N-Q 1 form-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: July 31, 2009

Item 1. Schedule of Investments  

Eagle Large Cap Core Fund  

Investment Portfolio  

July 31, 2009  

(unaudited)  
       

Common stocks - 94.5% (a)

Shares

Value

Advertising--3.1%

    

Omnicom Group Inc.

109,245

$ 3,714,330

Aerospace/defense--1.5%

    

United Technologies Corporation

33,120

1,804,046

Auto manufacturers--2.1%

    

PACCAR Inc.

73,090

2,532,568

Banks--10.8%

    

Bank of America Corporation

251,240

3,715,840

JPMorgan Chase & Company

34,520

1,334,198

State Street Corporation

29,125

1,464,988

SunTrust Banks, Inc.

28,500

555,750

The Goldman Sachs Group, Inc.

13,520

2,207,816

Wells Fargo & Company

152,610

3,732,841

Biotechnology--1.3%

    

Genzyme Corporation *

30,750

1,595,618

Computers--2.2%

    

Apple, Inc. *

16,025

2,618,325

Diversified manufacturer--5.3%

    

General Electric Company

177,125

2,373,475

Tyco International Ltd.

132,186

3,994,661

Financial services--1.4%

    

American Express Company

58,280

1,651,072

Healthcare products--7.7%

    

Covidien PLC

55,456

2,096,791

Johnson & Johnson

79,555

4,844,104

Zimmer Holdings, Inc. *

48,625

2,265,925

Healthcare services--4.1%

    

UnitedHealth Group Inc.

176,410

4,950,065

Insurance--0.7%

    

MetLife, Inc.

26,630

904,088

Multimedia--2.3%

    

Viacom Inc., Class B *

120,050

2,780,358

Oil & gas--9.2%

    

BP PLC, Sponsored ADR

72,010

3,603,380

ConocoPhillips

56,440

2,466,992

EOG Resources Inc.

36,200

2,679,886

Exxon Mobil Corporation

33,155

2,333,780

Oil & gas services--2.2%

    

Schlumberger Ltd.

50,265

2,689,178

Pharmaceuticals--3.4%

    

Pfizer Inc.

256,160

4,080,629

Retail--12.7%

    

CVS/Caremark Corporation

153,685

5,145,374

Home Depot, Inc.

86,140

2,234,472

Macy's Inc.

183,940

2,558,605

Staples, Inc.

251,180

5,279,804

Semiconductor equipment--4.5%

    

Applied Materials, Inc.

387,830

5,352,054

Semiconductors--5.7%

    

Intel Corporation

201,080

3,870,790

Texas Instruments Inc.

126,320

3,037,996

Software--9.0%

    

Adobe Systems Inc. *

93,795

3,040,834

Electronic Arts Inc. *

177,805

3,817,473

Microsoft Corporation

166,130

3,907,378

Telecommunications--4.0%

    

Cisco Systems, Inc. *

102,310

2,251,843

Sprint Nextel Corporation *

623,300

2,493,200

Television, cable & radio--1.3%

    

Comcast Corporation, Class A

104,535

1,553,390

Total common stocks (cost $119,174,899)

  

113,533,917
  

Investment companies - 2.5% (a)

        

SPDR KBW Bank ETF

147,950

2,973,795

Total investment companies (cost $2,839,530)

  

2,973,795

Total investment portfolio excluding repurchase

agreement (cost $122,014,429)

     

116,507,712

  

Repurchase agreement - 3.2% (a)

        

Repurchase agreement with Fixed Income

    

Clearing Corporation, dated July 31, 2009 @

   

0.05% to be repurchased at $3,853,016 on

    

August 3, 2009, collateralized by

    

$3,925,000 United States Treasury Notes,

    

0.875% due December 31, 2010 (market value

    

$3,931,573 including interest) (cost $3,853,000)

  

3,853,000

     

Total investment portfolio (cost $125,867,429) 100.2% (a)

  

$120,360,712

     

* Non-income producing security.

    

(a) Percentages indicated are based on net assets of $120,084,661.

    
     

ADR - American depository receipt.

    

ETF - Exchange-traded fund.

    


Eagle Mid Cap Stock Fund

Investment Portfolio

July 31, 2009

(unaudited)
     

Common stocks - 98.2% (a)

Shares

Value

Agriculture--1.1%

    

Lorillard Inc.

180,032

$ 13,271,959

Beverages--1.2%

    

Molson Coors Brewing Company, Class B

332,183

15,017,993

Biotechnology--1.2%

    

Bio-Rad Laboratories, Inc., Class A *

202,628

15,691,512

Broadcasting services/programs--1.6%

    

Discovery Communications Inc., Class A *

844,446

20,688,927

Chemicals--3.9%

    

Ecolab Inc.

413,430

17,161,479

FMC Corporation

348,390

16,945,690

Lubrizol Corporation

257,275

14,903,941

Commercial services--4.5%

    

DeVry Inc.

274,110

13,634,231

Mastercard Inc., Class A

78,155

15,164,415

SEI Investments Company

777,546

14,695,619

The Western Union Company

722,305

12,625,891

Computers--4.4%

    

DST Systems, Inc. *

277,626

12,307,161

IHS Inc., Class A *

623,809

31,153,021

Synopsys, Inc. *

566,705

11,322,766

Diversified manufacturer--5.7%

    

Acuity Brands Inc.

666,738

19,675,438

Danaher Corporation

591,364

36,215,131

ITT Corporation

327,895

16,198,013

Electric--1.0%

    

ITC Holdings Corporation

266,992

12,735,518

Electrical components & equipment--2.7%

    

AMETEK, Inc.

1,039,753

33,646,407

Electronics--5.1%

    

Agilent Technologies Inc. *

880,285

20,440,218

Amphenol Corporation, Class A

553,186

18,448,753

FLIR Systems, Inc. *

819,392

17,608,734

Mettler-Toledo International Inc. *

91,480

7,689,809

Entertainment--2.3%

    

DreamWorks Animation SKG, Inc. *

423,413

13,341,744

Penn National Gaming, Inc. *

500,075

15,857,378

Environmental control--2.0%

    

Stericycle Inc. *

244,411

12,513,843

Waste Connections, Inc. *

436,009

12,299,814

Financial services--3.4%

    

CME Group Inc.

55,405

15,448,576

Invesco Ltd.

637,662

12,593,824

Lazard Ltd., Class A

388,841

14,383,229

Food--1.6%

    

Kellogg Company

429,800

20,415,500

Hand/machine tools--1.5%

    

Snap-On Inc.

535,249

19,070,922

Healthcare products--5.6%

    

Beckman Coulter, Inc.

263,278

16,583,881

Covidien PLC

661,035

24,993,733

Idexx Laboratories, Inc. *

310,560

15,472,099

Patterson Companies, Inc. *

521,585

13,227,396

Healthcare services--2.0%

    

Laboratory Corporation of America Holdings *

371,222

24,942,406

Household products--1.2%

    

Church & Dwight Co., Inc.

267,130

15,755,327

Insurance--8.6%

    

Allied World Assurance Company Holdings, Ltd.

628,361

27,308,569

Aon Corporation

272,976

10,768,903

Arch Capital Group Ltd. *

433,477

26,957,935

HCC Insurance Holdings, Inc.

588,928

14,782,093

Reinsurance Group of America Inc.

346,589

14,383,444

Stancorp Financial Group, Inc.

391,181

13,464,450

Internet--2.6%

    

Symantec Corporation *

1,384,975

20,677,677

VeriSign, Inc. *

605,648

12,379,445

Machinery--1.7%

    

Roper Industries Inc.

435,805

20,840,195

Multimedia--2.4%

    

Liberty Media Corporation - Entertainment, Class A *

1,064,376

29,770,597

Oil & gas--2.8%

    

Helmerich & Payne Inc.

504,530

17,335,651

Noble Energy, Inc.

304,545

18,613,790

Oil & gas services--3.0%

    

Cameron International Corporation *

713,550

22,284,166

National Oilwell Varco, Inc. *

420,170

15,100,910

Packaging & containers--4.5%

    

Crown Holdings Inc. *

971,245

24,378,250

Owens-Illinois, Inc. *

564,997

19,175,998

Pactiv Corporation *

524,311

13,202,151

Pharmaceuticals--2.4%

    

McKesson Corporation

582,871

29,813,852

Printing & publishing--1.8%

    

John Wiley & Sons, Inc., Class A

701,579

22,373,354

REIT--0.9%

    

Annaly Capital Management, Inc.

689,925

11,625,236

Retail--4.1%

    

O'Reilly Automotive, Inc. *

299,935

12,195,357

Staples, Inc.

1,275,277

26,806,323

TJX Companies, Inc.

349,017

12,644,886

Semiconductors--2.0%

    

Analog Devices, Inc.

264,980

7,252,503

Microchip Technology Inc.

674,425

18,162,265

Software--5.7%

    

ANSYS, Inc. *

705,678

22,059,494

Broadridge Financial Solutions Inc.

603,438

10,421,374

Fiserv, Inc. *

558,244

26,466,348

Intuit Inc. *

423,245

12,570,376

Telecommunications--1.3%

    

Cellcom Israel Ltd.

569,180

15,914,273

Television, cable & radio--1.6%

    

Time Warner Cable Inc.

606,635

20,055,355

Transportation--0.8%

    

J.B. Hunt Transport Services, Inc.

383,170

10,709,602

Total common stocks (cost $1,122,391,351)

  

1,234,637,120

  

Repurchase agreement - 2.5% (a)

        

Repurchase agreement with Fixed Income

    

Clearing Corporation, dated July 31, 2009 @

   

0.05% to be repurchased at $31,575,132 on

    

August 3, 2009, collateralized by

    

$32,165,000 United States Treasury Notes,

    

0.875% due December 31, 2010 (market value

    

$32,218,863 including interest) (cost $31,575,000)

  

31,575,000

     

Total investment portfolio (cost $1,153,966,351) 100.7% (a)

  

$ 1,266,212,120

     

* Non-income producing security.

    

(a) Percentages indicated are based on net assets of $1,257,551,515.

    
     

REIT - Real estate investment trust.

    


Eagle Mid Cap Growth Fund

 Investment Portfolio      

July 31, 2009

(unaudited)
       

Common stocks - 96.0% (a)

Shares

Value

Apparel--2.0%

    

Coach Inc.

97,165

$ 2,875,112

Auto manufacturers--1.9%

    

Navistar International Corporation *

68,305

2,700,780

Biotechnology--4.9%

    

Celgene Corporation *

56,175

3,199,728

Dendreon Corporation *

45,500

1,101,555

Illumina, Inc. *

31,600

1,142,024

Myriad Genetics, Inc. *

52,425

1,437,494

Chemicals--3.6%

    

Huntsman Corporation

524,170

3,218,404

Terra Industries Inc.

64,720

1,887,235

Commercial services--4.9%

    

FTI Consulting, Inc. *

42,745

2,326,610

Quanta Services, Inc. *

78,415

1,827,854

Ritchie Brothers Auctioneers Inc.

111,595

2,678,280

Computers--4.5%

    

Accenture Ltd., Class A

88,110

3,090,018

Western Digital Corporation *

108,825

3,291,956

Distribution/wholesale--0.8%

    

Fastenal Company

32,330

1,149,978

Electronics--4.2%

    

Dolby Laboratories, Inc., Class A *

66,620

2,773,391

Thermo Fisher Scientific Inc. *

68,175

3,086,964

Energy-alternative sources--0.9%

    

First Solar Inc. *

8,080

1,247,471

Entertainment--3.4%

    

Bally Technologies, Inc. *

91,775

3,323,173

Penn National Gaming, Inc. *

45,120

1,430,755

Environmental control--2.4%

    

Republic Services, Inc.

63,565

1,690,829

Waste Connections, Inc. *

60,375

1,703,179

Financial services--5.8%

    

Ameriprise Financial, Inc.

89,675

2,492,965

Lazard Ltd., Class A

41,065

1,518,994

TD Ameritrade Holding Corporation *

225,080

4,172,983

Healthcare products--2.5%

    

Patterson Companies, Inc. *

59,420

1,506,891

ResMed Inc. *

49,415

2,026,015

Household products--3.0%

    

Church & Dwight Co., Inc.

72,400

4,270,152

Insurance--1.3%

    

RenaissanceRe Holdings Ltd.

36,560

1,837,140

Internet--3.9%

    

Netflix, Inc. *

66,325

2,914,320

VeriSign, Inc. *

123,325

2,520,763

Iron/steel--2.0%

    

Steel Dynamics, Inc.

172,819

2,827,319

Leisure time--2.3%

    

Carnival Corporation

116,105

3,249,779

Machinery--1.5%

    

AGCO Corporation *

65,635

2,064,877

Mining--1.6%

    

Freeport-McMoRan Copper & Gold Inc.

37,580

2,266,074

Oil & gas--6.3%

    

CNX Gas Corporation *

71,597

2,104,236

Continental Resources Inc. *

96,375

3,260,366

Denbury Resources Inc. *

206,315

3,424,829

Pharmaceuticals--4.8%

    

Express Scripts Inc. *

48,235

3,378,379

Mylan Inc. *

253,130

3,338,785

Retail--2.1%

    

Advance Auto Parts, Inc.

34,005

1,572,051

Limited Brands Inc..

106,415

1,377,010

Semiconductor equipment--2.1%

    

KLA-Tencor Corporation

93,940

2,994,807

Semiconductors--9.2%

    

Altera Corporation

59,892

1,119,381

Linear Technology Corporation

90,545

2,432,944

MEMC Electronic Materials, Inc. *

132,575

2,335,972

Micron Technology, Inc. *

628,820

4,018,160

Rovi Corporation *

118,540

3,101,006

Software--5.9%

    

Adobe Systems Inc. *

46,381

1,503,675

ANSYS, Inc. *

88,130

2,754,944

Autodesk, Inc. *

99,925

2,179,364

MSCI Inc., Class A *

69,000

1,928,550

Telecommunications--5.0%

    

Amdocs Ltd. *

116,170

2,778,786

American Tower Corporation, Class A *

39,605

1,350,134

Windstream Corporation

326,620

2,864,457

Transportation--3.2%

    

Con-Way Inc.

72,831

3,317,452

Landstar System, Inc.

31,840

1,167,891

Total common stocks (cost $114,214,514)

  

135,154,241

  

Repurchase agreement - 3.2% (a)

        

Repurchase agreement with Fixed Income

    

Clearing Corporation, dated July 31, 2009 @

   

0.05% to be repurchased at $4,474,019 on

    

August 3, 2009, collateralized by

    

$4,620,000 United States Treasury Notes,

    

1.375% due April 15, 2012 (market value

    

$4,624,856 including interest) (cost $4,474,000)

  

4,474,000

     

Total investment portfolio (cost $118,688,514) 99.2% (a)

  

$139,628,241

     

* Non-income producing security.

    

(a) Percentages indicated are based on net assets of $140,736,736.

    


Eagle Small Cap Core Value Fund

Investment Portfolio

July 31, 2009

(unaudited)
       

Common stocks - 93.1% (a)

Shares

Value

Aerospace/defense--0.7%

    

Orbital Sciences Corporation *

30,375

$ 411,278

Banks--6.0%

    

Cardinal Financial Corporation

75,483

588,013

First Financial Bancorp

53,234

459,942

PrivateBancorp Inc.

18,485

458,983

Signature Bank *

18,470

544,496

Southwest Bancorp, Inc.

21,690

218,418

Sterling Bancshares, Inc.

35,415

285,799

Texas Capital Bancshares, Inc. *

45,053

748,330

Biotechnology--1.6%

    

Charles River Laboratories International, Inc. *

8,065

266,710

Cubist Pharmaceuticals, Inc. *

31,775

631,369

Building materials--0.2%

    

Lennox International Inc.

3,890

135,566

Coal--1.6%

    

Foundation Coal Holdings Inc.

18,010

647,099

Massey Energy Company

9,645

256,557

Commercial services--10.6%

    

AerCap Holdings NV *

21,575

164,833

Chemed Corporation

19,035

839,444

Cross Country Healthcare, Inc. *

59,407

496,048

Euronet Worldwide, Inc. *

47,270

994,561

Gartner, Inc. *

31,650

541,215

Interactive Data Corporation

34,680

788,970

LECG Corporation *

122,128

449,431

Net 1 UEPS Technologies, Inc. *

54,538

919,511

On Assignment, Inc. *

91,622

387,561

Parexel International Corporation *

19,800

306,306

Computers--2.6%

    

Electronics for Imaging, Inc. *

44,470

506,958

Insight Enterprises, Inc. *

28,410

292,623

Mercury Computer Systems, Inc. *

35,840

412,160

SMART Modular Technologies (WWH), Inc. *

78,316

233,382

Distribution/wholesale--2.5%

    

FGX International Holdings Ltd. *

66,885

883,551

School Specialty, Inc. *

22,695

507,687

Diversified manufacturer--1.4%

    

Barnes Group Inc.

33,600

472,752

Matthews International Corporation, Class A

10,180

318,227

Electric--1.0%

    

Allete, Inc.

17,270

552,295

Electrical components & equipment--0.6%

    

Belden, Inc.

20,300

356,062

Electronics--1.2%

    

Benchmark Electronics, Inc. *

26,045

411,511

Sonic Solutions, Inc. *

73,718

267,596

Engineering & construction--2.9%

    

Dycom Industries, Inc. *

60,090

764,946

URS Corporation *

16,243

821,896

Entertainment--1.1%

    

Lions Gate Entertainment Corporation *

101,970

597,544

Environmental control--0.2%

    

Casella Waste Systems, Inc., Class A *

44,247

122,122

Financial services--2.8%

    

Compass Diversified Holdings

15,605

140,445

Investment Technology Group, Inc. *

15,350

343,072

KBW Inc. *

1,730

50,499

MarketAxess Holdings Inc. *

36,946

386,455

optionsXpress Holdings, Inc.

35,115

634,528

Gas--2.0%

    

AGL Resources, Inc.

32,370

1,088,279

Healthcare products--2.1%

    

Merit Medical Systems, Inc. *

63,298

1,157,720

Healthcare services--5.8%

    

AMERIGROUP Corporation *

25,265

623,540

Amsurg Corporation *

44,290

913,260

Mednax Inc. *

20,300

940,905

Psychiatric Solutions, Inc. *

27,520

743,590

Household products--1.2%

    

Jarden Corporation *

26,525

653,841

Insurance--5.2%

    

American Equity Investment Life Holding Company

79,470

575,363

Assured Guaranty Ltd.

40,910

571,513

First Mercury Financial Corporation

28,985

418,833

IPC Holdings, Ltd.

14,985

433,666

Platinum Underwriters Holdings, Ltd.

16,625

561,094

Stewart Information Services Corporation

25,110

345,765

Internet--2.2%

    

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

137,507

330,017

SonicWALL, Inc. *

117,130

889,017

Machinery--1.5%

    

Altra Holdings, Inc. *

43,950

386,320

Flowserve Corporation

2,530

204,348

Wabtec Corporation

7,395

248,842

Metal fabricate/hardware--0.8%

    

Kaydon Corporation

13,325

435,328

Mining--1.9%

    

IAMGOLD Corporation

97,330

1,027,805

Miscellaneous manufacturer--0.5%

    

Polypore International, Inc. *

23,300

287,755

Oil & gas--1.8%

    

Comstock Resources, Inc. *

16,215

624,278

Rosetta Resources, Inc. *

38,190

396,030

Oil & gas services--3.3%

    

Dresser-Rand Group, Inc. *

30,860

898,335

Oceaneering International, Inc. *

17,810

906,885

Packaging & containers--0.7%

    

Silgan Holdings Inc.

7,445

374,186

Pharmaceuticals--1.9%

    

Herbalife Ltd.

31,190

1,073,248

Printing & publishing--1.7%

    

John Wiley & Sons, Inc., Class A

29,005

924,969

Real estate--1.0%

    

Government Properties Income Trust *

26,770

525,495

REITs--1.4%

    

BioMed Realty Trust, Inc.

37,235

434,905

Chimera Investment Corporation

68,885

246,608

Kite Realty Group Trust

32,970

105,504

Retail--4.5%

    

AFC Enterprises, Inc. *

83,767

622,389

Jo-Ann Stores Inc. *

24,875

579,588

Nu Skin Enterprises, Inc., Class A

38,780

698,428

Stage Stores, Inc.

45,260

564,845

Savings & loans--0.5%

    

Berkshire Hills Bancorp Inc.

12,779

292,128

Semiconductor equipment--1.0%

    

Varian Semiconductor Equipment Associates, Inc. *

17,415

557,977

Semiconductors--1.0%

    

Microsemi Corporation *

38,935

531,463

Software--7.8%

    

Aspen Technology, Inc. *

112,147

1,110,255

Avid Technology, Inc. *

35,905

439,836

Bottomline Technologies, Inc. *

76,366

781,224

SPSS, Inc. *

22,720

1,124,186

Sybase, Inc. *

24,870

890,346

Telecommunications--5.6%

    

Alaska Communications Systems Group, Inc.

76,167

564,397

CommScope, Inc. *

28,125

720,000

Switch & Data Facilities Company, Inc. *

39,860

553,655

Symmetricom, Inc. *

118,291

766,526

Syniverse Holdings, Inc. *

29,045

509,159

Transportation--0.7%

    

Genesee & Wyoming Inc., Class A *

13,320

363,500

Total common stocks (cost $36,001,570)

  

51,633,897
  

Investment companies - 3.0% (a)

        

Apollo Investment Corporation

26,360

187,683

iShares Russell 2000 Growth Index Fund

4,460

272,194

iShares Russell 2000 Index Fund

13,865

771,310

iShares Russell 2000 Value Index Fund

8,655

445,732

Total investment companies (cost $1,123,463)

  

1,676,919

Total investment portfolio excluding repurchase

    

agreement (cost $37,125,033)

  

53,310,816

  

Repurchase agreement - 4.3% (a)

        

Repurchase agreement with Fixed Income

    

Clearing Corporation, dated July 31, 2009 @

   

0.05% to be repurchased at $2,399,010 on

    

August 3, 2009, collateralized by

    

$2,485,000 United States Treasury Bills,

    

due July 29, 2010 (market value

    

$2,473,374 including interest) (cost $2,399,000)

  

2,399,000

     

Total investment portfolio (cost $39,524,033) 100.4% (a)

  

$ 55,709,816

     

* Non-income producing security.

    

(a) Percentages indicated are based on net assets of $55,456,712.

    
     

REIT - Real estate investment trust.

    


Eagle Small Cap Growth Fund

Investment Portfolio

July 31, 2009

(unaudited)

 

Common stocks - 99.1% (a)

 

Shares

 

Value

Apparel--2.1%

    

True Religion Apparel Inc. *

288,897

$ 6,459,737

Banks--1.4%

    

First Commonwealth Financial Corporation

292,270

1,949,441

UMB Financial Corporation

52,575

2,193,429

Biotechnology--2.8%

    

Bio-Rad Laboratories, Inc., Class A *

46,675

3,614,512

Cubist Pharmaceuticals, Inc. *

150,385

2,988,150

Regeneron Pharmaceuticals Inc. *

95,080

2,038,515

Chemicals--4.1%

    

Huntsman Corporation

1,094,680

6,721,335

Terra Industries Inc.

193,320

5,637,211

Commercial services--8.5%

    

Coinstar Inc. *

123,343

4,098,688

FTI Consulting, Inc. *

101,360

5,517,025

Monster Worldwide, Inc. *

258,120

3,363,304

Ritchie Brothers Auctioneers Inc.

205,880

4,941,120

Sotheby's

205,955

3,103,742

The GEO Group, Inc. *

267,660

4,812,527

Computers--3.6%

    

Compellent Technologies, Inc. *

351,061

5,578,359

Netezza Corporation *

313,555

2,834,537

Radiant Systems Inc. *

241,620

2,430,697

Electrical components & equipment--1.2%

    

GrafTech International Ltd. *

276,885

3,801,631

Electronics--1.7%

    

Coherent, Inc. *

256,410

5,030,764

Entertainment--5.5%

    

Bally Technologies, Inc. *

264,008

9,559,730

Penn National Gaming, Inc. *

77,610

2,461,013

Shuffle Master, Inc. *

643,354

4,632,149

Environmental control--1.6%

    

Waste Connections, Inc. *

168,558

4,755,021

Financial services--1.5%

    

Broadpoint Gleacher Securities Inc. *

236,990

1,476,448

Duff & Phelps Corporation, Class A

162,297

2,942,445

Hand/machine tools--1.1%

    

Regal-Beloit Corporation

71,919

3,334,165

Healthcare products--6.5%

    

American Medical Systems Holdings, Inc. *

490,965

7,506,855

Cutera, Inc. *

179,025

1,494,859

Thoratec Corporation *

345,010

8,673,551

Vital Images, Inc. *

140,468

1,873,843

Healthcare services--8.0%

    

Amedisys Inc. *

84,445

3,775,536

Centene Corporation *

186,720

3,605,563

Genoptix Inc. *

132,900

4,161,099

Icon PLC, Sponsored ADR *

216,003

5,076,070

Lincare Holdings Inc. *

191,560

5,015,041

Psychiatric Solutions, Inc. *

90,509

2,445,553

Home furnishings--4.1%

    

DTS, Inc. *

206,140

5,662,666

Universal Electronics, Inc. *

314,181

6,632,361

Internet--3.3%

    

Netflix, Inc. *

88,445

3,886,273

TIBCO Software, Inc. *

687,084

5,998,243

Metal fabricate/hardware--1.7%

    

Northwest Pipe Company *

145,914

5,074,889

Oil & gas services--3.2%

    

Lufkin Industries, Inc.

133,241

6,049,141

OYO Geospace Corporation *

148,383

3,543,386

Pharmaceuticals--4.4%

    

BioMarin Pharmaceutical Inc. *

226,875

3,723,019

Herbalife Ltd.

114,855

3,952,161

Onyx Pharmaceuticals Inc. *

87,265

3,134,559

Perrigo Company

93,265

2,531,212

REIT--0.8%

    

Redwood Trust Inc.

149,524

2,429,765

Retail--6.9%

    

BJ's Restaurants, Inc. *

329,945

5,305,516

Cash America International, Inc.

325,295

8,695,135

Genesco Inc. *

319,642

6,942,624

Semiconductor equipment--5.8%

    

FormFactor Inc. *

134,245

3,094,347

Teradyne, Inc. *

819,880

6,460,654

Varian Semiconductor Equipment Associates, Inc. *

251,185

8,047,967

Semiconductors--4.8%

    

Integrated Silicon Solutions Inc. *

272,900

859,635

ON Semiconductor Corporation *

832,395

6,076,484

Rovi Corporation *

285,155

7,459,655

Software--9.9%

    

ANSYS, Inc. *

175,775

5,494,726

Eclipsys Corporation *

356,341

6,485,406

Informatica Corporation *

191,585

3,523,248

MedAssets Inc. *

178,808

3,340,133

Novell, Inc. *

659,995

3,022,777

Omniture Inc. *

210,235

2,876,015

Quality Systems, Inc.

95,606

5,247,813

Telecommunications--2.0%

    

EMS Technologies, Inc. *

275,710

6,065,622

LogMeIn Inc. *

1,815

35,411

Transportation--2.6%

    

Genco Shipping & Trading Ltd.

121,810

2,912,477

Landstar System, Inc.

137,305

5,036,347

Total common stocks (cost $249,554,922)

  

299,503,332

  

Repurchase agreement - 2.7% (a)

        

Repurchase agreement with Fixed Income

    

Clearing Corporation, dated July 31, 2009 @

   

0.05% to be repurchased at $8,077,034 on

    

August 3, 2009, collateralized by

    

$8,345,000 United States Treasury Notes,

    

1.375% due April 15, 2012 (market value

    

$8,353,771 including interest) (cost $8,077,000)

  

8,077,000

     

Total investment portfolio (cost $257,631,922) 101.8% (a)

  

$307,580,332

     

* Non-income producing security.

    

(a) Percentages indicated are based on net assets of $302,071,916.

    
     

ADR - American depository receipt.

    

REIT - Real estate investment trust.

    

Eagle International Equity Fund  

Investment Portfolio

July 31, 2009 

(unaudited) 
       
       

Common stocks - 89.1% (a)

Shares

Value

Australia--6.2%

    

Australia & New Zealand Banking Group Ltd.

26,582

$ 411,956

BHP Billiton Ltd.

39,103

1,232,636

Commonwealth Bank of Australia

14,197

507,392

CSL Ltd.

6,680

170,677

Foster's Group Ltd.

24,828

111,923

Macquarie Airports

99,399

207,000

Macquarie Group Ltd.

3,188

117,370

National Australia Bank Ltd.

21,642

439,721

QBE Insurance Group Ltd.

7,483

122,039

Rio Tinto Ltd.

41,230

2,071,908

Telstra Corporation Ltd.

107,713

318,003

Wesfarmers Ltd.

11,188

241,881

Westfield Group

24,383

230,511

Westpac Banking Corporation

27,671

501,964

Woodside Petroleum Ltd.

13,558

517,274

Woolworths Ltd.

15,031

344,242

Austria--0.8%

    

Flughafen Wien AG

4,614

178,876

OMV AG

16,427

654,285

Telekom Austria AG

4,832

73,760

Belgium--0.2%

    

Anheuser-Busch InBev NV

3,369

134,043

Belgacom SA

775

27,764

Fortis

19,783

77,155

Solvay SA

395

38,717

Bermuda--0.1%

    

Yue Yuen Industrial Holdings Ltd.

14,500

39,265

Brazil--0.7%

    

Cia Siderurgica Nacional SA

2,585

66,587

Vale SA, Sponsored ADR

42,504

838,604

Britain--12.3%

    

Anglo American PLC

21,364

688,769

AstraZeneca PLC

9,029

420,556

Barclays PLC

50,912

258,291

BG Group PLC

10,222

170,583

BHP Billiton PLC

46,370

1,210,681

BP PLC

169,775

1,414,211

British American Tobacco PLC

12,237

379,799

BT Group PLC

43,786

92,635

Cadbury PLC

25,097

247,767

Diageo PLC

23,537

368,797

GlaxoSmithKline PLC

78,342

1,500,921

HSBC Holdings PLC

214,590

2,161,902

Imperial Tobacco Group PLC

8,417

240,570

J Sainsbury PLC

22,654

119,699

Lloyds Banking Group PLC

252,284

359,789

Marks & Spencer Group PLC

12,856

73,981

Old Mutual PLC

58,506

93,646

Prudential PLC

26,028

194,892

Rio Tinto PLC

36,650

1,510,958

Rolls-Royce Group PLC

10,082

69,766

Royal Bank of Scotland Group PLC

174,794

131,514

Standard Chartered PLC

14,538

345,090

Tesco PLC

103,211

631,736

Vodafone Group PLC

829,694

1,700,576

WM Morrison Supermarkets PLC

20,344

91,393

WPP PLC

54,201

418,069

Canada--5.2%

    

Bank of Montreal

8,122

407,287

Bank of Nova Scotia

10,697

455,982

Barrick Gold Corporation

3,238

113,078

Bombardier Inc., Class B

5,046

17,893

Canadian Imperial Bank of Commerce

4,552

280,198

Canadian Natural Resources Ltd.

4,411

265,172

Canadian Pacific Railway Ltd.

4,424

196,713

EnCana Corporation

13,931

747,211

Goldcorp Inc.

6,210

235,948

Kinross Gold Corporation

5,894

116,266

Manulife Financial Corporation

6,164

149,687

National Bank of Canada

1,235

66,619

Petro-Canada

14,431

595,995

Potash Corporation of Saskatchewan Inc.

1,255

116,920

Research in Motion Ltd. *

4,924

374,224

Rogers Communications Inc., Class B

2,171

60,318

Royal Bank of Canada

13,949

664,010

Sun Life Financial Inc.

2,080

71,094

Suncor Energy Inc. *

7,825

253,073

Talisman Energy Inc.

26,209

405,087

Teck Resources Ltd., Class B

7,668

201,799

The Toronto-Dominion Bank

8,834

517,534

China--3.3%

    

Bank of China Ltd.

536,532

266,612

Bank of Communications Company Ltd.

34,000

41,648

Beijing Capital International Airport Company Ltd.

172,717

122,729

China Citic Bank

93,000

64,250

China Construction Bank Corporation

759,854

609,280

China COSCO Holdings Company Ltd.

42,500

61,142

China Life Insurance Company Ltd.

110,864

492,090

China Merchants Bank Company Ltd.

11,000

25,736

China Petroleum & Chemical Corporation

799,443

718,763

China Shenhua Energy Company Ltd.

35,000

142,260

China Telecom Corporation Ltd.

162,000

84,367

Industrial & Commercial Bank of China

635,676

454,978

PetroChina Company Ltd.

657,470

775,669

Ping An Insurance Group Company of China Ltd.

16,000

140,770

Czech--1.6%

    

Komercni Banka, AS

11,167

1,928,367

Denmark--0.6%

    

A.P. Moller-Maersk AS

11

68,425

ALK-Abello AS

1,222

94,083

Carlsberg AS, Class B

109

7,563

Danske Bank AS

5,875

122,286

Novo Nordisk AS, Class B

6,575

383,881

Vestas Wind Systems AS *

914

64,237

Finland--0.4%

    

Fortum Oyj

1,041

24,191

Kone Oyj, Class B

2,295

78,080

Nokia Oyj

8,737

116,310

Orion Oyj, Class B

7,573

132,358

Sampo Oyj, Class A

1,842

38,462

Stora Enso Oyj, Class R

10,348

65,980

France--9.2%

    

Accor SA

1,765

75,344

Aeroports de Paris

5,660

456,845

Air Liquide SA

2,388

249,349

Alstom SA

1,891

129,830

AXA SA

14,790

312,619

BNP Paribas

10,704

780,365

Bouygues SA

2,810

119,692

Carrefour SA

7,010

329,065

Casino Guichard-Perrachon SA

2,609

179,165

Compagnie de Saint-Gobain

4,070

165,525

Compagnie Generale des Establissements Michelin

2,028

146,433

Credit Agricole SA

12,978

185,253

Electricite de France SA

2,302

114,098

France Telecom SA

31,785

793,258

GDF Suez

15,486

591,645

Groupe Danone SA

15,142

812,450

Lafarge SA

3,547

256,215

LVMH Moet Hennessy Louis Vuitton SA

2,188

197,373

Pernod-Ricard SA

1,805

140,262

Peugeot SA

4,081

123,778

Pinault-Printemps-Redoute SA (PPR)

1,481

165,049

Publicis Groupe SA

3,919

138,967

Renault SA

6,257

266,829

Sanofi-Aventis SA

16,031

1,050,139

Schneider Electric SA

2,324

211,132

Societe Generale

5,108

327,983

Total SA

29,404

1,636,979

Vallourec SA

579

76,170

Veolia Environnement

4,060

139,633

Vinci SA

12,323

627,209

Vivendi

13,852

354,637

Germany--6.6%

    

Adidas AG

3,567

150,742

Allianz SE

4,551

448,868

BASF SE

8,900

447,108

Bayer AG

7,675

471,041

Bayerische Motoren Werke AG

3,069

141,857

Beiersdorf AG

472

23,768

Commerzbank AG

7,351

57,626

Daimler AG

8,616

398,744

Deutsche Bank AG

7,563

489,283

Deutsche Boerse AG

1,254

99,375

Deutsche Post AG

4,367

69,121

Deutsche Telekom AG

39,012

499,878

E.ON AG

21,001

795,013

Fraport AG Frankfurt Airport Services Worldwide

30,275

1,388,597

Fresenius SE

2,556

125,686

K+S AG

972

54,557

MAN SE

3,003

207,588

Muenchener Rueckversicherungs AG

2,214

334,779

RWE AG

4,813

406,453

SAP AG

7,966

374,680

Siemens AG

10,409

830,813

ThyssenKrupp AG

4,380

134,845

Greece--0.2%

    

Hellenic Telecommunications Organization SA

8,379

131,368

National Bank of Greece SA

3,383

98,750

Hong Kong--3.3%

    

Cheung Kong Holdings Ltd.

13,000

166,939

China Merchants Holdings (International) Company Ltd.

80,970

263,512

China Mobile Ltd.

110,598

1,155,960

China National Offshore Oil Corporation Ltd.

177,000

236,773

China Overseas Land & Investment Ltd.

48,000

117,562

China Resources Land Ltd.

50,000

120,474

CLP Holdings Ltd.

8,500

57,635

Denway Motors Ltd.

114,000

56,485

Esprit Holdings Ltd.

11,559

82,689

GOME Electrical Appliances Holdings Ltd.

270,773

78,262

Hang Lung Properties Ltd.

35,000

128,738

Henderson Land Development Company Ltd.

20,000

131,874

Hong Kong Exchanges and Clearing Ltd.

10,700

200,055

Hutchison Whampoa Ltd.

75,000

556,665

Li & Fung Ltd.

26,000

75,797

MTR Corporation

18,000

65,113

New World Development Ltd.

31,000

73,840

Sun Hung Kai Properties Ltd.

13,000

194,839

Swire Pacific Ltd., Class A

12,000

133,887

Wharf Holdings Ltd.

29,000

135,931

Hungary--0.7%

    

OTP Bank PLC

40,661

870,455

India--0.3%

    

HDFC Bank Ltd., Sponsored ADR

564

55,142

ICICI Bank Ltd., Sponsored ADR

3,466

108,659

Infosys Technologies Ltd., Sponsored ADR

2,833

121,904

Sterlite Industries India Ltd., Sponsored ADR

4,815

63,799

Indonesia--0.1%

    

Telekomunikasi Indonesia Tbk PT

71,301

64,297

Ireland--0.3%

    

CRH PLC

13,961

336,684

Italy--2.2%

    

Assicurazioni Generali SpA

8,504

194,420

Atlantia SpA

2,879

63,521

Enel SpA

52,843

287,146

ENI SpA

61,038

1,426,794

Intesa Sanpaolo SpA

38,203

142,252

Mediaset SpA

6,400

38,578

Mediobanca SpA

5,355

75,180

Saipem SpA

1,552

42,029

Telecom Italia SpA

112,398

175,900

UniCredit SpA

74,080

218,216

Japan--9.3%

    

Aisin Seiki Company Ltd.

5,101

130,790

Asahi Breweries Ltd.

4,100

65,210

Asahi Glass Company Ltd.

7,000

60,580

Benesse Corporation

600

25,997

Bridgestone Corporation

7,700

133,319

Canon Inc.

11,573

433,510

Central Japan Railway Company

16

96,550

Daikin Industries Ltd.

2,000

72,942

Daiwa Securities Group Inc.

8,400

49,995

Denso Corporation

6,713

197,563

East Japan Railway Company

3,100

177,892

Eisai Company Ltd.

2,200

78,351

FamilyMart Company Ltd.

700

22,785

Fanuc Ltd.

4,900

400,981

Fujitsu Ltd.

9,000

59,400

Fukuoka Financial Group Inc.

5,000

21,929

Hitachi Construction Machinery Company Ltd.

1,330

23,498

Honda Motor Company Ltd.

21,890

703,575

ITOCHU Corporation

48,000

360,776

JFE Holdings Inc.

2,800

113,294

Kawasaki Heavy Industries Ltd.

14,000

35,992

KDDI Corporation

18

95,166

Kirin Holdings Company Ltd.

8,800

131,686

Komatsu Ltd.

12,200

200,653

Konica Minolta Holdings Inc.

3,500

38,283

Kubota Corporation

11,491

103,866

Kurita Water Industries Ltd.

726

24,173

Kyocera Corporation

1,100

88,827

Lawson Inc.

500

20,766

Makita Corporation

1,400

34,973

Mitsubishi Corporation

30,700

610,637

Mitsubishi Electric Corporation

15,000

109,642

Mitsubishi Estate Company Ltd.

9,000

149,412

Mitsubishi Heavy Industries Ltd.

14,000

55,929

Mitsubishi UFJ Financial Group Inc.

92,900

553,659

Mitsubishi UFJ Lease & Finance Company Ltd.

780

23,795

Mitsui & Company Ltd.

47,800

602,197

Mitsui Fudosan Company Ltd.

6,500

120,093

Mizuho Financial Group Inc.

68,200

154,430

NGK Insulators Ltd.

7,000

159,214

Nidec Corporation

4,400

317,619

Nikon Corporation

2,000

40,027

Nintendo Company Ltd.

461

124,484

Nippon Steel Corporation

15,000

60,332

Nippon Telegraph & Telephone Corporation

2,900

119,831

Nissan Motor Company Ltd.

27,700

200,519

Nomura Holdings, Inc.

25,300

222,442

NTT DoCoMo Inc.

119

172,243

ORIX Corporation

460

29,323

Panasonic Corporation

19,553

308,904

Ricoh Company Ltd.

9,000

118,622

Seven & I Holdings Company Ltd.

1,500

35,192

Shin-Etsu Chemical Company Ltd.

2,100

112,907

SMC Corporation

300

33,957

Sony Corporation

5,686

159,004

Stanley Electric Company Ltd.

1,200

25,013

Sumitomo Metal Industries Ltd.

21,000

52,617

Sumitomo Mitsui Financial Group Inc.

8,900

380,925

Sumitomo Realty & Development Company Ltd.

5,000

102,601

Suzuki Motor Corporation

14,000

352,519

Takeda Pharmaceutical Company Ltd.

2,200

89,046

The Bank of Yokohama Ltd.

13,500

72,991

The Chiba Bank Ltd.

8,700

56,452

The Japan Steel Works Ltd.

1,799

23,506

The Shizuoka Bank Ltd.

2,000

19,659

The Sumitomo Trust & Banking Company Ltd.

13,600

74,142

The Tokyo Electric Power Company Inc.

2,300

58,943

Tokio Marine Holdings Inc.

2,900

84,005

Toyota Motor Corporation

29,532

1,245,260

Uni-Charm Corporation

740

59,904

Luxembourg--0.5%

    

ArcelorMittal

16,338

591,570

Mexico--0.5%

    

America Movil, SAB de CV, Sponsored ADR

10,578

454,960

Cemex SAB de CV *

122,152

114,948

Grupo Televisa SA

17,459

63,114

Netherlands--3.6%

    

Aegon NV

14,887

109,445

European Aeronautic Defence and Space Company NV

1,486

28,339

Heineken NV

18,142

724,276

ING Groep NV

21,374

275,221

Koninklijke KPN NV

36,210

544,228

Koninklijke Philips Electronics NV

11,689

266,565

Reed Elsevier NV

21,208

221,849

Royal Dutch Shell PLC, Class A

54,289

1,426,641

TNT NV

3,045

72,327

Unilever NV

26,167

714,961

Norway--1.0%

    

DnB NOR ASA

12,521

108,961

Norsk Hydro ASA

10,415

61,170

Orkla ASA

7,778

61,595

StatoilHydro ASA

44,030

941,019

Telenor ASA

4,919

45,374

Portugal--0.0%

    

Energias de Portugal SA

14,183

56,258

Russia--1.9%

    

Gazprom OAO, Sponsored ADR

37,750

779,538

JSC MMC Norilsk Nickel, Sponsored ADR

32,211

322,432

Kuzbassenergo OJSC, 144A, Sponsored GDR (b)*

1,405

2,318

LUKoil, Sponsored ADR

11,300

565,000

Mobile Telesystems OJSC, Sponsored ADR

1,789

75,120

NovaTek OAO, Sponsored GDR

2,500

108,775

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

21,969

21,969

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

11,972

29,930

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

186

335

RAO Energy System of East OAO (b)*

606,074

2,727

Rosneft Oil Company, Sponsored GDR

46,600

284,726

Vimpel-Communications, Sponsored ADR

4,870

65,794

Singapore--0.5%

    

City Developments Ltd.

8,000

56,227

DBS Group Holdings Ltd.

6,000

57,867

Keppel Corporation Ltd.

12,000

69,779

Oversea-Chinese Banking Corporation Ltd.

11,000

59,643

Singapore Telecommunications Ltd.

98,000

238,335

United Overseas Bank Ltd.

5,000

61,273

Wilmar International Ltd.

15,000

62,306

South Africa--0.7%

    

Anglo Platinum Ltd.

866

61,881

Impala Platinum Holdings Ltd.

7,469

180,940

MTN Group Ltd.

14,422

237,889

Naspers Ltd., Class N

3,860

115,153

Sasol Ltd.

6,560

236,249

South Korea--3.2%

    

Hyundai Heavy Industries

1,648

288,487

Hyundai Motor Company

11,077

794,564

KB Financial Group Inc.

1,820

78,318

KT Corporation

1,850

59,709

KT&G Corporation

2,251

130,676

NHN Corporation *

431

62,639

Pohang Iron & Steel Company

1,779

722,566

Pohang Iron & Steel Company, Sponsored ADR

1,841

186,070

Samsung Electronics Company Ltd.

2,004

1,178,444

Shinhan Financial Group Company Ltd.

2,490

84,146

SK Telecom Company Ltd.

2,124

320,796

Spain--3.6%

    

Banco Bilbao Vizcaya Argentaria SA

38,239

627,863

Banco Popular Espanol SA

8,296

74,907

Banco Santander SA

126,588

1,833,126

EDP Renovaveis SA *

9,054

92,965

Grupo Ferrovial SA

663

22,819

Iberdrola Renovables SA

19,868

91,750

Iberdrola SA

38,824

333,122

Inditex SA

5,294

284,768

Telefonica SA

40,975

1,021,694

Sweden--1.4%

    

Atlas Copco AB, Class A

8,923

106,344

Getinge AB, Class B

10,745

161,536

Hennes & Mauritz AB, Class B

6,729

401,890

Sandvik AB

26,268

250,267

SKF AB, Class B

19,226

288,417

Svenska Cellulosa AB, Class B

19,561

251,425

Swedish Match AB

2,618

49,976

TeliaSonera AB

15,228

97,707

Volvo AB, Class B

9,424

68,891

Switzerland--7.3%

    

ABB Ltd.

25,092

458,331

Adecco SA

1,390

66,986

Credit Suisse Group AG

12,957

612,294

Flughafen Zuerich AG

891

244,292

Givaudan SA

113

75,552

Holcim Ltd. *

2,380

144,539

Nestle SA

45,849

1,886,903

Nobel Biocare Holding AG

2,442

57,996

Novartis AG

35,833

1,636,277

Roche Holding AG

8,240

1,299,247

Swiss Reinsurance

4,241

164,342

Swisscom AG

440

144,416

Syngenta AG

1,041

241,013

The Swatch Group AG

419

76,302

UBS AG

30,487

446,944

Xstrata PLC

78,697

1,062,455

Zurich Financial Services AG

1,271

249,764

Taiwan--0.6%

    

Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR

63,030

659,919

United Microelectronics Corporation, Sponsored ADR

19,135

65,059

Ukraine--0.5%

    

Raiffeisen Bank Aval *

1,908,985

77,087

Ukrnafta Oil Company (b)*

5,473

100,425

Ukrsotsbank JSCB *

2,466,696

100,234

UkrTelecom (b)

5,916,954

250,954

UkrTelecom, Sponsored GDR (b)*

9,912

20,344

United Kingdom--0.1%

    

Johnson Matthey PLC

1,139

26,948

Lonmin PLC

1,698

39,406

United States--0.1%

    

Southern Copper Corporation

2,718

70,016

Thomson Reuters Corporation

1,921

62,039

Total common stocks (cost $91,179,556)

  

107,840,918

  

Preferred stocks - 1.5% (a)

        

Brazil--1.4%

    

Banco Bradesco SA

7,703

122,001

Centrais Eletricas Brasileiras SA

3,400

47,016

Cia Brasileira de Distribuicao

2,674

61,757

Cia de Bebidas das Americas

1,674

118,613

Cia Energetica de Minas Gerais

3,266

47,351

Gerdau SA

11,643

136,852

Itau Unibanco Holding SA

17,246

310,581

Petrobras SA

37,541

633,212

Usinas Siderurgicas de Minas Gerais SA

6,394

151,749

Vivo Participacoes SA

2,745

62,528

Germany--0.1%

    

Porsche Automobil Holding SE

537

35,009

Volkswagen AG

997

78,142

Total preferred stocks (cost $1,642,690)

  

1,804,811

  

Investment companies - 8.1% (a)

          

Brazil--0.5%

    

iShares MSCI Brazil Index Fund

10,336

595,354

China--0.9%

    

iShares FTSE/Xinhua China 25 Index Fund

25,477

1,066,467

India--1.1%

    

iShares MSCI India *

227,900

1,314,983

Japan--2.7%

    

Nomura Asset Management/Topix ETF

324,324

3,268,669

Multinational--1.0%

    

iShares MSCI Emerging Markets Index Fund

34,763

1,241,734

Taiwan--1.9%

    

iShares MSCI Taiwan Index Fund

208,940

2,367,290

Total investment companies (cost $8,822,323)

  

9,854,497
  

Equity-linked notes and rights - 0.0% (a)

            

Italy--0.0%

    

Unione di Banche Italiane Scpa - CW11, 06/30/11 (equity-linked notes) *

3,951

289

Republic of Korea--0.0%

    

KB Financial Group Inc. 08/27/09 (rights) *

141

1,811

Total equity-linked notes and rights (cost $300)

  

2,100
  

Total investment portfolio excluding repurchase

    

agreement (cost $101,644,869)

  

119,502,326
  

Repurchase agreement - 1.6% (a)

        

Repurchase agreement with Fixed Income

    

Clearing Corporation, dated July 31, 2009 @

   

0.05% to be repurchased at $1,941,008 on

    

August 3, 2009, collateralized by

    

$2,005,000 United States Treasury Notes,

    

1.375% due April 15, 2012 (market value

    

$2,007,107 including interest) (cost $1,941,000)

  

1,941,000

  

Total investment portfolio (cost $103,585,869) 100.3% (a)

  

$121,443,326

         

* Non-income producing security.

    

(a) Percentages indicated are based on net assets of $121,133,822.

    

(b) Restricted securities deemed to be illiquid for purposes of compliance

    

limitations on holdings of illiquid securities. At July 31, 2009, these

    

securities aggregated $429,002 or 0.4% of the net assets of the fund.

    
       

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 July 31, 2009, these securities

    

aggregated $54,552 or 0.0% of the net assets of the fund.

    

ADR - American depository receipt.

    

ETF - Exchange-traded fund.

    

GDR - Global depository receipt.

    


Forward Foreign Currency Contracts Outstanding      

UNAUDITED | 07.31.2009      

Contract to deliver  

    

In exchange for 

Delivery
date

Unrealized
appreciation
(depreciation)

SEK

4,754,938

 

USD

621,260

9/8/09

$ (37,794)

CZK

5,760,152

 

USD

300,941

9/16/09

(19,889)

EUR

2,509,330

 

USD

3,517,352

9/16/09

(59,435)

HUF

267,495,843

 

USD

1,319,338

9/16/09

(100,752)

USD

303,852

 

CZK

5,455,747

9/16/09

24

USD

698,343

 

HUF

134,415,602

9/16/09

15,247

CZK

1,473,500

 

USD

79,995

10/14/09

(2,004)

USD

63,871

 

CZK

1,473,500

10/14/09

18,128

PLN

3,070,608

 

USD

979,304

10/20/09

(71,069)

USD

1,148,669

 

PLN

3,070,608

10/20/09

(98,296)

CZK

31,445,046

 

USD

1,591,524

10/27/09

(157,551)

USD

311,174

 

CZK

5,750,501

10/27/09

8,687

USD

2,274,697

 

PLN

6,148,702

11/19/09

(174,998)

PLN

6,148,702

 

USD

1,958,743

11/19/09

(140,956)
   

   Total unrealized depreciation

$ (820,658)

     CZK

Czech Koruna.

 

 

 

 

     EUR

Euro Currency.

 

 

 

 

     HUF

Hungarian Forint.

 

 

 

 

     PLN

Polish Zloty.

 

 

 

 

     SEK

Swedish Krona.

 

 

 

 

     USD

United States Dollar. 

        


Industry Allocation
UNAUDITED  |  07.31.2009      
   

% of net

Industry

Value

assets

Banks

$ 20,260,802

16.7%

Oil & gas

14,893,454

12.3%

Mining

10,082,746

8.3%

Equity fund

9,854,497

8.1%

Telecommunications

9,321,482

7.7%

Pharmaceuticals

6,684,859

5.5%

Food

5,480,733

4.5%

Auto manufacturers

4,466,172

3.7%

Engineering & construction

3,826,390

3.2%

Insurance

3,476,143

2.9%

Electric

2,876,150

2.4%

Financial services

2,338,957

1.9%

Iron/Steel

2,216,482

1.8%

Semiconductors

1,903,422

1.6%

Chemicals

1,834,112

1.5%

Beverages

1,802,373

1.5%

Distribution/wholesale

1,649,407

1.4%

Retail

1,483,565

1.2%

Machinery

1,366,267

1.1%

Real estate

1,306,372

1.1%

Building materials

1,151,433

1.0%

Multimedia

949,898

0.8%

Agriculture

863,327

0.7%

Diversified manufacturer

848,706

0.7%

Electronics

832,225

0.7%

Transportation

807,283

0.7%

Auto parts & equipment

633,118

0.5%

Computers

555,528

0.5%

Office/business equipment

552,132

0.5%

Home furnishings

467,908

0.4%

Electrical components & equipment

385,011

0.3%

Software

374,680

0.3%

Metal fabricate/hardware

364,587

0.3%

Healthcare products

345,218

0.3%

Hand/machine tools

319,197

0.3%

Forest products & paper

317,405

0.3%

Shipbuilding

288,487

0.2%

REITs

230,511

0.2%

Printing & publishing

221,849

0.2%

Apparel

190,007

0.1%

Energy-alternative sources

184,715

0.1%

Biotechnology

170,677

0.1%

Commercial services

156,504

0.1%

Coal

142,260

0.1%

Water

139,633

0.1%

Advertising

138,967

0.1%

Lodging

131,571

0.1%

Toys/games/hobbies

124,484

0.1%

Aerospace/defense

98,105

0.1%

Cosmetics/personal care

83,672

0.1%

Miscellaneous manufacturer

78,310

0.1%

Internet

62,639

0.1%

Other

167,894

0.1%

Total investment portfolio excluding

    

repurchase agreement

$ 119,502,326

98.7%

Eagle Series Trust
7-31-09

NOTE 1 | Organization and investment objective The Eagle Series Trust (the “Trust”) is organized as a 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 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 International Equity Fund (“International Equity Fund”) seeks capital appreciation principally through investment in a portfolio of international equity securities,
   

•

The Eagle Large Cap Core Fund (“Large Cap Core Fund”) seeks long-term growth through capital appreciation,
   

•

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 Core Value Fund (“Small Cap Core Value Fund”) seeks capital growth, and
   

•

The Eagle Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation.

   

The Eagle Family of Funds consists of the Eagle Capital Appreciation Fund, Eagle Growth & Income Fund, Eagle Series Trust and the Eagle Cash Trust in addition to another investment company advised by Eagle, 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.
   

Class offerings The Trust 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. As of July 31, 2009, there were no shares issued in Class R-3 for the International Equity Fund, Large Cap Core Fund or Small Cap Core Value Fund nor were there shares issued in Class R-5 for the International Equity Fund, Mid Cap Growth Fund or Small Cap Core Value Fund.

   

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 the Fund. Each Fund determines the NAV of its 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.), 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 the NAV is calculated, the Manager is not required to recalculate the NAV.
   

Generally, the Funds value portfolio securities for which market quotations are readily available at market value; however, a Fund may adjust the market quotation price to reflect events that occur between the close of those markets and the time of the 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 quotation may be unreliable because the security is not traded frequently;

•

Trading on the security ceased before the close of the trading market;

Eagle Series Trust
7-31-09

•

Security is newly issued;

•

Issuer specific events occurred after the security ceased 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. market.

   

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. A Fund may fair value small-cap securities, for example, that are thinly traded or illiquid. 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 NAV. 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 Trusts 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 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.
   

Each Fund has implemented the Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective November 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 each Fund’s 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 investments as of July 31, 2009.

 

Quoted prices
in active markets for identical assets

Significant
other observable inputs

Significant unobservable
inputs

  
 

(Level 1)

(Level 2)

(Level 3)

Total

International Equity Fund

        

Domestic common stocks

$132,055

$-

$-

$132,055

Basic materials

70,016

-

-

70,016

Communications

62,039

-

-

62,039

Eagle Series Trust
7-31-09

Quoted prices
in active markets for identical assets

Significant
other observable inputs

Significant unobservable
inputs
 

(Level 1)

(Level 2)

(Level 3)

Total

International Equity Fund (cont’d) 

      

Foreign common stocks

$65,014,838

$42,694,025

$-

$107,708,863

Basic materials

6,829,833

7,262,295

-

14,092,128

Communications

7,328,790

3,343,170

-

10,671,960

Consumer, cyclical

4,261,145

4,771,936

-

9,033,081

Consumer, non-cyclical

9,478,163

5,758,153

-

15,236,316

Diversified

489,298

1,847,848

-

2,337,146

Energy

6,576,499

7,868,032

-

14,444,531

Financial

17,157,756

7,683,201

-

24,840,957

Industrial

8,102,230

2,287,944

-

10,390,174

Technology

1,766,463

1,789,976

-

3,556,439

Utilities

3,024,661

81,470

-

3,106,131

Foreign preferred stocks

1,804,811

-

-

1,804,811

Basic materials

288,601

-

-

288,601

Communications

62,528

-

-

62,528

Consumer, cyclical

113,151

-

-

113,151

Consumer, non-cyclical

180,370

-

-

180,370

Energy

633,212

-

-

633,212

Financial

432,582

-

-

432,582

Utilities

94,367

-

-

94,367

Investment companies

6,585,828

3,268,669

-

9,854,497

Equity funds

6,585,828

3,268,669

-

9,854,497

Foreign rights

1,811

-

-

1,811

Financial services

1,811

-

-

1,811

Foreign warrants

289

-

-

289

Financial

289

-

-

289

Short term investments

-

1,941,000

-

1,941,000

Other financial instruments (1)

(820,658)

-

-

(820,658)

Total investment portfolio

$72,718,974

$47,903,694

-

$120,622,668
         

Large Cap Core Fund

        

Domestic common stocks (2)

$113,533,917

$-

$-

$113,533,917

Investment companies (2)

2,973,795

-

-

2,973,795

Short term investments

$-

$3,853,000

$-

$3,853,000

Total investment portfolio

$116,507,712

$3,853,000

$-

$120,360,712
         

Mid Cap Growth Fund

        

Domestic common stocks (2)

$135,154,241

$-

$-

$135,154,241

Short term investments

-

4,474,000

-

4,474,000

Total investment portfolio

$135,154,241

$4,474,000

$-

$139,628,241

Eagle Series Trust
7-31-09

Mid Cap Stock Fund

        

Domestic common stocks (2)

$1,234,637,120

$-

$-

$1,234,637,120

Short term investments

-

31,575,000

-

31,575,000

Total investment portfolio

$1,234,637,120

$31,575,000

$-

$1,266,212,120
         

Small Cap Core Value Fund

        

Domestic common stocks (2)

$51,633,897

$-

$-

$51,633,897

Investment companies (2)

1,676,919

-

-

1,676,919

Short term investments

-

2,399,000

-

2,399,000

Total investment portfolio

$53,310,816

$2,399,000

$-

$55,709,816
         

Eagle Small Cap Growth Fund

        

Domestic common stocks (2)

$299,503,332

$-

$-

$299,503,332

Short term investments

-

8,077,000

-

8,077,000

Total investment portfolio

$299,503,332

$8,077,000

$-

$307,580,332

 

(1) Other financial instruments include foreign forward currency contracts which are valued at the unrealized appreciation/(depreciation) on the instrument.(2) Please see the investment portfolio for detail by industry.
 

  
 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in the International Equity Fund to determine value as of July 31, 2009.


 

Investments in securities

Other financial instruments

International Equity Fund

    

Balance as of October 31, 2008

$-

$-

Accrued discounts (premiums)

-

-

Realized gain (loss)

-

-

Change in net unrealized appreciation (depreciation)

39,297

-

Net purchases (sales)

-

-

Net transfers in and/or (out) of Level 3

(39,297)

-

Balance as of July 31, 2009

$-

$-

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 equity securities If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. Consequently, fair valuation of portfolio securities may occur on a daily basis. A Fund may fair value a security if certain events occur between the time trading ends on a particular security and the Fund’s NAV calculation. A Fund may also fair value a particular security if the events are significant and make the closing price unreliable. If an issuer specific event has occurred that Eagle determines, in its judgment, is likely to have affected the closing price of a foreign security, it will price the security at fair value. Eagle also utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. 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 NAV of fund shares is determined only on business

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

   

  

•

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

   

  

•

Futures and options Futures and options are valued on the basis of market quotations, if available.

   

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. 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 enters 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, each 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.
   

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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 a Fund, will be distributed to shareholders in the following fiscal year. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes. All dividends paid by each Fund 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 the Fund and/or its affiliates that have not yet occurred. However, based on experience, the risk of loss to each Fund is expected to be remote.
   

NOTE 3 | Federal income taxes and distributions The Trust 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 the Funds intend 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. Federal income tax regulations differ from generally accepted accounting principles; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/ tax differences to reflect tax character; these adjustments have no effect on net assets or NAV per share. Financial reporting records are not adjusted for temporary differences. As of July 31, 2009, the identified cost of investments in securities owned by each Fund for federal income tax purposes were as follows:

 

Identified cost

International Equity Fund

$102,834,976

Large Cap Core Fund

123,015,760

Mid Cap Growth Fund

112,910,612

Mid Cap Stock Fund

1,118,868,781

Small Cap Core Value Fund

37,169,827

Small Cap Stock Fund

250,245,345

As of July 31, 2009, the net unrealized appreciation (depreciation) of investments in securities owned by each Fund were as follows:

 

Unrealized appreciation

Unrealized depreciation

Net unrealized appreciation (depreciation)

International Equity Fund

$22,079,389

($5,412,040)

$16,667,349

Large Cap Core Fund

9,937,772

(16,445,821)

(6,508,049)

Mid Cap Growth Fund

23,869,120

(1,625,491)

22,243,629

Mid Cap Stock Fund

138,283,101

(22,514,762)

115,768,339

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Unrealized appreciation

Unrealized depreciation

Net unrealized appreciation (depreciation)

Small Cap Core Value Fund

16,366,950

(225,960)

16,140,990

Small Cap Stock Fund

58,233,906

(8,975,919)

49,257,987

NOTE 4 | 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 currently evaluating the application of FAS 161 and 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:  September 29, 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:  September 29, 2009

  
   
 

/s/ Mathew J. Calabro
 

Mathew J. Calabro
 

Principal Executive Officer
   
 

EAGLE SERIES TRUST
   

Date:  September 29, 2009

  
   
 

/s/ Andrea N. Mullins
 

Andrea N. Mulins
 

Principal Financial Officer