Energetic electron and ion (electrons: 30 keV to 500 keV, protons: 30 keV to 1.5 MeV) flux variations associated with ultralow frequency (ULF) waves in the dayside magnetosphere were observed during the CLUSTER's perigee pass near 0900 MLT on Oct. 31, 2003. The ULF modulation terminated where higher frequency fluctuations appeared, as the CLUSTER spacecraft entered the plasmasphere boundary layer (PBL) where the plasma ion density was elevated. In the region from L ∼ 5.0 to 10, the periods of the ion flux modulation and the electron flux modulation are same but out-of-phase. The observed magnetic ULF pulsations are dominated by the toroidal mode, along with a relatively weaker poloidal wave. A 90° phase shift between the radial electric field and the azimuthal magnetic field indicates that dominating toroidal standing waves observed at the southern hemisphere are a fundamental harmonic. This study shows that the modulation of the electron flux is dominated by the toroidal mode in the region of L > 7.5. The observations made in this analysis suggest the excitation of the energetic electron drift resonance at around 127 keV.