Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

Share Name	Share Symbol	Market	Type
Mohawk Industries Inc	NYSE:MHK	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	4.96	3.88%	132.785	132.96	128.85	129.11	410,673	20:12:23

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

Date	February 22, 2013

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

Date	February 22, 2013

By (Signature and Title)*	/s/ Nikolaos Bonos
	Nikolaos Bonos, Treasurer

Date	February 22, 2013

* Print the name and title of each signing officer under his or her signature.

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