N-Q 1 est-nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-07470

EAGLE SERIES TRUST

(Formerly: Heritage Series Trust)

(Exact name of Registrant as Specified in Charter)

880 Carillon Parkway
St. Petersburg, FL 33716

(Address of Principal Executive Office) (Zip Code)

Registrant’s Telephone Number, including Area Code: (727) 567-8143

STEPHEN G. HILL, PRESIDENT
880 Carillon Parkway
St. Petersburg, FL 33716

(Name and Address of Agent for Service)

Copy to:

FRANCINE J. ROSENBERGER, ESQ.

K&L Gates LLP
1601 K Street, NW

Washington, D.C. 20006

Date of fiscal year end: October 31

Date of reporting period: January 31, 2009

Item 1. Schedule of Investments

    

Eagle Large Cap Core Fund

Investment Portfolio

January 31, 2009

(unaudited)
       
     

% of net

Common stocks - 90.0%

Shares

Value

assets

Domestic - 79.2%

      

Advertising - 3.1%

      

Omnicom Group Inc.

138,050

$ 3,574,114

3.1%

Aerospace/Defense - 1.7%

      

United Technologies Corporation

41,860

2,008,861

1.7%

Banks - 6.3%

      

Bank of America Corporation

165,870

1,091,425

0.9%

JPMorgan Chase & Company

43,630

1,113,001

0.9%

Morgan Stanley

89,735

1,815,339

1.6%

State Street Corporation

36,810

856,569

0.7%

SunTrust Banks, Inc.

36,020

441,605

0.4%

The Goldman Sachs Group, Inc.

17,095

1,380,079

1.2%

Wells Fargo & Company

36,665

692,968

0.6%

Biotechnology - 2.3%

      

Genzyme Corporation*

38,865

2,678,576

2.3%

Computers - 1.6%

      

Apple, Inc.*

20,255

1,825,583

1.6%

Diversified manufacturer - 2.3%

      

General Electric Company

223,830

2,715,058

2.3%

Financial services - 1.1%

      

American Express Company

73,650

1,232,164

1.1%

Healthcare products - 6.9%

      

Johnson & Johnson

100,535

5,799,864

5.0%

Zimmer Holdings, Inc.*

61,450

2,236,780

1.9%

Healthcare services - 2.5%

      

UnitedHealth Group Inc.

104,900

2,971,817

2.5%

Insurance - 0.8%

      

MetLife, Inc.

33,660

967,052

0.8%

Internet - 2.3%

      

eBay Inc.*

227,340

2,732,627

2.3%

Multimedia - 1.3%

      

Viacom Inc., Class B*

105,645

1,558,264

1.3%

Oil & gas - 4.7%

      

ConocoPhillips

49,490

2,352,260

2.0%

EOG Resources Inc.

45,750

3,100,478

2.7%

Pharmaceuticals - 4.0%

      

Pfizer Inc.

323,700

4,719,546

4.0%

Retail - 11.1%

      

CVS/Caremark Corporation

208,990

5,617,651

4.8%

Home Depot, Inc.

108,860

2,343,756

2.0%

Staples, Inc.

317,400

5,059,356

4.3%

Semiconductors - 10.4%

      

Analog Devices, Inc.

101,940

2,036,761

1.7%

Applied Materials, Inc.

490,075

4,592,003

3.9%

Intel Corporation

254,090

3,277,761

2.8%

Texas Instruments Inc.

159,625

2,386,394

2.0%

Software - 7.9%

      

Adobe Systems Inc.*

56,990

1,100,477

0.9%

Electronic Arts Inc.*

153,740

2,373,746

2.0%

Microsoft Corporation

276,065

4,720,712

4.0%

Oracle Corporation*

71,110

1,196,781

1.0%

Telecommunications - 4.3%

      

Cisco Systems, Inc.*

129,290

1,935,471

1.7%

Sprint Nextel Corporation*

1,243,220

3,021,025

2.6%

Television, cable & radio - 4.6%

      

Comcast Corporation, Class A

363,825

5,330,037

4.6%

Total domestic common stocks (cost $147,885,154)

  

92,855,961

79.2%

  

   

Foreign - 10.8% (a)

      

Diversified manufacturer - 3.0%

      

Tyco International Ltd.

167,046

3,511,307

3.0%

Healthcare products - 2.3%

      

Covidien Ltd.

70,086

2,687,097

2.3%

Oil & gas - 3.3%

      

BP PLC, Sponsored ADR

91,005

3,864,982

3.3%

Oil & gas services - 2.2%

      

Schlumberger Ltd.

63,525

2,592,455

2.2%

Total foreign common stocks (cost $17,182,392)

  

12,655,841

10.8%

Total common stocks (cost $165,067,546)

  

105,511,802

90.0%

 

 

Repurchase agreement - 9.9%

      

Repurchase agreement with Fixed Income

      

Clearing Corporation, dated January 30, 2009 @

     

0.12% to be repurchased at $11,572,116 on

      

February 2, 2009, collateralized by

      

$9,040,000 United States Treasury Bonds,

      

7.5% due November 15, 2016 (market value

      

$11,892,930 including interest) (cost $11,572,000)

  

11,572,000

9.9%
       

Total investment portfolio (cost $176,639,546)

  

117,083,802

99.9%

Other assets and liabilities, net,

 

112,982

0.1%

Net assets

  

$117,196,784

100.0%
       

* Non-income producing security.

      

(a) U.S. dollar denominated.

      
       

ADR - American depository receipt.

      


 

 

 

    

Eagle Mid Cap Growth Fund

Investment Portfolio

January 31, 2009

(unaudited)
       
     

% of net
 

Shares

Value

assets

Common stocks - 98.5%

      

Aerospace/Defense - 3.5%

      

L-3 Communications Holdings, Inc.

48,990

$ 3,871,190

3.5%

Apparel - 0.7%

      

Coach Inc.*

56,220

820,812

0.7%

Biotechnology - 2.7%

      

Celgene Corporation*

56,175

2,974,466

2.7%

Chemicals - 3.2%

      

Huntsman Corporation

511,925

1,361,720

1.2%

Intrepid Potash Inc.*

107,275

2,186,264

2.0%

Commercial services - 6.2%

      

Apollo Group Inc., Class A*

15,810

1,287,883

1.2%

Corrections Corporation of America*

78,245

1,078,216

1.0%

FTI Consulting, Inc.*

42,745

1,752,972

1.6%

SAIC Inc.*

136,875

2,701,912

2.4%

Computers - 3.9%

      

Accenture Ltd., Class A

99,460

3,138,958

2.8%

Synopsys, Inc.*

65,665

1,214,802

1.1%

Electronics - 4.2%

      

Dolby Laboratories, Inc., Class A*

86,505

2,211,068

2.0%

Thermo Fisher Scientific Inc.*

68,175

2,449,528

2.2%

Energy-Alternative sources - 2.6%

      

First Solar Inc.*

20,650

2,948,820

2.6%

Entertainment - 4.6%

      

Bally Technologies, Inc.*

152,865

3,086,344

2.8%

Penn National Gaming, Inc.*

109,885

2,049,355

1.8%

Environmental control - 2.6%

      

Waste Connections, Inc.*

100,050

2,903,451

2.6%

Financial services - 3.9%

      

Ameriprise Financial, Inc.

89,675

1,806,951

1.6%

TD Ameritrade Holding Corporation*

232,575

2,614,143

2.3%

Food - 2.2%

      

Dean Foods Company*

128,835

2,491,669

2.2%

Healthcare products - 3.9%

      

Hologic Inc.*

94,585

1,115,157

1.0%

ResMed Inc.*

82,400

3,287,760

2.9%

Home furnishings - 0.9%

      

Harman International Industries, Inc.

62,275

1,002,005

0.9%

Insurance - 2.9%

      

RenaissanceRe Holdings Ltd.

71,780

3,207,848

2.9%

Internet - 8.3%

      

IAC/InterActiveCorp*

209,177

3,074,902

2.8%

Netflix, Inc.*

97,555

3,525,638

3.2%

VeriSign, Inc.*

132,050

2,549,886

2.3%

Iron/Steel - 3.8%

      

Cliffs Natural Resources Inc.

76,345

1,768,914

1.6%

Nucor Corporation

60,495

2,467,591

2.2%

Leisure time - 1.1%

      

WMS Industries, Inc.*

53,320

1,184,770

1.1%

Mining - 2.1%

      

Freeport-McMoRan Copper & Gold Inc.

93,100

2,340,534

2.1%

Oil & gas - 5.8%

      

CNX Gas Corporation*

55,612

1,439,239

1.3%

Denbury Resources Inc.*

206,315

2,525,296

2.3%

PetroHawk Energy Corporation*

125,480

2,473,211

2.2%

Oil & gas services - 1.8%

      

Oceaneering International, Inc.*

59,865

2,062,948

1.8%

Pharmaceuticals - 5.5%

      

Express Scripts Inc.*

48,235

2,593,114

2.3%

Herbalife Ltd.

61,380

1,258,904

1.1%

Mylan Inc.*

203,160

2,301,803

2.1%

Retail - 6.2%

      

Advance Auto Parts, Inc.

34,005

1,112,984

1.0%

Copart, Inc.*

79,870

1,924,068

1.7%

GameStop Corporation, Class A*

118,100

2,926,518

2.6%

Nordstrom, Inc.

79,520

1,009,109

0.9%

Semiconductors - 3.0%

      

Applied Materials Inc.

114,195

1,070,007

1.0%

Linear Technology Corporation

47,100

1,103,082

1.0%

MEMC Electronic Materials, Inc.*

84,740

1,152,464

1.0%

Software - 7.4%

      

Adobe Systems Inc.*

111,536

2,153,760

1.9%

ANSYS, Inc.*

79,765

1,982,958

1.8%

Eclipsys Corporation*

181,320

1,588,363

1.4%

Novell, Inc.*

705,790

2,611,423

2.3%

Telecommunications - 4.5%

      

Amdocs Ltd.*

130,915

2,215,082

2.0%

Windstream Corporation

326,620

2,835,062

2.5%

Transportation - 1.0%

      

Landstar System, Inc.

31,840

1,142,100

1.0%

Total common stocks (cost $125,918,289)

  

109,957,024

98.5%
        

 

Repurchase agreement - 8.6%

      

Repurchase agreement with Fixed Income

      

Clearing Corporation, dated January 30, 2009 @

     

0.12% to be repurchased at $9,631,096 on

      

February 2, 2009, collateralized by

      

$7,525,000 United States Treasury Bonds,

      

7.50% due November 15, 2016 (market value

      

$9,899,812 including interest) (cost $9,631,000)

  

9,631,000

8.6%
       

Total investment portfolio (cost $135,549,289)

  

119,588,024

107.1%

Other assets and liabilities, net,

 

(7,881,020)

-7.1%

Net assets

  

$ 111,707,004

100.0%
       

* Non-income producing security.

      


 

 

    

Eagle Mid Cap Stock Fund

Investment Portfolio

January 31, 2009

(unaudited)
       
     

% of net

Common stocks - 99.3%

Shares

Value

assets

Agriculture - 1.5%

      

Lorillard Inc.

241,145

$ 14,338,482

1.5%

Biotechnology - 1.6%

      

Bio-Rad Laboratories, Inc., Class A*

242,385

15,401,143

1.6%

Chemicals - 2.7%

      

Celanese Corporation, Series A

745,025

7,934,516

0.8%

Ecolab Inc.

554,695

18,837,442

1.9%

Commercial services - 7.2%

      

Apollo Group Inc., Class A*

173,150

14,104,799

1.5%

DeVry Inc.

278,680

14,931,674

1.5%

Hewitt Associates Inc., Class A*

357,393

10,142,813

1.0%

McKesson Corporation

707,470

31,270,174

3.2%

Computers - 3.4%

      

Cognizant Technology Solutions Corporation, Class A*

792,320

14,840,154

1.5%

IHS Inc., Class A*

236,270

10,348,626

1.1%

NCR Corporation*

590,730

7,413,662

0.8%

Diversified manufacturer - 3.2%

      

Danaher Corporation

397,978

22,258,910

2.3%

SPX Corporation

208,850

8,794,674

0.9%

Electrical components & equipment - 2.8%

      

AMETEK, Inc.

858,534

27,438,747

2.8%

Electronics - 4.8%

      

Amphenol Corporation, Class A

749,286

19,593,829

2.0%

Dolby Laboratories Inc., Class A*

372,605

9,523,784

1.0%

Mettler Toledo International Inc.*

265,325

17,665,338

1.8%

Entertainment - 1.2%

      

Penn National Gaming Inc.*

596,240

11,119,876

1.2%

Environmental control - 2.2%

      

Waste Connections, Inc.*

744,895

21,616,853

2.2%

Financial services - 2.6%

      

CME Group Inc.

55,510

9,653,744

1.0%

IntercontinentalExchange, Inc.*

278,985

15,882,616

1.6%

Food - 3.0%

      

Dean Foods Company*

857,780

16,589,465

1.7%

H.J. Heinz Company

343,195

12,526,618

1.3%

Forest products & paper - 1.0%

      

Plum Creek Timber Company, Inc.

305,545

9,401,620

1.0%

Hand/Machine tools - 0.8%

      

Snap-On Inc.

257,995

7,786,289

0.8%

Healthcare products - 3.0%

      

C.R. Bard, Inc.

222,643

19,051,562

2.0%

Idexx Laboratories, Inc.*

306,100

10,040,080

1.0%

Healthcare services - 6.0%

      

Laboratory Corporation of America Holdings*

364,122

21,556,022

2.2%

Lincare Holdings Inc.*

1,081,335

26,006,107

2.7%

Mednax Inc.*

327,315

10,987,965

1.1%

Insurance - 11.2%

      

Aon Corporation

867,455

32,139,208

3.3%

Arch Capital Group Ltd.*

332,582

20,004,807

2.1%

Axis Capital Holdings Ltd.

496,955

12,056,128

1.2%

HCC Insurance Holdings, Inc.

475,338

11,127,663

1.1%

Reinsurance Group of America Inc.

570,485

20,326,381

2.1%

Unum Group

958,090

13,566,554

1.4%

Machinery - 1.0%

      

Roper Industries Inc.

235,840

9,702,458

1.0%

Metal fabricate/hardware - 2.1%

      

Precision Castparts Corporation

318,360

20,677,482

2.1%

Multimedia - 1.0%

      

Liberty Media Corporation - Entertainment, Class A*

551,990

10,129,016

1.0%

Oil & gas - 2.5%

      

Comstock Resources Inc.*

246,770

9,409,340

1.0%

Noble Energy, Inc.

297,465

14,554,962

1.5%

Oil & gas services - 1.2%

      

National Oilwell Varco, Inc.*

434,775

11,495,451

1.2%

Packaging & containers - 4.5%

      

Owens-Illinois, Inc.*

875,320

16,631,080

1.7%

Pactiv Corporation*

1,272,080

27,502,370

2.8%

Printing & publishing - 5.0%

      

John Wiley & Sons, Inc., Class A

783,896

27,773,435

2.9%

The Washington Post Company, Class B

52,620

20,551,267

2.1%

Retail - 4.4%

      

Copart Inc.*

430,480

10,370,263

1.1%

GameStop Corporation, Class A*

645,760

16,001,933

1.7%

TJX Companies, Inc.

808,075

15,692,816

1.6%

Semiconductors - 2.0%

      

Analog Devices Inc.

458,940

9,169,621

0.9%

Microchip Technology Inc.

542,985

10,300,425

1.1%

Software - 6.5%

      

Adobe Systems Inc.*

651,705

12,584,424

1.3%

Ansys Inc.*

613,693

15,256,408

1.6%

BMC Software Inc.*

222,670

5,640,231

0.6%

Fiserv, Inc.*

459,645

14,593,729

1.5%

Intuit Inc.*

633,185

14,341,640

1.5%

Telecommunications - 5.3%

      

Cellcom Israel Ltd.

653,760

13,846,637

1.4%

Harris Corporation

350,900

15,190,461

1.6%

TELUS Corporation

510,430

13,659,107

1.4%

Turkcell Iletisim Hizmetleri AS, Sponsored ADR

694,635

9,148,343

0.9%

Television, cable & radio - 3.1%

      

Shaw Communications Inc., Class B

538,605

8,698,471

0.9%

The DIRECTV Group, Inc.*

970,560

21,255,264

2.2%

Transportation - 2.5%

      

C.H. Robinson Worldwide Inc.

287,315

13,210,742

1.4%

J.B. Hunt Transport Services, Inc.

461,300

10,273,151

1.1%

Total common stocks (cost $1,148,558,967)

  

963,938,852

99.3%
         

  

Repurchase agreement - 0.8%

      

Repurchase agreement with Fixed Income

      

Clearing Corporation, dated January 30, 2009 @

     

0.12% to be repurchased at $7,379,074 on

      

February 2, 2009, collateralized by

      

$5,765,000 United States Treasury Bonds,

      

7.5% due November 15, 2016 (market value)

      

$7,584,374 including interest) (cost $7,379,000)

  

7,379,000

0.8%
       

Total investment portfolio (cost $1,155,937,967)

  

971,317,852

100.1%

Other assets and liabilities, net,

 

(734,933)

-0.1%

Net assets

  

$ 970,582,919

100.0%
       

* Non-income producing security.

      
       

ADR - American depository receipt.

      


 

 

    

Eagle Small Cap Core Value Fund

Investment Portfolio

January 31, 2009

(unaudited)
       
     

% of net

Common stocks - 88.3%

Shares

Value

assets

Banks - 5.9%

      

Cardinal Financial Corporation

10,915

$ 60,578

1.1%

Glacier Bancorp Inc.

1,875

28,781

0.5%

PrivateBancorp Inc.

1,940

28,285

0.5%

Signature Bank*

2,760

70,904

1.3%

Southwest Bancorp, Inc.

2,600

27,248

0.5%

Sterling Bancshares, Inc.

9,320

51,819

1.0%

Texas Capital Bancshares, Inc.*

4,710

53,176

1.0%

Biotechnology - 2.3%

      

Charles River Laboratories International, Inc.*

1,855

45,281

0.8%

Cubist Pharmaceuticals, Inc.*

3,855

82,536

1.5%

Building materials - 0.6%

      

Lennox International Inc.

1,230

34,575

0.6%

Coal - 1.0%

      

Foundation Coal Holdings Inc.

2,415

39,171

0.7%

Massey Energy Company

1,000

15,180

0.3%

Commercial services - 11.3%

      

AerCap Holdings NV*

2,685

13,103

0.2%

Chemed Corporation

3,200

128,416

2.4%

Cross Country Healthcare, Inc.*

8,090

60,594

1.1%

Euronet Worldwide, Inc.*

5,640

56,682

1.1%

Gartner, Inc.*

3,965

56,144

1.0%

Interactive Data Corporation

4,325

98,653

1.8%

LECG Corporation*

18,410

60,201

1.1%

Net 1 UEPS Technologies, Inc.*

5,555

74,604

1.4%

On Assignment, Inc.*

13,370

61,903

1.2%

Computers - 2.1%

      

Electronics for Imaging, Inc.*

5,295

47,073

0.9%

Insight Enterprises, Inc.*

3,700

19,166

0.4%

Mercury Computer Systems, Inc.*

5,030

30,029

0.6%

SMART Modular Technologies (WWH), Inc.*

8,100

9,315

0.2%

Distribution/Wholesale - 2.7%

      

FGX International Holdings Ltd.*

7,975

98,890

1.8%

School Specialty, Inc.*

2,880

47,520

0.9%

Diversified manufacturer - 0.8%

      

Barnes Group Inc.

3,840

43,392

0.8%

Electric - 1.1%

      

Allete, Inc.

1,915

59,556

1.1%

Electrical components & equipment - 0.6%

      

Belden, Inc.

2,315

30,234

0.6%

Electronics - 1.1%

      

Benchmark Electronics, Inc.*

3,685

43,262

0.8%

Sonic Solutions, Inc.*

11,285

14,783

0.3%

Engineering & construction - 4.0%

      

Dycom Industries, Inc.*

9,370

63,810

1.2%

KHD Humboldt Wedag International Ltd.*

2,495

24,775

0.5%

URS Corporation*

3,690

125,644

2.3%

Entertainment - 1.3%

      

Lions Gate Entertainment Corporation*

12,390

69,508

1.3%

Environmental control - 0.4%

      

Casella Waste Systems, Inc., Class A*

7,250

20,010

0.4%

Financial services - 1.7%

      

Compass Diversified Holdings

1,940

20,971

0.4%

MarketAxess Holdings Inc.*

3,690

28,487

0.5%

optionsXpress Holdings, Inc.

4,070

44,322

0.8%

Gas - 2.2%

      

AGL Resources, Inc.

3,905

120,391

2.2%

Healthcare products - 2.3%

      

Merit Medical Systems, Inc.*

7,923

121,935

2.3%

Healthcare services - 6.2%

      

AMERIGROUP Corporation*

2,850

79,714

1.5%

Amsurg Corporation*

5,455

106,863

2.0%

Mednax Inc.*

2,635

88,457

1.7%

Psychiatric Solutions, Inc.*

2,140

55,640

1.0%

Household products - 0.7%

      

Jarden Corporation*

3,740

39,008

0.7%

Insurance - 5.6%

      

American Equity Investment Life Holding Company

15,415

103,126

1.9%

Assured Guaranty Ltd.

4,280

32,656

0.6%

First Mercury Financial Corporation*

2,375

26,244

0.5%

IPC Holdings, Ltd.

1,800

46,188

0.9%

Platinum Underwriters Holdings, Ltd.

1,925

53,534

1.0%

Stewart Information Services Corporation

2,340

34,726

0.7%

Internet - 2.0%

      

1-800-FLOWERS.COM Inc., Class A*

17,710

44,452

0.8%

SonicWALL, Inc.*

17,490

61,565

1.2%

Machinery - 1.1%

      

Altra Holdings, Inc.*

4,640

32,619

0.6%

Wabtec Corporation

820

24,543

0.5%

Metal fabricate/hardware - 0.8%

      

Kaydon Corporation

1,575

42,840

0.8%

Mining - 1.5%

      

IAMGOLD Corporation

12,010

82,148

1.5%

Miscellaneous manufacturer - 0.5%

      

Polypore International, Inc.*

4,040

27,957

0.5%

Oil & gas - 2.0%

      

Comstock Resources, Inc.*

2,060

78,548

1.5%

Rosetta Resources, Inc.*

4,330

26,283

0.5%

Oil & gas services - 3.5%

      

Dresser-Rand Group, Inc.*

4,460

86,881

1.6%

Oceaneering International, Inc.*

2,875

99,072

1.9%

Pharmaceuticals - 1.6%

      

Herbalife Ltd.

4,050

83,066

1.6%

Printing & publishing - 2.4%

      

John Wiley & Sons, Inc., Class A

3,650

129,320

2.4%

REITs - 1.3%

      

BioMed Realty Trust, Inc.

4,250

46,920

0.9%

Kite Realty Group Trust

4,075

18,867

0.4%

Retail - 3.7%

      

AFC Enterprises, Inc.*

11,705

56,184

1.0%

Jo-Ann Stores Inc.*

3,160

40,353

0.8%

Nu Skin Enterprises, Inc., Class A

6,640

63,014

1.2%

Stage Stores, Inc.

5,530

39,540

0.7%

Semiconductors - 1.6%

      

Microsemi Corporation*

4,855

40,782

0.8%

Varian Semiconductor Equipment Associates, Inc.*

2,225

42,364

0.8%

Software - 6.8%

      

Aspen Technology, Inc.*

14,290

95,743

1.8%

Avid Technology, Inc.*

4,055

40,591

0.8%

Bottomline Technologies, Inc.*

9,915

66,232

1.2%

SPSS, Inc.*

2,675

68,694

1.3%

Sybase, Inc.*

3,275

89,440

1.7%

Telecommunications - 4.8%

      

Alaska Communications Systems Group, Inc.

8,170

68,220

1.3%

CommScope, Inc.*

3,795

54,724

1.0%

Switch & Data Facilities Company, Inc.*

4,920

33,850

0.6%

Symmetricom, Inc.*

14,265

52,923

1.0%

Syniverse Holdings, Inc.*

3,455

46,850

0.9%

Transportation - 0.8%

      

Genesee & Wyoming Inc., Class A*

1,585

43,065

0.8%

Total common stocks (cost $5,081,517)

  

4,724,713

88.3%

 

 

Investment companies - 5.9%

      

Apollo Investment Corporation

3,285

21,517

0.4%

iShares Russell 2000 Growth Index Fund

510

24,082

0.5%

iShares Russell 2000 Index Fund

4,250

189,040

3.5%

iShares Russell 2000 Value Index Fund

1,930

81,813

1.5%

Total investment companies (cost $337,923)

  

316,452

5.9%

Total investment portfolio excluding

      

repurchase agreement (cost $5,419,440)

  

5,041,165

94.2%

 

 

Repurchase agreement - 4.9%

      

Repurchase agreement with Fixed Income

      

Clearing Corporation, dated January 30, 2009 @

     

0.12% to be repurchased at $265,003 on

      

February 2, 2009, collateralized by

      

$275,000 United States Treasury Bills,

      

due July 16, 2009 (market value

      

$274,536 including interest) (cost $265,000)

  

265,000

4.9%
       

Total investment portfolio (cost $5,684,440)

  

5,306,165

99.1%

Other assets and liabilities, net,

 

48,118

0.9%

Net assets

  

$ 5,354,283

100.0%
       

* Non-income producing security.

      
       

REIT - Real estate investment trust.

      


 

 

    

Eagle Small Cap Growth Fund

Investment Portfolio

January 31, 2009

(unaudited)
       
     

% of net

Common stocks - 99.4%

Shares

Value

assets

Banks - 0.9%

      

First Commonwealth Financial Corporation

211,775

$ 2,030,922

0.9%

Biotechnology - 2.9%

      

Cubist Pharmaceuticals Inc.*

170,150

3,642,912

1.7%

Myriad Genetics, Inc.*

34,995

2,609,577

1.2%

Building materials - 0.8%

      

Texas Industries Inc.

73,805

1,676,112

0.8%

Chemicals - 4.9%

      

Huntsman Corporation

891,965

2,372,627

1.1%

Intrepid Potash Inc.*

194,010

3,953,924

1.8%

Quaker Chemical Corporation

98,350

1,122,174

0.5%

Terra Industries Inc.

164,490

3,368,755

1.5%

Coal - 1.0%

      

Alpha Natural Resources Inc.*

131,715

2,149,589

1.0%

Commercial services - 8.7%

      

American Public Education, Inc.*

39,210

1,535,464

0.7%

Corrections Corp of America*

249,184

3,433,756

1.5%

FTI Consulting Inc.*

145,485

5,966,340

2.7%

K12 Inc.*

35,630

569,011

0.3%

Lender Processing Services Inc.

73,440

1,903,565

0.9%

Monster Worldwide, Inc.*

200,425

1,845,914

0.8%

The GEO Group, Inc.*

270,270

3,999,996

1.8%

Computers - 3.9%

      

Compellent Technologies, Inc.*

510,108

6,172,307

2.8%

Netezza Corporation*

406,822

2,469,410

1.1%

Distribution/Wholesale - 1.5%

      

MWI Veterinary Supply, Inc.*

42,320

885,758

0.4%

School Specialty Inc.*

147,589

2,435,218

1.1%

Electrical components & equipment - 1.0%

      

Advanced Energy Industries, Inc.*

251,160

2,255,417

1.0%

Electronics - 3.6%

      

Coherent, Inc.*

251,315

4,546,288

2.1%

Dolby Laboratories Inc., Class A*

82,050

2,097,198

0.9%

OYO Geospace Corporation*

96,818

1,447,429

0.6%

Energy-Alternative sources - 1.1%

      

SunPower Corporation, Class A*

69,655

2,337,622

1.1%

Entertainment - 5.0%

      

Bally Technologies Inc.*

281,120

5,675,813

2.6%

Lions Gate Entertainment Corporation*

557,870

3,129,651

1.4%

Shuffle Master, Inc.*

636,304

2,157,071

1.0%

Environmental control - 2.8%

      

Waste Connections Inc.*

210,353

6,104,444

2.8%

Financial services - 1.1%

      

Investment Technology Group, Inc.*

111,805

2,423,932

1.1%

Healthcare products - 11.2%

      

American Medical Systems Holdings, Inc.*

551,105

5,896,824

2.7%

Cutera, Inc.*

302,575

2,030,278

0.9%

Hansen Medical, Inc.*

77,280

349,306

0.2%

Resmed Inc.*

85,590

3,415,041

1.5%

SurModics, Inc.*

26,485

525,198

0.2%

Thoratec Corporation*

372,770

10,799,147

4.9%

Vital Images, Inc.*

150,468

1,701,793

0.8%

Healthcare services - 7.3%

      

Amedisys Inc.*

60,780

2,505,959

1.1%

Centene Corporation*

280,215

4,968,212

2.2%

Icon PLC, Sponsored ADR*

262,002

5,266,240

2.4%

Lincare Holdings Inc.*

143,645

3,454,662

1.6%

Home furnishings - 1.7%

      

Universal Electronics, Inc.*

336,940

3,800,683

1.7%

Internet - 3.9%

      

Internet Capital Group, Inc.*

171,415

738,799

0.3%

NetFlix Inc.*

61,575

2,225,320

1.0%

TIBCO Software, Inc.*

1,043,930

5,585,026

2.5%

U.S. Auto Parts Network, Inc.*

96,610

131,390

0.1%

Iron/Steel - 1.5%

      

Cliffs Natural Resources Inc.

148,090

3,431,245

1.5%

Leisure time - 1.6%

      

WMS Industries Inc.*

155,270

3,450,099

1.6%

Metal fabricate/hardware - 2.2%

      

Northwest Pipe Company*

139,475

4,917,888

2.2%

Multimedia - 1.6%

      

Entravision Communications Corporation, Class A*

263,345

221,210

0.1%

FactSet Research Systems Inc.

83,387

3,318,803

1.5%

Oil & gas - 1.4%

      

Atwood Oceanics Inc.*

61,755

1,028,221

0.5%

Denbury Resources Inc.*

168,440

2,061,706

0.9%

Oil & gas services - 3.5%

      

Core Laboratories NV

37,180

2,498,124

1.1%

Lufkin Industries, Inc.

150,410

5,256,830

2.4%

Pharmaceuticals - 2.8%

      

BioMarin Pharmaceutical Inc.*

143,185

2,757,743

1.2%

Herbalife Ltd.

114,855

2,355,676

1.1%

Onyx Pharmaceuticals Inc.*

34,215

1,041,162

0.5%

Printing & publishing - 1.8%

      

John Wiley & Sons Inc., Class A

113,950

4,037,248

1.8%

Retail - 5.8%

      

BJ's Restaurants, Inc.*

274,900

3,051,390

1.4%

Cash America International, Inc.

224,110

4,096,731

1.8%

Genesco Inc.*

370,820

5,710,628

2.6%

Semiconductors - 3.3%

      

Macrovision Solutions Corporation*

310,540

4,071,179

1.8%

Varian Semiconductor Equipment Associates Inc.*

178,230

3,393,499

1.5%

Software - 6.7%

      

Ansys Inc.*

134,890

3,353,365

1.5%

Eclipsys Corporation*

623,890

5,465,276

2.5%

Quality Systems, Inc.

159,540

5,947,651

2.7%

Telecommunications - 3.9%

      

EMS Technologies, Inc.*

359,585

8,630,038

3.9%

Total common stocks (cost $253,878,869)

  

219,807,786

99.4%

 

 

Repurchase agreement - 1.5%

      

Repurchase agreement with Fixed Income

      

Clearing Corporation, dated January 30, 2009 @

     

0.12% to be repurchased at $3,426,034 on

      

February 2, 2009, collateralized by

      

$2,680,000 United States Treasury Bonds,

      

7.5% due November 15, 2016 (market value

      

$3,525,780 including interest) (cost $3,426,000)

  

3,426,000

1.5%
       

Total investment portfolio (cost $257,304,869)

  

223,233,786

100.9%

Other assets and liabilities, net,

 

(2,040,459)

-0.9%

Net assets

  

$ 221,193,327

100.0%
       

* Non-income producing security.

      
       

ADR - American depository receipt.

      


 

    

Eagle International Equity Fund

Investment Portfolio

January 31, 2009

(unaudited)
       
     

% of net

Common stocks - 83.5%

Shares

Value

assets

Australia - 2.4%

      

BHP Billiton Ltd.

82,757

$ 1,558,448

1.3%

Macquarie Airports

289,903

416,947

0.3%

Newcrest Mining Ltd.

10,929

212,246

0.2%

Rio Tinto Ltd.

27,945

726,950

0.6%

Austria - 0.8%

      

Flughafen Wien AG

11,500

461,616

0.4%

OMV AG

12,952

371,310

0.3%

Telekom Austria AG

4,832

68,056

0.1%

Bermuda - 0.0%

      

Central European Media Enterprises Ltd., Class A*

5,562

54,841

0.0%

Brazil - 1.0%

      

Cia Vale do Rio Doce, Sponsored ADR

86,159

1,215,703

1.0%

Canada - 3.5%

      

Barrick Gold Corporation

44,534

1,675,677

1.3%

Eldorado Gold Corporation*

18,945

148,316

0.1%

EnCana Corporation

10,953

487,425

0.4%

Ivanhoe Mines Ltd.*

30,448

83,926

0.1%

Kinross Gold Corporation

38,891

689,175

0.6%

Petro-Canada

4,290

93,024

0.1%

Potash Corporation of Saskatchewan Inc.

9,432

709,563

0.6%

Research in Motion Ltd.*

3,635

201,379

0.2%

Talisman Energy Inc.

17,278

163,586

0.1%

China - 0.1%

      

Beijing Capital International Airport Company, Ltd., Class H

256,278

112,567

0.1%

Czech - 2.4%

      

Komercni Banka, AS

26,049

2,913,016

2.4%

Denmark - 0.6%

      

ALK-Abello AS, Class B

1,222

107,611

0.1%

Novo Nordisk AS, Class B

12,182

650,033

0.5%

Finland - 0.8%

      

Nokia Oyj

46,926

576,206

0.5%

Orion Oyj, Class B

12,142

209,568

0.2%

Stora Enso Oyj, Class R*

23,112

141,453

0.1%

France - 14.8%

      

Aeroports de Paris SA

7,162

385,745

0.3%

Air Liquide SA

2,316

169,132

0.1%

Alstom SA

2,516

122,175

0.1%

AXA SA

26,130

408,675

0.3%

BNP Paribas

13,203

507,323

0.4%

Bouygues SA

3,590

123,006

0.1%

Carrefour SA

22,375

767,505

0.6%

Casino Guichard-Perrachon SA

3,882

255,758

0.2%

Compagnie de Saint-Gobain

6,249

212,632

0.2%

Credit Agricole SA

43,731

534,175

0.4%

Electricite de France

7,770

380,588

0.3%

France Telecom SA

98,160

2,216,118

1.8%

GDF Suez SA

40,420

1,556,236

1.3%

Groupe Danone SA

39,992

2,061,032

1.7%

Lafarge SA

3,126

144,832

0.1%

L'Oreal Group SA

894

59,638

0.0%

LVMH Moet Hennessy Louis Vuitton SA

4,473

245,154

0.2%

Sanofi-Aventis SA

35,397

1,998,034

1.6%

Schneider Electric SA

3,923

249,945

0.2%

Societe Generale

13,071

551,455

0.4%

Suez Environnement SA*

6,898

110,491

0.1%

TOTAL SA

76,941

3,859,335

3.1%

Vinci SA

17,193

590,853

0.5%

Vivendi

39,072

1,011,062

0.8%

Germany - 9.8%

      

Adidas AG

1,551

53,676

0.0%

Allianz SE

5,686

478,553

0.4%

BASF SE

14,770

427,570

0.3%

Bayer AG

14,174

755,154

0.6%

Bayerische Motoren Werke AG

4,652

110,343

0.1%

Daimler AG

19,091

537,771

0.4%

Deutsche Post AG

3,985

49,941

0.0%

Deutsche Telekom AG

100,382

1,213,298

1.0%

E.ON AG

67,248

2,163,587

1.7%

Fraport AG Frankfurt Airport Services Worldwide

48,923

1,838,513

1.5%

Fresenius Medical Care AG & Co. KGaA

23,378

1,047,961

0.8%

Fresenius SE

6,636

327,124

0.3%

Merck KGaA

2,408

204,324

0.2%

Metro AG

4,727

171,890

0.1%

Muenchener Rueckversicherungs AG

3,608

479,061

0.4%

Rhoen-Klinikum AG

15,583

319,240

0.3%

RWE AG

17,324

1,346,214

1.1%

Siemens AG

12,802

717,705

0.6%

Greece - 0.1%

      

Hellenic Telecommunications Organization SA

12,463

187,861

0.1%

Hong Kong - 0.4%

      

China Merchants Holdings (International) Company Ltd.

118,970

210,689

0.2%

GOME Electrical Appliances Holdings Ltd. (a)

390,486

56,401

0.0%

Shun Tak Holdings Ltd.

791,511

286,040

0.2%

Hungary - 1.4%

      

OTP Bank NyRt.

170,403

1,688,774

1.4%

Richter Gedeon NyRt.

183

20,911

0.0%

Ireland - 1.2%

      

CRH PLC

64,778

1,503,734

1.2%

Italy - 4.5%

      

Assicurazioni Generali SpA

24,477

509,482

0.4%

Buzzi Unicem SpA

23,170

289,573

0.2%

Credito Emiliano SpA

26,410

117,677

0.1%

Enel SpA

67,345

377,490

0.3%

ENI SpA

170,778

3,623,449

2.9%

Italcementi SpA

4,122

38,647

0.0%

Telecom Italia SpA

181,976

223,630

0.2%

UniCredit SpA

282,668

497,298

0.4%

Japan - 6.2%

      

Aisin Seiki Company, Ltd.

3,001

39,727

0.0%

Canon Inc.

9,473

254,604

0.2%

Central Japan Railway Company

66

469,475

0.4%

Daikin Industries, Ltd.

2,800

63,935

0.1%

Denso Corporation

7,613

137,598

0.1%

East Japan Railway Company

11,600

785,965

0.6%

Eisai Co., Ltd.

3,800

138,809

0.1%

Fanuc Ltd.

2,500

148,310

0.1%

Fuji Media Holdings Inc.

41

52,134

0.0%

Honda Motor Company, Ltd.

23,420

523,589

0.4%

ITOCHU Corporation

7,000

33,940

0.0%

Japan Tobacco Inc.

76

217,162

0.2%

KDDI Corporation

70

437,405

0.4%

Komatsu Ltd.

8,900

91,383

0.1%

Kubota Corporation

7,491

40,437

0.0%

Kyocera Corporation

1,400

89,431

0.1%

Mitsubishi Corporation

5,200

68,809

0.1%

Mitsubishi Electric Corporation

28,000

127,581

0.1%

Mitsui & Company, Ltd.

7,000

72,710

0.1%

Nidec Corporation

1,300

61,466

0.0%

Nintendo Company, Ltd.

2,361

726,319

0.6%

Nippon Telegraph & Telephone Corporation

2,300

110,894

0.1%

NTT DoCoMo, Inc.

377

656,521

0.5%

Olympus Corporation

1,508

24,220

0.0%

Panasonic Corporation

16,853

202,073

0.2%

Ricoh Company Ltd.

5,000

60,663

0.0%

Seven & I Holdings Co., Ltd.

13,200

351,798

0.3%

Shin-Etsu Chemical Company, Ltd.

2,900

134,673

0.1%

Sony Corporation

3,886

75,148

0.1%

Suzuki Motor Corporation

6,400

86,079

0.1%

Takeda Pharmaceutical Company, Ltd.

3,200

149,508

0.1%

Toyota Motor Corporation

35,432

1,130,059

0.9%

Yamada Denki Company, Ltd.

1,590

93,785

0.1%

Luxembourg - 0.7%

      

ArcelorMittal

36,660

823,371

0.7%

Mexico - 0.0%

      

Grupo Cementos de Chihuahua, SAB de CV

21,355

43,104

0.0%

Netherlands - 5.9%

      

Heineken NV

19,542

576,747

0.5%

Koninklijke KPN NV

44,997

602,068

0.5%

Koninklijke Philips Electronics NV

17,526

318,652

0.3%

Reed Elsevier NV

11,123

123,620

0.1%

Royal Dutch Shell PLC, Class A

137,034

3,403,014

2.7%

TNT NV

3,636

63,571

0.1%

Unilever NV

95,255

2,106,327

1.7%

New Zealand - 0.1%

      

Auckland International Airport Ltd.

157,799

145,206

0.1%

Norway - 0.1%

      

StatoilHydro ASA

10,326

178,477

0.1%

Poland - 1.5%

      

Bank Pekao SA

31,291

971,470

0.8%

Powszechna Kasa Oszczednosci Bank Polski SA

114,192

906,941

0.7%

Portugal - 0.1%

      

Energias de Portugal SA

31,953

113,655

0.1%

Romania - 0.1%

      

Romanian Development Bank-Groupe Societe Generale

88,073

153,613

0.1%

Russia - 0.0%

      

Inter RAO UES OJSC, 144A, Sponsored GDR (a)*

7,106

10,659

0.0%

OAO Kuzbassenergo, 144A, Sponsored GDR (a)*

2,363

2,127

0.0%

OAO OGK-1 (Wholesale Generation Company No. 1), 144A, Sponsored GDR (a)*

32,708

12,593

0.0%

OAO OGK-2 (Wholesale Generation Company No. 2), 144A, Sponsored GDR (a)*

8,500

5,525

0.0%

OAO OGK-3 (Wholesale Generation Company No. 3), 144A, Sponsored GDR (a)*

13,974

4,891

0.0%

OAO OGK-6 (Wholesale Generation Company No. 6), 144A, Sponsored GDR (a)*

9,911

6,145

0.0%

OAO RAO Energy System of East*

1,700,000

3,060

0.0%

OAO TGK-1 (Territorial Generation Company No. 1), 144A, Sponsored GDR (a)*

12,988

5,845

0.0%

OAO TGK-2 (Territorial Generation Company No. 2), 144A, Sponsored GDR (a)*

2,193

1,350

0.0%

OAO TGK-4 (Territorial Generation Company No. 4), 144A, Sponsored GDR (a)*

5,389

2,964

0.0%

OAO TGK-9 (Territorial Generation Company No. 9), 144A, Sponsored GDR (a)*

5,712

2,876

0.0%

OAO TGK-14 (Territorial Generation Company No. 14), 144A, Sponsored GDR (a)*

544

959

0.0%

OAO Volga Territorial Generation Company, 144A, Sponsored GDR (a)*

5,678

2,839

0.0%

Open Investments OJSC, Sponsored GDR (a)*

1,361

4,423

0.0%

Sistema-Hals, 144A, Sponsored GDR*

21,005

5,251

0.0%

Yenisei Territorial Generating Company, 144A, Sponsored GDR (a)*

5,848

3,216

0.0%

Spain - 3.3%

      

Banco Bilbao Vizcaya Argentaria SA

52,785

495,405

0.4%

Banco Santander SA

69,217

560,113

0.5%

EDP Renovaveis SA*

40,090

298,748

0.2%

Iberdrola Renovables SA*

24,153

98,343

0.1%

Iberdrola SA

126,406

984,049

0.8%

Inditex SA

16,633

636,351

0.5%

Telefonica SA

57,511

1,025,765

0.8%

Sweden - 0.9%

      

Getinge AB, Class B

13,019

173,908

0.1%

Hennes & Mauritz AB, Class B

16,138

622,988

0.5%

Svenska Cellulosa AB, B Shares

32,912

256,727

0.2%

TeliaSonera AB

19,512

85,831

0.1%

Switzerland - 7.5%

      

ABB Ltd.

15,842

206,783

0.2%

BKW FMB Energie AG

2,943

251,676

0.2%

Compagnie Financiere Richemont SA

8,169

119,728

0.1%

Flughafen Zuerich AG

1,537

344,198

0.3%

Holcim Ltd.

5,074

205,340

0.2%

Nestle SA

97,739

3,385,769

2.7%

Nobel Biocare Holding AG

3,440

53,117

0.0%

Novartis AG

36,434

1,510,257

1.2%

Roche Holding AG

11,267

1,587,230

1.3%

Swisscom AG

196

61,804

0.0%

Syngenta AG

4,661

902,017

0.7%

The Swatch Group AG

1,337

149,734

0.1%

Xstrata PLC

14,896

122,940

0.1%

Zurich Financial Services AG

2,696

488,111

0.4%

Taiwan - 0.0%

      

Cathay Financial Holding Company Ltd., Sponsored GDR

283

2,830

0.0%

United States - 0.2%

      

Dr Pepper Snapple Group Inc.*

4,767

78,417

0.1%

Synthes Inc.

1,119

135,353

0.1%

Ukraine - 0.3%

      

Raiffeisen Bank Aval*

1,908,985

34,394

0.0%

Ukrnafta Oil Company

5,473

70,940

0.1%

Ukrsotsbank JSCB*

2,466,696

47,959

0.0%

UkrTelecom

5,916,954

203,240

0.2%

UkrTelecom, Sponsored GDR

9,912

15,864

0.0%

United Kingdom - 12.8%

      

BHP Billiton PLC

84,994

1,454,676

1.2%

BP PLC

306,345

2,177,595

1.8%

British American Tobacco PLC

31,826

876,322

0.7%

Cadbury PLC

91,582

741,245

0.6%

Diageo PLC

96,849

1,324,937

1.1%

GlaxoSmithKline PLC

72,999

1,290,111

1.0%

HSBC Holdings PLC

67,860

529,546

0.4%

Imperial Tobacco Group PLC

21,471

589,021

0.5%

National Grid PLC

34,361

322,678

0.3%

Rio Tinto PLC

27,540

601,059

0.5%

Rolls-Royce Group PLC*

37,380

179,848

0.1%

Scottish & Southern Energy PLC

15,817

273,918

0.2%

Smith & Nephew PLC

102,005

741,214

0.6%

Tesco PLC

414,233

2,150,297

1.7%

Tullow Oil PLC

25,898

259,717

0.2%

Vodafone Group PLC

1,008,345

1,879,223

1.5%

WM Morrison Supermarkets PLC

91,094

357,426

0.3%

WPP PLC

19,107

108,130

0.1%

Total common stocks (cost $131,933,149)

  

103,776,783

83.5%
        

Equity-linked notes - 0.0%

     

Germany - 0.0%

      

Deutsche Bank AG London, 144A, Series 51, 0%, 12/31/09 (a)*

17

17,186

0.0%

Deutsche Bank AG London, 144A, Series 63, 0%, 12/31/09 (a)*

17

2,734

0.0%

Total equity-linked notes (cost $188,734)

  

19,920

0.0%
        

Investment companies - 9.9%

      

British Virgin Islands - 0.0%

      

RenShares Utilities Ltd., Class RenGen*

41,476

20,738

0.0%

Hong Kong - 1.9%

      

Tracker Fund of Hong Kong

1,373,500

2,330,110

1.9%

Ireland - 0.5%

      

iShares DJ Euro STOXX 50

19,848

566,464

0.5%

Japan - 5.1%

      

Nomura Asset Management/Nikkei 225 Index ETF

7,299

645,826

0.5%

Nomura Asset Management/Topix Index ETF

648,940

5,758,984

4.6%

United States - 2.4%

      

iShares MSCI South Korea Index Fund

110,817

2,939,974

2.4%

Total investment companies (cost $12,854,190)

  

12,262,096

9.9%
        

Total investment portfolio excluding

      

repurchase agreement (cost $144,976,073)

  

116,058,799

93.4%
        

Repurchase agreement - 0.9%

      

Repurchase agreement with Fixed Income

      

Clearing Corporation, dated January 30, 2009 @

     

0.12% to be repurchased at $1,065,011 on

      

February 2, 2009, collateralized by

      

$990,000 United States Treasury Notes,

      

3.875% due February 15, 2013 (market value

      

$1,098,934 including interest) (cost $1,065,000)

  

1,065,000

0.9%
       

Total investment portfolio (cost $146,041,073)

  

117,123,799

94.3%

Other assets and liabilities, net,

 

7,049,096

5.7%

Net assets

  

$124,172,895

100.0%
         

* Non-income producing security.

      

(a) Restricted secutities deemed to be illiquid for purposes of compliance

      

limitations on holding illiquid securities. At January 31, 2009, these securities aggregated $142,733 or 0.11% of the net assets of the fund.

      

  

      

ADR - American depository receipt.

      

ETF - Exchange-traded fund.

      

GDR - Global depository receipt.

      

144A -

 144A securities are issued pursuant to Rule 144A of the Securities Act of 1933. Most of these are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and all may be resold as transactions exempt from registration to qualified institutional buyers. At January 31, 2009, these securities aggregated $87,160 or 0.07% of the net assets of the fund.      

 

     

 

      

 

      

 

      


 

Forward Foreign Currency Contracts Outstanding  

UNAUDITED | 01.31.2009

  
  

Contract to deliver

     

In exchange for

  

Delivery

date

Unrealized appreciation (depreciation)

  

EUR

5,875,042

  

USD

7,583,436

03/02/09

$ 64,148

  

CZK

18,969,373

 

USD

961,828

04/20/09

91,972

 

EUR

9,585,437

 

USD

12,828,191

04/21/09

566,844

 

USD

13,315,159

 

EUR

9,585,437

04/21/09

(1,053,812)

  

PLN

3,443,628

  

USD

1,245,045

05/07/09

262,581

  

USD

1,068,746

 

PLN

3,443,628

05/07/09

(86,282)

  

PLN

4,807,442

 

USD

1,678,477

05/11/09

307,097

 

USD

306,630

 

PLN

1,032,577

05/11/09

(12,075)

  

HUF

748,326,367

  

USD

3,482,042

05/12/09

314,128

  

USD

2,223,773

 

HUF

468,980,301

05/12/09

(238,424)

  

CZK

4,648,659

 

USD

230,989

05/21/09

17,896

 

PLN

1,314,152

 

USD

427,089

05/21/09

52,334

 

CZK

1,467,901

  

USD

79,995

07/14/09

12,765

  

CZK

1,473,500

 

USD

79,995

10/14/09

12,514

 

PLN

3,070,608

 

USD

979,304

10/20/09

106,948

 

USD

1,148,669

 

PLN

3,070,608

10/20/09

(276,312)

  

CZK

26,716,364

 

USD

1,344,685

10/27/09

121,126

 

USD

311,174

  

CZK

5,750,501

10/27/09

(47,812)

  

PLN

6,148,702

 

USD

1,958,743

11/19/09

212,713

 

USD

2,274,697

 

PLN

6,148,702

11/19/09

(528,667)

  
        

Net unrealized depreciation

$ (100,319)

  
               
               

CZK

Czech Koruna

        

EUR

Euro Currency

        

HUF

Hungarian Forint

        

PLN

Polish Zloty

        

USD

United States Dollar

        
               


 

Industry Allocation

    

UNAUDITED | 01.31.2009

    
   

% of net

Industry

Value

assets

Oil & gas

$ 14,687,875

11.8%

Investment companies

12,262,096

9.9%

Food

11,997,249

9.7%

Banks

10,529,079

8.5%

Telecommunications

9,563,783

7.7%

Mining

8,489,116

6.8%

Pharmaceuticals

7,866,396

6.3%

Electric

6,278,904

5.1%

Engineering & construction

4,625,434

3.7%

Chemicals

3,098,109

2.5%

Building materials

2,501,797

2.0%

Auto manufacturers

2,387,841

1.9%

Insurance

2,366,712

1.9%

Beverages

1,980,101

1.6%

Retail

2,030,785

1.6%

Agriculture

1,682,505

1.3%

Gas

1,556,236

1.3%

Healthcare products

1,430,716

1.2%

Healthcare services

1,367,201

1.1%

Transportation

1,368,952

1.1%

Multimedia

1,119,191

0.9%

Iron/Steel

823,371

0.7%

Diversified manufacturer

717,704

0.6%

Toys/Games/Hobbies

726,319

0.6%

Electronics

469,549

0.4%

Financial services

455,843

0.4%

Electrical components & equipment

377,526

0.3%

Energy-Alternative sources

397,091

0.3%

Forest products & paper

398,180

0.3%

Machinery

402,305

0.3%

Office/Business equipment

315,267

0.3%

Computers

201,379

0.2%

Home furnishings

277,221

0.2%

Real estate

295,714

0.2%

Aerospace/Defense

179,848

0.1%

Auto parts & equipment

177,325

0.1%

Distribution/Wholesale

175,459

0.1%

Printing & publishing

123,620

0.1%

Television, cable & radio

106,975

0.1%

Water

110,491

0.1%

Other

137,534

0.1%

Total investment portfolio excluding

    

repurchase agreement

$ 116,058,799

93.4%

Eagle Series Trust

1-31-09

 

NOTE 1 | Organization and investment objective The Eagle Series Trust (the “Trust”) is organized as a separate Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Trust is advised by Eagle Asset Management, Inc. (the “Manager” or “Eagle”). The Eagle Family of Funds consist of the Eagle Capital Appreciation Fund, Eagle Growth & Income Fund and the Eagle Series Trust in addition to two other investment companies advised by Eagle, the Heritage Cash Trust and Heritage Income Trust. Members of the Boards of Trustees (“Boards of Trustees” or the “Boards”) for the Trusts may serve as Trustees for one or more of the Eagle Family of Funds.

 

The Eagle Series Trust presently offers shares in six series (each, a “Fund” and collectively, the “Funds”): 1) the International Equity Fund which seeks capital appreciation principally through investment in a portfolio of international equity securities, 2) the Large Cap Core Fund which seeks long-term growth through capital appreciation, 3) the Mid Cap Growth Fund which seeks long-term capital appreciation, 4) the Mid Cap Stock Fund which seeks long-term capital appreciation, 5) the Small Cap Core Value Fund which seeks capital growth, and 6) the Small Cap Growth Fund which seeks long-term capital appreciation.

 

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.

•

Class A shares are sold at a maximum front-end sales charge of 4.75%. 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 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 prior to one year of purchase.

 

  

•

Class I, Class R-3 and Class R-5 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 ET), or earlier NYSE closing time that day. If the NYSE or other securities exchange modifies the closing price of securities traded on that exchange after an NAV is priced, Eagle is not required to revalue the NAV.

Generally, the Funds value portfolio securities for which market quotations are readily available at market value; however, a Fund may adjust the market quotation price to reflect events that occur between the close of those markets and the time of the Funds’ determination of the NAV.

Both the latest transaction prices and adjustments are furnished by an independent pricing service subject to supervision by the Boards. The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value in good faith using procedures (“Procedures”) approved by the Boards. Fair value is that amount that the owner might reasonably expect to receive for the security upon its current sale. Fair value requires consideration of all appropriate factors, including indications of fair value available from pricing services. A fair value price is an estimated price and may vary from the prices used by other mutual funds to calculate their NAVs. Fair value pricing methods, Procedures and pricing services can change from time to time as approved by the Boards. Pursuant to the Procedures, the Boards have delegated the day-to-day responsibility for applying and administering the Procedures to a valuation committee comprised of certain officers of the Eagle Family of Funds and other employees of the Manager (“Valuation Committee”). The composition of this Valuation Committee may change from time to time.

 

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 or securities than the market price of such security or securities on that day. Fair value pricing may deter shareholders from trading Fund shares on a frequent basis in an attempt to take advantage of arbitrage opportunities resulting from potentially stale prices of portfolio holdings. However, it cannot eliminate the possibility of frequent trading.

 

Each Fund has implemented the Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective September 1, 2008. FAS 157 establishes a hierarchy for measuring fair value in generally accepted accounting principles and expands financial statement disclosure about fair value measurements that are relevant to a mutual fund’s value. Eagle has concluded that the adoption of FAS 157 has not had a material impact on the Funds’ financial statements.

 

Various inputs are used in determining the value of the Funds’ investments. FAS 157 establishes a three level hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three levels are defined below:

Level 1

—

Valuations based on quoted prices for identical securities in active markets,

 

    

Level 2

—

Valuations based on quoted prices in markets that are not active for which all significant inputs are observable, either directly or indirectly, and

 

    

Level 3

—

Valuations based on inputs that are unobservable and significant to the fair value measurement.


The following is a summary of the inputs used to value each Fund’s NAV as of January 31, 2009.

 

Quoted prices
in active markets for
identical assets

Significant
other observable
inputs

Significant
unobservable
inputs

 

Description

(Level 1)

(Level 2)

(Level 3)

Total

 

                

Eagle International Equity Fund

  

 

  

 

  

 

  

 

Investments in securities

$

69,100,085

$

48,023,714

$

-

$

117,123,799

Other financial instruments*

$

-

$

(100,319)

$

-

$

(100,319)

Total investment portfolio

$

69,100,085

$

47,923,395

$

-

$

117,023,480

 

  

 

  

 

  

 

  

 

Eagle Large Cap Core Fund

  

 

  

 

  

 

  

 

Investments in securities

$

105,511,802

$

11,572,000

$

-

$

117,083,802

Total investment portfolio

$

105,511,802

$

11,572,000

$

-

$

117,083,802

 

  

 

  

 

  

 

  

 

Eagle Mid Cap Growth Fund

  

 

  

 

  

 

  

 

Investments in securities

$

109,957,024

$

9,631,000

$

-

$

119,588,024

Total investment portfolio

$

109,957,024

$

9,631,000

$

-

$

119,588,024

 

  

 

  

 

  

 

  

 

Eagle Mid Cap Stock Fund

  

 

  

 

  

 

  

 

Investments in securities

$

963,938,852

$

7,379,000

$

-

$

971,317,852

Total investment portfolio

$

963,938,852

$

7,379,000

$

-

$

971,317,852

 

  

 

  

 

  

 

  

 

Eagle Small Cap Core Value Fund

  

 

  

 

  

 

  

 

Investments in securities

$

5,041,165

$

265,000

$

-

$

5,306,165

Total investment portfolio

$

5,041,165

$

265,000

$

-

$

5,306,165

 

                

Eagle Small Cap Growth Fund

  

 

  

 

  

 

  

 

Investments in securities

$

219,807,786

$

3,426,000

$

-

$

$223,233,786

Total investment portfolio

$

219,807,786

$

3,426,000

$

-

$

$223,233,786



* Other financial instruments include forward contracts which are valued at the unrealized appreciation/(depreciation) on the instrument. 

 

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 market quotations are not available or are unreliable, the Manager will value the security at fair value in good faith using the Procedures.

 

    
 

•

Foreign securities If market quotations from a pricing source are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. The Manager relies on a screening process from a fair valuation 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 reliable and does not reflect the current market value as of the close of the NYSE. Consequently, fair valuation of portfolio securities may occur on a daily basis. The Funds may also fair value a security if certain events occur between the time trading ends on a particular security and the time of a Fund’s NAV calculation. The Funds may fair value the particular security if the events are significant and make the closing price unreliable. If an issuer specific event has occurred that the Manager determines, in its judgment, is likely to have affected the closing price of a foreign security, it will price the security at fair value. 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. Fund securities primarily traded on foreign markets may trade on days that are not business days of the Funds. Because the NAVs of Fund shares are determined only on business days of the Funds, the value of the portfolio securities of a Fund that invests in foreign securities may change on days when you will not be able to purchase or redeem shares of the Fund.

 

    
 

•

Fixed income securities Government, corporate, asset-backed and municipal bonds and convertible securities, including high yield or junk bonds, normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing services may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. If the prices provided by the pricing service and independent quoted prices are unreliable, the Valuation Committee will fair value the security using the Procedures.

 

    
 

•

Short-term securities The amortized cost method of security valuation is used by the Funds(as set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended) for short-term investments (investments that have a maturity date of 60 days or less). The amortized cost of an instrument is determined by valuing it at cost as of the time of purchase and thereafter accreting/amortizing any purchase discount/premium at a constant rate until maturity. Amortized cost approximates market value.

 

    
 

Foreign currency transactions The books and records of each Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and other liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains and losses from investment transactions. Net realized gain (loss) from foreign currency transactions and the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies include gains and losses between trade and settlement date on securities transactions, gains and losses arising from the purchase and sale of forward foreign currency contracts and gains and losses between the ex and payment dates on dividends, interest and foreign withholding taxes.

 

  
 

Forward foreign currency 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 contracts are valued on each valuation day and the unrealized gain or loss is included in the Statement of Assets and Liabilities. When the contracts are closed, the gain or loss 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.

 

  
 

Real estate investment trusts (“REITs”) There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Dividend income is recorded at the Manager’s estimate of the income included in distributions from the REIT investments.

 

  
 

Repurchase agreements Each Fund enters into repurchase agreements whereby the 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.

 

  
 

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.

 

  
 

Expenses Each Fund is charged for those expenses that are directly attributable to it, while other expenses are allocated proportionately among the Eagle Family of Funds based upon methods approved by the Boards. Expenses that are directly attributable to a specific class of shares, such as distribution fees, shareholder servicing fees and administrative fees, are charged directly to that class. Other expenses of each Fund are allocated to each class of shares based upon their 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 expense for administration, distribution and/or shareholder services. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

 

  
 

Distribution of income and gains Distributions of net investment income are made annually. Net realized gains from investment transactions during any particular year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to the Fund, will be distributed to shareholders in the following fiscal year. The Funds use 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.

 

  
 

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 a Fund and/or its affiliates that have not yet occurred. However, based on experience, the risk of loss to the Funds is expected to be remote.

 

  
 

NOTE 3 | New accounting pronouncements In March 2008, FASB issued its new Standard No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position, financial performance, and cash flows. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008. The Manager is evaluating the application of FAS 161 to the Funds, and is not in a position at this time to estimate the significance of its impact on the Funds’ financial statements.


 

Item 2. Controls and Procedures

(a)

Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), the Principal Executive Officer and Principal Financial Officer of Eagle Series Trust have concluded that such disclosure controls and procedures are effective as of a date within 90 days of the filing date of this Form N-Q.

 

(b)

There was no change in the internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) of Eagle Series Trust that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, its internal controls over financial reporting.



Item 3. Exhibits 

(a)

Certifications of the Principal Executive Officer and Principal Financial Officer of Eagle Series Trust as required by Rule 30a-2(a) under the Investment Company Act of 1940.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EAGLE SERIES TRUST

Date:     March 27, 2009

/s/ Mathew J. Calabro     

Mathew J. Calabro

Principal Executive Officer

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

EAGLE SERIES TRUST

Date:     March 27, 2009

/s/ Mathew J. Calabro     

Mathew J. Calabro

Principal Executive Officer

 

Date:     March 27, 2009

/s/ Andrea N. Mullins      

Andrea N. Mullins

Principal Financial Officer