THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS April 30, 2015 Unaudited - for information purposes only.

SUMMARY OF INVESTMENTS

COST VALUE STABLE VALUE INVESTMENTS

Short-Term Investments $ 20,056,137 $ 20,056,137 Fixed Maturity Synthetic Guaranteed Investment Contracts 38,315,666 38,315,666 Constant Duration Synthetic Guaranteed Investment Contracts 145,017,023 145,017,023 TOTAL STABLE VALUE INVESTMENTS $ 203,388,826 $ 203,388,826

SHORT-TERM INVESTMENTS

Short-term Investments $ 95,647,004 $ 95,647,004 TOTAL SHORT-TERM INVESTMENTS$ 95,647,004 $ 95,647,004

FIXED-INCOME INVESTMENTS

Bonds $ 912,669,763 $ 951,056,979 Bond funds 273,758,911 277,988,259 Asset-backed & Mortgage-backed Securities 39,131,171 38,452,222 TOTAL FIXED-INCOME INVESTMENTS $ 1,225,559,845 $ 1,267,497,460

EQUITY INVESTMENTS

Common stocks and equivalents $ 878,169,784 $ 1,212,090,933 Equity funds 320,728,739 350,712,732 TOTAL EQUITY INVESTMENTS $ 1,198,898,523 $ 1,562,803,665

OTHER INVESTMENTS

Participation in the United Church Funds, Inc. $ 32,294,499 $ 45,010,111 Hedge funds 124,398,904 135,008,432 Private equity 63,096,524 64,212,579 TOTAL OTHER INVESTMENTS $ 219,789,927 $ 244,231,122

TOTAL INVESTMENTS $ 2,943,284,125 $ 3,373,568,077 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

SHORT-TERM INVESTMENTS

MFB NI Treasury Money Market Fund $ 20,056,137 $ 20,056,137

TOTAL SHORT-TERM INVESTMENT $ 20,056,137 $ 20,056,137

FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Asset-Backed Securities 503,175 Aep Texas Central Transition Funding III LLC 2012-1 CL A-1 0.88 12/1/2018$ 506,910 $ 503,711 1,200,000 California Republic Auto Receivables Trust 0 0.85 5/15/2018 1,199,799 1,200,362 940,000 CenterPoint Energy, Inc. 2012-1 A2 2.1606 2.16 10/15/2021 959,351 956,182 1,250,000 Citibank Credit Card Issuance Trust 2013-A3 CL A3 1.11 7/23/2018 1,249,748 1,256,108 1,000,000 Chase Issuance Trust 0 1.26 7/15/2019 998,477 1,001,925 147,981 CNH Equipment Trust 2012-B 0.86 9/15/2017 147,976 148,017 1,250,000 Discover Card Execution Note Trust 2013 1.04 4/15/2019 1,249,864 1,253,760 1,200,000 GE Equipment Transport, LLC 2014-1 0.97 4/23/2018 1,199,896 1,200,065 555,386 Hyundai Auto Receivables Owner Trust 2013-BNT CL A 0.71 9/15/2017 555,278 555,920 800,000 Nissan Auto Receivables Owner Trust 2018-1 CL A-1 0.67 8/15/2018 799,834 799,935 1,200,000 Toyota Auto Receivables Owner Trust 2012- A 0.99 8/15/2017 1,199,886 1,201,380 Total Asset-Backed Securities $ 10,067,019 $ 10,077,365

Mortgage-Backed Securities 1,200,081 Banc of America Merrill Lynch Commercial 2005-6 COML CL A-4 5.16 9/10/2047 1,268,935 1,209,251 783 Bear Stearns Commercial Mortgage Securities 2004-PWR4 5.47 6/11/2041 836 782 1,056,902 Federal Home Loan Mortgage Corporation SER 3864 CL AG 3.00 6/15/2039 1,100,499 1,096,191 526,516 Federal Home Loan Mortgage Corporation SER 3724 CL ND 2.75 7/15/2038 543,875 536,862 1,233,133 Federal Home Loan Mortgage Corp 0 4.00 12/15/2021 1,335,638 1,340,079 915,220 Federal Home Loan Mortgage Corporation 0 3.00 3/15/2025 951,829 942,621 506,891 Federal Home Loan Mortgage Corporation SER 3749 CL EG 2.00 3/15/2025 516,158 513,599 756,965 Federal Home Loan Mortgage Corporation SER 3893 CL HC 3.00 8/15/2025 783,577 781,942 306,876 Federal Home Loan Mortgage Corporation SER 4200 CL LM 2.25 3/15/2033 314,116 311,273 451,339 Federal National Mortgage Association SER 2003-15 CL 5.00 3/25/2018 483,567 470,740 941,143 Federal National Mortgage Association 0 3.00 2/25/2038 982,024 979,705 738,537 Federal National Mortgage Association 2012-49 CL 2.00 1/25/2041 750,769 740,020 41,891 Federal National Mortgage Association 2011-40 CL-DK 4.00 11/25/2037 43,102 42,003 590,006 Federal National Mortgage Association 2012-2 CL 1.75 2/25/2022 600,516 597,077 98,380 Federal National Mortgage Association SER 2011-24 CL-AB 2.00 8/25/2024 99,871 98,442 624,217 Federal National Mortgage Association SER 2011-24 CL-AB 4.00 11/25/2037 659,719 650,841 1,180,090 Federal National Mortgage Association TR 2010-120 CL-GA 3.50 10/25/2020 1,244,626 1,236,908 771,076 Government National Mortgage Association 2012-GNMA 2.83 9/16/2040 803,756 782,137 733,443 Government National Mortgage Association NMA-2010-115 CL G 2.25 2/20/2037 745,820 739,998 452,419 Government National Mortgage Association NMA-2010-101 CLMO 2.50 2/20/2038 462,599 460,404 586,177 Government National Mortgage Association GNMA 2010-117 3.00 3/20/2038 610,357 599,263 1,215,057 Government National Mortgage Association GNMA 2010-092 3.00 11/20/2037 1,262,899 1,240,262 853,884 Government National Mortgage Association 2012-058 REMIC 2.50 11/16/2040 885,238 861,007 524,815 Government National Mortgage Association 2012-079 REMIC 1.80 4/16/2039 533,918 525,322 899,812 Government National Mortgage Association 2010-129 REMIC 3.00 4/20/2039 930,743 927,439 588,411 Government National Mortgage Association SER 012-091 CL MB 3 3.00 9/20/2040 622,429 602,607 1,385,787 LB-UBS Commercial Mortgage Trust CTF CL A-3 5.87 9/15/2045 1,574,817 1,518,983 5,953 LB-UBS Commercial Mortgage Trust 2005-C5 CL 4.95 9/15/2030 6,546 5,953 1,387,632 ML-CFC Commercial Mortgage Trust TR2006-2 5.87 6/12/2046 1,502,546 1,432,668 1,125,000 Morgan Stanley of America Merrill L 0 2.98 4/17/2047 1,177,031 1,167,879 Total Mortgage-Backed Securities $ 22,798,356 $ 22,412,258 Bonds 800,000 Procter & Gamble Company, (The) 1.45 8/15/2016$ 821,528 $ 809,378 4,642,000 Department of Treasury 0.88 1/15/2018 4,628,763 4,645,263 Total Bonds $ 5,450,291 $ 5,454,641 Adjustment to Contract Value - 371,402 TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 38,315,666 $ 38,315,666

CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Bonds 1,000,000 Abbey National Treasury Services PLC 4.00 4/27/2016$ 1,031,860 $ 1,030,920 96,000 Agilent Technologies, Inc. 6.50 11/1/2017 110,773 106,740 600,000 Ally Financial Inc. 2.75 1/30/2017 602,625 597,900 800,000 America Movil, S.A.B. de C.V. 2.38 9/8/2016 790,429 812,744 700,000 American Express Bank, FSB. 0.48 6/12/2017 694,883 698,540 500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 573,992 1,500,000 Apple Inc. 0.50 5/3/2018 1,500,000 1,504,461 1,000,000 AT&T Inc. 0.00 5/15/2025 997,040 989,437 700,000 Atlas Copco Aktiebolag 5.60 5/22/2017 793,933 760,193 700,000 AutoZone, Inc. 2.50 4/15/2021 702,549 698,364 600,000 Bank of America Corporation 3.30 1/11/2023 596,664 601,364 500,000 Bank of Tokyo- UFJ, Ltd., (The) 1.65 2/26/2018 499,265 499,655 1,300,000 Banque Europeenne D'investissement (BEI) 2.50 10/15/2024 1,289,301 1,342,019 700,000 Becton, Dickinson and Company 1.75 11/8/2016 717,080 707,124 1,100,000 BlackRock, Inc. 4.25 5/24/2021 1,185,811 1,225,302

STABLE VALUE INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

Bonds, continued 589,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 590,095 690,286 650,000 Boston Scientific Corporation 2.65 10/1/2018 649,701 662,678 700,000 C.R. Bard, Inc. 2.88 1/15/2016 734,615 711,375 700,000 CBS Corporation 6.25 4/30/2016 822,465 737,205 600,000 Celgene Corporation 2.45 10/15/2015 599,124 604,576 500,000 CF Industries, Inc. 6.88 5/1/2018 561,250 569,381 600,000 Chesapeake Energy Corporation 6.63 8/15/2020 651,800 618,000 850,000 Chevron Corporation 0.79 3/3/2022 852,904 851,682 700,000 CIT Group Inc. 5.00 5/15/2017 731,500 724,500 702,000 Citigroup Inc. 1.96 5/15/2018 720,105 723,975 500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 580,862 600,000 CVS Caremark Corporation 6.60 3/15/2019 716,418 700,551 800,000 Daimler Finance North America LLC 1.88 1/11/2018 806,400 809,677 800,000 Detroit Edison Company, (The) 2.65 6/15/2022 808,080 802,209 1,300,000 Duke Energy Ohio, Inc. 5.45 4/1/2019 1,569,932 1,475,386 700,000 Eli Lilly and Company 7.13 6/1/2025 908,173 942,434 1,000,000 Ensco PLC 5.20 3/15/2025 996,220 1,030,812 1,000,000 Exxon Mobil Corporation 2.71 3/6/2025 1,000,000 1,005,314 600,000 Dollar General Corporation 4.13 7/15/2017 613,500 630,030 8,000,000 Federal Home Loan Mortgage Corporation 0.50 5/13/2016 8,013,840 8,009,184 3,600,000 Federal Home Loan Mortgage Corporation 0.88 5/21/2018 3,475,080 3,582,853 1,250,000 Federal National Mortgage Association 1.63 10/26/2015 1,263,046 1,259,204 1,200,000 Federal National Mortgage Association 5.38 6/12/2017 1,417,896 1,316,015 5,000,000 Federal National Mortgage Association 1.00 9/27/2017 4,982,510 5,026,765 1,100,000 Fifth Third Bank 1.15 11/18/2016 1,103,652 1,101,537 500,000 Ford Motor Credit Company LLC 5.88 8/2/2021 572,330 584,261 600,000 Franklin Resources, Inc. 4.63 5/20/2020 618,708 669,900 1,500,000 General Electric Capital Corporation 1.27 3/15/2023 1,500,000 1,515,711 690,000 General Electric Capital Corporation 4.63 1/7/2021 781,333 774,925 600,000 General Motors Company 3.50 10/2/2018 600,000 617,418 800,000 Goldman Sachs Group, Inc., (The) 1.48 4/30/2018 806,216 811,754 500,000 Goldman Sachs Group, Inc., (The) 5.75 1/24/2022 505,675 580,255 1,114,000 Hartford Financial Services Group, I, (The) 5.50 10/15/2016 1,187,457 1,182,748 900,000 HSBC Bank PLC 0.90 5/15/2018 903,582 904,035 700,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 701,015 727,127 1,000,000 Intercontinental Exchange, Inc. 2.50 10/15/2018 999,110 1,029,573 1,200,000 International Business Machines Corporation 0.63 2/12/2019 1,200,000 1,206,257 600,000 Interpublic Group of Companies, Inc., (The) 4.20 4/15/2024 600,822 630,788 800,000 JPMorgan Chase & Co. 6.30 4/23/2019 878,548 923,844 1,500,000 JPMorgan Chase & Co. 1.18 1/25/2018 1,500,000 1,514,595 1,000,000 KeyBank National Association 1.65 2/1/2018 970,960 1,003,903 400,000 Kohl's Corporation 4.00 11/1/2021 427,968 426,778 600,000 Lowe's Companies, Inc. 0.69 9/10/2019 600,000 602,287 2,000,000 Lubrizol Corporation, (The) 8.88 2/1/2019 2,767,540 2,485,282 1,000,000 Marriott International, Inc. 3.00 3/1/2019 1,016,820 1,030,203 150,000 Masco Corporation 5.95 3/15/2022 169,125 168,750 900,000 Merck & Co., Inc. 0.62 5/18/2018 901,827 904,063 750,000 MetLife, Inc. 1.76 12/15/2017 740,220 759,481 400,000 Mid-America Apartments, L.P. 5.50 10/1/2015 416,636 407,495 500,000 Mizuho Bank, Ltd. 1.55 10/17/2017 499,385 499,292 500,000 Morgan Stanley 6.63 4/1/2018 597,080 566,408 650,000 National Bank of Canada 1.45 11/7/2017 636,019 649,394 800,000 National Rural Utilities Cooperative Finance 10.38 11/1/2018 1,077,560 1,033,370 500,000 Nissan Motor Acceptance Corporation 1.80 3/15/2018 505,230 503,990 1,300,000 Nordic Investment Bank 2.25 9/30/2021 1,295,216 1,332,620 800,000 Norsk Hydro ASA 6.70 1/15/2018 933,096 909,115 740,000 Northern Trust Company, (The) 6.50 8/15/2018 832,056 853,213 405,000 Occidental Petroleum Corporation 2.50 2/1/2016 425,307 410,495 700,000 Omnicom Group Inc. 5.90 4/15/2016 715,612 732,389 1,400,000 Ontario, Government of 1.65 9/27/2019 1,404,284 1,405,901 400,000 PACCAR Financial Corp. 0.53 2/8/2016 400,000 400,727 300,000 Pentair Finance S.A. 2.65 12/1/2019 289,845 299,396 600,000 PNC Bank, National Association 0.62 12/15/2016 591,288 597,901 1,000,000 Principal Life Global Funding II 1.20 5/19/2017 1,000,500 1,002,654 1,000,000 Procter & Gamble Company, (The) 8.00 9/1/2024 1,502,460 1,393,435 1,500,000 Prudential Insurance Company of America, (The) 8.10 7/15/2015 1,678,665 1,521,123 600,000 Regions Financial Corporation 5.75 6/15/2015 622,095 603,418 531,000 Roche Holdings, Inc. 6.00 3/1/2019 661,472 612,310 1,200,000 Royal Bank of Canada 1.50 1/16/2018 1,205,148 1,205,102 600,000 Ryder System Inc 2.35 2/26/2019 599,334 603,462 600,000 SCANA Corporation 4.75 5/15/2021 656,202 650,611 260,000 Seagate HDD Cayman 4.75 6/1/2023 265,200 272,768 1,100,000 Shell International Finance B.V. 5.20 3/22/2017 1,194,127 1,188,898 600,000 Southwestern Energy Company 7.50 2/1/2018 740,652 677,990 1,000,000 Sumitomo Mitsui Trust Bank, Limited 2.95 9/14/2018 997,980 1,033,539 700,000 Thermo Fisher Scientific Inc. 3.60 8/15/2021 715,291 733,131 500,000 Time Warner Inc 6.88 6/15/2018 455,905 577,517 600,000 Toll Brothers Finance Corp. 8.91 10/15/2017 695,250 690,000 900,000 Toronto-Dominion Bank, (The) 0.83 4/30/2018 901,488 905,058 1,000,000 Total Capital International 3.70 1/15/2024 988,380 1,060,597 500,000 Toyota Motor Credit Corporation 3.20 6/17/2015 511,585 501,836

STABLE VALUE INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

Bonds, continued 500,000 UBS AG 5.88 12/20/2017 597,290 554,067 2,650,000 United States Treasury Notes 1.00 12/15/2017 2,653,247 2,662,423 700,000 United States Treasury Notes 1.38 2/29/2020 693,219 698,359 11,000,000 United States Treasury Notes 1.75 9/30/2019 11,262,109 11,184,767 7,200,000 United States Treasury Notes 2.38 8/15/2024 7,419,332 7,416,000 14,425,000 United States Treasury Notes 1.38 3/31/2020 14,490,421 14,378,797 750,000 Union Bank, National Association 2.13 6/16/2017 751,605 761,942 550,000 Verisk Analytics, Inc. 4.13 9/12/2022 567,188 570,799 1,300,000 Voya Financial, Inc. 5.50 7/15/2022 1,485,861 1,494,704 1,000,000 VW Credit Inc Corp 2.25 3/23/2018 1,020,330 1,017,634 600,000 Weatherford International Ltd. 4.50 4/15/2022 546,318 576,748 900,000 Wells Fargo & Company 0.91 4/23/2018 900,000 907,140 700,000 Wm. Wrigley Jr. Company 2.90 10/21/2019 698,320 722,044 750,000 Zions Bancorporation 4.50 3/27/2017 796,508 786,047 Total Bonds $ 137,949,996 $ 137,935,810

Asset-Backed Securities 721,614 M&T Bank Auto Receivables Trust 0 1.06 11/15/2017 723,306 723,589 1,100,000 Volkswagen Auto Loan Enhanced Trust 0.53 7/20/2017 1,099,441 1,099,919 Total Asset-Backed Securities $ 1,822,747 $ 1,823,508

Mortgage-Backed Securities 434,629 Bank of America Mortgage Securities, Inc. 2.66 12/25/2034 435,733 429,081 92,711 Federal National Mortgage Association Pass-Through Trust 2.38 2/1/2034 93,037 98,665 567,001 First Horizon Mortgage Pass-Through Trust 2.66 6/25/2035 573,565 522,374 863,482 JP Morgan Mortgage Trust 2.65 8/25/2035 866,046 857,310 705,489 Structured Adjustable Rate Mortgage Loan 2.49 2/25/2035 716,697 702,608 752,392 Wachovia Bank Commercial Mortgage Trust 5.42 1/15/2045 789,893 762,595 800,000 Morgan Stanley Capital I Inc. 5.16 10/12/2052 831,938 808,593 900,000 WFRBS Commercial Mortgage Trust 2.86 3/15/2047 937,371 935,828 Total Mortgage-Backed Securities $ 5,244,280 $ 5,117,054 Adjustment to Contract Value - 140,651 TOTAL CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 145,017,023 $ 144,876,372 TOTAL STABLE VALUE INVESTMENTS $ 203,388,826 $ 203,248,175

STABLE VALUE INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

SHORT-TERM INVESTMENTS MFB NI Treasury Money Market Fund $ 95,647,004 $ 95,647,004 TOTAL SHORT-TERM INVESTMENTS $ 95,647,004 $ 95,647,004

FIXED-INCOME INVESTMENTS CORPORATE BONDS 2,800,000 21St Century Fox America, Inc. 7.43 10/1/2026$ 2,874,088 $ 3,503,842 5,700,000 Abbey National Treasury Services PLC 4.00 4/27/2016 5,881,602 5,876,244 3,700,000 Affiliated Managers Group, Inc. 4.25 2/15/2024 3,680,546 3,909,191 734,000 Agilent Technologies, Inc. 6.50 11/1/2017 837,234 816,115 3,600,000 Ally Financial Inc. 2.75 1/30/2017 3,615,750 3,587,400 4,000,000 Altera Corporation 2.50 11/15/2018 3,980,160 4,072,756 5,100,000 America Movil SAB DE CV 2.38 9/8/2016 5,038,908 5,181,243 3,900,000 American Express Bank, FSB. 6.00 9/13/2017 4,512,027 4,309,582 4,100,000 American Express Bank, FSB. 0.48 6/12/2017 4,070,029 4,091,447 3,900,000 American International Group, Inc. 5.85 1/16/2018 4,585,113 4,345,201 1,600,000 American Tower Corporation 7.25 5/15/2019 1,989,248 1,863,253 3,400,000 Ameriprise Financial, Inc. 5.30 3/15/2020 3,440,555 3,903,142 500,000 Apple Inc. 0.50 5/3/2018 500,000 501,487 4,900,000 Apple Inc. 2.40 5/3/2023 4,855,851 4,772,208 3,000,000 Ashland Inc. 3.00 3/15/2016 3,019,531 3,020,625 2,400,000 AstraZeneca PLC 6.45 9/15/2037 3,281,952 3,215,798 5,000,000 AT&T Inc. 1.00 5/15/2046 4,994,940 4,888,180 3,500,000 Atlas Copco Aktiebolag 5.60 5/22/2017 3,969,665 3,800,965 3,500,000 AutoZone, Inc. 2.50 4/15/2021 3,509,930 3,491,821 3,500,000 Bank of America Corporation 3.30 1/11/2023 3,480,540 3,507,956 4,500,000 Bank of America Corporation 1.34 3/22/2018 4,500,000 4,556,241 5,400,000 Bank of Nova Scotia, (The) 1.45 4/25/2018 5,388,336 5,399,406 4,000,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 1.65 2/26/2018 3,994,120 3,997,240 7,100,000 Banque Europeenne D'investissement (BEI) 2.50 10/15/2024 7,041,567 7,329,486 3,100,000 BB&T Corporation 1.13 6/15/2018 3,100,000 3,128,501 5,200,000 Berkshire Hathaway Energy Company 6.13 4/1/2036 5,833,672 6,650,894 3,900,000 Bestfoods 6.63 4/15/2028 5,224,791 5,161,798 7,000,000 BlackRock, Inc. 4.25 5/24/2021 7,546,070 7,797,377 4,200,000 Blackstone Group L.P., (The) 6.63 8/15/2019 4,214,662 4,922,245 3,500,000 Boston Scientific Corporation 2.65 10/1/2018 3,498,390 3,568,268 4,300,000 Burlington Northern Santa FE, LLC 6.75 3/15/2029 5,312,005 5,518,857 4,700,000 Capital One Bank 1.20 2/13/2017 4,698,073 4,685,378 4,000,000 Cardinal Health, Inc. 4.63 12/15/2020 3,984,840 4,466,160 4,200,000 CBS Corporation 6.25 4/30/2016 4,934,790 4,423,230 3,400,000 Celgene Corporation 2.45 10/15/2015 3,395,036 3,425,932 2,800,000 CF Industries, Inc. 6.88 5/1/2018 3,143,000 3,188,531 3,600,000 Chesapeake Energy Corporation 6.63 8/15/2020 3,891,800 3,708,000 5,800,000 Chevron Corporation 0.79 3/3/2022 5,821,296 5,811,478 5,500,000 Cigna Corporation 5.38 3/15/2017 6,181,175 5,916,202 5,700,000 Cisco Systems, Inc. 0.76 3/1/2019 5,725,593 5,755,974 3,500,000 CIT Group Inc. 5.00 5/15/2017 3,657,500 3,622,500 3,600,000 Citigroup Inc. 1.96 5/15/2018 3,692,844 3,712,691 3,200,000 CMS Energy Corporation 6.55 7/17/2017 3,648,448 3,553,382 4,000,000 Comcast Corporation 9.46 11/15/2022 5,700,880 5,774,904 3,665,000 ConocoPhillips 7.80 1/1/2027 5,039,544 5,015,739 3,500,000 Coventry Health Care, Inc. 5.45 6/15/2021 3,514,756 4,066,031 4,000,000 CVS Health Corp. 6.60 3/15/2019 4,821,536 4,670,340 4,300,000 Daimler Finance North America LLC 1.88 1/11/2018 4,334,400 4,352,013 4,000,000 Deutsche Bank Aktiengesellschaft 6.00 9/1/2017 4,618,360 4,390,092 3,900,000 Deutsche Telekom International Finance B 6.75 8/20/2018 4,653,675 4,523,173 2,800,000 Diamond Offshore Drilling, Inc. 5.88 5/1/2019 2,795,828 3,156,336 1,600,000 Discover Financial Services 3.75 3/4/2025 1,598,144 1,599,827 3,500,000 Discover Financial Services 6.45 6/12/2017 3,502,170 3,845,121 3,500,000 Dollar General Corporation 4.13 7/15/2017 3,578,750 3,675,175 4,800,000 Dr Pepper Snapple Group, Inc. 2.90 1/15/2016 4,993,728 4,867,190 4,100,000 DTE Electric Company 2.65 6/15/2022 4,141,410 4,111,320 4,500,000 Duke Energy Ohio, Inc. 5.45 4/1/2019 5,434,380 5,107,104 3,900,000 Eaton Vance Corp. 3.63 6/15/2023 3,881,280 4,024,297 4,100,000 Ensco PLC 5.75 10/1/2044 4,011,860 4,044,953 3,800,000 Exelon Generation Company, LLC 6.20 10/1/2017 3,790,728 4,189,169 5,700,000 Exxon Mobil Corporation 3.57 3/6/2045 5,700,000 5,706,310 3,900,000 Federal Home Loan Mortgage Corp 6.25 7/15/2032 5,172,514 5,602,315 5,700,000 Fifth Third Bank 1.15 11/18/2016 5,718,924 5,707,963 3,500,000 Ford Motor Credit Company LLC 5.88 8/2/2021 4,006,310 4,089,827 3,400,000 Franklin Resources, Inc. 4.63 5/20/2020 3,506,012 3,796,100 2,012,000 Freeport-McMoRan Oil & Gas LLC 6.50 11/15/2020 2,238,350 2,137,649 4,700,000 Gap, Inc., (The) 5.95 4/12/2021 5,390,759 5,429,985 9,000,000 General Electric Capital Corporation 1.27 3/15/2023 9,000,000 9,094,266 4,580,000 General Electric Capital Corporation 4.63 1/7/2021 5,186,247 5,143,706

FIXED INCOME INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

CORPORATE BONDS, continued 3,500,000 General Motors Company 3.50 10/2/2018 3,500,000 3,601,605 4,800,000 Goldman Sachs Group, Inc., (The) 1.48 4/30/2018 4,837,296 4,870,522 3,500,000 Goldman Sachs Group, Inc., (The) 5.75 1/24/2022 3,539,725 4,061,782 4,800,000 GTE Corporation 6.94 4/15/2028 5,443,296 6,077,501 4,000,000 Harley-Davidson Funding Corp. 6.80 6/15/2018 4,767,600 4,619,176 4,200,000 Hartford Financial Services Group, I, (The) 5.50 10/15/2016 4,476,948 4,459,195 4,100,000 Hess Corporation 7.30 8/15/2031 5,166,451 5,114,750 4,800,000 HSBC Bank PLC 0.90 5/15/2018 4,819,104 4,821,518 4,500,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 4,502,835 4,674,389 4,800,000 International Business Machines Corporation 0.63 2/12/2019 4,800,000 4,825,027 5,000,000 International Business Machines Corporation 6.22 8/1/2027 5,172,657 6,383,910 3,400,000 Interpublic Group of Companies, Inc., (The) 4.20 4/15/2024 3,394,908 3,574,468 6,300,000 Johnson & Johnson 4.38 12/5/2033 6,718,824 7,114,735 9,000,000 JPMorgan Chase & Co. 1.18 1/25/2018 9,000,000 9,087,570 3,500,000 JPMorgan Chase & Co. 6.30 4/23/2019 3,877,125 4,041,818 4,000,000 KeyBank National Association 1.65 2/1/2018 3,883,840 4,015,612 2,100,000 Kohl's Corporation 4.00 11/1/2021 2,246,832 2,240,582 3,000,000 Kroger Co., (The) 6.15 1/15/2020 3,163,510 3,507,756 1,750,000 Kroger Co., (The) 6.40 8/15/2017 1,752,070 1,943,685 3,180,000 Loews Corporation 4.13 5/15/2043 3,133,856 3,089,469 3,500,000 Lowe's Companies, Inc. 0.69 9/10/2019 3,500,000 3,513,339 6,500,000 Lubrizol Corporation, (The) 8.88 2/1/2019 8,994,505 8,077,167 4,000,000 Marriott International, Inc. 3.00 3/1/2019 4,067,280 4,120,812 5,000,000 Marsh & McLennan Companies, Inc. 2.55 10/15/2018 5,081,600 5,131,885 1,100,000 Masco Corporation 5.95 3/15/2022 1,240,250 1,237,500 2,100,000 McKesson Corporation 5.70 3/1/2017 2,371,467 2,267,948 4,800,000 Merck & Co., Inc. 0.62 5/18/2018 4,809,744 4,821,667 1,010,000 MetLife, Inc. 1.76 12/15/2017 996,830 1,022,767 2,900,000 Mid-America Apartments, L.P. 5.50 10/1/2015 3,020,611 2,954,337 4,000,000 Mizuho Bank, Ltd. 1.55 10/17/2017 3,995,080 3,994,336 4,100,000 Mohawk Industries, Inc. 3.85 2/1/2023 4,035,928 4,186,768 3,500,000 Morgan Stanley 6.63 4/1/2018 4,179,560 3,964,856 2,075,000 MUFG Union Bank, National Association 2.13 6/16/2017 2,093,233 2,108,040 3,500,000 National Bank of Canada 1.45 11/7/2017 3,424,715 3,496,738 4,300,000 National Rural Utilities Cooperative Finance 10.38 11/1/2018 5,791,885 5,554,366 2,300,000 NBCUniversal Media, LLC 0.96 4/15/2018 2,301,725 2,316,422 3,720,000 New York Life Insurance Co 5.88 5/15/2033 3,662,281 4,598,523 3,500,000 Nissan Motor Acceptance Corporation 1.80 3/15/2018 3,536,610 3,527,927 7,100,000 Nordic Investment Bank 2.25 9/30/2021 7,073,872 7,278,153 4,200,000 Norsk Hydro ASA 6.70 1/15/2018 4,898,754 4,772,855 4,000,000 Northern Trust Company, (The) 6.50 8/15/2018 4,497,600 4,611,964 3,750,000 Owens Corning 4.20 12/15/2022 3,766,673 3,888,026 2,000,000 PACCAR Financial Corp. 0.53 2/8/2016 2,000,000 2,003,636 1,400,000 Pentair Finance S.A. 2.65 12/1/2019 1,352,610 1,397,179 3,700,000 Pepsi Bottling Group, Inc., (The) 7.00 3/1/2029 5,171,591 5,201,397 1,600,000 Petroleos Mexicanos 3.13 1/23/2019 1,600,000 1,632,000 3,500,000 PNC Bank, National Association 0.62 12/15/2016 3,449,180 3,487,757 1,600,000 PNC Financial Services Group, Inc., (The) 2.85 11/9/2022 1,676,793 1,604,099 2,500,000 Procter & Gamble Company, (The) 6.45 1/15/2026 2,638,775 3,293,123 3,200,000 Procter & Gamble Company, (The) 8.00 9/1/2024 4,807,872 4,458,992 3,900,000 Prudential Insurance Company of America, (The) 8.10 7/15/2015 4,364,529 3,954,920 3,900,000 Regions Financial Corporation 2.00 5/15/2018 3,887,316 3,887,044 1,500,000 Regions Financial Corporation 5.75 6/15/2015 1,483,230 1,508,544 3,900,000 Republic Services, Inc. 5.00 3/1/2020 4,303,845 4,343,461 1,996,000 Roche Holdings, Inc. 6.00 3/1/2019 2,486,437 2,301,640 3,800,000 Roper Technologies, Inc. 2.05 10/1/2018 3,792,058 3,823,849 8,500,000 Royal Bank of Canada 1.50 1/16/2018 8,536,465 8,536,142 3,400,000 Ryder System, Inc. 2.35 2/26/2019 3,396,226 3,419,618 3,400,000 SCANA Corporation 4.75 5/15/2021 3,718,478 3,686,793 1,440,000 Seagate HDD Cayman 4.75 6/1/2023 1,468,800 1,510,713 3,400,000 Southwestern Energy Company 7.50 2/1/2018 4,197,028 3,841,946 3,000,000 Sumitomo Mitsui Trust Bank, Limited 2.95 9/14/2018 2,993,940 3,100,617 3,900,000 SunTrust , Inc. 3.50 1/20/2017 4,220,190 4,044,671 2,400,000 Thermo Fisher Scientific Inc. 3.60 8/15/2021 2,450,607 2,513,592 2,300,000 Thomson Reuters Corporation 0.88 5/23/2016 2,293,836 2,298,843 3,600,000 Toll Brothers Finance Corp. 8.91 10/15/2017 4,171,500 4,140,000 3,700,000 Toronto-Dominion Bank, (The) 0.83 4/30/2018 3,701,736 3,720,794 5,000,000 Total Capital International 3.70 1/15/2024 4,941,900 5,302,985 3,500,000 UBS AG 5.88 12/20/2017 4,181,030 3,878,469 2,400,000 United Parcel Service of America, Inc. 8.38 4/1/2020 3,203,256 3,097,447 4,000,000 Unum Group 7.13 9/30/2016 4,000,000 4,317,076 3,044,000 Verisk Analytics, Inc. 4.13 9/12/2022 3,139,125 3,159,112 4,100,000 Verizon Communications, Inc. 6.55 9/15/2043 5,556,812 5,129,982 4,100,000 Vodafone Group Public Limited Company 7.88 2/15/2030 5,381,373 5,589,091 4,500,000 Voya Financial, Inc. 5.50 7/15/2022 5,143,365 5,173,974

FIXED INCOME INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

CORPORATE BONDS, continued 5,200,000 VW Credit Inc. 2.25 3/23/2018 5,305,716 5,291,697 3,000,000 Wal-Mart Stores, Inc. 5.25 9/1/2035 3,534,240 3,635,499 4,500,000 Walt Disney Company, (The) 7.00 3/1/2032 5,817,419 6,399,477 4,100,000 Weatherford International Ltd. 5.95 4/15/2042 4,500,529 3,737,187 4,900,000 Wells Fargo & Company 0.91 4/23/2018 4,900,000 4,938,872 4,300,000 WM. Wrigley Jr. Company 2.90 10/21/2019 4,289,680 4,435,411 2,240,000 Zions Bancorporation 4.50 3/27/2017 2,378,902 2,347,661 TOTAL CORPORATE BONDS $ 622,849,691 $ 630,795,908

UNITED STATES GOVERNMENT BONDS 650,000 United States Treasury Bills 0.01 10/9/2014 649,994 649,999 30,110,000 United States Treasury Bond 3.50 2/15/2039 32,486,679 34,443,010 800,000 United States Treasury Bond 2.88 5/15/2043 693,432 819,687 23,650,000 United States Treasury Bond 3.38 5/15/2044 26,407,897 26,661,686 15,400,000 United States Treasury Note 1.00 12/15/2017 15,423,424 15,472,195 6,800,000 United States Treasury Note 1.38 2/29/2020 6,734,359 6,784,061 45,525,000 United States Treasury Note 1.38 3/31/2020 45,672,529 45,379,183 5,100,000 United States Treasury - STRIPS 4.01 5/15/2015 5,090,149 5,099,898 5,100,000 United States Treasury - STRIPS 4.01 8/15/2015 5,029,583 5,099,133 5,100,000 United States Treasury - STRIPS 4.09 11/15/2015 4,971,106 5,095,818 4,900,000 United States Treasury - STRIPS 4.13 2/15/2016 4,719,833 4,891,719 4,900,000 United States Treasury - STRIPS 4.17 5/15/2016 4,662,941 4,885,790 4,900,000 United States Treasury - STRIPS 4.17 8/15/2016 4,608,238 4,877,705 4,900,000 United States Treasury - STRIPS 4.22 11/15/2016 4,552,314 4,864,720 4,700,000 United States Treasury - STRIPS 4.23 2/15/2017 4,314,959 4,650,871 4,700,000 United States Treasury - STRIPS 4.29 5/15/2017 4,262,109 4,646,138 4,700,000 United States Treasury - STRIPS 4.31 8/15/2017 4,212,119 4,620,015 4,700,000 United States Treasury - STRIPS 4.32 11/15/2017 4,161,758 4,600,111 4,500,000 United States Treasury - STRIPS 4.40 2/15/2018 3,934,780 4,385,741 4,500,000 United States Treasury - STRIPS 4.41 5/15/2018 3,887,458 4,367,232 4,500,000 United States Treasury - STRIPS 4.42 8/15/2018 3,841,691 4,341,632 4,500,000 United States Treasury - STRIPS 4.88 11/15/2018 3,795,106 4,314,960 4,300,000 United States Treasury - STRIPS 4.90 2/15/2019 3,579,865 4,103,834 4,300,000 United States Treasury - STRIPS 4.90 5/15/2019 3,536,718 4,072,272 4,300,000 United States Treasury - STRIPS 4.89 8/15/2019 3,495,142 4,047,100 4,300,000 United States Treasury - STRIPS 4.84 11/15/2019 3,453,638 4,014,037 4,100,000 United States Treasury - STRIPS 4.90 2/15/2020 3,251,575 3,808,449 4,100,000 United States Treasury - STRIPS 4.92 5/15/2020 3,210,193 3,777,982 4,100,000 United States Treasury - STRIPS 4.91 8/15/2020 3,171,800 3,756,506 4,100,000 United States Treasury - STRIPS 4.84 11/15/2020 3,135,241 3,730,590 3,900,000 United States Treasury - STRIPS 4.90 2/15/2021 2,946,870 3,521,326 3,900,000 United States Treasury - STRIPS 4.92 5/15/2021 2,908,451 3,488,304 3,900,000 United States Treasury - STRIPS 4.91 8/15/2021 2,874,683 3,464,397 3,900,000 United States Treasury - STRIPS 4.92 11/15/2021 2,839,584 3,440,373 3,700,000 United States Treasury - STRIPS 4.84 2/15/2022 2,666,361 3,240,434 3,700,000 United States Treasury - STRIPS 4.84 5/15/2022 2,634,784 3,220,425 3,700,000 United States Treasury - STRIPS 4.89 8/15/2022 2,602,808 3,228,731 3,700,000 United States Treasury - STRIPS 4.90 11/15/2022 2,570,110 3,208,418 3,500,000 United States Treasury - STRIPS 4.89 2/15/2023 2,402,519 3,007,620 3,500,000 United States Treasury - STRIPS 4.84 5/15/2023 2,374,986 2,961,060 3,500,000 United States Treasury - STRIPS 4.89 8/15/2023 2,345,222 2,936,276 3,500,000 United States Treasury - STRIPS 4.90 11/15/2023 2,316,468 2,914,373 3,300,000 United States Treasury - STRIPS 4.89 2/15/2024 2,159,378 2,728,625 3,300,000 United States Treasury - STRIPS 4.84 5/15/2024 2,136,646 2,708,099 3,300,000 United States Treasury - STRIPS 4.84 8/15/2024 2,111,733 2,688,388 3,300,000 United States Treasury - STRIPS 4.88 11/15/2024 2,083,436 2,666,545 3,100,000 United States Treasury - STRIPS 4.84 2/15/2025 1,934,808 2,487,136 3,100,000 United States Treasury - STRIPS 4.84 5/15/2025 1,911,940 2,466,310 3,100,000 United States Treasury - STRIPS 4.85 8/15/2025 1,894,018 2,474,389 3,100,000 United States Treasury - STRIPS 4.84 11/15/2025 1,871,283 2,427,982 2,900,000 United States Treasury - STRIPS 4.83 2/15/2026 1,733,541 2,280,270 2,900,000 United States Treasury - STRIPS 4.85 5/15/2026 1,709,581 2,232,948 2,900,000 United States Treasury - STRIPS 4.83 8/15/2026 1,691,763 2,247,471 2,900,000 United States Treasury - STRIPS 4.83 11/15/2026 1,672,889 2,226,130 2,700,000 United States Treasury - STRIPS 4.82 2/15/2027 1,541,041 2,054,093 2,700,000 United States Treasury - STRIPS 4.84 5/15/2027 1,521,259 2,008,684 2,700,000 United States Treasury - STRIPS 4.82 8/15/2027 1,504,821 2,020,572 2,700,000 United States Treasury - STRIPS 4.81 11/15/2027 1,488,178 2,004,666 400,000 United States Treasury - STRIPS 4.84 2/15/2028 218,106 290,500

FIXED INCOME INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

US GOVERNMENT BONDS, continued 400,000 United States Treasury - STRIPS 4.84 5/15/2028 215,294 288,015 400,000 United States Treasury - STRIPS 4.79 8/15/2028 213,272 290,036 400,000 United States Treasury - STRIPS 4.84 11/15/2028 210,795 283,196 650,000 United States Treasury - STRIPS 4.79 2/15/2029 338,607 462,544 550,000 United States Treasury - STRIPS 4.84 5/15/2029 283,456 382,547 6,000,000 United States Treasury - STRIPS 4.84 8/15/2029 3,055,445 4,204,200 400,000 United States Treasury - STRIPS 4.23 2/15/2030 200,323 270,818 400,000 United States Treasury - STRIPS 4.29 5/15/2030 198,024 268,948 400,000 United States Treasury - STRIPS 4.32 8/15/2030 195,989 267,069 400,000 United States Treasury - STRIPS 4.37 11/15/2030 193,816 265,056 350,000 United States Treasury - STRIPS 4.40 2/15/2031 167,794 234,609 350,000 United States Treasury - STRIPS 4.43 5/15/2031 166,138 227,789 350,000 United States Treasury - STRIPS 4.49 8/15/2031 164,195 226,207 350,000 United States Treasury - STRIPS 4.55 11/15/2031 162,322 223,479 300,000 United States Treasury - STRIPS 4.49 2/15/2032 138,412 189,954 300,000 United States Treasury - STRIPS 4.54 5/15/2032 136,848 188,687 300,000 United States Treasury - STRIPS 4.60 8/15/2032 135,261 186,844 300,000 United States Treasury - STRIPS 4.66 11/15/2032 133,730 185,174 300,000 United States Treasury - STRIPS 4.66 2/15/2033 132,642 183,690 300,000 United States Treasury - STRIPS 4.72 5/15/2033 131,148 182,157 300,000 United States Treasury - STRIPS 4.78 8/15/2033 129,635 180,653 300,000 United States Treasury - STRIPS 4.84 11/15/2033 128,174 179,590 300,000 United States Treasury - STRIPS 4.64 2/15/2034 126,810 177,704 300,000 United States Treasury - STRIPS 4.63 5/15/2034 125,501 175,830 300,000 United States Treasury - STRIPS 4.64 8/15/2034 123,939 174,281 300,000 United States Treasury - STRIPS 4.63 11/15/2034 122,662 174,016 200,000 United States Treasury - STRIPS 4.64 2/15/2035 80,677 114,608 200,000 United States Treasury - STRIPS 4.64 5/15/2035 79,768 113,661 200,000 United States Treasury - STRIPS 4.64 8/15/2035 78,848 113,211 200,000 United States Treasury - STRIPS 4.64 11/15/2035 77,960 111,888 200,000 United States Treasury - STRIPS 4.66 2/15/2036 76,824 114,652 200,000 United States Treasury - STRIPS 4.64 5/15/2036 76,193 109,998 200,000 United States Treasury - STRIPS 4.64 8/15/2036 75,313 109,344 200,000 United States Treasury - STRIPS 4.64 11/15/2036 74,465 108,446 350,000 United States Treasury - STRIPS 4.64 2/15/2037 128,673 194,296 350,000 United States Treasury - STRIPS 4.65 5/15/2037 127,222 191,255 TOTAL UNITED STATES GOVERNMENT BONDS $ 289,820,072 $ 320,261,071 TOTAL BONDS $ 912,669,763 $ 951,056,979

BOND FUNDS 5,927,569 Ashmore Emerging Markets Total Return Fund$ 53,521,724 $ 49,673,034 5,103,822 Neuberger Berman High Income Bond Fund 46,744,816 46,444,786 641,100 Neuberger Berman High Income Fund LLC 25,000,000 25,914,615 2,774,372 Stone Harbor Emerging Markets Local Currency Debt Fund 28,561,172 23,831,852 6,814,026 Western Asset Floating Rate High Income Fund, LLC 119,931,199 132,123,972 TOTAL BOND FUNDS $ 273,758,911 $ 277,988,259

ASSET-BACKED SECURITIES 4,089,148 M&T Bank Auto Receivables Trust 1.06 11/15/2017 4,098,732 4,100,340 5,700,000 Volkswagen Auto Loan Enhanced Trust 0.53 7/20/2017 5,697,105 5,699,578 TOTAL ASSET-BACKED SECURITIES $ 9,795,837 $ 9,799,918

MORTGAGE-BACKED SECURITIES 2,535,338 Bank of America Mortgage Securities, Inc. 2004-K 2A1 2.75 12/25/2034$ 2,541,775 $ 2,502,974 613,288 Federal National Mortgage Association Pass-Through Trust 769,518 2.38 2/1/2034 615,444 652,671 3,307,504 Federal Horizon Mortgage Pass-Through Trust 2005-AR2 2A1 2.56 6/25/2035 3,345,747 3,047,184 5,612,634 JP Morgan Mortgage Trust 2005-A5 1A2 2.86 8/25/2035 5,629,296 5,572,515 4,115,351 Structured Adjustable Rate Mortgage Loan Trust 2005-1 2.51 2/25/2035 4,177,724 4,098,548 3,187,055 Wachovia Bank Commercial Mortgage Trust 5.42 1/15/2045 3,345,906 3,230,274 4,200,000 Morgan Stanley Capital I Inc. 5.16 1/16/2045 4,367,672 4,245,112 5,100,000 WFRBS Commercial Mortgage 2.86 3/15/2047 5,311,770 5,303,026 TOTAL MORTGAGE-BACKED SECURITIES $ 29,335,334 $ 28,652,304 TOTAL FIXED-INCOME INVESTMENTS $ 1,225,559,845.20 $ 1,267,497,460.00

FIXED INCOME INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS 30,142 2U Inc. $ 555,315 $ 802,079 108,900 3i Group plc 528,318 847,638 28,125 3M Company 2,759,970 4,398,469 405 A.P. Moller - Maersk A/S 914,895 803,311 36,100 Abbott Laboratories 1,088,393 1,675,762 43,100 AbbVie Inc. 1,560,850 2,786,846 11,518 ABIOMED, Inc. 285,867 728,168 25,194 ABM Industries Incorporated 706,281 807,468 69,725 Accenture Public Limited Company 4,453,459 6,460,021 9,100 ACE Limited 647,371 973,609 78,300 ACEA S.p.A. 887,279 1,055,501 6,500 Ackermans en van Haaren 793,760 793,910 14,815 Actavis Public Limited Company 1,945,152 4,190,571 28,100 Adidas AG 2,064,021 2,311,809 9,800 Adobe Systems Incorporated 343,632 745,388 7,050 ADT Corp. 245,292 265,080 20,308 Aetna Inc. 1,091,707 2,170,316 8,080 Affiliated Managers Group, Inc. 1,206,456 1,827,130 9,300 AFLAC Incorporated 497,668 586,272 176,300 Agfa-Gevaert N.V. 519,677 442,124 28,731 Aggreko PLC 718,662 728,956 7,000 Agilent Technologies, Inc. 186,427 289,590 10,400 AGL Resources Inc. 483,556 522,808 543,600 AIA Group Limited 2,739,968 3,632,813 17,000 Air Liquide Finance 2,122,074 2,224,964 516,900 Air New Zealand Limited 994,276 1,062,563 4,300 Air Products and Chemicals, Inc. 404,233 616,749 1,400 Airgas, Inc. 97,922 141,792 20,800 Aisin Seiki Co., Ltd. 775,829 954,224 22,330 Akamai Technologies, Inc. 1,093,574 1,647,507 15,190 Akorn, Inc. 547,086 632,512 448,900 Alcoa Inc. 4,640,332 6,024,238 4,700 Alexion Pharmaceuticals, Inc. 528,935 795,381 18,126 Align Technology, Inc. 667,051 1,066,534 98,050 Allegheny Technologies Incorporated 2,767,966 3,332,720 1,966 Allegion Public Limited Company 53,786 120,221 1,700 Alliance Data Systems Corporation 438,778 505,427 28,800 Allstate Corporation, (The) 1,153,271 2,006,208 6,500 Altera Corporation 217,928 270,920 42,000 Altria Group, Inc. 1,270,002 2,102,100 15,474 Amazon.com, Inc. 3,956,594 6,526,624 9,700 AMC Networks Inc. 442,308 731,768 36,472 Amec Foster Wheeler PLC 465,300 509,879 9,800 Ameren Corporation 335,211 401,212 21,800 American Airlines, Inc. 1,185,440 1,052,613 19,600 American Electric Power Company, Inc. 921,574 1,114,652 56,575 American Express Company 3,010,529 4,381,734 28,600 American International Group, Inc. 979,205 1,609,894 13,800 American Tower Corporation 1,002,548 1,304,514 7,800 Ameriprise Financial, Inc. 461,062 977,184 50,425 AmerisourceBergen Corporation 2,343,214 5,763,578 5,200 AMETEK, Inc. 239,184 272,584 18,705 Amgen Inc. 1,377,701 2,953,707 59,001 Amphenol Corporation 1,820,332 3,266,885 10,500 Anadarko Petroleum Corporation 732,570 988,050 6,600 Analog Devices, Inc. 218,666 408,144 27,362 ANSYS, Inc. 1,749,558 2,348,754 16,600 Anthem, Inc. 1,381,663 2,505,438 7,200 Aon PLC 352,688 692,856 7,900 Apache Corporation 826,054 540,360

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 14,400 Apartment Investment and Management Company$ 484,344 $ 543,312 184,716 Apple Inc. 7,494,289 23,117,207 40,100 Applied Materials, Inc. 573,033 793,579 54,500 Applied Micro Circuits Corporation 489,292 292,665 28,100 Archer-Daniels-Midland Company 1,128,089 1,373,528 80,100 Array BioPharma Inc. 431,857 500,625 57,200 ARRIS Group, Inc. 947,856 1,926,210 11,693 ARYZTA AG 881,652 790,017 1,600 Assurant, Inc. 61,688 98,336 118,900 AT&T Inc. 3,524,963 4,118,696 22,900 Atlantia S.p.A. 582,772 645,107 176,500 Atmel Corporation 1,946,924 1,337,870 4,900 Autodesk, Inc. 172,715 278,467 20,500 Automatic Data Processing, Inc. 1,050,922 1,733,070 1,300 AutoNation, Inc. 54,602 80,015 1,200 AutoZone, Inc. 494,812 807,192 15,200 Avago Technologies Limited 1,184,764 1,776,576 6,900 AvalonBay Communities, Inc. 1,025,669 1,133,946 2,100 Avery Dennison Corporation 72,602 116,739 20,900 Avnet, Inc. 611,818 890,967 25,400 AXA 634,671 643,667 10,610 B/E Aerospace, Inc. 414,949 634,372 26,300 Babcock International Group PLC 496,156 407,803 8,900 Baker Hughes Incorporated 460,591 609,294 63,180 Ball Corporation 1,803,644 4,638,044 259,800 Bank of America Corporation 3,556,316 4,138,614 1,515,400 Bank of Ireland 609,466 585,838 144,550 Bank of New York Mellon Corporation, (The) 3,796,794 6,120,247 83,400 Barratt Developments P L C 545,952 665,817 9,400 BASF SE 783,250 942,508 11,200 Baxter International Inc. 621,502 769,888 7,658 Bayer Aktiengesellschaft 577,924 1,114,694 8,800 Bayerische Motoren Werke Aktiengesellsch 1,123,415 1,046,235 18,100 BB&T Corporation 502,663 693,049 8,465 Becton, Dickinson and Company 777,088 1,192,465 3,800 Bed Bath & Beyond Inc. 186,635 267,748 77,100 Belmond Ltd. 765,074 949,872 80,250 Berkshire Hathaway Inc. 7,056,646 11,332,103 20,700 Best Buy Co., Inc. 802,273 717,255 70,370 Big Lots, Inc. 1,542,937 3,206,761 5,000 Biogen Inc. 528,229 1,869,650 10,430 Bio-Techne Corporation 950,150 1,000,863 2,971 BlackRock, Inc. 706,078 1,081,266 16,400 Boeing Company, (The) 1,371,721 2,350,776 39,742 Booz Allen Hamilton Holding Corporation 959,775 1,092,905 4,900 BorgWarner Inc. 162,282 290,080 6,400 Boston Properties, Inc. 689,542 846,784 36,000 Boston Scientific Corporation 280,840 641,520 103,530 BOUSTEAD PROJECTS LIMITED 57,870 81,680 277,400 Boustead Singapore Limited 357,633 296,343 65,774 Bristol-Myers Squibb Company 2,927,430 4,191,777 29,400 Broadcom Corporation 1,221,748 1,299,627 26,130 Brookdale Senior Living Inc. 692,896 946,690 3,250 Brown-Forman Corporation 167,419 293,248 14,670 Brunswick Corporation 798,808 734,087 145,200 BT Group PLC 386,058 1,016,943 21,300 Bunzl Public Limited Company 602,779 601,956 77,200 Burberry Group PLC 2,218,202 2,069,031 28,700 Bureau Veritas - Registre International 665,002 676,159 10,600 C.H. Robinson Worldwide, Inc. 745,079 682,534 2,700 C.R. Bard, Inc. 287,436 449,766

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 6,700 CA, Inc. $ 142,394 $ 212,859 56,400 Cablevision Systems Corporation 1,204,419 1,126,872 8,700 Cabot Oil & Gas Corporation 155,235 294,234 68,123 CAE Inc. 826,026 845,406 57,800 Cameco Corporation 1,393,146 1,016,124 4,300 Cameron International Corporation 217,057 235,726 3,800 Campbell Soup Company 149,104 169,898 15,400 Canadian Natural Resources Limited 483,947 509,710 28,200 Canfor Corporation 597,240 556,666 17,100 Capital One Financial Corporation 959,711 1,382,535 16,300 Cardinal Health, Inc. 902,321 1,374,742 4,600 CarMax, Inc. 160,595 313,306 9,200 Carnival Corporation 365,735 404,524 10,810 Carrizo Oil & Gas, Inc. 526,881 602,441 16,800 Caterpillar Inc. 1,324,737 1,459,584 21,120 CBOE Holdings, Inc. 823,468 1,188,422 9,500 CBRE Group, Inc. 231,512 364,230 9,772 CBS Corporation 198,818 607,134 1 CDK Global, Inc. 17 48 17,900 Celanese Corporation 968,427 1,187,844 22,600 Celgene Corporation 1,276,958 2,442,156 9,300 CenterPoint Energy, Inc. 158,489 195,021 33,187 CenturyLink, Inc. 1,309,382 1,193,405 6,200 Cerner Corporation 186,566 445,222 1,000 CF Industries Holdings, Inc. 162,248 287,470 145,111 Charles Schwab Corporation, (The) 2,514,105 4,425,886 11,400 Chesapeake Energy Corporation 250,537 179,778 43,800 Chevron Corporation 3,603,480 4,864,428 179,500 China Mobile Limited 1,367,669 2,563,574 292,000 China Shenhua Energy Company Limited 1,009,654 759,087 700 Chipotle Mexican Grill, Inc. 262,523 434,938 15,054 Choice Hotels International, Inc. 800,945 901,283 13,846 Chr. Hansen Holding A/S 461,362 670,471 6,800 Chubb Corporation, (The) 449,687 668,780 30,100 CI Financial Corp. 970,004 881,194 16,100 Cigna Corporation 1,029,406 2,006,704 4,100 Cimarex Energy Co. 533,511 510,040 255,900 Cincinnati Bell Inc. 892,168 877,737 3,000 Cincinnati Financial Corporation 104,149 151,920 8,700 Cintas Corporation 421,383 695,565 111,500 Cisco Systems, Inc. 2,497,040 3,214,545 66,800 Citigroup Inc. 2,888,947 3,561,776 4,800 Citrix Systems, Inc. 319,569 322,368 56,000 CK Hutchison Holdings Limited 972,616 1,217,368 8,200 Clorox Company, (The) 663,718 870,020 275,000 CLP Holdings Limited 1,742,898 2,410,771 13,100 CME Group Inc. 943,851 1,190,921 23,300 CMS Energy Corporation 599,882 790,569 1,671,000 Cnooc Curtis Funding No.1 Pty Ltd 1,729,731 2,832,733 5,600 Coach, Inc. 243,884 213,976 89,600 Coca-Cola Company, (The) 2,937,985 3,634,176 6,700 Coca-Cola Enterprises, Inc. 222,705 297,547 17,600 Cochlear Limited 1,116,894 1,160,952 27,900 Cognex Corporation 768,192 1,252,431 50,128 Cognizant Technology Solutions Corporation 1,887,698 2,934,493 31,025 Colfax Corporation 1,493,133 1,538,530 23,200 Colgate-Palmolive Company 1,057,427 1,560,896 8,500 Coloplast A/S 261,297 694,294 129,650 Comcast Corporation 4,936,993 7,488,584 67,675 Comerica Incorporated 2,049,778 3,208,472 156,600 Compass Group PLC 2,382,491 2,784,379

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 2,900 Computer Sciences Corporation $ 137,026 $ 186,905 164,090 ConAgra Foods, Inc. 5,315,563 5,931,854 36,500 ConocoPhillips 1,967,260 2,479,080 121,990 CONSOL Energy Inc. 5,221,169 3,962,235 8,300 Consolidated Edison, Inc. 457,499 510,865 3,500 Constellation Brands, Inc. 89,538 405,790 5,717 Continental Aktiengesellschaft 813,811 1,349,463 74,800 Con-way Inc. 2,939,810 3,074,280 37,700 Corning Incorporated 704,890 789,061 15,321 Corporate Executive Board Company, (The) 850,966 1,284,359 6,274 CoStar Group, Inc. 673,977 1,282,594 28,235 Costco Wholesale Corporation 2,419,763 4,039,017 8,800 Crown Castle International Corp. 539,084 735,064 140,740 Crown Holdings, Inc. 2,968,228 7,636,552 47,600 CSL Limited 1,725,367 3,415,799 34,200 CSX Corporation 872,671 1,234,278 15,800 Cummins Inc. 1,660,333 2,184,508 24,720 Cvent, Inc. 714,598 664,474 40,100 CVS Health Corp. 1,741,209 3,981,529 12,600 CyrusOne Inc. 251,106 409,248 6,800 D.R. Horton, Inc. 108,223 172,720 41,900 Daikin Industries, Ltd. 1,576,677 2,837,450 26,700 Daito Trust Construction Co., Ltd. 1,789,310 3,118,012 46,100 Daiwa House Industry Co., Ltd. 880,656 1,031,635 46,227 Danaher Corporation 2,391,187 3,785,067 292,850 Danone 5,533,553 6,115,440 2,700 Darden Restaurants, Inc. 124,558 172,179 37,033 DaVita HealthCare Partners Inc. 1,762,608 3,003,376 153,228 DBS Group Holdings Ltd 1,721,911 2,439,756 7,100 Deere & Company 561,459 642,692 17,600 Delphi Automotive PLC 880,327 1,460,800 42,200 Delta Air Lines, Inc. 1,216,067 1,883,808 47,900 DENSO Corporation 1,548,856 2,387,195 2,900 DENTSPLY International Inc. 98,969 147,900 31,678 Deutsche Telekom AG 598,872 584,810 141,995 Devon Energy Corporation 9,455,170 9,685,479 141,900 DEXUS Funds Management Limited 838,729 825,996 1,600 Diamond Offshore Drilling, Inc. 111,780 53,552 8,480 Diamondback Energy, Inc. 550,234 700,194 11,900 DirecTV 516,999 1,079,390 25,400 Discover Financial Services 846,112 1,472,438 70,700 Discovery Communications, Inc. 1,533,370 2,143,864 6,300 Dollar General Corporation 318,223 458,073 5,200 Dollar Tree, Inc. 251,805 397,332 124,800 Dominion Resources, Inc. 6,036,001 8,945,664 11,356 Dongbu Insurance Co. Ltd. 478,354 579,453 4,600 Dover Corporation 251,066 348,312 151,450 Dow Chemical Company, (The) 4,746,188 7,723,950 16,400 Dr Pepper Snapple Group, Inc. 1,058,063 1,223,112 3,943 Dragerwerk AG & Co. KGaA 514,235 456,634 13,700 Drew Industries Incorporated 627,449 776,379 21,625 DSV A/S 675,401 751,030 15,400 DTE Energy Company 972,785 1,226,302 22,385 Duke Energy Corporation 1,371,968 1,736,404 2,200 Dun & Bradstreet Corporation, (The) 236,278 280,874 13,225 Durr Aktiengesellschaft 337,003 1,361,002 35,300 Dyax Corp. 329,237 844,023 19,900 E. I. du Pont de Nemours and Company 877,523 1,456,680 3,100 Eastman Chemical Company 158,784 236,282 9,821 Eaton Corporation Public Limited Company 478,243 674,997 66,400 eBay Inc. 3,075,649 3,868,464

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 36,127 Ecolab Inc. $ 2,587,401 $ 4,045,501 19,400 Edison International 987,955 1,182,236 9,100 Edwards Lifesciences Corporation 1,095,613 1,152,515 10,700 Electronic Arts Inc. 324,806 621,563 67,600 Element Financial Corporation 982,608 965,515 26,000 Eli Lilly and Company 1,230,297 1,868,620 51,900 EMC Corporation 1,069,594 1,396,629 14,600 Emerson Electric Co. 671,034 858,918 11,800 Empire Company Limited 868,174 849,210 15,780 Encore Capital Group, Inc. 573,329 638,143 4,100 Endo International Public Limited Company 327,673 344,667 19,900 Endocyte, Inc. 331,620 115,420 5,000 Ensco PLC 288,035 136,400 15,500 Entergy Corporation 1,212,646 1,196,290 15,300 EOG Resources, Inc. 966,865 1,513,935 3,800 EQT Corporation 220,208 341,772 6,500 Equifax Inc. 321,605 630,045 1,700 Equinix, Inc. 400,460 435,081 16,400 Equity Residential 1,029,204 1,211,304 4,200 Essex Property Trust, Inc. 813,700 932,190 25,500 Essilor International (Compagnie General) 2,115,873 3,107,425 37,103 Estee Lauder Companies Inc., (The) 2,228,954 3,016,103 10,800 ETABLISSEMENTS DELHAIZE FRERES ET Cie LE 807,315 872,429 50,700 Etablissements Maurel et Prom 825,759 474,379 5,900 ETRADE Financial Corporation 83,372 169,861 12,400 Eurazeo 1,030,449 888,018 11,073 Eversource Energy 440,235 539,919 35,277 Exact Sciences Corporation 712,660 737,289 40,015 Exelon Corporation 1,435,411 1,361,310 2,650 Expedia, Inc. 121,631 249,710 59,650 Expeditors International of Washington 2,311,208 2,733,760 117,800 Experian Group Limited 1,884,433 2,114,421 57,774 Express Scripts Holding Company 3,141,937 4,991,674 115,000 Exxon Mobil Corporation 8,023,232 10,047,550 7,100 F5 Networks, Inc. 843,303 866,342 96,473 Facebook, Inc. 6,499,882 7,599,178 5,370 FactSet Research Systems Inc. 594,673 845,184 2,000 Family Dollar Stores, Inc. 84,579 156,280 10,800 FANUC Corporation 699,404 2,393,833 54,006 Fastenal Company 2,369,016 2,301,736 8,100 FedEx Corporation 939,257 1,373,517 72,000 Fiat Chrysler Automobiles N.V. 958,923 1,077,073 19,200 Fidelity National Information Services 805,682 1,199,808 17,200 Fifth Third Bancorp 226,581 344,000 17,148 First Cash Financial Services, Inc. 896,584 828,934 1,600 First Solar, Inc. 118,308 95,472 10,770 FirstEnergy Corp. 402,490 386,751 15,431 FirstService Corporation 603,077 1,009,419 18,200 Fiserv, Inc. 726,415 1,412,320 50,900 Flextronics International Ltd. 482,323 586,623 3,200 Flir Systems, Inc. 87,673 98,848 2,700 Flowserve Corporation 106,295 158,031 3,400 Fluor Corporation 201,999 204,476 65,400 FMC Corporation 2,711,915 3,878,874 46,216 FMC Technologies, Inc. 2,094,714 2,038,126 82,500 Ford Motor Company 1,054,871 1,303,500 1,000 Fossil Group, Inc. 130,708 83,980 8,400 Franklin Resources, Inc. 342,322 433,104 29,850 Frank's International N.V. 688,005 620,880 132,300 Freeport-McMoRan Inc. 4,849,167 3,078,621 14,938 Fresenius SE & Co. KGaA 765,230 894,353

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 89,400 Frontier Communications Corporation $ 558,832 $ 613,284 34,100 FUJIFILM Holdings Corporation 658,632 1,292,250 56,400 Gamesa Corporacion Tecnologica, S.A. 678,472 759,652 2,300 GameStop Holdings Corp. 56,538 88,642 68,000 Gannett Co., Inc. 1,053,320 2,333,760 5,500 Gap, Inc., (The) 137,884 218,020 11,100 Garmin Ltd. 546,571 501,609 9,770 Gartner, Inc. 564,178 810,715 2,966 Geberit AG 978,980 1,055,148 13,400 General Dynamics Corporation 1,306,930 1,840,088 239,200 General Electric Company 5,484,198 6,477,536 25,400 General Growth Properties, Inc. 619,368 695,960 22,300 General Mills, Inc. 976,132 1,234,082 27,900 General Motors Company 996,441 978,174 81,444 Genpact Limited 1,306,067 1,780,366 5,200 Genuine Parts Company 354,283 467,220 10,500 Genworth Financial, Inc. 121,912 92,295 65,055 Gilead Sciences, Inc. 2,931,777 6,538,678 645 Givaudan SA 1,187,811 1,213,032 10,000 Goldman Sachs Group, Inc., (The) 1,603,167 1,964,200 5,700 Goodyear Tire & Rubber Company, (The) 65,419 161,681 17,488 Google Inc. 5,493,839 9,497,978 302,100 GPT Group, (The) 1,074,079 1,065,118 10,900 Groupe Bruxelles Lambert S.A. 899,950 956,844 30,705 Guidewire Software, Inc. 1,238,650 1,533,715 72,100 H & M Hennes & Mauritz AB 1,974,266 2,869,201 5,800 H & R Block, Inc. 91,206 175,392 18,800 Halliburton Company 722,034 920,260 75,400 Hammerson PLC 609,825 775,177 12,000 Hanesbrands Inc. 407,581 372,960 780,000 Hang Lung Properties Limited 2,521,680 2,641,544 50,928 Hankook Tire Co., Ltd. 1,016,846 1,009,534 44,481 Hanwha Corporation 1,266,784 1,753,099 4,600 Harley-Davidson, Inc. 154,462 258,566 2,200 Harman International Industries, Incorporated 144,315 286,836 110,500 Harmonic Inc. 709,025 774,605 2,300 Harris Corporation 107,068 184,552 13,600 Hartford Financial Services Group, I, (The) 414,815 554,472 2,400 Hasbro, Inc. 106,333 169,896 12,600 HCA Holdings, Inc. 901,878 932,526 15,500 HCP, Inc. 618,377 624,495 148,790 HD Supply Holdings, Inc 4,008,844 4,910,070 13,400 Health Care REIT, Inc. 874,929 965,068 23,780 Healthcare Services Group, Inc. 514,564 719,821 33,716 Healthsouth Corporation 1,088,522 1,524,638 11,600 Helmerich & Payne, Inc. 756,650 904,452 2,500 Henry Schein, Inc. 346,271 342,750 5,100 Hershey Company, (The) 359,619 468,792 7,300 Hess Corporation 486,735 561,370 60,800 Hewlett-Packard Company 2,149,327 2,004,576 44,130 Hexcel Corporation 1,413,893 2,213,120 10,900 Hexpol AB 575,985 1,166,969 39,400 Home Depot, Inc., (The) 1,851,348 4,215,012 60,100 Honda Motor Co., Ltd. 1,740,523 2,029,700 58,175 Honeywell International Inc. 4,881,580 5,871,021 974,708 Hong Kong and China Gas Company Limited, (The) 1,511,895 2,326,377 687,000 Hong Kong Telecommunications (HKT) Limited 872,646 920,000 6,000 Hormel Foods Corporation 215,489 326,100 8,900 Hospira, Inc. 490,485 776,881 30,100 Host Hotels & Resorts, L.P. 596,380 606,214 10,900 Hudson City Bancorp, Inc. 101,106 101,370

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 37,100 Huhtamaki Oyj $ 617,197 $ 1,187,724 8,200 Humana Inc. 682,318 1,357,920 20,700 Huntington Bancshares Incorporated 140,385 224,802 18,835 Hyundai Marine & Fire Insurance Co., Ltd 533,198 502,501 2,354 Hyundai Motor Company 454,639 371,106 14,317 Hyundai Steel Company 908,233 1,051,071 8,500 IAC/InterActiveCorp 324,916 593,470 25,979 ICF International, Inc. 721,841 1,000,192 15,800 ICON Public Limited Company 906,245 1,016,572 5,721 IDEXX Laboratories, Inc. 627,824 717,242 8,900 Illinois Tool Works Inc. 497,459 832,862 26,900 ImmunoGen, Inc. 360,093 222,463 85,100 Inchcape PLC 933,072 1,088,068 71,500 Industria de Diseno Textil, S.A. 607,865 2,297,422 5,500 Ingersoll-Rand Public Limited Company 211,533 362,120 168,000 INPEX Corp. 2,780,321 2,119,830 154,100 Insurance Australia Group Limited 543,446 706,184 6,900 Integrys Energy Group, Inc. 465,421 504,390 128,900 Intel Corporation 3,272,994 4,195,695 3,251 Intercontinental Exchange, Inc. 482,733 729,947 19,700 International Business Machines Corporation 2,204,575 3,374,413 14,360 International Flavors & Fragrances Inc. 1,335,507 1,647,810 111,210 International Paper Company 3,821,630 5,974,201 18,900 Interpublic Group of Companies, Inc., (The) 256,721 393,876 28,000 Intertek Group plc 1,278,571 1,123,918 26,400 InterXion Holding N.V. 502,288 803,880 9,800 Intuit Inc. 561,245 983,234 6,735 Intuitive Surgical, Inc. 2,731,456 3,340,425 14,300 Invesco Ltd. 407,981 592,306 11,100 IPSEN 572,211 637,702 55,100 Iridium Communications Inc. 451,713 560,367 9,601 Iron Mountain Incorporated 326,563 331,138 32,100 Isis Pharmaceuticals, Inc. 271,149 1,820,712 60,700 ITOCHU Corporation 641,570 750,698 2,200 J. M. Smucker Company, (The) 172,125 255,024 29,360 j2 Global, Inc. 1,399,162 2,036,703 2,800 Jacobs Engineering Group Inc. 124,477 120,008 36,900 Janus Capital Group Inc. 274,497 660,510 21,300 Japan Airlines Co., Ltd 581,297 711,958 23,180 Jarden Corporation 706,028 1,186,352 45,700 JDS Uniphase Corporation 599,142 578,562 28,000 JFE Holdings, Inc. 559,769 634,077 74,100 Johnson & Johnson 5,255,704 7,350,720 14,000 Johnson Controls, Inc. 470,419 705,320 8,355 Jones Lang LaSalle Incorporated 932,320 1,387,431 2,100 Joy Global Inc. 181,413 89,544 85,700 JPMorgan Chase & Co. 3,594,952 5,421,382 8,300 Juniper Networks, Inc. 263,479 219,369 18,600 Kansas City Southern 1,504,416 1,906,314 6,000 Kellogg Company 328,578 379,980 2,600 Keurig Green Mountain, Inc. 295,345 302,562 18,900 KeyCorp 160,886 273,105 5,390 Keyence Corporation 942,163 2,895,205 16,000 Kimberly-Clark Corporation 1,207,988 1,755,040 12,900 Kimco Realty Corporation 262,355 310,890 40,262 Kinder Morgan, Inc. 1,491,535 1,729,253 9,300 KLA-Tencor Corporation 531,328 546,840 339,000 Kobe Steel, Ltd. 644,144 617,548 4,700 Kohl's Corporation 264,253 336,755 88,100 Komatsu Ltd. 1,845,441 1,782,319 49,300 KONE Oyj 1,840,419 2,125,203

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 253,033 Koninklijke Ahold N.V. $ 2,769,229 $ 4,908,840 24,584 Korea Electric Power Corporation 1,035,450 1,074,403 7,177 Korea Gas Corporation 474,703 310,312 13,033 Kraft Foods Group, Inc. 529,986 1,104,547 33,700 Kroger Co., (The) 1,277,929 2,322,267 11,446 KRONES Aktiengesellschaft 1,137,496 1,266,678 15,200 Kuehne + Nagel International AG 2,091,888 2,281,055 56,000 Kuroda Electric Co., Ltd. 663,226 1,006,100 52,100 Kyowa Exeo Corporation 562,188 612,122 11,300 L Brands, Inc. 652,696 1,009,768 3,100 L-3 Communications Holdings, Inc. 263,224 356,221 2,800 Laboratory Corporation of America Holding 260,706 334,768 43,562 Lam Research Corporation 1,884,246 3,292,416 31,410 Lazard Ltd 1,452,076 1,665,672 155,200 Legal & General Group PLC 666,113 620,109 10,100 Legg Mason, Inc. 477,049 531,765 10,800 Leggett & Platt, Incorporated 413,933 458,676 3,800 Lennar Corporation 85,116 174,040 7,000 Leucadia National Corporation 190,891 166,390 40,263 Level 3 Communications, Inc. 1,128,999 2,252,312 34,000 LG Display Co., Ltd. 783,009 946,735 14,504 LG Electronics Inc. 984,670 817,203 4,525 Liberty Broadband Corporation 107,045 245,497 18,600 Liberty Media Corporation 341,255 708,536 18,045 Ligand Pharmaceuticals Incorporated 962,157 1,401,014 6,600 Lincoln National Corporation 197,911 372,834 5,100 Linear Technology Corporation 174,226 235,263 94,000 Link Real Estate Investment Trust, (The) 598,205 583,926 13,300 Lockheed Martin Corporation 1,597,823 2,481,780 6,500 Loews Corporation 257,857 270,660 15,000 London Stock Exchange Group PLC 595,441 587,576 347,200 Londonmetric Property PLC 844,042 880,373 5,097 Lonza Group AG 542,292 724,102 23,700 Loomis AB 762,251 757,801 16,600 L'Oreal 2,050,972 3,170,563 7,500 Lorillard, Inc. 285,838 523,950 25,900 Lowe's Companies, Inc. 885,898 1,783,474 4,146 LPL Financial Holdings Inc. 179,172 167,789 24,800 LyondellBasell Industries N.V. 1,640,628 2,567,296 6,100 M&T Bank Corporation 618,394 729,987 7,600 Macerich Company, (The) 548,709 621,376 10,100 MacroGenics, Inc. 322,199 288,961 8,100 Macy's, Inc. 244,391 523,503 10,400 Northrop Grumman Corp 397,999 835,120 8,800 Mallinckrodt Public Limited Company 721,807 995,984 208,200 Man Group PLC 571,083 616,866 8,220 Manpowergroup Inc. 463,549 701,413 55,400 Manulife Financial Corporation 948,926 1,004,404 15,000 Marathon Oil Corporation 340,974 466,500 5,750 Marathon Petroleum Corporation 276,006 566,778 19,400 Marriott International, Inc. 1,240,084 1,552,970 27,600 Marsh & McLennan Companies, Inc. 943,486 1,550,016 2,400 Martin Marietta Materials, Inc. 308,637 342,360 7,500 Masco Corporation 92,504 198,675 23,000 MasterCard Incorporated 764,212 2,074,830 7,300 Mattel, Inc. 197,510 205,568 12,010 MAXIMUS, Inc. 688,247 768,760 2,800 McCormick & Company, Incorporated 158,098 210,840 20,200 McDonald's Corporation 1,588,260 1,950,310 17,100 McGraw Hill Financial, Inc. 947,204 1,783,530 10,400 McKesson Corporation 1,345,824 2,323,360

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 34,066 Mead Johnson Nutrition Company $ 2,478,996 $ 3,267,611 7,000 Meadwestvaco Corporation 239,971 341,600 39,400 Media General, Inc. 667,172 665,466 8,200 Medicines Company, (The) 208,323 210,002 66,700 Medipal Holdings Corporation 908,128 914,638 8,145 Medivation, Inc. 707,402 983,427 19,850 MEDNAX, Inc. 1,121,779 1,404,983 32,868 Medtronic Public Limited Company 1,304,769 2,447,023 73,700 Merck & Co., Inc. 2,902,935 4,389,572 9,964 MERCK Kommanditgesellschaft auf Aktien 771,477 1,080,676 23,500 MetLife, Inc. 969,809 1,205,315 4,290 Mettler-Toledo International Inc. 1,044,684 1,359,973 4,300 Michael Kors Holdings Limited 349,484 265,998 4,300 Microchip Technology Incorporated 149,605 204,917 80,700 Micron Technology, Inc. 1,391,155 2,270,091 295,475 Microsoft Corporation 8,918,874 14,371,904 8,666 Middleby Corporation, (The) 738,020 878,212 27,300 527,111 590,964 1,300 Mohawk Industries, Inc. 183,863 225,550 3,400 Molson Coors Brewing Company 142,896 249,934 34,800 Mondelez International, Inc. 778,744 1,335,276 28,200 Mondi plc 492,422 573,340 11,900 Monsanto Company 880,170 1,356,124 3,600 Monster Beverage Corporation 276,586 493,596 10,900 Moody's Corporation 681,352 1,171,968 40,600 Morgan Stanley 1,155,664 1,514,786 6,800 Mosaic Company, (The) 380,219 299,200 3,957 Motorola Solutions, Inc. 140,641 236,431 38,500 MS&AD INSURANCE GROUP HOLDINGS, INC. 941,785 1,107,514 3,300 Murphy Oil Corporation 175,122 157,113 9,200 Mylan B.V. 280,760 664,792 21,700 Myriad Genetics, Inc. 483,542 716,751 287,870 Nabors Industries Ltd 5,051,370 4,807,429 8,500 NASDAQ OMX Group, Inc., (The) 306,575 413,355 53,300 National Grid PLC 692,387 719,978 39,191 National Instruments Corporation 1,085,271 1,120,863 13,600 National Oilwell Varco, Inc. 805,307 739,976 31,100 Navient Corporation 488,444 607,694 66,300 Nestle S.A. 3,295,356 5,151,463 9,000 NetApp, Inc. 425,350 326,250 1,900 Netflix, Inc. 459,659 1,057,350 11,624 NetSuite Inc. 1,003,437 1,110,906 53,824 NeuStar, Inc. 1,620,972 1,614,720 13,200 Newell Rubbermaid Inc. 319,313 503,316 5,600 Newfield Exploration Company 258,602 219,744 10,600 Newmont Mining Corporation 576,419 280,794 10,525 News Corporation 83,779 166,085 7,100 NEXT PLC 726,457 801,953 20,300 NextEra Energy, Inc. 1,387,973 2,048,879 13,000 Nielsen N.V. 547,492 584,220 16,300 NIKE, Inc. 843,501 1,611,092 18,635 Nippon Telegraph and Telephone Corporati 820,985 1,258,840 210,200 Kabushiki Kaisha 619,742 663,956 29,600 NiSource Inc. 897,329 1,285,232 97,200 Nissan Motor Co., Ltd. 953,525 1,016,104 5,500 Noble Corporation PLC 182,803 95,205 8,600 Noble Energy, Inc. 395,771 436,192 2,900 Nordstrom, Inc. 132,396 219,124 13,300 Norfolk Southern Corporation 1,128,043 1,341,305 6,400 Northern Trust Corporation 361,819 468,160 10,800 Northrop Grumman Corporation 1,038,769 1,663,632

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 26,500 Novartis AG $ 1,399,044 $ 2,733,723 59,000 Novo Nordisk A/S 698,749 3,354,850 15,800 NRG Energy, Inc. 398,061 398,792 54,500 NTT DOCOMO, Inc 920,056 967,766 16,989 Nu Skin Enterprises, Inc. 762,537 960,728 6,700 Nucor Corporation 276,178 327,362 10,800 NVIDIA Corporation 147,503 239,706 32,691 NXP Semiconductors N.V. 2,841,617 3,142,259 74,690 Occidental Petroleum Corporation 6,459,437 5,982,669 6,920 Oceaneering International, Inc. 384,645 381,361 16,562 Old Dominion Freight Line, Inc. 867,209 1,178,055 275,900 Old Mutual Public Limited Company 998,619 995,951 48,775 Omnicom Group Inc. 3,267,371 3,695,194 143,720 ONEOK, Inc. 3,230,949 6,912,932 71,700 Oracle Corporation 2,004,877 3,127,554 6,500 O'Reilly Automotive, Inc. 696,099 1,415,895 84,000 Orient Overseas (International) Limited 539,073 516,930 73,500 ORIX Corporation 962,643 1,139,014 150,280 Owens Corning 5,029,489 5,809,825 214,420 Owens-Illinois, Inc. 5,718,449 5,126,782 35,400 P/F Bakkafrost 549,264 831,504 58,875 PACCAR Inc 2,855,755 3,847,481 19,200 Pall Corporation 1,003,898 1,868,544 43,600 Paltac Corporation 547,877 627,021 81,800 Panasonic Corporation 1,001,824 1,178,434 35,228 Pandora Media, Inc. 617,428 628,468 3,000 Parker-Hannifin Corporation 260,555 358,080 1,600 Patterson Companies, Inc. 46,879 75,128 8,100 Paychex, Inc. 263,880 391,959 3,963 Pentair Public Limited Company 159,583 246,300 9,700 People's United Financial, Inc. 130,974 146,567 23,200 Pepco Holdings, Inc. 592,751 602,736 38,900 PepsiCo, Inc. 2,813,047 3,700,168 3,300 Perkinelmer, Inc. 97,346 169,158 2,900 Perrigo Company Public Limited Company 353,308 531,512 46,400 Peugeot SA 827,024 878,690 146,887 Pfizer Inc. 3,141,993 4,983,876 14,300 PG&E Corporation 688,148 756,756 33,000 Philip Morris International Inc. 2,290,661 2,754,510 15,250 Phillips 66 754,269 1,209,478 3,000 Pinnacle West Capital Corporation 149,349 183,600 3,100 Pioneer Natural Resources Company 288,956 535,618 4,200 Pitney Bowes Inc. 88,051 93,954 3,800 Plum Creek Timber Company, Inc. 155,832 160,360 11,900 PNC Financial Services Group, Inc., (The) 729,744 1,091,587 7,440 Polaris Industries Inc. 822,320 1,018,982 25,300 Polycom, Inc. 322,752 330,165 146,575 Potash Corporation of Saskatchewan Inc. 5,527,143 4,784,208 5,800 PPG Industries, Inc. 597,026 1,285,048 29,300 PPL Corporation 909,663 997,079 14,380 PRA Group, Inc., (The) 649,311 787,665 6,000 Praxair, Inc. 589,463 731,580 11,000 Precision Castparts Corp. 1,748,176 2,273,590 1,084 Priceline Group Inc., (The) 690,700 1,341,786 9,900 Principal Financial Group, Inc. 372,216 506,088 65,000 Procter & Gamble Company, (The) 4,180,783 5,168,150 129,975 Progressive Corporation, (The) 3,235,839 3,465,134 10,600 ProLogis 351,245 426,120 9,500 , Inc. 590,394 775,200 21,100 Public Service Enterprise Group Incorporated 742,055 876,494 3,900 Public Storage 486,514 732,849

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 7,200 PulteGroup, Inc. $ 75,513 $ 138,960 1,700 PVH Corp. 202,549 175,695 3,600 QEP Resources, Inc. 110,491 81,000 39,131 Qorvo, Inc. 877,061 2,579,124 37,900 QUALCOMM Incorporated 2,072,469 2,577,200 4,400 Quanta Services, Inc. 88,835 127,204 3,900 Quest Diagnostics Incorporated 221,206 278,538 18,550 Quintiles Transnational Holdings Inc. 1,048,314 1,222,074 66,500 Rakuten, Inc. 1,082,642 1,165,014 1,500 Ralph Lauren Corporation 189,485 200,115 3,600 Range Resources Corporation 177,496 228,816 13,100 Raymond James Financial, Inc. 424,601 740,543 77,440 Raytheon Company 3,519,853 8,053,760 6,700 Realty Income Corporation 337,079 314,699 27,000 Reckitt Benckiser Group PLC 749,933 2,417,339 4,800 Red Hat, Inc. 233,902 361,248 9,015 Regeneron Pharmaceuticals, Inc. 1,064,312 4,124,002 27,700 Regions Financial Corporation 182,187 272,291 10,000 Renault 952,874 1,054,438 168,682 Republic Services, Inc. 4,485,840 6,853,550 6,300 Reynolds American Inc. 247,394 461,790 52,100 Robert Half International Inc. 1,952,806 2,888,945 11,996 Roche Holding AG 2,780,069 3,427,692 2,900 Rockwell Automation, Inc. 207,500 343,940 2,900 Rockwell Collins, Inc. 170,546 282,257 19,738,000 Rolls-Royce Holdings plc 1,940,912 2,264,461 4,500 Roper Technologies, Inc. 426,353 756,765 36,600 Ross Stores, Inc. 2,333,359 3,619,008 40,960 Rowan Companies PLC 1,386,849 867,942 42,900 Royal Caribbean Cruises Ltd 1,759,136 2,919,774 4,200 Ryder System, Inc. 333,547 400,512 36,200 Safeway Limited - 19,253 8,200 Safran 592,936 599,550 50,413 Salesforce.com, Inc. 1,813,955 3,671,075 40,170 Sally Beauty Holdings, Inc. 1,172,154 1,253,706 14,300 SanDisk Corporation 1,016,628 957,242 31,600 SAP AG 1,634,836 2,405,359 12,530 SBA Communications Corporation 842,580 1,451,225 5,600 SCANA Corporation 267,542 296,688 90,561 Schlumberger Limited 6,556,627 8,567,976 15,400 Schroders plc 518,038 578,633 2,000 Scripps Networks Interactive, Inc. 123,438 139,720 46,000 SeaChange International, Inc. 453,439 308,660 16,900 Seagate Technology Public Limited Company 711,281 992,368 86,850 Sealed Air Corporation 1,318,629 3,960,360 24,600 Seattle Genetics, Inc. 430,110 844,764 40,200 Seiko Epson Corporation 313,904 705,776 21,400 Sempra Energy 1,582,883 2,272,038 21,351 ServiceMaster Global Holdings, Inc. 606,972 737,891 29,100 Severn Trent PLC 949,217 950,288 910 SGS SA 1,390,037 1,767,745 2,300 Sherwin-Williams Company, (The) 278,967 639,400 31,300 Shin-Etsu Chemical Co., Ltd. 1,541,566 1,923,719 49,100 SHOWA Corporation 678,206 520,664 7,100 Sigma-Aldrich Corporation 694,997 986,332 7,860 Signature Bank 796,253 1,053,947 9,300 Simon Property Group, Inc. 1,233,645 1,687,857 41,900 Sinclair Broadcast Group, Inc. 410,950 1,283,816 98,000 Singapore Airlines Limited 898,369 902,646 342,000 Sino Land Company Limited 563,182 604,478 17,931 Sirona Dental Systems, Inc. 1,181,479 1,663,100

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 29,233 Six Flags Operations Inc. $ 1,112,536 $ 1,374,536 5,600 Skyworks Solutions, Inc. 523,222 516,600 3,000 SL Green Realty Corp. 396,570 367,080 62,800 Smith & Nephew PLC 767,669 1,077,993 35,100 Smurfit Kappa Group Public Limited Company 569,376 1,077,678 2,200 Snap-on Incorporated 155,136 329,010 56,900 Sonic Healthcare Limited 843,618 891,763 18,500 Sotheby's 614,507 790,135 26,000 Southern Company, (The) 1,086,916 1,151,800 55,400 Southwest Airlines Co. 932,325 2,247,024 7,600 Southwestern Energy Company 274,108 213,028 25,600 Spectra Energy Corp. 801,758 953,600 58,900 SPX Corporation 4,794,857 4,535,300 7,200 St. Jude Medical, Inc. 324,614 504,360 94,383 PLC 2,273,788 1,551,961 16,900 Stanley Black & Decker, Inc. 1,557,923 1,668,030 27,400 Stantec Inc. 917,563 737,227 12,700 Staples, Inc. 251,428 207,264 96,724 Starbucks Corporation 2,071,790 4,795,576 3,600 Starwood Hotels & Resorts Worldwide, Inc. 157,335 309,420 19,000 Starz 473,788 747,270 11,400 State Street Corporation 588,284 879,168 36,228 Stericycle, Inc. 3,401,957 4,833,902 55,200 Stillwater Mining Company 836,768 741,336 6,300 Stryker Corporation 366,262 581,112 64,000 Sumitomo Rubber Industries, Ltd. 952,232 1,187,800 48,200 Suncor Energy Inc. 1,469,013 1,563,491 67,900 Suncorp Group Limited 832,659 702,389 10,700 SunTrust Banks, Inc. 281,637 444,050 3,700 Swatch Group SA, (The) 2,083,144 1,660,241 6,419 Swiss Re AG 580,581 569,345 27,700 Symantec Corporation 594,727 690,423 6,600 Syngenta AG 2,305,847 2,214,793 12,300 Sysco Corporation 371,539 455,469 74,600 T&D Holdings, Inc. 896,172 1,081,254 5,500 T. Rowe Price Group, Inc. 336,383 446,490 103,500 Taiwan Semiconductor Manufacturing Company 1,392,134 2,529,540 102,000 TalkTalk Telecom Holdings Limited 704,777 665,084 92,280 Target Corporation 5,473,278 7,274,432 58,875 TE Connectivity Ltd. 2,315,661 3,918,131 19,975 TeamHealth Holdings, Inc. 828,002 1,189,911 10,800 TECO Energy, Inc. 202,197 204,660 1,088,000 Telecom Italia S.p.a. 923,659 1,048,476 12,600 Telephone and Data Systems, Inc. 301,165 336,546 140,100 Telstra Corporation Limited 723,923 688,439 5,050 Tenet Healthcare Corporation 198,676 241,693 3,000 Teradata Corporation 131,866 131,970 6,600 Tesoro Corporation 422,736 566,478 18,679 Teva Pharmaceutical Industries Limited 953,638 1,140,909 23,200 Texas Instruments Incorporated 798,830 1,257,672 5,500 Textron Inc. 125,653 241,890 14,500 TGS-NOPEC Geophysical Company ASA 462,559 368,297 13,700 The AES Corporation, (The) 160,187 181,525 17,200 Thermo Fisher Scientific Inc. 1,439,377 2,161,696 2,400 Tiffany & Co. 150,306 209,952 11,300 Time Warner Cable Inc. 961,241 1,757,376 29,100 Time Warner Inc. 1,257,449 2,456,331 103,850 TJX Companies, Inc., (The) 2,284,108 6,702,479 32,900 Tokai Rika Co., Ltd. 509,738 806,623 20,900 Holdings, Inc. 668,823 855,945 10,075 Torchmark Corporation 384,538 565,308

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 10,600 Toro Company, (The) $ 677,777 $ 710,624 21,300 Total SA 1,110,068 1,157,226 3,300 Total System Services, Inc. 55,366 130,548 8,690 Towers Watson & Co. 938,073 1,102,804 13,000 Tractor Supply Company 724,426 1,118,780 3,675 TransDigm Group Incorporated 580,356 779,578 7,300 Transocean Ltd. 355,167 137,386 13,200 Travelers Companies, Inc., (The) 925,185 1,334,652 60,800 Trimble Navigation Limited 1,194,290 1,546,144 29,310 TripAdvisor LLC 2,074,344 2,359,162 44,000 Twenty-First Century Fox, Inc. 769,845 1,499,520 10,300 Tyco International Public Limited Company 257,641 405,614 12,000 Tyson Foods, Inc. 261,068 474,000 53,400 U.S. Bancorp 1,581,663 2,289,258 31,700 Ubisoft Entertainment 563,940 583,795 5,230 ULT Salon, Cosmetics & Fragrance, Inc. 821,164 790,201 8,000 Under Armour, Inc. 454,884 620,400 19,600 Unifi, Inc. 239,529 691,684 21,300 Unilever N.V. 907,436 932,392 50,025 Unilever PLC 2,005,893 2,192,096 33,800 Union Pacific Corporation 2,253,868 3,590,574 231,600 UnipolSai Assicurazioni S.p.A. 659,691 650,356 16,000 United Parcel Service, Inc. 1,197,173 1,608,480 9,300 United Rentals, Inc. 1,006,981 898,194 8,200 United States Cellular Corporation 372,047 302,826 17,600 United Technologies Corporation 1,416,346 2,002,000 68,825 UnitedHealth Group Incorporated 4,390,950 7,667,105 7,100 Universal Health Services, Inc. 763,856 830,345 5,800 Unum Group 137,572 198,128 2,300 Urban Outfitters, Inc. 86,003 92,092 157,980 USG Corporation 4,761,633 4,192,789 24,000 V.F. Corporation 1,095,722 1,738,320 9,600 Valeo 840,264 1,541,518 10,700 Valero Energy Corporation 263,854 608,830 17,000 Valspar Corporation, (The) 577,630 1,378,700 34,710 Vantiv, Inc. 1,018,751 1,357,161 2,400 Varian Medical Systems, Inc. 163,075 213,240 9,256 Ventas, Inc. 577,421 637,738 2,200 VeriSign, Inc. 63,680 139,722 102,500 Verizon Communications, Inc. 4,018,617 5,170,100 5,400 Vertex Pharmaceuticals Incorporated 444,162 665,712 19,884 Vestas Wind Systems A/S 1,023,717 904,931 8,500 Viacom Inc. 386,675 590,325 109,944 Visa Inc. 4,002,779 7,261,801 36,700 Vishay Intertechnology, Inc. 526,387 465,356 21,600 voestalpine AG 911,519 905,709 3,665 Volkswagen Aktiengesellschaft 921,538 933,479 7,800 Vornado Realty Trust 687,983 807,222 2,700 Vulcan Materials Company 120,689 230,904 1,300 W. W. Grainger, Inc. 168,661 322,959 15,000 Waddell & Reed Financial, Inc. 549,437 739,800 24,600 Walgreens Boots Alliance, Inc. 1,085,445 2,040,078 36,600 Wal-Mart Stores, Inc. 2,105,724 2,856,630 42,700 Walt Disney Company, (The) 2,017,541 4,642,344 13,900 Waste Management, Inc. 571,141 688,467 1,800 Waters Corporation 145,145 225,342 9,300 WD 40 Co 768,576 752,928 128,600 Wells Fargo & Company 4,177,142 7,085,860 13,100 West Japan Railway Company 732,481 726,975 17,000 Western Digital Corporation 1,241,614 1,661,580 280,700 Western Forest Products Inc. 575,525 424,092

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 10,600 Western Union Company, (The) $ 191,426 $ 214,968 217,259 Weyerhaeuser Company 6,026,993 6,845,831 2,300 Whirlpool Corporation 308,350 403,880 61,953 Whole Foods Market, Inc. 2,820,670 2,958,875 30,500 Williams Companies, Inc., (The) 1,196,765 1,561,295 18,700 Williams-Sonoma, Inc. 1,145,685 1,375,011 17,800 Wisconsin Energy Corporation 681,920 874,336 34,231 WNS (Holdings) Limited 556,419 825,994 19,000 Wolseley Limited 1,100,554 1,130,556 37,800 World Wrestling Entertainment, Inc. 478,678 507,276 3,800 Wyndham Worldwide Corporation 185,577 324,520 1,700 Wynn Resorts, Limited 206,381 188,819 19,400 Xcel Energy Inc. 558,700 657,854 91,800 Xerox Corporation 1,106,589 1,055,700 5,500 Xilinx, Inc. 165,689 238,480 8,300 Xl Group Public Limited Company 231,084 307,764 3,900 Xylem, Inc. 110,937 144,378 29,800 Yahoo! Inc. 759,763 1,268,437 21,100 Yara International ASA 938,428 1,081,951 213,000 Yue Yuen Industrial (Holdings) Limited 809,932 810,654 9,200 Yum! Brands, Inc. 503,686 790,832 9,274 Zebra Technologies Corporation 756,481 853,950 3,500 Zimmer Holdings, Inc. 210,661 384,440 3,700 Zions Bancorporation 82,515 104,840 21,365 Zoetis Inc. 761,063 949,033 18,200 Zumtobel Group AG 324,919 498,532 TOTAL COMMON STOCKS $ 878,169,784 $ 1,212,090,933

EQUITY FUNDS 458,047 Dimensional Fund Advisors - U.S. Small Capitalization Value Portfolio$ 11,337,752 $ 16,187,383 2,594,346 Dimensional Fund Advisors - Emerging aprkets Value Portfolio 73,512,237 73,316,219 3,618,262 Dodge & Cox - International Stock Fund 139,138,664 163,979,649 1,207,307 Laudus Mondrian Institutional Emerging Markets Fund 10,235,811 10,225,896 5,420,446 Mondrian Focused Emerging Markets Equity Fund, L.P. 86,504,275 87,003,585 TOTAL EQUITY FUNDS $ 320,728,739 $ 350,712,732

TOTAL EQUITY INVESTMENTS$ 1,198,898,523 $ 1,562,803,665

EQUITY INVESTMENTS PRINCIPAL DESCRIPTION COST VALUE AMOUNT

PARTICIPATION IN THE UNITED CHURCH FUNDS, INC. Moderate Balanced Fund $ 10,450 $ 18,772 Alternative Balanced Fund 32,284,049 44,991,339 TOTAL PARTICIPATION IN THE UNITED CHURCH FUNDS, INC. $ 32,294,499 $ 45,010,111

HEDGE FUNDS 475 Fund, Ltd. $ 124,398,904 $ 135,008,432 TOTAL HEDGE FUNDS $ 124,398,904 $ 135,008,432

PRIVATE EQUITY AG Realty Fund Vlll, L.P. $ 7,541,319 $ 8,317,394 Brookfield Infrastructure Offshore 20,000,000 18,823,883 Contrarian Distressed Real Estate Debt Fund ll, L.P. 2,625,517 3,697,462 Fortress Worldwide Transportation And Infrastructure Investors LP 12,927,690 14,131,337 Principal Real Estate Debt Fund LP 3,962,967 3,853,436 Retrofit Feeder I, LP 295,421 295,421 Wells Street Offshore 10,000,000 8,694,844 Western Technology Investment-Venture Lending & Leasing 5,743,610 6,398,802 TOTAL PRIVATE EQUITY $ 63,096,524 $ 64,212,579 TOTAL OTHER INVESTMENTS $ 219,789,927 $ 244,231,122

TOTAL INVESTMENTS $ 2,943,284,125 $ 3,373,568,077

OTHER INVESTMENTS