20,119,800
)
    
(19,757,471
)
    
(78,899,645
)
    
(384,783,319
)
    
(668,406,588
)
    
(454,660
)
    
(67,605
)
    
(26,233,910
)
    
(14,329,298
)
 
225
      
810
      
2,063,475
      
4,303,047
      
412,852
      
2,537,900
      
18,247,634
      
39,537,175
      
—
      
2,500
      
191,926
      
113,471
  
 
191
      
803
      
538,973
      
279,183
      
396,879
      
932,905
      
1,714,339
      
—
      
43
      
—
      
3,289
      
4,966
  
 
—
      
(807
)
    
(1,000,238
)
    
(3,381,453
)
    
(825,410
)
    
(4,634,618
)
    
(21,453,818
)
    
(19,674,347
)
    
—
      
—
      
(84,146
)
    
(123,717
)
 
—
      
—
      
8,178,384
      
9,011,085
      
91,140
      
310,706
      
93,592,952
      
140,917,988
      
—
      
2,500
      
662
      
49,871
  
 
25
      
93
      
1,762,800
      
1,077,505
      
43,105
      
486,525
      
4,405,002
      
49,011
      
43
      
—
      
1,260
      
275
  
 
—
      
—
      
(6,133,458
)
    
(10,545,269
)
    
(366,767
)
    
(13,239,409
)
    
(84,082,243
)
    
(120,018,665
)
    
—
      
—
      
(55,426
)
    
—
  
 
N/A
 
    
N/A
 
    
9,720,441
      
7,066,939
      
178,144
      
419,189
      
94,304,876
      
190,792,778
      
—
      
2,500
      
4,526,899
      
17,546,017
  
 
N/A
 
    
N/A
 
    
462,038
      
29,351
      
19,559
      
396
      
6,342,356
      
344,748
      
43
      
—
      
403,770
      
234
  
 
N/A
 
    
N/A
 
    
(2,778,597
)
    
(1,033,200
)
    
(163,752
)
    
(88,078
)
    
(103,025,194
)
    
(49,971,570
)
    
—
      
—
      
(1,993,909
)
    
(1,759,834
)
 
(19,387,554
)
    
(43,466,692
)
    
4,292,089
      
24,142,415
      
(17,316,942
)
    
(146,344,938
)
    
(179,717,115
)
    
329,847,287
      
6,668,522
      
22,042,102
      
(1,390,634
)
    
51,981,121
  
 
(19,710,816
)
    
(48,935,587
)
    
20,008,046
      
159,259,393
      
(40,873,065
)
    
(92,856,756
)
    
(196,653,521
)
    
1,262,623,654
      
6,642,550
      
24,330,652
      
84,719
      
75,672,753
  
 
65,191,268
      
84,902,084
      
613,571,387
      
593,563,341
      
409,709,824
      
450,582,889
      
3,784,640,245
      
3,981,293,766
      
30,973,202
      
24,330,652
      
154,607,057
      
154,522,338
  
$(39,286
)
  
$(53,605
)
  
$(720,311
)
  
$—
    
$(1,265,026
)
  
$—
    
$(24,225,181
)
  
$(14,774,729
)
  
$(129,561
)
  
$—
    
$(106,190
)
  
$(25,685
)
                                                                                             
 
414,100
      
850,499
      
920,545
      
1,791,139
      
139,334
      
429,069
      
2,518,892
      
8,665,271
      
211,288
      
662,136
      
137,889
      
201,526
  
 
17,599
      
113,335
      
330,258
      
243,174
      
445,357
      
1,381,111
      
209,402
      
—
      
8,896
      
—
      
15,725
      
51,444
  
 
(883,119
)
    
(2,659,364
)
    
(1,507,280
)
    
(2,013,921
)
    
(945,637
)
    
(4,573,476
)
    
(4,987,858
)
    
(7,050,637
)
    
(83,900
)
    
(25,877
)
    
(124,378
)
    
(155,564
)
 
54,604
      
399,832
      
133,362
      
359,548
      
128,534
      
209,619
      
347,173
      
1,019,852
      
180,657
      
525,260
      
55,145
      
138,403
  
 
9,646
      
93,105
      
156,319
      
116,301
      
440,682
      
1,095,837
      
55,571
      
—
      
7,213
      
—
      
10,742
      
30,773
  
 
(728,893
)
    
(1,751,907
)
    
(372,531
)
    
(451,629
)
    
(486,303
)
    
(2,160,093
)
    
(350,067
)
    
(579,874
)
    
(24,963
)
    
(11,402
)
    
(19,921
)
    
(61,968
)
 
37,865
      
235,093
      
407,224
      
924,651
      
197,224
      
1,069,302
      
5,237,168
      
15,028,741
      
78,161
      
170,945
      
739,333
      
1,901,087
  
 
1,860
      
8,933
      
123,868
      
80,656
      
194,575
      
617,814
      
315,200
      
7,764
      
2,316
      
—
      
93,635
      
242,996
  
 
(232,725
)
    
(214,015
)
    
(388,872
)
    
(547,814
)
    
(651,261
)
    
(2,795,977
)
    
(6,651,932
)
    
(13,657,131
)
    
(24,040
)
    
(3,797
)
    
(1,075,362
)
    
(688,228
)
 
15
      
53
      
49,612
      
123,416
      
14,377
      
97,260
      
330,165
      
849,995
      
—
      
175
      
8,164
      
5,736
  
 
13
      
53
      
13,431
      
8,799
      
14,064
      
39,050
      
31,718
      
—
      
2
      
—
      
141
      
277
  
 
—
      
(54
)
    
(24,111
)
    
(91,655
)
    
(28,428
)
    
(171,042
)
    
(388,855
)
    
(415,803
)
    
—
      
—
      
(3,628
)
    
(6,397
)
 
—
      
—
      
191,298
      
244,644
      
2,960
      
11,210
      
1,622,662
      
2,813,151
      
—
      
175
      
27
      
2,164
  
 
2
      
6
      
41,941
      
32,691
      
1,443
      
19,500
      
78,131
      
1,135
      
2
      
—
      
52
      
15
  
 
—
      
—
      
(140,834
)
    
(281,644
)
    
(12,442
)
    
(472,297
)
    
(1,458,966
)
    
(2,447,709
)
    
—
      
—
      
(2,239
)
    
—
  
 
N/A
 
    
N/A
 
    
222,596
      
176,307
      
5,873
      
15,552
      
1,622,424
      
3,808,524
      
—
      
175
      
186,817
      
814,318
  
 
N/A
 
    
N/A
 
    
10,970
      
889
      
655
      
16
      
112,294
      
7,978
      
2
      
—
      
16,761
      
13
  
 
N/A
 
    
N/A
 
    
(63,859
)
    
(26,672
)
    
(5,281
)
    
(2,948
)
    
(1,796,679
)
    
(1,010,941
)
    
—
      
—
      
(82,526
)
    
(76,757
)
 
(1,309,033
)
    
(2,924,431
)
    
103,937
      
688,880
      
(544,274
)
    
(5,190,493
)
    
(3,153,557
)
    
7,040,316
      
355,634
      
1,317,790
      
(43,623
)
    
2,399,838
  
 
   
The accompanying notes are an integral part of the financial statements.
21
 
Financial Highlights
 
     
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)
  
 
Fiscal periods
Beginning
Ending
Eagle Capital Appreciation Fund
    
   
   
   
   
   
   
   
   
   
   
   
   
 
Class A*
  
   
   
   
   
   
   
   
   
   
   
   
   
   
 
11/01/13
04/30/14
  
$39.59
    
$(0.01
)
  
$1.99
    
$1.98
    
$—
    
$(4.22
)
  
$(4.22
)
  
$37.35
      
1.25
(c)
    
1.25
(c)
    
(0.06
)(c)
    
26
      
5.19
    
$146
  
11/01/12
10/31/13
    
30.95
      
0.10
      
8.66
      
8.76
      
(0.12
)
    
—
      
(0.12
)
    
39.59
      
1.30
      
1.30
      
0.30
      
69
(d)
    
28.41
      
205
  
11/01/11
10/31/12
    
26.97
      
0.02
      
3.96
      
3.98
      
—
      
—
      
—
      
30.95
      
1.24
      
1.24
      
0.06
      
22
      
14.76
      
203
  
11/01/10
10/31/11
    
26.24
      
(0.01
)
    
0.74
      
0.73
      
—
      
—
      
—
      
26.97
      
1.22
      
1.22
      
(0.03
)
    
37
      
2.78
      
293
  
11/01/09
10/31/10
    
22.65
      
(0.04
)
    
3.63
      
3.59
      
—
      
—
      
—
      
26.24
      
1.27
      
1.27
      
(0.18
)
    
45
      
15.85
      
469
  
11/01/08
10/31/09
    
18.58
      
(0.06
)
    
4.13
      
4.07
      
—
      
—
      
—
      
22.65
      
1.32
      
1.32
      
(0.31
)
    
54
      
21.91
      
367
  
Class C*
                                                                                                                
11/01/13
04/30/14
    
33.93
      
(0.13
)
    
1.70
      
1.57
      
—
      
(4.22
)
    
(4.22
)
    
31.28
      
1.98
(c)
    
1.98
(c)
    
(0.80
)(c)
    
26
      
4.81
      
65
  
11/01/12
10/31/13
    
26.62
      
(0.13
)
    
7.44
      
7.31
      
—
      
—
      
—
      
33.93
      
2.03
      
2.03
      
(0.43
)
    
69
(d)
    
27.46
      
68
  
11/01/11
10/31/12
    
23.36
      
(0.16
)
    
3.42
      
3.26
      
—
      
—
      
—
      
26.62
      
1.94
      
1.94
      
(0.64
)
    
22
      
13.96
      
66
  
11/01/10
10/31/11
    
22.88
      
(0.18
)
    
0.66
      
0.48
      
—
      
—
      
—
      
23.36
      
1.92
      
1.92
      
(0.74
)
    
37
      
2.10
      
67
  
11/01/09
10/31/10
    
19.90
      
(0.19
)
    
3.17
      
2.98
      
—
      
—
      
—
      
22.88
      
1.99
      
1.99
      
(0.91
)
    
45
      
14.97
      
81
  
11/01/08
10/31/09
    
16.45
      
(0.18
)
    
3.63
      
3.45
      
—
      
—
      
—
      
19.90
      
2.08
      
2.08
      
(1.07
)
    
54
      
20.97
      
84
  
Class I*
                                                                                                                
11/01/13
04/30/14
    
40.60
      
0.03
      
2.06
      
2.09
      
—
      
(4.22
)
    
(4.22
)
    
38.47
      
0.95
(c)
    
0.98
(c)
    
0.16
(c)
    
26
      
5.34
      
77
  
11/01/12
10/31/13
    
31.72
      
0.19
      
8.92
      
9.11
      
(0.23
)
    
—
      
(0.23
)
    
40.60
      
0.95
      
0.99
      
0.51
      
69
(d)
    
28.87
      
30
  
11/01/11
10/31/12
    
27.55
      
0.11
      
4.06
      
4.17
      
—
      
—
      
—
      
31.72
      
0.92
      
0.92
      
0.38
      
22
      
15.14
      
14
  
11/01/10
10/31/11
    
26.72
      
0.08
      
0.75
      
0.83
      
—
      
—
      
—
      
27.55
      
0.90
      
0.90
      
0.28
      
37
      
3.11
      
18
  
11/01/09
10/31/10
    
22.98
      
0.04
      
3.70
      
3.74
      
—
      
—
      
—
      
26.72
      
0.91
      
0.91
      
0.17
      
45
      
16.28
      
11
  
11/01/08
10/31/09
    
18.78
      
0.01
      
4.19
      
4.20
      
—
      
—
      
—
      
22.98
      
0.94
      
0.94
      
0.07
      
54
      
22.36
      
14
  
Class R-3*
                                                                                                                
11/01/13
04/30/14
    
39.05
      
(0.07
)
    
1.97
      
1.90
      
—
      
(4.22
)
    
(4.22
)
    
36.73
      
1.56
(c)
    
1.56
(c)
    
(0.38
)(c)
    
26
      
5.04
      
1
  
11/01/12
10/31/13
    
30.53
      
0.01
      
8.52
      
8.53
      
(0.01
)
    
—
      
(0.01
)
    
39.05
      
1.60
      
1.60
      
0.02
      
69
(d)
    
27.94
      
1
  
11/01/11
10/31/12
    
26.68
      
(0.06
)
    
3.91
      
3.85
      
—
      
—
      
—
      
30.53
      
1.53
      
1.53
      
(0.22
)
    
22
      
14.43
      
1
  
11/01/10
10/31/11
    
26.03
      
(0.09
)
    
0.74
      
0.65
      
—
      
—
      
—
      
26.68
      
1.51
      
1.51
      
(0.33
)
    
37
      
2.50
      
1
  
11/01/09
10/31/10
    
22.52
      
(0.10
)
    
3.61
      
3.51
      
—
      
—
      
—
      
26.03
      
1.49
      
1.49
      
(0.41
)
    
45
      
15.59
      
1
  
11/01/08
10/31/09
    
18.51
      
(0.10
)
    
4.11
      
4.01
      
—
      
—
      
—
      
22.52
      
1.49
      
1.49
      
(0.51
)
    
54
      
21.66
      
1
  
Class R-5*
                                                                                                                
11/01/13
04/30/14
    
40.50
      
0.04
      
2.03
      
2.07
      
—
      
(4.22
)
    
(4.22
)
    
38.35
      
0.95
(c)
    
0.98
(c)
    
0.21
(c)
    
26
      
5.30
      
4
  
11/01/12
10/31/13
    
31.66
      
0.25
      
8.83
      
9.08
      
(0.24
)
    
—
      
(0.24
)
    
40.50
      
0.95
      
0.99
      
0.73
      
69
(d)
    
28.84
      
20
  
11/01/11
10/31/12
    
27.50
      
0.11
      
4.05
      
4.16
      
—
      
—
      
—
      
31.66
      
0.92
      
0.92
      
0.37
      
22
      
15.13
      
30
  
11/01/10
10/31/11
    
26.67
      
0.07
      
0.76
      
0.83
      
—
      
—
      
—
      
27.50
      
0.93
      
0.93
      
0.25
      
37
      
3.11
      
24
  
11/01/09
10/31/10
    
22.94
      
0.06
      
3.67
      
3.73
      
—
      
—
      
—
      
26.67
      
0.87
      
0.87
      
0.22
      
45
      
16.26
      
24
  
11/01/08
10/31/09
    
18.73
      
0.02
      
4.19
      
4.21
      
—
      
—
      
—
      
22.94
      
0.87
      
0.87
      
0.12
      
54
      
22.48
      
20
  
                                                                                                         
Eagle Growth & Income Fund
                                                                                                          
Class A*
 
                                                                                                                
11/01/13
04/30/14
    
16.68
      
0.15
      
1.20
      
1.35
      
(0.13
)
    
(0.34
)
    
(0.47
)
    
17.56
      
1.03
(c)
    
1.03
(c)
    
1.78
(c)
    
4
      
8.25
      
238
  
11/01/12
10/31/13
    
13.87
      
0.33
      
3.06
      
3.39
      
(0.33
)
    
(0.25
)
    
(0.58
)
    
16.68
      
1.09
      
1.09
      
2.17
      
28
      
25.14
      
214
  
11/01/11
10/31/12
    
13.14
      
0.30
      
1.36
      
1.66
      
(0.27
)
    
(0.66
)
    
(0.93
)
    
13.87
      
1.12
      
1.12
      
2.25
      
20
      
13.48
      
175
  
11/01/10
10/31/11
    
12.83
      
0.27
      
0.30
      
0.57
      
(0.26
)
    
—
      
(0.26
)
    
13.14
      
1.21
      
1.21
      
2.02
      
123
(e)
    
4.46
      
134
  
11/01/09
10/31/10
    
11.57
      
0.20
      
1.26
      
1.46
      
(0.20
)
    
—
      
(0.20
)
    
12.83
      
1.40
      
1.30
      
1.61
      
50
      
12.65
      
128
  
11/01/08
10/31/09
    
9.71
      
0.31
      
1.86
      
2.17
      
(0.31
)
    
—
      
(0.31
)
    
11.57
      
1.39
      
1.55
      
3.12
      
57
      
22.88
      
90
  
Class C*
 
                                                                                                                
11/01/13
04/30/14
    
16.10
      
0.08
      
1.16
      
1.24
      
(0.07
)
    
(0.34
)
    
(0.41
)
    
16.93
      
1.79
(c)
    
1.79
(c)
    
1.01
(c)
    
4
      
7.84
      
195
  
11/01/12
10/31/13
    
13.41
      
0.21
      
2.95
      
3.16
      
(0.22
)
    
(0.25
)
    
(0.47
)
    
16.10
      
1.84
      
1.84
      
1.39
      
28
      
24.23
      
170
  
11/01/11
10/31/12
    
12.74
      
0.20
      
1.32
      
1.52
      
(0.19
)
    
(0.66
)
    
(0.85
)
    
13.41
      
1.86
      
1.86
      
1.50
      
20
      
12.67
      
121
  
11/01/10
10/31/11
    
12.46
      
0.17
      
0.29
      
0.46
      
(0.18
)
    
—
      
(0.18
)
    
12.74
      
1.93
      
1.93
      
1.30
      
123
(e)
    
3.68
      
80
  
11/01/09
10/31/10
    
11.24
      
0.11
      
1.23
      
1.34
      
(0.12
)
    
—
      
(0.12
)
    
12.46
      
2.12
      
2.05
      
0.89
      
50
      
11.95
      
72
  
11/01/08
10/31/09
    
9.45
      
0.23
      
1.80
      
2.03
      
(0.24
)
    
—
      
(0.24
)
    
11.24
      
2.19
      
2.31
      
2.35
      
57
      
21.89
      
49
  
Class I*
 
                                                                                                                
11/01/13
04/30/14
    
16.65
      
0.17
      
1.21
      
1.38
      
(0.16
)
    
(0.34
)
    
(0.50
)
    
17.53
      
0.78
(c)
    
0.78
(c)
    
1.98
(c)
    
4
      
8.41
      
153
  
11/01/12
10/31/13
    
13.85
      
0.37
      
3.06
      
3.43
      
(0.38
)
    
(0.25
)
    
(0.63
)
    
16.65
      
0.80
      
0.80
      
2.37
      
28
      
25.49
      
94
  
11/01/11
10/31/12
    
13.13
      
0.34
      
1.36
      
1.70
      
(0.32
)
    
(0.66
)
    
(0.98
)
    
13.85
      
0.83
      
0.83
      
2.49
      
20
      
13.79
      
44
  
11/01/10
10/31/11
    
12.82
      
0.32
      
0.29
      
0.61
      
(0.30
)
    
—
      
(0.30
)
    
13.13
      
0.88
      
0.87
      
2.39
      
123
(e)
    
4.77
      
14
  
11/01/09
10/31/10
    
11.56
      
0.29
      
1.22
      
1.51
      
(0.25
)
    
—
      
(0.25
)
    
12.82
      
0.95
      
0.97
      
2.01
      
50
      
13.15
      
9
  
03/18/09
10/31/09
    
8.43
      
0.20
      
3.20
      
3.40
      
(0.27
)
    
—
      
(0.27
)
    
11.56
      
0.95
(c)
    
1.12
(c)
    
3.08
(c)
    
57
      
40.72
      
2
  
 
   
22
  The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
 
 
 
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)
Fiscal periods
Beginning
Ending
Eagle Growth & Income Fund (cont’d)
Class R-3*
 
  
   
   
   
   
   
   
   
   
   
   
   
   
   
 
11/01/13
04/30/14
  
$16.61
    
$0.12
    
$1.20
    
$1.32
    
$(0.10
)
  
$(0.34
)
  
$(0.44
)
  
$17.49
      
1.40
(c)
    
1.40
(c)
    
1.40
(c)
    
4
      
8.07
    
$5
  
11/01/12
10/31/13
    
13.82
      
0.28
      
3.04
      
3.32
      
(0.28
)
    
(0.25
)
    
(0.53
)
    
16.61
      
1.43
      
1.43
      
1.81
      
28
      
24.71
      
4
  
11/01/11
10/31/12
    
13.10
      
0.26
      
1.36
      
1.62
      
(0.24
)
    
(0.66
)
    
(0.90
)
    
13.82
      
1.41
      
1.41
      
1.95
      
20
      
13.13
      
3
  
11/01/10
10/31/11
    
12.81
      
0.23
      
0.30
      
0.53
      
(0.24
)
    
—
      
(0.24
)
    
13.10
      
1.51
      
1.51
      
1.71
      
123
(e)
    
4.14
      
1
  
11/01/09
10/31/10
    
11.55
      
0.18
      
1.26
      
1.44
      
(0.18
)
    
—
      
(0.18
)
    
12.81
      
1.54
      
1.54
      
1.46
      
50
      
12.54
      
0
  
09/30/09
10/31/09
    
11.84
      
0.01
      
(0.22
)
    
(0.21
)
    
(0.08
)
    
—
      
(0.08
)
    
11.55
      
1.65
(c)
    
1.56
(c)
    
0.94
(c)
    
57
      
(1.83
)
    
0
  
Class R-5*
 
                                                                                                                
11/01/13
04/30/14
    
16.63
      
0.17
      
1.21
      
1.38
      
(0.16
)
    
(0.34
)
    
(0.50
)
    
17.51
      
0.77
(c)
    
0.77
(c)
    
2.03
(c)
    
4
      
8.43
      
4
  
11/01/12
10/31/13
    
13.84
      
0.33
      
3.10
      
3.43
      
(0.39
)
    
(0.25
)
    
(0.64
)
    
16.63
      
0.72
      
0.72
      
2.07
      
28
      
25.54
      
3
  
11/01/11
10/31/12
    
13.13
      
0.32
      
1.37
      
1.69
      
(0.32
)
    
(0.66
)
    
(0.98
)
    
13.84
      
0.86
      
0.84
      
2.37
      
20
      
13.69
      
0
  
11/01/10
10/31/11
    
12.83
      
0.29
      
0.32
      
0.61
      
(0.31
)
    
—
      
(0.31
)
    
13.13
      
0.95
      
0.85
      
2.17
      
123
(e)
    
4.77
      
0
  
12/28/09
10/31/10
    
12.11
      
0.22
      
0.69
      
0.91
      
(0.19
)
    
—
      
(0.19
)
    
12.83
      
0.95
(c)
    
1.85
(c)
    
2.11
(c)
    
50
      
7.53
      
0
  
Class R-6*
 
                                                                                                                
11/01/13
04/30/14
    
16.67
      
0.17
      
1.22
      
1.39
      
(0.16
)
    
(0.34
)
    
(0.50
)
    
17.56
      
0.66
(c)
    
0.66
(c)
    
2.05
(c)
    
4
      
8.50
      
0
  
11/01/12
10/31/13
    
13.86
      
0.34
      
3.10
      
3.44
      
(0.38
)
    
(0.25
)
    
(0.63
)
    
16.67
      
0.71
      
0.71
      
2.09
      
28
      
25.59
      
0
  
11/01/11
10/31/12
    
13.13
      
0.34
      
1.35
      
1.69
      
(0.30
)
    
(0.66
)
    
(0.96
)
    
13.86
      
0.85
      
0.86
      
2.54
      
20
      
13.73
      
0
  
08/15/11
10/31/11
    
12.70
      
0.06
      
0.44
      
0.50
      
(0.07
)
    
—
      
(0.07
)
    
13.13
      
0.85
(c)
    
0.96
(c)
    
2.17
(c)
    
123
(e)
    
4.00
      
0
  
                                                                                                         
Eagle International Stock Fund
                                                                                                          
Class A*
 
                                                                                                                
11/01/13
04/30/14
    
16.48
      
0.13
      
0.52
      
0.65
      
(0.14
)
    
(0.09
)
    
(0.23
)
    
16.90
      
1.56
(c)
    
7.16
(c)
    
1.57
(c)
    
50
      
3.94
      
4
  
02/28/13
10/31/13
    
14.29
      
0.15
      
2.04
      
2.19
      
—
      
—
      
—
      
16.48
      
1.55
(c)
    
11.48
(c)
    
1.50
(c)
    
42
      
15.33
      
4
  
Class C*
 
                                                                                                                
11/01/13
04/30/14
    
16.38
      
0.07
      
0.51
      
0.58
      
(0.07
)
    
(0.09
)
    
(0.16
)
    
16.80
      
2.34
(c)
    
7.93
(c)
    
0.89
(c)
    
50
      
3.53
      
4
  
02/28/13
10/31/13
    
14.29
      
0.11
      
1.98
      
2.09
      
—
      
—
      
—
      
16.38
      
2.39
(c)
    
12.03
(c)
    
1.07
(c)
    
42
      
14.63
      
3
  
Class I*
 
                                                                                                                
11/01/13
04/30/14
    
16.52
      
0.19
      
0.49
      
0.68
      
(0.17
)
    
(0.09
)
    
(0.26
)
    
16.94
      
1.15
(c)
    
6.74
(c)
    
2.30
(c)
    
50
      
4.15
      
1
  
02/28/13
10/31/13
    
14.29
      
0.13
      
2.10
      
2.23
      
—
      
—
      
—
      
16.52
      
1.15
(c)
    
4.25
(c)
    
1.21
(c)
    
42
      
15.61
      
0
  
Class R-3*
 
                                                                                                                
11/01/13
04/30/14
    
16.45
      
0.11
      
0.53
      
0.64
      
(0.10
)
    
(0.09
)
    
(0.19
)
    
16.90
      
1.73
(c)
    
7.34
(c)
    
1.38
(c)
    
50
      
3.91
      
0
  
02/28/13
10/31/13
    
14.29
      
0.19
      
1.97
      
2.16
      
—
      
—
      
—
      
16.45
      
1.75
(c)
    
13.83
(c)
    
1.84
(c)
    
42
      
15.12
      
0
  
Class R-5*
 
                                                                                                                
11/01/13
04/30/14
    
16.52
      
0.16
      
0.52
      
0.68
      
(0.16
)
    
(0.09
)
    
(0.25
)
    
16.95
      
1.15
(c)
    
6.79
(c)
    
1.96
(c)
    
50
      
4.15
      
0
  
02/28/13
10/31/13
    
14.29
      
0.25
      
1.98
      
2.23
      
—
      
—
      
—
      
16.52
      
1.15
(c)
    
13.27
(c)
    
2.44
(c)
    
42
      
15.61
      
0
  
Class R-6*
 
                                                                                                                
11/01/13
04/30/14
    
16.53
      
0.17
      
0.52
      
0.69
      
(0.17
)
    
(0.09
)
    
(0.26
)
    
16.96
      
1.05
(c)
    
6.79
(c)
    
2.06
(c)
    
50
      
4.21
      
0
  
02/28/13
10/31/13
    
14.29
      
0.26
      
1.98
      
2.24
      
—
      
—
      
—
      
16.53
      
1.05
(c)
    
13.27
(c)
    
2.54
(c)
    
42
      
15.68
      
0
  
                                                                                                         
Eagle Investment Grade Bond Fund
                                                                                                          
Class A*
 
                                                                                                                
11/01/13
04/30/14
    
14.89
      
0.09
      
(0.02
)
    
0.07
      
(0.08
)
    
(0.04
)
    
(0.12
)
    
14.84
      
0.85
(c)
    
1.17
(c)
    
1.17
(c)
    
77
      
0.48
      
30
  
11/01/12
10/31/13
    
15.51
      
0.12
      
(0.27
)
    
(0.15
)
    
(0.11
)
    
(0.36
)
    
(0.47
)
    
14.89
      
0.85
      
1.01
      
0.80
      
136
      
(1.00
)
    
37
  
11/01/11
10/31/12
    
15.25
      
0.18
      
0.39
      
0.57
      
(0.18
)
    
(0.13
)
    
(0.31
)
    
15.51
      
0.85
      
0.96
      
1.15
      
94
      
3.77
      
65
  
11/01/10
10/31/11
    
15.15
      
0.20
      
0.21
      
0.41
      
(0.23
)
    
(0.08
)
    
(0.31
)
    
15.25
      
0.85
      
1.04
      
1.34
      
78
      
2.75
      
58
  
03/01/10
10/31/10
    
14.44
      
0.16
      
0.67
      
0.83
      
(0.12
)
    
—
      
(0.12
)
    
15.15
      
0.85
(c)
    
1.48
(c)
    
1.51
(c)
    
53
      
5.78
      
48
  
Class C*
 
                                                                                                                
11/01/13
04/30/14
    
14.86
      
0.03
      
(0.03
)
    
—
      
(0.02
)
    
(0.04
)
    
(0.06
)
    
14.80
      
1.65
(c)
    
1.91
(c)
    
0.37
(c)
    
77
      
0.00
      
31
  
11/01/12
10/31/13
    
15.49
      
—(f
)
    
(0.26
)
    
(0.26
)
    
(0.01
)
    
(0.36
)
    
(0.37
)
    
14.86
      
1.65
      
1.77
      
0.01
      
136
      
(1.75
)
    
41
  
11/01/11
10/31/12
    
15.23
      
0.05
      
0.40
      
0.45
      
(0.06
)
    
(0.13
)
    
(0.19
)
    
15.49
      
1.65
      
1.72
      
0.34
      
94
      
2.96
      
63
  
11/01/10
10/31/11
    
15.13
      
0.08
      
0.21
      
0.29
      
(0.11
)
    
(0.08
)
    
(0.19
)
    
15.23
      
1.65
      
1.79
      
0.55
      
78
      
1.95
      
53
  
03/01/10
10/31/10
    
14.44
      
0.07
      
0.68
      
0.75
      
(0.06
)
    
—
      
(0.06
)
    
15.13
      
1.65
(c)
    
2.23
(c)
    
0.68
(c)
    
53
      
5.23
      
50
  
Class I*
 
                                                                                                                
11/01/13
04/30/14
    
14.92
      
0.10
      
(0.01
)
    
0.09
      
(0.10
)
    
(0.04
)
    
(0.14
)
    
14.87
      
0.60
(c)
    
0.86
(c)
    
1.41
(c)
    
77
      
0.60
      
4
  
11/01/12
10/31/13
    
15.54
      
0.16
      
(0.27
)
    
(0.11
)
    
(0.15
)
    
(0.36
)
    
(0.51
)
    
14.92
      
0.60
      
0.72
      
1.04
      
136
      
(0.74
)
    
7
  
11/01/11
10/31/12
    
15.27
      
0.21
      
0.41
      
0.62
      
(0.22
)
    
(0.13
)
    
(0.35
)
    
15.54
      
0.60
      
0.67
      
1.38
      
94
      
4.09
      
6
  
11/01/10
10/31/11
    
15.17
      
0.24
      
0.20
      
0.44
      
(0.26
)
    
(0.08
)
    
(0.34
)
    
15.27
      
0.60
      
0.74
      
1.58
      
78
      
2.97
      
3
  
03/01/10
10/31/10
    
14.44
      
0.16
      
0.71
      
0.87
      
(0.14
)
    
—
      
(0.14
)
    
15.17
      
0.60
(c)
    
2.11
(c)
    
1.59
(c)
    
53
      
6.05
      
4
  
 
   
The accompanying notes are an integral part of the financial statements.
23
Financial Highlights
 
 
       
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)
  
Fiscal periods
Beginning
Ending
Eagle Investment Grade Bond
 Fund (cont’d)
                                                      
Class R-3*                                                        
11/01/13
04/30/14
  
$14.89
    
$0.06
    
$(0.01
)
  
$0.05
    
$(0.06
)
  
$(0.04
)
  
$(0.10
)
  
$14.84
      
1.15
(c)
    
1.49
(c)
    
0.87
(c)
    
77
      
0.33
    
$0
  
11/01/12
10/31/13
    
15.51
      
0.08
      
(0.27
)
    
(0.19
)
    
(0.07
)
    
(0.36
)
    
(0.43
)
    
14.89
      
1.15
      
1.34
      
0.50
      
136
      
(1.28
)
    
0
  
11/01/11
10/31/12
    
15.24
      
0.13
      
0.40
      
0.53
      
(0.13
)
    
(0.13
)
    
(0.26
)
    
15.51
      
1.15
      
1.35
      
0.88
      
94
      
3.49
      
0
  
11/01/10
10/31/11
    
15.15
      
0.16
      
0.19
      
0.35
      
(0.18
)
    
(0.08
)
    
(0.26
)
    
15.24
      
1.15
      
1.39
      
1.04
      
78
      
2.38
      
0
  
03/01/10
10/31/10
    
14.44
      
0.05
      
0.76
      
0.81
      
(0.10
)
    
—
      
(0.10
)
    
15.15
      
1.14
(c)
    
1.95
(c)
    
0.91
(c)
    
53
      
5.63
      
0
  
Class R-5*
                                                                                                                
11/01/13
04/30/14
    
14.89
      
0.10
      
(0.01
)
    
0.09
      
(0.10
)
    
(0.04
)
    
(0.14
)
    
14.84
      
0.60
(c)
    
0.74
(c)
    
1.39
(c)
    
77
      
0.58
      
0
  
11/01/12
10/31/13
    
15.51
      
0.16
      
(0.27
)
    
(0.11
)
    
(0.15
)
    
(0.36
)
    
(0.51
)
    
14.89
      
0.60
      
0.64
      
1.04
      
136
      
(0.77
)
    
0
  
11/01/11
10/31/12
    
15.22
      
0.22
      
0.41
      
0.63
      
(0.21
)
    
(0.13
)
    
(0.34
)
    
15.51
      
0.60
      
0.60
      
1.41
      
94
      
4.20
      
0
  
11/01/10
10/31/11
    
15.13
      
0.24
      
0.19
      
0.43
      
(0.26
)
    
(0.08
)
    
(0.34
)
    
15.22
      
0.60
      
6.01
      
1.59
      
78
      
2.91
      
0
  
03/01/10
10/31/10
    
14.44
      
0.18
      
0.65
      
0.83
      
(0.14
)
    
—
      
(0.14
)
    
15.13
      
0.61
(c)
    
4.92
(c)
    
1.77
(c)
    
53
      
5.75
      
0
  
                                                                                                         
Eagle Mid Cap Growth Fund
                                                                                                          
Class A*
 
                                                                                                                
11/01/13
04/30/14
    
41.03
      
(0.04
)
    
3.02
      
2.98
      
—
      
(1.92
)
    
(1.92
)
    
42.09
      
1.17
(c)
    
1.17
(c)
    
(0.20
)(c)
    
29
      
7.42
      
301
  
11/01/12
10/31/13
    
31.52
      
(0.03
)
    
10.68
      
10.65
      
—
      
(1.14
)
    
(1.14
)
    
41.03
      
1.20
      
1.20
      
(0.08
)
    
52
      
34.81
      
304
  
11/01/11
10/31/12
    
29.96
      
(0.18
)
    
1.74
      
1.56
      
—
      
—
      
—
      
31.52
      
1.22
      
1.22
      
(0.57
)
    
87
      
5.21
      
233
  
11/01/10
10/31/11
    
28.03
      
(0.19
)
    
2.12
      
1.93
      
—
      
—
      
—
      
29.96
      
1.23
      
1.23
      
(0.60
)
    
91
      
6.89
      
231
  
11/01/09
10/31/10
    
21.25
      
(0.09
)
    
6.87
      
6.78
      
—
      
—
      
—
      
28.03
      
1.33
      
1.33
      
(0.36
)
    
96
      
31.91
      
140
  
11/01/08
10/31/09
    
18.63
      
(0.11
)
    
2.73
      
2.62
      
—
      
—
      
—
      
21.25
      
1.44
      
1.44
      
(0.59
)
    
127
      
14.06
      
95
  
Class C*
 
                                                                                                                
11/01/13
04/30/14
    
35.24
      
(0.16
)
    
2.58
      
2.42
      
—
      
(1.92
)
    
(1.92
)
    
35.74
      
1.88
(c)
    
1.88
(c)
    
(0.91
)(c)
    
29
      
7.04
      
105
  
11/01/12
10/31/13
    
27.41
      
(0.25
)
    
9.22
      
8.97
      
—
      
(1.14
)
    
(1.14
)
    
35.24
      
1.92
      
1.92
      
(0.80
)
    
52
      
33.87
      
106
  
11/01/11
10/31/12
    
26.24
      
(0.34
)
    
1.51
      
1.17
      
—
      
—
      
—
      
27.41
      
1.92
      
1.92
      
(1.27
)
    
87
      
4.46
      
82
  
11/01/10
10/31/11
    
24.71
      
(0.35
)
    
1.88
      
1.53
      
—
      
—
      
—
      
26.24
      
1.94
      
1.94
      
(1.30
)
    
91
      
6.19
      
72
  
11/01/09
10/31/10
    
18.88
      
(0.24
)
    
6.07
      
5.83
      
—
      
—
      
—
      
24.71
      
2.10
      
2.10
      
(1.11
)
    
96
      
30.88
      
58
  
11/01/08
10/31/09
    
16.68
      
(0.23
)
    
2.43
      
2.20
      
—
      
—
      
—
      
18.88
      
2.22
      
2.22
      
(1.36
)
    
127
      
13.19
      
45
  
Class I*
 
                                                                                                                
11/01/13
04/30/14
    
42.31
      
0.03
      
3.11
      
3.14
      
—
      
(1.92
)
    
(1.92
)
    
43.53
      
0.84
(c)
    
0.84
(c)
    
0.12
(c)
    
29
      
7.58
      
136
  
11/01/12
10/31/13
    
32.36
      
0.08
      
11.01
      
11.09
      
—
      
(1.14
)
    
(1.14
)
    
42.31
      
0.87
      
0.87
      
0.22
      
52
      
35.28
      
126
  
11/01/11
10/31/12
    
30.66
      
(0.07
)
    
1.77
      
1.70
      
—
      
—
      
—
      
32.36
      
0.88
      
0.88
      
(0.23
)
    
87
      
5.54
      
81
  
11/01/10
10/31/11
    
28.58
      
(0.09
)
    
2.17
      
2.08
      
—
      
—
      
—
      
30.66
      
0.89
      
0.88
      
(0.29
)
    
91
      
7.28
      
60
  
11/01/09
10/31/10
    
21.58
      
(0.02
)
    
7.02
      
7.00
      
—
      
—
      
—
      
28.58
      
0.95
      
0.95
      
(0.07
)
    
96
      
32.44
      
15
  
11/01/08
10/31/09
    
18.83
      
(0.02
)
    
2.77
      
2.75
      
—
      
—
      
—
      
21.58
      
0.95
      
1.05
      
(0.13
)
    
127
      
14.60
      
6
  
Class R-3*
                                                                                                                
11/01/13
04/30/14
    
40.48
      
(0.11
)
    
2.98
      
2.87
      
—
      
(1.92
)
    
(1.92
)
    
41.43
      
1.47
(c)
    
1.47
(c)
    
(0.52
)(c)
    
29
      
7.24
      
14
  
11/01/12
10/31/13
    
31.19
      
(0.14
)
    
10.57
      
10.43
      
—
      
(1.14
)
    
(1.14
)
    
40.48
      
1.49
      
1.49
      
(0.39
)
    
52
      
34.46
      
12
  
11/01/11
10/31/12
    
29.73
      
(0.26
)
    
1.72
      
1.46
      
—
      
—
      
—
      
31.19
      
1.49
      
1.49
      
(0.84
)
    
87
      
4.91
      
8
  
11/01/10
10/31/11
    
27.88
      
(0.27
)
    
2.12
      
1.85
      
—
      
—
      
—
      
29.73
      
1.52
      
1.52
      
(0.89
)
    
91
      
6.64
      
4
  
11/01/09
10/31/10
    
21.19
      
(0.19
)
    
6.88
      
6.69
      
—
      
—
      
—
      
27.88
      
1.61
      
1.61
      
(0.72
)
    
96
      
31.57
      
1
  
01/12/09
10/31/09
    
16.84
      
(0.15
)
    
4.50
      
4.35
      
—
      
—
      
—
      
21.19
      
1.74
(c)
    
1.74
(c)
    
(0.94
)(c)
    
127
      
25.83
      
0
  
Class R-5*
                                                                                                                
11/01/13
04/30/14
    
42.27
      
0.02
      
3.12
      
3.14
      
—
      
(1.92
)
    
(1.92
)
    
43.49
      
0.86
(c)
    
0.86
(c)
    
0.11
(c)
    
29
      
7.59
      
44
  
11/01/12
10/31/13
    
32.34
      
0.09
      
10.98
      
11.07
      
—
      
(1.14
)
    
(1.14
)
    
42.27
      
0.89
      
0.89
      
0.24
      
52
      
35.24
      
39
  
11/01/11
10/31/12
    
30.64
      
(0.08
)
    
1.78
      
1.70
      
—
      
—
      
—
      
32.34
      
0.90
      
0.90
      
(0.25
)
    
87
      
5.55
      
30
  
11/01/10
10/31/11
    
28.56
      
(0.11
)
    
2.19
      
2.08
      
—
      
—
      
—
      
30.64
      
0.91
      
0.91
      
(0.35
)
    
91
      
7.28
      
19
  
12/28/09
10/31/10
    
24.70
      
(0.12
)
    
3.98
      
3.86
      
—
      
—
      
—
      
28.56
      
0.95
(c)
    
1.15
(c)
    
(0.44
)(c)
    
96
      
15.63
      
0
  
Class R-6*
                                                                                                                
11/01/13
04/30/14
    
42.36
      
0.03
      
3.14
      
3.17
      
—
      
(1.92
)
    
(1.92
)
    
43.61
      
0.76
(c)
    
0.76
(c)
    
0.12
(c)
    
29
      
7.64
      
15
  
11/01/12
10/31/13
    
32.37
      
0.02
      
11.11
      
11.13
      
—
      
(1.14
)
    
(1.14
)
    
42.36
      
0.78
      
0.78
      
0.05
      
52
      
35.40
      
7
  
11/01/11
10/31/12
    
30.76
      
(0.05
)
    
1.66
      
1.61
      
—
      
—
      
—
      
32.37
      
0.80
      
0.80
      
(0.16
)
    
87
      
5.23
      
1
  
08/15/11
10/31/11
    
29.65
      
(0.02
)
    
1.13
      
1.11
      
—
      
—
      
—
      
30.76
      
0.85
(c)
    
0.85
(c)
    
(0.32
)(c)
    
91
      
3.74
      
0
  
 
   
24
  The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
 
 
       
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)
  
Fiscal periods
Beginning
Ending
Eagle Mid Cap Stock Fund
    
   
   
   
   
   
   
   
   
   
   
   
   
 
Class A*
 
  
   
   
   
   
   
   
   
   
   
   
   
   
   
 
11/01/13
04/30/14
  
$30.48
    
$(0.06
)
  
$0.56
    
$0.50
    
$—
    
$(2.02
)
  
$(2.02
)
  
$28.96
      
1.22
(c)
    
1.22
(c)
    
(0.42
)(c)
    
14
      
1.68
    
$187
  
11/01/12
10/31/13
    
27.14
      
(0.04
)
    
7.40
      
7.36
      
—
      
(4.02
)
    
(4.02
)
    
30.48
      
1.22
      
1.22
      
(0.14
)
    
27
      
30.90
      
208
  
11/01/11
10/31/12
    
25.07
      
(0.02
)
    
2.09
      
2.07
      
—
      
—
      
—
      
27.14
      
1.20
      
1.20
      
(0.09
)
    
184
      
8.26
      
260
  
11/01/10
10/31/11
    
25.37
      
(0.03
)
    
(0.27
)
    
(0.30
)
    
—
      
—
      
—
      
25.07
      
1.14
      
1.14
      
(0.11
)
    
242
      
(1.18
)
    
544
  
11/01/09
10/31/10
    
21.10
      
(0.07
)
    
4.34
      
4.27
      
—
      
—
      
—
      
25.37
      
1.20
      
1.20
      
(0.32
)
    
245
      
20.24
      
736
  
11/01/08
10/31/09
    
18.34
      
(0.03
)
    
2.79
      
2.76
      
—
      
—
      
—
      
21.10
      
1.26
      
1.26
      
(0.18
)
    
196
      
15.05
      
812
  
Class C*
 
                                                                                                                
11/01/13
04/30/14
    
25.52
      
(0.14
)
    
0.47
      
0.33
      
—
      
(2.02
)
    
(2.02
)
    
23.83
      
1.95
(c)
    
1.95
(c)
    
(1.15
)(c)
    
14
      
1.33
      
131
  
11/01/12
10/31/13
    
23.49
      
(0.21
)
    
6.26
      
6.05
      
—
      
(4.02
)
    
(4.02
)
    
25.52
      
1.95
      
1.95
      
(0.90
)
    
27
      
30.00
      
138
  
11/01/11
10/31/12
    
21.86
      
(0.20
)
    
1.83
      
1.63
      
—
      
—
      
—
      
23.49
      
1.92
      
1.92
      
(0.85
)
    
184
      
7.46
      
147
  
11/01/10
10/31/11
    
22.28
      
(0.19
)
    
(0.23
)
    
(0.42
)
    
—
      
—
      
—
      
21.86
      
1.85
      
1.85
      
(0.83
)
    
242
      
(1.89
)
    
204
  
11/01/09
10/31/10
    
18.67
      
(0.21
)
    
3.82
      
3.61
      
—
      
—
      
—
      
22.28
      
1.93
      
1.93
      
(1.06
)
    
245
      
19.34
      
239
  
11/01/08
10/31/09
    
16.34
      
(0.15
)
    
2.48
      
2.33
      
—
      
—
      
—
      
18.67
      
2.00
      
2.00
      
(0.93
)
    
196
      
14.26
      
232
  
Class I*
 
                                                                                                                
11/01/13
04/30/14
    
31.39
      
(0.02
)
    
0.58
      
0.56
      
—
      
(2.02
)
    
(2.02
)
    
29.93
      
0.95
(c)
    
1.14
(c)
    
(0.14
)(c)
    
14
      
1.84
      
86
  
11/01/12
10/31/13
    
27.76
      
0.03
      
7.62
      
7.65
      
—
      
(4.02
)
    
(4.02
)
    
31.39
      
0.95
      
1.12
      
0.11
      
27
      
31.31
      
98
  
11/01/11
10/31/12
    
25.58
      
0.04
      
2.14
      
2.18
      
—
      
—
      
—
      
27.76
      
0.91
      
0.91
      
0.16
      
184
      
8.52
      
118
  
11/01/10
10/31/11
    
25.79
      
0.07
      
(0.28
)
    
(0.21
)
    
—
      
—
      
—
      
25.58
      
0.79
      
0.79
      
0.24
      
242
      
(0.81
)
    
163
  
11/01/09
10/31/10
    
21.36
      
0.01
      
4.42
      
4.43
      
—
      
—
      
—
      
25.79
      
0.79
      
0.79
      
0.06
      
245
      
20.74
      
340
  
11/01/08
10/31/09
    
18.49
      
0.03
      
2.84
      
2.87
      
—
      
—
      
—
      
21.36
      
0.87
      
0.87
      
0.16
      
196
      
15.52
      
254
  
Class R-3*
 
                                                                                                                
11/01/13
04/30/14
    
29.92
      
(0.10
)
    
0.55
      
0.45
      
—
      
(2.02
)
    
(2.02
)
    
28.35
      
1.53
(c)
    
1.53
(c)
    
(0.73
)(c)
    
14
      
1.55
      
6
  
11/01/12
10/31/13
    
26.78
      
(0.13
)
    
7.29
      
7.16
      
—
      
(4.02
)
    
(4.02
)
    
29.92
      
1.52
      
1.52
      
(0.48
)
    
27
      
30.53
      
6
  
11/01/11
10/31/12
    
24.80
      
(0.12
)
    
2.10
      
1.98
      
—
      
—
      
—
      
26.78
      
1.49
      
1.49
      
(0.47
)
    
184
      
7.98
      
6
  
11/01/10
10/31/11
    
25.17
      
(0.11
)
    
(0.26
)
    
(0.37
)
    
—
      
—
      
—
      
24.80
      
1.43
      
1.43
      
(0.43
)
    
242
      
(1.47
)
    
5
  
11/01/09
10/31/10
    
20.98
      
(0.13
)
    
4.32
      
4.19
      
—
      
—
      
—
      
25.17
      
1.41
      
1.41
      
(0.57
)
    
245
      
19.97
      
4
  
11/01/08
10/31/09
    
18.26
      
(0.06
)
    
2.78
      
2.72
      
—
      
—
      
—
      
20.98
      
1.40
      
1.40
      
(0.35
)
    
196
      
14.90
      
3
  
Class R-5*
 
                                                                                                                
11/01/13
04/30/14
    
31.53
      
(0.02
)
    
0.57
      
0.55
      
—
      
(2.02
)
    
(2.02
)
    
30.06
      
0.95
(c)
    
1.00
(c)
    
(0.16
)(c)
    
14
      
1.79
      
0
  
11/01/12
10/31/13
    
27.77
      
0.19
      
7.59
      
7.78
      
—
      
(4.02
)
    
(4.02
)
    
31.53
      
0.84
      
0.84
      
0.69
      
27
      
31.84
      
1
  
11/01/11
10/31/12
    
25.60
      
0.05
      
2.12
      
2.17
      
—
      
—
      
—
      
27.77
      
0.94
      
0.94
      
0.19
      
184
      
8.48
      
13
  
11/01/10
10/31/11
    
25.83
      
0.05
      
(0.28
)
    
(0.23
)
    
—
      
—
      
—
      
25.60
      
0.85
      
0.85
      
0.18
      
242
      
(0.89
)
    
65
  
11/01/09
10/31/10
    
21.39
      
0.02
      
4.42
      
4.44
      
—
      
—
      
—
      
25.83
      
0.78
      
0.78
      
0.09
      
245
      
20.76
      
72
  
11/01/08
10/31/09
    
18.50
      
0.05
      
2.84
      
2.89
      
—
      
—
      
—
      
21.39
      
0.79
      
0.79
      
0.28
      
196
      
15.62
      
60
  
Class R-6*
 
                                                                                                                
11/01/13
04/30/14
    
31.50
      
—(f
)
    
0.58
      
0.58
      
—
      
(2.02
)
    
(2.02
)
    
30.06
      
0.81
(c)
    
0.81
(c)
    
0.01
(c)
    
14
      
1.90
      
0
  
11/01/12
10/31/13
    
27.81
      
(0.02
)
    
7.73
      
7.71
      
—
      
(4.02
)
    
(4.02
)
    
31.50
      
0.79
      
0.79
      
(0.08
)
    
27
      
31.49
      
0
  
11/01/11
10/31/12
    
25.70
      
0.05
      
2.06
      
2.11
      
—
      
—
      
—
      
27.81
      
0.85
      
0.91
      
0.18
      
184
      
8.21
      
0
  
08/15/11
10/31/11
    
25.41
      
0.01
      
0.28
      
0.29
      
—
      
—
      
—
      
25.70
      
0.85
(c)
    
0.85
(c)
    
0.24
(c)
    
242
      
1.14
      
0
  
                                                                                                         
Eagle Small Cap Growth Fund
                                                                                                          
Class A*
 
                                                                                                                
11/01/13
04/30/14
    
54.33
      
(0.18
)
    
0.48
      
0.30
      
—
      
(0.69
)
    
(0.69
)
    
53.94
      
1.09
(c)
    
1.09
(c)
    
(0.65
)(c)
    
20
      
0.53
      
870
  
11/01/12
10/31/13
    
41.13
      
(0.16
)
    
13.36
      
13.20
      
—
      
—
      
—
      
54.33
      
1.10
      
1.10
      
(0.33
)
    
38
      
32.09
      
999
  
11/01/11
10/31/12
    
38.93
      
(0.24
)
    
2.44
      
2.20
      
—
      
—
      
—
      
41.13
      
1.11
      
1.11
      
(0.61
)
    
44
      
5.65
      
690
  
11/01/10
10/31/11
    
33.79
      
(0.27
)
    
5.41
      
5.14
      
—
      
—
      
—
      
38.93
      
1.16
      
1.16
      
(0.69
)
    
36
      
15.21
      
497
  
11/01/09
10/31/10
    
25.10
      
(0.16
)
    
8.85
      
8.69
      
—
      
—
      
—
      
33.79
      
1.31
      
1.31
      
(0.55
)
    
49
      
34.62
      
266
  
11/01/08
10/31/09
    
22.52
      
(0.18
)
    
2.76
      
2.58
      
—
      
—
      
—
      
25.10
      
1.37
      
1.37
      
(0.83
)
    
110
      
11.46
      
200
  
Class C*
 
                                                                                                                
11/01/13
04/30/14
    
45.11
      
(0.31
)
    
0.40
      
0.09
      
—
      
(0.69
)
    
(0.69
)
    
44.51
      
1.80
(c)
    
1.80
(c)
    
(1.36
)(c)
    
20
      
0.17
      
189
  
11/01/12
10/31/13
    
34.40
      
(0.42
)
    
11.13
      
10.71
      
—
      
—
      
—
      
45.11
      
1.82
      
1.82
      
(1.05
)
    
38
      
31.13
      
189
  
11/01/11
10/31/12
    
32.78
      
(0.44
)
    
2.06
      
1.62
      
—
      
—
      
—
      
34.40
      
1.83
      
1.83
      
(1.32
)
    
44
      
4.94
      
129
  
11/01/10
10/31/11
    
28.65
      
(0.46
)
    
4.59
      
4.13
      
—
      
—
      
—
      
32.78
      
1.86
      
1.86
      
(1.40
)
    
36
      
14.42
      
108
  
11/01/09
10/31/10
    
21.44
      
(0.31
)
    
7.52
      
7.21
      
—
      
—
      
—
      
28.65
      
2.05
      
2.05
      
(1.25
)
    
49
      
33.63
      
72
  
11/01/08
10/31/09
    
19.40
      
(0.30
)
    
2.34
      
2.04
      
—
      
—
      
—
      
21.44
      
2.17
      
2.17
      
(1.63
)
    
110
      
10.52
      
60
  
 
   
The accompanying notes are an integral part of the financial statements.
25
 
Financial Highlights
 
 
       
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)
  
   
 Fiscal periods
Beginning
Ending
Eagle Small Cap Growth Fund (cont’d)
    
   
   
   
   
   
   
   
   
   
   
   
   
 
Class I*
 
  
   
   
   
   
   
   
   
   
   
   
   
   
   
 
11/01/13
04/30/14
  
$55.68
    
$(0.10
)
  
$0.49
    
$0.39
    
$—
    
$(0.69
)
  
$(0.69
)
  
$55.38
      
0.77
(c)
    
0.77
(c)
    
(0.34
)(c)
    
20
      
0.68
    
$1,745
  
11/01/12
10/31/13
    
42.04
      
(0.01
)
    
13.67
      
13.66
      
(0.02
)
    
—
      
(0.02
)
    
55.68
      
0.79
      
0.79
      
(0.01
)
    
38
      
32.49
      
1,815
  
11/01/11
10/31/12
    
39.65
      
(0.11
)
    
2.50
      
2.39
      
—
      
—
      
—
      
42.04
      
0.78
      
0.78
      
(0.28
)
    
44
      
6.03
      
1,313
  
11/01/10
10/31/11
    
34.41
      
(0.14
)
    
5.38
      
5.24
      
—
      
—
      
—
      
39.65
      
0.82
      
0.83
      
(0.37
)
    
36
      
15.23
      
679
  
11/01/09
10/31/10
    
25.44
      
(0.12
)
    
9.09
      
8.97
      
—
      
—
      
—
      
34.41
      
0.86
      
0.86
      
(0.34
)
    
49
      
35.26
      
97
  
11/01/08
10/31/09
    
22.72
      
(0.08
)
    
2.80
      
2.72
      
—
      
—
      
—
      
25.44
      
0.87
      
0.87
      
(0.37
)
    
110
      
11.97
      
20
  
Class R-3*
 
                                                                                                                
11/01/13
04/30/14
    
53.58
      
(0.25
)
    
0.48
      
0.23
      
—
      
(0.69
)
    
(0.69
)
    
53.12
      
1.36
(c)
    
1.36
(c)
    
(0.92
)(c)
    
20
      
0.41
      
132
  
11/01/12
10/31/13
    
40.68
      
(0.29
)
    
13.19
      
12.90
      
—
      
—
      
—
      
53.58
      
1.37
      
1.37
      
(0.62
)
    
38
      
31.71
      
134
  
11/01/11
10/31/12
    
38.58
      
(0.35
)
    
2.45
      
2.10
      
—
      
—
      
—
      
40.68
      
1.38
      
1.38
      
(0.88
)
    
44
      
5.44
      
84
  
11/01/10
10/31/11
    
33.52
      
(0.34
)
    
5.40
      
5.06
      
—
      
—
      
—
      
38.58
      
1.37
      
1.37
      
(0.90
)
    
36
      
15.10
      
48
  
11/01/09
10/31/10
    
24.96
      
(0.19
)
    
8.75
      
8.56
      
—
      
—
      
—
      
33.52
      
1.55
      
1.55
      
(0.66
)
    
49
      
34.29
      
2
  
11/01/08
10/31/09
    
22.44
      
(0.18
)
    
2.70
      
2.52
      
—
      
—
      
—
      
24.96
      
1.54
      
1.54
      
(1.01
)
    
110
      
11.23
      
2
  
Class R-5*
 
                                                                                                                
11/01/13
04/30/14
    
55.83
      
(0.09
)
    
0.49
      
0.40
      
—
      
(0.69
)
    
(0.69
)
    
55.54
      
0.75
(c)
    
0.75
(c)
    
(0.32
)(c)
    
20
      
0.70
      
353
  
11/01/12
10/31/13
    
42.14
      
0.01
      
13.69
      
13.70
      
(0.01
)
    
—
      
(0.01
)
    
55.83
      
0.77
      
0.77
      
0.02
      
38
      
32.51
      
341
  
11/01/11
10/31/12
    
39.74
      
(0.12
)
    
2.52
      
2.40
      
—
      
—
      
—
      
42.14
      
0.80
      
0.80
      
(0.29
)
    
44
      
6.04
      
242
  
11/01/10
10/31/11
    
34.39
      
(0.16
)
    
5.51
      
5.35
      
—
      
—
      
—
      
39.74
      
0.85
      
0.85
      
(0.39
)
    
36
      
15.56
      
138
  
11/01/09
10/31/10
    
25.43
      
(0.04
)
    
9.00
      
8.96
      
—
      
—
      
—
      
34.39
      
0.88
      
0.88
      
(0.14
)
    
49
      
35.23
      
49
  
11/01/08
10/31/09
    
22.72
      
(0.09
)
    
2.80
      
2.71
      
—
      
—
      
—
      
25.43
      
0.90
      
0.90
      
(0.40
)
    
110
      
11.93
      
30
  
Class R-6*
 
                                                                                                                
11/01/13
04/30/14
    
55.92
      
(0.06
)
    
0.49
      
0.43
      
—
      
(0.69
)
    
(0.69
)
    
55.66
      
0.66
(c)
    
0.66
(c)
    
(0.23
)(c)
    
20
      
0.75
      
496
  
11/01/12
10/31/13
    
42.20
      
0.03
      
13.74
      
13.77
      
(0.05
)
    
—
      
(0.05
)
    
55.92
      
0.68
      
0.68
      
0.07
      
38
      
32.68
      
502
  
11/01/11
10/31/12
    
39.76
      
(0.09
)
    
2.53
      
2.44
      
—
      
—
      
—
      
42.20
      
0.69
      
0.69
      
(0.22
)
    
44
      
6.14
      
260
  
08/15/11
10/31/11
    
37.85
      
(0.06
)
    
1.97
      
1.91
      
—
      
—
      
—
      
39.76
      
0.85
(c)
    
0.85
(c)
    
(0.75
)(c)
    
36
      
5.05
      
65
  
                                                                                                         
Eagle Small Cap Stock Fund
                                                                                                          
Class A*
 
                                                                                                                
11/01/13
04/30/14
    
18.50
      
(0.06
)
    
0.38
      
0.32
      
—
      
(0.25
)
    
(0.25
)
    
18.57
      
1.33
(c)
    
2.40
(c)
    
(0.66
)(c)
    
27
      
1.71
      
14
  
12/31/12
10/31/13
    
14.29
      
(0.10
)
    
4.31
      
4.21
      
—
      
—
      
—
      
18.50
      
1.32
(c)
    
4.78
(c)
    
(0.73
)(c)
    
42
      
29.46
      
12
  
Class C*
 
                                                                                                                
11/01/13
04/30/14
    
18.38
      
(0.13
)
    
0.38
      
0.25
      
—
      
(0.25
)
    
(0.25
)
    
18.38
      
2.08
(c)
    
3.15
(c)
    
(1.42
)(c)
    
27
      
1.33
      
12
  
12/31/12
10/31/13
    
14.29
      
(0.21
)
    
4.30
      
4.09
      
—
      
—
      
—
      
18.38
      
2.08
(c)
    
5.54
(c)
    
(1.47
)(c)
    
42
      
28.62
      
9
  
Class I*
 
                                                                                                                
11/01/13
04/30/14
    
18.57
      
(0.03
)
    
0.39
      
0.36
      
—
      
(0.25
)
    
(0.25
)
    
18.68
      
0.95
(c)
    
2.09
(c)
    
(0.29
)(c)
    
27
      
1.92
      
4
  
12/31/12
10/31/13
    
14.29
      
(0.05
)
    
4.33
      
4.28
      
—
      
—
      
—
      
18.57
      
0.95
(c)
    
4.89
(c)
    
(0.35
)(c)
    
42
      
29.95
      
3
  
Class R-3*
 
                                                                                                                
11/01/13
04/30/14
    
18.46
      
(0.08
)
    
0.39
      
0.31
      
—
      
(0.25
)
    
(0.25
)
    
18.52
      
1.52
(c)
    
2.61
(c)
    
(0.85
)(c)
    
27
      
1.66
      
0
  
12/31/12
10/31/13
    
14.29
      
(0.12
)
    
4.29
      
4.17
      
—
      
—
      
—
      
18.46
      
1.52
(c)
    
11.76
(c)
    
(0.90
)(c)
    
42
      
29.18
      
0
  
Class R-5*
 
                                                                                                                
11/01/13
04/30/14
    
18.55
      
(0.03
)
    
0.39
      
0.36
      
—
      
(0.25
)
    
(0.25
)
    
18.66
      
0.95
(c)
    
2.07
(c)
    
(0.28
)(c)
    
27
      
1.92
      
0
  
12/31/12
10/31/13
    
14.29
      
(0.05
)
    
4.31
      
4.26
      
—
      
—
      
—
      
18.55
      
0.95
(c)
    
11.20
(c)
    
(0.33
)(c)
    
42
      
29.81
      
0
  
Class R-6*
 
                                                                                                                
11/01/13
04/30/14
    
18.57
      
(0.02
)
    
0.39
      
0.37
      
—
      
(0.25
)
    
(0.25
)
    
18.69
      
0.85
(c)
    
2.06
(c)
    
(0.18
)(c)
    
27
      
1.97
      
0
  
12/31/12
10/31/13
    
14.29
      
(0.03
)
    
4.31
      
4.28
      
—
      
—
      
—
      
18.57
      
0.85
(c)
    
11.19
(c)
    
(0.23
)(c)
    
42
      
29.95
      
0
  
                                                                                                         
Eagle Smaller Company Fund
                                                                                                          
Class A*
 
                                                                                                                
11/01/13
04/30/14
    
23.38
      
(0.03
)
    
0.69
      
0.66
      
—
      
(0.51
)
    
(0.51
)
    
23.53
      
1.37
(c)
    
1.30
(c)
    
(0.28
)(c)
    
11
      
2.82
      
20
  
11/01/12
10/31/13
    
18.93
      
(0.03
)
    
5.96
      
5.93
      
(0.09
)
    
(1.39
)
    
(1.48
)
    
23.38
      
1.37
      
1.40
      
(0.13
)
    
14
      
33.60
      
19
  
11/01/11
10/31/12
    
20.05
      
0.04
      
1.47
      
1.51
      
—
      
(2.63
)
    
(2.63
)
    
18.93
      
1.35
      
1.42
      
0.23
      
13
      
9.31
      
13
  
11/01/10
10/31/11
    
19.63
      
(0.05
)
    
2.23
      
2.18
      
—
      
(1.76
)
    
(1.76
)
    
20.05
      
1.40
      
1.44
      
(0.25
)
    
36
      
11.35
      
12
  
11/01/09
10/31/10
    
16.54
      
(0.09
)
    
3.75
      
3.66
      
—
      
(0.57
)
    
(0.57
)
    
19.63
      
1.50
      
1.67
      
(0.46
)
    
22
      
22.63
      
10
  
11/03/08
10/31/09
    
14.29
      
(0.07
)
    
2.32
      
2.25
      
—
      
—
      
—
      
16.54
      
1.48
(c)
    
4.53
(c)
    
(0.45
)(c)
    
23
      
15.75
      
6
  
 
 
   
26
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
 
 
 
  
   
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)
  
 
Fiscal periods
Beginning
Ending
Eagle Smaller Company Fund (cont’d)
    
   
   
   
   
   
   
   
   
   
   
   
   
 
Class C*
 
  
   
   
   
   
   
   
   
   
   
   
   
   
   
 
11/01/13
04/30/14
  
$22.38
    
$(0.11
)
  
$0.66
    
$0.55
    
$—
    
$(0.51
)
  
$(0.51
)
  
$22.42
      
2.10
(c)
    
2.03
(c)
    
(1.01
)(c)
    
11
      
2.45
    
$12
  
11/01/12
10/31/13
    
18.22
      
(0.18
)
    
5.73
      
5.55
      
—
      
(1.39
)
    
(1.39
)
    
22.38
      
2.12
      
2.14
      
(0.88
)
    
14
      
32.62
      
11
  
11/01/11
10/31/12
    
19.52
      
(0.10
)
    
1.43
      
1.33
      
—
      
(2.63
)
    
(2.63
)
    
18.22
      
2.11
      
2.19
      
(0.54
)
    
13
      
8.54
      
7
  
11/01/10
10/31/11
    
19.32
      
(0.22
)
    
2.18
      
1.96
      
—
      
(1.76
)
    
(1.76
)
    
19.52
      
2.28
      
2.21
      
(1.13
)
    
36
      
10.31
      
6
  
11/01/09
10/31/10
    
16.41
      
(0.23
)
    
3.71
      
3.48
      
—
      
(0.57
)
    
(0.57
)
    
19.32
      
2.30
      
2.49
      
(1.25
)
    
22
      
21.69
      
5
  
11/03/08
10/31/09
    
14.29
      
(0.19
)
    
2.31
      
2.12
      
—
      
—
      
—
      
16.41
      
2.28
(c)
    
5.37
(c)
    
(1.27
)(c)
    
23
      
14.84
      
3
  
Class I*
 
                                                                                                                
11/01/13
04/30/14
    
23.86
      
0.02
      
0.71
      
0.73
      
(0.01
)
    
(0.51
)
    
(0.52
)
    
24.07
      
0.95
(c)
    
1.02
(c)
    
0.14
(c)
    
11
      
3.08
      
102
  
11/01/12
10/31/13
    
19.28
      
0.06
      
6.07
      
6.13
      
(0.16
)
    
(1.39
)
    
(1.55
)
    
23.86
      
0.95
      
1.16
      
0.27
      
14
      
34.20
      
106
  
11/01/11
10/31/12
    
20.31
      
0.12
      
1.49
      
1.61
      
(0.01
)
    
(2.63
)
    
(2.64
)
    
19.28
      
0.95
      
1.17
      
0.61
      
13
      
9.74
      
58
  
11/01/10
10/31/11
    
19.80
      
0.04
      
2.24
      
2.28
      
(0.01
)
    
(1.76
)
    
(1.77
)
    
20.31
      
0.95
      
1.19
      
0.20
      
36
      
11.81
      
61
  
11/01/09
10/31/10
    
16.59
      
0.02
      
3.77
      
3.79
      
(0.01
)
    
(0.57
)
    
(0.58
)
    
19.80
      
0.95
      
1.56
      
0.11
      
22
      
23.39
      
56
  
03/09/09
10/31/09
    
9.65
      
(0.01
)
    
6.95
      
6.94
      
—
      
—
      
—
      
16.59
      
0.95
(c)
    
1.80
(c)
    
(0.04
)(c)
    
23
      
71.92
      
49
  
Class R-3*
                                                                                                                
11/01/13
04/30/14
    
23.12
      
(0.07
)
    
0.69
      
0.62
      
—
      
(0.51
)
    
(0.51
)
    
23.23
      
1.70
(c)
    
1.71
(c)
    
(0.63
)(c)
    
11
      
2.67
      
0
  
11/01/12
10/31/13
    
18.77
      
(0.08
)
    
5.89
      
5.81
      
(0.07
)
    
(1.39
)
    
(1.46
)
    
23.12
      
1.70
      
1.85
      
(0.40
)
    
14
      
33.17
      
0
  
11/01/11
10/31/12
    
19.96
      
—(f
)
    
1.44
      
1.44
      
—
      
(2.63
)
    
(2.63
)
    
18.77
      
1.70
      
1.80
      
0.02
      
13
      
8.95
      
0
  
11/01/10
10/31/11
    
19.60
      
(0.11
)
    
2.23
      
2.12
      
—
      
(1.76
)
    
(1.76
)
    
19.96
      
1.70
      
1.67
      
(0.55
)
    
36
      
11.03
      
0
  
12/28/09
10/31/10
    
17.86
      
(0.11
)
    
1.85
      
1.74
      
—
      
—
      
—
      
19.60
      
1.71
(c)
    
2.68
(c)
    
(0.69
)(c)
    
22
      
9.74
      
0
  
Class R-5*
                                                                                                                
11/01/13
04/30/14
    
23.82
      
0.03
      
0.69
      
0.72
      
(0.02
)
    
(0.51
)
    
(0.53
)
    
24.01
      
0.95
(c)
    
0.99
(c)
    
0.21
(c)
    
11
      
3.04
      
0
  
11/01/12
10/31/13
    
19.25
      
(0.02
)
    
6.15
      
6.13
      
(0.17
)
    
(1.39
)
    
(1.56
)
    
23.82
      
0.95
      
1.00
      
(0.11
)
    
14
      
34.25
      
0
  
11/01/11
10/31/12
    
20.30
      
0.12
      
1.48
      
1.60
      
(0.02
)
    
(2.63
)
    
(2.65
)
    
19.25
      
0.95
      
1.28
      
0.62
      
13
      
9.72
      
0
  
11/01/10
10/31/11
    
19.79
      
0.04
      
2.25
      
2.29
      
(0.02
)
    
(1.76
)
    
(1.78
)
    
20.30
      
0.95
      
1.13
      
0.21
      
36
      
11.83
      
0
  
12/28/09
10/31/10
    
17.92
      
0.01
      
1.86
      
1.87
      
—
      
—
      
—
      
19.79
      
0.97
(c)
    
1.96
(c)
    
0.05
(c)
    
22
      
10.44
      
0
  
Class R-6*
                                                                                                                
11/01/13
04/30/14
    
23.86
      
0.03
      
0.71
      
0.74
      
(0.03
)
    
(0.51
)
    
(0.54
)
    
24.06
      
0.85
(c)
    
0.89
(c)
    
0.23
(c)
    
11
      
3.09
      
21
  
11/01/12
10/31/13
    
19.28
      
0.01
      
6.14
      
6.15
      
(0.18
)
    
(1.39
)
    
(1.57
)
    
23.86
      
0.85
      
0.96
      
0.04
      
14
      
34.33
      
18
  
11/01/11
10/31/12
    
20.30
      
0.14
      
1.49
      
1.63
      
(0.02
)
    
(2.63
)
    
(2.65
)
    
19.28
      
0.85
      
1.15
      
0.72
      
13
      
9.85
      
0
  
08/15/11
10/31/11
    
19.44
      
0.01
      
0.85
      
0.86
      
—
      
—
      
—
      
20.30
      
0.85
(c)
    
1.24
(c)
    
0.17
(c)
    
36
      
4.42
      
0
  
(†) The ratio of expenses to average net assets includes the effects of expense offsets. If the expense offsets were excluded, the ratio would be equal to the ratio presented.
* Per share amounts have been calculated using the daily average share method.
(a) Not annualized for periods less than one year.
(b) Total returns are calculated without the imposition of either front-end or contingent deferred sales charges.
(c) Annualized.
(d) The Eagle Capital Appreciation Fund changed its subadvisor effective June 28, 2013.
(e) The Eagle Growth & Income Fund changed its subadvisor effective June 1, 2011.
(f) Per share amount is less than $0.005.
 
   
The accompanying notes are an integral part of the financial statements.
27
 
Notes to Financial Statements
   
(UNAUDITED)
04.30.2014
   
 
NOTE 1 | Organization and investment objective  | The Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and Eagle Series Trust (each a “Trust” and collectively the “Trusts” or the “Eagle Family of Funds”) are organized as separate Massachusetts business trusts, and are registered under the Investment Company Act of 1940, as amended, as open-end diversified management investment companies. Members of the Board of Trustees (“Board”) for the Trusts may serve as Trustees for one or more of the Trusts. Each Trust offers shares in the following series (each a “Fund” and collectively the “Funds”) and are advised by Eagle Asset Management, Inc. (“Eagle” or “Manager”).
• The Eagle Capital Appreciation Fund (“Capital Appreciation Fund”) seeks long-term capital appreciation.
• The Eagle Growth & Income Fund (“Growth & Income Fund”) primarily seeks long-term capital appreciation and, secondarily, seeks current income.
The Eagle Series Trust currently offers shares in seven series:
• The Eagle International Stock Fund (“International Stock Fund”) seeks capital appreciation,
• The Eagle Investment Grade Bond Fund (“Investment Grade Bond Fund”) seeks current income and preservation of capital,
• The Eagle Mid Cap Growth Fund (“Mid Cap Growth Fund”) seeks long-term capital appreciation,
• The Eagle Mid Cap Stock Fund (“Mid Cap Stock Fund”) seeks long-term capital appreciation,
• The Eagle Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation,
• The Eagle Small Cap Stock Fund (“Small Cap Stock Fund”) seeks capital appreciation, and
• The Eagle Smaller Company Fund (“Smaller Company Fund”) seeks capital growth.
The Eagle Series Trust also includes the Eagle Tax-Exempt Bond Fund which is not currently offered for sale.
Class offerings  | Each Fund is authorized and currently offers Class A, Class C, Class I, Class R-3 and Class R-5 shares to qualified buyers. The Growth & Income Fund, the International Stock Fund, the Mid Cap Growth Fund, the Mid Cap Stock Fund, the Small Cap Growth Fund, the Small Cap Stock Fund and the Smaller Company Fund are authorized and currently offer Class R-6 shares to qualified buyers.
• For all Funds except the Investment Grade Bond Fund, Class A shares are sold at a maximum front-end sales charge of 4.75%. For the Investment Grade Bond Fund, Class A shares are sold at a maximum front-end sales charge of 3.75%. Class A share investments greater than $1 million, which are not sold subject to a sales charge, may be subject to a contingent deferred sales charge (“CDSC”) of up to 1% of the lower of net asset value (“NAV”) or purchase price if redeemed within 18 months of purchase.
• Class C shares are sold subject to a CDSC of 1% of the lower of NAV or purchase price if redeemed within one year of purchase.
• Class I, Class R-3, Class R-5 and Class R-6 shares are each sold without a front-end sales charge or a CDSC to qualified buyers.
NOTE 2 | Significant accounting policies
Use of estimates  | The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates and those differences could be material.
Valuation of securities  | The price of each Fund’s shares is based on the NAV per share of each class of a Fund. The Funds determine the NAV of their shares on each day the New York Stock Exchange (“NYSE”) is open for business, as of the close of the regular trading session (typically 4:00 p.m. Eastern Time) (“NYSE Close”), or earlier NYSE closing time that day. If the NYSE or other securities exchange modifies the published closing price of securities traded on that exchange after the NAV is calculated, the Manager is not required to recalculate the NAV.
Generally, the Funds value securities for which market quotations are readily available at market value; however, a Fund may adjust the market quotation price of securities traded in foreign markets to reflect events that occur between the close of those markets and the time of the Fund’s determination of the NAV.
A market quotation may be considered unreliable or unavailable for various reasons, such as:
• The quotation may be stale;
• The security is not actively traded;
• Trading on the security halted before the close of the trading market;
• The security is newly issued;
• Issuer-specific events occurred after the security halted trading; or
• Because of the passage of time between the close of the market on which the security trades and the close of the NYSE.
Issuer-specific events may cause the last market quotation to be unreliable. Such events may include:
• A merger or insolvency;
• Events which affect a geographical area or an industry segment, such as political events or natural disasters; or
• Market events, such as a significant movement in the U.S. markets.
For most securities, both the latest transaction prices and adjustments for securities traded in foreign markets are furnished by Board approved independent pricing services. The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value in good faith using Pricing and Valuation Procedures (“Procedures”) approved by the Board. A Fund may fair value small-cap securities, for example, that are thinly traded or illiquid. Fair value requires consideration of appropriate factors, including indications of fair value available from pricing services. A fair value price is an estimated price and may vary from the prices used by other mutual funds to calculate their NAV.
Pursuant to the Procedures, the Board has delegated the day-to-day responsibility for applying and administering the Procedures to a valuation committee (“Valuation Committee”) comprised of certain officers of the Trusts and other employees of the Manager. The composition of this Valuation Committee may change from time to time. The Valuation Committee follows fair valuation guidelines as set forth in the Procedures to make fair value determinations on all securities and assets for which market quotations are unavailable or unreliable. For securities fair valued by the Valuation Committee, Eagle checks fair value prices by comparing the fair value of the security with values that are available from other sources (if any). Eagle compares the fair value of the security to the next-day opening price or next actual sale price, when applicable. Eagle documents and reports to the Valuation Committee such comparisons when they are made. The Valuation Committee reports such comparisons to the Board at their regularly scheduled meetings. The Board
 
   
28 
 
 
 
 
Notes to Financial Statements
   
(UNAUDITED)   
04.30.2014
   
 
retains the responsibility for periodic review and consideration of the appropriateness of any fair value pricing methodology established or implemented for a Fund. Fair value pricing methods, the Procedures and pricing services can change from time to time as approved by the Board, and may occur as a result of lookback testing results or changes in industry best practices.
There can be no assurance, however, that a fair value price used by a Fund on any given day will more accurately reflect the market value of a security than the market price of such security on that day, as fair valuation determinations may involve subjective judgments made by the Valuation Committee. Fair value pricing may deter shareholders from trading a Fund’s shares on a frequent basis in an attempt to take advantage of arbitrage opportunities resulting from potentially stale prices of portfolio holdings. However, it cannot eliminate the possibility of frequent trading. Specific types of securities are valued as follows:
• Domestic exchange-traded equity securities  | Market quotations are generally available and reliable for domestic exchange-traded equity securities. If the prices provided by the pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.
• Foreign exchange-traded equity securities  | If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the NYSE Close, closing market quotations may become unreliable. Consequently, fair valuation of securities may occur on a daily basis. The Valuation Committee, using the Procedures, may fair value a security if certain events occur between the time trading ends in a foreign market on a particular security and the Fund’s NAV calculation. The Valuation Committee, using the Procedures, may also fair value a particular security if the events are significant and make the closing price unavailable or unreliable. If an issuer-specific event has occurred that a Fund or Eagle determines, in its judgment, is likely to have affected the closing price of a foreign security, the security will be priced at fair value. The Fund also utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the NYSE Close. Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by a pricing service. The pricing vendor, pricing methodology or degree of certainty may change from time to time. Securities primarily traded on foreign markets may trade on days that are not business days of the Funds. Because the NAV of a Fund’s shares is determined only on business days of the Fund, the value of the securities of a Fund that invests in foreign securities may change on days when shareholders would not be able to purchase or redeem shares of the Fund.
• Fixed income securities  | Government bonds, corporate bonds, asset-backed bonds, municipal bonds and convertible securities, including high yield or junk bonds, normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing services may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. If the prices provided by the pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.
• Short-term securities  | The amortized cost method of security valuation is used by the Funds (as set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended) for short-term securities (investments that have a maturity date of 60 days or less). The amortized cost of an instrument is determined by valuing it at the cost as of the time of purchase and thereafter accreting/amortizing any purchase discount/premium at a constant rate until maturity. Amortized cost approximates fair value.
• Futures and Options  | Futures and options are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the period ended April 30, 2014, none of the Funds held futures or options.
• Investment companies and Exchange traded funds (ETFs)  | Investments in other investment companies are valued at their reported NAV. In addition, investments in ETFs are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.
Fair value measurements  | Each Fund utilizes a three-level hierarchy of inputs to establish a classification of fair value measurements. The three levels are defined as:
Level 1—Valuations based on unadjusted quoted prices for identical securities in active markets;
Level 2—Valuations based on inputs other than quoted prices that are observable, either directly or indirectly, including inputs in markets that are not considered active; and
Level 3—Valuations based on inputs that are unobservable and significant to the fair value measurement, and may include the Valuation Committee’s own assumptions on determining fair value of investments.
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and/or level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Valuation Committee, along with any other relevant factors in the calculation of an investment’s fair value. A Fund uses prices and inputs that are current as of the valuation date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category may be classified as Level 3 investments due to a lack of market transparency and corroboration to support the quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
 
   
 
  29
Notes to Financial Statements
   
(UNAUDITED) 
04.30.2014
   
 
The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2014.
 
       
 
Quoted prices in
active markets
for identical
assets
 (Level 1)
Significant
other
observable
inputs
 (Level 2)
Total
Capital Appreciation Fund
 
 
 
Common stocks (a)
$292,885,385
$— 
$292,885,385
Total investment portfolio
$292,885,385
$— 
$292,885,385
Growth & Income Fund
 
 
 
Common stocks (a)
$586,620,744
$— 
$586,620,744
Total investment portfolio
$586,620,744
$— 
$586,620,744
International Stock Fund
 
 
 
Foreign common stocks
 
 
 
Aerospace/defense
$— 
$77,807
$77,807 
Agriculture
— 
86,877 
86,877 
Auto manufacturers
— 
789,841
789,841 
Auto parts & equipment
— 
215,059
215,059 
Banks
— 
1,337,909
1,337,909
Beverages
— 
49,462 
49,462 
Biotechnology
— 
176,945
176,945 
Building materials
— 
139,856
139,856 
Chemicals
— 
24,656 
24,656 
Computers
— 
23,262 
23,262 
Distribution/wholesale
— 
570,453
570,453 
Diversified financial
services
— 
40,238 
40,238 
Electric
— 
51,761 
51,761 
Electronics
— 
128,151
128,151 
Engineering & construction
— 
32,633 
32,633 
Entertainment
— 
24,957 
24,957 
Food
— 
235,785
235,785 
Forest products & paper
— 
60,201 
60,201 
Healthcare services
— 
28,269 
28,269 
Home builders
— 
207,627
207,627 
Home furnishings
— 
42,976 
42,976 
Insurance
— 
938,501
938,501 
Machinery-diversified
— 
43,185 
43,185 
Oil & gas
— 
348,935
348,935 
Packaging & containers
— 
153,562
153,562 
Pharmaceuticals
— 
989,594
989,594 
Real estate
— 
53,489 
53,489 
Real estate investment trusts (REITs)
— 
20,471 
20,471 
Retail
— 
151,600
151,600 
Semiconductors
— 
20,394 
20,394 
Telecommunications
— 
748,949
748,949 
Transportation
— 
306,198
306,198 

 
Quoted prices in
active markets
for identical
assets
 (Level 1)
Significant
other
observable
inputs
 (Level 2)
Total
International Stock Fund (cont’d)
 
 
Foreign preferred stocks
 
 
 
Insurance
$— 
$46,513
$46,513 
Domestic investment companies
 
 
 
Equity fund
211,792 
— 
211,792 
Total investment portfolio
$211,792
$8,166,116
$8,377,908
Investment Grade Bond Fund
 
 
Domestic corporate bonds (a)
$— 
$24,329,987
$24,329,987
Foreign corporate bonds (a)
— 
3,537,848
3,537,848
Domestic mortgage and asset-backed securities (a)
— 
19,057,682
19,057,682
Foreign mortgage and asset-backed securities (a)
— 
3,086,492
3,086,492
U.S. Treasuries
— 
9,471,250
9,471,250
U.S. Government agency securities
— 
1,024,080
1,024,080
Supranational banks
— 
1,022,936
1,022,936
Total investment portfolio
$— 
$61,530,275
$61,530,275
Mid Cap Growth Fund
 
 
 
Common stocks (a)
$611,086,069
$— 
$611,086,069
Total investment portfolio
$611,086,069
$— 
$611,086,069
Mid Cap Stock Fund
 
 
 
Common stocks (a)
$399,250,849
$— 
$399,250,849
Total investment portfolio
$399,250,849
$— 
$399,250,849
Small Cap Growth Fund
 
 
 
Common stocks (a)
$3,770,472,802
$— 
$3,770,472,802
Total investment portfolio
$3,770,472,802
$— 
$3,770,472,802
Small Cap Stock Fund
 
 
 
Common stocks (a)
$29,673,012
$— 
$29,673,012
Holding companies
315,565 
— 
315,565 
Total investment portfolio
$29,988,577
$— 
$29,988,577
Smaller Company Fund
 
 
 
Common stocks (a)
$144,319,063
$ — 
$144,319,063
Holding companies
1,959,340
— 
1,959,340
Investment companies
828,718 
— 
828,718 
Total investment portfolio
$147,107,121
$— 
$147,107,121
(a) Please see the investment portfolio for detail by industry.
 
During the period ended April 30, 2014, none of the Funds had any investments classified as Level 3 and there were no transfers in or out of levels 1, 2 or 3.
Foreign currency transactions | The books and records of each Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and other liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income
 
   
30
 
 


 Notes to Financial Statements
 
   
(UNAUDITED)   
  04.30.2014
   
 
and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains and losses from investment transactions. Net realized gain (loss) on foreign currency transactions and the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies include gains and losses between trade and settlement date on securities transactions, gains and losses arising from the purchase and sale of forward foreign currency exchange contracts and gains and losses between the ex and payment dates on dividends, interest and foreign withholding taxes.
Forward foreign currency exchange contracts  | Each of the Funds, except the Small Cap Growth Fund, is authorized to enter into forward foreign currency contracts which are used primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. Forward foreign currency exchange contracts are valued in U.S. dollars based upon forward exchange rates provided by a pricing service as of the close of the NYSE each valuation day and the unrealized gain or loss is included in the Statements of Assets and Liabilities. When the contracts are closed, the gain or loss is realized. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise from unanticipated movements in the currency’s value relative to the U.S. dollar and from the possible inability of counter-parties to meet the terms of their contracts. During the period ended April 30, 2014, none of the Funds held forward foreign currency exchange contracts.
Real estate investment trusts (“REIT(s)”)  | There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Dividend income is recorded at the Manager’s estimate of the income included in distributions from the REITs. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of the investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts.
Repurchase agreements  | Each Fund may enter into repurchase agreements whereby a Fund, through its custodian, receives delivery of the underlying securities, the market value of which at the time of purchase is required to be in an amount of at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred. During the period ended April 30, 2014, none of the Funds held any repurchase agreements.
Revenue recognition  | Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.
Foreign taxes  | The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may or may not be recoverable. The Funds accrue such taxes and recoveries as applicable, when the related income or capital gains are earned and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors.
Expenses  | Each Fund is charged for certain expenses which are directly attributable to it, and certain other expenses which are allocated proportionately among the Eagle Family of Funds based upon methods approved by the Board. Expenses that are directly attributable to a specific class of shares, such as distribution fees, shareholder servicing fees and administrative fees, are charged directly to that class of shares. Other expenses of each Fund are allocated to each class of shares based upon its relative percentage of net assets. The Funds have entered into an arrangement with the custodian whereby each Fund receives credits on uninvested cash balances which are used to offset a portion of each Fund’s expenses. These custodian credits are shown as “Expense offsets” in the Statements of Operations.
Class allocations  | Each class of shares has equal rights to earnings and assets except that each class may bear different expenses for administration, distribution and/or shareholder services. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative percentage of net assets.
Distributions  | Each Fund, except the Investment Grade Bond Fund and the Growth & Income Fund, distributes net investment income annually. Distributions of net investment income in the Investment Grade Bond Fund and the Growth & Income Fund are made monthly and quarterly, respectively. Net realized gains from investment transactions during any particular fiscal year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to each Fund, will be distributed to shareholders annually in the following fiscal year. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.
All dividends paid by the Funds from net investment income are deemed to be ordinary income for federal income tax purposes. Dividends paid to shareholders from net investment income were as follows:
 
     
Distributions from net investment income
11/1/13 to
 04/30/14
11/1/12 to
 10/31/13
Capital Appreciation Fund
 
 
Class A
$— 
$755,281
Class C
— 
— 
Class I
— 
97,034 
Class R-3
— 
215 
Class R-5
— 
225,574
Growth & Income Fund
 
 
Class A
1,773,680
4,158,689
Class C
818,538
2,158,530
Class I
1,289,457
1,547,741
Class R-3
24,470 
68,821 
Class R-5
33,496 
23,317 
Class R-6
739 
352 
International Stock Fund
 
 
Class A
30,280 
— 
Class C
11,981 
— 
Class I
7,072 
— 
Class R-3
17 
— 
Class R-5
28 
— 
Class R-6
30 
— 
 
 
   
 
31
Notes to Financial Statements
 
   
(UNAUDITED) 
04.30.2014
   
 
Distributions from net investment income (cont’d)
11/1/13 to
 04/30/14
11/1/12 to
 10/31/13
Investment Grade Bond Fund
 
 
Class A
$193,048
$431,685
Class C
54,681
31,799
Class I
37,904
64,746
Class R-3
119 
133 
Class R-5
18 
28 
Small Cap Growth Fund
 
 
Class A
— 
— 
Class C
— 
— 
Class I
— 
509,544
Class R-3
— 
— 
Class R-5
— 
49,029
Class R-6
— 
344,748
Smaller Company Fund
 
 
Class A
— 
62,795
Class C
— 
— 
Class I
66,661
489,714
Class R-3
— 
527 
Class R-5
56 
30 
Class R-6
21,657
27 
Distributions paid to shareholders from net realized gains were as follows:
 
     
Distributions from net realized gains
11/1/13 to
 04/30/14
11/1/12 to
 10/31/13
Capital Appreciation Fund
 
 
Class A
$21,395,874
$— 
Class C
8,299,481
— 
Class I
3,095,665
— 
Class R-3
84,996 
— 
Class R-5
2,133,186
— 
Growth & Income Fund
 
 
Class A
4,415,858
3,223,192
Class C
3,668,620
2,285,085
Class I
2,679,903
780,909
Class R-3
80,520 
57,965 
Class R-5
69,654 
3,124 
Class R-6
1,122 
55 
International Stock Fund
 
 
Class A
19,718 
— 
Class C
15,816 
— 
Class I
3,673 
— 
Class R-3
16 
— 
Class R-5
15 
— 
Class R-6
15 
— 

Distributions from net realized gains (cont’d)
11/1/13 to
 04/30/14
11/1/12 to
 10/31/13
Investment Grade Bond Fund
 
 
Class A
$86,361
$1,509,825
Class C
93,414 
1,440,673
Class I
15,187 
138,866
Class R-3
72 
671 
Class R-5
7 
65 
Mid Cap Growth Fund
 
 
Class A
14,126,765
8,276,297
Class C
5,726,464
3,374,447
Class I
5,736,130
2,852,287
Class R-3
567,613
298,730
Class R-5
1,762,800
1,077,505
Class R-6
462,038
29,351
Mid Cap Stock Fund
 
 
Class A
13,423,846
35,266,770
Class C
10,750,360
23,055,849
Class I
6,122,957
16,236,433
Class R-3
398,181
947,815
Class R-5
43,925 
486,525
Class R-6
19,559 
396 
Small Cap Growth Fund
 
 
Class A
12,363,095
— 
Class C
2,914,205
— 
Class I
21,911,755
— 
Class R-3
1,773,847
— 
Class R-5
4,407,058
— 
Class R-6
6,342,356
— 
Small Cap Stock Fund
 
 
Class A
170,735
— 
Class C
136,255
— 
Class I
45,876 
— 
Class R-3
43 
— 
Class R-5
43 
— 
Class R-6
43 
— 
Smaller Company Fund
 
 
Class A
408,410
975,450
Class C
270,712
562,596
Class I
2,300,351
4,166,354
Class R-3
5,784 
10,864
Class R-5
1,204 
245 
Class R-6
382,113
207 
Offering costs | Offering costs of $136,518 and $128,275 associated with the formation of the International Stock Fund and the Small Cap Stock Fund, respectively, were accounted for as a deferred charge and are amortized on a straight line basis over 12 months from the date of commencement of operations. For the fiscal year ended October 31, 2013, the International Stock

 
   
32
 
 

 Notes to Financial Statements
 
   
(UNAUDITED)   
  04.30.2014
   
 
Fund and the Small Cap Stock Fund amortized expenses of $89,815 and $105,727, respectively, and $46,703 and $22,548, respectively, were amortized during the period ended April 30, 2014.
Other  | In the normal course of business the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the risk of loss to each Fund is expected to be remote.
NOTE 3  |  Purchases and sales of securities  | For the period ended April 30, 2014, purchases and sales of investment securities (excluding short-term obligations) were as follows:
 
     
 
Purchases
Sales
Capital Appreciation Fund
$79,745,582
$126,064,618
Growth & Income Fund
91,887,453
23,614,869
International Stock Fund
5,482,924
3,660,697
Investment Grade Bond Fund
 
 
Debt securities
30,041,911
55,446,712
U.S. Treasury securities
25,812,725
23,222,686
Mid Cap Growth Fund
178,752,642
199,478,781
Mid Cap Stock Fund
57,555,335
101,140,796
Small Cap Growth Fund
787,286,435
963,886,426
Small Cap Stock Fund
13,941,978
7,184,018
Smaller Company Fund
17,819,971
28,272,699
NOTE 4  |  Investment advisory fees and other transactions with affiliates  | Each Fund has agreed to pay to the Manager an investment advisory and an administrative fee equal to an annualized rate based on a percentage of each Fund’s average daily net assets, computed daily and payable monthly. For advisory services provided by the Manager, the investment advisory rate for each Fund is as follows:
 
     
Investment advisory fee rate schedule
Breakpoint
Investment
 advisory fee
Capital Appreciation Fund
First $1 billion 
0.60%
 
Over $1 billion 
0.55%
Growth & Income Fund
First $100 million
0.60%
 
$100 million to $500 million
0.45%
 
Over $500 million
0.40%
International Stock Fund
All assets 
0.85%
Investment Grade Bond Fund
All assets 
0.30%
Mid Cap Growth Fund, Mid Cap Stock
First $500 million
0.60%
Fund, Small Cap Growth Fund,
$500 million to $1 billion
0.55%
Smaller Company Fund
Over $1 billion 
0.50%
Small Cap Stock Fund
All assets 
0.60%
For administrative services provided by the Manager, each Fund agreed to pay an administrative rate of 0.15% of the average daily net assets of Class A, Class C and Class R-3 shares and 0.10% of the average daily net assets of Class I, Class R-5 and Class R-6 shares.
Subadvisory fees | The Manager has entered into subadvisory agreements with certain parties to provide investment advice, portfolio management services (including the placement of brokerage orders), certain compliance and other services to the Funds.
 
The Manager has entered into a subadvisory agreement with ClariVest Asset Management LLC (“ClariVest”), an affiliate of Eagle, to serve as subadvisor for the Capital Appreciation Fund and the International Stock Fund. Under this agreement, Eagle pays ClariVest an annualized rate of 0.55% and 0.85% on all assets as a percentage of the Fund’s average daily net assets, computed daily and payable monthly for the Capital Appreciation Fund and the International Stock Fund, respectively.
The Manager has entered into a subadvisory agreement with Eagle Boston Investment Management, Inc. (“EBIM”), an affiliate of Eagle, to serve as subadviser for the Smaller Company Fund. Under this agreement, Eagle pays EBIM an annualized rate of 0.375% on the first $500 million of total assets, 0.35% on assets between $500 million and $1 billion, and 0.325% on all assets over $1 billion as a percentage of the Fund’s average daily net assets, computed daily and payable monthly.
Distribution and service fees  | Pursuant to the Class A, Class C and Class R-3 Distribution plans and in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended (“Rule 12b-1 Plans”), the Funds are authorized to pay Eagle Fund Distributors, Inc. (“Distributor”), an affiliate of the Manager, a fee based on the average daily net assets for each class of shares, accrued daily and payable monthly. Each Fund of the Series Trust is authorized to pay the Distributor distribution and service fees of up to 0.35% of that fund’s average daily net assets attributable to Class A shares of that fund. The Capital Appreciation Fund and the Growth & Income Fund are authorized to pay the Distributor distribution and service fees of up to 0.50% of those Funds’ average daily net assets attributable to Class A shares of those Funds. Currently, the distribution and service fee is 0.25% for Class A shares of each Fund. Each Fund also is authorized, and currently pays, the Distributor distribution and services fees of 1% for Class C shares, and 0.50% for Class R-3 shares. The Funds do not incur any direct distribution expenses related to Class I, Class R-5 or Class R-6 shares. However, Eagle or any third party may make payments for the sale and distribution of Class I, Class R-5 or Class R-6 shares from its own resources.
Sales charges  | For the period ended April 30, 2014, total front-end sales charges and CDSCs paid to the Distributor were as follows:
 
       
 
Front-end
 sales charge
Contingent deferred
 sales charges
 
Class A
Class A
Class C
Capital Appreciation Fund
$26,377 
$— 
$108 
Growth & Income Fund
321,142 
— 
3,397 
International Stock Fund
16,462 
— 
26 
Investment Grade Bond Fund
23,214 
— 
402 
Mid Cap Growth Fund
67,586 
30 
192 
Mid Cap Stock Fund
35,753 
— 
961 
Small Cap Growth Fund
202,096 
4,928 
2,125 
Small Cap Stock Fund
74,835 
— 
1,570 
Smaller Company Fund
9,316 
— 
5 
The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.

 
   
 
33

Notes to Financial Statements
 
   
(UNAUDITED) 
04.30.2014
   
 
Agency commissions  | For the period ended April 30, 2014, total agency brokerage commissions paid by the Funds and agency brokerage commissions paid directly to Raymond James & Associates, Inc. (“RJA”), an affiliate of the Manager, were as follows:
 
     
 
Total agency
 brokerage commissions
Paid to Raymond
 James & Associates, Inc.
Capital Appreciation Fund
$52,358
$—
Growth & Income Fund
31,953
—
International Stock Fund
4,568
—
Investment Grade Bond Fund
—
—
Mid Cap Growth Fund
227,787
2,043
Mid Cap Stock Fund
55,670
711
Small Cap Growth Fund
894,085
8,082
Small Cap Stock Fund
10,173
961
Smaller Company Fund
27,681
1,657
Internal audit fees  | RJA provides internal audit services to the Funds. Each Fund pays RJA a fixed and/or hourly fee for these services.
Shareholder servicing fees  | Eagle Fund Services, Inc. (“EFS”), an affiliate of the Manager, is the shareholder servicing agent for each of the Funds. EFS’ actual cost of providing such services is reimbursed by the Funds on a pro-rata basis of each Fund’s relative total net assets. The amount of shareholder servicing fees charged to the Funds were as follows:
 
   
Shareholder servicing fees
11/1/2013 to
 4/30/2014
Capital Appreciation Fund Class A
$5,192 
Capital Appreciation Fund Class C
1,808 
Capital Appreciation Fund Class I
1,021 
Capital Appreciation Fund Class R-3
19 
Capital Appreciation Fund Class R-5
255 
Capital Appreciation Fund Class R-6
N/A 
Growth & Income Fund Class A
6,171 
Growth & Income Fund Class C
4,967 
Growth & Income Fund Class I
3,803 
Growth & Income Fund Class R-3
116 
Growth & Income Fund Class R-5
98 
Growth & Income Fund Class R-6
— 
International Stock Fund Class A
100 
International Stock Fund Class C
88 
International Stock Fund Class I
20 
International Stock Fund Class R-3
— 
International Stock Fund Class R-5
— 
International Stock Fund Class R-6
— 
Investment Grade Bond Fund Class A
890 
Investment Grade Bond Fund Class C
939 
Investment Grade Bond Fund Class I
136 
Investment Grade Bond Fund Class R-3
1 
Investment Grade Bond Fund Class R-5
— 
Shareholder servicing fees
11/1/2013 to
 4/30/2014
Investment Grade Bond Fund Class R-6
N/A 
Mid Cap Growth Fund Class A
8,452 
Mid Cap Growth Fund Class C
2,926 
Mid Cap Growth Fund Class I
$3,596 
Mid Cap Growth Fund Class R-3
352 
Mid Cap Growth Fund Class R-5
1,160 
Mid Cap Growth Fund Class R-6
— 
Mid Cap Stock Fund Class A
5,277 
Mid Cap Stock Fund Class C
3,609 
Mid Cap Stock Fund Class I
2,441 
Mid Cap Stock Fund Class R-3
156 
Mid Cap Stock Fund Class R-5
13 
Mid Cap Stock Fund Class R-6
— 
Small Cap Growth Fund Class A
26,578 
Small Cap Growth Fund Class C
5,323 
Small Cap Growth Fund Class I
49,002 
Small Cap Growth Fund Class R-3
3,760 
Small Cap Growth Fund Class R-5
9,825 
Small Cap Growth Fund Class R-6
— 
Small Cap Stock Fund Class A
369 
Small Cap Stock Fund Class C
314 
Small Cap Stock Fund Class I
102 
Small Cap Stock Fund Class R-3
— 
Small Cap Stock Fund Class R-5
— 
Small Cap Stock Fund Class R-6
— 
Smaller Company Fund Class A
544 
Smaller Company Fund Class C
332 
Smaller Company Fund Class I
2,802 
Smaller Company Fund Class R-3
9 
Smaller Company Fund Class R-5
1 
Smaller Company Fund Class R-6
— 
Expense limitations | Eagle has contractually agreed to reduce its fees and/or reimburse expenses to each class to the extent that the annual operating expense rate for each class of shares exceeds the following annualized rates as a percentage of average daily net assets of each class of shares.
 
       
Expense limitations rate schedule
Class A
Class C
Class I
Capital Appreciation Fund
1.40%
2.20%
0.95%
Growth & Income Fund
1.40%
2.20%
0.95%
International Stock Fund
1.75%
2.55%
1.15%
Investment Grade Bond Fund
0.85%
1.65%
0.60%
Mid Cap Growth Fund
1.50%
2.30%
0.95%
Mid Cap Stock Fund
1.50%
2.30%
0.95%
Small Cap Growth Fund
1.50%
2.30%
0.95%
Small Cap Stock Fund
1.50%
2.30%
0.95%
Smaller Company Fund
1.50%
2.30%
0.95%
 
   
34
 
 

 Notes to Financial Statements
 
   
  (UNAUDITED) 
  04.30.2014
   
 
       
Expense limitations rate schedule (cont’d)
Class R-3
Class R-5
Class R-6
Capital Appreciation Fund
1.65%
0.95%
N/A 
Growth & Income Fund
1.65%
0.95%
0.85%
International Stock Fund
1.75%
1.15%
1.05%
Investment Grade Bond Fund
1.15%
0.60%
N/A 
Mid Cap Growth Fund
1.70%
0.95%
0.85%
Mid Cap Stock Fund
1.70%
0.95%
0.85%
Small Cap Growth Fund
1.70%
0.95%
0.85%
Small Cap Stock Fund
1.70%
0.95%
0.85%
Smaller Company Fund
1.70%
0.95%
0.85%
Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:
 
   
Expenses waived and/or reimbursed
11/1/2013 to
 4/30/2014
Capital Appreciation Fund Class I
$4,147 
Capital Appreciation Fund Class R-5
1,605 
International Stock Fund
208,944
International Stock Fund Class I
178 
International Stock Fund Class R-5
— 
International Stock Fund Class R-6
2 
Investment Grade Bond Fund
26,101 
Investment Grade Bond Fund Class A
41,972 
Investment Grade Bond Fund Class C
34,636 
Investment Grade Bond Fund Class I
5,190 
Investment Grade Bond Fund Class R-3
38 
Investment Grade Bond Fund Class R-5
2 
Mid Cap Stock Fund Class I
85,482 
Mid Cap Stock Fund Class R-5
134 
Small Cap Stock Fund
151,523
Small Cap Stock Fund Class I
1,366 
Small Cap Stock Fund Class R-5
— 
Small Cap Stock Fund Class R-6
2 
Smaller Company Fund Class I
72,901 
Smaller Company Fund Class R-3
119 
Smaller Company Fund Class R-5
26 
Smaller Company Fund Class R-6
10,418 
A portion or all of a Fund’s fees and expenses reduced and/or reimbursed by the Manager in prior fiscal years may be recoverable by Eagle prior to their expiration date. Eagle must recover from the same class of shares any previously reduced and/or reimbursed fees and expenses within two years from the Fund’s fiscal year-end during which the fees and expenses were originally reduced and/or reimbursed. Previously reduced and/or reimbursed fees and expenses are recovered by Eagle when expenses in the current fiscal year fall below the expense rate limitation then in effect. The following table
shows the amounts that Eagle may be allowed to recover by class of shares and the date in which these amounts will expire:
 
       
Recoverable expenses
10/31/2016
10/31/2015
10/31/2014
Capital Appreciation Fund Class I
$4,147 
$7,958 
$— 
Capital Appreciation Fund Class R-5
1,605 
9,243 
— 
International Stock Fund
208,944
290,423
— 
International Stock Fund Class I
178 
7 
— 
International Stock Fund Class R-5
— 
1 
— 
International Stock Fund Class R-6
2 
3 
— 
Investment Grade Bond Fund
26,101 
— 
— 
Investment Grade Bond Fund Class A
41,972 
86,579 
124,126
Investment Grade Bond Fund Class C
34,636 
64,789 
94,101 
Investment Grade Bond Fund Class I
5,190 
8,227 
8,350 
Investment Grade Bond Fund Class R-3
38 
55 
131 
Investment Grade Bond Fund Class R-5
2 
1 
3 
Mid Cap Stock Fund Class I
85,482 
194,382
— 
Mid Cap Stock Fund
 Class R-5
134 
— 
— 
Small Cap Stock Fund
151,523
300,190
— 
Small Cap Stock Fund
 Class I
1,366 
365 
— 
Small Cap Stock Fund R-5
— 
1 
— 
Small Cap Stock Fund R-6
2 
3 
— 
Smaller Company Fund
— 
25,764 
3,236 
Smaller Company Fund Class I
72,901 
128,961
86,779 
Smaller Company Fund Class R-3
119 
277 
— 
Smaller Company Fund Class R-5
26 
3 
8 
Smaller Company Fund Class R-6
10,418 
6,002 
7 
The Manager recovered previously waived expenses as follows:
 
   
Recovered fees previously waived
11/1/2013 to
 4/30/2014
International Stock Fund Class C
$15 
Small Cap Stock Fund Class A
7 
Smaller Company Fund
54,175 
Trustees and officers compensation | Each Trustee of the Eagle Family of Funds who is not an employee of the Manager receives an annual retainer along with meeting fees for those Eagle Family of Funds’ regular or special meetings attended in person and 25% of such fees are received for telephonic meetings. All reasonable out-of-pocket expenses are also reimbursed. Except when directly attributable to a Fund, Trustees’ fees and expenses are allocated on a pro rata basis among each Fund in the Eagle Family of Funds. The pro rata allocation is for each Fund for which the Trustee is elected to serve. Certain officers of the Eagle Family of Funds may also be officers and/or directors of Eagle. Such officers receive no compensation from the Funds except for the Funds’ Chief Compliance Officer. A portion of the Chief Compliance Officer’s total compensation is paid equally by each Fund in the Eagle Family of Funds.
NOTE 5 | Federal income taxes and distributions | Each Fund is treated as a single corporate taxpayer as provided for in the Tax Reform Act of 1986, as amended. Accordingly, no provision for federal income taxes is required since each of the Funds intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. The Manager has analyzed the
 
   
 
35
 
Notes to Financial Statements
 
   
(UNAUDITED) 
04.30.2014
   
 
Funds’ tax positions taken or expected to be taken on federal income tax returns for all open tax years (tax years ended October 31, 2010 to October 31, 2013) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and net realized gains for financial reporting purposes. These differences primarily relate to deferral of losses from wash sales and non-REIT return of capital.
NOTE 6 | Subsequent events | Effective May 15, 2014, Liana O’Drobinak began serving as a non-interested member of the Board of Trustees of the Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and Eagle Series Trust.
 
   
36
 



Understanding Your Ongoing Costs
 
   
(UNAUDITED) 
04.30.2014
   
 
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchases, contingent deferred sales charges, or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution (12b-1) fees, and other Fund expenses. The following sections are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect one-time transaction expenses, such as sales charges or redemption fees. Therefore, if these transactional costs were included, your costs would have been higher. For more information, see your Fund’s prospectus or contact your financial advisor.
Actual expenses | The table below shows the actual expenses you would have paid on a $1,000 investment in each Fund on November 1, 2013, and held through April 30, 2014. It also shows how much a $1,000 investment would be worth at the close of the fiscal year, assuming actual returns after ongoing expenses. This table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes | All mutual funds now follow guidelines to assist shareholders in comparing expenses between different funds. Per these guidelines, the table below shows each Fund’s expenses based on a $1,000 investment held from November 1, 2013 through April 30, 2014 and assuming for this period a hypothetical 5% annualized rate of return before ongoing expenses, which is not the Fund’s actual return. Please note that you should not use this information to estimate your actual ending account balance and expenses paid during the period. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the Funds with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison.


             
 
 
Actual expenses
Hypothetical expenses
 
Actual
Beginning
 Account Value
Ending
 Account Value
Expenses paid
 during period (a)
Ending
 Account Value
Expenses paid
 during period (a)
Annualized
 expense ratio
Capital Appreciation Fund
 
 
 
 
 
 
Class A
$1,000.00
$1,051.90
$6.36 
$1,018.60
$6.26 
1.25%
Class C
1,000.00 
1,048.10 
10.05 
1,014.98 
9.89 
1.98 
Class I
1,000.00 
1,053.40 
4.84 
1,020.08 
4.76 
0.95 
Class R-3
1,000.00 
1,050.40 
7.93 
1,017.06 
7.80 
1.56 
Class R-5
1,000.00 
1,053.00 
4.84 
1,020.08 
4.76 
0.95 
Growth & Income Fund
 
 
 
 
 
 
Class A
1,000.00 
1,082.50 
5.32 
1,019.69 
5.16 
1.03 
Class C
1,000.00 
1,078.40 
9.22 
1,015.92 
8.95 
1.79 
Class I
1,000.00 
1,084.10 
4.03 
1,020.93 
3.91 
0.78 
Class R-3
1,000.00 
1,080.70 
7.22 
1,017.85 
7.00 
1.40 
Class R-5
1,000.00 
1,084.30 
3.98 
1,020.98 
3.86 
0.77 
Class R-6
1,000.00 
1,085.00 
3.41 
1,021.52 
3.31 
0.66 
International Stock Fund
 
 
 
 
 
 
Class A
1,000.00 
1,039.40 
7.89 
1,017.06 
7.80 
1.56 
Class C
1,000.00 
1,035.30 
11.81 
1,013.19 
11.68 
2.34 
Class I
1,000.00 
1,041.50 
5.82 
1,019.09 
5.76 
1.15 
Class R-3
1,000.00 
1,039.10 
8.75 
1,016.22 
8.65 
1.73 
Class R-5
1,000.00 
1,041.50 
5.82 
1,019.09 
5.76 
1.15 
Class R-6
1,000.00 
1,042.10 
5.32 
1,019.59 
5.26 
1.05 
Investment Grade Bond Fund
 
 
 
 
 
 
Class A
1,000.00 
1,004.80 
4.23 
1,020.58 
4.26 
0.85 
Class C
1,000.00 
1,000.00 
8.18 
1,016.61 
8.25 
1.65 
Class I
1,000.00 
1,006.00 
2.98 
1,021.82 
3.01 
0.60 
Class R-3
1,000.00 
1,003.30 
5.71 
1,019.09 
5.76 
1.15 
Class R-5
1,000.00 
1,005.80 
2.98 
1,021.82 
3.01 
0.60 
Mid Cap Growth Fund
 
 
 
 
 
 
Class A
1,000.00 
1,074.20 
6.02 
1,018.99 
5.86 
1.17 
Class C
1,000.00 
1,070.40 
9.65 
1,015.47 
9.39 
1.88 
Class I
1,000.00 
1,075.80 
4.32 
1,020.63 
4.21 
0.84 
Class R-3
1,000.00 
1,072.40 
7.55 
1,017.50 
7.35 
1.47 
Class R-5
1,000.00 
1,075.90 
4.43 
1,020.53 
4.31 
0.86 
Class R-6
1,000.00 
1,076.40 
3.91 
1,021.03 
3.81 
0.76 
Mid Cap Stock Fund
 
 
 
 
 
 
Class A
1,000.00 
1,016.80 
6.10 
1,018.74 
6.11 
1.22 
Class C
1,000.00 
1,013.30 
9.73 
1,015.12 
9.74 
1.95 
Class I
1,000.00 
1,018.40 
4.75 
1,020.08 
4.76 
0.95 
Class R-3
1,000.00 
1,015.50 
7.65 
1,017.21 
7.65 
1.53 
Class R-5
1,000.00 
1,017.90 
4.75 
1,020.08 
4.76 
0.95 
Class R-6
1,000.00 
1,019.00 
4.05 
1,020.78 
4.06 
0.81 
 
   
 
37
Understanding Your Ongoing Costs
 
   
(UNAUDITED)
04.30.2014
   
 
             
 
 
Actual expenses
Hypothetical expenses
 
Actual (cont’d)
Beginning
 Account Value
Ending
 Account Value
Expenses paid
 during period (a)
Ending
 Account Value
Expenses paid
 during period (a)
Annualized
 expense ratio
Small Cap Growth Fund
 
 
 
 
 
 
Class A
$1,000.00
$1,005.30
$5.42 
$1,019.39
$5.46 
1.09%
Class C
1,000.00 
1,001.70 
8.93 
1,015.87 
9.00 
1.80 
Class I
1,000.00 
1,006.80 
3.83 
1,020.98 
3.86 
0.77 
Class R-3
1,000.00 
1,004.10 
6.76 
1,018.05 
6.81 
1.36 
Class R-5
1,000.00 
1,007.00 
3.73 
1,021.08 
3.76 
0.75 
Class R-6
1,000.00 
1,007.50 
3.29 
1,021.52 
3.31 
0.66 
Small Cap Stock Fund
 
 
 
 
 
 
Class A
1,000.00 
1,017.10 
6.65 
1,018.20 
6.66 
1.33 
Class C
1,000.00 
1,013.30 
10.38 
1,014.48 
10.39 
2.08 
Class I
1,000.00 
1,019.20 
4.76 
1,020.08 
4.76 
0.95 
Class R-3
1,000.00 
1,016.60 
7.60 
1,017.26 
7.60 
1.52 
Class R-5
1,000.00 
1,019.20 
4.76 
1,020.08 
4.76 
0.95 
Class R-6
1,000.00 
1,019.70 
4.26 
1,020.58 
4.26 
0.85 
Smaller Company Fund
 
 
 
 
 
 
Class A
1,000.00 
1,028.20 
6.89 
1,018.00 
6.85 
1.37 
Class C
1,000.00 
1,024.50 
10.54 
1,014.38 
10.49 
2.10 
Class I
1,000.00 
1,030.80 
4.78 
1,020.08 
4.76 
0.95 
Class R-3
1,000.00 
1,026.70 
8.54 
1,016.36 
8.50 
1.70 
Class R-5
1,000.00 
1,030.40 
4.78 
1,020.08 
4.76 
0.95 
Class R-6
1,000.00 
1,030.90 
4.28 
1,020.58 
4.26 
0.85 
(a) Expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average account value for the period, then multiplying the result by the actual number of days in the period (181), and then dividing that result by the actual number of days in the fiscal year (365).
 
   
38
 
Principal Risks
 
   
(UNAUDITED)    
  04.30.2014
   
 
Additional Information About Risk Factors
The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its investment objective. The following table identifies the risk factors of each fund in light of their respective principal investment strategies. These risk factors are explained following the table.
 
                   
Risk
Capital
Appreciation
Fund
Growth
& Income
Fund
International
 Stock Fund
Investment
Grade Bond
Fund
Mid Cap
Growth
Fund
Mid Cap
Stock
Fund
Small Cap
Growth
Fund
Small Cap
Stock
 Fund
Smaller
 Company
Fund
Call
 
 
 
X 
 
 
 
 
 
Credit
 
 
 
X 
 
 
 
 
 
Focused holdings
 
X 
 
 
 
 
 
 
 
Foreign securities
 
X 
X 
X 
 
 
 
 
 
Government sponsored enterprises
 
 
 
X 
 
 
 
 
 
Growth stocks
X 
X 
X 
 
X 
X 
X 
X 
X 
High-yield securities
 
 
 
X 
 
 
 
 
 
Inflation
 
 
 
X 
 
 
 
 
 
Interest rates
 
 
 
X 
 
 
 
 
 
Issuer and market
 
 
 
X 
 
 
 
 
 
Liquidity
 
 
X 
X 
 
 
 
 
 
Market timing
 
 
X 
 
 
 
X 
X 
X 
Mid-cap companies
X 
X 
 
 
X 
X 
X 
X 
X 
Mortgage- and asset-backed securities
 
 
 
X 
 
 
 
 
 
Municipal securities
 
 
 
X 
 
 
 
 
 
Other investments companies and ETFs
 
 
X 
 
 
 
 
X 
X 
Portfolio turnover
 
 
 
X 
 
 
 
 
 
Sectors
 
 
X 
 
 
 
X 
 
 
Small-cap companies
 
 
 
 
X 
X 
X 
X 
X 
Stock market
X 
X 
X 
 
X 
X 
X 
X 
X 
Value stocks
 
X 
 
 
 
X 
 
X 
X 

Call | Call risk is the possibility that, as interest rates decline to a level that is significantly lower than the rate assigned to the fixed income security, the security may be called (redeemed) prior to maturity. A fund would lose the benefit of holding a fixed income security that is paying a rate above the current market rate and would likely have to reinvest the proceeds in other fixed income securities that have lower yields.
Credit | A fund could lose money if the issuer of a fixed income security is unable to meet its financial obligations or goes bankrupt. Credit risk usually applies to most fixed income securities, but generally is not a factor for U.S. government obligations.
Focused holdings | For funds that normally hold a core portfolio of stocks of fewer companies than other more diversified funds, the increase or decrease of the value of a single stock may have a greater impact on the fund’s net asset value (“NAV”) and total return.
Foreign securities | Investments in foreign securities involve greater risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less stable than U.S. markets, and changes in the exchange rates of foreign
currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less public information available about foreign companies. Custodial and/or settlement systems in foreign markets may not be fully developed and the laws of certain countries may limit the ability to recover assets if a foreign bank or depository or their agents goes bankrupt. Foreign security risk may also apply to ADRs, GDRs and EDRs. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change, which may lead to default or expropriation, and inadequate government oversight and accounting.
Government sponsored enterprises | Investments in government sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. government. These obligations vary in the level of support they receive from the U.S. government. They may be: (1) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (2) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal National Mortgage Association; (3) supported by the discretionary authority of the U.S. government to purchase
 
   
 
39


Principal Risks
 
   
(UNAUDITED)
04.30.2014
   
 
the issuer’s obligations, such as those of the Student Loan Marketing Association; or (4) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. government may choose not to provide financial support to U.S. government sponsored agencies or instrumentalities if it is not legally obligated to do so in which case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. government.
Growth stocks | Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the prices of stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.
High-yield securities | Investments in securities rated below investment grade, or “junk bonds,” generally involve significantly greater risks of loss of your money than an investment in investment grade bonds. Compared with issuers of investment grade bonds, junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties. Rising interest rates may compound these difficulties and reduce an issuer’s ability to repay principal and interest obligations. Issuers of lower-rated securities also have a greater risk of default or bankruptcy. Additionally, due to the greater number of considerations involved in the selection of a fund’s securities, the achievement of a fund’s objective depends more on the skills of the portfolio manager than investing only in higher-rated securities. Therefore, your investment may experience greater volatility in price and yield. High-yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell.
Inflation | Inflation risk is the risk that the market value of securities will decrease as higher inflation shrinks the purchasing power of any affected currencies.
Interest rates | Investments in investment grade and non-investment grade fixed income securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. A fund is particularly sensitive to changes in interest rates because it may invest in debt securities with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. As of the date of this prospectus, interest rates are at or near historic lows, which may increase a fund’s exposure to the risks associated with rising interest rates. Yields of debt securities will fluctuate over time.
Issuer and market | Issuer and market risk is the risk that the prices of, and the income generated by, fixed income securities held by a fund may decline in response to certain events, such as general economic and market conditions, regional or global economic instability, interest rate fluctuations, and those events directly involving the issuers. These events may lead to periods of volatility, which may be exacerbated by changes in bond market size and structure. In addition, adverse market events may lead to increased redemptions, which could cause a fund to experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.
Liquidity | Liquidity risk is the possibility that the fund might be unable to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the fund’s liquidity. Market developments may cause the fund’s investments to become less liquid and subject to erratic price movements. The fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the fund.
Market timing | Because of specific securities a fund may invest in, it could be subject to the risk of market timing activities by fund shareholders. Some examples of these types of securities are high-yield, small-cap and foreign securities. Typically, foreign securities offer the most opportunity for these market timing activities. A fund generally prices these foreign securities using their closing prices from the foreign markets in which they trade, typically prior to a fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before a fund prices its shares. In such instances, a fund may fair value foreign securities. However, some investors may engage in frequent short-term trading in a fund to take advantage of any price differentials that may be reflected in the NAV of a fund’s shares. There is no assurance that fair valuation of securities can reduce or eliminate market timing. While the manager and transfer agent of the Funds monitor trading in each fund, there is no guarantee that they can detect all market timing activities.
Mid-cap companies | Investments in mid-cap companies generally involve greater risks than investing in large-capitalization companies. Mid-cap companies often have narrower markets and limited managerial and financial resources compared to larger, more established companies. The performance of mid-cap companies can be more volatile compared to larger, more established companies, which could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in mid-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in large-cap companies. Generally, the smaller the company size, the greater these risks.
Mortgage- and asset-backed securities | Mortgage- and asset-backed security risk, which is possible in an unstable or depressed housing market, arises from the potential for mortgage failure or premature repayment of principal. The reduced value of the fund’s securities and the potential loss of principal as a result of a mortgagee’s failure to repay would have a negative impact on the fund. Premature repayment of principal would make it difficult for the fund to reinvest the prepaid principal at a time when interest rates on new mortgages are declining, thereby reducing the fund’s income.
Municipal securities | A municipal security’s value, interest payments or repayment of principal could be affected by economic, legislative or political changes. Municipal securities are also subject to potential volatility in the municipal market and the fund’s share price, yield and total return may fluctuate in response to municipal bond market movements. Municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, as opposed to general tax revenues, may have increased risks. Changes in a municipality’s financial health may affect its ability to make interest and principal payments when due.
Other investment companies and ETFs | Investments in the securities of other investment companies and exchange-traded funds (“ETFs”), (which may, in turn invest in equities, bonds, and other financial vehicles) may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, a fund becomes a shareholder of that investment company or ETF. As a result, fund shareholders indirectly bear the fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses fund shareholders directly bear in connection with the fund’s own operations.
As a shareholder, the fund must rely on the investment company or ETF to achieve its investment objective. If the investment company or ETF fails to achieve its investment objective, the value of the fund’s investment will decline, adversely affecting the fund’s performance. In addition, because ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, ETF shares may potentially trade at a discount or a premium. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a fund. Finally, because the value of ETF shares depends on the demand in the market, the portfolio manager may not be able to liquidate a fund’s holdings at the most optimal time, adversely affecting the fund’s performance.

 
   
40
 
 
Principal Risks
 
   
(UNAUDITED)    
  04.30.2014
   
 
Portfolio turnover | A fund may engage in more active and frequent trading of securities to a greater extent than certain other mutual funds with similar investment objectives. A fund’s turnover rate may vary greatly from year to year or during periods within a year. A high rate of portfolio turnover may lead to greater transaction costs, result in adverse tax consequences to investors and adversely affect performance.
Sectors | Companies that are in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to change. To the extent a fund has substantial holdings within a particular sector, the risks associated with that sector increase.
Small-cap companies | Investments in small-cap companies generally involve greater risks than investing in large-capitalization companies. Companies with smaller market capitalizations generally have lower volume of shares traded daily, less liquid stock and more volatile stock prices. Companies with smaller market capitalizations also tend to have a limited product or service base and limited access to capital. Newer companies with unproven business strategies also tend to be smaller companies. The above factors increase risks and make these companies more likely to fail than companies with larger market capitalizations, and could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in small-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in mid-cap or large-cap companies. Generally, the smaller the company size, the greater these risks.
 
Stock market | The value of a fund’s stock holdings may decline in price because of changes in prices of its holdings or a broad stock market decline. These fluctuations could be a sustained trend or a drastic movement. The stock markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.
Value stocks | Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors.
 
   
 
41


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Please consider the investment objectives, risks, charges and expenses of any fund carefully before investing. Contact Eagle at 800.421.4184 or your financial advisor for a prospectus, which contains this and other important information about the Funds. Read the prospectus carefully before you invest or send money.
This report is for the information of shareholders of the Eagle Mutual Funds. If you wish to review additional information on the portfolio holdings of a fund, a complete schedule has been filed with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fund’s fiscal year end on Form N-Q. These filings are available on the Commission’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330. A description of each fund’s proxy voting policies, procedures and information regarding how each fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013, is available without charge, upon request, by calling the Eagle Family of Funds, toll-free at the number above, by accessing our website at eagleasset. com or by accessing the Commission’s website at www.sec.gov.
727.567.8143 I 800.421.4184
Eagle Fund Distributors, Inc., Member FINRA | Not FDIC Insured | May Lose Value | No Bank Guarantee