Advisors Inner Circle Fund

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie, President

The Cornerstone Advisors Funds file their complete schedule of fund holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, are available (i) without charge, upon request, by calling 877-386-3944; and (ii) on the Commission’s website at http://www.sec.gov.

The Cornerstone Advisors Global Public Equity Fund (the “Fund”) was launched on August 30, 2012 with approximately $507 million in initial assets. As of April 30, 2013 the Fund grew to $665 million due to inflows and Fund performance. While eight months is a short time period, the Fund has performed within expectations with a return since inception of 16.61%. While this trailed the Fund benchmark (MSCI ACWI Index) by 0.26% since inception, positive trends in performance since the underlying managers have been fully invested are encouraging.

The Global Structured Strategy Module returned 14.00% since inception, the Global Opportunistic Strategy Module returned 17.50% since inception and the Style Specialists Strategy Module returned 19.30% since inception compared to the Fund benchmark at 16.87%. Individual Strategy Module performance is within expectations for the time period and market conditions.

While markets may remain volatile going forward, we believe the combination of Strategy Modules and their underlying managers will provide for long-term success. We look forward to sharing periodic updates on the Cornerstone Advisors Global Public Equity Fund with you throughout the year. Thank you for your continued trust and confidence in Cornerstone Advisors.

The Cornerstone Advisors Income Opportunities Fund (the “Fund”) was launched on August 30, 2012 with $114 million in initial assets. As of April 30, 2013 the Fund grew to $140 million due to inflows and Fund performance. While eight months is a short time period, the Fund has performed within expectations with a return since inception of 12.75%. This outpaced the Fund benchmark (50% MSCI ACWI Index and 50% Barclays US Aggregate Index blend) by 3.77% since inception. Positive trends in performance since the underlying managers have been fully invested are encouraging.

The Convertible Securities Strategy Module returned 13.20% since inception compared to the Fund benchmark at 8.98% and the Strategy Module benchmark, the Bank of America Merrill Lynch Convertible Bonds All Qualities Index, at 14.97%. The Global High Yield Bonds Strategy Module returned 10.40% since inception compared to the Fund benchmark at 8.98% and the Strategy Module benchmark, Bank of America Merrill Lynch Global High Yield Constrained Index, at 11.81%. The Emerging Markets Local Bonds Strategy Module returned 9.30% since inception compared to the Fund benchmark at 8.98% and the Strategy Module benchmark, the JPMorgan Government Bond Index Emerging Markets Global Diversified Index, at 11.33%. The Master Limited Partnerships Strategy Module returned 18.20% since inception compared to the Fund benchmark at 8.98% and the Strategy Module benchmark, the Alerian MLP Index, at 18.83%. Individual Strategy Module performance is within expectations for the time period and market conditions.

While markets may remain volatile going forward, we believe the combination of Strategy Modules and their underlying managers will provide for long-term success. We look forward to sharing periodic updates on the Cornerstone Advisors Income Opportunities Fund with you throughout the year. Thank you for your continued trust and confidence in Cornerstone Advisors.

The Cornerstone Advisors Public Alternatives Fund (the “Fund”) was launched on August 30, 2012 with $293 million in initial assets. As of April 30, 2013 the Fund grew to $344 million due to inflows and Fund performance. While eight months is a short time period, the Fund has performed within expectations with a return since inception of 4.73%. While this trailed the Fund benchmark (60% MSCI ACWI Index and 40% Barclays US Aggregate Index blend) by 5.80% since inception, it is not unexpected given the strong rally in the MSCI ACWI Index which was up 16.87% since the Fund’s inception.

The Global Macro Strategy Module returned 9.50% since inception compared to the Fund benchmark at 10.53% and the Strategy Module benchmark, the HFRX Macro/CTA Index, at -0.10%. The Arbitrage Strategy Module returned -2.00% since inception compared to the Fund benchmark 10.53% and the Strategy Module benchmark, HFRX Absolute Return Index, at 1.57%. Individual Strategy Module performance is within expectations for the time period and market conditions.

While markets may remain volatile going forward, we believe the combination of Strategy Modules and their underlying managers will provide for long-term success. We look forward to sharing periodic updates on the Cornerstone Advisors Public Alternatives Fund with you throughout the year. Thank you for your continued trust and confidence in Cornerstone Advisors.

The Cornerstone Advisors Real Assets Fund (the “Fund”) was launched on August 30, 2012 with $115 million in initial assets. As of April 30, 2013 the Fund had grown to $134 million due to inflows and Fund performance. While eight months is a short time period, the Fund has performed within expectations with a return since inception of 4.03%. While this trailed the Fund benchmark (Two-thirds MSCI ACWI Index and One-third Barclays US Aggregate Index blend) by 7.59% since inception, this is not unexpected with inflation running at under a 2% annualized rate as measured by the Consumer Price Index.

The Inflation Protected Securities Strategy Module returned 1.60% since inception, compared to the Fund benchmark at 11.62% and the Strategy Module benchmark, the Barclays US TIPS Index, at 1.99%. The Diversified Commodities Strategy Module returned -6.70% since inception, compared to the Fund benchmark at 11.62% and the Strategy Module benchmark, the Dow-Jones/UBS Commodity Index, at -7.81%. The Energy Infrastructure Strategy Module returned 18.00% since inception compared to the Fund benchmark at 11.62% and the Strategy Module benchmark, the Alerian MLP Index, at 18.83%. Individual Strategy Module performance is within expectations for the time period and market conditions.

While markets may remain volatile going forward, we believe the combination of Strategy Modules and their underlying managers will provide for long-term success. We look forward to sharing periodic updates on the Cornerstone Advisors Real Assets Fund with you throughout the year. Thank you for your continued trust and confidence in Cornerstone Advisors.

Sector Weightings †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
COMMON STOCK — 93.2%
	Shares		Value
ARGENTINA — 0.1%
Arcos Dorados Holdings, Cl A		41,545	$	565,843
Ternium ADR		14,371		336,425

				902,268

AUSTRALIA — 1.3%
Aegean Marine Petroleum Network		22,500		132,750
AGL Energy		5,526		90,916
Amcor		21,018		215,496
Aurizon Holdings		121,191		521,400
Australia & New Zealand Banking Group		3,574		117,972
BHP Billiton		12,914		437,785
carsales.com		22,830		228,868
Coca-Cola Amatil		31,813		499,325
Crown		20,790		278,033
CSL		9,467		617,916
GPT Group		20,400		86,709
Harvey Norman Holdings		41,878		130,245
Lend Lease Group		45,700		510,726
M2 Telecommunications Group		43,680		254,943
Metcash		32,464		137,651
Mineral Resources		54,396		549,825
Newcrest Mining		3,364		58,624
Orica		17,055		404,009
Origin Energy		11,880		151,733
Ramsay Health Care		4,029		133,618
Rio Tinto		4,575		264,654
Safe Bulkers		11,800		59,236
StealthGas *		38,400		397,056
Suncorp Group		9,986		134,375


COMMON STOCK — continued
	Shares		Value
AUSTRALIA (continued)
Tatts Group		73,175	$	248,064
Telstra		176,893		913,257
Treasury Wine Estates		18,790		113,761
Wesfarmers		4,088		183,803
Westpac Banking		3,676		128,809
Woolworths		17,731		669,278

				8,670,837

AUSTRIA — 0.2%
OMV		15,400		723,526
Raiffeisen Bank International		23,303		822,309

				1,545,835

BELGIUM — 0.8%
Ageas		3,554		130,210
Anheuser-Busch InBev		29,823		2,837,649
Belgacom		10,313		237,680
Colruyt		4,167		210,318
Delhaize Group		4,259		267,039
Groupe Bruxelles Lambert		4,211		326,086
Mobistar		3,793		90,463
Solvay		2,184		320,123
Telenet Group Holding		1,606		86,705
UCB		6,560		387,727
Umicore		1,919		88,832

				4,982,832

BRAZIL — 2.4%
Arezzo Industria e Comercio		15,205		320,401
Arteris		9,800		108,543
Banco Bradesco ADR		30,470		505,497
Banco do Brasil		147,850		1,862,212
BM&FBovespa		20,200		140,135
BR Properties		6,800		75,384
BRF		48,100		1,193,394
CCR		54,700		535,039
Cia de Bebidas das Americas ADR		66,515		2,794,960
Cia de Saneamento Basico do Estado de Sao Paulo		23,100		325,242
Cielo		16,039		422,795
Cosan, Cl A		12,061		250,266
CPFL Energia ADR		9,500		203,300
CSU Cardsystem		14,100		25,018
Cyrela Brazil Realty Empreendimentos e Participacoes		89,100		804,717
Duratex		11,440		85,939


COMMON STOCK — continued
	Shares		Value
BRAZIL (continued)
EcoRodovias Infraestrutura e Logistica *		18,500	$	160,150
Embraer ADR		7,301		255,024
Itau Unibanco Holding ADR		12,500		210,375
JBS		46,000		145,076
Kroton Educacional *		27,458		383,445
Linx		1,794		30,065
Lojas Renner		5,100		193,625
Marfrig Alimentos *		31,800		108,397
Mills Estruturas e Servicos de Engenharia *		7,106		116,779
Multiplan Empreendimentos Imobiliarios		4,771		136,185
PDG Realty Empreendimentos e Participacoes		600,500		678,310
Petroleo Brasileiro ADR		23,237		444,989
Telefonica Brasil ADR		67,827		1,802,842
Totvs		7,600		142,903
Ultrapar Participacoes		16,600		441,394
Vale ADR, Cl B		43,400		741,706

				15,644,107

CANADA — 2.3%
Agnico Eagle Mines		2,200		71,015
Agrium		1,000		91,667
Bank of Montreal		1,400		87,812
Bank of Nova Scotia		1,600		92,257
Bankers Petroleum *		374,900		937,762
Barrick Gold		9,179		180,947
BCE		3,300		154,575
Brookfield Asset Management, Cl A		2,700		104,227
Brookfield Property Partners		155		3,372
Cameco		23,100		450,681
Canadian Imperial Bank of Commerce		4,400		351,886
Canadian Pacific Railway		8,180		1,019,486
Canadian Tire, Cl A		6,900		508,194
Celestica *		36,000		310,884
Cenovus Energy		51,400		1,538,916
Cineplex		9,433		320,598
Constellation Software		1,234		168,420
Eldorado Gold		7,100		56,168
Element Financial *		26,195		244,412
Enbridge		3,400		161,790
Fairfax Financial Holdings		200		80,232
Goldcorp		45,409		1,344,083


COMMON STOCK — continued
	Shares		Value
CANADA (continued)
H&R Real Estate Investment Trust		3,837	$	94,264
IAMGOLD		7,600		40,812
Intact Financial		1,200		73,135
Kinross Gold		10,400		56,674
Manulife Financial		10,800		159,623
Open Text		2,673		174,662
Pan American Silver		5,600		73,651
Points International *		18,500		323,010
Potash Corp of Saskatchewan		3,300		138,885
Research In Motion *		11,200		183,434
Rogers Communications, Cl B		2,300		113,442
Royal Bank of Canada		1,600		96,529
Secure Energy Services		18,390		237,120
Shaw Communications, Cl B		8,255		187,969
ShawCor		2,825		113,482
Sun Life Financial		4,300		121,303
Thomson Reuters		3,000		100,501
Toronto-Dominion Bank		1,100		90,177
TransAlta		6,585		96,803
TransCanada		40,147		1,990,115
Trinidad Drilling		42,800		292,286
Valeant Pharmaceuticals International *		29,400		2,236,752

				15,274,013

CHILE — 0.4%
Banco de Chile		952,820		148,603
Banco Santander Chile ADR		4,935		131,469
CAP		4,350		137,164
Corpbanca		12,254,200		167,830
Empresa Nacional de Electricidad		203,720		361,198
Enersis		628,720		236,963
ENTEL Chile		9,600		185,090
Forus		30,764		215,240
Latam Airlines Group		12,740		263,211
SACI Falabella		43,789		500,698
Sociedad Quimica y Minera de Chile ADR		4,900		242,501
Sonda		18,136		62,770

				2,652,737

CHINA — 1.9%
Agricultural Bank of China, Cl H		510,000		243,823
Anton Oilfield Services Group		62,361		49,743
Baidu ADR *		18,601		1,596,896
Bank of China, Cl H		1,511,000		706,807


COMMON STOCK — continued
	Shares		Value
CHINA (continued)
Bank of Communications, Cl H *		596,000	$	473,872
Beijing Capital Land, Cl H		88,000		32,206
Biostime International Holdings .		38,418		221,295
China Communications Services, Cl H		722,000		528,464
China Construction Bank, Cl H		1,064,000		891,220
China King-Highway Holdings		43,702		97,618
China Life Insurance, Cl H		126,000		344,220
China Merchants Holdings International		178,803		565,661
China Mobile		71,500		782,707
China Oilfield Services, Cl H		68,363		134,785
China Petroleum & Chemical, Cl H		292,000		319,463
China Shenhua Energy, Cl H		35,249		124,686
China Shineway Pharmaceutical Group		264,000		469,476
China Telecom, Cl H		832,000		424,569
China Unicom Hong Kong		108,000		155,038
China Wireless Technologies		822,035		328,384
Chongqing Rural Commercial Bank, Cl H		799,000		434,500
CITIC Securities, Cl H *		97,138		220,309
CNOOC		75,000		139,946
ENN Energy Holdings		43,820		253,541
Hengan International Group		26,000		268,706
Industrial & Commercial Bank of China, Cl H		1,428,000		1,004,733
PetroChina, Cl H		314,000		399,371
Prince Frog International Holdings		283,000		176,872
Sinotrans, Cl H		111,000		23,744
Tencent Holdings		27,400		939,915
Tingyi Cayman Islands Holding		52,000		143,734
Want Want China Holdings		116,000		183,863
Xinyuan Real Estate ADR		9,137		41,482

				12,721,649

COLOMBIA — 0.0%
Almacenes Exito		4,602		75,444


CZECH REPUBLIC — 0.1%
CEZ *		13,400		387,833


DENMARK — 0.5%
AP Moeller – Maersk, Cl B		39		277,494
Carlsberg, Cl B		1,045		97,004


COMMON STOCK — continued
	Shares		Value
DENMARK (continued)
Coloplast, Cl B		8,940	$	486,393
Danske Bank *		11,622		219,666
Novo Nordisk, Cl B		5,816		1,020,171
Novozymes, Cl B		2,620		90,479
TDC		32,310		262,082
Tryg		10,086		873,356

				3,326,645

FINLAND — 0.4%
Elisa		12,665		240,180
Fortum		15,044		279,550
Kone, Cl B		6,558		579,081
Nokian Renkaat		2,398		103,963
Pohjola Bank, Cl A		14,435		245,612
Sampo, Cl A		17,526		699,350
Stora Enso, Cl R		14,793		102,766
UPM-Kymmene		8,263		86,403
Wartsila Abp		2,525		123,934

				2,460,839

FRANCE — 1.7%
Air Liquide		1,912		242,031
Alcatel-Lucent *		65,433		89,705
AtoS		1,614		112,336
AXA		26,300		492,348
Bureau Veritas		1,468		179,892
Carrefour		5,089		150,794
Christian Dior		923		160,878
Cie Generale de Geophysique – Veritas ADR		8,000		170,800
Cie Generale des Etablissements Michelin		1,028		86,821
Danone		4,022		307,266
Dassault Systemes		3,121		380,605
Electricite de France		7,949		177,649
Essilor International		1,812		203,887
European Aeronautic Defence and Space		6,293		332,373
Eutelsat Communications		13,802		498,310
France Telecom		13,295		142,242
Hermes International		4,753		1,603,049
Ingenico		2,686		180,015
Kering		6,130		1,348,579
L’Oreal		1,373		244,826
LVMH Moet Hennessy Louis Vuitton		9,673		1,675,160
Natixis		22,942		100,611


COMMON STOCK — continued
	Shares		Value
FRANCE (continued)
Publicis Groupe		1,871	$	130,149
Safran		9,514		467,224
Sanofi		3,269		358,271
Societe BIC		803		85,690
Sodexo		4,174		348,562
Total		1,783		89,862
Vivendi		32,903		745,304

				11,105,239

GERMANY — 2.1%
Adidas		2,514		262,547
Allianz		4,953		730,886
BASF		10,180		950,793
Bayer		8,971		935,934
Bayerische Motoren Werke		2,562		236,350
Daimler		56,100		3,104,107
Deutsche Telekom		7,987		94,477
Deutsche Wohnen		6,272		110,600
Freenet		30,809		767,253
Fresenius & KGaA		5,928		743,371
Fresenius Medical Care & KGaA		7,452		514,249
GAGFAH *		18,567		239,628
Gerresheimer		1,956		111,680
Hochtief		1,701		118,055
Kabel Deutschland Holding		26,054		2,476,285
Metro		14,700		458,328
Muenchener Rueckversicherungs		610		121,987
NORMA Group		5,998		211,577
Rheinmetall		7,900		374,177
SAP		6,228		494,661
Siemens		3,271		341,604
TAG Immobilien		8,063		97,691
ThyssenKrupp		4,810		87,005
Wacker Chemie		1,221		93,296
Wincor Nixdorf		5,254		276,494
Wirecard		5,988		160,636

				14,113,671

GREECE — 0.0%
Coca Cola Hellenic Bottling		8,475		209,606


HONG KONG — 1.8%
AIA Group		642,911		2,854,105
Bank of East Asia		24,000		98,658
BOC Hong Kong Holdings		39,000		134,185


COMMON STOCK — continued
	Shares		Value
HONG KONG (continued)
Cathay Pacific Airways		74,000	$	130,070
Cheung Kong Holdings		9,000		135,461
China Overseas Land & Investment		85,363		260,704
CIMC Enric Holdings		171,482		185,621
CLP Holdings		31,000		273,242
Galaxy Entertainment Group *		292,560		1,310,086
Haier Electronics Group *		249,671		445,924
Hanergy Solar Group *		346,000		24,969
Hang Lung Group		13,000		76,558
Hang Lung Properties		23,000		89,509
Hang Seng Bank		21,700		362,965
Hong Kong & China Gas		208,000		625,864
Hopewell Holdings		31,000		119,843
Hysan Development		19,000		94,141
Kunlun Energy		76,000		148,667
Link REIT		90,500		512,551
Michael Kors Holdings *		32,500		1,850,550
MTR		53,500		220,614
NagaCorp		156,842		124,501
Power Assets Holdings		53,000		517,696
Shangri-La Asia		42,000		81,184
Sun Hung Kai Properties		8,000		115,668
TCL Multimedia Technology Holdings		74,000		66,847
Techtronic Industries		104,407		249,442
Television Broadcasts		32,300		243,286
Tianneng Power International		520,000		329,014
Wharf Holdings		13,000		116,009
Yue Yuen Industrial Holdings		26,000		89,960

				11,887,894

HUNGARY — 0.0%
EGIS Pharmaceuticals		1,801		142,288
OTP Bank *		4,737		98,716

				241,004

INDIA — 0.6%
Axis Bank GDR		16,835		466,442
HDFC Bank ADR		9,724		412,687
ICICI Bank ADR		25,615		1,199,294
Infosys ADR		9,765		407,591
Mahindra & Mahindra GDR		26,330		451,631
Reliance Industries GDR (A)		17,070		503,053
Tata Motors ADR		12,886		354,880
Wipro ADR		61,404		490,620

				4,286,198


COMMON STOCK — continued
	Shares		Value
INDONESIA — 1.0%
Ace Hardware Indonesia		1,479,339	$	149,113
Agung Podomoro Land		1,537,500		75,116
Alam Sutera Realty		2,055,649		222,004
Bank Central Asia		682,998		755,179
Bank Mandiri Persero		325,500		351,530
Bank Rakyat Indonesia Persero		203,000		196,266
Bekasi Fajar Industrial Estate *		1,508,000		155,104
Bumi Serpong Damai		668,931		119,028
Gudang Garam		30,000		152,430
Indofood Sukses Makmur		244,500		184,837
Jasa Marga Persero		256,444		176,721
Kalbe Farma		8,248,870		1,179,319
Mitra Adiperkasa		307,019		260,520
Pakuwon Jati		5,583,500		232,586
Semen Indonesia Persero		94,154		178,188
Telekomunikasi Indonesia Persero		1,089,492		1,311,088
Telekomunikasi Indonesia Persero ADR		230		11,010
Unilever Indonesia		130,000		350,990
United Tractors		140,500		256,506
Waskita Karya Persero *		2,160,183		171,082

				6,488,617

IRELAND — 0.7%
Accenture PLC, Cl A		23,837		1,941,285
Eaton		774		47,531
Elan PLC *		16,244		187,292
Experian		5,444		95,727
Experian ADR		19,900		349,643
Kerry Group, Cl A		8,277		489,537
Seagate Technology		14,200		521,140
Shire PLC		9,743		302,988
Trinity Biotech PLC ADR		17,400		278,226
Willis Group Holdings		2,500		99,200

				4,312,569

ISRAEL — 0.6%
Bank Hapoalim *		95,441		443,262
Bank Leumi Le-Israel *		124,056		440,165
Delek Group		540		142,042
Elbit Systems		4,350		181,402
Israel Chemicals		7,479		88,955
Mellanox Technologies *		10,674		549,702
Mizrahi Tefahot Bank *		11,110		113,548
NICE Systems *		4,160		145,861
Stratasys *		20,530		1,705,016


COMMON STOCK — continued
	Shares		Value
ISRAEL (continued)
Teva Pharmaceutical Industries ADR		7,500	$	287,175
The Israel Corporation		170		109,303

				4,206,431

ITALY — 1.2%
Assicurazioni Generali		11,532		211,556
Atlantia		4,568		81,635
Banca Generali		3,234		66,654
Brembo		10,279		168,264
Eni		39,519		945,129
Exor		3,879		117,494
Fiat Industrial		210,300		2,373,502
Intesa Sanpaolo		66,399		120,411
Luxottica Group		8,294		431,778
Luxottica Group ADR		33,052		1,711,432
Mediobanca		21,555		136,995
Pirelli & C.		16,341		169,687
Prada		3,802		34,271
Prysmian		3,775		76,213
Saipem		8,805		249,309
Snam		69,564		342,080
Telecom Italia		90,525		76,597
Terna Rete Elettrica Nazionale		74,168		347,139
Yoox *		11,826		222,089

				7,882,235

JAPAN — 4.2%
Activia Properties REIT		12		102,785
ANA Holdings		42,000		91,337
Anritsu		11,600		173,134
Astellas Pharma		2,600		151,223
Avex Group Holdings		3,600		102,773
Bank of Kyoto		9,000		94,538
Benesse Holdings		4,000		177,053
Calbee		2,413		238,614
Canon		68,400		2,452,254
Central Japan Railway		2,400		289,275
Chugai Pharmaceutical		11,200		278,837
Daiwa Securities Group		223,000		1,974,140
Disco		3,793		244,735
East Japan Railway		1,300		109,617
FamilyMart		2,300		105,108
Fuji Seal International		18,500		520,547
FUJIFILM Holdings		15,000		307,432
GLP J-Reit		209		215,250


COMMON STOCK — continued
	Shares		Value
JAPAN (continued)
Hamamatsu Photonics		5,500	$	225,958
Hirose Electric		800		114,889
Hiroshima Bank		22,000		115,772
Hisamitsu Pharmaceutical		1,700		99,923
Hitachi High-Technologies		3,500		87,136
Honda Motor		2,700		107,324
Hoya		3,700		73,936
Hulic		20,179		223,970
Isetan Mitsukoshi Holdings		11,200		178,194
ITOCHU		13,300		164,400
Izumi		6,100		164,506
Jaccs		49,021		336,914
Joyo Bank		19,000		116,551
Kakaku.com		2,366		61,065
Kansai Paint		8,000		102,498
KDDI		14,000		672,103
Keikyu		26,000		287,511
Keyence		500		158,486
Kyocera		1,800		182,982
Kyowa Hakko Kirin		7,000		85,808
Lawson		6,300		496,322
M3		46		103,952
Marubeni		12,000		85,798
MISUMI Group		7,877		240,063
Mitsubishi Tanabe Pharma		6,000		91,153
Mitsubishi UFJ Financial Group		16,100		109,497
Mitsui		5,400		74,116
Mizuho Financial Group		311,500		687,003
Modec		4,265		122,457
MonotaRO		4,274		108,598
Murata Manufacturing		25,940		2,110,111
Nichii Gakkan		36,700		373,080
Nippon Telegraph & Telephone		9,000		445,453
Nippon Television Holdings		25,300		446,646
Nissin Foods Holdings		4,400		197,241
Nomura Real Estate Holdings		4,300		115,346
NTT DOCOMO		341		563,174
Odakyu Electric Railway		27,000		324,881
Ono Pharmaceutical		1,300		85,613
Oriental Land		2,200		355,665
Osaka Gas		101,000		437,216
Otsuka Holdings		16,900		608,494
Rakuten		37,800		402,874
Resona Holdings		18,700		99,749


COMMON STOCK — continued
	Shares		Value
JAPAN (continued)
Sanrio		3,795	$	190,168
Santen Pharmaceutical		6,500		325,383
Sawai Pharmaceutical		1,800		232,282
SCSK		7,757		172,908
Secom		6,900		385,044
Seven Bank		18,200		64,596
Shimadzu		10,000		73,037
Shimamura		2,700		340,945
Ship Healthcare Holdings		6,000		230,805
Sugi Holdings		6,177		237,297
Sumitomo		50,700		632,417
Sumitomo Mitsui Financial Group		2,600		122,819
Sumitomo Real Estate Sales		3,196		221,951
Suzuken		2,400		93,306
Taiyo Yuden		16,442		237,645
Takeda Pharmaceutical		11,500		631,123
Takeuchi Manufacturing		5,100		117,815
Tokyo Gas		110,000		627,379
Tokyo Seimitsu		10,745		235,985
Tokyo Tatemono		12,172		112,499
TonenGeneral Sekiyu		19,000		191,783
Toyota Motor		20,900		1,209,171
Trend Micro		2,800		78,412
Tsuruha Holdings		3,100		301,462
Unicharm		1,700		109,863
Wacom		54		246,777
West Japan Railway		2,000		96,630
Yahoo Japan		576		288,044

				27,680,626

LUXEMBOURG — 0.0%
ArcelorMittal		6,524		79,835


MACAO — 0.0%
Sands China		51,430		269,737


MALAYSIA — 0.8%
Allianz Malaysia		8,800		24,817
AMMB Holdings		116,400		256,329
Axiata Group		71,900		159,988
Cahya Mata Sarawak		25,300		27,774
CIMB Group Holdings		134,100		341,145
DiGi.Com		171,100		260,938
DRB-Hicom		139,300		114,920
Faber Group		74,800		37,123


COMMON STOCK — continued
	Shares		Value
MALAYSIA (continued)
Genting Malaysia		132,900	$	164,241
Hong Leong Bank		37,700		179,176
IHH Healthcare *		80,438		99,143
IOI		145,200		240,051
Kulim Malaysia		56,600		66,599
Malayan Banking		169,600		536,254
Mega First		9,100		4,636
Petronas Chemicals Group		136,400		292,750
Protasco		143,300		49,454
Public Bank		64,600		348,638
Puncak Niaga Holding *		62,700		35,240
Sapurakencana Petroleum *		204,800		214,056
Scientex		17,300		20,356
Sime Darby		126,500		392,493
Syarikat Takaful Malaysia		12,100		26,407
Tenaga Nasional		151,900		391,919
Top Glove		99,907		207,531
UEM Land Holdings *		306,361		252,742
UMW Holdings *		104,000		488,808

				5,233,528

MEXICO — 1.3%
Alfa, Cl A		373,600		867,363
America Movil ADR, Ser L		22,200		474,636
Arca Continental		38,400		314,257
Bio Pappel *		120,166		219,207
Cemex ADR *		20,826		234,288
El Puerto de Liverpool		25,811		326,445
Fibra Uno Administracion		218,639		840,178
Fomento Economico Mexicano ADR		3,230		366,250
Grupo Aeromexico *		25,406		36,574
Grupo Aeroportuario del Pacifico, Cl B		100,200		580,373
Grupo Financiero Banorte, Cl O		115,729		872,092
Grupo Financiero Santander Mexico, Cl B		37,300		120,480
Grupo Financiero Santander Mexico ADR *		82,335		1,329,710
Grupo Industrial Saltillo		7,426		17,002
Grupo Mexico		81,164		291,373
Grupo Modelo		18,300		166,417
Grupo Simec ADR *		1,346		18,467
Grupo Televisa ADR		6,900		174,708
Industrias Bachoco		36,200		102,617
Industrias Bachoco ADR		3,379		114,953
Infraestructura Energetica Nova *		44,131		150,795


COMMON STOCK — continued
	Shares		Value
MEXICO (continued)
Kimberly-Clark de Mexico, Cl A		102,600	$	359,286
Mexico Real Estate Management *		96,253		232,660
Vitro *		300		717
Wal-Mart de Mexico		52,300		165,916

				8,376,764

NETHERLANDS — 1.9%
Aegon		71,000		468,546
AerCap Holdings *		13,900		220,593
ASML Holding		4,978		370,074
Core Laboratories		2,470		357,606
Corio		1,691		78,356
Heineken		5,582		394,172
Heineken Holding		1,866		112,206
InterXion Holding *		75,900		1,899,777
Koninklijke Ahold		17,675		278,860
Koninklijke Boskalis Westminster		2,556		106,454
Koninklijke DSM		5,876		378,640
Koninklijke KPN		22,031		45,929
Koninklijke Philips Electronics		4,441		122,645
Koninklijke Vopak		1,311		72,617
LyondellBasell Industries, Cl A		2,594		157,456
NXP Semiconductor *		78,680		2,167,634
Reed Elsevier		16,403		266,136
Royal Dutch Shell, Cl A		58,990		2,008,576
Royal Dutch Shell, Cl B		12,800		447,961
TNT Express		7,110		54,627
Unilever		26,863		1,143,392
Wolters Kluwer		5,236		115,845
Ziggo		30,579		1,095,976

				12,364,078

NEW ZEALAND — 0.1%
Auckland International Airport		34,193		90,856
Fletcher Building		50,953		386,080
Telecom Corp of New Zealand		60,513		135,118

				612,054

NIGERIA — 0.0%
Zenith Bank		1,183,797		150,972


NORWAY — 0.5%
Fred Olsen Energy		9,700		422,214
Gjensidige Forsikring		8,858		142,705
Opera Software		21,318		144,917
Orkla		58,061		522,564
Prosafe		40,801		391,630


COMMON STOCK — continued
	Shares		Value
NORWAY (continued)
Seadrill		3,705	$	141,801
Statoil		59,244		1,445,527
Telenor		5,218		117,273
Yara International		3,032		141,965

				3,470,596

PANAMA — 0.0%
Banco Latinoamericano de Comercio Exterior, Cl E		13,375		303,479


PERU — 0.0%
Credicorp		1,556		234,318


PHILIPPINES — 0.9%
Ayala Land		350,181		276,078
Bank of the Philippine Islands *		35,416		88,454
East West Banking *		187,572		162,690
First Gen *		484,100		265,220
GT Capital Holdings		8,860		170,269
International Container Terminal Services		83,308		186,208
Lopez Holdings		1,705,000		289,552
Megaworld		6,754,000		680,979
Metro Pacific Investments		589,000		87,148
Metropolitan Bank & Trust		774,930		2,343,994
Pepsi-Cola Products Philippines *		402,400		60,908
Puregold Price Club		222,808		215,987
Robinsons Land		463,700		289,531
SM Investments		4,384		121,955
SM Prime Holdings		355,835		172,903
Universal Robina		100,598		290,600
Vista Land & Lifescapes		898,564		143,430

				5,845,906

POLAND — 0.4%
Asseco Poland		15,224		206,497
Bank Pekao		3,460		165,891
Eurocash		8,119		146,200
Grupa Lotos *		10,745		129,116
KGHM Polska Miedz		15,121		708,232
Pelion		520		9,627
PGE		64,700		336,006
Polski Koncern Naftowy Orlen S.A. *		15,841		245,648
Polskie Gornictwo Naftowe i Gazownictwo		149,710		253,003


COMMON STOCK — continued
	Shares		Value
POLAND (continued)
Powszechny Zaklad Ubezpieczen		2,798	$	385,629
Telekomunikacja Polska		68,470		152,548

				2,738,397

PORTUGAL — 0.1%
EDP – Energias de Portugal *		68,697		236,128
Galp Energia SGPS		5,313		85,153
Jeronimo Martins SGPS		4,273		101,770
Portugal Telecom SGPS ADR		30,000		157,200

				580,251

PUERTO RICO — 0.1%
OFG Bancorp		12,200		196,054
Triple-S Management, Cl B *		12,300		221,769

				417,823

QATAR — 0.0%
Industries Qatar QSC		3,909		184,665


RUSSIA — 0.9%
Eurasia Drilling GDR		6,147		240,348
Gazprom Neft OAO ADR		8,959		182,764
Gazprom OAO ADR		39,039		309,774
Lukoil OAO ADR		22,614		1,435,553
Magnit GDR		8,699		443,649
MegaFon OAO GDR *		5,323		164,268
MMC Norilsk Nickel ADR		31,540		483,193
Mobile Telesystems ADR		5,503		113,912
NovaTek OAO GDR		1,910		193,292
Pharmstandard GDR *		25,700		537,387
Rosneft OAO GDR		28,610		195,549
Rostelecom ADR		3,433		76,556
Sberbank of Russia ADR		23,014		295,960
Surgutneftegas OAO ADR		52,790		448,715
Tatneft OAO ADR		17,450		659,435
Uralkali GDR		5,940		214,968
VimpelCom ADR		20,943		229,326

				6,224,649

SINGAPORE — 1.3%
Ascendas Real Estate Investment Trust		156,000		348,299
Avago Technologies, Cl A		71,550		2,286,738
CapitaMall Trust		81,000		152,570
CapitaMalls Asia		63,000		107,413
City Developments		11,000		100,560
DBS Group Holdings		17,000		231,323


COMMON STOCK — continued
	Shares		Value
SINGAPORE (continued)
Flextronics International *		22,300	$	159,445
Genting Singapore		79,000		98,453
Global Logistic Properties		744,000		1,667,159
Keppel		68,000		591,281
Keppel REIT		13,600		16,673
Lippo Malls Indonesia Retail Trust		362,379		154,460
M1		35,583		97,646
Mapletree Commercial Trust		310,943		369,840
Mapletree Industrial Trust		156,000		198,847
Oversea-Chinese Banking		42,000		369,976
SembCorp Industries		62,000		251,181
SembCorp Marine		39,000		136,470
Singapore Exchange		16,000		97,166
Singapore Press Holdings		81,000		293,302
Singapore Technologies Engineering		46,000		164,326
Singapore Telecommunications		42,000		134,010
United Overseas Bank		21,000		364,009

				8,391,147

SOUTH AFRICA — 0.7%
Anglo American Platinum		4,040		153,248
AngloGold Ashanti ADR		16,900		329,550
Assore		1,890		61,501
Exxaro Resources		9,910		155,417
Gold Fields		30,060		213,956
Group		37,676		679,247
Group ADR		26,500		481,505
Impala Platinum Holdings		8,920		121,730
Liberty Holdings		4,543		60,499
Life Healthcare Group Holdings		98,663		416,818
MMI Holdings		69,084		176,299
Mondi		7,407		99,010
Remgro		13,860		279,517
Sanlam		93,026		476,767
Sappi *		80,891		243,390
Sasol		9,230		398,916
Shoprite Holdings		10,690		202,625
Sibanye Gold *		30,060		28,474
Super Group *		45,435		122,075
Truworths International		12,840		127,620

				4,828,164

SOUTH KOREA — 1.8%
Busan City Gas		2,850		74,012
CJ		271		35,558


COMMON STOCK — continued
	Shares		Value
SOUTH KOREA (continued)
Cosmax		7,169	$	360,631
Daesung Holdings		1,980		16,451
Daewoo International		5,210		182,844
Daewoo Shipbuilding & Marine Engineering		9,020		216,634
Daou Technology		10,070		183,332
Dongil Industries		1,050		58,159
E1		449		33,064
Hana Financial Group		3,230		103,238
Hanwha Timeworld		1,530		44,943
Hyundai Heavy Industries		730		133,233
Hyundai Marine & Fire Insurance		14,000		394,080
Hyundai Motor Company		6,975		1,263,518
INTOPS		1,122		32,856
Jeonbuk Bank		6,630		36,422
KB Financial Group		1,660		54,263
KB Financial Group ADR		8,400		275,520
Kia Motors		8,465		421,213
KISCO		670		17,278
Kolao Holdings		9,156		249,414
KT		9,350		306,063
KT ADR		27,600		448,776
KT Skylife		6,111		236,106
Kunsul Chemical Industrial		840		20,708
KyungDong City Gas		376		29,908
Kyungnam Energy		9,300		56,579
LG Display		3,450		93,823
LG Display ADR		14,541		199,503
LG Household & Health Care		260		146,136
Meritz Finance Group *		73,350		265,746
Mi Chang Oil Industrial		353		28,816
Paradise		38,733		803,640
S&T Holdings		5,440		69,155
Sam Young Electronics		3,050		26,337
Samsung Electronics		2,131		2,941,179
Samsung Electronics GDR		1,502		1,037,882
SeAH Holdings		100		9,670
SK Telecom ADR		12,282		239,376
Woori Finance Holdings		19,410		209,733
Woori Finance Holdings ADR		1,812		58,818
YESCO		2,070		74,808
Youngone		2,854		114,025

				11,603,450


COMMON STOCK — continued
	Shares		Value
SPAIN — 0.5%
Abertis Infraestructuras		9,850	$	183,942
Amadeus IT Holding, Cl A *		4,163		122,890
Banco Bilbao Vizcaya Argentaria		13,275		128,846
Banco Popular Espanol		125,481		97,664
Banco Santander		20,803		150,434
CaixaBank *		38,410		142,192
Enagas *		12,096		322,261
Ferrovial		7,696		127,349
Grifols *		7,501		300,996
Iberdrola		26,409		142,247
Inditex		3,848		517,151
Mapfre *		42,373		155,412
Red Electrica		5,347		284,416
Repsol		5,279		123,749
Telefonica		41,114		603,177
Viscofan		2,205		114,529
Zardoya Otis		7,474		104,433

				3,621,688

SWEDEN — 0.7%
Alfa Laval		4,698		102,716
Assa Abloy, Cl B		2,217		88,289
Atlas Copco, Cl A		8,044		211,741
Axis Communications		8,267		226,923
Boliden		6,278		99,386
Hennes & Mauritz, Cl B		14,569		515,452
Holmen, Cl B		3,042		84,909
Intrum Justitia		14,097		290,377
Investment Kinnevik, Cl B		8,321		217,364
Investor, Cl B		8,010		236,059
Millicom International Cellular		875		71,555
Scania, Cl B		4,837		102,919
Securitas, Cl B		10,349		101,398
Skandinaviska Enskilda Banken, Cl A		12,559		128,864
Skanska, Cl B		6,356		108,074
SKF, Cl B		4,224		98,283
Svenska Handelsbanken, Cl A		2,676		121,556
Swedbank, Cl A		22,000		541,425
Swedish Match		3,588		124,452
Tele2, Cl B		5,370		92,054
Telefonaktiebolaget LM Ericsson, Cl B		47,365		591,236
TeliaSonera		48,088		330,848

				4,485,880


COMMON STOCK — continued
	Shares		Value
SWITZERLAND — 3.1%
ACE		900	$	80,226
Adecco		31,100		1,663,372
Credit Suisse Group		74,268		2,059,191
Givaudan		393		505,515
Kuehne + Nagel International		20,700		2,368,767
Nestle		59,814		4,271,510
Novartis		4,199		311,831
Roche Holding		14,989		3,746,444
Schindler Holding		3,073		460,719
SGS		248		599,329
Sonova Holding		856		93,167
Straumann Holding		636		83,382
Swatch Group		436		249,699
Swiss Life Holding		3,000		474,296
Swiss Prime Site		945		77,497
Swiss Re		3,490		277,571
Swisscom		429		201,996
Syngenta		1,459		623,582
TE Connectivity		41,300		1,798,615
Tecan Group		2,443		227,274
Temenos Group *		7,713		182,497
UBS		28,600		510,605

				20,867,085

TAIWAN — 1.0%
Acer		171,000		138,193
Advanced Semiconductor Engineering ADR		52,596		235,630
Asustek Computer *		19,000		221,147
Chailease Holding *		43,000		129,385
ChipMOS TECHNOLOGIES		4,841		71,308
Chunghwa Telecom *		89,000		282,875
Compal Electronics		222,000		143,677
Delta Electronics *		101,000		484,261
Formosa Chemicals & Fibre *		86,000		201,362
Formosa Plastics *		151,000		366,346
Fubon Financial Holding		182,000		259,938
Ginko International *		15,000		278,023
Hermes Microvision *		4,000		121,307
Himax Technologies ADR		4,160		22,880
Hon Hai Precision Industry		188,000		485,416
Hon Hai Precision Industry GDR		62,546		319,923
MediaTek		28,000		341,556
Nan Ya Plastics *		84,000		167,362
Novatek Microelectronics *		44,000		214,692


COMMON STOCK — continued
	Shares		Value
TAIWAN (continued)
Silicon Motion Technology ADR		6,320	$	68,888
Siliconware Precision Industries ADR		17,904		109,035
St. Shine Optical *		3,000		63,025
Taiwan Cement *		122,000		162,049
Taiwan Mobile *		61,000		222,198
Taiwan Semiconductor
Manufacturing ADR		82,280		1,569,903
United Microelectronics *		563,000		214,616

				6,894,995

THAILAND — 0.9%
Advanced Info Service		64,700		595,196
Airports of Thailand		71,900		353,988
Bangchak Petroleum		288,700		356,571
Bangkok Bank		79,800		617,192
Charoen Pokphand Foods		65,700		71,072
CP ALL PLC		141,000		211,380
Home Product Center		239,865		122,589
Kasikornbank		73,553		531,286
Krung Thai Bank		166,400		140,604
Krungthai Card		53,500		83,850
Land and Houses		249,600		111,406
PTT		67,700		751,966
PTT Exploration & Production		63,615		333,789
PTT Global Chemical		94,800		235,789
Siam Cement		21,400		356,702
Siam Commercial Bank		32,700		207,230
Thanachart Capital		548,400		892,201
VGI Global Media		23,088		103,050

				6,075,861

TURKEY — 0.7%
Aselsan Elektronik Sanayi Ve Ticaret		18,663		110,869
Coca-Cola Icecek		18,474		515,242
Enka Insaat ve Sanayi		55,280		170,828
Ford Otomotiv Sanayi		12,100		168,060
KOC Holding		46,300		280,215
Koza Altin Isletmeleri		5,144		102,722
Otokar Otomotiv Ve Savunma Sanayi A.S.		3,197		117,252
TAV Havalimanlari Holding *		32,320		228,056
Tupras Turkiye Petrol Rafinerileri		8,400		234,277
Turk Hava Yollari *		76,051		316,464
Turk Telekomunikasyon		54,800		259,824


COMMON STOCK — continued
	Shares		Value
TURKEY (continued)
Turkcell Iletisim Hizmetleri *		63,910	$	395,706
Turkiye Halk Bankasi		41,759		455,383
Turkiye Is Bankasi, Cl C		95,081		367,012
Turkiye Sise ve Cam Fabrikalari		138,720		235,230
Turkiye Vakiflar Bankasi Tao, Cl D *		86,832		309,985
Yapi ve Kredi Bankasi		47,231		146,481
Yazicilar Holding, Cl A		7,947		94,863

				4,508,469

UNITED KINGDOM — 3.7%
Admiral Group PLC		9,284		184,737
Aon PLC		2,595		156,608
ARM Holdings PLC		51,097		790,540
ASOS *		2,422		120,391
AstraZeneca		34,710		1,802,168
Aveva Group PLC		3,534		121,868
BAE Systems PLC		19,531		113,921
Barclays		97,300		432,339
Barratt Developments PLC *		45,548		220,180
BG Group		15,911		268,038
BHP Billiton		3,634		101,100
Booker Group PLC		131,769		243,573
BP PLC		13,031		94,407
British American Tobacco		1,634		90,511
British Sky Broadcasting Group PLC		110,993		1,455,149
Bunzl		4,514		89,681
Burberry Group PLC		30,889		641,032
Centrica PLC		84,694		488,085
Cobham PLC		34,964		136,050
Compass Group PLC		13,006		171,118
Delphi Automotive PLC		28,500		1,316,985
Diageo		81,113		2,474,578
Domino’s Pizza Group PLC		22,506		227,588
Filtrona PLC		22,255		244,236
GlaxoSmithKline PLC		3,760		96,983
Great Portland Estates PLC		42,408		350,452
Halma		29,466		229,084
Home Retail Group		110,337		267,029
HSBC Holdings		36,556		398,389
IG Group Holdings		26,354		220,446
Imagination Technologies Group PLC *		215,400		1,423,353
Imperial Tobacco Group PLC		2,067		73,848
Intertek Group		9,496		487,950
J Sainsbury		24,477		144,899


COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM (continued)
John Wood Group		12,717	$	153,093
Johnson Matthey		3,143		118,344
National Grid PLC		27,818		354,115
Ocado Group PLC *		52,997		139,949
Pearson		30,683		558,115
Phoenix Group Holdings *		22,082		217,640
Randgold Resources		970		76,241
Reckitt Benckiser Group PLC		2,985		217,742
Rexam		14,568		116,880
Rightmove PLC		7,918		236,272
Rolls-Royce Holdings PLC		141,137		2,477,357
Rotork PLC		4,912		221,958
RSA Insurance Group		51,010		88,190
Sage Group		23,080		120,998
Senior		26,945		106,730
Serco Group PLC		20,359		195,598
Spirax-Sarco Engineering		5,697		232,121
SSE		18,778		454,158
Standard Chartered PLC		3,370		84,647
Subsea 7		16,120		347,196
SuperGroup *		9,817		105,601
Telecity Group PLC		15,202		217,839
United Utilities Group PLC		8,651		99,509
Victrex PLC		4,827		120,343
Vodafone Group PLC		373,754		1,139,080
Whitbread PLC		3,366		133,590
WM Morrison Supermarkets		103,562		469,896

				24,480,518

UNITED STATES — 47.5%
Consumer Discretionary — 7.8%
Advance Auto Parts		8,796		737,808
AH Belo, Cl A		9,400		54,520
Amazon.com *		300		76,143
Amcon Distributing		602		42,832
American Greetings, Cl A		4,300		79,292
Ark Restaurants		2,100		45,738
Autoliv		1,934		147,796
AutoZone *		3,347		1,369,224
Ballantyne Strong *		10,200		45,798
Bassett Furniture Industries		15,800		221,674
Belo, Cl A		56,955		610,557
BJ’s Restaurants *		17,826		611,432
Bob Evans Farms		3,578		155,071
BorgWarner *		6,827		533,667


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Consumer Discretionary (continued)
CarMax *		3,183	$	146,545
Carmike Cinemas *		13,100		230,036
Carriage Services, Cl A		20,600		360,294
Carrols Restaurant Group *		26,000		123,500
Coinstar *		3,342		176,491
Comcast, Cl A		31,844		1,315,157
Cracker Barrel Old Country Store		1,750		144,795
CSS Industries		3,000		85,980
Dana Holding		7,133		123,044
Deckers Outdoor *		4,113		226,709
Destination Maternity		14,936		354,730
DeVry		26,700		747,867
DIRECTV *		10,700		605,192
Discovery Communications, Cl A *		7,023		553,553
Diversified Restaurant Holdings *		18,200		126,490
Dollar General *		7,800		406,302
Dollar Tree *		11,150		530,294
Dorman Products		6,080		229,459
Entercom Communications, Cl A *		8,700		68,817
Entravision Communications, Cl A		60,200		232,372
Family Dollar Stores		5,400		331,398
Fiesta Restaurant Group *		13,800		376,188
Five Below *		11,934		429,505
Flexsteel Industries		3,000		61,770
Ford Motor		8,000		109,680
Fred’s, Cl A		9,700		138,031
Gannett		30,000		604,800
General Motors *		3,500		107,940
Genuine Parts		5,695		434,700
Group 1 Automotive		2,280		137,894
H&R Block		17,300		479,902
Harley-Davidson		8,500		464,525
Harman International Industries		19,390		866,927
Harte-Hanks		22,000		174,460
Hasbro		9,405		445,515
hhgregg *		3,400		45,934
Home Depot		23,163		1,699,006
HomeAway *		28,430		868,537
Interpublic Group of Companies .		82,700		1,144,568
Jamba *		92,600		246,316
Kohl’s		9,700		456,482
Lamar Advertising, Cl A *		4,551		213,078
Lear		7,300		421,794


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Consumer Discretionary (continued)
Lennar, Cl A		57,370	$	2,364,791
Libbey *		6,135		118,835
Liberty Interactive, Cl A *		76,900		1,637,201
Lifetime Brands		11,500		155,250
LIN TV, Cl A *		22,000		270,820
Lululemon Athletica *		16,521		1,257,744
MarineMax *		17,000		197,030
Mattel		3,189		145,610
McDonald’s		11,260		1,150,096
Meredith		3,374		130,979
Nautilus *		53,000		364,640
New York Times, Cl A *		78,000		691,080
Newell Rubbermaid		16,150		425,391
NIKE, Cl B		19,331		1,229,452
OfficeMax		15,800		181,858
O’Reilly Automotive *		5,799		622,349
Perry Ellis International		9,576		168,250
PetSmart		6,000		409,440
Pier 1 Imports		11,319		262,714
PVH		2,900		334,689
Ralph Lauren, Cl A		12,225		2,219,815
ReachLocal *		16,191		269,904
Rent-A-Center, Cl A		2,848		99,481
RG Barry		5,500		75,845
Rick’s Cabaret International *		6,900		58,236
Ross Stores		9,480		626,344
Samsonite International		114,487		281,786
Scholastic		12,000		329,400
Scientific Games, Cl A *		27,111		240,746
Scripps Networks Interactive, Cl A		1,500		99,870
Shiloh Industries		5,986		58,962
Sinclair Broadcast Group, Cl A		16,300		436,840
Stage Stores		19,395		537,048
Standard Motor Products		6,700		205,288
Staples		57,000		754,680
Starbucks		67,002		4,076,402
Starwood Hotels & Resorts Worldwide		16,198		1,045,095
Steiner Leisure *		4,092		198,176
Steven Madden *		5,115		248,742
Target		1,400		98,784
Tesla Motors *		21,093		1,138,811
Time Warner		2,300		137,494


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Consumer Discretionary (continued)
Time Warner Cable		1,000	$	93,890
TJX		47,794		2,330,913
TRW Automotive Holdings *		8,100		486,567
Universal Electronics *		8,600		197,628
Vitamin Shoppe *		7,410		364,201
VOXX International, Cl A *		7,200		68,616
Whirlpool		2,250		257,130
Williams-Sonoma		6,550		351,604
Yum! Brands		7,621		519,142

				51,803,788

Consumer Staples — 2.7%
Altria Group		2,600		94,926
Annie’s *		5,625		212,569
Beam		6,300		407,673
Boulder Brands *		11,383		102,561
Brown-Forman, Cl B		6,700		472,350
Bunge		2,700		194,967
Church & Dwight		6,898		440,713
Clorox		2,700		232,875
Coca-Cola		34,047		1,441,210
Coffee Holding		10,700		72,546
Colgate-Palmolive		800		95,528
Costco Wholesale		6,184		670,531
Darling International *		11,573		214,216
Female Health		19,800		151,866
Fresh Market *		14,375		588,369
General Mills		3,741		188,621
Hain Celestial Group *		7,990		521,348
Hershey		2,950		263,022
Hormel Foods		9,744		402,135
Ingles Markets, Cl A		4,500		95,940
Ingredion		7,700		554,477
Inventure Foods *		24,900		190,734
John B Sanfilippo & Son		17,100		358,758
Kimberly-Clark		2,105		217,215
Kroger		23,000		790,740
McCormick		5,833		419,626
Mead Johnson Nutrition, Cl A		2,256		182,939
Molson Coors Brewing, Cl B		11,000		567,600
Mondelez International, Cl A		4,900		154,105
Nash Finch		3,200		65,760
Nature’s Sunshine Products		7,100		103,873
Omega Protein *		8,400		78,204


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Consumer Staples (continued)
Orchids Paper Products		7,800	$	179,400
PepsiCo		1,524		125,684
Philip Morris International		900		86,031
Post Holdings *		4,085		178,882
Pricesmart		18,613		1,660,838
Procter & Gamble		18,175		1,395,295
Seneca Foods, Cl A *		4,600		149,914
Spartan Stores		11,600		194,648
Sysco		8,400		292,824
United Natural Foods *		11,440		571,313
USANA Health Sciences *		3,239		182,744
Walgreen		24,200		1,198,142
Wal-Mart Stores		19,265		1,497,276

				18,260,988

Energy — 2.6%
Adams Resources & Energy		1,800		89,442
Anadarko Petroleum		1,600		135,616
Bolt Technology		13,000		208,000
Cameron International *		3,850		236,967
Carrizo Oil & Gas *		7,125		172,568
Chevron		16,100		1,964,361
Cobalt International Energy *		42,380		1,184,097
Concho Resources *		20,680		1,781,168
ConocoPhillips		16,663		1,007,278
Denbury Resources *		11,500		205,735
Emerald Oil *		26,400		169,752
Energen		3,700		175,454
Evolution Petroleum *		16,200		161,028
Exxon Mobil		13,660		1,215,603
FMC Technologies *		11,700		635,310
Forum Energy Technologies *		12,215		339,699
Goodrich Petroleum *		19,014		247,943
Gran Tierra Energy *		19,476		108,259
Gulfport Energy *		12,593		657,229
Hess		6,500		469,170
Hornbeck Offshore Services *		2,680		120,386
Kinder Morgan		3,000		117,300
Kodiak Oil & Gas *		11,067		86,655
Marathon Oil		12,800		418,176
Marathon Petroleum		7,200		564,192
Matrix Service *		10,700		160,821
McDermott International *		44,500		475,260
Murphy Oil		6,610		410,415


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Energy (continued)
Natural Gas Services Group *		9,100	$	183,729
Occidental Petroleum		10,280		917,593
Oceaneering International		4,050		284,189
PDC Energy *		2,927		126,739
REX American Resources *		1,200		22,428
Rex Energy *		14,917		239,716
RigNet *		9,200		222,640
Sanchez Energy *		6,495		117,624
Spectra Energy		11,937		376,374
Transocean *		15,200		782,344
Triangle Petroleum *		26,700		146,583
Vaalco Energy *		18,700		125,664
Warren Resources *		45,200		118,876
Whiting Petroleum *		6,100		271,450

				17,453,833

Financials — 7.9%
Acadia Realty Trust		11,897		339,659
Access National		9,100		114,387
Alleghany *		300		118,122
American Capital Agency		4,831		160,921
American Equity Investment Life Holding		9,046		137,861
American Express		1,400		95,774
American International Group *		44,400		1,839,048
American Tower, Cl A		1,300		109,187
Ameriprise Financial		8,000		596,240
Annaly Capital Management		14,200		226,348
Apollo Commercial Real Estate Finance		11,300		200,462
Arch Capital Group *		2,000		106,120
Artisan Partners Asset Management, Cl A *		5,856		218,429
Asset Acceptance Capital *		4,900		31,703
Assurant		5,100		242,454
Asta Funding		5,900		55,401
AvalonBay Communities		700		93,128
Axis Capital Holdings		2,000		89,260
Bank of America		210,400		2,590,024
Bank of Commerce Holdings		13,200		66,792
Bank of Kentucky Financial		600		15,732
Banner		7,374		240,909
Bar Harbor Bankshares		4,018		144,648
Berkshire Hathaway, Cl B *		1,100		116,952


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Financials (continued)
BofI Holding *		8,200	$	334,396
Boston Properties		900		98,487
Brookfield Office Properties		4,900		90,223
Brown & Brown		10,700		331,593
C&F Financial		2,400		96,480
Calamos Asset Management, Cl A		16,500		187,275
Camden Property Trust		1,423		102,940
Capital One Financial		58,000		3,351,240
CapLease		29,900		209,898
CBRE Group, Cl A *		89,570		2,169,385
Center Bancorp		17,500		203,875
Chubb		5,200		457,964
Cincinnati Financial		10,100		493,991
CIT Group *		9,200		391,092
Citigroup		81,064		3,782,446
Citizens & Northern		4,200		81,312
City Holding		4,297		164,059
CNO Financial Group		36,023		407,780
CoBiz Financial		17,800		152,368
Coresite Realty *		6,735		243,672
Crawford, Cl B		27,300		207,207
CubeSmart *		14,432		253,570
Digital Realty Trust		1,500		105,780
Dime Community Bancshares		16,800		239,736
Discover Financial Services		2,400		104,976
Dynex Capital		15,800		169,850
Eaton Vance		6,100		243,268
EMC Insurance Group		4,700		132,681
Enterprise Financial Services		17,800		255,964
Equity Residential		1,300		75,478
Everest Re Group		1,689		227,998
Federal Agricultural Mortgage, Cl C		6,000		190,680
Federal Realty Investment Trust		900		105,309
Fidelity National Financial, Cl A		4,100		110,085
Fifth Third Bancorp		23,900		407,017
Financial Institutions		10,200		195,126
First Bancorp		4,900		83,741
First Community Bancshares		17,800		276,078
First Connecticut Bancorp		14,100		209,244
First Defiance Financial		10,500		237,720
First Financial		4,000		123,560
First Financial Holdings		9,100		182,364
First Industrial Realty Trust		12,971		232,700


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Financials (continued)
First Pactrust Bancorp		21,832	$	248,012
First Potomac Realty Trust		9,235		147,760
First Republic Bank		10,305		391,384
Flushing Financial		5,800		88,044
Gain Capital Holdings		12,900		63,597
Geo Group		3,207		120,102
Goldman Sachs Group		5,630		822,374
Greenhill		3,915		180,834
Hanmi Financial *		6,881		106,174
HCP		2,100		111,930
Health Care REIT		1,500		112,455
Heartland Financial USA		2,080		52,853
Heritage Commerce *		25,599		168,185
Homeowners Choice		26,000		690,040
HomeStreet		18,611		400,136
Horizon Bancorp		7,600		146,680
ICG Group *		28,750		341,263
Independence Holding		11,300		118,650
Independent Bank Group *		11,390		325,071
IntercontinentalExchange *		600		97,758
International. FCStone *		4,500		77,040
Invesco		14,450		458,643
JPMorgan Chase		38,900		1,906,489
Kansas City Life Insurance		3,300		119,130
KeyCorp *		49,700		495,509
Kilroy Realty		3,910		221,267
KKR Financial Holdings LLC		94,300		1,008,067
Lakeland Bancorp		8,500		81,260
Liberty Property Trust		2,400		103,176
Lincoln National		16,300		554,363
Loews		1,700		75,939
M&T Bank		3,200		320,640
Manning & Napier, Cl A		5,600		98,056
MarketAxess Holdings		7,655		323,960
Marlin Business Services		11,100		268,953
Marsh & McLennan		2,100		79,821
McGraw Hill Financial		9,000		486,990
Meadowbrook Insurance Group		28,900		224,842
Medallion Financial		15,700		234,558
Medical Properties Trust		16,344		262,975
Medley Capital		14,359		223,713
Merchants Bancshares		3,200		97,088
MidWestOne Financial Group		4,500		107,550


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Financials (continued)
National Penn Bancshares		21,652	$	211,973
Nelnet, Cl A		3,338		113,492
New York Community Bancorp		16,100		218,155
New York Mortgage Trust		26,700		190,638
NewBridge Bancorp *		18,527		109,124
Northern Trust		13,500		727,920
NorthStar Realty Finance		23,880		238,084
OceanFirst Financial		15,000		213,150
OmniAmerican Bancorp *		8,286		206,321
One Liberty Properties		2,400		55,056
Pacific Continental		9,300		103,974
Pacific Premier Bancorp *		9,315		113,177
Park Sterling *		33,400		191,382
PartnerRe		7,539		711,229
Peoples Bancorp		3,100		63,178
Plum Creek Timber		2,000		103,080
Potlatch		7,106		336,469
Preferred Bank *		9,909		163,498
Primerica *		6,777		230,147
Progressive		3,200		80,928
Prospect Capital		12,934		142,662
Protective Life		7,228		275,098
Provident Financial Holdings		4,600		74,520
PS Business Parks		2,984		238,123
Public Storage REIT		600		99,000
Pzena Investment Management, Cl A		17,400		110,316
Raymond James Financial		7,650		316,863
Rayonier		1,900		112,898
Realty Income		2,250		114,682
RenaissanceRe Holdings		1,100		103,279
Republic Bancorp, Cl A		2,600		57,720
Resource Capital		15,100		99,509
Sabra Health Care REIT		7,680		229,018
Simon Property Group		971		172,906
SLM		5,700		117,705
Southside Bancshares		8,505		181,837
State Bank Financial		14,059		206,808
State Street		9,400		549,618
Strategic Hotels & Resorts *		30,180		243,553
Suffolk Bancorp *		4,300		67,252
SunTrust Banks		17,550		513,337
SVB Financial Group *		10,367		737,197


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Financials (continued)
Synovus Financial		130,607	$	351,333
Teche Holding		2,400		98,880
Torchmark		1,400		86,898
Travelers		1,700		145,197
Tree.com		12,600		257,922
UDR		3,700		90,946
Union First Market Bankshares		11,700		221,247
United Community Banks *		27,605		302,275
Universal Insurance Holdings		45,226		270,452
Univest Corp of Pennsylvania		10,900		191,077
Ventas		1,400		111,482
Washington Banking		28,516		393,521
Washington Trust Bancorp		3,800		101,650
Wells Fargo		44,216		1,679,324
West Bancorporation		6,602		71,169
Wilshire Bancorp *		30,258		193,349
Wintrust Financial		7,202		258,264
WisdomTree Investments *		13,804		160,126
WR Berkley		2,400		104,208

				52,467,696

Health Care — 7.1%
Abbott Laboratories		19,353		714,513
AbbVie		17,882		823,466
Actavis *		4,449		470,393
Addus HomeCare *		9,000		106,560
Aetna		12,200		700,768
Albany Molecular Research *		32,200		384,146
Allergan		7,124		808,930
Almost Family		4,100		80,934
AmerisourceBergen, Cl A		2,000		108,240
Amgen		16,675		1,737,702
AMN Healthcare Services *		29,100		399,543
Anika Therapeutics *		15,500		206,925
Antares Pharma *		40,200		152,358
Ariad Pharmaceuticals *		10,840		193,711
athenahealth *		4,700		452,422
Becton Dickinson & Company		3,847		362,772
Biogen Idec *		15,008		3,285,701
Boston Scientific *		120,000		898,800
Bristol-Myers Squibb		61,643		2,448,460
Capital Senior Living *		17,511		424,817
Cardinal Health		7,400		327,228
Cardiovascular Systems *		14,200		243,672


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Health Care (continued)
CareFusion *		21,347	$	713,844
Catamaran *		40,730		2,351,343
Celgene *		7,582		895,207
Celldex Therapeutics *		13,875		181,069
Cepheid *		5,743		218,981
Cerner *		6,200		599,974
Charles River Laboratories International *		9,700		421,853
Cigna		5,950		393,711
Coronado Biosciences *		8,600		96,750
CR Bard		3,892		386,709
CryoLife		10,000		60,000
Cumberland Pharmaceuticals *		9,900		46,332
Cutera *		18,700		207,757
Cynosure, Cl A *		10,200		263,772
DexCom *		19,985		327,954
Discovery Laboratories *		5,100		8,619
Edwards Lifesciences *		4,786		305,299
Eli Lilly		14,688		813,421
Endo Health Solutions *		14,200		520,288
Endologix *		21,580		324,132
Exactech *		3,700		68,450
Five Star Quality Care *		49,900		236,027
Fluidigm *		8,695		146,424
Fonar *		31,400		220,742
Forest Laboratories *		21,400		800,574
GenMark Diagnostics *		23,519		365,720
Gentiva Health Services *		8,800		92,312
Gilead Sciences *		78,079		3,953,920
Greatbatch *		7,400		206,756
HealthStream *		7,700		176,792
HeartWare International *		1,217		118,292
Henry Schein *		3,280		296,512
Hi-Tech Pharmacal		3,200		105,792
HMS Holdings *		18,548		467,595
Hospira *		38,060		1,260,547
Hyperion Therapeutics *		5,205		111,647
Illumina *		9,045		585,121
Invacare		4,500		60,525
Ironwood Pharmaceuticals, Cl A *		17,242		262,251
Johnson & Johnson		16,060		1,368,794
LHC Group *		7,400		160,728
Medtronic		36,800		1,717,824


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Health Care (continued)
Merck		31,626	$	1,486,422
Merge Healthcare *		53,700		167,544
NeoGenomics *		50,100		187,374
Orthofix International *		2,890		93,636
Perrigo		3,734		445,877
Pfizer		3,800		110,466
PharMerica *		19,200		247,488
PhotoMedex *		7,090		115,567
Providence Service *		12,700		222,377
Repligen *		36,500		327,040
Rochester Medical *		15,500		210,490
Santarus *		14,700		270,039
Sciclone Pharmaceuticals *		23,700		112,101
Select Medical Holdings		39,100		322,575
Spectranetics *		24,431		455,638
St. Jude Medical		7,800		321,516
Streamline Health Solutions *		25,200		157,752
Sunesis Pharmaceuticals *		22,400		126,112
SurModics *		11,100		293,595
Synergetics USA *		20,100		59,295
TearLab *		56,500		422,620
Theravance *		5,995		202,331
United Therapeutics *		10,856		724,964
Varian Medical Systems *		9,700		631,858
Vascular Solutions *		13,200		210,012
ViroPharma *		7,891		215,030
Waters *		2,572		237,653
WellCare Health Plans *		4,026		234,756
Zimmer Holdings		7,400		565,730
Zoetis, Cl A *		23,550		777,621

				47,207,900

Industrials — 5.3%
3M		1,103		115,495
Aceto		71,673		745,399
ADT		2,317		101,114
AGCO		9,600		511,200
Alamo Group		4,600		184,322
AMERCO		1,617		259,852
AMETEK		3,600		146,556
Astronics *		7,760		215,728
Avery Dennison		7,536		312,367
Barrett Business Services		8,257		437,125
Beacon Roofing Supply *		5,735		218,676


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Industrials (continued)
Caterpillar		21,320	$	1,805,164
Ceco Environmental		20,097		233,326
Celadon Group		8,900		149,431
CH Robinson Worldwide		7,130		423,451
Chart Industries *		4,575		388,006
Chicago Bridge & Iron		1,900		102,201
Cintas		2,000		89,740
Coleman Cable		20,000		300,000
Columbus McKinnon *		11,100		208,458
Consolidated Graphics *		2,000		71,340
Con-way		14,700		496,860
Courier		6,700		96,480
Covenant Transportation Group, Cl A *		14,600		81,030
Danaher		1,900		115,786
Deere		5,200		464,360
Delta Air Lines *		14,927		255,849
Dover		12,600		869,148
Ducommun *		4,100		100,409
Dun & Bradstreet		3,975		351,589
DXP Enterprises *		1,600		107,008
Emerson Electric		1,600		88,816
EnergySolutions *		12,834		53,004
Equifax		1,700		104,040
Esterline Technologies *		2,990		224,370
Expeditors International of Washington		9,426		338,676
FedEx		20,289		1,907,369
Flow International *		32,900		120,414
General Dynamics		1,100		81,356
General Electric		4,700		104,763
GP Strategies *		12,900		284,445
Greenbrier *		9,000		203,040
H&E Equipment Services		5,950		121,142
Hawaiian Holdings *		32,700		179,523
HEICO		7,620		335,356
Hexcel *		11,890		362,645
Hurco *		2,363		63,399
IDEX		4,190		218,006
IHS, Cl A *		1,435		139,812
John Bean Technologies		8,900		184,586
Kadant		6,100		168,787
Kelly Services, Cl A		6,384		108,656
L-3 Communications Holdings, Cl 3		9,091		738,644


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Industrials (continued)
LB Foster, Cl A		5,400	$	238,410
LMI Aerospace *		9,600		205,344
Lockheed Martin		1,600		158,544
LS Starrett, Cl A		4,684		50,119
Lydall *		6,200		88,908
Manitex International *		25,800		261,354
Manpowergroup		8,500		451,860
MRC Global *		10,990		329,150
MSC Industrial Direct, Cl A		1,750		137,900
MYR Group *		12,534		285,775
NN *		10,700		96,407
Norfolk Southern		6,200		480,004
Northrop Grumman		1,600		121,184
Orion Marine Group *		15,600		142,896
Oshkosh *		28,800		1,130,688
Owens Corning *		8,400		353,304
Park-Ohio Holdings *		17,056		627,320
Patrick Industries *		11,300		228,938
Pentair *		32,825		1,784,039
Performant Financial *		36,020		350,475
Pitney Bowes		11,800		161,306
PowerSecure International *		24,700		338,390
Precision Castparts		7,580		1,449,978
Quanta Services *		4,064		111,679
Raytheon		2,622		160,938
Republic Airways Holdings *		10,700		119,733
Republic Services, Cl A		2,600		88,608
Rockwell Automation		1,200		101,736
Rockwell Collins		1,300		81,796
Roper Industries		1,533		183,423
Saia *		17,300		707,916
SL Industries		3,400		65,280
Southwest Airlines		46,500		637,050
Sparton *		20,300		281,967
Spirit Airlines *		8,213		219,287
Stanley Black & Decker		4,150		310,461
Stericycle *		3,817		413,457
Sypris Solutions		6,800		21,760
Tetra Tech *		7,788		204,747
Timken		4,170		219,217
Trinity Industries		5,813		245,367
Triumph Group		3,216		256,958
Tyco International		25,300		812,636


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Industrials (continued)
UniFirst		3,294	$	299,919
Union Pacific		600		88,776
United Parcel Service, Cl B		9,078		779,255
United Technologies		1,586		144,786
Universal Truckload Services *		3,800		95,912
URS		5,587		245,381
Verisk Analytics, Cl A *		7,700		471,933
Versar *		18,200		79,716
Waste Management		7,000		286,860
Werner Enterprises		25,000		574,000
WESCO International *		3,840		275,290
Woodward		11,715		421,623
WW Grainger		824		203,091
XPO Logistics *		11,900		194,089
Xylem		3,000		83,250

				35,048,509

Information Technology — 9.5%
Activision Blizzard		8,500		127,075
Advanced Energy Industries *		9,700		164,706
Akamai Technologies *		16,300		715,733
Alpha & Omega Semiconductor *.		10,900		78,916
Amdocs		13,200		471,240
Amphenol, Cl A		1,500		113,280
Apple		9,849		4,360,645
Aruba Networks *		26,265		590,700
Automatic Data Processing		8,130		547,474
Aviat Networks *		39,600		126,720
Avnet *		2,600		85,150
Black Box		7,300		158,556
BMC Software *		15,312		696,390
CalAmp *		29,233		325,363
Cascade Microtech *		7,100		48,706
Cavium *		50,560		1,590,112
Cisco Systems		33,300		696,636
Citrix Systems *		2,200		136,774
Cognex		9,811		389,497
Cognizant Technology Solutions, Cl A *		5,749		372,535
Computer Task Group		13,700		281,124
Compuware *		9,356		112,272
Cornerstone OnDemand *		10,950		397,266
Corning		39,300		569,850
Cree *		10,400		588,328


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Information Technology (continued)
Datalink *		15,500	$	173,445
Dell		10,275		137,685
eBay *		45,784		2,398,624
EchoStar, Cl A *		46,800		1,837,836
EMC *		3,400		76,262
ePlus		5,300		241,044
Euronet Worldwide *		8,373		255,628
Exar *		8,120		87,534
Facebook, Cl A *		20,890		579,906
Fairchild Semiconductor International, Cl A *		16,587		213,972
FARO Technologies *		11,625		450,934
Fidelity National Information Services		3,100		130,355
First Solar *		12,500		582,000
Fiserv *		1,300		118,443
FLIR Systems		4,300		104,533
Fortinet *		15,530		278,919
Fusion-io *		77,715		1,459,488
Google, Cl A *		4,642		3,827,654
Guidance Software *		13,200		138,864
Guidewire Software *		4,265		170,941
Hackett Group		23,000		112,240
Harris		7,700		355,740
Hewlett-Packard *		8,124		167,354
IEC Electronics *		13,800		79,488
Integrated Device Technology *		35,715		253,934
Integrated Silicon Solution *		9,000		82,530
Intel		103,457		2,477,795
Internap Network Services *		57,670		460,207
International Business Machines .		6,813		1,379,905
Intuit		4,000		238,560
IPG Photonics		5,705		363,294
Itron *		16,500		654,225
Jabil Circuit		26,000		462,800
Juniper Networks *		5,500		91,025
Key Tronic *		17,200		194,360
Lexmark International, Cl A		20,600		624,386
LinkedIn, Cl A *		12,530		2,406,888
Lionbridge Technologies *		57,000		194,940
LSI *		55,100		360,354
Market Leader *		31,571		316,341
Mastercard, Cl A		256		141,550


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Information Technology (continued)
MaxLinear, Cl A *		33,000	$	205,590
Maxwell Technologies *		15,600		95,160
Measurement Specialties *		2,923		125,017
Meru Networks *		25,500		144,075
Methode Electronics		8,423		121,123
Microchip Technology		9,200		335,064
Microsemi *		14,558		302,806
Microsoft		60,100		1,989,310
MicroStrategy, Cl A *		5,685		512,730
Molex, Cl A		27,000		629,370
Motorola Solutions		6,128		350,522
NeuStar, Cl A *		4,942		216,806
Nuance Communications *		43,130		821,195
NVIDIA		44,500		612,765
Oracle		83,868		2,749,193
Paychex		14,050		511,560
PC Connection		14,300		220,792
PCM *		7,500		54,375
PDF Solutions *		24,500		419,195
Perceptron		8,689		60,736
Photronics *		30,600		241,434
Progress Software *		9,245		208,660
PTC *		13,000		312,130
QUALCOMM		30,510		1,880,026
Qualys *		20,086		220,946
Red Hat *		1,600		76,688
Rudolph Technologies *		23,800		277,746
Saba Software *		16,558		150,678
SAIC		6,700		100,098
Salesforce.com *		18,580		763,824
SanDisk *		5,905		309,658
Skyworks Solutions *		5,175		114,212
Splunk *		55,740		2,274,192
SPS Commerce *		9,653		454,946
support.com *		47,200		188,328
SYNNEX *		7,389		255,659
Synopsys *		13,400		476,638
TeleCommunication Systems, Cl A *		37,000		71,410
Telular		11,300		144,301
Teradata *		16,697		852,716
Tessco Technologies		7,500		153,300
Total System Services		13,300		314,146
Ultimate Software Group *		3,415		329,855


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Information Technology (continued)
Unisys *		27,200	$	520,336
United Online		62,574		425,503
Universal Display *		9,160		287,990
USA Technologies *		92,000		192,280
ValueClick *		5,246		161,891
Verint Systems *		3,711		122,611
VeriSign *		9,180		422,923
Visa, Cl A		526		88,610
VMware, Cl A *		1,661		117,100
Wayside Technology Group		5,374		64,434
Xerox		20,100		172,458
Xyratex		8,200		87,576
Yahoo! *		23,761		587,609
Zebra Technologies, Cl A *		10,800		503,820

				62,831,147

Materials — 1.7%
Air Products & Chemicals		4,118		358,101
Airgas		2,200		212,630
Ashland		7,510		639,927
Ball		2,000		88,240
Boise		23,420		187,126
Cabot		5,382		202,148
Carpenter Technology		9,170		412,283
Chase		1,600		31,040
Core Molding Technologies *		8,400		74,844
Crown Holdings *		2,400		102,432
Ecolab		2,484		210,196
FMC		23,260		1,411,882
Friedman Industries		5,600		53,312
FutureFuel		16,400		200,900
Handy & Harman *		4,100		63,058
Huntsman		41,600		784,576
International Flavors & Fragrances		4,173		322,114
Kaiser Aluminum		2,393		150,759
Landec *		22,900		307,089
Material Sciences *		10,100		105,646
Materion		8,377		221,907
MeadWestvaco		12,010		414,105
Monsanto		15,885		1,696,836
Myers Industries		5,000		74,100
Neenah Paper		9,100		261,716
Newmont Mining		5,712		185,069
Noranda Aluminum Holding		11,700		44,577


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Materials (continued)
OMNOVA Solutions *		25,400	$	169,418
Praxair		4,699		537,096
Sealed Air		7,800		172,536
Sensient Technologies		7,153		281,470
Sherwin-Williams		4,298		787,007
Sigma-Aldrich		10,432		820,894

				11,585,034

Telecommunication Services — 1.1%
8x8 *		32,800		237,144
AT&T		37,064		1,388,417
CenturyLink		16,710		627,795
Crown Castle International *		5,400		415,800
Frontier Communications		38,400		159,744
inContact *		49,000		396,900
Iridium Communications *		24,400		163,724
Level 3 Communications *		88,850		1,788,551
NTELOS Holdings		8,500		125,120
Verizon Communications		29,564		1,593,795
Vonage Holdings *		102,500		312,625
Windstream		19,200		163,584

				7,373,199

Utilities — 1.8%
Alliant Energy		6,514		348,564
Ameren		11,947		433,079
American Electric Power		7,537		387,628
American Water Works		12,700		531,876
Aqua America		7,638		242,354
Atmos Energy		4,941		219,232
Black Hills		5,760		270,086
CMS Energy		3,900		116,766
Consolidated Edison		4,755		302,656
Consolidated Water		21,866		218,004
Dominion Resources		9,100		561,288
DTE Energy		7,229		526,849
Duke Energy		11,200		842,240
Edison International		2,000		107,600
Empire District Electric		5,150		118,811
Entergy		3,100		220,813
Exelon		8,800		330,088
Integrys Energy Group		1,300		80,028
Laclede Group		3,016		140,878
MDU Resources Group		11,605		289,545
NextEra Energy		6,400		524,992


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Utilities (continued)
NiSource		25,800	$	792,834
Northeast Utilities		12,050		546,226
Pepco Holdings		4,700		106,220
PG&E		5,500		266,420
Pinnacle West Capital		1,500		91,350
PNM Resources		4,595		110,326
Portland General Electric		4,401		141,932
PPL		3,100		103,478
Public Service Enterprise Group .		3,900		142,779
SCANA		6,563		355,715
Sempra Energy		3,738		309,693
Southern		11,500		554,645
Wisconsin Energy		10,500		471,870
Xcel Energy		27,300		867,867

				11,674,732

				315,706,826

Total Common Stock (Cost $546,133,694)				619,610,264


REGISTERED INVESTMENT COMPANIES — 3.5%
CLOSED-END FUND — 0.0%
India Fund		10,043		217,029


EXCHANGE TRADED FUNDS — 0.2%
iShares MSCI Frontier 100 Fund		4,325		131,047
SPDR Gold Trust		7,180		1,025,089
Vanguard MSCI Emerging Markets Fund		3,693		161,606

				1,317,742

OPEN-END FUND — 3.3%
Oakmark International Small Cap Fund, Cl I		1,435,689		21,908,617


Total Registered Investment Companies (Cost $19,822,356)				23,443,388


PREFERRED STOCK — 0.2%
BRAZIL — 0.1%
Centrais Eletricas Brasileiras		15,600		81,012
Cia Energetica de Sao Paulo		17,400		183,936
Marcopolo		14,424		95,956
Petroleo Brasileiro		36,577		365,084


PREFERRED STOCK — continued
	Shares/ Number of Rights		Value
Brazil (continued)
Vale		7,614	$	123,643
Whirlpool		11,900		24,683

				874,314

GERMANY — 0.1%
Henkel & KGaA		1,210		114,095
Volkswagen		562		113,906

				228,001

Total Preferred Stock (Cost $1,074,110)				1,102,315


Rights — 0.0%
Koninklijke NV, Expires 05/17/13* (Cost $73,322)		22,031		29,594


SHORT-TERM INVESTMENT — 2.8%
SEI Daily Income Trust Government Fund, Cl A, 0.020% (B) (Cost $18,796,544)		18,796,544		18,796,544


Total Investments — 99.7% (Cost $585,900,026)			$	662,982,105

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2013, is as follows:


Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)
5/2/13		USD	22,057		ZAR	201,721	$	423
6/19/13		JPY	146,000,000		USD	1,880,232		382,175
6/19/13		USD	793,705		JPY	71,700,000		(58,016	)
8/8/13		EUR	1,715,900		USD	2,321,578		60,208
9/18/13-10/3/13		CHF	1,587,200		USD	1,714,080		4,165
10/3/13		USD	136,347		CHF	128,800		2,434

							$	391,389

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at April 30, 2013, is as follows:


Counterparty	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation)
Citigroup	$	3,735,829	$	4,070,208	$	334,379
State Street		2,685,622		2,742,632		57,010

					$	391,389

For the six-months ended April 30, 2013, the total amount of all open forward foreign currency contracts, as presented in the tables above, is representative of the volume of activity for this derivative type during the period.

Percentages are based on net assets of $665,136,903.


*		Non-income producing security.
(A)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.
(B)		The rate reported is the 7-day effective yield as of April 30, 2013.

ADR — American Depositary Receipt

Cl — Class

CHF — Swiss Franc

EUR — Euro

GDR — Global Depositary Receipt

JPY — Japanese Yen

LLC — Limited Liability Company

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Ser — Series

SPDR — Standard & Poor’s Depositary Receipts

USD — United States Dollar

ZAR — South African Rand

The following is a list of the inputs used as of April 30, 2013, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1			Level 2				Level 3			Total
Common Stock		$	619,610,264		$	—			$	—		$	619,610,264
Registered Investment Companies			23,443,388			—				—			23,443,388
Preferred Stock			1,102,315			—				—			1,102,315
Rights			29,594			—				—			29,594
Short-Term Investment			18,796,544			—				—			18,796,544

Total Investments in Securities		$	662,982,105		$	—			$	—		$	662,982,105


Other Financial Instruments	Level 1			Level 2				Level 3			Total
Forward Foreign Currency Contracts* —Appreciation		$	—		$	449,405			$	—		$	449,405
Forward Foreign Currency Contracts* —Depreciation			—			(58,016	)			—			(58,016	)

Total Other Financial Instruments		$	—		$	391,389			$	—		$	391,389

* Forward currency contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the six-months ended April 30, 2013, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

For the six-months ended April 30, 2013, there were no Level 3 securities.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

Sector Weightings †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 70.8%
	Shares		Value
OPEN-END FUNDS — 70.8%
Allianz Convertibles Mutual Fund, Cl I		549,160	$	17,144,785
Artio Global High Yield Fund, Cl I		3,205,770		32,762,969
Franklin Convertibles Securities Fund		1,035,285		16,844,088
PIMCO Emerging Local Bond Fund, Cl I		2,887,488		32,224,368

Total Registered Investment Companies (Cost $92,838,811)				98,976,210


COMMON STOCK — 26.7%
ENERGY — 25.9%
American Midstream Partners LP (A)		23,833		444,485
Boardwalk Pipeline Partners LP (A)		75,417		2,279,856
Buckeye Partners LP (A)		41,236		2,547,560
Compressco Partners LP (A)		16,224		384,509
Crosstex Energy LP (A)		79,286		1,434,284
Delek Logistics Partners LP (A)		2,852		86,130
Enbridge Energy Management LLC		95,691		2,842,980
Energy Transfer Equity LP (A)		14,582		855,672
Energy Transfer Partners LP (A)		64,468		3,209,862
Exterran Partners LP (A)		66,634		1,885,742
Global Partners LP (A)		47,500		1,695,750
Holly Energy Partners LP (A)		32,572		1,280,079
Inergy Midstream LP (A)		66,565		1,690,085
KNOT Offshore Partners * (A)		5,550		124,320
Lehigh Gas Partners LP (A)		224		5,365
Martin Midstream Partners LP (A)		46,771		1,941,932
NGL Energy Partners (A)		14,000		411,180
NuStar Energy LP (A)		49,561		2,482,015
Plains All American Pipeline LP (A).		12,642		725,904
PVR Partners LP (A)		23,262		581,550
Regency Energy Partners LP (A)		81,344		2,123,078
Southcross Energy Partners LP (A).		23,348		505,017


COMMON STOCK — continued
	Shares		Value
ENERGY (continued)
Summit Midstream Partners LP (A)		38,756	$	1,058,814
Targa Resources Partners LP (A)		10,869		493,453
TC Pipelines LP (A)		25,876		1,216,172
Teekay LNG Partners LP (A)		48,927		2,039,767
Transmontaigne Partners LP (A)		19,458		932,038
USA Compression Partners LP (A)		47,696		1,025,464

				36,303,063

UTILITIES — 0.8%
AmeriGas Partners LP (A)		8,640		391,651
Ferrellgas Partners LP (A)		14,774		292,969
Suburban Propane Partners LP (A)		8,085		402,229

				1,086,849

Total Common Stock (Cost $32,907,380)				37,389,912


PREFERRED STOCK — 0.5%
UNITED STATES — 0.5%
Teekay Offshore Partners LP 7.250% (Cost $685,000)		27,400		688,425


SHORT-TERM INVESTMENT — 1.8%
SEI Daily Income Trust Government Fund, Cl A, 0.020% (B) (Cost $2,527,654)		2,527,654		2,527,654


Total Investments — 99.8% (Cost $128,958,845)			$	139,582,201

Percentages are based on net assets of $139,898,533.


(A)		Securities considered Master Limited Partnerships. At April 30, 2013, these securities amounted to $34,546,932 or 24.7% of net assets.
(B)		The rate reported is the 7-day effective yield as of April 30, 2013.

Cl — Class

LLC — Limited Liability Company

LP — Limited Partnership

As of April 30, 2013, all of the Funds investments were Level 1, in accordance with the ASC 820 hierarchy.

For the six-months ended April 30, 2013, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

For the six-months ended April 30, 2013, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

Sector Weightings †


	Long			Short			Net
Registered Investment Companies		73.4	%		(2.2	)%		71.2	%
Short-Term Investment		3.1			0.0			3.1
Financials		4.3			(2.7	)		1.6
Industrials		3.4			(1.9	)		1.5
Health Care		3.6			(2.4	)		1.2
Consumer Discretionary		4.5			(3.6	)		0.9
Information Technology		3.3			(2.7	)		0.6
Materials		1.5			(0.9	)		0.6
Consumer Staples		1.2			(0.7	)		0.5
Utilities		0.1			0.0			0.1
Purchased Options		0.0			0.0			0.0
Written Options		0.0			0.0			0.0
Energy		2.0			(2.2	)		(0.2	)
Telecommunication Services		0.2			(0.8	)		(0.6	)

Total								80.5

Other Assets and Liabilities, Net								19.5

								100.0	%

† As a percentage of the Fund’s Net Assets.



SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 73.4%
	Shares		Value
EXCHANGE TRADED FUND — 0.0%
iShares Silver Trust		3,700	$	86,802


OPEN-END FUNDS — 73.4%
AQR Managed Futures Strategy Fund, Cl I		6,801,970		71,352,665
AQR Multi-Strategy Alternative Fund, Cl I		11,133,951		113,120,941
AQR Risk Parity Fund, Cl I		2,853,357		34,982,159
PIMCO All Asset All Authority Fund, Cl I		2,959,856		32,972,800

				252,428,565

Total Registered Investment Companies (Cost $241,402,049)				252,515,367


COMMON STOCK — 24.1%
ARGENTINA — 0.0%
Petrobras Argentina		20,600		101,352


AUSTRALIA — 0.1%
BHP Billiton (A)		4,740		318,623


BELGIUM — 0.0%
ThromboGenics *		480		23,446


COMMON STOCK — continued
	Shares		Value
BRAZIL — 0.2%
Banco do Brasil		19,610	$	246,993
BR Malls Participacoes		13,840		163,251
Braskem		6,100		107,665
Cia de Bebidas das Americas		6,150		258,423

				776,332

CANADA — 0.4%
Augusta Resource *		23,607		59,077
Cameco		5,550		108,280
Capstone Mining *		23,850		48,294
Cott		20,596		225,526
Goldcorp (A)		7,010		207,356
Methanex (A)		3,250		137,735
QLT *		6,010		48,260
Silvercrest Mines *		9,624		21,112
Suncor Energy		8,990		280,039
Trioil Resources, Cl A *		12,810		32,551
Turquoise Hill Resources *		5,740		40,352
Yamana Gold		6,510		80,073

				1,288,655

CHINA — 0.0%
Jiangxi Copper, Cl H		50,780		98,417


FRANCE — 0.0%
Sanofi (A)		2,670		142,444


HONG KONG — 0.4%
AIA Group		47,914		212,707
Michael Kors Holdings * (A)		15,660		891,680
Paul Y Engineering Group		2,530,551		254,355

				1,358,742

INDIA — 0.1%
Dr Reddy’s Laboratories		750		28,410
Tata Motors		5,940		163,588

				191,998

IRELAND — 0.1%
Fly Leasing (A)		9,400		142,880
Prothena PLC *		79		653
Providence Resources *		4,770		45,309
Shire (A)		880		82,403

				271,245

JAPAN — 0.1%
Ono Pharmaceutical		2,050		135,005
Takeda Pharmaceutical		1,950		107,017

				242,022


COMMON STOCK — continued
	Shares		Value
LUXEMBOURG — 0.1%
Magnachip Semiconductor * (A)		30,725	$	492,829


MEXICO — 0.1%
Credito Real *		70,007		126,554
OHL Mexico *		43,662		135,132

				261,686

NETHERLANDS — 0.0%
NXP Semiconductor *		5,880		161,994


PHILIPPINES — 0.3%
Ayala		10,120		157,602
Melco Crown Philippines Resorts *		537,600		161,437
Metro Pacific Investments		2,938,450		434,771
Metropolitan Bank & Trust		55,280		167,210

				921,020

SWITZERLAND — 0.1%
Roche Holding (A)		5,820		455,172


UNITED KINGDOM — 0.3%
AstraZeneca		2,730		141,741
Countrywide *		35,005		253,252
Ophir Energy PLC *		60,199		380,493
Salamander Energy *		9,780		27,755
Tetragon Financial Group		11,280		123,516

				926,757

UNITED STATES — 21.8%
Consumer Discretionary — 4.3%
Abercrombie & Fitch, Cl A		4,120		204,187
ANN *		7,130		210,620
Apollo Group, Cl A * (A)		72,060		1,323,742
Belo, Cl A (A)		49,800		533,856
Big 5 Sporting Goods (A)		23,055		387,324
Carriage Services, Cl A		8,537		149,312
Coldwater Creek *		19,157		68,391
Comcast, Cl A (A)		11,850		489,405
Cooper Tire & Rubber (A)		5,150		128,184
Culp (A)		11,400		185,136
Dollar General * (A)		15,560		810,520
Dunkin’ Brands Group (A)		10,360		402,072
EW Scripps, Cl A * (A)		28,548		396,532
Fifth & Pacific *		14,510		299,196
Francesca’s Holdings *		8,530		243,617
G-III Apparel Group * (A)		12,814		521,017
GNC Holdings, Cl A		8,300		376,239


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Consumer Discretionary (continued)
Harley-Davidson		2,940	$	160,671
Home Depot (A)		5,400		396,090
JC Penney		29,000		476,180
Journal Communications, Cl A *		32,494		221,284
Lamar Advertising, Cl A * (A)		10,490		491,142
Las Vegas Sands (A)		5,600		315,000
Lear		1,380		79,736
Lennar, Cl A		6,200		255,564
Libbey * (A)		9,500		184,015
M/I Homes		3,370		82,902
Movado Group (A)		14,580		440,899
O’Reilly Automotive *		970		104,100
Penn National Gaming *		5,000		292,750
Perry Ellis International (A)		3,200		56,224
PulteGroup *		3,830		80,392
Ruth’s Hospitality Group (A)		47,310		468,842
SHFL Entertainment *		12,060		190,548
Sinclair Broadcast Group, Cl A (A).		21,348		572,126
Skechers U.S.A., Cl A * (A)		3,600		74,808
Sonic * (A)		14,200		177,926
Standard Pacific *		24,390		220,730
Starbucks		2,630		160,009
Starwood Hotels & Resorts Worldwide (A)		6,440		415,509
Stewart Enterprises, Cl A		19,245		171,473
Taylor Morrison Home, Cl A *		11,690		301,368
Tenneco *		3,170		122,584
Unifi *		16,826		328,107
Urban Outfitters *		12,420		514,685
VF		680		121,190
Walt Disney (A)		8,680		545,451
Wynn Resorts		440		60,412

				14,812,067

Consumer Staples — 1.0%
Alliance One International *		90,132		337,995
B&G Foods		12,750		393,465
Crimson Wine Group *		5,020		45,230
Estee Lauder, Cl A		3,540		245,499
Hillshire Brands (A)		7,810		280,457
Inter Parfums (A)		17,300		501,181
JM Smucker		750		77,423
Medifast * (A)		9,094		238,263


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Consumer Staples (continued)
Mondelez International, Cl A		12,590	$	395,955
Monster Beverage *		2,870		161,868
Nash Finch (A)		3,000		61,650
Pantry * (A)		24,644		360,049
Procter & Gamble (A)		2,830		217,259
Walgreen		1,370		67,829

				3,384,123

Energy — 1.8%
Alon USA Energy (A)		14,941		248,021
Anadarko Petroleum (A)		3,110		263,604
Cabot Oil & Gas, Cl A (A)		2,000		136,100
Cameron International *		2,200		135,410
Cobalt International Energy * (A) .		9,210		257,327
Concho Resources * (A)		9,270		798,425
Delek US Holdings		9,180		331,306
Energy XXI (A)		8,240		187,378
EOG Resources		1,810		219,300
EPL Oil & Gas * (A)		8,549		279,296
Green Plains Renewable Energy *		13,000		162,630
Gulfport Energy * (A)		2,900		151,351
Hess		1,660		119,819
Kinder Morgan Energy Partners		1,100		97,295
Lehigh Gas Partners LP (A) (B)		15,710		376,254
Marathon Oil (A)		4,650		151,915
Matrix Service * (A)		23,514		353,415
Occidental Petroleum		1,820		162,453
Oil States International *		560		50,042
Rosetta Resources * (A)		7,720		331,265
Schlumberger (A)		2,140		159,280
SemGroup, Cl A * (A)		3,470		179,920
Southwestern Energy *		10,470		391,787
Vaalco Energy *		27,953		187,844
Willbros Group *		36,821		349,800

				6,081,237

Financials — 3.7%
Affiliated Managers Group * (A)		2,740		426,563
Allstate (A)		3,190		157,139
Alterra Capital Holdings (A)		8,780		285,789
American Capital Mortgage Investment (A)		2,800		74,368
American Tower, Cl A		1,840		154,542
Arlington Asset Investment, Cl A .		12,160		329,415
AvalonBay Communities		2,700		359,208


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Financials (continued)
Bank of the Ozarks		5,200	$	212,836
Banner (A)		10,800		352,836
Brandywine Realty Trust		10,680		159,452
Brown & Brown		7,690		238,313
CapLease		14,670		102,983
Cardinal Financial (A)		20,343		310,231
Chubb (A)		1,360		119,775
Citigroup (A)		8,970		418,540
CoBiz Financial (A)		8,300		71,048
Coresite Realty *		2,100		75,978
Donegal Group, Cl A		6,100		89,304
East West Bancorp		3,690		89,778
Education Realty Trust		14,860		163,311
eHealth *		4,600		96,324
Employers Holdings (A)		28,950		655,718
FelCor Lodging Trust * (A)		12,600		75,348
Forestar Group * (A)		25,047		539,512
Fortegra Financial * (A)		16,350		131,618
Franklin Resources		960		148,474
Hanmi Financial * (A)		9,595		148,051
Heritage Oaks Bancorp *		11,140		61,493
Hersha Hospitality Trust, Cl A		12,570		75,169
Home Loan Servicing Solutions (A)		3,200		72,480
IntercontinentalExchange *		1,160		188,999
Invesco		4,680		148,543
Investment Technology Group *		25,153		273,916
iStar Financial *		10,800		126,144
MetLife		5,270		205,477
MetroCorp Bancshares *		4,869		48,933
Mortgage Investment Trust (A)		8,088		209,237
Nelnet, Cl A		3,870		131,580
NorthStar Realty Finance (A)		55,800		556,326
Ocwen Financial * (A)		13,240		484,319
OmniAmerican Bancorp *		5,360		133,464
Parkway Properties (A)		29,200		532,316
Piper Jaffray * (A)		12,300		415,248
ProAssurance (A)		4,310		211,147
Raymond James Financial (A)		11,260		466,389
Realogy Holdings *		4,610		221,280
Resource Capital (A)		23,017		151,682
SCBT Financial		4,030		192,513
Signature Bank *		2,460		176,161
State Auto Financial (A)		5,200		90,376


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Financials (continued)
Susquehanna Bancshares		13,306	$	155,281
Texas Capital Bancshares *		3,420		142,477
Tower Group International		27,470		519,732
United Community Banks * (A)		9,300		101,835
United Fire Group (A)		5,500		153,780
Washington Trust Bancorp		11,088		296,604
Wilshire Bancorp *		12,600		80,514

				12,609,869

Health Care — 3.3%
AbbVie (A)		5,700		262,485
ACADIA Pharmaceuticals * (A)		6,070		78,242
Addus HomeCare * (A)		26,765		316,898
Air Methods		7,820		286,134
Albany Molecular Research * (A).		33,917		404,630
Align Technology *		7,940		262,973
AMAG Pharmaceuticals *		5,045		111,242
AMN Healthcare Services *		5,900		81,007
Amsurg, Cl A * (A)		4,900		164,444
Analogic (A)		5,540		440,319
ArthroCare * (A)		7,580		262,647
Auxilium Pharmaceuticals *		1,720		25,679
Baxter International (A)		4,220		294,851
Biogen Idec *		1,200		262,716
BioMarin Pharmaceutical *		7,870		516,272
Bristol-Myers Squibb (A)		2,210		87,781
Cambrex * (A)		5,900		73,691
Cardinal Health (A)		3,670		162,287
Catamaran * (A)		4,170		240,734
Cepheid * (A)		6,710		255,852
Community Health Systems		9,250		421,522
Cooper Companies		2,520		278,208
Cubist Pharmaceuticals *		9,100		417,872
Cutera * (A)		14,424		160,251
Cynosure, Cl A * (A)		6,725		173,909
Emeritus *		940		24,158
Five Star Quality Care * (A)		31,000		146,630
Gentiva Health Services * (A)		31,700		332,533
Gilead Sciences *		5,540		280,546
HCA Holdings		2,340		93,343
Health Net *		1,430		42,042
Impax Laboratories *		4,630		80,979
InterMune		760		7,091
Invacare (A)		15,100		203,095


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Health Care (continued)
Lannett *		17,852	$	207,262
LHC Group * (A)		5,677		123,304
McKesson (A)		1,310		138,624
Merck		3,160		148,520
Neurocrine Biosciences *		10,180		117,477
NPS Pharmaceuticals		9,510		127,719
NuVasive * (A)		21,200		444,564
Onyx Pharmaceuticals *		950		90,060
Patterson (A)		3,420		129,789
Pfizer (A)		4,040		117,443
PharMerica * (A)		15,034		193,788
Providence Service * (A)		17,757		310,925
Quest Diagnostics		2,870		161,667
Sarepta Therapeutics *		3,350		97,284
SurModics * (A)		6,829		180,627
Symmetry Medical * (A)		22,900		272,968
Synageva BioPharma *		830		42,903
Team Health Holdings * (A)		13,260		494,333
Teleflex (A)		4,480		350,022
Universal Health Services, Cl B		1,250		83,238
ViroPharma * (A)		6,620		180,395
XenoPort *		1,140		7,079

				11,273,054

Industrials — 3.1%
AAR (A)		15,500		276,830
Accuride *		29,863		153,496
Air Transport Services Group *		27,284		157,429
Albany International, Cl A		11,227		326,144
Altra Holdings (A)		8,600		229,190
American Railcar Industries (A)		2,600		92,846
AMETEK		3,970		161,619
Apogee Enterprises (A)		11,282		287,465
Belden (A)		3,120		154,190
CAI International * (A)		10,390		264,841
CIRCOR International (A)		2,400		113,592
Clean Harbors *		5,380		306,499
Columbus McKinnon * (A)		8,267		155,254
Cummins		1,400		148,946
Ducommun * (A)		11,084		271,447
DXP Enterprises *		3,333		222,911
Dycom Industries * (A)		7,037		135,955
Equifax		6,460		395,352
Federal Signal * (A)		61,790		479,490


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Industrials (continued)
Fortune Brands Home & Security		2,540	$	92,431
G&K Services, Cl A		3,643		171,184
Gibraltar Industries *		17,200		321,640
Honeywell International		1,590		116,929
Huron Consulting Group * (A)		5,680		237,310
Insteel Industries		16,528		274,034
Iron Mountain (A)		13,610		515,275
Kforce (A)		5,700		86,184
Kirby * (A)		11,040		826,786
Korn * (A)		14,700		243,285
Lydall * (A)		4,600		65,964
Macquarie Infrastructure		2,090		121,805
Mueller Water Products, Cl A (A)		47,200		279,424
MYR Group * (A)		9,600		218,880
Old Dominion Freight Line * (A)		12,730		490,105
Republic Airways Holdings * (A)		53,120		594,413
Saia * (A)		7,048		288,404
SkyWest (A)		5,000		71,550
Standex International (A)		5,324		281,640
TAL International Group		3,400		140,760
TrueBlue *		8,136		168,578
Union Pacific (A)		1,920		284,083
United Rentals *		1,300		68,393
US Ecology (A)		4,500		122,400
Viad		4,800		125,040
Wabash National *		4,590		43,284
WESCO International *		2,170		155,567

				10,738,844

Information Technology — 3.2%
Advanced Energy Industries *		27,671		469,854
Apple		1,450		641,988
Aruba Networks *		8,950		201,286
Autodesk *		2,300		90,574
Aviat Networks * (A)		68,517		219,254
Benchmark Electronics *		7,200		128,448
Bottomline Technologies de *		6,480		169,776
Broadcom, Cl A		3,440		123,840
Cardtronics *		2,960		82,910
Cavium *		4,910		154,419
Checkpoint Systems * (A)		9,000		104,130
CIBER *		68,456		291,622
Cisco Systems (A)		9,560		199,995
Cognizant Technology Solutions, Cl A *		950		61,560


COMMON STOCK — continued
	Shares		Value
UNITED STATES (continued)
Information Technology (continued)
Cray * (A)		3,600	$	76,176
Digimarc		9,650		211,721
eBay * (A)		8,540		447,411
EMC *		5,000		112,150
Exar * (A)		12,200		131,516
Facebook, Cl A *		20,520		569,635
Google, Cl A *		510		420,531
iGATE *		19,146		319,547
Insight Enterprises * (A)		8,100		146,772
Jabil Circuit		8,170		145,426
Juniper Networks *		7,420		122,801
Kulicke & Soffa Industries * (A)		23,200		268,192
Lionbridge Technologies * (A)		16,700		57,114
Manhattan Associates *		3,480		244,331
Maxim Integrated Products		3,850		119,081
MAXIMUS (A)		4,960		395,262
Methode Electronics		12,211		175,594
NCI, Cl A * (A)		40,123		169,319
OSI Systems *		6,170		353,541
PC Connection (A)		26,496		409,098
QUALCOMM		1,610		99,208
Rosetta Stone *		20,446		346,151
Salesforce.com *		1,940		79,754
Sanmina * (A)		29,800		376,076
Seachange International * (A)		9,900		107,514
Skyworks Solutions *		7,100		156,697
StarTek *		50,987		353,340
SunPower, Cl A * (A)		22,700		308,493
Supertex		7,392		155,823
Take-Two Interactive Software *		6,870		104,836
Telenav *		10,800		56,592
TIBCO Software *		13,920		270,187
Trimble Navigation *		7,110		204,342
Tyler Technologies *		3,880		245,371
United Online		12,624		85,843
Visa, Cl A (A)		2,130		358,820

				11,143,921

Materials — 1.2%
A Schulman (A)		15,671		406,976
American Vanguard		8,210		236,776
Calgon Carbon *		9,301		158,489
CF Industries Holdings (A)		2,000		373,020
Commercial Metals		5,400		78,948


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Materials (continued)
Eastman Chemical (A)		3,240		$	215,946
Haynes International		1,200			58,332
Koppers Holdings (A)		5,100			223,941
Landec * (A)		11,500			154,215
Monsanto (A)		1,490			159,162
OM Group *		20,384			498,796
OMNOVA Solutions * (A)		7,500			50,025
PetroLogistics LP (A)		40,090			551,238
Quaker Chemical (A)		2,100			129,612
Rentech Nitrogen Partners LP (A) .		4,440			161,838
Rockwood Holdings		5,830			378,309
Southern Copper		2,650			88,325
SunCoke Energy Partners LP		4,740			100,867
Tredegar		2,700			79,920
Westlake Chemical		1,400			116,396

					4,221,131

Telecommunication Services — 0.1%
SBA Communications, Cl A * (A)		3,390			267,776
Vonage Holdings *		56,925			173,621

					441,397

Utilities — 0.1%
Chesapeake Utilities (A)		6,577			350,949

					75,056,592

Total Common Stock (Cost $76,247,365)					83,089,326


SHORT-TERM INVESTMENT — 3.1%
SEI Daily Income Trust Government Fund, Cl A, 0.020% (C) (Cost $10,710,769)		10,710,769			10,710,769


Total Investments — 100.6% (Cost $328,360,183)				$	346,315,462



SCHEDULE OF SECURITIES SOLD SHORT
COMMON STOCK — (17.9)%
AUSTRALIA — (0.1)%
Costamare		(30,900	)	$	(495,636	)


BELGIUM — (0.1)%
Solvay		(2,130	)		(312,208	)


COMMON STOCK — continued
	Shares			Value
BRAZIL — (0.1)%
Banco Bradesco		(13,728	)	$	(227,748	)


CANADA — (0.3)%
Barrick Gold		(7,840	)		(154,527	)
Encana		(12,190	)		(224,905	)
First Quantum Minerals		(5,821	)		(101,634	)
Home Capital Group, Cl B		(2,110	)		(121,056	)
Thomson Reuters		(9,150	)		(306,434	)
Tim Hortons		(3,260	)		(176,627	)
Ultra Petroleum *		(3,990	)		(85,386	)

					(1,170,569	)

CHINA — (0.3)%
China Minsheng Banking, Cl H *		(343,247	)		(440,993	)
Guangshen Railway		(9,737	)		(243,328	)
Hollysys Automation Technologies *		(5,300	)		(63,812	)
Pactera Technology International *		(31,970	)		(162,727	)

					(910,860	)

COLOMBIA — (0.1)%
Ecopetrol		(5,030	)		(239,277	)


FRANCE — (0.0)%
Remy Cointreau		(690	)		(80,338	)


GERMANY — (0.1)%
Commerzbank *		(9,556	)		(128,554	)
Fresenius Medical Care & KGaA		(1,670	)		(57,214	)
SGL Carbon		(1,400	)		(47,808	)

					(233,576	)

HONG KONG — (0.0)%
Galaxy Entertainment Group *		(19,324	)		(86,533	)
SA International Holdings		(29,220	)		(30,424	)

					(116,957	)

IRELAND — (0.1)%
Accenture PLC, Cl A		(3,920	)		(319,245	)


ISRAEL — (0.1)%
Allot Communications *		(33,900	)		(383,748	)


ITALY — (0.0)%
Luxottica Group		(1,910	)		(98,900	)


COMMON STOCK — continued
	Shares			Value
JAPAN — (0.1)%
Eisai		(1,790	)	$	(81,618	)
Fast Retailing		(310	)		(113,525	)

					(195,143	)

LUXEMBOURG — (0.1)%
Tenaris		(7,270	)		(323,442	)


MEXICO — (0.1)%
Desarrolladora Homex *		(18,245	)		(89,036	)
Grupo Financiero Banorte, Cl O		(27,760	)		(209,189	)

					(298,225	)

SOUTH AFRICA — (0.0)%
AngloGold Ashanti		(3,290	)		(64,155	)


SWEDEN — (0.0)%
Hennes & Mauritz, Cl B		(3,420	)		(121,000	)


SWITZERLAND — (0.0)%
Novartis		(1,120	)		(82,611	)


UNITED KINGDOM — (0.1)%
Aon PLC		(2,170	)		(130,959	)
ARM Holdings PLC		(2,160	)		(100,980	)

					(231,939	)

UNITED STATES — (16.2)%
Consumer Discretionary — (3.4)%
bebe stores		(77,332	)		(437,699	)
BJ’s Restaurants *		(10,047	)		(344,612	)
Black Diamond *		(11,900	)		(116,620	)
Buckle		(3,180	)		(154,389	)
CafePress *		(16,416	)		(94,720	)
CarMax *		(4,680	)		(215,467	)
CBS, Cl B		(1,260	)		(57,683	)
Darden Restaurants		(1,170	)		(60,407	)
Dillard’s, Cl A		(2,260	)		(186,247	)
DineEquity		(2,060	)		(146,755	)
Discovery Communications, Cl A *		(3,315	)		(261,288	)
Ethan Allen Interiors		(11,900	)		(348,432	)
Family Dollar Stores		(2,890	)		(177,359	)
Federal-Mogul *		(63,667	)		(476,229	)
Finish Line, Cl A		(27,400	)		(531,286	)
Gap		(4,830	)		(183,492	)
Genuine Parts		(5,660	)		(432,028	)
HSN		(1,510	)		(79,396	)


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Consumer Discretionary (continued)
iRobot *		(12,804	)	$	(372,468	)
K12 *		(12,668	)		(322,654	)
Lowe’s		(12,240	)		(470,261	)
M/I Homes		(5,900	)		(145,140	)
Macy’s		(4,090	)		(182,414	)
Matthews International, Cl A		(9,543	)		(351,278	)
Mattress Firm Holding *		(5,648	)		(216,431	)
McDonald’s		(3,350	)		(342,169	)
MDC Holdings		(5,650	)		(212,440	)
Netflix *		(1,785	)		(385,685	)
New York Times, Cl A *		(12,370	)		(109,598	)
Nutrisystem		(43,621	)		(353,330	)
NVR *		(160	)		(164,800	)
Omnicom Group		(7,110	)		(424,965	)
Overstock.com *		(19,763	)		(411,070	)
Pep Boys *		(6,200	)		(71,920	)
priceline.com *		(220	)		(153,118	)
rue21 inc *		(2,500	)		(79,750	)
Saks *		(4,100	)		(47,355	)
Select Comfort *		(11,338	)		(240,592	)
Staples		(15,490	)		(205,088	)
Strayer Education		(3,420	)		(161,971	)
Target		(7,100	)		(500,976	)
Tilly’s, Cl A *		(33,100	)		(477,964	)
Time Warner Cable		(1,045	)		(98,115	)
Under Armour, Cl A *		(6,460	)		(368,737	)
Universal Technical Institute		(4,900	)		(58,163	)
Vitacost.com *		(9,000	)		(70,020	)

					(11,302,581	)

Consumer Staples — (0.7)%
Annie’s *		(11,866	)		(448,416	)
Archer-Daniels-Midland		(13,260	)		(450,044	)
Boston Beer Company, Cl A *		(587	)		(99,391	)
Chefs’ Warehouse *		(8,300	)		(152,637	)
Dole Food *		(12,399	)		(133,413	)
Flowers Foods		(3,070	)		(101,126	)
General Mills		(2,130	)		(107,395	)
Kimberly-Clark		(2,530	)		(261,071	)
Sysco		(8,400	)		(292,824	)
Wal-Mart Stores		(3,160	)		(245,595	)

					(2,291,912	)


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Energy — (1.9)%
Apache		(2,400	)	$	(177,312	)
Approach Resources *		(13,897	)		(329,637	)
Bill Barrett *		(25,943	)		(515,228	)
Carrizo Oil & Gas *		(12,248	)		(296,646	)
Chesapeake Energy		(10,920	)		(213,377	)
Chevron		(1,560	)		(190,336	)
Clayton Williams Energy *		(1,200	)		(46,320	)
Comstock Resources *		(33,000	)		(516,780	)
ConocoPhillips		(8,930	)		(539,818	)
Continental Resources *		(3,750	)		(299,700	)
Exxon Mobil		(5,330	)		(474,317	)
Forest Oil *		(38,762	)		(162,413	)
Harvest Natural Resources *		(17,600	)		(57,728	)
Magnum Hunter Resources *		(80,533	)		(219,050	)
Matador Resources Company *		(31,357	)		(309,494	)
Nabors Industries		(7,990	)		(118,172	)
Newfield Exploration *		(5,890	)		(128,343	)
Northern Oil and Gas *		(2,730	)		(35,190	)
Oasis Petroleum *		(15,900	)		(544,257	)
QEP Resources		(4,860	)		(139,531	)
Rex Energy *		(17,300	)		(278,011	)
Sanchez Energy *		(8,600	)		(155,746	)
Swift Energy *		(14,258	)		(184,498	)
Triangle Petroleum *		(51,874	)		(284,788	)
Whiting Petroleum *		(2,800	)		(124,600	)
Williams Partners LP		(5,610	)		(306,586	)

					(6,647,878	)

Financials — (2.2)%
American Express		(3,520	)		(240,803	)
Apartment Investment & Management, Cl A		(6,380	)		(198,482	)
Assurant		(6,600	)		(313,764	)
Astoria Financial		(45,800	)		(439,222	)
Charles Schwab		(17,280	)		(293,069	)
Cincinnati Financial		(6,480	)		(316,937	)
City Holding		(1,800	)		(68,724	)
City National		(2,920	)		(167,112	)
CME Group, Cl A		(2,330	)		(141,804	)
Comerica		(5,170	)		(187,412	)
DuPont Fabros Technology		(7,490	)		(188,298	)
Financial Engines		(15,000	)		(545,550	)
First Cash Financial Services *		(1,630	)		(83,896	)
FXCM, Cl A		(4,100	)		(55,555	)


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Financials (continued)
Gladstone Commercial		(6,499	)	$	(124,391	)
Green Dot, Cl A *		(5,280	)		(82,949	)
HFF, Cl A		(17,565	)		(367,987	)
Homeowners Choice		(3,300	)		(87,582	)
Janus Capital Group		(25,130	)		(224,160	)
Jones Lang LaSalle *		(2,970	)		(294,089	)
Legg Mason		(12,690	)		(404,303	)
MSCI, Cl A *		(3,860	)		(131,626	)
Nationstar Mortgage Holdings *		(6,000	)		(220,620	)
Northern Trust		(6,520	)		(351,558	)
Progressive		(17,550	)		(443,839	)
Prudential Financial		(2,880	)		(174,010	)
Public Storage REIT		(1,030	)		(169,950	)
Rouse Properties		(5,900	)		(111,805	)
Simplicity Bancorp		(22,695	)		(340,425	)
Stifel Financial *		(1,070	)		(34,475	)
T Rowe Price Group		(1,700	)		(123,250	)
TCF Financial		(9,190	)		(133,715	)
ViewPoint Financial Group		(23,900	)		(445,018	)
WisdomTree Investments *		(7,593	)		(88,079	)

					(7,594,459	)

Health Care — (2.3)%
ABIOMED *		(5,100	)		(94,197	)
Accretive Health *		(35,118	)		(370,144	)
Accuray *		(11,300	)		(49,720	)
Achillion Pharmaceuticals *		(20,500	)		(154,570	)
Aegerion Pharmaceuticals *		(4,800	)		(201,792	)
Alere *		(1,230	)		(31,586	)
Alnylam Pharmaceuticals *		(1,080	)		(25,866	)
Amgen		(1,750	)		(182,367	)
AngioDynamics *		(6,800	)		(68,884	)
Arena Pharmaceuticals *		(16,590	)		(136,702	)
Boston Scientific *		(37,190	)		(278,553	)
Chemed		(430	)		(35,096	)
CR Bard		(940	)		(93,398	)
DENTSPLY International		(6,290	)		(266,381	)
DexCom *		(20,379	)		(334,419	)
Dynavax Technologies *		(40,000	)		(94,000	)
Eli Lilly		(5,700	)		(315,666	)
Endologix *		(9,200	)		(138,184	)
Exact Sciences *		(12,600	)		(117,684	)
Fluidigm *		(12,800	)		(215,552	)
Forest Laboratories *		(1,650	)		(61,727	)


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Health Care (continued)
Greenway Medical Technologies *.		(9,390	)	$	(126,483	)
Halozyme Therapeutics *		(17,900	)		(108,116	)
HeartWare International *		(2,721	)		(264,481	)
Henry Schein *		(310	)		(28,024	)
HMS Holdings *		(3,390	)		(85,462	)
Hospira *		(1,020	)		(33,782	)
Idenix Pharmaceuticals *		(17,100	)		(63,270	)
IDEXX Laboratories *		(560	)		(49,258	)
Infinity Pharmaceuticals *		(330	)		(14,220	)
Insulet *		(470	)		(11,863	)
InterMune		(18,800	)		(175,404	)
Isis Pharmaceuticals *		(2,400	)		(53,736	)
Johnson & Johnson		(990	)		(84,378	)
Kindred Healthcare *		(2,690	)		(28,218	)
LifePoint Hospitals *		(1,090	)		(52,320	)
MAKO Surgical *		(28,967	)		(306,761	)
Medivation *		(760	)		(40,060	)
Medtronic		(4,470	)		(208,660	)
Mettler-Toledo International *		(190	)		(39,702	)
Neogen *		(1,150	)		(58,455	)
Neurocrine Biosciences *		(11,000	)		(126,940	)
NPS Pharmaceuticals		(10,600	)		(142,358	)
NxStage Medical *		(27,600	)		(308,292	)
OraSure Technologies *		(69,700	)		(310,862	)
Orexigen Therapeutics *		(11,200	)		(68,096	)
Pacira Pharmaceuticals *		(6,600	)		(190,542	)
Pernix Therapeutics Holdings *		(35,875	)		(137,042	)
Perrigo		(1,950	)		(232,850	)
Protalix BioTherapeutics *		(10,800	)		(61,236	)
Select Medical Holdings		(2,940	)		(24,255	)
St. Jude Medical		(1,390	)		(57,296	)
Staar Surgical *		(37,592	)		(262,392	)
Stryker		(2,470	)		(161,983	)
Threshold Pharmaceuticals *		(16,600	)		(80,012	)
Trius Therapeutics *		(10,600	)		(73,882	)
UnitedHealth Group		(5,330	)		(319,427	)
Vocera Communications *		(16,764	)		(331,927	)

					(7,988,533	)

Industrials — (1.8)%
3M		(1,140	)		(119,369	)
Aerovironment *		(10,300	)		(199,408	)
Ameresco, Cl A *		(10,688	)		(78,771	)
Cintas		(2,800	)		(125,636	)


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Industrials (continued)
Con-way		(7,700	)	$	(260,260	)
CPI Aerostructures *		(37,610	)		(346,388	)
CSX		(4,100	)		(100,819	)
Douglas Dynamics		(4,700	)		(65,753	)
Dover		(5,710	)		(393,876	)
Emerson Electric		(5,530	)		(306,970	)
Fastenal		(4,940	)		(242,307	)
FedEx		(760	)		(71,448	)
GenCorp *		(37,500	)		(490,125	)
General Dynamics		(1,370	)		(101,325	)
Global Power Equipment Group		(4,000	)		(66,000	)
Gorman-Rupp		(4,800	)		(135,600	)
GrafTech International *		(67,600	)		(485,368	)
Heritage-Crystal Clean *		(16,004	)		(248,862	)
IHS, Cl A *		(2,660	)		(259,164	)
InnerWorkings *		(20,000	)		(201,400	)
JB Hunt Transport Services		(2,510	)		(178,386	)
Kansas City Southern		(1,690	)		(184,328	)
Kennametal		(1,990	)		(79,580	)
Knight Transportation		(15,910	)		(248,514	)
McGrath RentCorp		(13,435	)		(417,291	)
Rand Logistics *		(26,499	)		(154,224	)
Southwest Airlines		(8,500	)		(116,450	)
Thermon Group Holdings *		(12,200	)		(239,120	)
Titan Machinery *		(4,226	)		(95,339	)
United Parcel Service, Cl B		(1,910	)		(163,954	)
Werner Enterprises		(3,270	)		(75,079	)

					(6,251,114	)

Information Technology — (2.5)%
Advanced Energy Industries *		(3,140	)		(53,317	)
Avnet *		(4,390	)		(143,773	)
Aware		(63,311	)		(305,792	)
Bazaarvoice *		(49,534	)		(359,121	)
Blackhawk Network Holdings, Cl A *		(3,230	)		(77,326	)
Brightcove *		(28,427	)		(171,131	)
BroadSoft *		(16,400	)		(419,184	)
Cabot Microelectronics *		(6,478	)		(217,078	)
Callidus Software *		(32,545	)		(139,618	)
Ceva *		(12,100	)		(184,646	)
Constant Contact *		(26,700	)		(390,087	)
CoStar Group *		(2,820	)		(305,716	)
CUI Global *		(31,170	)		(183,591	)
Dice Holdings *		(17,000	)		(143,480	)


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Information Technology (continued)
Entropic Communications *		(12,000	)	$	(50,880	)
Fiserv *		(3,450	)		(314,330	)
Guidance Software *		(16,951	)		(178,324	)
Hewlett-Packard *		(2,320	)		(47,792	)
Imperva *		(7,000	)		(272,860	)
International Business Machines .		(400	)		(81,016	)
Jive Software *		(28,267	)		(384,149	)
Liquidity Services *		(8,472	)		(278,729	)
LivePerson *		(11,788	)		(151,122	)
LogMein *		(21,800	)		(492,244	)
Mercury Systems *		(19,430	)		(150,194	)
Mesa Laboratories		(1,903	)		(93,932	)
Monolithic Power Systems		(13,300	)		(320,796	)
NetApp *		(2,100	)		(73,269	)
NVIDIA		(12,160	)		(167,443	)
OpenTable *		(940	)		(52,067	)
Power Integrations		(3,620	)		(149,904	)
Procera Networks *		(30,073	)		(333,510	)
Proofpoint *		(9,509	)		(174,205	)
RealNetworks *		(9,100	)		(70,070	)
Responsys *		(9,700	)		(75,369	)
Rubicon Technology *		(36,349	)		(269,346	)
Stamps.com *		(7,400	)		(250,416	)
STEC *		(7,900	)		(28,677	)
Tangoe *		(4,900	)		(63,014	)
Tech Data *		(1,610	)		(75,235	)
Tessera Technologies		(10,404	)		(211,930	)
Texas Instruments		(11,060	)		(400,483	)
Universal Display *		(2,327	)		(73,161	)
Volterra Semiconductor *		(6,900	)		(89,769	)
Websense *		(4,400	)		(78,496	)
Xoom *		(5,660	)		(104,484	)
Yelp, Cl A *		(1,550	)		(40,346	)

					(8,691,422	)

Materials — (0.7)%
Air Products & Chemicals		(1,360	)		(118,266	)
Airgas		(1,230	)		(118,879	)
AK Steel Holding		(95,025	)		(318,334	)
Alcoa		(7,080	)		(60,180	)
Allegheny Technologies		(3,400	)		(91,732	)
Aptargroup		(1,970	)		(110,517	)
Compass Minerals International		(3,340	)		(289,044	)
EI du Pont de Nemours		(6,970	)		(379,935	)


COMMON STOCK — continued
	Shares			Value
UNITED STATES (continued)
Materials (continued)
Globe Specialty Metals		(5,230	)	$	(68,304	)
Horsehead Holding *		(14,200	)		(151,940	)
Materion		(4,000	)		(105,960	)
Mosaic		(2,180	)		(134,266	)
Newmont Mining		(2,020	)		(65,448	)
Noranda Aluminum Holding		(62,400	)		(237,744	)
Schnitzer Steel Industries, Cl A		(2,980	)		(73,099	)
Steel Dynamics		(6,660	)		(100,166	)

					(2,423,814	)

Telecommunication Services — (0.7)%
AT&T		(3,770	)		(141,224	)
Boingo Wireless *		(58,849	)		(366,629	)
Cincinnati Bell *		(65,871	)		(231,866	)
Consolidated Communications Holdings		(29,000	)		(534,470	)
Iridium Communications *		(74,500	)		(499,895	)
Leap Wireless International *		(23,800	)		(136,136	)
NII Holdings *		(50,044	)		(435,383	)
NTELOS Holdings		(12,000	)		(176,640	)

					(2,522,243	)

Utilities — 0.0%
National Fuel Gas		(1,970	)		(123,558	)

					(55,837,514	)

Total Common Stock (Proceeds $59,522,177)					(61,743,091	)


REGISTERED INVESTMENT COMPANIES — (2.2)%
EXCHANGE TRADED FUNDS — (2.1)%
Euro Currency Trust		(1,870	)		(244,091	)
Health Care Select Sector SPDR Fund		(10,710	)		(506,904	)
iShares NASDAQ BioTech Index Fund		(1,410	)		(242,887	)
iShares Russell 2000 Growth Index Fund		(4,610	)		(493,270	)
iShares Russell 2000 Index Fund		(2,620	)		(246,647	)
Market Vectors Agribusiness Fund		(3,830	)		(207,816	)
Market Vectors Biotech Fund		(3,680	)		(256,901	)
Market Vectors Oil Services Fund		(7,600	)		(325,052	)
Market Vectors Pharmaceutical Fund		(1,750	)		(81,060	)
Materials Select Sector SPDR Trust		(2,030	)		(80,287	)
Powershares QQQ Trust Series 1		(5,480	)		(387,600	)
SPDR S&P 500 Trust		(8,640	)		(1,379,635	)
SPDR S&P Retail Fund		(2,830	)		(207,920	)


REGISTERED INVESTMENT COMPANIES — (continued)
	Shares/ Contracts			Value
EXCHANGE TRADED FUNDS (continued)
Vanguard Growth Fund		(6,530	)	$	(514,303	)
Vanguard S&P 500 Fund		(7,050	)		(515,637	)
Vanguard Small Cap Fund		(8,320	)		(760,614	)
Vanguard Small Cap Growth Fund		(7,580	)		(754,437	)

					(7,205,061	)

EXCHANGE TRADED NOTE — (0.1)%
VelocityShares Daily Inverse VIX *		(10,930	)		(250,188	)


Total Registered Investment Companies (Proceeds $7,085,092)					(7,455,249	)


Securities Sold Short — (20.1)% (Proceeds $66,607,269)				$	(69,198,340	)


*PURCHASED OPTIONS — 0.0%**
Baxter International, Expires 5/18/2013, Strike Price $72.5		5		$	575
Cliffs Natual Resources, Expires 7/20/2013, Strike Price $24		51			5,355
Market Vectors Gold, Expires 6/22/2013, Strike Price $42.5		129			387
Market Vectors Oil, Expires 5/18/2013, Strike Price $39		215			2,150
Methanex, Expires 5/18/2013, Strike Price $40		29			725
Quest Diagnostics, Expires 5/18/2013, Strike Price $60		11			110
Sector SPDR, Expires 9/21/2013, Strike Price $38		82			4,428
SPDR Gold Trust, Expires 5/18/2013, Strike Price $158		102			612
Ultra Petroleum, Expires 6/22/2013, Strike Price $20		309			21,630

Total Purchased Options — 0.0% (Cost $118,510)				$	35,972


*WRITTEN OPTIONS — 0.0%**
Ultra Petroleum, Expires 6/22/2013, Strike Price $17 (Proceeds $2,597)		(53	)	$	(1,325	)

Percentages are based on net assets of $344,175,462.


*		Non-income producing security.
(A)		All or a portion of this security has been committed as collateral for open short positions.
(B)		Securities considered Master Limited Partnerships. At April 30, 2013, the Fund had investments in securities valued at $ 473,549 and investments in securities sold short valued at $(306,586), representing 0.14% and (0.09%) of Net Assets, respectively.
(C)		The rate reported is the 7-day effective yield as of April 30, 2013.

ADR — American Depositary Receipt

Cl — Class

LP — Limited Partnership

PLC — Public Limited Company

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

The following is a list of the inputs used as of April 30, 2013, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1			Level 2		Level 3		Total
Registered Investment Companies	$	252,515,366		$	—	$	—	$	252,515,366
Common Stock		83,089,327			—		—		83,089,327
Short-Term Investment		10,710,769			—		—		10,710,769

Total Investments in Securities	$	346,315,462		$	—	$	—	$	346,315,462


Liabilities	Level 1			Level 2		Level 3		Total
Common Stock	$	(61,743,091	)	$	—	$	—	$	(61,743,091	)
Registered Investment Companies		(7,455,249	)		—		—		(7,455,249	)

Total Securities Sold Short	$	(69,198,340	)	$	—	$	—	$	(69,198,340	)


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Purchased Options	$	35,972		$	—	$	—	$	35,972
Written Options		(1,325	)		—		—		(1,325	)

Total Other Financial Instruments	$	34,647		$	—	$	—	$	34,647

For the six-months ended April 30, 2013, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

For the six-months ended April 30, 2013, there were no Level 3 securities.

For the six-months ended April 30, 2013, the total amount of all open purchased options and written options, as presented in the above Schedule of Investments, are representative of the volume of activity for this derivative type during the period.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

Sector Weightings †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
COMMON STOCK — 34.9%
	Shares		Value
ENERGY — 32.7%
Access Midstream Partners LP (A)		34,800	$	1,436,196
Alliance Holdings LP		8,073		501,818
Atlas Pipeline Partners		10,000		363,400
Capital Product Partners LP		40,000		356,000
Crosstex Energy LP (A)		19,700		356,373
DCP Midstream Partners LP		34,100		1,674,992
Enbridge		19,631		934,435
Enbridge Energy Management LLC		55,624		1,652,589
Energy Transfer Partners LP (A)		36,300		1,807,377
Enterprise Products Partners LP (A)		56,000		3,396,400
Exterran Partners LP (A)		10,000		283,000
Golar LNG Partners LP		28,070		917,047
Inergy LP		68,400		1,504,116
Kinder Morgan		78,000		3,049,800
Kinder Morgan Management LLC *		47,035		4,151,743
KNOT Offshore Partners * (A)		30,000		672,000
Magellan Midstream Partners (A)		2,100		111,363
MarkWest Energy Partners LP		52,500		3,318,000
NuStar GP Holdings		12,600		383,670
ONEOK Partners LP		37,000		2,001,700
Plains All American Pipeline LP (A)		50,000		2,871,000
PVR Partners LP (A)		34,600		865,000
Regency Energy Partners LP (A)		50,000		1,305,000
Seadrill		9,000		346,410
Spectra Energy		28,930		912,163
Targa Resources Partners LP (A)		10,000		454,000
Teekay Offshore Partners		10,000		303,800
Western Gas Partners LP (A)		35,000		2,116,100


COMMON STOCK — continued
	Shares/ Face Amount		Value
ENERGY (continued)
Williams Companies		69,800	$	2,661,474
Williams Partners LP		54,900		3,000,285

				43,707,251

UTILITIES — 2.2%
CenterPoint Energy		8,500		209,780
ONEOK		53,800		2,763,168

				2,972,948

Total Common Stock (Cost $41,191,773)				46,680,199


U.S. TREASURY OBLIGATIONS — 30.6%
U.S. Treasury Bonds
3.125%, 02/15/42	$	15,000		15,759
3.125%, 02/15/43		145,000		151,910
2.750%, 08/15/42		165,000		160,231
2.750%, 11/15/42		145,000		140,650

				468,550

U.S. Treasury Inflation Protected Securities
3.875%, 04/15/29		1,256,911		2,073,708
3.625%, 04/15/28		990,447		1,568,466
3.375%, 04/15/32		137,338		224,998
2.500%, 07/15/16		1,057,641		1,204,636
2.500%, 01/15/29		838,046		1,189,895
2.375%, 01/15/25		2,026,097		2,725,575
2.375%, 01/15/27		782,850		1,079,783
2.125%, 01/15/19		183,830		222,060
2.125%, 02/15/40		553,187		804,671
2.125%, 02/15/41		816,323		1,194,319
2.000%, 01/15/14		1,752,804		1,787,450
2.000%, 07/15/14		794,427		828,501
2.000%, 01/15/16		210,553		231,066
2.000%, 01/15/26		462,047		606,581
1.875%, 07/15/15		835,520		902,949
1.875%, 07/15/19		59,804		72,573
1.750%, 01/15/28		1,174,703		1,517,386
1.625%, 01/15/15		328,288		344,882
1.625%, 01/15/18		77,575		89,338
1.375%, 01/15/20		177,147		209,504
1.250%, 04/15/14		1,217,692		1,242,046
1.250%, 07/15/20		180,977		214,924
1.125%, 01/15/21		339,622		399,003
0.750%, 02/15/42		1,289,462		1,399,067


U.S. TREASURY OBLIGATIONS — continued
	Face Amount/ Shares		Value
U.S. Treasury Inflation Protected Securities (continued)
0.625%, 07/15/21	$	15,451	$	17,646
0.625%, 02/15/43		631,131		659,680
0.500%, 04/15/15		2,319,386		2,402,376
0.125%, 04/15/16		6,126,793		6,418,294
0.125%, 04/15/17		735,962		783,570
0.125%, 04/15/18		1,566,786		1,688,947
0.125%, 01/15/22		1,543,769		1,679,813
0.125%, 07/15/22		706,706		770,751
0.125%, 01/15/23		3,225,665		3,479,937

				40,034,395

U.S. Treasury Notes 2.000%, 02/15/23		330,000		339,642


Total U.S. Treasury Obligations (Cost $40,591,632) .				40,842,587


REGISTERED INVESTMENT COMPANY — 30.1%
OPEN-END FUND — 30.1%
PIMCO Commodity Real Return Strategy Fund, Cl Institutional (Cost $44,042,259)		6,285,068		40,287,286


CORPORATE OBLIGATIONS — 0.6%
ENERGY — 0.6%
Aurora USA Oil & Gas 7.500%, 04/01/20 (B)		200,000		208,000
CVR Refining LLC 6.500%, 11/01/22 (B)		250,000		257,500
QEP Resources 5.250%, 05/01/23		250,000		265,625

Total Corporate Obligations (Cost $700,000)				731,125


SOVEREIGN DEBT — 0.5%
Buoni Poliennali Del Tesoro Index Linked Bond
2.150%, 09/15/14		72,166		97,956
2.100%, 09/15/16		422,012		575,054

Total Sovereign Debt (Cost $647,746)				673,010


RIGHTS — 0.0%
	Number of Rights/ Shares/Contracts			Value
Kinder Morgan Escrow * (Cost $0)		9,185		$	—


SHORT-TERM INVESTMENT — 2.6%
SEI Daily Income Trust Government Fund, Cl A, 0.020% (C) (Cost $3,463,570)		3,463,570			3,463,570


Total Investments— 99.3% (Cost $130,636,980)				$	132,677,777


*PURCHASED OPTIONS/SWAPTIONS — 0.0%**
Goldman Sachs 3- Month LIBOR, Expires 2/20/2016, Strike Price $3.25% .		700,000		$	23,123
Goldman Sachs 3- Month LIBOR, Expires 2/20/2016, Strike Price $3.25% .		700,000			23,088
U.S. Long Bond, Expires 8/17/2013, Strike Price $145		6			9,938

Total Purchased Options/Swaptions — 0.0% (Cost $72,675)				$	56,149


*WRITTEN OPTIONS/SWAPTIONS — 0.0%**
Euro Currency, Expires 7/20/2013, Strike Price $1.32		(485,000	)	$	(8,756	)
Goldman Sachs 3-Month LIBOR, Expires 10/18/2014, Strike Price $2.00%		(1,200,000	)		(9,228	)
Goldman Sachs 3-Month LIBOR, Expires 10/18/2014, Strike Price $1.00%		(1,200,000	)		(6,182	)
U.S. Long Bond, Expires 8/17/2013, Strike Price $141		(6	)		(4,312	)

Total Written Options/Swaptions — 0.0% (Proceeds $24,009)				$	(28,478	)

The open futures contracts held by the Fund at April 30, 2013, are as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Long Gilt 10-Year Bond		(4	)		Jun-2013	$	(17,568	)
U.S. 10-Year Treasury Note		22			Jun-2013		22,254
U.S. 2-Year Treasury Note		(6	)		Jun-2013		(1,228	)
U.S. 5-Year Treasury Note		14			Jun-2013		11,437
U.S. Long Treasury Bond		(8	)		Jun-2013		(38,323	)
U.S. Ultra Long Treasury Bond		(8	)		Jul-2013		(40,184	)

						$	(63,612	)

For the six-months ended April 30, 2013, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

A list of the outstanding forward foreign currency contracts held by the Fund at April 30, 2013, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
5/13/13		CHF	191,000		EUR	155,250	$	(972	)
5/21/13		AUD	300,000		NOK	1,815,710		4,126
7/17/13		JPY	22,412,000		USD	225,128		(4,875	)
7/23/13		EUR	814,000		USD	1,062,572		(10,056	)

							$	(11,777	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at April 30, 2013, is as follows:


Counterparty	Currency to Deliver		Currency to Receive		Unrealized Appreciation (Depreciation) ($ Thousands)
Credit Suisse	$	1,818,562	$	1,806,785	$	(11,777	)

For the six-months ended April 30, 2013, the total amount of all open forward foreign currency contracts, as presented in the tables above, are representative of the volume of activity for this derivative type during the period.

A list of outstanding swap agreements held by the Fund at April 30, 2013, is as follows:


Interest Rate Swaps

Counterparty	Fund Pays		Fund Receives			Termination Date		Notional Amount		Net Unrealized Appreciation
Goldman Sachs		3M LIBOR		2.89	%		01/14/43		400,000	$	11,981
Goldman Sachs		3M LIBOR		2.06	%		02/04/23		300,000		8,157
Goldman Sachs		3M LIBOR		2.01	%		02/05/23		300,000		6,675

										$	26,813

For the six-months April 30, 2013 ended , the total amount of all open interest rate swaps, as presented in the table above, is representative of the volume of activity for this derivative type during the period.

Percentages are based on net assets of $133,680,162.


*		Non-income producing security.
(A)		Securities considered Master Limited Partnerships. At April 30, 2013, these securities amounted to $15,673,809 or 11.7% of Net Assets.


(B)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.
(C)		The rate reported is the 7-day effective yield as of April 30, 2013.

AUD — Australian Dollar

CHF — Swiss Franc

Cl — Class

EUR — Euro

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

LP — Limited Partnership

NOK — Norwegian Krone

USD — United States Dollar

The following is a list of the inputs used as of April 30, 2013, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1			Level 2			Level 3		Total
Common Stock	$	46,680,199		$	—		$	—	$	46,680,199
U.S. Treasury Obligations		—			40,842,587			—		40,842,587
Registered Investment Companies		40,287,286			—			—		40,287,286
Corporate Obligations		—			731,125			—		731,125
Sovereign Debt		—			673,010			—		673,010
Rights		—			—			—		—
Short-Term Investment		3,463,570			—			—		3,463,570

Total Investments in Securities	$	90,431,055		$	42,246,722		$	—	$	132,677,777


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Purchased Options	$	9,938		$	—		$	—	$	9,938
Purchased Swaptions		46,211			—			—		46,211
Written Options		(4,312	)		—			—		(4,312	)
Written Swaptions		(24,166	)		—			—		(24,166	)
Futures Contracts*		(63,612	)		—			—		(63,612	)
Forward Foreign Currency Contracts*—Appreciation		—			4,126			—		4,126
Forward Foreign Currency
Contracts*—Depreciation		—			(15,903	)		—		(15,903	)
Swap Contracts*		—			26,813			—		26,813

Total Other Financial Instruments	$	(35,941	)	$	15,036		$	—	$	(20,905	)

* Futures, forward currency and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the six-months ended April 30, 2013, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities.

For the six-months ended April 30, 2013, there were no Level 3 securities.

For the six-months ended April 30, 2013, the total amount of all open purchased and written options, as presented in the above Schedule of Investments, are representative of the volume of activity for this derivative type during the period.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

For the six-months ended April 30, 2013 (unaudited) and the period ended October 31, (unless otherwise indicated)

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with 45 funds. The financial statements herein are those of the Cornerstone Advisors Funds. The Cornerstone Advisors Funds include the Cornerstone Advisors Global Public Equity Fund (the “Global Public Equity Fund”), Cornerstone Advisors Income Opportunities Fund (the “Income Opportunities Fund”), Cornerstone Advisors Public Alternatives Fund (the “Public Alternatives Fund”), and Cornerstone Advisors Real Assets Fund (“Real Assets Fund”) (each a “Fund” and collectively the “Funds”). The Funds commenced operations on August 30, 2012. Each of the Cornerstone Funds is classified as a “non-diversified” investment company under the 1940 Act. The Global Public Equity Fund seeks capital appreciation. The Income Opportunities Fund seeks current income. The Public Alternatives Fund seeks capital appreciation with lower correlation to traditional global fixed income and public equity markets. The Real Assets Fund seeks capital appreciation and, as a secondary objective, current income. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The financial statements of the remaining funds of the Trust are presented separately.

The following is a summary of the significant accounting policies followed by the Funds.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price for long securities, and the most recent quoted ask price for securities sold short. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized third-party independent pricing agents.

Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price for long positions and at the closing ask price for written options. Options not traded on a national securities exchange are valued at the last quoted bid price.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Cornerstone Advisors, Inc., (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called. In addition, SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time a Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Admin-

istrator, the Administrator notifies the Adviser if a Fund is holding a relevant security that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

The Global Public Equity Fund uses Interactive Data Pricing and Reference Data, Inc. (“Interactive Data”) as a third party fair valuation vendor. Interactive Data provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by Interactive Data in the event that there is a movement in the U.S. market after the close of the foreign market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” based upon the fair values provided by Interactive Data. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by Interactive Data are not reliable, the Adviser contacts the Administrator and may request that a meeting of the Committee be held.

Securities for which market prices are not “readily available” are valued in good faith in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine its value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2013, no securities were fair valued by the Committee.

All registered investment companies held in the Funds’ portfolios are valued at the published net asset value.

If a local market in which the Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by Interactive Data using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, refer to the Schedules of Investments.

For the six-month period ended April 30, 2013, there have been no changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision

for Federal income taxes has been made in the financial statements. The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the initial open tax year end, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six-month period ended April 30, 2013, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

Security Transactions, Dividend and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income is recognized on the ex-dividend date, interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discount. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis: (I) market value of investment securities, assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — The Funds will hedge currency exposure utilizing forward foreign currency contracts if deemed appropriate by the Adviser or sub-adviser(s). Currency hedging, if utilized, is done to protect the investment thesis for a given stock from being significantly undermined by dollar/foreign currency fluctuations when the Adviser or sub-adviser perceives currency risk to be high. All forward foreign currency contracts are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Additionally, the risk exists that losses could exceed amounts disclosed on the Schedules of Investments or the Statements of Assets and Liabilities.

Futures Contracts — The Real Assets Fund utilized futures contracts during the six-months ended April 30, 2013. To the extent consistent with its Investment Objective and Strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of April 30, 2013, if applicable.

Options/Swaptions Written/Purchased — The Funds may invest in financial options contracts to add return or to hedge their existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets and not for speculation. When a Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option/swaption is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option/swaption is that a Fund pays a premium whether or not the option/swaption is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options/swaptions, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. The Public Alternatives Fund and Real Assets Fund had open option/swaption contracts as of April 30, 2013, as disclosed in the Funds’ Schedule of Investments, as applicable.

Investments in REITs — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Master Limited Partnerships — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Funds intend to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

Securities Sold Short — As consistent with each Fund’s investment objectives, a Fund may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, a Fund must borrow the security to make delivery to the buyer. That Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, a Fund is required to pay the lender amounts equal to any divi-

dends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, a Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Until a Fund closes its short position or replaces the borrowed security, that Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover a Fund’s short positions. As of April 30, 2013, the Public Alternatives Fund had open short positions.

In accordance with the terms of its prime brokerage agreement, the Public Alternatives Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Public Alternatives Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short. In addition, the Public Alternatives Fund is required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short.

Short sales are collateralized by cash deposits with the counterparty brokers, Goldman Sachs & Co. and Morgan Stanley & Co. LLC, and pledged securities held at the custodian, Citibank N.A. The collateral required is determined daily by reference to the market value on short positions.

The Public Alternatives Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis and is charged an interest expense at the Fed Funds Rate plus 200 basis points on the amount of any shortfall in the required cash margin.

Expenses — Expenses that are directly related to the Funds are charged to the Funds. Other operating expenses of the Trust are prorated to the Funds based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Global Public Equity Fund and the Public Alternatives Fund will distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually. The Income Opportunities Fund and the Real Assets Fund will distribute their net investment income quarterly and make distributions of their net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

Deferred Offering Costs — Offering costs, including costs of printing the initial prospectus, legal and registration fees, are amortized over twelve months from inception of the Funds. As of April 30, 2013, the remaining amount still to be amortized was $11,032 each, for the Global Public Equity Fund, the Income Opportunities Fund, the Public Alternatives Fund, and the Real Assets Fund.

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the period. For Funds that held derivatives throughout the period with only one type of risk exposure, additional information can be found on the Schedules of Investments, Statements of Assets and Liabilities and the Statements of Operations.

The effect of derivative instruments on the Statement of Operations for the six-months ended April 30, 2013, was as follows:

Change in unrealized appreciation (depreciation) on derivatives recognized in income:

Written options and swaptions transactions entered into during the six-months ended April 30, 2013 are summarized as follows:

Certain officers and a trustee of the Trust are also officers of the Administrator, a wholly owned subsidiary of SEI Investments Company and/or SEI Investments Distribution Co. (the “Distributor”). Such officers and trustee are paid no fees by the Trust.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

5. Administration, Distribution, Commission Recapture, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services for an annual fee equal to 0.12% of the first $250 million, 0.10% of the next $100 million, 0.08% of the next $100 million, 0.06% of the next $100 million, and 0.05% of any amount above $550 million of the Funds’ average daily net assets, subject to a minimum fee of $800,000 plus $15,000 per each additional class.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

The Funds and the Distributor are parties to a Commission Recapture Agreement. The Funds direct certain fund trades to the Distributor, via a network of executing brokers, who pays a portion of the Fund’s expenses. Under this arrangement, the Global Public Equity Fund and the Income Opportunities Fund had expenses reduced by $28,184 and $8,132, respectively, which was used to pay operating expenses. This amount is labeled as “Commission Recapture” on the Statement of Operations.

The Funds have each adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.05% based on the Fund’s average daily net assets. The funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

Citibank, N.A. acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

The Adviser serves as the overall investment adviser to the Funds. The Adviser continuously monitors the performance of various investment sub-advisers to the Funds. Although the Adviser advises the Board of Trustees with regard to investment matters, the Adviser does not make the day-to-day investment decisions for the Funds except for allocating Fund assets directly to affiliated and unaffiliated open-end funds, closed-end funds, unregistered funds (including hedge funds) and exchange-traded funds (“Underlying Funds”). The Adviser is, however, responsible for establishing and/or rebalancing allocation of the Funds’ assets among strategies and sub-advisers and/or Underlying Funds. Each of the Funds is authorized by the Board of Trustees to operate on a “multi-manager” basis. This means that a single Fund may be managed by one or more sub-advisers. The Adviser may, from time to time, reallocate the assets of a multi-manager Fund among the sub-advisers that provide portfolio management services to the Fund when it believes that such action would be appropriate to achieve the overall objectives of the particular Fund. Pursuant to an investment advisory agreement between the Funds and the Adviser, the Adviser receives an annual fee of 0.01% of each of the Fund’s average net assets. The fees that the Adviser receives are labeled as “Management Fees” on the Statement of Operations. In addition to the fee payable by each Fund to the Adviser, each of the Funds pays a fee directly to its sub-adviser(s). For each Fund, the sub-advisers receive a fee based on the specified percentage of that portion of the Fund’s assets allocated to that sub-adviser. The fees that each sub-adviser receives directly are labeled as “Investment Advisory Fees” on the Statement of Operations.

For the six-months ended April 30, 2013, the Funds’ incurred the following investment advisory fees with respect to the services of the indicated sub-adviser(s) in both dollars and basis points:


Global Public Equity Fund	Investment Advisory Fees		Basis Points
Acadian Asset Management LLC	$	76,714		75
Allianz Global Investors Capital LLC		132,179		125
Cramer Rosenthal McGlynn LLC		71,253		70
Driehaus Capital Management LLC — Emerging Markets Growth		86,309		85
Driehaus Capital Management LLC — International Small Cap Growth		86,309		85
Fairpointe Capital LLC		76,413		74
Harris Associates LP		171,794		100
LSV Asset Management — Global Concentrated		171,006		100
LSV Asset Management — Micro Cap		128,531		125
Marsico Capital Management LLC		187,560		75
Parametric Portfolio Associates LLC		449,506		45
Phocas Financial Corporation		76,829		75
TCW Investment Management Company		85,098		85
Thornburg Investment Management Inc.		123,443		72
Turner Investments LP		185,678		75

	$	2,108,622


Public Alternatives Fund	Investment Advisory Fees		Basis Points
AQR Capital Management LLC*	$	—		—
ClariVest Asset Management LLC		363,099		225
Turner Investments LP		338,927		125

	$	702,026

The Trust has requested an order from the Securities and Exchange Commission (the “Manager of Managers Order”) that would permit the Trust to enter into investment advisory agreements with sub-advisers upon approval of the Board of Trustees but without submitting such contracts for approval of the shareholders of the relevant Fund, subject to certain conditions. As of April 30, 2013, the SEC has not yet approved the Manager of Managers Order.

The cost of security purchases and proceeds from security sales, other than short-term securities, short sales and purchases to cover for the six-months ended April 30, 2013, were as follows:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital as appropriate, in the period that the difference arises.

The tax character of dividends and distributions paid during the period ended October 31, 2012 was as follows:

As of October 31, 2012, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

For Federal income tax purposes, capital losses may be carried forward and applied against future capital gains. Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, excluding securities sold short, purchased options and written options, held by the Funds as of April 30, 2013, were as follows:

In the normal course of business, the Global Public Equity Fund, the Income Opportunities Fund, the Public Alternatives Fund, and the Real Assets Fund, invest substantially in underlying funds that are comprised of fixed income and equity securities in specific industries and that may engage in short selling activities, writing option contracts, and equity swaps, and therefore, the Funds may be affected by events in these industries. The Funds’ Prospectus provides a description of concentration and risk associated with the different investments in the underlying funds.

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

As of April 30, 2013, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that are held on behalf of various individual shareholders was as follows:

In December 2011, the Financial Accounting Standards Board issued a further update to the guidance Balance Sheet — Disclosures about Offsetting Assets and Liabilities. The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of this update and its impact on the financial statements has not been determined.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The Expenses Paid During Period column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the Ending Account Value number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply that ratio by the number shown for your Fund under Expenses Paid During Period.

Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the Expense Paid During Period column with those that appear in the same charts in the shareholder reports for other mutual funds.

NOTE: Because the hypothetical return is set at 5% for comparison purposes NOT your Fund’s actual return, the account values shown do not apply to your specific investment.

* Expenses are equal to the Funds’ annualized expense ratio, (including dividend expense and brokerage fees on short sales⁽¹⁾), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown.)

A Special Meeting of the Shareholders of the Cornerstone Advisors Global Public Equity Fund (the “Fund”) was held on February 14, 2013 for the purpose of considering a new Investment Advisory Agreement between Cornerstone Advisors, Inc. and TCW Investment Management Company with respect to the Fund the motion was approved with the following voting results:

A Special Meeting of the Shareholders of the Cornerstone Advisors Income Opportunities Fund (the “Fund”) was held on December 28, 2012 for the purpose of considering a new Investment Sub-Advisory Agreement between Cornerstone Advisors, Inc. and OFI Steelpath, Inc. with respect to the Fund the motion was approved with the following voting results:

A Special Meeting of the Shareholders of the Cornerstone Advisors Public Alternatives Fund (the “Fund”) was held on February 14, 2013 for the purpose of considering a new Investment Advisory Agreement between Cornerstone Advisors, Inc. and ClariVest Asset Management LLC with respect to the Fund the motion was approved with the following voting results:

This information must be preceded or accompanied by a current prospectus for the Funds.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

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.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		April 30, 2013
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2013
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2013
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2013
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		April 30, 2013
		(unaudited)


TABLE OF CONTENTS
Management’s Discussion and Analysis of Fund Performance			1
Schedules of Investments			5


Statements of Assets and Liabilities			42
Statements of Operations			43
Statements of Changes in Net Assets			44
Financial Highlights			46
Notes to Financial Statements			47
Disclosure of Fund Expenses			57
Shareholder Voting Results			58


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS INCOME OPPORTUNITIES FUND
		April 30, 2013
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS PUBLIC ALTERNATIVES FUND
		April 30, 2013
		(unaudited)


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS REAL ASSETS FUND
		April 30, 2013
		(unaudited)


	Global Public Equity Fund			Income Opportunities Fund		Public Alternatives Fund			Real Assets Fund
Assets:
Investments, at Value †	$	662,982,105		$	139,582,201	$	346,315,462		$	132,677,777
Foreign Currency, at Value ††		1,217,787			—		73,293			—
Receivable from Prime Broker		—			—		67,994,121			—
Receivable for Investment Securities Sold		4,709,852			—		6,074,460			1,290,921
Dividends and Interest Receivable		928,764			192,442		67,557			262,797
Receivable for Capital Shares Sold		918,661			233,458		237,605			160,664
Unrealized Appreciation on Forward Foreign Currency Contracts		449,405			—		—			4,126
Reclaims Receivable		268,730			—		—			—
Deferred Offering Costs — Note 2		11,032			11,032		11,032			11,032
Unrealized Appreciation on Spot Foreign Currency Contracts		9,142			—		—			568
Prepaid Expenses		5,355			2,889		4,010			2,896
Purchased Option/Swaption Contracts, at Value †††		—			—		35,972			56,149
Variation Margin Receivable		—			—		—			5,558
Swap Contracts, at value		—			—		—			26,813

Total Assets		671,500,833			140,022,022		420,813,512			134,499,301


Liabilities:
Securities Sold Short, at Value ††††††		—			—		69,198,340			—
Payable for Investment Securities Purchased		5,507,703			26,000		6,530,628			643,450
Investment Advisory Fees Payable — Note 6		368,374			23,670		117,546			57,094
Management Fees Payable — Note 6		5,327			1,132		2,798			1,083
Accrued Foreign Capital Gains Tax		179,334			—		—			—
Unrealized Depreciation on Forward Foreign Currency Contracts		58,016			—		—			15,903
Shareholder Servicing Fees Payable		56,290			11,956		29,556			11,481
Payable due to Administrator		37,851			8,041		19,882			7,699
Unrealized Depreciation on Spot Foreign Currency Contracts		19,214			—		5			—
Payable due to Trustees		13,016			2,750		6,730			2,664
Chief Compliance Officer Fees Payable		12,405			2,635		6,511			2,543
Payable for Capital Shares Redeemed		11,898			—		—			—
Written Option/Swaption Contracts, at Value †††††		—			—		1,325			28,478
Variation Margin Payable		—			—		—			2,172
Stock Loan Fees Payable		—			—		85,499			—
Dividends Payable on Securities Sold Short		—			—		29,364			—
Foreign Currency Overdraft		—			—		—			722
Payable due to Custodian		—			—		570,329			—
Other Accrued Expenses		94,502			47,305		39,537			45,850

Total Liabilities		6,363,930			123,489		76,638,050			819,139

Net Assets	$	665,136,903		$	139,898,533	$	344,175,462		$	133,680,162

† Cost of Investments	$	585,900,026		$	128,958,845	$	328,360,183		$	130,636,980
†† Cost of Foreign Currency		1,209,947			—		73,249			—
††† Cost of Purchased Option/Swaption Contracts		—			—		118,510			72,675
††††† Proceeds from Written Option/Swaption Contracts		—			—		2,597			24,009
†††††† Proceeds from Securities Sold Short		—			—		66,607,269			—

NET ASSETS CONSIST OF:
Paid-in Capital	$	577,587,512		$	127,831,250	$	332,176,762		$	129,919,845
Undistributed (Distributions in Excess of) Net Investment Income		1,798,617			471,004		(4,258	)		192,607
Accumulated Net Realized Gain (Loss) on Investments, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures and Foreign Currency Transactions		8,448,755			972,923		(3,279,928	)		1,582,792
Accumulated Foreign Capital Gains Tax on Appreciated Securities		(179,334	)		—		—			—
Net Unrealized Appreciation on Investments, Purchased Options/Swaptions, Written Options/Swaptions and Securities Sold Short		77,082,079			10,623,356		15,282,942			2,019,802
Net Unrealized Depreciation on Futures Contracts		—			—		—			(63,612	)
Net Unrealized Appreciation on Swap Contracts		—			—		—			26,813
Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts and Foreign Currency Translations		399,274			—		(56	)		1,915

Net Assets	$	665,136,903		$	139,898,533	$	344,175,462		$	133,680,162

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		57,543,744			12,761,875		33,198,128			12,994,816

Net Asset Value, Offering and Redemption Price Per Share	$	11 .56		$	10 .96	$	10 .37		$	10 .29


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		For the six-months ended April 30, 2013


	Global Public Equity Fund						Income Opportunities Fund
	Six-Months ended April 30, 2013 (unaudited)			Period ended October 31, 2012*			Six-Months ended April 30, 2013 (unaudited)			Period ended October 31, 2012*
Operations:
Net Investment Income	$	4,283,895		$	513,292		$	3,576,121		$	686,875
Net Realized Gain on Investments and Foreign Currency Transactions		8,740,550			1,745,809			888,527			3,077
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		68,570,507			8,731,512			9,801,420			821,936

Net Increase in Net Assets Resulting from Operations		81,594,952			10,990,613			14,266,068			1,511,888


Dividends and Distributions from:
Net Investment Income		(2,817,362	)		—			(3,510,366	)		(200,459	)
Net Realized Gains		(2,222,636	)		—			(3,672	)		—

Total Dividends and Distributions		(5,039,998	)		—			(3,514,038	)		(200,459	)


Capital Share Transactions:
Issued		61,242,800			542,088,100			12,087,113			121,209,856
Reinvestment of Dividends		5,039,998			—			3,514,038			200,459
Redeemed		(28,826,570	)		(1,952,992	)		(8,390,896	)		(785,496	)

Net Increase in Net Assets from Capital Share Transactions		37,456,228			540,135,108			7,210,255			120,624,819

Total Increase in Net Assets		114,011,182			551,125,721			17,962,285			121,936,248


Net Assets:
Beginning of Period		551,125,721			—			121,936,248			—

End of Period	$	665,136,903		$	551,125,721		$	139,898,533		$	121,936,248

Undistributed Net Investment Income	$	1,798,617		$	332,084		$	471,004		$	405,249


Shares Issued and Redeemed:
Issued		5,729,189			54,125,925			1,162,520			12,113,014
Reinvestment of Dividends		484,671			—			338,512			19,749
Redeemed		(2,606,173	)		(189,868	)		(794,049	)		(77,871	)

Net Increase in Shares Outstanding from Share Transactions		3,607,687			53,936,057			706,983			12,054,892


	Public Alternatives Fund						Real Assets Fund
	Six-Months ended April 30, 2013 (unaudited)			Period ended October 31, 2012*			Six-Months ended April 30, 2013 (unaudited)			Period ended October 31, 2012*
Operations:
Net Investment Income (Loss)	$	3,122,692		$	(72,795	)	$	1,152,926		$	423,577
Net Realized Gain (Loss) on Investments, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(2,389,860	)		(756,980	)		1,483,035			106,120
Net Change in Unrealized Appreciation on Investments, Purchased Options/Swaptions, Written Options/Swaptions, Securities Sold Short, Futures Contracts, Swap Contracts and Foreign Currency Transactions		15,280,827			2,059			1,740,631			244,287

Net Increase (Decrease) in Net Assets Resulting from Operations		16,013,659			(827,716	)		4,376,592			773,984


Dividends and Distributions from:
Net Investment Income		(3,191,067	)		—			(1,061,650	)		(160,192	)
Net Realized Gains		—			—			(172,241	)		—

Total Dividends and Distributions		(3,191,067	)		—			(1,233,891	)		(160,192	)


Capital Share Transactions:
Issued		30,036,369			314,260,392			13,379,735			122,138,059
Reinvestment of Dividends		3,191,067			—			1,233,891			160,192
Redeemed		(14,318,892	)		(988,350	)		(6,568,370	)		(419,838	)

Net Increase in Net Assets from Capital Share Transactions		18,908,544			313,272,042			8,045,256			121,878,413

Total Increase in Net Assets		31,731,136			312,444,326			11,187,957			122,492,205


Net Assets:
Beginning of Period		312,444,326			—			122,492,205			—

End of Period	$	344,175,462		$	312,444,326		$	133,680,162		$	122,492,205

Undistributed (Distributions in Excess of ) Net Investment Income	$	(4,258	)	$	64,117		$	192,607		$	101,331


Shares Issued and Redeemed:
Issued		2,959,791			31,431,248			1,336,919			12,209,308
Reinvestment of Dividends		317,519			—			123,112			15,845
Redeemed		(1,411,390	)		(99,040	)		(648,846	)		(41,522	)

Net Increase in Shares Outstanding from Share Transactions		1,865,920			31,332,208			811,185			12,183,631


	Net Asset Value, Beginning of Period			Net Investment Income (Loss)*			Net Realized and Unrealized Gain (Loss) on Investments				Total from Operations				Dividends from Net Investment Income				Distributions from Net Realized Capital Gains				Total Distributions				Net Asset Value, End of Period			Total Return †			Net Assets End of Period (000)			Ratio of Expenses to Average Net Assets (including dividend expense, broker fees, interest on short sales and commission (recapture)			Ratio of Expenses to Average Net Assets (including dividend expense, broker fees and interest on short sales, excluding commission (recapture)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover †

Global Public Equity Fund
2013@		$	10.22		$	0.08		$	1.35			$	1.43			$	(0.05	)		$	(0.04	)		$	(0.09	)		$	11.56		14.10	%		$	665,137		0.94	%		0.95	%		1.40	%		35	%
2012#		$	10.00		$	0.01		$	0.21			$	0.22			$	—			$	—			$	—			$	10.22		2.20	%		$	551,126		1.11	%		1.11	%		0.56	%		17	%

Income Opportunities Fund
2013@		$	10.12		$	0.28		$	0.84			$	1.12			$	(0.28	)		$	—	**		$	(0.28	)		$	10.96		11.23	%		$	139,899		0.45	%		0.46	%		5.48	%		8	%
2012#		$	10.00		$	0.06		$	0.08			$	0.14			$	(0.02	)		$	—			$	(0.02	)		$	10.12		1.37	%		$	121,936		0.75	%		0.75	%		3.44	%		0	%

Public Alternatives Fund
2013@		$	9.97		$	0.10		$	0.40			$	0.50			$	(0.10	)		$	—			$	(0.10	)		$	10.37		5.05	%		$	344,175		1.19	%‡		1.19	%		1.90	%		50	%
2012#		$	10.00		$	—		$	(0.03	)		$	(0.03	)		$	—			$	—			$	—			$	9.97		(0.30	)%		$	312,444		1.38	%‡		1.38	%		(0.14	)%		19	%

Real Assets Fund
2013@		$	10.05		$	0.09		$	0.24			$	0.33			$	(0.08	)		$	(0.01	)		$	(0.09	)		$	10.29		3.38	%		$	133,680		0.77	%		0.77	%		1.81	%		26	%
2012#		$	10.00		$	0.04		$	0.02			$	0.06			$	(0.01	)		$	—			$	(0.01	)		$	10.05		0.63	%		$	122,492		1.05	%		1.05	%		2.10	%		7	%


Derivatives Not Accounted for as Hedging Instruments		Futures Contracts		Forward Foreign Currency Contracts		Swap Contracts		Purchased Options/ Swaptions			Written Options/ Swaptions		Total
Real Assets Fund
Foreign exchange contracts	$	—	$	84,325	$	—	$	—		$	3,203	$	87,528
Interest rate contracts		53,021		—		1,785		(23,841	)		26,207		57,172
Total	$	53,021	$	84,325	$	1,785	$	(23,841	)	$	29,410	$	144,700


Public Alternatives Fund	Number of Contracts			Premium
Balance as of October 31, 2012		—		$	—
Written		208			13,679
Expired		—			—
Closing buys		(155	)		(11,082	)
Balance as of April 30, 2013		53		$	2,597

Real Assets Fund	Number of Contracts			Premium			Notional Amount		Premium
Balance as of October 31, 2012		36		$	15,031		$	—	$	—
Written		44			23,736			2,885,500		19,240
Expired		(43	)		(15,892	)		—		—
Closing buys		(31	)		(18,106	)		—		—
Balance as of April 30, 2013		6		$	4,769		$	2,885,500	$	19,240


	Purchases		Sales and Maturities		U.S. Government Purchases		U.S. Government Sales and Maturities
Global Public Equity Fund	$	242,843,207	$	209,615,342	$	—	$	—
Income Opportunities Fund		17,124,360		10,590,949		—		—
Public Alternatives Fund		192,667,165		170,367,957		—		—
Real Assets Fund		22,570,740		15,694,706		17,988,229		15,800,065


	Ordinary Income		Total
Income Opportunities Fund
2012	$	200,459	$	200,459
Real Assets Fund
2012		160,192		160,192


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards Short-Term			Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Global Public Equity Fund	$	2,944,741	$	—	$	—		$	8,001,942		$	47,754		$	10,994,437
Income Opportunities Fund		408,326		—		—			906,927			—			1,315,253
Public Alternatives Fund		140,267		—		(21,584	)		(942,601	)		26			(823,892	)
Real Assets Fund		237,530		36,399		—			401,945			(58,258	)		617,616


	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Global Public Equity Fund	$	585,900,026	$	88,595,600	$	(11,513,521	)	$	77,082,079
Income Opportunities Fund		128,958,845		10,677,552		(54,196	)		10,623,356
Public Alternatives Fund		328,360,183		19,082,617		(1,127,338	)		17,955,279
Real Assets Fund		130,636,980		5,988,419		(3,947,622	)		2,040,797


	No. of Shareholders	% Ownership
Global Public Equity Fund	1		100	%
Income Opportunities Fund	1		100	%
Public Alternatives Fund	1		100	%
Real Assets Fund	1		100	%


	Beginning Account Value 11/1/2012		Ending Account Value 4/30/2013		Annualized Expense Ratios		Expenses Paid During Period*
Global Public Equity Fund

Actual Fund Return	$	1,000.00	$	1,141.00		0.94%	$	4.99
Hypothetical 5% Return	$	1,000.00	$	1,020.13		0.94%	$	4.71
Income Opportunities Fund

Actual Fund Return	$	1,000.00	$	1,112.30		0.45%	$	2.36
Hypothetical 5% Return	$	1,000.00	$	1,022.56		0.45%	$	2.26
Public Alternatives Fund ⁽¹⁾

Actual Fund Return	$	1,000.00	$	1,050.50		1.19%	$	6.05
Hypothetical 5% Return	$	1,000.00	$	1,018.89		1.19%	$	5.96
Real Assets Fund

Actual Fund Return	$	1,000.00	$	1,033.80		0.77%	$	3.88
Hypothetical 5% Return	$	1,000.00	$	1,020.98		0.77%	$	3.86


	Number of Shares		% of Shares Outstanding		% of Shares Voted
Affirmative		50,188,387		88.30%		100.00%
Against		—		0.00%		0.00%
Abstain		—		0.00%		0.00%
Total		50,188,387		88.30%		100.00%