Schedule of Investments COMMON STOCKS 98.1% Aerospace & Defense 1.8% 14,325 AAR Corp. 371,734 6,570 Alliant Techsystems, Inc. 933,925 28,175 Astronics Corp. * 1,786,577 144,081 Orbital Sciences Corp. * 4,019,860 7,112,096 Airlines 0.5% 225,100 JetBlue Airways Corp. * 1,956,119 Apparel 1.3% 137,810 Ascena Retail Group, Inc. * 2,381,357 33,875 Hanesbrands, Inc. 2,590,760 Auto Parts & Equipment 0.5% 4,972,117 37,175 Allison Transmission Holdings, Inc. 1,113,019 29,850 Tower International, Inc. * 812,517 Banks 4.8% 1,925,536 364,775 Huntington Bancshares, Inc. 3,636,807 50,900 MB Financial, Inc. 1,575,864 47,806 PrivateBancorp, Inc. 1,458,561 13,459 Prosperity Bancshares, Inc. 890,313 82,650 Regions Financial Corp. 918,241 46,976 Texas Capital Bancshares, Inc. * 3,050,621 51,675 United Community Banks, Inc. * 1,003,012 103,083 Webster Financial Corp. 3,201,758 115,505 Western Alliance Bancorp * 2,841,423 Biotechnology 1.2% 18,576,600 24,090 Bio-Rad Laboratories, Inc. Class A * 3,086,411 40,826 Myriad Genetics, Inc. * 1,395,841 Building Materials 0.9% 4,482,252 20,465 Drew Industries, Inc. 1,109,203 138,105 Louisiana-Pacific Corp. * 2,329,831 Chemicals 1.8% 3,439,034 69,567 American Vanguard Corp. 1,506,126 51,550 Huntsman Corp. 1,258,851 30,754 Innophos Holdings, Inc. 1,743,752 57,638 Intrepid Potash, Inc. * 891,083 63,141 Kraton Performance Polymers, Inc. * 1,650,506 7,050,318
Coal 0.5% 51,866 Cloud Peak Energy, Inc. * 1,096,447 59,100 Peabody Energy Corp. 965,694 Commercial Services 5.2% 2,062,141 58,775 ABM Industries, Inc. 1,689,193 88,420 ADT Corp. (The) 2,648,179 74,850 AMN Healthcare Services, Inc. * 1,028,439 112,688 Convergys Corp. 2,468,994 38,815 Euronet Worldwide, Inc. * 1,614,316 65,249 Geo Group (The), Inc. 2,103,628 62,996 Insperity, Inc. 1,951,616 49,245 Korn/Ferry International * 1,466,024 10,000 Manpower, Inc. 788,300 44,786 Rent-A-Center, Inc. 1,191,308 61,400 RR Donnelley & Sons Co. 1,099,060 19,050 Sotheby's 829,627 53,714 SP Plus Corp. * 1,411,067 Computers 1.0% 20,289,751 10,765 DST Systems, Inc. 1,020,414 16,888 j2 Global, Inc. 845,244 66,750 Logitech International SA 993,908 60,810 Sykes Enterprises, Inc. * 1,208,295 Cosmetics & Personal Care 1.8% 4,067,861 159,941 Elizabeth Arden, Inc. * 4,719,859 61,209 Inter Parfums, Inc. 2,216,378 Distribution & Wholesale 1.0% 6,936,237 67,120 Owens & Minor, Inc. 2,351,214 20,610 WESCO International, Inc. * 1,715,164 Diversified Financial Services 2.5% 4,066,378 44,784 Blackhawk Network Holdings, Inc. * 1,092,282 52,200 Eaton Vance Corp. 1,991,952 28,470 Outerwall, Inc. * 2,064,075 71,850 Raymond James Financial, Inc. 4,018,570 9,190 Waddell & Reed Financial, Inc. Class A 676,568 Electric 1.7% 9,843,447 72,900 AES Corp. 1,041,012 55,807 Ameren Corp. 2,299,248 28,575 Cleco Corp. 1,445,324 57,125 CMS Energy Corp. 1,672,620 6,458,204
Electrical Components & Equipment 1.5% 46,525 Advanced Energy Industries, Inc. * 1,139,862 16,350 EnerSys 1,132,892 40,700 Generac Holdings, Inc. 2,400,079 31,519 Universal Display Corp. * 1,005,771 Electronics 2.6% 5,678,604 59,395 Coherent, Inc. * 3,881,464 36,302 Cubic Corp. 1,853,943 18,250 Dolby Laboratories, Inc. Class A * 812,125 78,475 Stoneridge, Inc. * 881,274 66,885 Woodward, Inc. 2,777,734 10,206,540 Energy-Alternate Sources 0.2% 12,295 First Solar, Inc. * 858,068 Engineering & Construction 0.3% 167,236 McDermott International, Inc. * 1,307,786 Entertainment 1.7% 27,125 Ascent Capital Group, Inc. Class A * 2,049,294 118,140 International Game Technology 1,661,048 56,867 International Speedway Corp. Class A 1,932,909 20,520 Madison Square Garden, Inc. * 1,165,126 Environmental Control 0.7% 6,808,377 43,923 Nuverra Environmental Solutions, Inc. * 891,198 74,050 Progressive Waste Solutions, Ltd. 1,874,205 Food 2.2% 2,765,403 12,555 Hormel Foods Corp. 618,585 19,621 Industrias Bachoco, S.A.B., Sponsored ADR 856,457 18,263 Ingles Markets, Inc. 435,025 15,300 Pilgrim's Pride Corp. * 320,076 53,780 Pinnacle Foods, Inc. 1,605,871 249,850 SUPERVALU, Inc. * 1,708,974 30,003 TreeHouse Foods, Inc. * 2,159,916 26,969 Village Super Market, Inc. Class A 711,981 Forest Products & Paper 2.6% 8,416,885 68,427 Clearwater Paper Corp. * 4,288,320 27,714 Deltic Timber Corp. 1,807,784 4,941 Domtar Corp. 554,479 122,668 Glatfelter 3,339,023 9,989,606
Gas 0.7% 55,808 Atmos Energy Corp. 2,630,231 Hand & Machine Tools 0.2% 12,050 Regal-Beloit Corp. 876,156 Health Care - Products 2.6% 131,250 Bruker Corp. * 2,991,188 12,325 ICU Medical, Inc. * 738,021 286,056 Nordion, Inc. * 3,295,365 35,800 NuVasive, Inc. * 1,375,078 23,920 Orthofix International NV * 721,188 22,432 STERIS Corp. 1,071,128 10,191,968 Health Care - Services 1.4% 22,000 Centene Corp. * 1,369,500 43,839 Ensign Group (The), Inc. 1,913,134 24,425 Universal Health Services, Inc. Class B 2,004,560 5,287,194 Home Builders 0.5% 84,650 D.R. Horton, Inc. 1,832,672 Home Furnishings 1.1% 22,310 Harman International Industries, Inc. 2,373,784 130,350 TiVo, Inc. * 1,724,530 Insurance 7.3% 4,098,314 4,927 Alleghany Corp. * 2,007,161 78,170 Axis Capital Holdings, Ltd. 3,584,095 5,250 Everest Re Group, Ltd. 803,513 108,925 Genworth Financial, Inc. Class A * 1,931,240 53,852 HCC Insurance Holdings, Inc. 2,449,727 101,114 ING US, Inc. 3,667,405 26,590 Lincoln National Corp. 1,347,315 14,742 Navigators Group, Inc. * 905,011 16,521 PartnerRe, Ltd. 1,709,924 57,811 Reinsurance Group of America, Inc. 4,603,490 27,904 Validus Holdings, Ltd. 1,052,260 7,348 White Mountains Insurance Group, Ltd. 4,408,065 28,469,206 Internet 1.3% 20,925 F5 Networks, Inc. * 2,231,232 135,275 Orbitz Worldwide, Inc. * 1,060,556 54,525 Web.com Group, Inc. * 1,855,486 5,147,274
Investment Company 0.4% 45,215 Capital Southwest Corp. 1,569,865 Iron & Steel 0.3% 189,875 Gerdau SA, Sponsored ADR 1,217,099 Leisure Time 0.5% 32,725 Royal Caribbean Cruises, Ltd. 1,785,476 Lodging 0.3% 51,210 MGM Resorts International * 1,324,291 Machinery - Construction & Mining 0.2% 13,800 Terex Corp. 611,340 Machinery - Diversified 0.6% 64,587 Albany International Corp. Class A 2,295,422 Media 1.1% 84,700 Cumulus Media, Inc. Class A * 585,277 82,775 Entravision Communications Corp. 554,592 67,300 Gannett Co., Inc. 1,857,480 55,500 Gray Television, Inc. * 575,535 33,875 New York Times Co. (The) Class A 579,940 Mining 0.5% 4,152,824 182,931 AuRico Gold, Inc. 795,750 101,900 Century Aluminum Co. * 1,346,099 Miscellaneous - Manufacturing 3.0% 2,141,849 1,290 Brink's Co. (The) 36,830 182,148 Griffon Corp. 2,174,847 35,650 ITT Corp. 1,524,394 543,762 Orkla ASA, Sponsored ADR 4,649,165 18,975 SPX Corp. 1,865,432 45,007 Trimas Corp. * 1,494,232 Office & Business Equipment 0.9% 11,744,900 46,225 Avery Dennison Corp. 2,342,221 50,150 Pitney Bowes, Inc. 1,303,398 Oil & Gas 6.3% 3,645,619 48,177 Carrizo Oil & Gas, Inc. * 2,575,542 34,500 Cimarex Energy Co. 4,109,295 90,200 Comstock Resources, Inc. 2,061,070 184,607 Denbury Resources, Inc. 3,027,555
Oil & Gas continued 210,383 Miller Energy Resources, Inc. * 1,237,052 41,150 Murphy USA, Inc. * 1,670,278 101,914 Ocean Rig UDW, Inc. * 1,813,050 165,320 Parker Drilling Co. * 1,172,119 101,975 PBF Energy, Inc. Class A 2,630,955 115,550 Vaalco Energy, Inc. * 987,952 24,630 Whiting Petroleum Corp. * 1,709,076 91,654 WPX Energy, Inc. * 1,652,522 Oil & Gas Services 0.6% 24,646,466 36,361 MRC Global, Inc. * 980,293 119,720 TETRA Technologies, Inc. * 1,532,416 Packaging & Containers 0.5% 2,512,709 131,335 Graphic Packaging Holding Co. * 1,334,364 22,975 Owens-Illinois, Inc. * 777,244 2,111,608 Pharmaceuticals 1.5% 23,150 Anika Therapeutics, Inc. * 951,465 19,800 Jazz Pharmaceuticals Plc * 2,745,864 31,865 Mallinckrodt Plc * 2,020,560 5,717,889 Pipelines 0.7% 39,698 National Fuel Gas Co. 2,780,448 Real Estate 2.2% 57,950 CBRE Group, Inc. * 1,589,569 85,030 Forest City Enterprises, Inc. Class A * 1,624,073 214,613 Forestar Group, Inc. * 3,820,111 62,490 Hilltop Holdings, Inc. * 1,486,637 REITS 3.8% 8,520,390 152,225 BioMed Realty Trust, Inc. REIT 3,119,090 150,700 Brandywine Realty Trust REIT 2,179,122 162,994 CBL & Associates Properties, Inc. REIT 2,893,143 91,709 DuPont Fabros Technology, Inc. REIT 2,207,436 83,500 Liberty Property Trust REIT 3,086,160 114,900 Strategic Hotels & Resorts, Inc. REIT * 1,170,831 Retail 4.0% 14,655,782 54,118 Abercrombie & Fitch Co. Class A 2,083,543 50,070 Big Lots, Inc. * 1,896,151 77,018 Bob Evans Farms, Inc. 3,853,210 18,380 Childrens Place Retail Stores (The), Inc. 915,508 6,920 Dillard's, Inc. Class A 639,408
Retail continued 85,630 Pep Boys - Manny, Moe & Jack (The) * 1,089,214 265,825 Rite Aid Corp. * 1,666,723 42,800 Stage Stores, Inc. 1,046,460 21,440 Texas Roadhouse, Inc. Class A 559,155 195,313 Wendy's Co. (The) 1,781,254 15,530,626 Savings & Loans 0.3% 59,253 Dime Community Bancshares 1,006,116 Semiconductors 6.4% 77,675 GT Advanced Technologies, Inc. * 1,324,359 178,250 International Rectifier Corp. * 4,884,050 36,475 Lam Research Corp. * 2,006,125 202,572 Microsemi Corp. * 5,070,377 59,504 MKS Instruments, Inc. 1,778,575 236,925 ON Semiconductor Corp. * 2,227,095 92,544 Rovi Corp. * 2,108,152 266,790 Teradyne, Inc. * 5,306,453 24,705,186 Shipbuilding 0.4% 15,800 Huntington Ingalls Industries, Inc. 1,615,708 Software 1.8% 87,280 CSG Systems International, Inc. 2,272,771 32,875 Electronic Arts, Inc. * 953,704 27,550 PTC, Inc. * 976,096 37,719 Schawk, Inc. 754,003 60,400 VeriFone Systems, Inc. * 2,042,728 Telecommunications 2.6% 6,999,302 17,980 Atlantic Tele-Network, Inc. 1,185,242 82,525 Finisar Corp. * 2,187,738 85,000 JDS Uniphase Corp. * 1,190,000 23,725 Level 3 Communications, Inc. * 928,596 71,245 NeuStar, Inc. Class A * 2,316,175 85,258 Telephone & Data Systems, Inc. 2,234,612 10,042,363 Textiles 0.6% 21,266 UniFirst Corp. 2,337,984 Transportation 4.0% 192,976 Air Transport Services Group, Inc. * 1,514,862 67,125 Arkansas Best Corp. 2,480,269 38,542 Forward Air Corp. 1,777,172 42,300 GasLog, Ltd. 985,167 37,770 Heartland Express, Inc. 857,001 63,588 Marten Transport, Ltd. 1,368,414
Transportation continued 99,250 Safe Bulkers, Inc. 944,860 94,275 Swift Transportation Co. * 2,333,306 76,675 Tsakos Energy Navigation, Ltd. 594,998 82,980 UTi Worldwide, Inc. 878,758 65,520 Werner Enterprises, Inc. 1,671,415 Trucking & Leasing 0.6% 15,406,222 70,872 Aircastle, Ltd. 1,373,499 20,750 Greenbrier Cos. (The), Inc. * 946,200 2,319,699 Water 0.6% 86,402 PICO Holdings, Inc. * 2,245,588 TOTAL COMMON STOCKS (COST $345,170,008) 381,445,146 Par Value ($) Description Value ($) SHORT-TERM INVESTMENTS 8.1% Bank Deposit 1.5% 5,717,334 State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14 5,717,334 Securities Lending Collateral 6.6% 25,511,034 State Street Navigator Securities Lending Prime Portfolio *** 25,511,034 TOTAL SHORT-TERM INVESTMENTS (COST $31,228,368) 31,228,368 TOTAL INVESTMENTS 106.2% (COST $376,398,376) 412,673,514 Other Assets and Liabilities (net) (6.2)% (23,961,840) NET ASSETS 100.0% $ 388,711,674 Notes to Schedule of Investments: ADR American Depository Receipt REIT Real Estate Investment Trust * Non-income producing security All or a portion of this security is out on loan. Illiquid security. The total market value of the securities at year end is $754,003 which represents 0.2% of net assets. The aggregate tax cost of these securities held at was $559,758. *** Represents an investment of securities lending cash collateral.
Asset Class Summary (Unaudited) % of Net Assets Common Stocks 98.1 Short-Term Investments 8.1 Other Assets and Liabilities (net) (6.2) 100.0%