NUMBER
OF SHARES VALUE
----------------------------------------------------------------------------------------------------------------
Long-Term Investments - 131.9%
CONSUMER DISCRETIONARY - 13.9%
19,820 Aaron's, Inc. (a) $ 660,799
17,100 Aeropostale, Inc. (a) (b) 492,993
2,845 Amazon.com, Inc. (a) (b) 386,152
9,587 Autoliv, Inc. (Sweden) (a) (b) 494,018
39,839 Big Lots, Inc. (a) (b) 1,450,936
22,375 Career Education Corp. (a) (b) 707,945
198,554 Comcast Corp. - Class A (c) 3,736,786
94,532 DISH Network Corp. - Class A (a) 1,968,156
218,744 Eastman Kodak Co. (b) 1,266,528
12,536 Federal Mogul Corp. (b) 230,161
381,121 Ford Motor Co. (b) (c) 4,790,691
22,806 Marriott International ,Inc. - Class A (a) 718,845
53,557 New York Times Co. - Class A (b) 596,090
1,401 Stanley Black & Decker, Inc. (a) 80,431
32,277 Starbucks Corp. (b) (c) 783,363
54,398 Time Warner Cable, Inc. (a) 2,899,957
105,214 Time Warner, Inc. (a) 3,290,042
---------------
24,553,893
---------------
CONSUMER STAPLES - 11.9%
35,089 Dean Foods Co. (a) (b) 550,546
13,070 Hershey Co. 559,527
107,036 Philip Morris International, Inc. (c) 5,582,998
240,442 Sara Lee Corp. (c) 3,349,357
113,863 SUPERVALU, Inc. (a) 1,899,235
177,980 SYSCO Corp. (c) 5,250,410
109,023 Tyson Foods, Inc. - Class A (c) 2,087,790
46,502 Walgreen Co. (a) 1,724,759
---------------
21,004,622
---------------
ENERGY - 15.5%
5,554 BJ Services Co. (a) 118,856
101,007 Chevron Corp. (c) 7,659,361
126,043 ConocoPhillips (c) 6,449,620
28,237 Exxon Mobil Corp. (c) 1,891,314
11,117 Helix Energy Solutions Group, Inc. (b) 144,855
65,261 Hess Corp. (c) 4,082,076
1,620 Marathon Oil Corp. (c) 51,257
93,668 Murphy Oil Corp. (c) 5,263,205
4,211 Smith International, Inc. (a) 180,315
13,466 Whiting Petroleum Corp. (a) (b) 1,088,591
9,913 XTO Energy, Inc. 467,695
---------------
27,397,145
---------------
FINANCIALS - 23.0%
124,550 American Express Co. (c) 5,138,933
23,001 Annaly Capital Management, Inc. - REIT (a) 395,157
15,841 Aspen Insurance Holdings Ltd. (Bermuda) 456,854
44,147 Bank of America Corp. (c) 788,024
11,600 BlackRock, Inc. (a) 2,526,016
427 BOK Financial Corp. (a) 22,392
340,108 Chimera Investment Corp. - REIT (a) 1,323,020
343,541 Citigroup, Inc. (b) 1,391,341
160,593 Discover Financial Services (c) 2,392,836
21,046 Endurance Specialty Holdings Ltd. (Bermuda) (a) 781,859
167 First Citizens BancShares, Inc. - Class A (a) 33,193
98,880 Hudson City Bancorp, Inc. (c) 1,400,141
39,578 M&T Bank Corp. (a) 3,141,702
67,202 Moody's Corp. (a) 1,999,260
168,261 New York Community Bancorp, Inc. (a) 2,783,037
64,584 NYSE Euronext (a) 1,912,332
26,092 Plum Creek Timber Co., Inc. - REIT (a) 1,015,240
3,622 PNC Financial Services Group, Inc. (a) 216,233
47,464 T Rowe Price Group, Inc. (c) 2,607,198
15,293 Torchmark Corp. (c) 818,328
167,746 US Bancorp. (c) 4,341,266
168,414 Wells Fargo & Co. (a) 5,241,044
---------------
40,725,406
---------------
HEALTH CARE - 19.9%
2,284 Abbott Laboratories (a) 120,321
164,276 AmerisourceBergen Corp. (c) 4,750,862
105,108 Amgen, Inc. (b) (c) 6,281,254
62,069 Biogen Idec, Inc. (a) (b) 3,560,278
152,898 Cardinal Health, Inc. (c) 5,508,915
22,612 Cephalon, Inc. (a) (b) 1,532,641
3,396 Community Health Systems, Inc. (a) (b) 125,414
2,544 Cooper Cos., Inc. (a) 98,911
2,803 Hill-Rom Holdings, Inc. (a) 76,270
50,205 Johnson & Johnson (a) 3,273,366
80,947 McKesson Corp. (c) 5,319,837
949 Millipore Corp. (a) (b) 100,214
15,233 Stryker Corp. (a) 871,632
155,531 Tenet Healthcare Corp. (b) 889,637
26,630 WellPoint, Inc. (a) (b) 1,714,440
15,094 Zimmer Holdings, Inc. (a) (b) 893,565
---------------
35,117,557
---------------
INDUSTRIALS - 12.5%
7,632 Crane Co. (a) 270,936
62,826 Delta Air Lines, Inc. (b) 916,631
79,142 Fluor Corp. (a) 3,680,894
37,054 General Dynamics Corp. (c) 2,860,569
1,687 General Electric Co. (a) 30,703
6,923 Hubbell, Inc. - Class B (a) 349,127
47,361 Illinois Tool Works, Inc. (c) 2,243,017
4,949 ITT Corp. (a) 265,316
8,505 Joy Global, Inc. (a) 481,383
25,748 KBR, Inc. (a) 570,576
4,208 L-3 Communications Holdings, Inc. (a) 385,579
39,666 Lockheed Martin Corp. (a) 3,301,004
13,723 Navistar International Corp. (a) (b) 613,830
26,898 Northrop Grumman Corp. (a) 1,763,702
28,307 United Parcel Service, Inc. - Class B (a) 1,823,254
35,342 United Technologies Corp. (a) 2,601,525
---------------
22,158,046
---------------
INFORMATION TECHNOLOGY - 23.7%
1,425 AVX Corp. 20,235
913 Computer Sciences Corp. (a) (b) 49,749
238,654 Corning, Inc. (c) 4,823,197
177,082 Dell, Inc. (a) (b) 2,658,001
10,415 Harris Corp. 494,608
107,848 Ingram Micro, Inc. - Class A (a) (b) 1,892,732
97,999 Intel Corp. (c) 2,181,458
63,341 International Business Machines Corp. (c) 8,123,483
183,263 Jabil Circuit, Inc. (a) 2,967,028
11,390 Lender Processing Services, Inc. (a) 429,973
256,315 Micron Technology, Inc. (b) 2,663,113
303,811 Microsoft Corp. (c) 8,892,548
20,832 Molex, Inc. (a) 434,556
15,244 Symantec Corp. (a) (b) 257,928
28,373 Tech Data Corp. (a) (b) 1,188,829
182,570 Texas Instruments, Inc. (c) 4,467,488
13,647 Xilinx, Inc. (a) 347,999
---------------
41,892,925
---------------
MATERIALS - 4.5%
1,420 Airgas, Inc. (a) 90,340
3,266 Cabot Corp. (c) 99,287
841 CF Industries Holdings, Inc. (a) 76,682
23,244 Eastman Chemical Co. (a) 1,480,178
27,434 EI du Pont de Nemours & Co. (a) 1,021,642
15,264 Freeport-McMoRan Copper & Gold, Inc. (a) 1,275,155
287,207 Huntsman Corp. (a) 3,460,844
16,106 International Paper Co. (a) 396,369
1,946 Schnitzer Steel Industries, Inc. - Class A (a) 102,223
---------------
8,002,720
---------------
TELECOMMUNICATIONS - 3.8%
118,694 AT&T, Inc. (c) 3,067,053
31,777 NII Holdings, Inc. (a) (b) 1,323,830
631,625 Sprint Nextel Corp. (b) 2,400,175
---------------
6,791,058
---------------
UTILITIES - 3.2%
224,234 AES Corp. (b) 2,466,574
2,899 Allegheny Energy, Inc. (a) 66,677
32,793 Energen Corp. (a) 1,525,858
4,707 Exelon Corp. (a) 206,214
5,225 FirstEnergy Corp. (a) 204,245
37,734 PPL Corp. (a) 1,045,609
2,674 UGI Corp. (a) 70,968
---------------
5,586,145
---------------
TOTAL LONG-TERM INVESTMENTS - 131.9%
(Cost $225,600,441) 233,229,517
---------------
NUMBER
OF SHARES VALUE
----------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS - 0.3%
479,667 Dreyfus Institutional Reserve Money Market Fund
(Cost $479,667) 479,667
---------------
TOTAL INVESTMENTS - 132.2%
(Cost $226,080,108) 233,709,184
Securities Sold Short - (30.4%)
(Proceeds $44,331,782) (53,685,804)
Total Value of Options Written
(Premiums received $4,390,104) - (2.8%) (5,043,219)
Other Assets in excess of Liabilities - 1.0% 1,847,278
---------------
NET ASSETS - 100.0% $ 176,827,439
===============
Number
of Shares VALUE
----------------------------------------------------------------------------------------------------------------
SECURITIES SOLD SHORT - 30.4%
COMMON STOCKS - 29.0%
CONSUMER DISCRETIONARY - 1.8%
48,152 Central European Media Enterprises Ltd. - Class A (Bermuda) 1,411,335
23,270 Clear Channel Outdoor Holdings, Inc. - Class A 246,895
1,358 Interactive Data Corp. 43,456
2,627 International Speedway Corp. - Class A 67,698
22,317 LKQ Corp. 453,035
1,472 Morningstar, Inc. 70,788
6,590 Penn National Gaming, Inc. 183,202
27,292 Weight Watchers International, Inc. 696,765
---------------
3,173,174
---------------
ENERGY - 4.7%
5,398 Chesapeake Energy Corp. 127,609
40,963 Comstock Resources, Inc. 1,302,623
14,850 Denbury Resources, Inc. 250,520
12,995 EXCO Resources, Inc. 238,848
15,725 Exterran Holdings, Inc. 380,073
10,965 Forest Oil Corp. 283,116
11,992 Holly Corp. 334,697
3,800 National Oilwell Varco, Inc. 154,204
13,187 Newfield Exploration Co. 686,383
19,886 Petrohawk Energy Corp. 403,288
46,663 Range Resources Corp. 2,187,095
159,617 SandRidge Energy, Inc. 1,229,051
12,399 Seahawk Drilling, Inc. 233,721
692 Southwestern Energy Co. 28,178
20,375 Teekay Corp. (Marshall Islands) 463,328
---------------
8,302,734
---------------
FINANCIALS - 7.4%
1,676 AMB Property Corp. - REIT 45,654
2,932 American National Insurance Co. 332,899
78,822 First Horizon National Corp. 1,107,443
98,488 Genworth Financial, Inc. - Class A 1,806,270
68,679 GLG Partners, Inc. 210,845
70,283 Interactive Brokers Group, Inc. - Class A 1,135,071
38,938 Leucadia National Corp. 966,052
4,067 Loews Corp. 151,618
1,396 Markel Corp. 523,025
182,456 Marshall & Ilsley Corp. 1,468,771
64,265 Old Republic International Corp. 814,880
286,065 ProLogis - REIT 3,776,058
31,402 Regions Financial Corp. 246,506
13,208 SunTrust Banks, Inc. 353,842
36,742 Synovus Financial Corp. 120,881
---------------
13,059,815
---------------
HEALTH CARE - 5.9%
5,542 Abraxis Bioscience, Inc. 286,799
10,524 Amylin Pharmaceuticals, Inc. 236,685
5,321 Brookdale Senior Living, Inc. 110,836
894 Covance, Inc. 54,883
27,739 Dendreon Corp. 1,011,641
138,360 Hologic, Inc. 2,565,194
245,829 King Pharmaceuticals, Inc. 2,890,949
2,277 Myriad Genetics, Inc. 54,762
4,176 United Therapeutics Corp. 231,058
75,920 Vertex Pharmaceuticals, Inc. 3,102,850
---------------
10,545,657
---------------
INDUSTRIALS - 1.9%
33,790 AMR Corp. 307,827
42,559 BE Aerospace, Inc. 1,295,922
13,872 Corrections Corp. of America 275,498
623 Kirby Corp. 23,767
26,671 TransDigm Group, Inc. 1,414,630
---------------
3,317,644
---------------
INFORMATION TECHNOLOGY - 6.2%
78,651 Brocade Communications Systems, Inc. 449,097
187,704 Ciena Corp. 2,860,609
77,032 Cypress Semiconductor Corp. 885,868
12,263 Itron, Inc. 889,926
115,089 MEMC Electronic Materials, Inc. 1,764,314
31,899 Monster Worldwide, Inc. 529,843
73,165 Nuance Communications, Inc. 1,217,466
97,252 Rambus, Inc. 2,124,956
7,801 Rovi Corp. 289,651
---------------
11,011,730
---------------
MATERIALS - 1.1%
37,650 Intrepid Potash, Inc. 1,141,925
5,986 Mosaic Co. 363,769
9,045 Weyerhaeuser Co. 409,467
---------------
1,915,161
---------------
TOTAL COMMON STOCKS SOLD SHORT - 29.0 %
(Proceeds $43,153,066) 51,325,915
---------------
TRACKING STOCKS - 1.3%
CONSUMER DISCRETIONARY - 1.3%
53,528 Liberty Media Corp. - Capital Series A 1,946,813
20,025 Liberty Media Corp. - Interactive Series A 306,583
---------------
(Proceeds $1,058,346) 2,253,396
---------------
MASTER LIMITED PARTNERSHIPS - 0.1%
FINANCIALS- 0.1%
2,983 Lazard Ltd. - Class A (Bermuda)
(Proceeds $120,370) 106,493
---------------
TOTAL SECURITIES SOLD SHORT - 30.4 %
(Proceeds $44,331,782) $ 53,685,804
===============
|