Schedule of Investments Jan 12

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THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS January 31, 2012 Unaudited for information purposes only. SUMMARY OF INVESTMENTS

COST VALUE STABLE VALUE INVESTMENTS

Short-Term Investments $ 88,112,256 $ 88,112,256 Fixed Maturity Synthetic Guaranteed Investment Contracts 3,503,106 3,503,106 Constant Duration Synthetic Guaranteed Investment Contracts 120,285,465 120,285,465 TOTAL STABLE VALUE INVESTMENTS $ 211,900,827 $ 211,900,827

SHORT-TERM INVESTMENTS

Short-term Investments $ 223,660,531 $ 223,660,531 TOTAL SHORT-TERM INVESTMENTS$ 223,660,531 $ 223,660,531

FIXED-INCOME INVESTMENTS

Bonds $ 918,816,120 $ 1,022,402,808 Emerging markets local currency debt fund 30,175,097 31,850,967 Mortgage-backed Securities 26,901,839 22,546,874

TOTAL FIXED-INCOME INVESTMENTS $ 975,893,056 $ 1,076,800,649

EQUITY INVESTMENTS

Common stocks and equivalents $ 961,095,924 $ 1,062,836,088

Equity mutual funds 260,493,963 267,843,606

TOTAL EQUITY INVESTMENTS $ 1,221,589,887 $ 1,330,679,694

OTHER INVESTMENTS

Participation in the United Church Funds, Inc. $ 35,868,173 $ 39,375,254

Hedge funds 31,855,949 34,363,159

Private equity 6,091,353 5,921,636

TOTAL OTHER INVESTMENTS $ 73,815,474 $ 79,660,049 TOTAL INVESTMENTS $ 2,706,859,775 $ 2,922,701,750 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

STABLE VALUE INVESTMENTS

SHORT-TERM INVESTMENTS

MFB NI Treasury Money Market Fund $ 88,112,256 $ 88,112,256

TOTAL SHORT-TERM INVESTMENT $ 88,112,256 $ 88,112,256

FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Asset-Backed Securities

350,000 PG&E Energy Recovery Funding LLC 2005-1 A5 4.47 12/25/2014$ 357,781 $ 358,337 Total Asset-Backed Securities $ 357,781 $ 358,337 Mortgage-Backed Securities 1,970,328 Citigroup/Deutsche Bank Commercial Mortgage Trust 2007 CD4 5.20 12/11/2049$ 1,877,380 $ 1,978,515 352,816 Federal Home Loan Mortgage Corporation 2900 PB 4.50 12/15/2017 355,241 356,805 123,534 Government National Mortgage Association 2006-55 A 4.25 7/16/2029 120,443 123,964 814,245 Morgan Stanley Dean Witter Capital Corporation 2006-T21 A2 5.09 10/12/2052 792,261 816,200 Total Mortgage-Backed Securities $ 3,145,325 $ 3,275,484 Adjustment to Contract Value - (130,715) TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 3,503,106 $ 3,503,106

CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Bonds 500,000 Advance Auto Parts, Inc. 5.75 5/1/2020$ 508,530 $ 560,753 500,000 Affiliated Computer Services, Inc. 5.20 6/1/2015 513,125 537,642 600,000 Agilent Technologies, Inc. 6.50 11/1/2017 692,329 709,638 700,000 Airgas Inc 4.50 9/15/2014 709,674 740,743 700,000 Alltel Corporation 7.00 3/15/2016 804,074 846,544 800,000 America Movil, S.A.B. de C.V. 2.38 9/8/2016 790,429 810,253 500,000 American Express Centurion 5.55 10/17/2012 499,375 516,254 650,000 American Honda Finance Corporation 3.50 3/16/2015 648,583 686,245 500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 551,793 700,000 Analog Devices 5.00 7/1/2014 703,437 767,079 400,000 Australia and New Zealand Banking Group 3.70 1/13/2015 400,640 415,295 500,000 Autozone Inc 5.75 1/15/2015 499,795 554,236 1,000,000 Bank of America Corporation 5.38 9/11/2012 1,054,630 1,017,303 700,000 Bank of Nova Scotia, (The) 2.55 1/12/2017 698,600 713,353 700,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 1.17 2/24/2014 700,000 701,754 600,000 BB&T Corporation 3.20 3/15/2016 599,166 637,594 1,500,000 Berkshire Hathaway Inc. 1.90 1/31/2017 1,499,925 1,523,603 1,100,000 BlackRock, Inc. 0.81 5/24/2013 1,100,000 1,095,963 589,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 590,095 625,529 800,000 BP Capital Markets P.L.C. 1.14 3/11/2014 804,445 802,798 700,000 Brookfield Asset Management Inc. 7.13 6/15/2012 723,891 713,631 650,000 CA Inc. 6.13 12/1/2014 689,696 716,370 700,000 Canadian Imperial Bank of Commerce 2.35 12/11/2015 683,725 717,749 750,000 Capital One Bank, (USA), National Association 8.80 7/15/2019 927,075 907,037 600,000 Celgene Corporation 2.45 10/15/2015 599,124 612,420 500,000 CF Industries, Inc. 6.88 5/1/2018 561,250 580,000 400,000 Charles Schwab Corporation 4.95 6/1/2014 398,484 435,591 900,000 Citigroup Inc 6.50 8/19/2013 869,550 954,491 1,000,000 CME Group Inc 5.75 2/15/2014 1,007,675 1,091,779 400,000 Colonial Realty Limited Partnership 5.50 10/1/2015 416,636 413,910 700,000 Commonwealth Bank of Australia 2.75 10/15/2012 716,289 708,287 500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 559,300 700,000 Cox Communications, Inc. 7.13 10/1/2012 759,878 730,535 600,000 Cooperatieve Centrale Raiffeisen-Boerenl 4.75 1/15/2020 599,808 647,239 1,100,000 Credit Suisse New York 5.00 5/15/2013 1,170,631 1,142,015 1,100,000 Deutsche Bank AG London 4.88 5/20/2013 1,175,141 1,138,556 700,000 Deutsche Telekom International Finance B 5.25 7/22/2013 757,372 736,233 300,000 Enterprise Products Operating LLC 6.13 2/1/2013 326,313 313,780 500,000 Express Scripts Inc 6.25 6/15/2014 497,870 548,026 400,000 Ford Motor Credit Company LLC 0.00 2/3/2017 400,000 400,960 200,000 Ford Motor Credit Company LLC 6.63 8/15/2017 212,000 223,751 1,000,000 Federal Home Loan Banks Office of Finance 5.13 8/14/2013 1,010,367 1,073,982 2,500,000 Federal Home Loan Mortgage Corporation 3.00 7/28/2014 2,579,750 2,650,885 3,000,000 Federal Home Loan Mortgage Corporation 1.38 1/9/2013 2,983,830 3,033,813 3,250,000 Federal National Mortgage Association 1.63 10/26/2015 3,283,920 3,364,472 2,200,000 Federal National Mortgage Association 6.13 3/15/2012 2,447,984 2,216,108 1,900,000 Federal National Mortgage Association 5.38 6/12/2017 2,245,002 2,314,479 500,000 France Telecom 4.38 7/8/2014 497,715 532,708 600,000 Franklin Resources, Inc. 4.63 5/20/2020 618,708 668,603

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

Bonds, continued 700,000 Goldman Sachs Group, Inc., (The) 5.25 7/27/2021 708,162 699,268 650,000 Hasbro Inc 6.13 5/15/2014 656,591 707,337 600,000 Hewlett-Packard Company 0.67 9/13/2012 597,984 598,427 800,000 Husky Energy Inc 5.90 6/15/2014 820,081 877,423 700,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 701,015 717,576 800,000 JPMorgan Chase & Co. 6.30 4/23/2019 878,548 924,464 1,000,000 JPMorgan Chase Bank, National Association 6.00 10/1/2017 1,090,650 1,110,463 700,000 Life Technologies Corporation 6.00 3/1/2020 761,012 790,441 800,000 MacQuarie Group Ltd 7.30 8/1/2014 834,400 840,373 800,000 Massmutual Global Funding II 0.69 12/6/2013 797,384 797,786 750,000 Met Life Global Funding I 5.20 9/18/2013 731,400 799,142 300,000 Michigan Bell Telephone Company 7.85 1/15/2022 359,817 392,475 1,000,000 MidAmerican Energy Holdings 5.75 4/1/2018 998,190 1,177,536 1,000,000 Monumental Global Funding 5.50 4/22/2013 999,570 1,042,307 700,000 Morgan Stanley 5.50 7/28/2021 674,345 692,161 600,000 Motorola Solutions, Inc. 5.38 11/15/2012 622,062 619,390 500,000 New York Life Global Funding 4.65 5/9/2013 499,120 523,303 740,000 Northern Trust Company (The) 6.50 8/15/2018 832,056 892,082 700,000 Omnicom Group Inc. 5.90 4/15/2016 715,612 799,980 600,000 PG&E Corporation 5.75 4/1/2014 596,736 653,086 800,000 Pitney Bowes Inc. 4.63 10/1/2012 831,944 819,065 500,000 PNC Funding Corporation 5.40 6/10/2014 499,200 543,702 800,000 PPG Industries Inc 5.75 3/15/2013 838,464 840,620 750,000 Pricoa Global Funding 5.40 10/18/2012 748,508 774,881 500,000 Principal Life Inc Funding 5.30 4/24/2013 499,090 526,110 1,000,000 Progress Energy Inc 6.05 3/15/2014 997,250 1,100,568 750,000 Public Service Electric & Gas 5.38 9/1/2013 791,228 803,452 600,000 Regions Financial Corporation 5.75 6/15/2015 622,095 612,240 835,000 Roper Industries, Inc. 6.63 8/15/2013 917,222 896,724 1,200,000 Royal Bank Of Canada 2.63 12/15/2015 1,197,120 1,249,692 800,000 Ryder System Inc 6.00 3/1/2013 817,000 838,607 600,000 Sanofi-aventis 0.88 3/28/2014 600,636 600,161 1,100,000 Shell International Finance B.V. 5.20 3/22/2017 1,194,127 1,303,977 650,000 Smiths Group PLC 6.05 5/15/2014 648,921 697,588 555,000 StanCorp Financial Group, Inc. 6.88 10/1/2012 595,509 571,113 500,000 TD AMERITRADE Holding Corporation 4.15 12/1/2014 499,505 533,686 700,000 Telecom Italia Capital 6.18 6/18/2014 700,000 703,500 700,000 Thermo Fisher Scientific Inc. 3.60 8/15/2021 715,291 747,534 900,000 TIAA Global Markets 5.13 10/10/2012 899,055 927,120 1,000,000 Time Warner Cable Inc. 6.75 7/1/2018 1,175,590 1,211,291 500,000 Time Warner Inc 6.88 6/15/2018 455,905 606,309 500,000 Toyota Motor Credit Corporation 3.20 6/17/2015 511,585 532,982 500,000 U.S. Bancorp 2.45 7/27/2015 499,510 521,294 1,300,000 UBS AG 1.60 2/23/2012 1,300,000 1,300,937 3,300,000 United States Dept of Treasury 2.13 12/31/2015 3,323,786 3,513,470 11,200,000 United States Dept of Treasury 3.13 5/15/2021 12,094,214 12,586,000 9,350,000 United States Dept of Treasury 1.25 10/31/2015 9,385,063 9,631,229 9,140,000 United States Dept of Treasury 1.50 6/30/2016 9,305,669 9,504,887 500,000 V.F. Corporation 1.25 8/23/2013 500,000 500,082 500,000 Veolia Environnement-VE 6.00 6/1/2018 498,100 558,019 700,000 Wachovia Bank, National Association 4.88 2/1/2015 750,848 748,556 350,000 Waste Management, Inc. 5.00 3/15/2014 303,496 376,579 600,000 Weatherford International Ltd. 6.35 6/15/2017 679,704 684,835 900,000 Whirlpool Corporation 8.00 5/1/2012 1,001,655 915,176 600,000 Western Union Company, (The) 3.65 8/22/2018 599,538 615,089 Total Bonds $ 115,856,224 $ 119,513,177

Mortgage-Backed Securities 861,348 Bank of America Mortgage Securities, Inc. 2.85 12/25/2034 863,535 772,798 169,541 Federal National Mortgage Association Pass-Through Trust 2.52 2/1/2034 170,137 178,476 926,588 First Horizon Mortgage Pass-Through Trust 2.71 6/25/2035 937,316 725,903 1,400,000 JP Morgan Mortgage Trust 5.10 8/25/2035 1,404,156 1,182,804 1,037,612 Structured Adjustable Rate Mortgage Loan Trust 2.63 2/25/2035 1,054,097 846,102 Total Mortgage-Backed Securities $ 4,429,241 $ 3,706,083 Adjustment to Contract Value - (2,933,795) TOTAL CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 120,285,465 $ 120,285,465

TOTAL STABLE VALUE INVESTMENTS $ 211,900,827 $ 211,900,827

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

SHORT-TERM INVESTMENTS

MFB NI Treasury Money Market Fund $ 223,660,531 $ 223,660,531 TOTAL SHORT-TERM INVESTMENTS $ 223,660,531 $ 223,660,531

FIXED-INCOME INVESTMENTS CORPORATE BONDS 3,400,000 Advance Auto Parts, Inc. 5.75 5/1/2020$ 3,458,004 $ 3,813,110 3,600,000 Affiliated Computer Services, Inc. 5.20 6/1/2015 3,694,500 3,871,022 4,600,000 Agilent Technologies, Inc. 6.50 11/1/2017 5,246,970 5,440,558 4,200,000 Airgas, Inc. 4.50 9/15/2014 4,258,044 4,444,457 4,200,000 Alltel Corporation 7.00 3/15/2016 4,824,444 5,079,266 5,100,000 America Movil, S.A.B. de C.V. 2.38 9/8/2016 5,038,908 5,165,362 3,200,000 American Express Centurion Bank 5.55 10/17/2012 3,196,000 3,304,022 3,400,000 American Honda Finance Corporation 3.50 3/16/2015 3,392,588 3,589,587 3,400,000 Ameriprise Financial, Inc. 5.30 3/15/2020 3,440,555 3,752,192 3,100,000 Ameritech Capital Funding Corporation 6.88 10/15/2027 3,244,398 3,633,882 4,700,000 Amgen Inc. 2.50 11/15/2016 4,674,808 4,847,665 4,100,000 Analog Devices, Inc. 5.00 7/1/2014 4,092,681 4,492,891 3,500,000 Ashland Inc. 9.13 6/1/2017 4,049,500 3,924,375 3,500,000 Australia and New Zealand Banking Group 3.70 1/13/2015 3,505,600 3,633,830 6,200,000 Bank of America Corporation 5.38 9/11/2012 6,538,706 6,307,279 3,600,000 AutoZone, Inc. 5.75 1/15/2015 3,598,524 3,990,499 4,150,000 Bank of Nova Scotia, (The) 2.55 1/12/2017 4,141,700 4,229,161 4,200,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 1.17 2/24/2014 4,200,000 4,210,521 3,500,000 BB&T Corporation 3.20 3/15/2016 3,495,135 3,719,296 6,500,000 Berkshire Hathaway Inc. 1.90 1/31/2017 6,499,675 6,602,278 7,000,000 BlackRock, Inc. 0.81 5/24/2013 7,000,000 6,974,310 4,200,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 4,214,662 4,460,476 4,900,000 BP Capital Markets P.L.C. 1.14 3/11/2014 4,928,665 4,917,135 4,300,000 Brookfield Asset Management Inc. 7.13 6/15/2012 4,446,759 4,383,734 3,500,000 CA Technologies 6.13 12/1/2014 3,713,745 3,857,375 3,400,000 Canadian Imperial Bank of Commerce 2.35 12/11/2015 3,320,950 3,486,207 4,900,000 Capital One Bank, (USA), National Association 8.80 7/15/2019 6,056,890 5,925,972 4,000,000 Cardinal Health, Inc. 4.63 12/15/2020 3,984,840 4,438,824 3,400,000 Celgene Corporation 2.45 10/15/2015 3,395,036 3,470,380 2,800,000 CF Industries, Inc. 6.88 5/1/2018 3,143,000 3,248,000 2,900,000 Charles Schwab Corporation, (The) 4.95 6/1/2014 2,889,009 3,158,033 5,300,000 Citigroup Inc. 6.50 8/19/2013 5,093,300 5,620,889 3,900,000 CME Group Inc. 5.75 2/15/2014 3,920,544 4,257,938 3,600,000 Coca-Cola Company, (The) 1.80 9/1/2016 3,601,308 3,705,509 2,900,000 Colonial Realty Limited Partnership 5.50 10/1/2015 3,020,611 3,000,850 5,100,000 Comcast Corporation 8.38 3/15/2013 5,869,723 5,528,604 4,800,000 Comcast Corporation 5.70 5/15/2018 4,803,120 5,629,603 4,200,000 Commonwealth Bank of Australia 2.75 10/15/2012 4,297,734 4,249,720 750,000 Corn Products International, Inc. 3.20 11/1/2015 748,673 775,679 3,500,000 Coventry Health Care, Inc. 5.45 6/15/2021 3,514,756 3,915,097 4,200,000 Cox Communications, Inc. 7.13 10/1/2012 4,559,268 4,383,208 5,300,000 Credit Suisse (USA), Inc. 5.00 5/15/2013 5,640,313 5,502,434 4,200,000 Deutsche Telekom International Finance B 5.25 7/22/2013 4,544,232 4,417,396 2,800,000 Diamond Offshore Drilling, Inc. 5.88 5/1/2019 2,795,828 3,260,270 3,500,000 Discover Financial Services 6.45 6/12/2017 3,502,170 3,733,849 5,600,000 Dow Chemical Company, (The) 6.00 10/1/2012 5,842,536 5,799,707 3,300,000 Enbridge Energy Partners, L.P. 5.35 12/15/2014 3,298,971 3,601,693 1,450,000 Enterprise Products Operating LLC 4.60 8/1/2012 1,449,275 1,477,507 3,800,000 Exelon Generation Company, LLC 6.20 10/1/2017 3,790,728 4,437,002 2,200,000 Enterprise Products Operating LLC 6.13 2/1/2013 2,392,962 2,301,050 3,500,000 Express Scripts, Inc. 6.25 6/15/2014 3,485,090 3,836,179 3,100,000 Federal Home Loan Bank of Chicago 5.63 6/13/2016 3,115,867 3,546,236 3,800,000 Federal National Mortgage Association 5.38 6/12/2017 4,224,834 4,628,959 4,800,000 Fiserv, Inc. 4.63 10/1/2020 4,832,974 5,080,982 3,600,000 Ford Motor Credit Company LLC 0.00 2/3/2017 3,600,000 3,608,640 1,300,000 Ford Motor Credit Company LLC 6.63 8/15/2017 1,396,452 1,454,382 3,600,000 France Telecom 4.38 7/8/2014 3,583,548 3,835,494 3,400,000 Franklin Resources, Inc. 4.63 5/20/2020 3,506,012 3,788,749 4,300,000 Goldman Sachs Group, Inc., (The) 5.25 7/27/2021 4,350,138 4,295,502 4,000,000 General Electric Capital Corporation 6.75 3/15/2032 4,538,840 4,789,948 3,800,000 Goldman Sachs Group, Inc., (The) 5.95 1/15/2027 3,658,374 3,824,567 4,800,000 GTE Corporation 6.94 4/15/2028 5,443,296 5,910,154 5,700,000 Hasbro, Inc. 6.13 5/15/2014 5,725,308 6,202,803 3,600,000 Hewlett-Packard Company 0.67 9/13/2012 3,587,904 3,590,564

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

CORPORATE BONDS, continued 4,200,000 Husky Energy Inc. 5.90 6/15/2014 4,489,674 4,606,472 4,500,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 4,502,835 4,612,991 5,000,000 International Business Machines Corporation 6.22 8/1/2027 5,172,657 6,493,795 6,700,000 Johnson & Johnson 6.95 9/1/2029 7,109,370 9,398,613 7,000,000 JPMorgan Chase Bank, National Association 6.00 10/1/2017 7,634,550 7,773,241 2,750,000 JPMorgan Chase & Co. 7.63 10/15/2026 3,359,898 3,307,475 3,500,000 JPMorgan Chase & Co. 6.30 4/23/2019 3,877,125 4,044,530 4,300,000 Kraft Foods Inc. 2.63 5/8/2013 4,391,246 4,383,734 2,000,000 Kroger Co., (The) 6.15 1/15/2020 1,994,980 2,441,994 1,750,000 Kroger Co., (The) 6.40 8/15/2017 1,752,070 2,104,543 4,200,000 Life Technologies Corporation 6.00 3/1/2020 4,566,072 4,742,644 4,200,000 Macquarie Bank Limited 7.30 8/1/2014 4,380,600 4,411,957 3,900,000 Macy's Retail Holdings, Inc. 7.45 7/15/2017 4,700,904 4,759,708 4,900,000 Massmutual Global Funding II 0.69 12/6/2013 4,883,977 4,886,437 5,000,000 Metropolitan Life Global Funding I 5.20 9/18/2013 4,876,000 5,327,610 2,300,000 Michigan Bell Telephone Company 7.85 1/15/2022 2,758,597 3,008,973 4,000,000 MidAmerican Energy Holdings Company 5.75 4/1/2018 3,994,130 4,710,144 3,800,000 Mohawk Industries, Inc. 7.20 4/15/2012 4,028,000 3,819,000 7,000,000 Monumental Global Funding III 5.50 4/22/2013 6,996,990 7,296,149 4,300,000 Morgan Stanley 5.50 7/28/2021 4,142,405 4,251,849 4,400,000 Motorola Solutions, Inc. 5.38 11/15/2012 4,561,788 4,542,190 4,600,000 NBCUniversal Media, LLC 3.65 4/30/2015 4,617,112 4,909,000 3,720,000 New York Life Insurance Company 5.88 5/15/2033 3,662,281 4,353,523 2,800,000 News America Incorporated 7.43 10/1/2026 2,874,088 3,353,238 3,700,000 Nordstrom, Inc. 6.75 6/1/2014 3,734,690 4,214,148 4,000,000 Northern Trust Company, (The) 6.50 8/15/2018 4,497,600 4,822,064 3,350,000 Ohio Power Company 5.50 2/15/2013 3,531,235 3,496,804 3,400,000 PG&E Corporation 5.75 4/1/2014 3,381,504 3,700,818 4,900,000 Pitney Bowes Inc. 4.63 10/1/2012 5,095,657 5,016,772 3,500,000 PNC Funding Corp. 5.40 6/10/2014 3,494,400 3,805,911 5,000,000 PPG Industries, Inc. 5.75 3/15/2013 5,240,400 5,253,875 5,000,000 Pricoa Global Funding I 5.40 10/18/2012 4,990,050 5,165,875 3,400,000 Principal Life Income Fundings 5.30 4/24/2013 3,393,812 3,577,548 2,500,000 Procter & Gamble Company, (The) 6.45 1/15/2026 2,638,775 3,407,080 3,000,000 Progress Energy, Inc. 6.05 3/15/2014 2,991,750 3,301,704 6,250,000 Public Service Electric and Gas Company 5.38 9/1/2013 6,244,013 6,695,431 3,400,000 Rabobank Nederland Participatiemaatschap 4.75 1/15/2020 3,398,912 3,667,689 1,500,000 Regions Financial Corporation 5.75 6/15/2015 1,483,230 1,530,600 1,500,000 Republic Services, Inc. 5.00 3/1/2020 1,499,775 1,696,061 1,500,000 Republic Services, Inc. 5.50 9/15/2019 1,489,275 1,731,074 4,500,000 Roper Industries, Inc. 6.63 8/15/2013 4,943,115 4,832,645 8,500,000 Royal Bank of Canada 2.63 12/15/2015 8,479,600 8,851,985 4,200,000 Ryder System, Inc. 6.00 3/1/2013 4,289,250 4,402,688 5,300,000 Safeway Inc. 5.80 8/15/2012 5,501,824 5,428,721 4,200,000 Sanofi 0.88 3/28/2014 4,204,452 4,201,130 5,500,000 Shell International Finance B.V. 5.20 3/22/2017 5,970,635 6,519,887 3,500,000 Smiths Group plc 6.05 5/15/2014 3,494,190 3,756,246 3,400,000 StanCorp Financial Group, Inc. 6.88 10/1/2012 3,648,166 3,498,709 2,300,000 Staples, Inc. 9.75 1/15/2014 2,644,862 2,635,885 4,700,000 SunTrust Banks, Inc. 5.25 11/5/2012 4,821,448 4,806,699 3,400,000 TD AMERITRADE Holding Corporation 4.15 12/1/2014 3,396,634 3,629,061 5,000,000 Telecom Italia Capital, Societe Anonyme 6.18 6/18/2014 5,000,000 5,025,000 4,700,000 Thermo Fisher Scientific Inc. 3.60 8/15/2021 4,799,105 5,019,154 7,000,000 TIAA Global Markets, Inc. 5.13 10/10/2012 6,992,650 7,210,931 5,600,000 Time Warner Cable Inc. 6.75 7/1/2018 6,583,304 6,783,230 6,000,000 Time Warner Inc. 6.88 6/15/2018 6,477,747 7,275,702 3,000,000 Total Capital 3.00 6/24/2015 2,988,270 3,199,785 3,500,000 Toyota Motor Credit Corporation 3.20 6/17/2015 3,581,095 3,730,874 4,500,000 Tyco International Finance S.A. 3.38 10/15/2015 4,485,420 4,736,318 3,400,000 U.S. Bancorp 2.45 7/27/2015 3,396,668 3,544,799 6,800,000 UBS AG 1.60 2/23/2012 6,800,000 6,804,903 5,000,000 Unilever Capital Corporation 5.90 11/15/2032 4,778,450 6,707,740 4,000,000 Unum Group 7.13 9/30/2016 4,000,000 4,615,988 3,500,000 V.F. Corporation 1.25 8/23/2013 3,500,000 3,500,574 3,400,000 Veolia Environnement-VE 6.00 6/1/2018 3,387,080 3,794,526 2,200,000 Vodafone Group Public Limited Company 7.88 2/15/2030 2,457,686 3,193,892 4,200,000 Wachovia Bank, National Association 4.88 2/1/2015 4,505,088 4,491,333 4,200,000 Wachovia Bank, National Association 5.85 2/1/2037 4,534,986 4,567,063 4,500,000 Walt Disney Company, (The) 7.00 3/1/2032 5,817,419 6,289,007 3,232,000 Waste Management, Inc. 5.00 3/15/2014 3,025,076 3,477,441 3,500,000 Weatherford International Ltd. 6.35 6/15/2017 3,964,940 3,994,872 4,200,000 Western Union Company, (The) 3.65 8/22/2018 4,196,766 4,305,622 4,000,000 Whirlpool Corporation 8.00 5/1/2012 4,451,980 4,067,448 3,400,000 YUM! Brands, Inc. 6.25 4/15/2016 3,708,038 3,944,809 TOTAL CORPORATE BONDS $ 576,677,356 $ 607,830,794

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

UNITED STATES GOVERNMENT BONDS 600,000 United States Treasury Bills 0.01 4/7/2011 599,936 599,849 24,200,000 United States Treasury Notes 3.13 5/15/2021 26,380,430 27,194,750 79,450,000 United States Treasury Bond 3.50 2/15/2039 75,628,339 88,822,637 7,600,000 United States Treasury - STRIPS 4.74 2/15/2012 7,585,445 7,599,848 7,600,000 United States Treasury - STRIPS 4.73 8/15/2012 7,410,729 7,595,364 7,600,000 United States Treasury - STRIPS 4.74 11/15/2012 7,325,450 7,591,412 5,500,000 United States Treasury - STRIPS 4.75 2/15/2013 5,237,971 5,491,475 5,600,000 United States Treasury - STRIPS 4.77 5/15/2013 5,271,291 5,593,112 5,500,000 United States Treasury - STRIPS 4.77 8/15/2013 5,115,477 5,481,740 5,500,000 United States Treasury - STRIPS 4.79 11/15/2013 5,054,633 5,476,240 5,300,000 United States Treasury - STRIPS 4.80 2/15/2014 4,811,909 5,274,560 5,300,000 United States Treasury - STRIPS 4.81 5/15/2014 4,755,487 5,270,373 5,300,000 United States Treasury - STRIPS 4.81 8/15/2014 4,698,165 5,261,681 5,300,000 United States Treasury - STRIPS 4.81 11/15/2014 4,643,088 5,253,996 5,100,000 United States Treasury - STRIPS 4.80 2/15/2015 4,416,168 5,047,623 5,100,000 United States Treasury - STRIPS 4.78 5/15/2015 4,367,541 5,034,312 5,100,000 United States Treasury - STRIPS 4.79 8/15/2015 4,313,576 5,022,633 5,100,000 United States Treasury - STRIPS 4.80 11/15/2015 4,262,872 5,010,291 4,900,000 United States Treasury - STRIPS 4.78 2/15/2016 4,049,131 4,801,388 4,900,000 United States Treasury - STRIPS 4.83 5/15/2016 3,994,896 4,778,578 4,900,000 United States Treasury - STRIPS 4.83 8/15/2016 3,946,780 4,755,622 4,900,000 United States Treasury - STRIPS 4.84 11/15/2016 3,898,102 4,734,218 4,700,000 United States Treasury - STRIPS 4.84 2/15/2017 3,694,406 4,518,524 4,700,000 United States Treasury - STRIPS 4.86 5/15/2017 3,647,885 4,496,302 4,700,000 United States Treasury - STRIPS 4.85 8/15/2017 3,604,614 4,472,802 4,700,000 United States Treasury - STRIPS 4.84 11/15/2017 3,562,457 4,442,167 4,500,000 United States Treasury - STRIPS 4.88 2/15/2018 3,364,597 4,223,205 4,500,000 United States Treasury - STRIPS 4.88 5/15/2018 3,325,073 4,193,325 4,500,000 United States Treasury - STRIPS 4.84 8/15/2018 3,286,657 4,163,265 4,500,000 United States Treasury - STRIPS 4.88 11/15/2018 3,245,988 4,133,025 4,300,000 United States Treasury - STRIPS 4.90 2/15/2019 3,059,710 3,921,170 4,300,000 United States Treasury - STRIPS 4.90 5/15/2019 3,022,932 3,891,285 4,300,000 United States Treasury - STRIPS 4.89 8/15/2019 2,987,743 3,860,282 4,300,000 United States Treasury - STRIPS 4.84 11/15/2019 2,952,554 3,827,516 4,100,000 United States Treasury - STRIPS 4.90 2/15/2020 2,779,165 3,615,351 4,100,000 United States Treasury - STRIPS 4.92 5/15/2020 2,741,944 3,580,715 4,100,000 United States Treasury - STRIPS 4.91 8/15/2020 2,709,345 3,551,801 4,100,000 United States Treasury - STRIPS 4.84 11/15/2020 2,679,057 3,514,483 3,900,000 United States Treasury - STRIPS 4.90 2/15/2021 2,518,187 3,313,089 3,900,000 United States Treasury - STRIPS 4.92 5/15/2021 2,483,987 3,281,234 3,900,000 United States Treasury - STRIPS 4.91 8/15/2021 2,455,707 3,253,536 3,900,000 United States Treasury - STRIPS 4.92 11/15/2021 2,425,551 3,219,181 3,700,000 United States Treasury - STRIPS 4.84 2/15/2022 2,279,537 3,024,702 3,700,000 United States Treasury - STRIPS 4.84 5/15/2022 2,253,021 2,994,884 3,700,000 United States Treasury - STRIPS 4.89 8/15/2022 2,225,184 2,991,524 3,700,000 United States Treasury - STRIPS 4.90 11/15/2022 2,196,733 2,960,481 3,500,000 United States Treasury - STRIPS 4.89 2/15/2023 2,053,612 2,771,300 3,500,000 United States Treasury - STRIPS 4.84 5/15/2023 2,030,850 2,714,831 3,500,000 United States Treasury - STRIPS 4.89 8/15/2023 2,004,629 2,686,705 3,500,000 United States Treasury - STRIPS 4.90 11/15/2023 1,980,183 2,657,830 3,300,000 United States Treasury - STRIPS 4.89 2/15/2024 1,846,054 2,479,686 3,300,000 United States Treasury - STRIPS 4.84 5/15/2024 1,827,906 2,453,385 3,300,000 United States Treasury - STRIPS 4.84 8/15/2024 1,806,457 2,427,315 3,300,000 United States Treasury - STRIPS 4.88 11/15/2024 1,781,436 2,401,865 3,100,000 United States Treasury - STRIPS 4.84 2/15/2025 1,654,945 2,229,660 3,100,000 United States Treasury - STRIPS 4.84 5/15/2025 1,635,179 2,206,177 3,100,000 United States Treasury - STRIPS 4.85 8/15/2025 1,621,100 2,214,355 3,100,000 United States Treasury - STRIPS 4.84 11/15/2025 1,601,675 2,159,398 2,900,000 United States Treasury - STRIPS 4.83 2/15/2026 1,484,678 2,027,854 2,900,000 United States Treasury - STRIPS 4.85 5/15/2026 1,463,575 1,979,482 2,900,000 United States Treasury - STRIPS 4.83 8/15/2026 1,448,661 1,988,707 2,900,000 United States Treasury - STRIPS 4.83 11/15/2026 1,432,874 1,968,941

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

US GOVERNMENT BONDS, continued 2,700,000 United States Treasury - STRIPS 4.82 2/15/2027 1,320,628 1,816,317 2,700,000 United States Treasury - STRIPS 4.84 5/15/2027 1,303,269 1,771,500 2,700,000 United States Treasury - STRIPS 4.82 8/15/2027 1,289,287 1,785,402 2,700,000 United States Treasury - STRIPS 4.81 11/15/2027 1,275,536 1,768,470 2,500,000 United States Treasury - STRIPS 4.84 2/15/2028 1,168,740 1,594,563 2,500,000 United States Treasury - STRIPS 4.84 5/15/2028 1,153,159 1,581,000 2,500,000 United States Treasury - STRIPS 4.79 8/15/2028 1,142,931 1,596,140 2,500,000 United States Treasury - STRIPS 4.84 11/15/2028 1,129,777 1,552,233 3,500,000 United States Treasury - STRIPS 4.79 2/15/2029 1,563,317 2,193,769 3,400,000 United States Treasury - STRIPS 4.84 5/15/2029 1,503,314 2,071,382 32,100,000 United States Treasury - STRIPS 4.84 8/15/2029 14,020,660 19,767,276 2,300,000 United States Treasury - STRIPS 4.23 2/15/2030 989,692 1,363,279 2,300,000 United States Treasury - STRIPS 4.29 5/15/2030 978,299 1,351,482 2,300,000 United States Treasury - STRIPS 4.32 8/15/2030 968,586 1,339,246 2,300,000 United States Treasury - STRIPS 4.37 11/15/2030 957,926 1,327,178 2,100,000 United States Treasury - STRIPS 4.40 2/15/2031 865,571 1,233,918 2,100,000 United States Treasury - STRIPS 4.43 5/15/2031 857,309 1,188,170 2,100,000 United States Treasury - STRIPS 4.49 8/15/2031 847,280 1,177,281 2,100,000 United States Treasury - STRIPS 4.55 11/15/2031 837,612 1,166,315 2,000,000 United States Treasury - STRIPS 4.49 2/15/2032 794,601 1,099,300 2,000,000 United States Treasury - STRIPS 4.54 5/15/2032 785,623 1,090,898 2,000,000 United States Treasury - STRIPS 4.60 8/15/2032 776,506 1,079,172 2,000,000 United States Treasury - STRIPS 4.66 11/15/2032 767,722 1,070,550 1,700,000 United States Treasury - STRIPS 4.66 2/15/2033 647,667 901,284 1,700,000 United States Treasury - STRIPS 4.72 5/15/2033 640,369 893,576 1,700,000 United States Treasury - STRIPS 4.78 8/15/2033 632,981 884,598 1,700,000 United States Treasury - STRIPS 4.84 11/15/2033 625,846 876,880 1,600,000 United States Treasury - STRIPS 4.64 2/15/2034 582,851 816,835 1,600,000 United States Treasury - STRIPS 4.63 5/15/2034 576,935 808,851 1,600,000 United States Treasury - STRIPS 4.64 8/15/2034 569,662 800,992 1,600,000 United States Treasury - STRIPS 4.63 11/15/2034 563,880 794,338 1,400,000 United States Treasury - STRIPS 4.64 2/15/2035 486,617 688,008 1,400,000 United States Treasury - STRIPS 4.64 5/15/2035 481,135 681,316 1,400,000 United States Treasury - STRIPS 4.64 8/15/2035 475,583 674,660 1,400,000 United States Treasury - STRIPS 4.64 11/15/2035 470,233 668,744 1,300,000 United States Treasury - STRIPS 4.66 2/15/2036 430,075 632,731 1,300,000 United States Treasury - STRIPS 4.64 5/15/2036 426,745 610,970 1,300,000 United States Treasury - STRIPS 4.64 8/15/2036 421,818 605,289 1,300,000 United States Treasury - STRIPS 4.64 11/15/2036 417,045 599,348 2,300,000 United States Treasury - STRIPS 4.64 2/15/2037 728,482 1,077,338 2,300,000 United States Treasury - STRIPS 4.65 5/15/2037 720,231 1,068,373 TOTAL UNITED STATES GOVERNMENT BONDS $ 342,138,764 $ 414,572,014 TOTAL BONDS $ 918,816,120 $ 1,022,402,808

BOND MUTUAL FUNDS 2,935,573 Stone Harbor Emerging Markets Local Currency Debt Fund$ 30,175,097 $ 31,850,967 TOTAL BOND MUTUAL FUNDS $ 30,175,097 $ 31,850,967

MORTGAGE-BACKED SECURITIES 5,024,532 Bank of America Mortgage Securities, Inc. 2004-K 2A1 2.86 12/25/2034$ 5,037,289 $ 4,507,990 1,180,749 Federal National Mortgage Association Pass-Through Trust 769,518 2.50 2/1/2034 1,125,466 1,180,628 5,405,099 Federal Horizon Mortgage Pass-Through Trust 2005-AR2 2A1 2.73 6/25/2035 5,467,596 4,234,436 9,100,000 JP Morgan Mortgage Trust 2005-A5 1A2 5.12 8/25/2035 9,127,016 7,688,226 6,052,736 Structured Adjustable Rate Mortgage Loan Trust 2005-1 2.56 2/25/2035 6,144,472 4,935,594 TOTAL MORTGAGE-BACKED SECURITIES $ 26,901,839 $ 22,546,874 TOTAL FIXED-INCOME INVESTMENTS $ 975,893,056 $ 1,076,800,648.62

FIXED INCOME INVESTMENTS SHARES DESCRIPTION COST VALUE

EQUITY INVESTMENTS

COMMON STOCKS 76,825 3M Company $ 6,804,369 $ 6,661,496 34,375 ABB Ltd. 881,319 716,031 46,700 Abbott Laboratories 2,454,075 2,528,805 13,000 Abercrombie & Fitch Co. 688,483 597,220 146,427 Accenture Public Limited Company 8,368,480 8,396,124 13,900 ACE Limited 766,534 967,440 12,100 ACS Actividades de Construccion y Service 384,420 373,496 22,300 Adidas AG 1,610,534 1,607,885 13,200 Adobe Systems Incorporated 385,310 408,540 15,700 Advanced Micro Devices, Inc. 123,945 105,347 38,900 Aecon Group Inc. 398,430 436,381 47,000 AEON Mall Co., Ltd. 1,426,394 1,039,239 16,700 AES Corporation, (The) 190,031 213,092 18,300 Aetna Inc. 623,568 799,710 15,690 Affiliated Managers Group, Inc. 1,604,952 1,577,002 12,100 AFLAC Incorporated 662,167 583,583 20,000 Agilent Technologies, Inc. 723,854 849,400 11,442 AGL Resources Inc. 452,845 474,957 6,300 Air Products and Chemicals, Inc. 542,033 554,589 21,900 Airgas, Inc. 1,549,918 1,728,567 14,000 Aisin Seiki Co., Ltd. 552,689 442,125 5,000 Akamai Technologies, Inc. 260,186 161,250 34,500 Alcoa Inc. 480,461 350,520 3,800 Allegheny Technologies Incorporated 199,081 172,482 15,010 Allegiant Travel Company 662,973 825,100 12,200 Allergan, Inc. 887,854 1,072,502 13,300 Allstate Corporation, (The) 404,046 383,705 7,800 Alpha Natural Resources, Inc. 327,521 156,936 21,100 Altera Corporation 734,229 839,569 54,300 Altria Group, Inc. 1,462,593 1,542,120 10,400 Amazon.com, Inc. 1,821,298 2,022,176 9,100 AMC Networks Inc. 339,620 389,116 10,900 Ameren Corporation 314,232 344,876 13,300 American Electric Power Company, Inc. 483,642 526,148 86,400 American Express Company 4,099,885 4,332,096 12,700 American International Group, Inc. 383,407 318,897 10,300 American Tower Corporation 538,883 654,153 12,900 Ameriprise Financial, Inc. 649,397 690,795 111,525 AmerisourceBergen Corporation 4,425,925 4,346,129 20,705 Amgen Inc. 957,669 1,406,077 67,834 Amphenol Corporation 3,505,041 3,692,205 16,400 Anadarko Petroleum Corporation 1,068,847 1,323,808 8,200 Analog Devices, Inc. 248,072 320,866 23,800 Anglo American PLC 928,820 985,511 55,364 ANSYS, Inc. 3,142,114 3,348,968 44,000 AOC Holdings Inc. 282,109 301,797 39,200 Aon Corporation 1,748,013 1,898,456 10,200 Apache Corporation 1,136,886 1,008,576 3,200 Apartment Investment and Management Company 64,918 78,592 11,500 Apollo Group, Inc. 503,158 602,715 44,507 Apple Inc. 8,413,529 20,316,555 34,000 Applied Materials, Inc. 421,002 417,520

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 17,500 Archer-Daniels-Midland Company $ 572,949 $ 501,025 38,500 ARRIS Group, Inc. 436,112 449,680 34,540 Aruba Networks, Inc. 807,087 766,097 2,500 Assurant, Inc. 85,163 99,000 25,400 AstraZeneca PLC 977,316 1,224,319 286,200 AT&T Inc. 8,186,413 8,417,142 18,804 Athenahealth, Inc. 1,018,433 1,094,017 163,900 Atmel Corporation 2,064,406 1,591,469 47,600 AuRico Gold Inc. 457,706 450,440 6,400 Autodesk, Inc. 219,672 230,400 84,025 Automatic Data Processing, Inc. 4,278,001 4,602,890 7,600 Autonation, Inc. 252,144 271,776 3,400 AutoZone, Inc. 979,831 1,182,792 3,700 AvalonBay Communities, Inc. 416,332 503,237 2,700 Avery Dennison Corporation 95,048 73,305 30,000 Avnet, Inc. 878,208 1,046,100 10,800 Avon Products, Inc. 314,008 191,916 39,100 Baker Hughes Incorporated 2,301,389 1,920,983 144,100 Ball Corporation 3,186,853 5,657,366 16,500 Banca Generali S.p.A. 184,341 185,646 133,008 Bank Hapoalim B.M. 658,943 464,006 277,000 Bank of America Corporation 4,302,301 1,975,010 202,350 Bank of New York Mellon Corporation, (The) 5,335,454 4,073,306 10,500 Barrick Gold Corporation 514,531 517,854 31,900 Baxter International Inc. 1,653,334 1,769,812 6,200 Bayer Aktiengesellschaft 486,421 434,537 7,300 Bayerische Motoren Werke Aktiengesellsch 547,227 624,871 25,600 BB&T Corporation 619,635 696,064 11,000 BCE Inc. 301,292 448,402 19,790 BE Aerospace, Inc. 804,166 835,138 3,900 Beam Inc. 165,216 204,009 7,600 Becton, Dickinson and Company 591,610 595,916 9,900 Bed Bath & Beyond Inc. 501,523 600,930 44,300 Belo Corp. 311,593 329,149 2,600 Bemis Company, Inc. 82,927 81,328 97,400 Berkshire Hathaway Inc. 7,532,116 7,633,238 7,800 Best Buy Co., Inc. 322,827 186,810 60,000 BG Group PLC 459,739 1,349,233 16,500 BHP Billiton PLC 629,542 552,783 184,010 Big Lots, Inc. 3,728,624 7,266,555 8,500 Bill Barrett Corporation 421,517 234,770 17,700 Biogen Idec Inc. 1,436,407 2,087,184 20,830 BioMarin Pharmaceutical Inc. 769,462 743,006 721,700 Biosensors International Group Ltd. 643,214 930,966 3,000 BlackRock, Inc. 605,029 546,000 4,700 BMC Software, Inc. 179,465 170,328 160,790 Boart Longyear Limited 430,445 601,496 24,600 Boeing Company, (The) 1,664,970 1,824,828 64,611 Booz Allen Hamilton Holding Corporation 1,193,706 1,137,154 4,800 BorgWarner Inc. 302,109 358,224 4,200 Boston Properties, Inc. 364,267 437,010 47,600 Boston Scientific Corporation 317,760 283,696 149,800 BP P.L.C. 1,085,643 1,113,051

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 14,400 Brink's Company, (The) $ 431,807 $ 405,936 62,900 Bristol-Myers Squibb Company 1,672,086 2,027,896 12,400 Broadcom Corporation 543,501 425,816 37,230 Brookdale Senior Living Inc. 741,462 655,248 31,600 Brooks Automation, Inc. 321,320 338,752 2,800 Brown-Forman Corporation 196,953 227,388 173,700 BT Group PLC 397,255 557,808 8,300 C.H. Robinson Worldwide, Inc. 603,024 571,372 9,700 C.R. Bard, Inc. 844,423 897,444 11,100 CA Technologies 220,608 286,158 47,100 Cablevision Systems Corporation 1,121,519 685,305 52,300 Cabot Oil & Gas Corporation 1,718,044 1,668,370 65,723 CAE Inc. 828,722 720,324 82,798 Cairn Energy PLC 376,933 368,198 58,700 Cameco Corporation 1,445,564 1,365,949 7,000 Cameron International Corporation 338,887 372,400 5,000 Campbell Soup Company 173,301 158,500 84,916 Canadian Natural Resources Limited 3,493,580 3,363,484 31,000 Canon Inc. 1,113,466 1,337,574 19,100 Capital One Financial Corporation 755,238 873,825 24,900 Cardinal Health, Inc. 949,607 1,071,447 19,900 CareFusion Corporation 494,118 476,605 17,731 CarMax, Inc. 572,619 539,554 11,900 Carnival Corporation 507,045 359,380 38,400 Castellum AB 524,933 487,796 28,200 Caterpillar Inc. 2,002,705 3,077,184 37,170 Cavium, Inc. 1,490,753 1,194,644 19,200 CBRE Group, Inc. 315,487 370,560 60,100 CBS Corporation 1,277,110 1,711,648 27,400 Celanese Corporation 1,455,447 1,334,654 11,500 Celgene Corporation 694,078 836,050 43,600 CenterPoint Energy, Inc. 787,713 805,292 13,900 Centerra Gold Inc. 193,960 275,131 52 Central Japan Railway Company 427,192 446,689 281,500 Centrica PLC 1,022,670 1,303,345 36,487 CenturyLink, Inc. 1,396,373 1,351,114 31,490 Cerner Corporation 1,896,660 1,917,426 4,700 CF Industries Holdings, Inc. 707,495 833,686 224,338 Charles Schwab Corporation, (The) 3,693,197 2,613,538 33,600 Chesapeake Energy Corporation 822,635 709,968 90,100 Chevron Corporation 7,094,523 9,287,508 115,500 China Mobile Limited 657,846 1,181,140 160,000 China Shenhua Energy Company Limited 741,948 703,591 1,900 Chipotle Mexican Grill, Inc. 554,740 697,851 10,400 Chubb Corporation, (The) 498,163 701,064 52,300 Chugai Pharmaceutical Co., Ltd. 774,400 830,627 18,600 CIGNA Corporation 750,168 833,838 234,100 Cincinnati Bell Inc. 803,438 807,645 6,000 Cincinnati Financial Corporation 180,637 196,080 78,550 Cintas Corporation 2,532,302 2,910,278 145,400 Cisco Systems, Inc. 3,253,656 2,854,202 82,200 Citigroup Inc. 3,398,314 2,525,184 43,344 Citrix Systems, Inc. 3,282,859 2,826,462

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 5,400 Cliffs Natural Resources Inc. $ 383,432 $ 390,150 5,500 Clorox Company, (The) 350,758 377,630 165,000 CLP Holdings Limited 830,835 1,351,151 1,700 CME Group Inc. 508,704 407,167 29,300 CMS Energy Corporation 566,431 639,619 807,000 CNOOC Limited 410,195 1,658,854 57,112 Coach, Inc. 3,183,276 4,000,696 105,900 Coca-Cola Amatil Limited 1,341,481 1,299,897 84,900 Coca-Cola Company, (The) 4,953,412 5,733,297 31,700 Coca-Cola Enterprises, Inc. 876,819 849,243 8,600 Cochlear Limited 589,547 542,895 13,700 Cognex Corporation 478,097 569,235 53,862 Cognizant Technology Solutions Corporation 3,804,348 3,864,599 19,000 Colgate-Palmolive Company 1,548,213 1,723,680 2,600 Coloplast A/S 378,126 384,107 101,900 Comcast Corporation 1,770,481 2,709,521 120,300 Comerica Incorporated 3,630,573 3,328,701 7,300 Compagnie Financiere Richemont SA 388,551 413,582 4,200 Computer Sciences Corporation 205,020 108,486 37,400 ConAgra Foods, Inc. 938,468 997,458 13,150 Concur Technologies, Inc. 616,976 688,403 50,900 ConocoPhillips 3,052,296 3,471,889 138,560 CONSOL Energy Inc. 6,105,126 4,952,134 21,100 Consolidated Edison, Inc. 1,104,344 1,244,056 5,000 Constellation Brands, Inc. 90,894 104,500 20,300 Constellation Energy Group, Inc. 695,246 739,529 86,800 Con-way Inc. 3,411,437 2,755,032 5,500 Cooper Industries Public Limited Company 297,075 325,160 30,037 Core Laboratories N.V. 3,086,610 3,190,831 40,800 Corning Incorporated 754,244 525,096 36,613 Corporate Executive Board Company, (The) 1,401,128 1,439,989 34,870 Corrections Corporation of America 763,690 820,491 3,534 CoStar Group, Inc. 202,592 200,272 56,267 Costco Wholesale Corporation 4,112,730 4,629,086 70,172 Covance Inc. 4,011,983 3,074,235 14,200 Coventry Health Care, Inc. 422,516 426,994 93,600 Covidien Public Limited Company 4,994,556 4,820,400 147,500 Crown Holdings, Inc. 1,334,997 5,320,325 49,300 CSL Limited 1,605,934 1,631,012 68,000 CSX Corporation 1,287,195 1,533,400 23,100 Cummins Inc. 2,399,169 2,402,400 46,700 CVS Caremark Corporation 1,528,901 1,949,725 19,300 D.R. Horton, Inc. 230,195 268,656 32,100 Daikin Industries, Ltd. 1,225,031 930,374 16,200 Daito Trust Construction Co., Ltd. 802,470 1,525,456 85,090 Danaher Corporation 4,253,229 4,468,076 19,968 Danone Finance 995,452 1,233,374 10,000 Darden Restaurants, Inc. 454,561 458,700 4,900 Dassault Systemes 398,365 406,541 43,477 DaVita Inc. 3,428,391 3,556,853 141,110 DBS Group Holdings Ltd. 1,500,733 1,522,507 21,500 Dean Foods Company 183,649 231,340 802,500 Debenhams PLC 989,632 858,609

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 18,900 Deere & Company $ 1,450,202 $ 1,628,235 54,600 Dell Inc. 815,346 940,758 4,000 Delticom AG 426,199 399,836 15,800 Denbury Resources Inc. 286,357 297,988 35,100 DENSO Corporation 961,261 1,042,643 11,300 DENTSPLY International Inc. 372,158 426,462 137,590 Devon Energy Corporation 9,857,043 8,779,618 9,500 DeVry Inc. 391,515 358,720 1,900 Diamond Offshore Drilling, Inc. 132,470 118,370 35,920 Dick's Sporting Goods, Inc. 1,343,875 1,480,263 11,000 Diebold, Incorporated 350,559 348,590 50,000 DirecTV 1,652,188 2,250,500 63,900 Discover Financial Services 1,362,111 1,736,802 43,200 Discovery Communications, Inc. 1,604,016 1,710,157 6,100 Dollar Tree, Inc. 504,399 517,341 142,450 Dominion Resources, Inc. 6,181,243 7,128,198 10,300 Dongbu Insurance Co., Ltd. 436,814 440,112 4,700 Dover Corporation 261,767 298,027 166,000 Dow Chemical Company, (The) 4,603,984 5,562,660 10,600 Dr Pepper Snapple Group, Inc. 407,736 411,492 31,000 Drax Group PLC 194,115 260,007 16,320 Dresser-Rand Group Inc. 890,047 836,074 12,100 DTE Energy Company 574,056 643,841 38,400 Duke Energy Carolinas, LLC 664,876 818,304 2,100 Dun & Bradstreet Corporation, (The) 154,643 173,901 10,600 Durr Aktiengesellschaft 471,776 541,092 13,300 E*Trade Financial Corporation 165,184 108,927 50,100 E. I. du Pont de Nemours and Company 2,082,322 2,549,589 10,500 Eastman Chemical Company 427,747 528,360 9,300 Eaton Corporation 447,290 455,979 34,200 eBay Inc. 1,028,361 1,080,720 11,700 Ecolab Inc. 630,105 707,148 8,300 Edison International 298,936 340,632 3,600 Edwards Lifesciences Corporation 308,676 297,612 177,200 El Paso Corporation 1,865,373 4,761,364 22,100 Electricite de France 512,426 509,747 47,800 Electronic Arts Inc. 952,501 887,646 42,500 Eli Lilly and Company 1,553,488 1,688,950 66,700 EMC Corporation 1,080,837 1,718,192 19,500 Emerson Electric Co. 817,661 1,001,910 12,500 Enbridge Inc. 425,018 470,285 46,600 Endeavour Silver Corp. 421,585 526,942 137,500 Enel Societa per Azioni 685,124 562,662 9,100 Eni S.p.A. 179,907 201,319 5,100 Entergy Corporation 379,346 353,838 205,100 Enterprise Inns PLC 317,817 120,563 7,000 EOG Resources, Inc. 652,906 742,980 19,800 EQT Corporation 1,025,843 1,000,296 5,600 Equifax Inc. 192,700 218,232 16,100 Equity Residential 866,204 958,755 18,700 Essilor International (Compagnie General) 1,182,304 1,370,837 23,000 Estee Lauder Companies Inc., (The) 895,804 1,332,390 24,500 Etn. Franz Colruyt NV 451,712 927,033

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 13,300 European Aeronautic Defence and Space Co.$ 390,187 $ 447,098 89,540 Exelis Inc. 1,201,730 894,505 21,300 Exelon Corporation 861,872 847,314 5,050 Expedia, Inc. 139,919 163,469 5,800 Expeditors International of Washington 306,837 258,970 101,113 Express Scripts, Inc. 5,465,380 5,172,941 203,300 Exxon Mobil Corporation 13,529,204 17,024,342 2,200 F5 Networks, Inc. 299,298 263,428 8,800 Family Dollar Stores, Inc. 397,456 491,040 10,800 FANUC Corporation 699,404 1,814,400 34,510 Fastenal Company 1,137,558 1,610,927 3,500 Federated Investors, Inc. 80,774 59,780 8,200 FedEx Corporation 713,894 750,218 13,500 Fidelity National Information Services 361,371 385,560 34,000 Fifth Third Bancorp 444,192 442,340 20,455 First Horizon National Corporation 173,521 178,572 23,507 First Republic Bank 732,296 704,740 1,800 First Solar, Inc. 241,275 76,104 30,170 FirstEnergy Corp. 1,176,179 1,273,777 24,794 FirstService Corporation 856,209 732,663 8,300 Fiserv, Inc. 467,324 521,987 7,100 FLIR Systems, Inc. 195,884 182,825 1,500 Flowserve Corporation 162,733 165,255 70,603 Fluor Corporation 4,540,344 3,970,713 35,230 FMC Corporation 2,308,045 3,265,116 72,261 FMC Technologies, Inc. 3,117,189 3,693,260 104,900 Ford Motor Company 1,288,162 1,302,858 6,700 Forest Laboratories, Inc. 202,351 212,926 248,960 Fortune Brands Home & Hardware, Inc. 3,284,240 4,623,187 35,046 Fossil, Inc. 3,185,578 3,331,122 44,000 Foster Wheeler AG 1,061,139 988,240 4,200 Franklin Resources, Inc. 498,048 445,620 26,900 Freeport-McMoRan Copper & Gold Inc. 952,341 1,243,049 14,500 Fresnillo Plc 423,302 397,227 24,600 Frontier Communications Corporation 216,970 105,288 17,700 GameStop Corp. 412,834 413,472 55,600 Gannett Co., Inc. 713,676 787,852 11,200 Gap, Inc., (The) 208,684 212,576 24,500 Gas Natural SDG, S.A. 472,952 400,897 11,700 General Dynamics Corporation 798,090 809,172 398,300 General Electric Company 9,113,995 7,452,193 19,700 General Mills, Inc. 704,885 784,651 427,448 GenOn Escrow Corp. 2,851,484 910,464 161,246 Genpact Limited 2,624,137 2,359,029 36,980 Gentex Corporation 1,106,446 993,653 7,000 Genuine Parts Company 320,892 446,460 21,600 Genworth Financial, Inc. 225,657 166,536 241 Geo Holdings Corporation 253,527 261,702 24,600 Gibson Energy ULC 465,562 483,979 31,300 Gilead Sciences, Inc. 1,196,792 1,528,692 74,000 GlaxoSmithKline PLC 3,180,811 3,295,960 7,700 Goldcorp Inc. 392,420 372,389 13,600 Goldman Sachs Group, Inc., (The) 2,063,792 1,515,992

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 12,900 Goodrich Corporation $ 1,195,245 $ 1,609,275 37,900 Goodyear Tire & Rubber Company, (The) 447,981 492,700 15,578 Google Inc. 8,463,987 9,036,954 62,315 Graftech International Ltd. 1,194,018 1,023,212 30,050 Green Mountain Coffee Roasters, Inc. 1,955,334 1,602,867 41,838 H & M Hennes & Mauritz Ab 704,873 1,368,303 33,400 H & R Block, Inc. 479,270 546,424 16,400 H. J. Heinz Company 810,118 850,340 41,600 Halliburton Company 1,494,894 1,530,048 7,400 Harley-Davidson, Inc. 208,393 327,006 1,900 Harman International Industries, Incorporation 81,927 80,180 91,600 Harmonic Inc. 540,083 537,692 3,200 Harris Corporation 150,053 131,200 14,300 Hartford Financial Services Group, I, (The) 345,697 250,536 3,300 Hasbro, Inc. 156,076 115,203 10,500 HCP, Inc. 362,242 441,315 5,600 Health Care REIT, Inc. 267,695 320,376 46,590 Healthcare Services Group, Inc. 732,924 870,767 61,090 HealthSouth Corporation 1,325,577 1,178,426 6,400 Heidrick & Struggles International, Inc. 161,663 140,672 48,300 Hellenic Petroleum S.A. 419,415 364,820 52,040 Helmerich & Payne, Inc. 3,150,870 3,211,388 14,100 Hershey Company, (The) 758,513 861,228 8,300 Hess Corporation 481,202 467,290 52,600 Hewlett-Packard Company 2,138,015 1,471,748 32,100 Hexcel Corporation 752,245 804,747 26,566 HMS Holdings Corp. 691,988 876,944 52,200 Hochschild Mining PLC 458,021 407,176 65,000 Hokuetsu Paper Mills, Ltd. 428,753 446,689 74,780 Hologic, Inc. 1,413,885 1,524,764 48,200 Home Depot, Inc., (The) 1,539,635 2,139,598 36,200 Honda Motor Co., Ltd. 925,454 1,265,694 37,200 Honeywell International Inc. 1,640,269 2,159,088 295,003 Hong Kong and China Gas Company Limited, (The) 322,098 699,988 22,100 Hormel Foods Corporation 587,239 636,038 4,100 Hospira, Inc. 235,351 141,286 19,300 Host Hotels & Resorts, L.P. 319,131 316,906 52,400 Hoya Corporation 1,778,471 1,110,536 122,600 HSBC Holdings plc 1,448,104 1,024,805 15,000 Hudson City Bancorp, Inc. 174,417 100,950 10,700 Humana Inc. 584,665 952,514 40,500 Huntington Bancshares Incorporated 242,976 231,255 22,210 Huron Consulting Group Inc. 690,161 832,431 16,000 Husky Energy Inc. 462,401 390,726 6,400 Hyundai Motor Company 720,556 1,259,091 3,200 Hyundai WIA Corp. 521,438 367,472 12,200 IAC/InterActiveCorp 466,350 525,454 37,182 ICF International, Inc. 895,410 1,053,738 44,765 IDEXX Laboratories, Inc. 3,568,448 3,786,671 71,225 Illinois Tool Works Inc. 3,341,883 3,777,062 65,000 Iluka Resources Limited 436,237 1,265,523 24,400 ImmunoGen, Inc. 347,328 344,528 23,700 Industria de Diseno Textil, S.A. 1,197,209 2,069,333

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 21,650 Informatica Corporation $ 1,069,753 $ 915,795 67,850 Ingersoll-Rand Public Limited Company 3,090,775 2,370,679 197 INPEX Corporation 1,604,389 1,343,475 2,800 Integrys Energy Group, Inc. 115,988 145,348 157,100 Intel Corporation 3,422,463 4,150,582 2,400 IntercontinentalExchange, Inc. 277,595 274,752 223,400 Intermediate Capital Group PLC 925,412 969,475 50,300 International Business Machines Corporation 5,237,612 9,687,780 10,100 International Flavors & Fragrances Inc. 566,528 563,681 8,200 International Game Technology 119,351 130,626 69,140 International Paper Company 1,937,215 2,153,020 11,300 Interpublic Group of Companies, Inc., (The) 102,435 116,729 5,200 InterXion Holding N.V. 71,918 73,268 7,900 Intuit Inc. 298,487 445,876 8,172 Intuitive Surgical, Inc. 2,790,661 3,758,385 59,670 Invesco Ltd. 1,233,551 1,346,752 20,800 Investment AB Kinnevik 425,535 434,670 22,300 Investor AB 416,663 450,952 49,500 ION Geophysical Corporation 492,817 367,785 31,200 Iron Mountain Incorporated 907,217 961,584 45,700 Isis Pharmaceuticals, Inc. 386,029 372,912 38,000 ITOCHU Corporation 193,348 413,141 54 ITT Corporation 863 1,174 178,950 J. C. Penney Company, Inc. 3,842,373 7,435,373 9,500 J. M. Smucker Company, (The) 651,315 748,410 14,467 j2 Global, Inc. 420,312 390,030 5,500 Jabil Circuit, Inc. 85,190 124,630 3,500 Jacobs Engineering Group Inc. 146,645 156,660 9,200 Jardine Matheson Holdings Limited 159,571 476,560 6,300 JDS Uniphase Corporation 75,440 79,947 37,000 Jeronimo Martins, SGPS, S.A. 580,599 618,271 107,700 Johnson & Johnson 6,795,774 7,098,507 18,900 Johnson Controls, Inc. 599,212 600,453 16,860 Jones Lang LaSalle Incorporated 1,388,574 1,327,894 3,500 Joy Global Inc. 324,322 317,415 135,800 JPMorgan Chase & Co. 5,285,175 5,065,340 13,900 Juniper Networks, Inc. 485,546 290,927 50,000 Jx Holdings, Inc. 353,713 301,639 35,249 K12 Inc. 1,047,474 789,225 15,600 Kansas City Southern 930,946 1,070,784 61 KDDI Corporation 388,800 386,400 19,600 Kellogg Company 995,149 970,592 8,500 Kesko Oyj 423,818 300,204 33,900 KeyCorp 267,945 263,403 4,900 Keyence Corporation 942,163 1,220,341 20,300 KIA Motors Corp. 530,983 1,219,789 58,500 Kimberly-Clark Corporation 3,879,156 4,186,260 10,200 Kimco Realty Corporation 176,725 186,150 42,597 KiOR, Inc. 613,811 525,221 5,200 KLA-Tencor Corporation 199,525 265,876 6,700 Kohl's Corporation 362,182 308,133 61,800 Komatsu Ltd. 1,252,625 1,741,747 11,800 KONE Oyj 711,731 642,895

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 305,350 Koninklijke Ahold N.V. $ 2,303,594 $ 4,051,707 21,700 Korea Electric Power Corporation 505,635 538,950 67,500 Kraft Foods Inc. 2,132,368 2,585,250 32,400 Kroger Co., (The) 737,390 769,824 60,400 Kungsleden AB (publ) 428,871 454,592 15,100 L-3 Communications Holdings, Inc. 1,037,221 1,068,174 7,700 Laboratory Corporation of America Holding 646,145 703,703 20,000 Lam Research Corporation 857,753 851,800 14,800 Lazard Ltd. 506,536 425,056 249,800 Legal & General Group PLC 419,345 454,903 3,500 Legg Mason Inc 117,850 89,145 4,200 Leggett & Platt, Incorporated 81,425 90,132 41,500 Lend Lease Corporation Ltd 371,333 324,165 9,300 Lennar Corporation 172,454 199,857 28,900 Leucadia National Corporation 823,416 802,264 21,333 Level 3 Communications, Inc. 701,051 395,727 2,300 Lexmark International, Inc. 85,802 80,270 8,900 Liberty Interactive Corporation 732,330 733,449 4,600 Life Technologies Corporation 237,286 222,778 29,600 Limited Brands, Inc. 862,738 1,239,056 47,394 LIN TV Corp. 174,999 190,998 7,700 Lincoln National Corporation 191,586 165,858 6,100 Linear Technology Corporation 203,084 203,252 114,000 Link Real Estate Investment Trust, (The) 411,418 415,307 16,700 Lockheed Martin Corporation 1,221,380 1,374,744 10,400 Loews Corporation 402,489 388,024 11,300 L'Oreal 861,605 1,202,759 3,600 Lorillard, Inc. 400,848 386,604 34,900 Lowe`s Companies, Inc. 804,798 936,367 124,700 LSI Corporation 803,404 943,979 4,100 M&T Bank Corporation 331,062 326,934 15,800 Macy's, Inc. 404,562 532,302 9,100 Madison Square Garden Company, (The) 244,168 261,079 19,930 Manpower Inc. 969,924 799,392 40,600 Marathon Oil Corporation 861,382 1,274,434 31,350 Marathon Petroleum Corporation 924,026 1,198,197 6,800 Marriott International, Inc. 240,331 234,260 45,500 Marsh & McLennan Companies, Inc. 1,262,091 1,437,345 293,460 Masco Corporation 5,562,210 3,542,062 13,893 MasterCard Incorporated 3,822,649 4,939,934 9,700 Mattel, Inc. 238,532 300,700 14,300 McCormick & Company, Incorporated 668,267 722,722 42,500 McDonald's Corporation 3,174,199 4,209,625 27,300 McGraw-Hill Companies, Inc., (The) 1,083,762 1,255,800 10,600 McKesson Corporation 698,194 866,232 60,494 Mead Johnson Nutrition Company 4,109,032 4,482,000 26,100 Northrop Grumman Corp 785,693 768,384 10,200 Medco Health Solutions, Inc. 623,161 632,604 37,300 Medtronic, Inc. 1,299,139 1,438,661 104,000 Merck & Co., Inc. 3,673,786 3,979,040 31,100 MetLife, Inc. 1,251,233 1,098,763 6,100 Metro Inc. 185,230 332,965 32,700 MetroPCS Communications, Inc. 319,879 289,068

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 20,500 Microchip Technology Incorporated $ 685,090 $ 756,655 62,900 Micromet, Inc. 358,238 687,497 25,500 Micron Technology, Inc. 212,839 193,545 18,150 MICROS Systems, Inc. 919,160 902,237 345,325 Microsoft Corporation 8,817,895 10,197,447 72,000 Mitsubishi Estate Co., Ltd 782,713 1,149,167 123,000 Mitsubishi UFJ Financial Group, Inc. 610,216 562,977 46,700 Molex Incorporated 1,099,557 1,234,748 4,200 Molson Coors Brewing Company 167,435 180,138 6,996 Monotype Imaging Holdings Inc. 105,269 109,208 44,075 Monsanto Company 2,914,974 3,616,354 28,400 Moody's Corporation 867,425 1,057,332 44,500 Morgan Stanley 1,092,571 829,925 29,000 Mosaic Company, (The) 1,916,760 1,623,130 12,800 Motor Oil (Hellas) Corinth Refineries SA 195,840 99,697 6,700 Motorola Mobility Holdings, Inc. 164,222 258,821 17,557 Motorola Solutions, Inc. 602,427 814,820 5,000 Murphy Oil Corporation 306,771 298,000 23,600 Mylan Inc. 456,965 489,700 31,100 Myriad Genetics, Inc. 693,003 735,826 26,800 Nabors Industries Ltd. 494,551 499,016 3,000 NASDAQ OMX Group, Inc., (The) 66,675 74,340 5,800 National Bank of Canada 420,710 435,036 90,643 National Instruments Corporation 2,521,208 2,439,203 24,700 National Oilwell Varco, Inc. 1,546,834 1,827,306 12,000 NCC AB 198,628 247,775 74,100 Neo Material Technologies Inc. 513,799 616,977 88,775 Nestle S.A. 4,635,038 5,102,569 80,940 NetApp, Inc. 3,988,523 3,054,676 3,300 Netflix, Inc. 525,201 396,660 8,100 Newell Rubbermaid Inc. 141,056 149,607 3,300 Newfield Exploration Company 235,304 124,773 13,700 Newmont Mining Corporation 804,432 842,276 58,100 News Corporation 825,119 1,094,023 21,700 Nextera Energy, Inc. 1,187,444 1,298,745 67,480 NIC Inc. 883,380 844,175 12,200 NIKE, Inc. 920,427 1,268,678 23,335 Nippon Telegraph and Telephone Corporation 984,896 1,165,985 31,600 NiSource Inc. 638,023 718,268 58,000 Nissan Motor Co., Ltd. 621,857 546,911 8,000 Noble Corporation 303,654 278,720 4,600 Noble Energy, Inc. 387,882 463,082 7,900 Nordstrom, Inc. 361,517 390,102 13,000 Norfolk Southern Corporation 722,375 938,600 25,500 North American Energy Partners Inc. 165,753 162,180 23,800 Northeast Utilities 803,238 827,050 6,200 Northern Trust Corporation 330,092 255,502 13,800 Northrop Grumman Corporation 796,074 801,090 36,800 Novartis AG 1,966,174 1,992,866 29,300 Novellus Systems, Inc. 942,291 1,381,495 18,000 Novo Nordisk A/S 1,227,625 2,129,896 28,900 NRG Energy, Inc. 569,497 487,832 10,700 Nucor Corporation 433,617 476,043

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 33,700 NVIDIA Corporation $ 454,510 $ 497,749 12,400 NYSE Euronext 352,787 329,344 22,000 Occidental Petroleum Corporation 1,713,975 2,194,940 17,000 Oceaneering International, Inc. 740,602 826,030 14,440 Oil States International, Inc. 1,144,636 1,150,724 250,300 Old Mutual Public Limited Company 432,710 576,679 84,600 Omnicom Group Inc. 3,561,192 3,858,606 80,230 ONEOK, Inc. 2,167,694 6,671,927 20,000 Onyx Pharmaceuticals, Inc. 670,708 818,800 143,500 Oracle Corporation 3,573,172 4,046,700 1 Orchard Supply Hardware LLC 27 18 16,440 O'Reilly Automotive Stores, Inc. 1,076,348 1,340,024 75,400 Orient-Express Hotels Ltd. 732,355 637,884 5,600 ORIX Corporation 478,103 523,646 132,400 Owens Corning 3,730,992 4,468,500 237,540 Owens-Illinois, Inc. 6,340,224 5,712,837 9,400 PACCAR Inc 431,415 415,480 125,150 Packaging Corporation of America 2,627,308 3,521,721 27,800 Pall Corporation 1,444,786 1,659,104 4,100 Parker-Hannifin Corporation 334,433 330,788 2,000 Patterson Companies, Inc. 58,598 64,420 36,600 Paychex, Inc. 1,009,784 1,152,900 6,900 Peabody Energy Corporation 412,831 235,221 18,400 Penn West Petroleum Ltd. 378,448 400,897 41,000 People's United Financial, Inc. 508,693 505,530 11,400 Pepco Holdings, Inc. 216,982 224,124 60,300 Pepsico, Inc. 3,898,361 3,959,901 2,800 PerkinElmer, Inc. 67,150 67,144 10,600 Perrigo Company 1,006,535 1,013,360 46,700 Petroleo Brasileiro S.A. - Petrobras 1,512,650 1,304,331 39,800 Petropavlovsk PLC 427,321 475,130 310,900 Pfizer Inc. 6,241,782 6,653,260 10,400 PG&E Corporation 491,996 422,864 45,400 Philip Morris International Inc. 2,837,996 3,394,558 6,800 Pinnacle West Capital Corporation 278,644 321,368 5,600 Pioneer Natural Resources Company 450,149 556,080 53,000 Pirelli & C. S.p.A. 452,686 490,514 5,300 Pitney Bowes Inc. 121,289 100,541 8,900 Plum Creek Timber Company, Inc. 338,935 345,142 14,800 PNC Financial Services Group, Inc., (The) 817,908 872,016 28,330 Polycom, Inc. 689,044 565,184 13,600 Polypore International, Inc. 762,752 517,888 11,000 PPG Industries, Inc. 799,157 985,380 28,500 PPL Corporation 783,431 792,015 11,900 Praxair, Inc. 1,144,700 1,263,780 15,700 Precision Castparts Corp. 2,450,704 2,569,776 2,900 Priceline.Com Incorporated 1,302,382 1,535,492 8,500 Principal Financial Group, Inc. 232,651 232,135 101,700 Procter & Gamble Company, (The) 6,136,700 6,411,168 11,800 Progress Energy, Inc. 529,646 641,094 24,800 Progressive Corporation, (The) 506,192 502,944 13,400 ProLogis 423,988 424,914 15,300 Prudential Financial, Inc. 920,458 875,772

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 27,700 Public Service Enterprise Group Incorporation$ 882,756 $ 840,418 5,400 Public Storage 519,670 749,844 38,600 Pultegroup, Inc. 258,457 287,570 12,600 QEP Resources, Inc. 385,194 360,864 123,780 QUALCOMM Incorporated 6,370,314 7,280,740 8,300 Quanta Services, Inc. 157,441 179,280 13,500 Quest Diagnostics Incorporated 683,774 784,080 5,700 R. R. Donnelley & Sons Company 96,542 64,752 27,400 RADVISION Ltd. 168,454 221,940 14,200 Rallye 424,636 459,694 2,200 Ralph Lauren Corporation 246,128 334,400 12,467 Rami Levi Chain Stores Hashikma Marketin 451,605 454,915 12,600 Range Resources Corporation 672,590 724,752 18,900 Raymond James Financial, Inc. 612,592 661,500 144,250 Raytheon Company 5,325,499 6,922,558 44,820 RealPage, Inc. 1,066,286 1,152,770 27,000 Reckitt Benckiser Group PLC 767,272 1,438,424 4,900 Red Hat, Inc. 219,032 227,213 23,600 Regeneron Pharmaceuticals, Inc. 1,315,412 2,144,296 61,500 Regions Financial Corporation 348,309 321,030 130,700 Regis Resources Limited 403,066 552,828 213,862 Republic Services, Inc. 5,269,870 6,261,879 8,700 Reynolds American Inc. 326,076 341,301 64,700 RF Micro Devices, Inc. 413,236 322,853 9,200 Rio Tinto PLC 567,948 552,412 46,560 Riverbed Technology, Inc. 1,340,119 1,114,646 59,360 Robert Half International Inc. 1,667,943 1,643,678 2,700 Roche Holding AG 415,624 457,438 14,100 Rockwell Automation, Inc. 910,286 1,097,967 4,400 Rockwell Collins, Inc. 256,659 254,716 19,790 Rockwood Holdings, Inc. 1,134,487 999,395 14,000 Rogers Communications Inc. 492,974 538,166 52,711 Roper Industries, Inc. 4,297,901 4,922,680 27,600 Ross Stores, Inc. 920,864 1,402,632 27,400 Rowan Companies, Inc. 1,023,359 931,874 31,800 Royal Caribbean Cruises Ltd. 1,026,608 864,324 13,200 Royal Dutch Shell plc 468,144 480,867 23,000 RTI International Metals, Inc. 745,410 578,910 2,100 Ryder System, Inc. 98,004 118,188 296,600 Safeway Inc. 7,038,921 6,519,268 33,000 SAIC, Inc. 447,647 424,380 26,300 Saipem S.p.A. 683,824 1,231,834 45,800 Saks Incorporated 489,944 457,084 27,136 Salesforce.com, Inc. 3,583,905 3,169,485 7,000 SanDisk Corporation 299,645 321,160 134,000 Sands China Ltd. 408,533 453,608 15,600 Sanofi 1,156,785 1,153,184 25,000 SAP AG 1,189,069 1,511,625 434,980 Sara Lee Corporation 6,811,671 8,329,867 32,520 SBA Communications Corporation 1,235,855 1,486,814 3,500 SCANA Corporation 143,642 156,905 123,729 Schlumberger Limited 8,827,876 9,300,709 2,600 Scripps Networks Interactive, Inc. 134,679 112,736

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 65,800 SeaChange International, Inc. $ 648,615 $ 472,444 4,500 Sealed Air Corporation 103,233 89,685 4,000 Sears Holdings Corporation 244,897 168,600 35,100 Seattle Genetics, Inc. 613,694 664,443 6,200 Sempra Energy 316,495 352,780 790 SGS SA 1,017,760 1,419,182 17,000 Shaw Group Inc., (The) 435,418 461,380 2,400 Sherwin-Williams Company, (The) 172,466 234,072 9,200 SHIMAMURA Co., Ltd. 927,573 948,354 24,000 Shin-Etsu Chemical Co., Ltd. 1,077,321 1,246,426 15,700 Ship Healthcare Holdings,Inc. 116,445 341,591 14,300 Shire PLC 204,772 475,242 783,300 Sigma Pharmaceuticals Limited 460,884 499,471 6,000 Sigma-Aldrich Corporation 393,576 408,240 36,300 SIIX Corporation 371,178 451,786 24,930 Silicon Laboratories Inc. 968,253 1,092,931 8,200 Simon Property Group, Inc. 804,312 1,114,052 59,900 Sinclair Broadcast Group, Inc. 587,492 735,572 10,984 Sirona Dental Systems, Inc. 531,655 531,076 3,300 SK Holdings Co., Ltd. 401,569 412,739 11,700 Skanska AB 173,475 204,124 21,900 SLM Corporation 276,049 327,405 7,070 SM Energy Company 612,798 513,141 274,000 SmarTone Telecommunications Holdings Limited 366,419 464,293 114,000 Smith & Nephew PLC 1,208,069 1,106,371 2,200 Snap-on Incorporated 109,088 124,322 26,110 SolarWinds, Inc. 745,394 825,337 4,700 Sonova Holding AG 464,082 480,682 116,000 Sorin S.p.A. 240,903 210,464 13,600 Sotheby's 438,258 456,008 33,000 Southern Company, (The) 1,258,261 1,503,480 21,700 Southwest Airlines Co. 283,618 207,886 13,000 Southwestern Energy Company 470,688 404,820 27,600 Spectra Energy Corp. 682,673 869,124 75,200 Sprint Nextel Corporation 341,554 159,424 25,500 St. Jude Medical, Inc. 973,167 1,063,605 49,725 Standard Chartered PLC 1,321,098 1,203,707 4,300 Stanley Black & Decker, Inc. 266,707 301,774 270,175 Staples, Inc. 4,566,020 3,952,660 21,000 Starbucks Corporation 440,130 1,006,530 5,500 Starwood Hotels & Resorts Worldwide, Inc. 222,470 298,320 14,200 State Street Corporation 577,182 556,356 18,000 Statoil ASA 469,143 451,990 72,229 Stericycle, Inc. 6,158,063 6,068,681 62,100 Stillwater Mining Company 985,515 799,848 11,200 Strayer Education, Inc. 1,416,280 1,218,560 18,100 Stryker Corporation 924,644 1,003,283 12,600 Sudzucker Aktiengesellschaft Mannheim/Oc 395,594 372,600 79,500 Sumitomo Corporation 713,723 1,141,672 20,442 Sumitomo Mitsui Financial Group, Inc. 585,968 650,123 130,000 Sumitomo Osaka Cement Co., Ltd. 368,818 402,361 63,000 Sumitomo Precision Products Co., Ltd. 465,964 408,984 18,489 SunCoke Energy, Inc. 230,427 248,307

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 39,100 Suncor Energy Inc. $ 1,191,146 $ 1,346,676 79,400 Suncorp Group Limited 555,486 709,656 134,540 Sunoco, Inc. 4,297,963 5,160,954 15,400 SunTrust Banks, Inc. 379,105 316,778 31,300 SUPERVALU Inc. 245,098 216,283 4,350 Swiss Life AG 519,264 432,351 10,100 Swiss Reinsurance Company Ltd. 519,804 548,383 19,850 SXC Health Solutions Corp. 1,261,138 1,251,741 27,400 Symantec Corporation 458,664 471,006 169,400 Sysco Corporation 5,331,953 5,100,634 6,600 T. Rowe Price Group, Inc. 389,307 381,744 47,800 TAG Immobilien AG 395,449 375,436 96,900 Taiwan Semiconductor Manufacturing Co. 1,258,768 1,364,352 18,300 Target Corporation 909,170 929,823 113,350 TE Connectivity Ltd. 3,905,137 3,865,235 47,220 Team Health Holdings, Inc. 1,026,154 972,732 5,400 Technip 465,205 506,979 6,200 TECO Energy, Inc. 101,799 111,910 12,540 Tempur-Pedic International Inc. 507,274 836,543 11,300 Tenet Healthcare Corporation 49,447 59,777 17,700 Teradata Corporation 848,108 948,012 8,000 Teradyne, Inc. 81,310 130,800 217,300 Tesco PLC 1,737,148 1,095,941 23,400 Tesoro Corporation 488,858 585,702 10,400 Tessenderlo Chemie NV 473,594 355,329 49,100 Texas Instruments Incorporated 1,507,482 1,589,858 7,700 Textron Inc. 168,369 196,196 14,800 Thermo Fisher Scientific Inc. 699,995 782,920 79,200 Thomas & Betts Corporation 2,401,696 5,654,088 8,100 Tiffany & Co. 510,897 516,780 15,400 Time Warner Cable Inc. 890,259 1,135,288 118,700 Time Warner Inc. 4,076,303 4,399,022 9,200 Titanium Metals Corporation 151,783 141,496 87,850 TJX Companies, Inc., (The) 3,153,563 5,986,099 2,725 Topdanmark A/S 476,838 427,045 7,750 Torchmark Corporation 299,260 353,943 151,000 Tosoh Corporation 627,079 425,770 15,200 Total System Services, Inc. 255,516 325,888 9,130 Tractor Supply Company 609,186 737,430 7,990 TransDigm Group Incorporated 733,613 835,195 14,500 Travelers Companies, Inc., (The) 674,132 845,350 40,234 TriMas Corporation 942,312 871,871 52,080 Trimble Navigation Limited 1,934,879 2,438,906 42,800 Trinidad Drilling Ltd. 443,758 286,372 5,150 Tripadvisor LLC 150,997 169,487 90,900 TriQuint Semiconductor, Inc. 897,047 544,491 6,900 Tryg A/S 398,150 375,061 42,100 tw telecom inc. 835,674 848,315 13,200 Tyco International Ltd. 516,940 672,540 27,700 Tyson Foods, Inc. 500,335 516,328 58,400 U.S. Bancorp 1,456,861 1,648,048 11,130 Ultimate Software Group, Inc., (The) 622,845 742,260 15,890 Under Armour, Inc. 1,206,135 1,265,162

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 2,000 Unibail-Rodamco SE $ 409,607 $ 384,337 28,100 Unifi, Inc. 343,407 273,413 15,500 Unilever N.V. 482,878 516,387 16,800 Union Pacific Corporation 1,536,459 1,920,408 29,200 Unipres Corporation 197,527 910,657 79,725 United Parcel Service, Inc. 5,562,956 6,031,196 11,900 United States Cellular Corporation 539,921 545,853 14,100 United States Steel Corporation 622,937 425,679 26,300 United Technologies Corporation 1,923,543 2,060,605 48,900 UnitedHealth Group Incorporated 1,576,198 2,532,531 16,000 Universal Entertainment Corporation 405,026 428,066 8,500 Unum Group 190,088 194,055 2,700 Urban Outfitters, Inc. 96,269 71,550 136,640 USG Corporation 4,518,453 1,754,458 8,100 V.F. Corporation 946,269 1,065,069 8,200 Valeo 464,916 385,197 35,700 Valero Energy Corporation 695,737 856,443 6,400 Vallourec 688,390 432,552 22,700 Valspar Corporation, (The) 771,306 981,548 4,300 Varian Medical Systems, Inc. 274,025 283,241 7,456 Ventas, Inc. 396,132 434,759 5,500 VeriSign, Inc. 148,594 203,830 105,300 Verizon Communications Inc. 3,236,347 3,965,598 38,300 Viacom Inc. 1,581,077 1,801,632 17,900 Visa Inc. 1,468,478 1,801,456 52,500 Vishay Intertechnology, Inc. 753,005 644,700 16,800 Vivendi 460,349 351,873 139,800 Vodafone Group Public Limited Company 274,469 376,804 3,800 Volkswagen Aktiengesellschaft 565,918 614,337 4,800 Vornado Realty Trust 401,629 388,224 3,700 Vulcan Materials Company 155,631 162,282 3,100 W. W. Grainger, Inc. 353,537 591,294 21,500 Waddell & Reed Financial, Inc. 787,526 590,175 11,900 Wajax Corporation 438,033 494,820 47,000 Walgreen Co. 1,657,531 1,567,920 139,000 Wal-Mart Stores, Inc. 7,456,366 8,529,040 49,000 Walt Disney Company, (The) 1,749,065 1,906,100 620 Washington Post Company, (The) 232,670 234,800 13,500 Waste Management, Inc. 486,040 469,260 2,400 Waters Corporation 185,834 207,768 19,400 Watson Pharmaceuticals, Inc. 1,199,377 1,137,422 23,000 WellPoint, Inc. 1,399,722 1,479,360 159,000 Wells Fargo & Company 4,463,832 4,644,390 6,500 Western Digital Corporation 155,194 236,275 39,100 Western Union Company, (The) 687,112 746,810 187,129 Weyerhaeuser Company 4,260,137 3,746,323 2,200 Whirlpool Corporation 195,519 119,504 7,100 Whole Foods Market, Inc. 376,509 525,613 253,240 Williams Companies, Inc., (The) 3,716,292 7,298,377 60,000 Willis Group Holdings Limited 2,498,733 2,332,200 108,000 Wilmar International Limited 472,528 460,087 15,800 Windstream Corporation 197,260 190,706 45,500 Winn-Dixie Stores, Inc. 261,367 429,975

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 23,000 Wisconsin Energy Corporation 710,606 782,000 257,000 WM Morrison Supermarkets P L C 1,186,799 1,159,898 34,900 Woodside Petroleum Ltd. 560,478 1,268,848 47,200 Woolworths Ltd. 1,226,644 1,243,511 82,546 WPX Energy, Inc. 809,296 1,360,358 13,970 Wright Express Corporation 748,502 764,438 4,100 Wyndham Worldwide Corporation 121,233 163,016 2,000 Wynn Resorts, Limited 236,710 230,460 27,400 Xcel Energy Inc. 660,864 728,840 36,000 Xerox Corporation 388,358 279,000 16,200 Xilinx, Inc. 484,587 580,770 8,000 XL Group Public Limited Company 165,989 162,160 27,500 Xstrata plc 627,161 466,294 125,010 Xylem Inc. 3,812,779 3,239,009 32,700 Yahoo! Inc. 540,683 505,869 23,600 Yamana Gold Inc. 403,965 408,296 9,800 Yara International ASA 428,815 394,971 12,000 Yorozu Corporation 199,719 289,259 28,600 YUM! Brands, Inc. 1,501,932 1,811,238 9,900 Zimmer Holdings, Inc. 522,625 601,425 14,500 Zions Bancorporation 277,507 244,180 1,700 Zurich Financial Services AG 381,709 408,547 TOTAL COMMON STOCKS $ 961,095,924 $ 1,062,836,088

EQUITY MUTUAL FUNDS 3,621,377 Dimensional Fund Advisors - U.S. Small Capitalization Value Portfolio$ 70,381,387 $ 90,099,849 3,398,013 Dimensional Fund Advisors - Emerging jankets Value Portfolio 98,427,096 100,445,258 2,485,482 Dodge & Cox - International Stock Fund 91,685,480 77,298,499 TOTAL EQUITY MUTUAL FUNDS $ 260,493,963 $ 267,843,606

TOTAL EQUITY INVESTMENTS$ 1,221,589,887 $ 1,330,679,694

EQUITY INVESTMENTS PRINCIPAL INTEREST DESCRIPTION MATURITY COST VALUE AMOUNT RATE %

OTHER INVESTMENTS

PARTICIPATION IN THE UNITED CHURCH FUNDS, INC. Moderate Balanced Fund $ 10,450 $ 15,005 Alternative Balanced Fund 35,857,723 39,360,249 TOTAL PARTICIPATION IN THE UNITED CHURCH FUNDS, INC. $ 35,868,173 $ 39,375,254

HEDGE FUNDS Brevan Howard Fund Limited $ 4,855,949 $ 5,528,806 Elliot International Fund 5,000,000 5,174,599 Oaktree Value Opportunities (Cayman) Fund, LTD. 6,000,000 8,563,496 Passport Offshore, LTD. 6,000,000 5,099,361 Winton Futures Fund LTD. 10,000,000 9,996,898 TOTAL HEDGE FUNDS $ 31,855,949 $ 34,363,159

PRIVATE EQUITY AG Realty Fund Vlll, L.P. $ 2,300,000 $ 2,189,157 Contrarian Distressed Real Estate Debt Fund ll, L.P. 780,742 806,731 Tennenbaum DIP Opportunity Fund, LLC 710,611 642,196 Western Technology Investment-Venture Lending & Leasing VI Fund 2,300,000 2,283,552 TOTAL PRIVATE EQUITY $ 6,091,353 $ 5,921,636 TOTAL OTHER INVESTMENTS $ 73,815,474 $ 79,660,049

TOTAL INVESTMENTS $ 2,706,859,775 $ 2,922,701,750

OTHER INVESTMENTS