Great-West

Investments

Fair Value of Transfer

Reason for Transfer

Consumer, Non-cyclical

$6,293,661

Transferred from Level 1 to Level 2 due to utilizing a foreign fair value price. As of the prior reporting period end, the security utilized a market closing price.


Shares				Value

COMMON STOCK
Basic Materials — 3.47%
	24,525	Agrium Inc ^(a)	$		2,391,188
	46,906	Coeur d’Alene Mines Corp ^(b)			884,647
	71,517	Huntsman Corp			1,329,501
	81,237	Monsanto Co			8,581,064
	52,660	Nucor Corp			2,430,259
	21,258	WR Grace & Co ^(b)			1,647,708

					17,264,367


Communications — 14.60%
	28,215	Amazon.com Inc ^(b)			7,519,015
	69,685	CBS Corp Class B			3,253,593
	217,271	Cisco Systems Inc			4,543,137
	169,396	Comcast Corp Class A			7,116,326
	35,765	Discovery Communications Inc Class C ^(b)			2,487,098
	144,687	eBay Inc ^(b)			7,844,929
	59,607	Expedia Inc			3,577,016
	17,235	Google Inc Class A ^(b)			13,685,107
	21,640	Palo Alto Networks Inc ^(a)(b)			1,224,824
	43,738	SBA Communications Corp Class A ^(b)			3,150,011
	43,926	Scripps Networks Interactive Inc Class A			2,826,199
	34,838	Splunk Inc ^(b)			1,394,565
	154,049	Symantec Corp ^(b)			3,801,929
	81,030	Verizon Communications Inc			3,982,625
	100,506	Viacom Inc Class B			6,188,154

					72,594,528


Consumer, Cyclical — 11.58%
	26,960	Alaska Air Group Inc ^(b)			1,724,362
	79,728	Chico’s FAS Inc			1,339,430
	50,535	Costco Wholesale Corp			5,362,269
	41,527	Foot Locker Inc			1,421,884
	86,525	GNC Holdings Inc Class A			3,398,702
	55,278	Harley-Davidson Inc			2,946,317
	61,860	Home Depot Inc			4,316,591
	63,304	LKQ Corp ^(b)			1,377,495
	140,823	Lowe’s Cos Inc			5,340,008
	106,037	Marriott International Inc Class A			4,477,943
	83,910	McDonald’s Corp			8,364,988
	28,603	Mohawk Industries Inc ^(b)			3,235,571
	24,800	PVH Corp			2,648,888
	72,526	Starbucks Corp			4,131,081
	57,152	Urban Outfitters Inc ^(b)			2,214,069
	70,509	Wal-Mart Stores Inc			5,276,188

					57,575,786


Consumer, Non-cyclical — 25.92%
	171,709	AbbVie Inc			7,002,293
	32,697	Alexion Pharmaceuticals Inc ^(b)			3,012,702
	30,514	Allergan Inc			3,406,278
	63,224	AmerisourceBergen Corp			3,252,875
	64,266	Amgen Inc			6,587,908
	21,381	Annie’s Inc ^(a)(b)			818,037


Shares				Value

Consumer, Non-cyclical — (continued)
	31,273	Beam Inc	$		1,987,086
	137,730	Bristol-Myers Squibb Co			5,673,099
	19,791	Brown-Forman Corp Class B			1,413,077
	41,224	CareFusion Corp ^(b)			1,442,428
	20,016	Church & Dwight Co Inc			1,293,634
	313,434	Coca-Cola Co			12,675,271
	31,948	Colgate-Palmolive Co			3,770,822
	12,313	Cooper Cos Inc			1,328,326
	30,484	Covidien PLC			2,068,035
	26,648	DENTSPLY International Inc			1,130,408
	91,593	Eli Lilly & Co			5,201,566
	42,359	Estee Lauder Cos Inc Class A			2,712,247
	75,727	Express Scripts Holding Co ^(b)			4,365,662
	152,759	Gilead Sciences Inc ^(b)			7,474,498
	14,746	Hershey Co			1,290,717
	18,393	IDEXX Laboratories Inc ^(b)			1,699,329
	61,453	Johnson & Johnson			5,010,263
	16,930	Mastercard Inc Class A			9,161,331
	45,181	Mead Johnson Nutrition Co Class A			3,499,268
	29,992	Monster Beverage Corp ^(b)			1,431,818
	111,253	PepsiCo Inc			8,801,225
	138,844	Philip Morris International Inc			12,872,227
	4,571	Pinnacle Foods Inc ^(b)			101,522
	14,321	Regeneron Pharmaceuticals Inc ^(b)			2,526,224
	28,192	ResMed Inc ^(a)			1,306,981
	39,997	Whole Foods Market Inc			3,469,740
	31,399	Zoetis Inc ^(b)			1,048,727

					128,835,624


Energy — 4.91%
	54,130	Cameron International Corp ^(b)			3,529,276
	10,602	Core Laboratories NV			1,462,228
	37,381	EOG Resources Inc			4,787,385
	36,548	Noble Energy Inc			4,227,142
	17,183	Occidental Petroleum Corp			1,346,632
	59,269	Oceaneering International Inc			3,936,054
	68,168	Schlumberger Ltd			5,105,101

					24,393,818


Financial — 4.45%
	42,213	American Campus Communities Inc REIT			1,913,937
	97,836	CBRE Group Inc Class A ^(b)			2,470,359
	26,922	Franklin Resources Inc			4,060,107
	32,967	Simon Property Group Inc REIT			5,227,248
	128,256	SunTrust Banks Inc			3,695,055
	56,325	Travelers Cos Inc			4,742,002

					22,108,708


Industrial — 14.09%
	42,301	Avnet Inc ^(b)			1,531,296
	25,175	Caterpillar Inc			2,189,470
	62,223	Danaher Corp			3,867,160
	12,868	Deere & Co			1,106,391
	10,682	Flowserve Corp			1,791,478


Shares				Value

Industrial — (continued)
	119,839	Honeywell International Inc	$		9,029,869
	25,162	Lincoln Electric Holdings Inc			1,363,277
	44,895	Parker Hannifin Corp			4,111,484
	27,957	Precision Castparts Corp			5,301,206
	11,817	Regal-Beloit Corp			963,795
	38,395	Rockwell Automation Inc			3,315,408
	101,279	Textron Inc			3,019,127
	78,425	Trimble Navigation Ltd ^(b)			2,349,613
	76,963	Tyco International Ltd			2,462,816
	63,915	Union Pacific Corp			9,102,135
	91,079	United Parcel Service Inc Class B			7,823,686
	87,956	United Technologies Corp			8,217,729
	26,607	Waters Corp ^(b)			2,498,663

					70,044,603


Technology — 18.70%
	52,628	Apple Inc			23,294,732
	180,785	Cadence Design Systems Inc ^(b)			2,518,335
	16,447	CommVault Systems Inc ^(b)			1,348,325
	135,419	Electronic Arts Inc ^(b)			2,396,916
	273,687	EMC Corp ^(b)			6,538,383
	107,328	Freescale Semiconductor Ltd ^(b)			1,598,114
	53,286	International Business Machines Corp			11,365,904
	106,949	Linear Technology Corp			4,103,633
	320,035	Microsoft Corp			9,156,201
	159,584	NetApp Inc ^(b)			5,451,390
	18,156	NetSuite Inc ^(b)			1,453,569
	286,463	Oracle Corp			9,264,213
	38,876	QUALCOMM Inc			2,602,748
	91,631	Research In Motion Ltd ^(a)(b)			1,324,068
	160,119	Riverbed Technology Inc ^(b)			2,387,374
	16,094	Salesforce.com Inc ^(b)			2,878,090
	187,733	Teradyne Inc ^(b)			3,045,029
	59,028	Xilinx Inc			2,253,099

					92,980,123


Utilities — 0.33%
	23,996	DTE Energy Co			1,639,887


TOTAL COMMON STOCK — 98.05% (Cost $420,190,644)			$		487,437,444


EXCHANGE TRADED FUNDS
	42,630	iShares Russell 1000 Growth Index Fund			3,040,372


TOTAL EXCHANGE TRADED FUNDS — 0.61% (Cost $3,003,950)			$		3,040,372


Principal Amount			Value

SHORT TERM INVESTMENTS
U.S. Government Agency Bonds and Notes — 0.64%
$	3,168,000	Federal Home Loan Bank 0.00%, 04/01/2013	$	3,168,000


Reverse Repurchase Agreements — 1.42%
	1,671,119	Undivided interest of 1.92% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $1,671,119 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.		1,671,119

	1,671,120	Undivided interest of 1.92% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $1,671,120 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.		1,671,120

	351,793	Undivided interest of 2.01% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $351,793 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.		351,793

	1,671,119	Undivided interest of 2.01% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $1,671,119 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.		1,671,119


Principal Amount				Value

Short Term Investments— (continued)
$	1,671,119	Undivided interest of 2.01% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $1,671,119 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		1,671,119


					7,036,270


TOTAL SHORT TERM INVESTMENTS — 2.06% (Cost $10,204,270)			$		10,204,270


TOTAL INVESTMENTS — 100.72% (Cost $433,398,864)			$		500,682,086

OTHER ASSETS & LIABILITIES, NET — (0.72)%			$		(3,578,360)

TOTAL NET ASSETS — 100.00%			$		497,103,726

^(a)	A portion or all of the security is on loan at March 28, 2013.

^(b)	Non-income producing security.

^REIT

Real Estate Investment Trust

Security classes presented herein are not necessarily the same as those used for determining the Fund’s compliance with its investment objectives and restrictions, as the Fund uses additional sub-classifications, which management defines by referring to one or more widely recognized market indexes or ratings group indexes (unaudited).

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of the significant accounting policies of the Fund.

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which approximates fair value. Short-term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.

For securities that are traded on an exchange, the last sale price as of the close of business of the principal exchange will be used. If the closing price is not available, the current bid will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.

The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.

The Fund classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. The three levels are defined as follows:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table. The Fund recognizes transfers between levels as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Unforeseen developments in market conditions may result in the decline of prices of, and the income generated by, the securities held by the Fund. These events may have adverse effects on the Fund such as a decline in the value and liquidity of many securities held by the Fund, and a decrease in net asset value. Such unforeseen developments may limit or preclude the Fund’s ability to achieve its investment objective.

Investing in stocks may involve larger price fluctuation and greater potential for loss than other types of investments. This may cause the securities held by the Fund to be subject to larger short-term declines in value.

possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Exchange Traded Fund (ETF) shares can be bought and sold on the secondary market at market prices. Although, it is expected that the market price of an ETF share typically will approximate its NAV, there may be times when the market price and the NAV vary significantly. Thus, the Fund may pay more or less than NAV when it buys ETF shares on the secondary market, and the Fund may receive more or less than NAV when it sells those shares.

The Fund’s underlying ETF may invest in stocks, which may involve larger price fluctuation and greater potential for loss than other types of investments. This may cause the underlying ETF to be subject to larger short-term declines in value.

The Fund may engage in reverse repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund, through its custodian, receives delivery of underlying securities collateralizing a reverse repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A reverse repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

The Fund, along with certain other funds of Great-West Funds, may invest in reverse repurchase agreement transactions and/or hold reverse repurchase agreement positions as a form of security lending collateral, that are jointly collateralized by various U.S. Government or U.S. Government Agency securities.

Dividends from net investment income of the Fund, if any, are declared and paid semi-annually. Income dividends are reinvested in additional shares at net asset value. Dividends from capital gains of the Fund, if any, are declared and reinvested at least annually in additional shares at net asset value.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund’s policy complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and the Fund intends to distribute substantially all of its net taxable income and net capital gains, if any, each year. The Fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income taxes or excise tax provision is required.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal and Colorado tax returns remain open for the fiscal years ended 2011 and 2012.

In December 2011, the Financial Accounting Standards Board issued ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” (ASU No. 2011-11). ASU No. 2011-11 requires an entity to enhance disclosures about financial and derivative instrument offsetting arrangements or similar arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No. 2011-11 is effective for interim or annual periods beginning on or after January 1, 2013. The Fund adopted ASU No. 2011-11 for its

fiscal year beginning January 1, 2013. The adoption of ASU No. 2011-11 did not have an impact on the Fund’s financial position or the results of its operations.

At March 28, 2013, the U.S. Federal income tax cost basis was $435,129,169. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $72,678,131 and gross depreciation of securities in which there was an excess of tax cost over value of $7,125,214 resulting in net appreciation of $65,552,917.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $6,862,672 and received collateral of $7,036,270 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Communications — 14.70%
	31,600	CBS Corp Class B	$		1,475,404
	48,150	Gannett Co Inc			1,053,041
	176,675	Interpublic Group of Cos Inc			2,302,075
	14,500	Omnicom Group Inc			854,050
	26,000	Viacom Inc Class B			1,600,820

					7,285,390


Consumer, Cyclical — 13.28%
	5,400	Carnival Corp			185,220
	12,900	Coach Inc			644,871
	96,600	International Game Technology			1,593,900
	40,600	International Speedway Corp Class A			1,326,808
	16,800	Madison Square Garden CoClass A ^(a)			967,680
	30,600	Newell Rubbermaid Inc			798,660
	9,800	Nordstrom Inc			541,254
	7,500	Tiffany & Co ^(b)			521,550

					6,579,943


Consumer, Non-cyclical — 24.23%
	22,200	Apollo Group Inc Class A ^(a)			386,058
	7,300	Bio-Rad Laboratories IncClass A ^(a)			919,800
	24,600	DeVry Inc			781,050
	44,800	Hospira Inc ^(a)			1,470,784
	10,000	JM Smucker Co			991,600
	11,400	Life Technologies Corp ^(a)			736,782
	19,500	Sotheby’s			729,495
	37,200	St Jude Medical Inc			1,504,368
	22,800	Towers Watson & Co Class A			1,580,496
	93,100	Western Union Co			1,400,224
	20,000	Zimmer Holdings Inc			1,504,400

					12,005,057


Energy — 1.59%
	19,700	Contango Oil & Gas Co			789,773


Financial — 33.67%
	32,000	Aflac Inc			1,664,640
	74,100	Blackstone Group LP			1,465,698
	21,450	CBRE Group Inc Class A ^(a)			541,612
	19,900	City National Corp			1,172,309
	64,000	First American Financial Corp			1,636,480
	9,800	Franklin Resources Inc			1,477,938
	144,400	Janus Capital Group Inc ^(b)			1,357,360
	15,200	Jones Lang LaSalle Inc			1,511,032
	75,200	KKR & Co LP			1,452,864
	59,800	Lazard Ltd Class A			2,040,974
	32,325	Northern Trust Corp			1,763,652
	8,000	T Rowe Price Group Inc			598,960

					16,683,519


Shares				Value

Industrial — 10.42%
	17,900	Illinois Tool Works Inc	$		1,090,826
	14,200	Snap-on Inc			1,174,340
	13,002	Stanley Black & Decker Inc			1,052,772
	24,096	Thermo Fisher Scientific Inc			1,843,103

					5,161,041


Technology — 1.07%
	6,980	Accenture PLC Class A			530,271


TOTAL COMMON STOCK — 98.96% (Cost $35,356,048)			$		49,034,994


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency Obligations — 1.35%
$	672,000	Federal Home Loan Bank 0.00%, 04/01/2013			672,000


Reverse Repurchase Agreements — 1.93%
	227,008	Undivided interest of 0.26% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $227,008 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			227,008

	227,008	Undivided interest of 0.26% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $227,008 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			227,008


Principal Amount				Value

Short Term Investments— (continued)
$	227,008	Undivided interest of 0.27% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $227,008 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		227,008


					955,819


TOTAL SHORT TERM INVESTMENTS — 3.28% (Cost $1,627,819)			$		1,627,819


TOTAL INVESTMENTS — 102.24% (Cost $36,983,867)			$		50,662,813

OTHER ASSETS & LIABILITIES, NET — (2.24)%			$		(1,110,922	)

TOTAL NET ASSETS — 100.00%			$		49,551,891

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Short-term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which approximates fair value. Short-term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

The Fund may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject the Fund to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal tax returns remain open for the fiscal years ended 2009 through 2012. The statute of limitations on the Fund’s Colorado tax returns remain open for an additional year.

At March 28, 2013, the U.S. Federal income tax cost basis was $37,558,683. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $14,355,473 and gross depreciation of securities in which there was an excess of tax cost over value of $1,251,343 resulting in net appreciation of $13,104,130.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $937,404 and received collateral of $955,819 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Communications — 14.23%
	13,700	Anixter International Inc	$		957,904
	96,450	Gannett Co Inc			2,109,361
	163,000	Interpublic Group of Cos Inc			2,123,890
	26,300	Meredith Corp			1,006,238

					6,197,393


Consumer, Cyclical — 12.58%
	9,650	Bob Evans Farms Inc			411,283
	67,900	Interface Inc			1,305,038
	55,300	International Speedway Corp Class A			1,807,204
	26,400	Madison Square Garden Co Class A ^(a)			1,520,640
	17,300	WMS Industries Inc ^(a)			436,133

					5,480,298


Consumer, Non-cyclical — 20.42%
	10,525	Bio-Rad Laboratories Inc Class A ^(a)			1,326,150
	43,650	Brink’s Co			1,233,549
	38,300	Charles River Laboratories International Inc ^(a)			1,695,541
	33,200	DeVry Inc			1,054,100
	12,981	Matthews International Corp Class A			452,907
	23,725	Sotheby’s			887,552
	64,824	Symmetry Medical Inc ^(a)			742,235
	36,600	Team Inc ^(a)			1,503,162

					8,895,196


Energy — 4.85%
	23,500	Contango Oil & Gas Co			942,115
	69,300	Mitcham Industries Inc ^(a)			1,172,556

					2,114,671


Financial — 23.75%
	14,400	City National Corp			848,304
	78,400	First American Financial Corp			2,004,688
	13,375	HCC Insurance Holdings Inc			562,151
	18,600	Horace Mann Educators Corp			387,810
	173,100	Janus Capital Group Inc ^(b)			1,627,140
	21,213	Jones Lang LaSalle Inc			2,108,785
	54,500	Lazard Ltd Class A			1,860,085
	910	Markel Corp ^(a)(b)			458,185
	25,775	PrivateBancorp Inc			487,405

					10,344,553


Industrial — 18.97%
	63,975	Blount International Inc ^(a)			855,986
	33,200	Brady Corp Class A			1,113,196
	24,300	Bristow Group Inc			1,602,342
	26,525	IDEX Corp			1,416,965
	25,375	Littelfuse Inc			1,721,694


Shares				Value

Industrial — (continued)
	3,100	Middleby Corp ^(a)	$		471,665
	35,400	Simpson Manufacturing Co Inc			1,083,594

					8,265,442


Technology — 3.78%
	6,500	Dun & Bradstreet Corp ^(b)			543,725
	24,100	Fair Isaac Corp			1,101,129

					1,644,854

TOTAL COMMON STOCK — 98.58% (Cost $30,175,741)			$		42,942,407


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency — 1.39%
$	607,000	Federal Home Loan Bank 0.00%, 04/01/2013			607,000


Reverse Repurchase Agreements — 5.91%
	610,850	Undivided interest of 0.70% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $610,850 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			610,850

	610,849	Undivided interest of 0.70% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $610,849 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			610,849


Principal Amount				Value

Short Term Investments— (continued)
$	610,850	Undivided interest of 0.73% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $610,850 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		610,850

					2,571,993


TOTAL SHORT TERM INVESTMENTS — 7.30% (Cost $3,178,993)			$		3,178,993


TOTAL INVESTMENTS — 105.88% (Cost $33,354,734)			$		46,121,400

OTHER ASSETS & LIABILITIES, NET — (5.88)%			$		(2,562,194	)

TOTAL NET ASSETS — 100.00%			$		43,559,206

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $35,090,966. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $13,487,538 and gross depreciation of securities in which there was an excess of tax cost over value of $2,457,104 resulting in net appreciation of $11,030,434.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $2,503,357 and received collateral of $2,571,993 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Principal Amount			Value

ASSET-BACKED SECURITIES
		Avis Budget Rental Car Funding AESOP LLC
$	1,000,000	Series 2010-5A, Class A 3.15%, 03/20/2017 ^(a)	$	1,051,228
	1,000,000	Series 2011-3A, Class A 3.41%, 11/20/2017 ^(a)		1,066,923
	2,500,000	Series 2012-3A, Class A 2.10%, 03/20/2019		2,551,083
	2,375,000	Cronos Containers Program Ltd Series 2012-2A, Class A Series 144A ^(a)3.81%, 09/18/2027		2,458,450
	850,000	GE Capital Credit Card Master Note Trust Series 2012-2, Class A 2.22%, 01/15/2022		880,017
	573,102	Residential Funding Mortgage Securities II Home Loan Trust Guaranteed Series 2006-HI5, Class A3 5.50%, 08/25/2025		570,651


TOTAL ASSET-BACKED SECURITIES — 0.90% (Cost $8,325,825)			$	8,578,352


BANK LOANS
	2,430,556	Express Scripts Inc 2.04%, 08/29/2016		2,428,733


TOTAL BANK LOANS — 0.25% (Cost $2,426,315)			$	2,428,733


BONDS AND NOTES
Basic Materials — 1.66%
		Anglo American Capital PLC ^(a)
	500,000	9.38%, 04/08/2014		539,790
	1,200,000	9.38%, 04/08/2019		1,603,615
	500,000	ArcelorMittal 6.13%, 06/01/2018		540,000
	500,000	Cliffs Natural Resources Inc 5.90%, 03/15/2020		533,410
	500,000	Dow Chemical Co 5.70%, 05/15/2018		589,405
	2,000,000	Freeport-McMoRan Copper & Gold Inc ^(a)2.38%, 03/15/2018		2,008,356
		International Paper Co
	500,000	5.30%, 04/01/2015		540,425
	500,000	4.75%, 02/15/2022		562,812
	2,000,000	Lubrizol Corp 6.50%, 10/01/2034		2,653,832
	2,000,000	Plum Creek Timberlands LP 3.25%, 03/15/2023		1,968,352
		Rio Tinto Finance USA Ltd
	500,000	9.00%, 05/01/2019 ^(b)		688,816
	500,000	7.13%, 07/15/2028		680,179
	500,000	Teck Resources Ltd 4.50%, 01/15/2021		531,718


Principal Amount			Value

Basic Materials — (continued)
$	250,000	Vale Overseas Ltd 4.63%, 09/15/2020	$	264,783
		Xstrata Finance Canada Ltd ^(a)
	1,000,000	1.80%, 10/23/2015		1,011,364
	500,000	5.80%, 11/15/2016		569,262
	500,000	6.00%, 11/15/2041		527,586

				15,813,705


Communications — 2.63%
	500,000	Alltel Corp 7.00%, 03/15/2016		586,127
	1,000,000	America Movil SAB de CV 5.00%, 03/30/2020		1,124,693
		AT&T Inc
	500,000	5.60%, 05/15/2018		593,677
	500,000	6.15%, 09/15/2034		591,264
	1,000,000	5.35%, 09/01/2040		1,070,577
	1,098,000	British Sky Broadcasting Group PLC ^(a)9.50%, 11/15/2018		1,500,637
	500,000	Cellco Partnership / Verizon Wireless Capital LLC 7.38%, 11/15/2013		520,433
	500,000	Comcast Corp 5.15%, 03/01/2020		592,354
	1,000,000	Crown Castle Towers LLC ^(a)6.11%, 01/15/2020		1,223,397
	500,000	Deutsche Telekom International Finance BV ^(b)8.75%, 06/15/2030		708,010
		DIRECTV Holdings LLC / DIRECTV Financing Co Inc
	500,000	3.13%, 02/15/2016		524,811
	2,000,000	1.75%, 01/15/2018		1,976,828
	1,500,000	France Telecom SA 5.38%, 07/08/2019		1,751,862
		Motorola Solutions Inc
	1,000,000	3.75%, 05/15/2022		1,024,133
	3,300,000	3.50%, 03/01/2023		3,319,463
	1,500,000	NBCUniversal Enterprise Inc ^(a)1.97%, 04/15/2019		1,504,150
	1,000,000	News America Inc 8.50%, 02/23/2025		1,371,945
	500,000	Pearson Funding Two PLC ^(a)4.00%, 05/17/2016		538,713
	634,000	Southwestern Bell Telephone LP 7.00%, 07/01/2015		719,788
	500,000	Telecom Italia Capital SA 6.18%, 06/18/2014		523,085
	1,000,000	Telefonica Emisiones SAU 5.46%, 02/16/2021		1,076,208
		Verizon Communications Inc
	500,000	5.85%, 09/15/2035		573,904
	500,000	6.00%, 04/01/2041		581,603
	500,000	Viacom Inc 4.38%, 09/15/2014		525,746


Principal Amount			Value

Communications — (continued)
$	500,000	Vodafone Group PLC 5.63%, 02/27/2017	$	579,383

				25,102,791


Consumer, Cyclical — 1.76%
	901,716	American Airlines 2011-1 Class A Pass Through Trust 5.25%, 01/31/2021		982,871
	2,500,000	American Airlines 2013-1 Class A Pass Through Trust ^(a)4.00%, 07/15/2025		2,509,500
	1,500,000	Arrow Electronics Inc 3.00%, 03/01/2018		1,513,294
	1,000,000	Carnival Corp 1.20%, 02/05/2016		1,001,278
	1,175,000	Cintas Corp No 2 2.85%, 06/01/2016		1,233,679
	766,206	Continental Airlines 1999-1 Class A Pass Through Trust 6.55%, 02/02/2019		846,658
	2,901,434	CVS Pass-Through Trust 6.04%, 12/10/2028		3,403,864
	500,000	Home Depot Inc 5.40%, 03/01/2016		566,141
	500,000	Hyatt Hotels Corp ^(a)5.75%, 08/15/2015		543,166
	250,000	Kia Motors Corp ^(a)3.63%, 06/14/2016		264,317
	500,000	Mattel Inc 4.35%, 10/01/2020		548,909
	896,739	Northwest Airlines 2002-1 Class G-2 Pass Through Trust 6.26%, 11/20/2021		950,543
	1,589,409	UAL 2009-1 Pass Through Trust 10.40%, 11/01/2016		1,827,820
	500,000	Wal-Mart Stores Inc 6.20%, 04/15/2038		659,588

				16,851,628


Consumer, Non-cyclical — 2.40%
	3,000,000	AbbVie Inc ^(a)1.75%, 11/06/2017		3,036,483
	500,000	Alberto-Culver Co 5.15%, 06/01/2020		591,438
	1,000,000	Amgen Inc 6.90%, 06/01/2038		1,320,764
	500,000	Anheuser-Busch Cos LLC 5.95%, 01/15/2033		606,870
	1,000,000	Anheuser-Busch InBev Worldwide Inc 8.20%, 01/15/2039		1,608,425
		Avon Products Inc
	2,350,000	6.50%, 03/01/2019		2,665,048
	2,000,000	4.60%, 03/15/2020		2,077,546
	1,000,000	DENTSPLY International Inc 2.75%, 08/15/2016		1,038,404
	1,000,000	Diageo Investment Corp 2.88%, 05/11/2022		1,010,878


Principal Amount			Value

Consumer, Non-cyclical — (continued)
$	750,000	Ingredion Inc 4.63%, 11/01/2020	$	835,325
	500,000	Laboratory Corp of America Holdings 3.13%, 05/15/2016		526,930
	500,000	Mondelez International Inc 5.38%, 02/10/2020		594,888
	1,000,000	Moody’s Corp 4.50%, 09/01/2022		1,030,570
	250,000	SABMiller PLC ^(a)6.50%, 07/01/2016		289,743
	2,000,000	Western Union Co 2.88%, 12/10/2017		2,029,826
	500,000	Woolworths Ltd ^(a)2.55%, 09/22/2015		518,285
		Wyeth LLC
	1,000,000	6.45%, 02/01/2024		1,332,326
	1,000,000	5.95%, 04/01/2037		1,277,222
	500,000	Zoetis Inc ^(a)3.25%, 02/01/2023		507,042

				22,898,013


Energy — 2.79%
	1,300,000	BP Capital Markets PLC 4.74%, 03/11/2021		1,506,747
	1,000,000	Canadian Oil Sands Ltd ^(a)4.50%, 04/01/2022		1,078,273
	1,000,000	ConocoPhillips 5.90%, 10/15/2032		1,243,395
	500,000	EQT Corp 8.13%, 06/01/2019		620,704
	1,250,000	Gulfstream Natural Gas System LLC ^(a)6.95%, 06/01/2016		1,459,354
	2,629,667	Kern River Funding Corp ^(a)4.89%, 04/30/2018		2,873,382
	500,000	Motiva Enterprises LLC ^(a)5.75%, 01/15/2020		600,282
	500,000	Northwest Pipeline GP 7.13%, 12/01/2025		647,671
	2,312,000	Occidental Petroleum Corp 9.25%, 08/01/2019		3,268,958
	750,000	Panhandle Eastern Pipe Line Co LP 6.20%, 11/01/2017		890,560
	1,000,000	Petro-Canada 6.80%, 05/15/2038		1,304,072
		Petrobras International Finance Co - Pifco
	500,000	5.75%, 01/20/2020		550,688
	750,000	6.75%, 01/27/2041		847,720
	500,000	Petroleos Mexicanos 6.50%, 06/02/2041		588,750
	500,000	Phillips 66 4.30%, 04/01/2022		548,882
	250,000	Sunoco Logistics Partners Operations LP 8.75%, 02/15/2014		266,900


Principal Amount			Value

Energy — (continued)
$	1,000,000	Talisman Energy Inc 6.25%, 02/01/2038	$	1,129,909
	1,000,000	Tennessee Gas Pipeline Co LLC 7.00%, 10/15/2028		1,357,333
	1,000,000	Transcontinental Gas Pipe Line Co LLC 6.05%, 06/15/2018		1,215,306
		Transocean Inc
	500,000	4.95%, 11/15/2015		540,993
	500,000	6.00%, 03/15/2018		566,301
		Valero Energy Corp
	500,000	6.13%, 06/15/2017		594,786
	500,000	7.50%, 04/15/2032		650,132
	1,750,000	Weatherford International Ltd 9.63%, 03/01/2019		2,285,589

				26,636,687


Financial — 10.24%
	1,000,000	ALEX Alpha LLC 1.62%, 08/15/2024		997,919
	500,000	Allstate Corp 5.35%, 06/01/2033		584,397
	1,000,000	American Express Co 8.15%, 03/19/2038		1,531,769
	2,625,000	American Honda Finance Corp ^(a)7.63%, 10/01/2018		3,412,728
	500,000	Ameriprise Financial Inc 5.30%, 03/15/2020		594,805
		Bank of America Corp
	1,000,000	4.90%, 05/01/2013		1,003,426
	500,000	4.50%, 04/01/2015		529,812
	1,000,000	1.25%, 01/11/2016		995,822
	500,000	5.75%, 12/01/2017		578,329
	500,000	Bank of America NA 6.00%, 10/15/2036		599,169
	500,000	Barclays Bank PLC 5.00%, 09/22/2016		561,580
	1,402,331	BGS CTL Pass Through Trust Series 2009 ^(a)(c)6.36%, 06/15/2033		1,650,276
	3,277,310	Caledonia Generating LLC ^(a)1.95%, 02/28/2022		3,340,758
	500,000	Camden Property Trust 5.38%, 12/15/2013		515,765
	1,500,000	Canadian Imperial Bank of Commerce 0.90%, 10/01/2015		1,504,956
	500,000	Charles Schwab Corp 4.45%, 07/22/2020		571,908
		Citigroup Inc
	1,000,000	1.30%, 04/01/2016		999,882
	500,000	6.13%, 11/21/2017		591,185
	1,000,000	8.50%, 05/22/2019		1,332,248
	500,000	5.38%, 08/09/2020		585,373
	500,000	6.63%, 01/15/2028		611,392
	500,000	5.85%, 12/11/2034		586,684
	500,000	CME Group Inc ^(a)4.40%, 03/15/2018		564,207


Principal Amount			Value

Financial — (continued)
$	1,000,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.38%, 01/19/2017	$	1,070,614
	750,000	Deutsche Bank AG 3.45%, 03/30/2015		787,650
	1,000,000	Duke Realty LP 6.75%, 03/15/2020		1,221,090
	3,000,000	Durrah MSN 35603 1.68%, 01/22/2025		2,983,425
		Export-Import Bank of Korea
	2,000,000	1.25%, 11/20/2015		2,001,232
	500,000	4.00%, 01/29/2021		538,265
	1,000,000	Fifth Third Bancorp 3.50%, 03/15/2022		1,041,924
		Ford Motor Credit Co LLC
	1,000,000	12.00%, 05/15/2015		1,208,148
	1,500,000	3.00%, 06/12/2017		1,538,371
	1,500,000	6.63%, 08/15/2017		1,749,328
	1,000,000	8.13%, 01/15/2020		1,262,613
		General Electric Capital Corp
	500,000	5.63%, 09/15/2017		585,988
	1,500,000	1.63%, 04/02/2018		1,493,560
	1,000,000	4.63%, 01/07/2021		1,125,807
	1,000,000	General Electric Capital Corp Series A 6.75%, 03/15/2032		1,272,894
		Goldman Sachs Group Inc
	750,000	5.13%, 01/15/2015		801,275
	1,000,000	5.75%, 10/01/2016		1,140,346
	500,000	6.15%, 04/01/2018		589,183
	1,000,000	6.25%, 02/01/2041		1,188,355
	3,000,000	Goodman Funding Pty Ltd ^(a)6.38%, 04/15/2021		3,472,191
	500,000	Health Care REIT Inc 2.25%, 03/15/2018		504,536
	500,000	HSBC Finance Corp 5.50%, 01/19/2016		556,502
		HSBC Holdings PLC
	500,000	5.10%, 04/05/2021		577,736
	1,000,000	4.88%, 01/14/2022		1,142,176
	1,000,000	6.10%, 01/14/2042		1,268,151
	1,000,000	Hyundai Capital Services ^(a)3.50%, 09/13/2017		1,064,136
	3,600,000	International Lease Finance Corp ^(a)6.75%, 09/01/2016		4,068,000
		Jefferies Group LLC
	500,000	3.88%, 11/09/2015		522,500
	500,000	8.50%, 07/15/2019		622,455
		JPMorgan Chase & Co
	500,000	5.13%, 09/15/2014		530,392
	1,000,000	6.00%, 01/15/2018		1,188,352
	1,000,000	4.35%, 08/15/2021		1,103,175
	500,000	JPMorgan Chase Bank NA 6.00%, 10/01/2017		588,974
		KFW
	1,000,000	4.88%, 01/17/2017		1,152,800
	1,000,000	4.38%, 03/15/2018		1,159,930
	500,000	2.75%, 09/08/2020		537,700
	500,000	Landwirtschaftliche Rentenbank 2.38%, 09/13/2017		531,800


Principal Amount			Value

Financial — (continued)
$	500,000	Lincoln National Corp 6.25%, 02/15/2020	$	605,009
	1,000,000	Markel Corp 3.63%, 03/30/2023		1,003,795
	2,310,000	Massachusetts Mutual Life Insurance Co ^(a)8.88%, 06/01/2039		3,570,886
	500,000	Merrill Lynch & Co Inc 6.05%, 05/16/2016		555,891
	1,000,000	MetLife Inc 6.50%, 12/15/2032		1,273,157
	1,045,000	Metropolitan Life Global Funding I ^(a)3.65%, 06/14/2018		1,145,661
		Morgan Stanley
	750,000	6.00%, 05/13/2014		790,498
	500,000	5.63%, 09/23/2019		574,940
	500,000	Morgan Stanley Series F 6.63%, 04/01/2018		597,701
	500,000	NASDAQ OMX Group Inc 4.00%, 01/15/2015		522,374
	500,000	New York Life Insurance Co ^(a)6.75%, 11/15/2039		670,625
	500,000	Nomura Holdings Inc 5.00%, 03/04/2015		531,943
	500,000	Oesterreichische Kontrollbank AG 1.75%, 10/05/2015		515,100
	1,000,000	Pacific LifeCorp ^(a)6.00%, 02/10/2020		1,153,801
	1,000,000	PNC Bank NA 4.88%, 09/21/2017		1,144,580
	500,000	Protective Life Corp 8.45%, 10/15/2039		659,159
	950,000	Prudential Covered Trust 2012-1 ^(a)3.00%, 09/30/2015		990,495
	250,000	Prudential Financial Inc 5.38%, 06/21/2020		294,848
	500,000	Prudential Financial Inc Series D 6.10%, 06/15/2017		589,801
	2,943,446	Santa Rosa Leasing LLC 1.47%, 11/03/2024		2,920,846
	500,000	Simon Property Group LP 4.20%, 02/01/2015		527,445
	2,750,000	SunAmerica Financial Group Inc 7.50%, 07/15/2025		3,465,000
	250,000	Susa Partnership LP 7.50%, 12/01/2027		318,641
	500,000	Teachers Insurance & Annuity Association of America ^(a)6.85%, 12/16/2039		667,191
	500,000	Toronto-Dominion Bank ^(a)2.20%, 07/29/2015		518,800
	250,000	UBS AG/Stamford CT 4.88%, 08/04/2020		289,582
	1,959,838	Union 13 Leasing LLC 1.68%, 12/19/2024		1,945,918
	337,000	Wachovia Bank NA 4.80%, 11/01/2014		358,223
	500,000	Wells Fargo & Co 5.13%, 09/15/2016		564,605


Principal Amount			Value

Financial — (continued)
$	500,000	5.38%, 02/07/2035	$	584,220

				97,786,699


Industrial — 2.14%
	500,000	Agilent Technologies Inc 5.50%, 09/14/2015		552,640
		Amphenol Corp
	500,000	4.75%, 11/15/2014		529,690
	1,000,000	4.00%, 02/01/2022		1,047,422
	1,000,000	BAE Systems PLC ^(a)3.50%, 10/11/2016		1,055,870
	750,000	Brambles USA Inc ^(a)5.35%, 04/01/2020		842,394
	888,276	Burlington Northern & Santa Fe Railway Co 2005-4 Pass Through Trust 4.97%, 04/01/2023		988,801
	812,118	Federal Express Corp 1998 Pass Through Trust 6.85%, 01/15/2019		917,694
	1,651,899	Federal Express Corp 2012 Pass Through Trust ^(a)2.63%, 01/15/2018		1,689,268
	448,015	GATX Corp 2008-2 Pass Through Trust 9.00%, 11/15/2013		469,483
	500,000	Kennametal Inc 3.88%, 02/15/2022		519,164
	500,000	Lennox International Inc 4.90%, 05/15/2017		546,550
	1,000,000	Smiths Group PLC ^(a)3.63%, 10/12/2022		994,891
	3,000,000	Snap-on Inc 6.13%, 09/01/2021		3,702,567
	1,015,387	Union Pacific Railroad Co 2006 Pass Through Trust 5.87%, 07/02/2030		1,220,751
	438,185	Union Pacific Railroad Co 2007-3 Pass Through Trust 6.18%, 01/02/2031		530,621
	1,325,000	United Technologies Corp 6.05%, 06/01/2036		1,701,906
	3,000,000	URS Corp ^(a)4.10%, 04/01/2017		3,117,684

				20,427,396


Technology — 0.82%
	500,000	Applied Materials Inc 2.65%, 06/15/2016		526,012
	500,000	Computer Sciences Corp 6.50%, 03/15/2018		579,809
	500,000	Dun & Bradstreet Corp 2.88%, 11/15/2015		516,972
		Hewlett-Packard Co
	1,500,000	2.13%, 09/13/2015		1,520,749
	3,000,000	3.30%, 12/09/2016		3,124,299


Principal Amount			Value

Technology — (continued)
$	1,500,000	HP Enterprise Services LLC 6.00%, 08/01/2013	$	1,525,782

				7,793,623


Utilities — 2.14%
	1,000,000	Atmos Energy Corp 8.50%, 03/15/2019		1,349,203
	1,250,000	Electricite de France SA ^(a)6.95%, 01/26/2039		1,627,367
	945,439	Elm Road Generating Station Supercritical LLC ^(a)4.67%, 01/19/2031		1,069,165
		Entergy Louisiana LLC
	1,000,000	3.30%, 12/01/2022		1,009,971
	500,000	5.40%, 11/01/2024		602,541
	500,000	Florida Gas Transmission Co LLC ^(a)5.45%, 07/15/2020		581,044
	1,000,000	Florida Power Corp 5.65%, 04/01/2040		1,227,248
	500,000	Jersey Central Power & Light Co 6.15%, 06/01/2037		609,790
	500,000	Kansas Gas & Electric Co ^(a)6.70%, 06/15/2019		639,558
	1,500,000	Kentucky Power Co ^(a)6.00%, 09/15/2017		1,764,373
	500,000	Louisville Gas & Electric Co 5.13%, 11/15/2040		595,379
	500,000	Ohio Power Co Series H 4.85%, 01/15/2014		515,576
		Oncor Electric Delivery Co LLC
	500,000	6.80%, 09/01/2018		622,349
	1,000,000	7.50%, 09/01/2038		1,397,644
	1,000,000	Pacific Gas & Electric Co 6.05%, 03/01/2034		1,250,911
	500,000	Pennsylvania Electric Co 5.20%, 04/01/2020		570,326
	405,000	Pnpp II Funding Corp 8.83%, 05/30/2016		450,514
	500,000	Southwestern Electric Power Co 6.45%, 01/15/2019		608,869
	500,000	Southwestern Public Service Co 8.75%, 12/01/2018		670,084
	500,000	TECO Finance Inc 4.00%, 03/15/2016		537,378
	1,000,000	Texas-New Mexico Power Co ^(a)9.50%, 04/01/2019		1,360,432
	500,000	Union Electric Co 8.45%, 03/15/2039		833,875
	500,000	Westar Energy Inc 6.00%, 07/01/2014		532,150

				20,425,747


TOTAL BONDS AND NOTES — 26.58% (Cost $241,938,288)			$	253,736,289


Principal Amount			Value

FOREIGN GOVERNMENT BONDS AND NOTES
		Brazilian Government International Bond
$	500,000	7.88%, 03/07/2015	$	565,750
	500,000	6.00%, 01/17/2017		582,000
	500,000	4.88%, 01/22/2021		580,000
	500,000	Canada Government International Bond 2.38%, 09/10/2014		515,235
		European Investment Bank
	500,000	3.00%, 04/08/2014		513,620
	500,000	2.88%, 01/15/2015		521,750
	500,000	5.13%, 09/13/2016		575,050
	2,000,000	5.13%, 05/30/2017		2,342,880
	500,000	2.88%, 09/15/2020		538,400
	1,000,000	Hydro-Quebec 1.38%, 06/19/2017		1,013,200
	1,000,000	International Bank for Reconstruction & Development 7.63%, 01/19/2023		1,488,880
	1,000,000	Israel Government AID Bond 5.50%, 12/04/2023		1,301,306
		Mexico Government International Bond
	500,000	5.63%, 01/15/2017		575,000
	500,000	5.13%, 01/15/2020		585,500
	500,000	Mexico Government International Bond Series A 6.75%, 09/27/2034		665,000
		Province of British Columbia
	1,000,000	2.10%, 05/18/2016		1,046,500
	1,000,000	2.65%, 09/22/2021		1,044,921
	1,000,000	7.25%, 09/01/2036		1,622,650
	1,000,000	Province of Manitoba Canada 2.63%, 07/15/2015		1,049,000
		Province of Ontario Canada
	500,000	4.10%, 06/16/2014		522,448
	1,000,000	2.30%, 05/10/2016		1,048,500
	3,000,000	1.65%, 09/27/2019		2,996,400
	1,000,000	4.40%, 04/14/2020		1,167,667

TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 2.39% (Cost $22,129,764)			$	22,861,657


MORTGAGE-BACKED SECURITIES
	1,399,497	Americold 2010 LLC Trust Series 2010-ARTA, Class A1 ^(a)3.85%, 01/14/2029		1,498,016
	395,132	Bear Stearns Commercial Mortgage Securities Trust Series 2003-PWR2, Class A4 5.19%, 05/11/2039		399,087
	1,330,000	Adjusted Series 2005-T20, Class A4A 5.15%, 10/12/2042 ^(b)		1,457,236
	902,555	Commercial Mortgage Trust Series 2003-C2, Class A4 4.92%, 01/05/2036		912,947


Principal Amount			Value

Mortgage-Backed Securities – (continued)
		Federal Home Loan Mortgage Corp
$	1,500,000	3.00%, TBA	$	1,540,312
	128,825	5.00%, 12/01/2017		137,876
	128,948	5.50%, 02/01/2018		138,600
	115,924	5.00%, 04/01/2018		124,173
	135,415	5.50%, 05/01/2018		145,572
	255,574	5.00%, 08/01/2018		274,380
	134,127	5.00%, 12/01/2020		143,954
	160,271	4.00%, 01/01/2021		170,987
	169,438	5.00%, 04/01/2021		181,853
	71,423	5.00%, 05/01/2021		76,656
	108,760	5.50%, 05/01/2021		116,967
	223,780	5.50%, 06/01/2022		243,110
	2,175,365	2.50%, 11/01/2022		2,254,378
	52,601	5.00%, 03/01/2023		56,324
	288,143	4.50%, 06/01/2024		310,506
	395,302	5.00%, 09/01/2024		431,356
	362,816	4.00%, 02/01/2025		385,602
	544,290	3.50%, 12/01/2025		585,702
	1,796,810	4.00%, 05/01/2026		1,911,901
	777,855	3.50%, 08/01/2026		832,419
	1,730,021	3.00%, 12/01/2026		1,828,915
	1,534,864	3.00%, 04/01/2027		1,611,091
	35,742	7.50%, 05/01/2027		42,894
	938,591	2.50%, 09/01/2027		973,615
	2,639,061	3.00%, 09/01/2027		2,779,199
	23,390	6.50%, 04/01/2029		27,333
	4,921	7.50%, 08/01/2030		5,996
	1,144,418	3.50%, 04/01/2032		1,217,449
	258,178	6.50%, 11/01/2032		294,138
	468,563	6.50%, 11/01/2032		531,921
	381,687	6.50%, 11/01/2032		438,976
	1,974,183	3.00%, 12/01/2032		2,061,212
	522,649	5.50%, 06/01/2033		570,625
	226,346	4.50%, 08/01/2033		242,853
	107,708	5.00%, 02/01/2034		116,926
	112,994	5.00%, 07/01/2034		122,099
	495,436	5.00%, 09/01/2035		547,281
	193,060	6.00%, 03/01/2036		211,188
	87,064	6.00%, 04/01/2036		95,762
	416,458	5.50%, 05/01/2036		452,213
	614,892	5.00%, 06/01/2036		663,673
	260,562	6.00%, 11/01/2036		285,213
	179,045	6.00%, 12/01/2036		195,983
	160,989	5.50%, 05/01/2037		174,358
	523,410	5.50%, 05/01/2037		576,150
	1,246,752	5.50%, 10/01/2037		1,374,833
	488,159	6.50%, 11/01/2037		555,430
	165,726	6.00%, 04/01/2038		181,819
	1,278,521	5.50%, 05/01/2038		1,385,091
	423,182	5.00%, 06/01/2038		455,168
	602,523	4.50%, 06/01/2039		658,137
	1,049,282	4.50%, 07/01/2039		1,157,609
	391,534	4.50%, 11/01/2039		418,864
	956,848	4.50%, 11/01/2039		1,023,638
	2,498,475	4.00%, 12/01/2039		2,655,697
	701,831	5.00%, 12/01/2039		775,275
	1,958,561	4.50%, 05/01/2040		2,151,581
	1,587,677	5.00%, 05/01/2040		1,722,564


Principal Amount			Value

Mortgage-Backed Securities – (continued)
$	587,681	4.50%, 07/01/2040	$	629,069
	869,264	5.00%, 08/01/2040		958,164
	1,102,729	4.00%, 11/01/2040		1,172,121
	2,550,543	4.00%, 02/01/2041		2,774,008
	928,644	4.00%, 04/01/2041		987,081
	1,171,715	4.50%, 06/01/2041		1,255,883
	1,600,000	4.50%, 07/01/2041		1,714,933
	1,641,407	3.50%, 02/01/2042		1,728,201
	1,873,286	3.50%, 03/01/2042		1,977,024
	1,104,688	3.50%, 06/01/2042		1,165,863
	1,401,986	3.50%, 07/01/2042		1,479,625
	2,275,826	3.50%, 08/01/2042		2,401,856
	976,227	3.00%, 09/01/2042		1,003,265
	1,002,773	3.00%, 09/01/2042		1,018,697
	1,963,637	3.50%, 11/01/2042		2,072,378
		Federal National Mortgage Association
	2,138	6.50%, 12/01/2013		2,151
	84,203	6.00%, 07/01/2017		90,413
	74,519	5.00%, 06/01/2018		80,029
	139,490	4.00%, 04/01/2019		149,639
	59,450	5.00%, 10/01/2020		64,193
	89,636	6.00%, 05/01/2021		97,887
	299,900	3.50%, 06/01/2021		318,031
	52,647	6.00%, 12/01/2021		57,801
	1,780,062	3.00%, 08/01/2022		1,885,085
	38,434	8.00%, 11/01/2022		43,241
	2,209,041	2.50%, 02/01/2023		2,311,382
	340,938	5.00%, 01/01/2024		374,698
	1,334,071	4.50%, 05/01/2024		1,435,527
	1,038,258	4.00%, 07/01/2024		1,135,539
	436,937	4.00%, 02/01/2025		467,772
	110,331	4.00%, 02/01/2025		118,083
	1,294,346	4.50%, 06/01/2025		1,392,781
	1,332,957	4.00%, 01/01/2026		1,426,610
	3,237,347	3.50%, 03/01/2026		3,433,059
	1,516,631	3.00%, 12/01/2026		1,596,159
	819,428	2.50%, 09/01/2027		844,108
	2,330,224	3.00%, 09/01/2027		2,453,871
	923,559	2.50%, 10/01/2027		951,375
	2,483,725	2.50%, 02/01/2028		2,579,488
	175,076	6.00%, 01/01/2029		200,482
	523,681	4.50%, 01/01/2030		565,287
	497,701	4.50%, 05/01/2030		536,931
	1,382,434	4.00%, 09/01/2030		1,484,647
	155,307	8.00%, 10/01/2030		182,437
	1,094,179	3.50%, 01/01/2032		1,168,446
	852,943	3.50%, 04/01/2032		910,837
	852,744	3.50%, 04/01/2032		910,624
	174,000	6.50%, 06/01/2032		200,333
	139,849	7.00%, 07/01/2032		162,724
	271,669	6.50%, 08/01/2032		306,678
	1,918,187	3.00%, 09/01/2032		2,006,343
	1,287,304	3.50%, 02/01/2033		1,374,680
	1,830,808	5.50%, 03/01/2033		2,015,815
	207,090	5.50%, 05/01/2033		233,129
	367,058	5.00%, 07/01/2033		399,963
	105,685	5.00%, 09/01/2033		115,160
	174,431	5.00%, 09/01/2033		190,068
	671,648	5.00%, 12/01/2033		731,858


Principal Amount			Value

Mortgage-Backed Securities – (continued)
$	110,360	5.50%, 01/01/2034	$	121,512
	98,929	5.50%, 01/01/2034		109,142
	989,843	5.50%, 03/01/2034		1,114,305
	1,065,528	5.50%, 05/01/2034		1,175,533
	318,713	5.50%, 02/01/2035		350,920
	388,223	6.00%, 02/01/2035		432,913
	108,284	5.00%, 07/01/2035		117,586
	407,767	5.00%, 09/01/2035		442,793
	316,250	5.00%, 09/01/2035		344,601
	469,803	5.50%, 09/01/2035		515,369
	401,704	6.00%, 10/01/2035		443,552
	709,020	5.50%, 11/01/2035		777,788
	122,841	6.00%, 11/01/2035		135,639
	65,937	5.50%, 12/01/2035		72,332
	201,978	6.00%, 12/01/2035		226,176
	325,908	6.00%, 02/01/2036		359,861
	359,841	5.50%, 04/01/2036		392,943
	204,775	5.50%, 04/01/2036		224,636
	1,770,259	6.00%, 04/01/2036		1,943,615
	193,812	6.00%, 04/01/2036		214,002
	863,238	5.50%, 05/01/2036		946,963
	281,657	6.00%, 06/01/2036		314,714
	172,182	6.00%, 07/01/2036		189,043
	97,504	6.50%, 08/01/2036		115,473
	555,305	5.50%, 10/01/2036		613,403
	625,999	5.50%, 11/01/2036		683,585
	214,016	5.00%, 05/01/2037		231,864
	331,552	5.00%, 07/01/2037		361,274
	243,310	6.00%, 08/01/2037		266,833
	1,570,798	5.00%, 03/01/2038		1,701,796
	244,003	6.00%, 03/01/2038		272,640
	1,114,454	6.00%, 03/01/2038		1,245,252
	1,894,213	6.00%, 03/01/2038		2,077,340
	1,000,346	5.50%, 06/01/2038		1,091,116
	751,682	5.50%, 07/01/2038		833,208
	188,499	5.50%, 11/01/2038		208,943
	1,721,513	6.00%, 11/01/2038		1,904,674
	1,338,695	4.50%, 04/01/2039		1,480,611
	870,104	4.50%, 05/01/2039		939,313
	503,212	6.00%, 05/01/2039		556,752
	1,408,675	4.50%, 06/01/2039		1,558,010
	1,286,291	4.50%, 06/01/2039		1,422,651
	1,670,480	5.00%, 07/01/2039		1,809,791
	910,040	5.00%, 07/01/2039		987,639
	538,463	4.50%, 08/01/2039		595,546
	2,440,247	4.50%, 08/01/2039		2,698,938
	2,812,290	5.00%, 08/01/2039		3,129,435
	757,479	5.50%, 08/01/2039		826,292
	1,152,118	5.00%, 12/01/2039		1,302,205
	660,839	5.00%, 12/01/2039		735,363
	1,089,218	4.50%, 03/01/2040		1,204,686
	1,383,068	4.50%, 06/01/2040		1,492,086
	1,655,232	5.00%, 06/01/2040		1,841,894
	846,539	4.50%, 08/01/2040		929,403
	358,532	4.50%, 09/01/2040		393,627
	2,321,282	4.50%, 11/01/2040		2,548,501
	772,530	4.50%, 11/01/2040		833,423
	1,117,944	5.00%, 11/01/2040		1,236,679
	861,751	5.00%, 01/01/2041		976,705
	1,611,164	4.00%, 02/01/2041		1,718,458


Principal Amount			Value

Mortgage-Backed Securities – (continued)
$	4,296,771	4.00%, 02/01/2041	$	4,656,089
	1,805,599	4.50%, 03/01/2041		1,982,341
	1,151,663	4.50%, 06/01/2041		1,243,161
	5,538,422	4.50%, 06/01/2041		6,080,553
	1,083,529	4.50%, 09/01/2041		1,189,591
	1,235,455	4.50%, 10/01/2041		1,356,388
	2,625,036	4.00%, 12/01/2041		2,862,602
	2,014,917	4.00%, 01/01/2042		2,149,728
	2,473,815	4.00%, 02/01/2042		2,639,329
	923,444	3.50%, 06/01/2042		979,197
	3,771,881	3.50%, 07/01/2042		3,998,431
	6,083,519	3.00%, 09/01/2042		6,281,360
	2,224,558	3.50%, 09/01/2042		2,360,256
	5,308,764	3.50%, 09/01/2042		5,609,372
	2,121,405	3.50%, 10/01/2042		2,241,530
	1,942,414	3.50%, 10/01/2042		2,052,403
	4,439,649	3.00%, 12/01/2042		4,582,816
	2,490,983	3.00%, 02/01/2043		2,571,602
	1,993,394	3.50%, 02/01/2043		2,106,270
	2,500,000	3.50%, 03/01/2043		2,644,687
		Government National Mortgage Association
	14,309	9.00%, 01/15/2017		15,609
	202,603	5.00%, 09/15/2018		217,889
	17,003	9.00%, 04/15/2021		18,300
	37,041	7.00%, 07/15/2025		42,855
	16,609	7.50%, 12/15/2025		18,999
	654,703	3.50%, 02/15/2026		699,883
	538,432	4.00%, 04/20/2026		576,228
	1,147,675	3.50%, 11/20/2026		1,226,337
	815,605	3.50%, 01/15/2027		871,214
	4,566,997	2.50%, 04/15/2027		4,760,230
	918,154	3.00%, 06/20/2027		974,538
	772,854	5.00%, 11/15/2033		846,899
	210,256	5.50%, 12/15/2035		231,222
	263,679	5.00%, 12/20/2035		290,879
	453,140	6.00%, 01/20/2036		512,742
	610,123	5.50%, 02/20/2036		684,588
	237,337	5.50%, 04/15/2037		260,312
	2,000,000	5.00%, 01/15/2039		2,182,875
	930,278	5.00%, 02/15/2039		1,015,340
	1,918,999	4.50%, 03/15/2039		2,098,366
	3,051,619	5.00%, 06/15/2039		3,380,240
	1,296,836	4.00%, 11/15/2039		1,415,021
	2,092,031	4.50%, 01/20/2040		2,317,062
	2,842,846	4.00%, 05/20/2040		3,086,642
	1,132,431	4.50%, 07/20/2040		1,252,657
	552,255	5.50%, 07/20/2040		604,563
	990,040	4.50%, 09/20/2040		1,095,148
	2,477,305	4.00%, 10/15/2040		2,748,744
	2,911,401	4.00%, 01/15/2041		3,175,816
	1,139,198	5.00%, 03/20/2041		1,261,009
	1,284,301	4.00%, 08/15/2041		1,400,942
	344,094	4.50%, 12/20/2041		379,117
	2,862,695	3.50%, 06/15/2042		3,082,407
	1,416,204	3.50%, 06/15/2042		1,524,897
	4,202,864	3.50%, 06/20/2042		4,499,298
	3,450,960	4.00%, 06/20/2042		3,735,044
	3,991,825	3.00%, 02/15/2043		4,178,692
	997,555	3.00%, 02/15/2043		1,044,253


Principal Amount			Value

Mortgage-Backed Securities – (continued)
$	1,496,407	3.00%, 02/15/2043	$	1,566,458
	1,250,000	GS Mortgage Securities Corp II Series 2005-GG4, Class A4 4.76%, 07/10/2039		1,333,402
	500,000	JPMorgan Chase Commercial Mortgage Securities Corp Adjusted Series 2005-LDP5, Class AM ^(b)5.24%, 12/15/2044		553,343
		Morgan Stanley Capital I Trust
	1,495,906	Series 2005-IQ10, Class A4A 5.23%, 09/15/2042		1,613,639
	2,000,000	Series 2007-T25, Class A3 5.51%, 11/12/2049 ^(d)		2,284,358
	1,250,000	Series 2006-T21, Class A4 5.16%, 10/12/2052		1,372,712
	2,694,000	Wachovia Bank Commercial Mortgage Trust Series 2005-C20, Class A7 5.12%, 07/15/2042		2,918,957
	420,644	Wachovia Commercial Mortgage Pass-Through Certificates Series 2004-C10, Class A4 4.75%, 02/15/2041		430,891
	1,692,152	Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A1 ^(a)3.35%, 11/15/2043		1,815,424

TOTAL MORTGAGE-BACKED SECURITIES — 30.30% (Cost $282,537,180)			$	289,251,309


MUNICIPAL BONDS AND NOTES
	500,000	Indianapolis Local Public Improvement Bond Bank 6.00%, 01/15/2040		631,990
	1,000,000	New York State Dormitory Authority Series C 4.55%, 02/15/2021		1,172,900

TOTAL MUNICIPAL BONDS AND NOTES — 0.19% (Cost $1,497,453)			$	1,804,890


U.S. GOVERNMENT AGENCY BONDS AND NOTES
		Federal Home Loan Bank
	1,300,000	5.25%, 06/18/2014		1,380,223
	5,250,000	5.50%, 08/13/2014		5,633,906
	1,250,000	4.75%, 12/16/2016 ^(d)		1,442,698
		Federal Home Loan Mortgage Corp
	2,500,000	3.00%, 07/28/2014		2,590,240
	750,000	1.00%, 08/20/2014		757,730
	1,250,000	2.88%, 02/09/2015		1,309,648
	4,000,000	0.50%, 04/17/2015		4,015,636
	1,500,000	5.25%, 04/18/2016		1,717,951
	1,250,000	5.50%, 07/18/2016		1,454,124
	1,000,000	3.75%, 03/27/2019		1,146,502


Principal Amount			Value

U.S. Government Agency Bonds and Notes – (continued)
		Federal National Mortgage Association
$	750,000	2.50%, 05/15/2014 ^(d)	$	769,350
	1,000,000	1.13%, 06/27/2014		1,011,430
	750,000	3.00%, 09/16/2014 ^(d)		780,728
	1,500,000	5.00%, 04/15/2015 ^(d)		1,642,687
	1,000,000	4.38%, 10/15/2015		1,100,422
	3,250,000	1.25%, 09/28/2016		3,328,572
	2,700,000	5.00%, 05/11/2017		3,170,278
	500,000	Resolution Funding Corp Series B 9.38%, 10/15/2020		778,328
		Tennessee Valley Authority
	750,000	3.88%, 02/15/2021		869,867
	1,750,000	1.88%, 08/15/2022		1,728,575
	1,260,000	7.13%, 05/01/2030		1,896,209

TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 4.04% (Cost $37,148,696)			$	38,525,104


U.S. TREASURY BONDS AND NOTES
		United States Treasury Note/Bond
	2,000,000	1.88%, 04/30/2014		2,036,484
	4,000,000	1.00%, 05/15/2014		4,036,408
	2,000,000	0.75%, 06/15/2014		2,013,360
	8,500,000	0.13%, 07/31/2014		8,491,032
	2,000,000	2.63%, 07/31/2014		2,064,610
	1,750,000	0.50%, 08/15/2014		1,757,040
	9,400,000	0.25%, 08/31/2014		9,404,775
	3,250,000	2.38%, 08/31/2014		3,349,151
	1,700,000	0.25%, 09/15/2014		1,700,864
	5,500,000	0.50%, 10/15/2014		5,523,204
	7,000,000	0.25%, 10/31/2014		7,003,010
	1,500,000	2.38%, 10/31/2014		1,550,742
	2,250,000	0.38%, 11/15/2014		2,255,362
	4,500,000	2.63%, 12/31/2014		4,687,209
	4,000,000	0.25%, 01/15/2015		4,000,780
	1,000,000	0.25%, 02/15/2015		999,961
	7,900,000	4.00%, 02/15/2015		8,453,000
	2,000,000	0.25%, 02/28/2015		2,000,156
	1,000,000	2.50%, 03/31/2015		1,044,766
	2,900,000	0.38%, 04/15/2015		2,906,345
	750,000	2.13%, 05/31/2015		779,825
	2,000,000	1.88%, 06/30/2015		2,071,406
	4,200,000	0.25%, 07/15/2015		4,196,720
	2,000,000	1.75%, 07/31/2015		2,067,968
	8,200,000	4.25%, 08/15/2015		8,966,831
	4,400,000	0.25%, 09/15/2015		4,393,814
	5,250,000	1.25%, 09/30/2015		5,373,459
	1,000,000	0.38%, 11/15/2015		1,001,562
	5,800,000	4.50%, 11/15/2015		6,431,202
	4,500,000	1.38%, 11/30/2015		4,624,452
	3,700,000	2.13%, 12/31/2015		3,880,664
	6,600,000	2.00%, 04/30/2016		6,926,390
	1,350,000	7.25%, 05/15/2016		1,636,454
	1,000,000	1.75%, 05/31/2016		1,042,500
	2,000,000	3.25%, 05/31/2016		2,179,376
	2,650,000	1.50%, 06/30/2016		2,742,957
	2,500,000	3.25%, 06/30/2016		2,728,515
	1,000,000	3.25%, 07/31/2016		1,093,672


Principal Amount			Value

U.S. Treasury Bonds and Notes – (continued)
$	4,800,000	4.88%, 08/15/2016 ^(d)	$	5,512,502
	750,000	1.00%, 08/31/2016		764,004
	3,900,000	1.00%, 10/31/2016		3,972,212
	3,800,000	3.13%, 10/31/2016		4,157,436
	1,600,000	0.88%, 11/30/2016		1,622,000
	5,000,000	0.88%, 12/31/2016		5,067,580
	2,900,000	3.25%, 12/31/2016		3,195,211
	1,000,000	0.88%, 02/28/2017		1,012,812
	7,500,000	0.88%, 04/30/2017		7,589,647
	750,000	4.50%, 05/15/2017		869,531
	2,000,000	0.63%, 05/31/2017		2,002,500
	1,775,000	2.75%, 05/31/2017		1,932,670
	2,000,000	2.50%, 06/30/2017		2,158,750
	2,100,000	2.38%, 07/31/2017		2,256,679
	3,200,000	4.75%, 08/15/2017		3,770,000
	3,500,000	0.63%, 08/31/2017		3,496,444
	1,750,000	1.88%, 08/31/2017		1,844,063
	3,500,000	1.88%, 09/30/2017		3,687,852
	1,000,000	0.75%, 10/31/2017		1,002,891
	500,000	1.88%, 10/31/2017		526,875
	4,000,000	0.75%, 12/31/2017 ^(d)		4,005,312
	1,000,000	2.75%, 12/31/2017		1,095,625
	1,250,000	2.63%, 01/31/2018		1,362,989
	4,400,000	3.50%, 02/15/2018		4,981,627
	2,000,000	2.63%, 04/30/2018		2,183,750
	750,000	2.38%, 06/30/2018		809,766
	7,850,000	1.50%, 08/31/2018		8,115,550
	3,000,000	1.38%, 09/30/2018		3,080,625
	3,000,000	1.38%, 12/31/2018		3,073,593
	3,000,000	1.25%, 01/31/2019		3,049,923
	1,000,000	1.38%, 02/28/2019		1,022,578
	750,000	3.13%, 05/15/2019		844,922
	1,500,000	3.63%, 08/15/2019		1,737,188
	4,550,000	1.00%, 08/31/2019		4,518,719
	2,000,000	1.25%, 10/31/2019		2,014,688
	3,870,000	3.63%, 02/15/2020		4,496,456
	2,175,000	3.50%, 05/15/2020		2,511,446
	2,400,000	2.63%, 08/15/2020		2,621,438
	4,500,000	2.63%, 11/15/2020		4,908,163
	1,900,000	3.63%, 02/15/2021		2,213,500
	1,000,000	3.13%, 05/15/2021		1,126,016
	2,250,000	8.13%, 05/15/2021		3,410,860
	2,700,000	2.13%, 08/15/2021		2,821,500
	2,000,000	2.00%, 11/15/2021		2,062,500
	650,000	8.00%, 11/15/2021		990,438
	1,000,000	2.00%, 02/15/2022		1,028,047
	2,000,000	1.75%, 05/15/2022		2,005,782
	700,000	1.63%, 08/15/2022		690,976
	2,650,000	7.25%, 08/15/2022		3,936,077
	2,500,000	1.63%, 11/15/2022		2,455,665
	1,800,000	6.25%, 08/15/2023		2,547,562
	300,000	7.50%, 11/15/2024		470,438
	1,100,000	6.88%, 08/15/2025		1,667,359
	750,000	6.75%, 08/15/2026		1,139,180
	600,000	6.38%, 08/15/2027		892,875
	400,000	6.13%, 11/15/2027		583,812
	850,000	5.25%, 11/15/2028		1,151,485
	750,000	6.25%, 05/15/2030		1,132,617
	1,500,000	5.38%, 02/15/2031		2,086,641
	2,950,000	4.50%, 02/15/2036 ^(d)		3,746,960


Principal Amount			Value

U.S. Treasury Bonds and Notes – (continued)
$	2,000,000	4.75%, 02/15/2037	$	2,632,812
	1,500,000	4.38%, 02/15/2038		1,875,234
	1,750,000	4.50%, 05/15/2038		2,229,063
	1,100,000	3.50%, 02/15/2039		1,196,078
	1,000,000	4.38%, 11/15/2039		1,253,125
	3,500,000	4.63%, 02/15/2040		4,556,562
	2,775,000	4.38%, 05/15/2040		3,478,290
	2,150,000	3.88%, 08/15/2040		2,486,946
	1,500,000	4.38%, 05/15/2041		1,881,797
	3,500,000	3.13%, 11/15/2041		3,520,783
	1,750,000	3.13%, 02/15/2042		1,758,750
	7,450,000	2.75%, 08/15/2042		6,912,199

TOTAL U.S. TREASURY BONDS AND NOTES — 33.76% (Cost $311,622,787)			$	322,233,972


SHORT TERM INVESTMENTS
Reverse Repurchase Agreements — 3.38%
	16,000,000	Reverse repurchase agreement (principal amount/value $16,000,000 with a maturity value of $16,000,284) with Merrill Lynch, Pierce, Fenner & Smith, 0.16%, dated 3/28/13, to be repurchased at $16,000,284 on 4/1/13, collateralized by a U.S. Treasury Security, 0.25%, 7/15/15, with a value of $16,320,078.		16,000,000

	3,864,175	Reverse repurchase agreement (principal amount/value $3,864,175 with a maturity value of $3,864,570) with HSBC Securities (USA) Inc, 0.22%, dated 3/28/13, to be repurchased at $3,864,570 on 4/1/13, collateralized by Federal National Mortgage Association, 2.50% - 4.00%, 1/1/28 - 1/1/41, with a value of $3,941,800.		3,864,175

	3,864,175	Reverse repurchase agreement (principal amount/value $3,864,175 with a maturity value of $3,864,575) with BNP Paribas Securities Corp, 0.23%, dated 3/28/13, to be repurchased at $3,864,575 on 4/1/13, collateralized by various U.S. Government Acency Securities, 3.00% - 6.00%, 5/15/24 - 3/1/43, with a value of $3,941,766.		3,864,175


Principal Amount			Value

$	3,864,174	Undivided interest of 4.44% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $3,864,174 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.	$	3,864,174


TOTAL SHORT TERM INVESTMENTS — 3.38% (Cost $32,268,913)			$	32,268,913


TOTAL INVESTMENTS — 101.79% (Cost $939,895,221)			$	971,689,219

OTHER ASSETS & LIABILITIES, NET — (1.79)%			$	(17,067,407	)

TOTAL NET ASSETS — 100.00%			$	954,621,812

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Fixed income investments are valued using evaluated bid prices from approved pricing services, or in the event a price is not available from a pricing service, may be model priced or priced on the basis of quotations from brokers or dealers.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, 100% of the Fund’s investments are valued using Level 2 inputs. A breakdown of the Fund’s sector and industry classifications is included in the Schedule of Investments. The Fund recognizes transfers between the levels as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities. The prices of mortgage-backed and asset-backed securities are sensitive to the rate of principal prepayments on the underlying assets.

The Fund may hold bonds which are rated below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are traded, may be less liquid than the market for higher grade bonds.

The Fund may own certain investment securities which are restricted as to resale. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance. These securities are deemed illiquid unless it is otherwise determined that such securities are liquid pursuant to the Board-approved guidelines established in Great-West Funds’ Policy and Procedures regarding Liquidity.

The Fund may own certain investment securities that have been deemed illiquid because no quoted market exists. These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term.

The Fund, along with certain other funds of Great-West Funds, may invest in repurchase agreement transactions and/or hold repurchase agreement positions as a form of security lending collateral, that are jointly collateralized by various U.S. Government or U.S. Government Agency securities.

Dividends from net investment income of the Fund, if any, are declared and paid quarterly. Income dividends are reinvested in additional shares at net asset value. Dividends from capital gains of the Fund, if any, are declared and reinvested at least annually in additional shares at net asset value.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $939,897,421. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $34,165,494 and gross depreciation of securities in which there was an excess of tax cost over value of $2,373,696 resulting in net appreciation of $31,791,798.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. As of March 28, 2013 the Fund had securities on loan valued at $15,922,382 and received collateral of $32,268,913 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Principal Amount					Value

ASSET-BACKED SECURITIES
$	2,150,000	Ally Master Owner Trust ^(a)Series 2011-1, Class A1 1.07%, 01/15/2016		$		2,161,528
	2,900,000	Float Series 2011-4, Class A1 1.00%, 09/15/2016				2,923,664
	4,000,000	Float Series 2010-4, Class A 1.27%, 08/15/2017				4,060,548
	2,000,000	American Express Credit Account Master Trust Float Series 2010-1, Class B^(a)0.80%, 11/16/2015				2,000,420
	2,575,000	American Express Credit Account Secured Note Trust Float Series 2012-4, Class C^(a)(b)1.00%, 05/15/2020				2,592,489
	875,000	AmeriCredit Automobile Receivables Trust Series 2013-1, Class D 2.09%, 02/08/2019				875,606
	3,800,000	BMW Floorplan Master Owner Trust Float Series 2012-1A, Class A^(a)(b)0.60%, 09/15/2017				3,811,708
	5,000,000	Citibank Omni Master Trust Float Series 2009-A14A, Class A14^(a)(b)2.95%, 08/15/2018				5,175,780
	1,200,000	Discover Card Master Trust Series 2012-B3, Class B3^(a)0.65%, 05/15/2018				1,203,186
		Ford Credit Floorplan Master Owner Trust^(a)
	2,000,000	Float Series 2012-1, Class A 0.67%, 01/15/2016				2,005,200
	1,675,000	Float Series 2011-1, Class A2 0.80%, 02/15/2016				1,681,531
	4,000,000	Float Series 2010-3, Class A2 1.90%, 02/15/2017^(b)				4,110,048
		GE Dealer Floorplan Master Note Trust^(a)
	4,000,000	Float Series 2012, Class A 0.77%, 02/20/2017				4,021,344
	3,000,000	Float Series 2012-3, Class A 0.69%, 06/20/2017				3,013,521
	2,250,000	Santander Drive Auto Receivables Trust Series 2013-1, Class C 1.76%, 01/15/2019				2,265,829
	175,000	Series 2013-1, Class D 2.27%, 01/15/2019				175,004
	1,000,000	SMART Trust Series 2012-4US, Class A4B^(a)0.90%, 08/14/2018				1,003,612

TOTAL ASSET-BACKED SECURITIES — 7.73% (Cost $42,992,172)			$			43,081,018


Principal Amount				Value

BONDS AND NOTES
Basic Materials — 2.42%
$	384,000	Albemarle Corp 5.10%, 02/01/2015	$		410,294
	225,000	Anglo American Capital PLC^(b)2.63%, 04/03/2017			230,355
	250,000	4.45%, 09/27/2020			267,570
	315,000	AngloGold Ashanti Holdings PLC 5.13%, 08/01/2022			319,315
	50,000	Ashland Inc (b)
		3.88%, 04/15/2018			50,625
	50,000	4.75%, 08/15/2022			50,875
	200,000	Braskem Finance Ltd^(b)5.75%, 04/15/2021			209,700
	200,000	Carpenter Technology Corp 5.20%, 07/15/2021			214,798
	600,000	4.45%, 03/01/2023			616,177
	200,000	Cia Minera Milpo SAA^(b)4.63%, 03/28/2023			198,800
	50,000	Clearwater Paper Corp^(b)4.50%, 02/01/2023			49,000
	200,000	Corp Nacional del Cobre de Chile^(b)3.00%, 07/17/2022			195,400
	500,000	4.25%, 07/17/2042			459,165
	200,000	CSN Islands XI Corp 6.88%, 09/21/2019			221,841
	50,000	Eagle Spinco Inc^(b)4.63%, 02/15/2021			50,875
	235,000	Ecolab Inc 4.35%, 12/08/2021			259,287
	200,000	EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.13%, 12/12/2017			204,000
	50,000	Ferro Corp 7.88%, 08/15/2018			51,875
	250,000	Gold Fields Orogen Holding BVI Ltd^(b)4.88%, 10/07/2020			245,625
	400,000	Goldcorp Inc 2.13%, 03/15/2018			401,310
	2,250,000	3.70%, 03/15/2023			2,259,488
	125,000	Hexion US Finance Corp^(b)6.63%, 04/15/2020			125,312
		Hexion US Finance Corp / Hexion Nova Scotia Finance ULC
	100,000	8.88%, 02/01/2018			103,500
	75,000	9.00%, 11/15/2020			71,250
	200,000	Huntsman International LLC^(b)4.88%, 11/15/2020			201,500
	250,000	Incitec Pivot Finance LLC^(b)6.00%, 12/10/2019			290,108
	75,000	Longview Fibre Paper & Packaging Inc^(b)8.00%, 06/01/2016			78,563
	400,000	Mexichem SAB de CV^(b)4.88%, 09/19/2022			424,000
	50,000	Momentive Performance Materials Inc 10.00%, 10/15/2020			50,000
	125,000	OMNOVA Solutions Inc 7.88%, 11/01/2018			133,125


Principal Amount				Value

Basic Materials — (continued)
$	155,000	Praxair Inc 4.63%, 03/30/2015	$		167,442
	200,000	PTT Global Chemical PCL^(b)4.25%, 09/19/2022			208,736
	100,000	Rio Tinto Finance USA Ltd 6.50%, 07/15/2018			122,750
	200,000	Rohm & Haas Co 6.00%, 09/15/2017			234,876
		RPM International Inc
	225,000	6.50%, 02/15/2018			263,682
	110,000	6.13%, 10/15/2019			129,151
	200,000	Samarco Mineracao SA^(b)4.13%, 11/01/2022			194,600
	500,000	Sherwin-Williams Co 3.13%, 12/15/2014			520,139
	200,000	Sociedad Quimica y Minera de Chile SA^(b)3.63%, 04/03/2023			198,224
		Southern Copper Corp
	2,000,000	3.50%, 11/08/2022			1,990,430
	250,000	6.75%, 04/16/2040			281,841
	100,000	5.25%, 11/08/2042			94,687
	50,000	Steel Dynamics Inc^(b)5.25%, 04/15/2023			50,688
	125,000	Unifrax I LLC / Unifrax Holding Co^(b)7.50%, 02/15/2019			128,750
	200,000	US Coatings Acquisition Inc / Flash Dutch 2 BV^(b)7.38%, 05/01/2021			210,500
	250,000	Volcan Cia Minera SAA^(b)5.38%, 02/02/2022			264,548

					13,504,777


Communications — 3.40%
	150,000	AMC Networks Inc 4.75%, 12/15/2022			149,250
		America Movil SAB de CV
	250,000	5.75%, 01/15/2015			270,255
	100,000	5.00%, 10/16/2019			113,407
	420,000	AT&T Inc 4.45%, 05/15/2021			472,622
		CCO Holdings LLC / CCO Holdings Capital Corp
	100,000	7.25%, 10/30/2017^(b)			107,875
	50,000	7.38%, 06/01/2020			55,438
	50,000	6.63%, 01/31/2022			53,625
	75,000	5.13%, 02/15/2023			72,750
	150,000	5.75%, 09/01/2023^(b)			150,375
	75,000	Cequel Communications Holdings I LLC / Cequel Capital Corp^(b)6.38%, 09/15/2020			77,813
		Cisco Systems Inc
	100,000	5.50%, 02/22/2016			113,647
	400,000	3.15%, 03/14/2017			433,445
		Clear Channel Communications Inc^(b)
	200,000	9.00%, 03/01/2021			186,750
	50,000	11.25%, 03/01/2021			51,000


Principal Amount				Value

Communications — (continued)
		Clear Channel Worldwide Holdings Inc^(b)
$	225,000	7.63%, 03/15/2020	$		234,844
	125,000	6.50%, 11/15/2022			131,875
	175,000	CommScope Inc^(b)8.25%, 01/15/2019			189,875
	800,000	Corning Inc 4.75%, 03/15/2042			815,204
	112,000	COX Communications Inc 5.45%, 12/15/2014			120,962
	175,000	Crown Media Holdings Inc 10.50%, 07/15/2019			197,313
	150,000	Cumulus Media Holdings Inc^(c)7.75%, 05/01/2019			154,125
		Digicel Group Ltd^(b)
	200,000	10.50%, 04/15/2018			222,500
	200,000	8.25%, 09/30/2020			212,000
		Digicel Ltd^(b)
	150,000	8.25%, 09/01/2017			158,625
	200,000	6.00%, 04/15/2021			199,000
	500,000	DIRECTV Holdings LLC / DIRECTV Financing Co Inc 5.00%, 03/01/2021			556,206
	250,000	Discovery Communications LLC 5.05%, 06/01/2020			288,734
	175,000	DISH DBS Corp 5.88%, 07/15/2022			183,531
	150,000	Entercom Radio LLC 10.50%, 12/01/2019			172,500
	78,000	Entravision Communications Corp 8.75%, 08/01/2017			84,630
		Grupo Televisa SAB
	350,000	6.63%, 03/18/2025			441,258
	150,000	6.63%, 01/15/2040			182,692
	500,000	Historic TW Inc 6.88%, 06/15/2018			623,857
	200,000	IAC/InterActiveCorp^(b) 4.75%, 12/15/2022			195,500
		Intelsat Jackson Holdings SA^(b)
	225,000	7.50%, 04/01/2021			250,312
	50,000	6.63%, 12/15/2022			52,938
	150,000	Intelsat Luxembourg SA^(b)7.75%, 06/01/2021			152,625
	150,000	8.13%, 06/01/2023			152,438
	1,577,000	Interpublic Group of Cos Inc 2.25%, 11/15/2017			1,576,637
	100,000	Juniper Networks Inc 5.95%, 03/15/2041			111,461
	75,000	Lamar Media Corp 5.00%, 05/01/2023			75,000
	75,000	Level 3 Communications Inc^(b)8.88%, 06/01/2019			81,938
		Level 3 Financing Inc^(b)
	150,000	7.00%, 06/01/2020			157,125
	100,000	8.63%, 07/15/2020			111,500
	200,000	Lynx I Corp(b) 5.38%, 04/15/2021			208,000
		MetroPCS Wireless Inc^(b)
	100,000	7.88%, 09/01/2018^(c)			109,250
	150,000	6.63%, 04/01/2023			152,625


Principal Amount				Value

Communications — (continued)
$	300,000	New Cingular Wireless Services Inc 8.75%, 03/01/2031	$		467,055
	1,150,000	News America Inc 8.00%, 10/17/2016			1,411,871
	50,000	Nexstar Broadcasting Inc / Mission Broadcasting Inc 8.88%, 04/15/2017			55,000
	175,000	Nielsen Finance LLC / Nielsen Finance Co^(b) 4.50%, 10/01/2020			174,781
		Qtel International Finance Ltd^(b)
	200,000	4.75%, 02/16/2021			223,000
	200,000	3.88%, 01/31/2028			196,958
	100,000	Sirius XM Radio Inc^(b)5.25%, 08/15/2022			102,250
	325,000	Sprint Capital Corp 6.88%, 11/15/2028			332,312
		Sprint Nextel Corp
	100,000	7.00%, 03/01/2020^(b)			116,500
	475,000	6.00%, 11/15/2022			488,062
	200,000	Syniverse Holdings Inc 9.13%, 01/15/2019			219,500
	500,000	Telefonaktiebolaget LM Ericsson 4.13%, 05/15/2022			519,875
	300,000	Telefonica Emisiones SAU 7.05%, 06/20/2036			322,050
	100,000	Telemar Norte Leste SA^(b)5.50%, 10/23/2020			104,250
	100,000	Telemovil Finance Co Ltd^(b)8.00%, 10/01/2017			108,500
		Time Warner Inc
	250,000	3.40%, 06/15/2022			257,797
	250,000	6.10%, 07/15/2040			289,856
	100,000	Townsquare Radio LLC / Townsquare Radio Inc^(b)9.00%, 04/01/2019			109,250
	75,000	Truven Health Analytics Inc^(b)10.63%, 06/01/2020			85,500
	750,000	Viacom Inc 2.50%, 12/15/2016			781,461
		VimpelCom Holdings BV ^(b)
	200,000	7.50%, 03/01/2022			222,560
	250,000	5.95%, 02/13/2023			248,437
	100,000	Virgin Media Finance PLC 5.25%, 02/15/2022			101,625
	125,000	Visant Corp 10.00%, 10/01/2017			114,063
	180,000	Walt Disney Co 3.75%, 06/01/2021			198,484
	75,000	Windstream Corp^(b) 6.38%, 08/01/2023			74,438
	650,000	WPP Finance 2010 5.13%, 09/07/2042			639,780
	125,000	XM Satellite Radio Inc^(b)7.63%, 11/01/2018			137,969

					18,968,516


Principal Amount				Value

Consumer, Cyclical — 3.26%
$	125,000	Academy Ltd / Academy Finance Corp^(b)9.25%, 08/01/2019	$		140,937
	650,000	Advance Auto Parts Inc 4.50%, 01/15/2022			668,128
		Affinia Group Inc ^(b)
	125,000	9.00%, 11/30/2014			125,314
	18,000	10.75%, 08/15/2016			19,530
	100,000	Affinity Gaming LLC/Affinity Gaming Finance Corp^(b)9.00%, 05/15/2018			106,750
	75,000	Allison Transmission Inc^(b)7.13%, 05/15/2019			80,719
		American Axle & Manufacturing Inc
	150,000	7.75%, 11/15/2019			165,750
	125,000	6.25%, 03/15/2021^(c)			128,125
	50,000	6.63%, 10/15/2022^(c)			51,750
	117,000	American Casino & Entertainment Properties LLC / ACEP Finance Corp 11.00%, 06/15/2014			117,878
	175,000	Best Buy Co Inc^(a)7.25%, 07/15/2013			177,625
	125,000	Caesars Entertainment Operating Co Inc 11.25%, 06/01/2017			132,969
	200,000	Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp^(b)5.25%, 03/15/2021			198,750
	75,000	Chester Downs & Marina LLC^(b)9.25%, 02/01/2020			71,625
	50,000	Choice Hotels International Inc 5.75%, 07/01/2022			55,500
		Cinemark USA Inc^(b)
	100,000	8.63%, 06/15/2019			110,375
	50,000	5.13%, 12/15/2022			50,250
	50,000	Claire’s Stores Inc^(b)6.13%, 03/15/2020			51,250
	75,000	Cooper-Standard Automotive Inc 8.50%, 05/01/2018			81,750
		Daimler Finance North America LLC^(b)
	185,000	6.50%, 11/15/2013			191,829
	150,000	0.89%, 03/28/2014^(a)			150,378
	1,050,000	1.65%, 04/10/2015			1,062,429
	750,000	2.95%, 01/11/2017			786,769
	2,000,000	1.88%, 01/11/2018			2,015,500
	100,000	Delphi Corp 5.00%, 02/15/2023			105,750
	125,000	DineEquity Inc 9.50%, 10/30/2018			142,500
	150,000	Exide Technologies^(c)8.63%, 02/01/2018			128,812
	2,225,000	Ford Motor Co 4.75%, 01/15/2043			2,070,814
	200,000	Gajah Tunggal Tbk PT^(b)7.75%, 02/06/2018			207,000
	75,000	Gymboree Corp 9.13%, 12/01/2018			70,594


Principal Amount				Value

Consumer, Cyclical — (continued)
$	50,000	HD Supply Inc 10.50%, 01/15/2021	$		52,000
	150,000	Hillman Group Inc 10.88%, 06/01/2018			165,000
	750,000	Home Depot Inc 5.40%, 03/01/2016			849,211
	75,000	IDQ Holdings Inc^(b)11.50%, 04/01/2017			82,500
	125,000	International Automotive Components Group SA^(b)9.13%, 06/01/2018			123,750
	150,000	Jaguar Land Rover Automotive PLC^(b)5.63%, 02/01/2023			155,812
	125,000	Jo-Ann Stores Holdings Inc^(b)9.75%, 10/15/2019			131,250
	200,000	Jo-Ann Stores Inc^(b)8.13%, 03/15/2019			209,000
	100,000	L Brands Inc 5.63%, 02/15/2022			106,000
	175,000	Lear Corp^(b)4.75%, 01/15/2023			170,625
	225,000	Libbey Glass Inc 6.88%, 05/15/2020			242,719
	325,000	Marriott International Inc/DE 3.00%, 03/01/2019			340,449
		MGM Resorts International
	75,000	7.50%, 06/01/2016^(b)			83,063
	50,000	6.75%, 10/01/2020^(b)			53,000
	150,000	7.75%, 03/15/2022			166,500
	175,000	Michaels Stores Inc 7.75%, 11/01/2018			191,187
	125,000	New Academy Finance Co LLC / New Academy Finance Corp^(b)8.00%, 06/15/2018			129,375
	1,000,000	Nissan Motor Acceptance Corp^(b)1.95%, 09/12/2017			1,014,729
	125,000	Norcraft Cos LP / Norcraft Finance Corp 10.50%, 12/15/2015			130,937
	125,000	NPC International Inc / NPC Operating Co A Inc / NPC Operating Co B Inc 10.50%, 01/15/2020			145,625
	125,000	Party City Holdings Inc^(b)8.88%, 08/01/2020			137,187
	50,000	Penske Automotive Group Inc^(b)5.75%, 10/01/2022			52,125
	100,000	Petco Animal Supplies Inc^(b)9.25%, 12/01/2018			110,250
	125,000	Petco Holdings Inc^(b)8.50%, 10/15/2017			128,906
	125,000	Pittsburgh Glass Works LLC^(b)8.50%, 04/15/2016			127,187
	50,000	PVH Corp 4.50%, 12/15/2022			49,250
	50,000	Regal Entertainment Group 5.75%, 02/01/2025			49,125
	125,000	Royal Caribbean Cruises Ltd 5.25%, 11/15/2022			126,563


Principal Amount				Value

Consumer, Cyclical — (continued)
$	125,000	RSI Home Products Inc^(b)6.88%, 03/01/2018	$		126,875
	100,000	Sally Holdings LLC / Sally Capital Inc 6.88%, 11/15/2019			110,750
	200,000	Schaeffler Finance BV^(b)7.75%, 02/15/2017			225,250
	125,000	Seminole Hard Rock Entertainment Inc^(a)(b)(d)2.78%, 03/15/2014			124,688
	20,000	Seminole Indian Tribe of Florida^(b)7.80%, 10/01/2020			21,209
	225,000	Serta Simmons Holdings LLC^(b)8.13%, 10/01/2020			233,719
	50,000	Shearer’s Foods LLC / Chip Fin Corp^(b)9.00%, 11/01/2019			54,750
	150,000	Six Flags Entertainment Corp^(b)5.25%, 01/15/2021			150,187
	150,000	Station Casinos LLC^(b)7.50%, 03/01/2021			154,125
	84,000	Suburban Propane Partners LP/Suburban Energy Finance Corp 7.50%, 10/01/2018			91,140
	50,000	Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp^(b)8.63%, 04/15/2016			53,500
	125,000	Tomkins LLC / Tomkins Inc 9.00%, 10/01/2018			139,219
	75,000	Tower Automotive Holdings USA LLC / TA Holdings Finance Inc^(b)10.63%, 09/01/2017			83,625
	225,000	UCI International Inc 8.63%, 02/15/2019			232,875
	600,000	Volkswagen International Finance NV^(b)2.38%, 03/22/2017			622,003
	275,000	VWR Funding Inc^(b)7.25%, 09/15/2017			291,156
		Wal-Mart Stores Inc
	100,000	4.25%, 04/15/2013			100,133
	225,000	6.20%, 04/15/2038			296,815
	150,000	5.63%, 04/15/2041			187,615
	50,000	Wolverine World Wide Inc^(b)6.13%, 10/15/2020			53,063

					18,143,372


Consumer, Non-cyclical — 3.84%
	200,000	Ajecorp BV 6.50%, 05/14/2022			215,600
	50,000	Altegrity Inc^(b)(d)11.75%, 05/01/2016			35,000
	34,000	Altria Group Inc 9.25%, 08/06/2019			47,392
	225,000	ARAMARK Corp^(b)5.75%, 03/15/2020			230,062


Principal Amount				Value

Consumer, Non-cyclical — (continued)
$	500,000	Bacardi Ltd^(b) 7.45%, 04/01/2014	$		532,609
		Biomet Inc^(b)
	100,000	6.50%, 08/01/2020			106,125
	250,000	6.50%, 10/01/2020			257,031
	100,000	Boston Scientific Corp 4.50%, 01/15/2015			106,085
	450,000	Bottling Group LLC 5.50%, 04/01/2016			511,681
	175,000	CDRT Holding Corp^(b) 9.25%, 10/01/2017			181,562
	300,000	Coca-Cola Femsa SAB de CV 4.63%, 02/15/2020			332,250
	2,750,000	ConAgra Foods Inc 3.20%, 01/25/2023			2,740,963
	200,000	Constellation Brands Inc 6.00%, 05/01/2022			218,500
	100,000	CoreLogic Inc/United States 7.25%, 06/01/2021			110,500
	50,000	CRC Health Corp^(d) 10.75%, 02/01/2016			50,500
	150,000	Dean Foods Co 9.75%, 12/15/2018			173,625
	325,000	Del Monte Corp 7.63%, 02/15/2019			337,187
		DJO Finance LLC / DJO Finance Corp
	50,000	9.75%, 10/15/2017			52,125
	250,000	7.75%, 04/15/2018			255,000
	50,000	9.88%, 04/15/2018			54,875
	300,000	Eli Lilly & Co 5.20%, 03/15/2017			347,731
	200,000	Emergency Medical Services Corp 8.13%, 06/01/2019			219,500
		ERAC USA Finance LLC^(b)
	275,000	2.75%, 03/15/2017			286,467
	700,000	5.25%, 10/01/2020			812,700
	125,000	Garda World Security Corp^(b) 9.75%, 03/15/2017			134,063
	75,000	Grifols Inc 8.25%, 02/01/2018			82,500
	110,000	Grupo Bimbo SAB de CV^(b) 4.50%, 01/25/2022			119,237
	325,000	Hawk Acquisition Sub Inc^(b) 4.25%, 10/15/2020			325,406
	300,000	HCA Holdings Inc 6.25%, 02/15/2021			319,875
		HCA Inc
	350,000	7.50%, 02/15/2022			402,500
	275,000	5.88%, 03/15/2022			296,312
		Hertz Corp
	200,000	6.75%, 04/15/2019			218,250
	50,000	5.88%, 10/15/2020			52,750
	200,000	IASIS Healthcare LLC / IASIS Capital Corp 8.38%, 05/15/2019			210,250
	175,000	Igloo Holdings Corp^(b) 8.25%, 12/15/2017			179,156
	150,000	Interactive Data Corp 10.25%, 08/01/2018			170,250


Principal Amount				Value

Consumer, Non-cyclical — (continued)
$	150,000	Iron Mountain Inc 7.75%, 10/01/2019	$		166,688
	50,000	Jaguar Holding Co I^(b) 9.38%, 10/15/2017			53,688
	100,000	Jaguar Holding Co II / Jaguar Merger Sub Inc^(b) 9.50%, 12/01/2019			114,750
	150,000	Jarden Corp 7.50%, 05/01/2017			169,688
	50,000	Knowledge Universe Education LLC^(b) 7.75%, 02/01/2015			49,000
	225,000	Kroger Co 5.00%, 04/15/2013			225,346
	145,000	Laboratory Corp of America Holdings 3.75%, 08/23/2022			148,855
	100,000	Lender Processing Services Inc 5.75%, 04/15/2023			104,250
	840,000	Lorillard Tobacco Co 7.00%, 08/04/2041			995,195
	225,000	Michael Foods Group Inc 9.75%, 07/15/2018			250,312
	225,000	Michael Foods Holding Inc^(b) 8.50%, 07/15/2018			232,312
		Mondelez International Inc
	250,000	5.25%, 10/01/2013			255,736
	250,000	6.50%, 02/09/2040			324,644
	75,000	Monitronics International Inc 9.13%, 04/01/2020			79,313
	100,000	Moody’s Corp 5.50%, 09/01/2020			109,206
	200,000	MultiPlan Inc^(b) 9.88%, 09/01/2018			222,250
	125,000	Omnicare Inc 7.75%, 06/01/2020			138,438
	450,000	Pernod-Ricard SA^(b) 4.25%, 07/15/2022			487,333
	150,000	Pharmacia Corp 6.50%, 12/01/2018			189,764
	450,000	Philip Morris International Inc 5.65%, 05/16/2018			540,335
	200,000	Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp 8.25%, 09/01/2017			214,875
	175,000	Prestige Brands Inc 8.13%, 02/01/2020			197,531
	200,000	Quest Diagnostics Inc 6.40%, 07/01/2017			233,809
	200,000	Reynolds American Inc 7.75%, 06/01/2018			252,918
		Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
	200,000	9.00%, 04/15/2019			211,500
	250,000	9.88%, 08/15/2019			274,062
	200,000	5.75%, 10/15/2020			203,750
	225,000	8.25%, 02/15/2021			231,750
	350,000	SABMiller Holdings Inc^(b)
		2.45%, 01/15/2017			364,348


Principal Amount				Value

Consumer, Non-cyclical — (continued)
		ServiceMaster Co/TN
$	150,000	8.00%, 02/15/2020	$		160,875
	125,000	7.00%, 08/15/2020^(b)			129,375
	75,000	7.45%, 08/15/2027^(b)			64,875
	125,000	Smithfield Foods Inc 7.75%, 07/01/2017			144,844
	175,000	Spectrum Brands Inc 6.75%, 03/15/2020			188,781
	125,000	Tenet Healthcare Corp^(b) 4.50%, 04/01/2021			122,500
		TransUnion Holding Co Inc^(b)
	50,000	8.13%, 06/15/2018			53,375
	200,000	9.63%, 06/15/2018			217,500
	500,000	Tyson Foods Inc 4.50%, 06/15/2022			544,062
		United Rentals North America Inc
	50,000	5.75%, 07/15/2018			54,188
	100,000	8.38%, 09/15/2020			111,500
	125,000	United Surgical Partners International Inc 9.00%, 04/01/2020			141,563
	400,000	UnitedHealth Group Inc 6.00%, 02/15/2018			483,644
	175,000	Universal Hospital Services Inc 7.63%, 08/15/2020			188,344
	400,000	US Foods Inc^(b) 8.50%, 06/30/2019			424,500
	175,000	Vanguard Health Holding Co II LLC / Vanguard Holding Co II Inc 8.00%, 02/01/2018			186,156
	150,000	Verisk Analytics Inc 4.13%, 09/12/2022			155,172
	100,000	Yankee Candle Co Inc 9.75%, 02/15/2017			103,751
	175,000	YCC Holdings LLC / Yankee Finance Inc 10.25%, 02/15/2016			180,469

					21,422,739


Diversified — 0.29%
	250,000	Hutchison Whampoa International 09 Ltd^(b) 7.63%, 04/09/2019			320,433
	750,000	Hutchison Whampoa International 11 Ltd^(b) 3.50%, 01/13/2017			798,472
	100,000	Hutchison Whampoa International 12 Ltd^(a)(e) 6.00%, Perpetual			106,750
	400,000	Tenedora Nemak SA de CV^(b) 5.50%, 02/28/2023			405,000

					1,630,655


Energy — 3.62%
		Access Midstream Partners LP / ACMP Finance Corp
	75,000	6.13%, 07/15/2022			80,438
	125,000	4.88%, 05/15/2023			123,438


Principal Amount				Value

Energy — (continued)
$	200,000	Antero Resources Finance Corp^(b) 6.00%, 12/01/2020	$		209,000
	50,000	ATP Oil & Gas Corp/United States^(f) 11.88%, 05/01/2015			3,500
	50,000	Basic Energy Services Inc 7.75%, 02/15/2019			51,125
	50,000	BP Capital Markets PLC 3.13%, 10/01/2015			52,794
	400,000	Canadian Natural Resources Ltd 5.85%, 02/01/2035			462,938
	150,000	Carrizo Oil & Gas Inc 7.50%, 09/15/2020			160,125
		Chaparral Energy Inc
	50,000	9.88%, 10/01/2020			57,750
	100,000	7.63%, 11/15/2022			109,250
		Chesapeake Energy Corp
	75,000	6.78%, 03/15/2019			78,281
	300,000	6.88%, 11/15/2020			327,000
	125,000	Chesapeake Oilfield Operating LLC / Chesapeake Oilfield Finance Inc^(b) 6.63%, 11/15/2019			128,750
	125,000	Cie Generale de Geophysique - Veritas 7.75%, 05/15/2017			128,750
	150,000	Citgo Petroleum Corp 11.50%, 07/01/2017			171,937
	500,000	CNPC HK Overseas Capital Ltd^(b) 5.95%, 04/28/2041			605,770
	50,000	Concho Resources Inc 7.00%, 01/15/2021			55,000
	130,000	Conoco Funding Co 7.25%, 10/15/2031			185,354
	500,000	ConocoPhillips Australia Funding Co 5.50%, 04/15/2013			500,840
	100,000	Copano Energy LLC / Copano Energy Finance Corp 7.13%, 04/01/2021			115,500
		El Paso LLC
	50,000	7.25%, 06/01/2018			57,368
	150,000	6.50%, 09/15/2020			165,720
		Enbridge Energy Partners LP
	600,000	4.75%, 06/01/2013			632,327
	690,000	5.50%, 09/15/2040			715,938
	155,000	Enbridge Inc 5.60%, 04/01/2017			178,411
	200,000	Energy Transfer Equity LP 7.50%, 10/15/2020			230,500
		Energy XXI Gulf Coast Inc
	100,000	9.25%, 12/15/2017			113,000
	25,000	7.75%, 06/15/2019			26,813
	225,000	EP Energy LLC / EP Energy Finance Inc 9.38%, 05/01/2020			259,875
	50,000	EPE Holdings LLC / EP Energy Bond Co Inc^(b) 8.13%, 12/15/2017			52,500


Principal Amount				Value

Energy — (continued)
$	75,000	Forbes Energy Services Ltd 9.00%, 06/15/2019	$		72,750
	225,000	Forest Oil Corp 7.25%, 06/15/2019			225,000
	200,000	Gazprom Neft OAO Via GPN Capital SA^(b) 4.38%, 09/19/2022			197,250
	100,000	Gazprom OAO Via Gaz Capital SA 8.63%, 04/28/2034			136,750
		Halcon Resources Corp^(b)
	125,000	9.75%, 07/15/2020			138,125
	50,000	8.88%, 05/15/2021			53,875
	400,000	Hess Corp 5.60%, 02/15/2041			429,550
		Holly Energy Partners LP / Holly Energy Finance Corp^(b)
	50,000	8.25%, 03/15/2018			54,125
	50,000	6.50%, 03/01/2020			53,125
		Husky Energy Inc
	150,000	6.15%, 06/15/2019			181,019
	925,000	3.95%, 04/15/2022			989,613
	150,000	Inergy Midstream LP / NRGM Finance Corp^(b) 6.00%, 12/15/2020			156,000
	200,000	KazMunaiGaz Finance Sub BV^(b) 6.38%, 04/09/2021			232,750
		Kinder Morgan Energy Partners LP
	500,000	5.13%, 11/15/2014			597,190
	200,000	5.95%, 02/15/2018			238,452
	125,000	Kodiak Oil & Gas Corp^(b) 5.50%, 01/15/2021			130,938
		Linn Energy LLC / Linn Energy Finance Corp
	100,000	6.50%, 05/15/2019			104,625
	75,000	8.63%, 04/15/2020			82,688
	75,000	7.75%, 02/01/2021			80,438
	50,000	Lone Pine Resources Canada Ltd^(c) 10.38%, 02/15/2017			44,750
	200,000	Lukoil International Finance BV^(b) 6.13%, 11/09/2020			227,000
		Marathon Petroleum Corp
	700,000	5.13%, 03/01/2021			816,431
	500,000	6.50%, 03/01/2041			621,686
		MarkWest Energy Partners LP / MarkWest Energy Finance Corp
	97,000	6.25%, 06/15/2022			104,518
	50,000	4.50%, 07/15/2023			48,938
	685,000	Nabors Industries Inc 5.00%, 09/15/2020			730,605
	250,000	Newfield Exploration Co 5.63%, 07/01/2024			258,125
		Oasis Petroleum Inc
	100,000	6.50%, 11/01/2021			109,000
	75,000	6.88%, 01/15/2023			82,500
	272,000	Pacific Rubiales Energy Corp^(b) 7.25%, 12/12/2021			309,128
	100,000	Petrobras International Finance Co - Pifco 2.88%, 02/06/2015			102,076


Principal Amount				Value

Energy — (continued)
		Petrobras International Finance Co - Pifco
$	100,000	7.88%, 03/15/2019	$		121,664
	100,000	5.38%, 01/27/2021			107,899
	900,000	Petroleos de Venezuela SA 8.50%, 11/02/2017			875,250
		Petroleos Mexicanos^(b)
	300,000	3.50%, 01/30/2023			299,250
	500,000	6.50%, 06/02/2041			588,750
	285,000	Phillips 66 4.30%, 04/01/2022			312,862
	150,000	Range Resources Corp^(b) 5.00%, 03/15/2023			153,375
	40,000	Regency Energy Partners LP / Regency Energy Finance Corp 9.38%, 06/01/2016			42,400
	250,000	Reliance Industries Ltd^(b)^(e) 5.88%, Perpetual			244,062
	200,000	Sabine Pass Liquefaction LLC^(b) 5.63%, 02/01/2021			207,500
		SandRidge Energy Inc
	50,000	7.50%, 03/15/2021			52,000
	100,000	8.13%, 10/15/2022			106,750
	200,000	Sasol Financing International PLC 4.50%, 11/14/2022			197,750
		SESI LLC
	75,000	6.38%, 05/01/2019			80,625
	50,000	7.13%, 12/15/2021			55,938
	50,000	Southern Star Central Corp 6.75%, 03/01/2016			50,625
	365,000	Talisman Energy Inc 5.50%, 05/15/2042			379,629
	50,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp 6.88%, 02/01/2021			54,750
	250,000	Thai Oil PCL^(b) 4.88%, 01/23/2043			242,155
	28,000	Thermon Industries Inc 9.50%, 05/01/2017			31,080
	200,000	Transportadora de Gas Internacional SA ESP 5.70%, 03/20/2022			218,000
		Valero Energy Corp
	50,000	4.75%, 04/01/2014			52,031
	150,000	9.38%, 03/15/2019			204,642
	400,000	7.50%, 04/15/2032			520,106
	175,000	W&T Offshore Inc 8.50%, 06/15/2019			190,312
	300,000	Williams Partners LP 5.25%, 03/15/2020			341,875
		XTO Energy Inc
	105,000	6.75%, 08/01/2037			156,513
	300,000	6.38%, 06/15/2038			427,016
	200,000	Zhaikmunai LP Via Zhaikmunai International BV^(b) 7.13%, 11/13/2019			213,500

					20,177,321


Principal Amount				Value

Financial — 13.03%
		ACE INA Holdings Inc
$	200,000	5.60%, 05/15/2015	$		220,348
	10,000	5.70%, 02/15/2017			11,672
		Aflac Inc
	265,000	2.65%, 02/15/2017			278,600
	300,000	8.50%, 05/15/2019			405,450
	600,000	Alexandria Real Estate Equities Inc 4.60%, 04/01/2022			646,605
		Ally Financial Inc
	50,000	8.30%, 02/12/2015			55,500
	125,000	5.50%, 02/15/2017			135,218
	325,000	6.25%, 12/01/2017			363,448
	175,000	8.00%, 03/15/2020			217,000
	862,000	American Express Co 2.65%, 12/02/2022			844,719
		American Express Credit Corp
	400,000	5.88%, 05/02/2013			401,742
	125,000	2.75%, 09/15/2015			130,697
	350,000	American Honda Finance Corp^(b) 4.63%, 04/02/2013			350,000
	250,000	American Tower Corp 4.50%, 01/15/2018			274,949
	80,000	Associated Banc-Corp 5.13%, 03/28/2016			87,482
	250,000	AvalonBay Communities Inc 5.70%, 03/15/2017			289,966
	250,000	Banco BTG Pactual SA/Cayman Islands 5.75%, 09/28/2022			251,538
	200,000	Banco Davivienda SA^(b) 2.95%, 01/29/2018			196,240
	150,000	Banco de Reservas de la Republica Dominicana^(b) 7.00%, 02/01/2023			150,000
		Banco do Brasil SA/Cayman^(b)
	260,000	6.25%, Perpetual^(e)			256,100
	300,000	3.88%, 10/10/2022			290,250
	150,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand^(b) 4.13%, 11/09/2022			150,750
		Bank of America Corp
	250,000	5.38%, 06/15/2014			262,498
	100,000	4.50%, 04/01/2015			105,962
	2,300,000	2.00%, 01/11/2018			2,289,059
	1,500,000	7.63%, 06/01/2019			1,905,417
	200,000	BBVA Banco Continental SA 5.00%, 08/26/2022			210,780
	200,000	BBVA Bancomer SA 7.25%, 04/22/2020			227,000
	125,000	Bear Stearns Cos LLC 5.70%, 11/15/2014			134,721
	300,000	Berkshire Hathaway Finance Corp 4.85%, 01/15/2015			323,049
	100,000	Berkshire Hathaway Inc^(a) 0.99%, 08/15/2014			100,957
	150,000	Caixa Economica Federal^(b) 3.50%, 11/07/2022			143,250
	250,000	Capital One Financial Corp 7.38%, 05/23/2014			268,368


Principal Amount				Value

Financial — (continued)
$	210,000	Chubb Corp 5.75%, 05/15/2018	$		255,240
		CIT Group Inc
	125,000	4.75%, 02/15/2015^(b)			130,938
	275,000	5.25%, 03/15/2018			297,000
	25,000	6.63%, 04/01/2018^(b)			28,500
		Citigroup Inc
	2,000	5.13%, 05/05/2014			2,091
	300,000	1.25%, 01/15/2016			299,638
	400,000	5.38%, 08/09/2020			468,298
	1,075,000	4.05%, 07/30/2022			1,110,500
	1,000,000	6.88%, 03/05/2038			1,311,996
	325,000	City National Corp^(c) 5.25%, 09/15/2020			365,204
	350,000	CME Group Inc^(b) 4.40%, 03/15/2018			394,945
	500,000	CNA Financial Corp 5.88%, 08/15/2020			588,609
	2,000,000	Credit Suisse USA Inc 4.88%, 01/15/2015			2,146,000
	199,000	Credito Real SAB de CV 10.25%, 04/14/2015			215,885
	2,750,000	Discover Bank/Greenwood de 2.00%, 02/21/2018			2,758,266
	250,000	Discover Financial Services 3.85%, 11/21/2022			257,322
	250,000	Fifth Third Bancorp 3.63%, 01/25/2016			267,251
	200,000	FMR LLC^(b) 7.57%, 06/15/2029			261,871
		Ford Motor Credit Co LLC
	500,000	3.00%, 06/12/2017			512,790
	3,700,000	2.38%, 01/16/2018			3,678,355
	20,000	Franklin Resources Inc 4.63%, 05/20/2020			23,128
		General Electric Capital Corp
	500,000	0.94%, 04/07/2014^(a)			501,920
	300,000	4.88%, 03/04/2015			323,621
	650,000	0.91%, 01/08/2016^(a)			653,206
	500,000	2.90%, 01/09/2017			527,701
	500,000	5.50%, 01/08/2020			592,483
	600,000	3.10%, 01/09/2023			594,038
	500,000	General Electric Capital Corp / LJ VP Holdings LLC^(b) 3.80%, 06/18/2019			538,194
		Goldman Sachs Group Inc
	15,000	6.15%, 04/01/2018			17,676
	750,000	5.38%, 03/15/2020			854,474
	1,250,000	5.25%, 07/27/2021			1,416,336
	750,000	6.13%, 02/15/2033			862,656
	250,000	Grupo Aval Ltd 4.75%, 09/26/2022			250,529
	175,000	Harley-Davidson Financial Services Inc^(b) 3.88%, 03/15/2016			187,926
		Hartford Financial Services Group Inc
	325,000	5.13%, 04/15/2022			374,870
	600,000	6.63%, 04/15/2042			784,253


Principal Amount			Value

Financial — (continued)
$	375,000	Health Care REIT Inc 4.13%, 04/01/2019	$	406,533
	1,325,000	Healthcare Trust of America Holdings LP^(b) 3.70%, 04/15/2023		1,323,980
	100,000	Horace Mann Educators Corp 6.85%, 04/15/2016		110,763
	290,000	HSBC Holdings PLC 5.10%, 04/05/2021		335,087
		HSBC USA Inc
	525,000	2.38%, 02/13/2015		540,183
	2,500,000	1.63%, 01/16/2018		2,497,672
		International Lease Finance Corp
	100,000	8.75%, 03/15/2017		117,625
	325,000	6.25%, 05/15/2019		355,875
	100,000	4.63%, 04/15/2021		99,750
	100,000	5.88%, 08/15/2022		107,781
	200,000	IPIC GMTN Ltd^(b) 6.88%, 11/01/2041		263,000
	50,000	Janus Capital Group Inc^(a) 6.70%, 06/15/2017		57,236
		Jefferies Group LLC
	550,000	5.13%, 01/20/2023		582,327
	870,000	6.50%, 01/20/2043		927,415
		JPMorgan Chase & Co
	550,000	4.50%, 01/24/2022		602,757
	3,000,000	3.20%, 01/25/2023		2,995,146
	200,000	Korea Development Bank 3.50%, 08/22/2017		214,756
	785,000	Legg Mason Inc 5.50%, 05/21/2019		852,655
		Liberty Mutual Group Inc^(b)
	235,000	5.00%, 06/01/2021		257,919
	2,350,000	4.95%, 05/01/2022		2,576,773
		Lincoln National Corp
	2,000,000	8.75%, 07/01/2019		2,710,804
	225,000	4.20%, 03/15/2022		244,230
	1,500,000	Merrill Lynch & Co Inc 5.70%, 05/02/2017		1,674,268
		MetLife Inc
	250,000	6.75%, 06/01/2016		293,897
	500,000	6.82%, 08/15/2018		623,266
	300,000	MetLife Institutional Funding II^(b) 1.63%, 04/02/2015		304,918
		Morgan Stanley
	550,000	4.75%, 04/01/2014^(c)		568,609
	320,000	3.80%, 04/29/2016		339,496
		National Rural Utilities Cooperative Finance Corp
	500,000	10.38%, 11/01/2018		729,708
	425,000	8.00%, 03/01/2032		624,965
	150,000	Nationwide Mutual Insurance Co^(b) 9.38%, 08/15/2039		217,129
		Neuberger Berman Group LLC / Neuberger Berman Finance Corp^(b)
	50,000	5.63%, 03/15/2020		52,375
	50,000	5.88%, 03/15/2022		52,875


Principal Amount				Value

Financial — (continued)
$	230,000	Northwestern Mutual Life Insurance Co^(b) 6.06%, 03/30/2040	$		288,800
	225,000	Nuveen Investments Inc^(b) 9.50%, 10/15/2020			235,125
	250,000	Pacific Life Global Funding^(b) 5.15%, 04/15/2013			250,393
		PNC Funding Corp
	165,000	5.63%, 02/01/2017			188,469
	250,000	5.13%, 02/08/2020			292,617
	100,000	Power Sector Assets & Liabilities Management Corp 7.39%, 12/02/2024			134,250
	2,000,000	Principal Financial Group Inc 3.13%, 05/15/2023			2,002,716
	300,000	ProLogis LP 6.30%, 06/01/2013			302,449
	100,000	Qatari Diar Finance QSC^(b) 5.00%, 07/21/2020			114,000
	200,000	Raymond James Financial Inc 4.25%, 04/15/2016			213,226
		RCI Banque SA^(b)
	250,000	4.60%, 04/12/2016			262,192
	2,900,000	3.50%, 04/03/2018			2,907,366
	150,000	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp^(b) 9.50%, 06/15/2019			163,875
	300,000	Santander US Debt SAU^(b) 3.78%, 10/07/2015			306,008
	300,000	Sberbank of Russia Via SB Capital SA^(b) 5.13%, 10/29/2022			299,625
	100,000	Simon Property Group LP 6.13%, 05/30/2018			122,177
	90,000	State Street Corp 4.30%, 05/30/2014			94,056
	250,000	Textron Financial Corp^(a)(b) 6.00%, 02/15/2067			226,250
	275,000	Travelers Cos Inc 5.50%, 12/01/2015			308,217
	200,000	Turkiye Garanti Bankasi AS^(b) 5.25%, 09/13/2022			208,250
	500,000	UDR Inc 4.63%, 01/10/2022			549,277
	250,000	US Bank NA 4.95%, 10/30/2014			266,343
	500,000	Wachovia Corp 5.75%, 02/01/2018			595,126
	800,000	Wells Fargo & Co 4.60%, 04/01/2021			913,643
		Wells Fargo Bank NA
	750,000	4.75%, 02/09/2015			801,331
	250,000	5.95%, 08/26/2036			308,767
	250,000	Westpac Banking Corp 4.88%, 11/19/2019			292,288


Principal Amount				Value

Financial — (continued)
$	400,000	Weyerhaeuser Co 7.38%, 10/01/2019	$		491,827

					72,633,481


Industrial — 2.06%
	75,000	ADS Waste Holdings Inc^(b) 8.25%, 10/01/2020			80,813
	50,000	Anixter Inc 5.63%, 05/01/2019			53,125
	300,000	Ardagh Packaging Finance PLC^(b) 9.13%, 10/15/2020			332,250
	150,000	B/E Aerospace Inc 5.25%, 04/01/2022			154,687
	100,000	Ball Corp 5.00%, 03/15/2022			104,000
	50,000	BC Mountain LLC / BC Mountain Finance Inc^(b) 7.00%, 02/01/2021			53,000
	175,000	Belden Inc^(b) 5.50%, 09/01/2022			179,375
	75,000	BOE Merger Corp^(b) 9.50%, 11/01/2017			80,719
		Building Materials Corp of America^(b)
	100,000	7.50%, 03/15/2020			109,250
	75,000	6.75%, 05/01/2021			81,937
		Burlington Northern Santa Fe LLC
	375,000	4.88%, 01/15/2015			402,028
	250,000	5.75%, 05/01/2040			299,508
	100,000	BWAY Holding Co 10.00%, 06/15/2018			112,000
	350,000	Caterpillar Inc 7.00%, 12/15/2013			366,266
	200,000	Cemex Finance LLC 9.50%, 12/14/2016			216,470
	150,000	Cleaver-Brooks Inc^(b) 8.75%, 12/15/2019			161,812
	175,000	Crown Americas LLC / Crown Americas Capital Corp IV^(b) 4.50%, 01/15/2023			169,750
	75,000	Dematic SA / DH Services Luxembourg Sarl^(b) 7.75%, 12/15/2020			78,000
	320,000	Dover Corp 5.45%, 03/15/2018			381,684
	100,000	Dynacast International LLC / Dynacast Finance Inc 9.25%, 07/15/2019			109,000
		Embraer Overseas Ltd
	150,000	6.38%, 01/24/2017			169,500
	50,000	6.38%, 01/15/2020			57,815
	100,000	Embraer SA 5.15%, 06/15/2022			108,875
	90,000	Emerson Electric Co 4.88%, 10/15/2019			106,651
	75,000	FGI Operating Co LLC / FGI Finance Inc^(b) 7.88%, 05/01/2020			78,750


Principal Amount				Value

Industrial — (continued)
		Flextronics International Ltd^(b)
$	75,000	4.63%, 02/15/2020	$		75,750
	75,000	5.00%, 02/15/2023			74,813
	125,000	General Cable Corp^(b) 5.75%, 10/01/2022			127,500
	125,000	Graphic Packaging International Inc 4.75%, 04/15/2021			126,562
	75,000	Greif Inc 7.75%, 08/01/2019			87,375
	120,000	Hubbell Inc 5.95%, 06/01/2018			143,749
		Interline Brands Inc
	50,000	7.50%, 11/15/2018			54,250
	150,000	10.00%, 11/15/2018^(b)			166,125
	100,000	JB Poindexter & Co Inc^(b) 9.00%, 04/01/2022			104,500
	150,000	Kemet Corp 10.50%, 05/01/2018			156,375
	50,000	Koppers Inc 7.88%, 12/01/2019			55,000
	150,000	Masonite International Corp^(b) 8.25%, 04/15/2021			166,500
	50,000	MasTec Inc 4.88%, 03/15/2023			49,500
	50,000	Maxim Crane Works LP / Maxim Finance Corp^(b) 12.25%, 04/15/2015			52,375
	50,000	Mcron Finance Sub LLC / Mcron Finance Corp^(b) 8.38%, 05/15/2019			55,250
	50,000	Milacron LLC / Mcron Finance Corp^(b) 7.75%, 02/15/2021			51,688
		Mueller Water Products Inc
	100,000	7.38%, 06/01/2017			102,875
	42,000	8.75%, 09/01/2020			47,775
	175,000	Nortek Inc 8.50%, 04/15/2021			194,250
		Odebrecht Finance Ltd
	200,000	6.00%, 04/05/2023			224,000
	100,000	7.50%, 09/29/2049^(b)			106,500
	75,000	Packaging Dynamics Corp^(b) 8.75%, 02/01/2016			78,469
	50,000	Pactiv LLC 7.95%, 12/15/2025			47,500
	350,000	Pentair Ltd 5.00%, 05/15/2021			388,142
	100,000	PHI Inc 8.63%, 10/15/2018			108,750
		Ply Gem Industries Inc
	50,000	9.38%, 04/15/2017			55,000
	175,000	8.25%, 02/15/2018^(c)			190,531
		Republic Services Inc
	750,000	5.25%, 11/15/2021			876,713
	250,000	6.20%, 03/01/2040			309,133
	225,000	Rexel SA^(b) 5.25%, 06/15/2020			227,812
	120,000	Rock Tenn Co 4.45%, 03/01/2019			130,200


Principal Amount				Value

Industrial — (continued)
$	250,000	Rockwell Collins Inc 3.10%, 11/15/2021	$		263,797
	75,000	Roofing Supply Group LLC / Roofing Supply Finance Inc^(b) 10.00%, 06/01/2020			84,750
	185,000	Roper Industries Inc 6.63%, 08/15/2013			188,929
	540,000	Ryder System Inc 3.15%, 03/02/2015			560,320
		Sealed Air Corp^(b)
	75,000	6.50%, 12/01/2020			82,125
	125,000	8.38%, 09/15/2021			143,125
	150,000	Silver II Borrower / Silver II US Holdings LLC^(b) 7.75%, 12/15/2020			159,750
	75,000	Stoneridge Inc^(b) 9.50%, 10/15/2017			80,625
	250,000	Timken Co 6.00%, 09/15/2014			265,977
		TransDigm Inc^(b)
	75,000	7.75%, 12/15/2018			82,312
	100,000	5.50%, 10/15/2020			104,250
	218,000	Union Pacific Corp 4.16%, 07/15/2022			245,480
	150,000	Valmont Industries Inc 6.63%, 04/20/2020			177,618
	100,000	Viasystems Inc^(b) 7.88%, 05/01/2019			104,500
	200,000	Voto-Votorantim Overseas Trading Operations NV 6.63%, 09/25/2019			230,000

					11,455,785


Technology — 1.04%
	125,000	Advanced Micro Devices Inc 7.75%, 08/01/2020			115,000
	50,000	Allen Systems Group Inc^(b)(d)(f) 10.50%, 11/15/2016			31,750
	75,000	Aspect Software Inc 10.63%, 05/15/2017			75,000
	150,000	Audatex North America Inc^(b) 6.75%, 06/15/2018			160,875
		CDW LLC / CDW Finance Corp
	57,000	12.54%, 10/12/2017			61,204
	150,000	8.50%, 04/01/2019			167,438
	175,000	Emdeon Inc 11.00%, 12/31/2019			201,687
	175,000	Epicor Software Corp 8.63%, 05/01/2019			189,437
		First Data Corp^(b)
	50,000	7.38%, 06/15/2019			53,188
	50,000	11.25%, 01/15/2021			52,000
	425,000	8.75%, 01/15/2022			449,437
	500,000	Fiserv Inc 6.80%, 11/20/2017			600,592
		Freescale Semiconductor Inc
	50,000	9.25%, 04/15/2018^(b)			54,875
	47,000	10.75%, 08/01/2020			53,345


Principal Amount				Value

Technology — (continued)
		Hewlett-Packard Co
$	150,000	6.13%, 03/01/2014	$		157,001
	250,000	2.13%, 09/13/2015			253,458
	275,000	3.30%, 12/09/2016			286,394
	100,000	iGATE Corp^(c) 9.00%, 05/01/2016			108,875
		Infor US Inc
	150,000	11.50%, 07/15/2018			176,250
	225,000	9.38%, 04/01/2019			255,094
	75,000	MagnaChip Semiconductor SA / MagnaChip Semiconductor Finance Co 10.50%, 04/15/2018			83,625
	75,000	MModal Inc^(b) 10.75%, 08/15/2020			64,500
		NCR Corp^(b)
	100,000	4.63%, 02/15/2021			99,500
	100,000	5.00%, 07/15/2022			100,250
	175,000	Nuance Communications Inc^(b) 5.38%, 08/15/2020			177,188
	200,000	NXP BV / NXP Funding LLC^(b) 5.75%, 02/15/2021			207,500
	100,000	Oracle Corp 6.50%, 04/15/2038			133,524
	125,000	Seagate HDD Cayman 7.00%, 11/01/2021			135,625
	50,000	Serena Software Inc 10.38%, 03/15/2016			50,750
	200,000	Sophia LP / Sophia Finance Inc^(b) 9.75%, 01/15/2019			223,000
	125,000	Southern Graphics Inc^(b) 8.38%, 10/15/2020			129,375
	125,000	Spansion LLC 7.88%, 11/15/2017			131,250
	200,000	SSI Investments II Ltd / SSI Co-Issuer LLC 11.13%, 06/01/2018			222,000
		SunGard Data Systems Inc^(b)
	50,000	6.63%, 11/01/2019			51,625
	125,000	7.63%, 11/15/2020			135,469
	325,000	Xerox Corp 2.95%, 03/15/2017			334,731

					5,782,812


Utilities — 3.11%
	200,000	Centrais Eletricas Brasileiras SA 5.75%, 10/27/2021			211,890
	250,000	Cleveland Electric Illuminating Co 5.95%, 12/15/2036			283,496
		Comision Federal de Electricidad^(b)
	200,000	4.88%, 05/26/2021			222,250
	200,000	5.75%, 02/14/2042			218,000
	1,300,000	Commonwealth Edison Co 5.80%, 03/15/2018			1,565,366
	150,000	Dubai Electricity & Water Authority^(b) 7.38%, 10/21/2020			182,250
	300,000	Duke Energy Indiana Inc 6.05%, 06/15/2016			343,966


Principal Amount				Value

Utilities — (continued)
$	1,225,000	Electricite de France SA^(b) 5.60%, 01/27/2040	$		1,383,307
		Enel Finance International NV^(b)
	1,500,000	3.88%, 10/07/2014			1,541,746
	1,000,000	6.00%, 10/07/2039			951,697
		Energy Future Intermediate Holding Co LLC / EFIH Finance Inc^(b)
	75,000	10.00%, 12/01/2020			85,031
	50,000	11.75%, 03/01/2022			57,500
	250,000	Exelon Generation Co LLC 5.75%, 10/01/2041			275,077
	1,400,000	FirstEnergy Corp 4.25%, 03/15/2023			1,415,932
	750,000	Florida Gas Transmission Co LLC^(b) 5.45%, 07/15/2020			871,566
	16,810	FPL Energy National Wind Portfolio LLC^(b)(d) 6.13%, 03/25/2019			14,812
	90,000	Great Plains Energy Inc 4.85%, 06/01/2021			100,527
	130,000	Majapahit Holding BV 7.75%, 01/20/2020			159,250
	300,000	MidAmerican Energy Co 4.65%, 10/01/2014			318,997
	550,000	MidAmerican Energy Holdings Co 5.95%, 05/15/2037			677,773
	2,775,000	National Fuel Gas Co 3.75%, 03/01/2023			2,813,420
	200,000	Northern States Power Co 5.25%, 03/01/2018			238,463
	275,000	NRG Energy Inc 7.63%, 05/15/2019			297,000
	750,000	Pacific Gas & Electric Co 6.05%, 03/01/2034			938,183
	410,000	PPL Capital Funding Inc 4.20%, 06/15/2022			432,094
	125,000	PPL Energy Supply LLC 6.00%, 12/15/2036			134,424
	250,000	PPL WEM Holdings PLC^(b) 5.38%, 05/01/2021			285,771
	250,000	Sempra Energy 9.80%, 02/15/2019			351,416
	350,000	Southern California Gas Co 5.50%, 03/15/2014			366,152
	250,000	TECO Finance Inc 5.15%, 03/15/2020			289,620
	300,000	Westar Energy Inc 5.88%, 07/15/2036			319,882

					17,346,858


TOTAL BONDS AND NOTES — 36.07% (Cost $191,682,538)			$		201,066,316


FOREIGN GOVERNMENT BONDS AND NOTES
	150,000	Argentina Boden Bonds 7.00%, 10/03/2015			126,750


Principal Amount				Value

Foreign Government Bonds and Notes – (continued)
		Argentine Republic Government International Bond
$	351,447	8.28%, 12/31/2033	$		189,782
	1,000,000	6.27%, 12/15/2035^(a)			55,000
	100,000	Banco de Credito del Peru/Panama^(b) 5.38%, 09/16/2020			109,000
	100,000	Brazilian Government International Bond 4.88%, 01/22/2021			116,000
		Colombia Government International Bond
	100,000	7.38%, 01/27/2017			121,900
	200,000	4.38%, 07/12/2021			223,700
	500,000	Corp Andina de Fomento 4.38%, 06/15/2022			542,784
		Indonesia Government International Bond
	200,000	6.63%, 02/17/2037			246,500
	200,000	5.25%, 01/17/2042^(b)			213,000
	200,000	Lithuania Government International Bond^(b) 6.63%, 02/01/2022			245,000
		Mexico Government International Bond
	300,000	5.95%, 03/19/2019			363,000
	200,000	5.13%, 01/15/2020			234,200
	200,000	3.63%, 03/15/2022			212,500
	100,000	4.75%, 03/08/2044			103,750
	301,000	Mexico Government International Bond Series A 6.75%, 09/27/2034			400,330
	100,000	Panama Government International Bond 6.70%, 01/26/2036			133,250
	100,000	Peruvian Government International Bond 6.55%, 03/14/2037			135,500
	150,000	Philippine Government International Bond 6.38%, 01/15/2032			193,687
	759,500	Russian Foreign Bond - Eurobond^(g) 3.07%, 03/31/2030			940,831
	100,000	Sri Lanka Government International Bond^(b) 6.25%, 10/04/2020			106,500
		Turkey Government International Bond
	350,000	5.63%, 03/30/2021			399,175
	1,000,000	3.25%, 03/23/2023			942,500
	100,000	6.88%, 03/17/2036			123,250
	300,000	Uruguay Government International Bond 7.63%, 03/21/2036			431,850


Principal Amount				Value

Foreign Government Bonds and Notes – (continued)
$	170,000	Venezuela Government International Bond
		9.38%, 01/13/2034	$		163,625
	200,000	Vnesheconombank Via VEB Finance PLC^(b)
		5.38%, 02/13/2017			214,980

TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 1.31% (Cost $6,839,702)			$		7,288,344


MORTGAGE-BACKED SECURITIES
		COMM 2012-CCRE1 Mortgage Trust
	1,420,000	Series 2012-CR1 , Class AM 3.91%, 05/15/2045			1,518,115
	2,150,000	Series 2012-CR1 , Class B 4.61%, 05/15/2045			2,355,542
	1,370,000	COMM 2012-LC4 Mortgage Trust Series 2012-LC4 , Class AM 4.06%, 12/10/2044			1,484,729
	1,500,000	COMM 2013-LC6 Mortgage Trust Series 2013-LC6 , Class B 3.74%, 01/10/2046			1,546,692
		Federal Home Loan Mortgage Corp
	167,767	5.50%, 02/01/2018			180,324
	89,854	4.00%, 12/01/2020			95,862
	31,252	4.50%, 04/01/2021			33,375
	68,609	6.00%, 05/01/2021			74,046
	31,634	4.50%, 07/01/2021			33,663
	65,000	5.00%, 03/01/2022			69,722
	39,403	6.00%, 11/01/2033			44,005
	73,192	6.00%, 04/01/2035			80,825
	147,555	4.50%, 05/01/2035			158,131
	558,242	5.50%, 08/01/2035			608,090
	140,131	4.50%, 11/01/2035			150,175
	59,453	6.50%, 02/01/2036			66,867
	97,234	4.50%, 03/01/2036			104,203
	82,688	6.00%, 03/01/2036			90,511
	113,055	5.50%, 06/01/2036			122,762
	74,487	5.88%, 07/01/2036^(a)			80,259
	473,069	5.50%, 08/01/2036			513,685
	2,254,440	5.00%, 04/01/2037			2,426,952
	955,784	2.81%, 05/01/2037^(a)			1,025,633
	95,142	6.00%, 08/01/2037			104,024
	107,043	7.00%, 08/01/2037			123,460
	644,112	5.00%, 04/01/2038			692,796
	2,016,010	5.50%, 05/01/2038			2,183,428
	879,416	4.50%, 03/01/2039			940,801
	2,496,872	4.50%, 05/01/2039			2,671,159
	522,290	4.00%, 09/01/2040			555,156
	2,370,491	5.00%, 09/01/2040			2,549,661
	583,097	3.50%, 12/01/2040			613,930
	3,088,013	4.00%, 12/01/2040			3,282,333
	3,448,985	5.00%, 02/01/2041			3,746,316
	3,434,552	3.50%, 12/01/2041			3,616,163
		Federal National Mortgage Association
	120,118	5.00%, 02/01/2018			129,928


Principal Amount				Value

Mortgage-Backed Securities – (continued)
$	234,586	4.50%, 06/01/2018	$		252,976
	3,269,848	3.50%, 01/01/2031			3,491,789
	62,755	4.50%, 08/01/2035			67,662
	224,147	6.00%, 02/01/2036			246,097
	293,984	5.50%, 03/01/2036			321,027
	285,168	6.50%, 06/01/2036			337,720
	556,258	6.00%, 02/01/2037			610,731
	512,950	6.00%, 03/01/2037			562,540
	3,952	6.50%, 04/01/2037			4,684
	257,819	6.00%, 08/01/2037			282,744
	176,318	6.50%, 08/01/2037			198,883
	3,712,837	4.50%, 07/01/2039			4,000,853
	1,730,631	4.00%, 10/01/2041			1,846,421
	3,154,557	3.50%, 12/01/2041			3,333,184
	5,302,728	4.00%, 12/01/2041			5,657,513
		Float Series 2012-1, Class F
	3,860,327	0.65%, 02/25/2042^(a)			3,889,314
	1,519,092	3.00%, 05/01/2042			1,568,079
	4,538,619	3.00%, 05/01/2042			4,684,978
	1,852,455	3.00%, 06/01/2042			1,912,192
	1,743,915	3.50%, 07/01/2042			1,842,665
	1,453,381	3.50%, 07/01/2042			1,535,678
	2,277,562	3.50%, 07/01/2042			2,406,529
	19,654,690	3.00%, 10/01/2042			20,288,501
	3,830,294	3.00%, 10/01/2042			3,953,811
	360,768	2.95%, 03/01/2047^(a)			378,717
	4,094,787	Freddie Mac REMICS Float Series 2976 , Class KJ^(a) 0.55%, 05/15/2035			4,109,094
	3,100,000	FREMF Mortgage Trust Series 2013-K25, Class B^(b) 3.62%, 11/25/2045			3,131,411
	1,826,445	Government National Mortgage Association Float Series 2011-H15, Class FA^(a) 0.65%, 06/20/2061			1,830,949
		GS Mortgage Securities Trust 2012-GCJ7
	1,500,000	Series 2012-GCJ7, Class AS 4.09%, 05/10/2045			1,634,457
	2,325,000	Series 2012-GCJ7, Class B 4.74%, 05/10/2045			2,604,795
	200,000	Merrill Lynch Mortgage Trust 2008-C1 Adjusted Series 2008-C1, Class AM^(a) 6.25%, 02/12/2051			236,070
	1,500,000	Morgan Stanley Capital I Trust 2007-IQ16 Series 2007-IQ16 , Class AM^(a) 6.10%, 12/12/2049			1,765,805
	1,850,000	Morgan Stanley Capital I Trust 2012-C4 Series 2012-C4 , Class AS 3.77%, 03/15/2045			1,967,364
	1,300,000	UBS-Citigroup Commercial Mortgage Trust 2011-C1 Series 2011-C1 , Class A3^(a) 3.60%, 01/10/2045			1,389,242


Principal Amount				Value

Mortgage-Backed Securities – (continued)
$	2,000,000	Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A2^(b) 4.39%, 11/15/2043	$		2,260,928
	350,000	WFRBS Commercial Mortgage Trust 2011-C6 SUB Series 2012-C6, Class B 4.70%, 04/15/2045			389,433

TOTAL MORTGAGE-BACKED SECURITIES — 21.36% (Cost $115,943,988)			$		119,068,159


MUNICIPAL BONDS AND NOTES
	500,000	City of Chicago IL 5.43%, 01/01/2042			510,630
	50,000	State of Illinois^(d)(h) 0.00%, 11/15/2016			63

TOTAL MUNICIPAL BONDS AND NOTES — 0.09% (Cost $500,558)			$		510,693

U.S. GOVERNMENT AGENCY BONDS AND NOTES
	2,500,000	Federal Home Loan Bank 5.00%, 11/17/2017			2,974,102
	1,000,000	Federal National Mortgage Association 0.88%, 08/28/2017			1,002,607

TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.71% (Cost $3,586,812)			$		3,976,709


U.S. TREASURY BONDS AND NOTES
	33,000,000	U.S. Treasury Inflation Indexed Bonds (TIPS) 0.63%, 07/15/2021			38,552,599
		United States Treasury Note/Bond
	150,000	4.13%, 05/15/2015⁽ⁱ⁾			162,187
	13,125,000	1.00%, 08/31/2016			13,370,070
	11,000,000	1.00%, 09/30/2016⁽ⁱ⁾			11,205,392
	20,000,000	0.88%, 11/30/2016			20,275,000
	59,950,000	0.50%, 07/31/2017			59,608,105
	13,000,000	0.63%, 08/31/2017			12,986,792

TOTAL U.S. TREASURY BONDS AND NOTES — 28.01% (Cost $154,669,663)			$		156,160,145


Shares				Value

COMMON STOCK
Consumer, Cyclical — 0.00%^(j)
	402	General Motors Co^(k)	$		11,184
	101	Motors Liquidation Co GUC Trust ^(k)			2,727

TOTAL COMMON STOCK — 0.00%^(j) (Cost $39,433)			$		13,911

WARRANTS
Consumer, Cyclical — 0.00%^(j)
	366	General Motors Co, expiring 7/10/2016^(k)			6,775
	366	General Motors Co, expiring 7/10/2019 ^(k)			4,315

TOTAL WARRANTS — 0.00% ^(j) (Cost $45,183)			$		11,090


Principal Amount

SHORT TERM INVESTMENTS
Foreign Government Bonds and Notes — 4.69%
$	26,140,000	International Bank for Reconstruction & Development 0.01%, 04/01/2013			26,139,978


U.S. Government Agency Bonds and Notes — 0.54%
	3,000,000	Federal Home Loan Bank
		0.01%, 04/10/2013			2,999,990


Reverse Repurchase Agreements — 0.32%
	420,022	Undivided interest of 0.48% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $420,022 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			420,022

	420,021	Undivided interest of 0.48% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $420,021 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			420,021


Principal Amount				Value

Short Term Investments – (continued)

$	420,022	Undivided interest of 0.50% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $420,022 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		420,022


					1,768,508


TOTAL SHORT TERM INVESTMENTS — 5.55% (Cost $30,908,476)			$		30,908,476


TOTAL INVESTMENTS — 100.83% (Cost $547,208,525)			$		562,084,861

OTHER ASSETS & LIABILITIES, NET — (0.83)%			$		(4,618,197)

TOTAL NET ASSETS — 100.00%			$		557,466,664

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Receipts or payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. When the Fund enters into a closing transaction, it will realize, for book purposes, a gain or loss equal to the difference between the value of the futures contract at the time it was opened or purchased and its value at the time it was closed.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $547,224,197. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $16,433,231 and gross depreciation of securities in which there was an excess of tax cost over value of $1,572,567 resulting in net appreciation of $14,860,664.

The Fund uses futures contracts to capitalize on expected changes in the shape of the yield curve and to control overall interest rate exposure. The use of futures contracts involves risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities. The Fund held an average of 598 futures contracts for the reporting period.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. As of March 28, 2013 the Fund had securities on loan valued at $1,731,438 and received collateral of $1,768,508 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 7.10%
	429,798	Alcoa Inc	$		3,661,879
	165,859	Commercial Metals Co			2,628,865
	8,943	Domtar Corp			694,156
	93,275	Huntsman Corp			1,733,982
	3,865	International Paper Co			180,032
	46,847	Kronos Worldwide Inc ^(a)			733,156
	26,744	Minerals Technologies Inc			1,110,143
	2,519	NewMarket Corp ^(a)			655,847
	36,758	Nucor Corp			1,696,382
	15,721	PPG Industries Inc			2,105,671
	30,167	Reliance Steel & Aluminum Co			2,146,985
	10,161	Sherwin-Williams Co			1,716,091
	66,411	United States Steel Corp ^(a)			1,295,014
	21,483	Valspar Corp			1,337,317
	33,304	WR Grace & Co ^(b)			2,581,393

					24,276,913


Communications — 4.83%
	26,154	AOL Inc			1,006,668
	59,764	Clearwire Corp Class A ^(b)			193,635
	10,043	DISH Network Corp Class A			380,630
	26,759	EchoStar Corp Class A ^(b)			1,042,798
	42,135	Expedia Inc			2,528,521
	13,863	General Cable Corp ^(b)			507,802
	19,881	Groupon Inc ^(a)(b)			121,672
	28,488	Harris Corp			1,320,134
	40,316	JDS Uniphase Corp ^(b)			539,025
	8,516	Liberty Global Inc Class C ^(b)			584,453
	178,647	Liberty Interactive Corp Class A ^(b)			3,819,473
	77,617	MetroPCS Communications Inc ^(b)			846,025
	24,433	Scholastic Corp			651,140
	452,821	Sprint Nextel Corp ^(b)			2,812,018
	3,469	VeriSign Inc ^(b)			164,014

					16,518,008


Consumer, Cyclical — 12.98%
	40,664	Alaska Air Group Inc ^(b)			2,600,869
	51,838	American Eagle Outfitters Inc			969,371
	42,282	AutoNation Inc ^(b)			1,849,837
	715	AutoZone Inc ^(b)			283,691
	9,951	Bally Technologies Inc ^(a)(b)			517,153
	5,178	BorgWarner Inc ^(b)			400,467
	11,101	Cinemark Holdings Inc			326,813
	4,191	Cintas Corp			184,949
	10,297	Delphi Automotive PLC			457,187
	142,960	Delta Air Lines Inc ^(b)			2,360,270
	1,988	Dillard’s Inc Class A			156,157
	24,503	Foot Locker Inc			838,983
	90,442	GameStop Corp Class A ^(a)			2,529,663
	3,777	Gap Inc			133,706
	32,027	Goodyear Tire & Rubber Co ^(b)			403,860
	3,805	Hanesbrands Inc ^(b)			173,356
	33,380	Hasbro Inc ^(a)			1,466,717
	26,361	HNI Corp			935,552
	118,852	JetBlue Airways Corp ^(a)(b)			820,079
	7,105	L Brands Inc			317,309
	21,297	Lennar Corp Class A ^(a)			883,400


Shares				Value

Consumer, Cyclical — (continued)
	66,171	Marriott International Inc Class A	$		2,794,401
	24,473	Mohawk Industries Inc ^(b)			2,768,386
	5,119	MSC Industrial Direct Co Inc Class A			439,108
	14,339	Nu Skin Enterprises Inc Class A ^(a)			633,784
	24,525	O’Reilly Automotive Inc ^(b)			2,515,039
	3,550	Oshkosh Corp ^(b)			150,839
	130,357	PulteGroup Inc ^(b)			2,638,426
	4,064	PVH Corp			434,076
	17,078	Regal Entertainment Group Class A ^(a)			284,690
	164,274	Southwest Airlines Co			2,214,413
	118,393	Staples Inc ^(a)			1,590,018
	2,403	Toro Co			110,634
	19,577	TRW Automotive Holdings Corp ^(b)			1,076,735
	3,618	United Continental Holdings Inc ^(b)			115,812
	7,077	Urban Outfitters Inc ^(b)			274,163
	36,443	WABCO Holdings Inc ^(b)			2,572,511
	27,412	Watsco Inc			2,307,542
	7,469	Whirlpool Corp			884,778
	8,489	Williams-Sonoma Inc			437,353
	23,716	Wyndham Worldwide Corp			1,529,208

					44,381,305


Consumer, Non-cyclical — 15.14%
	18,157	Alexion Pharmaceuticals Inc ^(b)			1,672,986
	65,622	Avery Dennison Corp			2,826,339
	18,213	BioMarin Pharmaceutical Inc ^(b)			1,133,941
	9,056	Booz Allen Hamilton Holding Corp			121,713
	460,197	Boston Scientific Corp ^(b)			3,594,139
	6,123	Brown-Forman Corp Class B			437,182
	37,728	Bunge Ltd			2,785,458
	85,761	CareFusion Corp ^(b)			3,000,777
	18,754	Charles River Laboratories International Inc ^(b)			830,240
	54,030	CoreLogic Inc ^(b)			1,397,216
	5,162	Covance Inc ^(b)			383,640
	21,399	DENTSPLY International Inc			907,746
	3,611	Edwards Lifesciences Corp ^(b)			296,680
	13,711	Forest Laboratories Inc ^(b)			521,566
	2,314	Gartner Inc Class A ^(b)			125,905
	19,030	HCA Holdings Inc ^(b)			773,189
	12,138	Hershey Co			1,062,439
	133,456	Hertz Global Holdings Inc ^(b)			2,970,730
	33,259	Hill-Rom Holdings Inc			1,171,382
	7,386	Hormel Foods Corp			305,189
	72,608	Hospira Inc ^(b)			2,383,721
	26,866	Humana Inc			1,856,709
	14,318	Ingredion Inc			1,035,478
	15,405	Lancaster Colony Corp			1,186,185
	86,642	Lender Processing Services Inc			2,205,905
	36,866	Life Technologies Corp ^(b)			2,382,650
	2,671	LifePoint Hospitals Inc ^(b)			129,437
	41,916	Manpower Inc			2,377,475
	90,857	Mylan Inc ^(b)			2,629,402
	14,935	RR Donnelley & Sons Co ^(a)			179,967
	17,510	SEI Investments Co			505,163
	29,520	Service Corp International			493,870
	7,699	St Jude Medical Inc			311,348


Shares				Value

Consumer, Non-cyclical — (continued)
	104,015	Tyson Foods Inc Class A	$		2,581,652
	10,915	Universal Corp ^(a)			611,677
	76,177	Warner Chilcott PLC Class A			1,032,198
	46,863	Zimmer Holdings Inc			3,525,035

					51,746,329


Diversified — 0.33%
	40,796	Leucadia National Corp			1,119,034


Energy — 9.15%
	12,545	CONSOL Energy Inc			422,139
	12,121	Denbury Resources Inc ^(b)			226,057
	18,445	Diamond Offshore Drilling Inc ^(a)			1,283,034
	77,169	HollyFrontier Corp			3,970,345
	72,432	Marathon Petroleum Corp			6,489,907
	52,752	Murphy Oil Corp			3,361,885
	35,896	Noble Energy Inc			4,151,732
	8,264	Patterson-UTI Energy Inc			197,014
	60,300	Peabody Energy Corp			1,275,345
	62,066	Tesoro Corp			3,633,964
	20,136	Ultra Petroleum Corp ^(a)(b)			404,734
	129,168	Valero Energy Corp			5,875,852

					31,292,008


Financial — 27.67%
	58,398	Ameriprise Financial Inc			4,301,013
	33,782	Aon PLC			2,077,593
	18,753	Apartment Investment & Management Co REIT Class A			574,967
	226,461	Apollo Investment Corp			1,893,214
	4,283	Assurant Inc			192,778
	33,688	AvalonBay Communities Inc REIT			4,267,259
	13,736	Axis Capital Holdings Ltd			571,692
	11,818	BioMed Realty Trust Inc REIT			255,269
	6,965	BOK Financial Corp			433,920
	41,317	Boston Properties Inc REIT			4,175,496
	64,701	CBOE Holdings Inc			2,390,055
	28,184	City National Corp			1,660,319
	22,665	CNA Financial Corp			740,919
	33,292	Comerica Inc			1,196,847
	22,348	Corporate Office Properties Trust REIT			596,245
	79,697	Corrections Corp of America REIT			3,113,762
	28,306	E*TRADE Financial Corp ^(b)			303,157
	15,097	East West Bancorp Inc			387,540
	70,071	Extra Space Storage Inc REIT			2,751,688
	3,420	Federal Realty Investment Trust REIT			369,497
	105,757	Federated Investors Inc Class B ^(a)			2,503,268
	47,271	Fidelity National Financial Inc Class A			1,192,647
	55,923	Fifth Third Bancorp			912,104
	818	First Citizens BancShares Inc Class A			149,449
	36,940	Fulton Financial Corp			432,198
	29,199	Genworth Financial Inc Class A ^(b)			291,990
	47,209	Greenhill & Co Inc			2,520,016


Shares				Value

Financial — (continued)
	24,370	HCP Inc REIT	$		1,215,088
	71,984	Health Care Inc REIT			4,888,433
	77,769	Interactive Brokers Group Inc Class A			1,159,536
	2,724	IntercontinentalExchange Inc ^(b)			444,203
	11,466	Invesco Ltd			332,055
	185,743	Janus Capital Group Inc ^(a)			1,745,984
	31,438	Jones Lang LaSalle Inc			3,125,252
	8,376	Kilroy Realty Corp REIT			438,902
	12,701	Lincoln National Corp			414,180
	41,119	M&T Bank Corp ^(a)			4,241,836
	11,618	Mercury General Corp			440,671
	27,963	NASDAQ OMX Group Inc			903,205
	169,364	New York Community Bancorp Inc ^(a)			2,430,373
	11,144	Old Republic International Corp			141,640
	27,981	People’s United Financial Inc			376,065
	24,178	Piedmont Office Realty Trust Inc REIT Class A			473,647
	12,601	Plum Creek Timber Co Inc REIT			657,772
	8,008	Popular Inc ^(b)			221,101
	28,405	Potlatch Corp REIT			1,302,653
	43,510	Progressive Corp			1,099,498
	95,291	Prologis Inc REIT			3,809,734
	17,624	Protective Life Corp			630,939
	9,411	Raymond James Financial Inc			433,847
	46,849	Rayonier Inc REIT			2,795,480
	40,586	Realogy Holdings Corp ^(b)			1,982,220
	32,391	Regency Centers Corp REIT			1,713,808
	267,612	Regions Financial Corp			2,191,742
	23,989	Reinsurance Group of America Inc			1,431,424
	1,901	RenaissanceRe Holdings Ltd			174,873
	7,347	SL Green Realty Corp REIT			632,650
	40,293	St Joe Co ^(a)(b)			856,226
	143,707	SunTrust Banks Inc			4,140,199
	38,825	Taubman Centers Inc REIT			3,015,150
	74,153	TD Ameritrade Holding Corp			1,529,035
	11,483	UDR Inc REIT			277,774
	23,252	Unum Group			656,869
	26,439	Valley National Bancorp ^(a)			270,735
	7,588	Waddell & Reed Financial Inc Class A			332,203
	31,701	WR Berkley Corp			1,406,573

					94,588,477


Industrial — 7.12%
	62,762	AGCO Corp			3,271,155
	13,739	Alliant Techsystems Inc			995,116
	13,448	Armstrong World Industries Inc ^(b)			751,609
	23,180	Avnet Inc ^(b)			839,116
	12,377	AVX Corp ^(b)			147,286
	3,638	Bemis Co Inc			146,830
	9,477	Con-way Inc			333,685
	3,529	Crown Holdings Inc ^(b)			146,842
	37,597	Donaldson Co Inc			1,360,635
	6,524	Engility Holdings Inc ^(b)			156,445
	12,248	Gardner Denver Inc			919,947
	10,517	Garmin Ltd ^(a)			347,482


Shares				Value

Industrial — (continued)
	77,773	Harsco Corp	$		1,926,437
	13,534	IDEX Corp			722,986
	1,504	L-3 Communications Holdings Inc			121,704
	14,241	Lincoln Electric Holdings Inc			771,577
	59,299	Louisiana-Pacific Corp ^(b)			1,280,858
	10,237	Mettler-Toledo International Inc ^(b)			2,182,733
	9,098	Mine Safety Appliances Co			451,443
	104,064	Molex Inc ^(a)			3,046,994
	7,679	Nordson Corp			506,430
	10,303	Packaging Corp of America			462,296
	9,557	Regal-Beloit Corp			779,469
	3,226	Teekay Corp ^(b)			116,007
	37,590	Textron Inc			1,120,558
	16,112	Worthington Industries Inc			499,150
	19,561	Zebra Technologies Corp Class A ^(b)			921,910

					24,326,700


Technology — 5.85%
	26,133	Activision Blizzard Inc			380,758
	9,586	Applied Materials Inc			129,219
	219,782	Brocade Communications Systems Inc ^(b)			1,268,142
	57,157	CA Inc			1,438,642
	31,811	Cadence Design Systems Inc ^(b)			443,127
	26,638	Cree Inc ^(b)			1,457,365
	170,379	Cypress Semiconductor Corp ^(a)			1,879,280
	41,361	Electronic Arts Inc ^(b)			732,090
	24,616	Fidelity National Information Services Inc			975,286
	21,865	KLA-Tencor Corp			1,153,160
	15,359	Lam Research Corp ^(b)			636,784
	10,265	ManTech International Corp Class A ^(a)			275,821
	50,875	Maxim Integrated Products Inc ^(b)			1,661,069
	66,801	Mentor Graphics Corp			1,205,758
	34,945	NetApp Inc ^(b)			1,193,721
	41,590	NVIDIA Corp			533,184
	68,724	ON Semiconductor Corp ^(b)			569,035
	6,830	Teradata Corp ^(b)			399,623
	42,598	Western Digital Corp			2,141,827
	179,376	Xerox Corp			1,542,634

					20,016,525


Utilities — 8.81%
	289,516	AES Corp			3,639,216
	49,449	AGL Resources Inc			2,074,386
	64,735	American Water Works Co Inc			2,682,618
	4,368	Aqua America Inc			137,330
	15,460	Atmos Energy Corp			659,987
	17,673	Black Hills Corp			778,319
	15,163	CenterPoint Energy Inc			363,305
	27,349	DTE Energy Co			1,869,031
	16,469	Edison International			828,720
	36,253	Entergy Corp			2,292,640
	55,819	Great Plains Energy Inc			1,294,443
	5,174	Integrys Energy Group Inc			300,920
	76,549	MDU Resources Group Inc			1,912,960


Shares				Value

Utilities — (continued)
	4,739	NRG Energy Inc	$		125,536
	71,607	NV Energy Inc			1,434,288
	58,987	Pinnacle West Capital Corp			3,414,757
	17,192	PPL Corp			538,282
	7,704	Questar Corp			187,438
	4,925	Sempra Energy			393,705
	28,183	TECO Energy Inc			502,221
	67,055	UGI Corp			2,574,241
	10,463	Vectren Corp			370,599
	40,294	Wisconsin Energy Corp			1,728,210

					30,103,152


TOTAL COMMON STOCK — 98.98% (Cost $299,739,905)			$		338,368,451


Principal Amount

SHORT TERM INVESTMENTS
Reverse Repurchase Agreements — 8.29%
$	6,735,438	Undivided interest of 7.73% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $6,735,438 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			6,735,438

	6,735,439	Undivided interest of 7.73% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $6,735,439 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			6,735,439

Principal Amount

Value

Short Term Investments— (continued)

$ 6,735,438

Undivided interest of 8.09% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $6,735,438 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.

6,735,438

TOTAL SHORT TERM INVESTMENTS — 8.29%

(Cost $28,359,658)

28,359,658

TOTAL INVESTMENTS — 107.27%

(Cost $328,099,563)

366,728,109

OTHER ASSETS & LIABILITIES, NET — (7.27)%

(24,862,447)

TOTAL NET ASSETS — 100.00%

341,865,662

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $328,441,811. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $41,279,422 and gross depreciation of securities in which there was an excess of tax cost over value of $2,993,124 resulting in net appreciation of $38,286,298.

As the Fund may at times hold cash, in an effort to minimize the tracking error relative to the Fund’s benchmark index, the Fund may at times use index futures contracts in order to maintain index returns for that cash component. The Fund seeks to use index futures contracts which are most correlated to the benchmark index and exhibit sufficient liquidity. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations. The Fund held an average of 16 futures contracts for the reporting period.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $27,604,908 and received collateral of $28,359,658 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 7.84%
	10,534	Air Liquide SA ^(a)	$		1,281,252
	5,000	Air Water Inc ^(a)			69,732
	7,900	Akzo Nobel NV ^(a)			501,938
	88,373	Alumina Ltd ^(a)(b)			102,606
	46,932	Anglo American PLC ^(a)			1,211,582
	12,933	Antofagasta PLC ^(a)			194,040
	33,142	ArcelorMittal ^(a)			430,563
	2,117	Arkema SA ^(a)			192,922
	44,000	Asahi Kasei Corp ^(a)(c)			297,362
	30,892	BASF SE ^(a)			2,712,405
	107,957	BHP Billiton Ltd ^(a)			3,690,511
	71,102	BHP Billiton PLC ^(a)			2,070,081
	8,795	Boliden AB ^(a)			142,073
	1,686	Brenntag AG ^(a)			263,636
	4,731	Croda International PLC ^(a)			197,540
	12,000	Daicel Corp ^(a)			93,927
	10,000	Daido Steel Co Ltd ^(a)(c)			53,389
	17,000	Denki Kagaku Kogyo KK ^(a)			61,460
	287	EMS-Chemie Holding AG ^(a)(b)			86,421
	8,679	Eurasian Natural Resources Corp PLC ^(a)			32,594
	12,104	Evraz PLC ^(a)			41,014
	45,963	Fortescue Metals Group Ltd ^(a)(c)			190,288
	5,961	Fresnillo PLC ^(a)			123,203
	271	Givaudan SA ^(a)			333,151
	132,342	Glencore International PLC ^(a)(c)			718,491
	4,100	Hitachi Chemical Co Ltd ^(a)			62,846
	5,000	Hitachi Metals Ltd ^(a)			47,908
	13,015	Iluka Resources Ltd ^(a)(c)			127,919
	52,225	Incitec Pivot Ltd ^(a)			168,799
	14,678	Israel Chemicals Ltd ^(a)			190,200
	11,000	Japan Steel Works Ltd ^(a)(c)			58,344
	16,900	JFE Holdings Inc ^(a)			327,100
	7,098	Johnson Matthey PLC ^(a)			248,897
	5,800	JSR Corp ^(a)			118,883
	5,938	K+S AG ^(a)			276,831
	10,000	Kaneka Corp ^(a)			57,844
	8,000	Kansai Paint Co Ltd ^(a)			88,851
	6,425	Kazakhmys PLC ^(a)			38,436
	79,000	Kobe Steel Ltd ^(a)(b)			92,999
	5,020	Koninklijke DSM NV ^(a)			292,531
	11,500	Kuraray Co Ltd ^(a)			162,165
	2,886	Lanxess AG ^(a)			205,157
	6,251	Linde AG ^(a)			1,164,424
	1,805	Lonza Group AG ^(a)			117,355
	45,500	Mitsubishi Chemical Holdings Corp ^(a)			216,876
	12,000	Mitsubishi Gas Chemical Co Inc ^(a)			79,476
	39,000	Mitsubishi Materials Corp ^(a)			110,398
	31,000	Mitsui Chemicals Inc ^(a)(c)			67,648
	25,357	Newcrest Mining Ltd ^(a)			530,826
	3,400	Nippon Paper Group Inc ^(a)(c)			52,951
	257,740	Nippon Steel & Sumitomo Metal Corp ^(a)(c)			656,486
	5,500	Nitto Denko Corp ^(a)			331,167
	32,987	Norsk Hydro ASA ^(a)(c)			143,617
	25,000	Oji Holdings Corp ^(a)(c)			94,006
	12,223	Orica Ltd ^(a)			312,447
	10,361	OZ Minerals Ltd ^(a)			57,838


Shares				Value

Basic Materials — (continued)
	2,848	Randgold Resources Ltd ^(a)	$		245,392
	14,743	Rio Tinto Ltd ^(a)			884,314
	45,129	Rio Tinto PLC ^(a)			2,125,263
	1,074	Salzgitter AG ^(a)			43,163
	13,900	Shin-Etsu Chemical Co Ltd ^(a)(d)			921,886
	43,000	Showa Denko KK ^(a)(c)			64,788
	1,931	Solvay SA ^(a)			262,030
	19,649	Stora Enso OYJ Class R ^(a)			127,207
	51,000	Sumitomo Chemical Co Ltd ^(a)			160,557
	17,000	Sumitomo Metal Mining Co Ltd ^(a)			241,666
	19,271	Svenska Cellulosa AB Class B ^(a)(b)			497,537
	3,142	Syngenta AG^(a)			1,314,796
	11,000	Taiyo Nippon Sanso Corp ^(a)(c)			76,602
	13,270	ThyssenKrupp AG ^(a)(b)			270,541
	35,000	Ube Industries Ltd ^(a)			69,145
	3,642	Umicore SA ^(a)			171,305
	16,761	UPM-Kymmene OYJ ^(a)			187,467
	3,439	Vedanta Resources PLC ^(a)(c)			52,713
	3,992	Voestalpine AG ^(a)			122,850
	70,962	Xstrata PLC ^(a)			1,154,700
	1,300	Yamato Kogyo Co Ltd ^(a)(c)			35,648
	6,081	Yara International ASA ^(a)			277,590

					30,900,566


Communications — 6.80%
	1,548	Axel Springer AG ^(a)(c)			67,254
	5,075	Belgacom SA ^(a)			126,342
	57,624	Bezeq The Israeli Telecommunication Corp Ltd ^(a)			79,976
	36,206	British Sky Broadcasting Group PLC ^(a)			486,367
	266,157	BT Group PLC ^(a)			1,123,736
	3,800	Dena Co Ltd ^(a)(c)			103,613
	6,100	Dentsu Inc ^(a)(c)			182,183
	94,930	Deutsche Telekom AG ^(a)			1,004,961
	4,469	Elisa OYJ ^(a)(c)			83,166
	4,644	Eutelsat Communications SA ^(a)			163,831
	62,914	France Telecom SA ^(a)			637,499
	2,400	Gree Inc ^(a)(c)			30,233
	710	Hakuhodo DY Holdings Inc ^(a)			54,638
	78,000	HKT Trust / HKT Ltd ^(a)			78,152
	781	Iliad SA			166,137
	15,769	Inmarsat PLC ^(a)			168,697
	124,940	ITV PLC ^(a)			246,158
	2,522	JCDecaux SA ^(a)			69,185
	76	Jupiter Telecommunications Co Ltd			99,546
	2,896	Kabel Deutschland Holding AG ^(a)			267,369
	18,200	KDDI Corp ^(a)(c)			760,976
	33,410	Koninklijke KPN NV ^(a)(c)			112,533
	3,877	Lagardere SCA ^(a)			142,898
	16	M3 Inc ^(a)			31,239
	2,221	Millicom International Cellular SA ^(a)			177,450
	2,500	Nexon Co Ltd^(a)			24,406
	1,718	NICE Systems Ltd ^(a)(b)			63,178
	14,400	Nippon Telegraph & Telephone Corp ^(a)			628,698
	124,475	Nokia OYJ ^(a)(c)			404,909


Shares				Value

Communications — (continued)
	517	NTT DOCOMO Inc ^(a)(c)(d)	$		768,556
	130,000	PCCW Ltd ^(a)			60,396
	27,115	Pearson PLC ^(a)			487,475
	20,468	Portugal Telecom SGPS SA ^(a)(c)			101,465
	3,611	ProSiebenSat.1 Media AG ^(a)			129,254
	6,098	Publicis Groupe SA ^(a)			409,290
	25,100	Rakuten Inc ^(a)			256,702
	22,989	Reed Elsevier NV ^(a)			394,117
	40,941	Reed Elsevier PLC ^(a)			486,790
	8,040	SBI Holdings Inc ^(a)			71,399
	10,175	SES ^(a)			319,126
	55,000	Singapore Press Holdings Ltd ^(a)(c)			198,960
	270,000	Singapore Telecommunications Ltd ^(a)			782,835
	32,000	Softbank Corp ^(a)(d)			1,474,297
	18,000	StarHub Ltd ^(a)			63,277
	777	Swisscom AG ^(a)			359,850
	23,118	TDC A/S ^(a)			177,937
	10,529	Tele2 AB Class B ^(a)			183,652
	62,820	Telecom Corp of New Zealand Ltd ^(a)			123,295
	506,548	Telecom Italia SpA ^(a)			339,505
	102,690	Telefonaktiebolaget LM Ericsson Class B ^(a)			1,286,469
	137,933	Telefonica SA ^(a)			1,868,799
	7,352	Telekom Austria AG ^(a)			48,285
	1,803	Telenet Group Holding NV ^(a)			89,318
	23,281	Telenor ASA ^(a)			512,603
	71,819	TeliaSonera AB ^(a)(c)			512,935
	143,992	Telstra Corp Ltd ^(a)			677,063
	3,600	Trend Micro Inc ^(a)			101,080
	3,132	United Internet AG ^(a)			76,252
	44,778	Vivendi SA ^(a)			926,372
	1,652,711	Vodafone Group PLC ^(a)			4,688,631
	10,192	Wolters Kluwer NV ^(a)			222,715
	42,864	WPP PLC ^(a)			684,361
	491	Yahoo Japan Corp ^(a)			226,509
	3,707	Ziggo NV ^(a)(b)			130,433

					26,825,333


Consumer, Cyclical — 11.26%
	900	ABC-Mart Inc ^(a)			34,327
	5,164	Accor SA ^(a)			179,600
	7,092	Adidas AG ^(a)			737,210
	20,800	Aeon Co Ltd ^(a)			269,309
	6,300	Aisin Seiki Co Ltd ^(a)			232,227
	41,000	ANA Holdings Inc ^(a)(c)			84,613
	5,200	Asics Corp ^(a)			85,980
	11,192	Bayerische Motoren Werke AG ^(a)			968,538
	21,500	Bridgestone Corp ^(a)			723,433
	14,805	Burberry Group PLC ^(a)			299,502
	6,338	Carnival PLC ^(a)			221,483
	41,000	Cathay Pacific Airways Ltd ^(a)			70,314
	1,873	Christian Dior SA ^(a)			310,898
	17,603	Cie Financiere Richemont SA Class A ^(a)			1,385,915
	6,031	Cie Generale des Etablissements Michelin ^(a)			505,283


Shares				Value

Consumer, Cyclical — (continued)
	8,300	Citizen Holdings Co Ltd ^(a)	$		42,497
	16,000	City Developments Ltd ^(a)			146,712
	62,278	Compass Group PLC ^(a)			796,641
	3,656	Continental AG ^(a)			438,210
	14,047	Crown Ltd ^(a)			180,610
	6,000	Daihatsu Motor Co Ltd ^(a)			124,854
	30,565	Daimler AG ^(a)			1,666,938
	17,000	Daiwa House Industry Co Ltd ^(a)			332,495
	16,500	Denso Corp ^(a)			701,060
	8,076	Deutsche Lufthansa AG ^(a)			157,962
	1,900	Don Quijote Co Ltd ^(a)			84,276
	26,193	Echo Entertainment Group Ltd ^(a)			95,333
	7,685	Electrolux AB ^(a)(c)			195,895
	1,900	FamilyMart Co Ltd ^(a)			86,844
	1,800	Fast Retailing Co Ltd ^(a)			575,617
	27,777	Fiat Industrial SpA ^(a)(c)			313,256
	29,022	Fiat SpA ^(a)(b)			155,031
	1,981	Flight Centre Ltd ^(a)(c)			69,550
	19,000	Fuji Heavy Industries Ltd ^(a)			301,377
	72,000	Galaxy Entertainment Group Ltd ^(a)(b)			301,925
	200,000	Genting Singapore PLC ^(a)			241,972
	56,567	GKN PLC ^(a)			227,871
	20,186	Harvey Norman Holdings Ltd ^(a)(c)			57,611
	32,066	Hennes & Mauritz AB Class B ^(a)			1,148,415
	9,000	Hino Motors Ltd ^(a)			97,711
	2,000	Hitachi High-Technologies Corp ^(a)			41,826
	54,900	Honda Motor Co Ltd ^(a)(d)			2,114,226
	896	Hugo Boss AG ^(a)(b)			100,619
	7,377	Inditex SA ^(a)			983,065
	8,890	InterContinental Hotels Group PLC ^(a)			271,608
	31,003	International Consolidated Airlines Group SA ^(a)(b)			119,600
	11,100	Isetan Mitsukoshi Holdings Ltd ^(a)(c)			160,466
	38,000	Isuzu Motors Ltd ^(a)			230,299
	49,900	ITOCHU Corp ^(a)			613,138
	15,000	J Front Retailing Co Ltd ^(a)			117,152
	1,900	Japan Airlines Co Ltd ^(b)			88,506
	4,000	Jardine Cycle & Carriage Ltd ^(a)			165,408
	7,200	JTEKT Corp ^(a)			68,194
	76,993	Kingfisher PLC ^(a)			337,370
	3,000	Koito Manufacturing Co Ltd ^(a)			51,800
	2,000	Lawson Inc ^(a)			153,563
	192,000	Li & Fung Ltd ^(a)			265,417
	8,560	LVMH Moet Hennessy Louis Vuitton SA ^(a)			1,470,697
	52,330	Marks & Spencer Group PLC ^(a)			310,247
	55,000	Marubeni Corp ^(a)			421,085
	6,600	Marui Group Co Ltd ^(a)(c)			68,544
	88,000	Mazda Motor Corp ^(a)(b)			258,848
	1,800	McDonald’s Holdings Co Japan Ltd			48,454
	34,000	MGM China Holdings Ltd ^(a)			72,905
	47,500	Mitsubishi Corp ^(a)(d)			894,608
	4,000	Mitsubishi Logistics Corp ^(a)			74,196
	138,000	Mitsubishi Motors Corp ^(a)(b)			144,289
	58,800	Mitsui & Co Ltd ^(a)(d)			828,967


Shares				Value

Consumer, Cyclical — (continued)
	6,100	Namco Bandai Holdings Inc ^(a)	$		107,906
	5,353	Next PLC ^(a)			355,554
	8,000	NGK Insulators Ltd ^(a)			85,468
	6,000	NGK Spark Plug Co Ltd ^(a)			92,020
	4,800	NHK Spring Co Ltd ^(a)			50,254
	3,500	Nintendo Co Ltd ^(a)(c)			378,341
	84,200	Nissan Motor Co Ltd ^(a)(d)			816,776
	1,200	Nitori Holdings Co Ltd ^(a)			92,648
	3,000	NOK Corp ^(a)			43,401
	3,605	Nokian Renkaat OYJ ^(a)			160,832
	7,903	OPAP SA ^(a)			62,250
	1,700	Oriental Land Co Ltd ^(a)			278,473
	73,200	Panasonic Corp ^(a)(b)			551,216
	8,052	Peugeot SA ^(a)(b)			58,399
	6,982	Pirelli & C. SpA ^(a)(c)			73,455
	5,098	Porsche Automobil Holding SE ^(a)			373,514
	2,504	PPR ^(a)			550,701
	39,920	Qantas Airways Ltd ^(a)(b)			74,433
	6,393	Renault SA ^(a)			401,083
	82,800	Sands China Ltd ^(a)			430,845
	1,500	Sankyo Co Ltd ^(a)			70,232
	1,700	Sanrio Co Ltd ^(a)(c)			75,504
	11,093	Scania AB Class B ^(a)			232,731
	6,300	Sega Sammy Holdings Inc ^(a)			126,477
	15,000	Sekisui Chemical Co Ltd ^(a)			165,724
	18,000	Sekisui House Ltd ^(a)			244,595
	48,000	Shangri-La Asia Ltd ^(a)			94,251
	36,000	Sharp Corp ^(a)(b)(c)			103,001
	800	Shimamura Co Ltd ^(a)			93,534
	2,600	Shimano Inc ^(a)			212,820
	18,000	Singapore Airlines Ltd ^(a)			158,115
	68,000	SJM Holdings Ltd ^(a)			170,225
	16,863	SKYCITY Entertainment Group Ltd ^(a)			62,305
	46,900	Sojitz Corp ^(a)			73,605
	33,300	Sony Corp ^(a)(c)			579,448
	4,900	Stanley Electric Co Ltd ^(a)			85,010
	37,400	Sumitomo Corp ^(a)			473,041
	25,900	Sumitomo Electric Industries Ltd ^(a)			318,676
	5,900	Sumitomo Rubber Industries Ltd ^(a)			99,051
	11,900	Suzuki Motor Corp ^(a)			266,694
	2,417	Swatch Group AG ^(a)			737,187
	24,938	Tabcorp Holdings Ltd ^(a)			84,096
	8,000	Takashimaya Co Ltd ^(a)			79,367
	48,870	Tatts Group Ltd ^(a)			161,614
	28,000	Teijin Ltd ^(a)			64,965
	4,100	Toho Co Ltd ^(a)			85,711
	48,000	Toray Industries Inc ^(a)			326,029
	2,100	Toyoda Gosei Co Ltd ^(a)			50,543
	1,400	Toyota Boshoku Corp ^(a)			19,822
	5,500	Toyota Industries Corp ^(a)			202,614
	92,700	Toyota Motor Corp ^(a)(d)			4,780,147
	6,800	Toyota Tsusho Corp ^(a)			174,319
	15,894	TUI Travel PLC ^(a)			78,826
	830	USS Co Ltd ^(a)			95,456
	996	Volkswagen AG ^(a)			187,851
	50,946	Volvo AB Class B ^(a)			743,803
	33,945	Wesfarmers Ltd ^(a)			1,425,368
	6,190	Whitbread PLC ^(a)			242,017


Shares				Value

Consumer, Cyclical — (continued)
	9,113	Wolseley PLC ^(a)	$		454,339
	55,200	Wynn Macau Ltd ^(a)(b)			147,076
	3,100	Yamada Denki Co Ltd ^(a)(c)			142,230
	4,700	Yamaha Corp ^(a)			45,761
	9,500	Yamaha Motor Co Ltd ^(a)			128,642
	25,500	Yue Yuen Industrial Holdings Ltd ^(a)			83,316

					44,408,099


Consumer, Non-cyclical — 22.85%
	12,068	Abertis Infraestructuras SA ^(a)(c)			203,331
	3,759	Actelion Ltd ^(a)			204,398
	4,579	Adecco SA ^(a)			251,150
	9,025	Aggreko PLC ^(a)			244,806
	22,000	Ajinomoto Co Inc ^(a)			323,482
	1,500	Alfresa Holdings Corp ^(a)			81,675
	27,028	Anheuser-Busch InBev NV ^(a)			2,687,062
	2,811	Aryzta AG ^(a)			166,139
	12,900	Asahi Group Holdings Ltd ^(a)			308,473
	11,585	Associated British Foods PLC ^(a)			334,903
	15,100	Astellas Pharma Inc ^(a)(d)			814,900
	41,940	AstraZeneca PLC ^(a)			2,103,432
	10,903	Atlantia SpA ^(a)			172,685
	11,530	Babcock International Group PLC ^(a)			190,756
	53	Barry Callebaut AG ^(a)			51,137
	27,817	Bayer AG ^(a)			2,874,783
	3,286	Beiersdorf AG ^(a)			303,707
	2,200	Benesse Holdings Inc ^(a)			93,629
	51,668	Brambles Ltd ^(a)			458,111
	64,968	British American Tobacco PLC ^(a)			3,483,270
	10,606	Bunzl PLC ^(a)			209,185
	1,919	Bureau Veritas SA ^(a)			238,905
	600	Calbee Inc ^(a)(b)			47,214
	22,530	Capita PLC ^(a)			307,801
	3,665	Carlsberg A/S Class B ^(a)(c)			357,316
	19,975	Carrefour SA ^(a)			547,182
	1,861	Casino Guichard Perrachon SA ^(a)			195,683
	3,262	Celesio AG ^(a)			61,374
	7,500	Chugai Pharmaceutical Co Ltd ^(a)			167,133
	6,692	Cie Generale d’Optique Essilor International SA ^(a)			744,663
	18,652	Coca-Cola Amatil Ltd ^(a)			283,616
	6,853	Coca-Cola Hellenic Bottling Co SA ^(a)			183,734
	2,400	Coca-Cola West Co Ltd ^(a)			41,807
	1,916	Cochlear Ltd ^(a)			136,111
	3,852	Coloplast A/S Class B ^(a)(b)			207,563
	2,551	Colruyt SA ^(a)			123,312
	16,952	CSL Ltd ^(a)			1,047,826
	19,000	Dai Nippon Printing Co Ltd ^(a)			181,536
	22,400	Daiichi Sankyo Co Ltd ^(a)			432,382
	5,600	Dainippon Sumitomo Pharma Co Ltd ^(a)(c)			99,087
	19,526	Danone SA ^(a)			1,359,576
	18,029	de Master Blenders 1753 NV ^(b)			278,482
	3,280	Delhaize Group SA ^(a)			179,054
	84,309	Diageo PLC ^(a)			2,655,995


Shares				Value

Consumer, Non-cyclical — (continued)
	19,761	Distribuidora Internacional de Alimentacion SA ^(a)	$		137,149
	5,599	Edenred ^(a)			183,499
	8,400	Eisai Co Ltd ^(a)(c)			376,345
	17,089	Elan Corp PLC ^(a)(b)			198,018
	12,150	Elekta AB Class B ^(a)(c)			184,303
	33,459	Experian PLC ^(a)			579,405
	76,000	First Pacific Co Ltd ^(a)			103,023
	11,152	Fresenius SE & Co KGaA ^(a)			985,186
	45,060	G4S PLC ^(a)			200,160
	6,757	Getinge AB Class B ^(a)			206,320
	165,042	GlaxoSmithKline PLC ^(a)			3,863,556
	230,000	Golden Agri-Resources Ltd ^(a)			107,631
	5,209	Grifols SA ^(a)(b)			193,473
	3,399	Heineken Holding NV ^(a)			218,096
	7,631	Heineken NV ^(a)			575,580
	4,457	Henkel AG & Co KGaA ^(a)			352,285
	1,900	Hisamitsu Pharmaceutical Co Inc ^(a)			102,927
	13,706	Husqvarna AB Class B ^(a)(b)			81,080
	33,323	Imperial Tobacco Group PLC ^(a)			1,164,980
	5,255	Intertek Group PLC ^(a)			271,460
	42,577	J Sainsbury PLC ^(a)			245,178
	37,100	Japan Tobacco Inc ^(a)(d)			1,186,737
	7,052	Jeronimo Martins SGPS SA			137,357
	17,400	Kao Corp ^(a)			562,749
	4,881	Kerry Group PLC Class A			290,844
	2,064	Kesko OYJ Class B ^(a)			64,638
	5,000	Kikkoman Corp ^(a)(c)			87,427
	29,000	Kirin Holdings Co Ltd ^(a)			466,274
	33,447	Koninklijke Ahold NV ^(a)			512,754
	8,000	Kyowa Hakko Kirin Co Ltd ^(a)			90,699
	8,205	L’Oreal SA ^(a)			1,301,755
	29	Lindt & Spruengli AG ^(a)			111,672
	3	Lindt & Spruengli AG			135,384
	5,680	Luxottica Group SpA ^(a)			285,192
	4,200	Medipal Holdings Corp ⁽^a)			58,928
	2,100	MEIJI Holdings Co Ltd ^(a)			96,353
	2,108	Merck KGaA ^(a)			318,400
	30,558	Metcash Ltd ^(a)			132,060
	4,466	Metro AG ^(a)			127,123
	1,900	Miraca Holdings Inc ^(a)			91,311
	7,800	Mitsubishi Tanabe Pharma Corp ^(a)			119,602
	108,288	Nestle SA ^(a)			7,837,302
	6,000	Nippon Meat Packers Inc ^(a)(c)			96,845
	6,500	Nisshin Seifun Group Inc ^(a)			85,878
	2,000	Nissin Foods Holdings Co Ltd ^(a)(c)			91,817
	77,277	Novartis AG ^(a)			5,507,683
	13,708	Novo Nordisk A/S Class B ^(a)			2,209,485
	8,411	Novozymes A/S Class B ^(a)(c)			285,607
	57,772	Olam International Ltd ^(a)			80,427
	2,600	Ono Pharmaceutical Co Ltd ^(a)			160,693
	2,910	Orion OYJ Class B ^(a)(c)			76,571
	12,100	Otsuka Holdings Co Ltd ^(a)			419,984
	3,500	Park24 Co Ltd ^(a)			68,522
	7,179	Pernod-Ricard SA ^(a)			894,777
	7,704	QIAGEN NV ^(a)(b)			160,845
	4,088	Ramsay Health Care Ltd ^(a)			137,594
	3,878	Randstad Holding NV ^(a)			159,183


Shares				Value

Consumer, Non-cyclical — (continued)
	21,819	Reckitt Benckiser Group PLC ^(a)	$		1,566,226
	739	Remy Cointreau SA			85,408
	23,603	Roche Holding AG ^(a)			5,502,406
	32,269	SABMiller PLC ^(a)			1,701,815
	40,039	Sanofi ^(a)			4,083,404
	2,600	Santen Pharmaceutical Co Ltd ^(a)			120,253
	7,000	Secom Co Ltd^(a)			361,274
	9,951	Securitas AB Class B ^(a)			93,777
	16,713	Serco Group PLC ^(a)			159,638
	25,500	Seven & I Holdings Co Ltd ^(a)(d)			846,079
	181	SGS SA ^(a)			444,244
	9,000	Shimadzu Corp ^(a)			63,947
	9,600	Shionogi & Co Ltd ^(a)			194,555
	18,560	Shire PLC ^(a)			564,955
	12,000	Shiseido Co Ltd ^(a)			168,233
	30,203	Smith & Nephew PLC ^(a)			349,110
	932	Societe BIC SA ^(a)			108,284
	3,245	Sodexo ^(a)			302,476
	11,966	Sonic Healthcare Ltd ^(a)			174,115
	1,619	Sonova Holding AG ^(a)			194,431
	2,827	Suedzucker AG ^(a)			119,487
	2,600	Suzuken Co Ltd ^(a)			94,387
	6,735	Swedish Match AB ^(a)			209,070
	2,300	Sysmex Corp ^(a)			140,133
	1,200	Taisho Pharmaceutical Holdings Co Ltd ^(a)			85,050
	26,600	Takeda Pharmaceutical Co Ltd ^(a)(c)(d)			1,457,221
	15,761	Tate & Lyle PLC ^(a)			203,532
	5,100	Terumo Corp ^(a)			219,511
	271,105	Tesco PLC ^(a)			1,575,770
	30,263	Teva Pharmaceutical Industries Ltd ^(a)			1,202,957
	19,000	Toppan Printing Co Ltd ^(a)(c)			137,167
	3,000	Toyo Suisan Kaisha Ltd ^(a)			92,608
	45,310	Transurban Group ^(a)			301,275
	20,399	Treasury Wine Estates Ltd ^(a)			121,265
	2,200	Tsumura & Co ^(a)			80,435
	3,617	UCB SA ^(a)			231,379
	3,700	Unicharm Corp ^(a)			211,264
	54,839	Unilever NV ^(a)			2,246,956
	43,243	Unilever PLC ^(a)			1,828,407
	910	William Demant Holding A/S ^(a)(b)			76,269
	63,000	Wilmar International Ltd ^(a)			176,136
	77,090	WM Morrison Supermarkets PLC ^(a)			323,917
	41,555	Woolworths Ltd ^(a)			1,467,039
	3,100	Yakult Honsha Co Ltd ^(a)(c)			125,155
	4,000	Yamazaki Baking Co Ltd ^(a)			52,810

					90,082,322


Diversified — 0.71%
	1,914	Exor SpA ^(a)			53,649
	5,752	GEA Group AG ^(a)			189,984
	2,803	Groupe Bruxelles Lambert SA^(a)			214,704
	72,000	Hutchison Whampoa Ltd ^(a)			752,772
	3,452	Industrivarden AB Class C ^(a)			62,967
	47,300	Keppel Corp Ltd ^(a)			428,472
	133,000	Noble Group Ltd ^(a)			131,038


Shares				Value

Diversified — (continued)
	46,000	NWS Holdings Ltd ^(a)	$		81,996
	23,500	Swire Pacific Ltd Class A ^(a)			300,205
	1,171	Wendel SA ^(a)			124,000
	50,300	Wharf Holdings Ltd ^(a)			449,841

					2,789,628


Energy — 6.77%
	9,586	AMEC PLC ^(a)			153,903
	28,888	APA Group ^(a)			179,738
	114,545	BG Group PLC ^(a)			1,970,232
	640,684	BP PLC ^(a)			4,504,824
	4,472	Caltex Australia Ltd ^(a)			99,860
	5,282	Cie Generale de Geophysique - Veritas ^(a)(b)			119,131
	19,000	Cosmo Oil Co Ltd ^(a)(b)(c)			40,202
	56,482	Enel Green Power SpA ^(a)			106,147
	85,670	Eni SpA ^(a)			1,918,020
	2,143	Fugro NV ⁽^a)			118,786
	9,007	Galp Energia SGPS SA ^(a)			141,203
	700	Idemitsu Kosan Co Ltd ^(a)			61,068
	75	Inpex Corp ^(a)			403,934
	900	Japan Petroleum Exploration Co ^(a)(c)			35,470
	74,600	JX Holdings Inc ^(a)			420,631
	7,127	Lundin Petroleum AB ^(a)(b)			154,869
	4,479	Neste Oil OYJ ^(a)(b)(c)			63,298
	4,963	OMV AG ^(a)			211,616
	9,031	Petrofac Ltd ^(a)			197,006
	27,598	Repsol SA ^(a)(b)			560,683
	124,093	Royal Dutch Shell PLC Class A ^(a)			4,022,589
	88,125	Royal Dutch Shell PLC Class B ^(a)			2,929,946
	8,669	Saipem SpA ^(a)			266,445
	32,823	Santos Ltd ^(a)			426,339
	11,697	Seadrill Ltd ADR ^(a)			426,278
	7,100	Showa Shell Sekiyu KK ^(a)			50,450
	37,758	Statoil ASA ^(a)			921,784
	9,758	Subsea 7 SA ^(a)			229,330
	3,389	Technip SA ^(a)			347,610
	10,000	TonenGeneral Sekiyu KK ^(a)			99,162
	71,586	Total SA ^(a)			3,428,543
	12,204	Transocean Ltd ^(a)(b)			630,508
	30,068	Tullow Oil PLC ^(a)			562,411
	14,370	Whitehaven Coal Ltd ^(a)			31,950
	22,316	Woodside Petroleum Ltd ^(a)			836,426

					26,670,392


Financial — 23.86%
	31,993	3i Group PLC ^(a)			154,032
	30,095	Aberdeen Asset Management PLC ^(a)			196,626
	1,030	Acom Co Ltd ^(a)(b)			29,493
	7,037	Admiral Group PLC ^(a)			142,676
	59,223	Aegon NV ^(a)			357,593
	2,500	AEON Financial Service Co Ltd ^(a)(c)			70,917
	2,700	Aeon Mall Co Ltd ^(a)			82,445
	7,974	Ageas ^(a)			270,648
	405,800	AIA Group Ltd ^(a)			1,784,192


Shares				Value

Financial — (continued)
	15,350	Allianz SE ^(a)	$		2,092,553
	97,098	AMP Ltd ^(a)			528,999
	39,000	Aozora Bank Ltd ^(a)			110,300
	59,000	Ascendas Real Estate Investment Trust REIT ^(a)			123,976
	39,641	Assicurazioni Generali SpA ^(a)			620,641
	5,755	ASX Ltd ^(a)			217,439
	91,465	Australia & New Zealand Banking Group Ltd ^(a)			2,727,873
	97,627	Aviva PLC ^(a)			442,390
	59,738	AXA SA ^(a)			1,032,356
	1,477	Baloise Holding AG ^(a)			138,766
	120,899	Banca Monte dei Paschi di Siena SpA ^(a)(b)(c)			28,857
	183,578	Banco Bilbao Vizcaya Argentaria SA ^(a)			1,602,976
	95,958	Banco de Sabadell SA ^(a)			176,690
	58,200	Banco Espirito Santo SA ^(a)(b)			59,692
	56,790	Banco Popolare SC ^(a)(b)(c)			71,945
	177,307	Banco Popular Espanol SA ^(a)			131,843
	354,563	Banco Santander SA ^(a)			2,402,040
	35,100	Bank Hapoalim BM ^(a)(b)			159,461
	42,721	Bank Leumi Le-Israel BM ^(a)(b)			151,081
	40,600	Bank of East Asia Ltd ^(a)(c)			160,625
	10,000	Bank of Kyoto Ltd ^(a)			98,054
	39,000	Bank of Yokohama Ltd ^(a)			226,269
	24,769	Bankia SA ^(a)(b)(c)			5,266
	107	Banque Cantonale Vaudoise ^(a)(b)			59,793
	391,786	Barclays PLC ^(a)			1,742,868
	14,054	Bendigo & Adelaide Bank Ltd ^(a)			150,829
	33,789	BNP Paribas SA ^(a)			1,737,354
	123,000	BOC Hong Kong Holdings Ltd ^(a)			411,389
	32,369	British Land Co PLC REIT ^(a)			267,714
	38,237	CaixaBank SA ^(a)(b)			129,725
	63,000	CapitaCommercial Trust REIT ^(a)(c)			80,688
	84,000	CapitaLand Ltd ^(a)			240,260
	72,000	CapitaMall Trust REIT ^(a)			121,525
	48,000	CapitaMalls Asia Ltd ^(a)			79,635
	67,675	CFS Retail Property Trust Group REIT ^(a)			141,866
	47,000	Cheung Kong Holdings Ltd ^(a)			696,270
	24,000	Chiba Bank Ltd ^(a)			173,006
	5,000	Chugoku Bank Ltd ^(a)			80,944
	4,826	CNP Assurances ^(a)			66,323
	132,090	Commerzbank AG ^(a)(b)			194,589
	54,091	Commonwealth Bank of Australia ^(a)			3,842,054
	2,117	Corio NV REIT ^(a)			98,893
	33,379	Credit Agricole SA ^(a)(b)			275,535
	5,600	Credit Saison Co Ltd ^(a)			140,104
	42,349	Credit Suisse Group AG ^(a)			1,113,809
	283	Dai-ichi Life Insurance Co Ltd ^(a)			379,764
	2,400	Daito Trust Construction Co Ltd ^(a)			205,956
	55,000	Daiwa Securities Group Inc ^(a)			389,876
	21,805	Danske Bank A/S ^(a)(b)			390,948
	61,000	DBS Group Holdings Ltd ^(a)			789,512
	174	Delek Group Ltd ^(a)			49,025
	6,193	Delta Lloyd NV ^(a)			106,665
	31,360	Deutsche Bank AG ^(a)			1,226,064
	6,427	Deutsche Boerse AG ^(a)			389,882


Shares				Value

Financial — (continued)
	152,500	Dexus Property Group REIT ^(a)	$		165,718
	32,426	DNB ASA ^(a)			477,219
	7,537	Erste Group Bank AG ^(a)(b)			210,916
	936	Eurazeo ^(a)			47,530
	48,645	Federation Centres Ltd REIT ^(b)			119,526
	840	Fonciere Des Regions REIT ^(a)			65,830
	24,000	Fukuoka Financial Group Inc ^(a)			120,338
	757	Gecina SA ^(a)			87,961
	6,926	Gjensidige Forsikring ASA ^(a)			114,608
	73,000	Global Logistic Properties Ltd ^(a)			155,028
	58,633	Goodman Group REIT ^(a)			293,080
	45,317	GPT Group REIT ^(a)			175,378
	11,000	Gunma Bank Ltd ^(a)			65,694
	15,000	Hachijuni Bank Ltd ^(a)			89,864
	22,836	Hammerson PLC REIT ^(a)			171,137
	77,000	Hang Lung Properties Ltd ^(a)			288,277
	26,100	Hang Seng Bank Ltd ^(a)			419,359
	2,119	Hannover Rueckversicherung SE ^(a)			166,831
	7,854	Hargreaves Lansdown PLC ^(a)			103,787
	34,000	Henderson Land Development Co Ltd ^(a)			233,221
	17,000	Hiroshima Bank Ltd ^(a)(c)			82,351
	37,100	Hong Kong Exchanges & Clearing ^(a)			633,958
	20,000	Hopewell Holdings Ltd ^(a)			81,189
	618,165	HSBC Holdings PLC ^(a)			6,594,652
	8,800	Hulic Co Ltd ^(a)			72,450
	23,000	Hysan Development Co Ltd ^(a)			116,437
	755	ICADE REIT ^(a)			66,086
	17,467	ICAP PLC ^(a)			77,270
	30,142	IMMOFINANZ AG ^(a)			114,348
	129,455	ING Groep NV ^(a)(b)			931,488
	71,064	Insurance Australia Group Ltd ^(a)			423,942
	372,403	Intesa Sanpaolo SpA ^(a)			542,631
	23,963	Intu Properties PLC REIT ^(a)			122,024
	17,902	Investec PLC ^(a)			125,170
	6,635	Investment AB Kinnevik Class B ^(a)			161,069
	15,143	Investor AB ^(a)			438,035
	83	Israel Corp Ltd ^(a)			63,113
	8,000	Iyo Bank Ltd ^(a)			74,251
	1,800	Japan Exchange Group Inc ^(a)			166,917
	28	Japan Prime Realty Investment Corp REIT ^(a)			108,455
	21	Japan Real Estate Investment Corp REIT ^(a)			290,977
	68	Japan Retail Fund Investment Corp REIT ^(a)(c)			168,716
	22,000	Joyo Bank Ltd ^(a)			122,725
	7,067	Julius Baer Group Ltd ^(a)			275,419
	8,133	KBC Groep NV ^(a)			282,006
	25,000	Keppel Land Ltd ^(a)			79,737
	24,000	Kerry Properties Ltd ^(a)			106,833
	3,078	Klepierre REIT ^(a)			121,040
	26,084	Land Securities Group PLC REIT ^(a)			329,075
	196,196	Legal & General Group PLC ^(a)			516,000
	17,955	Lend Lease Group ^(a)			191,538


Shares				Value

Financial — (continued)
	76,000	Link REIT REIT ^(a)	$		414,510
	1,426,127	Lloyds Banking Group PLC^(a)(b)			1,062,530
	5,766	London Stock Exchange Group PLC ^(a)			114,582
	10,723	Macquarie Group Ltd ^(a)			417,142
	26,792	Mapfre SA ^(a)			83,259
	15,397	Mediobanca SpA ^(a)			78,705
	109,722	Mirvac Group REIT ^(a)			185,655
	42,000	Mitsubishi Estate Co Ltd ^(a)(d)			1,189,750
	428,800	Mitsubishi UFJ Financial Group Inc ^(a)(d)			2,587,052
	19,700	Mitsubishi UFJ Lease & Finance Co Ltd ^(a)			103,232
	28,000	Mitsui Fudosan Co Ltd ^(a)(c)			799,605
	3,305	Mizrahi Tefahot Bank Ltd ^(a)(b)			35,309
	770,300	Mizuho Financial Group Inc ^(a)(c)(d)			1,652,913
	16,900	MS&AD Insurance Group Holdings ^(a)			376,421
	6,056	Muenchener Rueckversicherungs AG ^(a)			1,135,063
	78,142	National Australia Bank Ltd ^(a)			2,521,332
	31,861	Natixis ^(a)			121,211
	129,000	New World Development Co Ltd ^(a)			219,242
	23	Nippon Building Fund Inc REIT ^(a)			322,281
	22,000	Nishi-Nippon City Bank Ltd ^(a)			68,137
	12,850	NKSJ Holdings Inc ^(a)			270,687
	120,000	Nomura Holdings Inc ^(a)			746,129
	4,500	Nomura Real Estate Holdings Inc ^(a)			100,996
	8	Nomura Real Estate Office Fund Inc REIT ^(a)			58,963
	88,974	Nordea Bank AB ^(a)			1,009,385
	44	NTT Urban Development Corp ^(a)			53,041
	162,282	Old Mutual PLC ^(a)			501,168
	35,800	ORIX Corp ^(a)			457,093
	88,000	Oversea-Chinese Banking Corp Ltd ^(a)			758,086
	969	Pargesa Holding SA ^(a)			65,968
	595	Partners Group Holding AG ^(a)			146,940
	4,070	Pohjola Bank PLC Class A ^(a)(c)			59,525
	86,232	Prudential PLC ^(a)			1,399,231
	39,655	QBE Insurance Group Ltd ^(a)			560,620
	1,454	Raiffeisen Bank International AG ^(a)(c)			49,579
	5,880	Ratos AB Class B ^(a)			62,225
	47,978	Resolution Ltd ^(a)			199,238
	61,500	Resona Holdings Inc ^(a)(c)			324,726
	70,842	Royal Bank of Scotland Group PLC ^(a)(b)			297,583
	124,873	RSA Insurance Group PLC ^(a)			221,228
	13,896	Sampo Class A ^(a)			535,957
	3,693	Schroders PLC ^(a)			118,572
	5,427	SCOR SE ^(a)			156,118
	26,143	Segro PLC REIT ^(a)			101,226
	20,000	Seven Bank Ltd ^(a)(c)			64,398
	52,000	Shinsei Bank Ltd ^(a)(c)			119,490
	18,000	Shizuoka Bank Ltd ^(a)			203,192
	29,000	Singapore Exchange Ltd ^(a)			180,660
	96,800	Sino Land Co Ltd ^(a)			164,751


Shares				Value

Financial — (continued)
	46,796	Skandinaviska Enskilda Banken AB ^(a)(c)	$		470,617
	23,764	Societe Generale SA Class A ^(a)(b)			782,384
	5,400	Sony Financial Holdings Inc ^(a)			80,766
	81,178	Standard Chartered PLC ^(a)			2,107,268
	78,459	Standard Life PLC ^(a)			437,323
	75,840	Stockland ^(a)			289,432
	45,300	Sumitomo Mitsui Financial Group Inc ^(a)(c)(d)			1,858,426
	103,860	Sumitomo Mitsui Trust Holdings Inc ^(a)			494,563
	12,000	Sumitomo Realty & Development Co Ltd ^(a)			467,485
	52,000	Sun Hung Kai Properties Ltd ^(a)			701,713
	42,681	Suncorp Group Ltd ^(a)			526,750
	7,000	Suruga Bank Ltd ^(a)			112,488
	16,416	Svenska Handelsbanken AB Class A ^(a)(c)			702,131
	26,742	Swedbank AB Class A ^(a)(c)			609,300
	41,400	Swire Properties Ltd ^(a)(b)			147,241
	1,071	Swiss Life Holding AG ^(a)			159,207
	1,793	Swiss Prime Site AG ^(b)			145,151
	11,908	Swiss Re AG ^(a)			969,812
	20,100	T&D Holdings Inc ^(a)			240,737
	23,500	Tokio Marine Holdings Inc ^(a)			679,864
	15,000	Tokyu Land Corp ^(a)			141,544
	736	Tryg A/S ^(a)			59,533
	122,639	UBS AG ^(a)			1,885,847
	3,126	Unibail-Rodamco SE REIT			728,086
	133,930	UniCredit SpA ^(a)(b)			574,888
	26,326	Unione di Banche Italiane SCPA ^(a)			97,520
	42,000	United Overseas Bank Ltd ^(a)			692,410
	16,000	UOL Group Ltd ^(a)			90,351
	1,436	Vienna Insurance Group AG Wiener Versicherung Gruppe ^(a)			69,697
	72,388	Westfield Group REIT ^(a)			820,159
	97,146	Westfield Retail Trust REIT ^(a)			305,844
	103,616	Westpac Banking Corp ^(a)			3,334,520
	29,000	Wheelock & Co Ltd ^(a)			154,842
	7,000	Yamaguchi Financial Group Inc ^(a)			69,902
	4,971	Zurich Insurance Group AG ^(a)			1,387,653

					94,092,943


Industrial — 11.14%
	74,108	ABB Ltd ^(a)			1,682,373
	738	Acciona SA ^(a)(c)			40,406
	4,390	ACS Actividades de Construccion y Servicios SA ^(a)(c)			102,858
	5,100	Advantest Corp ^(a)(c)			72,189
	892	Aeroports de Paris ^(a)			75,695
	5,140	Aker Solutions ASA ^(a)			96,480
	11,589	Alfa Laval AB ^(a)			267,534
	11,750	ALS Ltd ^(a)			128,885
	7,200	Alstom SA ^(a)			293,676
	13,000	Amada Co Ltd ^(a)			86,468
	40,218	Amcor Ltd ^(a)			389,652
	2,417	Andritz AG ^(a)(c)			162,693


Shares				Value

Industrial — (continued)
	17	AP Moeller - Maersk A/S Class A ^(a)	$		127,542
	43	AP Moeller - Maersk A/S Class B ^(a)			337,488
	35,000	Asahi Glass Co Ltd ^(a)			243,788
	34,107	Asciano Ltd ^(a)			198,987
	11,099	Assa Abloy AB Class B ^(a)			453,735
	22,798	Atlas Copco AB Class A ^(a)(c)			648,684
	12,689	Atlas Copco AB Class B ^(a)			321,492
	33,365	Auckland International Airport Ltd ^(a)			82,339
	62,778	Aurizon Holdings Ltd ^(a)			264,078
	107,628	BAE Systems PLC ^(a)			646,054
	22,996	Balfour Beatty PLC ^(a)			82,230
	26,450	Boral Ltd ^(a)			135,765
	6,428	Bouygues SA ^(a)			174,578
	8,000	Brother Industries Ltd ^(a)			82,862
	8,600	Casio Computer Co Ltd ^(a)			67,261
	4,800	Central Japan Railway Co ^(a)			507,183
	16,000	Cheung Kong Infrastructure Holdings Ltd ^(a)			109,951
	6,000	Chiyoda Corp ^(a)(c)			67,244
	13,202	Cie de St-Gobain ^(a)			490,238
	37,364	Cobham PLC ^(a)			138,318
	63,000	ComfortDelGro Corp Ltd ^(a)			97,214
	24,070	CRH PLC ^(a)			531,504
	8,100	Daikin Industries Ltd ^(a)			318,774
	29,982	Deutsche Post AG ^(a)			691,920
	6,249	DSV A/S ^(a)			151,227
	11,400	East Japan Railway Co ^(a)(c)(d)			938,411
	15,403	European Aeronautic Defence & Space Co NV ^(a)(c)			785,069
	6,500	FANUC Corp ^(a)(d)			1,000,809
	14,013	Ferrovial SA ^(a)			223,034
	13,632	Finmeccanica SpA ^(a)(b)			65,761
	22,621	Fletcher Building Ltd ^(a)			162,613
	1,323	Fraport AG Frankfurt Airport Services Worldwide ^(a)			74,271
	18,000	Fuji Electric Co Ltd ^(a)			52,937
	15,100	FUJIFILM Holdings Corp ^(a)			299,526
	18,000	Furukawa Electric Co Ltd ^(a)(b)(c)			39,893
	1,268	Geberit AG ^(a)			312,656
	18,621	Groupe Eurotunnel SA ^(a)			148,449
	13,000	GS Yuasa Corp ^(a)			54,480
	2,300	Hamamatsu Photonics KK ^(a)			91,238
	37,000	Hankyu Hanshin Holdings Inc ^(a)			223,412
	4,584	HeidelbergCement AG ^(a)			330,539
	7,788	Hexagon AB Class B ^(a)			212,689
	1,100	Hirose Electric Co Ltd ^(a)			145,166
	3,600	Hitachi Construction Machinery Co Ltd ^(a)(c)			77,476
	159,000	Hitachi Ltd ^(a)(d)			928,245
	1,142	Hochtief AG ^(a)(b)			74,464
	7,577	Holcim Ltd ^(a)			605,221
	14,200	Hoya Corp ^(a)			267,794
	174,000	Hutchison Port Holdings Trust ^(a)			148,460
	4,300	Ibiden Co Ltd ^(a)			67,391
	45,000	IHI Corp ^(a)			137,013
	1,235	Imerys SA ^(a)			80,473
	10,277	IMI PLC ^(a)			202,719


Shares				Value

Industrial — (continued)
	28,770	Invensys PLC ^(a)	$		154,040
	15,505	James Hardie Industries PLC ^(a)			162,651
	7,000	JGC Corp ^(a)			179,655
	29,000	Kajima Corp ^(a)			78,815
	8,000	Kamigumi Co Ltd ^(a)			73,612
	47,000	Kawasaki Heavy Industries Ltd ^(a)			148,946
	16,000	Keikyu Corp ^(a)(c)			167,137
	19,000	Keio Corp ^(a)(c)			163,360
	10,000	Keisei Electric Railway Co Ltd ^(a)			105,647
	1,590	Keyence Corp ^(a)			488,510
	3,000	Kinden Corp ^(a)			19,694
	53,000	Kintetsu Corp ^(a)(c)			247,127
	31,700	Komatsu Ltd ^(a)			758,177
	5,177	Kone OYJ Class B ^(a)			408,191
	16,000	Konica Minolta Inc ^(a)			117,332
	2,484	Koninklijke Boskalis Westminster NV ^(a)			98,823
	32,369	Koninklijke Philips Electronics NV ^(a)			957,704
	2,337	Koninklijke Vopak NV ^(a)			140,984
	37,000	Kubota Corp ^(a)			536,902
	1,714	Kuehne + Nagel International AG ^(a)			187,131
	3,400	Kurita Water Industries Ltd ^(a)(c)			75,499
	5,100	Kyocera Corp ^(a)			467,938
	6,207	Lafarge SA ^(a)			413,252
	8,119	Legrand SA ^(a)			354,213
	5,219	Leighton Holdings Ltd ^(a)			112,395
	8,500	LIXIL Group Corp ^(a)			169,589
	900	Mabuchi Motor Co Ltd ^(a)			48,673
	3,700	Makita Corp ^(a)			164,952
	1,487	MAN SE ^(a)			160,218
	1,800	Maruichi Steel Tube Ltd ^(a)			42,000
	27,405	Meggitt PLC ^(a)			205,009
	38,763	Melrose Industries PLC ^(a)			156,932
	4,216	Metso OYJ ^(a)(b)(c)			180,141
	66,000	Mitsubishi Electric Corp ^(a)			536,907
	101,000	Mitsubishi Heavy Industries Ltd ^(a)			584,332
	34,000	Mitsui OSK Lines Ltd ^(a)(b)			112,509
	49,000	MTR Corp Ltd ^(a)			195,005
	6,700	Murata Manufacturing Co Ltd ^(a)			506,585
	3,400	Nabtesco Corp ^(a)(c)			69,807
	88,000	NEC Corp ^(a)(b)			234,949
	3,700	Nidec Corp ^(a)(c)			221,793
	11,100	Nikon Corp ^(a)(c)			261,474
	12,000	Nippon Electric Glass Co Ltd ^(a)			59,918
	29,000	Nippon Express Co Ltd ^(a)			139,049
	50,000	Nippon Yusen KK ^(a)			128,870
	15,000	NSK Ltd ^(a)			114,500
	23,000	Obayashi Corp ^(a)			110,032
	22,000	Odakyu Electric Railway Co Ltd ^(a)(c)			274,193
	7,000	Olympus Corp ^(a)(b)			166,103
	7,100	Omron Corp ^(a)			179,596
	6,000	Orient Overseas International Ltd ^(a)			40,638
	25,862	Orkla ASA ^(a)			207,890
	6,578	Prysmian SpA ^(a)			135,716
	25,190	Rexam PLC ^(a)			202,084
	5,158	Rexel SA ^(a)(b)			112,626


Shares				Value

Industrial — (continued)
	1,100	Rinnai Corp ^(a)	$		78,422
	63,277	Rolls-Royce Holdings PLC ^(a)(b)			1,087,858
	7,647	Safran SA ^(a)			341,296
	33,253	Sandvik AB ^(a)			512,952
	2,382	Schindler Holding AG ^(a)			346,600
	17,752	Schneider Electric SA ^(a)			1,298,172
	34,000	SembCorp Industries Ltd ^(a)			142,760
	28,000	SembCorp Marine Ltd ^(a)(c)			100,456
	19,000	Shimizu Corp ^(a)			62,343
	28,148	Siemens AG ^(a)			3,034,326
	69	Sika AG ^(a)			167,891
	5,991	Sims Metal Management Ltd ^(a)			62,963
	49,000	Singapore Technologies Engineering Ltd ^(a)			170,707
	12,129	Skanska AB Class B ^(a)			219,649
	12,756	SKF AB Class B ^(a)			311,694
	1,800	SMC Corp ^(a)(c)			349,538
	13,571	Smiths Group PLC ^(a)			259,708
	820	Sulzer AG ^(a)			140,318
	17,000	Sumitomo Heavy Industries Ltd ^(a)			67,506
	10,263	Sydney Airport ^(a)			35,076
	34,000	Taiheiyo Cement Corp ^(a)			81,658
	35,000	Taisei Corp ^(a)			97,388
	15,371	Tenaris SA ^(a)			313,034
	2,842	Thales SA ^(a)			120,272
	4,200	THK Co Ltd ^(a)			83,454
	11,129	TNT Express NV ^(a)			81,618
	35,000	Tobu Railway Co Ltd ^(a)			200,933
	39,000	Tokyu Corp ^(a)			288,504
	22,181	Toll Holdings Ltd ^(a)			137,448
	133,000	Toshiba Corp ^(a)			678,231
	9,000	TOTO Ltd ^(a)(c)			80,858
	5,300	Toyo Seikan Group Holdings Ltd ^(a)			73,294
	5,000	Ushio Inc ^(a)			51,186
	3,418	Vallourec SA ^(a)			164,426
	15,238	Vinci SA ^(a)			687,811
	5,791	Wartsila OYJ Abp ^(a)			261,046
	7,340	Weir Group PLC ^(a)			253,125
	5,800	West Japan Railway Co ^(a)			279,040
	6,606	WorleyParsons Ltd ^(a)			170,829
	12,000	Yamato Holdings Co Ltd ^(a)			217,663
	58,000	Yangzijiang Shipbuilding Holdings Ltd ^(a)(c)			45,588
	7,000	Yaskawa Electric Corp ^(a)			70,534
	5,700	Yokogawa Electric Corp ^(a)			57,206
	4,492	Zardoya Otis SA ^(a)			60,216
	1,144	Zodiac Aerospace ^(a)			133,359

					43,938,355


Technology — 2.25%
	10,800	Amadeus IT Holding SA Class A ^(a)			292,768
	46,834	ARM Holdings PLC ^(a)			659,548
	5,700	ASM Pacific Technology Ltd ^(a)			62,749
	10,674	ASML Holding NV ^(a)			718,959
	1,782	AtoS ^(a)			122,794
	38,200	Canon Inc ^(a)(d)			1,403,850


Shares				Value

Technology — (continued)
	5,157	Cap Gemini SA ^(a)	$		235,003
	14,796	Computershare Ltd ^(a)			157,786
	2,052	Dassault Systemes SA ^(a)			237,417
	64,000	Fujitsu Ltd ^(a)			267,363
	2,742	Gemalto NV ^(a)(b)			239,369
	37,164	Infineon Technologies AG ^(a)			294,056
	1,000	Itochu Techno-Solutions Corp ^(a)			49,508
	3,500	Konami Corp ^(a)(c)			70,053
	1,337	Mellanox Technologies Ltd ^(a)(b)			73,987
	3,400	Nomura Research Institute Ltd ^(a)			87,805
	42	NTT Data Corp ^(a)			138,686
	1,100	Oracle Corp ^(a)			49,627
	500	Otsuka Corp ^(a)			54,482
	22,000	Ricoh Co Ltd ^(a)(c)			240,184
	3,200	Rohm Co Ltd ^(a)			110,953
	42,179	Sage Group PLC ^(a)			219,892
	30,998	SAP AG ^(a)			2,493,090
	20,456	STMicroelectronics NV ^(a)			158,034
	3,200	Sumco Corp ^(a)			36,414
	4,000	TDK Corp ^(a)(c)			140,582
	5,800	Tokyo Electron Ltd ^(a)			247,453

					8,862,412

Utilities — 3.57%
	17,799	AGL Energy Ltd ^(a)			294,630
	175,854	Centrica PLC ^(a)			984,110
	22,300	Chubu Electric Power Co Inc ^(a)(c)			271,595
	10,000	Chugoku Electric Power Co Inc ^(a)			130,674
	58,500	CLP Holdings Ltd ^(a)			512,833
	13,652	Contact Energy Ltd ^(a)			65,134
	60,875	E.ON SE ^(a)			1,065,178
	64,781	EDP - Energias de Portugal SA ^(a)			199,634
	4,100	Electric Power Development Co Ltd ^(a)			104,345
	8,469	Electricite de France SA ^(a)			162,457
	6,508	Enagas SA ^(a)			151,782
	223,101	Enel SpA ^(a)			731,535
	14,492	Fortum OYJ ^(a)			292,326
	11,488	Gas Natural SDG SA ^(a)			203,855
	44,910	GDF Suez ^(a)			862,766
	5,600	Hokkaido Electric Power Co Inc ^(a)			57,273
	5,900	Hokuriku Electric Power Co ^(a)			72,897
	173,490	Hong Kong & China Gas Co Ltd ^(a)			506,869
	159,501	Iberdrola SA ^(a)			745,649
	23,800	Kansai Electric Power Co Inc ^(a)(b)			225,691
	13,800	Kyushu Electric Power Co Inc ^(a)(b)			140,702
	122,744	National Grid PLC ^(a)			1,425,330
	36,320	Origin Energy Ltd ^(a)			505,482
	65,000	Osaka Gas Co Ltd ^(a)(c)			284,250
	46,000	Power Assets Holdings Ltd ^(a)			434,748
	3,569	Red Electrica Corp SA ^(a)			179,740
	17,275	RWE AG ^(a)			643,381
	7,615	Severn Trent PLC ^(a)			198,314
	5,300	Shikoku Electric Power Co Inc ^(a)			75,540
	55,211	Snam SpA ^(a)			252,216
	51,378	SP AusNet ^(a)			64,113
	31,680	SSE PLC ^(a)			715,690
	10,007	Suez Environnement Co ^(a)			127,601


Shares				Value

Utilities — (continued)
	44,419	Terna Rete Elettrica Nazionale SpA ^(a)	$		184,365
	14,000	Toho Gas Co Ltd ^(a)(c)			89,193
	15,700	Tohoku Electric Power Co Inc ^(a)(b)			125,225
	45,400	Tokyo Electric Power Co Inc ^(a)(b)			112,800
	82,000	Tokyo Gas Co Ltd ^(a)			443,254
	22,292	United Utilities Group PLC ^(a)			240,071
	11,981	Veolia Environnement SA ^(a)			151,817
	2,126	Verbund AG ^(a)			46,193

					14,081,258


TOTAL COMMON STOCK — 97.05% (Cost $359,537,388)			$		382,651,308


PREFERRED STOCK
Consumer, Cyclical — 0.28%
	1,729	Bayerische Motoren Werke AG ^(a)			110,685
	4,890	Volkswagen AG ^(a)			973,955

					1,084,640


Consumer, Non-cyclical — 0.14%
	5,907	Henkel AG & Co KGaA^(a)			569,088


TOTAL PREFERRED STOCK — 0.42% (Cost $1,398,564)			$		1,653,728


RIGHTS
Financial — 0.00% ^(e)
	38,200	CaixaBank			2,595


TOTAL RIGHTS — 0.00%^(e) (Cost $3,222)			$		2,595


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency Obligations — 1.62%
$	6,378,000	Federal Home Loan Bank 0.00%, 04/01/2013			6,378,000


U.S. Treasury Obligations — 0.17%
	680,000	U.S. Treasury Bills^(f) 0.09%, 06/13/2013			679,875


Principal Amount				Value

Short Term Investments— (continued)
Reverse Repurchase Agreements — 5.74%
$	5,373,785	Undivided interest of 6.17% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $5,373,785 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.	$		5,373,785

	5,373,786	Undivided interest of 6.17% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $5,373,786 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			5,373,786

	1,131,250	Undivided interest of 6.46% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $1,131,250 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			1,131,250


Principal Amount				Value

Short Term Investments— (continued)
$	5,373,785	Undivided interest of 6.46% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $5,373,785 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.	$		5,373,785

	5,373,785	Undivided interest of 6.46% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $5,373,785 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			5,373,785

					22,626,391


TOTAL SHORT TERM INVESTMENTS — 7.53% (Cost $29,684,266)			$		29,684,266


TOTAL INVESTMENTS — 105.00% (Cost $390,623,440)			$		413,991,897

OTHER ASSETS & LIABILITIES, NET — (5.00)%			$		(19,702,329	)

TOTAL NET ASSETS — 100.00%			$		394,289,568

At March 28, 2013, the Fund held the following forward foreign currency contracts:

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Short-term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which approximates fair value. Short-term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Managers of GWCM, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets. The fair value for some Level 2 securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. For this Fund, Level 2 securities include certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table.

Investing in the Fund may involve certain risks including, but not limited to, the following.

The accounting records of the Fund are maintained in U.S. dollars. Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Fund and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. Upon closing of such contract there is a gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars. Risks arise from the possible inability of

counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Dividends from net investment income of the Fund, if any, are declared and paid annually. Income dividends are reinvested in additional shares at net asset value. Dividends from capital gains of the Fund, if any, are declared and reinvested at least annually in additional shares at net asset value.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal and Colorado tax returns remain open for the fiscal years ended 2011 and 2012.

At March 28, 2013, the U.S. Federal income tax cost basis was $391,274,895. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $48,397,322 and gross depreciation of securities in which there was an excess of tax cost over value of $25,680,320 resulting in net appreciation of $22,717,002.

The Fund uses futures contracts in order for the Fund to hold cash but maintain index returns with the objective of minimizing tracking error versus the benchmark index. Index futures contracts which are most correlated to the benchmark index and exhibit sufficient liquidity are utilized. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations. The Fund held an average of 165 futures contracts for the reporting period.

The Fund captures potential returns from changes in international exchange rates or reduces the risk of undesired currency exposure by entering into forward foreign currency contracts. The Fund uses forward foreign currency contracts when it is determined that it is more cost or tax efficient to use derivative instruments rather than investing directly in the underlying bond or currency market. The Fund held an average notional value of $63,661,546 on forward foreign currency contracts for the reporting period.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $21,468,606 and received collateral of $22,626,391 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 11.45%
	6,274	Barrick Gold Corp	$		184,456
	4,810	BHP Billiton Ltd Sponsored ADR ^(a)			329,148
	5,741	Eurasian Natural Resources Corp PLC ADR			11,482
	7,160	JSR Corp Sponsored ADR ^(a)			146,216
	312	KGHM Polska Miedz SA ^(b)			15,121
	3,254	Magnitogorsk Iron & Steel Works GDR ^(b)			11,194
	6,379	Nitto Denko Corp Sponsored ADR			191,434
	262	POSCO ADR ^(a)(c)			19,312
	4,510	Rio Tinto PLC Sponsored ADR			212,331
	21,568	Salzgitter AG Sponsored ADR			84,978
	616	Sasol Ltd Sponsored ADR			27,313
	10,587	Shin-Etsu Chemical Co Ltd Sponsored ADR ^(a)			174,685
	1,522	Vale SA Sponsored ADR			26,315
	7,771	Yara International ASA ADR			354,358

					1,788,343


Communications — 11.07%
	1,220	America Movil SAB de CV ADR Class L			25,571
	905	China Mobile Ltd Sponsored ADR			48,083
	10,700	Dena Co Ltd ^(a)(b)			291,751
	6,576	Nippon Telegraph & Telephone Corp ADR			142,962
	9,307	NTT DOCOMO Inc Sponsored ADR ^(a)			138,395
	1,035	Sistema JSFC GDR ^(a)(b)			19,036
	842	SK Telecom Co Ltd ADR			15,047
	9,790	Swisscom AG Sponsored ADR			453,473
	12,006	TDC A/S ^(b)			92,409
	858	Telefonica Brasil SA ADR			22,891
	13,909	Telefonica SA Sponsored ADR			187,911
	301	Telekomunikasi Indonesia Persero Tbk PT Sponsored ADR			13,569
	11,783	Telstra Corp Ltd ADR			277,725

					1,728,823


Consumer, Cyclical — 11.44%
	13,948	Cie Generale des Etablissements Michelin Sponsored ADR			232,792
	8,291	Deutsche Lufthansa AG Sponsored ADR			162,006
	79	Hyundai Department Store Co Ltd ^(b)			11,619
	126	Hyundai Mobis ^(b)			35,371
	5,403	Mitsubishi Corp Sponsored ADR			202,775
	16,031	Nissan Motor Co Ltd Sponsored ADR			307,795
	36,232	Porsche Automobil Holding SE Sponsored ADR			263,407
	1,771	Steinhoff International Holdings Ltd Sponsored ADR			24,139
	1,030	Tata Motors Ltd Sponsored ADR			25,142


Shares				Value

Consumer, Cyclical — (continued)
	2,526	Toyota Motor Corp Sponsored ADR	$		259,269
	5,720	Yamada Denki Co Ltd ^(a)(b)			262,437

					1,786,752


Consumer, Non-cyclical — 16.71%
	2,632	Actelion Ltd ^(b)			143,117
	16,000	Asahi Group Holdings Ltd ^(b)			382,602
	3,879	AstraZeneca PLC Sponsored ADR			193,872
	1,530	China Agri-Industries Holdings Ltd ADR ^(a)			15,807
	1,608	First Pacific Co Ltd/Hong Kong Sponsored ADR ^(c)			10,934
	6,431	GlaxoSmithKline PLC Sponsored ADR			301,678
	5,762	Imperial Tobacco Group PLC ADR			403,340
	399	KT&G Corp			27,076
	8,769	Sanofi ADR			447,921
	3,419	Seven & I Holdings Co Ltd Sponsored ADR ^(a)			225,791
	12,947	Tesco PLC Sponsored ADR ^(c)			226,184
	459	Tiger Brands Ltd Sponsored ADR			14,757
	7,000	Toyo Suisan Kaisha Ltd ^(b)			216,085

					2,609,164


Energy — 9.05%
	163	CNOOC Ltd ADR			31,214
	2,675	Dragon Oil PLC			26,399
	5,585	Eni SpA Sponsored ADR			250,711
	1,825	Gazprom OAO Sponsored ADR ^(b)			15,597
	1,666	Petroleo Brasileiro SA ADR			27,606
	1,900	PTT PCL ^(b)			21,076
	3,769	Rosneft OAO GDR ^(b)			28,805
	5,432	Royal Dutch Shell PLC ADR			362,966
	5,198	Statoil ASA Sponsored ADR			127,975
	5,982	Suncor Energy Inc			179,520
	7,097	Total SA Sponsored ADR			340,514

					1,412,383


Financial — 24.74%
	8,065	Asya Katilim Bankasi AS ADR ^(c)			21,304
	9,571	Australia & New Zealand Banking Group Ltd Sponsored ADR			286,843
	1,805	Banco do Brasil SA Sponsored ADR			24,692
	2,900	Bangkok Bank PCL NVDR ^(b)			22,067
	368	Bank Rakyat Indonesia Persero Tbk PT ADR ^(a)			6,716
	18,891	Barclays PLC Sponsored ADR			335,504
	7,460	BNP Paribas SA ADR ^(a)			193,139
	12,943	Cheung Kong Holdings Ltd Sponsored ADR			191,297
	1,984	China Construction Bank Corp Sponsored ADR			32,280


Shares				Value

Financial — (continued)
	8,294	Credit Suisse Group AG Sponsored ADR ^(c)	$		217,303
	21,738	Danske Bank A/S Sponsored ADR ^(c)			195,207
	600	Dongbu Insurance Co Ltd ^(b)(c)			25,654
	30,928	Henderson Land Development Co Ltd Sponsored ADR			211,857
	20,000	KWG Property Holding Ltd ^(b)			12,566
	7,355	Macquarie Group Ltd ADR ^(a)			284,786
	66,679	Mitsubishi UFJ Financial Group Inc ADR			400,074
	7,210	Muenchener Rueckversicherungs AG Sponsored ADR ^(a)			135,332
	5,900	PDG Realty SA Empreendimentos e Participacoes			9,197
	1,904	Sberbank of Russia Sponsored ADR ^(c)			24,276
	674	Shinhan Financial Group Co Ltd ^(b)			24,259
	1,225	Standard Bank Group Ltd Sponsored ADR			16,011
	13,271	Standard Chartered PLC ^(b)			344,497
	24,533	Suncorp Group Ltd Sponsored ADR ^(a)			300,775
	1,719	Toronto-Dominion Bank			143,141
	14,430	Zurich Insurance Group AG ADR ^(a)			404,329

					3,863,106


Industrial — 8.36%
	10,656	ABB Ltd Sponsored ADR			242,531
	8,855	Bouygues SA ^(b)			240,492
	1,192	China Communications Construction Co Ltd Sponsored ADR			22,112
	13,679	East Japan Railway Co Sponsored ADR			186,034
	4,436	Hon Hai Precision Industry Co Ltd GDR ^(c)			24,537
	184	Hyundai Mipo Dockyard ^(b)			19,283
	6,118	Komatsu Ltd Sponsored ADR			145,364
	15,365	Nippon Yusen KK Sponsored ADR			77,901
	1,000	TPK Holding Co Ltd ^(b)(c)			20,020
	15,000	Unimicron Technology Corp ^(b)			15,479
	269	United Tractors Tbk PT Sponsored ADR ^(c)			10,128
	31,355	Vallourec SA Sponsored ADR ^(a)			301,321

					1,305,202


Technology — 0.46%
	8,400	Powertech Technology Inc ^(b)			14,158
	32	Samsung Electronics Co Ltd ^(b)			43,617
	12,700	Wistron Corp ^(b)			13,938

					71,713


Shares				Value

Utilities — 2.83%
	500	Cia de Saneamento de Minas Gerais-COPASA	$		12,119
	1,404	Cia Paranaense de Energia Sponsored ADR			21,720
	7,549	Iberdrola SA Sponsored ADR			141,695
	4,587	National Grid PLC Sponsored ADR			266,092

					441,626


TOTAL COMMON STOCK — 96.11% (Cost $13,249,080)			$		15,007,112


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency— 1.58%
$	247,000	Federal Home Loan Bank 0.00%, 04/01/2013			247,000


Reverse Repurchase Agreements — 8.11%
	300,873	Undivided interest of 0.35% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $300,873 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			300,873

	300,875	Undivided interest of 0.35% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $300,875 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			300,875


Principal Amount				Value

Short Term Investments— (continued)
$	300,873	Undivided interest of 0.36% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $300,873 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		300,873


					1,266,832


TOTAL SHORT TERM INVESTMENTS — 9.69% (Cost $1,513,832)			$		1,513,832


TOTAL INVESTMENTS — 105.80% (Cost $14,762,912)			$		16,520,944

OTHER ASSETS & LIABILITIES, NET — (5.80)%			$		(906,220)

TOTAL NET ASSETS — 100.00%			$		15,614,724


Country		Value	Percentage of Fund Investments

Australia	$	1,479,277		8.95%
Brazil		144,540		0.88
Canada		507,117		3.07
China		133,689		0.81
Denmark		287,616		1.74
France		1,756,179		10.63
Germany		645,723		3.91
Hong Kong		442,461		2.68
India		25,142		0.15
Indonesia		30,413		0.18
Italy		250,711		1.52
Japan		3,751,570		22.71
Mexico		25,571		0.15
Netherlands		362,966		2.20
Norway		482,333		2.92
Poland		15,121		0.09
Russia		98,908		0.60
South Africa		82,220		0.50
South Korea		221,238		1.34
Spain		329,606		2.00
Switzerland		1,460,753		8.84
Taiwan		88,132		0.53
Thailand		43,143		0.26
Turkey		21,304		0.13
United Arab Emirates		26,399		0.16
United Kingdom		2,294,980		13.89
United States		1,513,832		9.16

Total	$	16,520,944		100.00%

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table. The Fund recognizes transfers between levels as of the beginning of the reporting period.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $15,060,334. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $1,983,983 and gross depreciation of securities in which there was an excess of tax cost over value of $523,373 resulting in net appreciation of $1,460,610.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $1,223,171 and received collateral of $1,266,832 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 3.56%
	1,400	American Pacific Corp ^(a)	$		32,354
	34,600	Chemtura Corp ^(a)			747,706
	24,700	Commercial Metals Co			391,495
	26,700	Golden Star Resources Ltd ^(a)			42,720
	3,600	Material Sciences Corp ^(a)^(b)			38,880
	16,600	Minerals Technologies Inc			689,066
	9,100	PH Glatfelter Co			212,758
	17,900	Resolute Forest Products ^(a)(b)			289,622

					2,444,601


Communications — 4.18%
	12,300	AOL Inc			473,427
	5,600	Arris Group Inc ^(a)			96,152
	101,800	Aviat Networks Inc ^(a)			343,066
	13,100	Aware Inc ^(b)			60,653
	29,000	Comtech Telecommunications Corp			704,120
	4,200	Fairpoint Communications Inc ^(a)(b)			31,374
	4,800	Global Sources Ltd ^(a)			36,288
	32,200	IDT Corp Class B			388,332
	1,500	Nexstar Broadcasting Group Inc Class A			27,000
	1,500	Reis Inc ^(a)			23,310
	10,800	Scholastic Corp			287,820
	7,400	Sohu.com Inc^(a)(b)			367,114
	4,900	Telenav Inc ^(a)			31,605

					2,870,261


Consumer, Cyclical — 10.41%
	30,200	Brown Shoe Co Inc			483,200
	23,000	Build-A-Bear Workshop Inc ^(a)			123,970
	6,200	China Automotive Systems Inc ^(a)(b)			29,822
	5,300	Dillard’s Inc Class A			416,315
	1,700	Hooker Furniture Corp			27,098
	37,700	Iconix Brand Group Inc ^(a)			975,299
	49,400	Kimball International Inc Class B			447,564
	24,700	Lakes Entertainment Inc ^(a)			71,630
	20,200	Marriott Vacations Worldwide Corp ^(a)			866,782
	11,200	Multimedia Games Holding Co Inc ^(a)			233,744
	700	Nathan’s Famous Inc ^(a)			29,575
	30,200	Nautilus Inc ^(a)			220,460
	28,100	Office Depot Inc ^(a)			110,433
	10,900	Oshkosh Corp ^(a)			463,141
	32,000	PetMed Express Inc ^(b)			429,280
	8,000	Red Robin Gourmet Burgers Inc ^(a)			364,800
	31,200	Skechers U.S.A. Inc Class A ^(a)			659,880
	51,500	SkyWest Inc			826,575
	6,500	Visteon Corp ^(a)			375,050

					7,154,618


Consumer, Non-cyclical — 12.55%
	14,400	Addus HomeCare Corp ^(a)			189,936


Shares				Value

Consumer, Non-cyclical — (continued)
	7,300	Ascent Capital Group Inc Class A ^(a)	$		543,412
	16,100	Barrett Business Services Inc			847,826
	6,900	Cal-Maine Foods Inc			293,664
	3,100	Capella Education Co ^(a)			96,534
	41,400	CardioNet Inc ^(a)			100,602
	53,300	Convergys Corp			907,699
	16,400	CoreLogic Inc ^(a)			424,104
	6,900	CSS Industries Inc			179,193
	27,500	Cumberland Pharmaceuticals Inc^(a)(b)			136,950
	20,700	Endocyte Inc^(a)			257,715
	12,700	Feihe International Inc ^(a)(b)			92,075
	7,000	Isis Pharmaceuticals Inc ^(a)(b)			118,580
	7,800	John B Sanfilippo & Son Inc			155,844
	1,400	Lender Processing Services Inc			35,644
	50,100	Maxygen Inc			120,741
	2,800	Momenta Pharmaceuticals Inc ^(a)			37,352
	45,000	Pacific Biosciences of California Inc ^(a)			112,050
	36,600	PHH Corp ^(a)			803,736
	6,200	QC Holdings Inc			19,902
	22,800	Quad/Graphics Inc ^(b)			545,832
	3,700	Resources Connection Inc			46,990
	84,400	RTI Biologics Inc ^(a)			332,536
	37,100	Santarus Inc ^(a)			642,943
	36,000	Select Medical Holdings Corp			324,000
	3,200	SurModics Inc ^(a)			87,200
	14,100	Targacept Inc ^(a)			60,348
	9,100	Tree.com Inc			168,259
	3,800	United Therapeutics Corp ^(a)			231,306
	8,600	Universal Corp ^(b)			481,944
	8,100	Viad Corp			224,046

					8,618,963


Diversified — 1.07%
	89,100	Harbinger Group Inc ^(a)			735,966


Energy — 5.34%
	11,000	CVR Energy Inc			567,820
	8,800	Delek US Holdings Inc			347,248
	18,600	EPL Oil & Gas Inc ^(a)			498,666
	29,900	Exterran Holdings Inc ^(a)			807,300
	14,800	Hercules Offshore Inc ^(a)			109,816
	14,200	REX American Resources Corp ^(a)			314,104
	6,900	TGC Industries Inc			68,310
	41,900	Vaalco Energy Inc ^(a)			318,021
	14,500	W&T Offshore Inc ^(b)			205,900
	12,100	Western Refining Inc ^(b)			428,461

					3,665,646


Financial — 35.66%
	17,300	Access National Corp			283,720
	14,000	American Assets Trust Inc REIT ^(a)			448,140
	11,900	Apollo Investment Corp			99,484
	49,600	Arbor Realty Trust Inc REIT			388,864
	2,700	Asta Funding Inc			25,920


Shares				Value

Financial — (continued)
	6,870	Atlanticus Holdings Corp ^(a)(b)	$		25,213
	500	Bancfirst Corp			20,850
	22,800	Banco Latinoamericano de Comercio Exterior SA			564,072
	11,400	CapitalSource Inc			109,668
	19,600	Cardinal Financial Corp			356,328
	119,900	Cedar Realty Trust Inc REIT			732,589
	17,800	Center Bancorp Inc			221,254
	8,300	Central Pacific Financial Corp ^(a)			130,310
	700	Century Bancorp Inc Class A			23,737
	11,900	Citizens & Northern Corp			232,050
	19,300	Crawford & Co Class B			146,487
	24,800	Extra Space Storage Inc REIT			973,896
	2,300	Farmers Capital Bank Corp ^(a)			43,240
	40,200	First American Financial Corp			1,027,914
	1,300	First Community Bancshares Inc			20,605
	10,500	First Defiance Financial Corp			244,860
	10,600	First Financial Bankshares Inc ^(b)			515,160
	37,700	First Merchants Corp			583,219
	22,700	Flagstar Bancorp Inc ^(a)			316,211
	3,200	Fortegra Financial Corp ^(a)			28,032
	7,900	Gain Capital Holdings Inc			35,234
	28,200	Hanmi Financial Corp ^(a)			451,200
	2,700	Heartland Financial USA Inc			68,229
	56,800	Hilltop Holdings Inc ^(a)			766,232
	15,700	Homeowners Choice Inc ^(b)			427,825
	6,900	Horizon Bancorp ^(b)			139,449
	15,400	Imperial Holdings Inc ^(a)			62,370
	32,600	Kite Realty Group Trust REIT			219,724
	19,100	Lakeland Financial Corp			509,779
	10,700	MainSource Financial Group Inc			150,228
	54,700	Monmouth Real Estate Investment Corp REIT Class A			609,905
	47,100	National Financial Partners Corp ^(a)			1,056,453
	71,600	National Penn Bancshares Inc			765,404
	2,100	Nelnet Inc Class A			70,980
	4,000	NGP Capital Resources Co			28,440
	19,100	One Liberty Properties Inc REIT			414,852
	3,200	Pacific Mercantile Bancorp ^(a)			18,720
	45,400	Parkway Properties Inc REIT			842,170
	16,800	Peoples Bancorp Inc			376,152
	4,400	Phoenix Cos Inc ^(a)			135,388
	13,300	Popular Inc ^(a)			367,213
	1,700	Potlatch Corp REIT			77,962
	2,100	Preferred Bank ^(a)			33,138
	9,300	PrivateBancorp Inc			175,863
	78,400	Prospect Capital Corp			855,344
	10,800	Protective Life Corp			386,640
	10,800	Provident Financial Holdings Inc			183,708
	3,200	Pulaski Financial Corp			33,824
	20,800	Ramco-Gershenson Properties Trust REIT			349,440
	45,000	Redwood Trust Inc REIT			1,043,100
	18,800	Republic Bancorp Inc			425,632
	31,100	Sabra Health Care REIT Inc REIT			902,211
	15,500	Security National Financial Corp ^(a)(b)			111,290
	25,600	Southwest Bancorp Inc ^(a)			321,536
	14,600	Sovran Self Storage Inc REIT			941,554


Shares				Value

Financial — (continued)
	31,100	STAG Industrial Inc REIT	$		661,497
	9,100	Stewart Information Services Corp ^(b)			231,777
	15,800	Suffolk Bancorp ^(a)			224,992
	2,600	Symetra Financial Corp			34,866
	3,300	Taylor Capital Group Inc ^(a)			52,767
	14,600	THL Credit Inc			218,708
	14,100	United Fire Group Inc			359,127
	12,700	Walter Investment Management Corp ^(a)			473,075
	6,200	Washington Federal Inc			108,500
	5,500	Washington Trust Bancorp Inc			150,590
	24,200	West Bancorporation Inc			268,620
	117,900	Wilshire Bancorp Inc ^(a)			799,362

					24,502,893


Industrial — 11.83%
	5,800	Advanced Energy Industries Inc ^(a)			106,140
	4,700	Alliant Techsystems Inc			340,421
	22,900	Argan Inc			341,439
	22,600	Ballantyne Strong Inc ^(a)			95,598
	1,600	Bel Fuse Inc Class B			24,976
	3,400	EMCOR Group Inc			144,126
	4,500	EnerSys Inc ^(a)			205,110
	13,700	FreightCar America Inc			298,934
	67,200	GenCorp Inc ^(a)(b)			893,760
	12,700	Headwaters Inc ^(a)			138,430
	15,000	Kadant Inc ^(a)			375,000
	12,000	LB Foster Co			531,480
	47,600	Lihua International Inc ^(a)(b)			243,712
	1,200	Lindsay Corp ^(b)			105,816
	26,700	LoJack Corp ^(a)			83,304
	53,100	Louisiana-Pacific Corp ^(a)			1,146,960
	14,100	Movado Group Inc			472,632
	2,000	Mueller Industries Inc			106,580
	5,300	NACCO Industries Inc			282,808
	8,600	RTI International Metals Inc ^(a)			272,534
	2,800	Swift Transportation Co ^(a)			39,704
	58,300	Taser International Inc ^(a)			463,485
	16,300	Terex Corp ^(a)			561,046
	22,600	TRC Cos Inc ^(a)			145,770
	26,800	USG Corp ^(a)(b)			708,592

					8,128,357


Technology — 9.27%
	26,800	Acxiom Corp ^(a)			546,720
	34,800	Agilysys Inc ^(a)			345,912
	63,600	Brocade Communications Systems Inc ^(a)			366,972
	29,400	Cadence Design Systems Inc ^(a)			409,542
	900	CSG Systems International Inc ^(a)			19,071
	10,100	Digital River Inc ^(a)			142,814
	5,300	DST Systems Inc			377,731
	5,300	Exar Corp ^(a)			55,650
	30,900	First Solar Inc ^(a)(b)			833,064
	89,400	FormFactor Inc ^(a)			420,180
	30,000	Imation Corp ^(a)			114,600
	18,800	Kulicke & Soffa Industries Inc ^(a)			217,328


Shares				Value

Technology — (continued)
	15,300	Lexmark International Inc Class A ^(b)	$		403,920
	23,300	Magnachip Semiconductor Corp ^(a)			403,323
	1,600	Manhattan Associates Inc ^(a)			118,864
	13,100	Pericom Semiconductor Corp ^(a)			89,211
	33,500	Rosetta Stone Inc ^(a)			515,230
	49,700	Silicon Graphics International Corp ^(a)(b)			683,375
	2,300	Supertex Inc			51,083
	13,700	Tessera Technologies Inc			256,875

					6,371,465


Utilities — 4.85%
	6,400	Chesapeake Utilities Corp			313,920
	2,700	Cleco Corp			126,981
	8,200	Consolidated Water Co Ltd			81,180
	23,600	El Paso Electric Co			794,140
	11,200	Genie Energy Ltd			103,712
	1,200	Laclede Group Inc			51,240
	20,300	PNM Resources Inc			472,787
	6,600	Portland General Electric Co			200,178
	20,300	Southwest Gas Corp			963,438
	4,600	UNS Energy Corp			225,124

					3,332,700


TOTAL COMMON STOCK — 98.72% (Cost $58,118,134)			$		67,825,470


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency — 1.07%
$	737,000	Federal Home Loan Bank 0.00%, 04/01/2013			737,000


U.S. Treasury Obligations — 0.20%
	134,931	U.S. Treasury Bills^(c)(d)0.11%, 09/12/2013			134,931


Reverse Repurchase Agreements — 10.03%
	1,637,053	Undivided interest of 1.88% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $1,637,053 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			1,637,053


Principal Amount				Value

Short Term Investments— (continued)
$	1,637,051	Undivided interest of 1.88% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $1,637,051 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.	$		1,637,051

	344,621	Undivided interest of 1.97% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $344,621 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			344,621

	1,637,053	Undivided interest of 1.97% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $1,637,053 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			1,637,053

	1,637,053	Undivided interest of 1.97% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $1,637,053 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			1,637,053

					6,892,831


TOTAL SHORT TERM INVESTMENTS — 11.30% (Cost $7,764,762)			$		7,764,762

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $65,980,619. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $11,884,033 and gross depreciation of securities in which there was an excess of tax cost over value of $2,274,420 resulting in net appreciation of $9,609,613.

The Fund may at times hold cash. In an effort to minimize the tracking error relative to the Fund’s benchmark index, the Fund may at times use index futures contracts in order to maintain index-like returns for that cash component. Index futures contracts which are most correlated to the benchmark index and exhibit sufficient liquidity are utilized. Index futures contracts are not constituents of the Fund’s benchmark index itself, but rather, closely represent the exposure of the index in its entirety. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations. The Fund held an average of 10 futures contracts for the reporting period.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $6,699,867 and received collateral of $6,892,831 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares			Value

COMMON STOCK
Basic Materials — 3.86%
	60,544	Monsanto Co	$	6,395,263
	966,780	Turquoise Hill Resources Ltd ^(a)(b)		6,148,721

				12,543,984


Communications — 15.81%
	12,860	Amazon.com Inc ^(a)		3,427,061
	186,484	Crown Castle International Corp ^(a)		12,986,746
	294,262	eBay Inc ^(a)		15,954,886
	622,125	News Corp Class A		18,987,255

				51,355,948


Consumer, Cyclical — 11.74%
	111,465	Cie Financiere Richemont SA Class A ^(c)		8,775,832
	293,731	L Brands Inc		13,118,027
	556,727	MGM Resorts International ^(a)		7,320,960
	83,414	NIKE Inc Class B		4,922,260
	392,800	Prada SpA ^(b)(c)		4,008,184

				38,145,263


Consumer, Non-cyclical — 21.55%
	49,392	Anheuser-Busch InBev NV ^(c)		4,910,440
	176,846	Celgene Corp ^(a)		20,498,220
	277,741	Express Scripts Holding Co ^(a)		16,011,769
	98,388	Gilead Sciences Inc ^(a)		4,814,125
	193,556	Iron Mountain Inc		7,028,018
	7,564	Mastercard Inc Class A		4,093,107
	87,753	Monster Beverage Corp ^(a)		4,189,328
	31,946	Pernod-Ricard SA ^(c)		3,981,688
	82,022	Vertex Pharmaceuticals Inc ^(a)		4,509,570

				70,036,265


Financial — 4.40%
	1,352,200	AIA Group Ltd ^(c)		5,945,255
	514,063	Prudential PLC ^(c)		8,341,370

				14,286,625


Industrial — 14.32%
	54,075	Amphenol Corp Class A		4,036,699
	80,400	FANUC Corp ^(c)		12,379,235
	55,311	Precision Castparts Corp		10,488,072
	182,666	TE Connectivity Ltd		7,659,185
	139,275	United Parcel Service Inc Class B		11,963,722

				46,526,913


Technology — 14.91%
	57,068	Apple Inc		25,260,009
	573,720	EMC Corp ^(a)		13,706,170
	148,385	Oracle Corp		4,798,771


Shares			Value

Technology — (continued)
	59,209	VMware Inc Class A ^(a)	$	4,670,406

				48,435,356


TOTAL COMMON STOCK — 86.59% (Cost $214,292,447)			$	281,330,354


Principal Amount

SHORT TERM INVESTMENTS
Foreign Government — 4.92%
$	15,999,986	International Bank for Reconstruction & Development 0.01%, 04/01/2013		15,999,986


U.S. Government Agency — 8.14%
		Federal Home Loan Bank
	439,000	0.00%, 04/01/2013		439,000
	4,999,942	0.06%, 04/05/2013		4,999,942
	999,997	0.01%, 04/10/2013		999,997
	19,999,916	Federal Home Loan Mortgage Corp 0.05%, 04/01/2013		19,999,916

				26,438,855


Reverse Repurchase Agreements — 0.68%
	524,640	Undivided interest of 0.60% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $524,640 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.		524,640

	524,638	Undivided interest of 0.60% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $524,638 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.		524,638


Principal Amount				Value

Short Term Investments— (continued)
$	524,640	Undivided interest of 0.63% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $524,640 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		524,640

					2,209,000


TOTAL SHORT TERM INVESTMENTS — 13.74% (Cost $44,647,841)			$		44,647,841


TOTAL INVESTMENTS — 100.33% (Cost $258,940,288)			$		325,978,195

OTHER ASSETS & LIABILITIES, NET — (0.33)%			$		(1,071,062	)

TOTAL NET ASSETS — 100.00%			$		324,907,133

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $259,326,196. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $79,948,744 and gross depreciation of securities in which there was an excess of tax cost over value of $13,296,745 resulting in net appreciation of $66,651,999.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $2,086,127 and received collateral of $2,209,000 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Principal Amount				Value

ASSET-BACKED SECURITIES
$	913,951	Atlas Air 1999-1 Class C Pass Through Trust Pass-Through Series 1999-1, Class C^(a)8.77%, 01/02/2011	$		703,743
	436,931	Community Program Loan Trust Series 1987-A, Class A5 4.50%, 04/01/2029			441,229

TOTAL ASSET-BACKED SECURITIES — 0.26% (Cost $1,347,539)			$		1,144,972


BONDS AND NOTES
Basic Materials — 3.69%
		Alcoa Inc
	140,000	5.87%, 02/23/2022			149,589
	255,000	6.75%, 01/15/2028			279,894
		ArcelorMittal
	935,000	6.13%, 06/01/2018			1,009,800
	8,000	6.00%, 03/01/2021^(b)			84,109
	895,000	7.25%, 10/15/2039^(b)			919,613
	3,170,000	7.25%, 03/01/2041^(b)			3,154,150
		Georgia-Pacific LLC
	110,000	7.38%, 12/01/2025			149,772
	700,000	7.25%, 06/01/2028			919,981
	90,000	8.88%, 05/15/2031			134,473
	535,000	Hercules Inc 6.50%, 06/30/2029			481,500
		Methanex Corp
	3,675,000	6.00%, 08/15/2015			3,986,699
	190,000	5.25%, 03/01/2022			211,886
		Momentive Specialty Chemicals Inc^(c)
	480,000	9.20%, 03/15/2021			408,000
	2,220,000	7.88%, 02/15/2023			1,665,000
	600,000	Rain CII Carbon LLC / CII Carbon Corp^(d)8.25%, 01/15/2021			648,000
	680,000	United States Steel Corp 7.50%, 03/15/2022^(e)			712,300
		Westvaco Corp
	470,000	8.20%, 01/15/2030			585,261
	570,000	7.95%, 02/15/2031			695,752

					16,195,779

Communications — 6.08%
		Alcatel-Lucent USA Inc
	250,000	6.50%, 01/15/2028			190,000
	4,875,000	6.45%, 03/15/2029			3,753,750
	24,300,000	America Movil SAB de CV
		MXP, 6.45%, 12/05/2022			2,068,287
	85,000	Axtel SAB de CV^(c)(d)(f)8.00%, 01/31/2014			74,800
	950,000	Corning Inc 7.25%, 08/15/2036			1,220,337
	775,000	Embarq Corp 8.00%, 06/01/2036			815,850
	35,000	Intelsat Luxembourg SA
		11.25%, 02/04/2017			37,275


Principal Amount				Value

Communications — (continued)
		Level 3 Financing Inc
$	110,000	9.38%, 04/01/2019	$		123,332
	420,000	7.00%, 06/01/2020^(d)			439,950
	63,000	Motorola Solutions Inc 6.63%, 11/15/2037			69,940
	300,000	Portugal Telecom International Finance EUR, 5.63%, 02/08/2016			405,825
		Portugal Telecom International Finance BV
	1,350,000	EUR, 5.00%, 11/04/2019			1,747,808
	1,300,000	EUR, 4.50%, 06/16/2025			1,550,242
		Qwest Capital Funding Inc
	250,000	6.50%, 11/15/2018			282,231
	150,000	7.63%, 08/03/2021			169,372
	1,960,000	6.88%, 07/15/2028			1,889,303
	3,500,000	7.75%, 02/15/2031			3,526,841
		Qwest Corp
	500,000	7.25%, 09/15/2025			567,974
	45,000	6.88%, 09/15/2033			44,729
		Sprint Capital Corp
	760,000	6.90%, 05/01/2019			834,100
	1,649,000	6.88%, 11/15/2028			1,686,103
	130,000	8.75%, 03/15/2032			155,025
	606,000	Sprint Nextel Corp 6.00%, 12/01/2016			657,510
		Telecom Italia Capital SA
	500,000	6.38%, 11/15/2033			485,735
	540,000	6.00%, 09/30/2034			501,314
		Telefonica Emisiones SAU
	600,000	GBP, 5.60%, 03/12/2020			977,624
	225,000	5.13%, 04/27/2020			236,899
	525,000	7.05%, 06/20/2036			563,587
	1,300,000	UPC Holding BV^(d)EUR, 6.38%, 09/15/2022			1,650,613

					26,726,356


Consumer, Cyclical — 11.64%
	400,000	American Airlines 2013-1 Class A Pass Through Trust^(d)4.00%, 07/15/2025			401,520
	200,000	American Airlines 2013-1 Class B Pass Through Trust^(d)5.63%, 01/15/2021			203,260
	625,000	American Axle & Manufacturing Inc ^(e)6.63%, 10/15/2022			646,875
	580,954	Atlas Air 1998-1 Class B Pass Through Trust 7.68%, 01/02/2014^(g)			598,383
	563,610	Atlas Air 1999-1 Class B Pass Through Trust 7.63%, 01/02/2015^(a)			490,340
	183,994	Atlas Air 2000-1 Class B Pass Through Trust 9.06%, 01/02/2014			178,475
	200,000	Beazer Homes USA Inc^(d)9.13%, 06/15/2018			204,000


Principal Amount				Value

Consumer, Cyclical — (continued)
$	2,000,000	Chrysler Group LLC / CG Co-Issuer Inc 8.25%, 06/15/2021	$		2,232,500
	23,104	Continental Airlines 2000-2 Class B Pass Through Trust 8.31%, 04/02/2018			25,010
	199,443	Continental Airlines 2001-1 Class B Pass Through Trust 7.37%, 12/15/2015			209,675
	105,000	Continental Airlines 2012-1 Class B Pass Through Trust 6.25%, 04/11/2020			110,250
	645,000	Continental Airlines 2012-3 Class C Pass Thru Certificates 6.13%, 04/29/2018			648,225
	1,038,989	Delta Air Lines 2007-1 Class A Pass Through Trust 6.82%, 08/10/2022			1,176,655
	699,032	Delta Air Lines 2007-1 Class C Pass Through Trust 8.95%, 08/10/2014			732,236
	256,913	Delta Air Lines 2009-1 Series B Pass Through Trust 9.75%, 12/17/2016			285,173
		Dillard’s Inc
	430,000	6.63%, 01/15/2018			474,613
	500,000	7.88%, 01/01/2023			552,500
	1,070,000	7.75%, 07/15/2026			1,163,625
	850,000	Foot Locker Inc 8.50%, 01/15/2022			969,000
		Ford Motor Co
	155,000	6.50%, 08/01/2018			182,313
	245,000	7.13%, 11/15/2025			290,501
	265,000	7.50%, 08/01/2026			321,359
	50,000	6.63%, 02/15/2028			56,311
	755,000	6.63%, 10/01/2028			870,252
	1,970,000	6.38%, 02/01/2029			2,199,302
	2,145,000	7.45%, 07/16/2031			2,712,816
	1,440,000	7.40%, 11/01/2046			1,809,462
	2,625,000	Ingram Micro Inc 5.25%, 09/01/2017			2,865,558
		JC Penney Corp Inc
	228,000	6.38%, 10/15/2036^(e)			171,000
	25,000	7.40%, 04/01/2037			19,938
		K Hovnanian Enterprises Inc
	80,000	6.25%, 01/15/2016			80,400
	45,000	5.00%, 11/01/2021			41,400
	1,925,000	Lennar Corp 5.60%, 05/31/2015			2,050,125
		New Albertsons Inc
	580,000	7.75%, 06/15/2026			464,725
	755,000	6.63%, 06/01/2028			544,544
	4,715,000	7.45%, 08/01/2029			3,777,894
	75,000	8.70%, 05/01/2030			63,000
	1,240,000	8.00%, 05/01/2031			1,004,400
	2,410,000	Owens & Minor Inc 6.35%, 04/15/2016			2,637,697
		PulteGroup Inc
	695,000	6.38%, 05/15/2033			698,475
	3,615,000	6.00%, 02/15/2035			3,470,400


Principal Amount				Value

Consumer, Cyclical — (continued)
$	665,000	Toro Co^(c)6.63%, 05/01/2037	$		680,727
	2,125,000	Toys R Us Inc 7.38%, 10/15/2018			1,875,312
	390,902	UAL 2007-1 Pass Through Trust 6.64%, 07/02/2022			424,618
	1,786,496	UAL 2009-1 Pass Through Trust 10.40%, 11/01/2016			2,054,470
	684,029	US Airways 2011-1 Class A Pass Through Trust 7.13%, 10/22/2023			784,923
	1,405,000	US Airways 2012-1 Class A Pass Through Trust 5.90%, 10/01/2024			1,570,087
	2,475,000	US Airways 2012-1 Class B Pass Through Trust 8.00%, 10/01/2019			2,728,687
	2,185,000	US Airways 2012-1 Class C Pass Through Trust 9.13%, 10/01/2015			2,348,875
	975,000	US Airways 2012-2 Class A Pass Through Trust 4.63%, 06/03/2025			1,016,438

					51,118,324


Consumer, Non-cyclical — 3.77%
	620,000	Boston Scientific Corp 6.00%, 01/15/2020			724,697
	285,000	Delhaize Group SA 5.70%, 10/01/2040			278,047
	1,300,000	DP World Ltd^(d)6.85%, 07/02/2037			1,478,100
		HCA Inc
	80,000	6.75%, 07/15/2013			81,150
	45,000	5.75%, 03/15/2014			46,631
	150,000	6.38%, 01/15/2015			160,688
	150,000	7.19%, 11/15/2015			165,375
	130,000	5.88%, 03/15/2022			140,075
	1,875,000	5.88%, 05/01/2023			1,950,000
	395,000	7.50%, 12/15/2023			422,650
	575,000	8.36%, 04/15/2024			644,000
	765,000	7.69%, 06/15/2025			816,637
	1,115,000	7.58%, 09/15/2025			1,162,387
	2,505,000	7.05%, 12/01/2027			2,454,900
	725,000	7.50%, 11/06/2033			739,500
	175,000	7.75%, 07/15/2036			175,000
		RR Donnelley & Sons Co^(e)
	760,000	8.25%, 03/15/2019			820,800
	740,000	7.88%, 03/15/2021			771,450
	175,000	SUPERVALU Inc^(e)7.50%, 11/15/2014			175,658
	425,000	Tenet Healthcare Corp 6.88%, 11/15/2031			388,875
		United Rentals North America Inc
	445,000	7.63%, 04/15/2022			497,288
	775,000	6.13%, 06/15/2023			829,250
	325,000	Valeant Pharmaceuticals International^(d)6.38%, 10/15/2020			342,672


Principal Amount				Value

Consumer, Non-cyclical — (continued)
$	1,240,000	VPI Escrow Corp^(d)
		6.38%, 10/15/2020	$		1,306,650

					16,572,480


Energy — 1.64%
	1,245,537	Alta Wind Holdings LLC^(d)7.00%, 06/30/2035			1,335,620
		Chesapeake Energy Corp
	35,000	6.63%, 08/15/2020^(e)			38,238
	35,000	6.88%, 11/15/2020			38,150
	940,000	Connacher Oil & Gas Ltd^(d)8.50%, 08/01/2019			618,050
	395,000	DCP Midstream LLC^(d)6.45%, 11/03/2036			445,356
	250,000	El Paso LLC 7.80%, 08/01/2031			277,896
	500,000	EQT Corp 8.13%, 06/01/2019			620,704
	760,000	Halcon Resources Corp^(d)8.88%, 05/15/2021			818,900
	600,000	IFM US Colonial Pipeline 2 LLC^(d)6.45%, 05/01/2021			673,772
	1,040,000	Rockies Express Pipeline LLC^(d)6.88%, 04/15/2040			941,200
	1,060,000	SandRidge Energy Inc 7.50%, 02/15/2023			1,099,750
	295,000	Sidewinder Drilling Inc^(d)9.75%, 11/15/2019			296,475

					7,204,111


Financial — 21.85%
	100,000	AGFC Capital Trust I^(b)(d)6.00%, 01/15/2067			80,500
		Ally Financial Inc
	159,000	6.75%, 12/01/2014			170,528
	255,000	3.13%, 01/15/2016			258,188
	552,000	8.00%, 12/31/2018			660,330
	869,000	8.00%, 11/01/2031			1,099,285
		American International Group Inc
	80,000	5.45%, 05/18/2017			91,643
	280,000	5.85%, 01/16/2018			327,772
	1,000,000	Associates Corp of North America 6.95%, 11/01/2018			1,221,281
		Bank of America Corp
	800,000	5.49%, 03/15/2019			895,537
	1,724,000	7.63%, 06/01/2019			2,189,959
	450,000	5.00%, 05/13/2021			504,410
	3,110,000,000	Barclays Bank PLC KRW, 3.68%, 08/20/2015			2,885,738
	850,000	Camden Property Trust 5.70%, 05/15/2017			971,678
		Citigroup Inc
	4,010,000	NZD, 6.25%, 06/29/2017			3,548,704
	100,000	EUR, 1.48%, 11/30/2017^(b)			123,443
	125,000	5.88%, 02/22/2033			137,175
	360,000	6.13%, 08/25/2036			411,669
	135,000	Duke Realty LP 5.95%, 02/15/2017			154,445


Principal Amount				Value

Financial — (continued)
$	50,000	ERP Operating LP 5.13%, 03/15/2016	$		55,665
	2,125,000	Fidelity National Financial Inc 5.50%, 09/01/2022			2,412,294
	1,900,000	Forethought Financial Group Inc^(d)8.63%, 04/15/2021			2,286,948
		General Electric Capital Corp
	5,255,000	NZD, 6.50%, 09/28/2015			4,666,251
	400,000	NZD, 6.75%, 09/26/2016			364,429
	680,000	NZD, 5.50%, 02/01/2017			597,996
	1,600,000	Goldman Sachs Group Inc 6.75%, 10/01/2037			1,792,942
		Hanover Insurance Group Inc
	1,175,000	7.50%, 03/01/2020			1,383,161
	1,560,000	6.38%, 06/15/2021			1,801,513
	2,520,000	HBOS PLC^(d)6.75%, 05/21/2018			2,800,904
		Highwoods Realty LP
	2,640,000	5.85%, 03/15/2017			2,961,652
	2,200,000	7.50%, 04/15/2018			2,660,997
		International Lease Finance Corp
	395,000	5.63%, 09/20/2013			401,912
	840,000	5.88%, 04/01/2019			907,330
	620,000	6.25%, 05/15/2019			678,900
	290,000	8.25%, 12/15/2020			355,250
	1,325,000	5.88%, 08/15/2022			1,428,101
		iStar Financial Inc
	288,000	8.63%, 06/01/2013			290,880
	375,000	5.95%, 10/15/2013			382,031
	105,000	5.70%, 03/01/2014			108,281
	20,000	6.05%, 04/15/2015			20,850
	270,000	5.88%, 03/15/2016			280,463
	110,000	5.85%, 03/15/2017			111,925
	575,000	7.13%, 02/15/2018			602,312
		Jefferies Group LLC
	375,000	3.88%, 11/09/2015			391,875
	265,000	5.13%, 04/13/2018			288,850
	975,000	6.88%, 04/15/2021			1,138,156
	1,165,000	5.13%, 01/20/2023^(e)			1,233,474
	705,000	6.45%, 06/08/2027			779,025
	1,140,000	6.25%, 01/15/2036			1,188,450
	1,000,000	KeyCorp Capital III 7.75%, 07/15/2029			1,153,300
	570,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp^(d)7.38%, 10/01/2017			595,650
	2,115,000	Lloyds TSB Bank PLC^(d)6.50%, 09/14/2020			2,371,710
	600,000	MBIA Insurance Corp^(b)(d)11.56%, 01/15/2033			138,000
		Merrill Lynch & Co Inc
	800,000	6.05%, 05/16/2016			889,425
	50,000	EUR, 0.73%, 09/14/2018^(b)			58,485
	1,900,000	6.11%, 01/29/2037			2,140,067
	245,000	MetLife Capital Trust X^(d)9.25%, 04/08/2038			341,775
	1,355,000	MetLife Inc^(b)10.75%, 08/01/2039			2,103,637


Principal Amount				Value

Financial — (continued)
		Morgan Stanley
$	100,000	0.76%, 10/15/2015^(b)	$		98,341
	1,700,000	AUD, 7.63%, 03/03/2016			1,904,486
	300,000	0.73%, 10/18/2016^(b)			292,268
	300,000	5.50%, 01/26/2020			343,727
	2,400,000	5.50%, 07/24/2020			2,763,986
	1,500,000	5.75%, 01/25/2021			1,733,382
	2,550,000	4.88%, 11/01/2022			2,703,286
	800,000	3.75%, 02/25/2023			808,629
	3,005,000	Mutual of Omaha Insurance Co^(d)6.80%, 06/15/2036			3,611,553
	535,000	Penn Mutual Life Insurance Co^(d)6.65%, 06/15/2034			620,327
		ProLogis LP
	60,000	5.63%, 11/15/2015			65,846
	50,000	5.75%, 04/01/2016			55,571
	395,000	6.63%, 05/15/2018			474,998
	2,253,000	Residential Capital LLC^(a)(h)9.63%, 05/15/2015			2,455,770
		Royal Bank of Scotland Group PLC⁽ⁱ⁾
	70,000	EUR, 5.25%, Perpetual			63,915
	905,000	EUR, 5.50%, Perpetual			847,437
		Royal Bank of Scotland PLC
	50,000	EUR, 4.35%, 01/23/2017			64,034
	400,000	EUR, 6.93%, 04/09/2018			553,761
	50,000	EUR, 4.63%, 09/22/2021			60,084
	100,000	Santander Financial Issuances Ltd 7.25%, 11/01/2015			108,150
		Santander Issuances SAU^(d)
	300,000	5.91%, 06/20/2016			314,763
	300,000	6.50%, 08/11/2019^(b)			306,969
		SLM Corp
	100,000	5.00%, 04/15/2015			105,500
	100,000	4.63%, 09/25/2017			103,875
	3,725,000	8.45%, 06/15/2018			4,414,125
	3,035,000	5.63%, 08/01/2033			2,807,375
	1,700,000	Societe Generale SA^(b)(d)(i)5.92%, Perpetual			1,593,750
		Springleaf Finance Corp
	330,000	5.85%, 06/01/2013			332,063
	170,000	5.40%, 12/01/2015			174,675
	100,000	5.75%, 09/15/2016			100,625
	900,000	6.50%, 09/15/2017			895,500
	3,705,000	6.90%, 12/15/2017			3,723,525
		XL Group PLC
	575,000	6.38%, 11/15/2024			697,341
	725,000	6.25%, 05/15/2027			881,250

					95,978,038


Industrial — 2.34%
	1,095,000	Agilent Technologies Inc 6.50%, 11/01/2017			1,311,363
	1,650,000	APL Ltd^(c) 8.00%, 01/15/2024			1,551,000
	1,550,000	Bombardier Inc^(d)CAD, 7.35%, 12/22/2026			1,600,795
	425,000	Cleaver-Brooks Inc^(d)8.75%, 12/15/2019			458,469


Principal Amount				Value

Industrial — (continued)
		Masco Corp
$	1,000,000	7.75%, 08/01/2029	$		1,125,579
	1,620,000	6.50%, 08/15/2032			1,650,333
	386,000	Missouri Pacific Railroad Co^(c)5.00%, 01/01/2045			308,800
	865,000	Owens Corning 7.00%, 12/01/2036			984,226
	1,220,000	USG Corp 6.30%, 11/15/2016			1,293,200

					10,283,765


Technology — 0.55%
	1,100,000	Amkor Technology Inc^(e)6.38%, 10/01/2022			1,097,250
		First Data Corp^(d)
	540,000	11.25%, 01/15/2021			561,600
	750,000	10.63%, 06/15/2021			758,437

					2,417,287


Utilities — 2.87%
	1,308,872	Bruce Mansfield Unit 6.85%, 06/01/2034			1,418,686
		EDP Finance BV
	800,000	EUR, 4.75%, 09/26/2016			1,060,867
	1,900,000	6.00%, 02/02/2018^(d)			1,999,750
	3,800,000	4.90%, 10/01/2019^(d)			3,819,000
	1,900,000	Enel Finance International NV^(d)
		6.00%, 10/07/2039			1,808,224
	1,548,000	Energy Future Intermediate Holding Co LLC / EFIH Finance Inc^(d)11.25%, 12/01/2018			1,497,690
	75,000	Iberdrola Finance Ireland Ltd^(d)3.80%, 09/11/2014			77,226
	1,250,000	Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc^(d)11.50%, 10/01/2020			934,375

					12,615,818


TOTAL BONDS AND NOTES — 54.43% (Cost $210,198,061)			$		239,111,958


CONVERTIBLE BONDS
Basic Materials — 0.10%
	415,000	United States Steel Corp 2.75%, 04/01/2019			419,669


Communications — 1.66%
	96,900	Axtel SAB de CV^(d)(f)(j)8.00%, 01/31/2014			10,176
		Ciena Corp
	2,010,000	0.88%, 06/15/2017			1,817,794
	1,045,000	3.75%, 10/15/2018^(d)			1,184,769


Principal Amount				Value

Communications — (continued)
		Level 3 Communications Inc^(c)
$	2,670,000	7.00%, 03/15/2015^(d)	$		3,112,219
	995,000	7.00%, 03/15/2015			1,159,797
	61,243	Liberty Interactive LLC 3.50%, 01/15/2031			31,999

					7,316,754


Consumer, Cyclical — 0.55%
	1,475,000	Ford Motor Co 4.25%, 11/15/2016			2,363,687
	60,000	Meritor Inc^(b)(e)(f)4.00%, 02/15/2019			47,738

					2,411,425


Consumer, Non-cyclical — 0.40%
	160,000	Hologic Inc^(e)(f)0.18%, 03/01/2018			167,600
	570,000	Omnicare Inc 3.75%, 12/15/2025			920,550
	565,000	Vertex Pharmaceuticals Inc 3.35%, 10/01/2015			676,941

					1,765,091


Energy — 0.85%
		Chesapeake Energy Corp
	470,000	2.75%, 11/15/2035			470,587
	1,795,000	2.50%, 05/15/2037^(e)			1,719,835
	1,725,000	2.25%, 12/15/2038			1,530,937

					3,721,359


Financial — 0.59%
	315,000	iStar Financial Inc 3.00%, 11/15/2016			370,322
	195,000	Jefferies Group LLC 3.88%, 11/01/2029			200,484
	1,810,000	Old Republic International Corp^(e)3.75%, 03/15/2018			2,019,281

					2,590,087


Industrial — 0.03%
	95,000	Trinity Industries Inc 3.88%, 06/01/2036			113,941


Technology — 3.67%
		Intel Corp
	2,585,000	2.95%, 12/15/2035			2,743,331
	6,090,000	3.25%, 08/01/2039			7,330,837
		Micron Technology Inc
	3,835,000	1.88%, 08/01/2031^(e)			4,477,363
	945,000	2.38%, 05/01/2032^(d)			1,167,666


Principal Amount				Value

Technology — (continued)
$	340,000	3.13%, 05/01/2032^(d)	$		424,150

					16,143,347


TOTAL CONVERTIBLE BONDS — 7.85% (Cost $28,843,694)			$		34,481,673


FOREIGN GOVERNMENT BONDS AND NOTES
	2,110,000	Autonomous Community of Madrid Spain ADR^(d)EUR, 4.30%, 09/15/2026			2,115,572
		Canadian Government Bond
	13,620,000	CAD, 2.50%, 06/01/2015			13,833,849
	3,625,000	CAD, 3.00%, 12/01/2015			3,748,290
	7,880,000	CAD, 4.25%, 06/01/2018			8,881,358
	605,000	City of Rome Italy EUR, 5.35%, 01/27/2048			619,573
	16,400,000,000	Export-Import Bank of Korea^(d)IDR, 6.60%, 11/04/2013			1,690,881
	17,325,000	Inter-American Development Bank NZD, 6.00%, 12/15/2017			15,925,455
	9,600,000	International Bank for Reconstruction & Development SGD, 1.43%, 03/05/2014			7,747,800
		Ireland Government Bond
	955,000	EUR, 4.50%, 10/18/2018			1,307,238
	1,450,000	EUR, 4.50%, 04/18/2020			1,941,735
	200,000	EUR, 5.00%, 10/18/2020			275,346
	3,150,000	EUR, 5.40%, 03/13/2025			4,364,905
		Italy Buoni Poliennali Del Tesoro
	85,000	EUR, 5.25%, 11/01/2029			111,468
	85,000	EUR, 5.75%, 02/01/2033			116,737
	85,000	EUR, 5.00%, 08/01/2034			107,894
	73,050,000	Mexican Bonos MXP, 8.00%, 12/07/2023			7,379,047
		New South Wales Treasury Corp
	3,830,000	AUD, 5.50%, 08/01/2013			4,020,084
	8,775,000	AUD, 6.00%, 02/01/2018			10,080,899
		Norway Government Bond
	15,125,000	NOK, 6.50%, 05/15/2013			2,602,109
	10,480,000	NOK, 5.00%, 05/15/2015			1,933,958
	28,530,000	NOK, 4.25%, 05/19/2017			5,438,634
		Portugal Obrigacoes do Tesouro OT
	175,000	EUR, 4.80%, 06/15/2020			207,859
	665,000	EUR, 3.85%, 04/15/2021			725,983
	660,000	EUR, 4.95%, 10/25/2023			753,384
	45,000	EUR, 4.10%, 04/15/2037			40,975
	300,000	Portugal Telecom International Finance BV EUR, 4.38%, 03/24/2017			390,810
	1,446,666	Province of Alberta Canada CAD, 5.93%, 09/16/2016			1,551,963


TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 22.29% (Cost $85,129,857)			$		97,913,806


Principal Amount				Value

MORTGAGE-BACKED SECURITIES
$	200,000	GS Mortgage Securities Trust Series 2007-GG10, Class AM^(b)5.79%, 08/10/2045	$		200,984


TOTAL MORTGAGE-BACKED SECURITIES — 0.05% (Cost $191,881)			$		200,984


MUNICIPAL BONDS AND NOTES
	1,820,000	Michigan Tobacco Settlement Finance Authority^(c)7.31%, 06/01/2034			1,592,791
	4,620,000	Tobacco Settlement Financing Corp^(c)6.71%, 06/01/2046			3,433,954


TOTAL MUNICIPAL BONDS AND NOTES — 1.14% (Cost $6,425,824)			$		5,026,745


U.S. TREASURY BONDS AND NOTES
		United States Treasury Note/Bond
	4,845,000	0.25%, 10/31/2014			4,847,083
	4,845,000	0.13%, 12/31/2014^(e)			4,836,672
	4,845,000	0.38%, 11/15/2015			4,852,568
	5,465,000	0.25%, 12/15/2015			5,453,474


TOTAL U.S. TREASURY BONDS AND NOTES — 4.55% (Cost $19,975,413)			$		19,989,797


Shares

COMMON STOCK
Basic Materials — 0.81%
	26,521	PPG Industries Inc			3,552,223

Communications — 0.15%
	51,679	Corning Inc			688,881

Consumer, Non-cyclical — 2.47%
	84,901	Valeant Pharmaceuticals International Inc^(k)			6,369,273
	81,282	Vertex Pharmaceuticals Inc^(k)			4,468,884

					10,838,157

Energy — 0.19%
	42,007	Chesapeake Energy Corp^(e)			857,363

Industrial — 0.16%
	26,029	Owens-Illinois Inc^(k)			693,673


TOTAL COMMON STOCK — 3.78% (Cost $7,537,616)			$		16,630,297


Shares				Value

CONVERTIBLE PREFERRED STOCK
Communication — 0.45%
	2,175	Lucent Technologies Capital Trust I, 7.75%^(e)	$		1,984,687


Energy — 0.08%
	120	Chesapeake Energy Corp, 5.75%^(d)			122,625
	2,411	SandRidge Energy Inc, 7.00%^(k)			215,182

					337,807


Utilities — 0.07%
	6,004	AES Trust III, 6.75%			303,015


TOTAL CONVERTIBLE PREFERRED STOCK — 0.60% (Cost $2,357,465)			$		2,625,509


PREFERRED STOCK
Consumer, Cyclical — 1.16%
	99,730	General Motors Co^(e)			4,300,856
	17,850	Goodyear Tire & Rubber Co^(e)			784,285

					5,085,141


Energy — 0.44%
	1,985	Chesapeake Energy Corp^(e)			174,166
	30,000	El Paso Energy Capital Trust I			1,756,875

					1,931,041


Financial — 0.92%
	1,513	Ally Financial Inc^(d)			1,496,262
	1,484	Bank of America Corp			1,813,263
	3,200	Health Care REIT Inc			199,200
	10,955	SLM Corp			547,859

					4,056,584


Utilities — 0.22%
	2,180,000	NGC Corp Capital Trust I^(j)(k)			2
	25,000	Southern California Edison Co^(e)			618,250
	3,600	Union Electric Co			344,160

					962,412


TOTAL PREFERRED STOCK — 2.74% (Cost $10,139,274)			$		12,035,178

Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency Bonds and Notes — 1.39%
$	6,110,000	Federal Home Loan Bank 0.00%, 04/01/2013			6,110,000


Principal Amount				Value

Short Term Investments – (continued)
Reverse Repurchase Agreements — 3.96%
$	4,131,918	Undivided interest of 4.74% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $4,131,918 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.	$		4,131,918

	4,131,918	Undivided interest of 4.74% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $4,131,918 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			4,131,918

	869,472	Undivided interest of 4.96% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $869,472 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			869,472


Principal Amount				Value

Short Term Investments – (continued)
$	4,131,918	Undivided interest of 4.96% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $4,131,918 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.	$		4,131,918

	4,131,918	Undivided interest of 4.96% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $4,131,918 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			4,131,918

					17,397,144


TOTAL SHORT TERM INVESTMENTS — 5.35% (Cost $23,507,144)			$		23,507,144


TOTAL INVESTMENTS — 103.04% (Cost $395,653,768)			$		452,668,063

OTHER ASSETS & LIABILITIES, NET — (3.04)%			$		(13,363,212	)

TOTAL NET ASSETS — 100.00%			$		439,304,851

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

information available under the circumstances. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table. The Fund recognizes transfers between levels as of the beginning of the reporting period.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $395,654,657. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $63,224,085 and gross depreciation of securities in which there was an excess of tax cost over value of $6,210,679 resulting in net appreciation of $57,013,406.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. As of March 28, 2013 the Fund had securities on loan valued at $16,987,085 and received collateral of $17,397,144 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 4.19%
	42,775	Cabot Corp	$		1,462,905
	114,676	Horsehead Holding Corp ^(a)			1,247,675
	25,410	Minerals Technologies Inc			1,054,769
	57,823	Olin Corp			1,458,296
	26,033	Reliance Steel & Aluminum Co			1,852,769
	57,000	Tronox Ltd Class A ^(b)			1,129,170
	17,909	WR Grace & Co ^(a)			1,388,126
	44,173	Zep Inc			663,037

					10,256,747


Communications — 3.80%
	43,423	General Cable Corp ^(a)			1,590,584
	133,785	Harmonic Inc ^(a)			774,615
	11,589	IAC/InterActiveCorp			517,797
	38,094	John Wiley & Sons Inc Class A			1,484,142
	16,647	Liberty Ventures ^(a)			1,258,180
	45,918	NETGEAR Inc ^(a)			1,538,712
	76,147	Perficient Inc ^(a)			887,874
	39,247	Safeguard Scientifics Inc ^(a)			620,103
	32,246	West Corp ^(a)			618,801

					9,290,808


Consumer, Cyclical — 12.74%
	63,707	Barnes & Noble Inc ^(a)(b)			1,047,980
	13,262	Casey’s General Stores Inc			773,175
	20,316	Cash America International Inc			1,065,980
	30,632	Churchill Downs Inc			2,145,465
	22,298	Core-Mark Holding Co Inc			1,144,110
	14,856	Cracker Barrel Old Country Store Inc			1,201,108
	109,298	Dana Holding Corp			1,948,783
	82,933	Fred’s Inc Class A			1,134,523
	37,964	Genesco Inc ^(a)			2,281,257
	118,516	Hot Topic Inc			1,645,002
	26,099	HSN Inc			1,431,791
	21,982	Jos A Bank Clothiers Inc ^(a)(b)			877,082
	35,786	La-Z-Boy Inc			675,282
	51,026	Marriott Vacations Worldwide Corp ^(a)			2,189,526
	47,529	National CineMedia Inc			750,008
	69,748	Rush Enterprises Inc Class A ^(a)			1,682,322
	81,183	Sally Beauty Holdings Inc ^(a)			2,385,157
	23,119	Six Flags Entertainment Corp			1,675,665
	35,318	Tenneco Inc ^(a)			1,388,351
	44,739	Titan Machinery Inc ^(a)(b)			1,241,507
	54,009	Wesco Aircraft Holdings Inc ^(a)(b)			795,012
	26,070	Wyndham Worldwide Corp			1,680,994

					31,160,080


Consumer, Non-cyclical — 15.51%
	125,410	ACCO Brands Corp ^(a)			837,739
	15,183	Arbitron Inc			711,627
	93,473	Avis Budget Group Inc ^(a)			2,601,354
	68,305	Bio-Reference Labs Inc ^(a)(b)			1,774,564
	81,555	Convergys Corp			1,388,882


Shares				Value

Consumer, Non-cyclical — (continued)
	80,080	Euronet Worldwide Inc ^(a)	$		2,109,307
	46,696	H&E Equipment Services Inc			952,598
	39,654	Hanger Inc ^(a)			1,250,291
	30,094	Ingredion Inc			2,176,398
	11,576	J&J Snack Foods Corp			890,079
	65,706	Jarden Corp ^(a)			2,815,502
	99,512	KAR Auction Services Inc			1,993,225
	127,371	Live Nation Entertainment Inc ^(a)			1,575,579
	31,455	McGrath RentCorp			978,251
	23,825	MEDNAX Inc ^(a)			2,135,435
	36,006	Performant Financial Corp ^(a)			442,154
	35,967	Rent-A-Center Inc			1,328,621
	75,319	Rollins Inc			1,849,081
	73,166	Spartan Stores Inc			1,284,063
	24,705	SurModics Inc ^(a)			673,211
	25,786	Team Inc ^(a)			1,059,031
	22,912	Teleflex Inc			1,936,293
	29,648	WellCare Health Plans Inc ^(a)			1,718,398
	44,000	WEX Inc ^(a)			3,454,000

					37,935,683


Diversified — 0.65%
	72,339	Primoris Services Corp			1,599,415


Energy — 4.37%
	12,260	Berry Petroleum Co Class A			567,516
	86,717	EPL Oil & Gas Inc ^(a)			2,324,883
	82,295	Helix Energy Solutions Group Inc ^(a)			1,882,910
	32,116	Lufkin Industries Inc			2,132,181
	34,474	Oceaneering International Inc			2,289,418
	91,097	SunCoke Energy Inc ^(a)			1,487,614

					10,684,522


Financial — 26.77%
	47,802	American Campus Communities Inc REIT			2,167,343
	107,929	Ares Capital Corp			1,953,515
	120,037	BancorpSouth Inc ^(b)			1,956,603
	120,073	BioMed Realty Trust Inc REIT			2,593,577
	131,570	Capitol Federal Financial Inc			1,588,050
	139,751	Cathay General Bancorp			2,811,790
	32,855	City National Corp			1,935,488
	158,728	CubeSmart REIT			2,507,902
	101,349	CVB Financial Corp			1,142,203
	112,035	DFC Global Corp ^(a)			1,864,262
	49,738	DuPont Fabros Technology Inc REIT ^(b)			1,207,141
	91,298	Employers Holdings Inc			2,140,938
	159,008	Fifth Street Finance Corp			1,752,268
	103,073	First Financial Bancorp			1,654,322
	29,612	First Financial Bankshares Inc ^(b)			1,439,143
	72,984	HCC Insurance Holdings Inc			3,067,518
	333,150	Hersha Hospitality Trust REIT			1,945,596
	25,409	Home Properties Inc REIT			1,611,439
	32,724	Iberiabank Corp			1,636,854
	51,179	MarketAxess Holdings Inc			1,908,977


Shares				Value

Financial — (continued)
	27,394	Mid-America Apartment Communities Inc REIT	$		1,891,830
	43,066	National Retail Properties Inc REIT ^(b)			1,557,697
	87,384	Omega Healthcare Investors Inc REIT			2,652,978
	53,844	PacWest Bancorp ^(b)			1,567,399
	51,301	Pinnacle Financial Partners Inc ^(a)			1,198,391
	53,247	Popular Inc ^(a)			1,470,150
	32,479	Potlatch Corp REIT			1,489,487
	45,354	ProAssurance Corp			2,146,605
	42,198	Prosperity Bancshares Inc			1,999,763
	27,388	Reinsurance Group of America Inc			1,634,242
	30,193	Signature Bank ^(a)			2,378,001
	40,507	Sovran Self Storage Inc REIT			2,612,296
	55,125	Stifel Financial Corp ^(a)			1,911,184
	55,452	Wintrust Financial Corp			2,053,942

					65,448,894


Industrial — 19.55%
	42,711	Actuant Corp Class A			1,307,811
	23,855	Alamo Group Inc			912,454
	50,028	Albany International Corp Class A			1,445,809
	90,666	Altra Holdings Inc			2,467,929
	32,466	Armstrong World Industries Inc ^(a)			1,814,525
	54,095	AZZ Inc			2,607,379
	40,459	Belden Inc			2,089,707
	26,946	Cognex Corp			1,135,774
	72,109	Darling International Inc ^(a)			1,295,078
	16,827	DXP Enterprises Inc ^(a)			1,256,977
	28,214	EnerSys Inc ^(a)			1,285,994
	14,076	Genesee & Wyoming Inc Class A ^(a)			1,310,616
	30,288	Global Power Equipment Group Inc			533,675
	41,957	GSI Group Inc ^(a)			357,893
	21,023	Haynes International Inc			1,162,572
	64,329	II-VI Inc ^(a)			1,096,166
	37,919	John Bean Technologies Corp			786,819
	28,678	Kirby Corp ^(a)			2,202,470
	22,987	Koppers Holdings Inc			1,010,968
	27,076	Littelfuse Inc			1,837,107
	67,628	Methode Electronics Inc			871,049
	5,283	Middleby Corp ^(a)			803,808
	62,747	MYR Group Inc ^(a)			1,541,066
	62,349	Old Dominion Freight Line Inc ^(a)			2,381,732
	62,091	Raven Industries Inc			2,086,878
	29,080	RBC Bearings Inc ^(a)			1,470,285
	37,120	Rogers Corp ^(a)			1,767,654
	51,912	Trimas Corp ^(a)			1,685,583
	153,479	Vishay Intertechnology Inc ^(a)(b)			2,088,849
	27,226	Wabtec Corp			2,780,047
	38,220	Waste Connections Inc			1,375,156
	42,448	Werner Enterprises Inc			1,024,695

					47,794,525


Shares				Value

Technology — 5.53%
	215,277	Brocade Communications Systems Inc ^(a)	$		1,242,148
	63,591	Magnachip Semiconductor Corp ^(a)			1,100,760
	9,363	MicroStrategy Inc Class A ^(a)			946,412
	59,267	Monotype Imaging Holdings Inc			1,407,591
	83,072	QLogic Corp ^(a)			963,635
	56,899	Semtech Corp ^(a)			2,013,656
	51,563	SS&C Technologies Holdings Inc ^(a)			1,545,859
	39,744	Synchronoss Technologies Inc ^(a)			1,233,256
	134,134	Teradyne Inc ^(a)			2,175,654
	62,556	Volterra Semiconductor Corp ^(a)			888,295

					13,517,266


Utilities — 4.19%
	56,444	ALLETE Inc			2,766,885
	13,331	ITC Holdings Corp			1,189,925
	46,445	Middlesex Water Co			906,606
	16,061	New Jersey Resources Corp			720,336
	19,673	NorthWestern Corp			784,166
	43,166	UGI Corp			1,657,143
	56,221	UIL Holdings Corp			2,225,789

					10,250,850


TOTAL COMMON STOCK — 97.30% (Cost $166,741,181)			$		237,938,790


EXCHANGE TRADED FUNDS
	12,986	iShares Russell 2000 Index Fund ^(b)			1,224,060


TOTAL EXCHANGE TRADED FUNDS — 0.50% (Cost $1,011,835)			$		1,224,060


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency — 2.57%
$	6,275,000	Federal Home Loan Bank
		0.00%, 04/01/2013			6,275,000


Principal Amount				Value

Short Term Investments— (continued)
Reverse Repurchase Agreements — 4.90%
$	2,848,586	Undivided interest of 3.27% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $2,848,586 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.	$		2,848,586

	2,848,587	Undivided interest of 3.27% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $2,848,587 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			2,848,587

	599,665	Undivided interest of 3.42% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $599,665 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			599,665


Principal Amount				Value

Short Term Investments— (continued)
$	2,848,586	Undivided interest of 3.42% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $2,848,586 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.	$		2,848,586

	2,848,586	Undivided interest of 3.42% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $2,848,586 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			2,848,586


					11,994,010


TOTAL SHORT TERM INVESTMENTS — 7.47% (Cost $18,269,010)			$		18,269,010


TOTAL INVESTMENTS — 105.27% (Cost $186,022,026)			$		257,431,860

OTHER ASSETS & LIABILITIES, NET — (5.27)%			$		(12,897,134	)

TOTAL NET ASSETS — 100.00%			$		244,534,726

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

(a) Further breakdown of the Fund’s sector and industry classifications is included in the Schedule of Investments.

Investing in the Fund may involve certain risks including, but not limited to, the following.

price and the NAV vary significantly. Thus, the Fund may pay more or less than NAV when it buys ETF shares on the secondary market, and the Fund may receive more or less than NAV when it sells those shares.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $186,343,197. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $74,505,851 and gross depreciation of securities in which there was an excess of tax cost over value of $3,417,188 resulting in net appreciation of $71,088,663.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $11,695,928 and received collateral of $11,994,010 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 10.19%
	42,955	Air Liquide SA ^(a)	$		5,224,622
	71,039	Akzo Nobel NV ^(a)			4,513,567
	500	Givaudan SA ^(a)			614,670
	38,304	Linde AG ^(a)			7,135,197
	90,190	Rio Tinto PLC ^(a)			4,247,324
	88,800	Shin-Etsu Chemical Co Ltd ^(a)			5,889,458

					27,624,838


Communications — 3.84%
	1,426,000	China Unicom Hong Kong Ltd ^(a)(b)			1,921,719
	868	NTT DOCOMO Inc ^(a)(b)			1,290,341
	407,604	Singapore Telecommunications Ltd ^(a)			1,181,803
	30,290	Tim Participacoes SA ADR			662,745
	335,341	WPP PLC ^(a)			5,354,014

					10,410,622


Consumer, Cyclical — 14.49%
	503,950	Compass Group PLC ^(a)			6,446,371
	76,260	Delphi Automotive PLC			3,385,944
	139,000	Denso Corp ^(a)(b)			5,905,898
	73,610	Hennes & Mauritz AB Class B ^(a)			2,636,277
	175,000	Honda Motor Co Ltd ^(a)(b)			6,739,335
	44,400	Lawson Inc ^(a)			3,409,107
	2,496,400	Li & Fung Ltd ^(a)			3,450,981
	32,145	LVMH Moet Hennessy Louis Vuitton SA ^(a)			5,522,845
	25,210	Yum! Brands Inc			1,813,607

					39,310,365


Consumer, Non-cyclical — 26.24%
	95,010	Bayer AG ^(a)			9,818,930
	51,793	Beiersdorf AG ^(a)			4,786,949
	80,378	Danone SA ^(a)			5,596,639
	160,805	Diageo PLC ^(a)			5,065,855
	857,719	Hays PLC ^(a)			1,261,679
	97,466	Heineken NV ^(a)			7,351,526
	28,229	Merck KGaA ^(a)			4,263,807
	133,846	Nestle SA ^(a)			9,687,053
	42,270	Pernod-Ricard SA ^(a)			5,268,452
	134,723	Randstad Holding NV ^(a)(b)			5,530,056
	72,746	Reckitt Benckiser Group PLC ^(a)			5,221,902
	19,846	Roche Holding AG ^(a)			4,626,562
	5,804	Sonova Holding AG ^(a)			697,022
	26,590	Valeant Pharmaceuticals International Inc ^(c)			1,994,782

					71,171,214


Energy — 3.79%
	209,114	BG Group PLC ^(a)			3,596,867
	727	Inpex Corp ^(a)			3,915,462
	27,865	Royal Dutch Shell PLC Class A ^(a)			903,270


Shares			Value

Energy — (continued)
	61,105	Saipem SpA ^(a)	$	1,878,088

				10,293,687


Financial — 21.99%
	737,200	AIA Group Ltd ^(a)		3,241,268
	335,285	Banco Santander SA ^(a)		2,271,439
	591,198	Barclays PLC ^(a)		2,629,956
	221,400	BM&FBovespa SA		1,488,965
	277,000	DBS Group Holdings Ltd ^(a)		3,585,161
	10,887	Deutsche Boerse AG ^(a)		660,439
	56,530	Grupo Financiero Santander Mexico SAB de CV ADR Class B ^(c)		872,258
	838,990	HSBC Holdings PLC ^(a)		8,950,437
	94,580	ICICI Bank Ltd Sponsored ADR ^(b)		4,057,482
	529,062	ING Groep NV ^(a)(c)		3,806,844
	148,580	Itau Unibanco Holding SA ADR		2,644,724
	111,579	Julius Baer Group Ltd ^(a)		4,348,517
	7,827	Komercni Banka AS ^(a)		1,493,275
	261,204	QBE Insurance Group Ltd ^(a)		3,692,757
	109,289	Sberbank of Russia Sponsored ADR ^(c)		1,393,435
	260,514	Standard Chartered PLC ^(a)		6,762,580
	31,396	Swiss Re AG ^(a)		2,556,955
	267,260	UBS AG ^(a)		4,109,715
	33,520	Westpac Banking Corp ^(a)		1,078,724

				59,644,931


Industrial — 10.29%
	62,760	Canadian National Railway Co		6,294,828
	21,100	FANUC Corp ^(a)		3,248,779
	804,000	Hon Hai Precision Industry Co Ltd ^(a)		2,237,545
	159,700	Hoya Corp ^(a)		3,011,739
	13,770	Kuehne + Nagel International AG ^(a)		1,503,378
	73,858	Legrand SA ^(a)		3,222,256
	74,811	Schneider Electric SA ^(a)		5,470,796
	151,929	Smiths Group PLC ^(a)		2,907,460

				27,896,781


Technology — 8.30%
	149,390	Amadeus IT Holding SA Class A ^(a)		4,049,684
	82,050	Canon Inc ^(a)		3,015,337
	34,220	Check Point Software Technologies Ltd ^(c)		1,607,998
	13,687	Dassault Systemes SA ^(a)		1,583,587
	4,106	Samsung Electronics Co Ltd GDR ^(a)(d)		2,765,509
	63,001	SAP AG ^(a)		5,067,010


Shares				Value

Technology — (continued)
	256,677	Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR	$		4,412,278

					22,501,403


Utilities — 0.24%
	12,909	Red Electrica Corp SA ^(a)			650,116


TOTAL COMMON STOCK — 99.37% (Cost $223,210,428)			$		269,503,957


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency — 2.68%
$	7,256,000	Federal Home Loan Bank 0.00%, 04/01/2013			7,256,000


Reverse Repurchase Agreements — 5.46%
	3,515,676	Undivided interest of 4.04% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $3,515,676 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			3,515,676

	3,515,676	Undivided interest of 4.04% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $3,515,676 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			3,515,676


Principal Amount				Value

$	740,099	Undivided interest of 4.22% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $740,099 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.	$		740,099

	3,515,676	Undivided interest of 4.22% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $3,515,676 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			3,515,676

	3,515,676	Undivided interest of 4.22% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $3,515,676 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			3,515,676

					14,802,803


TOTAL SHORT TERM INVESTMENTS — 8.14% (Cost $22,058,803)			$		22,058,803


TOTAL INVESTMENTS — 107.51% (Cost $245,269,231)			$		291,562,760

OTHER ASSETS & LIABILITIES, NET — (7.51)%			$		(20,363,972	)

TOTAL NET ASSETS — 100.00%			$		271,198,788

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table.

The Fund recognizes transfers between levels as of the beginning of the reporting period. As of March 28, 2013, the following transfers were recognized between valuation levels.

Investing in the Fund may involve certain risks including, but not limited to, the following.

The Fund may own certain investment securities which are restricted as to resale. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance. These securities are deemed illiquid unless it is otherwise determined that such securities are liquid pursuant to the Board-approved guidelines established in the Great-West Funds’ Policy and Procedures regarding Liquidity.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $250,007,908. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $53,037,060 and gross depreciation of securities in which there was an excess of tax cost over value of $11,482,208 resulting in net appreciation of $41,554,852.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $14,057,933 and received collateral of $14,802,803 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 2.72%
	26,853	Brenntag AG ^(a)	$		4,198,938
	5,672	Givaudan SA ^(a)			6,972,812
	110,009	Symrise AG ^(a)			4,365,407

					15,537,157


Communications — 14.76%
	980,000	China Unicom Hong Kong Ltd ^(a)			1,320,677
	244,170	Deutsche Telekom AG ^(a)			2,584,865
	2,743	Fuji Media Holdings Inc ^(a)			4,768,983
	512,400	KDDI Corp ^(a)(b)			21,424,411
	192,061	Koninklijke KPN NV ^(a)(b)			646,906
	278,100	Nippon Television Holdings Inc ^(a)			4,124,243
	1,397,049	Nokia OYJ ^(a)(b)			4,544,508
	4,197	NTT DOCOMO Inc ^(a)(b)			6,239,125
	320,920	Pearson PLC ^(a)			5,769,518
	655,230	TDC A/S ^(a)			5,043,238
	5,766,603	Telecom Italia SpA ^(a)			3,555,303
	944,062	Telefonaktiebolaget LM Ericsson Class B ^(a)			11,826,924
	159,746	UBM PLC ^(a)			1,712,626
	3,818,625	Vodafone Group PLC ^(a)			10,833,185

					84,394,512


Consumer, Cyclical — 5.27%
	940,220	Compass Group PLC ^(a)			12,027,000
	1,951,283	Esprit Holdings Ltd ^(a)(b)			2,357,312
	97,200	Lawson Inc ^(a)			7,463,181
	24,300	Nintendo Co Ltd ^(a)(b)			2,626,770
	35,100	Sankyo Co Ltd ^(a)			1,643,420
	34,790	USS Co Ltd ^(a)(b)			4,001,087

					30,118,770


Consumer, Non-cyclical — 31.89%
	112,390	Bayer AG ^(a)			11,615,088
	270,165	Brambles Ltd ^(a)			2,395,400
	225,575	British American Tobacco PLC ^(a)			12,094,241
	412,570	Bunzl PLC ^(a)			8,137,243
	290,018	Danone SA ^(a)			20,193,663
	746,245	GlaxoSmithKline PLC ^(a)			17,469,248
	186,258	Heineken NV ^(a)			14,048,802
	64,900	Ito En Ltd ^(a)(b)			1,569,110
	405,900	Japan Tobacco Inc ^(a)			12,983,733
	515,100	Kao Corp ^(a)			16,659,323
	78,700	Kobayashi Pharmaceutical Co Ltd ^(a)			3,823,795
	86,800	Kose Corp ^(a)			2,020,407
	203,961	Nestle SA ^(a)			14,761,599
	71,700	Nihon Kohden Corp ^(a)			2,533,069
	122,720	Novartis AG ^(a)			8,746,495
	183,525	Reckitt Benckiser Group PLC ^(a)			13,173,914
	66,710	Roche Holding AG ^(a)			15,551,646
	97,500	Santen Pharmaceutical Co Ltd ^(a)			4,509,490

					182,286,266


Shares				Value

Energy — 4.56%
	1,312,722	BP PLC ^(a)	$		9,230,107
	754,869	Cairn Energy PLC ^(a)(c)			3,140,799
	422,581	Royal Dutch Shell PLC Class A ^(a)			13,698,354

					26,069,260


Financial — 18.33%
	278,411	Amlin PLC ^(a)			1,792,902
	5,298,350	Bank of Ireland ^(a)(c)			1,048,144
	283,885	Catlin Group Ltd ^(a)			2,250,886
	312,000	Chiba Bank Ltd ^(a)			2,249,083
	828,000	Daiwa Securities Group Inc ^(a)			5,869,407
	173,860	Delta Lloyd NV ^(a)			2,994,485
	318,048	Deutsche Wohnen AG ^(a)			5,785,899
	456,032	DNB ASA ^(a)			6,711,500
	19,796	Euler Hermes SA ^(a)			1,825,210
	116,512	GSW Immobilien AG ^(a)			4,613,712
	307,000	Hachijuni Bank Ltd ^(a)			1,839,220
	499,249	Hiscox Ltd ^(a)			4,179,264
	1,361,516	HSBC Holdings PLC ^(a)			14,524,802
	165,984	IG Group Holdings PLC ^(a)			1,348,672
	530,692	ING Groep NV ^(a)(c)			3,818,573
	186,059	Jardine Lloyd Thompson Group PLC ^(a)			2,407,381
	441,000	Joyo Bank Ltd ^(a)			2,460,069
	74,310	Julius Baer Group Ltd ^(a)			2,896,049
	30,720	Jyske Bank A/S ^(a)(c)			1,048,407
	460,200	North Pacific Bank Ltd ^(a)			1,556,571
	196,700	Sony Financial Holdings Inc ^(a)			2,941,985
	148,100	Sumitomo Mitsui Financial Group Inc ^(a)			6,075,783
	101,769	Swiss Re AG ^(a)			8,288,277
	50,060	Sydbank A/S ^(a)(c)			1,026,923
	288,490	TAG Immobilien AG			3,302,333
	873,466	UniCredit SpA ^(a)(c)			3,749,313
	164,384	Unione di Banche Italiane SCPA ^(a)			608,930
	27,151	Zurich Insurance Group AG ^(a)			7,579,193

					104,792,973


Industrial — 7.98%
	1,525,547	Cobham PLC ^(a)			5,647,449
	17,075	Geberit AG ^(a)			4,210,255
	91,800	Glory Ltd ^(a)			2,199,593
	517,552	Halma PLC ^(a)			4,077,695
	34,100	Hirose Electric Co Ltd ^(a)			4,500,142
	156,921	Legrand SA ^(a)			6,846,106
	17,378	Schindler Holding AG ^(a)			2,548,922
	104,153	Spectris PLC ^(a)			3,886,987
	289,000	Venture Corp Ltd ^(a)			2,019,394
	534,800	Yamato Holdings Co Ltd ^(a)			9,700,504

					45,637,047


Technology — 7.77%
	314,310	Amadeus IT Holding SA Class A ^(a)			8,520,357
	48,024	ASM International NV ^(a)			1,596,422


Shares				Value

Technology — (continued)
	211,200	Canon Inc ^(a)	$		7,761,598
	322,911	Computershare Ltd ^(a)			3,443,549
	79,166	Neopost SA ^(a)(b)			4,749,181
	262,700	Nomura Research Institute Ltd ^(a)			6,784,266
	17,070	Obic Co Ltd ^(a)			3,958,048
	442,280	Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR			7,602,793

					44,416,214


TOTAL COMMON STOCK — 93.28% (Cost $456,414,121)			$		533,252,199


PREFERRED STOCK
Consumer, Non-cyclical — 2.27%
	134,813	Henkel AG & Co KGaA ^(a)			12,988,067


TOTAL PREFERRED STOCK — 2.27% (Cost $8,489,964)			$		12,988,067


Contract Value

PURCHASED OPTIONS
	6,995,000	Euro Dollar Call, strike price 112.50, expiration November 2013 ^(c)			616,167
	471,033,920	Japanese Yen Put, strike price 98.50, expiration January 2014 ^(c)			107,476
	794,782,738	Japanese Yen Put, strike price 85.70, expiration July 2013 ^(c)			852,516

					1,576,159


TOTAL PURCHASED OPTIONS — 0.27% (Cost $303,250)			$		1,576,159


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency Obligations — 3.41%
$	19,498,000	Federal Home Loan Bank 0.00%, 04/01/2013			19,498,000


Principal Amount				Value

Short Term Investments— (continued)
Reverse Repurchase Agreements — 5.58%
$	7,575,514	Undivided interest of 8.70% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $7,575,514 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.	$		7,575,514

	7,575,515	Undivided interest of 8.70% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $7,575,515 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			7,575,515

	1,594,755	Undivided interest of 9.10% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $1,594,755 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			1,594,755

	7,575,514	Undivided interest of 9.10% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $7,575,514 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			7,575,514


Principal Amount			Value

Short Term Investments— (continued)
$ 7,575,514	Undivided interest of 9.10% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $7,575,514 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		7,575,514

				31,896,812


TOTAL SHORT TERM INVESTMENTS — 8.99% (Cost $51,394,812)		$		51,394,812


TOTAL INVESTMENTS — 104.81% (Cost $516,602,147)		$		599,211,237

OTHER ASSETS & LIABILITIES, NET — (4.81)%		$		(27,523,493)

TOTAL NET ASSETS — 100.00%		$		571,687,744

^(a)	Foreign security is fair valued under procedures adopted by the Board of Directors.

^(b)	A portion or all of the security is on loan at March 28, 2013.

^(c)	Non-income producing security.

^ADR	American Depositary Receipt

Summary of Investments by Country as of March 28, 2013.


Country		Value		Percentage of Fund Investments

Australia			$ 5,838,949		0.98%
Bermuda			6,430,150		1.07
Denmark			7,118,568		1.19
Finland			4,544,508		0.76
France			33,614,160		5.61
Germany			49,454,309		8.25
Hong Kong			3,677,989		0.61
Ireland			2,760,770		0.46
Italy			7,913,546		1.32
Japan			155,138,932		25.89
Netherlands			36,803,542		6.14
Norway			6,711,500		1.12
Singapore			2,019,394		0.34
Spain			8,520,357		1.42
Sweden			11,826,924		1.97
Switzerland			71,555,248		11.94
Taiwan			7,602,793		1.27
United Kingdom			126,177,310		21.06
United States			51,502,288		8.60

Total	$		599,211,237		100.00%

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table.

The Fund recognizes transfers between levels as of the beginning of the reporting period. As of March 28, 2013, the following transfers were recognized between valuation levels.

Investing in the Fund may involve certain risks including, but not limited to, the following.

As part of its investment strategy the Fund purchases options. When the Fund purchases a put or call option, the premium paid is recorded as an investment and its value is marked-to-market daily. When options expire, are exercised or are closed.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $518,679,753. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $93,339,180 and gross depreciation of securities in which there was an excess of tax cost over value of $12,807,696 resulting in net appreciation of $80,531,484.

The Fund purchased call and put options for a premium. Purchased call and put options entitle the holder to buy and sell a specified number of shares or units of a particular security, currency, or index at a specified price at a specified date or within a specified period of time. Purchased call options are used to seek to reduce exposure to an anticipated increase in the dollar cost of securities or currency to be acquired, or to increase the Fund’s exposure to an underlying instrument. Purchased put options are used to seek to reduce exposure to a decline in the value of Fund securities or currency. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised. In addition, there is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market or, for over-the-counter options, because of the counterparty’s inability or unwillingness to perform. The Fund held an average notional value of $1,965,023,837 on options for the reporting period.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $30,387,238 and received collateral of $31,896,812 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Principal Amount				Value

Asset-Backed Securities — 0.01%
U.S. Government Agency Obligations — 0.01%
$	39,388	Federal Home Loan Mortgage Corp Float Series T20, Class A7 0.50%, 12/25/2029^(a)	$		39,388


TOTAL ASSET-BACKED SECURITIES — 0.01% (Cost $39,388)			$		39,388


BONDS AND NOTES
U.S. Government Agency Obligations — 3.40%
	15,000,000	Federal Home Loan Bank 0.20%, 04/30/2013			15,001,301


U.S. Treasury Bonds and Notes — 2.15%
		United States Treasury Note/Bond
	3,600,000	2.50%, 03/31/2013			3,600,451
	1,900,000	1.75%, 04/15/2013			1,901,157
	4,000,000	1.00%, 07/15/2013			4,009,133

					9,510,741


TOTAL BONDS AND NOTES — 5.55% (Cost $24,512,042)			$		24,512,042


SHORT TERM INVESTMENTS
Foreign Government Obligations — 4.14%
	18,295,000	International Bank for Reconstruction & Development 0.01%, 04/01/2013			18,294,985


U.S. Government Agency Obligations — 80.59%
		Federal Farm Credit Banks Funding Corp
	10,000,000	0.11%, 04/08/2013			9,999,694
	30,000,000	0.09%, 04/26/2013			29,997,900
		Federal Home Loan Bank
	35,000,000	0.05%, 04/01/2013			34,999,854
	20,000,000	0.05%, 04/15/2013			19,999,528
		Federal Home Loan Mortgage Corp
	3,600,000	0.04%, 04/01/2013			3,599,988
	9,324,000	0.05%, 04/02/2013			9,323,948
	3,100,000	0.06%, 04/03/2013			3,099,974
	11,868,000	0.11%, 05/13/2013			11,866,368


Principal Amount				Value

Short Term Investments— (continued)
		Federal National Mortgage Association
$	63,495,000	0.06%, 04/03/2013	$		63,494,471
	2,251,000	0.07%, 04/08/2013			2,250,956
	33,195,000	0.10%, 05/01/2013			33,192,111
	11,600,000	0.12%, 05/08/2013			11,598,453
	5,000,000	0.09%, 05/29/2013			4,999,280
		Tennessee Valley Authority
	20,000,000	0.10%, 04/18/2013			19,998,889
	2,400,000	0.11%, 06/06/2013			2,399,494
		U.S. Treasury Bills
	30,000,000	0.07%, 04/04/2013			29,999,643
	65,000,000	0.09%, 06/06/2013			64,988,475

					355,809,026


Repurchase Agreements — 9.97%
	22,000,000	Repurchase agreement (principal amount/value $22,000,000 with a maturity value of $22,000,391) with Merrill Lynch, Pierce, Fenner & Smith, 0.16%, dated 3/28/13, to be repurchased at $22,000,391 on 4/1/13, collateralized by U.S. Treasury Securities, 0.25% - 2.00%, 4/30/14 - 1/15/26, with a value of $22,440,095.			22,000,000

	22,000,000	Repurchase agreement (principal amount/value $22,000,000 with a maturity value of $22,000,440) with Credit Suisse, 0.18%, dated 3/28/13, to be repurchased at $22,000,440 on 4/1/13, collateralized by a U.S. Treasury Security, 0.63%, 9/30/17, with a value of $22,444,062.			22,000,000


					44,000,000


TOTAL SHORT TERM INVESTMENTS — 94.70% (Cost $418,104,011)			$		418,104,011


TOTAL INVESTMENTS — 100.26% (Cost $442,655,441)			$		442,655,441

OTHER ASSETS & LIABILITIES, NET — (0.26)%			$		(1,128,108)

TOTAL NET ASSETS — 100.00%			$		441,527,333

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Investments held by the Fund are valued at the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, 100% of the Fund’s investments are valued using amortized cost. Amortized cost closely approximates a security’s current fair value, but since the value is not derived from a quoted price in an active market, amortized securities are considered to be valued using Level 2 inputs. A breakdown of the Fund’s investment classifications is included in the Schedule of Investments. The Fund recognizes transfers as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Changing interest rates, changes in credit quality of the issuers, changes in credit ratings of the securities and general market conditions may affect the value and liquidity of securities held by the Fund. Changes in credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the Fund could cause the values of these securities to decline.

Dividends from net investment income of the Fund, if any, are declared daily and paid monthly. Income dividends are reinvested in additional shares at net asset value. Dividends from capital gains of the Fund, if any, are declared and reinvested at least annually in additional shares at net asset value.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Interest income, including amortization of discounts and premiums, is recorded daily.


Shares				Value

COMMON STOCK
Basic Materials — 3.87%
	47,340	Ashland Inc	$		3,517,362
	27,800	Celanese Corp Class A			1,224,590
	79,900	Freeport-McMoRan Copper & Gold Inc			2,644,690
	71,890	International Paper Co			3,348,636
	78,600	LyondellBasell Industries NV Class A			4,974,594

					15,709,872


Communications — 10.24%
	73,100	AT&T Inc			2,682,039
	68,000	CenturyLink Inc			2,388,840
	328,550	Cisco Systems Inc			6,869,981
	248,550	Comcast Corp Class A			9,847,551
	168,130	Interpublic Group of Cos Inc			2,190,734
	35,230	McGraw-Hill Cos Inc			1,834,778
	51,900	Symantec Corp ^(a)			1,280,892
	93,510	Time Warner Inc			5,388,046
	54,630	Verizon Communications Inc			2,685,065
	224,800	Vodafone Group PLC Sponsored ADR			6,386,568

					41,554,494


Consumer, Cyclical — 6.19%
	23,660	Autoliv Inc ^(b)			1,635,852
	72,600	CVS Caremark Corp			3,992,274
	50,600	Delphi Automotive PLC			2,246,640
	117,560	Ford Motor Co			1,545,914
	99,900	Hasbro Inc ^(b)			4,389,606
	20,900	Johnson Controls Inc			732,963
	26,400	McDonald’s Corp			2,631,816
	85,520	TRW Automotive Holdings Corp ^(a)			4,703,600
	68,300	Walgreen Co			3,256,544

					25,135,209


Consumer, Non-cyclical — 21.30%
	35,235	ADT Corp			1,724,401
	123,500	Altria Group Inc			4,247,165
	120,200	Baxter International Inc			8,731,328
	25,900	Bunge Ltd			1,912,197
	133,800	Cigna Corp			8,345,106
	96,700	Coca-Cola Enterprises Inc			3,570,164
	71,250	Covidien PLC			4,833,600
	65,000	Dr Pepper Snapple Group Inc			3,051,750
	203,600	Eli Lilly & Co			11,562,444
	111,230	Johnson & Johnson			9,068,582
	43,700	Kraft Foods Group Inc			2,251,861
	57,200	Kroger Co			1,895,608
	103,300	Merck & Co Inc			4,568,959
	287,090	Pfizer Inc			8,285,417
	41,550	Philip Morris International Inc			3,852,101
	12,100	Pinnacle Foods Inc ^(a)			268,741
	63,300	St Jude Medical Inc			2,559,852
	57,600	UnitedHealth Group Inc			3,295,296


Shares				Value

Consumer, Non-cyclical — (continued)
	32,400	Zimmer Holdings Inc	$		2,437,128

					86,461,700


Energy — 13.58%
	15,600	Apache Corp			1,203,696
	1,800	Chevron Corp			213,876
	25,600	Eni SpA Sponsored ADR			1,149,184
	86,800	Exxon Mobil Corp			7,821,548
	31,500	Hess Corp			2,255,715
	378,500	Marathon Oil Corp			12,763,020
	107,600	Marathon Petroleum Corp			9,640,960
	11,600	Noble Energy Inc			1,341,656
	8,600	Occidental Petroleum Corp			673,982
	139,190	Royal Dutch Shell PLC ADR Class A			9,069,620
	15,450	Total SA ^(c)			737,945
	182,100	Valero Energy Corp			8,283,729

					55,154,931


Financial — 22.92%
	96,700	American International Group Inc ^(a)			3,753,894
	20,200	American Tower Corp REIT			1,553,784
	47,100	Aon PLC			2,896,650
	203,700	Bank of America Corp			2,481,066
	49,300	Capital One Financial Corp			2,709,035
	175,200	Charles Schwab Corp			3,099,288
	227,953	Citigroup Inc			10,084,641
	66,600	CME Group Inc			4,088,574
	31,800	Discover Financial Services			1,425,912
	14,740	Everest Re Group Ltd			1,914,136
	20,700	Hartford Financial Services Group Inc			534,060
	43,700	Hatteras Financial Corp REIT			1,198,691
	70,400	Invesco Ltd			2,038,784
	220,800	JPMorgan Chase & Co			10,479,168
	223,830	MetLife Inc			8,510,017
	466,183	MFA Financial Inc REIT			4,344,825
	48,650	PartnerRe Ltd			4,529,801
	34,016	Popular Inc ^(a)			939,182
	134,120	State Street Corp			7,925,151
	118,300	US Bancorp			4,013,919
	122,710	Validus Holdings Ltd			4,585,673
	116,210	Wells Fargo & Co			4,298,608
	37,700	Willis Group Holdings PLC			1,488,773
	137,744	XL Group PLC			4,173,643

					93,067,275


Industrial — 8.01%
	43,200	General Dynamics Corp			3,046,032
	40,000	Honeywell International Inc			3,014,000
	45,660	L-3 Communications Holdings Inc			3,694,807
	129,310	Northrop Grumman Corp			9,071,097
	30,900	Owens Corning ^(a)			1,218,387
	21,200	Raytheon Co			1,246,348
	51,600	Sealed Air Corp			1,244,076


Shares				Value

Industrial — (continued)
	22,400	Stanley Black & Decker Inc	$		1,813,728
	34,900	Thermo Fisher Scientific Inc			2,669,501
	70,370	Tyco International Ltd			2,251,840
	35,000	United Technologies Corp			3,270,050

					32,539,866


Technology — 6.62%
	6,900	Apple Inc			3,054,147
	53,440	Dun & Bradstreet Corp ^(b)			4,470,256
	160,400	EMC Corp ^(a)			3,831,956
	63,600	Fidelity National Information Services Inc			2,519,832
	103,800	Intel Corp			2,268,030
	6,800	KLA-Tencor Corp			358,632
	76,311	NXP Semiconductor NV ^(a)			2,309,171
	58,500	Oracle Corp			1,891,890
	64,428	SanDisk Corp ^(a)			3,543,540
	74,200	Texas Instruments Inc			2,632,616

					26,880,070


Utilities — 3.79%
	59,800	Ameren Corp			2,094,196
	52,300	American Electric Power Co Inc			2,543,349
	120,000	Calpine Corp ^(a)			2,472,000
	24,500	Edison International			1,232,840
	71,400	FirstEnergy Corp			3,013,080
	32,100	NextEra Energy Inc			2,493,528
	49,600	NRG Energy Inc			1,313,904
	7,100	PPL Corp			222,301

					15,385,198


TOTAL COMMON STOCK — 96.52% (Cost $316,317,571)			$		391,888,615


Principal Amount

CONVERTIBLE BONDS
Financial — 0.44%
	1,805,000	MGIC Investment Corp 5.00%, 05/01/2017			1,782,437


Industrial — 0.34%
	528,000	WESCO International Inc 6.00%, 09/15/2029			1,386,990


TOTAL CONVERTIBLE BONDS — 0.78% (Cost $2,523,294)			$		3,169,427


Shares				Value

CONVERTIBLE PREFERRED STOCK
Financial — 0.92%
	296,020	2010 Swift Mandatory Common Exchange Security Trust^(d)(e), 6.00%	$		3,714,133


Utilities — 1.50%
	109,058	PPL Corp, 8.75%			6,108,339


TOTAL CONVERTIBLE PREFERRED STOCK — 2.42% (Cost $9,670,322)			$		9,822,472


PREFERRED STOCK
Basic Materials — 0.10%
	18,499	ArcelorMittal			388,479


TOTAL PREFERRED STOCK — 0.10% (Cost $462,475)			$		388,479


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency — 0.16%
$	670,000	Federal Home Loan Bank
		0.00%, 04/01/2013			670,000


Reverse Repurchase Agreements — 2.44%
	2,349,731	Undivided interest of 2.70% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $2,349,731 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			2,349,731

	2,349,730	Undivided interest of 2.70% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $2,349,730 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			2,349,730


Principal Amount				Value

Short Term Investments— (continued)
$	2,349,731	Undivided interest of 2.82% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $2,349,731 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		2,349,731


					9,893,571


TOTAL SHORT TERM INVESTMENTS — 2.60% (Cost $10,563,571)			$		10,563,571


TOTAL INVESTMENTS — 102.42% (Cost $339,537,233)			$		415,832,564

OTHER ASSETS & LIABILITIES, NET — (2.42)%			$		(9,835,228	)

TOTAL NET ASSETS — 100.00%			$		405,997,336

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal and Colorado tax returns remain open for the fiscal years ended 2011 and 2012.

At March 28, 2013, the U.S. Federal income tax cost basis was $340,096,419. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $77,757,253 and gross depreciation of securities in which there was an excess of tax cost over value of $2,021,108 resulting in net appreciation of $75,736,145.

securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $9,787,796 and received collateral of $9,893,571 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Principal Amount				Value

BANK LOANS
$	59,700	Academy Ltd^(a)3.55%, 08/03/2018	$		60,362
	135,000	Aot Bedding TLB^(a)4.04%, 08/29/2019			136,688
	219,450	Ardent Health Services^(a)5.55%, 05/02/2018			222,742
	190,000	Asurion TL^(a)9.79%, 08/07/2019			203,537
	141,383	Burlington Coat Factory Warehouse^(a)5.04%, 02/23/2017			142,996
	70,661	Cengage Learning Acquisitions Inc^(a)3.03%, 07/03/2014			54,277
	552,931	Clear Channel Communications 4.83%, 01/29/2016			489,517
	179,550	Compucom Systems Inc^(a)5.53%, 09/19/2018			181,345
	154,612	Dematic^(a)(b)4.28%, 11/30/2019			155,708
	60,707	Dynegy Inc^(a)8.06%, 08/04/2016			63,135
	222,574	Emergency Medical Services Corp^(a)4.06%, 04/05/2018			223,186
	381,483	FTS International Inc^(a)7.30%, 05/06/2016			361,614
		Golden Nugget Inc^(a)
	82,633	2.05%, 06/30/2014			79,782
	46,891	2.05%, 06/30/2014			45,273
		Harrahs Operating Co Inc^(a)
	58,050	7.80%, 10/15/2016			59,138
	842,300	5.54%, 01/28/2018			779,759
	305,000	Heinz Co^(a)(b)2.81%, 03/27/2019			307,592
	168,727	Infor Us Inc^(a)5.28%, 03/16/2018			171,539
	55,000	Istar Financial Inc^(a)6.04%, 03/19/2017			58,300
	181,762	J Crew Group^(a)3.80%, 01/26/2018			183,671
	74,624	Kinetic Concepts Inc 4.55%, 05/04/2018^(a)			75,883
		Leap Wireless International Inc^(a)
	94,763	3.78%, 09/24/2019			95,266
	545,000	3.54%, 02/22/2020			548,066
	329,175	Lucent Technologies Inc^(a)6.54%, 12/04/2018			334,044
	410,463	Motor City TLB^(a)5.05%, 02/01/2017			413,542
		Neiman Marcus Group Inc
	180,000	3.79%, 05/16/2018^(a)			180,337
	155,000	3.80%, 05/16/2018^(a)			155,291
	555,000	Nuveen Investments Inc^(a)7.29%, 03/01/2019			570,262
	297,726	Par Pharmaceutical^(a)4.05%, 08/02/2019			297,912
	260,000	Plains Exploration & Production Co 3.29%, 09/04/2019^(a)			260,093


Principal Amount				Value

$	75,000	Quintiles Transnational Corp 7.50%, 02/22/2017	$		76,688
	225,000	Rite Aid Corp^(a)(b)5.05%, 08/01/2020			232,875
	235,000	Springleaf Finance Corp^(a)4.55%, 04/28/2017			236,322
	245,000	Sram LLC^(a)7.28%, 12/07/2018			248,675
	335,000	Tervita Corp^(a)5.30%, 01/24/2018			338,350
	1,270,119	Texas Competitive Electric Holdings Co^(a)3.85%, 10/10/2017			900,514
		Tomkins Air^(b)
	119,700	4.04%, 11/30/2018^(a)			121,346
	170,000	8.29%, 05/31/2020^(a)			174,463
		Travelport LLC^(a)
	98,858	4.96%, 08/23/2015			98,301
	31,142	4.96%, 08/23/2015			30,967
	180,000	9.79%, 11/22/2015			184,050
	270,000	Tronox Inc^(a)(b)3.79%, 02/26/2020			273,279
	80,448	Univision Communications^(a)4.55%, 10/25/2017			80,812
	135,000	Vantage Drilling Co^(a)(b)4.78%, 03/28/2019			135,675


TOTAL BANK LOANS — 4.38% (Cost $9,977,592)			$		10,043,174


BONDS AND NOTES
Basic Materials — 6.39%
		ArcelorMittal^(a)
	275,000	10.35%, 06/01/2019			347,269
	140,000	7.50%, 10/15/2039			143,850
	475,000	Ashland Inc^(c)4.75%, 08/15/2022			482,062
	30,000	Axiall Corp^(c)4.88%, 05/15/2023			30,525
	135,000	Boise Cascade LLC / Boise Cascade Finance Corp^(c)6.38%, 11/01/2020			143,269
		Celanese US Holdings LLC
	425,000	5.88%, 06/15/2021			463,250
	175,000	4.63%, 11/15/2022			175,438
	355,000	Compass Minerals International Inc 8.00%, 06/01/2019			385,175
	40,000	Eagle Spinco Inc^(c)4.63%, 02/15/2021			40,700
	380,000	Edgen Murray Corp^(c)8.75%, 11/01/2020			394,250
	100,000	Eldorado Gold Corp^(c)6.13%, 12/15/2020			103,750
	530,000	Ferro Corp 7.88%, 08/15/2018			549,875
	255,000	FMG Resources August 2006 Pty Ltd^(c)6.88%, 02/01/2018			268,069


Principal Amount				Value

Basic Materials — (continued)
$	640,000	8.25%, 11/01/2019	$		690,400
	140,000	6.88%, 04/01/2022			146,650
	180,000	Hexion US Finance Corp 6.63%, 04/15/2020^(c)			180,451
		Hexion US Finance Corp / Hexion Nova Scotia Finance ULC
	370,000	8.88%, 02/01/2018^(b)(c)			382,950
	225,000	9.00%, 11/15/2020			213,750
		Huntsman International LLC
	410,000	8.63%, 03/15/2020			458,175
	315,000	4.88%, 11/15/2020^(c)(d)			317,363
	60,000	8.63%, 03/15/2021			67,500
	525,000	IAMGOLD Corp^(c)6.75%, 10/01/2020			505,312
		Ineos Finance PLC^(c)
	200,000	9.00%, 05/15/2015			210,500
	270,000	7.50%, 05/01/2020			293,962
	245,000	INEOS Group Holdings SA EUR, 7.88%, 02/15/2016			316,410
	70,000	Inmet Mining Corp^(c)7.50%, 06/01/2021			75,775
		LyondellBasell Industries NV
	725,000	5.00%, 04/15/2019			819,250
	690,000	6.00%, 11/15/2021			817,650
	290,000	5.75%, 04/15/2024			340,025
		Momentive Performance Materials Inc
	230,000	8.88%, 10/15/2020			236,900
	70,000	10.00%, 10/15/2020			70,000
	100,000	EUR, 9.50%, 01/15/2021			94,857
		New Gold Inc ^(c)
	140,000	7.00%, 04/15/2020			150,500
	90,000	6.25%, 11/15/2022			94,275
	360,000	Nufarm Australia Ltd^(c)6.38%, 10/15/2019			369,000
	35,000	Orion Engineered Carbons Bondco GmbH^(b)(c)9.63%, 06/15/2018			38,938
	275,000	Perstorp Holding AB^(c)8.75%, 05/15/2017			290,812
	65,000	PetroLogistics LP / PetroLogistics Finance Corp^(b)(c)6.25%, 04/01/2020			65,406
	290,000	PolyOne Corp^(c)5.25%, 03/15/2023			292,175
	220,000	PQ Corp^(b)(c)8.75%, 05/01/2018			234,300
	220,000	Ryerson Inc / Joseph T Ryerson & Son Inc^(c)9.00%, 10/15/2017			240,350
	200,000	Smurfit Kappa Acquisitions^(c)4.88%, 09/15/2018			204,000
	300,000	Smurfit Kappa Treasury Funding Ltd 7.50%, 11/20/2025			330,000
		Steel Dynamics Inc
	55,000	6.13%, 08/15/2019^(c)			59,400
	290,000	7.63%, 03/15/2020			321,900
	40,000	6.38%, 08/15/2022^(c)			43,200
	245,000	5.25%, 04/15/2023^(b)(c)			248,369


Principal Amount				Value

Basic Materials — (continued)
$	120,000	Taminco Acquisition Corp^(c)9.13%, 12/15/2017	$		121,200
	410,000	Taminco Global Chemical Corp^(c)9.75%, 03/31/2020			456,125
	600,000	TPC Group Inc^(c)8.75%, 12/15/2020			625,500
	525,000	Tronox Finance LLC^(c⁾ 6.38%, 08/15/2020			509,250
	185,000	US Coatings Acquisition Inc / Flash Dutch 2 BV^(c⁾ 7.38%, 05/01/2021			194,712
	30,000	Verso Paper Holdings LLC / Verso Paper Inc 8.75%, 02/01/2019			14,175

					14,668,949


Communications — 15.17%
	115,000	Affinion Group Holdings Inc 11.63%, 11/15/2015			73,025
		Affinion Group Inc^(d)
	415,000	11.50%, 10/15/2015			362,088
	370,000	7.88%, 12/15/2018			292,300
		Avaya Inc^(c)
	615,000	7.00%, 04/01/2019			601,162
	155,000	10.50%, 03/01/2021^(b)			147,638
	145,000	Bresnan Broadband Holdings LLC^(c)8.00%, 12/15/2018			158,050
		Cablevision Systems Corp
	280,000	8.63%, 09/15/2017			326,200
	80,000	7.75%, 04/15/2018			89,700
	45,000	8.00%, 04/15/2020			50,625
		CCO Holdings LLC / CCO Holdings Capital Corp
	215,000	7.00%, 01/15/2019			231,663
	135,000	7.38%, 06/01/2020			149,681
	230,000	6.50%, 04/30/2021			243,225
	70,000	6.63%, 01/31/2022			75,075
	1,020,000	5.25%, 09/30/2022			1,002,150
	115,000	5.13%, 02/15/2023			111,550
	80,000	CenturyLink Inc 5.63%, 04/01/2020			81,800
	65,000	Cequel Communications Holdings I LLC / Cequel Capital Corp^(c)6.38%, 09/15/2020			67,438
		Cincinnati Bell Inc
	185,000	8.25%, 10/15/2017			196,100
	60,000	8.75%, 03/15/2018			59,550
	65,000	8.38%, 10/15/2020			67,600
		Clear Channel Communications Inc
	625,000	9.00%, 12/15/2019 ^(c)			600,781
	110,000	9.00%, 03/01/2021			102,713
		Clear Channel Worldwide Holdings Inc
	670,000	7.63%, 03/15/2020			699,312
	280,000	6.50%, 11/15/2022^(c)			295,400
	270,000	Clearwire Communications LLC / Clearwire Finance Inc^(c)12.00%, 12/01/2015			291,263


Principal Amount				Value

Communications — (continued)
$	100,000	12.00%, 12/01/2017	$		117,000
		Cricket Communications Inc
	260,000	7.75%, 05/15/2016			271,375
	365,000	7.75%, 10/15/2020^(d)			364,088
	265,000	Crown Castle International Corp 5.25%, 01/15/2023			269,638
	520,000	CSC Holdings LLC 6.75%, 11/15/2021			583,050
	320,000	Cumulus Media Holdings Inc^(d)7.75%, 05/01/2019			328,800
	150,000	CyrusOne LP / CyrusOne Finance Corp^(c)6.38%, 11/15/2022			157,125
		Digicel Group Ltd^(c)
	100,000	10.50%, 04/15/2018			111,250
	520,000	8.25%, 09/30/2020			551,200
	155,000	Digicel Ltd^(c)8.25%, 09/01/2017			163,913
		DISH DBS Corp
	15,000	7.13%, 02/01/2016			16,669
	480,000	7.88%, 09/01/2019			568,800
	420,000	6.75%, 06/01/2021			466,200
	220,000	Entercom Radio LLC 10.50%, 12/01/2019			253,000
	135,000	Equinix Inc 7.00%, 07/15/2021			149,850
		Frontier Communications Corp
	15,000	8.25%, 04/15/2017			17,550
	335,000	8.13%, 10/01/2018			381,900
	500,000	8.50%, 04/15/2020			566,250
	280,000	9.25%, 07/01/2021			321,300
	105,000	7.63%, 04/15/2024			108,019
	385,000	Gray Television Inc 7.50%, 10/01/2020			410,987
	375,000	Griffey Intermediate Inc / Griffey Finance Sub LLC^(c)7.00%, 10/15/2020			382,500
		Hughes Satellite Systems Corp
	450,000	6.50%, 06/15/2019			493,875
	425,000	7.63%, 06/15/2021			486,094
		Intelsat Jackson Holdings SA
	135,000	7.25%, 10/15/2020			148,331
	355,000	7.50%, 04/01/2021			394,937
	315,000	6.63%, 12/15/2022^(c)			333,506
		Intelsat Luxembourg SA
	245,000	11.25%, 02/04/2017			260,925
	1,985,312	11.50%, 02/04/2017			2,108,401
	735,000	7.75%, 06/01/2021^(b)(c)			747,862
	445,000	8.13%, 06/01/2023^(b)(c)			452,231
		Lamar Media Corp
	35,000	7.88%, 04/15/2018^(d)			38,106
	270,000	5.88%, 02/01/2022			292,275
		Level 3 Financing Inc
	135,000	9.38%, 04/01/2019			151,362
	40,000	8.13%, 07/01/2019			44,000
	420,000	7.00%, 06/01/2020^(c)			439,950
	350,000	8.63%, 07/15/2020			390,250
	110,000	LIN Television Corp^(c)6.38%, 01/15/2021			117,150


Principal Amount				Value

Communications — (continued)
$	200,000	Lynx I Corp^(c)5.38%, 04/15/2021	$		208,000
	200,000	Lynx II Corp^(c)6.38%, 04/15/2023			209,500
		Mediacom LLC / Mediacom Capital Corp
	60,000	9.13%, 08/15/2019			66,975
	540,000	7.25%, 02/15/2022			594,000
		MetroPCS Wireless Inc
	370,000	7.88%, 09/01/2018^(d)			404,225
	405,000	6.25%, 04/01/2021^(c)			412,087
	440,000	6.63%, 04/01/2023^(c)			447,700
	265,000	Nexstar Broadcasting Inc^(c)6.88%, 11/15/2020			279,575
	135,000	Nexstar Broadcasting Inc / Mission Broadcasting Inc 8.88%, 04/15/2017			148,500
		Nielsen Finance LLC / Nielsen Finance Co
	45,000	7.75%, 10/15/2018			49,950
	535,000	4.50%, 10/01/2020^(c)			534,331
		NII Capital Corp
	80,000	10.00%, 08/15/2016^(d)			71,800
	160,000	8.88%, 12/15/2019			120,400
	528,000	7.63%, 04/01/2021			380,160
	110,000	NII International Telecom Sarl^(c)11.38%, 08/15/2019			114,950
	455,000	PAETEC Holding Corp 9.88%, 12/01/2018			522,112
		Quebecor Media Inc^(c)
	140,000	CAD, 7.38%, 01/15/2021			149,874
	355,000	5.75%, 01/15/2023			362,100
	380,000	Qwest Corp 6.75%, 12/01/2021			437,530
		SBA Telecommunications Inc
	152,000	8.25%, 08/15/2019			167,580
	70,000	5.75%, 07/15/2020^(c)			72,800
		Sinclair Television Group Inc^(c)
	395,000	5.38%, 04/01/2021^(b)			392,037
	115,000	6.13%, 10/01/2022			120,463
		Sprint Capital Corp
	645,000	6.88%, 11/15/2028			659,512
	90,000	8.75%, 03/15/2032			107,325
		Sprint Nextel Corp
	715,000	6.00%, 12/01/2016			775,775
	200,000	9.13%, 03/01/2017			236,500
	420,000	8.38%, 08/15/2017			488,775
	475,000	9.00%, 11/15/2018^(c)			587,219
	760,000	7.00%, 08/15/2020			836,000
	335,000	Syniverse Holdings Inc 9.13%, 01/15/2019			367,662
	150,000	Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH^(c)7.50%, 03/15/2019			164,063
		Univision Communications Inc^(c)
	380,000	7.88%, 11/01/2020			418,000
	255,000	8.50%, 05/15/2021			275,400
		Videotron Ltd
	130,000	CAD, 6.88%, 07/15/2021			141,409
	535,000	5.00%, 07/15/2022			543,025


Principal Amount				Value

Communications — (continued)
		Virgin Media Finance PLC
$	200,000	4.88%, 02/15/2022	$		202,500
	200,000	5.25%, 02/15/2022			203,250
		West Corp/Old
	220,000	8.63%, 10/01/2018			238,700
	115,000	7.88%, 01/15/2019			122,475
	665,000	WideOpenWest Finance LLC / WideOpenWest Capital Corp^(b)(c)10.25%, 07/15/2019			739,812
	290,000	Wind Acquisition Finance SA^(c)7.25%, 02/15/2018			301,963
	371,274	Wind Acquisition Holdings Finance SA^(c)12.25%, 07/15/2017			386,125
		Windstream Corp
	285,000	7.88%, 11/01/2017			325,613
	35,000	8.13%, 09/01/2018			38,325
	210,000	7.75%, 10/01/2021			228,900
	170,000	6.38%, 08/01/2023^(c)			168,725
	155,000	XM Satellite Radio Inc^(c)7.63%, 11/01/2018			171,081

					34,830,591


Consumer, Cyclical — 14.57%
	25,000	Academy Ltd / Academy Finance Corp^(c)9.25%, 08/01/2019			28,188
	320,000	AMC Entertainment Inc 9.75%, 12/01/2020			369,200
	930,000	American Axle & Manufacturing Inc 7.75%, 11/15/2019			1,027,650
	500,000	American Casino & Entertainment Properties LLC / ACEP Finance Corp 11.00%, 06/15/2014			503,750
		AutoNation Inc
	45,000	6.75%, 04/15/2018			51,188
	70,000	5.50%, 02/01/2020			75,950
		Beazer Homes USA Inc
	205,000	8.13%, 06/15/2016			221,912
	80,000	6.63%, 04/15/2018			86,400
	185,000	9.13%, 06/15/2018^(c)			189,525
	545,000	Bon-Ton Department Stores Inc 10.63%, 07/15/2017			545,681
	300,000	Boyd Gaming Corp^(d)9.13%, 12/01/2018			318,187
	445,000	Brookfield Residential Properties Inc^(c)6.50%, 12/15/2020			476,150
	175,000	Burger King Corp 9.88%, 10/15/2018			201,031
	255,000	Burlington Coat Factory Warehouse Corp 10.00%, 02/15/2019			283,050
	125,000	Burlington Holdings LLC / Burlington Holding Finance Inc^(c)9.00%, 02/15/2018			126,875


Principal Amount				Value

Consumer, Cyclical — (continued)
		Caesars Entertainment Operating Co Inc
$	490,000	11.25%, 06/01/2017	$		521,237
	115,000	10.00%, 12/15/2018			78,344
	985,000	Caesars Operating Escrow LLC / Caesars Escrow Corp^(c)9.00%, 02/15/2020			991,156
	125,000	Carmike Cinemas Inc 7.38%, 05/15/2019			137,188
	315,000	Carrols Restaurant Group Inc 11.25%, 05/15/2018			354,769
	170,000	CCM Merger Inc^(c)9.13%, 05/01/2019			174,250
		Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp
	95,000	9.13%, 08/01/2018			106,400
	200,000	5.25%, 03/15/2021^(c)			198,750
	100,000	Choice Hotels International Inc 5.75%, 07/01/2022			111,000
	625,000	Chrysler Group LLC / CG Co-Issuer Inc 8.25%, 06/15/2021			697,656
		Cinemark USA Inc
	5,000	8.63%, 06/15/2019			5,519
	265,000	7.38%, 06/15/2021			296,137
	160,000	5.13%, 12/15/2022^(c)			160,800
		CityCenter Holdings LLC / CityCenter Finance Corp
	225,000	7.63%, 01/15/2016			241,594
	472,822	10.75%, 01/15/2017^(d)			522,468
	123,770	CKE Inc^(c)10.50%, 03/14/2016			130,888
		Claire’s Stores Inc
	235,000	8.88%, 03/15/2019^(d)			247,925
	690,000	9.00%, 03/15/2019^(c)			779,700
	100,000	6.13%, 03/15/2020^(c)			102,500
	340,000	Dave & Buster’s Inc 11.00%, 06/01/2018			384,625
	295,000	Delphi Corp 5.00%, 02/15/2023			311,962
	685,000	DineEquity Inc 9.50%, 10/30/2018			780,900
	415,000	Exide Technologies^(d)8.63%, 02/01/2018			356,381
		Ferrellgas LP / Ferrellgas Finance Corp
	160,000	9.13%, 10/01/2017			171,600
	115,000	6.50%, 05/01/2021			118,738
	185,000	Fontainebleau Las Vegas Holdings LLC^(c)(e)(f)10.25%, 06/15/2015			116
		General Motors Corp^(g)(h)
	145,000	45.24%, 07/15/2023			2,175
	120,000	21.80%, 07/15/2033			1,800
	345,000	Great Canadian Gaming Corp^(c)CAD, 6.63%, 07/25/2022			354,051
		Hanesbrands Inc
	96,000	8.00%, 12/15/2016			104,040
	85,000	6.38%, 12/15/2020			92,544


Principal Amount				Value

Consumer, Cyclical — (continued)
		HD Supply Inc
$	300,000	7.50%, 07/15/2020^(c)	$		315,750
	675,000	11.50%, 07/15/2020			799,875
	185,000	10.50%, 01/15/2021			192,400
		Isle of Capri Casinos Inc
	285,000	7.75%, 03/15/2019			309,937
	170,000	8.88%, 06/15/2020			184,875
	365,000	5.88%, 03/15/2021^(c)			365,000
	200,000	Jaguar Land Rover Automotive PLC^(c)5.63%, 02/01/2023			207,750
	130,000	Jo-Ann Stores Holdings Inc^(c)9.75%, 10/15/2019			136,500
	465,000	Jo-Ann Stores Inc^(c)8.13%, 03/15/2019			485,925
		K Hovnanian Enterprises Inc^(c)
	160,000	7.25%, 10/15/2020			177,200
	70,000	9.13%, 11/15/2020			77,963
		L Brands Inc
	175,000	6.63%, 04/01/2021			197,750
	200,000	5.63%, 02/15/2022			212,000
	175,000	Landry’s Holdings II Inc^(c)10.25%, 01/01/2018			183,312
	350,000	Landry’s Inc^(c)9.38%, 05/01/2020			377,125
	110,000	Lennar Corp^(c)4.75%, 11/15/2022			107,800
	335,000	Libbey Glass Inc 6.88%, 05/15/2020			361,381
	455,000	M/I Homes Inc 8.63%, 11/15/2018			505,050
	54,000	Macy’s Retail Holdings Inc^(a)7.88%, 07/15/2015			62,298
		MGM Resorts International
	130,000	6.88%, 04/01/2016			141,375
	590,000	7.63%, 01/15/2017			654,900
	135,000	8.63%, 02/01/2019			157,275
	320,000	6.75%, 10/01/2020^(c)			339,200
	65,000	6.63%, 12/15/2021			68,169
	135,000	7.75%, 03/15/2022			149,850
	173,000	Michaels Stores Inc 11.38%, 11/01/2016			181,003
	835,813	MTR Gaming Group Inc 11.50%, 08/01/2019			867,156
	453,000	Navistar International Corp^(d)8.25%, 11/01/2021			461,494
	455,000	Neiman Marcus Group Inc 7.13%, 06/01/2028			469,787
	540,000	New Academy Finance Co LLC / New Academy Finance Corp^(c)8.00%, 06/15/2018			558,900
	210,000	Penske Automotive Group Inc ^(c)5.75%, 10/01/2022			218,925
	65,000	Petco Animal Supplies Inc^(c)9.25%, 12/01/2018			71,663
	160,000	Petco Holdings Inc^(c)8.50%, 10/15/2017			165,000
	275,000	Pinnacle Entertainment Inc 8.63%, 08/01/2017			291,844


Principal Amount				Value

Consumer, Cyclical — (continued)
$	720,000	Pittsburgh Glass Works LLC^(c)8.50%, 04/15/2016	$		732,600
		PulteGroup Inc
	300,000	7.63%, 10/15/2017			351,750
	190,000	7.88%, 06/15/2032			209,950
	330,000	6.00%, 02/15/2035			316,800
	80,000	QVC Inc^(c)7.38%, 10/15/2020			88,576
		Regal Entertainment Group
	430,000	9.13%, 08/15/2018^(d)			482,675
	145,000	5.75%, 02/01/2025			142,463
		Rite Aid Corp
	370,000	7.50%, 03/01/2017			380,637
	245,000	9.50%, 06/15/2017^(d)			256,944
	60,000	10.25%, 10/15/2019			69,150
	455,000	9.25%, 03/15/2020^(d)			513,581
	155,000	8.00%, 08/15/2020			175,150
	270,000	RSI Home Products Inc^(c)6.88%, 03/01/2018			274,050
	325,000	Sabre Holdings Corp 8.35%, 03/15/2016			357,500
	830,000	Sabre Inc^(c)8.50%, 05/15/2019			900,550
		Schaeffler Finance BV
	600,000	8.50%, 02/15/2019^(c)			682,500
	100,000	EUR, 8.75%, 02/15/2019			144,210
	82,000	Sealy Mattress Co^(c)10.88%, 04/15/2016			86,716
	215,000	Six Flags Entertainment Corp^(c)5.25%, 01/15/2021			215,269
	167,000	Suburban Propane Partners LP/Suburban Energy Finance Corp 7.38%, 08/01/2021			184,117
	580,000	Taylor Morrison Communities Inc / Monarch Communities Inc^(c)7.75%, 04/15/2020			622,050
	250,000	Tempur-Pedic International Inc^(c)6.88%, 12/15/2020			266,875
		Tenneco Inc
	145,000	7.75%, 08/15/2018			159,500
	305,000	6.88%, 12/15/2020			335,119
	175,000	Toys R Us Property Co I LLC 10.75%, 07/15/2017			188,344
	250,000	Toys R Us Property Co II LLC 8.50%, 12/01/2017			264,062
		Travelport LLC
	450,000	9.88%, 09/01/2014			452,250
	110,000	11.88%, 09/01/2016			93,500
	420,016	6.31%, 12/01/2016^(a)(b)(c)			386,415
	85,000	Travelport LLC / Travelport Inc 9.00%, 03/01/2016			85,319
		TRW Automotive Inc^(c)
	265,000	7.25%, 03/15/2017			306,406
	100,000	4.50%, 03/01/2021			101,500
	35,000	Wok Acquisition Corp^(c)10.25%, 06/30/2020			37,450


Principal Amount				Value

Consumer, Cyclical — (continued)
$	439,000	Yonkers Racing Corp^(c)11.38%, 07/15/2016	$		470,827

					33,433,187


Consumer, Non-cyclical — 11.77%
	205,000	Acadia Healthcare Co Inc^(b)(c)6.13%, 03/15/2021			211,663
	140,000	ACE Cash Express Inc^(c)11.00%, 02/01/2019			138,950
	215,000	Amsurg Corp^(c)5.63%, 11/30/2020			226,288
	105,000	Ashtead Capital Inc ^(c) 6.50%, 07/15/2022			114,056
		Avis Budget Car Rental LLC / Avis Budget Finance Inc
	125,000	8.25%, 01/15/2019			138,594
	65,000	9.75%, 03/15/2020			76,701
	155,000	5.50%, 04/01/2023^(b)(c)			154,613
	215,000	Aviv Healthcare Properties LP / Aviv Healthcare Capital Corp 7.75%, 02/15/2019			231,125
	300,000	Biomet Inc^(c)6.50%, 08/01/2020			318,375
	255,000	Capella Healthcare Inc 9.25%, 07/01/2017			276,038
	320,000	Capsugel FinanceCo SCA^(c)EUR, 9.88%, 08/01/2019			461,467
	455,000	CDRT Holding Corp^(c)9.25%, 10/01/2017			472,062
	325,000	Cenveo Corp^(d)8.88%, 02/01/2018			325,000
		Ceridian Corp
	410,000	11.25%, 11/15/2015			423,325
	366,050	12.25%, 11/15/2015			378,404
	300,000	8.88%, 07/15/2019^(c)			349,125
	340,000	11.00%, 03/15/2021^(b)(c)			363,800
		CHS/Community Health Systems Inc
	670,000	5.13%, 08/15/2018			701,825
	115,000	8.00%, 11/15/2019			127,363
	110,000	Constellation Brands Inc 6.00%, 05/01/2022			120,175
	1,000,000	ConvaTec Healthcare E SA^(c)10.50%, 12/15/2018			1,112,500
		Dean Foods Co
	130,000	7.00%, 06/01/2016			143,975
	260,000	9.75%, 12/15/2018			300,950
	50,000	Del Monte Corp 7.63%, 02/15/2019			51,875
	45,000	Dole Food Co Inc^(c)8.00%, 10/01/2016			46,800
	130,000	Elizabeth Arden Inc 7.38%, 03/15/2021			144,463
	330,000	Emergency Medical Services Corp 8.13%, 06/01/2019			362,175
	125,000	Endo Health Solutions Inc 7.00%, 07/15/2019			133,594
	260,000	ESAL GmbH ^(c) 6.25%, 02/05/2023			261,300


Principal Amount				Value

Consumer, Non-cyclical — (continued)
$	185,000	Fresenius Medical Care US Finance II Inc^(c)5.63%, 07/31/2019	$		203,038
	470,000	Hawk Acquisition Sub Inc^(b)(c)4.25%, 10/15/2020			470,587
		HCA Inc
	220,000	8.50%, 04/15/2019			242,825
	1,235,000	6.50%, 02/15/2020			1,393,234
	100,000	7.88%, 02/15/2020			110,500
	55,000	7.50%, 02/15/2022			63,250
	155,000	HDTFS Inc 6.25%, 10/15/2022			168,175
	415,000	Health Net Inc 6.38%, 06/01/2017			444,050
		Hertz Corp
	165,000	7.50%, 10/15/2018			182,119
	425,000	5.88%, 10/15/2020			448,375
	110,000	Hertz Holdings Netherlands BV^(c)EUR, 8.50%, 07/31/2015			148,759
	475,000	IASIS Healthcare LLC / IASIS Capital Corp 8.38%, 05/15/2019			499,344
	640,000	Igloo Holdings Corp^(c)8.25%, 12/15/2017			655,200
	285,000	Interactive Data Corp 10.25%, 08/01/2018			323,475
		Iron Mountain Inc
	85,000	7.75%, 10/01/2019			94,456
	30,000	8.00%, 06/15/2020			31,425
	135,000	8.38%, 08/15/2021			148,331
	135,000	Jaguar Holding Co I^(c)9.38%, 10/15/2017			144,956
	630,000	Jaguar Holding Co II / Jaguar Merger Sub Inc^(c)9.50%, 12/01/2019			722,925
	50,000	Jarden Corp EUR, 7.50%, 01/15/2020			67,938
		JBS USA LLC / JBS USA Finance Inc
	50,000	11.63%, 05/01/2014			55,375
	80,000	8.25%, 02/01/2020^(c)			87,400
	470,000	7.25%, 06/01/2021^(c)			492,325
		Kinetic Concepts Inc / KCI USA Inc
	785,000	10.50%, 11/01/2018			849,762
	170,000	12.50%, 11/01/2019			167,450
	420,000	Lender Processing Services Inc 5.75%, 04/15/2023			437,850
	100,000	Michael Foods Group Inc 9.75%, 07/15/2018			111,250
	380,000	MultiPlan Inc^(c)9.88%, 09/01/2018			422,275
	430,000	Novelis Inc 8.75%, 12/15/2020			484,825
		PHH Corp
	120,000	9.25%, 03/01/2016			140,100
	270,000	7.38%, 09/01/2019			305,100
	115,000	Post Holdings Inc 7.38%, 02/15/2022			125,781
	185,000	Prestige Brands Inc 8.25%, 04/01/2018			201,650


Principal Amount				Value

Consumer, Non-cyclical — (continued)
$	395,000	Revlon Consumer Products Corp^(c)5.75%, 02/15/2021	$		396,481
		Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
	130,000	7.13%, 04/15/2019			139,588
	350,000	7.88%, 08/15/2019			385,875
	835,000	9.88%, 08/15/2019			915,369
	145,000	5.75%, 10/15/2020			147,719
	250,000	Rural/Metro Corp^(c)10.13%, 07/15/2019			254,375
		Service Corp International
	50,000	7.00%, 05/15/2019			54,250
	290,000	7.50%, 04/01/2027			321,900
	600,000	Sky Growth Acquisition Corp^(c)7.38%, 10/15/2020			634,500
	195,000	Smithfield Foods Inc 6.63%, 08/15/2022			212,550
		Spectrum Brands Escrow Corp^(b)(c)
	20,000	6.38%, 11/15/2020			21,475
	15,000	6.63%, 11/15/2022			16,275
		Spectrum Brands Inc
	325,000	9.50%, 06/15/2018			368,062
	447,000	6.75%, 03/15/2020			482,201
	150,000	Stewart Enterprises Inc 6.50%, 04/15/2019			160,125
		Surgical Care Affiliates Inc^(c)
	218,100	8.88%, 07/15/2015			220,826
	170,000	10.00%, 07/15/2017			177,013
	155,000	Teleflex Inc 6.88%, 06/01/2019			167,788
		Tenet Healthcare Corp
	265,000	6.25%, 11/01/2018			294,150
	415,000	8.88%, 07/01/2019			466,875
	95,000	4.50%, 04/01/2021^(c)			93,100
		United Rentals North America Inc
	70,000	5.75%, 07/15/2018			75,863
	285,000	9.25%, 12/15/2019			324,900
	505,000	7.63%, 04/15/2022			564,337
	65,000	6.13%, 06/15/2023			69,550
	170,000	United Surgical Partners International Inc 9.00%, 04/01/2020			192,525
		Valeant Pharmaceuticals International^(c)
	330,000	6.50%, 07/15/2016			344,437
	20,000	6.75%, 10/01/2017			21,475
	300,000	6.88%, 12/01/2018			322,312
	20,000	7.00%, 10/01/2020			21,550
	45,000	VPI Escrow Corp^(c)6.38%, 10/15/2020			47,419
	195,000	Wells Enterprises Inc^(c)6.75%, 02/01/2020			205,725
	285,000	YCC Holdings LLC / Yankee Finance Inc^(d)10.25%, 02/15/2016			293,906

					27,025,182


Principal Amount				Value

Energy — 10.79%
		Access Midstream Partners LP / ACMP Finance Corp
$	230,000	5.88%, 04/15/2021	$		243,800
	100,000	6.13%, 07/15/2022			107,250
	540,000	4.88%, 05/15/2023			533,250
		Alpha Natural Resources Inc
	135,000	6.00%, 06/01/2019^(d)			124,538
	120,000	6.25%, 06/01/2021			108,000
		Arch Coal Inc
	165,000	7.00%, 06/15/2019			148,913
	105,000	7.25%, 10/01/2020			94,500
	95,000	Atlas Pipeline Partners LP / Atlas Pipeline Finance Corp^(c)6.63%, 10/01/2020			99,038
	115,000	Atwood Oceanics Inc 6.50%, 02/01/2020			125,063
	190,000	Aurora USA Oil & Gas Inc^(c)9.88%, 02/15/2017			208,525
	385,000	Basic Energy Services Inc 7.75%, 02/15/2019			393,662
	550,000	Carrizo Oil & Gas Inc 8.63%, 10/15/2018			602,250
		Chaparral Energy Inc
	495,000	9.88%, 10/01/2020			571,725
	385,000	8.25%, 09/01/2021			436,012
		Chesapeake Energy Corp
	490,000	9.50%, 02/15/2015			553,700
	55,000	EUR, 6.25%, 01/15/2017			75,437
	100,000	6.13%, 02/15/2021^(d)			106,375
	100,000	5.75%, 03/15/2023			101,375
	225,000	Chesapeake Oilfield Operating LLC / Chesapeake Oilfield Finance Inc^(c)6.63%, 11/15/2019			231,750
	90,000	Comstock Resources Inc 8.38%, 10/15/2017			95,625
		Concho Resources Inc
	215,000	6.50%, 01/15/2022			234,350
	280,000	5.50%, 10/01/2022			291,200
	70,000	5.50%, 04/01/2023			72,625
	205,000	Connacher Oil & Gas Ltd^(c)8.50%, 08/01/2019			134,788
		CONSOL Energy Inc
	410,000	8.00%, 04/01/2017			442,800
	530,000	8.25%, 04/01/2020			586,975
	445,000	Continental Resources Inc/OK 5.00%, 09/15/2022			472,812
		Crosstex Energy LP / Crosstex Energy Finance Corp
	430,000	8.88%, 02/15/2018			465,475
	85,000	7.13%, 06/01/2022^(c)			90,100
		Denbury Resources Inc
	195,000	8.25%, 02/15/2020			218,400
	90,000	6.38%, 08/15/2021			98,100
	330,000	ED Smith Inc^(e)(f)(g)0.00%, 06/01/2019			413
		El Paso LLC
	195,000	7.00%, 06/15/2017			223,027
	100,000	7.80%, 08/01/2031			111,158
	360,000	7.75%, 01/15/2032			402,897


Principal Amount				Value

Energy — (continued)
$	445,000	Energy Transfer Equity LP 7.50%, 10/15/2020	$		512,862
	550,000	EP Energy LLC / EP Energy Finance Inc 9.38%, 05/01/2020			635,250
		EP Energy LLC / Everest Acquisition Finance Inc
	95,000	6.88%, 05/01/2019			104,025
	70,000	7.75%, 09/01/2022^(d)			77,350
	375,000	EPE Holdings LLC / EP Energy Bond Co Inc^(c)8.13%, 12/15/2017			393,750
	460,000	EXCO Resources Inc 7.50%, 09/15/2018			435,275
	145,000	Forbes Energy Services Ltd 9.00%, 06/15/2019			140,650
	235,000	FTS International Services LLC / FTS International Bonds Inc^(a)(c)8.13%, 11/15/2018			246,162
	435,000	Goodrich Petroleum Corp 8.88%, 03/15/2019			450,225
	180,000	Gulfport Energy Corp^(c)7.75%, 11/01/2020			189,900
	835,000	Halcon Resources Corp^(c)8.88%, 05/15/2021			899,712
		Hercules Offshore Inc^(c)
	120,000	7.13%, 04/01/2017			129,300
	265,000	10.50%, 10/15/2017			287,525
	115,000	Hiland Partners LP / Hiland Partners Finance Corp^(c)7.25%, 10/01/2020			125,638
	275,000	Key Energy Services Inc 6.75%, 03/01/2021			286,687
	565,000	Kodiak Oil & Gas Corp 8.13%, 12/01/2019			638,450
		Laredo Petroleum Inc
	505,000	9.50%, 02/15/2019			570,650
	85,000	7.38%, 05/01/2022			93,075
	530,000	Linn Energy LLC / Linn Energy Finance Corp^(c)6.25%, 11/01/2019			541,925
	190,000	Lone Pine Resources Canada Ltd^(d)10.38%, 02/15/2017			170,050
		MEG Energy Corp^(c)
	300,000	6.50%, 03/15/2021			319,500
	135,000	6.38%, 01/30/2023			140,400
	215,000	Milagro Oil & Gas Inc^(b)10.50%, 05/15/2016			167,700
		Newfield Exploration Co
	165,000	6.88%, 02/01/2020			176,962
	410,000	5.75%, 01/30/2022			438,700
	200,000	5.63%, 07/01/2024			206,500
	100,000	NGPL PipeCo LLC^(c)9.63%, 06/01/2019			112,000
	310,000	Northern Oil & Gas Inc 8.00%, 06/01/2020			323,175
	145,000	Oasis Petroleum Inc 6.88%, 01/15/2023			159,500


Principal Amount				Value

Energy — (continued)
		Offshore Group Investment Ltd^(c)
$	520,000	7.50%, 11/01/2019	$		551,200
	310,000	7.13%, 04/01/2023^(b)			316,975
		Peabody Energy Corp
	60,000	7.38%, 11/01/2016			68,400
	110,000	6.00%, 11/15/2018			116,875
	105,000	6.50%, 09/15/2020			111,825
	585,000	PetroBakken Energy Ltd⁽^c)8.63%, 02/01/2020			596,700
		Plains Exploration & Production Co
	115,000	7.63%, 04/01/2020			129,663
	340,000	6.75%, 02/01/2022			378,675
		Quicksilver Resources Inc
	65,000	8.25%, 08/01/2015^(a)			63,944
	235,000	11.75%, 01/01/2016			239,700
		Range Resources Corp
	45,000	6.75%, 08/01/2020			49,500
	95,000	5.00%, 08/15/2022			96,900
	395,000	Regency Energy Partners LP / Regency Energy Finance Corp 5.50%, 04/15/2023			422,650
	250,000	Rosetta Resources Inc 9.50%, 04/15/2018			275,625
	945,000	Samson Investment Co^(c)9.75%, 02/15/2020			1,004,062
	295,000	SandRidge Energy Inc 7.50%, 03/15/2021			306,800
	265,000	Shelf Drilling Holdings Ltd^(b)(c)8.63%, 11/01/2018			280,900
		SM Energy Co
	185,000	6.63%, 02/15/2019			198,412
	95,000	6.50%, 11/15/2021			103,788
	45,000	6.50%, 01/01/2023			49,275
	363,000	Thermon Industries Inc 9.50%, 05/01/2017			402,930
	45,000	Trinidad Drilling Ltd ^(c) 7.88%, 01/15/2019			48,825
	450,000	Unit Corp 6.63%, 05/15/2021			471,375
	95,000	Whiting Petroleum Corp 7.00%, 02/01/2014			98,681
	104,000	Williams Cos Inc 7.75%, 06/15/2031			129,577
		WPX Energy Inc
	380,000	5.25%, 01/15/2017			398,050
	75,000	6.00%, 01/15/2022			78,563

					24,768,676


Financial — 8.81%
	305,000	A-S Co-Issuer Subsidiary Inc / A-S Merger Sub LLC^(c)7.88%, 12/15/2020			313,387
		Air Lease Corp^(d)
	260,000	6.13%, 04/01/2017			281,450
	175,000	4.75%, 03/01/2020			179,375
		Ally Financial Inc
	95,000	6.25%, 12/01/2017			106,239
	190,000	8.00%, 12/31/2018			227,287
	70,000	8.00%, 03/15/2020			86,800


Principal Amount				Value

Financial — (continued)
$	220,000	7.50%, 09/15/2020	$		268,400
	195,000	American International Group Inc^(a)8.18%, 05/15/2058			262,519
	160,000	BBVA International Preferred SAU^(a)(i)5.92%, Perpetual			140,800
		CBRE Services Inc
	95,000	11.63%, 06/15/2017			102,244
	170,000	6.63%, 10/15/2020			184,450
	165,000	5.00%, 03/15/2023			166,856
		CIT Group Inc
	215,000	5.25%, 03/15/2018			232,200
	230,000	6.63%, 04/01/2018^(c)			262,200
	510,000	5.50%, 02/15/2019^(c)			559,725
	175,000	5.38%, 05/15/2020			192,063
	435,000	5.00%, 08/15/2022			464,488
	90,000	Citigroup Inc^(a)EUR, 4.75%, 02/10/2019			113,925
	105,000	CNG Holdings Inc^(c)9.38%, 05/15/2020			103,031
	150,000	CNO Financial Group Inc^(c)6.38%, 10/01/2020			159,563
	240,000	Community Choice Financial Inc 10.75%, 05/01/2019			227,400
		Corrections Corp of America^(b)(c)
	85,000	4.13%, 04/01/2020			86,275
	105,000	4.63%, 05/01/2023			107,494
	130,000	DFC Global Corp^(c)3.25%, 04/15/2017			135,363
	680,000	Dresdner Funding Trust I^(c)8.15%, 06/30/2031			716,550
	565,000	E*TRADE Financial Corp 6.38%, 11/15/2019			597,487
		Felcor Lodging LP
	122,000	10.00%, 10/01/2014			136,335
	355,000	6.75%, 06/01/2019			385,175
	80,000	5.63%, 03/01/2023^(c)			81,500
		Ford Motor Credit Co LLC
	170,000	5.00%, 05/15/2018			187,240
	400,000	5.75%, 02/01/2021			453,550
	200,000	5.88%, 08/02/2021			228,786
	235,000	HBOS Capital Funding No2 LP^(a)(c)(i)6.07%, Perpetual			208,856
		HBOS PLC^(c)
	130,000	6.75%, 05/21/2018			144,491
	85,000	6.00%, 11/01/2033			81,413
	90,000	Hub International Ltd^(c)8.13%, 10/15/2018			94,725
	470,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp 8.00%, 01/15/2018			502,900
		International Lease Finance Corp
	95,000	4.88%, 04/01/2015			99,631
	65,000	6.25%, 05/15/2019			71,175
	140,000	4.63%, 04/15/2021			139,650
	565,000	5.88%, 08/15/2022^(d)			608,964
		iStar Financial Inc
	190,000	9.00%, 06/01/2017^(d)			212,325
	185,000	7.13%, 02/15/2018			193,787


Principal Amount				Value

Financial — (continued)
$	385,000	LBG Capital No.1 PLC^(a)(b)(c)(i)8.00%, Perpetual	$		409,544
		Liberty Mutual Group Inc
	35,000	7.00%, 03/15/2037^(a)(c)			36,050
	75,000	7.80%, 03/15/2037^(c)			87,375
	255,000	Lloyds TSB Bank PLC^(a)(i)GBP, 13.00%, Perpetual			569,568
		MPT Operating Partnership LP / MPT Finance Corp
	85,000	6.88%, 05/01/2021			92,225
	135,000	6.38%, 02/15/2022			145,125
	145,000	National Money Mart Co 10.38%, 12/15/2016			159,863
		Nationstar Mortgage LLC / Nationstar Capital Corp^(c)
	100,000	9.63%, 05/01/2019			114,300
	485,000	7.88%, 10/01/2020			535,925
	170,000	6.50%, 07/01/2021			177,225
		Neuberger Berman Group LLC / Neuberger Berman Finance Corp^(c)
	105,000	5.63%, 03/15/2020			109,988
	255,000	5.88%, 03/15/2022			269,662
		Nuveen Investments Inc^(c)
	440,000	9.13%, 10/15/2017			454,300
	90,000	9.50%, 10/15/2020			94,050
	120,000	Omega Healthcare Investors Inc 6.75%, 10/15/2022			132,300
	380,000	Onex USI Acquisition Corp^(c)7.75%, 01/15/2021			380,950
		Provident Funding Associates LP / PFG Finance Corp^(c)
	260,000	10.25%, 04/15/2017			289,900
	260,000	10.13%, 02/15/2019			283,400
		Realogy Group LLC
	135,000	12.38%, 04/15/2015			135,338
	190,000	11.50%, 04/15/2017			202,112
	400,000	7.88%, 02/15/2019^(c)			438,000
	110,000	7.63%, 01/15/2020^(c)			124,025
	50,000	9.00%, 01/15/2020^(c)			58,125
	250,000	Regions Bank/Birmingham AL 7.50%, 05/15/2018			306,875
	250,000	Regions Financing Trust II 6.63%, 05/15/2047			250,312
	295,000	Residential Capital LLC^(f)(j)9.63%, 05/15/2015			321,550
	195,000	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp^(c)9.50%, 06/15/2019			213,037
	365,000	ROC Finance LLC / ROC Finance 1 Corp^(c)12.13%, 09/01/2018			423,400
		Royal Bank of Scotland Group PLC
	615,000	7.65%, Perpetual ^(a)(i)			639,600
	400,000	7.64%, 03/31/2049^(a)			356,000
		SLM Corp
	545,000	8.45%, 06/15/2018			645,825
	190,000	8.00%, 03/25/2020			220,400


Principal Amount				Value

Financial — (continued)
$	1,150,000	Springleaf Finance Corp 6.90%, 12/15/2017	$		1,155,750
	220,000	Weyerhaeuser Co 7.13%, 07/15/2023			271,837

					20,212,010


Industrial — 7.74%
	475,000	ADS Waste Holdings Inc^(c)8.25%, 10/01/2020			511,812
	545,000	Aguila 3 SA^(c)7.88%, 01/31/2018			584,512
	110,000	Ainsworth Lumber Co Ltd^(c)7.50%, 12/15/2017			119,900
	346,000	Air Medical Group Holdings Inc 9.25%, 11/01/2018			383,195
	111,433	ARD Finance SA EUR, 11.13%, 06/01/2018			154,297
	200,000	Ardagh Packaging Finance PLC EUR, 7.38%, 10/15/2017			276,880
	305,000	Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc^(c)7.00%, 11/15/2020			313,387
	730,000	Atkore International Inc 9.88%, 01/01/2018			801,175
		B/E Aerospace Inc
	50,000	6.88%, 10/01/2020			55,313
	80,000	5.25%, 04/01/2022			82,500
		Berry Plastics Corp
	165,000	9.50%, 05/15/2018			184,181
	490,000	9.75%, 01/15/2021			572,687
	110,000	BOE Merger Corp^(b)(c)9.50%, 11/01/2017			118,388
		Bombardier Inc^(c)
	105,000	7.75%, 03/15/2020			120,750
	95,000	6.13%, 01/15/2023			98,563
	695,000	Briggs & Stratton Corp 6.88%, 12/15/2020			778,400
		Building Materials Corp of America^(c)
	285,000	6.88%, 08/15/2018			305,662
	125,000	7.00%, 02/15/2020			135,625
	135,000	7.50%, 03/15/2020			147,488
	75,000	6.75%, 05/01/2021			81,938
		Cemex Finance LLC^(c)
	400,000	9.50%, 12/14/2016			433,000
	200,000	9.38%, 10/12/2022			232,500
	200,000	Cemex SAB de CV^(b)(c)5.88%, 03/25/2019			202,000
	550,000	CHC Helicopter SA 9.25%, 10/15/2020			584,719
	35,000	Consolidated Container Co LLC/Consolidated Container Capital Inc^(c)10.13%, 07/15/2020			38,325
	115,000	Crown Americas LLC / Crown Americas Capital Corp IV^(c)4.50%, 01/15/2023			111,550


Principal Amount				Value

Industrial — (continued)
$	610,000	Dematic SA / DH Services Luxembourg Sarl^(c)7.75%, 12/15/2020	$		634,400
	355,000	GrafTech International Ltd^(c)6.38%, 11/15/2020			367,425
	60,000	Graphic Packaging International Inc 4.75%, 04/15/2021			60,750
	475,000	Jeld-Wen Escrow Corp^(c)12.25%, 10/15/2017			558,125
	535,000	JM Huber Corp^(c)9.88%, 11/01/2019			605,887
	295,000	Kratos Defense & Security Solutions Inc 10.00%, 06/01/2017			324,500
	610,000	Legrand France SA 8.50%, 02/15/2025			810,425
	395,000	Louisiana-Pacific Corp 7.50%, 06/01/2020			449,312
	135,000	Manitowoc Co Inc^(d)5.88%, 10/15/2022			141,750
	285,000	Masonite International Corp^(c)8.25%, 04/15/2021			316,350
	145,000	MasTec Inc 4.88%, 03/15/2023			143,550
	65,000	Milacron LLC / Mcron Finance Corp^(b)(c)7.75%, 02/15/2021			67,194
	6,000	Mueller Water Products Inc 8.75%, 09/01/2020			6,825
		Nortek Inc
	460,000	10.00%, 12/01/2018			515,200
	195,000	8.50%, 04/15/2021			216,450
	72,000	Owens Corning 9.00%, 06/15/2019			92,249
	380,000	Polypore International Inc^(d)7.50%, 11/15/2017			407,550
	400,000	Rexel SA ^(c) 6.13%, 12/15/2019			421,000
	350,000	Roofing Supply Group LLC / Roofing Supply Finance Inc^(c)10.00%, 06/01/2020			395,500
		Sealed Air Corp^(c)
	190,000	6.50%, 12/01/2020			208,050
	230,000	5.25%, 04/01/2023			230,863
	715,000	Swift Services Holdings Inc 10.00%, 11/15/2018			818,675
		Terex Corp
	90,000	6.50%, 04/01/2020			95,963
	400,000	6.00%, 05/15/2021			421,000
	435,000	Thermadyne Holdings Corp 9.00%, 12/15/2017			474,150
	405,000	TransDigm Inc 7.75%, 12/15/2018			444,487
	295,000	Triumph Group Inc^(c)4.88%, 04/01/2021			297,950
	280,000	USG Corp^(a)9.75%, 01/15/2018			331,800


Principal Amount				Value

Industrial — (continued)
$	145,000	Watco Cos LLC / Watco Finance Corp^(b)(c)6.38%, 04/01/2023	$		149,169
	270,000	Weekley Homes LLC / Weekley Finance Corp^(c)6.00%, 02/01/2023			278,100
	65,000	Western Express Inc^(c)12.50%, 04/15/2015			47,450

					17,760,846


Technology — 2.32%
	285,000	Epicor Software Corp 8.63%, 05/01/2019			308,512
	125,000	Fidelity National Information Services Inc 7.88%, 07/15/2020			140,938
		First Data Corp
	365,000	7.38%, 06/15/2019^(c)			388,269
	635,000	8.25%, 01/15/2021^(c)			660,400
	265,000	11.25%, 01/15/2021^(c)			275,600
	1,010,000	12.63%, 01/15/2021			1,094,587
		Freescale Semiconductor Inc
	53,000	10.13%, 03/15/2018^(c)			58,698
	450,000	9.25%, 04/15/2018^(c)			493,875
	565,000	10.75%, 08/01/2020			641,275
	140,000	IMS Health Inc^(c)6.00%, 11/01/2020			145,950
		Infor US Inc
	115,000	11.50%, 07/15/2018^(b)			135,125
	230,000	9.38%, 04/01/2019			260,762
	225,000	NXP BV / NXP Funding LLC^(c)5.75%, 03/15/2023			229,500
		SunGard Data Systems Inc
	185,000	6.63%, 11/01/2019^(c)			191,013
	270,000	7.63%, 11/15/2020			292,612

					5,317,116


Utilities — 2.90%
		AES Corp
	960,000	8.00%, 10/15/2017			1,129,200
	100,000	8.00%, 06/01/2020			118,500
	265,000	7.38%, 07/01/2021			307,400
		Calpine Corp^(c)
	236,000	7.25%, 10/15/2017			250,160
	376,000	7.88%, 07/31/2020			411,720
	245,000	7.50%, 02/15/2021			268,888
	290,000	DPL Inc 6.50%, 10/15/2016			305,950
		Energy Future Intermediate Holding Co LLC / EFIH Finance Inc
	469,000	10.00%, 12/01/2020^(b)(c)			530,110
	750,000	11.75%, 03/01/2022^(c)			862,500
	130,000	FirstEnergy Corp 4.25%, 03/15/2023			131,479
		GenOn Americas Generation LLC
	235,000	8.50%, 10/01/2021			275,538
	260,000	9.13%, 05/01/2031			290,550


Principal Amount				Value

Utilities — (continued)
		GenOn Energy Inc
$	25,000	9.50%, 10/15/2018	$		29,438
	240,000	9.88%, 10/15/2020			274,800
		NRG Energy Inc
	280,000	7.63%, 01/15/2018			318,500
	575,000	7.88%, 05/15/2021			639,687
	70,000	NV Energy Inc 6.25%, 11/15/2020			84,543
	13,000	PNM Resources Inc 9.25%, 05/15/2015			14,836
		Sabine Pass LNG LP
	170,000	7.50%, 11/30/2016			187,850
	120,000	6.50%, 11/01/2020^(c)			126,300
		Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc
	263,844	10.50%, 11/01/2016			25,065
	100,000	11.50%, 10/01/2020^(c)			74,750

					6,657,764


TOTAL BONDS AND NOTES — 80.46% (Cost $177,936,595)			$		184,674,321


CONVERTIBLE BONDS
Basic Materials — 0.03%
	55,000	Steel Dynamics Inc 5.13%, 06/15/2014			61,737


Consumer, Cyclical — 0.20%
	240,000	Exide Technologies^(a)0.00%, 09/18/2013			227,400
	231,000	Navistar International Corp 3.00%, 10/15/2014			235,764

					463,164

	160,000	XM Satellite Radio Inc^(c)7.00%, 12/01/2014			283,200


Financial — 0.10%
	195,000	iStar Financial Inc 3.00%, 11/15/2016			229,247


Industrial — 0.06%
	119,000	Altra Holdings Inc 2.75%, 03/01/2031			141,536


TOTAL CONVERTIBLE BONDS — 0.51% (Cost $1,030,750)			$		1,178,884


Shares				Value

COMMON STOCK
Basic Materials — 0.37%
	1,527	Domtar Corp	$		118,526
	3,225	Freeport-McMoRan Copper & Gold Inc			106,747
	8,645	Huntsman Corp			160,711
	3,424	LyondellBasell Industries NV Class A			216,705
	3,110	WR Grace & Co ^(k)			241,056

					843,745


Communications — 0.12%
	5,705	DISH Network Corp Class A			216,219
	15,050	NII Holdings Inc ^(d)(k)			65,167

					281,386


Consumer, Cyclical — 0.15%
	407	Buffalo Wild Wings Inc ^(k)			35,625
	5,557	General Motors Co ^(k)			154,596
	43	Harry & David Holdings Inc ^(k)			3,354
	270	Motors Liquidation Co GUC Trust ^(k)			7,290
	68,933	Rite Aid Corp ^(k)			130,972

					331,837


Energy — 0.46%
	6,800	Gulfport Energy Corp ^(k)			311,644
	34,965	Kodiak Oil & Gas Corp ^(k)			317,832
	2,630	Newfield Exploration Co ^(k)			58,964
	7,895	Quicksilver Resources Inc ^(d)(k)			17,764
	205,645	Vantage Drilling Co ^(k)			359,879

					1,066,083


Financial — 0.11%
	2,711	CIT Group Inc ^(k)			117,875
	2,885	Deepocean Group ^(b)(k)			43,271
	16,355	FelCor Lodging Trust Inc REIT ^(k)			97,312

					258,458


Industrial — 0.16%
	4,780	Altra Holdings Inc			130,111
	5,625	Manitowoc Co Inc			115,650
	3,535	Terex Corp ^(k)			121,675

					367,436


TOTAL COMMON STOCK — 1.37% (Cost $3,081,865)			$		3,148,945


CONVERTIBLE PREFERRED STOCK
Financial — 0.18%
	9,709	EPR Properties			223,016


Shares				Value

Financial — (continued)
$	3,570	MetLife Inc	$		176,358

					399,374


Industrial — 0.09%
	3,600	United Technologies Corp			215,460


Utilities — 0.07%
	3,030	PPL Corp			169,710


TOTAL CONVERTIBLE PREFERRED STOCK — 0.34% (Cost $697,787)			$		784,544


PREFERRED STOCK
Basic Materials — 0.09%
	10,366	ArcelorMittal			217,686

Consumer, Cyclical — 0.22%
	4,142	General Motors Co ^(d)			178,624
	12,793	M/I Homes Inc ^(k)			321,104

					499,728


Financial — 0.56%
	469	Ally Financial Inc ^(b)(c)			463,812
	13,425	Federal National Mortgage Association ^(k)			43,631
	16,517	GMAC Capital Trust I			449,262
	250	Wells Fargo & Co			322,188

					1,278,893


TOTAL PREFERRED STOCK — 0.87% (Cost $2,090,887)			$		1,996,307


WARRANTS
Communication — 0.02%
	696	Charter Communications Inc, expiring 11/30/2014 ^(k)			37,584


Consumer, Cyclical — 0.01%
	980	General Motors Co, expiring 7/10/2016 ^(k)			18,140
	980	General Motors Co, expiring 7/10/2019 ^(k)			11,554

					29,694


TOTAL WARRANTS — 0.03% (Cost $351,977)			$		67,278


Principal Amount				Value

SHORT TERM INVESTMENTS
Foreign Government Bonds and Notes — 4.79%
$	11,000,000	International Bank for Reconstruction & Development 0.01%, 04/01/2013	$		10,999,991


U.S. Government Agency Bonds and Notes — 6.88%
		Federal Home Loan Bank
	690,000	0.05%, 04/03/2013			689,995
	15,088,000	0.00%, 04/01/2013			15,088,000

					15,777,995


Reverse Repurchase Agreements — 2.78%
	1,516,436	Undivided interest of 1.74% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $1,516,436 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			1,516,436

	1,516,434	Undivided interest of 1.74% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $1,516,434 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			1,516,434


Principal Amount				Value

Short Term Investments – (continued)
$	319,228	Undivided interest of 1.82% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $319,228 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.	$		319,228

	1,516,436	Undivided interest of 1.82% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $1,516,436 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			1,516,436

	1,516,436	Undivided interest of 1.82% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $1,516,436 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			1,516,436

					6,384,970


TOTAL SHORT TERM INVESTMENTS — 14.45% (Cost $33,162,933)			$		33,162,956


TOTAL INVESTMENTS — 102.41% (Cost $228,330,386)			$		235,056,409

OTHER ASSETS & LIABILITIES, NET — (2.41)%			$		(5,526,780	)

TOTAL NET ASSETS — 100.00%			$		229,529,629

At March 28, 2013, the Fund held the following forward foreign currency contracts:

At March 28, 2013, the Fund held the following outstanding credit default swaps:

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

A credit default swap is an agreement between the Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a

referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. The Fund may enter into credit default swap contracts for investment purposes. As a credit protection seller in a credit default swap contract, the Fund would be required to pay the par, or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or non-U.S. corporate issuer, on the debt obligation. In return for its obligation, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would be subject to investment exposure on the notional amount of the swap.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $228,478,364. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $10,798,296 and gross depreciation of securities in which there was an excess of tax cost over value of $4,220,251 resulting in net appreciation of $6,578,045.

The Fund enters into credit default swap contracts to gain exposure on individual names and/or baskets of securities. The Fund operates as a seller of protection to take a synthetic long position in the underlying bond or bonds which provide credit protection to the buyer on the referenced obligations. Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund held an average notional value of $15,000,000 on credit default swaps for the reporting period.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. As of March 28, 2013 the Fund had securities on loan valued at $6,232,974 and received collateral of $6,384,970 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

	REAL ESTATE INVESTMENT TRUSTS
	Apartment REITs — 16.69%
	22,813	American Campus Communities Inc REIT	$		1,034,342
	31,785	Apartment Investment & Management Co REIT			974,528
	24,800	AvalonBay Communities Inc REIT			3,141,416
	16,771	BRE Properties Inc REIT			816,412
	18,415	Camden Property Trust REIT			1,264,742
	18,122	Colonial Properties Trust REIT			409,738
	24,643	Education Realty Trust Inc REIT			259,491
	69,823	Equity Residential REIT			3,844,454
	8,262	Essex Property Trust Inc REIT			1,244,092
	11,233	Home Properties Inc REIT			712,397
	9,232	Mid-America Apartment Communities Inc REIT			637,562
	11,893	Post Properties Inc REIT			560,160
	54,531	UDR Inc REIT			1,319,105

					16,218,439


	Diversified REITs — 8.83%
	19,757	Cousins Properties Inc REIT			211,202
	27,277	Digital Realty Trust Inc REIT			1,825,104
	70,113	Duke Realty Corp REIT			1,190,519
	14,416	DuPont Fabros Technology Inc REIT			349,876
	11,133	First Potomac Realty Trust REIT			165,103
	26,063	Liberty Property Trust REIT			1,036,004
	3,920	PS Business Parks Inc REIT			309,367
	36,922	Vornado Realty Trust REIT			3,088,156
	14,481	Washington Real Estate Investment Trust REIT			403,151

					8,578,482


	Exchange Traded Fund REIT — 0.14%
	1,975	Vanguard REIT ETF			139,297


	Health Care REITs — 15.98%
	98,822	HCP Inc REIT			4,927,265
	56,855	Health Care REIT Inc REIT			3,861,023
	19,366	Healthcare Realty Trust Inc REIT			549,801
	6,662	LTC Properties Inc REIT			271,343
	40,990	Senior Housing Properties Trust REIT			1,099,762
	2,765	Universal Health Realty Income Trust REIT			159,568
	63,634	Ventas Inc REIT			4,658,009

					15,526,771


	Hotels REITs — 5.99%
	13,520	Ashford Hospitality Trust Inc REIT			167,107
	42,595	DiamondRock Hospitality Co REIT			396,559
	24,077	FelCor Lodging Trust Inc REIT ^(a)			143,258
	37,684	Hersha Hospitality Trust REIT			220,075


Shares				Value

	Hotels REITs — (continued)
	30,000	Hospitality Properties Trust REIT	$		823,200
	158,397	Host Hotels & Resorts Inc REIT			2,770,364
	20,824	LaSalle Hotel Properties REIT			528,513
	13,387	Pebblebrook Hotel Trust REIT			345,251
	34,608	Sunstone Hotel Investors Inc REIT ^(a)			426,024

					5,820,351


	Manufactured Homes REITs — 1.02%
	8,489	Equity Lifestyle Properties Inc REIT			651,955
	6,965	Sun Communities Inc REIT			343,584

					995,539


	Office Property REITs — 12.63%
	13,894	Alexandria Real Estate Equities Inc REIT			986,196
	36,872	BioMed Realty Trust Inc REIT			796,435
	33,053	Boston Properties Inc REIT			3,340,336
	31,266	Brandywine Realty Trust REIT			464,300
	25,786	CommonWealth REIT REIT			578,638
	18,656	Corporate Office Properties Trust REIT			497,742
	28,632	Douglas Emmett Inc REIT			713,796
	15,728	Franklin Street Properties Corp REIT			229,943
	17,559	Highwoods Properties Inc REIT			694,810
	16,331	Kilroy Realty Corp REIT			855,744
	18,204	Mack-Cali Realty Corp REIT			520,817
	8,734	Parkway Properties Inc/Md REIT			162,016
	36,585	Piedmont Office Realty Trust Inc REIT			716,700
	19,894	SL Green Realty Corp REIT			1,713,072

					12,270,545


	Regional Malls REITs — 18.56%
	35,160	CBL & Associates Properties Inc REIT			829,776
	98,231	General Growth Properties Inc REIT			1,952,832
	31,207	Glimcher Realty Trust REIT			362,001
	29,940	Macerich Co REIT			1,927,537
	11,522	Pennsylvania Real Estate Investment Trust REIT			223,412
	4,974	Rouse Properties Inc REIT			90,030
	68,371	Simon Property Group Inc REIT			10,840,906
	20,502	Tanger Factory Outlet Centers REIT			741,762
	13,808	Taubman Centers Inc REIT			1,072,329

					18,040,585


	Shopping Centers REITs — 7.82%
	11,654	Acadia Realty Trust REIT			323,632
	11,916	Cedar Realty Trust Inc REIT			72,807
	53,572	DDR Corp REIT			933,224


Shares				Value

	Shopping Centers REITs — (continued)
	13,476	Equity One Inc REIT	$		323,020
	14,152	Federal Realty Investment Trust REIT			1,528,982
	17,057	Inland Real Estate Corp REIT			172,105
	88,906	Kimco Realty Corp REIT			1,991,494
	15,925	Kite Realty Group Trust REIT			107,334
	12,780	Ramco-Gershenson Properties Trust REIT			214,704
	19,703	Regency Centers Corp REIT			1,042,486
	2,776	Saul Centers Inc REIT			121,422
	24,367	Weingarten Realty Investors REIT			768,779

					7,599,989


	Storage REITs — 6.71%
	26,429	CubeSmart REIT			417,578
	22,449	Extra Space Storage Inc REIT			881,572
	31,442	Public Storage REIT			4,789,246


Shares				Value

	Storage REITs — (continued)
	6,639	Sovran Self Storage Inc REIT	$		428,149

					6,516,545


	Warehouse/Industry REITs — 5.38%
	61,098	DCT Industrial Trust Inc REIT			452,125
	6,523	EastGroup Properties Inc REIT			379,639
	21,179	First Industrial Realty Trust Inc REIT			362,796
	100,877	Prologis Inc REIT			4,033,062

					5,227,622


	TOTAL REAL ESTATE INVESTMENT TRUSTS — 99.75% (Cost $88,814,132)		$		96,934,165


	TOTAL INVESTMENTS — 99.75% (Cost $88,814,132)		$		96,934,165

	OTHER ASSETS & LIABILITIES, NET — 0.25%		$		241,335

	TOTAL NET ASSETS — 100.00%		$		97,175,500

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Short-term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which approximates fair value. Short-term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Managers of GWCM, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Real estate securities involve greater risks than other non-diversified investments, including, but not limited to: declining property values, varying economic conditions, changes in zoning laws, or losses from casualty.

The Fund may make certain investments in REITs which pay dividends to their shareholders based upon funds available from operations. It is common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the

excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, it may constitute a return of capital to shareholders for income tax purposes.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal and Colorado tax returns remain open for the fiscal year ended 2012.

At March 28, 2013, the U.S. Federal income tax cost basis was $88,817,822. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $8,371,057 and gross depreciation of securities in which there was an excess of tax cost over value of $254,714 resulting in net appreciation of $8,116,343.

The Fund uses futures contracts in order for the Fund to equitize cash and dividend receivables with the objective of minimizing tracking error versus the benchmark index. Index futures contracts which are most correlated to the benchmark index and exhibit sufficient liquidity are utilized. The use of futures contracts may involve risks such as the possibility of imperfect correlation between the value of the contracts and the underlying securities, or that the clearinghouse will fail to perform its obligations. The Fund held an average of 6 futures contracts for the reporting period.


Shares				Value

COMMON STOCK
Basic Materials — 3.13%
	21,657	Air Products & Chemicals Inc	$		1,886,758
	6,910	Airgas Inc			685,196
	103,836	Alcoa Inc			884,683
	10,475	Allegheny Technologies Inc			332,162
	6,371	CF Industries Holdings Inc			1,212,847
	13,951	Cliffs Natural Resources Inc ^(a)			265,209
	121,243	Dow Chemical Co			3,860,377
	15,260	Eastman Chemical Co			1,066,216
	26,788	Ecolab Inc			2,147,862
	92,889	EI du Pont de Nemours & Co			4,566,423
	13,377	FMC Corp			762,890
	95,955	Freeport-McMoRan Copper & Gold Inc			3,176,111
	8,507	International Flavors & Fragrances Inc			652,232
	43,156	International Paper Co			2,010,206
	38,331	LyondellBasell Industries NV Class A			2,425,969
	16,251	MeadWestvaco Corp			589,911
	53,807	Monsanto Co			5,683,633
	28,139	Mosaic Co			1,677,366
	50,257	Newmont Mining Corp			2,105,266
	30,839	Nucor Corp			1,423,220
	14,406	PPG Industries Inc			1,929,540
	30,195	Praxair Inc			3,367,950
	8,397	Sherwin-Williams Co			1,418,169
	12,129	Sigma-Aldrich Corp			942,181
	13,806	United States Steel Corp ^(a)			269,217

					45,341,594


Communications — 11.01%
	36,652	Amazon.com Inc ^(b)			9,767,391
	553,760	AT&T Inc ^(c)			20,317,454
	21,442	Cablevision Systems Corp Class A			320,772
	60,469	CBS Corp Class B			2,823,298
	62,922	CenturyLink Inc			2,210,450
	537,445	Cisco Systems Inc			11,237,975
	267,658	Comcast Corp Class A			11,244,313
	150,665	Corning Inc			2,008,364
	29,487	Crown Castle International Corp ^(b)			2,053,475
	57,593	DIRECTV ^(b)			3,260,340
	24,546	Discovery Communications Inc Class A ^(b)			1,932,752
	117,609	eBay Inc ^(b)			6,376,760
	9,101	Expedia Inc			546,151
	7,932	F5 Networks Inc ^(b)			706,583
	95,103	Frontier Communications Corp ^(a)			378,510
	22,793	Gannett Co Inc			498,483
	26,916	Google Inc Class A ^(b)(c)			21,372,112
	11,045	Harris Corp			511,825
	45,895	Interpublic Group of Cos Inc			598,012
	21,795	JDS Uniphase Corp ^(b)			291,399
	53,778	Juniper Networks Inc ^(b)			997,044
	27,815	McGraw-Hill Cos Inc			1,448,605
	29,539	MetroPCS Communications Inc ^(b)			321,975
	28,442	Motorola Solutions Inc			1,821,141
	5,406	Netflix Inc ^(b)			1,023,950


Shares				Value

Communications — (continued)
	203,396	News Corp Class A	$		6,207,646
	26,857	Omnicom Group Inc			1,581,877
	5,033	priceline.com Inc ^(b)			3,462,352
	8,438	Scripps Networks Interactive Inc Class A			542,901
	302,288	Sprint Nextel Corp ^(b)			1,877,209
	69,734	Symantec Corp ^(b)			1,721,035
	30,549	Time Warner Cable Inc			2,934,537
	95,257	Time Warner Inc			5,488,708
	10,823	TripAdvisor Inc ^(b)			568,424
	16,496	VeriSign Inc ^(b)			779,931
	288,113	Verizon Communications Inc ^(c)			14,160,754
	45,917	Viacom Inc Class B			2,827,110
	181,959	Walt Disney Co			10,335,271
	503	Washington Post Co Class B ^(a)			224,841
	59,546	Windstream Corp ^(a)			473,391
	97,782	Yahoo! Inc ^(b)			2,300,810

					159,555,931


Consumer, Cyclical — 9.02%
	8,387	Abercrombie & Fitch Co Class A			387,479
	4,669	AutoNation Inc ^(b)			204,269
	3,740	AutoZone Inc ^(b)			1,483,920
	23,056	Bed Bath & Beyond Inc ^(b)			1,485,267
	28,443	Best Buy Co Inc			630,012
	11,503	BorgWarner Inc ^(b)			889,642
	21,994	CarMax Inc ^(b)			917,150
	45,383	Carnival Corp			1,556,637
	3,145	Chipotle Mexican Grill Inc ^(b)			1,024,861
	10,585	Cintas Corp			467,116
	28,336	Coach Inc			1,416,517
	43,640	Costco Wholesale Corp			4,630,640
	125,398	CVS Caremark Corp			6,895,636
	12,814	Darden Restaurants Inc			662,228
	29,541	Delphi Automotive PLC			1,311,620
	30,483	Dollar General Corp ^(b)			1,541,830
	23,194	Dollar Tree Inc ^(b)			1,123,285
	27,294	DR Horton Inc			663,244
	9,924	Family Dollar Stores Inc			586,012
	27,443	Fastenal Co			1,409,198
	395,238	Ford Motor Co			5,197,380
	5,037	Fossil Inc ^(b)			486,574
	12,640	GameStop Corp Class A ^(a)			353,541
	30,337	Gap Inc			1,073,930
	16,195	Genuine Parts Co			1,263,210
	22,966	Goodyear Tire & Rubber Co ^(b)			289,601
	23,231	Harley-Davidson Inc			1,238,212
	6,493	Harman International Industries Inc			289,783
	11,450	Hasbro Inc ^(a)			503,113
	150,776	Home Depot Inc			10,521,149
	28,058	International Game Technology			462,957
	13,802	JC Penney Co Inc ^(a)			208,548
	67,054	Johnson Controls Inc			2,351,584
	21,953	Kohl’s Corp			1,012,692
	24,274	L Brands Inc			1,084,077
	15,995	Lennar Corp Class A ^(a)			663,473
	111,914	Lowe’s Cos Inc			4,243,779
	39,986	Macy’s Inc			1,673,014


Shares				Value

Consumer, Cyclical — (continued)
	24,858	Marriott International Inc Class A	$		1,049,753
	34,491	Mattel Inc			1,510,361
	100,857	McDonald’s Corp			10,054,434
	30,057	Newell Rubbermaid Inc			784,488
	74,418	NIKE Inc Class B			4,391,406
	15,516	Nordstrom Inc			856,949
	11,426	O’Reilly Automotive Inc ^(b)			1,171,736
	35,376	PACCAR Inc			1,788,611
	10,929	PetSmart Inc			678,691
	31,174	PulteGroup Inc ^(b)			630,962
	7,844	PVH Corp			837,818
	6,216	Ralph Lauren Corp			1,052,431
	22,900	Ross Stores Inc			1,388,198
	73,157	Southwest Airlines Co			986,156
	68,876	Staples Inc ^(a)			925,005
	74,869	Starbucks Corp			4,264,538
	19,949	Starwood Hotels & Resorts Worldwide Inc			1,271,350
	65,948	Target Corp			4,514,141
	12,295	Tiffany & Co ^(a)			854,994
	74,097	TJX Cos Inc			3,464,035
	10,621	Urban Outfitters Inc ^(b)			411,458
	8,633	VF Corp			1,448,186
	168,153	Wal-Mart Stores Inc			12,582,889
	86,003	Walgreen Co			4,100,623
	7,851	Whirlpool Corp			930,029
	6,024	WW Grainger Inc			1,355,279
	14,522	Wyndham Worldwide Corp			936,379
	8,138	Wynn Resorts Ltd			1,018,552
	45,467	Yum! Brands Inc			3,270,896

					130,733,528


Consumer, Non-cyclical — 21.66%
	158,568	Abbott Laboratories			5,600,622
	158,568	AbbVie Inc			6,466,403
	12,453	Actavis Inc ^(b)			1,147,046
	23,009	ADT Corp			1,126,060
	33,184	Aetna Inc			1,696,366
	19,053	Alexion Pharmaceuticals Inc ^(b)			1,755,543
	31,117	Allergan Inc			3,473,591
	203,213	Altria Group Inc			6,988,495
	23,287	AmerisourceBergen Corp			1,198,116
	75,465	Amgen Inc			7,735,917
	10,994	Apollo Group Inc Class A ^(b)			191,186
	65,140	Archer-Daniels-Midland Co			2,197,172
	48,305	Automatic Data Processing Inc			3,140,791
	9,748	Avery Dennison Corp			419,846
	43,196	Avon Products Inc			895,453
	54,664	Baxter International Inc			3,970,793
	16,006	Beam Inc			1,017,021
	19,561	Becton Dickinson & Co			1,870,227
	23,588	Biogen Idec Inc ^(b)			4,550,361
	140,705	Boston Scientific Corp ^(b)			1,098,906
	165,977	Bristol-Myers Squibb Co			6,836,593
	15,043	Brown-Forman Corp Class B			1,074,070
	17,740	Campbell Soup Co			804,686
	33,857	Cardinal Health Inc			1,409,128
	22,814	CareFusion Corp ^(b)			798,262
	42,600	Celgene Corp ^(b)			4,937,766


Shares				Value

Consumer, Non-cyclical — (continued)
	28,602	Cigna Corp	$		1,783,907
	12,793	Clorox Co			1,132,564
	387,433	Coca-Cola Co ^(c)			15,667,790
	27,326	Coca-Cola Enterprises Inc			1,008,876
	44,523	Colgate-Palmolive Co			5,255,050
	41,980	ConAgra Foods Inc			1,503,304
	14,051	Constellation Brands Inc Class A ^(b)			669,390
	13,894	Coventry Health Care Inc			653,435
	48,195	Covidien PLC			3,269,549
	7,940	CR Bard Inc			800,193
	8,659	DaVita HealthCare Partners Inc ^(b)			1,026,871
	19,465	Dean Foods Co ^(b)			352,900
	14,447	DENTSPLY International Inc			612,842
	20,583	Dr Pepper Snapple Group Inc			966,372
	11,520	Edwards Lifesciences Corp ^(b)			946,483
	100,656	Eli Lilly & Co			5,716,254
	11,947	Equifax Inc			688,028
	24,225	Estee Lauder Cos Inc Class A			1,551,127
	82,497	Express Scripts Holding Co ^(b)			4,755,952
	23,822	Forest Laboratories Inc ^(b)			906,189
	65,576	General Mills Inc			3,233,552
	153,443	Gilead Sciences Inc ^(b)			7,507,966
	29,158	H&R Block Inc			857,828
	14,947	Hershey Co			1,308,311
	32,745	HJ Heinz Co			2,366,481
	13,650	Hormel Foods Corp			564,018
	15,913	Hospira Inc ^(b)			522,424
	16,608	Humana Inc			1,147,779
	3,939	Intuitive Surgical Inc ^(b)			1,934,797
	16,738	Iron Mountain Inc			607,757
	11,062	JM Smucker Co			1,096,908
	281,747	Johnson & Johnson ^(c)			22,970,833
	24,495	Kellogg Co			1,578,213
	39,641	Kimberly-Clark Corp			3,884,025
	59,874	Kraft Foods Group Inc			3,085,307
	50,979	Kroger Co			1,689,444
	9,668	Laboratory Corp of America Holdings ^(b)			872,054
	17,412	Life Technologies Corp ^(b)			1,125,337
	38,259	Lorillard Inc			1,543,751
	10,723	Mastercard Inc Class A			5,802,537
	13,012	McCormick & Co Inc			957,033
	23,383	McKesson Corp			2,524,429
	20,083	Mead Johnson Nutrition Co Class A			1,555,428
	101,872	Medtronic Inc			4,783,909
	304,755	Merck & Co Inc ^(c)			13,479,314
	15,894	Molson Coors Brewing Co Class B			777,693
	177,252	Mondelez International Inc Class A			5,425,684
	15,217	Monster Beverage Corp ^(b)			726,460
	20,177	Moody’s Corp			1,075,838
	39,023	Mylan Inc ^(b)			1,129,326
	9,352	Patterson Cos Inc			355,750
	31,198	Paychex Inc			1,094,114
	155,689	PepsiCo Inc			12,316,557
	9,089	Perrigo Co			1,079,137
	724,852	Pfizer Inc ^(c)			20,919,229


Shares				Value

Consumer, Non-cyclical — (continued)
	166,124	Philip Morris International Inc ^(c)	$		15,401,356
	274,703	Procter & Gamble Co ^(c)			21,168,613
	21,620	Quanta Services Inc ^(b)			617,900
	15,424	Quest Diagnostics Inc			870,685
	32,550	Reynolds American Inc			1,448,149
	14,647	Robert Half International Inc			549,702
	25,752	Safeway Inc			678,565
	26,807	SAIC Inc ^(a)			363,235
	28,554	St Jude Medical Inc			1,154,724
	29,444	Stryker Corp			1,920,927
	60,007	Sysco Corp			2,110,446
	11,014	Tenet Healthcare Corp ^(b)			524,046
	16,131	Total System Services Inc			399,726
	27,954	Tyson Foods Inc Class A			693,818
	102,706	UnitedHealth Group Inc			5,875,810
	11,387	Varian Medical Systems Inc ^(b)			819,864
	30,196	WellPoint Inc			1,999,881
	60,824	Western Union Co			914,793
	17,332	Whole Foods Market Inc			1,503,551
	17,660	Zimmer Holdings Inc			1,328,385

					313,910,895


Diversified — 0.06%
	29,463	Leucadia National Corp			808,170


Energy — 10.66%
	50,570	Anadarko Petroleum Corp			4,422,346
	39,591	Apache Corp			3,054,842
	43,138	Baker Hughes Inc			2,002,035
	21,142	Cabot Oil & Gas Corp			1,429,411
	24,971	Cameron International Corp ^(b)			1,628,109
	53,141	Chesapeake Energy Corp ^(a)			1,084,608
	196,401	Chevron Corp ^(c)			23,336,367
	123,066	ConocoPhillips			7,396,267
	23,435	CONSOL Energy Inc			788,588
	37,289	Denbury Resources Inc ^(b)			695,440
	38,217	Devon Energy Corp			2,156,203
	6,519	Diamond Offshore Drilling Inc ^(a)			453,462
	23,200	Ensco PLC Class A			1,392,000
	27,296	EOG Resources Inc			3,495,799
	14,511	EQT Corp			983,120
	451,721	Exxon Mobil Corp ^(c)			40,704,579
	23,647	FMC Technologies Inc ^(b)			1,286,160
	93,416	Halliburton Co			3,774,941
	10,966	Helmerich & Payne Inc			665,636
	30,324	Hess Corp			2,171,502
	63,913	Kinder Morgan Inc			2,472,155
	71,320	Marathon Oil Corp			2,404,910
	33,419	Marathon Petroleum Corp			2,994,342
	18,840	Murphy Oil Corp			1,200,673
	28,401	Nabors Industries Ltd			460,664
	43,156	National Oilwell Varco Inc			3,053,287
	12,650	Newfield Exploration Co ^(b)			283,613
	25,810	Noble Corp			984,652
	17,732	Noble Energy Inc			2,050,883
	80,952	Occidental Petroleum Corp			6,344,208
	20,245	ONEOK Inc			965,079
	27,394	Peabody Energy Corp			579,383


Shares				Value

Energy — (continued)
	62,104	Phillips 66	$		4,345,417
	13,341	Pioneer Natural Resources Co			1,657,619
	18,101	QEP Resources Inc			576,336
	15,641	Range Resources Corp			1,267,547
	11,819	Rowan Cos PLC Class A ^(b)			417,920
	133,883	Schlumberger Ltd			10,026,498
	34,521	Southwestern Energy Co ^(b)			1,286,252
	65,104	Spectra Energy Corp			2,001,948
	13,866	Tesoro Corp			811,854
	56,237	Valero Energy Corp			2,558,221
	67,394	Williams Cos Inc			2,524,579
	18,585	WPX Energy Inc ^(b)			297,732

					154,487,187


Financial — 15.89%
	34,400	Ace Ltd			3,060,568
	46,705	Aflac Inc			2,429,594
	48,925	Allstate Corp			2,400,750
	97,944	American Express Co			6,607,302
	149,020	American International Group Inc ^(b)			5,784,956
	39,272	American Tower Corp REIT			3,020,802
	21,472	Ameriprise Financial Inc			1,581,413
	31,909	Aon PLC			1,962,404
	13,760	Apartment Investment & Management Co REIT Class A			421,882
	7,083	Assurant Inc			318,806
	11,254	AvalonBay Communities Inc REIT			1,425,544
	1,090,617	Bank of America Corp ^(c)			13,283,715
	117,792	Bank of New York Mellon Corp			3,296,998
	69,643	BB&T Corp			2,186,094
	183,523	Berkshire Hathaway Inc Class B ^(b)(c)			19,123,097
	12,640	BlackRock Inc Class A			3,246,963
	14,864	Boston Properties Inc REIT			1,502,156
	58,795	Capital One Financial Corp			3,230,785
	29,588	CBRE Group Inc Class A ^(b)			747,097
	111,451	Charles Schwab Corp			1,971,568
	26,871	Chubb Corp			2,352,019
	14,335	Cincinnati Financial Corp			676,469
	306,193	Citigroup Inc ^(c)			13,545,978
	31,077	CME Group Inc			1,907,817
	18,804	Comerica Inc			676,004
	51,254	Discover Financial Services			2,298,229
	25,377	E*TRADE Financial Corp ^(b)			271,788
	32,152	Equity Residential REIT			1,770,289
	89,607	Fifth Third Bancorp			1,461,490
	24,424	First Horizon National Corp			260,848
	14,122	Franklin Resources Inc			2,129,739
	47,095	Genworth Financial Inc Class A ^(b)			470,950
	44,430	Goldman Sachs Group Inc			6,537,874
	42,125	Hartford Financial Services Group Inc			1,086,825
	45,158	HCP Inc REIT			2,251,578
	25,717	Health Care REIT Inc REIT			1,746,441
	70,030	Host Hotels & Resorts Inc REIT			1,224,825
	48,589	Hudson City Bancorp Inc			419,809
	87,888	Huntington Bancshares Inc			649,492
	7,078	IntercontinentalExchange Inc ^(b)			1,154,209


Shares				Value

Financial — (continued)
	45,490	Invesco Ltd	$		1,317,390
	385,788	JPMorgan Chase & Co ^(c)			18,309,499
	92,407	KeyCorp			920,374
	39,529	Kimco Realty Corp REIT			885,450
	12,404	Legg Mason Inc			398,789
	27,464	Lincoln National Corp			895,601
	31,553	Loews Corp			1,390,541
	12,485	M&T Bank Corp			1,287,953
	54,371	Marsh & McLennan Cos Inc			2,064,467
	109,354	MetLife Inc			4,157,639
	140,681	Morgan Stanley			3,092,168
	13,636	NASDAQ OMX Group Inc			440,443
	21,654	Northern Trust Corp			1,181,442
	25,603	NYSE Euronext			989,300
	34,238	People’s United Financial Inc			460,159
	15,524	Plum Creek Timber Co Inc REIT			810,353
	53,577	PNC Financial Services Group Inc			3,562,871
	29,561	Principal Financial Group Inc			1,005,961
	56,998	Progressive Corp			1,440,339
	45,676	Prologis Inc REIT			1,826,126
	46,907	Prudential Financial Inc			2,767,044
	14,571	Public Storage REIT			2,219,455
	141,628	Regions Financial Corp			1,159,933
	31,614	Simon Property Group Inc REIT			5,012,716
	49,182	SLM Corp			1,007,247
	46,883	State Street Corp			2,770,316
	55,009	SunTrust Banks Inc			1,584,809
	25,410	T Rowe Price Group Inc			1,902,447
	9,308	Torchmark Corp			556,618
	38,421	Travelers Cos Inc			3,234,664
	28,306	Unum Group			799,645
	189,426	US Bancorp			6,427,224
	29,564	Ventas Inc REIT			2,164,085
	52,262	Visa Inc Class A			8,876,178
	17,198	Vornado Realty Trust REIT			1,438,441
	494,116	Wells Fargo & Co ^(c)			18,277,351
	54,548	Weyerhaeuser Co REIT			1,711,716
	30,714	XL Group PLC			930,634
	19,085	Zions Bancorporation			476,934

					230,249,489


Industrial — 10.00%
	63,564	3M Co			6,757,489
	35,813	Agilent Technologies Inc			1,503,072
	16,427	Amphenol Corp Class A			1,226,275
	15,425	Ball Corp			733,921
	10,075	Bemis Co Inc			406,627
	68,593	Boeing Co			5,888,709
	65,282	Caterpillar Inc			5,677,575
	15,994	CH Robinson Worldwide Inc			951,003
	104,976	CSX Corp			2,585,559
	18,000	Cummins Inc			2,084,580
	59,070	Danaher Corp			3,671,200
	39,611	Deere & Co			3,405,754
	18,059	Dover Corp			1,316,140
	47,476	Eaton Corp PLC			2,907,905
	72,597	Emerson Electric Co			4,055,994
	20,711	Expeditors International of Washington Inc			739,590


Shares				Value

Industrial — (continued)
	29,668	FedEx Corp	$		2,913,398
	14,608	FLIR Systems Inc			379,954
	5,261	Flowserve Corp			882,322
	16,560	Fluor Corp			1,098,425
	11,022	Garmin Ltd ^(a)			364,167
	33,694	General Dynamics Corp			2,375,764
	1,048,256	General Electric Co ^(c)			24,235,679
	78,617	Honeywell International Inc			5,923,791
	41,879	Illinois Tool Works Inc			2,552,106
	27,800	Ingersoll-Rand PLC Class A			1,529,278
	19,079	Jabil Circuit Inc			352,580
	13,129	Jacobs Engineering Group Inc ^(b)			738,375
	10,278	Joy Global Inc			611,746
	9,708	L-3 Communications Holdings Inc			785,571
	14,090	Leggett & Platt Inc			475,960
	26,623	Lockheed Martin Corp			2,569,652
	34,691	Masco Corp			702,493
	13,468	Molex Inc ^(a)			394,343
	32,512	Norfolk Southern Corp			2,506,025
	24,827	Northrop Grumman Corp			1,741,614
	16,300	Owens-Illinois Inc ^(b)			434,395
	11,075	Pall Corp			757,198
	14,900	Parker Hannifin Corp			1,364,542
	20,335	Pentair Ltd			1,072,671
	11,295	PerkinElmer Inc			379,964
	14,485	Precision Castparts Corp			2,746,646
	33,549	Raytheon Co			1,972,346
	30,728	Republic Services Inc			1,014,024
	13,979	Rockwell Automation Inc			1,207,087
	14,555	Rockwell Collins Inc			918,712
	10,141	Roper Industries Inc			1,291,051
	5,116	Ryder System Inc			305,681
	18,916	Sealed Air Corp			456,065
	5,585	Snap-on Inc			461,879
	16,165	Stanley Black & Decker Inc			1,308,880
	8,267	Stericycle Inc ^(b)			877,790
	42,700	TE Connectivity Ltd			1,790,411
	27,102	Textron Inc			807,911
	36,091	Thermo Fisher Scientific Inc			2,760,601
	46,000	Tyco International Ltd			1,472,000
	47,687	Union Pacific Corp			6,791,106
	71,822	United Parcel Service Inc Class B			6,169,510
	84,601	United Technologies Corp			7,904,271
	12,727	Vulcan Materials Co			657,986
	43,266	Waste Management Inc			1,696,460
	8,776	Waters Corp ^(b)			824,154
	17,490	Xylem Inc			482,024

					144,970,001


Technology — 12.50%
	64,936	Accenture PLC Class A			4,933,188
	49,206	Adobe Systems Inc ^(b)			2,140,953
	58,227	Advanced Micro Devices Inc ^(b)			148,479
	16,930	Akamai Technologies Inc ^(b)			597,460
	31,253	Altera Corp			1,108,544
	30,275	Analog Devices Inc			1,407,485
	94,659	Apple Inc ^(c)			41,898,913
	125,549	Applied Materials Inc			1,692,400
	22,731	Autodesk Inc ^(b)			937,426


Shares				Value

Technology — (continued)
	13,269	BMC Software Inc ^(b)	$		614,753
	51,927	Broadcom Corp Class A			1,800,309
	33,713	CA Inc			848,556
	14,426	Cerner Corp ^(b)			1,366,863
	18,321	Citrix Systems Inc ^(b)			1,322,043
	30,324	Cognizant Technology Solutions Corp Class A ^(b)			2,323,122
	16,395	Computer Sciences Corp			807,126
	144,733	Dell Inc			2,074,024
	4,480	Dun & Bradstreet Corp ^(a)			374,752
	31,043	Electronic Arts Inc ^(b)			549,461
	209,694	EMC Corp ^(b)			5,009,590
	29,504	Fidelity National Information Services Inc			1,168,948
	5,524	First Solar Inc ^(a)(b)			148,927
	13,423	Fiserv Inc ^(b)			1,178,942
	196,532	Hewlett-Packard Co			4,685,323
	500,461	Intel Corp			10,935,073
	105,619	International Business Machines Corp ^(c)			22,528,533
	28,042	Intuit Inc			1,840,957
	17,503	KLA-Tencor Corp			923,108
	17,062	Lam Research Corp ^(b)			707,391
	22,325	Linear Technology Corp			856,610
	60,041	LSI Corp ^(b)			407,078
	19,483	Microchip Technology Inc ^(a)			716,195
	102,913	Micron Technology Inc ^(b)			1,027,072
	760,177	Microsoft Corp ^(c)			21,748,664
	35,853	NetApp Inc ^(b)			1,224,738
	61,578	NVIDIA Corp			789,430
	372,306	Oracle Corp			12,040,376
	19,596	Pitney Bowes Inc ^(a)			291,197
	173,169	QUALCOMM Inc			11,593,664
	18,846	Red Hat Inc ^(b)			952,854
	13,576	Salesforce.com Inc ^(b)			2,427,796
	24,835	SanDisk Corp ^(b)			1,365,925
	34,059	Seagate Technology PLC			1,245,197
	16,986	Teradata Corp ^(b)			993,851
	17,280	Teradyne Inc ^(b)			280,282
	111,390	Texas Instruments Inc			3,952,117
	22,850	Western Digital Corp			1,148,898
	123,481	Xerox Corp			1,061,937
	25,640	Xilinx Inc			978,679

					181,175,209


Utilities — 3.32%
	60,986	AES Corp			766,594
	11,023	AGL Resources Inc			462,415
	24,416	Ameren Corp			855,048
	47,652	American Electric Power Co Inc			2,317,317
	42,800	CenterPoint Energy Inc			1,025,488
	26,152	CMS Energy Corp			730,687
	29,300	Consolidated Edison Inc			1,788,179
	57,800	Dominion Resources Inc			3,362,804
	16,985	DTE Energy Co			1,160,755
	70,998	Duke Energy Corp			5,153,745
	32,655	Edison International			1,643,200
	18,110	Entergy Corp			1,145,276
	86,156	Exelon Corp			2,970,659


Shares				Value

Utilities — (continued)
	41,798	FirstEnergy Corp	$		1,763,876
	8,052	Integrys Energy Group Inc			468,304
	42,211	NextEra Energy Inc			3,278,950
	30,732	NiSource Inc			901,677
	31,791	Northeast Utilities			1,381,637
	32,229	NRG Energy Inc			853,746
	23,398	Pepco Holdings Inc			500,717
	44,194	PG&E Corp			1,967,959
	11,396	Pinnacle West Capital Corp			659,714
	57,546	PPL Corp			1,801,765
	51,843	Public Service Enterprise Group Inc			1,780,289
	13,209	SCANA Corp			675,772
	22,836	Sempra Energy			1,825,510
	87,700	Southern Co			4,114,884
	19,995	TECO Energy Inc			356,311
	23,153	Wisconsin Energy Corp			993,032
	50,074	Xcel Energy Inc			1,487,198

					48,193,508


TOTAL COMMON STOCK — 97.25% (Cost $1,077,408,130)			$		1,409,425,512


Principal Amount

SHORT TERM INVESTMENTS
Foreign Government Bonds and Notes — 1.30%
$	18,815,000	International Bank for Reconstruction & Development 0.01%, 04/01/2013
					18,814,985


U.S. Government Agency Bonds and Notes — 1.30%
	18,859,000	Federal Home Loan Bank 0.00%, 04/01/2013
					18,859,000


U.S. Treasury Bonds and Notes — 0.14%
	2,000,000	U.S. Treasury Bills^(d) 0.09%, 06/13/2013
					1,999,636


Reverse Repurchase Agreements — 0.67%
	2,297,551	Undivided interest of 2.64% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $2,297,551 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			2,297,551


Principal Amount				Value

Short Term Investments— (continued)
$	2,297,551	Undivided interest of 2.64% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $2,297,551 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.	$		2,297,551

	483,664	Undivided interest of 2.76% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $483,664 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			483,664

	2,297,551	Undivided interest of 2.76% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $2,297,551 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			2,297,551


Principal Amount				Value

Short Term Investments— (continued)
$	2,297,551	Undivided interest of 2.76% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $2,297,551 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		2,297,551


					9,673,868


TOTAL SHORT TERM INVESTMENTS — 3.41% (Cost $49,347,489)			$		49,347,489


TOTAL INVESTMENTS — 100.66% (Cost $1,126,755,619)			$		1,458,773,001

OTHER ASSETS & LIABILITIES, NET — (0.66)%			$		(9,548,199	)


TOTAL NET ASSETS — 100.00%			$		1,449,224,802

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $1,133,025,981. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $416,124,407 and gross depreciation of securities in which there was an excess of tax cost over value of $90,377,387 resulting in net appreciation of $325,747,020.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $9,319,342 and received collateral of $9,673,868 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares			Value

COMMON STOCK
Basic Materials — 4.23%
	20,848	Albemarle Corp	$	1,303,417
	17,122	Ashland Inc		1,272,165
	14,029	Cabot Corp		479,792
	9,943	Carpenter Technology Corp		490,090
	27,401	Commercial Metals Co		434,306
	7,472	Compass Minerals International Inc		589,541
	10,675	Cytec Industries Inc		790,804
	7,918	Domtar Corp		614,595
	12,908	Intrepid Potash Inc		242,154
	8,048	Minerals Technologies Inc		334,072
	2,517	NewMarket Corp^(a)		655,326
	18,879	Olin Corp		476,128
	17,657	Reliance Steel & Aluminum Co		1,256,649
	15,208	Royal Gold Inc		1,080,224
	30,944	RPM International Inc		977,212
	11,200	Sensient Technologies Corp		437,808
	51,331	Steel Dynamics Inc		814,623
	19,727	Valspar Corp		1,228,006

				13,476,912


Communications — 4.46%
	14,294	ADTRAN Inc^(a)		280,877
	13,430	AMC Networks Inc Class A^(b)		848,507
	17,954	AOL Inc		691,050
	22,591	Ciena Corp^(b)		361,682
	11,341	Equinix Inc^(b)(c)		2,453,172
	9,525	FactSet Research Systems Inc^(a)		882,015
	11,216	General Cable Corp^(b)		410,842
	9,218	InterDigital Inc^(a)		440,897
	10,565	John Wiley & Sons Inc Class A		411,612
	12,961	Lamar Advertising Co Class A^(b)		630,034
	8,610	Meredith Corp		329,419
	15,535	NeuStar Inc Class A^(b)		722,844
	27,948	New York Times Co Class A^(b)		273,890
	10,060	Plantronics Inc		444,551
	41,386	Polycom Inc^(b)		458,557
	25,584	Rackspace Hosting Inc^(b)		1,291,480
	61,531	RF Micro Devices Inc^(b)		327,345
	6,418	Scholastic Corp		171,040
	23,759	Telephone & Data Systems Inc		500,602
	84,837	Tellabs Inc		177,309
	36,367	TIBCO Software Inc^(b)		735,341
	35,410	tw telecom inc^(b)		891,978
	16,655	ValueClick Inc^(b)		492,155

				14,227,199


Consumer, Cyclical — 12.03%
	17,137	Advance Auto Parts Inc		1,416,373
	17,958	Aeropostale Inc^(b)		244,229
	16,454	Alaska Air Group Inc^(b)		1,052,398
	42,165	American Eagle Outfitters Inc		788,485
	11,005	ANN Inc^(b)		319,365
	24,781	Arrow Electronics Inc^(b)		1,006,604
	29,602	Ascena Retail Group Inc^(b)		549,117
	9,226	Bally Technologies Inc^(b)		479,475
	9,355	Barnes & Noble Inc^(a)(b)		153,890


Shares			Value

Consumer, Cyclical — (continued)
	12,896	Big Lots Inc^(b)	$	454,842
	6,761	Bob Evans Farms Inc		288,154
	17,176	Brinker International Inc		646,676
	10,381	Cabela’s Inc Class A^(b)		630,957
	11,899	Carter’s Inc^(b)		681,456
	11,766	Cheesecake Factory Inc		454,285
	39,006	Chico’s FAS Inc		655,301
	23,967	Cinemark Holdings Inc		705,588
	24,821	Copart Inc^(b)		850,864
	8,014	Deckers Outdoor Corp^(a)(b)		446,300
	22,930	Dick’s Sporting Goods Inc		1,084,589
	15,837	DreamWorks Animation SKG Inc Class A^(a)(b)		300,269
	35,217	Foot Locker Inc		1,205,830
	14,462	Guess? Inc		359,091
	22,894	Hanesbrands Inc^(b)		1,043,051
	13,308	Herman Miller Inc		368,232
	10,795	HNI Corp		383,115
	8,545	HSN Inc		468,779
	35,193	Ingram Micro Inc Class A^(b)		692,598
	5,452	International Speedway Corp Class A		178,171
	49,401	JetBlue Airways Corp^(a)(b)		340,867
	18,489	KB Home^(a)		402,505
	9,456	Life Time Fitness Inc^(b)		404,528
	69,410	LKQ Corp^(b)		1,510,362
	9,193	MDC Holdings Inc		336,923
	13,547	Mohawk Industries Inc^(b)		1,532,437
	10,862	MSC Industrial Direct Co Inc Class A		931,742
	1,074	NVR Inc^(b)		1,160,038
	65,120	Office Depot Inc^(b)		255,922
	20,691	Oshkosh Corp^(b)		879,161
	14,261	Owens & Minor Inc^(a)		464,338
	6,606	Panera Bread Co Class A^(b)		1,091,575
	14,991	Polaris Industries Inc		1,386,518
	13,199	Regis Corp^(a)		240,090
	24,052	Saks Inc^(a)(b)		275,876
	12,176	Scientific Games Corp Class A^(b)		106,540
	18,929	Signet Jewelers Ltd		1,268,243
	13,458	Tempur-Pedic International Inc^(a)(b)		667,921
	10,368	Thor Industries Inc		381,439
	34,981	Toll Brothers Inc^(b)		1,197,749
	16,440	Tractor Supply Co^(c)		1,711,897
	18,118	Under Armour Inc Class A^(b)		927,642
	6,703	Watsco Inc		564,259
	66,466	Wendy’s Co^(a)		376,862
	20,184	Williams-Sonoma Inc		1,039,880
	13,061	WMS Industries Inc^(b)		329,268
	16,900	World Fuel Services Corp		671,268

				38,363,934


Consumer, Non-cyclical — 17.75%
	16,552	Aaron’s Inc		474,711
	11,634	Alliance Data Systems Corp^(a)(b)(c)		1,883,428
	4,528	Bio-Rad Laboratories Inc Class A^(b)		570,528
	11,454	Brink’s Co		323,690


Shares			Value

Consumer, Non-cyclical — (continued)
	11,427	Charles River Laboratories International Inc^(b)	$	505,873
	32,600	Church & Dwight Co Inc^(c)		2,106,938
	21,336	Community Health Systems Inc		1,011,113
	24,576	Convergys Corp		418,529
	11,191	Cooper Cos Inc		1,207,285
	22,861	CoreLogic Inc^(b)		591,185
	7,905	Corporate Executive Board Co		459,755
	12,807	Covance Inc^(b)		951,816
	11,455	Deluxe Corp		474,237
	12,863	DeVry Inc		408,400
	26,709	Endo Health Solutions Inc^(b)		821,569
	26,856	Flowers Foods Inc		884,637
	9,455	FTI Consulting Inc^(b)		356,075
	21,891	Gartner Inc Class A^(b)		1,191,089
	18,456	Global Payments Inc		916,525
	28,775	Green Mountain Coffee Roasters Inc^(a)(b)(c)		1,633,269
	11,101	Harris Teeter Supermarkets Inc		474,124
	60,090	Health Management Associates Inc Class A^(b)		773,358
	19,117	Health Net Inc^(b)		547,129
	20,535	Henry Schein Inc^(b)(c)		1,900,514
	13,672	Hill-Rom Holdings Inc		481,528
	28,596	Hillshire Brands Co		1,005,149
	20,385	HMS Holdings Corp^(b)		553,453
	62,309	Hologic Inc^(b)		1,408,183
	12,777	IDEXX Laboratories Inc^(b)		1,180,467
	17,889	Ingredion Inc		1,293,733
	25,752	Jarden Corp^(b)		1,103,473
	4,379	Lancaster Colony Corp		337,183
	19,959	Lender Processing Services Inc		508,156
	11,603	LifePoint Hospitals Inc^(b)		562,281
	18,347	Manpower Inc		1,040,642
	12,571	Masimo Corp		246,643
	6,132	Matthews International Corp Class A		213,946
	11,651	MEDNAX Inc^(b)		1,044,279
	24,281	Monster Worldwide Inc^(a)(b)		123,105
	24,478	Omnicare Inc		996,744
	7,209	Post Holdings Inc^(b)		309,482
	17,747	Regeneron Pharmaceuticals Inc^(b)(c)		3,130,571
	13,224	Rent-A-Center Inc		488,495
	33,409	ResMed Inc^(a)		1,548,841
	14,812	Rollins Inc		363,635
	42,458	RR Donnelley & Sons Co^(a)		511,619
	9,099	Scotts Miracle-Gro Co Class A^(a)		393,441
	31,552	SEI Investments Co		910,275
	49,804	Service Corp International		833,221
	29,257	Smithfield Foods Inc^(b)		774,725
	15,292	Sotheby’s		572,074
	13,742	STERIS Corp		571,805
	2,684	Strayer Education Inc^(a)		129,852
	49,387	SUPERVALU Inc^(a)		248,911
	8,124	Techne Corp		551,213
	9,585	Teleflex Inc		810,028
	13,821	Thoratec Corp^(b)		518,288
	4,271	Tootsie Roll Industries Inc^(a)		127,746
	13,370	Towers Watson & Co Class A		926,808


Shares			Value

Consumer, Non-cyclical — (continued)
	12,929	Tupperware Brands Corp	$	1,056,816
	11,561	United Natural Foods Inc^(b)		568,801
	21,640	United Rentals Inc^(b)		1,189,551
	11,071	United Therapeutics Corp^(b)		673,892
	5,167	Universal Corp^(a)		289,559
	20,669	Universal Health Services Inc Class B		1,320,129
	8,699	Valassis Communications Inc^(a)		259,839
	19,762	VCA Antech Inc^(b)		464,209
	50,572	Vertex Pharmaceuticals Inc^(b)(c)		2,780,449
	9,757	WellCare Health Plans Inc^(b)		565,516
	9,069	WEX Inc^(b)		711,917

				56,586,450


Energy — 5.47%
	49,624	Alpha Natural Resources Inc^(b)		407,413
	48,466	Arch Coal Inc^(a)		263,170
	13,347	Atwood Oceanics Inc^(b)		701,251
	11,706	Bill Barrett Corp^(a)(b)		237,281
	4,425	CARBO Ceramics Inc^(a)		402,985
	20,214	Cimarex Energy Co		1,524,944
	17,692	Dresser-Rand Group Inc^(b)		1,090,889
	8,527	Dril-Quip Inc^(b)		743,299
	16,894	Energen Corp		878,657
	26,501	Forest Oil Corp^(b)		139,395
	22,018	Helix Energy Solutions Group Inc^(b)		503,772
	47,238	HollyFrontier Corp^(c)		2,430,395
	13,105	Northern Oil & Gas Inc^(a)(b)		188,450
	25,192	Oceaneering International Inc^(c)		1,673,001
	12,838	Oil States International Inc^(b)		1,047,196
	34,961	Patterson-UTI Energy Inc		833,470
	30,130	Plains Exploration & Production Co^(b)		1,430,271
	23,113	Quicksilver Resources Inc^(a)(b)		52,004
	11,795	Rosetta Resources Inc^(b)		561,206
	15,461	SM Energy Co		915,600
	36,881	Superior Energy Services Inc^(b)		957,800
	9,774	Unit Corp^(b)		445,206

				17,427,655


Financial — 22.25%
	12,090	Affiliated Managers Group Inc^(b)(c)		1,856,661
	9,746	Alexander & Baldwin Inc^(b)		348,420
	14,889	Alexandria Real Estate Equities Inc REIT		1,056,821
	3,956	Alleghany Corp^(b)		1,566,260
	24,456	American Campus Communities Inc REIT		1,108,835
	17,746	American Financial Group Inc		840,805
	47,814	Apollo Investment Corp		399,725
	29,073	Arthur J Gallagher & Co		1,201,006
	16,650	Aspen Insurance Holdings Ltd		642,357
	40,316	Associated Banc-Corp		612,400
	19,933	Astoria Financial Corp		196,539
	18,317	BancorpSouth Inc^(a)		298,567
	10,568	Bank of Hawaii Corp^(a)		536,960
	42,846	BioMed Realty Trust Inc REIT		925,474


Shares			Value

Financial — (continued)
	17,981	BRE Properties Inc REIT	$	875,315
	27,603	Brown & Brown Inc		884,400
	19,646	Camden Property Trust REIT		1,349,287
	17,511	Cathay General Bancorp		352,321
	20,443	CBOE Holdings Inc		755,164
	11,100	City National Corp		653,901
	18,256	Commerce Bancshares Inc		745,393
	19,004	Corporate Office Properties Trust REIT^(a)		507,027
	23,413	Corrections Corp of America REIT		914,746
	14,382	Cullen/Frost Bankers Inc		899,306
	74,603	Duke Realty Corp REIT		1,266,759
	32,846	East West Bancorp Inc		843,157
	26,933	Eaton Vance Corp		1,126,607
	13,954	Equity One Inc REIT		334,477
	8,789	Essex Property Trust Inc REIT		1,323,448
	12,100	Everest Re Group Ltd		1,571,306
	23,962	Extra Space Storage Inc REIT		940,988
	15,087	Federal Realty Investment Trust REIT^(c)		1,629,999
	22,003	Federated Investors Inc Class B^(a)		520,811
	49,490	Fidelity National Financial Inc Class A		1,248,633
	25,015	First American Financial Corp		639,634
	82,639	First Niagara Financial Group Inc		732,182
	25,861	FirstMerit Corp^(a)		427,482
	46,800	Fulton Financial Corp		547,560
	6,221	Greenhill & Co Inc		332,077
	19,885	Hancock Holding Co		614,844
	10,031	Hanover Insurance Group Inc		498,340
	23,694	HCC Insurance Holdings Inc		995,859
	18,402	Highwoods Properties Inc REIT		728,167
	12,003	Home Properties Inc REIT		761,230
	32,003	Hospitality Properties Trust REIT		878,162
	12,483	International Bancshares Corp		259,646
	42,150	Janus Capital Group Inc^(a)		396,210
	10,299	Jones Lang LaSalle Inc		1,023,824
	12,799	Kemper Corp		417,375
	17,446	Kilroy Realty Corp REIT		914,170
	27,642	Liberty Property Trust REIT		1,098,770
	31,878	Macerich Co REIT^(c)		2,052,306
	18,770	Mack-Cali Realty Corp REIT		537,010
	8,569	Mercury General Corp		325,022
	26,963	National Retail Properties Inc REIT^(a)		975,252
	102,557	New York Community Bancorp Inc^(a)		1,471,693
	56,551	Old Republic International Corp		718,763
	26,244	Omega Healthcare Investors Inc REIT		796,768
	9,091	Potlatch Corp REIT		416,913
	10,393	Primerica Inc		340,683
	9,910	Prosperity Bancshares Inc		469,635
	17,779	Protective Life Corp		636,488
	26,075	Raymond James Financial Inc		1,202,058
	28,762	Rayonier Inc REIT^(c)		1,716,229
	45,142	Realty Income Corp REIT^(a)(c)		2,047,190
	21,128	Regency Centers Corp REIT		1,117,882
	17,270	Reinsurance Group of America Inc		1,030,501


Shares			Value

Financial — (continued)
	43,606	Senior Housing Properties Trust REIT	$	1,169,949
	10,809	Signature Bank^(b)		851,317
	21,091	SL Green Realty Corp REIT^(c)		1,816,146
	9,968	StanCorp Financial Group Inc		426,232
	10,430	SVB Financial Group^(b)		739,904
	185,092	Synovus Financial Corp		512,705
	14,421	Taubman Centers Inc REIT		1,119,935
	36,900	TCF Financial Corp		552,024
	15,992	Trustmark Corp		399,960
	58,417	UDR Inc REIT		1,413,107
	44,458	Valley National Bancorp^(a)		455,250
	20,007	Waddell & Reed Financial Inc Class A		875,906
	25,019	Washington Federal Inc		437,833
	18,917	Webster Financial Corp		458,926
	26,135	Weingarten Realty Investors REIT		824,559
	6,042	Westamerica Bancorporation^(a)		273,884
	25,717	WR Berkley Corp		1,141,063

				70,922,500


Industrial — 18.82%
	9,979	Acuity Brands Inc		692,044
	25,332	AECOM Technology Corp^(b)		830,890
	22,668	AGCO Corp		1,181,456
	7,342	Alliant Techsystems Inc		531,781
	56,673	AMETEK Inc^(c)		2,457,341
	15,544	Aptargroup Inc		891,448
	32,076	Avnet Inc^(b)		1,161,151
	24,282	B/E Aerospace Inc^(b)		1,463,962
	14,711	Carlisle Cos Inc		997,259
	11,742	CLARCOR Inc		615,046
	11,853	Clean Harbors Inc^(b)		688,541
	12,595	Con-way Inc		443,470
	11,216	Crane Co		626,526
	31,533	Donaldson Co Inc		1,141,179
	14,461	Energizer Holdings Inc		1,442,196
	6,935	Esterline Technologies Corp^(b)		524,980
	42,180	Exelis Inc		459,340
	38,030	Fortune Brands Home & Security Inc^(b)		1,423,463
	11,494	Gardner Denver Inc		863,314
	10,593	GATX Corp		550,518
	11,365	Genesee & Wyoming Inc Class A^(b)		1,058,195
	33,174	Gentex Corp		663,812
	14,201	Graco Inc		824,084
	7,721	Granite Construction Inc		245,837
	6,912	Greif Inc Class A		370,621
	18,975	Harsco Corp		470,011
	12,472	Hubbell Inc Class B		1,211,156
	11,650	Huntington Ingalls Industries Inc		621,294
	19,330	IDEX Corp		1,032,609
	9,249	Itron Inc^(b)		429,154
	20,921	ITT Corp		594,784
	21,262	JB Hunt Transport Services Inc		1,583,594
	25,662	Kansas City Southern^(c)		2,845,916
	34,501	KBR Inc		1,106,792
	18,650	Kennametal Inc		728,096


Shares			Value

Industrial — (continued)
	13,073	Kirby Corp^(b)	$	1,004,006
	10,435	Landstar System Inc		595,734
	10,268	Lennox International Inc		651,915
	19,418	Lincoln Electric Holdings Inc		1,052,067
	32,421	Louisiana-Pacific Corp^(b)		700,294
	10,732	Martin Marietta Materials Inc^(a)		1,094,879
	9,424	Matson Inc		231,830
	7,155	Mettler-Toledo International Inc^(b)		1,525,589
	7,012	Mine Safety Appliances Co		347,935
	22,163	National Instruments Corp		725,838
	13,203	Nordson Corp		870,738
	22,968	Packaging Corp of America		1,030,574
	10,416	Regal-Beloit Corp		849,529
	16,604	Rock Tenn Co Class A		1,540,685
	10,062	Silgan Holdings Inc		475,430
	23,592	Sonoco Products Co		825,484
	10,941	SPX Corp		863,901
	8,888	Tech Data Corp^(b)		405,382
	25,861	Terex Corp^(b)		890,136
	11,707	Tidewater Inc^(a)		591,204
	18,602	Timken Co		1,052,501
	58,902	Trimble Navigation Ltd^(b)(c)		1,764,704
	18,480	Trinity Industries Inc		837,698
	11,703	Triumph Group Inc		918,685
	17,996	URS Corp		853,190
	24,749	UTi Worldwide Inc		358,366
	5,484	Valmont Industries Inc		862,469
	29,717	Vishay Intertechnology Inc^(b)		404,448
	11,194	Wabtec Corp		1,143,019
	28,717	Waste Connections Inc		1,033,238
	10,094	Werner Enterprises Inc		243,669
	13,538	Woodward Inc		538,271
	11,832	Worthington Industries Inc		366,555
	11,955	Zebra Technologies Corp Class A^(b)		563,439

				59,985,262


Technology — 8.02%
	9,278	ACI Worldwide Inc^(b)		453,323
	17,848	Acxiom Corp^(b)		364,099
	6,802	Advent Software Inc^(b)		190,252
	38,588	Allscripts Healthcare Solutions Inc^(b)		524,411
	21,624	ANSYS Inc^(b)(c)		1,760,626
	103,032	Atmel Corp^(b)		717,103
	28,648	Broadridge Financial Solutions Inc ADR		711,616
	65,505	Cadence Design Systems Inc^(b)		912,485
	9,907	CommVault Systems Inc^(b)		812,176
	50,024	Compuware Corp^(b)		625,300
	10,577	Concur Technologies Inc^(a)(b)		726,217
	27,168	Cree Inc^(b)		1,486,361
	30,007	Cypress Semiconductor Corp^(a)		330,977
	14,227	Diebold Inc		431,363
	7,205	DST Systems Inc		513,500
	7,654	Fair Isaac Corp		349,711
	29,916	Fairchild Semiconductor International Inc^(b)		423,012
	25,247	Informatica Corp^(b)		870,264


Shares			Value

Technology — (continued)
	33,079	Integrated Device Technology Inc^(a)(b)	$	247,100
	16,526	International Rectifier Corp^(b)		349,525
	29,062	Intersil Corp Class A		253,130
	20,138	Jack Henry & Associates Inc		930,577
	15,443	Lexmark International Inc Class A^(a)		407,695
	5,878	ManTech International Corp Class A^(a)		157,942
	55,615	MEMC Electronic Materials Inc^(b)		244,706
	21,298	Mentor Graphics Corp		384,429
	18,784	MICROS Systems Inc^(b)		854,860
	28,558	MSCI Inc Class A^(b)		968,973
	37,386	NCR Corp^(b)		1,030,358
	28,005	PTC Inc^(b)		713,848
	22,362	QLogic Corp^(b)		259,399
	37,797	Riverbed Technology Inc^(b)		563,553
	23,295	Rovi Corp^(b)		498,746
	15,581	Semtech Corp^(b)		551,412
	9,055	Silicon Laboratories Inc^(b)		374,515
	45,452	Skyworks Solutions Inc^(b)		1,001,308
	14,299	SolarWinds Inc^(b)		845,071
	16,101	Solera Holdings Inc		939,171
	35,679	Synopsys Inc^(b)		1,280,163
	24,130	VeriFone Systems Inc^(b)		499,008

				25,558,285


Utilities — 5.02%
	25,930	Alliant Energy Corp		1,301,167
	32,731	Aqua America Inc		1,029,063
	21,123	Atmos Energy Corp		901,741
	9,947	Black Hills Corp		438,066
	14,238	Cleco Corp		669,613
	35,864	Great Plains Energy Inc		831,686
	22,865	Hawaiian Electric Industries Inc		633,589
	11,325	IDACORP Inc		546,658
	44,143	MDU Resources Group Inc		1,103,133
	19,485	National Fuel Gas Co		1,195,405
	55,030	NV Energy Inc		1,102,251
	23,064	OGE Energy Corp		1,614,019
	18,766	PNM Resources Inc		437,060
	40,948	Questar Corp		996,265
	26,361	UGI Corp		1,011,999
	19,254	Vectren Corp		681,977
	29,581	Westar Energy Inc		981,497
	12,134	WGL Holdings Inc		535,109

				16,010,298


TOTAL COMMON STOCK — 98.05% (Cost $264,190,877)			$	312,558,495


Principal Amount			Value

SHORT TERM INVESTMENTS
U.S. Government Agency Obligations — 1.98%
$	6,307,000	Federal Home Loan Bank 0.00%, 04/01/2013	$	6,307,000


U.S. Treasury Obligations — 0.08%
	270,000	U.S. Treasury Bills ^(d) 0.09%, 06/13/2013		269,950


Reverse Repurchase Agreements — 6.62%
	5,012,713	Undivided interest of 5.76% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $5,012,713 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.		5,012,713

	5,012,712	Undivided interest of 5.76% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $5,012,712 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.		5,012,712

	1,055,249	Undivided interest of 6.02% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $1,055,249 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.		1,055,249


Principal Amount			Value

Short Term Investments — (continued)
$	5,012,714	Undivided interest of 6.02% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $5,012,714 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.	$	5,012,714

	5,012,713	Undivided interest of 6.02% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $5,012,713 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.		5,012,713


				21,106,101


TOTAL SHORT TERM INVESTMENTS — 8.68% (Cost $27,683,051)			$	27,683,051


TOTAL INVESTMENTS — 106.73% (Cost $291,873,928)			$	340,241,546

OTHER ASSETS & LIABILITIES, NET — (6.73)%			$	(21,468,900	)


TOTAL NET ASSETS — 100.00%			$	318,772,646

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

(a) Further breakdown of the Fund’s sector and industry classifications is included in the Schedule of Investments.

(b) Futures Contracts are reported at the security’s unrealized appreciation/(depreciation), which represents the change in the contract’s value from trade date.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal and Colorado tax returns remain open for the fiscal years ended 2011 and 2012.

At March 28, 2013, the U.S. Federal income tax cost basis was $292,194,866. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $57,600,759 and gross depreciation of securities in which there was an excess of tax cost over value of $9,554,079 resulting in net appreciation of $48,046,680.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $20,546,702 and received collateral of $21,106,101 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares			Value

COMMON STOCK
Basic Materials — 4.50%
25,438	A Schulman Inc	$		802,823
119,028	AK Steel Holding Corp ^(a)			393,983
22,325	AMCOL International Corp			673,992
21,077	American Vanguard Corp			643,691
25,132	Balchem Corp			1,104,300
34,245	Buckeye Technologies Inc			1,025,638
43,569	Century Aluminum Co ^(b)			337,224
20,403	Clearwater Paper Corp ^(b)			1,075,034
9,616	Deltic Timber Corp			660,811
54,805	Globe Specialty Metals Inc			762,886
8,267	Hawkins Inc			330,267
43,610	HB Fuller Co			1,704,279
18,718	Innophos Holdings Inc			1,021,254
14,781	Kaiser Aluminum Corp			955,592
33,779	KapStone Paper & Packaging Corp			939,056
27,823	Kraton Performance Polymers Inc ^(b)			651,058
17,402	Materion Corp			495,957
13,488	Neenah Paper Inc			414,891
27,955	OM Group Inc ^(b)			656,383
37,298	PH Glatfelter Co			872,027
85,348	PolyOne Corp			2,083,345
11,393	Quaker Chemical Corp			672,415
27,272	Schweitzer-Mauduit International Inc			1,056,244
15,130	Stepan Co			954,703
100,973	Stillwater Mining Co ^(a)(b)			1,305,581
40,761	Wausau Paper Corp			439,404
20,238	Zep Inc			303,772

				22,336,610


Communications — 4.50%
23,195	Anixter International Inc			1,621,794
97,890	Arris Group Inc ^(a)(b)			1,680,771
7,785	Atlantic Tele-Network Inc			377,650
14,083	Black Box Corp			307,150
34,911	Blucora Inc ^(b)			540,422
10,414	Blue Nile Inc ^(a)(b)			358,762
26,043	Cbeyond Inc ^(b)			193,500
173,156	Cincinnati Bell Inc ^(b)			564,489
27,955	comScore Inc ^(a)(b)			469,085
15,309	Comtech Telecommunications Corp			371,703
36,962	Dealertrack Technologies Inc ^(b)			1,085,944
44,458	Dice Holdings Inc ^(b)			450,360
21,810	Digital Generation Inc ^(a)(b)			140,238
25,715	Dolan Co ^(b)			61,459
25,952	EW Scripps Co Class A ^(b)			312,203
29,627	General Communication Inc Class A ^(b)			271,680
99,658	Harmonic Inc ^(b)			577,020
35,546	Harte-Hanks Inc			276,903
16,675	HealthStream Inc ^(b)			382,525
45,844	Ixia ^(b)			992,064
21,661	Liquidity Services Inc ^(a)(b)			645,714
18,675	LogMeIn Inc ^(a)(b)			358,934
13,963	Lumos Networks Corp			188,221


Shares			Value

Communications — (continued)
33,583	NETGEAR Inc ^(b)	$		1,125,366
51,758	NIC Inc ^(b)			991,683
12,604	NTELOS Holdings Corp			161,457
23,876	Nutrisystem Inc			202,469
19,941	OpenTable Inc ^(a)(b)			1,255,884
16,433	Oplink Communications Inc ^(b)			269,501
16,123	PC-Tel Inc			114,473
27,801	Perficient Inc ^(b)			324,160
16,495	Procera Networks Inc ^(b)			196,126
20,593	QuinStreet Inc ^(a)(b)			122,940
26,354	Sourcefire Inc ^(b)			1,560,947
12,938	Stamps.com Inc ^(b)			323,062
35,247	Symmetricom Inc ^(b)			160,021
79,544	United Online Inc			479,650
18,606	USA Mobility Inc			246,902
24,462	VASCO Data Security International Inc ^(b)			206,459
34,626	ViaSat Inc ^(a)(b)			1,677,284
32,482	Websense Inc ^(b)			487,230
20,833	XO Group Inc ^(b)			208,330

				22,342,535


Consumer, Cyclical — 16.48%
13,206	Allegiant Travel Co			1,172,429
11,178	Arctic Cat Inc ^(b)			488,479
13,941	Big 5 Sporting Goods Corp			217,619
1,059	Biglari Holdings Inc ^(b)			395,208
21,790	BJ’s Restaurants Inc ^(b)			725,171
47,434	Boyd Gaming Corp ^(a)(b)			392,279
34,513	Brown Shoe Co Inc			552,208
78,069	Brunswick Corp ^(c)			2,671,521
24,049	Buckle Inc ^(a)			1,121,886
16,093	Buffalo Wild Wings Inc ^(b)			1,408,620
59,595	Callaway Golf Co			394,519
33,060	Casey’s General Stores Inc			1,927,398
25,461	Cash America International Inc ^(a)			1,335,939
22,788	Cato Corp Class A			550,102
14,582	CEC Entertainment Inc			477,561
20,630	Children’s Place Retail Stores Inc ^(b)			924,637
33,127	Christopher & Banks Corp ^(b)			213,007
24,408	Coinstar Inc ^(a)(b)			1,425,915
14,994	Coldwater Creek Inc ^(a)(b)			47,381
20,482	Cracker Barrel Old Country Store Inc			1,655,970
76,705	Crocs Inc ^(b)			1,136,768
13,904	DineEquity Inc			956,456
23,737	Dorman Products Inc ^(a)(b)			883,254
15,678	DTS Inc ^(b)			260,725
22,962	Ethan Allen Interiors Inc ^(a)			755,909
41,371	Ezcorp Inc Class A ^(b)			881,202
104,494	Fifth & Pacific Cos Inc ^(b)			1,972,847
44,797	Finish Line Inc Class A			877,573
22,797	First Cash Financial Services Inc ^(b)			1,329,977
29,356	Fred’s Inc Class A			401,590
16,651	G&K Services Inc Class A			757,787
20,768	Genesco Inc ^(b)			1,247,949
18,474	Group 1 Automotive Inc			1,109,733


Shares			Value

Consumer, Cyclical — (continued)
16,708	Haverty Furniture Cos Inc	$		343,516
22,343	Hibbett Sports Inc ^(b)			1,257,241
36,925	Hot Topic Inc			512,519
56,455	Iconix Brand Group Inc ^(b)			1,460,491
49,372	Interface Inc			948,930
34,142	Interval Leisure Group Inc			742,247
37,572	Jack in the Box Inc ^(b)			1,299,616
17,641	JAKKS Pacific Inc ^(a)			185,054
23,889	Jos A Bank Clothiers Inc ^(a)(b)			953,171
18,990	K-Swiss Inc ^(b)			90,013
12,476	Kirkland’s Inc ^(b)			142,975
45,616	La-Z-Boy Inc			860,774
18,205	Lithia Motors Inc Class A			864,373
23,461	Lumber Liquidators Holdings Inc ^(a)(b)			1,647,431
20,391	M/I Homes Inc ^(b)			498,560
21,078	Maidenform Brands Inc ^(b)			369,497
17,879	Marcus Corp			223,309
19,630	MarineMax Inc ^(b)			266,772
25,166	Marriott Vacations Worldwide Corp ^(b)			1,079,873
41,370	Men’s Wearhouse Inc			1,382,585
27,173	Meritage Homes Corp ^(b)			1,273,327
33,379	Mobile Mini Inc ^(b)			982,344
7,843	Monarch Casino & Resort Inc ^(b)			76,312
24,298	Multimedia Games Holding Co Inc ^(b)			507,099
10,406	MWI Veterinary Supply Inc ^(b)			1,376,298
75,343	OfficeMax Inc			874,732
12,423	Oxford Industries Inc			659,661
14,842	Papa John’s International Inc ^(b)			917,532
45,080	Pep Boys-Manny Moe & Jack ^(b)			531,493
9,742	Perry Ellis International Inc			177,207
17,747	PetMed Express Inc ^(a)			238,076
51,860	Pinnacle Entertainment Inc ^(b)			758,193
40,814	Pool Corp			1,959,072
108,257	Quiksilver Inc ^(b)			657,120
11,477	Red Robin Gourmet Burgers Inc ^(b)			523,351
50,540	Ruby Tuesday Inc ^(b)			372,480
13,786	rue21 inc ^(b)			405,171
29,544	Ruth’s Hospitality Group Inc ^(b)			281,850
38,992	Ryland Group Inc ^(a)			1,622,847
24,402	ScanSource Inc ^(b)			688,624
48,533	Select Comfort Corp ^(b)			959,497
49,337	SHFL Entertainment Inc ^(b)			817,514
33,890	Skechers U.S.A. Inc Class A ^(b)			716,774
45,355	SkyWest Inc			727,948
32,326	Sonic Automotive Inc Class A ^(a)			716,344
47,325	Sonic Corp ^(b)			609,546
26,698	Spartan Motors Inc			141,766
27,802	Stage Stores Inc			719,516
16,701	Standard Motor Products Inc			462,952
97,101	Standard Pacific Corp ^(a)(b)			838,953
22,906	Stein Mart Inc			191,952
35,279	Steven Madden Ltd ^(b)			1,521,936
20,195	Superior Industries International Inc			377,243
50,108	Texas Roadhouse Inc			1,011,681
45,809	Titan International Inc ^(a)			965,654
50,595	Toro Co ^(c)			2,329,394


Shares			Value

Consumer, Cyclical — (continued)
20,563	True Religion Apparel Inc	$		536,900
38,212	Tuesday Morning Corp ^(b)			296,525
12,967	UniFirst Corp ^(a)			1,173,514
35,254	United Stationers Inc ^(a)			1,362,567
12,977	Universal Electronics Inc ^(b)			301,715
26,051	Vitamin Shoppe Inc ^(b)			1,272,591
15,355	VOXX International Corp ^(b)			164,452
24,560	Winnebago Industries Inc ^(b)			506,918
43,291	Wolverine World Wide Inc ^(a)			1,920,822
22,851	Zale Corp ^(a)(b)			89,804
19,846	Zumiez Inc ^(a)(b)			454,473

				81,870,306


Consumer, Non-cyclical — 16.81%
18,196	Abaxis Inc			861,035
31,673	ABIOMED Inc ^(a)(b)			591,335
44,314	ABM Industries Inc			985,543
34,399	Acorda Therapeutics Inc ^(b)			1,101,800
64,315	Affymetrix Inc ^(a)(b)			303,567
30,525	Air Methods Corp			1,472,526
58,002	Akorn Inc ^(b)			802,168
62,566	Align Technology Inc ^(b)			2,096,587
70,093	Alliance One International Inc ^(b)			272,662
7,024	Almost Family Inc			143,500
25,802	Amedisys Inc ^(a)(b)			286,918
27,492	American Greetings Corp Class A ^(a)			442,621
15,752	American Public Education Inc ^(a)(b)			549,587
39,450	AMN Healthcare Services Inc ^(b)			624,494
27,892	Amsurg Corp ^(b)			938,287
15,262	Andersons Inc			816,822
22,660	Arbitron Inc			1,062,074
47,656	Arqule Inc ^(b)			123,429
45,415	B&G Foods Inc			1,384,703
21,265	Bio-Reference Labs Inc ^(a)(b)			552,465
8,939	Blyth Inc ^(a)			155,181
7,362	Boston Beer Co Inc Class A ^(a)(b)			1,175,270
12,134	Cal-Maine Foods Inc			516,423
11,464	Calavo Growers Inc ^(a)			329,934
25,350	Cambrex Corp ^(b)			324,227
18,741	Cantel Medical Corp			563,354
9,637	Capella Education Co ^(b)			300,096
38,531	Cardtronics Inc ^(b)			1,058,061
43,113	Career Education Corp ^(b)			102,178
12,440	CDI Corp			213,968
45,264	Centene Corp ^(b)			1,993,427
34,652	Central Garden & Pet Co Class A ^(b)			284,839
16,666	Chemed Corp			1,332,947
24,471	CONMED Corp			833,482
6,964	Consolidated Graphics Inc ^(b)			272,292
65,116	Corinthian Colleges Inc ^(a)(b)			136,744
5,050	Corvel Corp ^(b)			249,925
28,244	Cross Country Healthcare Inc ^(b)			149,976
20,562	CryoLife Inc			123,578
56,210	Cubist Pharmaceuticals Inc ^(b)(c)			2,631,752
20,678	Cyberonics Inc ^(b)			967,937
18,899	Diamond Foods Inc ^(a)(b)			318,637
22,493	Emergent Biosolutions Inc ^(b)			314,452


Shares			Value

Consumer, Non-cyclical — (continued)
14,788	Ensign Group Inc	$		493,919
28,864	Enzo Biochem Inc ^(b)			72,737
22,671	ExlService Holdings Inc ^(b)			745,423
12,706	Forrester Research Inc			402,145
23,974	Gentiva Health Services Inc ^(b)			259,399
21,012	Greatbatch Inc ^(b)			627,628
44,490	Haemonetics Corp ^(b)			1,853,453
40,143	Hain Celestial Group Inc ^(a)(b)(c)			2,451,934
29,413	Hanger Inc ^(b)			927,392
58,527	Healthcare Services Group Inc			1,500,047
28,250	Healthways Inc ^(b)			346,063
32,128	Heartland Payment Systems Inc			1,059,260
14,429	Heidrick & Struggles International Inc			215,714
27,242	Helen of Troy Ltd ^(b)			1,045,003
9,953	Hi-Tech Pharmacal Co Inc			329,544
11,170	ICU Medical Inc ^(b)			658,472
19,111	Insperity Inc			542,179
17,204	Integra LifeSciences Holdings Corp ^(b)			671,128
14,555	Inter Parfums Inc			355,579
25,498	Invacare Corp			332,749
14,538	IPC The Hospitalist Co Inc ^(b)			646,650
13,218	ITT Educational Services Inc ^(a)(b)			182,144
13,032	J&J Snack Foods Corp			1,002,031
24,177	Kelly Services Inc Class A			451,626
45,886	Kindred Healthcare Inc ^(b)			483,180
42,293	Korn/Ferry International ^(b)			755,353
8,188	Landauer Inc			461,639
13,141	LHC Group Inc ^(b)			282,400
17,549	Lincoln Educational Services Corp			102,837
122,095	Live Nation Entertainment Inc ^(b)			1,510,315
33,546	Luminex Corp ^(b)			554,180
23,914	Magellan Health Services Inc ^(b)			1,137,589
29,765	MAXIMUS Inc ^(c)			2,380,307
47,149	Medicines Co ^(b)			1,575,720
11,171	Medifast Inc ^(b)			256,039
35,881	Meridian Bioscience Inc ^(a)			818,804
34,331	Merit Medical Systems Inc ^(b)			420,898
25,918	Molina Healthcare Inc ^(a)(b)			800,089
38,566	Momenta Pharmaceuticals Inc ^(b)			514,470
25,512	Monro Muffler Brake Inc ^(a)			1,013,082
10,602	Nash Finch Co			207,587
26,483	Natus Medical Inc ^(b)			355,932
43,845	Navigant Consulting Inc ^(b)			576,123
19,364	Neogen Corp ^(a)(b)			959,874
38,445	NuVasive Inc ^(b)			819,263
37,820	On Assignment Inc ^(b)			957,224
14,551	Palomar Medical Technologies Inc ^(b)			196,293
50,468	PAREXEL International Corp ^(b)			1,993,991
25,282	PharMerica Corp ^(b)			353,948
43,273	Prestige Brands Holdings Inc ^(b)			1,111,683
51,114	Questcor Pharmaceuticals Inc ^(a)			1,663,250
36,484	Resources Connection Inc			463,347
44,846	Salix Pharmaceuticals Ltd ^(b)(c)			2,295,218
17,149	Sanderson Farms Inc			936,678
6,859	Seneca Foods Corp Class A ^(b)			226,484
42,224	Snyders-Lance Inc			1,066,578
19,149	Spartan Stores Inc			336,065


Shares			Value

Consumer, Non-cyclical — (continued)
45,326	Spectrum Pharmaceuticals Inc ^(a)	$		338,132
10,361	SurModics Inc ^(b)			282,337
32,452	Symmetry Medical Inc ^(b)			371,575
20,220	TeleTech Holdings Inc ^(b)			428,866
31,622	TreeHouse Foods Inc ^(b)			2,060,173
35,033	TrueBlue Inc ^(b)			740,598
19,068	Universal Technical Institute Inc			240,829
17,305	Viad Corp			478,656
57,730	ViroPharma Inc ^(b)			1,452,487
12,568	WD-40 Co			688,349
29,451	West Pharmaceutical Services Inc			1,912,548

				83,514,012


Energy — 4.27%
29,251	Approach Resources Inc ^(a)(b)			719,867
23,702	Basic Energy Services Inc ^(a)(b)			324,006
37,579	C&J Energy Services Inc ^(a)(b)			860,559
31,757	Carrizo Oil & Gas Inc ^(b)			818,378
52,263	Cloud Peak Energy Inc^(b)			981,499
37,835	Comstock Resources Inc ^(b)			614,819
10,718	Contango Oil & Gas Co			429,685
56,836	Exterran Holdings Inc ^(b)			1,534,572
10,943	Geospace Technologies Corp ^(b)			1,180,969
11,949	Gulf Island Fabrication Inc			251,646
58,893	Gulfport Energy Corp ^(b)(c)			2,699,066
27,609	Hornbeck Offshore Services Inc ^(b)			1,282,714
106,096	ION Geophysical Corp ^(b)			722,514
29,025	Lufkin Industries Inc ^(a)			1,926,970
22,845	Matrix Service Co ^(b)			340,391
26,539	PDC Energy Inc ^(b)			1,315,538
46,620	Penn Virginia Corp ^(a)			188,345
47,551	PetroQuest Energy Inc ^(b)			211,126
54,481	Pioneer Energy Services Corp ^(b)			449,468
16,443	SEACOR Holdings Inc			1,211,520
42,907	Stone Energy Corp ^(b)			933,227
60,018	SunCoke Energy Inc ^(b)			980,094
37,044	Swift Energy Co ^(a)(b)			548,622
68,105	TETRA Technologies Inc ^(b)			698,757

				21,224,352


Financial — 20.34%
46,080	Acadia Realty Trust REIT			1,279,642
16,197	AMERISAFE Inc			575,641
36,589	Bank Mutual Corp			202,337
25,958	Bank of the Ozarks Inc			1,151,237
15,572	Banner Corp			495,657
67,041	BBCN Bancorp Inc			875,555
69,853	Boston Private Financial Holdings Inc			690,148
62,109	Brookline Bancorp Inc			567,676
16,472	Calamos Asset Management Inc Class A			193,875
45,799	Cedar Realty Trust Inc REIT			279,832
13,644	City Holding Co ^(a)			542,895
71,523	Colonial Properties Trust REIT			1,617,135
45,073	Columbia Banking System Inc			990,705
34,310	Community Bank System Inc			1,016,605
79,877	Cousins Properties Inc REIT			853,885


Shares			Value

Financial — (continued)
75,628	CVB Financial Corp	$		852,328
168,548	DiamondRock Hospitality Co REIT			1,569,182
24,194	Dime Community Bancshares Inc			347,426
25,608	EastGroup Properties Inc REIT			1,490,386
17,104	eHealth Inc ^(b)			305,820
26,657	Employers Holdings Inc			625,107
19,566	Encore Capital Group Inc ^(a)(b)			588,937
40,919	EPR Properties REIT			2,129,834
35,633	Financial Engines Inc ^(a)			1,290,627
60,393	First BanCorp ^(a)(b)			376,248
90,730	First Commonwealth Financial Corp			676,846
51,579	First Financial Bancorp			827,843
25,904	First Financial Bankshares Inc ^(a)			1,258,934
64,267	First Midwest Bancorp Inc			853,466
122,426	FNB Corp			1,481,355
29,467	Forestar Group Inc ^(b)			644,149
63,519	Franklin Street Properties Corp REIT			928,648
61,483	Geo Group Inc REIT ^(c)			2,312,990
23,804	Getty Realty Corp REIT ^(a)			481,079
61,696	Glacier Bancorp Inc ^(a)			1,170,990
47,861	Government Properties Income Trust REIT			1,231,464
28,038	Hanmi Financial Corp ^(b)			448,608
76,808	Healthcare Realty Trust Inc REIT			2,180,579
28,305	HFF Inc Class A			564,119
26,451	Higher One Holdings Inc ^(a)(b)			235,149
19,971	Home BancShares Inc			752,308
34,769	Horace Mann Educators Corp			724,934
19,613	Independent Bank Corp ^(a)			639,188
10,179	Infinity Property & Casualty Corp			572,060
68,709	Inland Real Estate Corp REIT			693,274
36,260	Interactive Brokers Group Inc Class A			540,637
32,048	Investment Technology Group Inc ^(b)			353,810
64,300	Kite Realty Group Trust REIT			433,382
82,627	LaSalle Hotel Properties REIT			2,097,073
154,981	Lexington Realty Trust REIT ^(a)			1,828,776
26,434	LTC Properties Inc REIT			1,076,657
32,264	MarketAxess Holdings Inc			1,203,447
47,042	MB Financial Inc			1,137,005
42,313	Meadowbrook Insurance Group Inc			298,307
127,962	Medical Properties Trust Inc REIT			2,052,510
36,873	Mid-America Apartment Communities Inc REIT ^(c)			2,546,449
33,907	National Financial Partners Corp ^(b)			760,534
102,562	National Penn Bancshares Inc			1,096,388
9,103	Navigators Group Inc ^(b)			534,801
37,528	NBT Bancorp Inc			831,245
81,625	Northwest Bancshares Inc			1,035,821
88,932	Old National Bancorp			1,222,815
33,656	Oritani Financial Corp			521,331
28,379	PacWest Bancorp			826,113
34,348	Parkway Properties Inc REIT			637,155
46,344	Pennsylvania Real Estate Investment Trust REIT			898,610


Shares			Value

Financial — (continued)
27,632	Pinnacle Financial Partners Inc ^(b)	$		645,483
13,742	Piper Jaffray Cos ^(b)			471,351
14,580	Portfolio Recovery Associates Inc ^(b)			1,850,494
47,495	Post Properties Inc REIT ^(c)			2,237,014
51,969	PrivateBancorp Inc			982,734
53,632	ProAssurance Corp ^(c)			2,538,403
169,377	Prospect Capital Corp ^(a)			1,847,903
47,805	Provident Financial Services Inc			729,982
15,560	PS Business Parks Inc REIT			1,227,995
14,535	RLI Corp			1,044,340
26,043	S&T Bancorp Inc			482,837
32,611	Sabra Health Care REIT Inc REIT			946,045
10,997	Safety Insurance Group Inc			540,503
10,767	Saul Centers Inc REIT			470,949
47,674	Selective Insurance Group Inc			1,144,653
13,860	Simmons First National Corp Class A			350,935
26,271	Sovran Self Storage Inc REIT			1,694,217
26,048	Sterling Bancorp			264,648
17,608	Stewart Information Services Corp ^(a)			448,476
50,657	Stifel Financial Corp ^(a)(b)			1,756,278
160,892	Susquehanna Bancshares Inc			1,999,888
22,448	SWS Group Inc ^(b)			135,810
81,878	Tanger Factory Outlet Centers REIT ^(c)			2,962,346
35,068	Texas Capital Bancshares Inc ^(b)			1,418,501
9,957	Tompkins Financial Corp ^(a)			420,982
33,832	Tower Group International Ltd			624,200
83,785	TrustCo Bank Corp NY			467,520
28,464	UMB Financial Corp			1,396,728
96,825	Umpqua Holdings Corp			1,283,899
39,640	United Bankshares Inc ^(a)			1,054,820
38,855	United Community Banks Inc ^(b)			440,616
19,466	United Fire Group Inc			495,799
10,761	Universal Health Realty Income Trust REIT			621,017
22,729	Urstadt Biddle Properties Inc REIT Class A			494,583
31,494	ViewPoint Financial Group Inc			633,344
5,010	Virtus Investment Partners Inc ^(b)			933,263
54,317	Wilshire Bancorp Inc ^(b)			368,269
31,538	Wintrust Financial Corp			1,168,167
10,745	World Acceptance Corp ^(a)(b)			922,673

				101,037,234


Industrial — 19.11%
15,966	AAON Inc			440,502
34,768	AAR Corp			639,384
63,679	Actuant Corp Class A			1,949,851
30,850	Advanced Energy Industries Inc ^(b)			564,555
34,118	Aegion Corp ^(b)			789,832
16,535	Aerovironment Inc ^(b)			299,780
25,499	Albany International Corp Class A			736,921
13,682	AM Castle & Co ^(a)(b)			239,435
7,311	American Science & Engineering Inc			445,898
10,781	Analogic Corp			851,915


Shares			Value

Industrial — (continued)
33,841	AO Smith Corp ^(c)	$		2,489,682
24,078	Apogee Enterprises Inc			697,058
36,310	Applied Industrial Technologies Inc			1,633,950
21,434	Arkansas Best Corp			250,349
18,256	Astec Industries Inc			637,682
22,810	Atlas Air Worldwide Holdings Inc ^(b)			929,736
21,949	AZZ Inc			1,057,942
12,466	Badger Meter Inc			667,180
40,296	Barnes Group Inc			1,165,763
9,407	Bel Fuse Inc Class B			146,843
38,583	Belden Inc			1,992,812
47,421	Benchmark Electronics Inc ^(b)			854,526
39,817	Brady Corp Class A			1,335,064
41,068	Briggs & Stratton Corp ^(a)			1,018,486
31,054	Bristow Group Inc			2,047,701
47,006	Calgon Carbon Corp ^(b)			850,809
35,630	Checkpoint Systems Inc ^(b)			465,328
15,188	CIRCOR International Inc			645,490
34,535	Cognex Corp			1,455,650
20,734	Coherent Inc			1,176,447
31,169	Comfort Systems USA Inc			439,171
29,994	CTS Corp			313,137
13,566	Cubic Corp			579,540
40,961	Curtiss-Wright Corp			1,421,347
27,147	Cymer Inc ^(b)(c)			2,608,827
31,773	Daktronics Inc			333,616
102,973	Darling International Inc ^(b)			1,849,395
16,217	Drew Industries Inc			588,839
28,195	Dycom Industries Inc ^(b)			555,160
40,555	Eagle Materials Inc ^(c)			2,702,180
22,732	Electro Scientific Industries Inc			251,189
58,085	EMCOR Group Inc ^(c)			2,462,223
16,508	Encore Wire Corp			578,110
41,849	EnerSys Inc ^(b)			1,907,477
14,349	Engility Holdings Inc ^(b)			344,089
18,239	EnPro Industries Inc ^(b)			933,290
17,111	Era Group Inc ^(b)			359,331
23,433	ESCO Technologies Inc			957,472
11,523	Exponent Inc			621,551
14,650	FARO Technologies Inc ^(b)			635,663
55,592	Federal Signal Corp ^(b)			452,519
33,277	FEI Co			2,148,030
25,824	Forward Air Corp			962,977
33,376	Franklin Electric Co Inc			1,120,432
52,794	GenCorp Inc ^(a)(b)			702,160
25,605	Gibraltar Industries Inc ^(b)			467,291
38,239	Griffon Corp			455,809
10,899	Haynes International Inc			602,715
60,342	Headwaters Inc ^(b)			657,728
39,860	Heartland Express Inc			531,732
54,859	Hillenbrand Inc			1,386,836
30,731	Hub Group Inc Class A ^(b)			1,181,914
46,998	II-VI Inc ^(b)			800,846
48,932	Intermec Inc ^(b)			481,002
18,319	Intevac Inc ^(b)			86,466
22,572	iRobot Corp ^(a)(b)			579,198
24,269	John Bean Technologies Corp			503,582
23,037	Kaman Corp			817,122


Shares			Value

Industrial — (continued)
27,935	Kaydon Corp	$		714,577
50,674	Knight Transportation Inc			815,851
17,916	Koppers Holdings Inc			787,946
10,913	Lindsay Corp ^(a)			962,308
19,139	Littelfuse Inc			1,298,581
16,374	LSB Industries Inc ^(b)			569,488
14,418	Lydall Inc ^(b)			221,316
13,121	Measurement Specialties Inc ^(b)			521,822
31,497	Methode Electronics Inc			405,681
39,143	Moog Inc Class A ^(b)			1,793,924
15,253	Movado Group Inc			511,281
24,294	Mueller Industries Inc			1,294,627
27,041	Myers Industries Inc			377,492
4,121	National Presto Industries Inc ^(a)			331,740
17,158	NCI Building Systems Inc ^(b)			298,034
33,534	Newport Corp ^(b)			567,395
61,686	Old Dominion Freight Line Inc ^(b)(c)			2,356,405
8,367	Olympic Steel Inc ^(a)			199,971
51,708	Orbital Sciences Corp ^(b)			863,007
24,570	Orion Marine Group Inc ^(b)			244,226
16,298	OSI Systems Inc ^(b)			1,015,202
16,823	Park Electrochemical Corp			426,295
30,096	Plexus Corp ^(b)			731,634
7,983	Powell Industries Inc ^(b)			419,666
32,134	Quanex Building Products Corp			517,357
24,830	Rofin-Sinar Technologies Inc ^(b)			672,645
14,169	Rogers Corp ^(b)			674,728
26,730	RTI International Metals Inc ^(b)			847,074
34,719	Simpson Manufacturing Co Inc			1,062,749
11,089	Standex International Corp			612,335
35,530	STR Holdings Inc ^(a)(b)			77,100
16,445	Sturm Ruger & Co Inc ^(a)			834,255
32,202	Teledyne Technologies Inc ^(b)(c)			2,525,925
16,052	Tennant Co			779,485
55,131	Tetra Tech Inc ^(b)			1,680,944
17,788	Texas Industries Inc ^(a)(b)			1,122,601
21,400	Tredegar Corp			630,016
43,983	TTM Technologies Inc ^(b)			334,271
17,474	Universal Forest Products Inc			695,640
16,036	Vicor Corp ^(b)			79,699
24,239	Watts Water Technologies Inc Class A			1,163,230

				94,895,060


Technology — 9.41%
68,172	3D Systems Corp ^(a)(b)(c)			2,197,849
10,762	Agilysys Inc ^(b)			106,974
27,614	ATMI Inc ^(b)			619,382
24,125	Avid Technology Inc ^(b)			151,264
39,141	Blackbaud Inc			1,159,748
32,416	Bottomline Technologies de Inc ^(b)			924,180
57,943	Brooks Automation Inc			589,860
20,164	Cabot Microelectronics Corp ^(b)			700,699
19,765	CACI International Inc Class A ^(a)(b)			1,143,801
19,340	Ceva Inc ^(b)			301,704
58,773	CIBER Inc^(b)			276,233
56,551	Cirrus Logic Inc^(b)			1,286,535
19,219	Cohu Inc			179,890


Shares			Value

Technology — (continued)
9,013	Computer Programs & Systems Inc	$		487,693
28,518	CSG Systems International Inc ^(b)			604,296
24,075	Digi International Inc ^(b)			214,990
30,929	Digital River Inc ^(b)			437,336
31,156	Diodes Inc ^(b)			653,653
17,202	DSP Group Inc ^(b)			138,820
27,036	Ebix Inc ^(a)			438,524
40,946	Electronics for Imaging Inc ^(b)			1,038,391
77,817	Entropic Communications Inc ^(b)			316,715
28,164	EPIQ Systems Inc			395,141
38,538	Exar Corp ^(b)			404,649
100,783	GT Advanced Technologies Inc ^(a)(b)			331,576
23,717	Hittite Microwave Corp ^(b)			1,436,302
26,370	iGATE Corp ^(b)			496,020
38,338	Insight Enterprises Inc ^(b)			790,530
12,925	Interactive Intelligence Group Inc ^(b)			573,224
37,310	j2 Global Inc ^(a)			1,462,925
54,885	Kopin Corp^(b)			203,074
65,229	Kulicke & Soffa Industries Inc ^(b)			754,047
43,859	LivePerson Inc ^(b)			595,605
17,425	Manhattan Associates Inc^(b)			1,294,503
19,330	Medidata Solutions Inc ^(b)			1,120,753
27,515	Mercury Systems Inc ^(b)			202,786
40,531	Micrel Inc			425,981
77,995	Microsemi Corp ^(b)			1,807,144
7,707	MicroStrategy Inc Class A ^(b)			779,024
45,522	MKS Instruments Inc			1,238,198
27,511	Monolithic Power Systems Inc			670,443
31,797	Monotype Imaging Holdings Inc			755,179
13,615	MTS Systems Corp			791,712
18,685	Nanometrics Inc ^(b)			269,625
31,679	Netscout Systems Inc ^(b)			778,353
29,467	Omnicell Inc ^(b)			556,337
19,345	Pericom Semiconductor Corp ^(b)			131,739
25,121	Power Integrations Inc			1,090,503
50,768	Progress Software Corp ^(b)			1,156,495
34,265	Quality Systems Inc			626,364
19,826	Radisys Corp ^(b)			97,544
14,797	Rubicon Technology Inc ^(a)(b)			97,660
28,457	Rudolph Technologies Inc ^(b)			335,223
29,158	Sigma Designs Inc ^(b)			141,999
23,854	Super Micro Computer Inc ^(b)			269,312
9,517	Supertex Inc			211,373
34,630	Sykes Enterprises Inc ^(b)			552,695
27,956	Synaptics Inc ^(b)			1,137,530
23,941	Synchronoss Technologies Inc ^(b)			742,889
23,331	SYNNEX Corp (a)(b)			863,247
79,602	Take-Two Interactive Software Inc ^(b)			1,285,572
44,722	Tessera Technologies Inc			838,537
141,041	TriQuint Semiconductor Inc ^(b)			712,257
23,030	Tyler Technologies Inc ^(b)			1,410,818
23,436	Ultratech Inc ^(b)			926,425
33,547	Veeco Instruments Inc ^(a)(b)			1,285,857
17,786	Virtusa Corp ^(b)			422,595


Shares			Value

Technology — (continued)
22,181	Volterra Semiconductor Corp ^(b)	$		314,970

				46,753,272


Utilities — 3.96%
30,217	ALLETE Inc			1,481,237
16,913	American States Water Co			973,681
51,671	Avista Corp			1,415,785
12,817	CH Energy Group Inc			838,104
35,190	El Paso Electric Co			1,184,144
18,505	Laclede Group Inc			790,164
36,012	New Jersey Resources Corp			1,615,138
23,274	Northwest Natural Gas Co			1,019,867
32,621	NorthWestern Corp			1,300,273
65,464	Piedmont Natural Gas Co Inc ^(c)			2,152,456
27,012	South Jersey Industries Inc			1,501,597
40,330	Southwest Gas Corp			1,914,062
43,648	UIL Holdings Corp			1,728,024
35,735	UNS Energy Corp			1,748,871

				19,663,403


TOTAL COMMON STOCK — 99.38% (Cost $397,788,104)		$		493,636,784



Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency — 0.56%
$	2,801,000	Federal Home Loan Bank
		0.00%, 04/01/2013	2,801,000


U.S. Treasury Obligations — 0.05%
	224,957	U.S. Treasury Bills ^(d)
		0.09%, 06/13/2013	224,957


Reverse Repurchase Agreements — 10.39%
	12,256,682	Undivided interest of 14.08% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $12,256,682 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.	12,256,682


Principal Amount			Value

Short Term Investments— (continued)
$	12,256,681	Undivided interest of 14.08% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $12,256,681 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.	$	12,256,681

	2,580,212	Undivided interest of 14.75% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $2,580,212 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.		2,580,212

	12,256,682	Undivided interest of 14.75% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $12,256,682 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.		12,256,682


Principal Amount			Value

Short Term Investments— (continued)
$12,256,682	Undivided interest of 14.75% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $12,256,682 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		12,256,682

				51,606,939


TOTAL SHORT TERM INVESTMENTS — 11.00% (Cost $54,632,896)		$		54,632,896


TOTAL INVESTMENTS — 110.38% (Cost $452,421,000)		$		548,269,680

OTHER ASSETS & LIABILITIES, NET — (10.38)%		$		(51,540,866	)


TOTAL NET ASSETS — 100.00%		$		496,728,814

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table. The Fund recognizes transfers between levels as of the beginning of the reporting period.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

fiscal year beginning January 1, 2013. The adoption of ASU No. 2011-11 did not have an impact on the Fund’s financial position or the results of its operations.

At March 28, 2013, the U.S. Federal income tax cost basis was $456,704,703. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $133,283,161 and gross depreciation of securities in which there was an excess of tax cost over value of $41,718,184 resulting in net appreciation of $91,564,977.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $50,301,094 and received collateral of $51,606,939 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Principal Amount				Value

ASSET-BACKED SECURITIES
		Avis Budget Rental Car Funding AESOP LLC
$	833,333	Series 2010-2A, Class A 3.63%, 08/20/2014^(a)	$		837,510
	260,000	Series 2010-3A, Class A 4.64%, 05/20/2016^(a)			279,191
	500,000	Series 2010-5A, Class A 3.15%, 03/20/2017^(a)			525,614
	500,000	Series 2011-3A, Class A 3.41%, 11/20/2017^(a)			533,462
	1,500,000	Series 2012-3A, Class A 2.10%, 03/20/2019			1,530,650
	1,000,000	Cabela’s Master Credit Card Trust Series 2010-2A, Class A1^(a) 2.29%, 09/17/2018			1,038,293
	148,745	Centex Home Equity Loan Trust Series 2004-A, Class AF6 4.27%, 01/25/2034			148,457
	100,000	Citibank Credit Card Issuance Trust Series 2003-A7, Class A7 4.15%, 07/07/2017			108,027
	500,000	Citibank Omni Master Trust Series 2009-A17, Class A17 4.90%, 11/15/2018			534,615
	157,163	CNH Equipment Trust 2009-C Series 2009-C, Class A4 3.00%, 08/17/2015			157,361
	1,425,000	Cronos Containers Program Ltd Series 2012-2A, Class A Series 144A^(a) 3.81%, 09/18/2027			1,475,070
	102,273	Equity One Mortgage Pass-Through Trust Series 2004-1, Class AF6^(b)(c) 4.21%, 04/25/2034			101,668
		Federal National Mortgage Association^(c)
	172,330	Adjusted Series 2003-T4, Class 2A6 4.76%, 07/26/2033^(b)			187,319
	25,544	Float Series 2004-T9, Class A1 0.34%, 04/25/2035			25,257
	742,124	GMAC Mortgage Corp Series 2007-HE2, Class A3^(d) 6.19%, 12/25/2037			706,118
	480,000	Hertz Vehicle Financing LLC Series 2009-2A, Class A2^(a) 5.29%, 03/25/2016			518,232
		HSBC Home Equity Loan Trust
	1,200,000	Float Series 2006-4, Class M1 0.46%, 03/20/2036^(c)			1,120,102
	122,270	Adjusted Series 2006-4, Class A3F 5.30%, 03/20/2036^(b)			124,200
	522,956	Residential Funding Mortgage Securities II Home Loan Trust Guaranteed Series 2006-HI5, Class A3 5.50%, 08/25/2025			520,719


Principal Amount				Value

$	1,714,903	Springleaf Mortgage Loan Trust Adjusted Series 2012-2A, Class A^(a)(c) 5.42%, 10/25/2057	$		1,737,711
	193,867	Structured Receivables Finance 3 LLC Series 2006-A, Class A^(a) 5.55%, 01/15/2030			211,118

TOTAL ASSET-BACKED SECURITIES — 10.23% (Cost $12,226,221)			$		12,420,694


BANK LOANS
Bank Loans — 0.86%
	1,041,666	Express Scripts Inc^(c) 2.03%, 08/29/2016			1,040,886


TOTAL BANK LOANS — 0.86% (Cost $1,039,849)			$		1,040,886


BONDS AND NOTES
Basic Materials — 3.25%
	250,000	Anglo American Capital PLC^(a) 9.38%, 04/08/2014			269,895
	500,000	ArcelorMittal 5.38%, 06/01/2013			503,150
	500,000	Dow Chemical Co 2.50%, 02/15/2016			520,360
	1,000,000	Freeport-McMoRan Copper & Gold Inc^(a) 2.38%, 03/15/2018			1,004,178
	1,447,500	Xstrata Finance Canada Ltd^(a) 5.80%, 11/15/2016			1,648,013

					3,945,596


Communications — 2.79%
	500,000	Comcast Corp 5.85%, 11/15/2015			565,027
	500,000	DIRECTV Holdings LLC / DIRECTV Financing Co Inc 3.13%, 02/15/2016			524,811
	1,000,000	News America Inc 8.00%, 10/17/2016			1,227,714
	500,000	Pearson Funding Two PLC^(a) 4.00%, 05/17/2016			538,713
	500,000	Time Warner Cable Inc 8.25%, 02/14/2014			531,879

					3,388,144


Consumer, Cyclical — 11.55%
	901,716	American Airlines 2011-1 Class A Pass Through Trust 5.25%, 01/31/2021			982,871
	500,000	Arrow Electronics Inc 3.00%, 03/01/2018			504,432
	1,000,000	Carnival Corp 1.20%, 02/05/2016			1,001,278


Principal Amount				Value

Consumer, Cyclical — (continued)
$	1,500,000	Cintas Corp No 2 2.85%, 06/01/2016	$		1,574,910
		Daimler Finance North America LLC^(a)
	500,000	1.95%, 03/28/2014			505,261
	500,000	1.30%, 07/31/2015			503,368
	500,000	Hasbro Inc 6.13%, 05/15/2014			529,269
	392,814	JetBlue Airways 2004-1 G-1 Pass Through Trust^(c) 0.66%, 12/15/2013			390,147
	959,417	JetBlue Airways 2004-2 G-1 Pass Through Trust^(c) 0.67%, 08/15/2016			924,638
	1,000,000	Kia Motors Corp^(a) 3.63%, 06/14/2016			1,057,268
	1,000,000	Lowe’s Cos Inc 1.63%, 04/15/2017			1,021,216
	246,000	Nordstrom Inc 6.25%, 01/15/2018			294,388
	597,826	Northwest Airlines 2002-1 Class G-2 Pass Through Trust 6.26%, 11/20/2021			633,695
	1,907,291	UAL 2009-1 Pass Through Trust 10.40%, 11/01/2016			2,193,384
	1,306,344	US Airways 1999-1B Pass Through Trust 9.01%, 01/20/2019			1,397,788
	500,000	Volkswagen International Finance NV^(a) 1.88%, 04/01/2014			505,640

					14,019,553


Consumer, Non-cyclical — 7.00%
	1,000,000	Avon Products Inc 5.63%, 03/01/2014			1,043,181
		Bunge Ltd Finance Corp
	515,000	5.35%, 04/15/2014			537,720
	933,000	4.10%, 03/15/2016			997,878
	250,000	CareFusion Corp 5.13%, 08/01/2014			263,750
	500,000	Coca-Cola HBC Finance BV 5.13%, 09/17/2013			508,548
	505,000	Equifax Inc 4.45%, 12/01/2014			531,683
	500,000	Laboratory Corp of America Holdings 3.13%, 05/15/2016			526,930
	500,000	SABMiller Holdings Inc^(a) 1.85%, 01/15/2015			508,061
	500,000	SABMiller PLC^(a) 6.50%, 07/01/2016			579,486
	1,000,000	Western Union Co 2.38%, 12/10/2015			1,017,744
	940,000	Woolworths Ltd^(a) 2.55%, 09/22/2015			974,375


Principal Amount				Value

Consumer, Non-cyclical — (continued)
$	1,000,000	Zoetis Inc ^(a) 1.15%, 02/01/2016	$		1,002,664

					8,492,020


Diversified — 0.43%
	500,000	EnCana Holdings Finance Corp 5.80%, 05/01/2014			525,959


Energy — 6.09%
	500,000	EOG Resources Inc 2.50%, 02/01/2016			522,943
	500,000	Hess Corp 7.00%, 02/15/2014			525,904
	750,000	Husky Energy Inc 5.90%, 06/15/2014			794,963
	721,750	Kern River Funding Corp^(a) 4.89%, 04/30/2018			788,641
	1,500,000	Petrobras International Finance Co - Pifco 2.88%, 02/06/2015			1,531,144
	500,000	Phillips 66 1.95%, 03/05/2015			510,984
	500,000	Sunoco Logistics Partners Operations LP 8.75%, 02/15/2014			533,799
	486,000	Transcontinental Gas Pipe Line Co LLC 6.40%, 04/15/2016			557,855
	1,500,000	Transocean Inc 4.95%, 11/15/2015			1,622,979

					7,389,212


Financial — 32.25%
	170,000	American Express Credit Corp 5.30%, 12/02/2015			189,758
		Bank of America Corp
	500,000	4.50%, 04/01/2015			529,812
	1,000,000	3.70%, 09/01/2015			1,053,943
	500,000	Bank of Montreal 1.40%, 09/11/2017			500,750
	1,500,000	Barclays Bank PLC 5.20%, 07/10/2014			1,581,288
	1,000,000	Camden Property Trust 5.38%, 12/15/2013			1,031,529
		Citigroup Inc
	6,000	5.13%, 05/05/2014			6,274
	250,000	6.38%, 08/12/2014			267,918
	17,000	4.75%, 05/19/2015			18,236
	1,250,000	1.30%, 04/01/2016			1,249,852
	1,500,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.38%, 01/19/2017			1,605,921
	1,000,000	Deutsche Bank AG 3.45%, 03/30/2015			1,050,200
		Duke Realty LP
	250,000	5.40%, 08/15/2014			263,647
	1,000,000	5.95%, 02/15/2017			1,144,039


Principal Amount				Value

Financial — (continued)
$	1,500,000	Export-Import Bank of Korea 1.25%, 11/20/2015	$		1,500,924
	1,000,000	Fifth Third Bancorp 3.63%, 01/25/2016			1,069,004
	2,000,000	Ford Motor Credit Co LLC 7.00%, 04/15/2015			2,206,882
	1,393,000	General Electric Capital Corp^(e) 4.38%, 09/21/2015			1,509,538
		Goldman Sachs Group Inc
	500,000	6.00%, 05/01/2014			527,029
	1,000,000	5.13%, 01/15/2015			1,068,367
	500,000	Harley-Davidson Financial Services Inc^(a) 2.70%, 03/15/2017			516,404
	500,000	Health Care REIT Inc 2.25%, 03/15/2018			504,536
		HSBC Finance Corp
	500,000	5.25%, 01/15/2014			517,688
	1,000,000	5.00%, 06/30/2015			1,081,094
	1,000,000	Hyundai Capital Services^(a) 3.50%, 09/13/2017			1,064,136
	2,181,000	International Lease Finance Corp^(a) 6.75%, 09/01/2016			2,464,530
	1,500,000	Jefferies Group LLC 3.88%, 11/09/2015			1,567,500
	500,000	JPMorgan Chase & Co 4.75%, 03/01/2015			536,924
	250,000	JPMorgan Chase Bank NA 5.88%, 06/13/2016			282,946
	2,000,000	Kerry Group Financial Services Series 2003-B^(a) 4.99%, 04/30/2013			2,006,600
	250,000	Lehman Brothers Holdings Inc^(f)(g) 0.00%, 10/15/2020			66,875
	500,000	MassMutual Global Funding II^(a) 2.30%, 09/28/2015			520,994
	1,000,000	Metropolitan Life Global Funding I^(a) 2.00%, 01/10/2014			1,011,084
	1,500,000	Morgan Stanley 6.00%, 05/13/2014			1,580,995
	1,000,000	NASDAQ OMX Group Inc 4.00%, 01/15/2015			1,044,748
	1,000,000	National Australia Bank Ltd 2.00%, 03/09/2015			1,024,997
	1,000,000	Nomura Holdings Inc 5.00%, 03/04/2015			1,063,886
	475,000	Prudential Covered Trust 2012-1^(a) 3.00%, 09/30/2015			495,247
	1,000,000	Prudential Financial Inc 4.75%, 09/17/2015			1,089,461
	500,000	Simon Property Group LP 5.10%, 06/15/2015			546,833
	582,000	UBS AG/Stamford CT 2.25%, 08/12/2013			584,747
	1,000,000	USB Capital IX^(c)(h) 3.50%, Perpetual			927,600


Principal Amount				Value

Financial — (continued)
$	250,000	Wells Fargo & Co 3.63%, 04/15/2015	$		264,289

					39,139,025


Industrial — 5.31%
	500,000	BAE Systems PLC^(a) 3.50%, 10/11/2016			527,935
	812,611	Federal Express Corp 1998 Pass Through Trust 6.85%, 01/15/2019			918,251
	1,238,924	Federal Express Corp 2012 Pass Through Trust^(a) 2.63%, 01/15/2018			1,266,951
	448,015	GATX Corp 2008-2 Pass Through Trust 9.00%, 11/15/2013			469,483
		Ryder System Inc
	250,000	5.85%, 03/01/2014			261,352
	500,000	3.15%, 03/02/2015			518,815
	250,000	7.20%, 09/01/2015			283,961
	500,000	TTX Co^(a) 4.90%, 03/01/2015			523,432
	298,457	Union Pacific Railroad Co 1999 Pass Through Trust 7.60%, 01/02/2020			359,300
	1,000,000	URS Corp^(a) 4.10%, 04/01/2017			1,039,228
	250,000	Waste Management Inc 6.38%, 03/11/2015			276,166

					6,444,874


Technology — 3.08%
	500,000	Dun & Bradstreet Corp 2.88%, 11/15/2015			516,971
		Hewlett-Packard Co
	250,000	6.13%, 03/01/2014			261,669
	250,000	4.75%, 06/02/2014			261,128
	500,000	2.13%, 09/13/2015			506,917
	1,000,000	3.30%, 12/09/2016			1,041,433
	1,000,000	Xerox Corp 6.75%, 02/01/2017			1,153,978

					3,742,096


Utilities — 2.90%
	500,000	Kentucky Power Co^(a) 6.00%, 09/15/2017			588,124
	500,000	Oncor Electric Delivery Co LLC 6.80%, 09/01/2018			622,349
	325,000	Pnpp II Funding Corp 8.83%, 05/30/2016			361,524
	500,000	Puget Sound Energy Inc 5.20%, 10/01/2015			550,932
	1,000,000	Southwestern Electric Power Co 5.55%, 01/15/2017			1,132,411


Principal Amount				Value

Utilities — (continued)
$	250,000	Westar Energy Inc 6.00%, 07/01/2014	$		266,075

					3,521,415


TOTAL BONDS AND NOTES — 74.65% (Cost $88,694,170)			$		90,607,894


MORTGAGE-BACKED SECURITIES
	823,233	Americold 2010 LLC Trust Series 2010-ARTA, Class A1^(a) 3.85%, 01/14/2029			881,186
		Bear Stearns Commercial Mortgage Securities Trust^(c)
	84,559	Adjusted Series 2004-PWR4, Class A3 5.47%, 06/11/2041			87,909
	20,720	Series 2005-T20, Class AAB 5.13%, 10/12/2042			21,373
	41,767	CHL Mortgage Pass-Through Trust Float Series 2003-15, Class 1A1^(c) 0.70%, 06/25/2018			40,991
	451,278	Commercial Mortgage Trust Series 2003-C2, Class A4 4.92%, 01/05/2036			456,474
	500,000	FDIC Trust Series 2013-R1, Class A 1.15%, 03/25/2033			499,375
	966,829	Federal Home Loan Mortgage Corp 2.50%, 11/01/2022			1,001,946
	134,960	GE Capital Commercial Mortgage Corp Series 2004-C1, Class A3 4.60%, 11/10/2038			137,266
	251,157	JP Morgan Chase Commercial Mortgage Securities Corp Series 2004-CB8, Class A1A 4.16%, 01/12/2039			256,538
		JP Morgan Chase Commercial Mortgage Securities Corp Commercial Mortgage Pass-Through Trust^(c)
	279,977	Series 2004-C2, Class A2 5.09%, 05/15/2041			285,394
	600,000	Series 2004-C2, Class A3 5.21%, 05/15/2041			621,530
	231,964	JP Morgan Chase Commercial Mortgage Securities Series 2004-CIBC10 Series 2004-CBX, Class A5 4.65%, 01/12/2037			236,540
	500,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class A2^(a) 3.34%, 07/15/2046			534,702


Principal Amount				Value

Mortgage-Backed Securities – (continued)
		JPMorgan Chase Commercial Mortgage Securities Corp Series
$	250,000	Series 2005-LDP2, Class A4 4.74%, 07/15/2042	$		267,116
	500,000	Adjusted Series 2005-LDP5, Class A4 5.20%, 12/15/2044^(c)			548,043
		Morgan Stanley Capital I Trust
	448,898	Series 2004-IQ7, Class A4 5.42%, 06/15/2038^(c)			465,679
	159,247	Series 2003-T11, Class A4 5.15%, 06/13/2041			159,705
	500,000	Series 2006-T21, Class A4 5.16%, 10/12/2052			549,085
	10,029	Morgan Stanley Dean Witter Capital I Trust Series 2001-TOP3, Class A4 6.39%, 07/15/2033			10,034
	360,013	Wachovia Commercial Mortgage Securities Inc Commercial Mortgage Pass-Through Trust Certificates Series 2003-C6 CLA4^(c) 5.13%, 08/15/2035			361,812
	211,519	Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A1^(a) 3.35%, 11/15/2043			226,928
	1,041,687	WFRBS Commercial Mortgage Trust Series 2011-C4, Class A1^(a) 1.61%, 06/15/2044			1,056,230

					8,705,856


TOTAL MORTGAGE-BACKED SECURITIES — 7.17% (Cost $8,549,954)			$		8,705,856


U.S. TREASURY BONDS AND NOTES
		United States Treasury Note/Bond
	4,000,000	0.38%, 02/15/2016^(e)			4,002,500
	750,000	0.63%, 08/31/2017			749,238

					4,751,738


TOTAL U.S. TREASURY BONDS AND NOTES — 3.92% (Cost $4,750,772)			$		4,751,738


Shares				Value

PREFERRED STOCK
Financial — 0.79%
	1,000,000	Mellon Capital IV^(c)	$		962,500


TOTAL PREFERRED STOCK — 0.79% (Cost $960,000)			$		962,500


Principal Amount

SHORT TERM INVESTMENTS
Reverse Repurchase Agreements — 4.50%
$	2,415,000	Reverse Repurchase agreement (principal amount/value $2,415,000 with a maturity value of $2,415,043) with Merrill Lynch, Pierce, Fenner & Smith, 0.16%, dated 3/28/13, to be repurchased at $2,415,043 on 4/1/13, collateralized by a U.S. Treasury Security, 0.88%, 1/31/17, with a value of $2,463,305.			2,415,000

	722,905	Undivided interest of 0.83% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $722,905 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			722,905

	722,904	Undivided interest of 0.83% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $722,904 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			722,904


Principal Amount				Value

Short Term Investments – (continued)
$	152,131	Undivided interest of 0.87% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $152,131 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.	$		152,131

	722,905	Undivided interest of 0.87% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $722,905 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			722,905

	722,905	Undivided interest of 0.87% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $722,905 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			722,905


TOTAL SHORT TERM INVESTMENTS — 4.50% (Cost $5,458,750)			$		5,458,750


TOTAL INVESTMENTS — 102.12% (Cost $121,679,716)			$		123,948,318

OTHER ASSETS & LIABILITIES, NET — (2.12)%			$		(2,572,986	)

TOTAL NET ASSETS — 100.00%			$		121,375,332

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $121,679,716. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $2,613,265 and gross depreciation of securities in which there was an excess of tax cost over value of $344,663 resulting in net appreciation of $2,268,602.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. As of March 28, 2013 the Fund had securities on loan valued at $2,982,378 and received collateral of $5,458,750 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Communications — 9.83%
	138,008	8x8 Inc ^(a)	$		945,355
	64,766	Aruba Networks Inc ^(a)(b)			1,602,311
	70,788	Belo Corp Class A ^(a)			695,846
	33,720	BroadSoft Inc ^(a)(b)			892,568
	46,724	Cogent Communications Group Inc			1,233,514
	45,398	ExactTarget Inc ^(a)(b)			1,056,411
	15,479	HomeAway Inc ^(a)(b)			503,068
	26,216	Ixia ^(a)			567,314
	33,319	NETGEAR Inc ^(a)			1,116,520
	18,242	OpenTable Inc ^(a)(b)			1,148,881
	38,021	Procera Networks Inc ^(a)			452,070
	17,715	Sourcefire Inc ^(a)			1,049,259

					11,263,117


Consumer, Cyclical — 17.17%
	17,236	Alaska Air Group Inc ^(a)			1,102,415
	24,918	Asbury Automotive Group Inc ^(a)			914,241
	42,951	Body Central Corp ^(a)			403,739
	16,319	Buffalo Wild Wings Inc ^(a)			1,428,402
	37,372	Chico’s FAS Inc			627,850
	15,048	Coinstar Inc ^(a)(b)			879,104
	17,650	Domino’s Pizza Inc			907,916
	35,993	Express Inc ^(a)			641,035
	14,174	G-III Apparel Group Ltd ^(a)			568,519
	19,335	Hibbett Sports Inc ^(a)			1,087,981
	14,100	HSN Inc			773,526
	48,988	KB Home ^(b)			1,066,469
	57,233	Lions Gate Entertainment Corp ^(a)(b)			1,360,428
	52,765	Modine Manufacturing Co ^(a)			480,162
	60,084	Multimedia Games Holding Co Inc ^(a)			1,253,953
	17,227	Nu Skin Enterprises Inc Class A ^(b)			761,433
	27,267	Ryland Group Inc ^(b)			1,134,853
	101,973	Standard Pacific Corp ^(a)(b)			881,047
	26,929	Steven Madden Ltd ^(a)			1,161,717
	35,112	Titan Machinery Inc ^(a)(b)			974,358
	41,306	US Airways Group Inc ^(a)(b)			700,963
	11,405	Vitamin Shoppe Inc ^(a)			557,134

					19,667,245


Consumer, Non-cyclical — 26.91%
	39,446	ABIOMED Inc ^(a)(b)			736,457
	29,404	Acacia Research Corp ^(a)			887,119
	45,372	Acadia Healthcare Co Inc ^(a)			1,333,483
	21,417	Air Methods Corp			1,033,156
	23,931	Align Technology Inc ^(a)			801,928
	173,840	AVANIR Pharmaceuticals Inc Class A ^(a)(b)			476,322
	32,818	Cardtronics Inc ^(a)			901,182
	15,674	Corporate Executive Board Co			911,600
	29,865	Cubist Pharmaceuticals Inc ^(a)			1,398,279
	66,259	Endologix Inc ^(a)			1,070,083
	69,273	Euronet Worldwide Inc ^(a)			1,824,651
	115,784	Exelixis Inc ^(a)(b)			534,922
	58,215	H&E Equipment Services Inc			1,187,586


Shares				Value

Consumer, Non-cyclical — (continued)
	20,153	Hain Celestial Group Inc ^(a)(b)	$		1,230,945
	35,668	HealthSouth Corp ^(a)(b)			940,565
	53,585	Heartland Payment Systems Inc			1,766,698
	9,392	HeartWare International Inc ^(a)(b)			830,535
	44,755	HMS Holdings Corp ^(a)			1,215,098
	31,360	ICON PLC ^(a)			1,012,614
	42,557	Impax Laboratories Inc ^(a)			657,080
	66,471	Kforce Inc			1,088,130
	12,245	LifePoint Hospitals Inc ^(a)			593,393
	34,474	Medicines Co ^(a)			1,152,121
	13,120	Neogen Corp ^(a)			650,358
	79,718	NPS Pharmaceuticals Inc ^(a)			812,326
	31,274	NuVasive Inc ^(a)			666,449
	27,112	Questcor Pharmaceuticals Inc ^(b)			882,225
	21,138	Seattle Genetics Inc ^(a)(b)			750,610
	32,598	Team Health Holdings Inc ^(a)			1,185,915
	54,728	TrueBlue Inc ^(a)			1,156,950
	23,104	United Natural Foods Inc ^(a)			1,136,717

					30,825,497


Energy — 7.77%
	70,487	Basic Energy Services Inc ^(a)(b)			963,557
	73,451	Flotek Industries Inc ^(a)(b)			1,200,924
	28,382	Gulfport Energy Corp ^(a)			1,300,747
	115,194	Halcon Resources Corp ^(a)			897,361
	20,564	Hornbeck Offshore Services Inc ^(a)			955,403
	149,846	Kodiak Oil & Gas Corp ^(a)			1,362,100
	20,132	Lufkin Industries Inc ^(b)			1,336,564
	35,039	Mitcham Industries Inc ^(a)			592,860
	13,420	Stone Energy Corp ^(a)			291,885

					8,901,401


Financial — 8.35%
	68,681	Cathay General Bancorp			1,381,862
	45,893	Encore Capital Group Inc ^(a)(b)			1,381,379
	47,356	MB Financial Inc			1,144,595
	13,856	Portfolio Recovery Associates Inc ^(a)			1,758,603
	89,304	Radian Group Inc ^(a)(b)			956,446
	37,140	Stifel Financial Corp ^(a)(b)			1,287,644
	19,336	World Acceptance Corp ^(a)(b)			1,660,382

					9,570,911


Industrial — 11.84%
	30,554	AAR Corp			561,888
	17,266	Haynes International Inc			954,810
	54,723	Headwaters Inc ^(a)			596,481
	41,677	Hexcel Corp ^(a)			1,209,050
	25,448	Hub Group Inc Class A ^(a)			978,730
	19,496	LSB Industries Inc ^(a)			678,071
	16,681	MasTec Inc ^(a)			486,251
	19,742	Mistras Group Inc ^(a)			477,954
	107,363	Mueller Water Products Inc Class A ^(a)			636,662
	38,044	MYR Group Inc ^(a)			934,361
	11,775	Polypore International Inc ^(a)(b)			473,119


Shares				Value

Industrial — (continued)
	11,334	Powell Industries Inc ^(a)	$		595,828
	11,511	Ryder System Inc			687,782
	13,265	Simpson Manufacturing Co Inc			406,042
	17,859	Terex Corp ^(a)			614,707
	18,460	Trimas Corp ^(a)			599,396
	7,324	Triumph Group Inc			574,934
	18,799	Universal Display Corp ^(a)(b)			552,502
	4,714	Valmont Industries Inc			741,371
	20,125	Woodward Inc			800,170

					13,560,109


Technology — 16.17%
	44,120	Aspen Technology Inc ^(a)			1,424,635
	35,855	Bottomline Technologies de Inc ^(a)			1,022,226
	40,814	Cirrus Logic Inc ^(a)			928,518
	17,849	CommVault Systems Inc ^(a)			1,463,261
	26,312	Cornerstone OnDemand Inc ^(a)			897,239
	43,588	Infoblox Inc ^(a)			945,860
	77,508	InnerWorkings Inc ^(a)(b)			1,173,471
	67,251	Jive Software Inc ^(a)(b)			1,022,215
	21,435	Medidata Solutions Inc ^(a)			1,242,801
	35,752	PROS Holdings Inc ^(a)			971,382
	67,425	QLIK Technologies Inc ^(a)			1,741,588
	61,243	Semtech Corp ^(a)			2,167,390
	9,967	Stratasys Ltd ^(a)(b)			739,751
	48,917	Tangoe Inc ^(a)			606,082
	14,783	Ultimate Software Group Inc ^(a)			1,539,797
	27,791	Vocera Communications Inc ^(a)			639,193

					18,525,409


TOTAL COMMON STOCK — 98.04% (Cost $95,878,340)			$		112,313,689


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency — 0.46%
$	534,000	Federal Home Loan Bank 0.00%, 04/01/2013			534,000


Reverse Repurchase Agreements — 23.09%
	6,281,787	Undivided interest of 7.21% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $6,281,787 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			6,281,787


Principal Amount				Value

Short Term Investments — (continued)
$	6,281,787	Undivided interest of 7.21% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $6,281,787 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.	$		6,281,787

	1,322,408	Undivided interest of 7.55% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $1,322,408 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			1,322,408

	6,281,787	Undivided interest of 7.55% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $6,281,787 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			6,281,787

	6,281,787	Undivided interest of 7.55% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $6,281,787 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			6,281,787

					26,449,556


TOTAL SHORT TERM INVESTMENTS — 23.55% (Cost $26,983,556)			$		26,983,556

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $123,484,533. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $21,283,554 and gross depreciation of securities in which there was an excess of tax cost over value of $5,470,842 resulting in net appreciation of $15,812,712.

on loan valued at $25,755,130 and received collateral of $26,449,556 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 3.28%
	4,018	Air Products & Chemicals Inc	$		350,048
	1,299	Airgas Inc			128,809
	1,632	Albemarle Corp			102,033
	19,910	Alcoa Inc			169,633
	1,862	Allegheny Technologies Inc			59,044
	1,397	Ashland Inc			103,797
	1,156	Cabot Corp			39,535
	835	Carpenter Technology Corp			41,157
	1,235	CF Industries Holdings Inc			235,107
	3,038	Cliffs Natural Resources Inc ^(a)			57,752
	2,583	Commercial Metals Co			40,941
	627	Compass Minerals International Inc			49,470
	940	Cytec Industries Inc			69,635
	702	Domtar Corp			54,489
	23,045	Dow Chemical Co			733,753
	2,977	Eastman Chemical Co			208,003
	5,010	Ecolab Inc			401,702
	18,186	EI du Pont de Nemours & Co			894,024
	2,752	FMC Corp			156,947
	18,477	Freeport-McMoRan Copper & Gold Inc			611,589
	1,554	International Flavors & Fragrances Inc			119,145
	8,637	International Paper Co			402,311
	1,088	Intrepid Potash Inc			20,411
	7,485	LyondellBasell Industries NV Class A			473,726
	3,287	MeadWestvaco Corp			119,318
	816	Minerals Technologies Inc			33,872
	10,285	Monsanto Co			1,086,405
	5,241	Mosaic Co			312,416
	220	NewMarket Corp ^(a)			57,279
	9,426	Newmont Mining Corp			394,855
	6,126	Nucor Corp			282,715
	1,792	Olin Corp			45,194
	2,765	PPG Industries Inc			370,344
	5,784	Praxair Inc			645,147
	1,419	Reliance Steel & Aluminum Co			100,990
	1,252	Royal Gold Inc			88,930
	2,597	RPM International Inc			82,013
	1,118	Sensient Technologies Corp			43,703
	1,677	Sherwin-Williams Co			283,229
	2,296	Sigma-Aldrich Corp			178,353
	4,205	Steel Dynamics Inc			66,733
	2,723	United States Steel Corp ^(a)			53,099
	1,601	Valspar Corp			99,662

					9,867,318


Communications — 10.54%
	1,170	ADTRAN Inc ^(a)			22,991
	7,034	Amazon.com Inc ^(b)			1,874,491
	990	AMC Networks Inc Class A ^(b)			62,548
	1,700	AOL Inc			65,433
	106,260	AT&T Inc ^(c)			3,898,679
	4,030	Cablevision Systems Corp Class A			60,289
	11,481	CBS Corp Class B			536,048


Shares				Value

Communications — (continued)
	11,872	CenturyLink Inc	$		417,063
	2,101	Ciena Corp ^(b)			33,637
	103,138	Cisco Systems Inc			2,156,616
	51,190	Comcast Corp Class A			2,150,492
	28,044	Corning Inc			373,827
	5,573	Crown Castle International Corp ^(b)			388,104
	11,246	DIRECTV ^(b)			636,636
	4,690	Discovery Communications Inc Class A ^(b)			369,291
	22,410	eBay Inc ^(b)			1,215,070
	952	Equinix Inc ^(b)			205,927
	1,893	Expedia Inc			113,599
	1,550	F5 Networks Inc ^(b)			138,074
	763	FactSet Research Systems Inc			70,654
	18,854	Frontier Communications Corp ^(a)			75,039
	4,265	Gannett Co Inc			93,276
	750	General Cable Corp ^(b)			27,473
	5,170	Google Inc Class A ^(b)(c)			4,105,135
	2,247	Harris Corp			104,126
	886	InterDigital Inc			42,377
	8,306	Interpublic Group of Cos Inc			108,227
	5,046	JDS Uniphase Corp ^(b)			67,465
	979	John Wiley & Sons Inc Class A			38,142
	10,056	Juniper Networks Inc ^(b)			186,438
	934	Lamar Advertising Co Class A ^(b)			45,402
	5,449	McGraw-Hill Cos Inc			283,784
	808	Meredith Corp			30,914
	5,697	MetroPCS Communications Inc ^(b)			62,097
	5,508	Motorola Solutions Inc			352,677
	1,065	Netflix Inc ^(b)			201,722
	1,325	NeuStar Inc Class A ^(b)			61,652
	2,491	New York Times Co Class A ^(b)			24,412
	38,800	News Corp Class A			1,184,176
	5,095	Omnicom Group Inc			300,096
	860	Plantronics Inc			38,003
	3,846	Polycom Inc ^(b)			42,614
	958	priceline.com Inc ^(b)			659,037
	2,158	Rackspace Hosting Inc ^(b)			108,936
	6,226	RF Micro Devices Inc ^(b)			33,122
	436	Scholastic Corp			11,619
	1,586	Scripps Networks Interactive Inc Class A			102,043
	59,028	Sprint Nextel Corp ^(b)			366,564
	13,146	Symantec Corp ^(b)			324,443
	1,813	Telephone & Data Systems Inc			38,200
	5,898	Tellabs Inc			12,327
	3,234	TIBCO Software Inc ^(b)			65,391
	5,789	Time Warner Cable Inc			556,091
	18,215	Time Warner Inc			1,049,548
	1,938	TripAdvisor Inc ^(b)			101,784
	2,667	tw telecom inc ^(b)			67,182
	1,048	ValueClick Inc ^(b)			30,968
	3,055	VeriSign Inc ^(b)			144,440
	55,290	Verizon Communications Inc ^(c)			2,717,503
	8,865	Viacom Inc Class B			545,818
	34,923	Walt Disney Co			1,983,626
	71	Washington Post Co Class B ^(a)			31,737
	11,186	Windstream Corp ^(a)			88,929


Shares				Value

Communications — (continued)
	18,762	Yahoo! Inc ^(b)	$		441,470

					31,745,494


Consumer, Cyclical — 9.36%
	1,550	Abercrombie & Fitch Co Class A			71,610
	1,339	Advance Auto Parts Inc			110,668
	1,728	Aeropostale Inc ^(b)			23,501
	1,448	Alaska Air Group Inc ^(b)			92,614
	3,323	American Eagle Outfitters Inc			62,140
	1,031	ANN Inc ^(b)			29,920
	1,959	Arrow Electronics Inc ^(b)			79,575
	2,501	Ascena Retail Group Inc ^(b)			46,394
	752	AutoNation Inc ^(b)			32,900
	697	AutoZone Inc ^(b)			276,549
	645	Bally Technologies Inc ^(a)(b)			33,521
	1,035	Barnes & Noble Inc ^(a)(b)			17,026
	4,324	Bed Bath & Beyond Inc ^(b)			278,552
	4,859	Best Buy Co Inc			107,627
	905	Big Lots Inc ^(b)			31,919
	617	Bob Evans Farms Inc			26,297
	2,184	BorgWarner Inc ^(b)			168,911
	1,392	Brinker International Inc			52,409
	944	Cabela’s Inc Class A ^(b)			57,376
	4,563	CarMax Inc ^(b)			190,277
	8,761	Carnival Corp			300,502
	1,077	Carter’s Inc ^(b)			61,680
	1,081	Cheesecake Factory Inc			41,737
	3,196	Chico’s FAS Inc			53,693
	590	Chipotle Mexican Grill Inc ^(b)			192,263
	1,737	Cinemark Holdings Inc			51,137
	2,159	Cintas Corp			95,277
	5,560	Coach Inc			277,944
	2,186	Copart Inc ^(b)			74,936
	8,313	Costco Wholesale Corp			882,092
	23,994	CVS Caremark Corp			1,319,430
	2,358	Darden Restaurants Inc			121,861
	514	Deckers Outdoor Corp ^(b)			28,625
	5,850	Delphi Automotive PLC			259,740
	1,891	Dick’s Sporting Goods Inc			89,444
	5,849	Dollar General Corp ^(b)			295,842
	4,413	Dollar Tree Inc ^(b)			213,722
	5,301	DR Horton Inc			128,814
	1,653	DreamWorks Animation SKG Inc Class A ^(a)(b)			31,341
	1,748	Family Dollar Stores Inc			103,219
	5,299	Fastenal Co			272,104
	3,049	Foot Locker Inc			104,398
	75,566	Ford Motor Co			993,693
	986	Fossil Inc ^(b)			95,248
	2,482	GameStop Corp Class A ^(a)			69,422
	5,782	Gap Inc			204,683
	3,034	Genuine Parts Co			236,652
	5,235	Goodyear Tire & Rubber Co ^(b)			66,013
	1,168	Guess? Inc			29,001
	1,720	Hanesbrands Inc ^(b)			78,363
	4,419	Harley-Davidson Inc			235,533
	1,330	Harman International Industries Inc			59,358
	2,092	Hasbro Inc ^(a)			91,922


Shares				Value

Consumer, Cyclical — (continued)
	1,216	Herman Miller Inc	$		33,647
	1,006	HNI Corp			35,703
	28,802	Home Depot Inc			2,009,804
	598	HSN Inc			32,806
	3,155	Ingram Micro Inc Class A ^(b)			62,090
	5,032	International Game Technology			83,028
	425	International Speedway Corp Class A			13,889
	3,180	JC Penney Co Inc ^(a)			48,050
	4,495	JetBlue Airways Corp ^(a)(b)			31,016
	13,260	Johnson Controls Inc			465,028
	1,482	KB Home ^(a)			32,263
	4,111	Kohl’s Corp			189,640
	4,696	L Brands Inc			209,723
	3,128	Lennar Corp Class A ^(a)			129,749
	769	Life Time Fitness Inc ^(b)			32,898
	5,850	LKQ Corp ^(b)			127,296
	21,622	Lowe’s Cos Inc			819,906
	7,484	Macy’s Inc			313,131
	4,916	Marriott International Inc Class A			207,603
	6,478	Mattel Inc			283,672
	19,337	McDonald’s Corp			1,927,706
	726	MDC Holdings Inc			26,608
	1,142	Mohawk Industries Inc ^(b)			129,183
	873	MSC Industrial Direct Co Inc Class A			74,886
	5,852	Newell Rubbermaid Inc			152,737
	14,026	NIKE Inc Class B			827,674
	2,999	Nordstrom Inc			165,635
	87	NVR Inc ^(b)			93,970
	2,200	O’Reilly Automotive Inc ^(b)			225,610
	6,803	Office Depot Inc ^(b)			26,736
	1,603	Oshkosh Corp ^(b)			68,111
	1,112	Owens & Minor Inc ^(a)			36,207
	6,695	PACCAR Inc			338,499
	535	Panera Bread Co Class A ^(b)			88,403
	1,980	PetSmart Inc			122,958
	1,216	Polaris Industries Inc			112,468
	6,642	PulteGroup Inc ^(b)			134,434
	1,518	PVH Corp			162,138
	1,203	Ralph Lauren Corp			203,680
	1,230	Regis Corp ^(a)			22,374
	4,352	Ross Stores Inc			263,818
	2,155	Saks Inc ^(a)(b)			24,718
	979	Scientific Games Corp Class A ^(b)			8,566
	1,510	Signet Jewelers Ltd			101,170
	14,414	Southwest Airlines Co			194,301
	12,553	Staples Inc			168,587
	14,295	Starbucks Corp			814,243
	3,856	Starwood Hotels & Resorts Worldwide Inc			245,743
	12,510	Target Corp			856,309
	1,059	Tempur-Pedic International Inc ^(a)(b)			52,558
	995	Thor Industries Inc			36,606
	2,262	Tiffany & Co ^(a)			157,299
	14,002	TJX Cos Inc			654,593
	2,876	Toll Brothers Inc ^(b)			98,474
	1,355	Tractor Supply Co			141,096
	1,490	Under Armour Inc Class A ^(b)			76,288


Shares				Value

Consumer, Cyclical — (continued)
	2,296	Urban Outfitters Inc ^(b)	$		88,947
	1,698	VF Corp			284,840
	32,226	Wal-Mart Stores Inc			2,411,472
	16,501	Walgreen Co			786,768
	524	Watsco Inc			44,110
	6,654	Wendy’s Co ^(a)			37,728
	1,483	Whirlpool Corp			175,676
	1,811	Williams-Sonoma Inc			93,303
	921	WMS Industries Inc ^(b)			23,218
	1,238	World Fuel Services Corp			49,173
	1,168	WW Grainger Inc			262,777
	2,754	Wyndham Worldwide Corp			177,578
	1,565	Wynn Resorts Ltd			195,875
	8,673	Yum! Brands Inc			623,936

					28,200,204


Consumer, Non-cyclical — 21.58%
	1,553	Aaron’s Inc			44,540
	30,408	Abbott Laboratories			1,074,011
	30,414	AbbVie Inc			1,240,283
	2,447	Actavis Inc ^(b)			225,393
	4,454	ADT Corp			217,979
	6,348	Aetna Inc			324,510
	3,751	Alexion Pharmaceuticals Inc ^(b)			345,617
	5,906	Allergan Inc			659,287
	971	Alliance Data Systems Corp ^(b)			157,195
	38,980	Altria Group Inc			1,340,522
	4,614	AmerisourceBergen Corp			237,390
	14,482	Amgen Inc			1,484,550
	2,027	Apollo Group Inc Class A ^(b)			35,250
	12,523	Archer-Daniels-Midland Co			422,401
	9,319	Automatic Data Processing Inc			605,921
	2,027	Avery Dennison Corp			87,303
	8,671	Avon Products Inc			179,750
	10,704	Baxter International Inc			777,539
	3,041	Beam Inc			193,225
	3,868	Becton Dickinson & Co			369,819
	373	Bio-Rad Laboratories Inc Class A ^(b)			46,998
	4,547	Biogen Idec Inc ^(b)			877,162
	26,689	Boston Scientific Corp ^(b)			208,441
	1,135	Brink’s Co			32,075
	31,765	Bristol-Myers Squibb Co			1,308,400
	2,838	Brown-Forman Corp Class B			202,633
	3,629	Campbell Soup Co			164,611
	6,429	Cardinal Health Inc			267,575
	4,411	CareFusion Corp ^(b)			154,341
	8,134	Celgene Corp ^(b)			942,812
	1,077	Charles River Laboratories International Inc ^(b)			47,679
	2,599	Church & Dwight Co Inc			167,973
	5,418	Cigna Corp			337,921
	2,498	Clorox Co			221,148
	74,334	Coca-Cola Co ^(c)			3,006,067
	5,243	Coca-Cola Enterprises Inc			193,572
	8,543	Colgate-Palmolive Co			1,008,330
	1,648	Community Health Systems Inc			78,099
	8,056	ConAgra Foods Inc			288,485


Shares				Value

Consumer, Non-cyclical — (continued)
	3,098	Constellation Brands Inc Class A ^(b)	$		147,589
	2,166	Convergys Corp			36,887
	916	Cooper Cos Inc			98,818
	1,919	CoreLogic Inc ^(b)			49,625
	732	Corporate Executive Board Co			42,573
	1,076	Covance Inc ^(b)			79,968
	2,653	Coventry Health Care Inc			124,771
	9,087	Covidien PLC			616,462
	1,528	CR Bard Inc			153,992
	1,624	DaVita HealthCare Partners Inc ^(b)			192,590
	3,943	Dean Foods Co ^(b)			71,487
	1,092	Deluxe Corp			45,209
	2,712	DENTSPLY International Inc			115,043
	872	DeVry Inc			27,686
	3,966	Dr Pepper Snapple Group Inc			186,204
	2,249	Edwards Lifesciences Corp ^(b)			184,778
	19,315	Eli Lilly & Co			1,096,899
	2,012	Endo Health Solutions Inc ^(b)			61,889
	2,203	Equifax Inc			126,871
	4,744	Estee Lauder Cos Inc Class A			303,758
	15,927	Express Scripts Holding Co ^(b)			918,192
	1,967	Flowers Foods Inc			64,793
	4,454	Forest Laboratories Inc ^(b)			169,430
	875	FTI Consulting Inc ^(b)			32,953
	1,869	Gartner Inc Class A ^(b)			101,692
	12,383	General Mills Inc			610,606
	29,448	Gilead Sciences Inc ^(b)			1,440,891
	1,479	Global Payments Inc			73,447
	2,451	Green Mountain Coffee Roasters Inc ^(a)(b)			139,119
	5,018	H&R Block Inc			147,630
	906	Harris Teeter Supermarkets Inc			38,695
	4,499	Health Management Associates Inc Class A ^(b)			57,902
	1,714	Health Net Inc ^(b)			49,055
	1,722	Henry Schein Inc ^(b)			159,371
	2,815	Hershey Co			246,397
	1,139	Hill-Rom Holdings Inc			40,116
	2,533	Hillshire Brands Co			89,035
	6,221	HJ Heinz Co			449,592
	1,841	HMS Holdings Corp ^(b)			49,983
	5,224	Hologic Inc ^(b)			118,062
	2,500	Hormel Foods Corp			103,300
	2,995	Hospira Inc ^(b)			98,326
	2,966	Humana Inc			204,980
	1,018	IDEXX Laboratories Inc ^(b)			94,053
	1,529	Ingredion Inc			110,577
	756	Intuitive Surgical Inc ^(b)			371,340
	3,089	Iron Mountain Inc			112,162
	2,037	Jarden Corp ^(b)			87,285
	2,159	JM Smucker Co			214,086
	54,073	Johnson & Johnson ^(c)			4,408,572
	4,768	Kellogg Co			307,202
	7,517	Kimberly-Clark Corp			736,516
	11,369	Kraft Foods Group Inc			585,845
	10,139	Kroger Co			336,006
	1,866	Laboratory Corp of America Holdings ^(b)			168,313
	405	Lancaster Colony Corp			31,185


Shares				Value

Consumer, Non-cyclical — (continued)
	1,577	Lender Processing Services Inc	$		40,150
	3,443	Life Technologies Corp ^(b)			222,521
	791	LifePoint Hospitals Inc ^(b)			38,332
	7,618	Lorillard Inc			307,386
	1,505	Manpower Inc			85,364
	687	Masimo Corp			13,479
	2,055	Mastercard Inc Class A			1,112,022
	652	Matthews International Corp Class A			22,748
	2,522	McCormick & Co Inc			185,493
	4,582	McKesson Corp			494,673
	4,019	Mead Johnson Nutrition Co Class A			311,272
	1,048	MEDNAX Inc ^(b)			93,932
	19,731	Medtronic Inc			926,568
	58,578	Merck & Co Inc ^(c)			2,590,905
	2,885	Molson Coors Brewing Co Class B			141,163
	34,178	Mondelez International Inc Class A			1,046,189
	2,876	Monster Beverage Corp ^(b)			137,300
	1,734	Monster Worldwide Inc ^(a)(b)			8,791
	3,798	Moody’s Corp			202,509
	7,671	Mylan Inc ^(b)			221,999
	2,041	Omnicare Inc			83,110
	1,428	Patterson Cos Inc			54,321
	6,199	Paychex Inc			217,399
	29,802	PepsiCo Inc			2,357,636
	1,738	Perrigo Co			206,353
	139,091	Pfizer Inc ^(c)			4,014,166
	31,904	Philip Morris International Inc ^(c)			2,957,820
	581	Post Holdings Inc ^(b)			24,942
	52,707	Procter & Gamble Co ^(c)			4,061,601
	4,179	Quanta Services Inc ^(b)			119,436
	3,031	Quest Diagnostics Inc			171,100
	1,506	Regeneron Pharmaceuticals Inc ^(b)			265,658
	1,253	Rent-A-Center Inc			46,286
	2,917	ResMed Inc ^(a)			135,232
	6,247	Reynolds American Inc			277,929
	2,850	Robert Half International Inc			106,960
	1,332	Rollins Inc			32,701
	4,011	RR Donnelley & Sons Co ^(a)			48,333
	4,862	Safeway Inc			128,114
	5,991	SAIC Inc ^(a)			81,178
	872	Scotts Miracle-Gro Co Class A			37,705
	2,438	SEI Investments Co			70,336
	4,207	Service Corp International			70,383
	2,389	Smithfield Foods Inc ^(b)			63,261
	1,126	Sotheby’s			42,124
	5,319	St Jude Medical Inc			215,100
	1,039	STERIS Corp			43,233
	264	Strayer Education Inc ^(a)			12,772
	5,485	Stryker Corp			357,841
	5,007	SUPERVALU Inc ^(a)			25,235
	11,376	Sysco Corp			400,094
	677	Techne Corp			45,934
	861	Teleflex Inc			72,763
	1,906	Tenet Healthcare Corp ^(b)			90,687
	934	Thoratec Corp ^(b)			35,025
	505	Tootsie Roll Industries Inc ^(a)			15,105


Shares				Value

Consumer, Non-cyclical — (continued)
	2,995	Total System Services Inc	$		74,216
	1,052	Towers Watson & Co Class A			72,925
	994	Tupperware Brands Corp			81,250
	5,290	Tyson Foods Inc Class A			131,298
	976	United Natural Foods Inc ^(b)			48,019
	1,918	United Rentals Inc ^(b)			105,432
	1,006	United Therapeutics Corp ^(b)			61,235
	19,651	UnitedHealth Group Inc			1,124,234
	528	Universal Corp			29,589
	1,681	Universal Health Services Inc Class B			107,365
	602	Valassis Communications Inc			17,982
	2,150	Varian Medical Systems Inc ^(b)			154,800
	1,738	VCA Antech Inc ^(b)			40,826
	4,293	Vertex Pharmaceuticals Inc ^(b)			236,029
	713	WellCare Health Plans Inc ^(b)			41,325
	5,765	WellPoint Inc			381,816
	11,105	Western Union Co			167,019
	654	WEX Inc ^(b)			51,339
	3,387	Whole Foods Market Inc			293,822
	3,278	Zimmer Holdings Inc			246,571

					64,964,376


Diversified — 0.05%
	5,438	Leucadia National Corp			149,164


Energy — 10.36%
	4,326	Alpha Natural Resources Inc ^(b)			35,516
	9,745	Anadarko Petroleum Corp			852,200
	7,509	Apache Corp			579,394
	4,737	Arch Coal Inc ^(a)			25,722
	1,180	Atwood Oceanics Inc ^(b)			61,997
	8,424	Baker Hughes Inc			390,958
	1,045	Bill Barrett Corp ^(a)(b)			21,182
	4,111	Cabot Oil & Gas Corp			277,945
	4,858	Cameron International Corp ^(b)			316,742
	434	CARBO Ceramics Inc ^(a)			39,524
	10,082	Chesapeake Energy Corp ^(a)			205,774
	37,583	Chevron Corp ^(c)			4,465,612
	1,630	Cimarex Energy Co			122,967
	23,617	ConocoPhillips			1,419,382
	4,415	CONSOL Energy Inc			148,565
	7,520	Denbury Resources Inc ^(b)			140,248
	7,306	Devon Energy Corp			412,205
	1,414	Diamond Offshore Drilling Inc ^(a)			98,358
	1,566	Dresser-Rand Group Inc ^(b)			96,560
	705	Dril-Quip Inc ^(b)			61,455
	1,286	Energen Corp			66,885
	4,578	Ensco PLC Class A			274,680
	5,202	EOG Resources Inc			666,220
	2,853	EQT Corp			193,291
	86,684	Exxon Mobil Corp ^(c)			7,811,095
	4,662	FMC Technologies Inc ^(b)			253,566
	2,618	Forest Oil Corp ^(b)			13,771
	17,832	Halliburton Co			720,591
	1,664	Helix Energy Solutions Group Inc ^(b)			38,072
	2,014	Helmerich & Payne Inc			122,250


Shares				Value

Energy — (continued)
	5,756	Hess Corp	$		412,187
	3,995	HollyFrontier Corp			205,543
	12,470	Kinder Morgan Inc			482,340
	13,718	Marathon Oil Corp			462,571
	6,414	Marathon Petroleum Corp			574,694
	3,646	Murphy Oil Corp			232,360
	5,296	Nabors Industries Ltd			85,901
	8,303	National Oilwell Varco Inc			587,437
	2,362	Newfield Exploration Co ^(b)			52,956
	4,832	Noble Corp			184,341
	3,499	Noble Energy Inc			404,694
	1,208	Northern Oil & Gas Inc ^(a)(b)			17,371
	15,594	Occidental Petroleum Corp			1,222,102
	2,152	Oceaneering International Inc			142,914
	984	Oil States International Inc ^(b)			80,265
	4,051	ONEOK Inc			193,111
	2,876	Patterson-UTI Energy Inc			68,564
	5,436	Peabody Energy Corp			114,971
	12,027	Phillips 66			841,529
	2,566	Pioneer Natural Resources Co			318,826
	2,362	Plains Exploration & Production Co ^(b)			112,124
	3,388	QEP Resources Inc			107,874
	2,615	Quicksilver Resources Inc ^(a)(b)			5,884
	3,121	Range Resources Corp			252,926
	1,128	Rosetta Resources Inc ^(b)			53,670
	2,316	Rowan Cos PLC Class A ^(b)			81,894
	25,572	Schlumberger Ltd			1,915,087
	1,368	SM Energy Co			81,013
	6,586	Southwestern Energy Co ^(b)			245,394
	13,075	Spectra Energy Corp			402,056
	2,825	Superior Energy Services Inc ^(b)			73,365
	2,707	Tesoro Corp			158,495
	871	Unit Corp ^(b)			39,674
	10,754	Valero Energy Corp			489,199
	13,180	Williams Cos Inc			493,723
	4,227	WPX Energy Inc ^(b)			67,717

					31,197,499


Financial — 16.62%
	6,500	Ace Ltd			578,305
	960	Affiliated Managers Group Inc ^(b)			147,427
	9,097	Aflac Inc			473,226
	924	Alexander & Baldwin Inc ^(b)			33,033
	1,242	Alexandria Real Estate Equities Inc REIT			88,157
	318	Alleghany Corp ^(b)			125,903
	9,171	Allstate Corp			450,021
	1,908	American Campus Communities Inc REIT			86,509
	18,736	American Express Co			1,263,931
	1,592	American Financial Group Inc			75,429
	28,405	American International Group Inc ^(b)			1,102,682
	7,689	American Tower Corp REIT			591,438
	3,965	Ameriprise Financial Inc			292,022
	6,165	Aon PLC			379,147
	2,603	Apartment Investment & Management Co REIT Class A			79,808


Shares				Value

Financial — (continued)
	3,481	Apollo Investment Corp	$		29,101
	2,507	Arthur J Gallagher & Co			103,564
	1,526	Aspen Insurance Holdings Ltd			58,873
	3,642	Associated Banc-Corp			55,322
	1,356	Assurant Inc			61,034
	1,723	Astoria Financial Corp			16,989
	2,159	AvalonBay Communities Inc REIT			273,481
	1,535	BancorpSouth Inc			25,020
	209,302	Bank of America Corp ^(c)			2,549,298
	820	Bank of Hawaii Corp ^(a)			41,664
	22,440	Bank of New York Mellon Corp			628,096
	13,560	BB&T Corp			425,648
	35,283	Berkshire Hathaway Inc Class B ^(b)(c)			3,676,489
	3,335	BioMed Realty Trust Inc REIT			72,036
	2,408	BlackRock Inc Class A			618,567
	2,962	Boston Properties Inc REIT			299,340
	1,350	BRE Properties Inc REIT			65,718
	2,491	Brown & Brown Inc			79,812
	1,703	Camden Property Trust REIT			116,962
	11,168	Capital One Financial Corp			613,682
	1,089	Cathay General Bancorp			21,911
	1,609	CBOE Holdings Inc			59,436
	5,794	CBRE Group Inc Class A ^(b)			146,298
	20,822	Charles Schwab Corp			368,341
	4,984	Chubb Corp			436,250
	2,806	Cincinnati Financial Corp			132,415
	58,771	Citigroup Inc ^(c)			2,600,029
	859	City National Corp			50,604
	5,823	CME Group Inc			357,474
	3,658	Comerica Inc			131,505
	1,557	Commerce Bancshares Inc			63,572
	1,425	Corporate Office Properties Trust REIT			38,019
	1,891	Corrections Corp of America REIT			73,881
	1,270	Cullen/Frost Bankers Inc			79,413
	9,597	Discover Financial Services			430,329
	5,754	Duke Realty Corp REIT			97,703
	5,586	E*TRADE Financial Corp ^(b)			59,826
	2,479	East West Bancorp Inc			63,636
	2,177	Eaton Vance Corp			91,064
	1,040	Equity One Inc REIT			24,929
	6,224	Equity Residential REIT			342,693
	697	Essex Property Trust Inc REIT			104,954
	972	Everest Re Group Ltd			126,224
	2,038	Extra Space Storage Inc REIT			80,032
	1,222	Federal Realty Investment Trust REIT			132,025
	2,023	Federated Investors Inc Class B ^(a)			47,884
	3,981	Fidelity National Financial Inc Class A			100,441
	17,594	Fifth Third Bancorp			286,958
	2,092	First American Financial Corp			53,492
	5,533	First Horizon National Corp			59,092
	6,779	First Niagara Financial Group Inc			60,062
	2,314	FirstMerit Corp ^(a)			38,250
	2,673	Franklin Resources Inc			403,115
	4,133	Fulton Financial Corp			48,356
	9,320	Genworth Financial Inc Class A ^(b)			93,200
	8,503	Goldman Sachs Group Inc			1,251,216


Shares				Value

Financial — (continued)
	535	Greenhill & Co Inc	$		28,558
	1,567	Hancock Holding Co			48,452
	835	Hanover Insurance Group Inc			41,483
	8,357	Hartford Financial Services Group Inc			215,611
	2,034	HCC Insurance Holdings Inc			85,489
	8,764	HCP Inc REIT			436,973
	5,033	Health Care REIT Inc REIT			341,791
	1,547	Highwoods Properties Inc REIT ^(a)			61,215
	1,036	Home Properties Inc REIT			65,703
	2,425	Hospitality Properties Trust REIT			66,542
	13,641	Host Hotels & Resorts Inc REIT			238,581
	8,833	Hudson City Bancorp Inc			76,317
	16,540	Huntington Bancshares Inc			122,231
	1,436	IntercontinentalExchange Inc ^(b)			234,169
	996	International Bancshares Corp			20,717
	8,530	Invesco Ltd			247,029
	3,257	Janus Capital Group Inc ^(a)			30,616
	823	Jones Lang LaSalle Inc			81,814
	73,914	JPMorgan Chase & Co ^(c)			3,507,958
	1,080	Kemper Corp			35,219
	18,501	KeyCorp			184,270
	1,463	Kilroy Realty Corp REIT			76,661
	7,900	Kimco Realty Corp REIT			176,960
	2,373	Legg Mason Inc			76,292
	2,421	Liberty Property Trust REIT			96,235
	5,421	Lincoln National Corp			176,779
	5,865	Loews Corp			258,471
	2,389	M&T Bank Corp			246,449
	2,740	Macerich Co REIT			176,401
	1,796	Mack-Cali Realty Corp REIT			51,384
	10,343	Marsh & McLennan Cos Inc			392,724
	805	Mercury General Corp			30,534
	20,973	MetLife Inc			797,393
	26,905	Morgan Stanley			591,372
	2,408	NASDAQ OMX Group Inc			77,778
	2,197	National Retail Properties Inc REIT ^(a)			79,465
	8,486	New York Community Bancorp Inc ^(a)			121,774
	4,292	Northern Trust Corp			234,172
	4,705	NYSE Euronext			181,801
	4,311	Old Republic International Corp			54,793
	2,311	Omega Healthcare Investors Inc REIT			70,162
	7,239	People’s United Financial Inc			97,292
	3,224	Plum Creek Timber Co Inc REIT			168,293
	10,296	PNC Financial Services Group Inc			684,684
	902	Potlatch Corp REIT			41,366
	928	Primerica Inc			30,420
	5,373	Principal Financial Group Inc			182,843
	11,023	Progressive Corp			278,551
	9,063	Prologis Inc REIT			362,339
	769	Prosperity Bancshares Inc			36,443
	1,682	Protective Life Corp			60,216
	9,016	Prudential Financial Inc			531,854
	2,841	Public Storage REIT			432,741
	2,246	Raymond James Financial Inc			103,541
	2,423	Rayonier Inc REIT			144,580
	3,616	Realty Income Corp REIT ^(a)			163,986


Shares				Value

Financial — (continued)
	1,885	Regency Centers Corp REIT	$		99,735
	27,552	Regions Financial Corp			225,651
	1,365	Reinsurance Group of America Inc			81,450
	3,633	Senior Housing Properties Trust REIT			97,473
	801	Signature Bank ^(b)			63,087
	6,067	Simon Property Group Inc REIT			961,983
	1,771	SL Green Realty Corp REIT			152,501
	9,157	SLM Corp			187,535
	696	StanCorp Financial Group Inc			29,761
	8,917	State Street Corp			526,906
	10,389	SunTrust Banks Inc			299,307
	925	SVB Financial Group ^(b)			65,619
	13,546	Synovus Financial Corp			37,522
	5,009	T Rowe Price Group Inc			375,024
	1,289	Taubman Centers Inc REIT			100,104
	3,161	TCF Financial Corp			47,289
	1,814	Torchmark Corp			108,477
	7,322	Travelers Cos Inc			616,439
	1,368	Trustmark Corp			34,214
	4,810	UDR Inc REIT			116,354
	5,364	Unum Group			151,533
	36,189	US Bancorp			1,227,893
	3,985	Valley National Bancorp ^(a)			40,806
	5,618	Ventas Inc REIT			411,238
	10,039	Visa Inc Class A			1,705,024
	3,334	Vornado Realty Trust REIT			278,856
	1,593	Waddell & Reed Financial Inc Class A			69,742
	1,858	Washington Federal Inc			32,515
	1,304	Webster Financial Corp			31,635
	1,930	Weingarten Realty Investors REIT			60,891
	94,822	Wells Fargo & Co ^(c)			3,507,466
	457	Westamerica Bancorporation ^(a)			20,716
	10,632	Weyerhaeuser Co REIT			333,632
	2,038	WR Berkley Corp			90,426
	5,825	XL Group PLC			176,497
	3,324	Zions Bancorporation			83,067

					50,038,218


Industrial — 10.90%
	12,252	3M Co			1,302,510
	911	Acuity Brands Inc			63,178
	2,232	AECOM Technology Corp ^(b)			73,210
	1,963	AGCO Corp			102,312
	6,882	Agilent Technologies Inc			288,838
	542	Alliant Techsystems Inc			39,257
	4,649	AMETEK Inc			201,581
	3,154	Amphenol Corp Class A			235,446
	1,155	Aptargroup Inc			66,239
	2,849	Avnet Inc ^(b)			103,134
	1,902	B/E Aerospace Inc ^(b)			114,672
	2,907	Ball Corp			138,315
	1,942	Bemis Co Inc			78,379
	13,057	Boeing Co			1,120,943
	1,130	Carlisle Cos Inc			76,603
	12,583	Caterpillar Inc			1,094,343
	3,142	CH Robinson Worldwide Inc			186,823


Shares				Value

Industrial — (continued)
	1,088	CLARCOR Inc	$		56,989
	970	Clean Harbors Inc ^(b)			56,347
	974	Con-way Inc			34,295
	965	Crane Co			53,905
	19,644	CSX Corp			483,832
	3,425	Cummins Inc			396,649
	11,177	Danaher Corp			694,651
	7,524	Deere & Co			646,913
	2,599	Donaldson Co Inc			94,058
	3,374	Dover Corp			245,897
	9,110	Eaton Corp PLC			557,987
	13,918	Emerson Electric Co			777,599
	1,160	Energizer Holdings Inc			115,687
	682	Esterline Technologies Corp ^(b)			51,627
	4,092	Exelis Inc			44,562
	4,057	Expeditors International of Washington Inc			144,875
	5,683	FedEx Corp			558,071
	2,906	FLIR Systems Inc			75,585
	929	Flowserve Corp			155,803
	3,191	Fluor Corp			211,659
	2,977	Fortune Brands Home & Security Inc ^(b)			111,429
	987	Gardner Denver Inc			74,134
	2,234	Garmin Ltd ^(a)			73,811
	834	GATX Corp			43,343
	6,436	General Dynamics Corp			453,802
	201,164	General Electric Co ^(c)			4,650,912
	955	Genesee & Wyoming Inc Class A ^(b)			88,920
	2,459	Gentex Corp			49,205
	1,230	Graco Inc			71,377
	518	Granite Construction Inc			16,493
	680	Greif Inc Class A			36,462
	1,789	Harsco Corp			44,314
	15,072	Honeywell International Inc			1,135,675
	968	Hubbell Inc Class B			94,002
	882	Huntington Ingalls Industries Inc			47,037
	1,595	IDEX Corp			85,205
	8,178	Illinois Tool Works Inc			498,367
	5,250	Ingersoll-Rand PLC Class A			288,802
	894	Itron Inc ^(b)			41,482
	1,518	ITT Corp			43,157
	3,826	Jabil Circuit Inc			70,704
	2,475	Jacobs Engineering Group Inc ^(b)			139,194
	1,672	JB Hunt Transport Services Inc			124,531
	2,038	Joy Global Inc			121,302
	2,068	Kansas City Southern			229,341
	2,997	KBR Inc			96,144
	1,649	Kennametal Inc			64,377
	1,001	Kirby Corp ^(b)			76,877
	1,781	L-3 Communications Holdings Inc			144,118
	857	Landstar System Inc			48,926
	2,543	Leggett & Platt Inc			85,903
	939	Lennox International Inc			59,617
	1,561	Lincoln Electric Holdings Inc			84,575
	5,212	Lockheed Martin Corp			503,062
	2,560	Louisiana-Pacific Corp ^(b)			55,296
	867	Martin Marietta Materials Inc ^(a)			88,451
	7,154	Masco Corp			144,868


Shares				Value

Industrial — (continued)
	924	Matson Inc	$		22,730
	564	Mettler-Toledo International Inc ^(b)			120,256
	606	Mine Safety Appliances Co			30,070
	2,851	Molex Inc ^(a)			83,477
	1,947	National Instruments Corp			63,764
	1,036	Nordson Corp			68,324
	6,132	Norfolk Southern Corp			472,655
	4,739	Northrop Grumman Corp			332,441
	3,420	Owens-Illinois Inc ^(b)			91,143
	1,853	Packaging Corp of America			83,144
	2,245	Pall Corp			153,491
	2,922	Parker Hannifin Corp			267,597
	4,106	Pentair Ltd			216,592
	2,389	PerkinElmer Inc			80,366
	2,793	Precision Castparts Corp			529,609
	6,379	Raytheon Co			375,021
	817	Regal-Beloit Corp			66,635
	5,811	Republic Services Inc			191,763
	1,306	Rock Tenn Co Class A			121,184
	2,622	Rockwell Automation Inc			226,410
	2,778	Rockwell Collins Inc			175,347
	1,919	Roper Industries Inc			244,308
	885	Ryder System Inc			52,879
	3,915	Sealed Air Corp			94,391
	947	Silgan Holdings Inc			44,746
	1,149	Snap-on Inc			95,022
	2,123	Sonoco Products Co			74,284
	993	SPX Corp			78,407
	3,017	Stanley Black & Decker Inc			244,287
	1,721	Stericycle Inc ^(b)			182,736
	8,300	TE Connectivity Ltd			348,019
	602	Tech Data Corp ^(b)			27,457
	1,946	Terex Corp ^(b)			66,981
	5,630	Textron Inc			167,830
	6,999	Thermo Fisher Scientific Inc			535,353
	943	Tidewater Inc ^(a)			47,621
	1,462	Timken Co			82,720
	4,676	Trimble Navigation Ltd ^(b)			140,093
	1,464	Trinity Industries Inc			66,363
	850	Triumph Group Inc			66,725
	9,000	Tyco International Ltd			288,000
	9,053	Union Pacific Corp			1,289,238
	13,768	United Parcel Service Inc Class B			1,182,671
	16,234	United Technologies Corp			1,516,743
	1,467	URS Corp			69,550
	2,327	UTi Worldwide Inc			33,695
	422	Valmont Industries Inc			66,368
	3,146	Vishay Intertechnology Inc ^(b)			42,817
	2,629	Vulcan Materials Co			135,919
	898	Wabtec Corp			91,695
	2,490	Waste Connections Inc			89,590
	8,556	Waste Management Inc			335,481
	1,710	Waters Corp ^(b)			160,586
	869	Werner Enterprises Inc			20,978
	1,311	Woodward Inc			52,125
	1,192	Worthington Industries Inc			36,928
	3,803	Xylem Inc			104,811


Shares				Value

Industrial — (continued)
	957	Zebra Technologies Corp Class A ^(b)	$		45,103

					32,822,528


Technology — 12.26%
	12,463	Accenture PLC Class A			946,814
	687	ACI Worldwide Inc ^(b)			33,567
	1,348	Acxiom Corp ^(b)			27,499
	9,408	Adobe Systems Inc ^(b)			409,342
	12,961	Advanced Micro Devices Inc ^(a)(b)			33,051
	467	Advent Software Inc ^(b)			13,062
	3,426	Akamai Technologies Inc ^(b)			120,904
	3,024	Allscripts Healthcare Solutions Inc ^(b)			41,096
	6,151	Altera Corp			218,176
	5,885	Analog Devices Inc			273,594
	1,793	ANSYS Inc ^(b)			145,986
	18,140	Apple Inc ^(c)			8,029,308
	22,670	Applied Materials Inc			305,592
	8,253	Atmel Corp ^(b)			57,441
	4,406	Autodesk Inc ^(b)			181,703
	2,459	BMC Software Inc ^(b)			113,925
	9,836	Broadcom Corp Class A			341,014
	2,613	Broadridge Financial Solutions Inc ADR			64,907
	6,734	CA Inc			169,495
	5,388	Cadence Design Systems Inc ^(b)			75,055
	2,804	Cerner Corp ^(b)			265,679
	3,595	Citrix Systems Inc ^(b)			259,415
	5,717	Cognizant Technology Solutions Corp Class A ^(b)			437,979
	842	CommVault Systems Inc ^(b)			69,027
	3,060	Computer Sciences Corp			150,644
	3,937	Compuware Corp ^(b)			49,213
	775	Concur Technologies Inc ^(a)(b)			53,212
	2,363	Cree Inc ^(b)			129,280
	3,156	Cypress Semiconductor Corp			34,811
	27,742	Dell Inc			397,543
	1,134	Diebold Inc			34,383
	668	DST Systems Inc			47,608
	778	Dun & Bradstreet Corp ^(a)			65,080
	5,579	Electronic Arts Inc ^(b)			98,748
	40,519	EMC Corp ^(b)			967,999
	624	Fair Isaac Corp			28,511
	2,769	Fairchild Semiconductor International Inc ^(b)			39,154
	5,664	Fidelity National Information Services Inc			224,408
	1,291	First Solar Inc ^(a)(b)			34,805
	2,662	Fiserv Inc ^(b)			233,803
	37,789	Hewlett-Packard Co			900,890
	1,926	Informatica Corp ^(b)			66,389
	3,443	Integrated Device Technology Inc ^(b)			25,719
	95,856	Intel Corp			2,094,454
	20,268	International Business Machines Corp ^(c)			4,323,164
	1,139	International Rectifier Corp ^(a)(b)			24,090
	2,877	Intersil Corp Class A			25,059


Shares				Value

Technology — (continued)
	5,280	Intuit Inc	$		346,632
	1,711	Jack Henry & Associates Inc			79,065
	3,105	KLA-Tencor Corp			163,758
	3,292	Lam Research Corp ^(b)			136,486
	1,466	Lexmark International Inc Class A ^(a)			38,702
	4,656	Linear Technology Corp			178,651
	11,975	LSI Corp ^(b)			81,190
	589	ManTech International Corp Class A ^(a)			15,826
	5,160	MEMC Electronic Materials Inc ^(b)			22,704
	1,774	Mentor Graphics Corp			32,021
	3,720	Microchip Technology Inc ^(a)			136,747
	19,000	Micron Technology Inc ^(b)			189,620
	1,402	MICROS Systems Inc ^(b)			63,805
	146,019	Microsoft Corp ^(c)			4,177,604
	2,443	MSCI Inc Class A ^(b)			82,891
	3,018	NCR Corp ^(b)			83,176
	6,742	NetApp Inc ^(b)			230,307
	11,592	NVIDIA Corp			148,609
	71,693	Oracle Corp			2,318,552
	3,923	Pitney Bowes Inc ^(a)			58,296
	2,505	PTC Inc ^(b)			63,852
	2,003	QLogic Corp ^(b)			23,235
	33,233	QUALCOMM Inc			2,224,949
	3,699	Red Hat Inc ^(b)			187,021
	2,997	Riverbed Technology Inc ^(b)			44,685
	2,080	Rovi Corp ^(b)			44,533
	2,564	Salesforce.com Inc ^(b)			458,520
	4,646	SanDisk Corp ^(b)			255,530
	6,445	Seagate Technology PLC			235,629
	1,356	Semtech Corp ^(b)			47,989
	833	Silicon Laboratories Inc ^(b)			34,453
	4,010	Skyworks Solutions Inc ^(b)			88,340
	1,133	SolarWinds Inc ^(b)			66,960
	1,363	Solera Holdings Inc			79,504
	3,025	Synopsys Inc ^(b)			108,537
	3,163	Teradata Corp ^(b)			185,067
	4,091	Teradyne Inc ^(b)			66,356
	21,538	Texas Instruments Inc			764,168
	2,278	VeriFone Systems Inc ^(b)			47,109
	4,372	Western Digital Corp			219,824
	24,573	Xerox Corp			211,328
	4,880	Xilinx Inc			186,270

					36,911,099


Utilities — 3.50%
	11,977	AES Corp			150,551
	2,446	AGL Resources Inc			102,610
	2,225	Alliant Energy Corp			111,651
	4,508	Ameren Corp			157,870
	9,237	American Electric Power Co Inc			449,195
	2,642	Aqua America Inc			83,065
	1,742	Atmos Energy Corp			74,366
	873	Black Hills Corp			38,447
	8,141	CenterPoint Energy Inc			195,058
	1,124	Cleco Corp			52,862
	4,875	CMS Energy Corp			136,207
	5,657	Consolidated Edison Inc			345,247


Shares				Value

Utilities — (continued)
	11,182	Dominion Resources Inc	$		650,569
	3,231	DTE Energy Co			220,807
	13,543	Duke Energy Corp			983,086
	6,439	Edison International			324,010
	3,484	Entergy Corp			220,328
	16,595	Exelon Corp			572,196
	7,925	FirstEnergy Corp			334,435
	3,082	Great Plains Energy Inc			71,472
	1,975	Hawaiian Electric Industries Inc			54,727
	1,100	IDACORP Inc			53,097
	1,440	Integrys Energy Group Inc			83,750
	3,498	MDU Resources Group Inc			87,415
	1,569	National Fuel Gas Co			96,258
	8,124	NextEra Energy Inc			631,072
	5,969	NiSource Inc			175,130
	6,178	Northeast Utilities			268,496
	5,984	NRG Energy Inc			158,516
	4,250	NV Energy Inc			85,128
	1,891	OGE Energy Corp			132,332
	4,253	Pepco Holdings Inc			91,014
	8,319	PG&E Corp			370,445
	2,061	Pinnacle West Capital Corp			119,311
	1,378	PNM Resources Inc			32,094
	11,247	PPL Corp			352,144
	9,765	Public Service Enterprise Group Inc			335,330
	3,393	Questar Corp			82,552
	2,423	SCANA Corp			123,961
	4,265	Sempra Energy			340,944
	16,797	Southern Co			788,115
	3,765	TECO Energy Inc			67,092
	2,134	UGI Corp			81,924
	1,715	Vectren Corp			60,745
	2,422	Westar Energy Inc			80,362
	825	WGL Holdings Inc			36,383
	4,389	Wisconsin Energy Corp			188,244
	9,389	Xcel Energy Inc			278,853

					10,529,466


TOTAL COMMON STOCK — 98.45% (Cost $197,715,516)			$		296,425,366


Principal Amount

SHORT TERM INVESTMENTS
U.S. Government Agency Bonds and Notes — 1.52%
$	4,576,000	Federal Home Loan Bank 0.00%, 04/01/2013			4,576,000


U.S. Treasury Bonds and Notes — 0.11%
	347,000	U.S. Treasury Bills^(d) 0.09%, 06/13/2013			346,934


Principal Amount				Value

Short Term Investments — (continued)
Reverse Repurchase Agreements — 1.14%
$	812,861	Undivided interest of 0.93% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $812,861 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.	$		812,861

	812,861	Undivided interest of 0.93% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $812,861 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			812,861

	171,119	Undivided interest of 0.98% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $171,119 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			171,119

	812,861	Undivided interest of 0.98% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $812,861 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			812,861


Principal Amount				Value

Short Term Investments— (continued)
$	812,861	Undivided interest of 0.98% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $812,861 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		812,861

					3,422,563


TOTAL SHORT TERM INVESTMENTS — 2.77% (Cost $8,345,497)			$		8,345,497


TOTAL INVESTMENTS — 101.22% (Cost $206,061,013)			$		304,770,863

OTHER ASSETS & LIABILITIES, NET — (1.22)%			$		(3,684,637	)

TOTAL NET ASSETS — 100.00%			$		301,086,226

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $212,939,569. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $121,344,477 and gross depreciation of securities in which there was an excess of tax cost over value of $29,513,183 resulting in net appreciation of $91,831,294.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $3,345,768 and received collateral of $3,422,563 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares			Value

COMMON STOCK
Basic Materials — 3.94%
	66,800	Cliffs Natural Resources Inc ^(a)	$	1,269,868
	76,800	EI du Pont de Nemours & Co		3,775,488
	254,683	International Paper Co		11,863,134
	120,100	MeadWestvaco Corp		4,359,630
	76,600	Newmont Mining Corp		3,208,774
	149,800	Nucor Corp		6,913,270

				31,390,164


Communications — 10.63%
	369,870	AT&T Inc		13,570,530
	206,300	Cablevision Systems Corp Class A		3,086,248
	117,671	CenturyLink Inc		4,133,782
	308,400	Cisco Systems Inc		6,448,644
	97,500	Comcast Corp Class A		4,095,975
	436,400	Corning Inc		5,817,212
	134,300	Harris Corp		6,223,462
	122,700	McGraw-Hill Cos Inc		6,390,216
	207,700	New York Times Co Class A ^(b)		2,035,460
	450,900	Nokia OYJ Sponsored ADR ^(a)		1,478,952
	158,711	Telefonica SA ^(c)		2,150,312
	172,133	Time Warner Inc		9,918,304
	157,186	Verizon Communications Inc		7,725,692
	983,600	Vodafone Group PLC ^(c)		2,790,408
	117,900	Walt Disney Co		6,696,720
	134,202	WPP PLC ^(c)		2,142,653

				84,704,570


Consumer, Cyclical — 7.43%
	104,700	Carnival Corp		3,591,210
	299,100	Ford Motor Co		3,933,165
	59,950	Genuine Parts Co		4,676,100
	68,900	Hasbro Inc ^(a)		3,027,466
	127,100	Johnson Controls Inc		4,457,397
	166,300	Kohl’s Corp		7,671,419
	114,000	Macy’s Inc		4,769,760
	64,850	Madison Square Garden Co Class A ^(b)		3,735,360
	197,600	Mattel Inc		8,652,904
	390,500	Staples Inc ^(a)		5,244,415
	7,700	Tiffany & Co ^(a)		535,458
	227,600	United Continental Holdings Inc ^(b)		7,285,476
	13,600	Whirlpool Corp		1,611,056

				59,191,186


Consumer, Non-cyclical — 10.77%
	222,900	Archer-Daniels-Midland Co		7,518,417
	290,300	Avon Products Inc		6,017,919
	175,400	Bristol-Myers Squibb Co		7,224,726
	179,100	Campbell Soup Co		8,123,976
	97,800	Clorox Co		8,658,234
	22,000	Hospira Inc ^(b)		722,260
	138,600	Johnson & Johnson		11,300,058
	53,000	McCormick & Co Inc		3,898,150
	200,000	Merck & Co Inc		8,846,000


Shares			Value

Consumer, Non-cyclical — (continued)
	90,400	PepsiCo Inc	$	7,151,544
	367,488	Pfizer Inc		10,605,704
	65,800	Quest Diagnostics Inc		3,714,410
	131,800	Western Union Co		1,982,272

				85,763,670


Energy — 13.98%
	95,100	Anadarko Petroleum Corp		8,316,495
	149,500	Apache Corp		11,535,420
	99,822	BP PLC Sponsored ADR		4,227,462
	160,444	Chevron Corp		19,063,956
	50,300	ConocoPhillips		3,023,030
	158,300	CONSOL Energy Inc		5,326,795
	82,200	Diamond Offshore Drilling Inc ^(a)		5,717,832
	181,396	Exxon Mobil Corp		16,345,593
	117,400	Hess Corp		8,407,014
	139,200	Murphy Oil Corp		8,871,216
	106,600	Petroleo Brasileiro SA ADR ^(a)		1,766,362
	175,600	Royal Dutch Shell PLC ADR Class A		11,442,096
	98,000	Schlumberger Ltd		7,339,220

				111,382,491


Financial — 19.80%
	190,700	Allstate Corp		9,357,649
	155,100	American Express Co		10,463,046
	783,637	Bank of America Corp		9,544,699
	167,500	Bank of New York Mellon Corp		4,688,325
	85,300	Capital One Financial Corp		4,687,235
	44,300	Chubb Corp		3,877,579
	430,105	JPMorgan Chase & Co		20,412,783
	189,200	Legg Mason Inc		6,082,780
	137,127	Lincoln National Corp		4,471,711
	60,900	Loews Corp		2,683,863
	230,100	Marsh & McLennan Cos Inc		8,736,897
	134,600	Northern Trust Corp		7,343,776
	44,100	Och-Ziff Capital Management Group LLC Class A ^(a)		412,335
	149,500	PNC Financial Services Group Inc		9,941,750
	325,100	Regions Financial Corp		2,662,569
	299,900	SLM Corp		6,141,952
	100,300	Sun Life Financial Inc		2,737,187
	227,800	SunTrust Banks Inc		6,562,918
	366,100	US Bancorp		12,421,773
	398,400	Wells Fargo & Co		14,736,816
	197,213	Weyerhaeuser Co REIT		6,188,544
	90,700	Willis Group Holdings PLC		3,581,743

				157,737,930


Industrial — 15.55%
	98,600	3M Co		10,482,166
	67,500	Agilent Technologies Inc		2,832,975
	80,800	Boeing Co		6,936,680
	65,904	Eaton Corp PLC		4,036,620
	153,500	Emerson Electric Co		8,576,045
	37,400	Energizer Holdings Inc		3,729,902


Shares			Value

Industrial — (continued)
	935,700	General Electric Co	$	21,633,384
	124,600	Honeywell International Inc		9,388,610
	150,500	Illinois Tool Works Inc		9,171,470
	14,900	Ingersoll-Rand PLC Class A		819,649
	18,700	Joy Global Inc		1,113,024
	36,300	Lockheed Martin Corp		3,503,676
	216,700	Masco Corp		4,388,175
	120,400	Norfolk Southern Corp		9,280,432
	134,500	Thermo Fisher Scientific Inc		10,287,905
	94,600	United Parcel Service Inc Class B		8,126,140
	93,100	USG Corp ^(a)(b)		2,461,564
	105,800	Vulcan Materials Co		5,469,860
	59,700	Xylem Inc		1,645,332

				123,883,609


Technology — 5.97%
	124,800	Analog Devices Inc		5,801,952
	8,700	Apple Inc		3,850,881
	380,100	Applied Materials Inc		5,123,748
	64,000	CA Inc		1,610,880
	116,000	Computer Sciences Corp		5,710,680
	493,500	Dell Inc		7,071,855
	162,300	Hewlett-Packard Co		3,869,232
	328,900	Microsoft Corp		9,409,829
	142,800	Texas Instruments Inc		5,066,544

				47,515,601


Utilities — 5.79%
	206,700	AES Corp		2,598,219
	147,363	Duke Energy Corp		10,697,080
	115,000	Entergy Corp		7,272,600
	209,500	Exelon Corp		7,223,560
	73,610	FirstEnergy Corp		3,106,342
	294,600	NiSource Inc		8,643,564
	74,500	TECO Energy Inc		1,327,590
	178,100	Xcel Energy Inc		5,289,570

				46,158,525


TOTAL COMMON STOCK — 93.86% (Cost $590,068,217)			$	747,727,746


PREFERRED STOCK
Consumer, Cyclical — 0.53%
	98,900	General Motors Co^(a)		4,265,063


TOTAL PREFERRED STOCK — 0.53% (Cost $4,950,760)			$	4,265,063


Principal Amount			Value

SHORT TERM INVESTMENTS
U.S. Government Agency — 5.70%
		Federal Home Loan Bank
$	12,360,000	0.00%, 04/01/2013	$	12,360,000
	3,399,992	0.02%, 04/02/2013		3,399,992
	29,618,877	Federal Home Loan Mortgage Corp 0.05%, 04/01/2013		29,618,877

				45,378,869


Reverse Repurchase Agreements — 3.09%
	5,839,980	Undivided interest of 6.71% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $5,839,980 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.		5,839,980

	5,839,979	Undivided interest of 6.71% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $5,839,979 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.		5,839,979

	1,229,397	Undivided interest of 7.02% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $1,229,397 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.		1,229,397


Principal Amount			Value

Short Term Investments — (continued)
$	5,839,980	Undivided interest of 7.02% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $5,839,980 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.	$	5,839,980

	5,839,980	Undivided interest of 7.02% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $5,839,980 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.		5,839,980


				24,589,316


TOTAL SHORT TERM INVESTMENTS — 8.79% (Cost $69,968,185)			$	69,968,185


TOTAL INVESTMENTS — 103.18% (Cost $664,987,162)			$	821,960,994

OTHER ASSETS & LIABILITIES, NET — (3.18)%			$	(25,365,373)

TOTAL NET ASSETS — 100.00%			$	796,595,621

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $670,207,308. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $194,140,006 and gross depreciation of securities in which there was an excess of tax cost over value of $42,386,320 resulting in net appreciation of $151,753,686.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $23,783,544 and received collateral of $24,589,316 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares				Value

COMMON STOCK
Basic Materials — 2.77%
	128,000	Agnico-Eagle Mines Ltd	$		5,253,120
	88,900	Celanese Corp Class A			3,916,045
	110,000	Franco-Nevada Corp			4,936,654
	93,000	Rockwood Holdings Inc			6,085,920

					20,191,739


Communications — 9.14%
	237,000	Amdocs Ltd			8,591,250
	56,000	Aruba Networks Inc^(a)(b)			1,385,440
	77,000	Charter Communications Inc Class A^(a)			8,021,860
	37,000	Discovery Communications Inc Class C^(a)			2,572,980
	72,000	FactSet Research Systems Inc^(b)			6,667,200
	33,000	IPG Photonics Corp^(b)			2,191,530
	545,000	JDS Uniphase Corp^(a)			7,286,650
	161,000	Liberty Interactive Corp Class A^(a)			3,442,180
	12,000	LinkedIn Corp Class A^(a)			2,112,720
	129,000	Motorola Solutions Inc			8,259,870
	22,000	Netflix Inc^(a)			4,167,020
	147,000	TIBCO Software Inc^(a)			2,972,340
	78,000	TripAdvisor Inc^(a)			4,096,560
	100,000	VeriSign Inc^(a)			4,728,000

					66,495,600


Consumer, Cyclical — 13.37%
	55,000	Alaska Air Group Inc^(a)			3,517,800
	18,000	AutoZone Inc^(a)			7,141,860
	263,000	CarMax Inc^(a)			10,967,100
	8,000	Chipotle Mexican Grill Inc^(a)			2,606,960
	93,000	Choice Hotels International Inc^(b)			3,934,830
	166,000	Dollar General Corp^(a)			8,396,280
	110,000	Dollar Tree Inc^(a)			5,327,300
	53,000	DSW Inc Class A			3,381,400
	194,000	Fastenal Co			9,961,900
	91,000	Harley-Davidson Inc			4,850,300
	132,000	Kohl’s Corp			6,089,160
	147,000	Marriott International Inc Class A			6,207,810
	77,000	Norwegian Cruise Line Holdings Ltd^(a)			2,283,050
	64,000	O’Reilly Automotive Inc^(a)			6,563,200
	20,000	Panera Bread Co Class A^(a)			3,304,800
	9,000	Starbucks Corp			512,640
	20,000	Tesla Motors Inc^(a)(b)			757,800
	93,000	Tim Hortons Inc			5,051,760
	91,000	WABCO Holdings Inc^(a)			6,423,690

					97,279,640


Consumer, Non-cyclical — 28.63%
	56,000	Alexion Pharmaceuticals Inc^(a)			5,159,840
	185,000	Alkermes PLC^(a)			4,386,350
	83,000	Ariad Pharmaceuticals Inc^(a)			1,501,470
	269,000	Bruker Corp^(a)			5,137,900
	228,000	CareFusion Corp^(a)			7,977,720
	145,000	Catamaran Corp^(a)			7,689,350


Shares				Value

Consumer, Non-cyclical — (continued)
	44,000	Cooper Cos Inc	$		4,746,720
	124,000	Covance Inc^(a)			9,215,680
	62,000	CR Bard Inc			6,248,360
	36,000	Cubist Pharmaceuticals Inc^(a)			1,685,520
	177,000	Dean Foods Co^(a)			3,209,010
	277,000	DENTSPLY International Inc			11,750,340
	37,000	Edwards Lifesciences Corp^(a)			3,039,920
	218,000	Elan Corp PLC Sponsored ADR^(a)			2,572,400
	105,000	Equifax Inc			6,046,950
	30,000	Fresh Market Inc^(a)			1,283,100
	219,000	Gartner Inc Class A^(a)			11,915,790
	96,000	Global Payments Inc			4,767,360
	91,000	Green Mountain Coffee Roasters Inc^(a)(b)			5,165,160
	73,000	Henry Schein Inc^(a)			6,756,150
	256,000	Hertz Global Holdings Inc^(a)			5,698,560
	72,000	IDEXX Laboratories Inc^(a)			6,652,080
	43,000	Illumina Inc^(a)(b)			2,322,000
	83,000	Incyte Corp Ltd^(a)(b)			1,943,030
	109,000	Laboratory Corp of America Holdings^(a)			9,831,800
	173,000	Manpower Inc			9,812,560
	56,000	MEDNAX Inc^(a)			5,019,280
	36,000	Onyx Pharmaceuticals Inc^(a)			3,198,960
	24,000	Pharmacyclics Inc^(a)			1,929,840
	354,000	Quanta Services Inc^(a)			10,117,320
	26,000	Regeneron Pharmaceuticals Inc^(a)			4,586,400
	600	Teleflex Inc			50,706
	106,000	Theravance Inc^(a)(b)			2,503,720
	73,000	TreeHouse Foods Inc^(a)			4,755,950
	87,000	Universal Health Services Inc Class B			5,556,690
	55,000	Valeant Pharmaceuticals International Inc^(a)			4,126,100
	148,000	Vantiv Inc Class A^(a)			3,513,520
	106,000	Verisk Analytics Inc Class A^(a)			6,532,780
	54,000	Vertex Pharmaceuticals Inc^(a)			2,968,920
	45,000	WellCare Health Plans Inc^(a)			2,608,200
	34,400	WhiteWave Foods Co Class A^(a)(b)			587,208
	37,900	Whole Foods Market Inc			3,287,825
	16,000	Zoetis Inc^(a)			534,400

					208,392,939


Energy — 5.48%
	127,000	EQT Corp			8,604,250
	149,200	Halcon Resources Corp^(a)			1,162,268
	31,800	Halcon Resources Corp^(a)			247,722
	101,000	Laredo Petroleum Holdings Inc^(a)(b)			1,847,290
	36,000	Pioneer Natural Resources Co			4,473,000
	118,000	Range Resources Corp			9,562,720
	127,000	SM Energy Co			7,520,940
	173,000	Southwestern Energy Co^(a)			6,445,980

					39,864,170


Financial — 6.46%
	109,000	BankUnited Inc			2,792,580
	144,000	CBOE Holdings Inc			5,319,360


Shares				Value

Financial — (continued)
	209,000	Charles Schwab Corp	$		3,697,210
	136,000	HCC Insurance Holdings Inc			5,716,080
	25,000	IntercontinentalExchange Inc^(a)			4,076,750
	43,000	Jones Lang LaSalle Inc			4,274,630
	236,000	Progressive Corp			5,963,720
	297,000	TCF Financial Corp^(b)			4,443,120
	309,000	TD Ameritrade Holding Corp			6,371,580
	110,000	Willis Group Holdings PLC			4,343,900

					46,998,930


Industrial — 16.10%
	50,000	Acuity Brands Inc			3,467,500
	148,000	Agilent Technologies Inc			6,211,560
	292,000	AMETEK Inc			12,661,120
	276,000	Babcock & Wilcox Co			7,841,160
	39,000	Ball Corp			1,855,620
	16,500	CH Robinson Worldwide Inc			981,090
	55,000	Clean Harbors Inc^(a)			3,194,950
	79,000	Colfax Corp^(a)			3,676,660
	60,000	Gardner Denver Inc			4,506,600
	15,000	Gentex Corp			300,150
	164,000	IDEX Corp			8,760,880
	73,000	JB Hunt Transport Services Inc			5,437,040
	58,000	Kansas City Southern			6,432,200
	448,000	McDermott International Inc^(a)			4,923,520
	8,000	Mettler-Toledo International Inc^(a)			1,705,760
	139,000	Pall Corp			9,503,430
	57,000	Rexnord Corp^(a)(b)			1,210,110
	91,000	Roper Industries Inc			11,585,210
	103,000	Sensata Technologies Holding NV^(a)			3,385,610
	371,000	Textron Inc			11,059,510
	129,000	Trimble Navigation Ltd^(a)			3,864,840
	129,000	Waste Connections Inc			4,641,420

					117,205,940


Technology — 12.56%
	191,000	Akamai Technologies Inc^(a)			6,740,390
	110,000	Altera Corp			3,901,700
	671,000	Atmel Corp^(a)			4,670,160
	71,000	Avago Technologies Ltd			2,550,320
	64,000	Concur Technologies Inc^(a)(b)			4,394,240
	73,000	Cree Inc^(a)			3,993,830
	16,184	Dropbox Inc Private Placement^(a)(c)(d)			124,483
	127,000	Fiserv Inc^(a)			11,154,410
	117,000	IHS Inc Class A^(a)			12,252,240
	69,000	Intersil Corp Class A			600,990
	110,000	Microchip Technology Inc^(b)			4,043,600
	25,400	MICROS Systems Inc^(a)			1,155,954
	219,000	MSCI Inc Class A^(a)			7,430,670
	198,000	Nuance Communications Inc^(a)(b)			3,995,640
	136,000	Red Hat Inc^(a)			6,876,160
	64,000	SanDisk Corp^(a)			3,520,000
	93,000	ServiceNow Inc^(a)(b)			3,366,600
	2,300	Silicon Laboratories Inc^(a)			95,128
	34,000	Workday Inc Class A^(a)(b)			2,095,420


Shares				Value

Technology — (continued)
	25,452	Workday Inc Private Placement Class A^(a)(c)(d)	$		1,490,177
	182,000	Xilinx Inc			6,946,940

					91,399,052


Utilities — 1.48%
	522,000	Calpine Corp^(a)			10,753,200


TOTAL COMMON STOCK — 95.99% (Cost $520,753,957)			$		698,581,210


CONVERTIBLE PREFERRED STOCK
Consumer, Cyclical — 0.10%
	221,560	Coupon.com Series B^(a)(c)(d)			606,521
	254,930	Living Social Series E^(a)(c)(d)			147,859

					754,380


Technology — 0.13%
	20,098	Dropbox Inc Series A^(a)(c)(d)			154,589
	98,726	Dropbox Inc Series A-1^(a)(c)(d)			759,374

					913,963


TOTAL CONVERTIBLE PREFERRED STOCK — 0.23% (Cost $3,732,967)			$		1,668,343


Principal Amount

SHORT TERM INVESTMENTS
Foreign Government Obligations — 3.71%
$	27,000,000	International Bank for Reconstruction & Development 0.01%, 04/01/2013
					26,999,977


U.S. Government Agency Obligations — 0.58%
		Federal Home Loan Bank
	2,000,000	0.02%, 04/02/2013			1,999,996
	1,418,000	0.00%, 04/01/2013			1,418,000
	850,000	Federal National Mortgage Association 0.07%, 04/02/2013			849,993

					4,267,989


Principal Amount				Value

Short Term Investments — (continued)
Reverse Repurchase Agreements — 6.03%
$	10,419,111	Undivided interest of 11.96% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $10,419,111 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.	$		10,419,111

	10,419,113	Undivided interest of 11.96% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $10,419,113 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.			10,419,113

	2,193,377	Undivided interest of 12.52% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $2,193,377 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			2,193,377


Principal Amount				Value

Short Term Investments— (continued)
$	10,419,111	Undivided interest of 12.52% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $10,419,111 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.	$		10,419,111

	10,419,111	Undivided interest of 12.52% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $10,419,111 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.			10,419,111

					43,869,823


TOTAL SHORT TERM INVESTMENTS — 10.32% (Cost $75,137,789)			$		75,137,789


TOTAL INVESTMENTS — 106.54% (Cost $599,624,713)			$		775,387,342

OTHER ASSETS & LIABILITIES, NET — (6.54)%			$		(47,620,321)

TOTAL NET ASSETS — 100.00%			$		727,767,021

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Foreign securities are generally valued using an adjusted systematic fair value price from an independent pricing service.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table.

Investing in the Fund may involve certain risks including, but not limited to, the following.

non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $601,362,661. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $185,974,988 and gross depreciation of securities in which there was an excess of tax cost over value of $11,950,307 resulting in net appreciation of $174,024,681.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. The Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. As of March 28, 2013 the Fund had securities on loan valued at $43,023,093 and received collateral of $43,869,823 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Principal Amount				Value

FOREIGN GOVERNMENT BONDS AND NOTES
$	1,080,000	Australia Government Bond AUD, 6.50%, 05/15/2013	$		1,129,723
		Bank Negara Malaysia Monetary Notes^(a)
	435,000	MYR, 2.92%, 05/02/2013			140,089
	2,500,000	MYR, 2.94%, 05/23/2013			803,730
		Brazil Notas do Tesouro Nacional Serie B
	284,000	BRL, 6.00%, 05/15/2015			3,454,415
	424	BRL, 6.00%, 08/15/2016			519,483
	400	BRL, 6.00%, 08/15/2018			504,042
	100,000	BRL, 6.00%, 05/15/2045			1,456,051
		Brazil Notas do Tesouro Nacional Serie F
	920,000	BRL, 10.00%, 01/01/2014			4,725,752
	140,000	BRL, 10.00%, 01/01/2017			722,144
		Canadian Government Bond
	581,000	CAD, 2.50%, 09/01/2013			575,378
	3,109,000	CAD, 1.00%, 02/01/2014			3,059,940
	678,000	CAD, 2.00%, 03/01/2014			673,341
	576,000	CAD, 2.25%, 08/01/2014			576,295
	1,851,000	CAD, 1.00%, 11/01/2014			1,822,210
	1,646,000	CAD, 2.00%, 12/01/2014			1,647,069
	4,498,000	CAD, 1.00%, 02/01/2015			4,428,793
	3,710,000	Export-Import Bank of Korea^(b) SEK, 1.45%, 05/19/2014			569,200
		Financing of Infrastrucural Projects State Enterprise^(b)
	100,000	8.38%, 11/03/2017			101,375
	200,000	7.40%, 04/20/2018			190,500
		Hungary Government Bond
	22,100,000	HUF, 7.50%, 10/24/2013			94,471
	53,900,000	HUF, 5.50%, 02/12/2014			228,564
	161,190,000	HUF, 6.75%, 08/22/2014			697,350
	24,500,000	HUF, 8.00%, 02/12/2015			109,145
	41,280,000	HUF, 7.75%, 08/24/2015			184,874
	39,000,000	HUF, 5.50%, 02/12/2016			166,492
	34,500,000	HUF, 6.75%, 02/24/2017			152,416
	164,530,000	HUF, 6.75%, 11/24/2017			729,316
	34,200,000	HUF, 6.50%, 06/24/2019			148,981
	15,560,000	HUF, 7.50%, 11/12/2020			71,324
	22,200,000	HUF, 7.00%, 06/24/2022			97,605
		Hungary Government International Bond
	40,000	EUR, 4.38%, 07/04/2017			49,577
	1,370,000	4.13%, 02/19/2018			1,308,350
	910,000	EUR, 5.75%, 06/11/2018			1,170,757
	1,195,000	6.25%, 01/29/2020			1,220,394
	1,100,000	EUR, 3.88%, 02/24/2020			1,254,272
	1,310,000	6.38%, 03/29/2021			1,349,300
	2,540,000	5.38%, 02/21/2023			2,390,775
	710,000	Iceland Government International Bond^(b) 5.88%, 05/11/2022			814,023
		Indonesia Treasury Bond
	23,750,000,000	IDR, 10.75%, 05/15/2016			2,863,950
	10,000,000,000	IDR, 11.50%, 09/15/2019			1,372,318
	25,300,000,000	IDR, 11.00%, 11/15/2020			3,503,039
	3,510,000,000	IDR, 12.90%, 06/15/2022			546,644
	2,400,000,000	IDR, 12.00%, 09/15/2026			375,870


Principal Amount				Value

Foreign Government Bonds and Notes – (continued)
$	42,000,000	Inter-American Development Bank MXP, 7.50%, 12/05/2024	$		3,974,740
		Ireland Government Bond
	1,756,000	EUR, 5.50%, 10/18/2017			2,490,321
	717,000	EUR, 4.50%, 10/18/2018			981,455
	1,769,000	EUR, 4.40%, 06/18/2019			2,374,857
	3,445,000	EUR, 5.90%, 10/18/2019			4,986,868
	1,609,000	EUR, 4.50%, 04/18/2020			2,154,656
	4,305,000	EUR, 5.00%, 10/18/2020			5,926,819
	2,803,130	EUR, 5.40%, 03/13/2025			3,884,253
		Israel Government Bond - Fixed
	3,872,000	ILS, 5.00%, 03/31/2013			1,064,482
	9,442,000	ILS, 3.50%, 09/30/2013			2,664,043
	9,100,000	Kommuninvest I Sverige AB SEK, 2.25%, 05/05/2014			1,411,036
		Korea Monetary Stabilization Bond
	44,080,000	KRW, 3.83%, 04/02/2013			39,619
	441,000,000	KRW, 3.38%, 05/09/2013			396,709
	140,520,000	KRW, 3.76%, 06/02/2013			126,552
	302,220,000	KRW, 3.28%, 06/09/2013			272,001
	202,560,000	KRW, (0.11)%, 06/11/2013^(a)			182,101
	5,232,220,000	KRW, 3.90%, 08/02/2013			4,723,889
	421,310,000	KRW, 3.59%, 10/02/2013			380,660
	211,550,000	KRW, 3.48%, 12/02/2013			191,340
	290,870,000	KRW, 3.47%, 02/02/2014			263,454
	427,490,000	KRW, 3.59%, 04/02/2014			388,275
	506,810,000	KRW, 3.28%, 06/02/2014			459,500
	222,300,000	KRW, 2.82%, 08/02/2014			200,577
	886,200,000	KRW, 2.78%, 10/02/2014			799,673
	555,700,000	KRW, 2.84%, 12/02/2014			502,169
	227,880,000	KRW, 2.74%, 02/02/2015			205,721
		Korea Treasury Bond
	12,188,630,000	KRW, 3.75%, 06/10/2013			10,979,905
	12,932,270,000	KRW, 3.00%, 12/10/2013			11,661,121
	155,590,000	KRW, 3.50%, 06/10/2014			141,459
	183,000,000	KRW, 3.25%, 12/10/2014			166,543
	4,211,000,000	KRW, 2.75%, 12/10/2015			3,814,246
		Lithuania Government International Bond
	810,000	7.38%, 02/11/2020			1,018,575
	730,000	6.13%, 03/09/2021^(b)			865,050
		Malaysia Government Bond
	2,915,000	MYR, 3.70%, 05/15/2013			942,128
	1,935,000	MYR, 3.21%, 05/31/2013			625,039
	2,345,000	MYR, 3.46%, 07/31/2013			758,324
	20,000	MYR, 8.00%, 10/30/2013			6,644
	12,430,000	MYR, 5.09%, 04/30/2014			4,101,430
	7,060,000	MYR, 3.43%, 08/15/2014			2,291,845
	5,985,000	MYR, 3.74%, 02/27/2015			1,957,751
	2,365,000	MYR, 3.84%, 08/12/2015			778,659
		Malaysia Treasury Bill^(a)
	30,000	MYR, 2.65%, 05/03/2013			9,663
	100,000	MYR, 2.84%, 05/31/2013			32,134
	50,000	MYR, 2.97%, 12/27/2013			15,793
		Mexican Bonos
	21,940,000	MXP, 9.00%, 06/20/2013			1,794,835
	52,430,000	MXP, 8.00%, 12/19/2013			4,360,501
	9,087,000	MXP, 7.00%, 06/19/2014			760,776
	61,930,000	MXP, 9.50%, 12/18/2014			5,455,748
	6,959,000	MXP, 6.00%, 06/18/2015			583,948


Principal Amount				Value

Foreign Government Bonds and Notes – (continued)
$	42,039,000	MXP, 8.00%, 12/17/2015	$		3,715,277
	4,350,000	MXP, 6.25%, 06/16/2016			371,101
		Mexican Udibonos
	395,400	MXP, 4.50%, 12/18/2014			167,714
	1,045,000	MXP, 5.00%, 06/16/2016			469,481
	1,048,000	MXP, 3.50%, 12/14/2017			465,834
	721,000	MXP, 4.00%, 06/13/2019			338,915
	567,000	MXP, 2.50%, 12/10/2020			249,158
		New South Wales Treasury Corp
	5,540,000	AUD, 5.50%, 08/01/2013			5,814,952
	1,450,000	AUD, 5.50%, 03/01/2017			1,632,746
	9,220,000	Peru Government Bond
		PEN, 7.84%, 08/12/2020			4,485,049
		Philippine Government Bond
	3,360,000	PHP, 6.25%, 01/27/2014			86,084
	3,200,000	PHP, 7.00%, 01/27/2016			88,081
	1,710,000	PHP, 9.13%, 09/04/2016			50,764
		Poland Government Bond
	8,355,000	PLN, 5.25%, 04/25/2013			2,567,553
	4,500,000	PLN, 2.79%, 07/25/2013^(a)			1,369,205
	8,395,000	PLN, 5.00%, 10/24/2013			2,605,105
	36,975,000	PLN, 3.05%, 01/25/2014^(a)			11,072,066
	9,935,000	PLN, 5.75%, 04/25/2014			3,132,255
	2,490,000	PLN, 3.05%, 07/25/2014^(a)			734,768
	1,580,000	PLN, 5.50%, 04/25/2015			507,133
	2,330,000	PLN, 6.25%, 10/24/2015			768,034
	4,072,000	PLN, 3.98%, 01/25/2017^(c)			1,252,856
	4,130,000	PLN, 3.98%, 01/25/2021^(c)			1,256,119
	2,600,000	Poland Government International Bond 6.38%, 07/15/2019			3,194,230
		Queensland Treasury Corp
	1,945,000	AUD, 6.00%, 08/14/2013			2,047,400
	2,465,000	AUD, 6.00%, 08/21/2013			2,595,469
		Republic of Serbia^(b)
	410,000	5.25%, 11/21/2017			422,300
	810,000	4.88%, 02/25/2020			800,685
	900,000	7.25%, 09/28/2021			996,750
	3,844,000	Russian Foreign Bond - Eurobond^(d) 3.07%, 03/31/2030			4,761,755
		Singapore Government Bond
	1,070,000	SGD, 1.63%, 04/01/2013			862,659
	7,760,000	SGD, 0.25%, 02/01/2014			6,257,456
	1,390,000	SGD, 3.63%, 07/01/2014			1,168,619
	920,000	Slovenia Government International Bond^(b) 5.50%, 10/26/2022			880,900
		Sweden Government Bond
	34,460,000	SEK, 1.50%, 08/30/2013			5,303,410
	19,260,000	SEK, 6.75%, 05/05/2014			3,140,404
		Ukraine Government International Bond^(b)
	100,000	7.65%, 06/11/2013			100,490
	100,000	EUR, 4.95%, 10/13/2015			126,455
	860,000	6.25%, 06/17/2016			841,854
	855,000	6.58%, 11/21/2016			840,038
	770,000	9.25%, 07/24/2017			833,602
	1,480,000	7.75%, 09/23/2020			1,537,720
	3,280,000	7.95%, 02/23/2021			3,414,480


Principal Amount				Value

Foreign Government Bonds and Notes – (continued)
$	420,000	7.80%, 11/28/2022	$		425,250
	510,000	Venezuela Government International Bond 10.75%, 09/19/2013			520,200
	1,505,000	Vietnam Government International Bond^(b) 6.75%, 01/29/2020			1,753,325

TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 75.05% (Cost $206,792,196)			$		228,192,925


MUNICIPAL BONDS AND NOTES
	140,000	County of Bexar TX Series A
		5.25%, 08/15/2047			154,771


TOTAL MUNICIPAL BONDS AND NOTES — 0.05% (Cost $124,783)			$		154,771


SHORT TERM INVESTMENTS
Foreign Government Bonds and Notes — 6.38%
		Bank Negara Malaysia Monetary Notes
	2,245,000	MYR, 2.90%, 10/10/2013			713,901
	70,000	MYR, 2.90%, 10/22/2013			22,238
	190,000	MYR, 2.95%, 05/28/2013			61,059
	340,000	MYR, 2.94%, 05/14/2013			109,388
	30,000	MYR, 2.96%, 10/31/2013			9,521
	1,270,000	MYR, 2.95%, 06/04/2013			407,896
	620,000	MYR, 2.95%, 11/19/2013			196,473
	640,000	MYR, 2.96%, 06/27/2013			205,171
	530,000	MYR, 2.96%, 07/04/2013			169,811
	3,010,000	MYR, 2.97%, 12/12/2013			951,936
	480,000	MYR, 2.96%, 07/18/2013			153,618
	440,000	MYR, 2.96%, 07/11/2013			140,896
	1,335,000	MYR, 2.96%, 07/25/2013			427,009
	910,000	MYR, 1.67%, 08/06/2013			292,130
	1,130,000	MYR, 2.96%, 08/15/2013			360,827
	490,000	MYR, 2.89%, 08/27/2013			156,364
	1,040,000	MYR, 2.96%, 09/05/2013			331,528
	2,320,000	MYR, 2.97%, 09/17/2013			738,850
	3,165,000	MYR, 2.97%, 09/26/2013			1,007,230
	760,000	MYR, 2.96%, 06/11/2013			243,957
	2,290,000	MYR, 2.81%, 06/18/2013			734,899
	3,845,000	MYR, 2.96%, 06/20/2013			1,233,328
	1,880,000	MYR, 3.02%, 01/09/2014			593,000
	3,700,000	MYR, 2.96%, 01/16/2014			1,166,895
	340,000	MYR, 2.90%, 02/06/2014			107,101
	4,900,000	MYR, 2.90%, 02/18/2014			1,542,064
	5,355,000	MYR, 2.90%, 02/20/2014			1,684,991
	3,920,000	MYR, 2.90%, 02/25/2014			1,232,975
	205,000	MYR, 2.96%, 10/08/2013			65,177
	425,000	MYR, 2.90%, 03/13/2014			133,510
	100,000	MYR, 3.00%, 03/20/2014			31,368
	366,000	Canadian Treasury Bill CAD, 0.99%, 08/15/2013			358,924


Principal Amount				Value

Short Term Investments – (continued)
		Hungary Treasury Bills
$	12,800,000	HUF, 4.32%, 05/29/2013	$		53,514
	55,900,000	HUF, 4.64%, 09/18/2013			230,328
	11,700,000	HUF, 4.54%, 07/24/2013			48,561
	16,230,000	HUF, 4.76%, 01/08/2014			65,874
		Mexico Cetes
	4,157,000	MXP, 4.10%, 09/19/2013			330,077
	7,610,300	MXP, 4.10%, 01/09/2014			596,762
		Philippine Treasury Bill
	690,000	PHP, 0.26%, 07/24/2013			16,894
	10,920,000	PHP, 1.06%, 11/13/2013			265,797
	9,860,000	PHP, 0.30%, 09/04/2013			241,295
	500,000	PHP, 0.44%, 07/10/2013			12,236
	1,390,000	PHP, 1.17%, 01/08/2014			33,750
	1,850,000	PHP, 1.22%, 02/05/2014			44,860
	6,580,000	PHP, 1.27%, 03/05/2014			159,329


Principal Amount				Value

Short Term Investments – (continued)
		Sweden Treasury Bill
$	3,300,000	SEK, 0.97%, 06/19/2013	$		505,289
	7,850,000	SEK, 0.93%, 09/18/2013			1,199,289

					19,387,890

U.S. Government Agency Bonds and Notes — 4.93%
	15,000,000	Federal Home Loan Bank 0.00%, 04/01/2013			15,000,000


TOTAL SHORT TERM INVESTMENTS — 11.31% (Cost $34,499,989)			$		34,387,890


TOTAL INVESTMENTS — 86.41% (Cost $241,416,968)			$		262,735,586

OTHER ASSETS & LIABILITIES, NET — 13.59%			$		41,325,973

TOTAL NET ASSETS — 100.00%			$		304,061,559

At March 28, 2013, the Fund held the following forward foreign currency contracts:

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Investing in the Fund may involve certain risks including, but not limited to, the following.

The Fund may own certain investment securities which are restricted as to resale. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.These securities are deemed illiquid unless it is otherwise determined that such securities are liquid pursuant to the Board-approved guidelines established in Great-West Funds’ Policy and Procedures regarding Liquidity.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $241,416,968. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $24,299,278 and gross depreciation of securities in which there was an excess of tax cost over value of $2,980,660 resulting in net appreciation of $21,318,618.

The Fund seeks to capture potential returns from changes in international exchange rates or seeks to reduce the risk of undesired currency exposure by entering into forward foreign currency contracts. The Fund uses forward foreign currency contracts when the manager believes it may be more cost or tax efficient to use derivative instruments or it provides more liquidity than investing directly in the underlying bond or currency market. The Fund held an average notional value of $219,443,390 on forward foreign currency contracts for the reporting period.


Principal Amount				Value

ASSET-BACKED SECURITIES
$	1,500,000	ACE Securities Corp Mortgage Loan Trust Series 2007-D1, Class A2^(a)(b⁾6.34%, 02/25/2038	$		1,339,088
		Avis Budget Rental Car Funding AESOP LLC^(a)
	2,000,000	Series 2012-1A, Class A 2.05%, 08/20/2016			2,045,108
	3,000,000	Series 2013-1A, Class A 1.92%, 09/20/2019			3,019,848
	1,371,701	Citicorp Residential Mortgage Trust Series 2006-2, Class A6^(b)5.67%, 09/25/2036			1,346,799
	2,850,000	Cronos Containers Program Ltd Series 2012-2A, Class A Series 144A^(a) 3.81%, 09/18/2027			2,950,140
	152,794	Federal Home Loan Mortgage Corp Float Series T-34, Class A1V^(c⁾ 0.44%, 07/25/2031			157,483
	2,700,000	HSBC Home Equity Loan Trust USA Float Series 2007-2, Class A3F^(b)(c)5.81%, 07/20/2036			2,830,829
	573,103	Residential Funding Mortgage Securities II Home Loan Trust Guaranteed Series 2006-HI5, Class A3 5.50%, 08/25/2025			570,651
	1,983,333	TAL Advantage V LLC Series 2013-1A, Class A 2.83%, 02/22/2038			1,989,676

TOTAL ASSET-BACKED SECURITIES — 4.02% (Cost $16,169,491)			$		16,249,622


BONDS AND NOTES
Consumer, Cyclical — 0.60%
	2,502,826	JetBlue Airways 2004-2 G-1 Pass Through Trust^(c)0.66%, 02/15/2018			2,412,098


Financial — 4.57%
	1,132,277	BGS CTL Pass Through Trust Series 2009^(a)(d)6.36%, 06/15/2033			1,332,474
	1,872,748	Caledonia Generating LLC^(a)1.95%, 02/28/2022			1,909,005
	2,000,000	Ford Motor Credit Co LLC 2.38%, 01/16/2018			1,988,300
	2,500,000	Goldman Sachs Group Inc 5.75%, 10/01/2016			2,850,865
	2,000,000	Goodman Funding Pty Ltd^(a)6.38%, 04/15/2021			2,314,794
	2,400,000	Kerry Group Financial Services Series 2003-B^(a)4.99%, 04/30/2013			2,407,920


Principal Amount				Value

Financial — (continued)
$	2,500,000	Morgan Stanley 6.00%, 05/13/2014	$		2,634,993
	1,500,000	Nomura Holdings Inc 5.00%, 03/04/2015			1,595,829
	1,471,723	Santa Rosa Leasing LLC 1.47%, 11/03/2024			1,460,423

					18,494,603


Technology — 1.64%
		Hewlett-Packard Co
	2,500,000	2.13%, 09/13/2015			2,534,582
	1,000,000	3.30%, 12/09/2016			1,041,433
	3,000,000	HP Enterprise Services LLC 6.00%, 08/01/2013			3,051,564

					6,627,579


Utilities — 0.81%
	3,225,000	Dayton Power & Light Co 5.13%, 10/01/2013			3,295,995


TOTAL BONDS AND NOTES — 7.62% (Cost $30,471,631)			$		30,830,275


MORTGAGE-BACKED SECURITIES
	411,617	Americold 2010 LLC Trust Series 2010-ARTA, Class A1^(a)3.85%, 01/14/2029			440,593
	3,500,000	FDIC Trust Series 2013-R1, Class A 1.15%, 03/25/2033			3,495,625
		Federal Home Loan Mortgage Corp
	14,919	9.00%, 12/01/2014			15,171
	27,115	9.50%, 06/01/2020			27,202
	10,042	11.00%, 06/01/2020			10,226
	48,796	11.00%, 07/01/2020			52,186
	62,004	11.00%, 08/01/2020			66,338
	251,219	5.50%, 04/01/2022			270,176
	525,948	4.50%, 03/01/2024			560,029
	1,948,673	4.50%, 04/01/2024			2,074,947
	1,105,077	4.50%, 05/01/2024			1,176,685
	935,914	4.50%, 12/01/2024			996,562
	22,856	9.50%, 04/01/2025			27,094
	1,000,526	4.00%, 03/01/2026			1,064,612
	4,243,993	3.00%, 12/01/2026			4,454,766
	2,595,031	3.00%, 12/01/2026			2,743,373
	2,302,296	3.00%, 04/01/2027			2,416,637
	4,567,138	2.50%, 08/01/2027			4,737,562
	1,652,216	2.50%, 09/01/2027			1,713,869
	1,500,000	2.50%, 03/01/2028			1,555,973
	2,540,194	3.50%, 02/01/2032			2,702,297
	144,996	7.50%, 03/01/2032			167,386
	191,990	7.00%, 09/01/2032			218,472
	677,762	5.50%, 05/01/2033			739,976
	463,787	5.50%, 06/01/2033			506,360
	515,017	5.50%, 08/01/2033			562,293


Principal Amount				Value

Mortgage-Backed Securities – (continued)
$	960,736	5.50%, 08/01/2033	$		1,059,434
	258,557	5.50%, 01/01/2034			282,291
	747,853	5.50%, 10/01/2034			811,689
	781,592	5.00%, 08/01/2035			843,598
	495,436	5.00%, 09/01/2035			547,281
	1,436,003	5.00%, 09/01/2035			1,549,926
	923,614	5.00%, 09/01/2035			996,887
	354,110	5.50%, 09/01/2035			385,730
	2,043,606	5.00%, 12/01/2035			2,205,732
	150,666	5.00%, 01/01/2036			162,619
	1,318,795	6.00%, 01/01/2036			1,456,337
	1,084,108	6.00%, 03/01/2036			1,185,904
	624,422	6.00%, 07/01/2036			696,375
	862,426	6.00%, 11/01/2036			944,017
	232,995	5.50%, 05/01/2038			252,344
	158,810	6.00%, 05/01/2038			174,232
	662,986	5.00%, 06/01/2038			713,096
	1,379,693	4.00%, 08/01/2039			1,466,513
	3,175,961	5.00%, 03/01/2040			3,508,313
	1,230,668	4.50%, 04/01/2040			1,317,341
	2,040,637	4.50%, 06/01/2040			2,241,746
	2,728,461	4.50%, 07/01/2040			2,997,357
	1,321,010	4.00%, 02/01/2041			1,404,138
	1,066,915	3.50%, 02/01/2042			1,123,330
	3,073,495	3.50%, 04/01/2042			3,243,698
	2,289,386	3.50%, 05/01/2042			2,416,167
	2,138,522	3.00%, 06/01/2042			2,197,751
	3,535,002	3.50%, 06/01/2042			3,730,762
	1,782,744	3.50%, 06/01/2042			1,881,468
	2,263,474	3.50%, 06/01/2042			2,388,820
	5,728,268	3.50%, 08/01/2042			6,064,282
	1,801,084	3.50%, 09/01/2042			1,856,359
	2,390,484	3.50%, 09/01/2042			2,522,863
	2,025,091	3.00%, 11/01/2042			2,081,179
	785,455	3.50%, 11/01/2042			828,951
	750,000	3.00%, 04/01/2043			770,772
		Federal National Mortgage Association
	12,370	6.50%, 07/01/2014			12,740
	218,827	6.50%, 02/01/2017			232,453
	74,144	6.50%, 02/01/2017			78,351
	247,418	6.00%, 03/01/2017			261,256
	56,529	5.50%, 01/01/2018			60,834
	347,525	5.50%, 04/01/2018			373,637
	513,885	5.50%, 04/01/2018			552,656
	425,741	5.00%, 05/01/2018			457,106
	475,998	5.00%, 05/01/2018			511,062
	216,546	5.00%, 05/01/2018			232,443
	101,063	5.00%, 06/01/2018			108,533
	1,367,977	5.00%, 08/01/2018			1,469,709
	273,604	5.00%, 08/01/2018			300,396
	54,150	9.50%, 09/01/2020			58,930
	17,074	8.50%, 08/01/2021			17,133
	1,780,062	3.00%, 08/01/2022			1,885,085
	4,908,981	2.50%, 02/01/2023			5,136,405
	294,134	5.00%, 06/01/2023			317,467
	12,098	8.50%, 08/01/2024			14,376
	1,351,569	4.00%, 07/01/2025			1,446,529
	1,239,239	4.00%, 09/01/2025			1,326,307
	1,103,052	4.00%, 12/01/2025			1,180,552


Principal Amount				Value

Mortgage-Backed Securities – (continued)
$	1,910,220	3.50%, 01/01/2026	$		2,025,701
	1,165,231	3.50%, 03/01/2026			1,236,038
	91,350	8.50%, 11/01/2026			99,640
	2,274,947	3.00%, 12/01/2026			2,394,239
	1,020,438	3.00%, 06/01/2027			1,078,731
	1,454,450	2.50%, 09/01/2027			1,510,528
	2,330,128	2.50%, 09/01/2027			2,400,308
	2,796,268	3.00%, 09/01/2027			2,944,645
	923,559	2.50%, 10/01/2027			951,375
	2,980,470	2.50%, 02/01/2028			3,095,385
	874,541	4.50%, 02/01/2030			943,475
	128,663	7.00%, 02/01/2031			147,571
	168,600	7.00%, 09/01/2031			196,158
	502,166	6.50%, 12/01/2031			571,005
	187,637	7.00%, 12/01/2031			214,996
	90,118	7.00%, 12/01/2031			103,390
	1,103,828	6.50%, 01/01/2032			1,251,821
	116,925	6.50%, 01/01/2032			132,602
	141,769	7.00%, 01/01/2032			162,035
	274,132	6.50%, 02/01/2032			310,885
	223,913	6.50%, 02/01/2032			256,866
	1,065,930	3.50%, 04/01/2032			1,138,280
	530,673	6.00%, 02/01/2033			574,024
	574,756	6.00%, 03/01/2033			655,306
	173,397	5.50%, 07/01/2033			190,919
	701,653	5.50%, 07/01/2033			773,915
	266,427	5.50%, 07/01/2033			293,350
	428,420	5.00%, 09/01/2033			466,826
	1,173,108	5.00%, 09/01/2033			1,278,272
	436,079	5.00%, 09/01/2033			475,171
	412,400	5.50%, 09/01/2033			454,074
	273,670	5.00%, 11/01/2033			297,142
	804,345	5.50%, 11/01/2033			902,668
	360,761	5.50%, 12/01/2033			397,216
	538,223	5.50%, 03/01/2034			593,789
	213,269	5.50%, 04/01/2034			235,287
	894,894	5.50%, 10/01/2034			987,283
	340,398	5.50%, 10/01/2034			375,541
	717,726	5.50%, 12/01/2034			791,824
	705,488	5.50%, 01/01/2035			776,448
	498,148	5.50%, 02/01/2035			549,577
	712,509	5.50%, 02/01/2035			786,068
	318,713	5.50%, 02/01/2035			350,920
	552,015	5.50%, 02/01/2035			609,004
	669,811	5.50%, 05/01/2035			734,776
	108,204	5.00%, 08/01/2035			117,498
	677,679	5.00%, 09/01/2035			738,430
	760,936	5.50%, 10/01/2035			839,495
	272,589	5.50%, 11/01/2035			299,028
	1,313,117	6.00%, 12/01/2035			1,449,914
	871,700	5.50%, 01/01/2036			956,246
	825,818	6.00%, 01/01/2036			911,849
	344,571	6.00%, 02/01/2036			378,314
	246,888	5.50%, 03/01/2036			270,834
	358,159	6.00%, 03/01/2036			395,471
	904,423	5.50%, 04/01/2036			992,143
	1,091,094	5.50%, 04/01/2036			1,196,919
	1,106,474	5.50%, 05/01/2036			1,213,790
	823,199	5.50%, 06/01/2036			898,925
	276,819	6.00%, 12/01/2036			303,927


Principal Amount				Value

Mortgage-Backed Securities – (continued)
$	608,495	5.50%, 01/01/2037	$		667,513
	524,419	6.00%, 05/01/2037			575,119
	615,921	5.00%, 07/01/2037			671,136
	1,171,074	5.50%, 06/01/2038			1,277,337
	855,794	4.50%, 02/01/2039			918,277
	2,045,090	4.00%, 03/01/2039			2,181,281
	1,696,068	4.50%, 03/01/2039			1,827,637
	2,275,781	4.50%, 04/01/2039			2,517,038
	1,067,235	5.00%, 04/01/2039			1,178,149
	1,786,004	4.50%, 05/01/2039			1,928,063
	2,021,114	4.50%, 05/01/2039			2,201,303
	581,676	5.00%, 05/01/2039			642,128
	3,430,109	4.50%, 06/01/2039			3,793,736
	1,056,507	4.50%, 06/01/2039			1,168,507
	953,722	4.50%, 06/01/2039			1,053,992
	4,824,741	4.50%, 08/01/2039			5,199,010
	793,080	4.50%, 08/01/2039			877,155
	757,479	5.50%, 08/01/2039			826,292
	2,657,221	4.50%, 11/01/2039			2,863,350
	2,663,157	5.00%, 11/01/2039			2,963,484
	1,149,286	5.00%, 12/01/2039			1,278,892
	584,384	4.50%, 03/01/2040			630,447
	1,373,048	5.00%, 06/01/2040			1,518,877
	537,798	4.50%, 09/01/2040			590,440
	1,404,601	4.50%, 11/01/2040			1,515,315
	1,723,503	5.00%, 01/01/2041			1,953,411
	2,700,828	4.00%, 02/01/2041			2,926,685
	1,192,105	4.50%, 02/01/2041			1,318,481
	381,429	4.00%, 03/01/2041			406,849
	826,627	4.50%, 03/01/2041			907,542
	722,240	4.50%, 03/01/2041			792,936
	1,834,927	4.50%, 04/01/2041			2,009,379
	1,661,526	4.50%, 06/01/2041			1,824,166
	1,604,907	4.00%, 09/01/2041			1,739,118
	1,605,228	4.50%, 09/01/2041			1,762,357
	1,853,183	4.50%, 10/01/2041			2,034,583
	768,894	4.00%, 12/01/2041			820,338
	2,351,498	4.00%, 12/01/2041			2,508,828
	2,625,036	4.00%, 12/01/2041			2,862,602
	1,616,027	3.50%, 06/01/2042			1,713,595
	965,298	3.50%, 07/01/2042			1,023,578
	737,761	3.00%, 09/01/2042			761,984
	1,930,460	3.50%, 09/01/2042			2,039,772
	2,918,776	3.00%, 10/01/2042			3,012,899
	2,027,698	3.50%, 10/01/2042			2,142,516
	1,713,646	3.50%, 10/01/2042			1,810,681
	2,603,543	3.50%, 10/01/2042			2,750,968
	1,940,097	3.50%, 10/01/2042			2,049,955
	1,942,414	3.50%, 10/01/2042			2,052,403
	2,181,329	3.00%, 11/01/2042			2,251,671
	2,702,957	3.50%, 11/01/2042			2,856,012
	4,874,800	3.50%, 11/01/2042			5,150,836
	3,946,355	3.00%, 12/01/2042			4,073,614
	2,989,180	3.00%, 02/01/2043			3,085,923
	1,993,394	3.50%, 02/01/2043			2,106,270
		Government National Mortgage Association
	98	7.50%, 10/15/2013			98
	8,265	9.00%, 07/15/2018			8,302
	4,090	9.50%, 05/20/2022			4,109


Principal Amount				Value

Mortgage-Backed Securities – (continued)
$	9,619	8.00%, 11/20/2023	$		11,086
	1,481,876	3.50%, 11/20/2026			1,583,445
	1,631,210	3.50%, 01/15/2027			1,742,428
	7,278	7.50%, 10/20/2028			9,127
	4,788	7.50%, 12/20/2028			5,522
	2,090,036	5.00%, 06/15/2033			2,294,207
	639,280	5.00%, 10/20/2033			705,227
	1,193,897	6.00%, 12/20/2033			1,356,156
	573,229	5.00%, 02/20/2034			632,363
	572,398	5.50%, 11/20/2034			634,964
	304,341	5.50%, 02/20/2035			337,606
	428,777	5.50%, 04/20/2035			476,626
	527,358	5.00%, 12/20/2035			581,758
	332,822	5.50%, 05/20/2039			365,179
	2,721,002	4.50%, 08/15/2039			2,975,331
	9,360,591	4.00%, 05/20/2040			10,163,334
	4,782,667	4.00%, 12/15/2040			5,259,407
	3,490,211	4.00%, 01/15/2041			3,825,281
	4,287,219	4.50%, 02/20/2041			4,778,507
	3,698,749	4.00%, 03/20/2041			4,030,971
	1,271,403	4.00%, 05/20/2041			1,385,601
	7,162,621	4.00%, 07/20/2041			7,805,969
	2,568,602	4.00%, 08/15/2041			2,801,883
	1,750,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class A2^(a)3.34%, 07/15/2046			1,871,457
	500,000	JPMorgan Chase Commercial Mortgage Securities Corp Adjusted Series 2005-LDP5, Class AM^(c)5.24%, 12/15/2044			553,343
	267,694	Sequoia Mortgage Trust Series 2011-1 , Class A1 4.13%, 02/25/2041			269,352
		Vendee Mortgage Trust
	998,527	Series 1993-3, Class 1 5.66%, 09/15/2023^(c)			1,123,655
	2,046,655	Series 1996-3, Class 1Z 6.75%, 09/15/2026			2,384,993
	1,869,969	Series 2011-2, Class V 3.75%, 02/15/2028			2,060,253
	1,360,762	Series 2003-1, Class G 5.75%, 03/15/2030			1,400,400
	1,048,815	Series 2002-1, Class 1A 6.00%, 10/15/2031			1,211,709
	3,464,590	Series 2008-1, Class GD 5.25%, 01/15/2032			3,999,086


TOTAL MORTGAGE-BACKED SECURITIES — 80.85% (Cost $315,995,020)			$		327,080,694


Principal Amount				Value

U.S. GOVERNMENT AGENCY BONDS AND NOTES
$	1,300,000	Federal Home Loan Bank 5.00%, 11/17/2017	$		1,546,533


TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.38% (Cost $1,431,438)			$		1,546,533


U.S. TREASURY BONDS AND NOTES
		United States Treasury Note/Bond
	2,000,000	0.38%, 11/15/2014			2,004,766
	500,000	0.25%, 02/15/2015			499,981
	500,000	0.88%, 12/31/2016			506,758
	2,500,000	0.63%, 09/30/2017			2,495,118
	2,000,000	1.38%, 09/30/2018			2,053,750
	2,000,000	1.25%, 04/30/2019			2,026,876
	1,000,000	1.00%, 08/31/2019			993,125
	500,000	3.38%, 11/15/2019^(e)			572,344
	700,000	2.63%, 08/15/2020			764,586
	2,800,000	2.13%, 08/15/2021			2,926,000
	2,000,000	6.88%, 08/15/2025			3,031,562
	400,000	5.38%, 02/15/2031			556,438
	2,400,000	4.50%, 02/15/2036			3,048,374
	1,085,000	3.50%, 02/15/2039			1,179,768
	2,400,000	3.75%, 08/15/2041			2,714,251


TOTAL U.S. TREASURY BONDS AND NOTES — 6.27% (Cost $25,118,403)			$		25,373,697


SHORT TERM INVESTMENTS
Reverse Repurchase Agreements — 2.34%
	8,865,000	Reverse repurchase agreement (principal amount/value $8,865,000 with a maturity value of $8,865,158) with Merrill Lynch, Pierce, Fenner & Smith, 0.16%, dated 3/28/13, to be repurchased at $8,865,158 on 4/1/13, collateralized by a U.S. Treasury Security, 0.88%, 1/31/17, with a value of $9,042,300.			8,865,000

	140,422	Undivided interest of 0.16% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,320,919) with Citigroup Global Markets Inc, 0.20%, dated 3/28/13, to be repurchased at $140,422 on 4/1/13, collateralized by U.S. Treasury Securities and various U.S. Government Agency Securities, 0.00% - 6.00%, 3/31/13 - 3/15/53, with a value of $89,065,387.			140,422


Principal Amount				Value

$	140,423	Undivided interest of 0.16% in a reverse repurchase agreement (principal amount/value $87,318,979 with a maturity value of $87,321,113) with RBC Capital Markets Corp, 0.22%, dated 3/28/13, to be repurchased at $140,423 on 4/1/13, collateralized by various U.S. Government Agency Securities, 2.50% - 4.00%, 7/1/27 - 4/1/43, with a value of $89,065,361.	$		140,423

	29,561	Undivided interest of 0.17% in a reverse repurchase agreement (principal amount/value $17,567,939 with a maturity value of $17,568,251) with BNP Paribas Securities Corp, 0.16%, dated 3/28/13, to be repurchased at $29,561 on 4/1/13, collateralized by a U.S. Treasury Security, 2.25%, 5/31/14, with a value of $17,919,299.			29,561

	140,422	Undivided interest of 0.17% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,172) with HSBC Securities (USA) Inc, 0.18%, dated 3/28/13, to be repurchased at $140,422 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 8.13%, 1/30/14 - 7/15/36, with a value of $85,124,231.			140,422


Principal Amount				Value

Short Term Investments – (continued)
$	140,422	Undivided interest of 0.17% in a reverse repurchase agreement (principal amount/value $83,454,503 with a maturity value of $83,456,358) with Merrill Lynch, Pierce, Fenner & Smith, 0.20%, dated 3/28/13, to be repurchased at $140,422 on 4/1/13, collateralized by various U.S. Government Agency Securities, 0.00% - 6.50%, 4/25/13 - 1/1/47, with a value of $85,123,620.	$		140,422


TOTAL SHORT TERM INVESTMENTS — 2.34% (Cost $9,456,250)			$		9,456,250


TOTAL INVESTMENTS — 101.48% (Cost $398,642,233)			$		410,537,071

OTHER ASSETS & LIABILITIES, NET — (1.48)%			$		(6,006,106)

TOTAL NET ASSETS — 100.00%			$		404,530,965

The value of assets in the Fund is determined as of the close of trading on each valuation date.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, 100% of the Fund’s investments are valued using Level 2 inputs. A breakdown of the Fund’s sector and industry classifications is included in the Schedule of Investments. The Fund recognizes transfers as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

Investing in the Fund may involve certain risks including, but not limited to, the following.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection.

Interest income, including amortization of discounts and premiums, is recorded daily.

At March 28, 2013, the U.S. Federal income tax cost basis was $398,642,233. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $13,049,834 and gross depreciation of securities in which there was an excess of tax cost over value of $1,154,996 resulting in net appreciation of $11,894,838.

The Fund has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Fund receives income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board of Directors. As of March 28, 2013 the Fund had securities on loan valued at $578,590 and received collateral of $9,456,250 for such loan which was invested in reverse repurchase agreements collateralized by U.S. Government or U.S. Government Agency securities. The reverse repurchase agreements can be jointly purchased with other lending agent clients and in the event of a default by the counterparty, all lending agent clients would share ratably in the collateral. Additional information regarding the Fund’s securities on loan is included in the Schedule of Investments.


Shares			Value

BOND MUTUAL FUNDS
	353,377	Great-West Federated Bond Fund Initial Class^(a)	$	3,851,808
	255,273	Great-West Putnam High Yield Bond Fund Initial Class^(a)		2,200,455
	227,538	Great-West Short Duration Bond Fund Initial Class^(a)		2,384,597
	389,353	Great-West Templeton Global Bond Fund Initial Class^(a)		3,850,707
	419,679	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)		5,136,867

TOTAL BOND MUTUAL FUNDS — 47.49% (Cost $17,086,349)			$	17,424,434


EQUITY MUTUAL FUNDS
	94,736	Great-West American Century Growth Fund Initial Class^(a)		1,103,676
	169,605	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)		2,084,444
	120,029	Great-West Janus Large Cap Growth Fund Initial Class^(a)		1,100,670
	73,992	Great-West MFS International Growth Fund Initial Class^(a)		858,303


Shares			Value

Equity Mutual Funds — (continued)
	178,244	Great-West MFS International Value Fund Initial Class^(a)	$	1,709,360
	144,795	Great-West Putnam Equity Income Fund Initial Class^(a)		1,834,547
	100,932	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		1,835,962
	25,120	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		493,356

TOTAL EQUITY MUTUAL FUNDS — 30.04% (Cost $9,298,879)			$	11,020,318


Account Balance

FIXED INTEREST CONTRACT
	8,251,292(b)	Great-West Life & Annuity Contract^(a)1.50% ^(c)		8,251,292

TOTAL FIXED INTEREST CONTRACT — 22.49% (Cost $8,251,292)			$	8,251,292

TOTAL INVESTMENTS — 100.02% (Cost $34,636,520)			$	36,696,044

OTHER ASSETS & LIABILITIES, NET — (0.02)%			$	(7,019)

TOTAL NET ASSETS — 100.00%			$	36,689,025


Shares			Value

BOND MUTUAL FUNDS
	478,527	Great-West Federated Bond Fund Initial Class^(a)	$	5,215,941
	336,164	Great-West Putnam High Yield Bond Fund Initial Class^(a)		2,897,735
	527,380	Great-West Templeton Global Bond Fund Initial Class^(a)		5,215,793
	473,489	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)		5,795,504

TOTAL BOND MUTUAL FUNDS — 33.00% (Cost $18,779,022)			$	19,124,973


EQUITY MUTUAL FUNDS
	248,823	Great-West American Century Growth Fund Initial Class^(a)		2,898,787
	299,244	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)		3,677,704
	74,051	Great-West Invesco Small Cap Value Fund Initial Class^(a)		869,359
	316,036	Great-West Janus Large Cap Growth Fund Initial Class^(a)		2,898,054
	34,678	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)		869,366
	183,361	Great-West MFS International Growth Fund Initial Class^(a)		2,126,987


Shares			Value

Equity Mutual Funds — (continued)
	442,989	Great-West MFS International Value Fund Initial Class^(a)	$	4,248,261
	297,342	Great-West Putnam Equity Income Fund Initial Class^(a)		3,767,325
	207,118	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		3,767,474
	49,042	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		963,194

TOTAL EQUITY MUTUAL FUNDS — 45.02% (Cost $22,187,190)			$	26,086,511


Account Balance

FIXED INTEREST CONTRACT
	12,750,039(b)	Great-West Life & Annuity Contract(a) 1.50% ^(c)		12,750,039

TOTAL FIXED INTEREST CONTRACT — 22.00% (Cost $12,750,039)			$	12,750,039

TOTAL INVESTMENTS — 100.02% (Cost $53,716,251)			$	57,961,523

OTHER ASSETS & LIABILITIES, NET — (0.02)%			$	(11,046)

TOTAL NET ASSETS — 100.00%			$	57,950,477


Shares			Value

BOND MUTUAL FUNDS
	1,007,721	Great-West Federated Bond Fund Initial Class^(a)	$	10,984,155
	545,921	Great-West Putnam High Yield Bond Fund Initial Class^(a)		4,705,839
	1,108,853	Great-West Templeton Global Bond Fund Initial Class^(a)		10,966,559
	897,702	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)		10,987,876

TOTAL BOND MUTUAL FUNDS — 23.98% (Cost $36,850,437)			$	37,644,429


EQUITY MUTUAL FUNDS
	811,454	Great-West American Century Growth Fund Initial Class^(a)		9,453,443
	833,323	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)		10,241,538
	200,576	Great-West Invesco Small Cap Value Fund Initial Class^(a)		2,354,768
	1,026,625	Great-West Janus Large Cap Growth Fund Initial Class^(a)		9,414,151
	93,936	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)		2,354,978
	720,001	Great-West MFS International Growth Fund Initial Class^(a)		8,352,015


Shares			Value

Equity Mutual Funds — (continued)
	1,743,893	Great-West MFS International Value Fund Initial Class^(a)	$		16,723,935
	991,222	Great-West Putnam Equity Income Fund Initial Class^(a)			12,558,776
	209,742	Great-West Small Cap Growth Fund Initial Class^(a)			4,717,090
	692,096	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			12,589,225
	281,014	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			5,519,108

TOTAL EQUITY MUTUAL FUNDS — 60.05% (Cost $77,619,836)			$		94,279,027


Account Balance

FIXED INTEREST CONTRACT
	25,095,817(b)	Great-West Life & Annuity Contract(a) 1.50% ^(c)			25,095,817


TOTAL FIXED INTEREST CONTRACT — 15.99% (Cost $25,095,817)			$		25,095,817

TOTAL INVESTMENTS — 100.02% (Cost $139,566,090)			$		157,019,273

OTHER ASSETS & LIABILITIES, NET — (0.02)%			$		(29,949)

TOTAL NET ASSETS — 100.00%				$	156,989,324


Shares			Value

BOND MUTUAL FUNDS
	665,535	Great-West Federated Bond Fund Initial Class^(a)	$	7,254,336
	504,648	Great-West Putnam High Yield Bond Fund Initial Class^(a)		4,350,061
	731,491	Great-West Templeton Global Bond Fund Initial Class^(a)		7,234,447
	592,985	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)		7,258,134

TOTAL BOND MUTUAL FUNDS — 17.98% (Cost $25,432,508)			$	26,096,978


EQUITY MUTUAL FUNDS
	813,547	Great-West American Century Growth Fund Initial Class^(a)		9,477,820
	1,500,393	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)		18,439,828
	308,748	Great-West Invesco Small Cap Value Fund Initial Class^(a)		3,624,697
	1,027,548	Great-West Janus Large Cap Growth Fund Initial Class^(a)		9,422,614
	144,807	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)		3,630,325
	787,227	Great-West MFS International Growth Fund Initial Class^(a)		9,131,833


Shares			Value

Equity Mutual Funds — (continued)
	1,912,675	Great-West MFS International Value Fund Initial Class^(a)	$	18,342,558
	973,817	Great-West Putnam Equity Income Fund Initial Class^(a)		12,338,261
	194,085	Great-West Small Cap Growth Fund Initial Class^(a)		4,364,968
	680,572	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		12,379,610
	247,728	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		4,865,387

TOTAL EQUITY MUTUAL FUNDS — 73.05% (Cost $85,028,397)			$	106,017,901


Account Balance
FIXED INTEREST CONTRACT
	13,044,560(b)	Great-West Life & Annuity Contract(a) 1.50% ^(c)		13,044,560


TOTAL FIXED INTEREST CONTRACT — 8.99% (Cost $13,044,560)			$	13,044,560

TOTAL INVESTMENTS — 100.02% (Cost $123,505,465)			$	145,159,439

OTHER ASSETS & LIABILITIES, NET — (0.02)%			$	(27,639)

TOTAL NET ASSETS — 100.00%			$	145,131,800


Shares			Value

Equity Mutual Funds — (continued)
	573,684	Great-West Putnam Equity Income Fund Initial Class^(a)	$	7,268,576
	161,842	Great-West Small Cap Growth Fund Initial Class^(a)		3,639,816
	400,455	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		7,284,276
	173,575	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		3,409,004

TOTAL EQUITY MUTUAL FUNDS — 100.02% (Cost $59,591,372)			$	72,723,362

TOTAL INVESTMENTS — 100.02% (Cost $59,591,372)			$	72,723,362

OTHER ASSETS & LIABILITIES, NET — (0.02)%			$	(13,812)

TOTAL NET ASSETS — 100.00%			$	72,709,550

Great-West Funds, Inc. (Great-West Funds) is a Maryland corporation organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Great-West Funds presently consists of sixty-four funds. Interests in the Great-West Conservative Profile I Fund, Great-West Moderately Conservative Profile I Fund, Great-West Moderate Profile I Fund, Great-West Moderately Aggressive Profile I Fund and Great-West Aggressive Profile I Fund (each a Fund, collectively the Funds) are included herein and are represented by separate classes of beneficial interest of Great-West Funds. The investment objective of each Fund is to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize fixed income investments for the Great-West Conservative Profile I Fund; to seek capital appreciation primarily through investments in underlying funds of Great-West Funds that emphasize fixed income investments, and to a lesser degree, in those that emphasize equity investments for the Great-West Moderately Conservative Profile I Fund; to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds with a relatively equal emphasis on equity and fixed income investments for the Great-West Moderate Profile I Fund; to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize equity investments, and to a lesser degree, in those that emphasize fixed income investments for the Great-West Moderately Aggressive Profile I Fund and to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize equity investments for the Great-West Aggressive Profile I Fund. Each Fund is non-diversified as defined in the 1940 Act. The Funds are available as an investment option for insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, and to college savings programs.

Investments in shares of the underlying mutual funds are valued at their net asset value as reported by the underlying mutual fund.

Investments in the Great-West Life & Annuity Contract (GWL&A Contract) are valued at the amount of net deposits, determined on a daily basis. The investment in the GWL&A Contract is a guaranteed account invested in the general account of Great-West Life & Annuity Insurance Company (GWL&A).

The Funds classify valuations into three levels based upon the transparency of inputs to the valuation of each Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. The three levels are defined as follows:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 3 – Unobservable inputs to the extent observable inputs are not available. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances. A Statement of Cash Flows is included for the Funds considered to have a substantial percentage of investments not classified as a Level 1 or Level 2.

As of March 28, 2013, the inputs used to value each Fund’s investments are detailed in the following table. The Funds recognize transfers between levels as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

The following is a reconciliation of change in Level 3 assets during the period ended March 28, 2013:

Level 3 securities include investments in the GWL&A Contract, the fair value of which has been determined with the use of an internal model. The internal model incorporates, among other observable inputs, the financial strength and credit risk of GWL&A and its ability to meet ongoing obligations to its policyholders (i.e., a credit risk input). The Funds consider the credit risk input to be a significant unobservable input. As of March 28, 2013, the credit risk input was negligible. If there were a significant decrease in GWL&A’s credit risk, it may result in a lower fair value measurement.

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Investments in each Fund are subject to risks related to its allocation strategy. The success of each Fund will be impacted by the results of the underlying funds.

Unforeseen developments in market conditions may result in the decline of prices of, and the income generated by, the securities held by the underlying funds. These events may have adverse effects on the Funds such as a decline in the value and liquidity of many securities held by the Funds, and a decrease in net asset value. Such unforeseen developments may limit or preclude the Fund’s ability to achieve its investment objective.

Investing in underlying funds that primarily invest in stocks may involve larger price fluctuation and greater potential for loss than other types of investments. This may cause the underlying funds to be subject to larger short-term declines in value.

The Fund’s underlying funds may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject the Funds to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Each Fund may invest in underlying funds that primarily invest in bonds. Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities. The prices of mortgage-backed and asset-backed securities are sensitive to the rate of principal prepayments on the underlying assets.

The underlying funds of the Funds may be invested in bonds which are rated below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are traded, may also be less liquid than the market for higher grade bonds.

Dividends from net investment income of the Funds are declared and paid semi-annually. Income dividends are reinvested in additional shares at net asset value. Dividends from capital gains of the Funds, if any, are declared and reinvested at least annually in additional shares at net asset value.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on the basis of the first-in, first-out method (FIFO). Dividend income and realized gain distributions from underlying funds are accrued as of the ex-dividend date.

Each Fund’s policy complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and each Fund intends to distribute substantially all of its net taxable income and net capital gains, if any, each year. The Funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income taxes or excise tax provision is required.

Each Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Funds’ U.S. Federal tax returns remain open for the fiscal years ended 2009 through 2012. The statute of limitations on the Funds’ Colorado tax returns remain open for an additional year.

The Funds each may invest in a fixed interest contract issued by GWL&A. The GWL&A Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation. GWL&A calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of the investments in certain of the Funds and GWL&A being an affiliated entity the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If GWL&A were to become insolvent, the GWL&A Contract would be settled commensurate with other policy holder obligations.

On March 5, 2003, the U.S. Securities and Exchange Commission (SEC) issued exemptive relief (the Exemptive Order) to GWL&A, the Adviser and Great-West Funds permitting the affiliated applicants to purchase the GWL&A Contract. Some of the terms and conditions under which the Exemptive Order was issued are set forth below. Any deviation from these terms and conditions would require the affiliated applicants to seek permission from the SEC to implement any such deviation. There were no deviations from the terms and conditions of the Exemptive Order as of the period ended March 28, 2013.

The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.5%. The investment in the GWL&A Contract may be terminated by GWL&A or the Funds with no more than 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by GWL&A or other comparable companies.

The Great-West Funds Board of Directors must annually consider whether allocation by the Funds to the GWL&A Contract is in the best interest of the shareholders as compared to allocating such amounts to another available short duration/short term bond fund.

Each of the Funds may also invest in various funds affiliated with the Adviser & GWL&A. The following tables are a summary of the transactions for each underlying investment during the period ended March 28, 2013, in which the issuer was an affiliate of a Fund, as defined in the 1940 Act.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 28, 2013 were as follows:


Shares				Value

BOND MUTUAL FUNDS
	3,570,196	Great-West Federated Bond Fund Initial Class^(a)	$		38,915,135
	2,579,704	Great-West Putnam High Yield Bond Fund Initial Class^(a)			22,237,053
	2,298,678	Great-West Short Duration Bond Fund Initial Class^(a)			24,090,142
	3,932,910	Great-West Templeton Global Bond Fund Initial Class^(a)			38,896,485
	4,239,178	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)			51,887,537

TOTAL BOND MUTUAL FUNDS — 47.50% (Cost $172,711,777)			$		176,026,352

EQUITY MUTUAL FUNDS
	954,484	Great-West American Century Growth Fund Initial Class^(a)			11,119,731
	1,707,034	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)			20,979,445
	1,212,616	Great-West Janus Large Cap Growth Fund Initial Class^(a)			11,119,690
	747,698	Great-West MFS International Growth Fund Initial Class^(a)			8,673,298


Shares				Value

Equity Mutual Funds — (continued)
	1,801,124	Great-West MFS International Value Fund Initial Class^(a)	$		17,272,781
	1,462,670	Great-West Putnam Equity Income Fund Initial Class^(a)			18,532,031
	1,018,843	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			18,532,756
	252,899	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			4,966,938

TOTAL EQUITY MUTUAL FUNDS — 30.01% (Cost $94,995,439)			$		111,196,670


Account Balance

FIXED INTEREST CONTRACT
	83,389,072^(b)	Great-West Life & Annuity Contract^(a)1.50% ^(c)			83,389,072

TOTAL FIXED INTEREST CONTRACT — 22.50% (Cost $83,389,072)			$		83,389,072


TOTAL INVESTMENTS — 100.01% (Cost $351,096,288)			$		370,612,094

OTHER ASSETS & LIABILITIES, NET — (0.01)%			$		(35,161)

TOTAL NET ASSETS — 100.00%			$		370,576,933


Shares			Value

BOND MUTUAL FUNDS
	786,654	Great-West Federated Bond Fund Initial Class^(a)	$	8,574,533
	552,308	Great-West Putnam High Yield Bond Fund Initial Class^(a)		4,760,893
	865,310	Great-West Templeton Global Bond Fund Initial Class^(a)		8,557,916
	778,887	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)		9,533,583

TOTAL BOND MUTUAL FUNDS — 32.96% (Cost $31,105,189)			$	31,426,925

EQUITY MUTUAL FUNDS
	410,287	Great-West American Century Growth Fund Initial Class^(a)		4,779,841
	493,054	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)		6,059,637
	121,941	Great-West Invesco Small Cap Value Fund Initial Class^(a)		1,431,590
	520,928	Great-West Janus Large Cap Growth Fund Initial Class^(a)		4,776,911
	57,076	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)		1,430,884
	302,231	Great-West MFS International Growth Fund Initial Class^(a)		3,505,880


Shares			Value

Equity Mutual Funds — (continued)
	730,326	Great-West MFS International Value Fund Initial Class^(a)	$	7,003,827
	489,596	Great-West Putnam Equity Income Fund Initial Class^(a)		6,203,182
	341,389	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		6,209,869
	80,829	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		1,587,472

TOTAL EQUITY MUTUAL FUNDS — 45.08% (Cost $37,699,878)			$	42,989,093


Account Balance

FIXED INTEREST CONTRACT
	20,949,491^(b⁾	Great-West Life & Annuity Contract^(a) 1.50% ^(c)		20,949,491

TOTAL FIXED INTEREST CONTRACT — 21.97% (Cost $20,949,491)			$	20,949,491


TOTAL INVESTMENTS — 100.01% (Cost $89,754,558)			$	95,365,509

OTHER ASSETS & LIABILITIES, NET — (0.01)%			$	(8,202)

TOTAL NET ASSETS — 100.00%			$	95,357,307


Shares			Value

BOND MUTUAL FUNDS
	6,369,079	Great-West Federated Bond Fund Initial Class^(a)	$	69,422,966
	3,451,394	Great-West Putnam High Yield Bond Fund Initial Class^(a)		29,751,013
	7,015,312	Great-West Templeton Global Bond Fund Initial Class^(a)		69,381,441
	5,672,283	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)		69,428,746

TOTAL BOND MUTUAL FUNDS — 24.01% (Cost $232,770,105)			$	237,984,166

EQUITY MUTUAL FUNDS
	5,109,919	Great-West American Century Growth Fund Initial Class^(a)		59,530,556
	5,247,438	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)		64,491,013
	1,267,190	Great-West Invesco Small Cap Value Fund Initial Class^(a)		14,876,806
	6,488,562	Great-West Janus Large Cap Growth Fund Initial Class^(a)		59,500,115
	593,451	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)		14,877,824
	4,544,618	Great-West MFS International Growth Fund Initial Class^(a)		52,717,567


Shares			Value

Equity Mutual Funds — (continued)
	11,022,461	Great-West MFS International Value Fund Initial Class^(a)	$	105,705,398
	6,262,556	Great-West Putnam Equity Income Fund Initial Class^(a)		79,346,584
	1,323,266	Great-West Small Cap Growth Fund Initial Class^(a)		29,760,249
	4,363,072	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		79,364,281
	1,768,147	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		34,726,417

TOTAL EQUITY MUTUAL FUNDS — 60.00% (Cost $488,664,932)			$	594,896,810


Account Balance

FIXED INTEREST CONTRACT
	158,665,360^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)		158,665,360

TOTAL FIXED INTEREST CONTRACT — 16.00% (Cost $158,665,360)			$	158,665,360


TOTAL INVESTMENTS — 100.01% (Cost $880,100,397)			$	991,546,336

OTHER ASSETS & LIABILITIES, NET — (0.01)%			$	(80,380)

TOTAL NET ASSETS — 100.00%			$	991,465,956


Shares			Value

BOND MUTUAL FUNDS
	1,134,404	Great-West Federated Bond Fund Initial Class^(a)	$	12,364,999
	860,556	Great-West Putnam High Yield Bond Fund Initial Class^(a)		7,417,992
	1,248,434	Great-West Templeton Global Bond Fund Initial Class^(a)		12,347,016
	1,010,384	Great-West U.S. Government Mortgage Securities Fund Initial Class^(a)		12,367,104

TOTAL BOND MUTUAL FUNDS — 17.95% (Cost $43,885,166)			$	44,497,111

EQUITY MUTUAL FUNDS
	1,386,052	Great-West American Century Growth Fund Initial Class^(a)		16,147,505
	2,559,716	Great-West Goldman Sachs Mid Cap Value Fund Initial Class^(a)		31,458,913
	527,612	Great-West Invesco Small Cap Value Fund Initial Class^(a)		6,194,164
	1,760,280	Great-West Janus Large Cap Growth Fund Initial Class^(a)		16,141,768
	247,104	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)		6,194,891
	1,355,071	Great-West MFS International Growth Fund Initial Class^(a)		15,718,824


Shares			Value

Equity Mutual Funds — (continued)
	3,274,459	Great-West MFS International Value Fund Initial Class^(a)	$	31,402,063
	1,663,937	Great-West Putnam Equity Income Fund Initial Class^(a)		21,082,084
	330,708	Great-West Small Cap Growth Fund Initial Class^(a)		7,437,625
	1,160,337	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		21,106,542
	422,669	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		8,301,213

TOTAL EQUITY MUTUAL FUNDS — 73.08% (Cost $154,363,536)			$	181,185,592


Account Balance

FIXED INTEREST CONTRACT
	22,253,413^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)		22,253,413

TOTAL FIXED INTEREST CONTRACT — 8.98% (Cost $22,253,413)			$	22,253,413


TOTAL INVESTMENTS — 100.01% (Cost $220,502,115)			$	247,936,116

OTHER ASSETS & LIABILITIES, NET — (0.01)%			$	(19,285)

TOTAL NET ASSETS — 100.00%			$	247,916,831


Shares			Value

Equity Mutual Funds — (continued)
	4,503,932	Great-West Putnam Equity Income Fund Initial Class^(a)	$	57,064,814
	1,269,851	Great-West Small Cap Growth Fund Initial Class^(a)		28,558,955
	3,140,577	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		57,127,097
	1,359,038	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)		26,691,505

TOTAL EQUITY MUTUAL FUNDS — 100.01% (Cost $462,729,213)			$	570,592,352


TOTAL INVESTMENTS — 100.01% (Cost $462,729,213)			$	570,592,352

OTHER ASSETS & LIABILITIES, NET — (0.01)%			$	(44,718)

TOTAL NET ASSETS — 100.00%			$	570,547,634

Great-West Funds, Inc. (Great-West Funds) is a Maryland corporation organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Great-West Funds presently consists of sixty-four funds. Interests in the Great-West Conservative Profile II Fund, Great-West Moderately Conservative Profile II Fund, Great-West Moderate Profile II Fund, Great-West Moderately Aggressive Profile II Fund and Great-West Aggressive Profile II Funds (each a Fund, collectively the Funds) are included herein and are represented by separate classes of beneficial interest of the Great-West Funds. The investment objective of each Fund is to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize fixed income investments for the Great-West Conservative Profile II Fund; to seek capital appreciation primarily through investments in underlying funds of Great-West Funds that emphasize fixed income investments, and to a lesser degree, in those that emphasize equity investments for the Great-West Moderately Conservative Profile II Fund; to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds with a relatively equal emphasis on equity and fixed income investments for the Great-West Moderate Profile II Fund; to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize equity investments, and to a lesser degree, in those that emphasize fixed income investments for the Great-West Moderately Aggressive Profile II Fund and to seek long-term capital appreciation primarily through investments in underlying funds of the Great-West Funds that emphasize equity investments for the Great-West Aggressive Profile II Fund. Each Fund is non-diversified as defined in the 1940 Act. The Funds are available as an investment option for insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, and to college savings programs.

Investments in shares of the underlying mutual funds are valued at their net asset value as reported by the underlying mutual fund.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following table. The Funds recognize transfers between levels as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

The following is a reconciliation of change in Level 3 assets during the period ended March 28, 2013:

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Investments in each Fund are subject to risks related to its allocation strategy. The success of each Fund will be impacted by the results of the underlying funds.

Each Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Funds U.S. Federal tax returns remain open for the fiscal years ended 2009 through 2012. The statute of limitations on the Funds Colorado tax returns remain open for an additional year.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 28, 2013 were as follows:


Shares				Value

BOND MUTUAL FUNDS
	1,005,017	American Century Inflation Adjusted Bond Fund A	$		13,195,876
	2,162,297	Great-West Bond Index Fund Initial Class^(a)			29,947,812
	2,749,212	Great-West Federated Bond Fund Initial Class^(a)			29,966,404
	1,322,136	Great-West Putnam High Yield Bond Fund Initial Class^(a)			11,396,815
	575,200	Great-West Short Duration Bond Fund Initial Class^(a)			6,028,097
	623,032	Great-West Templeton Global Bond Fund Initial Class^(a)			6,161,785
	360,938	Metropolitan West High Yield Bond Fund			3,822,333
	951,272	Oppenheimer International Bond Fund A			6,192,782

TOTAL BOND MUTUAL FUNDS — 51.83% (Cost $105,866,322)			$		106,711,904


EQUITY MUTUAL FUNDS
	30,966	Allianz NFJ Small Cap Value Fund A			988,423
	85,685	Cohen & Steers International Realty Fund			1,009,367
	42,167	Goldman Sachs Mid Cap Value Fund A			1,854,510
	256,569	Great-West American Century Growth Fund Initial Class^(a)			2,989,033
	610,565	Great-West International Index Fund Initial Class^(a)			6,130,071
	325,572	Great-West Janus Large Cap Growth Fund Initial Class^(a)			2,985,499
	39,419	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			988,232
	118,844	Great-West MFS International Growth Fund Initial Class^(a)			1,378,589
	175,983	Great-West MFS International Value Fund Initial Class^(a)			1,687,674
	287,672	Great-West Putnam Equity Income Fund Initial Class^(a)			3,644,806
	460,729	Great-West Real Estate Index Fund Initial Class^(a)			5,114,088
	943,881	Great-West S&P 500^® Index Fund Initial Class^(a)			13,289,838
	458,028	Great-West S&P Mid Cap 400^® Index Fund Initial Class^(a)			5,693,292


Shares				Value

Equity Mutual Funds — (continued)
	278,530	Great-West S&P Small Cap 600^® Index Fund Initial Class^(a)	$		3,005,344
	200,523	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			3,647,512
	70,336	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			1,381,393
	26,873	Harbor International Fund Investor			1,687,057
	25,607	Invesco Developing Markets Fund R5			886,783
	82,556	Invesco Global Real Estate Fund R5			1,010,481
	45,550	Invesco International Growth Fund R5			1,379,724
	29,325	Invesco Small Cap Discovery Fund A			329,609
	78,510	Janus Perkins Mid Cap Value Fund S			1,855,188
	37,846	Janus Triton Fund			742,158
	113,649	Nuveen Real Estate Securities Fund			2,566,189
	57,716	Oppenheimer Developing Markets Fund A			2,039,122
	1,078,064	PIMCO Real Return Fund			13,206,281
	114,211	T. Rowe Price Real Estate Fund			2,556,054
	38,193	Third Avenue Real Estate Value Fund			1,010,204
	26,683	Wells Fargo Advantage Common Stock Fund A			597,442

TOTAL EQUITY MUTUAL FUNDS — 41.60% (Cost $77,052,009)			$		85,653,963


MONEY MARKET FUND
	3,764,205	Great-West Money Market Fund^(a)			3,764,205

TOTAL MONEY MARKET FUND — 1.83% (Cost $3,764,205)			$		3,764,205


Account Balance

FIXED INTEREST CONTRACT
	9,792,053^(b)	Great-West Life & Annuity Contract^(a)1.50% ^(c)			9,792,053

TOTAL FIXED INTEREST CONTRACT — 4.75% (Cost $9,792,053)			$		9,792,053


TOTAL INVESTMENTS — 100.01% (Cost $196,474,589)			$		205,922,125

OTHER ASSETS & LIABILITIES, NET — (0.01)%			$		(29,640)

TOTAL NET ASSETS — 100.00%			$		205,892,485


Shares			Value

BOND MUTUAL FUNDS
	3,391,455	American Century Inflation Adjusted Bond Fund A		$	44,529,808
	7,266,898	Great-West Bond Index Fund Initial Class^(a)			100,646,529
	9,292,614	Great-West Federated Bond Fund Initial Class^(a)			101,289,492
	4,463,662	Great-West Putnam High Yield Bond Fund Initial Class^(a)			38,476,767
	1,937,959	Great-West Short Duration Bond Fund Initial Class^(a)			20,309,812
	2,109,281	Great-West Templeton Global Bond Fund Initial Class^(a)			20,860,789
	1,216,308	Metropolitan West High Yield Bond Fund			12,880,703
	3,217,375	Oppenheimer International Bond Fund A			20,945,110

TOTAL BOND MUTUAL FUNDS — 43.73% (Cost $357,635,642)				$	359,939,010


EQUITY MUTUAL FUNDS
	162,535	Allianz NFJ Small Cap Value Fund A			5,188,128
	405,313	Cohen & Steers International Realty Fund			4,774,590
	222,902	Goldman Sachs Mid Cap Value Fund A			9,803,209
	1,365,024	Great-West American Century Growth Fund Initial Class^(a)			15,902,532
	3,237,282	Great-West International Index Fund Initial Class^(a)			32,502,317
	1,733,465	Great-West Janus Large Cap Growth Fund Initial Class^(a)			15,895,872
	206,880	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			5,186,493
	631,478	Great-West MFS International Growth Fund Initial Class^(a)			7,325,147
	935,612	Great-West MFS International Value Fund Initial Class^(a)			8,972,522
	1,527,034	Great-West Putnam Equity Income Fund Initial Class^(a)			19,347,522
	2,011,188	Great-West Real Estate Index Fund Initial Class^(a)			22,324,192
	5,007,303	Great-West S&P 500® Index Fund Initial Class^(a)			70,502,827
	2,434,189	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			30,256,964
	1,479,932	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			15,968,471


Shares				Value

Equity Mutual Funds — (continued)
	1,064,182		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		$	19,357,463
	377,703		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			7,418,080
	142,887		Harbor International Fund Investor			8,970,441
	133,250		Invesco Developing Markets Fund R5			4,614,431
	390,354		Invesco Global Real Estate Fund R5			4,777,932
	241,941		Invesco International Growth Fund R5			7,328,396
	146,558		Invesco Small Cap Discovery Fund A			1,647,310
	414,944		Janus Perkins Mid Cap Value Fund S			9,805,118
	201,738		Janus Triton Fund			3,956,092
	494,594		Nuveen Real Estate Securities Fund			11,167,923
	307,678		Oppenheimer Developing Markets Fund A			10,870,265
	3,637,894		PIMCO Real Return Fund			44,564,200
	500,666		T. Rowe Price Real Estate Fund			11,204,910
	180,713		Third Avenue Real Estate Value Fund			4,779,848
	139,834		Wells Fargo Advantage Common Stock Fund A			3,130,895

TOTAL EQUITY MUTUAL FUNDS — 50.72% (Cost $375,036,435)					$	417,544,090


MONEY MARKET FUND
	12,741,484		Great-West Money Market Fund^(a)			12,741,484

TOTAL MONEY MARKET FUND — 1.55% (Cost $12,741,484)					$	12,741,484


Account Balance

FIXED INTEREST CONTRACT
	33,051,878	^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)			33,051,878

TOTAL FIXED INTEREST CONTRACT — 4.02% (Cost $33,051,878)					$	33,051,878


TOTAL INVESTMENTS — 100.02% (Cost $778,465,439)					$	823,276,462

OTHER ASSETS & LIABILITIES, NET — (0.02)%					$	(125,798)

TOTAL NET ASSETS — 100.00%					$	823,150,664


Shares			Value

BOND MUTUAL FUNDS
	82,087	American Century Inflation Adjusted Bond Fund A		$	1,077,798
	175,553	Great-West Bond Index Fund Initial Class^(a)			2,431,406
	223,794	Great-West Federated Bond Fund Initial Class^(a)			2,439,358
	107,432	Great-West Putnam High Yield Bond Fund Initial Class^(a)			926,068
	46,872	Great-West Short Duration Bond Fund Initial Class^(a)			491,223
	50,757	Great-West Templeton Global Bond Fund Initial Class^(a)			501,984
	29,348	Metropolitan West High Yield Bond Fund			310,792
	77,389	Oppenheimer International Bond Fund A			503,800

TOTAL BOND MUTUAL FUNDS — 35.78% (Cost $8,669,562)				$	8,682,429


EQUITY MUTUAL FUNDS
	5,930	Allianz NFJ Small Cap Value Fund A			189,288
	13,971	Cohen & Steers International Realty Fund			164,581
	8,175	Goldman Sachs Mid Cap Value Fund A			359,542
	49,970	Great-West American Century Growth Fund Initial Class^(a)			582,155
	117,691	Great-West International Index Fund Initial Class^(a)			1,181,620
	63,174	Great-West Janus Large Cap Growth Fund Initial Class^(a)			579,301
	7,543	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			189,100
	22,895	Great-West MFS International Growth Fund Initial Class^(a)			265,582
	34,051	Great-West MFS International Value Fund Initial Class^(a)			326,553
	55,879	Great-West Putnam Equity Income Fund Initial Class^(a)			707,984
	64,639	Great-West Real Estate Index Fund Initial Class^(a)			717,493
	183,452	Great-West S&P 500® Index Fund Initial Class^(a)			2,583,001
	89,340	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			1,110,490
	53,876	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			581,318


Shares				Value

Equity Mutual Funds — (continued)
	39,014		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		$	709,665
	13,887		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			272,734
	5,191		Harbor International Fund Investor			325,869
	4,951		Invesco Developing Markets Fund R5			171,459
	13,463		Invesco Global Real Estate Fund R5			164,782
	8,806		Invesco International Growth Fund R5			266,722
	5,402		Invesco Small Cap Discovery Fund A			60,720
	15,247		Janus Perkins Mid Cap Value Fund S			360,290
	7,322		Janus Triton Fund			143,588
	15,936		Nuveen Real Estate Securities Fund			359,844
	11,299		Oppenheimer Developing Markets Fund A			399,203
	87,828		PIMCO Real Return Fund			1,075,893
	15,919		T. Rowe Price Real Estate Fund			356,271
	6,166		Third Avenue Real Estate Value Fund			163,100
	5,206		Wells Fargo Advantage Common Stock Fund A			116,566

TOTAL EQUITY MUTUAL FUNDS — 59.69% (Cost $12,996,771)					$	14,484,714

MONEY MARKET FUND
	306,856		Great-West Money Market Fund^(a)			306,856

TOTAL MONEY MARKET FUND — 1.26% (Cost $306,856)					$	306,856


Account Balance
FIXED INTEREST CONTRACT
	795,134	^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)			795,134

TOTAL FIXED INTEREST CONTRACT — 3.28% (Cost $795,134)					$	795,134


TOTAL INVESTMENTS — 100.01% (Cost $22,768,323)					$	24,269,133

OTHER ASSETS & LIABILITIES, NET — (0.01)%					$	(2,538)

TOTAL NET ASSETS — 100.00%					$	24,266,595


Shares			Value

BOND MUTUAL FUNDS
	639,836	American Century Inflation Adjusted Bond Fund A		$	8,401,043
	2,592,133	Great-West Bond Index Fund Initial Class^(a)			35,901,037
	3,314,012	Great-West Federated Bond Fund Initial Class^(a)			36,122,729
	1,584,596	Great-West Putnam High Yield Bond Fund Initial Class^(a)			13,659,220
	364,111	Great-West Short Duration Bond Fund Initial Class^(a)			3,815,889
	804,964	Great-West Templeton Global Bond Fund Initial Class^(a)			7,961,099
	432,626	Metropolitan West High Yield Bond Fund			4,581,507
	1,228,556	Oppenheimer International Bond Fund A			7,997,897

TOTAL BOND MUTUAL FUNDS — 44.28% (Cost $117,580,052)				$	118,440,421


EQUITY MUTUAL FUNDS
	66,244	Allianz NFJ Small Cap Value Fund A			2,114,502
	114,437	Cohen & Steers International Realty Fund			1,348,069
	76,724	Goldman Sachs Mid Cap Value Fund A			3,374,331
	467,447	Great-West American Century Growth Fund Initial Class^(a)			5,445,755
	1,296,194	Great-West International Index Fund Initial Class^(a)			13,013,784
	591,642	Great-West Janus Large Cap Growth Fund Initial Class^(a)			5,425,356
	84,229	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			2,111,619
	252,539	Great-West MFS International Growth Fund Initial Class^(a)			2,929,450
	375,683	Great-West MFS International Value Fund Initial Class^(a)			3,602,795
	523,090	Great-West Putnam Equity Income Fund Initial Class^(a)			6,627,554
	560,915	Great-West Real Estate Index Fund Initial Class^(a)			6,226,156
	1,718,497	Great-West S&P 500® Index Fund Initial Class^(a)			24,196,434
	835,526	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			10,385,585
	601,521	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			6,490,406


Shares				Value

Equity Mutual Funds — (continued)
	365,176		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		$	6,642,558
	129,857		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			2,550,392
	57,237		Harbor International Fund Investor			3,593,358
	63,949		Invesco Developing Markets Fund R5			2,214,558
	110,365		Invesco Global Real Estate Fund R5			1,350,868
	97,101		Invesco International Growth Fund R5			2,941,198
	61,962		Invesco Small Cap Discovery Fund A			696,454
	143,072		Janus Perkins Mid Cap Value Fund S			3,380,790
	82,151		Janus Triton Fund			1,610,989
	138,414		Nuveen Real Estate Securities Fund			3,125,394
	144,338		Oppenheimer Developing Markets Fund A			5,099,476
	686,383		PIMCO Real Return Fund			8,408,192
	138,206		T. Rowe Price Real Estate Fund			3,093,049
	50,769		Third Avenue Real Estate Value Fund			1,342,832
	49,055		Wells Fargo Advantage Common Stock Fund A			1,098,336

TOTAL EQUITY MUTUAL FUNDS — 52.51% (Cost $125,131,961)					$	140,440,240


MONEY MARKET FUND
	2,400,397		Great-West Money Market Fund^(a)			2,400,397

TOTAL MONEY MARKET FUND — 0.90% (Cost $2,400,397)					$	2,400,397


Account Balance

FIXED INTEREST CONTRACT
	6,215,290	^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)			6,215,290

TOTAL FIXED INTEREST CONTRACT — 2.32% (Cost $6,215,290)					$	6,215,290


TOTAL INVESTMENTS — 100.01% (Cost $251,327,700)					$	267,496,348

OTHER ASSETS & LIABILITIES, NET — (0.01)%					$	(38,201)

TOTAL NET ASSETS — 100.00%					$	267,458,147


Shares			Value

BOND MUTUAL FUNDS
	1,892,693	American Century Inflation Adjusted Bond Fund A		$	24,851,056
	7,731,857	Great-West Bond Index Fund Initial Class^(a)			107,086,213
	9,831,683	Great-West Federated Bond Fund Initial Class^(a)			107,165,350
	4,709,481	Great-West Putnam High Yield Bond Fund Initial Class^(a)			40,595,729
	1,084,957	Great-West Short Duration Bond Fund Initial Class^(a)			11,370,344
	2,385,705	Great-West Templeton Global Bond Fund Initial Class^(a)			23,594,626
	1,286,732	Metropolitan West High Yield Bond Fund			13,626,489
	3,636,807	Oppenheimer International Bond Fund A			23,675,614

TOTAL BOND MUTUAL FUNDS — 31.84% (Cost $349,671,044)				$	351,965,421


EQUITY MUTUAL FUNDS
	360,070	Allianz NFJ Small Cap Value Fund A			11,493,446
	557,898	Cohen & Steers International Realty Fund			6,572,041
	417,415	Goldman Sachs Mid Cap Value Fund A			18,357,924
	2,547,405	Great-West American Century Growth Fund Initial Class^(a)			29,677,266
	7,092,592	Great-West International Index Fund Initial Class^(a)			71,209,624
	3,228,679	Great-West Janus Large Cap Growth Fund Initial Class^(a)			29,606,989
	458,226	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			11,487,726
	1,378,944	Great-West MFS International Growth Fund Initial Class^(a)			15,995,751
	2,048,803	Great-West MFS International Value Fund Initial Class^(a)			19,648,019
	2,851,161	Great-West Putnam Equity Income Fund Initial Class^(a)			36,124,208
	2,443,400	Great-West Real Estate Index Fund Initial Class^(a)			27,121,737
	9,341,914	Great-West S&P 500® Index Fund Initial Class^(a)			131,534,145
	4,555,651	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			56,626,737
	3,274,445	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			35,331,265


Shares				Value

Equity Mutual Funds — (continued)
	1,987,675		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		$	36,155,803
	705,232		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			13,850,752
	312,794		Harbor International Fund Investor			19,637,210
	347,746		Invesco Developing Markets Fund R5			12,042,464
	538,406		Invesco Global Real Estate Fund R5			6,590,091
	528,889		Invesco International Growth Fund R5			16,020,061
	334,447		Invesco Small Cap Discovery Fund A			3,759,185
	777,968		Janus Perkins Mid Cap Value Fund S			18,383,381
	440,565		Janus Triton Fund			8,639,479
	600,468		Nuveen Real Estate Securities Fund			13,558,580
	790,351		Oppenheimer Developing Markets Fund A			27,923,107
	2,030,140		PIMCO Real Return Fund			24,869,214
	604,138		T. Rowe Price Real Estate Fund			13,520,604
	246,979		Third Avenue Real Estate Value Fund			6,532,588
	261,779		Wells Fargo Advantage Common Stock Fund A			5,861,222

TOTAL EQUITY MUTUAL FUNDS — 65.87% (Cost $648,128,893)					$	728,130,619


MONEY MARKET FUND
	7,058,361		Great-West Money Market Fund^(a)			7,058,361

TOTAL MONEY MARKET FUND — 0.64% (Cost $7,058,361)					$	7,058,361


Account Balance

FIXED INTEREST CONTRACT
	18,419,703	^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)			18,419,703

TOTAL FIXED INTEREST CONTRACT — 1.67% (Cost $18,419,703)					$	18,419,703


TOTAL INVESTMENTS — 100.02% (Cost $1,023,278,001)					$	1,105,574,104

OTHER ASSETS & LIABILITIES, NET — (0.02)%					$	(169,720)

TOTAL NET ASSETS — 100.00%					$	1,105,404,384


Shares			Value

BOND MUTUAL FUNDS
	62,614	American Century Inflation Adjusted Bond Fund A		$	822,123
	252,313	Great-West Bond Index Fund Initial Class^(a)			3,494,531
	323,556	Great-West Federated Bond Fund Initial Class^(a)			3,526,764
	154,877	Great-West Putnam High Yield Bond Fund Initial Class^(a)			1,335,040
	35,571	Great-West Short Duration Bond Fund Initial Class^(a)			372,785
	78,672	Great-West Templeton Global Bond Fund Initial Class^(a)			778,071
	42,380	Metropolitan West High Yield Bond Fund			448,800
	119,994	Oppenheimer International Bond Fund A			781,159

TOTAL BOND MUTUAL FUNDS — 20.07% (Cost $11,513,010)				$	11,559,273


EQUITY MUTUAL FUNDS
	23,092	Allianz NFJ Small Cap Value Fund A			737,098
	34,521	Cohen & Steers International Realty Fund			406,655
	26,617	Goldman Sachs Mid Cap Value Fund A			1,170,635
	162,807	Great-West American Century Growth Fund Initial Class^(a)			1,896,701
	451,783	Great-West International Index Fund Initial Class^(a)			4,535,901
	205,981	Great-West Janus Large Cap Growth Fund Initial Class^(a)			1,888,850
	29,355	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			735,920
	88,150	Great-West MFS International Growth Fund Initial Class^(a)			1,022,545
	130,616	Great-West MFS International Value Fund Initial Class^(a)			1,252,603
	182,133	Great-West Putnam Equity Income Fund Initial Class^(a)			2,307,624
	133,544	Great-West Real Estate Index Fund Initial Class^(a)			1,482,335
	597,113	Great-West S&P 500® Index Fund Initial Class^(a)			8,407,351
	291,256	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			3,620,307
	209,278	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			2,258,104


Shares				Value

Equity Mutual Funds — (continued)
	127,081		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		$	2,311,604
	45,047		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			884,732
	19,952		Harbor International Fund Investor			1,252,557
	22,128		Invesco Developing Markets Fund R5			766,308
	33,213		Invesco Global Real Estate Fund R5			406,533
	33,809		Invesco International Growth Fund R5			1,024,073
	21,008		Invesco Small Cap Discovery Fund A			236,132
	49,615		Janus Perkins Mid Cap Value Fund S			1,172,395
	28,568		Janus Triton Fund			560,213
	32,816		Nuveen Real Estate Securities Fund			740,986
	50,314		Oppenheimer Developing Markets Fund A			1,777,609
	66,684		PIMCO Real Return Fund			816,874
	33,022		T. Rowe Price Real Estate Fund			739,036
	15,275		Third Avenue Real Estate Value Fund			404,030
	16,734		Wells Fargo Advantage Common Stock Fund A			374,684

TOTAL EQUITY MUTUAL FUNDS — 78.48% (Cost $39,774,928)					$	45,190,395


MONEY MARKET FUND
	234,787		Great-West Money Market Fund^(a)			234,787

TOTAL MONEY MARKET FUND — 0.41% (Cost $234,787)					$	234,787


Account Balance

FIXED INTEREST CONTRACT
	607,145	^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)			607,145

TOTAL FIXED INTEREST CONTRACT — 1.05% (Cost $607,145)					$	607,145


TOTAL INVESTMENTS — 100.01% (Cost $52,129,870)					$	57,591,600

OTHER ASSETS & LIABILITIES, NET — (0.01)%					$	(5,882)

TOTAL NET ASSETS — 100.00%					$	57,585,718


Shares				Value

BOND MUTUAL FUNDS
	117,252	American Century Inflation Adjusted Bond Fund A	$		1,539,512
	1,269,811	Great-West Bond Index Fund Initial Class^(a)			17,586,890
	1,612,983	Great-West Federated Bond Fund Initial Class^(a)			17,581,511
	767,823	Great-West Putnam High Yield Bond Fund Initial Class^(a)			6,618,633
	67,720	Great-West Short Duration Bond Fund Initial Class^(a)			709,708
	413,953	Great-West Templeton Global Bond Fund Initial Class^(a)			4,093,996
	209,217	Metropolitan West High Yield Bond Fund			2,215,604
	631,639	Oppenheimer International Bond Fund A			4,111,970

TOTAL BOND MUTUAL FUNDS — 27.54% (Cost $54,051,447)			$		54,457,824


EQUITY MUTUAL FUNDS
	79,899	Allianz NFJ Small Cap Value Fund A			2,550,361
	84,148	Cohen & Steers International Realty Fund			991,269
	79,256	Goldman Sachs Mid Cap Value Fund A			3,485,693
	483,219	Great-West American Century Growth Fund Initial Class^(a)			5,629,502
	1,567,931	Great-West International Index Fund Initial Class^(a)			15,742,026
	612,987	Great-West Janus Large Cap Growth Fund Initial Class^(a)			5,621,093
	101,623	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			2,547,682
	305,190	Great-West MFS International Growth Fund Initial Class^(a)			3,540,202
	451,750	Great-West MFS International Value Fund Initial Class^(a)			4,332,285
	542,875	Great-West Putnam Equity Income Fund Initial Class^(a)			6,878,232
	380,406	Great-West Real Estate Index Fund Initial Class^(a)			4,222,509
	1,767,990	Great-West S&P 500® Index Fund Initial Class^(a)			24,893,303
	866,744	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			10,773,628
	726,038	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			7,833,952


Shares					Value

Equity Mutual Funds — (continued)
	378,790		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)	$		6,890,187
	134,364		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			2,638,903
	69,009		Harbor International Fund Investor			4,332,353
	87,975		Invesco Developing Markets Fund R5			3,046,570
	81,184		Invesco Global Real Estate Fund R5			993,698
	116,948		Invesco International Growth Fund R5			3,542,352
	73,931		Invesco Small Cap Discovery Fund A			830,983
	147,612		Janus Perkins Mid Cap Value Fund S			3,488,081
	99,092		Janus Triton Fund			1,943,200
	93,896		Nuveen Real Estate Securities Fund			2,120,171
	200,244		Oppenheimer Developing Markets Fund A			7,074,608
	125,755		PIMCO Real Return Fund			1,540,503
	93,915		T. Rowe Price Real Estate Fund			2,101,814
	37,467		Third Avenue Real Estate Value Fund			991,005
	50,407		Wells Fargo Advantage Common Stock Fund A			1,128,602

TOTAL EQUITY MUTUAL FUNDS — 71.67% (Cost $125,782,412)				$		141,704,767


MONEY MARKET FUND
	433,208		Great-West Money Market Fund^(a)			433,208

TOTAL MONEY MARKET FUND — 0.22% (Cost $433,208)				$		433,208


Account Balance

FIXED INTEREST CONTRACT
	1,142,275	^(b)	Great-West Life & Annuity Contract^(a)1.50% ^(c)			1,142,275

TOTAL FIXED INTEREST CONTRACT — 0.58% (Cost $1,142,275)				$		1,142,275


TOTAL INVESTMENTS — 100.01% (Cost $181,409,342)				$		197,738,074

OTHER ASSETS & LIABILITIES, NET — (0.01)%				$		(28,281)

TOTAL NET ASSETS — 100.00%				$		197,709,793


Shares			Value
BOND MUTUAL FUNDS
	248,524	American Century Inflation Adjusted Bond Fund A		$	3,263,123
	2,680,959	Great-West Bond Index Fund Initial Class^(a)			37,131,278
	3,406,475	Great-West Federated Bond Fund Initial Class^(a)			37,130,585
	1,622,026	Great-West Putnam High Yield Bond Fund Initial Class^(a)			13,981,864
	140,831	Great-West Short Duration Bond Fund Initial Class^(a)			1,475,905
	879,552	Great-West Templeton Global Bond Fund Initial Class^(a)			8,698,771
	441,974	Metropolitan West High Yield Bond Fund			4,680,502
	1,340,634	Oppenheimer International Bond Fund A			8,727,528

TOTAL BOND MUTUAL FUNDS — 14.81% (Cost $114,357,356)				$	115,089,556


EQUITY MUTUAL FUNDS
	377,297	Allianz NFJ Small Cap Value Fund A			12,043,306
	397,560	Cohen & Steers International Realty Fund			4,683,258
	374,616	Goldman Sachs Mid Cap Value Fund A			16,475,591
	2,281,645	Great-West American Century Growth Fund Initial Class^(a)			26,581,165
	7,413,932	Great-West International Index Fund Initial Class^(a)			74,435,876
	2,898,303	Great-West Janus Large Cap Growth Fund Initial Class^(a)			26,577,439
	480,355	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			12,042,505
	1,446,976	Great-West MFS International Growth Fund Initial Class^(a)			16,784,915
	2,139,310	Great-West MFS International Value Fund Initial Class^(a)			20,515,986
	2,563,427	Great-West Putnam Equity Income Fund Initial Class^(a)			32,478,620
	1,527,848	Great-West Real Estate Index Fund Initial Class^(a)			16,959,116
	8,328,165	Great-West S&P 500® Index Fund Initial Class^(a)			117,260,567
	4,071,780	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			50,612,229
	3,434,290	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			37,055,993


Shares				Value

Equity Mutual Funds — (continued)
	1,785,846		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		$	32,484,540
	633,261		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			12,437,249
	326,782		Harbor International Fund Investor			20,515,376
	414,142		Invesco Developing Markets Fund R5			14,341,721
	383,207		Invesco Global Real Estate Fund R5			4,690,453
	554,180		Invesco International Growth Fund R5			16,786,106
	345,667		Invesco Small Cap Discovery Fund A			3,885,293
	697,285		Janus Perkins Mid Cap Value Fund S			16,476,840
	467,701		Janus Triton Fund			9,171,619
	377,133		Nuveen Real Estate Securities Fund			8,515,652
	945,845		Oppenheimer Developing Markets Fund A			33,416,718
	260,224		PIMCO Real Return Fund			3,187,742
	378,621		T. Rowe Price Real Estate Fund			8,473,544
	176,318		Third Avenue Real Estate Value Fund			4,663,615
	236,019		Wells Fargo Advantage Common Stock Fund A			5,284,461

TOTAL EQUITY MUTUAL FUNDS — 84.78% (Cost $586,158,951)					$	658,837,495


MONEY MARKET FUND
	932,107		Great-West Money Market Fund^(a)			932,107

TOTAL MONEY MARKET FUND — 0.12% (Cost $932,107)					$	932,107


Account Balance

FIXED INTEREST CONTRACT
	2,407,978	^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)			2,407,978

TOTAL FIXED INTEREST CONTRACT — 0.31% (Cost $2,407,978)					$	2,407,978


TOTAL INVESTMENTS — 100.02% (Cost $703,856,392)					$	777,267,136

OTHER ASSETS & LIABILITIES, NET — (0.02)%					$	(118,818)

TOTAL NET ASSETS — 100.00%					$	777,148,318


Shares			Value

BOND MUTUAL FUNDS
	8,624	American Century Inflation Adjusted Bond Fund A		$	113,228
	93,392	Great-West Bond Index Fund Initial Class^(a)			1,293,481
	118,594	Great-West Federated Bond Fund Initial Class^(a)			1,292,678
	56,944	Great-West Putnam High Yield Bond Fund Initial Class^(a)			490,856
	4,847	Great-West Short Duration Bond Fund Initial Class^(a)			50,795
	30,747	Great-West Templeton Global Bond Fund Initial Class^(a)			304,088
	15,515	Metropolitan West High Yield Bond Fund			164,304
	46,889	Oppenheimer International Bond Fund A			305,251

TOTAL BOND MUTUAL FUNDS — 7.08% (Cost $3,999,258)				$	4,014,681


EQUITY MUTUAL FUNDS
	30,162	Allianz NFJ Small Cap Value Fund A			962,771
	33,992	Cohen & Steers International Realty Fund			400,427
	30,039	Goldman Sachs Mid Cap Value Fund A			1,321,123
	183,475	Great-West American Century Growth Fund Initial Class^(a)			2,137,478
	591,457	Great-West International Index Fund Initial Class^(a)			5,938,226
	232,214	Great-West Janus Large Cap Growth Fund Initial Class^(a)			2,129,407
	38,347	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			961,363
	115,406	Great-West MFS International Growth Fund Initial Class^(a)			1,338,713
	170,898	Great-West MFS International Value Fund Initial Class^(a)			1,638,912
	205,007	Great-West Putnam Equity Income Fund Initial Class^(a)			2,597,440
	113,612	Great-West Real Estate Index Fund Initial Class^(a)			1,261,091
	671,015	Great-West S&P 500® Index Fund Initial Class^(a)			9,447,887
	328,084	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			4,078,086
	274,451	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			2,961,322


Shares				Value

Equity Mutual Funds — (continued)
	143,043		Great-West T. Rowe Price Equity Income Fund Initial Class^(a)		$	2,601,958
	50,660		Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			994,958
	26,091		Harbor International Fund Investor			1,638,019
	33,296		Invesco Developing Markets Fund R5			1,153,048
	32,736		Invesco Global Real Estate Fund R5			400,695
	44,279		Invesco International Growth Fund R5			1,341,209
	27,716		Invesco Small Cap Discovery Fund A			311,527
	55,992		Janus Perkins Mid Cap Value Fund S			1,323,088
	37,356		Janus Triton Fund			732,554
	28,047		Nuveen Real Estate Securities Fund			633,290
	75,828		Oppenheimer Developing Markets Fund A			2,678,996
	9,249		PIMCO Real Return Fund			113,297
	27,956		T. Rowe Price Real Estate Fund			625,652
	15,025		Third Avenue Real Estate Value Fund			397,402
	18,985		Wells Fargo Advantage Common Stock Fund A			425,082

TOTAL EQUITY MUTUAL FUNDS — 92.72% (Cost $46,425,218)					$	52,545,021


MONEY MARKET FUND
	33,833		Great-West Money Market Fund^(a)			33,833

TOTAL MONEY MARKET FUND — 0.06% (Cost $33,833)					$	33,833


Account Balance

FIXED INTEREST CONTRACT
	84,602	^(b)	Great-West Life & Annuity Contract^(a) 1.50% ^(c)			84,602

TOTAL FIXED INTEREST CONTRACT — 0.15% (Cost $84,602)					$	84,602

TOTAL INVESTMENTS — 100.01% (Cost $50,542,911)					$	56,678,137

OTHER ASSETS & LIABILITIES, NET — (0.01)%					$	(5,722)

TOTAL NET ASSETS — 100.00%					$	56,672,415


Shares			Value

BOND MUTUAL FUNDS
	393,044	Great-West Bond Index Fund Initial Class^(a)		$	5,443,653
	499,398	Great-West Federated Bond Fund Initial Class^(a)			5,443,443
	237,205	Great-West Putnam High Yield Bond Fund Initial Class^(a)			2,044,707
	138,723	Great-West Templeton Global Bond Fund Initial Class^(a)			1,371,968
	64,635	Metropolitan West High Yield Bond Fund			684,485
	211,607	Oppenheimer International Bond Fund A			1,377,565

TOTAL BOND MUTUAL FUNDS — 17.25% (Cost $16,231,414)				$	16,365,821


EQUITY MUTUAL FUNDS
	48,401	Allianz NFJ Small Cap Value Fund A			1,544,957
	40,479	Cohen & Steers International Realty Fund			476,846
	41,856	Goldman Sachs Mid Cap Value Fund A			1,840,830
	255,130	Great-West American Century Growth Fund Initial Class^(a)			2,972,269
	953,952	Great-West International Index Fund Initial Class^(a)			9,577,674
	323,932	Great-West Janus Large Cap Growth Fund Initial Class^(a)			2,970,452
	61,606	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			1,544,463
	185,723	Great-West MFS International Growth Fund Initial Class^(a)			2,154,384
	275,181	Great-West MFS International Value Fund Initial Class^(a)			2,638,984
	285,803	Great-West Putnam Equity Income Fund Initial Class^(a)			3,621,126
	167,914	Great-West Real Estate Index Fund Initial Class^(a)			1,863,848


Shares			Value

Equity Mutual Funds — (continued)
	933,463	Great-West S&P 500® Index Fund Initial Class^(a)		$	13,143,164
	456,045	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			5,668,643
	440,649	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			4,754,604
	199,254	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			3,624,437
	70,647	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			1,387,497
	42,035	Harbor International Fund Investor			2,638,948
	60,828	Invesco Developing Markets Fund R5			2,106,455
	39,042	Invesco Global Real Estate Fund R5			477,877
	71,122	Invesco International Growth Fund R5			2,154,298
	44,709	Invesco Small Cap Discovery Fund A			502,531
	77,929	Janus Perkins Mid Cap Value Fund S			1,841,459
	59,558	Janus Triton Fund			1,167,927
	41,344	Nuveen Real Estate Securities Fund			933,537
	138,715	Oppenheimer Developing Markets Fund A			4,900,808
	41,529	T. Rowe Price Real Estate Fund			929,427
	17,948	Third Avenue Real Estate Value Fund			474,728
	26,275	Wells Fargo Advantage Common Stock Fund A			588,289

TOTAL EQUITY MUTUAL FUNDS — 82.76% (Cost $69,867,891)				$	78,500,462


TOTAL INVESTMENTS — 100.01% (Cost $86,099,305)				$	94,866,283

OTHER ASSETS & LIABILITIES, NET — (0.01)%				$	(13,340)

TOTAL NET ASSETS — 100.00%				$	94,852,943


Shares			Value

BOND MUTUAL FUNDS
	795,029	Great-West Bond Index Fund Initial Class^(a)		$	11,011,152
	1,010,104	Great-West Federated Bond Fund Initial Class^(a)			11,010,129
	480,550	Great-West Putnam High Yield Bond Fund Initial Class^(a)			4,142,343
	279,115	Great-West Templeton Global Bond Fund Initial Class^(a)			2,760,450
	130,943	Metropolitan West High Yield Bond Fund			1,386,686
	425,580	Oppenheimer International Bond Fund A			2,770,524

TOTAL BOND MUTUAL FUNDS — 8.85% (Cost $32,840,789)				$	33,081,284


EQUITY MUTUAL FUNDS
	211,806	Allianz NFJ Small Cap Value Fund A			6,760,848
	191,866	Cohen & Steers International Realty Fund			2,260,186
	181,839	Goldman Sachs Mid Cap Value Fund A			7,997,297
	1,110,322	Great-West American Century Growth Fund Initial Class^(a)			12,935,250
	4,153,763	Great-West International Index Fund Initial Class^(a)			41,703,785
	1,409,735	Great-West Janus Large Cap Growth Fund Initial Class^(a)			12,927,272
	269,601	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			6,758,898
	808,145	Great-West MFS International Growth Fund Initial Class^(a)			9,374,478
	1,195,935	Great-West MFS International Value Fund Initial Class^(a)			11,469,018
	1,246,945	Great-West Putnam Equity Income Fund Initial Class^(a)			15,798,793
	653,033	Great-West Real Estate Index Fund Initial Class^(a)			7,248,663


Shares			Value

Equity Mutual Funds — (continued)
	4,066,173	Great-West S&P 500® Index Fund Initial Class(a)		$	57,251,710
	1,984,895	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			24,672,244
	1,923,670	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			20,756,398
	868,994	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			15,807,001
	306,626	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			6,022,135
	182,646	Harbor International Fund Investor			11,466,507
	265,908	Invesco Developing Markets Fund R5			9,208,406
	184,808	Invesco Global Real Estate Fund R5			2,262,054
	309,618	Invesco International Growth Fund R5			9,378,331
	192,792	Invesco Small Cap Discovery Fund A			2,166,976
	338,557	Janus Perkins Mid Cap Value Fund S			8,000,109
	259,304	Janus Triton Fund			5,084,958
	161,405	Nuveen Real Estate Securities Fund			3,644,519
	604,085	Oppenheimer Developing Markets Fund A			21,342,309
	160,526	T. Rowe Price Real Estate Fund			3,592,566
	84,812	Third Avenue Real Estate Value Fund			2,243,288
	115,168	Wells Fargo Advantage Common Stock Fund A			2,578,608

TOTAL EQUITY MUTUAL FUNDS — 91.17% (Cost $304,301,703)				$	340,712,607


TOTAL INVESTMENTS — 100.02% (Cost $337,142,492)				$	373,793,891

OTHER ASSETS & LIABILITIES, NET — (0.02)%				$	(56,499)

TOTAL NET ASSETS — 100.00%				$	373,737,392


Shares			Value

BOND MUTUAL FUNDS
	41,218	Great-West Bond Index Fund Initial Class^(a)		$	570,873
	52,345	Great-West Federated Bond Fund Initial Class^(a)			570,554
	25,135	Great-West Putnam High Yield Bond Fund Initial Class^(a)			216,659
	14,476	Great-West Templeton Global Bond Fund Initial Class^(a)			143,171
	6,954	Metropolitan West High Yield Bond Fund			73,642
	22,077	Oppenheimer International Bond Fund A			143,724

TOTAL BOND MUTUAL FUNDS — 5.13% (Cost $1,711,065)				$	1,718,623


EQUITY MUTUAL FUNDS
	19,702	Allianz NFJ Small Cap Value Fund A			628,881
	20,076	Cohen & Steers International Realty Fund			236,495
	16,974	Goldman Sachs Mid Cap Value Fund A			746,514
	103,653	Great-West American Century Growth Fund Initial Class^(a)			1,207,558
	385,899	Great-West International Index Fund Initial Class^(a)			3,874,430
	131,253	Great-West Janus Large Cap Growth Fund Initial Class^(a)			1,203,588
	25,055	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			628,132
	75,328	Great-West MFS International Growth Fund Initial Class^(a)			873,811
	111,371	Great-West MFS International Value Fund Initial Class^(a)			1,068,049
	116,041	Great-West Putnam Equity Income Fund Initial Class^(a)			1,470,244
	57,376	Great-West Real Estate Index Fund Initial Class^(a)			636,869


Shares			Value

Equity Mutual Funds — (continued)
	378,967	Great-West S&P 500® Index Fund Initial Class^(a)		$	5,335,849
	185,585	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			2,306,827
	178,855	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			1,929,842
	80,959	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			1,472,643
	28,709	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			563,847
	16,998	Harbor International Fund Investor			1,067,114
	24,845	Invesco Developing Markets Fund R5			860,373
	19,362	Invesco Global Real Estate Fund R5			236,991
	28,910	Invesco International Growth Fund R5			875,673
	18,165	Invesco Small Cap Discovery Fund A			204,172
	31,637	Janus Perkins Mid Cap Value Fund S			747,591
	24,122	Janus Triton Fund			473,024
	14,173	Nuveen Real Estate Securities Fund			320,035
	56,475	Oppenheimer Developing Markets Fund A			1,995,280
	14,113	T. Rowe Price Real Estate Fund			315,851
	8,873	Third Avenue Real Estate Value Fund			234,704
	10,767	Wells Fargo Advantage Common Stock Fund A			241,075

TOTAL EQUITY MUTUAL FUNDS — 94.88% (Cost $28,208,007)				$	31,755,462


TOTAL INVESTMENTS — 100.01% (Cost $29,919,072)				$	33,474,085

OTHER ASSETS & LIABILITIES, NET — (0.01)%				$	(3,335)

TOTAL NET ASSETS — 100.00%				$	33,470,750


Shares			Value

BOND MUTUAL FUNDS
	88,350	Great-West Bond Index Fund Initial Class^(a)		$	1,223,652
	112,262	Great-West Federated Bond Fund Initial Class^(a)			1,223,652
	53,342	Great-West Putnam High Yield Bond Fund Initial Class^(a)			459,812
	36,838	Great-West Templeton Global Bond Fund Initial Class^(a)			364,329
	14,534	Metropolitan West High Yield Bond Fund			153,916
	56,137	Oppenheimer International Bond Fund A			365,448

TOTAL BOND MUTUAL FUNDS — 15.09% (Cost $3,765,060)				$	3,790,809


EQUITY MUTUAL FUNDS
	13,933	Allianz NFJ Small Cap Value Fund A			444,743
	10,665	Cohen & Steers International Realty Fund			125,629
	10,512	Goldman Sachs Mid Cap Value Fund A			462,339
	64,274	Great-West American Century Growth Fund Initial Class^(a)			748,788
	275,547	Great-West International Index Fund Initial Class^(a)			2,766,493
	81,656	Great-West Janus Large Cap Growth Fund Initial Class^(a)			748,790
	17,740	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			444,741
	53,720	Great-West MFS International Growth Fund Initial Class^(a)			623,156
	79,396	Great-West MFS International Value Fund Initial Class^(a)			761,409
	72,188	Great-West Putnam Equity Income Fund Initial Class^(a)			914,616
	40,746	Great-West Real Estate Index Fund Initial Class^(a)			452,284


Shares			Value

Equity Mutual Funds — (continued)
	235,921	Great-West S&P 500® Index Fund Initial Class(a)		$	3,321,773
	114,641	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			1,424,985
	126,680	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			1,366,880
	50,282	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			914,626
	17,784	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			349,269
	12,129	Harbor International Fund Investor			761,467
	19,881	Invesco Developing Markets Fund R5			688,469
	10,264	Invesco Global Real Estate Fund R5			125,632
	20,573	Invesco International Growth Fund R5			623,154
	12,742	Invesco Small Cap Discovery Fund A			143,223
	19,566	Janus Perkins Mid Cap Value Fund S			462,339
	17,042	Janus Triton Fund			334,192
	10,069	Nuveen Real Estate Securities Fund			227,354
	45,374	Oppenheimer Developing Markets Fund A			1,603,068
	10,105	T. Rowe Price Real Estate Fund			226,141
	4,750	Third Avenue Real Estate Value Fund			125,636
	6,621	Wells Fargo Advantage Common Stock Fund A			148,250

TOTAL EQUITY MUTUAL FUNDS — 84.92% (Cost $19,194,540)				$	21,339,446


TOTAL INVESTMENTS — 100.01% (Cost $22,959,600)				$	25,130,255

OTHER ASSETS & LIABILITIES, NET — (0.01)%				$	(3,368)

TOTAL NET ASSETS — 100.00%				$	25,126,887


Shares			Value

BOND MUTUAL FUNDS
	161,985	Great-West Bond Index Fund Initial Class^(a)		$	2,243,489
	205,796	Great-West Federated Bond Fund Initial Class^(a)			2,243,178
	98,437	Great-West Putnam High Yield Bond Fund Initial Class^(a)			848,522
	67,400	Great-West Templeton Global Bond Fund Initial Class^(a)			666,590
	27,095	Metropolitan West High Yield Bond Fund			286,935
	102,733	Oppenheimer International Bond Fund A			668,793

TOTAL BOND MUTUAL FUNDS — 8.03% (Cost $6,910,648)				$	6,957,507


EQUITY MUTUAL FUNDS
	52,402	Allianz NFJ Small Cap Value Fund A			1,672,672
	43,637	Cohen & Steers International Realty Fund			514,048
	39,622	Goldman Sachs Mid Cap Value Fund A			1,742,596
	241,218	Great-West American Century Growth Fund Initial Class^(a)			2,810,186
	1,033,339	Great-West International Index Fund Initial Class^(a)			10,374,723
	306,235	Great-West Janus Large Cap Growth Fund Initial Class^(a)			2,808,175
	66,704	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			1,672,271
	201,650	Great-West MFS International Growth Fund Initial Class^(a)			2,339,139
	298,136	Great-West MFS International Value Fund Initial Class^(a)			2,859,127
	270,833	Great-West Putnam Equity Income Fund Initial Class^(a)			3,431,449
	133,048	Great-West Real Estate Index Fund Initial Class^(a)			1,476,827


Shares			Value

Equity Mutual Funds — (continued)
	879,854	Great-West S&P 500® Index Fund Initial Class^(a)		$	12,388,349
	431,401	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			5,362,309
	475,297	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			5,128,456
	188,720	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			3,432,814
	66,696	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			1,309,913
	45,542	Harbor International Fund Investor			2,859,119
	75,085	Invesco Developing Markets Fund R5			2,600,192
	42,145	Invesco Global Real Estate Fund R5			515,852
	77,251	Invesco International Growth Fund R5			2,339,941
	47,820	Invesco Small Cap Discovery Fund A			537,497
	73,770	Janus Perkins Mid Cap Value Fund S			1,743,189
	64,569	Janus Triton Fund			1,266,206
	32,796	Nuveen Real Estate Securities Fund			740,525
	170,392	Oppenheimer Developing Markets Fund A			6,019,949
	32,944	T. Rowe Price Real Estate Fund			737,286
	19,343	Third Avenue Real Estate Value Fund			511,631
	25,167	Wells Fargo Advantage Common Stock Fund A			563,498

TOTAL EQUITY MUTUAL FUNDS — 91.99% (Cost $72,006,444)				$	79,757,939


TOTAL INVESTMENTS — 100.02% (Cost $78,917,092)				$	86,715,446

OTHER ASSETS & LIABILITIES, NET — (0.02)%				$	(13,129)

TOTAL NET ASSETS — 100.00%				$	86,702,317


Shares			Value

BOND MUTUAL FUNDS
	4,159	Great-West Bond Index Fund Initial Class^(a)		$	57,601
	5,282	Great-West Federated Bond Fund Initial Class^(a)			57,581
	2,555	Great-West Putnam High Yield Bond Fund Initial Class^(a)			22,024
	1,722	Great-West Templeton Global Bond Fund Initial Class^(a)			17,028
	707	Metropolitan West High Yield Bond Fund			7,492
	2,628	Oppenheimer International Bond Fund A			17,106

TOTAL BOND MUTUAL FUNDS — 5.02% (Cost $178,833)				$	178,832


EQUITY MUTUAL FUNDS
	2,220	Allianz NFJ Small Cap Value Fund A			70,861
	2,073	Cohen & Steers International Realty Fund			24,418
	1,677	Goldman Sachs Mid Cap Value Fund A			73,736
	10,251	Great-West American Century Growth Fund Initial Class^(a)			119,422
	43,835	Great-West International Index Fund Initial Class^(a)			440,106
	13,005	Great-West Janus Large Cap Growth Fund Initial Class^(a)			119,256
	2,823	Great-West Loomis Sayles Small Cap Value Fund Initial Class^(a)			70,772
	8,549	Great-West MFS International Growth Fund Initial Class^(a)			99,175
	12,646	Great-West MFS International Value Fund Initial Class^(a)			121,276
	11,510	Great-West Putnam Equity Income Fund Initial Class^(a)			145,828
	5,128	Great-West Real Estate Index Fund Initial Class^(a)			56,916


Shares			Value

Equity Mutual Funds — (continued)
	37,450	Great-West S&P 500® Index Fund Initial Class^(a)		$	527,302
	18,362	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)			228,237
	20,195	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)			217,907
	8,027	Great-West T. Rowe Price Equity Income Fund Initial Class^(a)			146,011
	2,855	Great-West T. Rowe Price Mid Cap Growth Fund Initial Class^(a)			56,063
	1,930	Harbor International Fund Investor			121,194
	3,181	Invesco Developing Markets Fund R5			110,169
	1,997	Invesco Global Real Estate Fund R5			24,443
	3,278	Invesco International Growth Fund R5			99,286
	2,028	Invesco Small Cap Discovery Fund A			22,797
	3,124	Janus Perkins Mid Cap Value Fund S			73,810
	2,732	Janus Triton Fund			53,576
	1,268	Nuveen Real Estate Securities Fund			28,635
	7,240	Oppenheimer Developing Markets Fund A			255,805
	1,261	T. Rowe Price Real Estate Fund			28,214
	918	Third Avenue Real Estate Value Fund			24,270
	1,067	Wells Fargo Advantage Common Stock Fund A			23,886

TOTAL EQUITY MUTUAL FUNDS — 94.99% (Cost $3,072,571)				$	3,383,371


TOTAL INVESTMENTS — 100.01% (Cost $3,251,404)				$	3,562,203

OTHER ASSETS & LIABILITIES, NET — (0.01)%				$	(423)

TOTAL NET ASSETS — 100.00%				$	3,561,780

Great-West Funds, Inc. (Great-West Funds) is a Maryland corporation organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Great-West Funds presently consists of sixty-four funds. Interests in the Great-West Lifetime 2015 Fund I, the Great-West Lifetime 2015 Fund II, the Great-West Lifetime 2015 Fund III, the Great-West Lifetime 2025 Fund I, the Great-West Lifetime 2025 Fund II, the Great-West Lifetime 2025 Fund III, the Great-West Lifetime 2035 Fund I, the Great-West Lifetime 2035 Fund II, the Great-West Lifetime 2035 Fund III, the Great-West Lifetime 2045 Fund I, the Great-West Lifetime 2045 Fund II, the Great-West Lifetime 2045 Fund III, the Great-West Lifetime 2055 Fund I, the Great-West Lifetime 2055 Fund II, and the Great-West Lifetime 2055 Fund III (each a Fund, collectively the Funds) are included herein and are represented by separate classes of beneficial interest of Great-West Funds. The investment objective of each Fund is to seek capital appreciation and income consistent with its current asset allocation. There are three risk profile options for each available year designated in the name of each Fund. The Fund I series are generally expected to pursue a more conservative allocation strategy relative to the Fund II or Fund III series. The Fund II series are generally expected to pursue a more moderate allocation strategy relative to the Fund I or Fund III series. The Fund III series are generally expected to pursue a more aggressive allocation strategy relative to the Fund I or Fund II series. After the transition year, noted in the name of the Fund, the investment objective is to seek income and secondarily, capital growth. Each Fund is non-diversified as defined in the 1940 Act. The Funds are available as an investment option for insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, and to college savings programs.

Investments in shares of the underlying mutual funds are valued at their net asset value as reported by the underlying mutual fund.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, the inputs used to value the Fund’s investments are detailed in the following tables. The Funds recognize transfers between levels as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

The following is a reconciliation of change in Level 3 assets during the period ended March 28, 2013:

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Investments in each Fund are subject to risks related to its allocation strategy. The success of each Fund will be impacted by the results of the underlying funds.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from an investment sold are determined on a specific lot selection. Dividend income and realized gain distributions from underlying funds are accrued as of the ex-dividend date.

Each Fund’s policy complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and the Funds intend to distribute substantially all of their net taxable income and net capital gains, if any, each year. The Funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income taxes or excise tax provision is required.

The Funds each may invest in a fixed interest contract issued by GWL&A. The GWL&A Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation. GWL&A calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of the investments in certain of the Funds and GWL&A being an affiliated entity, the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If GWL&A were to become insolvent, the GWL&A Contract would be settled commensurate with other policy holder obligations.

On March 5, 2003, the U.S. Securities and Exchange Commission (SEC) issued exemptive relief (the Exemptive Order) to GWL&A, the Adviser and the Funds permitting the affiliated applicants to purchase the GWL&A Contract. Some of the terms and conditions under which the Exemptive Order was issued are set forth below. Any deviation from these terms and conditions would require the affiliated applicants to seek permission from the SEC to implement any such deviation. There were no deviations from the terms and conditions of the Exemptive Order as of the period ended March 28, 2013.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 28, 2013 were as follows:

Shares

Value

Equity Mutual Funds — (continued)

113,594

Northern Emerging Markets Equity Index Fund

1,314,286

TOTAL EQUITY MUTUAL FUNDS — 57.01%

(Cost $29,538,513)

34,041,489

Account Balance

FIXED INTEREST CONTRACT

2,985,608

^(b)

Great-West Life & Annuity Contract^(a)
1.50% ^(c)

2,985,608

TOTAL FIXED INTEREST CONTRACT — 5.00%

(Cost $2,985,608)

2,985,608

TOTAL INVESTMENTS — 100.02%

(Cost $55,103,499)

59,719,577

OTHER ASSETS & LIABILITIES, NET — (0.02)%

(9,469)

TOTAL NET ASSETS — 100.00%

59,710,108


Shares			Value

BOND MUTUAL FUNDS
	205,693	Great-West Bond Index Fund Initial Class(a)	$	2,848,843

TOTAL BOND MUTUAL FUNDS — 38.00% (Cost $2,869,873)			$	2,848,843


EQUITY MUTUAL FUNDS
	102,855	Great-West International Index Fund Initial Class^(a)		1,032,663
	130,066	Great-West S&P 500® Index Fund Initial Class^(a)		1,831,328
	62,824	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)		780,901
	43,067	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)		464,697

Shares

Value

Equity Mutual Funds — (continued)

14,283

Northern Emerging Markets Equity Index Fund

165,260

TOTAL EQUITY MUTUAL FUNDS — 57.02%

(Cost $3,934,391)

4,274,849

Account Balance

FIXED INTEREST CONTRACT

374,673

^(b)

Great-West Life & Annuity Contract^(a)
1.50% ^(c)

374,673

TOTAL FIXED INTEREST CONTRACT — 4.99%

(Cost $374,673)

374,673

TOTAL INVESTMENTS — 100.01%

(Cost $7,178,937)

7,498,365

OTHER ASSETS & LIABILITIES, NET — (0.01)%

(1,068)

TOTAL NET ASSETS — 100.00%

7,497,297


Shares			Value

	BOND MUTUAL FUNDS
	1,070,341	Great-West Bond Index Fund Initial Class^(a)	$	14,824,221

	TOTAL BOND MUTUAL FUNDS — 32.81% (Cost $14,808,575)		$	14,824,221


	EQUITY MUTUAL FUNDS
	702,239	Great-West International Index Fund Initial Class^(a)		7,050,479
	853,848	Great-West S&P 500® Index Fund Initial Class^(a)		12,022,178
	414,519	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)		5,152,466
	301,584	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)		3,254,091

Shares

Value

Equity Mutual Funds — (continued)

109,377

Northern Emerging Markets Equity Index Fund

1,265,496

TOTAL EQUITY MUTUAL FUNDS — 63.61%

(Cost $25,120,027)

28,744,710

Account Balance

FIXED INTEREST CONTRACT

1,627,040

^(b)

Great-West Life & Annuity Contract^(a)
1.50%^(c)

1,627,040

TOTAL FIXED INTEREST CONTRACT — 3.60%

(Cost $1,627,040)

1,627,040

TOTAL INVESTMENTS — 100.02%

(Cost $41,555,642)

45,195,971

OTHER ASSETS & LIABILITIES, NET — (0.02)%

(7,705)

TOTAL NET ASSETS — 100.00%

45,188,266


Shares			Value

	BOND MUTUAL FUNDS
	95,674	Great-West Bond Index Fund Initial Class^(a)	$	1,325,084

	TOTAL BOND MUTUAL FUNDS — 23.10% (Cost $1,333,948)		$	1,325,084


	EQUITY MUTUAL FUNDS
	108,268	Great-West International Index Fund Initial Class^(a)		1,087,007
	123,617	Great-West S&P 500® Index Fund Initial Class^(a)		1,740,528
	60,087	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)		746,882
	46,755	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)		504,492

Shares

Value

Equity Mutual Funds — (continued)

19,880

Northern Emerging Markets Equity Index Fund

230,011

TOTAL EQUITY MUTUAL FUNDS — 75.11%

(Cost $3,883,754)

4,308,920

Account Balance

FIXED INTEREST CONTRACT

103,191

^(b)

Great-West Life & Annuity Contract^(a)
1.50% ^(c)

103,191

TOTAL FIXED INTEREST CONTRACT — 1.80%

(Cost $103,191)

103,191

TOTAL INVESTMENTS — 100.01%

(Cost $5,320,893)

5,737,195

OTHER ASSETS & LIABILITIES, NET — (0.01)%

(811)

TOTAL NET ASSETS — 100.00%

5,736,384


Shares			Value

	BOND MUTUAL FUNDS
	291,010	Great-West Bond Index Fund Initial Class^(a)	$	4,030,491

	TOTAL BOND MUTUAL FUNDS — 14.90% (Cost $4,024,460)		$	4,030,491


	EQUITY MUTUAL FUNDS
	590,058	Great-West International Index Fund Initial Class^(a)		5,924,182
	630,222	Great-West S&P 500® Index Fund Initial Class^(a)		8,873,524
	304,708	Great-West S&P Mid Cap 400® Index Fund Initial Class^(a)		3,787,519
	258,237	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)		2,786,373

Shares

Value

Equity Mutual Funds — (continued)

126,267

Northern Emerging Markets Equity Index Fund

1,460,914

TOTAL EQUITY MUTUAL FUNDS — 84.42%

(Cost $20,172,467)

22,832,512

Account Balance

FIXED INTEREST CONTRACT

189,337

^(b)

Great-West Life & Annuity Contract^(a)
1.50% ^(c)

189,337

TOTAL FIXED INTEREST CONTRACT — 0.70%

(Cost $189,337)

189,337

TOTAL INVESTMENTS — 100.02%

(Cost $24,386,264)

27,052,340

OTHER ASSETS & LIABILITIES, NET — (0.02)%

(4,439)

TOTAL NET ASSETS — 100.00%

27,047,901

Shares

Value

Equity Mutual Funds — (continued)

17,806

Northern Emerging Markets Equity Index Fund

206,022

TOTAL EQUITY MUTUAL FUNDS — 89.52%

(Cost $2,467,977)

2,750,889

Account Balance

FIXED INTEREST CONTRACT

6,146

^(b)

Great-West Life & Annuity Contract^(a)
1.50% ^(c)

6,146

TOTAL FIXED INTEREST CONTRACT — 0.20%

(Cost $6,146)

6,146

TOTAL INVESTMENTS — 100.02%

(Cost $2,792,626)

3,073,597

OTHER ASSETS & LIABILITIES, NET — (0.02)%

(470)

TOTAL NET ASSETS — 100.00%

3,073,127


Shares			Value

Equity Mutual Funds — (continued)
	153,730	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)	$	1,658,744
	96,129	Northern Emerging Markets Equity Index Fund		1,112,217

	TOTAL EQUITY MUTUAL FUNDS — 91.12% (Cost $11,409,638)		$	12,810,677


	TOTAL INVESTMENTS — 100.02% (Cost $12,654,234)		$	14,061,323

	OTHER ASSETS & LIABILITIES, NET — (0.02)%		$	(2,129)


	TOTAL NET ASSETS — 100.00%		$	14,059,194


Shares		Value

Equity Mutual Funds — (continued)
6,534	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)	$	70,500
4,501	Northern Emerging Markets Equity Index Fund		52,077

TOTAL EQUITY MUTUAL FUNDS — 91.82% (Cost $486,833)		$	531,104


TOTAL INVESTMENTS — 100.01% (Cost $534,496)		$	578,499

OTHER ASSETS & LIABILITIES, NET — (0.01)%		$	(84)


TOTAL NET ASSETS — 100.00%		$	578,415


Shares			Value

Equity Mutual Funds — (continued)
	19,567	Great-West S&P Small Cap 600® Index Fund Initial Class^(a)	$	211,125
	15,072	Northern Emerging Markets Equity Index Fund		174,386

	TOTAL EQUITY MUTUAL FUNDS — 92.01% (Cost $1,373,252)		$	1,554,333


	TOTAL INVESTMENTS — 100.01% (Cost $1,509,190)		$	1,689,451

	OTHER ASSETS & LIABILITIES, NET — (0.01)%		$	(248)


	TOTAL NET ASSETS — 100.00%		$	1,689,203

The investment objective of each Fund is to seek long-term capital appreciation and income consistent with its current allocation. Over time until the date noted in the name of the Fund (Guarantee Trigger Date), the asset allocation strategy will generally become more conservative, with greater emphasis on investments that provide for income and preservation of capital, and less on those offering potential for growth. Once a Fund reaches its Guarantee Trigger Date, the asset allocation between equity and fixed-income investments is anticipated to become relatively static. Each Fund is non-diversified as defined in the 1940 Act. The Funds are available as an investment option for insurance company separate accounts for certain variable annuity contracts, to individual retirement account custodians or trustees, and to plan sponsors of certain qualified retirement plans.

Investments in shares of the underlying mutual funds are valued at their net asset value as reported by the underlying mutual fund.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

The following is a reconciliation of change in Level 3 assets during the period ended March 28, 2013:

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Investments in each Fund are subject to risks related to its allocation strategy. The success of each Fund will be impacted by the results of the underlying funds.

Each Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Funds U.S. Federal tax returns remain open for the fiscal years ended 2009 through 2012 for the Great-West SecureFoundation^® 2015, 2025, 2035, 2045, and 2055 Funds and 2011 through 2012 for the Great-West SecureFoundation^® 2020, 2030, 2040, and 2050 Funds. The statute of limitations on each Fund’s Colorado tax returns remain open for an additional year.

The Funds each may invest in a fixed interest contract issued by GWL&A. The GWL&A Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation. GWL&A calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). As a result of the investments in certain of the Funds and GWL&A being an affiliated entity, the Funds are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If GWL&A were to become insolvent, the GWL&A Contract would be settled commensurate with other policy holder obligations.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 28, 2013 were as follows:

Investments in shares of the underlying mutual funds are valued at their net asset value as reported by the underlying mutual fund.

The Fund classifies valuations into three levels based upon the transparency of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. The three levels are defined as follows:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, all investments of the Fund were in mutual funds that are actively traded, therefore 100% of the investments are valued using Level 1 inputs. The Fund recognizes transfers between levels as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

Investing in the Fund may involve certain risks including, but not limited to, those described below.

Investments in the Fund are subject to risks related to its allocation strategy. The success of the Fund will be impacted by the results of the underlying funds.

value and liquidity of many securities held by the Fund, and a decrease in net asset value. Such unforeseen developments may limit or preclude the Fund’s ability to achieve its investment objective.

The Fund’s underlying funds may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject the Fund to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

The Fund may invest in underlying funds that primarily invest in bonds. Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities. The prices of mortgage-backed and asset-backed securities are sensitive to the rate of principal prepayments on the underlying assets.

The underlying funds of the Fund may be invested in bonds which are rated below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are traded, may also be less liquid than the market for higher grade bonds.

Dividends from net investment income of the Fund are declared and paid semi-annually. Income dividends are reinvested in additional shares at net asset value. Dividends from capital gains of the Fund, if any, are declared and reinvested at least annually in additional shares at net asset value.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from an investment sold are determined on a specific lot selection. Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal and Colorado tax returns remain open for the fiscal years ended 2009 through 2012.

Below is a summary of the transactions for each underlying Investment during the period ended March 28, 2013, in which the issuer was an affiliate of the Fund as defined in the 1940 Act.

At March 28, 2013, the U.S. Federal income tax cost basis was $49,759,448. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $3,266,633 and gross depreciation of securities in which there was an excess of tax cost over value of $214,691 resulting in net appreciation of $3,051,942.


Shares				Value
BOND EXCHANGE TRADED FUNDS
	31,939	Vanguard Total Bond Market ETF	$		2,646,286

TOTAL BOND EXCHANGE TRADED FUNDS — 36.45% (Cost $2,654,846)			$		2,646,286

EQUITY EXCHANGE TRADED FUNDS
	23,308	Vanguard MSCI EAFE ETF			849,110
	4,952	Vanguard MSCI Emerging Markets ETF			212,391
	8,461	Vanguard Russell 2000 ETF			636,606
	26,845	Vanguard S&P 500 ETF			1,923,176
	10,136	Vanguard S&P Mid-Cap 400 ETF			782,601

TOTAL EQUITY EXCHANGE TRADED FUNDS — 60.67% (Cost $4,067,141)			$		4,403,884


MONEY MARKET MUTUAL FUNDS
	582,469	Federated Government Obligations Fund Institutional Class			582,469

TOTAL MONEY MARKET MUTUAL FUNDS — 8.02% (Cost $582,469)			$		582,469


TOTAL INVESTMENTS — 105.14% (Cost $7,304,456)			$		7,632,639

OTHER ASSETS & LIABILITIES, NET — (5.14)%			$		(373,155	)

TOTAL NET ASSETS — 100.00%			$		7,259,484

Investments in shares of the underlying Exchange Traded Funds (ETFs) are valued at the closing market price.

Investments in shares of the underlying mutual fund are valued at the net asset value as reported by the underlying mutual fund.

Level 1 – Unadjusted quoted prices for identical securities in active markets.

As of March 28, 2013, all investments of the Fund were in ETFs or mutual funds that are actively traded, therefore 100% of the investments were valued using Level 1 inputs. The Fund recognizes transfers between levels as of the beginning of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period.

Investing in the Fund may involve certain risks including, but not limited to, those described below.

Investments in the Fund are subject to risks related to its allocation strategy. The success of the Fund will be impacted by the results of the underlying funds.

Unforeseen developments in market conditions may result in the decline of prices of, and the income generated by, the securities held by the underlying ETFs. These events may have adverse effects on the Fund such as a decline in the value and liquidity of many securities held by the Fund, and a decrease in net asset value. Such unforeseen developments may limit or preclude the Fund’s ability to achieve its investment objective.

ETF shares can be bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF share typically will approximate its NAV, there may be times when the market price and the NAV vary significantly. Thus, the Fund may pay more or less than NAV when it buys ETF shares on the secondary market, and the Fund may receive more or less than NAV when it sells those shares.

The Fund’s underlying ETFs may invest in stocks, which may involve large price fluctuation and greater potential for loss than other types of investments. This may cause the underlying ETFs to be subject to large short-term declines in value.

The Fund’s underlying ETFs may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject the Fund to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

The Fund may invest in underlying ETFs that primarily invest in bonds. Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities. The prices of mortgage-backed and asset-backed securities are sensitive to the rate of principal prepayments on the underlying assets.

Dividends from net investment income of the Fund, if any, are declared and paid annually. Income dividends are paid or reinvested in additional shares at net asset value. Dividends from capital gains of the Fund, if any, are declared and paid or reinvested at least annually in additional shares at net asset value.

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from an investment sold are determined on a specific lot selection. Dividend income for the Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

The Fund files U.S. Federal and Colorado tax returns. The statute of limitations on the Fund’s U.S. Federal and Colorado tax returns remain open for the fiscal year ended 2012.

At March 28, 2013, the U.S. Federal income tax cost basis was $7,304,456. The Fund had gross appreciation of securities in which there was an excess of value over tax cost of $345,879 and gross depreciation of securities in which there was an excess of tax cost over value of $17,696 resulting in net appreciation of $328,183.

(a) The principal executive officer and principal financial officer of the registrant have concluded that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

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.

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.


Class		Inputs

Equity Investments:
Domestic Common Stock		Exchange traded close or bid price.

Foreign Common Stock		Exchange traded close price, bids, evaluated bids, open and close price of local exchange, exchange rates, fair values based on significant market movement and various index data.

Exchange Traded Funds		Exchange traded close price.

Short Term Investments		Maturity date and credit quality.


Class		Inputs

Equity Investments:
Domestic Common Stock		Exchange traded close or bid price.



Foreign Common Stock		Exchange traded close price, bids, evaluated bids, open and close price of local exchange, exchange rates, fair values based on significant market movement and various index data.

Short Term Investments		Maturity date and credit quality.


		Level 1			Level 2			Level 3			Total
Assets
Equity Investments: ^(a)
Domestic Common Stock	$		46,463,749	$		—	$		—	$		46,463,749
Foreign Common Stock			2,571,245			—			—			2,571,245
Short Term Investments^(a)			—			1,627,819			—			1,627,819

Total Investments	$		49,034,994	$		1,627,819	$		0	$		50,662,813


Class		Inputs

Equity Investments:
Domestic Common Stock		Exchange traded close or bid price.

Foreign Common Stock		Exchange traded close price, bids, evaluated bids, open and close price of local exchange, exchange rates, fair values based on significant market movement and various index data.

Short Term Investments		Maturity date and credit quality.


Class		Inputs

Fixed Income Investments:
Asset Backed Securities		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information.


Bank Loans		Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news.

Domestic Bonds and Notes, U.S. Government Agency Bonds and Notes, U.S. Treasury Bonds and Notes		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications.

Foreign Bonds and Notes, Foreign Government Bonds and Notes		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer.

Mortgage-Backed Securities		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis.

Municipal Bonds and Notes		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include reported trades, benchmark yields and material event notices.

Short Term Investments		Maturity date and credit quality.


Description	Number of Contracts	Currency	Notional Value		Expiration Date	Unrealized Appreciation/ (Depreciation)

U.S. 10 Year Treasury Note Long Futures	80	USD	$	10,558,750	June 2013	$	133,750

U.S. 2 Year Treasury Note Short Futures	180	USD		39,681,563	June 2013		(28,125)

U.S. 5 Year Treasury Note Long Futures	305	USD		37,836,680	June 2013		207,305

U.S. Treasury Bond Short Futures	90	USD		13,002,188	June 2013		(303,750)

U.S. Ultra Bond Short Futures	40	USD		6,303,750	June 2013		(103,125)


Net Depreciation						$	(93,945)


Class		Inputs

Equity Investments: Domestic Common Stock		Exchange traded close or bid price.


Description	Number of Contracts	Currency	Notional Value	Expiration Date	Unrealized Appreciation/ (Depreciation)

DJ EURO STOXX 50 Index Long Futures	96	EUR	2,451,840	June 2013	$ (64,757)

FTSE 100 Equity Index Long Futures	32	GBP	2,032,320	June 2013	(9,681)

SFE SPI 200 Equity Index Long Futures	7	AUD	869,225	June 2013	(8,940)

TSE TOPIX Equity Index Long Futures	15	JPY	156,075,000	June 2013	4,273

			Net Depreciation		$ (79,105)


Currency Abbreviations:
AUD		Australian Dollar
EUR		Euro Dollar
GBP		British Pound Sterling
JPY		Japanese Yen
USD		U.S. Dollar

Counterparty Abbreviations:
CS		Credit Suisse Group AG
BNP		Banque Nationale de Paris
DB		Deutsche Bank
CIT		Citigroup, Inc
WES		Westpac


Depositary Receipts		Exchange traded close price, bids, evaluated bids, open and close price of underlying security. Includes currency exchange rates against U.S. Dollar and Depositary Receipt conversion factor.

Short Term Investments		Maturity date and credit quality.


TOTAL INVESTMENTS — 110.02% (Cost $65,882,896)	$	75,590,232

OTHER ASSETS & LIABILITIES, NET — (10.02)%	$	(6,886,426	)

TOTAL NET ASSETS — 100.00%	$	68,703,806



Short Term Investments		Maturity date and credit quality.
Derivative Investments:
Futures Contracts		Exchange traded close price.


^(a)		Security in default; some interest payments received during the last 12 months. At March 28, 2013, the aggregate fair value of the securities in default was $3,649,853, representing 0.83% of net assets.
^(b)		Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at March 28, 2013.
^(c)		Illiquid security; at March 28, 2013, the aggregate cost and fair value of illiquid securities was $14,518,148 and $13,987,088, respectively, representing 3.18% of net assets.
^(d)		Restricted security; at March 28, 2013, the aggregate cost and fair value of restricted securities was $47,195,845 and $51,781,673, respectively, representing 11.79% of net assets.
^(e)		A portion or all of the security is on loan at March 28, 2013.
^(f)		Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at March 28, 2013. Maturity date disclosed represents final maturity date.
^(g)		Security in default on interest payments during the last 12 months. At March 28, 2013, the aggregate fair value of the securities in default was $598,383, representing 0.14%% of net assets.
^(h)		Security in bankruptcy at March 28, 2013.
⁽ⁱ⁾		Security has no contractual maturity date and pays an indefinite stream of interest.
^(j)		Domestic security is fair valued under the procedures adopted by the Board of Directors.
^(k)		Non-income producing security.
^ADR		American Depositary Receipt
^REIT		Real Estate Investment Trust

Currency Abbreviations:
AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro Dollar
GBP		British Pound Sterling
IDR		Indonesian Rupiah
KRW		Korean Won
MXP		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
SGD		Singapore Dollar



		values based on significant market movement and various index data.

Exchange Traded Funds		Exchange traded close price.

Short Term Investments		Maturity date and credit quality.


Reference Obligation/ Counterparty	Buy/Sell Credit Protection	Average Credit Rating (a)	Fixed Deal Pay/Receive Rate	Notional Value		Fair Value		Upfront Premiums Paid		Expiration Date		Change in Net Unrealized Appreciation

North America High Yield 19/Deutsche Bank AG	Sell	B+	5.00%	$	5,000,000	$	209,528	$	6,250		December 2017	$	215,220

North America High Yield 19/Deutsche Bank AG	Sell	B+	5.00%		7,000,000		293,339		17,500		December 2017		276,614

North America High Yield 19/JP Morgan Chase Bank	Sell	B+	5.00%		3,000,000		125,717		48,750		December 2017		80,654

											Net Appreciation	$	572,488



Domestic Bonds and Notes, U.S. Treasury Bonds and Notes		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications.

Foreign Bonds and Notes		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer.

Mortgage-Backed Securities		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis.

Equity Investments:
Preferred Stock		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices.

Short Term Investments		Maturity date and credit quality.


Foreign Common Stock		Exchange traded close price, bids, evaluated bids, open and close price of local exchange, exchange rates, fair values based on significant market movement and various index data.

Convertible Preferred Stock		Benchmark yields, reported trades, benchmark securities, operating matrix, company financials, reference data including market research publications and exchange prices.

Short Term Investments		Maturity date and credit quality.


Counterparty	Currency Purchased	Quantity of Currency Purchased	Currency Sold	Quantity of Currency Sold	Settlement Date	Net Unrealized Appreciation/ (Depreciation)

MS	USD	360,281	JPY	28,500,000	November 2013	$ 56,838
BB	USD	180,259	EUR	138,468	November 2013	2,417
JPM	USD	2,250,331	EUR	1,760,286	November 2013	(10,780)
HSB	USD	630,229	JPY	55,989,000	November 2013	34,112
DB	USD	919,722	JPY	72,750,000	May 2013	146,650
CIT	USD	344,983	JPY	27,274,000	June 2013	55,092
DB	USD	5,903,111	EUR	4,725,700	June 2013	(157,630)
BB	USD	784,508	EUR	628,321	June 2013	(21,324)
JPM	USD	886,502	EUR	714,000	July 2013	(29,646)
BB	USD	646,126	EUR	525,000	July 2013	(27,431)
DB	USD	1,172,164	EUR	945,000	July 2013	(40,362)
BB	USD	1,004,120	JPY	90,170,000	July 2013	45,329
CIT	USD	219,404	EUR	169,019	July 2013	2,542
DB	MYR	120,000	USD	37,377	July 2013	1,210
HSB	MYR	1,300,000	USD	412,738	August 2013	4,843
DB	MYR	2,960,735	USD	948,208	October 2013	(432)
DB	USD	47,949	EUR	37,310	April 2014	(48)
GS	USD	753,632	EUR	563,000	February 2014	29,693
BB	USD	803,552	JPY	76,061,410	March 2014	(7,786)
MS	USD	625,933	EUR	479,000	March 2014	9,894
DB	USD	2,899,434	EUR	2,217,133	March 2014	48,014


Currency Abbreviations:
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLP		Chilean Peso
EUR		Euro Dollar
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli New Sheqel
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Won
MXP		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
PEN		Peruvian Nuevos Soles
PHP		Philippine Peso
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
USD		U.S. Dollar

Counterparty Abbreviations:
BB		Barclays Bank PLC
CIT		Citigroup Global Markets
DB		Deutsche Bank
GS		Goldman Sachs
HSB		HSBC Bank USA, N.A.
JPM		JP Morgan Chase & Co.
MS		Morgan Stanley
UBS		UBS AG


Domestic Bonds and Notes, U.S.Government Agency Bonds and Notes, U.S.Treasury Bonds and Notes		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications.

Foreign Bonds and Notes		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer.

Mortgage-Backed Securities		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis.

Short Term Investments		Maturity date and credit quality.


Great-West Conservative Profile I Fund		Level 1		Level 2		Level 3		Total

Assets
Bond Mutual Funds	$	17,424,434	$	—	$	—	$	17,424,434
Equity Mutual Funds		11,020,318		—		—		11,020,318
Fixed Interest Contract		—		—		8,251,292		8,251,292

Total Investments	$	28,444,752	$	0	$	8,251,292	$	36,696,044

Great-West Moderately Conservative Profile I Fund		Level 1		Level 2		Level 3		Total

Assets
Bond Mutual Funds	$	19,124,973	$	—	$	—	$	19,124,973
Equity Mutual Funds		26,086,511		—		—		26,086,511
Fixed Interest Contract		—		—		12,750,039		12,750,039

Total Investments	$	45,211,484	$	0	$	12,750,039	$	57,961,523

Great-West Moderate Profile I Fund		Level 1		Level 2		Level 3		Total

Assets
Bond Mutual Funds	$	37,644,429	$	—	$	—	$	37,644,429
Equity Mutual Funds		94,279,027		—		—		94,279,027
Fixed Interest Contract		—		—		25,095,817		25,095,817

Total Investments	$	131,923,456	$	0	$	25,095,817	$	157,019,273

Great-West Moderately Aggressive Profile I Fund		Level 1		Level 2		Level 3		Total

Assets
Bond Mutual Funds	$	26,096,978	$	—	$	—	$	26,096,978
Equity Mutual Funds		106,017,901		—		—		106,017,901
Fixed Interest Contract		—		—		13,044,560		13,044,560

Total Investments	$	132,114,879	$	0	$	13,044,560	$	145,159,439

Great-West Aggressive Profile I Fund		Level 1		Level 2		Level 3		Total

Assets
Equity Mutual Funds	$	72,723,362	$	—	$	—	$	72,723,362

Total Investments	$	72,723,362	$	0	$	0	$	72,723,362


		Great-West Conservative Profile I		Great-West Moderately Conservative Profile I		Great-West Moderate Profile I		Great-West Moderately Aggressive Profile I
		Fund		Fund		Fund		Fund
Beginning Balance, January 1, 2013	$	7,784,993	$	12,009,347	$	23,638,279	$	11,976,176
Total realized gains (loss)		–		–		–		–
Total unrealized gain (loss) relating to investments not held at reporting date		–		–		–		–
Total unrealized gain (loss) relating to investments still held at reporting date		–		–		–		–
Total interest		29,067		44,794		88,023		45,336
Purchases		523,818		883,907		1,566,456		1,164,042
Sales		(86,586)		(188,009)		(196,941)		(140,994)
Transfers into Level 3		–		–		–		–
Transfers out of Level 3		–		–		–		–

Ending Balance, March 28, 2013	$	8,251,292	$	12,750,039	$	25,095,817	$	13,044,560


Great-West Conservative Profile I Fund
Affiliate	Shares Held/Account Balance 3/28/2013		Fair Value 12/31/2012		Purchase Cost		Sales Cost		Net Realized Gain/(Loss)		Dividends and Interest Received		Fair Value 3/28/2013

Great-West American Century Growth Fund Initial Class		94,736	$	1,049,789	$	25,883	$	50,228	$	5,514	$	—	$	1,103,676
Great-West Federated Bond Fund Initial Class		353,377		3,631,295		267,287		27,380		2,782		12,874		3,851,808
Great-West Goldman Sachs Mid Cap Value Fund Initial Class		169,605		1,980,018		47,519		131,252		53,641		—		2,084,444
Great-West Janus Large Cap Growth Fund Initial Class		120,029		1,055,587		54,775		63,263		(13,391)		—		1,100,670
Great-West Life & Annuity Contract		8,251,292		7,784,993		523,818		86,586		—		29,067		8,251,292
Great-West MFS International Growth Fund Initial Class		73,992		818,838		37,328		20,035		4,494		—		858,303
Great-West MFS International Value Fund Initial Class		178,244		1,622,274		66,925		88,152		23,000		—		1,709,360
Great-West Putnam Equity Income Fund Initial Class		144,795		1,743,595		42,545		124,705		27,004		—		1,834,547
Great-West Putnam High Yield Bond Fund Initial Class		255,273		2,078,303		93,537		34,358		2,859		—		2,200,455
Great-West Short Duration Bond Fund Initial Class		227,538		2,249,219		152,038		19,554		1,465		11,187		2,384,597
Great-West T. Rowe Price Equity Income Fund Initial Class		100,932		1,742,963		30,815		105,893		26,422		—		1,835,962
Great-West T. Rowe Price Mid Cap Growth Fund Initial Class		25,120		469,976		9,815		33,465		7,200		—		493,356
Great-West Templeton Global Bond Fund Initial Class		389,353		3,640,915		188,211		28,854		2,301		—		3,850,707
Great-West U.S. Government Mortgage Securities Fund Initial Class		419,679		4,846,996		356,607		35,135		(431)		23,633		5,136,867

									$	142,860	$	76,761	$	36,696,044


Great-West Moderately Conservative Profile I Fund
Affiliate	Shares Held/Account Balance 3/28/2013		Fair Value 12/31/2012		Purchase Cost		Sales Cost		Net Realized Gain/(Loss)		Dividends and Interest Received		Fair Value 3/28/2013

Great-West American Century Growth Fund Initial Class		248,823	$	2,731,505	$	84,531	$	122,442	$	14,663	$	—	$	2,898,787
Great-West Federated Bond Fund Initial Class		478,527		4,923,144		407,987		87,822		4,786		17,403		5,215,941
Great-West Goldman Sachs Mid Cap Value Fund Initial Class		299,244		3,463,844		128,322		245,436		96,541		—		3,677,704
Great-West Invesco Small Cap Value Fund Initial Class		74,051		825,819		41,602		73,338		14,184		—		869,359
Great-West Janus Large Cap Growth Fund Initial Class		316,036		2,741,472		142,536		117,140		(26,420)		—		2,898,054
Great-West Life & Annuity Contract		12,750,039		12,009,347		883,907		188,009		—		44,794		12,750,039
Great-West Loomis Sayles Small Cap Value Fund Initial Class		34,678		826,097		30,814		56,993		25,105		—		869,366
Great-West MFS International Growth Fund Initial Class		183,361		2,017,442		108,376		55,974		8,843		—		2,126,987
Great-West MFS International Value Fund Initial Class		442,989		4,005,376		146,515		177,053		51,995		—		4,248,261
Great-West Putnam Equity Income Fund Initial Class		297,342		3,549,542		105,477		243,015		54,731		—		3,767,325
Great-West Putnam High Yield Bond Fund Initial Class		336,164		2,726,979		143,914		54,569		4,708		—		2,897,735
Great-West T. Rowe Price Equity Income Fund Initial Class		207,118		3,543,151		84,284		193,828		64,402		—		3,767,474
Great-West T. Rowe Price Mid Cap Growth Fund Initial Class		49,042		908,788		20,907		55,896		16,368		—		963,194
Great-West Templeton Global Bond Fund Initial Class		527,380		4,932,997		294,905		77,195		6,163		—		5,215,793
Great-West U.S. Government Mortgage Securities Fund Initial Class		473,489		5,469,488		466,722		105,856		(1,160)		26,623		5,795,504

									$	334,909	$	88,820	$	57,961,523


Great-West Moderately Aggressive Profile I Fund
Affiliate	Shares Held/Account Balance 3/28/2013		Fair Value 12/31/2012		Purchase Cost		Sales Cost		Net Realized Gain/(Loss)		Dividends and Interest Received		Fair Value 3/28/2013

Great-West American Century Growth Fund Initial Class		813,547	$	8,685,839	$	168,580	$	71,549	$	8,125	$	—	$	9,477,820
Great-West Federated Bond Fund Initial Class		665,535		6,681,606		690,469		81,602		4,970		24,297		7,254,336
Great-West Goldman Sachs Mid Cap Value Fund Initial Class		1,500,393		16,947,342		193,645		377,401		425,158		—		18,439,828
Great-West Invesco Small Cap Value Fund Initial Class		308,748		3,387,719		67,934		113,970		84,203		—		3,624,697
Great-West Janus Large Cap Growth Fund Initial Class		1,027,548		8,702,591		457,949		90,558		(19,376)		—		9,422,614
Great-West Life & Annuity Contract		13,044,560		11,976,176		1,164,042		140,994		—		45,336		13,044,560
Great-West Loomis Sayles Small Cap Value Fund Initial Class		144,808		3,401,432		40,057		92,026		109,055		—		3,630,325
Great-West MFS International Growth Fund Initial Class		787,227		8,579,749		331,191		34,751		21,355		—		9,131,833
Great-West MFS International Value Fund Initial Class		1,912,675		16,928,939		386,525		168,447		187,026		—		18,342,558
Great-West Putnam Equity Income Fund Initial Class		973,817		11,356,746		91,625		351,993		78,948		—		12,338,261
Great-West Putnam High Yield Bond Fund Initial Class		504,648		4,010,192		258,449		40,824		5,398		—		4,350,061
Great-West Small Cap Growth Fund Initial Class		194,085		4,080,739		64,167		136,379		95,972		—		4,364,968
Great-West T. Rowe Price Equity Income Fund Initial Class		680,572		11,336,021		107,549		165,461		182,470		—		12,379,610
Great-West T. Rowe Price Mid Cap Growth Fund Initial Class		247,728		4,482,029		18,801		84,244		76,770		—		4,865,387
Great-West Templeton Global Bond Fund Initial Class		731,491		6,726,558		490,683		67,741		12,365		—		7,234,447
Great-West U.S. Government Mortgage Securities Fund Initial Class		592,985		6,685,365		702,734		86,071		(622)		33,452		7,258,134

									$	1,271,817	$	103,085	$	145,159,439


Great-West Aggressive Profile I Fund
Affiliate	Shares Held 3/28/2013		Fair Value 12/31/2012		Purchase Cost		Sales Cost		Net Realized Gain/(Loss)		Dividends Received		Fair Value 3/28/2013

Great-West American Century Growth Fund Initial Class		532,467	$	5,616,844	$	191,295	$	54,832	$	5,936	$	—	$	6,203,236
Great-West Goldman Sachs Mid Cap Value Fund Initial Class		1,088,381		12,110,114		153,270		171,644		221,317		—		13,376,200
Great-West Invesco Small Cap Value Fund Initial Class		247,627		2,649,734		52,476		50,336		34,082		—		2,907,145
Great-West Janus Large Cap Growth Fund Initial Class		673,174		5,616,563		394,219		61,382		(9,040)		—		6,173,009
Great-West Loomis Sayles Small Cap Value Fund Initial Class		115,981		2,649,663		40,067		48,948		40,997		—		2,907,650
Great-West MFS International Growth Fund Initial Class		561,121		5,948,908		400,336		24,512		9,608		—		6,509,007
Great-West MFS International Value Fund Initial Class		1,360,317		11,794,741		561,409		184,724		101,853		—		13,045,443
Great-West Putnam Equity Income Fund Initial Class		573,684		6,584,623		73,098		129,981		28,410		—		7,268,576
Great-West Small Cap Growth Fund Initial Class		161,842		3,318,247		58,894		57,779		51,789		—		3,639,816
Great-West T. Rowe Price Equity Income Fund Initial Class		400,455		6,581,072		92,743		85,179		53,368		—		7,284,276
Great-West T. Rowe Price Mid Cap Growth Fund Initial Class		173,575		3,088,934		42,965		52,512		34,609		—		3,409,004

									$	572,929	$	—	$	72,723,362


	Cost For Income Tax Purposes		Gross Appreciation		Gross Depreciation			Net Unrealized Appreciation

Great-West Conservative Profile I Fund	$	34,460,143	$	2,461,572	$	(225,671	)	$	2,235,901
Great-West Moderately Conservative Profile I Fund		53,500,580		4,961,413		(500,470	)		4,460,943
Great-West Moderate Profile I Fund		139,423,981		19,048,907		(1,453,615	)		17,595,292
Great-West Moderately Aggressive Profile I Fund		123,891,053		22,822,000		(1,553,614	)		21,268,386
Great-West Aggressive Profile I Fund		60,161,422		13,521,060		(959,120	)		12,561,940


Great-West Conservative Profile II Fund

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	176,026,352	$	—	$	—	$	176,026,352
Equity Mutual Funds		111,196,670		—		—		111,196,670
Fixed Interest Contract		—		—		83,389,072		83,389,072

Total Investments	$	287,223,022	$	0	$	83,389,072	$	370,612,094



Great-West Moderately Conservative Profile II Fund

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	31,426,925	$	—	$	—	$	31,426,925
Equity Mutual Funds		42,989,093		—		—		42,989,093
Fixed Interest Contract		—		—		20,949,491		20,949,491

Total Investments	$	74,416,018	$	0	$	20,949,491	$	95,365,509



Great-West Moderate Profile II Fund

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	237,984,166	$	—	$	—	$	237,984,166
Equity Mutual Funds		594,896,810		—		—		594,896,810
Fixed Interest Contract		—		—		158,665,360		158,665,360

Total Investments	$	832,880,976	$	0	$	158,665,360	$	991,546,336



Great-West Moderately Aggressive Profile II Fund

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	44,497,111	$	—	$	—	$	44,497,111
Equity Mutual Funds		181,185,592		—		—		181,185,592
Fixed Interest Contract		—		—		22,253,413		22,253,413

Total Investments	$	225,682,703	$	0	$	22,253,413	$	247,936,116



Great-West Aggressive Profile II Fund

	Level 1		Level 2		Level 3		Total
Assets
Equity Mutual Funds	$	570,592,352	$	—	$	—	$	570,592,352

Total Investments	$	570,592,352	$	0	$	0	$	570,592,352


Great-West Moderate Profile II Fund
Affiliate	Shares Held/Account Balance 3/28/2013		Fair Value 12/31/2012		Purchase Cost		Sales Cost		Net Realized Gain/(Loss)		Dividends and Interest Received		Fair Value 3/28/2013

Great-West American Century Growth Fund Initial Class		5,109,919	$	55,911,752	$	1,115,448	$	1,777,307	$	199,140	$	—	$	59,530,556
Great-West Federated Bond Fund Initial Class		6,369,079		65,206,723		5,443,399		864,896		60,446		232,778		69,422,966
Great-West Goldman Sachs Mid Cap Value Fund Initial Class		5,247,438		60,568,811		1,160,994		2,284,033		2,380,054		—		64,491,013
Great-West Invesco Small Cap Value Fund Initial Class		1,267,190		13,986,246		306,662		660,672		263,067		—		14,876,806
Great-West Janus Large Cap Growth Fund Initial Class		6,488,562		55,907,347		2,613,263		1,469,163		(325,518)		—		59,500,115
Great-West Life & Annuity Contract		158,665,360		149,035,862		10,772,393		1,698,221		—		555,326		158,665,360
Great-West Loomis Sayles Small Cap Value Fund Initial Class		593,451		13,977,700		261,222		627,797		335,514		—		14,877,824
Great-West MFS International Growth Fund Initial Class		4,544,618		49,765,745		1,631,476		184,645		102,726		—		52,717,567
Great-West MFS International Value Fund Initial Class		11,022,461		99,308,134		1,281,698		1,711,363		1,195,823		—		105,705,398
Great-West Putnam Equity Income Fund Initial Class		6,262,556		74,539,653		985,485		3,911,862		830,645		—		79,346,584
Great-West Putnam High Yield Bond Fund Initial Class		3,451,394		28,090,292		1,257,181		426,417		51,675		—		29,751,013
Great-West Small Cap Growth Fund Initial Class		1,323,266		27,966,259		606,362		1,306,669		602,659		—		29,760,249
Great-West T. Rowe Price Equity Income Fund Initial Class		4,363,072		74,538,888		930,976		3,273,597		1,166,133		—		79,364,281
Great-West T. Rowe Price Mid Cap Growth Fund Initial Class		1,768,147		32,620,604		427,590		1,082,107		1,028,463		—		34,726,417
Great-West Templeton Global Bond Fund Initial Class		7,015,312		65,229,235		4,246,629		921,868		116,210		—		69,381,441
Great-West U.S. Government Mortgage Securities Fund Initial Class		5,672,283		65,209,474		5,648,162		1,002,014		(4,206)		320,493		69,428,746

									$	8,002,831	$	1,108,597	$	991,546,336


Great-West Lifetime 2015 Fund I

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	106,711,904	$	—	$	—	$	106,711,904
Equity Mutual Funds		85,653,963		—		—		85,653,963
Money Market Fund		3,764,205		—		—		3,764,205
Fixed Interest Contract		—		—		9,792,053		9,792,053

Total Investments	$	196,130,072	$	0	$	9,792,053	$	205,922,125



Great-West Lifetime 2015 Fund II

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	359,939,010	$	—	$	—	$	359,939,010
Equity Mutual Funds		417,544,090		—		—		417,544,090
Money Market Fund		12,741,484		—		—		12,741,484
Fixed Interest Contract		—		—		33,051,878		33,051,878

Total Investments	$	790,224,584	$	0	$	33,051,878	$	823,276,462



Great-West Lifetime 2015 Fund III

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	8,682,429	$	—	$	—	$	8,682,429
Equity Mutual Funds		14,484,714		—		—		14,484,714
Money Market Fund		306,856		—		—		306,856
Fixed Interest Contract		—		—		795,134		795,134

Total Investments	$	23,473,999	$	0	$	795,134	$	24,269,133



Great-West Lifetime 2025 Fund I

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	118,440,421	$	—	$	—	$	118,440,421
Equity Mutual Funds		140,440,240		—		—		140,440,240
Money Market Fund		2,400,397		—		—		2,400,397
Fixed Interest Contract		—		—		6,215,290		6,215,290

Total Investments	$	261,281,058	$	0	$	6,215,290	$	267,496,348


Great-West Lifetime 2025 Fund II

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	351,965,421	$	—	$	—	$	351,965,421
Equity Mutual Funds		728,130,619		—		—		728,130,619
Money Market Fund		7,058,361		—		—		7,058,361
Fixed Interest Contract		—		—		18,419,703		18,419,703

Total Investments	$	1,087,154,401	$	0	$	18,419,703	$	1,105,574,104



Great-West Lifetime 2025 Fund III

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	11,559,273	$	—	$	—	$	11,559,273
Equity Mutual Funds		45,190,395		—		—		45,190,395
Money Market Fund		234,787		—		—		234,787
Fixed Interest Contract		—		—		607,145		607,145

Total Investments	$	56,984,455	$	0	$	607,145	$	57,591,600



Great-West Lifetime 2035 Fund I

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	54,457,824	$	—	$	—	$	54,457,824
Equity Mutual Funds		141,704,767		—		—		141,704,767
Money Market Fund		433,208		—		—		433,208
Fixed Interest Contract		—		—		1,142,275		1,142,275

Total Investments	$	196,595,799	$	0	$	1,142,275	$	197,738,074



Great-West Lifetime 2035 Fund II

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	115,089,556	$	—	$	—	$	115,089,556
Equity Mutual Funds		658,837,495		—		—		658,837,495
Money Market Fund		932,107		—		—		932,107
Fixed Interest Contract		—		—		2,407,978		2,407,978

Total Investments	$	774,859,158	$	0	$	2,407,978	$	777,267,136


Great-West Lifetime 2035 Fund III

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	4,014,681	$	—	$	—	$	4,014,681
Equity Mutual Funds		52,545,021		—		—		52,545,021
Money Market Fund		33,833		—		—		33,833
Fixed Interest Contract		—		—		84,602		84,602

Total Investments	$	56,593,535	$	0	$	84,602	$	56,678,137



Great-West Lifetime 2045 Fund I

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	16,365,821	$	—	$	—	$	16,365,821
Equity Mutual Funds		78,500,462		—		—		78,500,462

Total Investments	$	94,866,283	$	0	$	0	$	94,866,283



Great-West Lifetime 2045 Fund II

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	33,081,284	$	—	$	—	$	33,081,284
Equity Mutual Funds		340,712,607		—		—		340,712,607

Total Investments	$	373,793,891	$	0	$	0	$	373,793,891



Great-West Lifetime 2045 Fund III

	Level 1		Level 2		Level 3		Total
Assets
Bond Mutual Funds	$	1,718,623	$	—	$	—	$	1,718,623
Equity Mutual Funds		31,755,462		—		—		31,755,462

Total Investments	$	33,474,085	$	0	$	0	$	33,474,085