UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-01136
Security
Equity Fund
(Exact name of registrant as specified in
charter)
805 King Farm Boulevard, Suite 600
________________________
Rockville, Maryland
20850
_________________________
(Address of principal executive offices)
(Zip code)
Donald C. Cacciapaglia, President
Security Equity Fund
805 King Farm Boulevard, Suite 600
________________________
Rockville, Maryland
20850
_________________________
(Name and address of agent for service)
Registrant’s telephone number, including
area code:
301-296-5100
Date of fiscal year end:
September
30
Date of reporting period:
December
31, 2012
Form N-Q is to be used by management investment companies, other
than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports
with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified
by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of
information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”)
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions
for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.
The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
Alpha Opportunity Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 101.
6
%
|
Industrials - 22.4%
|
|
|
|
|
|
|
|
|
Trinity Industries, Inc.
1,2
|
|
|
10,200
|
|
|
$
|
365,361
|
|
Lockheed Martin Corp.
1,2
|
|
|
3,753
|
|
|
|
346,365
|
|
AO Smith Corp.
1,2
|
|
|
4,592
|
|
|
|
289,618
|
|
Joy Global, Inc.
1,2
|
|
|
4,500
|
|
|
|
287,010
|
|
Towers Watson & Co. — Class A
1,2
|
|
|
2,200
|
|
|
|
123,662
|
|
Watts Water Technologies, Inc. — Class A
1,2
|
|
|
2,800
|
|
|
|
120,373
|
|
General Electric Co.
1,2
|
|
|
4,200
|
|
|
|
88,158
|
|
Armstrong World Industries, Inc.
|
|
|
1,579
|
|
|
|
80,103
|
|
Northrop Grumman Corp.
1,2
|
|
|
1,100
|
|
|
|
74,338
|
|
Valmont Industries, Inc.
|
|
|
529
|
|
|
|
72,235
|
|
Fortune Brands Home & Security, Inc.
*
|
|
|
2,278
|
|
|
|
66,563
|
|
US Airways Group, Inc.
*
|
|
|
3,763
|
|
|
|
50,801
|
|
Con-way, Inc.
1,2
|
|
|
1,700
|
|
|
|
47,294
|
|
USG Corp.
*
|
|
|
1,441
|
|
|
|
40,449
|
|
Celadon Group, Inc.
|
|
|
1,691
|
|
|
|
30,556
|
|
Stanley Black & Decker, Inc.
|
|
|
412
|
|
|
|
30,476
|
|
Snap-on, Inc.
|
|
|
360
|
|
|
|
28,436
|
|
Masco Corp.
|
|
|
1,455
|
|
|
|
24,240
|
|
Builders FirstSource, Inc.
*
|
|
|
4,274
|
|
|
|
23,849
|
|
Trex Company, Inc.
*
|
|
|
519
|
|
|
|
19,322
|
|
Hubbell, Inc. — Class B
|
|
|
200
|
|
|
|
16,926
|
|
Primoris Services Corp.
|
|
|
1,102
|
|
|
|
16,574
|
|
Allegiant Travel Co. — Class A
|
|
|
206
|
|
|
|
15,122
|
|
Beacon Roofing Supply, Inc.
*
|
|
|
298
|
|
|
|
9,917
|
|
Knight Transportation, Inc.
|
|
|
647
|
|
|
|
9,466
|
|
Huntington Ingalls Industries, Inc.
1,2
|
|
|
183
|
|
|
|
7,931
|
|
Rollins, Inc.
|
|
|
279
|
|
|
|
6,149
|
|
Thermon Group Holdings, Inc.
*
|
|
|
265
|
|
|
|
5,970
|
|
Rush Enterprises, Inc. — Class A
*
|
|
|
285
|
|
|
|
5,891
|
|
Pike Electric Corp.
|
|
|
412
|
|
|
|
3,935
|
|
Swift Transportation Co. — Class A
*
|
|
|
162
|
|
|
|
1,477
|
|
Total Industrials
|
|
|
|
|
|
|
2,308,567
|
|
Consumer Discretionary - 21.2%
|
|
|
|
|
|
|
|
|
TJX Companies, Inc.
1,2
|
|
|
7,200
|
|
|
|
305,639
|
|
Limited Brands, Inc.
1,2
|
|
|
5,100
|
|
|
|
240,006
|
|
Family Dollar Stores, Inc.
1,2
|
|
|
3,700
|
|
|
|
234,617
|
|
Ross Stores, Inc.
1,2
|
|
|
4,200
|
|
|
|
227,430
|
|
Walt Disney Co.
1,2
|
|
|
4,024
|
|
|
|
200,355
|
|
The Gap, Inc.
1,2
|
|
|
6,000
|
|
|
|
186,240
|
|
Jack in the Box, Inc.
*,1,2
|
|
|
4,000
|
|
|
|
114,400
|
|
PVH Corp.
1,2
|
|
|
800
|
|
|
|
88,808
|
|
Pier 1 Imports, Inc.
|
|
|
3,793
|
|
|
|
75,860
|
|
DR Horton, Inc.
|
|
|
3,690
|
|
|
|
72,988
|
|
Target Corp.
|
|
|
1,080
|
|
|
|
63,904
|
|
Williams-Sonoma, Inc.
|
|
|
1,323
|
|
|
|
57,908
|
|
Toll Brothers, Inc.
*
|
|
|
1,646
|
|
|
|
53,215
|
|
Whirlpool Corp.
|
|
|
424
|
|
|
|
43,142
|
|
Asbury Automotive Group, Inc.
*
|
|
|
1,247
|
|
|
|
39,941
|
|
Lennar Corp. — Class A
|
|
|
779
|
|
|
|
30,124
|
|
Cabela's, Inc.
*
|
|
|
647
|
|
|
|
27,012
|
|
Comcast Corp. — Class A
|
|
|
605
|
|
|
|
22,615
|
|
Starbucks Corp.
|
|
|
412
|
|
|
|
22,091
|
|
Aaron's, Inc.
|
|
|
676
|
|
|
|
19,117
|
|
Meritage Homes Corp.
*
|
|
|
309
|
|
|
|
11,541
|
|
Chuy's Holdings, Inc.
*
|
|
|
514
|
|
|
|
11,483
|
|
MDC Holdings, Inc.
|
|
|
309
|
|
|
|
11,359
|
|
RadioShack Corp.
1,2
|
|
|
5,100
|
|
|
|
10,812
|
|
Mattel, Inc.
|
|
|
214
|
|
|
|
7,837
|
|
Cavco Industries, Inc.
*
|
|
|
94
|
|
|
|
4,698
|
|
Perfumania Holdings, Inc.
*
|
|
|
465
|
|
|
|
2,288
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
2,185,430
|
|
Consumer Staples - 17.9%
|
|
|
|
|
|
|
|
|
Philip Morris International, Inc.
1,2
|
|
|
9,800
|
|
|
|
819,672
|
|
Altria Group, Inc.
1,2
|
|
|
16,700
|
|
|
|
524,714
|
|
Herbalife Ltd.
1,2
|
|
|
5,000
|
|
|
|
164,700
|
|
Wal-Mart Stores, Inc.
1,2
|
|
|
2,200
|
|
|
|
150,106
|
|
Bunge Ltd.
|
|
|
1,257
|
|
|
|
91,371
|
|
Safeway, Inc.
1,2
|
|
|
3,900
|
|
|
|
70,551
|
|
Smithfield Foods, Inc.
*
|
|
|
515
|
|
|
|
11,109
|
|
Sanderson Farms, Inc.
|
|
|
206
|
|
|
|
9,795
|
|
Cal-Maine Foods, Inc.
|
|
|
206
|
|
|
|
8,285
|
|
Total Consumer Staples
|
|
|
|
|
|
|
1,850,303
|
|
Health Care - 13.7%
|
|
|
|
|
|
|
|
|
Johnson & Johnson
1,2
|
|
|
5,000
|
|
|
|
350,500
|
|
ViroPharma, Inc.
*,1,2
|
|
|
9,900
|
|
|
|
225,324
|
|
Amgen, Inc.
1,2
|
|
|
1,800
|
|
|
|
155,376
|
|
Life Technologies Corp.
*,1,2
|
|
|
2,800
|
|
|
|
137,424
|
|
Forest Laboratories, Inc.
*,1,2
|
|
|
3,400
|
|
|
|
120,088
|
|
Baxter International, Inc.
1,2
|
|
|
1,800
|
|
|
|
119,988
|
|
WellCare Health Plans, Inc.
*,1,2
|
|
|
2,300
|
|
|
|
111,987
|
|
Owens & Minor, Inc.
1,2
|
|
|
2,700
|
|
|
|
76,977
|
|
Charles River Laboratories International, Inc.
*,1,2
|
|
|
2,000
|
|
|
|
74,940
|
|
Kindred Healthcare, Inc.
*,1,2
|
|
|
3,900
|
|
|
|
42,198
|
|
Acadia Healthcare Company, Inc.
*
|
|
|
4
|
|
|
|
93
|
|
Total Health Care
|
|
|
|
|
|
|
1,414,895
|
|
Information Technology - 8.3%
|
|
|
|
|
|
|
|
|
CA, Inc.
1,2
|
|
|
14,000
|
|
|
|
307,721
|
|
Symantec Corp.
*,1,2
|
|
|
5,900
|
|
|
|
110,979
|
|
Arrow Electronics, Inc.
*,1,2
|
|
|
2,600
|
|
|
|
99,008
|
|
Avnet, Inc.
*,1,2
|
|
|
3,100
|
|
|
|
94,891
|
|
Facebook, Inc. — Class A
*
|
|
|
2,266
|
|
|
|
60,344
|
|
Harmonic, Inc.
*,1,2
|
|
|
11,000
|
|
|
|
55,769
|
|
Apple, Inc.
|
|
|
103
|
|
|
|
54,902
|
|
Amkor Technology, Inc.
*,1,2
|
|
|
9,200
|
|
|
|
39,100
|
|
Aruba Networks, Inc.
*
|
|
|
990
|
|
|
|
20,543
|
|
QUALCOMM, Inc.
|
|
|
235
|
|
|
|
14,575
|
|
Total Information Technology
|
|
|
|
|
|
|
857,832
|
|
Financials - 5.6%
|
|
|
|
|
|
|
|
|
Amtrust Financial Services, Inc.
1,2
|
|
|
6,600
|
|
|
|
189,354
|
|
Endurance Specialty Holdings Ltd.
1,2
|
|
|
3,000
|
|
|
|
119,070
|
|
Potlatch Corp.
|
|
|
2,058
|
|
|
|
80,653
|
|
Weyerhaeuser Co.
|
|
|
2,220
|
|
|
|
61,760
|
|
Genworth Financial, Inc. — Class A
*,1,2
|
|
|
4,000
|
|
|
|
30,040
|
|
Deutsche Bank AG
|
|
|
646
|
|
|
|
28,611
|
|
Arthur J Gallagher & Co.
|
|
|
412
|
|
|
|
14,276
|
|
St. Joe Co.
*
|
|
|
544
|
|
|
|
12,556
|
|
Alexander & Baldwin, Inc.
*
|
|
|
353
|
|
|
|
10,368
|
|
Fannie Mae
*
|
|
|
40,078
|
|
|
|
10,220
|
|
Cresud S.A. ADR
|
|
|
933
|
|
|
|
7,763
|
|
Alpha Opportunity Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 101.
6
% (continued)
|
Financials - 5.6% (continued)
|
|
|
|
|
|
|
|
|
Wells Fargo & Co.
|
|
|
206
|
|
|
$
|
7,041
|
|
Home Loan Servicing Solutions Ltd.
|
|
|
250
|
|
|
|
4,725
|
|
Rayonier, Inc.
|
|
|
88
|
|
|
|
4,561
|
|
Total Financials
|
|
|
|
|
|
|
580,998
|
|
Energy - 4.9%
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corp.
1,2
|
|
|
2,755
|
|
|
|
204,725
|
|
ConocoPhillips
1,2
|
|
|
1,500
|
|
|
|
86,985
|
|
Range Resources Corp.
|
|
|
1,029
|
|
|
|
64,652
|
|
Rex Energy Corp.
*
|
|
|
3,655
|
|
|
|
47,588
|
|
Phillips 66
|
|
|
750
|
|
|
|
39,825
|
|
Ultra Petroleum Corp.
*
|
|
|
1,411
|
|
|
|
25,581
|
|
Continental Resources, Inc.
*
|
|
|
225
|
|
|
|
16,535
|
|
Magnum Hunter Resources Corp.
*
|
|
|
3,394
|
|
|
|
13,542
|
|
Oasis Petroleum, Inc.
*
|
|
|
189
|
|
|
|
6,010
|
|
Total Energy
|
|
|
|
|
|
|
505,443
|
|
Telecommunication Services - 3.5%
|
|
|
|
|
|
|
|
|
AT&T, Inc.
1,2
|
|
|
10,600
|
|
|
|
357,326
|
|
Materials - 2.7%
|
|
|
|
|
|
|
|
|
Georgia Gulf Corp.
|
|
|
1,999
|
|
|
|
82,519
|
|
Goldcorp, Inc.
|
|
|
987
|
|
|
|
36,222
|
|
Eldorado Gold Corp.
|
|
|
1,919
|
|
|
|
24,717
|
|
Deltic Timber Corp.
|
|
|
323
|
|
|
|
22,810
|
|
Franco-Nevada Corp.
|
|
|
309
|
|
|
|
17,666
|
|
Texas Industries, Inc.
*
|
|
|
340
|
|
|
|
17,343
|
|
Royal Gold, Inc.
|
|
|
173
|
|
|
|
14,067
|
|
Huntsman Corp.
|
|
|
823
|
|
|
|
13,086
|
|
Braskem S.A. ADR
|
|
|
908
|
|
|
|
12,122
|
|
Southern Copper Corp.
|
|
|
309
|
|
|
|
11,699
|
|
IAMGOLD Corp.
|
|
|
897
|
|
|
|
10,289
|
|
Caesar Stone Sdot Yam Ltd.
*
|
|
|
426
|
|
|
|
6,880
|
|
Schnitzer Steel Industries, Inc. — Class A
|
|
|
147
|
|
|
|
4,459
|
|
Stillwater Mining Co.
*
|
|
|
331
|
|
|
|
4,230
|
|
Total Materials
|
|
|
|
|
|
|
278,109
|
|
Utilities - 1.4%
|
|
|
|
|
|
|
|
|
Exelon Corp.
1,2
|
|
|
4,743
|
|
|
|
141,057
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
(Cost $9,279,875)
|
|
|
|
|
|
|
10,479,960
|
|
EXCHANGE TRADED FUNDS
†
- 0.3%
|
|
|
|
|
|
|
|
|
Market Vectors Junior Gold Miners ETF
|
|
|
912
|
|
|
|
18,058
|
|
SPDR S&P Metals & Mining ETF
|
|
|
206
|
|
|
|
9,299
|
|
Total Exchange Traded Funds
|
|
|
|
|
|
|
|
|
(Cost $30,918)
|
|
|
|
|
|
|
27,357
|
|
SHORT TERM INVESTMENTS
††
- 0.4%
|
|
|
|
|
|
|
|
|
State Street General Account U.S. Government Fund
|
|
|
42,751
|
|
|
|
42,751
|
|
Total Short Term Investments
|
|
|
|
|
|
|
|
|
(Cost $42,751)
|
|
|
|
|
|
|
42,751
|
|
|
|
|
Face
Amount
|
|
|
|
|
|
FEDERAL AGENCY DISCOUNT NOTES
††
- 4.8%
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank
3
|
|
|
|
|
|
|
|
|
0.14% due 06/05/13
|
|
|
$ 300,000
|
|
|
|
299,872
|
|
Freddie Mac
4
|
|
|
|
|
|
|
|
|
0.11% due 06/18/13
|
|
|
200,000
|
|
|
|
199,907
|
|
Total Federal Agency Discount Notes
|
|
|
|
|
|
|
|
|
(Cost $499,718)
|
|
|
|
|
|
|
499,779
|
|
REPURCHASE AGREEMENT
††
,5
- 11.4%
|
|
|
|
|
|
|
|
|
State Street
issued 12/31/12 at 0.01%
due 01/02/13
|
|
|
1,173,780
|
|
|
|
1,173,780
|
|
Total Repurchase Agreement
|
|
|
|
|
|
|
|
|
(Cost $1,173,780)
|
|
|
|
|
|
|
1,173,780
|
|
Total Long Investments - 118.5%
|
|
|
|
|
|
|
|
|
(Cost $11,027,042)
|
|
|
|
|
|
$
|
12,223,627
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS SOLD SHORT
†
- (71.
4
)%
|
|
|
|
|
|
|
|
|
Consumer Staples - (0.9)%
|
|
|
|
|
|
|
|
|
Bridgford Foods Corp.
|
|
|
169
|
|
|
|
(1,149
|
)
|
Monster Beverage Corp.
*,†††,6,7
|
|
|
3,250
|
|
|
|
(96,233
|
)
|
Total Consumer Staples
|
|
|
|
|
|
|
(97,382
|
)
|
Utilities - (2.4)%
|
|
|
|
|
|
|
|
|
Korea Electric Power Corp. ADR
*,†††,6,7
|
|
|
18,310
|
|
|
|
(247,734
|
)
|
Telecommunication Services - (2.7)%
|
|
|
|
|
|
|
|
|
Clearwire Corp. — Class A
*,†††,6,7
|
|
|
2,530
|
|
|
|
(28,665
|
)
|
Global Crossing Ltd.
*,†††,6,7
|
|
|
1,800
|
|
|
|
(28,746
|
)
|
Leap Wireless International, Inc.
*,†††,6,7
|
|
|
1,500
|
|
|
|
(65,100
|
)
|
SBA Communications Corp. — Class A
*,†††,6,7
|
|
|
2,400
|
|
|
|
(69,096
|
)
|
SAVVIS, Inc.
*,†††,6,7
|
|
|
5,700
|
|
|
|
(84,018
|
)
|
Total Telecommunication Services
|
|
|
|
|
|
|
(275,625
|
)
|
Energy - (3.6)%
|
|
|
|
|
|
|
|
|
Aquila Resources Ltd.
*,†††,6,7
|
|
|
2,750
|
|
|
|
(21,907
|
)
|
Arrow Energy Holdings Pty Ltd.
*,†††,6,7
|
|
|
8,900
|
|
|
|
(22,965
|
)
|
Modec, Inc.
†††,6,7
|
|
|
900
|
|
|
|
(23,195
|
)
|
Sevan Marine ASA
*,†††,6,7
|
|
|
5,900
|
|
|
|
(30,951
|
)
|
Trican Well Service Ltd.
†††,6,7
|
|
|
2,000
|
|
|
|
(34,043
|
)
|
Queensland Gas Company Ltd.
*,†††,6,7
|
|
|
12,800
|
|
|
|
(49,787
|
)
|
Imperial Energy Corporation plc
*,†††,6,7
|
|
|
3,900
|
|
|
|
(77,681
|
)
|
BPZ Resources, Inc.
*,†††,6,7
|
|
|
5,700
|
|
|
|
(107,160
|
)
|
Total Energy
|
|
|
|
|
|
|
(367,689
|
)
|
Materials - (4.5)%
|
|
|
|
|
|
|
|
|
SunCoke Energy, Inc.
*
|
|
|
326
|
|
|
|
(5,082
|
)
|
China National Building Material Company Ltd. — Class H
†††,6,7
|
|
|
14,700
|
|
|
|
(19,910
|
)
|
Anhui Conch Cement Company Ltd. — Class H
†††,6,7
|
|
|
4,500
|
|
|
|
(20,259
|
)
|
Shougang Fushan Resources Group Ltd.
†††,6,7
|
|
|
66,000
|
|
|
|
(23,727
|
)
|
Sino Gold Mining Ltd.
*,†††,6,7
|
|
|
8,600
|
|
|
|
(35,368
|
)
|
Turquoise Hill Resources Ltd.
*,†††,6,7
|
|
|
4,440
|
|
|
|
(37,031
|
)
|
Western Areas NL
†††,6,7
|
|
|
6,200
|
|
|
|
(44,457
|
)
|
Zoltek Companies, Inc.
*,†††,6,7
|
|
|
2,700
|
|
|
|
(49,221
|
)
|
Riversdale Mining Ltd.
*,†††,6,7
|
|
|
6,700
|
|
|
|
(50,985
|
)
|
Silver Wheaton Corp.
†††,6,7
|
|
|
6,100
|
|
|
|
(64,046
|
)
|
Alpha Opportunity Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS SOLD SHORT
†
- (71.
4
)% (continued)
|
Materials - (4.5)% (continued)
|
|
|
|
|
|
|
|
|
Agnico-Eagle Mines Ltd.
†††,6,7,8
|
|
|
1,800
|
|
|
$
|
(119,002
|
)
|
Total Materials
|
|
|
|
|
|
|
(469,088
|
)
|
Information Technology - (6.3)%
|
|
|
|
|
|
|
|
|
VeriSign, Inc.
*,†††,6,7
|
|
|
1,200
|
|
|
|
(30,756
|
)
|
Access Company Ltd.
*,†††,6,7
|
|
|
17
|
|
|
|
(32,755
|
)
|
Varian Semiconductor Equipment Associates, Inc.
*,†††,6,7
|
|
|
1,260
|
|
|
|
(33,037
|
)
|
Electronic Arts, Inc.
*,†††,6,7
|
|
|
900
|
|
|
|
(36,720
|
)
|
Riverbed Technology, Inc.
*,†††,6,7
|
|
|
3,280
|
|
|
|
(43,624
|
)
|
Red Hat, Inc.
*,†††,6,7
|
|
|
2,610
|
|
|
|
(46,589
|
)
|
Baidu, Inc. ADR
*,†††,6,7
|
|
|
200
|
|
|
|
(53,726
|
)
|
Intermec, Inc.
*,†††,6,7
|
|
|
2,740
|
|
|
|
(54,307
|
)
|
Rambus, Inc.
*,†††,6,7
|
|
|
3,600
|
|
|
|
(55,224
|
)
|
VMware, Inc. — Class A
*,†††,6,7
|
|
|
2,400
|
|
|
|
(68,592
|
)
|
Equinix, Inc.
*,†††,6,7
|
|
|
1,000
|
|
|
|
(79,941
|
)
|
Cree, Inc.
*,†††,6,7
|
|
|
4,000
|
|
|
|
(109,840
|
)
|
Total Information Technology
|
|
|
|
|
|
|
(645,111
|
)
|
Industrials - (9.6)%
|
|
|
|
|
|
|
|
|
China Merchants Holdings International Company Ltd.
†††,6,7
|
|
|
3,100
|
|
|
|
(11,047
|
)
|
China Communications Construction Company Ltd. — Class H
†††,6,7
|
|
|
15,000
|
|
|
|
(15,536
|
)
|
China National Materials Company Ltd. — Class H
†††,6,7
|
|
|
34,400
|
|
|
|
(17,537
|
)
|
Japan Steel Works Ltd.
†††,6,7
|
|
|
1,500
|
|
|
|
(20,809
|
)
|
Ausenco Ltd.
†††,6,7
|
|
|
2,100
|
|
|
|
(22,658
|
)
|
Toyo Tanso Company Ltd.
†††,6,7
|
|
|
500
|
|
|
|
(27,006
|
)
|
Ryanair Holdings plc
†††,6,7
|
|
|
9,600
|
|
|
|
(35,971
|
)
|
Meyer Burger Technology AG
*,†††,6,7
|
|
|
200
|
|
|
|
(49,879
|
)
|
USG Corp.
*,†††,6,7
|
|
|
4,940
|
|
|
|
(141,877
|
)
|
Beijing Capital International Airport Company Ltd. — Class H
†††,6,7
|
|
|
218,000
|
|
|
|
(188,550
|
)
|
Brisa Auto-Estradas de Portugal S.A.
*,†††,6,7
|
|
|
44,400
|
|
|
|
(461,804
|
)
|
Total Industrials
|
|
|
|
|
|
|
(992,674
|
)
|
Financials - (11.4)%
|
|
|
|
|
|
|
|
|
Cohen & Steers, Inc.
|
|
|
202
|
|
|
|
(6,155
|
)
|
C C Land Holdings Ltd.
†††,6,7
|
|
|
50,000
|
|
|
|
(13,945
|
)
|
Franshion Properties China Ltd.
†††,6,7
|
|
|
79,400
|
|
|
|
(22,105
|
)
|
Mizuho Trust & Banking Company Ltd.
*,†††,6,7
|
|
|
17,700
|
|
|
|
(24,682
|
)
|
Aozora Bank Ltd.
†††,6,7
|
|
|
16,300
|
|
|
|
(26,250
|
)
|
Monex Group, Inc.
†††,6,7
|
|
|
78
|
|
|
|
(27,384
|
)
|
Mizuho Financial Group, Inc.
†††,6,7
|
|
|
11,000
|
|
|
|
(45,461
|
)
|
Aeon Mall Company Ltd.
†††,6,7
|
|
|
1,700
|
|
|
|
(52,093
|
)
|
PrivateBancorp, Inc.
†††,6,7
|
|
|
2,390
|
|
|
|
(102,770
|
)
|
Erste Group Bank AG
*,†††,6,7
|
|
|
5,200
|
|
|
|
(319,536
|
)
|
Wells Fargo & Co.
†††,6,7
|
|
|
12,384
|
|
|
|
(539,689
|
)
|
Total Financials
|
|
|
|
|
|
|
(1,180,070
|
)
|
Health Care - (13.0)%
|
|
|
|
|
|
|
|
|
Sepracor, Inc.
*,†††,6,7
|
|
|
1,400
|
|
|
|
(24,500
|
)
|
Exelixis, Inc.
*,†††,6,7
|
|
|
4,500
|
|
|
|
(28,845
|
)
|
Savient Pharmaceuticals, Inc.
*,†††,6,7
|
|
|
2,420
|
|
|
|
(48,013
|
)
|
Zeltia S.A.
*,†††,6,7
|
|
|
8,000
|
|
|
|
(54,559
|
)
|
Intuitive Surgical, Inc.
*,†††,6,7
|
|
|
200
|
|
|
|
(56,100
|
)
|
Auxilium Pharmaceuticals, Inc.
*,†††,6,7
|
|
|
1,540
|
|
|
|
(56,703
|
)
|
XenoPort, Inc.
*,†††,6,7
|
|
|
1,376
|
|
|
|
(63,062
|
)
|
Luminex Corp.
*,†††,6,7
|
|
|
2,500
|
|
|
|
(63,725
|
)
|
Regeneron Pharmaceuticals, Inc.
*,†††,6,7
|
|
|
3,180
|
|
|
|
(69,038
|
)
|
Vertex Pharmaceuticals, Inc.
*,†††,6,7
|
|
|
2,600
|
|
|
|
(71,942
|
)
|
Align Technology, Inc.
*,†††,6,7
|
|
|
6,100
|
|
|
|
(74,420
|
)
|
Intercell AG
*,†††,6,7
|
|
|
1,900
|
|
|
|
(74,840
|
)
|
Acorda Therapeutics, Inc.
*,†††,6,7
|
|
|
2,800
|
|
|
|
(74,900
|
)
|
Rigel Pharmaceuticals, Inc.
*,†††,6,7
|
|
|
3,050
|
|
|
|
(78,324
|
)
|
Sequenom, Inc.
*,†††,6,7
|
|
|
3,810
|
|
|
|
(78,524
|
)
|
Cepheid, Inc.
*,†††,6,7
|
|
|
5,300
|
|
|
|
(81,620
|
)
|
AMAG Pharmaceuticals, Inc.
*,†††,6,7
|
|
|
1,900
|
|
|
|
(82,954
|
)
|
Basilea Pharmaceutica
*,†††,6,7
|
|
|
500
|
|
|
|
(83,364
|
)
|
Alnylam Pharmaceuticals, Inc.
*,†††,6,7
|
|
|
2,900
|
|
|
|
(85,289
|
)
|
athenahealth, Inc.
*,†††,6,7
|
|
|
2,500
|
|
|
|
(89,625
|
)
|
Total Health Care
|
|
|
|
|
|
|
(1,340,347
|
)
|
Consumer Discretionary - (17.0)%
|
|
|
|
|
|
|
|
|
Harman International Industries, Inc.
|
|
|
326
|
|
|
|
(14,553
|
)
|
Tokyo Broadcasting System Holdings, Inc.
†††,6,7
|
|
|
1,300
|
|
|
|
(21,836
|
)
|
Genting Singapore plc
†††,6,7
|
|
|
124,900
|
|
|
|
(41,123
|
)
|
bwin Interactive Entertainment AG
*,†††,6,7
|
|
|
1,600
|
|
|
|
(45,582
|
)
|
Bwin.Party Digital Entertainment plc
*,†††,6,7
|
|
|
15,200
|
|
|
|
(57,210
|
)
|
Focus Media Holding Ltd. ADR
†††,6,7
|
|
|
2,130
|
|
|
|
(63,900
|
)
|
Sky Deutschland AG
*,†††,6,7
|
|
|
4,000
|
|
|
|
(65,668
|
)
|
Marui Group Company Ltd.
†††,6,7
|
|
|
29,100
|
|
|
|
(219,527
|
)
|
Pool Corp.
†††,6,7
|
|
|
11,639
|
|
|
|
(288,065
|
)
|
Electrolux AB
†††,6,7
|
|
|
30,100
|
|
|
|
(395,761
|
)
|
Volkswagen AG
†††,6,7
|
|
|
1,300
|
|
|
|
(539,371
|
)
|
Total Consumer Discretionary
|
|
|
|
|
|
|
(1,752,596
|
)
|
Total Common Stock Sold Short
|
|
|
|
|
|
|
|
|
(Proceeds $7,190,575)
|
|
|
|
|
|
|
(7,368,316
|
)
|
EXCHANGE TRADED FUNDS SOLD SHORT
†
- (0.3)%
|
|
|
|
|
|
|
|
|
United States Oil Fund, LP
*
|
|
|
868
|
|
|
|
(28,957
|
)
|
Total Exchange Traded Funds Sold Short
|
|
|
|
|
|
|
|
|
(Proceeds $28,675)
|
|
|
|
|
|
|
(28,957
|
)
|
Total Securities Sold Short- (71.7)%
|
|
|
|
|
|
|
|
|
(Proceeds $7,219,250)
|
|
|
|
|
|
$
|
(7,397,273
|
)
|
Other Assets & Liabilities, net - 53.2%
|
|
|
|
|
|
|
5,488,863
|
|
Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
10,315,217
|
|
|
|
|
|
|
|
|
|
|
Alpha Opportunity Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Contracts
|
|
Unrealized
Gain
|
EQUITY FUTURES CONTRACTS PURCHASED
†
|
|
|
|
|
|
|
|
|
March 2013 S&P 500 Index Mini Futures Contracts
(Aggregate Value of
Contracts $497,613)
|
|
|
7
|
|
|
$
|
4,366
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
††
|
Value determined based on Level 2 inputs — See Note 2.
|
†††
|
Value determined based on Level 3 inputs — See Note 2.
|
1
|
All or a portion of this security is pledged as short security collateral at December 31, 2012.
|
2
|
All or a portion of the security is deemed illiquid due to the Fund's exposure to Lehman Brothers International Europe ("LBIE") prime brokerage services. The total market value of illiquid securities is $8,297,050 (cost $7,099,228), or 80.4% of total net assets. The security was deemed liquid at the time of purchase.
|
3
|
The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government.
|
4
|
On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
|
5
|
Repurchase Agreement — See Note 3.
|
6
|
All or a portion of this security was fair valued by the Valuation Committee at December 31, 2012. The total market value of fair valued securities amounts to $(7,341,377) (proceeds $7,164,435), or (71.2%) of total net assets.
|
7
|
Illiquid security.
|
8
|
Security was acquired through a private placement.
|
ADR
|
American Depositary Receipt
|
plc
|
Public Limited Company
|
|
Large Cap Concentrated Growth Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 81.3%
|
Information Technology - 27.6%
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
3,485
|
|
|
$
|
1,857,609
|
|
Google, Inc. — Class A
*
|
|
|
1,196
|
|
|
|
848,406
|
|
International Business Machines Corp.
|
|
|
3,941
|
|
|
|
754,899
|
|
eBay, Inc.
*
|
|
|
14,577
|
|
|
|
743,718
|
|
Microsoft Corp.
|
|
|
27,795
|
|
|
|
742,961
|
|
Oracle Corp.
|
|
|
20,514
|
|
|
|
683,526
|
|
EMC Corp.
*
|
|
|
24,619
|
|
|
|
622,861
|
|
Broadcom Corp. — Class A
|
|
|
14,425
|
|
|
|
479,054
|
|
Total Information Technology
|
|
|
|
|
|
|
6,733,034
|
|
Consumer Discretionary - 19.2%
|
|
|
|
|
|
|
|
|
Starbucks Corp.
|
|
|
13,880
|
|
|
|
744,246
|
|
TJX Companies, Inc.
|
|
|
17,294
|
|
|
|
734,130
|
|
Home Depot, Inc.
|
|
|
11,662
|
|
|
|
721,295
|
|
Comcast Corp. — Class A
|
|
|
19,290
|
|
|
|
721,060
|
|
Walt Disney Co.
|
|
|
14,155
|
|
|
|
704,777
|
|
BorgWarner, Inc.
*
|
|
|
7,660
|
|
|
|
548,609
|
|
Wynn Resorts Ltd.
|
|
|
4,550
|
|
|
|
511,830
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
4,685,947
|
|
Industrials - 9.6%
|
|
|
|
|
|
|
|
|
Honeywell International, Inc.
|
|
|
10,075
|
|
|
|
639,461
|
|
Deere & Co.
|
|
|
7,207
|
|
|
|
622,829
|
|
AMETEK, Inc.
|
|
|
15,037
|
|
|
|
564,940
|
|
Boeing Co.
|
|
|
6,765
|
|
|
|
509,810
|
|
Total Industrials
|
|
|
|
|
|
|
2,337,040
|
|
Consumer Staples - 7.9%
|
|
|
|
|
|
|
|
|
Coca-Cola Co.
|
|
|
20,042
|
|
|
|
726,523
|
|
Mondelez International, Inc. — Class A
|
|
|
27,988
|
|
|
|
712,854
|
|
JM Smucker Co.
|
|
|
5,554
|
|
|
|
478,977
|
|
Total Consumer Staples
|
|
|
|
|
|
|
1,918,354
|
|
Health Care - 7.7%
|
|
|
|
|
|
|
|
|
Covidien plc
|
|
|
8,937
|
|
|
|
516,023
|
|
Gilead Sciences, Inc.
*
|
|
|
6,679
|
|
|
|
490,572
|
|
Abbott Laboratories
|
|
|
7,400
|
|
|
|
484,700
|
|
Biogen Idec, Inc.
*
|
|
|
2,610
|
|
|
|
382,809
|
|
Total Health Care
|
|
|
|
|
|
|
1,874,104
|
|
Energy - 5.2%
|
|
|
|
|
|
|
|
|
Ensco plc — Class A
|
|
|
10,872
|
|
|
|
644,492
|
|
Schlumberger Ltd.
|
|
|
8,816
|
|
|
|
610,861
|
|
Total Energy
|
|
|
|
|
|
|
1,255,353
|
|
Financials - 2.1%
|
|
|
|
|
|
|
|
|
JPMorgan Chase & Co.
|
|
|
11,601
|
|
|
|
510,096
|
|
Materials - 2.0%
|
|
|
|
|
|
|
|
|
CF Industries Holdings, Inc.
|
|
|
2,350
|
|
|
|
477,426
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
(Cost $18,763,288)
|
|
|
|
|
|
|
19,791,354
|
|
EXCHANGE TRADED FUNDS
†
- 14.5%
|
|
|
|
|
|
|
|
|
Financial Select Sector SPDR Fund
|
|
|
63,550
|
|
|
|
1,042,220
|
|
Health Care Select Sector SPDR Fund
|
|
|
24,406
|
|
|
|
975,020
|
|
Materials Select Sector SPDR Fund
|
|
|
14,210
|
|
|
|
533,443
|
|
Industrial Select Sector SPDR Fund
|
|
|
13,592
|
|
|
|
515,137
|
|
Consumer Staples Select Sector SPDR Fund
|
|
|
13,559
|
|
|
|
472,260
|
|
Total Exchange Traded Funds
|
|
|
|
|
|
|
|
|
(Cost $3,490,069)
|
|
|
|
|
|
|
3,538,080
|
|
Total Investments - 95.8%
|
|
|
|
|
|
|
|
|
(Cost $22,253,357)
|
|
|
|
|
|
$
|
23,329,434
|
|
Other Assets & Liabilities, net - 4.2%
|
|
|
|
|
|
|
1,026,306
|
|
Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
24,355,740
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
plc
|
Public Limited Company
|
|
Large Cap Core Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 88.9%
|
Information Technology - 20.3%
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
13,220
|
|
|
$
|
7,046,656
|
|
Google, Inc. — Class A
*
|
|
|
4,535
|
|
|
|
3,216,993
|
|
International Business Machines Corp.
|
|
|
14,850
|
|
|
|
2,844,518
|
|
Microsoft Corp.
|
|
|
105,100
|
|
|
|
2,809,323
|
|
eBay, Inc.
*
|
|
|
55,000
|
|
|
|
2,806,100
|
|
Oracle Corp.
|
|
|
77,600
|
|
|
|
2,585,632
|
|
Computer Sciences Corp.
|
|
|
64,280
|
|
|
|
2,574,414
|
|
TE Connectivity Ltd.
|
|
|
66,700
|
|
|
|
2,475,904
|
|
EMC Corp.
*
|
|
|
92,850
|
|
|
|
2,349,105
|
|
Broadcom Corp. — Class A
|
|
|
54,610
|
|
|
|
1,813,598
|
|
Cisco Systems, Inc.
|
|
|
86,900
|
|
|
|
1,707,585
|
|
Hewlett-Packard Co.
|
|
|
63,816
|
|
|
|
909,378
|
|
NetApp, Inc.
*
|
|
|
19,090
|
|
|
|
640,470
|
|
Euronet Worldwide, Inc.
*
|
|
|
17,684
|
|
|
|
417,342
|
|
Mercury Systems, Inc.
*
|
|
|
19,190
|
|
|
|
176,548
|
|
Total Information Technology
|
|
|
|
|
|
|
34,373,566
|
|
Consumer Discretionary - 13.3%
|
|
|
|
|
|
|
|
|
Time Warner, Inc.
|
|
|
59,566
|
|
|
|
2,849,042
|
|
Starbucks Corp.
|
|
|
52,250
|
|
|
|
2,801,645
|
|
TJX Companies, Inc.
|
|
|
65,300
|
|
|
|
2,771,985
|
|
Comcast Corp. — Class A
|
|
|
73,350
|
|
|
|
2,741,823
|
|
Home Depot, Inc.
|
|
|
43,850
|
|
|
|
2,712,122
|
|
Walt Disney Co.
|
|
|
53,456
|
|
|
|
2,661,574
|
|
BorgWarner, Inc.
*
|
|
|
28,700
|
|
|
|
2,055,494
|
|
Wynn Resorts Ltd.
|
|
|
17,100
|
|
|
|
1,923,579
|
|
Lowe's Companies, Inc.
|
|
|
43,240
|
|
|
|
1,535,885
|
|
DeVry, Inc.
|
|
|
24,100
|
|
|
|
571,893
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
22,625,042
|
|
Financials - 12.1%
|
|
|
|
|
|
|
|
|
JPMorgan Chase & Co.
|
|
|
85,320
|
|
|
|
3,751,520
|
|
Wells Fargo & Co.
|
|
|
89,778
|
|
|
|
3,068,612
|
|
Aon plc
|
|
|
43,860
|
|
|
|
2,438,616
|
|
Berkshire Hathaway, Inc. — Class A
*
|
|
|
16
|
|
|
|
2,144,960
|
|
American International Group, Inc.
*
|
|
|
57,959
|
|
|
|
2,045,953
|
|
Allstate Corp.
|
|
|
40,300
|
|
|
|
1,618,851
|
|
State Street Corp.
|
|
|
34,200
|
|
|
|
1,607,742
|
|
U.S. Bancorp
|
|
|
47,756
|
|
|
|
1,525,327
|
|
BB&T Corp.
|
|
|
42,012
|
|
|
|
1,222,969
|
|
Reinsurance Group of America, Inc. — Class A
|
|
|
14,950
|
|
|
|
800,124
|
|
Citigroup, Inc.
|
|
|
10,510
|
|
|
|
415,776
|
|
Total Financials
|
|
|
|
|
|
|
20,640,450
|
|
Energy - 11.2%
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
28,940
|
|
|
|
3,129,572
|
|
Ensco plc — Class A
|
|
|
40,800
|
|
|
|
2,418,624
|
|
Schlumberger Ltd.
|
|
|
33,150
|
|
|
|
2,296,963
|
|
Williams Companies, Inc.
|
|
|
67,520
|
|
|
|
2,210,605
|
|
McDermott International, Inc.
*
|
|
|
183,588
|
|
|
|
2,023,139
|
|
Apache Corp.
|
|
|
19,335
|
|
|
|
1,517,798
|
|
Halliburton Co.
|
|
|
39,400
|
|
|
|
1,366,786
|
|
Exxon Mobil Corp.
|
|
|
14,240
|
|
|
|
1,232,472
|
|
ConocoPhillips
|
|
|
14,400
|
|
|
|
835,056
|
|
Whiting Petroleum Corp.
*
|
|
|
17,400
|
|
|
|
754,638
|
|
Chesapeake Energy Corp.
|
|
|
35,400
|
|
|
|
588,348
|
|
Phillips 66
|
|
|
7,200
|
|
|
|
382,320
|
|
WPX Energy, Inc.
*
|
|
|
25,366
|
|
|
|
377,446
|
|
Total Energy
|
|
|
|
|
|
|
19,133,767
|
|
Industrials - 11.1%
|
|
|
|
|
|
|
|
|
Honeywell International, Inc.
|
|
|
37,890
|
|
|
|
2,404,878
|
|
Deere & Co.
|
|
|
27,150
|
|
|
|
2,346,303
|
|
AMETEK, Inc.
|
|
|
56,550
|
|
|
|
2,124,584
|
|
URS Corp.
|
|
|
51,810
|
|
|
|
2,034,060
|
|
Boeing Co.
|
|
|
25,698
|
|
|
|
1,936,601
|
|
Republic Services, Inc. — Class A
|
|
|
61,700
|
|
|
|
1,809,661
|
|
United Technologies Corp.
|
|
|
21,000
|
|
|
|
1,722,210
|
|
Quanta Services, Inc.
*
|
|
|
58,120
|
|
|
|
1,586,095
|
|
Equifax, Inc.
|
|
|
29,280
|
|
|
|
1,584,634
|
|
Parker Hannifin Corp.
|
|
|
16,310
|
|
|
|
1,387,329
|
|
Total Industrials
|
|
|
|
|
|
|
18,936,355
|
|
Health Care - 8.8%
|
|
|
|
|
|
|
|
|
Covidien plc
|
|
|
62,650
|
|
|
|
3,617,411
|
|
Aetna, Inc.
|
|
|
68,300
|
|
|
|
3,162,290
|
|
Abbott Laboratories
|
|
|
28,100
|
|
|
|
1,840,550
|
|
Gilead Sciences, Inc.
*
|
|
|
25,055
|
|
|
|
1,840,289
|
|
Biogen Idec, Inc.
*
|
|
|
9,950
|
|
|
|
1,459,367
|
|
Forest Laboratories, Inc.
*
|
|
|
33,800
|
|
|
|
1,193,816
|
|
UnitedHealth Group, Inc.
|
|
|
20,700
|
|
|
|
1,122,768
|
|
Teva Pharmaceutical Industries Ltd. ADR
|
|
|
21,420
|
|
|
|
799,823
|
|
Total Health Care
|
|
|
|
|
|
|
15,036,314
|
|
Consumer Staples - 7.8%
|
|
|
|
|
|
|
|
|
Mondelez International, Inc. — Class A
|
|
|
149,050
|
|
|
|
3,796,304
|
|
Coca-Cola Co.
|
|
|
76,000
|
|
|
|
2,755,000
|
|
CVS Caremark Corp.
|
|
|
45,880
|
|
|
|
2,218,298
|
|
JM Smucker Co.
|
|
|
20,964
|
|
|
|
1,807,935
|
|
Wal-Mart Stores, Inc.
|
|
|
25,490
|
|
|
|
1,739,182
|
|
Kraft Foods Group, Inc.
|
|
|
14,366
|
|
|
|
653,222
|
|
Costco Wholesale Corp.
|
|
|
4,080
|
|
|
|
402,982
|
|
Total Consumer Staples
|
|
|
|
|
|
|
13,372,923
|
|
Materials - 2.3%
|
|
|
|
|
|
|
|
|
Dow Chemical Co.
|
|
|
66,030
|
|
|
|
2,134,090
|
|
CF Industries Holdings, Inc.
|
|
|
8,950
|
|
|
|
1,818,282
|
|
Total Materials
|
|
|
|
|
|
|
3,952,372
|
|
Utilities - 1.6%
|
|
|
|
|
|
|
|
|
Edison International
|
|
|
61,800
|
|
|
|
2,792,742
|
|
Telecommunication Services - 0.4%
|
|
|
|
|
|
|
|
|
Windstream Corp.
|
|
|
75,500
|
|
|
|
625,140
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
(Cost $132,895,833)
|
|
|
|
|
|
|
151,488,671
|
|
EXCHANGE TRADED FUNDS
†
- 8.3%
|
|
|
|
|
|
|
|
|
Financial Select Sector SPDR Fund
|
|
|
241,150
|
|
|
|
3,954,860
|
|
Health Care Select Sector SPDR Fund
|
|
|
92,100
|
|
|
|
3,679,395
|
|
Materials Select Sector SPDR Fund
|
|
|
53,650
|
|
|
|
2,014,021
|
|
Industrial Select Sector SPDR Fund
|
|
|
51,450
|
|
|
|
1,949,955
|
|
Consumer Staples Select Sector SPDR Fund
|
|
|
51,300
|
|
|
|
1,786,779
|
|
Large Cap Core Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
EXCHANGE TRADED FUNDS
†
- 8.3% (continued)
|
|
|
|
|
|
|
|
|
iShares Russell 1000 Value Index Fund
|
|
|
11,370
|
|
|
$
|
827,963
|
|
Total Exchange Traded Funds
|
|
|
|
|
|
|
|
|
(Cost $13,929,537)
|
|
|
14,212,973
|
|
Total Investments - 97.2%
|
|
|
|
|
(Cost $146,825,370)
|
|
$
|
165,701,644
|
|
Other Assets & Liabilities, net - 2.8%
|
|
|
4,830,952
|
|
Total Net Assets - 100.0%
|
|
$
|
170,532,596
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
ADR
|
American Depositary Receipt
|
plc
|
Public Limited Company
|
|
Mid Cap Value Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 98.5%
|
|
|
|
|
|
|
|
|
Financials - 26.4%
|
|
|
|
|
|
|
|
|
Hanover Insurance Group, Inc.
|
|
|
1,078,640
|
|
|
$
|
41,786,513
|
|
WR Berkley Corp.
|
|
|
666,110
|
|
|
|
25,138,991
|
|
Reinsurance Group of America, Inc. — Class A
|
|
|
454,574
|
|
|
|
24,328,801
|
|
American Financial Group, Inc.
|
|
|
552,000
|
|
|
|
21,815,040
|
|
Alleghany Corp.
*
|
|
|
60,360
|
|
|
|
20,245,951
|
|
Northern Trust Corp.
|
|
|
352,130
|
|
|
|
17,662,841
|
|
RenaissanceRe Holdings Ltd.
|
|
|
167,200
|
|
|
|
13,586,672
|
|
Ocwen Financial Corp.
*
|
|
|
388,684
|
|
|
|
13,444,580
|
|
Endurance Specialty Holdings Ltd.
|
|
|
309,400
|
|
|
|
12,280,086
|
|
Lexington Realty Trust
|
|
|
1,130,480
|
|
|
|
11,813,516
|
|
Huntington Bancshares, Inc.
|
|
|
1,692,340
|
|
|
|
10,814,052
|
|
Employers Holdings, Inc.
|
|
|
482,770
|
|
|
|
9,935,407
|
|
Home Loan Servicing Solutions Ltd.
|
|
|
423,227
|
|
|
|
7,998,990
|
|
Zions Bancorporation
|
|
|
288,250
|
|
|
|
6,168,550
|
|
First Midwest Bancorp, Inc.
|
|
|
460,198
|
|
|
|
5,761,679
|
|
Investors Real Estate Trust
|
|
|
644,530
|
|
|
|
5,626,747
|
|
Wintrust Financial Corp.
|
|
|
152,840
|
|
|
|
5,609,228
|
|
City National Corp.
|
|
|
111,290
|
|
|
|
5,511,081
|
|
SVB Financial Group
*
|
|
|
94,420
|
|
|
|
5,284,687
|
|
Citizens Republic Bancorp, Inc.
*
|
|
|
272,170
|
|
|
|
5,163,065
|
|
Redwood Trust, Inc.
|
|
|
289,617
|
|
|
|
4,891,631
|
|
First Niagara Financial Group, Inc.
|
|
|
612,990
|
|
|
|
4,861,011
|
|
MGIC Investment Corp.
*
|
|
|
1,826,999
|
|
|
|
4,859,817
|
|
Total Financials
|
|
|
|
|
|
|
284,588,936
|
|
Industrials - 18.8%
|
|
|
|
|
|
|
|
|
Covanta Holding Corp.
|
|
|
1,480,860
|
|
|
|
27,277,441
|
|
Quanta Services, Inc.
*
|
|
|
918,180
|
|
|
|
25,057,131
|
|
Aegion Corp. — Class A
*
|
|
|
934,656
|
|
|
|
20,740,017
|
|
URS Corp.
|
|
|
510,500
|
|
|
|
20,042,230
|
|
Navigant Consulting, Inc.
*
|
|
|
1,528,150
|
|
|
|
17,054,154
|
|
General Cable Corp.
*
|
|
|
494,721
|
|
|
|
15,044,466
|
|
Orbital Sciences Corp.
*
|
|
|
984,140
|
|
|
|
13,551,607
|
|
Saia, Inc.
*
|
|
|
535,300
|
|
|
|
12,376,136
|
|
Equifax, Inc.
|
|
|
205,340
|
|
|
|
11,113,001
|
|
ICF International, Inc.
*
|
|
|
422,370
|
|
|
|
9,900,353
|
|
Babcock & Wilcox Co.
|
|
|
358,370
|
|
|
|
9,389,294
|
|
GeoEye, Inc.
*
|
|
|
206,420
|
|
|
|
6,343,287
|
|
United Stationers, Inc.
|
|
|
176,492
|
|
|
|
5,469,487
|
|
Atlas Air Worldwide Holdings, Inc.
*
|
|
|
114,504
|
|
|
|
5,073,672
|
|
DryShips, Inc.
*
|
|
|
2,764,010
|
|
|
|
4,367,136
|
|
Thermoenergy Corp.
*
|
|
|
2,701,839
|
|
|
|
240,464
|
|
Total Industrials
|
|
|
|
|
|
|
203,039,876
|
|
Information Technology - 12.3%
|
|
|
|
|
|
|
|
|
Computer Sciences Corp.
|
|
|
855,800
|
|
|
|
34,274,790
|
|
Cree, Inc.
*
|
|
|
643,600
|
|
|
|
21,869,527
|
|
IXYS Corp.
|
|
|
2,136,329
|
|
|
|
19,526,047
|
|
Maxwell Technologies, Inc.
*
|
|
|
1,704,971
|
|
|
|
14,134,210
|
|
Global Payments, Inc.
|
|
|
257,220
|
|
|
|
11,652,066
|
|
RF Micro Devices, Inc.
*
|
|
|
2,464,500
|
|
|
|
11,040,960
|
|
Power-One, Inc.
*
|
|
|
1,610,009
|
|
|
|
6,617,137
|
|
Semtech Corp.
*
|
|
|
222,670
|
|
|
|
6,446,297
|
|
Symmetricom, Inc.
*
|
|
|
944,289
|
|
|
|
5,448,548
|
|
Euronet Worldwide, Inc.
*
|
|
|
105,635
|
|
|
|
2,492,986
|
|
Total Information Technology
|
|
|
|
|
|
|
133,502,568
|
|
Consumer Discretionary - 10.5%
|
|
|
|
|
|
|
|
|
Chico's FAS, Inc.
|
|
|
1,030,260
|
|
|
|
19,018,600
|
|
Brown Shoe Company, Inc.
|
|
|
992,755
|
|
|
|
18,236,909
|
|
Cabela's, Inc.
*
|
|
|
349,640
|
|
|
|
14,597,470
|
|
Maidenform Brands, Inc.
*
|
|
|
631,550
|
|
|
|
12,308,910
|
|
Scholastic Corp.
|
|
|
361,060
|
|
|
|
10,672,934
|
|
Jones Group, Inc.
|
|
|
871,123
|
|
|
|
9,634,620
|
|
Jack in the Box, Inc.
*
|
|
|
311,780
|
|
|
|
8,916,908
|
|
Guess?, Inc.
|
|
|
325,200
|
|
|
|
7,980,408
|
|
DeVry, Inc.
|
|
|
279,210
|
|
|
|
6,625,653
|
|
Gentex Corp.
|
|
|
313,640
|
|
|
|
5,902,705
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
113,895,117
|
|
Energy - 8.6%
|
|
|
|
|
|
|
|
|
SandRidge Energy, Inc.
*
|
|
|
2,806,090
|
|
|
|
17,818,672
|
|
Gulfport Energy Corp.
*
|
|
|
440,591
|
|
|
|
16,839,387
|
|
Whiting Petroleum Corp.
*
|
|
|
317,962
|
|
|
|
13,790,012
|
|
Resolute Energy Corp.
*
|
|
|
1,159,390
|
|
|
|
9,425,841
|
|
Goodrich Petroleum Corp.
*
|
|
|
997,659
|
|
|
|
9,298,182
|
|
McDermott International, Inc.
*
|
|
|
805,054
|
|
|
|
8,871,695
|
|
Sanchez Energy Corp.
*
|
|
|
322,175
|
|
|
|
5,799,150
|
|
Oasis Petroleum, Inc.
*
|
|
|
175,970
|
|
|
|
5,595,846
|
|
Superior Energy Services, Inc.
*
|
|
|
261,940
|
|
|
|
5,427,397
|
|
USEC, Inc.
*
|
|
|
103,566
|
|
|
|
54,890
|
|
Total Energy
|
|
|
|
|
|
|
92,921,072
|
|
Health Care - 6.4%
|
|
|
|
|
|
|
|
|
Community Health Systems, Inc.
|
|
|
411,860
|
|
|
|
12,660,577
|
|
Hologic, Inc.
*
|
|
|
592,511
|
|
|
|
11,867,995
|
|
MEDNAX, Inc.
*
|
|
|
142,691
|
|
|
|
11,346,788
|
|
Forest Laboratories, Inc.
*
|
|
|
280,790
|
|
|
|
9,917,503
|
|
Universal Health Services, Inc. — Class B
|
|
|
194,520
|
|
|
|
9,405,042
|
|
Kindred Healthcare, Inc.
*
|
|
|
782,716
|
|
|
|
8,468,987
|
|
Alere, Inc.
*
|
|
|
271,274
|
|
|
|
5,018,569
|
|
Total Health Care
|
|
|
|
|
|
|
68,685,461
|
|
Materials - 5.9%
|
|
|
|
|
|
|
|
|
Owens-Illinois, Inc.
*
|
|
|
1,148,180
|
|
|
|
24,421,789
|
|
Sonoco Products Co.
|
|
|
620,169
|
|
|
|
18,437,624
|
|
Landec Corp.
*
|
|
|
867,563
|
|
|
|
8,233,172
|
|
Zoltek Companies, Inc.
*
|
|
|
955,626
|
|
|
|
7,406,102
|
|
Globe Specialty Metals, Inc.
|
|
|
425,030
|
|
|
|
5,844,163
|
|
Total Materials
|
|
|
|
|
|
|
64,342,850
|
|
Utilities - 5.1%
|
|
|
|
|
|
|
|
|
Black Hills Corp.
|
|
|
445,370
|
|
|
|
16,184,746
|
|
Great Plains Energy, Inc.
|
|
|
665,337
|
|
|
|
13,512,994
|
|
UGI Corp.
|
|
|
345,592
|
|
|
|
11,304,314
|
|
Pepco Holdings, Inc.
|
|
|
415,729
|
|
|
|
8,152,446
|
|
MDU Resources Group, Inc.
|
|
|
283,058
|
|
|
|
6,012,152
|
|
Total Utilities
|
|
|
|
|
|
|
55,166,652
|
|
Consumer Staples - 4.5%
|
|
|
|
|
|
|
|
|
Ralcorp Holdings, Inc.
*
|
|
|
245,876
|
|
|
|
22,042,784
|
|
Hormel Foods Corp.
|
|
|
392,400
|
|
|
|
12,246,804
|
|
Darling International, Inc.
*
|
|
|
575,424
|
|
|
|
9,229,801
|
|
JM Smucker Co.
|
|
|
61,580
|
|
|
|
5,310,659
|
|
Total Consumer Staples
|
|
|
|
|
|
|
48,830,048
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
(Cost $948,957,816)
|
|
|
|
|
|
|
1,064,972,580
|
|
Mid Cap Value Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
CONVERTIBLE PREFERRED STOCKS
††
- 0.0%
|
|
|
|
|
|
|
|
|
Thermoenergy Corp.
*,1
|
|
|
858,334
|
|
|
$
|
223,064
|
|
Total Convertible Preferred Stocks
|
|
|
|
|
|
|
|
|
(Cost $819,654)
|
|
|
|
|
|
|
223,064
|
|
|
|
|
Face
Amount
|
|
|
|
|
|
CONVERTIBLE BONDS
††
- 1.0%
|
|
|
|
|
|
|
|
|
Industrials - 0.5%
|
|
|
|
|
|
|
|
|
DryShips, Inc.
|
|
|
|
|
|
|
|
|
5.00% due 12/01/14
|
|
$
|
7,525,000
|
|
|
|
5,944,750
|
|
Energy - 0.5%
|
|
|
|
|
|
|
|
|
USEC, Inc.
|
|
|
|
|
|
|
|
|
3.00% due 10/01/14
|
|
|
13,600,000
|
|
|
|
5,168,000
|
|
Total Convertible Bonds
|
|
|
|
|
|
|
|
|
(Cost $19,159,667)
|
|
|
|
|
|
|
11,112,750
|
|
Total Investments - 99.5%
|
|
|
|
|
|
|
|
|
(Cost $968,937,137)
|
|
|
|
|
|
$
|
1,076,308,394
|
|
Other Assets & Liabilities, net - 0.5%
|
|
|
|
|
|
|
5,214,152
|
|
Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
1,081,522,546
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
††
|
Value determined based on Level 2 inputs — See Note 2.
|
1
|
PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
|
Mid Cap Value Institutional Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 97.8%
|
Financials - 25.8%
|
|
|
|
|
|
|
|
|
Hanover Insurance Group, Inc.
|
|
|
472,263
|
|
|
$
|
18,295,469
|
|
WR Berkley Corp.
|
|
|
289,530
|
|
|
|
10,926,862
|
|
Reinsurance Group of America, Inc. — Class A
|
|
|
201,193
|
|
|
|
10,767,849
|
|
American Financial Group, Inc.
|
|
|
257,940
|
|
|
|
10,193,789
|
|
Alleghany Corp.
*
|
|
|
26,538
|
|
|
|
8,901,376
|
|
Northern Trust Corp.
|
|
|
155,120
|
|
|
|
7,780,819
|
|
Ocwen Financial Corp.
*
|
|
|
167,858
|
|
|
|
5,806,209
|
|
RenaissanceRe Holdings Ltd.
|
|
|
70,560
|
|
|
|
5,733,706
|
|
Endurance Specialty Holdings Ltd.
|
|
|
137,230
|
|
|
|
5,446,659
|
|
Lexington Realty Trust
|
|
|
473,740
|
|
|
|
4,950,583
|
|
Huntington Bancshares, Inc.
|
|
|
745,510
|
|
|
|
4,763,809
|
|
Employers Holdings, Inc.
|
|
|
203,674
|
|
|
|
4,191,611
|
|
Home Loan Servicing Solutions Ltd.
|
|
|
186,220
|
|
|
|
3,519,558
|
|
Zions Bancorporation
|
|
|
126,980
|
|
|
|
2,717,372
|
|
First Midwest Bancorp, Inc.
|
|
|
202,729
|
|
|
|
2,538,167
|
|
Wintrust Financial Corp.
|
|
|
67,330
|
|
|
|
2,471,011
|
|
City National Corp.
|
|
|
49,030
|
|
|
|
2,427,966
|
|
SVB Financial Group
*
|
|
|
41,590
|
|
|
|
2,327,792
|
|
Citizens Republic Bancorp, Inc.
*
|
|
|
119,880
|
|
|
|
2,274,124
|
|
First Niagara Financial Group, Inc.
|
|
|
272,040
|
|
|
|
2,157,277
|
|
MGIC Investment Corp.
*
|
|
|
801,843
|
|
|
|
2,132,902
|
|
Investors Real Estate Trust
|
|
|
224,810
|
|
|
|
1,962,591
|
|
Redwood Trust, Inc.
|
|
|
102,770
|
|
|
|
1,735,785
|
|
Bimini Capital Management, Inc. — Class A
*
|
|
|
255,103
|
|
|
|
31,888
|
|
Total Financials
|
|
|
|
|
|
|
124,055,174
|
|
Industrials - 18.4%
|
|
|
|
|
|
|
|
|
Covanta Holding Corp.
|
|
|
644,670
|
|
|
|
11,874,821
|
|
Quanta Services, Inc.
*
|
|
|
403,680
|
|
|
|
11,016,427
|
|
Aegion Corp. — Class A
*
|
|
|
410,115
|
|
|
|
9,100,452
|
|
URS Corp.
|
|
|
226,467
|
|
|
|
8,891,094
|
|
Navigant Consulting, Inc.
*
|
|
|
677,970
|
|
|
|
7,566,144
|
|
General Cable Corp.
*
|
|
|
223,614
|
|
|
|
6,800,102
|
|
Equifax, Inc.
|
|
|
111,630
|
|
|
|
6,041,416
|
|
Orbital Sciences Corp.
*
|
|
|
425,898
|
|
|
|
5,864,616
|
|
Saia, Inc.
*
|
|
|
213,860
|
|
|
|
4,944,443
|
|
ICF International, Inc.
*
|
|
|
169,633
|
|
|
|
3,976,198
|
|
Babcock & Wilcox Co.
|
|
|
135,518
|
|
|
|
3,550,572
|
|
GeoEye, Inc.
*
|
|
|
89,859
|
|
|
|
2,761,367
|
|
Atlas Air Worldwide Holdings, Inc.
*
|
|
|
54,351
|
|
|
|
2,408,293
|
|
United Stationers, Inc.
|
|
|
68,416
|
|
|
|
2,120,212
|
|
DryShips, Inc.
*
|
|
|
1,064,081
|
|
|
|
1,681,248
|
|
Total Industrials
|
|
|
|
|
|
|
88,597,405
|
|
Information Technology - 12.3%
|
|
|
|
|
|
|
|
|
Computer Sciences Corp.
|
|
|
379,800
|
|
|
|
15,210,990
|
|
Cree, Inc.
*
|
|
|
284,380
|
|
|
|
9,663,233
|
|
IXYS Corp.
|
|
|
938,399
|
|
|
|
8,576,967
|
|
Maxwell Technologies, Inc.
*
|
|
|
745,841
|
|
|
|
6,183,022
|
|
Global Payments, Inc.
|
|
|
111,700
|
|
|
|
5,060,010
|
|
RF Micro Devices, Inc.
*
|
|
|
1,093,730
|
|
|
|
4,899,910
|
|
Power-One, Inc.
*
|
|
|
711,585
|
|
|
|
2,924,614
|
|
Semtech Corp.
*
|
|
|
97,250
|
|
|
|
2,815,388
|
|
Symmetricom, Inc.
*
|
|
|
421,716
|
|
|
|
2,433,301
|
|
Euronet Worldwide, Inc.
*
|
|
|
45,610
|
|
|
|
1,076,396
|
|
Total Information Technology
|
|
|
|
|
|
|
58,843,831
|
|
Consumer Discretionary - 10.7%
|
|
|
|
|
|
|
|
|
Brown Shoe Company, Inc.
|
|
|
493,347
|
|
|
|
9,062,785
|
|
Chico's FAS, Inc.
|
|
|
490,590
|
|
|
|
9,056,292
|
|
Cabela's, Inc.
*
|
|
|
154,360
|
|
|
|
6,444,530
|
|
Maidenform Brands, Inc.
*
|
|
|
269,927
|
|
|
|
5,260,877
|
|
Scholastic Corp.
|
|
|
151,870
|
|
|
|
4,489,277
|
|
Jones Group, Inc.
|
|
|
384,334
|
|
|
|
4,250,734
|
|
Jack in the Box, Inc.
*
|
|
|
139,660
|
|
|
|
3,994,276
|
|
Guess?, Inc.
|
|
|
141,380
|
|
|
|
3,469,465
|
|
DeVry, Inc.
|
|
|
120,643
|
|
|
|
2,862,858
|
|
Gentex Corp.
|
|
|
136,330
|
|
|
|
2,565,730
|
|
HydroGen Corp.
*
|
|
|
1,265,700
|
|
|
|
15,695
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
51,472,519
|
|
Energy - 8.5%
|
|
|
|
|
|
|
|
|
Gulfport Energy Corp.
*
|
|
|
214,172
|
|
|
|
8,185,654
|
|
SandRidge Energy, Inc.
*
|
|
|
1,145,051
|
|
|
|
7,271,074
|
|
Whiting Petroleum Corp.
*
|
|
|
140,681
|
|
|
|
6,101,335
|
|
Resolute Energy Corp.
*
|
|
|
505,020
|
|
|
|
4,105,813
|
|
Goodrich Petroleum Corp.
*
|
|
|
423,472
|
|
|
|
3,946,759
|
|
McDermott International, Inc.
*
|
|
|
353,474
|
|
|
|
3,895,283
|
|
Oasis Petroleum, Inc.
*
|
|
|
76,420
|
|
|
|
2,430,156
|
|
Sanchez Energy Corp.
*
|
|
|
131,221
|
|
|
|
2,361,978
|
|
Superior Energy Services, Inc.
*
|
|
|
113,050
|
|
|
|
2,342,396
|
|
USEC, Inc.
*
|
|
|
47,065
|
|
|
|
24,944
|
|
Total Energy
|
|
|
|
|
|
|
40,665,392
|
|
Health Care - 6.3%
|
|
|
|
|
|
|
|
|
Community Health Systems, Inc.
|
|
|
185,770
|
|
|
|
5,710,569
|
|
MEDNAX, Inc.
*
|
|
|
64,323
|
|
|
|
5,114,965
|
|
Hologic, Inc.
*
|
|
|
244,402
|
|
|
|
4,895,372
|
|
Universal Health Services, Inc. — Class B
|
|
|
96,770
|
|
|
|
4,678,830
|
|
Forest Laboratories, Inc.
*
|
|
|
126,000
|
|
|
|
4,450,320
|
|
Kindred Healthcare, Inc.
*
|
|
|
304,621
|
|
|
|
3,295,999
|
|
Alere, Inc.
*
|
|
|
117,799
|
|
|
|
2,179,282
|
|
Total Health Care
|
|
|
|
|
|
|
30,325,337
|
|
Utilities - 5.4%
|
|
|
|
|
|
|
|
|
Black Hills Corp.
|
|
|
210,809
|
|
|
|
7,660,799
|
|
Great Plains Energy, Inc.
|
|
|
346,605
|
|
|
|
7,039,547
|
|
UGI Corp.
|
|
|
147,660
|
|
|
|
4,829,959
|
|
Pepco Holdings, Inc.
|
|
|
182,360
|
|
|
|
3,576,079
|
|
MDU Resources Group, Inc.
|
|
|
124,307
|
|
|
|
2,640,281
|
|
Total Utilities
|
|
|
|
|
|
|
25,746,665
|
|
Materials - 5.4%
|
|
|
|
|
|
|
|
|
Owens-Illinois, Inc.
*
|
|
|
509,260
|
|
|
|
10,831,960
|
|
Sonoco Products Co.
|
|
|
197,286
|
|
|
|
5,865,313
|
|
Landec Corp.
*
|
|
|
370,000
|
|
|
|
3,511,300
|
|
Zoltek Companies, Inc.
*
|
|
|
392,264
|
|
|
|
3,040,046
|
|
Globe Specialty Metals, Inc.
|
|
|
177,120
|
|
|
|
2,435,400
|
|
Total Materials
|
|
|
|
|
|
|
25,684,019
|
|
Consumer Staples - 5.0%
|
|
|
|
|
|
|
|
|
Ralcorp Holdings, Inc.
*
|
|
|
109,592
|
|
|
|
9,824,922
|
|
Hormel Foods Corp.
|
|
|
208,720
|
|
|
|
6,514,151
|
|
Darling International, Inc.
*
|
|
|
275,442
|
|
|
|
4,418,090
|
|
JM Smucker Co.
|
|
|
39,570
|
|
|
|
3,412,517
|
|
Total Consumer Staples
|
|
|
|
|
|
|
24,169,680
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
(Cost $425,513,178)
|
|
|
|
|
|
|
469,560,022
|
|
Mid Cap Value Institutional Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
CONVERTIBLE PREFERRED STOCKS
††
- 0.0%
|
|
|
|
|
|
|
|
|
Thermoenergy Corp.
*,1
|
|
|
793,750
|
|
|
$
|
206,280
|
|
Total Convertible Preferred Stocks
|
|
|
|
|
|
|
|
|
(Cost $757,980)
|
|
|
|
|
|
|
206,280
|
|
|
|
|
Face
Amount
|
|
|
|
|
|
CONVERTIBLE BONDS
††
- 1.2%
|
|
|
|
|
|
|
|
|
Industrials - 0.7%
|
|
|
|
|
|
|
|
|
DryShips, Inc.
|
|
|
|
|
|
|
|
|
5.00% due 12/01/14
|
|
|
$ 4,225,000
|
|
|
|
3,337,750
|
|
Energy - 0.5%
|
|
|
|
|
|
|
|
|
USEC, Inc.
|
|
|
|
|
|
|
|
|
3.00% due 10/01/14
|
|
|
6,000,000
|
|
|
|
2,280,000
|
|
Total Convertible Bonds
|
|
|
|
|
|
|
|
|
(Cost $8,616,075)
|
|
|
|
|
|
|
5,617,750
|
|
REPURCHASE AGREEMENT
††,2
- 0.9%
|
|
|
|
|
|
|
|
|
UMB Financial Corp.
issued 12/31/12 at 0.07%
due 01/02/13
|
|
|
4,396,000
|
|
|
|
4,396,000
|
|
Total Repurchase Agreement
|
|
|
|
|
|
|
|
|
(Cost $4,396,000)
|
|
|
|
|
|
|
4,396,000
|
|
Total Investments - 99.9%
|
|
|
|
|
|
|
|
|
(Cost $439,283,233)
|
|
|
|
|
|
$
|
479,780,052
|
|
Other Assets & Liabilities, net - 0.1%
|
|
|
|
|
|
|
268,826
|
|
Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
480,048,878
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
††
|
Value determined based on Level 2 inputs — See Note 2.
|
1
|
PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
|
2
|
Repurchase Agreement — See Note 3.
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
- 97.9%
|
Financials - 22.6%
|
|
|
|
|
|
|
|
|
Sumitomo Realty & Development Company Ltd.
††
|
|
|
3,000
|
|
|
$
|
99,815
|
|
Nomura Holdings, Inc.
††
|
|
|
16,700
|
|
|
|
98,727
|
|
Mitsui Fudosan Company Ltd.
††
|
|
|
4,000
|
|
|
|
97,728
|
|
Mitsubishi Estate Company Ltd.
††
|
|
|
4,000
|
|
|
|
95,641
|
|
Tokyu Land Corp.
††
|
|
|
13,000
|
|
|
|
95,132
|
|
Unione di Banche Italiane SCPA
††
|
|
|
19,549
|
|
|
|
91,128
|
|
Daiwa Securities Group, Inc.
††
|
|
|
16,000
|
|
|
|
89,151
|
|
Daiwa House Industry Company Ltd.
††
|
|
|
5,000
|
|
|
|
85,855
|
|
City Developments Ltd.
††
|
|
|
7,990
|
|
|
|
85,464
|
|
Dai-ichi Life Insurance Company Ltd.
††
|
|
|
60
|
|
|
|
84,316
|
|
Shinsei Bank Ltd.
††
|
|
|
41,920
|
|
|
|
83,797
|
|
Keppel Land Ltd.
††
|
|
|
25,000
|
|
|
|
83,742
|
|
Banco Espirito Santo S.A.
*,††
|
|
|
70,405
|
|
|
|
83,709
|
|
Mitsubishi UFJ Financial Group, Inc.
††
|
|
|
15,280
|
|
|
|
82,577
|
|
KBC Groep N.V.
††
|
|
|
2,367
|
|
|
|
82,469
|
|
Vienna Insurance Group AG Wiener Versicherung Gruppe
††
|
|
|
1,543
|
|
|
|
82,330
|
|
SBI Holdings, Inc.
††
|
|
|
9,180
|
|
|
|
81,960
|
|
United Overseas Bank Ltd.
††
|
|
|
4,990
|
|
|
|
81,867
|
|
Delta Lloyd N.V.
††
|
|
|
4,958
|
|
|
|
81,650
|
|
Investor AB — Class B
††
|
|
|
3,100
|
|
|
|
81,461
|
|
NTT Urban Development Corp.
††
|
|
|
84
|
|
|
|
81,371
|
|
Wendel S.A.
††
|
|
|
787
|
|
|
|
81,099
|
|
Mizuho Financial Group, Inc.
††
|
|
|
44,250
|
|
|
|
81,029
|
|
Banca Monte dei Paschi di Siena SpA
*,††
|
|
|
270,797
|
|
|
|
80,969
|
|
Investec plc
††
|
|
|
11,625
|
|
|
|
80,941
|
|
Aegon N.V.
††
|
|
|
12,533
|
|
|
|
80,935
|
|
Sumitomo Mitsui Trust Holdings, Inc.
††
|
|
|
22,980
|
|
|
|
80,863
|
|
Macquarie Group Ltd.
††
|
|
|
2,151
|
|
|
|
80,681
|
|
Aberdeen Asset Management plc
††
|
|
|
13,393
|
|
|
|
80,601
|
|
Mediobanca SpA
††
|
|
|
13,043
|
|
|
|
80,541
|
|
Oversea-Chinese Banking Corporation Ltd.
††
|
|
|
9,990
|
|
|
|
80,510
|
|
Hang Lung Properties Ltd.
††
|
|
|
20,000
|
|
|
|
80,494
|
|
Industrivarden AB — Class C
††
|
|
|
4,825
|
|
|
|
80,411
|
|
London Stock Exchange Group plc
††
|
|
|
4,508
|
|
|
|
80,373
|
|
Banco Popolare SC
*,††
|
|
|
48,136
|
|
|
|
80,128
|
|
ORIX Corp.
††
|
|
|
710
|
|
|
|
80,098
|
|
Sumitomo Mitsui Financial Group, Inc.
††
|
|
|
2,200
|
|
|
|
79,851
|
|
MS&AD Insurance Group Holdings
††
|
|
|
4,000
|
|
|
|
79,726
|
|
Royal Bank of Scotland Group plc
*,††
|
|
|
14,915
|
|
|
|
79,727
|
|
Wharf Holdings Ltd.
††
|
|
|
9,990
|
|
|
|
79,623
|
|
NKSJ Holdings, Inc.
††
|
|
|
3,700
|
|
|
|
79,261
|
|
Erste Group Bank AG
*,††
|
|
|
2,491
|
|
|
|
79,175
|
|
Standard Chartered plc
††
|
|
|
3,056
|
|
|
|
79,095
|
|
Aviva plc
††
|
|
|
12,780
|
|
|
|
79,091
|
|
AXA S.A.
††
|
|
|
4,405
|
|
|
|
79,070
|
|
T&D Holdings, Inc.
††
|
|
|
6,500
|
|
|
|
79,039
|
|
Banco Bilbao Vizcaya Argentaria S.A.
††
|
|
|
8,505
|
|
|
|
78,993
|
|
UOL Group Ltd.
††
|
|
|
15,980
|
|
|
|
78,822
|
|
Ageas
††
|
|
|
2,668
|
|
|
|
78,806
|
|
Assicurazioni Generali SpA
††
|
|
|
4,309
|
|
|
|
78,720
|
|
RSA Insurance Group plc
††
|
|
|
38,063
|
|
|
|
78,575
|
|
Barclays plc
††
|
|
|
18,065
|
|
|
|
78,490
|
|
Natixis
††
|
|
|
22,842
|
|
|
|
78,051
|
|
Credit Agricole S.A.
*,††
|
|
|
9,572
|
|
|
|
77,930
|
|
Cheung Kong Holdings Ltd.
††
|
|
|
5,000
|
|
|
|
77,803
|
|
Partners Group Holding AG
††
|
|
|
336
|
|
|
|
77,621
|
|
Deutsche Boerse AG
††
|
|
|
1,266
|
|
|
|
77,608
|
|
Investment AB Kinnevik — Class B
††
|
|
|
3,705
|
|
|
|
77,521
|
|
Lend Lease Group
††
|
|
|
7,921
|
|
|
|
77,453
|
|
Standard Life plc
††
|
|
|
14,164
|
|
|
|
77,434
|
|
Mizrahi Tefahot Bank Ltd.
*,††
|
|
|
7,453
|
|
|
|
77,315
|
|
Pohjola Bank plc — Class A
††
|
|
|
5,161
|
|
|
|
77,254
|
|
Allianz AG
††
|
|
|
554
|
|
|
|
77,201
|
|
Credit Saison Company Ltd.
††
|
|
|
3,090
|
|
|
|
77,191
|
|
Segro plc
††
|
|
|
18,990
|
|
|
|
77,080
|
|
Schroders plc
††
|
|
|
2,773
|
|
|
|
77,031
|
|
CapitaLand Ltd.
††
|
|
|
25,000
|
|
|
|
76,963
|
|
Mapfre S.A.
††
|
|
|
24,964
|
|
|
|
76,893
|
|
Banco Santander S.A.
††
|
|
|
9,447
|
|
|
|
76,751
|
|
Societe Generale S.A.
*,††
|
|
|
2,019
|
|
|
|
76,742
|
|
ICAP plc
††
|
|
|
15,173
|
|
|
|
76,730
|
|
Unibail-Rodamco SE
††
|
|
|
316
|
|
|
|
76,607
|
|
Tryg A/S
††
|
|
|
1,012
|
|
|
|
76,574
|
|
UniCredit SpA
*,††
|
|
|
15,540
|
|
|
|
76,501
|
|
Wheelock & Company Ltd.
††
|
|
|
14,980
|
|
|
|
76,420
|
|
CNP Assurances
††
|
|
|
4,959
|
|
|
|
76,308
|
|
Global Logistic Properties Ltd.
††
|
|
|
32,950
|
|
|
|
76,214
|
|
Nomura Real Estate Holdings, Inc.
††
|
|
|
3,990
|
|
|
|
76,202
|
|
Commerzbank AG
*,††
|
|
|
39,784
|
|
|
|
76,192
|
|
Skandinaviska Enskilda Banken AB — Class A
††
|
|
|
8,902
|
|
|
|
76,185
|
|
Hong Kong Exchanges and Clearing Ltd.
††
|
|
|
4,400
|
|
|
|
76,153
|
|
Bank of Kyoto Ltd.
††
|
|
|
9,000
|
|
|
|
76,124
|
|
Swedbank AB — Class A
††
|
|
|
3,873
|
|
|
|
76,109
|
|
Klepierre
††
|
|
|
1,903
|
|
|
|
76,038
|
|
Bendigo and Adelaide Bank Ltd.
††
|
|
|
8,521
|
|
|
|
76,003
|
|
Admiral Group plc
††
|
|
|
3,989
|
|
|
|
75,949
|
|
Old Mutual plc
††
|
|
|
25,837
|
|
|
|
75,872
|
|
Sun Hung Kai Properties Ltd.
††
|
|
|
5,000
|
|
|
|
75,832
|
|
Swiss Prime Site AG
†
|
|
|
909
|
|
|
|
75,824
|
|
Sino Land Company Ltd.
††
|
|
|
41,400
|
|
|
|
75,815
|
|
Zurich Insurance Group AG
††
|
|
|
283
|
|
|
|
75,778
|
|
ING Groep N.V.
*,††
|
|
|
7,975
|
|
|
|
75,722
|
|
Hammerson plc
††
|
|
|
9,436
|
|
|
|
75,679
|
|
Suncorp Group Ltd.
††
|
|
|
7,074
|
|
|
|
75,638
|
|
Resolution Ltd.
††
|
|
|
18,574
|
|
|
|
75,597
|
|
Lloyds Banking Group plc
*,††
|
|
|
94,836
|
|
|
|
75,596
|
|
Singapore Exchange Ltd.
††
|
|
|
13,000
|
|
|
|
75,554
|
|
IMMOFINANZ AG
††
|
|
|
17,944
|
|
|
|
75,516
|
|
AMP Ltd.
††
|
|
|
14,832
|
|
|
|
75,329
|
|
Resona Holdings, Inc.
††
|
|
|
16,480
|
|
|
|
75,257
|
|
British Land Company plc
††
|
|
|
8,141
|
|
|
|
75,173
|
|
HSBC Holdings plc
††
|
|
|
7,088
|
|
|
|
75,128
|
|
Tokio Marine Holdings, Inc.
††
|
|
|
2,700
|
|
|
|
75,125
|
|
Hannover Rueckversicherung AG
††
|
|
|
959
|
|
|
|
75,088
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
Muenchener Rueckversicherungs AG
††
|
|
|
416
|
|
|
$
|
75,075
|
|
Bank Hapoalim BM
*,††
|
|
|
17,487
|
|
|
|
75,048
|
|
Corio N.V.
††
|
|
|
1,637
|
|
|
|
75,042
|
|
CapitaCommercial Trust
††
|
|
|
54,000
|
|
|
|
74,947
|
|
Swire Pacific Ltd. — Class A
††
|
|
|
5,990
|
|
|
|
74,934
|
|
Exor SpA
††
|
|
|
2,972
|
|
|
|
74,876
|
|
ASX Ltd.
††
|
|
|
2,291
|
|
|
|
74,860
|
|
3i Group plc
††
|
|
|
20,943
|
|
|
|
74,739
|
|
Australia & New Zealand Banking Group Ltd.
††
|
|
|
2,834
|
|
|
|
74,733
|
|
Nordea Bank AB
††
|
|
|
7,765
|
|
|
|
74,713
|
|
Julius Baer Group Ltd.
††
|
|
|
2,099
|
|
|
|
74,677
|
|
Fonciere Des Regions
††
|
|
|
887
|
|
|
|
74,619
|
|
National Australia Bank Ltd.
††
|
|
|
2,832
|
|
|
|
74,585
|
|
Credit Suisse Group AG
††
|
|
|
3,051
|
|
|
|
74,411
|
|
Pargesa Holding S.A.
††
|
|
|
1,080
|
|
|
|
74,380
|
|
Westpac Banking Corp.
††
|
|
|
2,711
|
|
|
|
74,375
|
|
Nishi-Nippon City Bank Ltd.
††
|
|
|
30,000
|
|
|
|
74,346
|
|
Commonwealth Bank of Australia
††
|
|
|
1,140
|
|
|
|
74,339
|
|
Banco Popular Espanol S.A.
*,††
|
|
|
95,015
|
|
|
|
74,242
|
|
Insurance Australia Group Ltd.
††
|
|
|
15,031
|
|
|
|
74,127
|
|
Centro Retail Australia
††
|
|
|
31,242
|
|
|
|
74,054
|
|
CapitaMalls Asia Ltd.
††
|
|
|
45,940
|
|
|
|
73,998
|
|
Government Properties Trust, Inc.
††
|
|
|
19,171
|
|
|
|
73,887
|
|
CapitaMall Trust
††
|
|
|
41,950
|
|
|
|
73,727
|
|
Legal & General Group plc
††
|
|
|
30,751
|
|
|
|
73,715
|
|
Suruga Bank Ltd.
††
|
|
|
6,000
|
|
|
|
73,701
|
|
BNP Paribas S.A.
††
|
|
|
1,295
|
|
|
|
73,700
|
|
DBS Group Holdings Ltd.
††
|
|
|
6,000
|
|
|
|
73,669
|
|
Wing Hang Bank Ltd.
††
|
|
|
6,990
|
|
|
|
73,633
|
|
Eurazeo
††
|
|
|
1,521
|
|
|
|
73,619
|
|
Capital Shopping Centres Group plc
††
|
|
|
12,783
|
|
|
|
73,549
|
|
Land Securities Group plc
††
|
|
|
5,514
|
|
|
|
73,546
|
|
Kerry Properties Ltd.
††
|
|
|
13,980
|
|
|
|
73,450
|
|
SCOR SE
††
|
|
|
2,715
|
|
|
|
73,359
|
|
Stockland
††
|
|
|
19,791
|
|
|
|
73,271
|
|
Danske Bank A/S
*,††
|
|
|
4,314
|
|
|
|
73,251
|
|
Groupe Bruxelles Lambert S.A.
††
|
|
|
917
|
|
|
|
73,113
|
|
First Pacific Company Ltd.
††
|
|
|
66,123
|
|
|
|
73,026
|
|
Svenska Handelsbanken AB — Class A
††
|
|
|
2,026
|
|
|
|
72,860
|
|
Dexus Property Group
††
|
|
|
68,511
|
|
|
|
72,859
|
|
Hysan Development Company Ltd.
††
|
|
|
14,980
|
|
|
|
72,851
|
|
New World Development Company Ltd.
††
|
|
|
46,000
|
|
|
|
72,831
|
|
Baloise Holding AG
††
|
|
|
842
|
|
|
|
72,674
|
|
Swiss Re AG
††
|
|
|
1,002
|
|
|
|
72,592
|
|
Aeon Credit Service Company Ltd.
††
|
|
|
3,590
|
|
|
|
72,550
|
|
Hang Seng Bank Ltd.
††
|
|
|
4,690
|
|
|
|
72,405
|
|
Nippon Building Fund, Inc.
††
|
|
|
7
|
|
|
|
72,322
|
|
Ascendas Real Estate Investment Trust
††
|
|
|
36,950
|
|
|
|
72,318
|
|
BOC Hong Kong Holdings Ltd.
††
|
|
|
22,970
|
|
|
|
72,264
|
|
Bank of East Asia Ltd.
††
|
|
|
18,580
|
|
|
|
72,157
|
|
ICADE
††
|
|
|
808
|
|
|
|
72,117
|
|
AIA Group Ltd.
††
|
|
|
18,180
|
|
|
|
72,113
|
|
Sampo Oyj — Class A
††
|
|
|
2,227
|
|
|
|
72,099
|
|
Fukuoka Financial Group, Inc.
††
|
|
|
18,000
|
|
|
|
71,994
|
|
Gjensidige Forsikring ASA
††
|
|
|
5,011
|
|
|
|
71,989
|
|
Sony Financial Holdings, Inc.
††
|
|
|
4,000
|
|
|
|
71,822
|
|
Westfield Group
††
|
|
|
6,476
|
|
|
|
71,611
|
|
Japan Retail Fund Investment Corp.
††
|
|
|
39
|
|
|
|
71,601
|
|
Henderson Land Development Company Ltd.
††
|
|
|
9,990
|
|
|
|
71,526
|
|
DNB ASA
††
|
|
|
5,594
|
|
|
|
71,479
|
|
Swire Properties Ltd.
††
|
|
|
21,200
|
|
|
|
71,407
|
|
Bank Leumi Le-Israel BM
*,††
|
|
|
20,950
|
|
|
|
71,330
|
|
Iyo Bank Ltd.
††
|
|
|
9,000
|
|
|
|
71,252
|
|
Prudential plc
††
|
|
|
4,987
|
|
|
|
71,138
|
|
Gecina S.A.
††
|
|
|
628
|
|
|
|
71,094
|
|
Acom Company Ltd.
*,††
|
|
|
2,470
|
|
|
|
71,054
|
|
UBS AG
*,††
|
|
|
4,542
|
|
|
|
71,027
|
|
Mirvac Group
††
|
|
|
45,447
|
|
|
|
70,817
|
|
Banque Cantonale Vaudoise
††
|
|
|
133
|
|
|
|
70,782
|
|
Deutsche Bank AG
††
|
|
|
1,608
|
|
|
|
70,721
|
|
QBE Insurance Group Ltd.
††
|
|
|
6,163
|
|
|
|
70,705
|
|
Aozora Bank Ltd.
††
|
|
|
23,000
|
|
|
|
70,629
|
|
Westfield Retail Trust
††
|
|
|
22,346
|
|
|
|
70,590
|
|
Yamaguchi Financial Group, Inc.
††
|
|
|
8,000
|
|
|
|
70,562
|
|
Banco de Sabadell S.A.
*,††
|
|
|
26,933
|
|
|
|
70,414
|
|
Chiba Bank Ltd.
††
|
|
|
12,000
|
|
|
|
70,209
|
|
Hachijuni Bank Ltd.
††
|
|
|
14,000
|
|
|
|
70,149
|
|
CFS Retail Property Trust Group
††
|
|
|
34,966
|
|
|
|
70,037
|
|
Swiss Life Holding AG
††
|
|
|
524
|
|
|
|
69,892
|
|
Ratos AB — Class B
††
|
|
|
7,251
|
|
|
|
69,853
|
|
Seven Bank Ltd.
††
|
|
|
26,500
|
|
|
|
69,813
|
|
Chugoku Bank Ltd.
††
|
|
|
5,000
|
|
|
|
69,700
|
|
Bank of Yokohama Ltd.
††
|
|
|
15,000
|
|
|
|
69,656
|
|
Intesa Sanpaolo SpA
††
|
|
|
40,292
|
|
|
|
69,655
|
|
Japan Prime Realty Investment Corp.
††
|
|
|
24
|
|
|
|
69,277
|
|
Nomura Real Estate Office Fund, Inc. — Class A
††
|
|
|
12
|
|
|
|
69,038
|
|
Japan Real Estate Investment Corp.
††
|
|
|
7
|
|
|
|
68,877
|
|
CaixaBank
††
|
|
|
19,562
|
|
|
|
68,505
|
|
Gunma Bank Ltd.
††
|
|
|
14,000
|
|
|
|
68,409
|
|
Raiffeisen Bank International AG
††
|
|
|
1,644
|
|
|
|
68,367
|
|
Shizuoka Bank Ltd.
††
|
|
|
7,000
|
|
|
|
68,290
|
|
Mitsubishi UFJ Lease & Finance Company Ltd.
††
|
|
|
1,580
|
|
|
|
67,879
|
|
Goodman Group
††
|
|
|
14,704
|
|
|
|
67,085
|
|
Hiroshima Bank Ltd.
††
|
|
|
16,000
|
|
|
|
67,011
|
|
Joyo Bank Ltd.
††
|
|
|
14,000
|
|
|
|
66,434
|
|
Aeon Mall Company Ltd.
††
|
|
|
2,700
|
|
|
|
66,339
|
|
Daito Trust Construction Company Ltd.
††
|
|
|
700
|
|
|
|
66,073
|
|
Link REIT
††
|
|
|
12,980
|
|
|
|
65,010
|
|
Hargreaves Lansdown plc
††
|
|
|
5,714
|
|
|
|
63,886
|
|
Hulic Company Ltd.
††
|
|
|
9,040
|
|
|
|
61,258
|
|
Bankia S.A.
*,†
|
|
|
51,451
|
|
|
|
26,545
|
|
Hang Lung Group Ltd.
††
|
|
|
990
|
|
|
|
5,696
|
|
Intesa Sanpaolo SpA
††
|
|
|
3,729
|
|
|
|
5,294
|
|
Hokuhoku Financial Group, Inc.
††
|
|
|
960
|
|
|
|
1,415
|
|
Man Group plc
††
|
|
|
70
|
|
|
|
96
|
|
GAM Holding AG
††
|
|
|
7
|
|
|
|
95
|
|
Shopping Centres Australasia Property Group
*,†
|
|
|
2
|
|
|
|
3
|
|
Total Financials
|
|
|
|
|
|
|
15,487,039
|
|
Industrials - 19.5%
|
|
|
|
|
|
|
|
|
Invensys plc
††
|
|
|
19,973
|
|
|
|
106,897
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
JGC
Corp.
††
|
|
|
3,000
|
|
|
$
|
93,366
|
|
FANUC Corp.
††
|
|
|
500
|
|
|
|
92,908
|
|
SMC Corp.
††
|
|
|
500
|
|
|
|
90,712
|
|
Obayashi Corp.
††
|
|
|
16,000
|
|
|
|
90,095
|
|
Bouygues S.A.
††
|
|
|
2,979
|
|
|
|
88,618
|
|
European Aeronautic Defence and Space Company N.V.
††
|
|
|
2,237
|
|
|
|
88,157
|
|
Shimizu Corp.
††
|
|
|
23,000
|
|
|
|
86,350
|
|
Taisei Corp.
††
|
|
|
26,000
|
|
|
|
86,348
|
|
Mitsubishi Logistics Corp.
††
|
|
|
6,000
|
|
|
|
85,986
|
|
NSK Ltd.
††
|
|
|
12,000
|
|
|
|
85,280
|
|
Amada Company Ltd.
††
|
|
|
13,000
|
|
|
|
84,484
|
|
ACS Actividades de Construccion y Servicios S.A.
††
|
|
|
3,330
|
|
|
|
84,367
|
|
Hitachi Construction Machinery Company Ltd.
††
|
|
|
4,000
|
|
|
|
84,016
|
|
Fuji Electric Company Ltd.
††
|
|
|
34,000
|
|
|
|
83,549
|
|
Randstad Holding N.V.
††
|
|
|
2,251
|
|
|
|
83,523
|
|
Mitsui OSK Lines Ltd.
††
|
|
|
28,000
|
|
|
|
83,304
|
|
NGK Insulators Ltd.
††
|
|
|
7,000
|
|
|
|
82,933
|
|
IHI Corp.
††
|
|
|
32,000
|
|
|
|
82,874
|
|
Ryanair Holdings plc ADR
†
|
|
|
2,414
|
|
|
|
82,751
|
|
JTEKT Corp.
††
|
|
|
8,690
|
|
|
|
82,740
|
|
Nippon Express Company Ltd.
††
|
|
|
20,000
|
|
|
|
82,540
|
|
Kajima Corp.
††
|
|
|
24,970
|
|
|
|
82,513
|
|
Metso Oyj
††
|
|
|
1,931
|
|
|
|
82,411
|
|
Komatsu Ltd.
††
|
|
|
3,200
|
|
|
|
82,009
|
|
Kawasaki Heavy Industries Ltd.
††
|
|
|
30,000
|
|
|
|
81,482
|
|
Sumitomo Heavy Industries Ltd.
††
|
|
|
17,000
|
|
|
|
81,370
|
|
Hino Motors Ltd.
††
|
|
|
9,000
|
|
|
|
81,246
|
|
Securitas AB — Class B
††
|
|
|
9,252
|
|
|
|
81,132
|
|
Finmeccanica SpA
*,††
|
|
|
13,992
|
|
|
|
80,948
|
|
Furukawa Electric Company Ltd.
*,††
|
|
|
36,000
|
|
|
|
80,865
|
|
Abertis Infraestructuras S.A.
††
|
|
|
4,894
|
|
|
|
80,805
|
|
Sojitz Corp.
††
|
|
|
54,700
|
|
|
|
80,774
|
|
Smiths Group plc
††
|
|
|
4,112
|
|
|
|
80,508
|
|
ALS Ltd.
††
|
|
|
7,044
|
|
|
|
80,456
|
|
Kubota Corp.
††
|
|
|
7,000
|
|
|
|
80,380
|
|
Nabtesco Corp.
††
|
|
|
3,600
|
|
|
|
80,309
|
|
Balfour Beatty plc
††
|
|
|
17,836
|
|
|
|
80,281
|
|
Alstom S.A.
††
|
|
|
1,990
|
|
|
|
80,139
|
|
Deutsche Lufthansa AG
††
|
|
|
4,240
|
|
|
|
80,127
|
|
TNT Express N.V.
†
|
|
|
7,176
|
|
|
|
79,822
|
|
Fraser and Neave Ltd.
††
|
|
|
9,980
|
|
|
|
79,756
|
|
Zardoya Otis S.A.
†
|
|
|
5,588
|
|
|
|
79,634
|
|
Vinci S.A.
††
|
|
|
1,645
|
|
|
|
79,176
|
|
IMI plc
††
|
|
|
4,375
|
|
|
|
79,143
|
|
Qantas Airways Ltd.
*,††
|
|
|
50,367
|
|
|
|
78,971
|
|
Hochtief AG
*,††
|
|
|
1,350
|
|
|
|
78,941
|
|
Singapore Technologies Engineering Ltd.
††
|
|
|
25,000
|
|
|
|
78,915
|
|
Daikin Industries Ltd.
††
|
|
|
2,300
|
|
|
|
78,903
|
|
Makita Corp.
††
|
|
|
1,700
|
|
|
|
78,872
|
|
Marubeni Corp.
††
|
|
|
11,000
|
|
|
|
78,828
|
|
Tokyu Corp.
††
|
|
|
14,000
|
|
|
|
78,773
|
|
DSV A/S
††
|
|
|
3,020
|
|
|
|
78,115
|
|
Kinden Corp.
††
|
|
|
12,000
|
|
|
|
78,102
|
|
Japan Steel Works Ltd.
††
|
|
|
12,000
|
|
|
|
78,080
|
|
Hopewell Holdings Ltd.
††
|
|
|
18,000
|
|
|
|
78,051
|
|
Cie de St.-Gobain
††
|
|
|
1,818
|
|
|
|
78,047
|
|
Atlantia SpA
††
|
|
|
4,299
|
|
|
|
78,038
|
|
Cobham plc
††
|
|
|
21,464
|
|
|
|
77,986
|
|
Koninklijke Boskalis Westminster N.V.
††
|
|
|
1,723
|
|
|
|
77,970
|
|
Sandvik AB
††
|
|
|
4,848
|
|
|
|
77,938
|
|
Alfa Laval AB
††
|
|
|
3,714
|
|
|
|
77,681
|
|
Nippon Yusen K.K.
††
|
|
|
33,000
|
|
|
|
77,578
|
|
ABB Ltd.
††
|
|
|
3,737
|
|
|
|
77,441
|
|
Adecco S.A.
††
|
|
|
1,463
|
|
|
|
77,423
|
|
Mitsubishi Heavy Industries Ltd.
††
|
|
|
15,980
|
|
|
|
77,201
|
|
Schneider Electric S.A.
††
|
|
|
1,052
|
|
|
|
77,024
|
|
Safran S.A.
††
|
|
|
1,779
|
|
|
|
77,018
|
|
Asciano Ltd.
††
|
|
|
15,694
|
|
|
|
76,873
|
|
Orkla ASA
††
|
|
|
8,774
|
|
|
|
76,868
|
|
Rexel S.A.
††
|
|
|
3,757
|
|
|
|
76,816
|
|
Mitsubishi Electric Corp.
††
|
|
|
9,000
|
|
|
|
76,532
|
|
GS Yuasa Corp.
††
|
|
|
19,000
|
|
|
|
76,507
|
|
BAE Systems plc
††
|
|
|
13,763
|
|
|
|
76,505
|
|
NWS Holdings Ltd.
††
|
|
|
45,000
|
|
|
|
76,489
|
|
ComfortDelGro Corporation Ltd.
††
|
|
|
51,930
|
|
|
|
76,406
|
|
Prysmian SpA
††
|
|
|
3,827
|
|
|
|
76,366
|
|
Mitsui & Company Ltd.
††
|
|
|
5,100
|
|
|
|
76,346
|
|
SembCorp Marine Ltd.
††
|
|
|
19,980
|
|
|
|
76,338
|
|
Noble Group Ltd.
††
|
|
|
78,950
|
|
|
|
76,285
|
|
International Consolidated Airlines Group S.A.
*,††
|
|
|
25,925
|
|
|
|
76,247
|
|
Toyota Tsusho Corp.
††
|
|
|
3,090
|
|
|
|
76,173
|
|
Yangzijiang Shipbuilding Holdings Ltd.
††
|
|
|
94,940
|
|
|
|
76,074
|
|
Legrand S.A.
††
|
|
|
1,793
|
|
|
|
76,063
|
|
Siemens AG
††
|
|
|
695
|
|
|
|
75,974
|
|
Orient Overseas International Ltd.
††
|
|
|
11,490
|
|
|
|
75,859
|
|
LIXIL Group Corp.
††
|
|
|
3,400
|
|
|
|
75,743
|
|
Melrose Industries plc
††
|
|
|
20,599
|
|
|
|
75,661
|
|
Weir Group plc
††
|
|
|
2,443
|
|
|
|
75,535
|
|
THK Company Ltd.
††
|
|
|
4,200
|
|
|
|
75,444
|
|
Deutsche Post AG
††
|
|
|
3,424
|
|
|
|
75,391
|
|
Geberit AG
††
|
|
|
340
|
|
|
|
75,316
|
|
G4S plc
††
|
|
|
17,945
|
|
|
|
75,190
|
|
TOTO Ltd.
††
|
|
|
10,000
|
|
|
|
75,085
|
|
ITOCHU Corp.
††
|
|
|
7,100
|
|
|
|
74,945
|
|
Groupe Eurotunnel S.A.
††
|
|
|
9,612
|
|
|
|
74,668
|
|
SKF AB — Class B
††
|
|
|
2,940
|
|
|
|
74,485
|
|
Wartsila Oyj Abp
††
|
|
|
1,711
|
|
|
|
74,466
|
|
Brambles Ltd.
††
|
|
|
9,373
|
|
|
|
74,417
|
|
Fraport AG Frankfurt Airport Services Worldwide
††
|
|
|
1,275
|
|
|
|
74,355
|
|
Vallourec S.A.
††
|
|
|
1,415
|
|
|
|
74,252
|
|
Cathay Pacific Airways Ltd.
††
|
|
|
39,970
|
|
|
|
74,246
|
|
Hutchison Whampoa Ltd.
††
|
|
|
7,000
|
|
|
|
74,184
|
|
SembCorp Industries Ltd.
††
|
|
|
16,980
|
|
|
|
74,048
|
|
Intertek Group plc
††
|
|
|
1,456
|
|
|
|
73,965
|
|
Assa Abloy AB — Class B
††
|
|
|
1,963
|
|
|
|
73,914
|
|
Sulzer AG
††
|
|
|
467
|
|
|
|
73,859
|
|
Skanska AB — Class B
††
|
|
|
4,489
|
|
|
|
73,690
|
|
Kintetsu Corp.
††
|
|
|
18,000
|
|
|
|
73,665
|
|
Toll Holdings Ltd.
††
|
|
|
15,302
|
|
|
|
73,435
|
|
Zodiac Aerospace
††
|
|
|
662
|
|
|
|
73,267
|
|
Brenntag AG
††
|
|
|
556
|
|
|
|
73,227
|
|
Aurizon Holdings Ltd.
††
|
|
|
18,591
|
|
|
|
73,200
|
|
MAN SE
††
|
|
|
680
|
|
|
|
73,022
|
|
Keppel Corporation Ltd.
††
|
|
|
7,990
|
|
|
|
72,971
|
|
Central Japan Railway Co.
††
|
|
|
900
|
|
|
|
72,951
|
|
Asahi Glass Company Ltd.
††
|
|
|
10,000
|
|
|
|
72,923
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
Sumitomo Corp.
††
|
|
|
5,690
|
|
|
$
|
72,909
|
|
Andritz AG
††
|
|
|
1,134
|
|
|
|
72,846
|
|
Ferrovial S.A.
††
|
|
|
4,892
|
|
|
|
72,800
|
|
Odakyu Electric Railway Company Ltd.
††
|
|
|
7,000
|
|
|
|
72,737
|
|
Hutchison Port Holdings Trust
††
|
|
|
92,000
|
|
|
|
72,680
|
|
Leighton Holdings Ltd.
††
|
|
|
3,845
|
|
|
|
72,675
|
|
Sumitomo Electric Industries Ltd.
††
|
|
|
6,290
|
|
|
|
72,613
|
|
Bureau Veritas S.A.
††
|
|
|
647
|
|
|
|
72,524
|
|
Aeroports de Paris
††
|
|
|
936
|
|
|
|
72,444
|
|
Auckland International Airport Ltd.
††
|
|
|
32,633
|
|
|
|
72,412
|
|
Mabuchi Motor Company Ltd.
††
|
|
|
1,700
|
|
|
|
72,403
|
|
Capita plc
††
|
|
|
5,859
|
|
|
|
72,380
|
|
Fiat Industrial SpA
††
|
|
|
6,607
|
|
|
|
72,360
|
|
Meggitt plc
††
|
|
|
11,549
|
|
|
|
72,327
|
|
Edenred
††
|
|
|
2,334
|
|
|
|
72,163
|
|
Rolls-Royce Holdings plc
††
|
|
|
5,011
|
|
|
|
71,862
|
|
Kamigumi Company Ltd.
††
|
|
|
9,000
|
|
|
|
71,718
|
|
Wolseley plc
††
|
|
|
1,499
|
|
|
|
71,702
|
|
Koninklijke Philips Electronics N.V.
††
|
|
|
2,705
|
|
|
|
71,606
|
|
Scania AB — Class B
††
|
|
|
3,436
|
|
|
|
71,460
|
|
Chiyoda Corp.
††
|
|
|
4,990
|
|
|
|
71,392
|
|
Babcock International Group plc
††
|
|
|
4,517
|
|
|
|
71,292
|
|
MTR Corporation Ltd.
††
|
|
|
17,980
|
|
|
|
71,252
|
|
GEA Group AG
††
|
|
|
2,190
|
|
|
|
71,186
|
|
Yamato Holdings Company Ltd.
††
|
|
|
4,690
|
|
|
|
71,184
|
|
Mitsubishi Corp.
††
|
|
|
3,700
|
|
|
|
71,146
|
|
East Japan Railway Co.
††
|
|
|
1,100
|
|
|
|
71,040
|
|
SGS S.A.
††
|
|
|
32
|
|
|
|
71,024
|
|
Singapore Airlines Ltd.
††
|
|
|
8,000
|
|
|
|
70,966
|
|
Keikyu Corp.
††
|
|
|
8,000
|
|
|
|
70,931
|
|
Kone Oyj — Class B
††
|
|
|
959
|
|
|
|
70,904
|
|
Dai Nippon Printing Company Ltd.
††
|
|
|
9,000
|
|
|
|
70,483
|
|
Secom Company Ltd.
††
|
|
|
1,400
|
|
|
|
70,446
|
|
Kurita Water Industries Ltd.
††
|
|
|
3,200
|
|
|
|
70,186
|
|
Thales S.A.
††
|
|
|
2,011
|
|
|
|
70,046
|
|
Transurban Group
††
|
|
|
10,973
|
|
|
|
69,840
|
|
Kuehne + Nagel International AG
††
|
|
|
578
|
|
|
|
69,634
|
|
Volvo AB — Class B
††
|
|
|
5,048
|
|
|
|
69,628
|
|
Sydney Airport
††
|
|
|
19,733
|
|
|
|
69,599
|
|
Serco Group plc
††
|
|
|
7,949
|
|
|
|
69,594
|
|
All Nippon Airways Company Ltd.
††
|
|
|
33,000
|
|
|
|
69,242
|
|
Tobu Railway Company Ltd.
††
|
|
|
13,000
|
|
|
|
68,853
|
|
Experian plc
††
|
|
|
4,243
|
|
|
|
68,411
|
|
Toppan Printing Company Ltd.
††
|
|
|
11,000
|
|
|
|
68,104
|
|
Societe BIC S.A.
††
|
|
|
566
|
|
|
|
67,823
|
|
Bunzl plc
††
|
|
|
4,097
|
|
|
|
67,772
|
|
Keisei Electric Railway Company Ltd.
††
|
|
|
8,000
|
|
|
|
67,425
|
|
Hankyu Hanshin Holdings, Inc.
††
|
|
|
13,000
|
|
|
|
67,129
|
|
Keio Corp.
††
|
|
|
9,000
|
|
|
|
67,011
|
|
Koninklijke Vopak N.V.
††
|
|
|
948
|
|
|
|
66,990
|
|
West Japan Railway Co.
††
|
|
|
1,700
|
|
|
|
66,889
|
|
Ushio, Inc.
††
|
|
|
6,100
|
|
|
|
66,806
|
|
Park24 Company Ltd.
††
|
|
|
4,200
|
|
|
|
66,246
|
|
Japan Airlines Company Ltd.
*,††
|
|
|
1,500
|
|
|
|
64,394
|
|
Nidec Corp.
††
|
|
|
1,100
|
|
|
|
64,157
|
|
Aggreko plc
††
|
|
|
1,969
|
|
|
|
56,182
|
|
AP Moeller - Maersk A/S — Class B
††
|
|
|
7
|
|
|
|
52,995
|
|
Schindler Holding AG - Participation Certificate
††
|
|
|
361
|
|
|
|
52,184
|
|
Atlas Copco AB — Class A
††
|
|
|
1,827
|
|
|
|
50,678
|
|
Atlas Copco AB — Class B
††
|
|
|
1,062
|
|
|
|
26,076
|
|
Schindler Holding AG
††
|
|
|
160
|
|
|
|
22,675
|
|
AP Moeller - Maersk A/S — Class A
††
|
|
|
3
|
|
|
|
21,362
|
|
Kawasaki Kisen Kaisha Ltd.
*,††
|
|
|
980
|
|
|
|
1,503
|
|
Nippon Sheet Glass Company Ltd.
††
|
|
|
980
|
|
|
|
1,294
|
|
Neptune Orient Lines Ltd.
*,††
|
|
|
1,000
|
|
|
|
952
|
|
Cosco Corporation Singapore Ltd.
††
|
|
|
1,000
|
|
|
|
745
|
|
Total Industrials
|
|
|
|
|
|
|
13,391,513
|
|
Consumer Discretionary - 13.8%
|
|
|
|
|
|
|
|
|
Sharp Corp.
†
|
|
|
34,000
|
|
|
|
118,762
|
|
Daihatsu Motor Company Ltd.
††
|
|
|
5,000
|
|
|
|
99,487
|
|
Mazda Motor Corp.
*,††
|
|
|
46,000
|
|
|
|
94,286
|
|
Fuji Heavy Industries Ltd.
††
|
|
|
7,000
|
|
|
|
88,160
|
|
Panasonic Corp.
††
|
|
|
14,390
|
|
|
|
87,832
|
|
Sekisui House Ltd.
††
|
|
|
8,000
|
|
|
|
87,486
|
|
Casio Computer Company Ltd.
††
|
|
|
9,490
|
|
|
|
83,190
|
|
J Front Retailing Company Ltd.
††
|
|
|
15,000
|
|
|
|
83,029
|
|
Lagardere SCA
††
|
|
|
2,468
|
|
|
|
82,987
|
|
Peugeot S.A.
*,††
|
|
|
11,362
|
|
|
|
82,887
|
|
Yamaha Corp.
††
|
|
|
7,790
|
|
|
|
82,516
|
|
Marui Group Company Ltd.
††
|
|
|
10,300
|
|
|
|
82,179
|
|
Porsche Automobil Holding SE
††
|
|
|
996
|
|
|
|
81,959
|
|
Daimler AG
††
|
|
|
1,473
|
|
|
|
81,071
|
|
Suzuki Motor Corp.
††
|
|
|
3,100
|
|
|
|
81,019
|
|
Genting Singapore plc
††
|
|
|
69,950
|
|
|
|
80,373
|
|
Fiat SpA
*,††
|
|
|
15,882
|
|
|
|
79,978
|
|
NGK Spark Plug Company Ltd.
††
|
|
|
6,000
|
|
|
|
79,828
|
|
Jardine Cycle & Carriage Ltd.
††
|
|
|
2,000
|
|
|
|
79,670
|
|
Nikon Corp.
††
|
|
|
2,700
|
|
|
|
79,615
|
|
Sony Corp.
††
|
|
|
7,100
|
|
|
|
79,529
|
|
Li & Fung Ltd.
††
|
|
|
43,960
|
|
|
|
79,331
|
|
Toyota Motor Corp.
††
|
|
|
1,700
|
|
|
|
79,283
|
|
ITV plc
††
|
|
|
45,579
|
|
|
|
79,025
|
|
Toyota Boshoku Corp.
††
|
|
|
6,790
|
|
|
|
78,626
|
|
Sekisui Chemical Company Ltd.
††
|
|
|
9,000
|
|
|
|
78,414
|
|
Mitsubishi Motors Corp.
*,††
|
|
|
75,930
|
|
|
|
78,404
|
|
Takashimaya Company Ltd.
††
|
|
|
11,000
|
|
|
|
78,178
|
|
Continental AG
††
|
|
|
670
|
|
|
|
78,065
|
|
Renault S.A.
††
|
|
|
1,435
|
|
|
|
77,907
|
|
Christian Dior S.A.
††
|
|
|
456
|
|
|
|
77,702
|
|
Honda Motor Company Ltd.
††
|
|
|
2,100
|
|
|
|
77,674
|
|
Dentsu, Inc.
††
|
|
|
2,900
|
|
|
|
77,579
|
|
Wolters Kluwer N.V.
††
|
|
|
3,774
|
|
|
|
77,499
|
|
Isuzu Motors Ltd.
††
|
|
|
13,000
|
|
|
|
77,478
|
|
Eutelsat Communications S.A.
††
|
|
|
2,329
|
|
|
|
77,438
|
|
Tabcorp Holdings Ltd.
††
|
|
|
24,101
|
|
|
|
77,077
|
|
Accor S.A.
††
|
|
|
2,155
|
|
|
|
76,837
|
|
JCDecaux S.A.
††
|
|
|
3,208
|
|
|
|
76,547
|
|
Toyota Industries Corp.
††
|
|
|
2,400
|
|
|
|
76,525
|
|
Denso Corp.
††
|
|
|
2,200
|
|
|
|
76,516
|
|
Fast Retailing Company Ltd.
††
|
|
|
300
|
|
|
|
76,467
|
|
Cie Generale des Etablissements Michelin
††
|
|
|
798
|
|
|
|
76,438
|
|
Yamada Denki Company Ltd.
††
|
|
|
1,980
|
|
|
|
76,432
|
|
LVMH Moet Hennessy Louis Vuitton S.A.
††
|
|
|
414
|
|
|
|
76,382
|
|
GKN plc
††
|
|
|
20,193
|
|
|
|
76,181
|
|
Isetan Mitsukoshi Holdings Ltd.
††
|
|
|
7,790
|
|
|
|
76,139
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
Asics Corp.
††
|
|
|
4,990
|
|
|
$
|
76,133
|
|
Publicis Groupe S.A.
††
|
|
|
1,265
|
|
|
|
76,082
|
|
Galaxy Entertainment Group Ltd.
*,††
|
|
|
18,960
|
|
|
|
76,031
|
|
Hennes & Mauritz AB — Class B
††
|
|
|
2,192
|
|
|
|
75,990
|
|
TUI Travel plc
††
|
|
|
16,374
|
|
|
|
75,983
|
|
WPP plc
††
|
|
|
5,201
|
|
|
|
75,970
|
|
Bridgestone Corp.
††
|
|
|
2,900
|
|
|
|
75,396
|
|
Kabel Deutschland Holding AG
††
|
|
|
1,002
|
|
|
|
75,392
|
|
Yamaha Motor Company Ltd.
††
|
|
|
6,800
|
|
|
|
75,233
|
|
OPAP S.A.
††
|
|
|
10,488
|
|
|
|
75,181
|
|
Cie Financiere Richemont S.A.
††
|
|
|
958
|
|
|
|
75,145
|
|
Sands China Ltd.
††
|
|
|
16,770
|
|
|
|
74,979
|
|
Whitbread plc
††
|
|
|
1,864
|
|
|
|
74,903
|
|
Sodexo
††
|
|
|
885
|
|
|
|
74,757
|
|
Inditex S.A.
††
|
|
|
532
|
|
|
|
74,725
|
|
Pirelli & C. SpA
††
|
|
|
6,473
|
|
|
|
74,556
|
|
Kingfisher plc
††
|
|
|
15,948
|
|
|
|
74,521
|
|
Reed Elsevier N.V.
††
|
|
|
5,024
|
|
|
|
74,470
|
|
Reed Elsevier plc
††
|
|
|
7,034
|
|
|
|
74,234
|
|
SES S.A.
††
|
|
|
2,573
|
|
|
|
74,080
|
|
ABC-Mart, Inc.
††
|
|
|
1,700
|
|
|
|
73,916
|
|
Next plc
††
|
|
|
1,217
|
|
|
|
73,884
|
|
Toho Company Ltd.
††
|
|
|
4,200
|
|
|
|
73,829
|
|
Harvey Norman Holdings Ltd.
††
|
|
|
36,876
|
|
|
|
73,502
|
|
InterContinental Hotels Group plc
††
|
|
|
2,619
|
|
|
|
73,424
|
|
Pearson plc
††
|
|
|
3,767
|
|
|
|
73,392
|
|
Crown Ltd.
††
|
|
|
6,553
|
|
|
|
73,329
|
|
Husqvarna AB — Class B
††
|
|
|
12,071
|
|
|
|
73,280
|
|
Hugo Boss AG
††
|
|
|
689
|
|
|
|
73,200
|
|
SKYCITY Entertainment Group Ltd.
††
|
|
|
23,240
|
|
|
|
73,165
|
|
Electrolux AB
††
|
|
|
2,769
|
|
|
|
73,163
|
|
Adidas AG
††
|
|
|
820
|
|
|
|
73,161
|
|
Tatts Group Ltd.
††
|
|
|
23,190
|
|
|
|
73,136
|
|
SJM Holdings Ltd.
††
|
|
|
30,970
|
|
|
|
73,096
|
|
PPR
††
|
|
|
389
|
|
|
|
73,035
|
|
Hakuhodo DY Holdings, Inc.
††
|
|
|
1,130
|
|
|
|
73,031
|
|
Marks & Spencer Group plc
††
|
|
|
11,619
|
|
|
|
72,996
|
|
Singapore Press Holdings Ltd.
††
|
|
|
22,000
|
|
|
|
72,862
|
|
Koito Manufacturing Company Ltd.
††
|
|
|
5,000
|
|
|
|
72,828
|
|
Oriental Land Company Ltd.
††
|
|
|
600
|
|
|
|
72,571
|
|
Luxottica Group SpA
††
|
|
|
1,758
|
|
|
|
72,538
|
|
Shangri-La Asia Ltd.
††
|
|
|
35,970
|
|
|
|
72,464
|
|
Sumitomo Rubber Industries Ltd.
††
|
|
|
5,990
|
|
|
|
72,341
|
|
Compass Group plc
††
|
|
|
6,090
|
|
|
|
72,272
|
|
Bayerische Motoren Werke AG
††
|
|
|
740
|
|
|
|
71,987
|
|
Aisin Seiki Company Ltd.
††
|
|
|
2,300
|
|
|
|
71,731
|
|
MGM China Holdings Ltd.
††
|
|
|
38,930
|
|
|
|
71,708
|
|
British Sky Broadcasting Group plc
††
|
|
|
5,685
|
|
|
|
71,683
|
|
ProSiebenSat.1 Media AG
††
|
|
|
2,510
|
|
|
|
71,471
|
|
Burberry Group plc
††
|
|
|
3,548
|
|
|
|
71,290
|
|
Axel Springer AG
††
|
|
|
1,659
|
|
|
|
70,999
|
|
Sega Sammy Holdings, Inc.
††
|
|
|
4,200
|
|
|
|
70,803
|
|
Shimano, Inc.
††
|
|
|
1,100
|
|
|
|
70,347
|
|
Nissan Motor Company Ltd.
††
|
|
|
7,390
|
|
|
|
70,034
|
|
Nokian Renkaat Oyj
††
|
|
|
1,742
|
|
|
|
69,757
|
|
Flight Centre Ltd.
††
|
|
|
2,462
|
|
|
|
69,753
|
|
USS Company Ltd.
††
|
|
|
670
|
|
|
|
69,678
|
|
Stanley Electric Company Ltd.
††
|
|
|
4,900
|
|
|
|
69,556
|
|
Nitori Holdings Company Ltd.
††
|
|
|
950
|
|
|
|
69,515
|
|
Rakuten, Inc.
*,††
|
|
|
8,922
|
|
|
|
69,490
|
|
Yue Yuen Industrial Holdings Ltd.
††
|
|
|
20,480
|
|
|
|
69,273
|
|
McDonald's Holdings Company Japan Ltd.
††
|
|
|
2,600
|
|
|
|
68,522
|
|
Carnival plc
††
|
|
|
1,757
|
|
|
|
68,226
|
|
Shimamura Company Ltd.
††
|
|
|
700
|
|
|
|
67,937
|
|
Rinnai Corp.
††
|
|
|
1,000
|
|
|
|
67,858
|
|
Sankyo Company Ltd.
††
|
|
|
1,700
|
|
|
|
67,370
|
|
NOK Corp.
††
|
|
|
4,300
|
|
|
|
67,249
|
|
Jupiter Telecommunications Company Ltd.
†
|
|
|
54
|
|
|
|
67,169
|
|
Wynn Macau Ltd.
*,††
|
|
|
24,380
|
|
|
|
67,140
|
|
Toyoda Gosei Company Ltd.
††
|
|
|
3,300
|
|
|
|
66,993
|
|
Echo Entertainment Group Ltd.
††
|
|
|
18,489
|
|
|
|
66,861
|
|
NHK Spring Company Ltd.
††
|
|
|
8,100
|
|
|
|
66,659
|
|
Benesse Holdings, Inc.
††
|
|
|
1,600
|
|
|
|
66,502
|
|
Namco Bandai Holdings, Inc.
††
|
|
|
4,990
|
|
|
|
64,599
|
|
Volkswagen AG
††
|
|
|
280
|
|
|
|
64,225
|
|
Sanrio Company Ltd.
††
|
|
|
2,000
|
|
|
|
63,727
|
|
Don Quijote Company Ltd.
††
|
|
|
1,700
|
|
|
|
62,457
|
|
Swatch Group AG
††
|
|
|
121
|
|
|
|
61,316
|
|
Swatch Group AG/REG
††
|
|
|
170
|
|
|
|
14,695
|
|
Volkswagen AG
††
|
|
|
57
|
|
|
|
12,361
|
|
Bayerische Motoren Werke AG
††
|
|
|
117
|
|
|
|
7,577
|
|
Lifestyle International Holdings Ltd.
††
|
|
|
470
|
|
|
|
1,163
|
|
Autogrill SpA
††
|
|
|
9
|
|
|
|
104
|
|
Mediaset SpA
††
|
|
|
40
|
|
|
|
83
|
|
Modern Times Group AB — Class B
††
|
|
|
2
|
|
|
|
70
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
9,428,101
|
|
Materials - 10.4%
|
|
|
|
|
|
|
|
|
Kobe Steel Ltd.
*,††
|
|
|
75,960
|
|
|
|
96,932
|
|
Taiheiyo Cement Corp.
††
|
|
|
32,000
|
|
|
|
87,866
|
|
Fortescue Metals Group Ltd.
††
|
|
|
17,528
|
|
|
|
87,461
|
|
JFE Holdings, Inc.
††
|
|
|
4,600
|
|
|
|
86,585
|
|
Rio Tinto plc
††
|
|
|
1,477
|
|
|
|
86,170
|
|
Sumitomo Metal Mining Company Ltd.
††
|
|
|
6,000
|
|
|
|
84,588
|
|
Kazakhmys plc
††
|
|
|
6,494
|
|
|
|
83,912
|
|
Akzo Nobel N.V.
††
|
|
|
1,262
|
|
|
|
83,513
|
|
Nippon Paper Group, Inc.
††
|
|
|
6,000
|
|
|
|
83,260
|
|
HeidelbergCement AG
††
|
|
|
1,360
|
|
|
|
83,194
|
|
ArcelorMittal
††
|
|
|
4,751
|
|
|
|
82,809
|
|
Voestalpine AG
††
|
|
|
2,245
|
|
|
|
82,462
|
|
Rio Tinto Ltd.
††
|
|
|
1,168
|
|
|
|
82,225
|
|
Salzgitter AG
††
|
|
|
1,567
|
|
|
|
82,098
|
|
Mitsubishi Chemical Holdings Corp.
††
|
|
|
16,490
|
|
|
|
82,042
|
|
Mitsubishi Materials Corp.
††
|
|
|
24,000
|
|
|
|
81,944
|
|
Daido Steel Company Ltd.
††
|
|
|
16,000
|
|
|
|
81,029
|
|
Anglo American plc
††
|
|
|
2,566
|
|
|
|
80,899
|
|
Mitsui Chemicals, Inc.
††
|
|
|
31,000
|
|
|
|
80,686
|
|
Toyo Seikan Kaisha Ltd.
††
|
|
|
5,990
|
|
|
|
80,616
|
|
CRH plc
††
|
|
|
3,961
|
|
|
|
80,525
|
|
Lafarge S.A.
††
|
|
|
1,246
|
|
|
|
80,431
|
|
ThyssenKrupp AG
††
|
|
|
3,404
|
|
|
|
80,351
|
|
BHP Billiton plc
††
|
|
|
2,264
|
|
|
|
79,872
|
|
Vedanta Resources plc
††
|
|
|
4,129
|
|
|
|
79,683
|
|
Daicel Corp.
††
|
|
|
12,000
|
|
|
|
79,295
|
|
Ube Industries Ltd.
††
|
|
|
33,000
|
|
|
|
79,173
|
|
Evraz plc
††
|
|
|
18,372
|
|
|
|
78,802
|
|
Boral Ltd.
††
|
|
|
17,130
|
|
|
|
78,700
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
Sumitomo Chemical Company Ltd.
††
|
|
|
25,000
|
|
|
$
|
78,686
|
|
Stora Enso Oyj — Class R
††
|
|
|
11,171
|
|
|
|
78,165
|
|
Umicore S.A.
††
|
|
|
1,407
|
|
|
|
77,884
|
|
Antofagasta plc
††
|
|
|
3,554
|
|
|
|
77,858
|
|
Solvay S.A.
††
|
|
|
535
|
|
|
|
77,824
|
|
Holcim Ltd.
††
|
|
|
1,056
|
|
|
|
77,725
|
|
Imerys S.A.
††
|
|
|
1,205
|
|
|
|
77,262
|
|
Boliden AB
††
|
|
|
4,063
|
|
|
|
77,223
|
|
BHP Billiton Ltd.
††
|
|
|
1,973
|
|
|
|
77,125
|
|
Teijin Ltd.
††
|
|
|
31,000
|
|
|
|
77,103
|
|
Norsk Hydro ASA
††
|
|
|
15,181
|
|
|
|
77,028
|
|
Eurasian Natural Resources Corp. plc
††
|
|
|
16,284
|
|
|
|
77,018
|
|
Iluka Resources Ltd.
††
|
|
|
7,939
|
|
|
|
76,820
|
|
Asahi Kasei Corp.
††
|
|
|
13,000
|
|
|
|
76,773
|
|
Air Water, Inc.
††
|
|
|
6,000
|
|
|
|
76,695
|
|
Hitachi Metals Ltd.
††
|
|
|
9,000
|
|
|
|
76,654
|
|
Koninklijke DSM N.V.
††
|
|
|
1,254
|
|
|
|
76,401
|
|
UPM-Kymmene Oyj
††
|
|
|
6,493
|
|
|
|
76,364
|
|
Sika AG
††
|
|
|
33
|
|
|
|
76,273
|
|
Nippon Steel & Sumitomo Metal Corp.
††
|
|
|
31,000
|
|
|
|
76,231
|
|
Johnson Matthey plc
††
|
|
|
1,939
|
|
|
|
76,168
|
|
Xstrata plc
††
|
|
|
4,350
|
|
|
|
75,963
|
|
Maruichi Steel Tube Ltd.
††
|
|
|
3,300
|
|
|
|
75,959
|
|
Orica Ltd.
††
|
|
|
2,883
|
|
|
|
75,937
|
|
BASF SE
††
|
|
|
803
|
|
|
|
75,907
|
|
Fletcher Building Ltd.
††
|
|
|
10,778
|
|
|
|
75,843
|
|
Kuraray Company Ltd.
††
|
|
|
5,790
|
|
|
|
75,806
|
|
Oji Holdings Corp.
††
|
|
|
22,000
|
|
|
|
75,789
|
|
K+S AG
††
|
|
|
1,631
|
|
|
|
75,725
|
|
Kansai Paint Company Ltd.
††
|
|
|
7,000
|
|
|
|
75,343
|
|
Glencore International plc
††
|
|
|
12,987
|
|
|
|
75,053
|
|
Sims Metal Management Ltd.
††
|
|
|
7,557
|
|
|
|
74,768
|
|
Taiyo Nippon Sanso Corp.
††
|
|
|
13,000
|
|
|
|
74,697
|
|
Arkema S.A.
††
|
|
|
710
|
|
|
|
74,525
|
|
JSR Corp.
††
|
|
|
3,900
|
|
|
|
74,347
|
|
Novozymes A/S — Class B
††
|
|
|
2,607
|
|
|
|
73,985
|
|
Givaudan S.A.
††
|
|
|
70
|
|
|
|
73,923
|
|
Hitachi Chemical Company Ltd.
††
|
|
|
4,900
|
|
|
|
73,765
|
|
Croda International plc
††
|
|
|
1,884
|
|
|
|
73,634
|
|
Toray Industries, Inc.
††
|
|
|
12,000
|
|
|
|
73,623
|
|
Mitsubishi Gas Chemical Company, Inc.
††
|
|
|
12,000
|
|
|
|
73,513
|
|
Yara International ASA
††
|
|
|
1,473
|
|
|
|
73,419
|
|
Incitec Pivot Ltd.
††
|
|
|
21,492
|
|
|
|
73,368
|
|
Showa Denko K.K.
††
|
|
|
48,000
|
|
|
|
73,272
|
|
Shin-Etsu Chemical Company Ltd.
††
|
|
|
1,200
|
|
|
|
73,143
|
|
Yamato Kogyo Company Ltd.
††
|
|
|
2,500
|
|
|
|
73,126
|
|
Amcor Ltd.
††
|
|
|
8,641
|
|
|
|
73,124
|
|
Syngenta AG
††
|
|
|
181
|
|
|
|
73,070
|
|
Air Liquide S.A.
††
|
|
|
578
|
|
|
|
73,000
|
|
Lanxess AG
††
|
|
|
825
|
|
|
|
72,724
|
|
James Hardie Industries plc
††
|
|
|
7,490
|
|
|
|
72,609
|
|
Rexam plc
††
|
|
|
10,124
|
|
|
|
72,451
|
|
Denki Kagaku Kogyo K.K.
††
|
|
|
21,000
|
|
|
|
71,808
|
|
Alumina Ltd.
††
|
|
|
74,177
|
|
|
|
71,281
|
|
Linde AG
††
|
|
|
406
|
|
|
|
71,006
|
|
Kaneka Corp.
††
|
|
|
14,000
|
|
|
|
70,745
|
|
EMS-Chemie Holding AG
††
|
|
|
298
|
|
|
|
70,205
|
|
Israel Corporation Ltd.
††
|
|
|
105
|
|
|
|
69,086
|
|
Nitto Denko Corp.
††
|
|
|
1,400
|
|
|
|
68,861
|
|
Israel Chemicals Ltd.
††
|
|
|
5,702
|
|
|
|
68,689
|
|
Fresnillo plc
††
|
|
|
2,223
|
|
|
|
68,210
|
|
Randgold Resources Ltd.
††
|
|
|
670
|
|
|
|
66,308
|
|
OZ Minerals Ltd.
††
|
|
|
9,245
|
|
|
|
65,738
|
|
Newcrest Mining Ltd.
††
|
|
|
2,616
|
|
|
|
61,273
|
|
SSAB AB — Class A
††
|
|
|
11
|
|
|
|
97
|
|
Holmen AB — Class B
††
|
|
|
3
|
|
|
|
89
|
|
Acerinox S.A.
††
|
|
|
7
|
|
|
|
78
|
|
Lynas Corporation Ltd.
*,††
|
|
|
119
|
|
|
|
73
|
|
Wacker Chemie AG
††
|
|
|
1
|
|
|
|
66
|
|
Lonmin plc
††
|
|
|
8
|
|
|
|
38
|
|
Total Materials
|
|
|
|
|
|
|
7,141,465
|
|
Consumer Staples - 7.3%
|
|
|
|
|
|
|
|
|
Delhaize Group S.A.
††
|
|
|
2,026
|
|
|
|
81,579
|
|
Toyo Suisan Kaisha Ltd.
††
|
|
|
3,000
|
|
|
|
79,829
|
|
Svenska Cellulosa AB — Class B
††
|
|
|
3,557
|
|
|
|
77,361
|
|
Associated British Foods plc
††
|
|
|
3,001
|
|
|
|
76,652
|
|
Suedzucker AG
††
|
|
|
1,857
|
|
|
|
76,200
|
|
Casino Guichard Perrachon S.A.
††
|
|
|
792
|
|
|
|
75,835
|
|
Tesco plc
††
|
|
|
13,699
|
|
|
|
75,481
|
|
Koninklijke Ahold N.V.
††
|
|
|
5,613
|
|
|
|
75,240
|
|
Colruyt S.A.
†
|
|
|
1,515
|
|
|
|
74,965
|
|
Nisshin Seifun Group, Inc.
††
|
|
|
5,990
|
|
|
|
74,865
|
|
J Sainsbury plc
††
|
|
|
13,190
|
|
|
|
74,632
|
|
Carrefour S.A.
††
|
|
|
2,897
|
|
|
|
74,566
|
|
Wilmar International Ltd.
††
|
|
|
27,000
|
|
|
|
74,551
|
|
Lawson, Inc.
††
|
|
|
1,100
|
|
|
|
74,524
|
|
Wesfarmers Ltd.
††
|
|
|
1,926
|
|
|
|
74,402
|
|
Golden Agri-Resources Ltd.
††
|
|
|
137,850
|
|
|
|
74,194
|
|
Kesko Oyj — Class B
††
|
|
|
2,253
|
|
|
|
73,942
|
|
Danone S.A.
†
|
|
|
1,122
|
|
|
|
73,885
|
|
Beiersdorf AG
††
|
|
|
901
|
|
|
|
73,750
|
|
Aryzta AG
††
|
|
|
1,426
|
|
|
|
73,323
|
|
Carlsberg A/S — Class B
††
|
|
|
744
|
|
|
|
73,279
|
|
Unicharm Corp.
††
|
|
|
1,400
|
|
|
|
72,658
|
|
L'Oreal S.A.
††
|
|
|
522
|
|
|
|
72,609
|
|
Heineken Holding N.V.
††
|
|
|
1,317
|
|
|
|
72,494
|
|
Pernod-Ricard S.A.
††
|
|
|
625
|
|
|
|
72,490
|
|
WM Morrison Supermarkets plc
††
|
|
|
16,865
|
|
|
|
72,414
|
|
Heineken N.V.
††
|
|
|
1,078
|
|
|
|
72,249
|
|
Kerry Group plc — Class A
††
|
|
|
1,367
|
|
|
|
72,183
|
|
Woolworths Ltd.
††
|
|
|
2,347
|
|
|
|
72,094
|
|
SABMiller plc
††
|
|
|
1,552
|
|
|
|
72,046
|
|
Distribuidora Internacional de Alimentacion S.A.
††
|
|
|
11,256
|
|
|
|
71,893
|
|
Unilever N.V.
††
|
|
|
1,879
|
|
|
|
71,874
|
|
Aeon Company Ltd.
††
|
|
|
6,290
|
|
|
|
71,794
|
|
Nestle S.A.
††
|
|
|
1,097
|
|
|
|
71,521
|
|
Jeronimo Martins SGPS S.A.
††
|
|
|
3,698
|
|
|
|
71,483
|
|
Anheuser-Busch InBev N.V.
††
|
|
|
820
|
|
|
|
71,386
|
|
Unilever plc
††
|
|
|
1,836
|
|
|
|
71,365
|
|
Kikkoman Corp.
††
|
|
|
5,000
|
|
|
|
71,305
|
|
Reckitt Benckiser Group plc
††
|
|
|
1,123
|
|
|
|
71,297
|
|
Coca-Cola West Company Ltd.
††
|
|
|
4,600
|
|
|
|
70,935
|
|
Coca Cola Hellenic Bottling Company S.A.
†
|
|
|
3,031
|
|
|
|
70,791
|
|
Olam International Ltd.
††
|
|
|
54,970
|
|
|
|
70,620
|
|
Kirin Holdings Company Ltd.
††
|
|
|
6,000
|
|
|
|
70,506
|
|
Shiseido Company Ltd.
††
|
|
|
5,000
|
|
|
|
70,488
|
|
Coca-Cola Amatil Ltd.
††
|
|
|
4,977
|
|
|
|
70,032
|
|
Yakult Honsha Company Ltd.
††
|
|
|
1,600
|
|
|
|
69,995
|
|
Swedish Match AB
††
|
|
|
2,083
|
|
|
|
69,947
|
|
Tate & Lyle plc
††
|
|
|
5,649
|
|
|
|
69,872
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
MEIJI Holdings Company Ltd.
††
|
|
|
1,600
|
|
|
$
|
69,300
|
|
Nippon Meat Packers, Inc.
††
|
|
|
5,000
|
|
|
|
69,222
|
|
DE Master Blenders 1753 N.V.
*,††
|
|
|
6,017
|
|
|
|
69,105
|
|
Metro AG
††
|
|
|
2,463
|
|
|
|
68,403
|
|
British American Tobacco plc
††
|
|
|
1,343
|
|
|
|
68,287
|
|
Nissin Foods Holdings Company Ltd.
††
|
|
|
1,800
|
|
|
|
68,202
|
|
Diageo plc
††
|
|
|
2,340
|
|
|
|
68,164
|
|
Asahi Group Holdings Ltd.
††
|
|
|
3,200
|
|
|
|
68,050
|
|
Imperial Tobacco Group plc
††
|
|
|
1,748
|
|
|
|
67,771
|
|
Barry Callebaut AG
††
|
|
|
70
|
|
|
|
67,673
|
|
Kao Corp.
††
|
|
|
2,600
|
|
|
|
67,664
|
|
Seven & I Holdings Company Ltd.
††
|
|
|
2,400
|
|
|
|
67,572
|
|
Remy Cointreau S.A.
†
|
|
|
616
|
|
|
|
67,245
|
|
Japan Tobacco, Inc.
††
|
|
|
2,383
|
|
|
|
67,233
|
|
Yamazaki Baking Company Ltd.
††
|
|
|
6,000
|
|
|
|
66,771
|
|
Ajinomoto Company, Inc.
††
|
|
|
4,990
|
|
|
|
65,946
|
|
FamilyMart Company Ltd.
††
|
|
|
1,600
|
|
|
|
65,833
|
|
Metcash Ltd.
††
|
|
|
18,956
|
|
|
|
65,799
|
|
Treasury Wine Estates Ltd.
††
|
|
|
13,078
|
|
|
|
64,451
|
|
Calbee, Inc.
††
|
|
|
800
|
|
|
|
56,299
|
|
Henkel AG & Company KGaA
††
|
|
|
536
|
|
|
|
44,083
|
|
Lindt & Spruengli AG
††
|
|
|
1
|
|
|
|
37,823
|
|
Lindt & Spruengli AG - Participation Certificate
††
|
|
|
9
|
|
|
|
29,329
|
|
Henkel AG & Company KGaA
††
|
|
|
391
|
|
|
|
26,826
|
|
Total Consumer Staples
|
|
|
|
|
|
|
4,988,447
|
|
Information Technology - 6.5%
|
|
|
|
|
|
|
|
|
Sumco Corp.
*,††
|
|
|
10,100
|
|
|
|
99,223
|
|
Yaskawa Electric Corp.
††
|
|
|
9,000
|
|
|
|
86,741
|
|
Ricoh Company Ltd.
††
|
|
|
8,000
|
|
|
|
84,809
|
|
STMicroelectronics N.V.
††
|
|
|
11,626
|
|
|
|
84,371
|
|
Nokia Oyj
††
|
|
|
21,255
|
|
|
|
83,967
|
|
Hirose Electric Company Ltd.
††
|
|
|
700
|
|
|
|
83,711
|
|
Advantest Corp.
††
|
|
|
5,300
|
|
|
|
83,597
|
|
Ibiden Company Ltd.
††
|
|
|
5,200
|
|
|
|
83,105
|
|
Keyence Corp.
††
|
|
|
300
|
|
|
|
83,092
|
|
Rohm Company Ltd.
††
|
|
|
2,500
|
|
|
|
81,621
|
|
Trend Micro, Inc.
*,††
|
|
|
2,700
|
|
|
|
81,478
|
|
Fujitsu Ltd.
††
|
|
|
19,000
|
|
|
|
79,585
|
|
Telefonaktiebolaget LM Ericsson — Class B
††
|
|
|
7,836
|
|
|
|
79,176
|
|
Toshiba Corp.
††
|
|
|
20,000
|
|
|
|
79,064
|
|
FUJIFILM Holdings Corp.
††
|
|
|
3,900
|
|
|
|
78,367
|
|
Canon, Inc.
††
|
|
|
2,000
|
|
|
|
77,421
|
|
Brother Industries Ltd.
††
|
|
|
7,190
|
|
|
|
77,305
|
|
Omron Corp.
††
|
|
|
3,200
|
|
|
|
76,713
|
|
Murata Manufacturing Company Ltd.
††
|
|
|
1,300
|
|
|
|
76,592
|
|
Hitachi Ltd.
††
|
|
|
13,000
|
|
|
|
76,402
|
|
ASM Pacific Technology Ltd.
††
|
|
|
6,200
|
|
|
|
76,123
|
|
Amadeus IT Holding S.A. — Class A
††
|
|
|
2,997
|
|
|
|
75,714
|
|
Infineon Technologies AG
††
|
|
|
9,275
|
|
|
|
75,534
|
|
NTT Data Corp.
††
|
|
|
24
|
|
|
|
75,030
|
|
Shimadzu Corp.
††
|
|
|
11,000
|
|
|
|
74,966
|
|
Nomura Research Institute Ltd.
††
|
|
|
3,600
|
|
|
|
74,896
|
|
Citizen Holdings Company Ltd.
††
|
|
|
14,190
|
|
|
|
74,863
|
|
Capital Gemini S.A.
††
|
|
|
1,708
|
|
|
|
74,662
|
|
Computershare Ltd.
††
|
|
|
7,884
|
|
|
|
74,469
|
|
ASML Holding N.V.
††
|
|
|
1,154
|
|
|
|
73,986
|
|
Nippon Electric Glass Company Ltd.
††
|
|
|
13,000
|
|
|
|
73,928
|
|
Tokyo Electron Ltd.
††
|
|
|
1,600
|
|
|
|
73,700
|
|
SAP AG
††
|
|
|
914
|
|
|
|
73,474
|
|
ARM Holdings plc
††
|
|
|
5,807
|
|
|
|
73,316
|
|
Hexagon AB — Class B
††
|
|
|
2,881
|
|
|
|
72,876
|
|
Hamamatsu Photonics K.K.
††
|
|
|
2,000
|
|
|
|
72,625
|
|
Kyocera Corp.
††
|
|
|
800
|
|
|
|
72,440
|
|
Yokogawa Electric Corp.
††
|
|
|
6,600
|
|
|
|
72,279
|
|
Dena Company Ltd.
†
|
|
|
2,200
|
|
|
|
72,078
|
|
Konica Minolta Holdings, Inc.
††
|
|
|
9,990
|
|
|
|
71,800
|
|
Dassault Systemes S.A.
††
|
|
|
634
|
|
|
|
70,863
|
|
Hoya Corp.
††
|
|
|
3,600
|
|
|
|
70,844
|
|
Oracle Corporation Japan
††
|
|
|
1,700
|
|
|
|
70,728
|
|
AtoS
††
|
|
|
1,003
|
|
|
|
70,415
|
|
NICE Systems Ltd.
*,††
|
|
|
2,099
|
|
|
|
70,322
|
|
United Internet AG
††
|
|
|
3,220
|
|
|
|
69,611
|
|
Gemalto N.V.
††
|
|
|
761
|
|
|
|
68,669
|
|
Otsuka Corp.
††
|
|
|
900
|
|
|
|
68,008
|
|
Sage Group plc
††
|
|
|
14,112
|
|
|
|
67,861
|
|
Yahoo Japan Corp.
††
|
|
|
209
|
|
|
|
67,587
|
|
Konami Corp.
††
|
|
|
3,000
|
|
|
|
67,472
|
|
NEC Corp.
*,††
|
|
|
32,000
|
|
|
|
67,413
|
|
Hitachi High-Technologies Corp.
††
|
|
|
3,200
|
|
|
|
66,136
|
|
Square Enix Holdings Company Ltd.
††
|
|
|
5,190
|
|
|
|
65,938
|
|
TDK Corp.
††
|
|
|
1,800
|
|
|
|
65,467
|
|
Nexon Company Ltd.
*,††
|
|
|
6,343
|
|
|
|
64,161
|
|
Nintendo Company Ltd.
††
|
|
|
600
|
|
|
|
63,985
|
|
Gree, Inc.
††
|
|
|
4,100
|
|
|
|
63,549
|
|
Itochu Techno-Solutions Corp.
††
|
|
|
1,500
|
|
|
|
61,689
|
|
Mellanox Technologies Ltd.
*,††
|
|
|
820
|
|
|
|
50,807
|
|
Foxconn International Holdings Ltd.
*,††
|
|
|
850
|
|
|
|
417
|
|
Elpida Memory, Inc.
*,†††,1
|
|
|
18,800
|
|
|
|
217
|
|
Alcatel-Lucent
*,††
|
|
|
70
|
|
|
|
94
|
|
Total Information Technology
|
|
|
|
|
|
|
4,447,352
|
|
Health Care - 5.6%
|
|
|
|
|
|
|
|
|
Olympus Corp.
*,††
|
|
|
4,200
|
|
|
|
81,379
|
|
Lonza Group AG
††
|
|
|
1,497
|
|
|
|
81,059
|
|
Orion Oyj — Class B
††
|
|
|
2,735
|
|
|
|
80,501
|
|
Grifols S.A.
*,††
|
|
|
2,208
|
|
|
|
77,185
|
|
CSL Ltd.
††
|
|
|
1,349
|
|
|
|
76,258
|
|
Shire plc
††
|
|
|
2,458
|
|
|
|
75,601
|
|
Sanofi
††
|
|
|
793
|
|
|
|
75,176
|
|
Bayer AG
††
|
|
|
787
|
|
|
|
75,025
|
|
Cochlear Ltd.
††
|
|
|
901
|
|
|
|
74,787
|
|
William Demant Holding A/S
*,††
|
|
|
870
|
|
|
|
74,724
|
|
Elekta AB — Class B
†
|
|
|
4,789
|
|
|
|
74,694
|
|
Dainippon Sumitomo Pharma Company Ltd.
††
|
|
|
6,190
|
|
|
|
74,271
|
|
Roche Holding AG
††
|
|
|
367
|
|
|
|
74,148
|
|
Getinge AB — Class B
††
|
|
|
2,176
|
|
|
|
73,990
|
|
Ramsay Health Care Ltd.
††
|
|
|
2,589
|
|
|
|
73,938
|
|
Cie Generale d'Optique Essilor International S.A.
††
|
|
|
733
|
|
|
|
73,904
|
|
Smith & Nephew plc
††
|
|
|
6,677
|
|
|
|
73,836
|
|
Sysmex Corp.
††
|
|
|
1,600
|
|
|
|
73,585
|
|
Coloplast A/S — Class B
††
|
|
|
1,495
|
|
|
|
73,297
|
|
Novartis AG
††
|
|
|
1,161
|
|
|
|
73,292
|
|
AstraZeneca plc
††
|
|
|
1,527
|
|
|
|
72,380
|
|
Sonic Healthcare Ltd.
††
|
|
|
5,175
|
|
|
|
72,329
|
|
Novo Nordisk A/S — Class B
††
|
|
|
444
|
|
|
|
72,281
|
|
GlaxoSmithKline plc
††
|
|
|
3,297
|
|
|
|
71,785
|
|
Shionogi & Company Ltd.
††
|
|
|
4,300
|
|
|
|
71,564
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
UCB S.A.
††
|
|
|
1,249
|
|
|
$
|
71,530
|
|
Takeda Pharmaceutical Company Ltd.
††
|
|
|
1,600
|
|
|
|
71,421
|
|
Fresenius Medical Care AG & Co. KGaA
††
|
|
|
1,034
|
|
|
|
71,335
|
|
Fresenius SE & Company KGaA
††
|
|
|
618
|
|
|
|
71,089
|
|
Celesio AG
††
|
|
|
4,105
|
|
|
|
71,080
|
|
Elan Corporation plc
*,††
|
|
|
6,916
|
|
|
|
70,891
|
|
Eisai Company Ltd.
††
|
|
|
1,700
|
|
|
|
70,873
|
|
Sonova Holding AG
†
|
|
|
638
|
|
|
|
70,680
|
|
Daiichi Sankyo Company Ltd.
††
|
|
|
4,600
|
|
|
|
70,531
|
|
Merck KGaA
††
|
|
|
535
|
|
|
|
70,487
|
|
Actelion Ltd.
††
|
|
|
1,468
|
|
|
|
70,195
|
|
Hisamitsu Pharmaceutical Company, Inc.
††
|
|
|
1,400
|
|
|
|
69,590
|
|
QIAGEN N.V.
*,††
|
|
|
3,817
|
|
|
|
69,299
|
|
Kyowa Hakko Kirin Company Ltd.
††
|
|
|
7,000
|
|
|
|
68,969
|
|
Miraca Holdings, Inc.
††
|
|
|
1,700
|
|
|
|
68,458
|
|
Mitsubishi Tanabe Pharma Corp.
††
|
|
|
5,200
|
|
|
|
67,731
|
|
Suzuken Company Limited/Aichi Japan
††
|
|
|
2,400
|
|
|
|
67,529
|
|
Otsuka Holdings Company Ltd.
††
|
|
|
2,400
|
|
|
|
67,525
|
|
Chugai Pharmaceutical Company Ltd.
††
|
|
|
3,500
|
|
|
|
66,975
|
|
Tsumura & Co.
††
|
|
|
2,200
|
|
|
|
66,423
|
|
Ono Pharmaceutical Company Ltd.
††
|
|
|
1,300
|
|
|
|
66,325
|
|
Teva Pharmaceutical Industries Ltd.
††
|
|
|
1,761
|
|
|
|
65,456
|
|
Santen Pharmaceutical Company Ltd.
††
|
|
|
1,700
|
|
|
|
65,219
|
|
Medipal Holdings Corp.
††
|
|
|
5,790
|
|
|
|
64,115
|
|
Terumo Corp.
††
|
|
|
1,600
|
|
|
|
63,455
|
|
Astellas Pharma, Inc.
††
|
|
|
1,400
|
|
|
|
62,866
|
|
Alfresa Holdings Corp.
††
|
|
|
1,600
|
|
|
|
62,460
|
|
Taisho Pharmaceutical Holdings Company Ltd.
††
|
|
|
900
|
|
|
|
61,736
|
|
M3, Inc.
††
|
|
|
38
|
|
|
|
60,574
|
|
Prothena Corporation plc
*,†
|
|
|
169
|
|
|
|
1,236
|
|
Straumann Holding AG
††
|
|
|
1
|
|
|
|
123
|
|
Total Health Care
|
|
|
|
|
|
|
3,837,165
|
|
Utilities - 4.8%
|
|
|
|
|
|
|
|
|
Tokyo Electric Power Company, Inc.
*,††
|
|
|
44,280
|
|
|
|
106,582
|
|
EDP - Energias de Portugal S.A.
††
|
|
|
28,376
|
|
|
|
86,286
|
|
Hokkaido Electric Power Company, Inc.
††
|
|
|
7,100
|
|
|
|
86,083
|
|
Kyushu Electric Power Company, Inc.
††
|
|
|
7,390
|
|
|
|
84,148
|
|
Acciona S.A.
††
|
|
|
1,126
|
|
|
|
84,061
|
|
Veolia Environnement S.A.
††
|
|
|
6,884
|
|
|
|
83,428
|
|
Suez Environnement Co.
††
|
|
|
6,816
|
|
|
|
82,193
|
|
Shikoku Electric Power Company, Inc.
††
|
|
|
5,100
|
|
|
|
81,259
|
|
Gas Natural SDG S.A.
††
|
|
|
4,490
|
|
|
|
80,916
|
|
Enel Green Power SpA
††
|
|
|
42,509
|
|
|
|
79,159
|
|
Kansai Electric Power Company, Inc.
††
|
|
|
7,500
|
|
|
|
78,666
|
|
Enel SpA
††
|
|
|
18,914
|
|
|
|
78,647
|
|
Chugoku Electric Power Company, Inc.
††
|
|
|
4,990
|
|
|
|
78,424
|
|
Verbund AG
††
|
|
|
3,125
|
|
|
|
77,592
|
|
Iberdrola S.A.
††
|
|
|
13,811
|
|
|
|
77,105
|
|
Enagas S.A.
††
|
|
|
3,586
|
|
|
|
76,802
|
|
Terna Rete Elettrica Nazionale SpA
††
|
|
|
18,964
|
|
|
|
75,865
|
|
AGL Energy Ltd.
††
|
|
|
4,696
|
|
|
|
75,589
|
|
Snam SpA
††
|
|
|
16,107
|
|
|
|
75,156
|
|
Centrica plc
††
|
|
|
13,686
|
|
|
|
74,701
|
|
Fortum Oyj
††
|
|
|
3,984
|
|
|
|
74,560
|
|
SP AusNet
††
|
|
|
63,966
|
|
|
|
74,430
|
|
Red Electrica Corporation S.A.
††
|
|
|
1,507
|
|
|
|
74,415
|
|
Cheung Kong Infrastructure Holdings Ltd.
††
|
|
|
12,000
|
|
|
|
74,129
|
|
E.ON SE
††
|
|
|
3,952
|
|
|
|
74,100
|
|
Hokuriku Electric Power Co.
††
|
|
|
6,200
|
|
|
|
73,486
|
|
SSE plc
††
|
|
|
3,145
|
|
|
|
73,143
|
|
Power Assets Holdings Ltd.
††
|
|
|
8,490
|
|
|
|
72,846
|
|
Severn Trent plc
††
|
|
|
2,831
|
|
|
|
72,829
|
|
United Utilities Group plc
††
|
|
|
6,577
|
|
|
|
72,379
|
|
Hong Kong & China Gas Company Ltd.
††
|
|
|
26,156
|
|
|
|
71,869
|
|
CLP Holdings Ltd.
††
|
|
|
8,490
|
|
|
|
71,337
|
|
APA Group
††
|
|
|
12,294
|
|
|
|
71,064
|
|
National Grid plc
††
|
|
|
6,175
|
|
|
|
70,801
|
|
Tohoku Electric Power Company, Inc.
*,††
|
|
|
7,590
|
|
|
|
70,683
|
|
Contact Energy Ltd.
*,††
|
|
|
16,319
|
|
|
|
70,641
|
|
Electricite de France S.A.
††
|
|
|
3,790
|
|
|
|
70,208
|
|
Chubu Electric Power Company, Inc.
††
|
|
|
5,190
|
|
|
|
69,171
|
|
GDF Suez
††
|
|
|
3,249
|
|
|
|
66,895
|
|
Electric Power Development Company Ltd.
††
|
|
|
2,800
|
|
|
|
66,326
|
|
RWE AG
††
|
|
|
1,598
|
|
|
|
66,260
|
|
Osaka Gas Company Ltd.
††
|
|
|
18,000
|
|
|
|
65,299
|
|
Toho Gas Company Ltd.
††
|
|
|
12,000
|
|
|
|
64,268
|
|
Tokyo Gas Company Ltd.
††
|
|
|
14,000
|
|
|
|
63,886
|
|
RWE AG
††
|
|
|
127
|
|
|
|
4,801
|
|
Total Utilities
|
|
|
|
|
|
|
3,322,488
|
|
Energy - 3.9%
|
|
|
|
|
|
|
|
|
Whitehaven Coal Ltd.
††
|
|
|
23,596
|
|
|
|
88,050
|
|
Cosmo Oil Company Ltd.
††
|
|
|
37,000
|
|
|
|
82,760
|
|
Aker Solutions ASA
††
|
|
|
3,841
|
|
|
|
79,517
|
|
Idemitsu Kosan Company Ltd.
††
|
|
|
900
|
|
|
|
78,325
|
|
JX Holdings, Inc.
††
|
|
|
13,890
|
|
|
|
78,320
|
|
Origin Energy Ltd.
††
|
|
|
6,301
|
|
|
|
77,556
|
|
Delek Group Ltd.
††
|
|
|
323
|
|
|
|
76,028
|
|
Tenaris S.A.
††
|
|
|
3,607
|
|
|
|
75,183
|
|
Eni SpA
††
|
|
|
3,062
|
|
|
|
74,988
|
|
Caltex Australia Ltd.
††
|
|
|
3,705
|
|
|
|
74,824
|
|
Total S.A.
††
|
|
|
1,436
|
|
|
|
74,695
|
|
Petrofac Ltd.
††
|
|
|
2,769
|
|
|
|
73,988
|
|
Fugro N.V.
††
|
|
|
1,244
|
|
|
|
73,792
|
|
Galp Energia SGPS S.A.
†
|
|
|
4,742
|
|
|
|
73,584
|
|
Subsea 7 S.A.
††
|
|
|
3,054
|
|
|
|
73,372
|
|
Neste Oil Oyj
††
|
|
|
5,626
|
|
|
|
72,913
|
|
OMV AG
††
|
|
|
2,009
|
|
|
|
72,775
|
|
Statoil ASA
††
|
|
|
2,888
|
|
|
|
72,769
|
|
Woodside Petroleum Ltd.
††
|
|
|
2,004
|
|
|
|
71,503
|
|
Santos Ltd.
††
|
|
|
6,058
|
|
|
|
71,070
|
|
BP plc
††
|
|
|
10,203
|
|
|
|
70,960
|
|
Technip S.A.
††
|
|
|
613
|
|
|
|
70,862
|
|
AMEC plc
††
|
|
|
4,280
|
|
|
|
70,710
|
|
Cie Generale de Geophysique - Veritas
*,††
|
|
|
2,324
|
|
|
|
70,595
|
|
MSCI EAFE Equal Weight Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
|
Shares
|
|
|
|
Value
|
|
Japan Petroleum Exploration Co.
††
|
|
|
2,000
|
|
|
$
|
70,545
|
|
Lundin Petroleum AB
*,††
|
|
|
3,011
|
|
|
|
69,701
|
|
Inpex Corp.
††
|
|
|
13
|
|
|
|
69,441
|
|
BG Group plc
††
|
|
|
4,151
|
|
|
|
69,231
|
|
TonenGeneral Sekiyu K.K.
††
|
|
|
8,000
|
|
|
|
69,094
|
|
Transocean Ltd.
††
|
|
|
1,540
|
|
|
|
68,994
|
|
Repsol S.A.
††
|
|
|
3,325
|
|
|
|
67,850
|
|
Showa Shell Sekiyu K.K.
††
|
|
|
11,990
|
|
|
|
67,828
|
|
Tullow Oil plc
††
|
|
|
3,235
|
|
|
|
67,415
|
|
Seadrill Ltd.
††
|
|
|
1,827
|
|
|
|
67,290
|
|
WorleyParsons Ltd.
††
|
|
|
2,724
|
|
|
|
67,186
|
|
Saipem SpA
††
|
|
|
1,619
|
|
|
|
63,044
|
|
Royal Dutch Shell plc — Class A
††
|
|
|
1,227
|
|
|
|
42,606
|
|
Royal Dutch Shell plc — Class B
††
|
|
|
868
|
|
|
|
30,979
|
|
SBM Offshore N.V.
*,††
|
|
|
6
|
|
|
|
85
|
|
Total Energy
|
|
|
|
|
|
|
2,690,428
|
|
Telecommunication Services - 3.5%
|
|
|
|
|
|
|
|
|
Telekom Austria AG
††
|
|
|
10,766
|
|
|
|
81,722
|
|
TDC A/S
††
|
|
|
10,896
|
|
|
|
77,180
|
|
Portugal Telecom SGPS S.A.
††
|
|
|
15,273
|
|
|
|
76,032
|
|
Vivendi S.A.
††
|
|
|
3,342
|
|
|
|
75,558
|
|
France Telecom S.A.
††
|
|
|
6,811
|
|
|
|
75,535
|
|
PCCW Ltd.
††
|
|
|
170,790
|
|
|
|
75,494
|
|
StarHub Ltd.
††
|
|
|
23,960
|
|
|
|
75,058
|
|
Tele2 AB — Class B
††
|
|
|
4,149
|
|
|
|
75,014
|
|
Elisa Oyj
††
|
|
|
3,383
|
|
|
|
74,976
|
|
Deutsche Telekom AG
††
|
|
|
6,562
|
|
|
|
74,670
|
|
BT Group plc
††
|
|
|
19,443
|
|
|
|
74,176
|
|
Swisscom AG
††
|
|
|
171
|
|
|
|
74,044
|
|
Inmarsat plc
††
|
|
|
7,626
|
|
|
|
73,473
|
|
Singapore Telecommunications Ltd.
††
|
|
|
26,970
|
|
|
|
73,396
|
|
HKT Trust / HKT Ltd.
††
|
|
|
74,403
|
|
|
|
73,085
|
|
Telefonica S.A.
††
|
|
|
5,395
|
|
|
|
73,020
|
|
Telenet Group Holding N.V.
†
|
|
|
1,551
|
|
|
|
72,961
|
|
Millicom International Cellular S.A.
††
|
|
|
834
|
|
|
|
72,413
|
|
TeliaSonera AB
††
|
|
|
10,602
|
|
|
|
71,998
|
|
Belgacom S.A.
††
|
|
|
2,447
|
|
|
|
71,947
|
|
Telstra Corporation Ltd.
††
|
|
|
15,732
|
|
|
|
71,778
|
|
Telenor ASA
††
|
|
|
3,496
|
|
|
|
71,163
|
|
Ziggo N.V.
†
|
|
|
2,178
|
|
|
|
71,158
|
|
Vodafone Group plc
††
|
|
|
28,044
|
|
|
|
70,599
|
|
Telecom Corporation of New Zealand Ltd.
††
|
|
|
36,905
|
|
|
|
70,029
|
|
Iliad S.A.
†
|
|
|
407
|
|
|
|
69,843
|
|
NTT DOCOMO, Inc.
††
|
|
|
48
|
|
|
|
69,105
|
|
Bezeq The Israeli Telecommunication Corporation Ltd.
††
|
|
|
58,235
|
|
|
|
67,473
|
|
Softbank Corp.
††
|
|
|
1,800
|
|
|
|
65,871
|
|
Koninklijke KPN N.V.
††
|
|
|
12,927
|
|
|
|
63,907
|
|
KDDI Corp.
††
|
|
|
900
|
|
|
|
63,547
|
|
Nippon Telegraph & Telephone Corp.
††
|
|
|
1,500
|
|
|
|
63,074
|
|
Telecom Italia SpA
††
|
|
|
52,157
|
|
|
|
47,294
|
|
Telecom Italia SpA - Savings Shares
††
|
|
|
33,466
|
|
|
|
26,627
|
|
Mobistar S.A.
††
|
|
|
3
|
|
|
|
77
|
|
Total Telecommunication Services
|
|
|
|
|
|
|
2,383,297
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
(Cost $67,254,395)
|
|
|
|
|
|
|
67,117,295
|
|
RIGHTS - 0.0%
|
|
|
|
|
|
|
|
|
Olam International Ltd.
|
|
|
|
|
|
|
|
|
Expires 01/21/13
*,†††,1
|
|
|
17,205
|
|
|
|
—
|
|
Total Rights
|
|
|
|
|
|
|
|
|
(Cost $–)
|
|
|
|
|
|
|
—
|
|
EXCHANGE TRADED FUNDS
†
- 1.8%
|
|
|
|
|
|
|
|
|
Vanguard MSCI EAFE ETF
|
|
|
24,727
|
|
|
|
871,133
|
|
iShares MSCI Japan Index Fund
|
|
|
34,376
|
|
|
|
335,166
|
|
iShares MSCI Hong Kong Index Fund
|
|
|
339
|
|
|
|
6,583
|
|
iShares MSCI Singapore Index Fund
|
|
|
248
|
|
|
|
3,395
|
|
Total Exchange Traded Funds
|
|
|
|
|
|
|
|
|
(Cost $1,166,373)
|
|
|
|
|
|
|
1,216,277
|
|
SHORT TERM INVESTMENTS
††
- 0.0%
|
|
|
|
|
|
|
|
|
State Street General Account U.S. Government Fund
|
|
|
2
|
|
|
|
2
|
|
Total Short Term Investments
|
|
|
|
|
|
|
|
|
(Cost $2)
|
|
|
|
|
|
|
2
|
|
Total Investments - 99.7%
|
|
|
|
|
|
|
|
|
(Cost $68,420,770)
|
|
|
|
|
|
$
|
68,333,574
|
|
Other Assets & Liabilities, net - 0.3%
|
|
|
|
|
|
|
204,310
|
|
Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
68,537,884
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
††
|
Value determined based on Level 2 inputs — See Note 2.
|
†††
|
Value determined based on Level 3 inputs — See Note 2.
|
1
|
Illiquid security.
|
ADR
|
American Depositary Receipt
|
plc
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
|
Small Cap Growth Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 85.8%
|
Consumer Discretionary - 18.2%
|
|
|
|
|
|
|
|
|
Jarden Corp.
|
|
|
4,815
|
|
|
$
|
248,936
|
|
Hanesbrands, Inc.
*
|
|
|
6,240
|
|
|
|
223,516
|
|
Oxford Industries, Inc.
|
|
|
4,390
|
|
|
|
203,520
|
|
Life Time Fitness, Inc.
*
|
|
|
3,490
|
|
|
|
171,742
|
|
Pier 1 Imports, Inc.
|
|
|
7,900
|
|
|
|
158,000
|
|
Pinnacle Entertainment, Inc.
*
|
|
|
9,814
|
|
|
|
155,355
|
|
Penn National Gaming, Inc.
*
|
|
|
3,075
|
|
|
|
151,013
|
|
Monro Muffler Brake, Inc.
|
|
|
4,075
|
|
|
|
142,503
|
|
MDC Partners, Inc.
|
|
|
10,900
|
|
|
|
123,170
|
|
Vail Resorts, Inc.
|
|
|
2,175
|
|
|
|
117,646
|
|
Lennar Corp. — Class A
|
|
|
2,975
|
|
|
|
115,043
|
|
Ulta Salon Cosmetics & Fragrance, Inc.
|
|
|
1,160
|
|
|
|
113,982
|
|
Sonic Corp.
*
|
|
|
10,000
|
|
|
|
104,100
|
|
Warnaco Group, Inc.
*
|
|
|
1,175
|
|
|
|
84,095
|
|
WMS Industries, Inc.
*
|
|
|
4,400
|
|
|
|
77,000
|
|
HomeAway, Inc.
*
|
|
|
2,900
|
|
|
|
63,800
|
|
SodaStream International Ltd.
*
|
|
|
1,275
|
|
|
|
57,235
|
|
Select Comfort Corp.
*
|
|
|
1,310
|
|
|
|
34,283
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
2,344,939
|
|
Information Technology - 16.9%
|
|
|
|
|
|
|
|
|
Alliance Data Systems Corp.
*
|
|
|
1,825
|
|
|
|
264,187
|
|
Cadence Design Systems, Inc.
*
|
|
|
17,920
|
|
|
|
242,098
|
|
Nuance Communications, Inc.
*
|
|
|
8,255
|
|
|
|
184,252
|
|
Aruba Networks, Inc.
*
|
|
|
8,500
|
|
|
|
176,375
|
|
Cavium, Inc.
*
|
|
|
5,100
|
|
|
|
159,171
|
|
Aspen Technology, Inc.
*
|
|
|
5,250
|
|
|
|
145,110
|
|
IAC/InterActiveCorp
|
|
|
2,687
|
|
|
|
127,095
|
|
FEI Co.
|
|
|
2,150
|
|
|
|
119,239
|
|
Nanometrics, Inc.
*
|
|
|
7,815
|
|
|
|
112,692
|
|
Harmonic, Inc.
*
|
|
|
19,300
|
|
|
|
97,851
|
|
Lattice Semiconductor Corp.
*
|
|
|
22,600
|
|
|
|
90,174
|
|
Ciena Corp.
*
|
|
|
5,450
|
|
|
|
85,565
|
|
Sourcefire, Inc.
*
|
|
|
1,580
|
|
|
|
74,608
|
|
Riverbed Technology, Inc.
*
|
|
|
3,684
|
|
|
|
72,645
|
|
QLIK Technologies, Inc.
*
|
|
|
3,299
|
|
|
|
71,654
|
|
SYNNEX Corp.
*
|
|
|
1,880
|
|
|
|
64,634
|
|
Rofin-Sinar Technologies, Inc.
*
|
|
|
2,110
|
|
|
|
45,745
|
|
Pactera Technology International Ltd. ADR
*
|
|
|
5,600
|
|
|
|
44,464
|
|
Total Information Technology
|
|
|
|
|
|
|
2,177,559
|
|
Health Care - 14.3%
|
|
|
|
|
|
|
|
|
Hologic, Inc.
*
|
|
|
7,870
|
|
|
|
157,636
|
|
Health Management Associates, Inc. — Class A
*
|
|
|
15,820
|
|
|
|
147,442
|
|
Endo Health Solutions, Inc.
*
|
|
|
5,490
|
|
|
|
144,223
|
|
Haemonetics Corp.
*
|
|
|
3,370
|
|
|
|
137,631
|
|
Endologix, Inc.
*
|
|
|
9,400
|
|
|
|
133,856
|
|
BioMarin Pharmaceutical, Inc.
*
|
|
|
2,050
|
|
|
|
100,962
|
|
athenahealth, Inc.
*
|
|
|
1,340
|
|
|
|
98,423
|
|
AngioDynamics, Inc.
*
|
|
|
8,860
|
|
|
|
97,371
|
|
Acorda Therapeutics, Inc.
*
|
|
|
3,750
|
|
|
|
93,225
|
|
Auxilium Pharmaceuticals, Inc.
*
|
|
|
4,565
|
|
|
|
84,589
|
|
Exact Sciences Corp.
*
|
|
|
7,850
|
|
|
|
83,132
|
|
NxStage Medical, Inc.
*
|
|
|
6,950
|
|
|
|
78,188
|
|
Halozyme Therapeutics, Inc.
*
|
|
|
9,840
|
|
|
|
66,026
|
|
HeartWare International, Inc.
*
|
|
|
750
|
|
|
|
62,963
|
|
Pharmacyclics, Inc.
*
|
|
|
1,050
|
|
|
|
60,795
|
|
Cepheid, Inc.
*
|
|
|
1,615
|
|
|
|
54,603
|
|
HMS Holdings Corp.
*
|
|
|
2,075
|
|
|
|
53,784
|
|
Ariad Pharmaceuticals, Inc.
*
|
|
|
2,700
|
|
|
|
51,786
|
|
Incyte Corp.
*
|
|
|
3,100
|
|
|
|
51,491
|
|
Questcor Pharmaceuticals, Inc.
|
|
|
1,150
|
|
|
|
30,728
|
|
CardioNet, Inc.
*
|
|
|
12,550
|
|
|
|
28,614
|
|
Achillion Pharmaceuticals, Inc.
*
|
|
|
3,200
|
|
|
|
25,664
|
|
Total Health Care
|
|
|
|
|
|
|
1,843,132
|
|
Industrials - 13.0%
|
|
|
|
|
|
|
|
|
Triumph Group, Inc.
|
|
|
4,150
|
|
|
|
270,995
|
|
B/E Aerospace, Inc.
*
|
|
|
5,240
|
|
|
|
258,856
|
|
Kansas City Southern
|
|
|
2,515
|
|
|
|
209,952
|
|
AECOM Technology Corp.
*
|
|
|
6,710
|
|
|
|
159,698
|
|
Hexcel Corp.
*
|
|
|
5,100
|
|
|
|
137,496
|
|
Colfax Corp.
*
|
|
|
3,350
|
|
|
|
135,172
|
|
Regal-Beloit Corp.
|
|
|
1,890
|
|
|
|
133,188
|
|
Crane Co.
|
|
|
2,339
|
|
|
|
108,249
|
|
IDEX Corp.
|
|
|
2,258
|
|
|
|
105,065
|
|
Wabtec Corp.
|
|
|
790
|
|
|
|
69,157
|
|
Acuity Brands, Inc.
|
|
|
1,000
|
|
|
|
67,730
|
|
PMFG, Inc.
*
|
|
|
2,775
|
|
|
|
25,225
|
|
Total Industrials
|
|
|
|
|
|
|
1,680,783
|
|
Materials - 8.6%
|
|
|
|
|
|
|
|
|
Ashland, Inc.
|
|
|
4,550
|
|
|
|
365,865
|
|
HB Fuller Co.
|
|
|
5,880
|
|
|
|
204,742
|
|
Albemarle Corp.
|
|
|
2,975
|
|
|
|
184,807
|
|
Kaiser Aluminum Corp.
|
|
|
2,520
|
|
|
|
155,459
|
|
Cytec Industries, Inc.
|
|
|
1,973
|
|
|
|
135,802
|
|
Silgan Holdings, Inc.
|
|
|
1,470
|
|
|
|
61,137
|
|
Total Materials
|
|
|
|
|
|
|
1,107,812
|
|
Energy - 5.3%
|
|
|
|
|
|
|
|
|
Oil States International, Inc.
*
|
|
|
3,660
|
|
|
|
261,836
|
|
Superior Energy Services, Inc.
*
|
|
|
6,080
|
|
|
|
125,978
|
|
Energy XXI Bermuda Ltd.
|
|
|
3,708
|
|
|
|
119,361
|
|
McDermott International, Inc.
*
|
|
|
10,750
|
|
|
|
118,465
|
|
Stone Energy Corp.
*
|
|
|
3,000
|
|
|
|
61,560
|
|
Total Energy
|
|
|
|
|
|
|
687,200
|
|
Financials - 5.2%
|
|
|
|
|
|
|
|
|
IBERIABANK Corp.
|
|
|
5,895
|
|
|
|
289,563
|
|
Amtrust Financial Services, Inc.
|
|
|
6,305
|
|
|
|
180,890
|
|
Texas Capital Bancshares, Inc.
*
|
|
|
2,900
|
|
|
|
129,978
|
|
Stifel Financial Corp.
*
|
|
|
2,203
|
|
|
|
70,430
|
|
Total Financials
|
|
|
|
|
|
|
670,861
|
|
Telecommunication Services - 1.6%
|
|
|
|
|
|
|
|
|
SBA Communications Corp. — Class A
*
|
|
|
2,830
|
|
|
|
200,987
|
|
Utilities - 1.5%
|
|
|
|
|
|
|
|
|
NorthWestern Corp.
|
|
|
5,525
|
|
|
|
191,883
|
|
Consumer Staples - 1.2%
|
|
|
|
|
|
|
|
|
Boulder Brands, Inc.
*
|
|
|
6,650
|
|
|
|
85,785
|
|
J&J Snack Foods Corp.
|
|
|
1,175
|
|
|
|
75,130
|
|
Total Consumer Staples
|
|
|
|
|
|
|
160,915
|
|
Total Common Stocks
|
|
|
|
|
(Cost $9,110,224)
|
|
|
|
|
|
|
11,066,071
|
|
EXCHANGE TRADED FUNDS
†
- 11.0%
|
|
|
|
|
|
|
|
|
iShares Russell 2000 Growth Index Fund
|
|
|
11,265
|
|
|
|
1,073,667
|
|
Small Cap Growth Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
EXCHANGE TRADED FUNDS
†
- 11.0% (continued)
|
|
|
|
|
|
|
|
|
PowerShares S&P SmallCap Health Care Portfolio
|
|
|
9,770
|
|
|
$
|
346,249
|
|
Total Exchange Traded Funds
|
|
|
|
|
|
|
|
|
(Cost $1,361,801)
|
|
|
|
|
|
|
1,419,916
|
|
Total Investments - 96.8%
|
|
|
|
|
|
|
|
|
(Cost $10,472,025)
|
|
|
|
|
|
$
|
12,485,987
|
|
Other Assets & Liabilities, net - 3.2%
|
|
|
|
|
|
|
419,095
|
|
Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
12,905,082
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
ADR
|
American Depositary Receipt
|
|
Small Cap Value Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 98.7%
|
Financials - 23.0%
|
|
|
|
|
|
|
|
|
Hanover Insurance Group, Inc.
|
|
|
30,950
|
|
|
$
|
1,199,002
|
|
Reinsurance Group of America, Inc. — Class A
|
|
|
13,700
|
|
|
|
733,224
|
|
Horace Mann Educators Corp.
|
|
|
34,550
|
|
|
|
689,618
|
|
Home Loan Servicing Solutions Ltd.
|
|
|
34,600
|
|
|
|
653,941
|
|
Endurance Specialty Holdings Ltd.
|
|
|
13,214
|
|
|
|
524,464
|
|
Redwood Trust, Inc.
|
|
|
27,903
|
|
|
|
471,282
|
|
Ocwen Financial Corp.
*
|
|
|
11,921
|
|
|
|
412,347
|
|
1st Source Corp.
|
|
|
17,950
|
|
|
|
396,515
|
|
Bancorp, Inc.
*
|
|
|
35,490
|
|
|
|
389,325
|
|
PrivateBancorp, Inc.
|
|
|
20,586
|
|
|
|
315,378
|
|
Safeguard Scientifics, Inc.
*
|
|
|
21,260
|
|
|
|
313,585
|
|
Employers Holdings, Inc.
|
|
|
14,236
|
|
|
|
292,977
|
|
Lexington Realty Trust
|
|
|
26,397
|
|
|
|
275,849
|
|
Solar Senior Capital Ltd.
|
|
|
13,556
|
|
|
|
252,955
|
|
Navigators Group, Inc.
*
|
|
|
4,800
|
|
|
|
245,136
|
|
AMERISAFE, Inc.
*
|
|
|
8,835
|
|
|
|
240,754
|
|
BancFirst Corp.
|
|
|
4,224
|
|
|
|
178,929
|
|
MGIC Investment Corp.
*
|
|
|
53,887
|
|
|
|
143,339
|
|
Total Financials
|
|
|
|
|
|
|
7,728,620
|
|
Industrials - 21.0%
|
|
|
|
|
|
|
|
|
Covanta Holding Corp.
|
|
|
40,390
|
|
|
|
743,983
|
|
Saia, Inc.
*
|
|
|
24,150
|
|
|
|
558,348
|
|
Aegion Corp. — Class A
*
|
|
|
24,753
|
|
|
|
549,269
|
|
EnergySolutions, Inc.
*
|
|
|
153,955
|
|
|
|
480,340
|
|
ICF International, Inc.
*
|
|
|
19,257
|
|
|
|
451,384
|
|
General Cable Corp.
*
|
|
|
14,446
|
|
|
|
439,303
|
|
Navigant Consulting, Inc.
*
|
|
|
37,500
|
|
|
|
418,500
|
|
Orbital Sciences Corp.
*
|
|
|
26,774
|
|
|
|
368,678
|
|
Great Lakes Dredge & Dock Corp.
|
|
|
40,595
|
|
|
|
362,513
|
|
Sterling Construction Company, Inc.
*
|
|
|
36,138
|
|
|
|
359,212
|
|
Powell Industries, Inc.
*
|
|
|
8,530
|
|
|
|
354,251
|
|
Energy Recovery, Inc.
*
|
|
|
96,450
|
|
|
|
327,930
|
|
Celadon Group, Inc.
|
|
|
17,782
|
|
|
|
321,321
|
|
Dynamic Materials Corp.
|
|
|
22,792
|
|
|
|
316,809
|
|
PMFG, Inc.
*
|
|
|
22,289
|
|
|
|
202,607
|
|
Vitran Corporation, Inc. — Class A
*
|
|
|
40,920
|
|
|
|
198,871
|
|
GeoEye, Inc.
*
|
|
|
6,248
|
|
|
|
192,001
|
|
Marten Transport Ltd.
|
|
|
8,370
|
|
|
|
153,924
|
|
Atlas Air Worldwide Holdings, Inc.
*
|
|
|
3,230
|
|
|
|
143,121
|
|
DryShips, Inc.
*
|
|
|
72,889
|
|
|
|
115,165
|
|
Total Industrials
|
|
|
|
|
|
|
7,057,530
|
|
Information Technology - 17.3%
|
|
|
|
|
|
|
|
|
Cree, Inc.
*
|
|
|
19,420
|
|
|
|
659,891
|
|
Global Cash Access Holdings, Inc.
*
|
|
|
78,950
|
|
|
|
618,968
|
|
Maxwell Technologies, Inc.
*
|
|
|
64,589
|
|
|
|
535,443
|
|
Insight Enterprises, Inc.
*
|
|
|
30,134
|
|
|
|
523,428
|
|
IXYS Corp.
|
|
|
48,650
|
|
|
|
444,660
|
|
Carbonite, Inc.
*
|
|
|
46,390
|
|
|
|
429,108
|
|
Digi International, Inc.
*
|
|
|
41,627
|
|
|
|
394,207
|
|
Global Payments, Inc.
|
|
|
8,030
|
|
|
|
363,759
|
|
RF Micro Devices, Inc.
*
|
|
|
78,810
|
|
|
|
353,069
|
|
Multi-Fineline Electronix, Inc.
*
|
|
|
14,240
|
|
|
|
287,790
|
|
Silicon Graphics International Corp.
*
|
|
|
22,380
|
|
|
|
228,947
|
|
Spansion, Inc. — Class A
*
|
|
|
15,880
|
|
|
|
220,891
|
|
Semtech Corp.
*
|
|
|
6,590
|
|
|
|
190,781
|
|
Power-One, Inc.
*
|
|
|
46,143
|
|
|
|
189,648
|
|
Mercury Systems, Inc.
*
|
|
|
17,830
|
|
|
|
164,036
|
|
Symmetricom, Inc.
*
|
|
|
24,280
|
|
|
|
140,096
|
|
Euronet Worldwide, Inc.
*
|
|
|
3,236
|
|
|
|
76,370
|
|
Total Information Technology
|
|
|
|
|
|
|
5,821,092
|
|
Consumer Discretionary - 13.7%
|
|
|
|
|
|
|
|
|
Brown Shoe Company, Inc.
|
|
|
31,674
|
|
|
|
581,851
|
|
Chico's FAS, Inc.
|
|
|
30,030
|
|
|
|
554,354
|
|
Maidenform Brands, Inc.
*
|
|
|
26,260
|
|
|
|
511,807
|
|
International Speedway Corp. — Class A
|
|
|
17,991
|
|
|
|
496,911
|
|
Cabela's, Inc.
*
|
|
|
9,530
|
|
|
|
397,878
|
|
Coldwater Creek, Inc.
*
|
|
|
75,300
|
|
|
|
362,193
|
|
iRobot Corp.
*
|
|
|
18,718
|
|
|
|
350,775
|
|
DeVry, Inc.
|
|
|
13,850
|
|
|
|
328,661
|
|
Scholastic Corp.
|
|
|
10,382
|
|
|
|
306,892
|
|
Jones Group, Inc.
|
|
|
24,596
|
|
|
|
272,032
|
|
Guess?, Inc.
|
|
|
10,130
|
|
|
|
248,590
|
|
Gentex Corp.
|
|
|
9,750
|
|
|
|
183,495
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
4,595,439
|
|
Energy - 8.3%
|
|
|
|
|
|
|
|
|
Gulfport Energy Corp.
*
|
|
|
14,580
|
|
|
|
557,247
|
|
Abraxas Petroleum Corp.
*
|
|
|
239,310
|
|
|
|
524,089
|
|
Clayton Williams Energy, Inc.
*
|
|
|
9,887
|
|
|
|
395,480
|
|
PDC Energy, Inc.
*
|
|
|
9,439
|
|
|
|
313,469
|
|
Goodrich Petroleum Corp.
*
|
|
|
32,902
|
|
|
|
306,647
|
|
Resolute Energy Corp.
*
|
|
|
36,700
|
|
|
|
298,371
|
|
Sanchez Energy Corp.
*
|
|
|
11,367
|
|
|
|
204,606
|
|
Oasis Petroleum, Inc.
*
|
|
|
5,490
|
|
|
|
174,582
|
|
USEC, Inc.
*
|
|
|
2,911
|
|
|
|
1,543
|
|
Total Energy
|
|
|
|
|
|
|
2,776,034
|
|
Utilities - 6.1%
|
|
|
|
|
|
|
|
|
UGI Corp.
|
|
|
18,700
|
|
|
|
611,677
|
|
Black Hills Corp.
|
|
|
14,671
|
|
|
|
533,144
|
|
Great Plains Energy, Inc.
|
|
|
18,670
|
|
|
|
379,188
|
|
South Jersey Industries, Inc.
|
|
|
6,790
|
|
|
|
341,741
|
|
MDU Resources Group, Inc.
|
|
|
8,613
|
|
|
|
182,940
|
|
Total Utilities
|
|
|
|
|
|
|
2,048,690
|
|
Health Care - 3.8%
|
|
|
|
|
|
|
|
|
Invacare Corp.
|
|
|
25,100
|
|
|
|
409,130
|
|
Greatbatch, Inc.
*
|
|
|
15,388
|
|
|
|
357,617
|
|
Kindred Healthcare, Inc.
*
|
|
|
20,736
|
|
|
|
224,364
|
|
Alere, Inc.
*
|
|
|
8,464
|
|
|
|
156,584
|
|
Horizon Pharma, Inc.
*
|
|
|
57,000
|
|
|
|
132,810
|
|
Total Health Care
|
|
|
|
|
|
|
1,280,505
|
|
Materials - 3.0%
|
|
|
|
|
|
|
|
|
Landec Corp.
*
|
|
|
48,556
|
|
|
|
460,796
|
|
Zoltek Companies, Inc.
*
|
|
|
45,880
|
|
|
|
355,570
|
|
Globe Specialty Metals, Inc.
|
|
|
13,240
|
|
|
|
182,050
|
|
Total Materials
|
|
|
|
|
|
|
998,416
|
|
Consumer Staples - 2.5%
|
|
|
|
|
|
|
|
|
Central Garden and Pet Co. — Class A
*
|
|
|
45,235
|
|
|
|
472,706
|
|
Darling International, Inc.
*
|
|
|
18,687
|
|
|
|
299,739
|
|
Small Cap Value Fund
|
|
SCHEDULE OF INVESTMENTS
(Unaudited)
|
December 31, 2012
|
|
|
|
|
Shares
|
|
Value
|
COMMON STOCKS
†
- 98.7% (continued)
|
Consumer Staples - 2.5% (continued)
|
|
|
|
|
|
|
|
|
Central Garden and Pet Co.
*
|
|
|
5,428
|
|
|
$
|
54,389
|
|
Total Consumer Staples
|
|
|
|
|
|
|
826,834
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
(Cost $30,669,297)
|
|
|
|
|
|
|
33,133,160
|
|
CONVERTIBLE PREFERRED STOCKS
††
- 0.0%
|
|
|
|
|
|
|
|
|
Thermoenergy Corp.
*,1
|
|
|
6,250
|
|
|
|
1,624
|
|
Total Convertible Preferred Stocks
|
|
|
|
|
|
|
|
|
(Cost $5,968)
|
|
|
|
|
|
|
1,624
|
|
WARRANTS
††
- 0.0%
|
|
|
|
|
|
|
|
|
Horizon Pharma, Inc.
|
|
|
|
|
|
|
|
|
$4.58, 09/20/17
*
|
|
|
28,500
|
|
|
|
4,275
|
|
Total Warrants
|
|
|
|
|
|
|
|
|
(Cost $–)
|
|
|
|
|
|
|
4,275
|
|
|
|
|
Face
Amount
|
|
|
|
|
|
CONVERTIBLE BONDS
††
- 0.5%
|
|
|
|
|
|
|
|
|
Industrials - 0.5%
|
|
|
|
|
|
|
|
|
DryShips, Inc.
|
|
|
|
|
|
|
|
|
5.00% due 12/01/14
|
|
$
|
200,000
|
|
|
|
158,000
|
|
Total Convertible Bonds
|
|
|
|
|
|
|
|
|
(Cost $162,540)
|
|
|
|
|
|
|
158,000
|
|
Total Investments - 99.2%
|
|
|
|
|
|
|
|
|
(Cost $30,837,805)
|
|
|
|
|
|
$
|
33,297,059
|
|
Other Assets & Liabilities, net - 0.8%
|
|
|
|
|
|
|
281,244
|
|
Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
33,578,303
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 2.
|
††
|
Value determined based on Level 2 inputs — See Note 2.
|
1
|
PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
|
NOTES TO SCHEDULE OF INVESTMENTS
(Unaudited)
|
|
|
|
1. Significant Accounting Policies
The following significant accounting policies are in
conformity with U.S. generally accepted accounting principles (U.S. "GAAP") and are consistently followed by
the Trust. All time references are based on Eastern Time.
Valuations of the Funds’ securities are supplied by pricing
services approved by the Board of Directors. The Trust’s officers, through the Valuation Committee under the general supervision
of the Board of Directors, regularly review procedures used by, and valuations provided by, the pricing services.
Equity securities listed on an exchange (New York Stock Exchange
(“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE,
usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official
Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such
exchange or NASDAQ on such day, the security is valued at the closing bid price on such day.
Debt securities with a maturity of greater than 60 days at acquisition
are valued at prices that reflect broker/dealer supplied valuations or are obtained from independent pricing services, which may
consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well
as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less
at acquisition and repurchase agreements are valued at amortized cost, which approximates market value.
Listed options are valued at the Official Settlement Price
listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using
the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter options are
valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security
dealers.
The value of futures contracts is accounted for using the unrealized
gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial
futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures
contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. However,
the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation
would provide a more accurate valuation.
Generally, trading in foreign securities markets
is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities
are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in
foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of
business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee
will determine the current value of such foreign securities by taking into consideration certain factors which may include
those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign
markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial
products that are tied to foreign securities such as World Equity Benchmark Securities (WEBS
®
). In addition, the
Board of Directors has authorized the Valuation Committee and Guggenheim Investments (“GI”) to use prices and
other information supplied by a third party pricing vendor in valuing foreign securities.
Investments for which market quotations are not readily available
are fair valued as determined in good faith by GI under the direction of the Board of Directors using methods established or ratified
by the Board of Directors. These methods include, but
NOTES TO SCHEDULE OF INVESTMENTS
(Unaudited)
|
|
|
|
are not limited to: (i) obtaining general information as to
how these securities and assets trade; (ii) in connection with futures contracts and options thereupon, and other derivative investments,
obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets,
respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market; and
(iii) obtaining other information and considerations, including current values in related markets.
2. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as
the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent
buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability.
A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use
in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable
inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would
use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs)
and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the
value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
|
|
|
|
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
|
|
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
|
The inputs or methodologies used for valuing securities are
not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the
Funds’ net assets at December 31, 2012:
NOTES TO SCHEDULE OF INVESTMENTS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Level 1
Investments
In Securities
|
|
|
|
Level 1
Other Financial
Instruments*
|
|
|
|
Level 2
Investments
In Securities
|
|
|
|
Level 3
Investments
In Securities
|
|
|
|
Total
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Opportunity Fund
|
|
$
|
10,507,317
|
|
|
$
|
4,366
|
|
|
$
|
1,716,310
|
|
|
$
|
—
|
|
|
$
|
12,227,993
|
|
Large Cap Concentrated Growth Fund
|
|
|
23,329,434
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,329,434
|
|
Large Cap Core Fund
|
|
|
165,701,644
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
165,701,644
|
|
Mid Cap Value Fund
|
|
|
1,064,972,580
|
|
|
|
—
|
|
|
|
11,335,814
|
|
|
|
—
|
|
|
|
1,076,308,394
|
|
Mid Cap Value Institutional Fund
|
|
|
469,560,022
|
|
|
|
—
|
|
|
|
10,220,030
|
|
|
|
—
|
|
|
|
479,780,052
|
|
MSCI EAFE Equal Weight Fund
|
|
|
2,539,907
|
|
|
|
—
|
|
|
|
65,793,450
|
|
|
|
217
|
|
|
|
68,333,574
|
|
Small Cap Growth Fund
|
|
|
12,485,987
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12,485,987
|
|
Small Cap Value Fund
|
|
|
33,133,160
|
|
|
|
—
|
|
|
|
163,899
|
|
|
|
—
|
|
|
|
33,297,059
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha Opportunity Fund
|
|
$
|
55,896
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,341,377
|
|
|
$
|
7,397,273
|
|
* Other financial instruments include futures contracts, which are reported as unrealized gain/loss at period end.
|
|
|
|
|
|
|
Transfers between investment levels may occur as the
markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds generally
recognized transfers between the levels as of the beginning of the period. As of December 31, 2012, MSCI EAFE Equal Weight
Fund had securities with a total value of $65,793,450 transfer from Level 1 to Level 2. The change in level occurred due to
developments that occurred between the time of closing of the foreign markets on which those securities trade and the close
of business on the exchange. There were no other significant transfers between levels.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value for the period ended December 31, 2012:
LEVEL 3 – Fair value measurement using significant
unobservable inputs
|
|
|
Total
|
|
Alpha Opportunity Fund
|
|
|
Liabilities:
|
|
|
Beginning Balance
|
|
$
|
7,341,377
|
|
Ending Balance
|
|
$
|
7,341,377
|
|
3.
Repurchase Agreements
The Funds transfer uninvested cash balances into a single joint
account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of
the U.S. Treasury and U.S. Government Agencies. The collateral is in the possession of the Funds’ custodian and is evaluated
to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund
holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.
At December 31, 2012, the repurchase agreements in the joint
account were as follows:
Repurchase Agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Counterparty and Terms of Agreement
|
|
Face Value
|
|
Repurchase Price
|
|
Collateral
|
|
Par Value
|
|
Fair Value
|
Alpha Opportunity Fund
|
|
State Street
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond
|
|
|
|
|
|
|
|
|
|
|
0.01%
|
|
|
|
|
|
|
|
|
|
4.50%
|
|
|
|
|
|
|
|
|
|
|
Due 01/02/13
|
|
$
|
1,173,780
|
|
|
$
|
1,173,780
|
|
|
02/15/36
|
|
$
|
895,000
|
|
|
$
|
1,197,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Growth Fund
|
|
UMB Financial Corp.
|
|
|
|
|
|
|
|
|
|
Ginnie Mae Bond
|
|
|
|
|
|
|
|
|
|
|
0.07%
|
|
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
Due 01/02/13
|
|
|
4,111,000
|
|
|
|
4,111,016
|
|
|
05/20/37
|
|
|
4,084,332
|
|
|
|
4,193,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Value Institutional Fund
|
|
UMB Financial Corp.
|
|
|
|
|
|
|
|
|
|
Ginnie Mae
|
|
|
|
|
|
|
|
|
|
|
0.07%
|
|
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
Due 01/02/13
|
|
|
4,396,000
|
|
|
|
4,396,017
|
|
|
05/20/37
|
|
|
4,367,398
|
|
|
|
4,484,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the event of counterparty default, the Funds have the right
to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or
prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the
value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment advisor,
acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks
and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
4. Affiliated Transactions
Investments representing 5% or more of the outstanding voting
shares, or control of a portfolio company of a fund result in that portfolio company being considered an affiliated company of
such fund, as defined in the 1940 Act. Transactions during the period ended December 31, 2012 in which the portfolio company
is an “affiliated person” are as follows:
Fund
|
|
Security
|
|
Value
09/30/12
|
|
Additions
|
|
Reductions
|
|
Value
12/31/2012
|
|
Shares
12/31/2012
|
|
Investment
Income
|
Mid Cap Value Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IXYS Corp.
|
|
$
|
21,192,383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,526,047
|
|
|
|
2,136,329
|
|
|
$
|
64,090
|
|
|
|
Maxwell Technologies, Inc.
|
|
|
13,276,517
|
|
|
|
459,659
|
|
|
|
—
|
|
|
|
14,134,210
|
|
|
|
1,704,971
|
|
|
|
—
|
|
|
|
Total
|
|
$
|
34,468,900
|
|
|
$
|
459,659
|
|
|
$
|
—
|
|
|
$
|
33,660,257
|
|
|
|
3,841,300
|
|
|
$
|
64,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap Value Institutional Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HydroGen Corp.
|
|
$
|
15,188
|
|
|
|
|
|
|
|
|
|
|
$
|
15,695
|
|
|
|
1,265,700
|
|
|
|
|
|
|
|
Total
|
|
$
|
15,188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,695
|
|
|
|
1,265,700
|
|
|
$
|
—
|
|
5. Options Written
Transactions in options written during the period ended December
31, 2012 were as follows:
|
|
Mid Cap Value Institutional Fund
|
|
Small Cap Value Fund
|
|
Mid Cap Value Fund
|
|
|
Number of
contracts
|
|
Premiun
amount
|
|
Number of
contracts
|
|
Premiun
amount
|
|
Number of
contracts
|
|
Premiun
amount
|
Balance at September 30, 2012
|
|
|
560
|
|
|
$
|
159,636
|
|
|
|
33
|
|
|
$
|
9,407
|
|
|
|
1,160
|
|
|
$
|
330,674
|
|
Options Written
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Options terminated in closing purchase transactions
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Options expired
|
|
|
(560
|
)
|
|
|
(159,636
|
)
|
|
|
(33
|
)
|
|
|
(9,407
|
)
|
|
|
(1,160
|
)
|
|
|
(330,674
|
)
|
Options exercised
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Balance at December 31, 2012
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
NOTES TO SCHEDULE OF INVESTMENTS
(Unaudited)
|
|
|
|
6. Derivative Investment Holdings Categorized by Risk Exposure
U.S. GAAP requires disclosures to enable investors to better
understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects
on the Funds’ financial position and results of operations.
The following Funds utilized derivatives for the following purposes:
Fund
|
Index Exposure
|
Alpha Opportunity Series
|
x
|
Item 2. Controls and Procedures.
(a) The registrant’s principal executive officer and principal
financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have
concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information
required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal
financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during
the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting.
Item 3. Exhibits.
A separate certification
for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment
Company Act (17 CFR 270.30a-2(a)), exactly as set forth below.
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.
(Registrant)
|
Security Equity Fund
|
By (Signature and Title)*
|
/s/ Donald C. Cacciapaglia
|
|
Donald C. Cacciapaglia, President
|
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.
By (Signature and Title)*
|
/s/ Donald C. Cacciapaglia
|
|
Donald C. Cacciapaglia, President
|
By (Signature and Title)*
|
/s/ Nikolaos Bonos
|
|
Nikolaos Bonos, Treasurer
|
* Print the name and title of each signing officer under his
or her signature.
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