THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS July 31, 2011 Unaudited, for information purposes only. SUMMARY OF INVESTMENTS

COST VALUE STABLE VALUE INVESTMENTS

Short-Term Investments $ 85,284,758 $ 85,284,758 Fixed Maturity Synthetic Guaranteed Investment Contracts 5,740,088 5,740,088 Constant Duration Synthetic Guaranteed Investment Contracts 114,654,212 114,654,212 TOTAL STABLE VALUE INVESTMENTS $ 205,679,058 $ 205,679,058

SHORT-TERM INVESTMENTS

Short-term Investments $ 148,826,983 $ 148,826,983 TOTAL SHORT-TERM INVESTMENTS$ 148,826,983 $ 148,826,983

FIXED-INCOME INVESTMENTS

Bonds, long-term $ 958,351,487 $ 1,021,510,444

Mortgage-backed Securities 27,841,576 24,114,678

TOTAL FIXED-INCOME INVESTMENTS $ 986,193,063 $ 1,045,625,122

EQUITY INVESTMENTS

Common stocks and equivalents $ 1,024,361,720 $ 1,134,782,623

Equity mutual funds 227,719,239 256,248,094

TOTAL EQUITY INVESTMENTS $ 1,252,080,959 $ 1,391,030,717

OTHER INVESTMENTS

Participation in the United Church Funds, Inc. $ 36,841,514 $ 41,711,362

Alternative investments 30,761,761 34,269,530

TOTAL OTHER INVESTMENTS $ 67,603,274 $ 75,980,891 TOTAL INVESTMENTS $ 2,660,383,337 $ 2,867,142,771 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE %

STABLE VALUE INVESTMENTS

SHORT-TERM INVESTMENTS

MFB NI Treasury Money Market Fund $ 85,284,758 $ 85,284,758

TOTAL SHORT-TERM INVESTMENT $ 85,284,758 $ 85,284,758

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 $ 364,668 Total Asset-Backed Securities $ 357,781 $ 364,668 Mortgage-Backed Securities 2,000,000 Citigroup/Deutsche Bank Commercial Mortgage Trust 2007 CD4 5.20 12/11/2049$ 1,905,651 $ 2,032,112 107,330 Federal Home Loan Mortgage Corporation 2836 XQ 4.50 9/15/2027 105,385 107,604 188,711 Federal Home Loan Mortgage Corporation 2857 BG 4.50 8/15/2027 189,860 189,052 435,306 Federal Home Loan Mortgage Corporation 2877 MV 4.75 12/15/2028 439,659 440,294 130,309 Federal Home Loan Mortgage Corporation 2888 OW 4.50 1/15/2027 130,269 130,376 488,349 Federal Home Loan Mortgage Corporation 2892 QU 4.50 7/15/2028 486,365 492,420 607,317 Federal Home Loan Mortgage Corporation 2900 PB 4.50 12/15/2017 611,492 620,812 106,327 Government National Mortgage Association 2005-87 A 4.45 3/16/2025 105,122 106,504 461,929 Government National Mortgage Association 2006-55 A 4.25 7/16/2029 450,370 476,228 984,722 Morgan Stanley Dean Witter Capital Corporation 2006-T21 A2 5.09 10/12/2052 958,134 983,070 Total Mortgage-Backed Securities $ 5,382,307 $ 5,578,472 Adjustment to Contract Value - (203,052) TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 5,740,088 $ 5,740,088

CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Bonds 500,000 Advance Auto Parts, Inc. 5.75 5/1/2020$ 508,530 $ 541,987 500,000 Affiliated Computer Services, Inc. 5.20 6/1/2015 513,125 552,089 600,000 AilAgilent T ech nol ogi es, I nc. 6506.50 11/1/2017 692,329 707,955 700,000 Inc 4.50 9/15/2014 709,674 753,665 700,000 Alltel Corporation 7.00 3/15/2016 804,074 828,531 500,000 Centurion 5.55 10/17/2012 499,375 526,478 740,000 American Express Travel 5.25 11/21/2011 771,857 750,167 650,000 American Honda Finance Corporation 3.50 3/16/2015 648,583 692,754 500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 550,674 700,000 Analog Devices 5.00 7/1/2014 703,437 774,318 400,000 Australia and New Zealand Banking Group 3.70 1/13/2015 400,640 421,182 500,000 Autozone Inc 5.75 1/15/2015 499,795 562,556 1,000,000 Corporation 5.38 9/11/2012 1,054,630 1,044,865 700,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 0.92 2/24/2014 700,000 699,140 600,000 BB&T Corporation 3.20 3/15/2016 599,166 620,039 200,000 Berkshire Hathaway Finance Corporation 4.85 1/15/2015 194,010 222,672 700,000 Berkshire Hathaway Inc. 5.40 5/15/2018 801,927 795,806 1,100,000 BlackRock, Inc. 0.56 5/24/2013 1,100,000 1,099,409 589,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 590,095 639,385 800,000 BP Capital Markets P.L.C. 0.85 3/11/2014 804,445 801,902 650,000 CA Inc. 6.13 12/1/2014 689,696 734,763 700,000 Canadian Imperial Bank of Commerce 2.35 12/11/2015 683,725 711,395 750,000 Capital One Bank, (USA), National Association 8.80 7/15/2019 927,075 943,307 600,000 Celgene Corporation 2.45 10/15/2015 599,124 607,472 500,000 CF Industries, Inc. 6.88 5/1/2018 561,250 570,625 400,000 Charles Schwab Corporation 4.95 6/1/2014 398,484 440,400 900,000 Citigroup Inc 6.50 8/19/2013 869,550 978,188 1,000,000 CME Group Inc 5.75 2/15/2014 1,007,675 1,114,789 400,000 Colonial Realty Limited Partnership 5.50 10/1/2015 416,636 424,901 700,000 Commonwealth Bank of Australia 2.75 10/15/2012 716,289 715,383 500,000 Computer Sciences Corp 5.50 3/15/2013 497,515 530,542 500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 529,174 700,000 Cox Communications, Inc. 7.13 10/1/2012 759,878 748,485 600,000 Cooperatieve Centrale Raiffeisen-Boerenl 4.75 1/15/2020 599,808 645,213 1,100,000 Credit Suisse New York 5.00 5/15/2013 1,170,631 1,170,609 1,100,000 Deutsche Bank AG London 4.88 5/20/2013 1,175,141 1,165,483 700,000 Deutsche Telekom International Finance B 5.25 7/22/2013 757,372 754,956 300,000 Enterprise Products Operating LLC 6.13 2/1/2013 326,313 320,355 500,000 Express Scripts Inc 6.25 6/15/2014 497,870 561,881 1,000,000 Federal Home Loan Banks Office of Finance 5.13 8/14/2013 1,010,367 1,094,706 2,500,000 Federal Home Loan Mortgage Corporation 3.00 7/28/2014 2,579,750 2,659,253 3,000,000 Federal Home Loan Mortgage Corporation 1.38 1/9/2013 2,983,830 3,042,483 3,250,000 Federal National Mortgage Association 1.63 10/26/2015 3,283,920 3,289,026 2,200,000 Federal National Mortgage Association 6.13 3/15/2012 2,447,984 2,278,668 1,900,000 Federal National Mortgage Association 5.38 6/12/2017 2,245,002 2,248,734 500,000 France Telecom 4.38 7/8/2014 497,715 543,312 600,000 Franklin Resources, Inc. 4.63 5/20/2020 618,708 636,092 650,000 Hasbro Inc 6.13 5/15/2014 656,591 723,149 800,000 Husky Energy Inc 5.90 6/15/2014 820,081 895,514

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

Bonds, continued 700,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 701,015 731,497 800,000 JPMorgan Chase & Co. 6.30 4/23/2019 878,548 920,974 1,000,000 JP Morgan Chase & Co. 6.13 6/27/2017 1,032,870 1,141,773 700,000 Life Technologies Corporation 6.00 3/1/2020 761,012 787,634 800,000 MacQuarie Group Ltd 7.30 8/1/2014 834,400 903,944 800,000 Massmutual Global Funding II 0.41 12/6/2013 797,384 797,441 750,000 Met Life Global Funding I 5.20 9/18/2013 731,400 814,661 300,000 Michigan Bell Telephone Company 7.85 1/15/2022 359,817 374,407 1,000,000 MidAmerican Energy Holdings 5.75 4/1/2018 998,190 1,151,644 1,000,000 Monumental Global Funding 5.50 4/22/2013 999,570 1,069,853 700,000 Motorola Solutions, Inc. 8.00 11/1/2011 735,189 712,013 500,000 New York Life Global Funding 4.65 5/9/2013 499,120 534,117 740,000 Northern Trust Company (The) 6.50 8/15/2018 832,056 873,646 700,000 Omnicom Group Inc. 5.90 4/15/2016 715,612 800,281 1,100,000 Ontario, Government of 2.63 1/20/2012 1,123,573 1,111,476 600,000 PG&E Corporation 5.75 4/1/2014 596,736 664,602 500,000 PNC Funding Corporation 5.40 6/10/2014 499,200 553,211 800,000 PPG Industries Inc 5.75 3/15/2013 838,464 857,972 500,000 Praxair Inc 4.63 3/30/2015 510,730 557,423 750,000 Pricoa Global Funding 5.40 10/18/2012 748,508 789,954 500,000 Principal Life Inc Funding 5.30 4/24/2013 499,090 536,961 1,000,000 Progress Energy Inc 6.05 3/15/2014 997,250 1,118,496 750,000 Public Service Electric & Gas 5.38 9/1/2013 791,228 818,047 600,000 Regions Financial Corporation 5.75 6/15/2015 622,095 596,250 700,000 Rio Tinto Finance (USA) Limited 6.50 7/15/2018 835,548 846,646 835,000 Roper Industries, Inc. 6.63 8/15/2013 917,222 924,220 1,200,000 Royal Bank Of Canada 2.63 12/15/2015 1,197,120 1,240,462 800,000 Ryder System Inc 6.00 3/1/2013 817,000 855,641 600,000 Sanofi-aventis 0.56 3/28/2014 600,636 602,900 700,000 Sempra Energy 8.90 11/15/2013 820,421 807,172 1,100,000 Shell International Finance B.V. 5.20 3/22/2017 1,194,127 1,277,286 650,000 Smiths Group PLC 6.05 5/15/2014 648,921 707,065 700,000 Sovereign Bank 2.75 1/17/2012 699,335 708,719 555,000 StanCorp Financial Group, Inc. 6.88 10/1/2012 595,509 585,257 500,000 TD AMERITRADE Holding Corporation 4154.15 12/1/2014 499,505 532,767 700,000 Telecom Italia Capital 6.18 6/18/2014 700,000 729,329 900,000 TIAA Global Markets 5.13 10/10/2012 899,055 945,147 1,000,000 Time Warner Cable Inc. 6.75 7/1/2018 1,175,590 1,190,974 500,000 Time Warner Inc 6.88 6/15/2018 455,905 599,382 500,000 Toyota Motor Credit Corporation 3.20 6/17/2015 511,585 527,061 500,000 U.S. Bancorp 2.45 7/27/2015 499,510 511,895 1,300,000 UBS AG 1.36 2/23/2012 1,300,000 1,307,379 3,000,000 United States Dept of Treasury 3.50 2/15/2039 2,886,270 2,695,314 3,300,000 United States Dept of Treasury 2.13 12/31/2015 3,323,786 3,444,375 2,350,000 United States Dept of Treasury 2.63 11/15/2020 2,226,951 2,330,723 2,200,000 United States Dept of Treasury 3.13 5/15/2021 2,231,621 2,260,148 9,350,000 United States Dept of Treasury 1.25 10/31/2015 9,385,063 9,425,969 2,100,000 United States Dept of Treasury 1.50 6/30/2016 2,100,656 2,116,086 8,000,000 United States Dept of Treasury 0.01 10/27/2011 7,998,600 7,998,128 500,000 Veolia Environment 5.50 6/1/2018 498,100 574,225 1,100,000 Wachovia Corporation 5.00 5/1/2013 1,095,150 1,184,095 350,000 Waste Management, Inc. 6.50 3/15/2014 303,496 382,068 1,141,000 Western Union Company, (The) 8.00 2/26/2014 1,145,659 1,279,347 900,000 Whirlpool Corporation 0.00 5/1/2012 1,001,655 946,909 Total Bonds $ 110,068,850 $ 113,419,398

Mortgage-Backed Securities 897,023 Bank of America Mortgage Securities, Inc. 2.98 12/25/2034$ 899,301 $ 822,712 206,812 Federal National Mortgage Association Pass-Through Trust 2.50 2/1/2034 207,539 217,037 961,099 First Horizon Mortgage Pass-Through Trust 2.73 6/25/2035 972,225 778,132 1,400,000 JP Morgan Mortgage Trust 5.19 8/25/2035 1,404,156 1,259,684 1,084,904 Structured Adjustable Rate Mortgage Loan Trust 2.62 2/25/2035 1,102,141 883,331 Total Mortgage-Backed Securities $ 4,585,362 $ 3,960,896 Adjustment to Contract Value - (2,726,082) TOTAL CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 114,654,212 $ 114,654,212

TOTAL STABLE VALUE INVESTMENTS $ 205,679,058 $ 205,679,058

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

SHORT-TERM INVESTMENTS

MFB NI Treasury Money Market Fund $ 148,826,983 $ 148,826,983 TOTAL SHORT-TERM INVESTMENTS $ 148,826,983 $ 148,826,983

FIXED-INCOME INVESTMENTS CORPORATE BONDS 3,400,000 Advance Auto Parts, Inc. 5.75 5/1/2020$ 3,458,004 $ 3,685,584 3,600,000 Affiliated Computer Services, Inc. 5.20 6/1/2015 3,694,500 3,975,037 4,600,000 Agilent Technologies, Inc. 6.50 11/1/2017 5,246,970 5,427,655 4,200,000 Airgas, Inc. 4.50 9/15/2014 4,258,044 4,521,989 4,200,000 Alltel Corporation 7.00 3/15/2016 4,824,444 4,971,183 3,200,000 American Express Centurion Bank 5.55 10/17/2012 3,196,000 3,369,459 3,750,000 American Express Travel Related Services 5.25 11/21/2011 3,748,485 3,801,521 3,400,000 American Honda Finance Corporation 3.50 3/16/2015 3,392,588 3,623,638 3,400,000 Ameriprise Financial, Inc. 5.30 3/15/2020 3,440,555 3,744,583 3,100,000 Ameritech Capital Funding Corporation 6.88 10/15/2027 3,244,398 3,421,216 4,100,000 Analog Devices, Inc. 5.00 7/1/2014 4,092,681 4,535,293 3,500,000 Ashland Inc. 9.13 6/1/2017 4,049,500 3,972,500 3,500,000 Australia and New Zealand Banking Group 3.70 1/13/2015 3,505,600 3,685,346 3,600,000 AutoZone, Inc. 5.75 1/15/2015 3,598,524 4,050,403 4,200,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 0.92 2/24/2014 4,200,000 4,194,838 6,200,000 Bank of America Corporation 5.38 9/11/2012 6,538,706 6,478,163 3,500,000 BB&T Corporation 3.20 3/15/2016 3,495,135 3,616,893 2,000,000 Berkshire Hathaway Inc. 4.85 1/15/2015 1,940,100 2,226,720 4,100,000 Berkshire Hathaway Inc. 5.40 5/15/2018 4,697,001 4,661,151 3,500,000 BHP Billiton Finance (USA) Limited 5.50 4/1/2014 3,513,034 3,927,294 7,000,000 BlackRock, Inc. 0.56 5/24/2013 7,000,000 6,996,241 4,200,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 4,214,662 4,559,285 4,900,000 BP Capital Markets P.L.C. 0.85 3/11/2014 4,928,665 4,911,652 3,500,000 CA, Inc. 6.13 12/1/2014 3,713,745 3,956,418 3, 400, 000 CdICanadian Imperia lBkfCl Bank of Commerce 2352.35 12/11/2015 3, 320, 950 3, 455, 345 4,900,000 Capital One Bank, (USA), National Association 8.80 7/15/2019 6,056,890 6,162,941 5,700,000 Capital One Financial Corporation 5.70 9/15/2011 6,002,550 5,733,687 4,000,000 Cardinal Health, Inc. 4.63 12/15/2020 3,984,840 4,208,544 3,400,000 Celgene Corporation 2.45 10/15/2015 3,395,036 3,442,344 2,800,000 CF Industries, Inc. 6.88 5/1/2018 3,143,000 3,195,500 2,900,000 Charles Schwab Corporation, (The) 4.95 6/1/2014 2,889,009 3,192,900 5,300,000 Citigroup Inc. 6.50 8/19/2013 5,093,300 5,760,438 3,900,000 CME Group Inc. 5.75 2/15/2014 3,920,544 4,347,677 2,900,000 Colonial Realty Limited Partnership 5.50 10/1/2015 3,020,611 3,080,534 5,100,000 Corporation 8.38 3/15/2013 5,869,723 5,693,329 4,800,000 Comcast Corporation 5.70 5/15/2018 4,803,120 5,475,053 4,200,000 Commonwealth Bank of Australia 2.75 10/15/2012 4,297,734 4,292,295 3,400,000 Computer Sciences Corporation 5.50 3/15/2013 3,383,102 3,607,686 750,000 Corn Products International, Inc. 3.20 11/1/2015 748,673 779,352 3,500,000 Coventry Health Care, Inc. 5.45 6/15/2021 3,514,756 3,704,218 4,200,000 Cox Communications, Inc. 7.13 10/1/2012 4,559,268 4,490,909 5,300,000 Credit Suisse (USA), Inc. 5.00 5/15/2013 5,640,313 5,640,207 5,300,000 Deutsche Bank Aktiengesellschaft 4.88 5/20/2013 5,662,043 5,615,509 4,200,000 Deutsche Telekom International Finance B 5.25 7/22/2013 4,544,232 4,529,738 2,800,000 Diamond Offshore Drilling, Inc. 5.88 5/1/2019 2,795,828 3,244,853 3,500,000 Discover 6.45 6/12/2017 3,502,170 3,999,013 3,300,000 Enbridge Energy Partners, L.P. 5.35 12/15/2014 3,298,971 3,631,838 1,450,000 Enterprise Products Operating LLC 4.60 8/1/2012 1,449,275 1,502,789 3,800,000 Generation Company, LLC 6.20 10/1/2017 3,790,728 4,366,709 2,200,000 Enterprise Products Operating LLC 6.13 2/1/2013 2,392,962 2,349,272 3,500,000 Express Scripts, Inc. 6.25 6/15/2014 3,485,090 3,933,167 3,100,000 Federal Home Loan Banks Office of Finance 5.63 6/13/2016 3,115,867 3,473,944 8,800,000 Federal National Mortgage Association 5.38 6/12/2017 9,783,827 10,415,187 3,700,000 Fiserv, Inc. 4.63 10/1/2020 3,693,792 3,789,222 3,600,000 France Telecom 4.38 7/8/2014 3,583,548 3,911,843 3,400,000 Franklin Resources, Inc. 4.63 5/20/2020 3,506,012 3,604,520 4,000,000 General Electric Capital Corporation 6.75 3/15/2032 4,538,840 4,554,308 3,800,000 Goldman Sachs Group, Inc., (The) 5.95 1/15/2027 3,658,374 3,793,388 5,700,000 Hasbro, Inc. 6.13 5/15/2014 5,725,308 6,341,461 4,800,000 GTE Corporation 6.94 4/15/2028 5,443,296 5,684,237 6,000,000 Historic TW Inc. 6.88 6/15/2018 6,477,747 7,192,584 4,200,000 Husky Energy Inc. 5.90 6/15/2014 4,489,674 4,701,451 4,500,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 4,502,835 4,702,478 5,000,000 International Business Machines Corporation 6.22 8/1/2027 5,172,657 5,924,505

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

CORPORATE BONDS, continued 6,700,000 Johnson & Johnson 6.95 9/1/2029 7,109,370 8,748,217 2,750,000 JPMorgan Chase & Co. 7.63 10/15/2026 3,359,898 3,335,112 3,500,000 JPMorgan Chase & Co. 6.30 4/23/2019 3,877,125 4,029,263 7,000,000 JPMorgan Chase & Co. 6.13 6/27/2017 6,933,691 7,992,411 4,200,000 Life Technologies Corporation 6.00 3/1/2020 4,566,072 4,725,806 2,000,000 Kroger Co., (The) 6.15 1/15/2020 1,994,980 2,365,014 1,750,000 Kroger Co., (The) 6.40 8/15/2017 1,752,070 2,094,470 4,200,000 Macquarie Bank Limited 7.30 8/1/2014 4,380,600 4,745,706 3,500,000 Macy's Retail Holdings, Inc. 5.90 12/1/2016 3,561,250 3,989,143 4,900,000 Massmutual Global Funding II 0.41 12/6/2013 4,883,977 4,884,325 5,000,000 Metropolitan Life Global Funding I 5.20 9/18/2013 4,876,000 5,431,070 2,300,000 Michigan Bell Telephone Company 7.85 1/15/2022 2,758,597 2,870,455 4,000,000 MidAmerican Energy Holdings Company 5.75 4/1/2018 3,994,130 4,606,576 3,800,000 Mohawk Industries, Inc. 7.20 4/15/2012 4,028,000 3,928,250 7,000,000 Monumental Global Funding III 5.50 4/22/2013 6,996,990 7,488,971 4,600,000 Motorola Solutions, Inc. 8.00 11/1/2011 4,831,242 4,678,945 4,600,000 NBCUniversal Media, LLC 3.65 4/30/2015 4,617,112 4,898,333 3,500,000 New York Life Global Funding 4.65 5/9/2013 3,479,258 3,738,819 3,600,000 New York Life Company 5.88 5/15/2033 3,523,309 3,861,252 2,800,000 News America Incorporated 7.43 10/1/2026 2,874,088 3,142,989 3,700,000 Nordstrom, Inc. 6.75 6/1/2014 3,734,690 4,249,568 4,000,000 Northern Trust Company, (The) 6.50 8/15/2018 4,497,600 4,722,412 4,200,000 Omnicom Group Inc. 5.90 4/15/2016 4,294,682 4,801,684 7,000,000 Ontario, Government of 2.63 1/20/2012 7,150,010 7,073,031 3,400,000 PG&E Corporation 5.75 4/1/2014 3,381,504 3,766,078 3,500,000 PNC Funding Corp. 5.40 6/10/2014 3,494,400 3,872,474 5,000,000 PPG Industries, Inc. 5.75 3/15/2013 5,240,400 5,362,325 3,400,000 Praxair, Inc. 4.63 3/30/2015 3,472,964 3,790,476 5,000,000 Pricoa Global Funding I 5.40 10/18/2012 4,990,050 5,266,360 3,400,000 Principal Life Income Fundings 5.30 4/24/2013 3,393,812 3,651,335 2,500,000 Procter & Gamble Company, (The) 6.45 1/15/2026 2,638,775 3,097,555 3,000,000 Progress Energy, Inc. 6.05 3/15/2014 2,991,750 3,355,488 6,250,000 Public Service Electric and Gas Company 5.38 9/1/2013 6,244,013 6,817,056 3,400,000 Rabobank Nederland Participatiemaatschap 4.75 1/15/2020 3,398,912 3,656,207 1,500,000 Regions Financial Corporation 5.75 6/15/2015 1,483,230 1,490,625 1,500,000 Republic Services, Inc. 5.00 3/1/2020 1,499,775 1,639,511 1,500,000 Republic Services, Inc. 5.50 9/15/2019 1,489,275 1,684,062 4,600,000 Rio Tinto Finance (USA) Limited 6.50 7/15/2018 5,490,744 5,563,672 4,500,000 Roper Industries, Inc. 6.63 8/15/2013 4,943,115 4,980,825 8,500,000 Royal Bank of Canada 2.63 12/15/2015 8,479,600 8,786,603 4,200,000 Ryder System, Inc. 6.00 3/1/2013 4,289,250 4,492,114 4,200,000 Sanofi 0.56 3/28/2014 4,204,452 4,220,303 4,200,000 Sempra Energy 8.90 11/15/2013 4,922,526 4,843,033 5,500,000 Shell International Finance B.V. 5.20 3/22/2017 5,970,635 6,386,430 3,500,000 Smiths Group plc 6.05 5/15/2014 3,494,190 3,807,272 3,500,000 St. Jude Medical, Inc. 3.75 7/15/2014 3,494,715 3,743,425 3,400,000 StanCorp Financial Group, Inc. 6.88 10/1/2012 3,648,166 3,585,361 7,000,000 TIAA Global Markets, Inc. 5.13 10/10/2012 6,992,650 7,351,141 5,600,000 Time Warner Cable Inc. 6.75 7/1/2018 6,583,304 6,669,454 3,000,000 Total Capital 3.00 6/24/2015 2,988,270 3,175,542 3,500,000 Toyota Motor Credit Corporation 3.20 6/17/2015 3,581,095 3,689,427 4,500,000 Tyco International Finance S.A. 3.38 10/15/2015 4,485,420 4,713,134 3,400,000 U.S. Bancorp 2.45 7/27/2015 3,396,668 3,480,883 6,800,000 UBS AG 1.36 2/23/2012 6,800,000 6,838,597 5,000,000 Unilever Capital Corporation 5.90 11/15/2032 4,778,450 5,870,600 3,400,000 TD AMERITRADE Holding Corporation 4.15 12/1/2014 3,396,634 3,622,816 5,000,000 Telecom Italia Capital, Societe Anonyme 6.18 6/18/2014 5,000,000 5,209,495 4,000,000 Unum Group 7.13 9/30/2016 4,000,000 4,660,580 3,400,000 Veolia Environnement-VE 6.00 6/1/2018 3,387,080 3,904,727 2,200,000 Vodafone Group Public Limited Company 7.88 2/15/2030 2,457,686 2,905,001 4,000,000 Vodafone Group Public Limited Company 5.75 3/15/2016 4,375,400 4,612,804 4,200,000 Wachovia Corporation 5.50 5/1/2013 3,864,000 4,521,090 3,800,000 Walt Disney Company, (The) 7.00 3/1/2032 4,817,336 4,875,240 3,232,000 Waste Management, Inc. 5.00 3/15/2014 3,025,076 3,528,126 4,800,000 Western Union Company, (The) 6.50 2/26/2014 4,810,320 5,382,005 4,000,000 Whirlpool Corporation 8.00 5/1/2012 4,451,980 4,208,484 3,400,000 YUM! Brands, Inc. 6.25 4/15/2016 3,708,038 3,954,050 TOTAL CORPORATE BONDS $ 549,878,237 $ 583,272,645

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

UNITED STATES GOVERNMENT BONDS 83,550,000 United States Treasury Bond 3.50 2/15/2039 78,808,820 75,064,495 13,500,000 United States Treasury Notes 1.50 6/30/2016 13,504,219 13,603,410 20,000,000 United States Treasury Notes 2.63 11/15/2020 18,785,959 19,835,940 12,700,000 United States Treasury Notes 3.13 5/15/2021 12,882,563 13,047,218 600,000 United States Treasury Bills 0.01 4/7/2011 599,991 599,884 50,000,000 United States Treasury Bills 0.01 10/27/2011 49,991,250 49,988,300 7,600,000 United States Treasury - STRIPS 3.29 2/15/2012 7,410,156 7,592,324 7,600,000 United States Treasury - STRIPS 3.40 8/15/2012 7,239,559 7,581,152 7,600,000 United States Treasury - STRIPS 3.42 11/15/2012 7,155,434 7,572,260 5,500,000 United States Treasury - STRIPS 3.54 2/15/2013 5,116,591 5,475,085 5,600,000 United States Treasury - STRIPS 4.77 5/15/2013 5,148,371 5,575,136 5,500,000 United States Treasury - STRIPS 4.77 8/15/2013 4,996,374 5,454,240 5,500,000 United States Treasury - STRIPS 4.79 11/15/2013 4,936,712 5,450,170 5,300,000 United States Treasury - STRIPS 4.80 2/15/2014 4,699,357 5,235,605 5,300,000 United States Treasury - STRIPS 4.81 5/15/2014 4,643,628 5,221,931 5,300,000 United States Treasury - STRIPS 4.81 8/15/2014 4,588,044 5,195,060 5,300,000 United States Treasury - STRIPS 4.81 11/15/2014 4,533,663 5,175,026 5,100,000 United States Treasury - STRIPS 4.80 2/15/2015 4,312,859 4,949,540 5,100,000 United States Treasury - STRIPS 4.78 5/15/2015 4,265,279 4,921,245 5,100,000 United States Treasury - STRIPS 4.79 8/15/2015 4,212,766 4,889,370 5,100,000 United States Treasury - STRIPS 4.80 11/15/2015 4,163,185 4,854,624 4,900,000 United States Treasury - STRIPS 4.78 2/15/2016 3,954,691 4,627,207 4,900,000 United States Treasury - STRIPS 4.83 5/15/2016 3,900,428 4,591,839 4,900,000 United States Treasury - STRIPS 4.83 8/15/2016 3,853,878 4,548,425 4,900,000 United States Treasury - STRIPS 4.84 11/15/2016 3,806,101 4,509,838 4,700,000 United States Treasury - STRIPS 4.84 2/15/2017 3,607,108 4,274,880 4,700,000 United States Treasury - STRIPS 4.86 5/15/2017 3,561,525 4,235,405 4,700,000 United States Treasury - STRIPS 4.85 8/15/2017 3,519,330 4,195,314 4,700,000 United States Treasury - STRIPS 4.84 11/15/2017 3,478,198 4,151,491 4,500,000 United States Treasury - STRIPS 4.88 2/15/2018 3,284,590 3,926,970 4,500,000 United States Treasury - STRIPS 4.88 5/15/2018 3,246,032 3,887,190 4,500,000 United States Treasury - STRIPS 4.84 8/15/2018 3,208,658 3,838,950 4,500,000 United States Treasury - STRIPS 4.88 11/15/2018 3,168,824 3,799,485 4,300,000 United States Treasury - STRIPS 4.90 2/15/2019 2,986,658 3,587,103 4,300,000 United States Treasury - STRIPS 4.90 5/15/2019 2,950,349 3,544,533 4,300,000 United States Treasury - STRIPS 4.89 8/15/2019 2,916,479 3,499,211 4,300,000 United States Treasury - STRIPS 4.84 11/15/2019 2,882,149 3,450,234 4,100,000 United States Treasury - STRIPS 4.90 2/15/2020 2,712,682 3,244,929 4,100,000 United States Treasury - STRIPS 4.92 5/15/2020 2,676,200 3,194,142 4,100,000 United States Treasury - STRIPS 4.91 8/15/2020 2,644,427 3,150,977 4,100,000 United States Treasury - STRIPS 4.84 11/15/2020 2,614,979 3,108,136 3,900,000 United States Treasury - STRIPS 4.90 2/15/2021 2,457,998 2,920,515 3,900,000 United States Treasury - STRIPS 4.92 5/15/2021 2,424,395 2,880,111 3,900,000 United States Treasury - STRIPS 4.91 8/15/2021 2,396,895 2,842,944 3,900,000 United States Treasury - STRIPS 4.92 11/15/2021 2,367,418 2,802,158 3,700,000 United States Treasury - STRIPS 4.84 2/15/2022 2,225,214 2,620,558 3,700,000 United States Treasury - STRIPS 4.84 5/15/2022 2,199,061 2,586,004 3,700,000 United States Treasury - STRIPS 4.89 8/15/2022 2,172,155 2,575,496 3,700,000 United States Treasury - STRIPS 4.90 11/15/2022 2,144,290 2,538,903 3,500,000 United States Treasury - STRIPS 4.89 2/15/2023 2,004,621 2,366,630 3,500,000 United States Treasury - STRIPS 4.84 5/15/2023 1,982,207 2,312,100 3,500,000 United States Treasury - STRIPS 4.89 8/15/2023 1,956,808 2,281,335 3,500,000 United States Treasury - STRIPS 4.90 11/15/2023 1,932,698 2,249,170 3,300,000 United States Treasury - STRIPS 4.89 2/15/2024 1,802,059 2,092,596 3,300,000 United States Treasury - STRIPS 4.84 5/15/2024 1,784,251 2,063,556 3,300,000 United States Treasury - STRIPS 4.84 8/15/2024 1,763,577 2,035,308 3,300,000 United States Treasury - STRIPS 4.88 11/15/2024 1,739,010 2,005,773 3,100,000 United States Treasury - STRIPS 4.84 2/15/2025 1,615,542 1,859,467 3,100,000 United States Treasury - STRIPS 4.84 5/15/2025 1,596,294 1,834,053 3,100,000 United States Treasury - STRIPS 4.85 8/15/2025 1,582,754 1,833,263 3,100,000 United States Treasury - STRIPS 4.84 11/15/2025 1,563,777 1,783,399 2,900,000 United States Treasury - STRIPS 4.83 2/15/2026 1,449,700 1,666,952 2,900,000 United States Treasury - STRIPS 4.85 5/15/2026 1,428,807 1,622,434 2,900,000 United States Treasury - STRIPS 4.83 8/15/2026 1,414,497 1,623,014 2,900,000 United States Treasury - STRIPS 4.83 11/15/2026 1,399,122 1,604,295 2,700,000 United States Treasury - STRIPS 4.82 2/15/2027 1,289,560 1,474,983 2,700,000 United States Treasury - STRIPS 4.84 5/15/2027 1,272,417 1,433,157 2,700,000 United States Treasury - STRIPS 4.82 8/15/2027 1,258,988 1,437,507 2,700,000 United States Treasury - STRIPS 4.81 11/15/2027 1,245,462 1,417,994

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

US GOVERNMENT BONDS, continued 2,500,000 United States Treasury - STRIPS 4.84 2/15/2028 1,141,329 1,272,110 2,500,000 United States Treasury - STRIPS 4.84 5/15/2028 1,126,091 1,256,700 2,500,000 United States Treasury - STRIPS 4.79 8/15/2028 1,116,208 1,264,420 2,500,000 United States Treasury - STRIPS 4.84 11/15/2028 1,103,365 1,223,325 3,500,000 United States Treasury - STRIPS 4.79 2/15/2029 1,526,782 1,722,350 3,400,000 United States Treasury - STRIPS 4.84 5/15/2029 1,468,085 1,620,338 32,100,000 United States Treasury - STRIPS 4.84 8/15/2029 13,693,495 15,420,198 2,300,000 United States Treasury - STRIPS 4.23 2/15/2030 966,830 1,053,556 2,300,000 United States Treasury - STRIPS 4.29 5/15/2030 955,701 1,040,989 2,300,000 United States Treasury - STRIPS 4.32 8/15/2030 946,227 1,027,573 2,300,000 United States Treasury - STRIPS 4.37 11/15/2030 935,753 1,015,416 2,100,000 United States Treasury - STRIPS 4.40 2/15/2031 845,660 937,944 2,100,000 United States Treasury - STRIPS 4.43 5/15/2031 837,537 903,105 2,100,000 United States Treasury - STRIPS 4.49 8/15/2031 827,829 892,479 2,100,000 United States Treasury - STRIPS 4.55 11/15/2031 818,294 880,559 2,000,000 United States Treasury - STRIPS 4.49 2/15/2032 776,486 827,360 2,000,000 United States Treasury - STRIPS 4.54 5/15/2032 767,655 816,360 2,000,000 United States Treasury - STRIPS 4.60 8/15/2032 758,804 806,282 2,000,000 United States Treasury - STRIPS 4.66 11/15/2032 750,164 795,136 1,700,000 United States Treasury - STRIPS 4.66 2/15/2033 632,984 664,275 1,700,000 United States Treasury - STRIPS 4.72 5/15/2033 625,785 658,427 1,700,000 United States Treasury - STRIPS 4.78 8/15/2033 618,631 646,731 1,700,000 United States Treasury - STRIPS 4.84 11/15/2033 611,592 641,026 1,600,000 United States Treasury - STRIPS 4.64 2/15/2034 569,651 592,480 1,600,000 United States Treasury - STRIPS 4.63 5/15/2034 563,823 584,576 1,600,000 United States Treasury - STRIPS 4.64 8/15/2034 556,743 578,128 1,600,000 United States Treasury - STRIPS 4.63 11/15/2034 551,065 568,944 1,400,000 United States Treasury - STRIPS 4.64 2/15/2035 475,585 492,310 1,400,000 United States Treasury - STRIPS 4.64 5/15/2035 470,177 484,526 1,400,000 United States Treasury - STRIPS 4.64 8/15/2035 464,801 477,904 1,400,000 United States Treasury - STRIPS 4.64 11/15/2035 459,524 471,380 1,300,000 United States Treasury - STRIPS 4.66 2/15/2036 420,281 443,222 1,300,000 United States Treasury - STRIPS 4.64 5/15/2036 417,026 426,140 1,300,000 United States Treasury - STRIPS 4.64 8/15/2036 412,242 420,641 1,300,000 United States Treasury - STRIPS 4.64 11/15/2036 407,590 415,233 2,300,000 United States Treasury - STRIPS 4.64 2/15/2037 711,927 745,292 2,300,000 United States Treasury - STRIPS 4.65 5/15/2037 703,885 738,415 TOTAL UNITED STATES GOVERNMENT BONDS $ 408,473,250 $ 438,237,799 TOTAL BONDS $ 958,351,487 $ 1,021,510,444

MORTGAGE-BACKED SECURITIES 5,232,634 Bank of America Mortgage Securities, Inc. 2004-K 2A1 2.97 12/25/2034$ 5,245,920 $ 4,799,152 1,368,072 Federal National Mortgage Association Pass-Through Trust 769,518 2.50 2/1/2034 1,372,881 1,435,712 5,606,408 Federal Horizon Mortgage Pass-Through Trust 2005-AR2 2A1 2.88 6/25/2035 5,671,232 4,539,105 9,100,000 JP Morgan Mortgage Trust 2005-A5 1A2 5.20 8/25/2035 9,127,016 8,187,943 6,328,609 Structured Adjustable Rate Mortgage Loan Trust 2005-1 2.81 2/25/2035 6,424,527 5,152,766 TOTAL MORTGAGE-BACKED SECURITIES $ 27,841,576 $ 24,114,678 TOTAL FIXED-INCOME INVESTMENTS $ 986,193,063 $ 1,045,625,122

FIXED INCOME INVESTMENTS SHARES DESCRIPTION COST VALUE

EQUITY INVESTMENTS

COMMON STOCKS 85,100 Company $ 7,525,686 $ 7,415,614 171,864 ABB Ltd. 4,131,642 4,121,153 73,600 Abbott Laboratories 3,862,053 3,777,152 4,000 Abercrombie & Fitch Co. 202,492 292,480 145,542 Accenture Public Limited Company 8,380,276 8,607,354 16,100 ACE Limited 882,061 1,078,378 22,300 Adidas AG 1,610,534 1,659,616 23,500 Adobe Systems Incorporated 685,968 651,420 25,000 Advanced Micro Devices, Inc. 197,365 183,500 47,000 AEON Mall Co., Ltd. 1,426,394 1,206,814 32,600 AES Corporation, (The) 370,958 401,306 18,000 Aetna Inc. 575,167 746,820 13,200 Affiliated Managers Group, Inc. 1,378,516 1,377,156 22,100 AFLAC Incorporated 1,209,413 1,017,926 16,500 Agilent Technologies, Inc. 592,760 695,640 10,200 Air Products and Chemicals, Inc. 879,205 905,046 17,400 Airgas, Inc. 1,204,396 1,195,380 14,000 Aisin Seiki Co., Ltd. 552,689 539,396 4,900 AK Steel Holding Corporation 66,014 59,535 8,900 Akamai Technologies, Inc. 463,130 215,558 96,200 Alcatel Lucent 594,078 380,850 49,600 Alcoa Inc. 698,879 730,608 5,100 Allegheny Technologies Incorporated 271,244 296,769 12,700 Allegiant Travel Company 552,835 546,481 14,500 Allergan, Inc. 986,803 1,178,995 25,600 Allstate Corporation, (The) 777,713 709,632 10,900 Alpha Natural Resources, Inc. 513,047 465,539 15,500 Altera Corporation 521,342 633,640 16,900 Amazon.com, Inc. 2,912,915 3,760,588 7,800 AMC Networks Inc. 297,932 290,082 12,000 Ameren Corporation 339,327 345,840 22,700 American Electric Power Company, Inc. 825,464 836,722 104,600 American Express Company 4,893,266 5,234,184 20,900 American International Group, Inc. 644,634 599,830 18,900 American Tower Corporation 988,824 992,817 11,400 Ameriprise Financial, Inc. 611,481 616,740 111,100 AmerisourceBergen Corporation 4,422,489 4,256,241 44,500 Amgen Inc. 2,058,261 2,434,150 58,856 Amphenol Corporation 3,120,178 2,877,470 23,500 Anadarko Petroleum Corporation 1,531,579 1,940,160 14,300 Analog Devices, Inc. 432,614 491,920 23,800 Anglo American PLC 928,820 1,132,963 44,123 ANSYS, Inc. 2,498,747 2,232,624 44,000 AOC Holdings Inc. 282,109 338,023 15,600 Aon Corporation 648,982 750,672 18,100 Apache Corporation 2,017,415 2,239,332 5,100 Apartment Investment and Management Company 103,464 139,230 5,700 Apollo Group, Inc. 203,174 289,731 56,793 Apple Inc. 10,505,006 22,176,531 63,400 Applied Materials, Inc. 785,044 781,088 32,800 Archer-Daniels-Midland Company 1,073,870 996,464 35,300 ARRIS Group, Inc. 403,133 423,600

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 24,000 Aruba Networks, Inc. $ 595,625 $ 550,800 4,900 Assurant, Inc. 166,919 174,538 26,900 ASTRAZENECA PLC 1,028,100 1,312,768 280,900 AT&T Inc. 8,038,932 8,219,134 16,500 Athenahealth, Inc. 937,676 970,035 141,200 Atmel Corporation 1,851,834 1,708,520 47,600 AURICO GOLD INC 457,706 578,693 11,100 Autodesk, Inc. 380,993 381,840 91,750 Automatic Data Processing, Inc. 4,689,580 4,724,208 2,800 AutoNation, Inc. 74,209 105,308 1,200 AutoZone, Inc. 272,314 342,540 4,200 AvalonBay Communities, Inc. 462,871 563,598 4,900 Avery Dennison Corporation 172,494 154,595 25,400 Avnet, Inc. 753,403 744,220 20,400 Avon Products, Inc. 593,126 535,092 21,400 AXA 481,898 403,156 28,300 Baker Hughes Incorporated 1,680,481 2,189,854 148,700 Ball Corporation 3,037,867 5,769,560 16,500 Banca Generali S.p.A. 184,341 197,627 133,008 BANK HAPOALIM B.M. 658,943 662,617 482,600 Bank of America Corporation 7,623,648 4,686,046 4,500 Bank of Montreal 292,736 282,780 280,036 Bank of New York Mellon Corporation, (The) 7,595,735 7,031,704 15,500 BASF SE 900,361 1,408,131 27,400 Baxter International Inc. 1,380,985 1,593,858 6,200 Bayer Aktiengesellschaft 486,421 498,303 32,800 BB&T Corporation 800,810 842,304 11,000 BCE Inc. 301,292 420,332 23,600 BE Aerospace, Inc. 977,942 939,280 10,400 Becton, Dickinson and Company 814,827 869,544 11,800 Bed Bath & Beyond Inc. 527,558 690,182 36,200 Belo Corp. 269,937 253,038 4,800 Bemis Company, Inc. 153,096 151,680 129,300 Berkshire Hathaway Inc. 10,002,052 9,590,181 15,800 Co., Inc. 653,932 436,080 60,000 BG Group PLC 459,739 1,422,196 16,500 BHP Billiton PLC 629,542 615,636 209,810 Big Lots, Inc. 4,188,259 7,307,682 6,700 Bill Barrett Corporation 344,852 333,392 11,300 Biogen Idec Inc. 730,335 1,151,131 721,700 Biosensors International Group Ltd. 643,214 818,376 4,600 BlackRock, Inc. 927,711 820,916 8,800 BMC Software, Inc. 336,020 380,336 7,500 BNP Paribas 521,701 489,999 380,490 Boart Longyear Limited 1,018,595 1,692,694 35,300 Boeing Company, (The) 2,376,815 2,487,591 50,438 Booz Allen Hamilton Holding Corporation 960,013 917,467 7,000 Boston Properties, Inc. 607,112 751,520 72,500 Boston Scientific Corporation 483,984 519,100 119,500 BP P.L.C. 861,626 904,294 12,000 Brink's Company, (The) 371,988 358,080 81,100 Bristol-Myers Squibb Company 2,100,905 2,324,326 22,300 Broadcom Corporation 977,426 826,661

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 36,500 Brookdale Senior Living Inc. $ 842,150 $ 780,735 27,400 Brooks Automation, Inc. 284,754 260,574 173,700 BT Group PLC 397,255 573,108 8,000 C.H. Robinson Worldwide, Inc. 587,505 578,480 3,900 C.R. Bard, Inc. 318,491 384,852 18,900 CA, Inc. 372,914 421,470 41,700 Cablevision Systems Corporation 1,050,098 1,015,812 16,300 Cabot Oil & Gas Corporation 1,006,519 1,207,504 43,623 CAE Inc. 569,811 575,824 203,420 Cairn Energy PLC 926,058 1,234,814 36,200 Cameco Corporation 1,007,931 961,472 11,500 Cameron International Corporation 550,928 643,310 8,800 305,010 290,840 68,271 Canadian Natural Resources Limited 2,877,106 2,750,639 14,200 Canadian Oil Sands Limited 457,333 388,578 31,000 Canon Inc. 1,113,466 1,506,024 21,600 Capital One Financial Corporation 834,696 1,032,480 16,600 Cardinal Health, Inc. 576,826 726,416 9,900 CareFusion Corporation 238,267 261,261 34,800 CarMax, Inc. 1,138,139 1,112,556 20,300 Carnival Corporation 864,959 675,990 30,500 Caterpillar Inc. 2,028,297 3,013,095 22,100 Cavium, Inc. 992,493 762,229 14,400 CB Richard Ellis Group, Inc. 255,513 313,920 31,300 CBS Corporation 532,703 856,681 22,600 Celanese Corporation 1,298,696 1,245,938 22,000 Celgene Corporation 1,327,802 1,304,600 21,100 CenterPoint Energy, Inc. 327,712 413,138 13,900 Centerra Gold Inc. 193,960 272,858 281,500 Centrica PLC 1,022,670 1,416,744 28,887 CenturyLink, Inc. 1,155,453 1,071,997 3,400 , Inc. 229,694 271,796 23,500 Cermaq ASA 450,543 327,723 23,100 Cerner Corporation 1,352,580 1,535,919 3,500 CF Industries Holdings, Inc. 442,358 543,620 208,514 Charles Schwab Corporation, (The) 3,550,709 3,113,114 30,800 Chesapeake Energy Corporation 752,984 1,057,980 95,400 Chevron Corporation 7,373,251 9,923,508 115,500 China Mobile Limited 657,846 1,149,147 160,000 China Shenhua Energy Company Limited 741,948 803,644 1,500 Chipotle Mexican Grill, Inc. 395,680 486,870 13,900 Chubb Corporation, (The) 659,473 868,472 52,300 Chugai Pharmaceutical Co., Ltd. 774,400 926,887 12,600 Cigna Corporation 472,434 627,102 192,200 Cincinnati Bell Inc. 670,567 665,012 7,300 Cincinnati Financial Corporation 223,148 199,509 78,250 Cintas Corporation 2,495,487 2,547,038 261,900 Cisco Systems, Inc. 5,893,178 4,182,543 138,400 Citigroup Inc. 5,792,919 5,306,256 42,974 Citrix Systems, Inc. 3,384,353 3,095,847 20,500 Clariant AG 438,974 323,547 7,000 Cliffs Natural Resources Inc. 497,042 628,740 6,200 Clorox Company, (The) 388,518 443,858

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 165,000 CLP Holdings Limited $ 830,835 $ 1,524,152 3,200 CME Group Inc. 957,560 925,408 10,900 CMS Energy Corporation 203,090 208,626 807,000 CNOOC Limited 410,195 1,803,572 63,433 Coach, Inc. 3,505,078 4,095,234 108,600 Coca-Cola Company, (The) 6,329,100 7,385,886 15,000 Coca-Cola Refreshments USA, Inc. 424,117 421,650 8,600 Cochlear Limited 589,547 669,486 11,400 Cognex Corporation 411,183 387,030 53,318 Cognizant Technology Solutions Corporation 3,813,639 3,725,329 23,300 Colgate-Palmolive Company 1,804,788 1,966,054 130,800 Comcast Corporation 2,272,609 3,141,816 60,400 Comerica Incorporated 2,162,575 1,934,612 4,900 Compagnie Generale des Etablissements Mi 459,667 413,043 7,500 Computer Sciences Corporation 366,106 264,600 10,000 Compuware Corporation 86,127 96,600 19,600 ConAgra Foods, Inc. 483,798 501,956 11,200 Concur Technologies, Inc. 531,831 508,928 67,000 ConocoPhillips 4,001,277 4,823,330 99,360 CONSOL Energy Inc. 4,699,637 5,325,696 13,700 Consolidated Edison, Inc. 678,955 720,620 9,100 Constellation Energy Group, Inc. 266,874 353,353 86,800 Con-way Inc. 3,411,437 3,178,616 7,200 Core Laboratories N.V. 790,226 782,496 75,500 Corning Incorporated 1,395,720 1,201,205 17,000 Corporate Executive Board Company, (The) 720,365 691,050 29,400 Corrections Corporation of America 644,493 630,924 15,600 CoStar Group, Inc. 903,460 916,656 56,868 Costco Wholesale Corporation 4,072,994 4,449,921 71,673 Covance Inc. 4,191,900 4,103,279 6,600 Coventry Health Care, Inc. 170,812 211,200 83,500 COVIDIEN PLC 4,495,558 4,240,965 169,800 Crown Holdings, Inc. 1,536,830 6,522,018 35,300 CSL Limited 1,175,163 1,190,014 52,500 CSX Corporation 899,668 1,289,925 23,900 Cummins Inc. 2,495,133 2,506,632 79,110 CVS Caremark Corporation 2,552,772 2,875,649 12,400 D.R. Horton, Inc. 138,455 147,312 32,100 Daikin Industries, Ltd. 1,225,031 1,139,032 16,200 Daito Trust Construction Co., Ltd. 802,470 1,557,248 71,981 Danaher Corporation 3,587,765 3,534,987 19,968 Danone Finance 995,452 1,428,962 6,900 Darden Restaurants, Inc. 309,037 350,520 34,667 DaVita Inc. 2,840,180 2,896,081 138,166 DBS Group Holdings Ltd. 1,471,046 1,782,528 8,100 Dean Foods Company 63,959 89,262 802,500 Debenhams PLC 989,632 879,300 20,000 Deere & Company 1,517,783 1,570,200 79,100 Dell Inc. 1,161,634 1,284,584 19,800 Denbury Resources Inc. 373,583 382,536 35,100 DENSO Corporation 961,261 1,252,305 6,300 DENTSPLY International Inc. 200,301 238,707 127,665 Devon Energy Corporation 9,356,955 10,047,236

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 17,200 DeVry Inc. $ 1,072,120 $ 1,068,808 3,000 Diamond Offshore Drilling, Inc. 209,163 203,490 14,800 DiaSorin S.p.A. 621,253 732,456 24,700 Dick's Sporting Goods, Inc. 971,698 913,900 9,300 Diebold, Incorporated 304,853 281,232 36,900 DirecTV 965,082 1,870,092 26,700 Discover Financial Services 376,237 683,787 44,200 Discovery Communications, Inc. 1,669,386 1,643,798 173,400 Dominion Resources, Inc. 7,402,356 8,401,230 9,000 Dover Corporation 501,256 544,230 202,600 , (The) 5,680,992 7,064,662 10,900 Dr Pepper Snapple Group, Inc. 416,404 411,584 31,000 Drax Group PLC 194,115 272,243 13,700 Dresser-Rand Group Inc. 769,661 731,854 8,300 DTE Energy Company 373,371 413,672 64,100 Duke Energy Corporation 1,109,857 1,192,260 2,200 Dun & Bradstreet Corporation, (The) 167,671 159,610 19,500 Dundee Corporation 462,928 504,795 11,200 E*Trade Financial Corporation 170,530 177,856 43,900 E. I. du Pont de Nemours and Company 1,693,652 2,257,338 3,200 Eastman Chemical Company 255,201 309,088 16,600 Eaton Corporation 800,652 795,970 54,200 eBay Inc. 1,629,742 1,775,050 11,300 Inc. 548,127 565,000 15,600 Edison International 561,856 593,892 35,600 Education Management Corporation 921,684 794,236 5,400 Edwards Lifesciences Corporation 469,800 385,290 444,400 El Paso Corporation 4,215,542 9,132,420 15,200 Electronic Arts Inc. 241,651 338,200 48,000 Eli Lilly and Company 1,681,788 1,838,400 97,800 EMC Corporation 1,580,395 2,550,624 35,700 Emerson Electric Co. 1,496,949 1,752,513 46,600 Endeavour Silver Corp. 421,585 455,670 137,500 Enel Societa per Azioni 685,124 794,302 9,100 ENI SPA 179,907 198,504 8,600 Entergy Corporation 643,194 574,480 205,100 Enterprise Inns PLC 317,817 186,684 12,800 EOG Resources, Inc. 1,193,885 1,305,600 7,400 EQT Corporation 310,403 469,752 5,600 Equifax Inc. 194,745 192,416 13,800 Equity Residential 701,716 853,116 176,979 Esprit Holdings Limited 1,208,921 515,418 5,600 Estee Lauder Companies Inc., (The) 249,965 587,496 24,500 Etn. Franz Colruyt NV 451,712 1,193,500 31,200 Exelon Corporation 1,254,634 1,374,984 9,400 Expedia, Inc. 266,006 297,886 10,200 Expeditors International of Washington 539,610 486,744 85,917 Express Scripts, Inc. 4,814,236 4,661,856 233,900 Exxon Mobil Corporation 15,401,888 18,662,881 3,800 F5 Networks, Inc. 516,970 355,224 5,700 Family Dollar Stores, Inc. 219,627 302,727 10,800 FANUC Corporation 699,404 2,044,151 51,500 Company 1,653,901 1,732,975

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 4,200 Federated Investors, Inc. $ 102,396 $ 89,754 14,800 FedEx Corporation 1,288,492 1,285,824 13,000 Fidelity National Information Services 364,556 390,260 44,900 Fifth Third Bancorp 589,955 567,985 33,900 Financial Engines, Inc. 832,992 805,464 13,555 First Horizon National Corporation 140,694 121,859 3,600 First Quantum Minerals Ltd. 477,581 499,770 2,700 First Solar, Inc. 361,912 319,221 19,570 FirstEnergy Corp. 695,666 873,801 21,000 FirstService Corporation 741,718 759,780 6,700 Fiserv, Inc. 379,168 404,412 7,000 FLIR Systems, Inc. 197,320 192,220 2,700 Flowserve Corporation 292,919 268,326 64,129 Fluor Corporation 4,225,872 4,074,115 20,500 Flushing Financial Corporation 258,455 252,560 48,530 FMC Corporation 3,187,365 4,249,772 88,343 FMC Technologies, Inc. 3,821,231 4,028,441 180,500 Ford Motor Company 2,216,523 2,203,905 14,100 Forest Laboratories, Inc. 425,844 522,546 22,800 Foster Wheeler AG 639,063 617,880 6,900 Franklin Resources, Inc. 818,222 876,024 45,300 Freeport-McMoRan Copper & Gold Inc. 1,603,756 2,399,088 16,000 Fresnillo PLC 372,877 462,246 49,100 Frontier Communications Corporation 433,059 367,759 6,900 GameStop Corp. 149,849 162,702 51,200 Gannett Co., Inc. 686,101 653,312 18,800 Gap, Inc., (The) 350,290 362,652 24,500 Gas Natural SDG, S.A. 472,952 494,123 17,700 General Dynamics Corporation 1,212,065 1,206,078 503,100 General Electric Company 11,522,766 9,010,521 30,300 , Inc. 1,084,163 1,131,705 845,538 GenOn Escrow Corp. 5,640,542 3,289,143 124,938 Genpact Limited 2,026,477 2,061,477 31,300 Gentex Corporation 957,898 887,042 7,700 Genuine Parts Company 337,387 409,332 21,800 Genworth Financial, Inc. 261,622 181,376 241 GEO Corporation 253,527 311,904 37,900 Gilead Sciences, Inc. 1,437,585 1,605,444 16,900 Global Crossing Limited 612,520 581,867 24,500 Goldman Sachs Group, Inc., (The) 3,796,206 3,306,765 19,000 Goodrich Corporation 1,792,157 1,807,660 16,700 Goodrich Petroleum Corporation 338,822 331,161 10,800 Goodyear Tire & Rubber Company, (The) 108,479 174,636 19,965 Google Inc. 10,876,631 12,052,671 61,200 Graftech International Ltd. 1,347,891 1,178,712 15,200 Green Mountain Coffee Roasters, Inc. 1,393,659 1,580,040 5,596 GS Holdings Corp. 212,841 480,886 34,738 H & M Hennes & Mauritz AB 499,350 1,184,616 13,800 H & R Block, Inc. 174,967 206,448 15,200 H. J. Heinz Company 740,699 800,128 43,200 Halliburton Company 1,557,921 2,364,336 11,600 Harley-Davidson, Inc. 326,670 503,324 3,000 Harman International Industries, Incorporated 129,358 124,800

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 84,800 Harmonic Inc. $ 516,508 $ 460,464 5,800 Harris Corporation 271,972 231,246 21,200 Hartford Financial Services Group, I, (The) 533,974 496,504 6,300 Hasbro, Inc. 297,963 249,228 19,200 HCP, Inc. 662,385 705,216 8,800 Health Care REIT, Inc. 420,663 464,464 37,500 Healthcare Services Group, Inc. 607,339 588,375 36,300 HealthSouth Corporation 940,499 885,720 8,700 Heidrick & Struggles International, Inc. 222,511 231,420 48,300 Hellenic Petroleum S.A. 419,415 445,594 22,700 Helmerich & Payne, Inc. 1,509,245 1,567,435 203,500 Henderson Group plc 508,966 534,806 7,600 Hershey Company, (The) 363,600 428,944 14,600 Hess Corporation 846,241 1,000,976 98,700 Hewlett-Packard Company 4,011,827 3,470,292 26,800 Hexcel Corporation 651,190 641,592 4,400 Hirose Electric Co., Ltd. 485,912 440,057 18,800 Hitachi Capital Corporation 199,277 276,191 85,000 Hitachi, Ltd. 370,271 527,465 11,600 HMS Holdings Corp. 887,643 876,960 52,200 Hochschild Mining PLC 458,021 411,037 51,900 Hologic, Inc. 1,035,513 963,783 75,300 Home Depot, Inc., (The) 2,399,950 2,630,229 36,200 HONDA MOTOR CO., LTD. 925,454 1,444,436 37,700 Honeywell International Inc. 1,625,809 2,001,870 295,003 Hong Kong and China Gas Company Limited, (The) 322,098 722,132 59,700 Hongkong Land Holdings Limited 419,453 401,184 6,200 Foods Corporation 148,131 179,614 8,300 Hospira, Inc. 476,443 424,296 31,500 Host Hotels & Resorts, L.P. 520,862 499,275 52,400 HOYA CORPORATION 1,778,471 1,271,476 122,600 HSBC Holdings plc 1,448,104 1,196,419 23,400 Hudson City Bancorp, Inc. 272,091 193,050 8,200 Humana Inc. 314,791 611,556 43,000 Huntington Bancshares Incorporated 271,549 259,935 29,300 Huron Consulting Group Inc. 898,318 948,441 16,000 Husky Energy Inc. 462,401 448,567 41,000 Hutchison Whampoa Limited 459,141 477,882 6,900 Hyundai Motor Company 776,849 1,537,987 3,200 Hyundai WIA Corp. 521,438 491,701 10,500 IAC/InterActiveCorp 401,561 434,595 28,200 ICF International, Inc. 677,181 658,752 42,366 IDEXX Laboratories, Inc. 3,378,028 3,513,836 24,100 Illinois Tool Works Inc. 1,168,304 1,200,180 14,900 Illumina, Inc. 1,102,446 930,505 65,000 Iluka Resources Limited 436,237 1,268,051 21,600 ImmunoGen, Inc. 318,611 292,248 18,700 Industria de Diseno Textil, S.A. 794,901 1,696,692 41,600 Infineon Technologies AG 411,073 418,873 16,400 Informatica Corporation 889,232 838,532 36,400 ING Groep N.V. 448,243 393,347 76,050 Ingersoll-Rand Public Limited Company 3,436,364 2,845,791 133 INPEX Corporation 1,170,699 1,032,090

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 3,500 Integrys Energy Group, Inc. $ 144,985 $ 175,735 252,600 Intel Corporation 5,436,194 5,640,558 3,600 IntercontinentalExchange, Inc. 417,367 443,880 25,200 Intermec, Inc. 278,549 271,656 223,400 Intermediate Capital Group PLC 925,412 976,552 57,500 International Business Machines Corporat 5,628,693 10,456,375 3,700 International Flavors & Fragrances Inc. 197,001 226,329 21,300 International Paper Company 419,306 632,610 21,700 Interpublic Group of Companies Inc., (The) 196,711 212,877 12,800 Intuit Inc. 469,575 597,760 10,821 Intuitive Surgical, Inc. 3,593,978 4,334,352 46,600 Invesco Ltd. 1,046,268 1,033,588 40,800 ION Geophysical Corporation 444,573 413,712 9,100 Iron Mountain Incorporated 208,936 287,833 39,800 Isis Pharmaceuticals, Inc. 343,457 343,872 55,000 ITOCHU Corporation 279,846 634,150 98,340 ITT Corporation 5,392,252 5,245,456 195,650 J. C. Penney Company, Inc. 4,262,892 6,018,194 5,300 J. M. Smucker Company, (The) 337,798 412,976 17,200 j2 Global Communications, Inc. 484,664 459,928 8,700 Jabil Circuit, Inc. 134,755 159,297 6,300 Jacobs Engineering Group Inc. 263,961 246,582 8,200 Janus Capital Group Inc. 92,045 69,208 31,100 Jarden Corporation 1,052,445 963,789 9,200 Jardine Matheson Holdings Limited 159,571 527,252 9,900 JDS Uniphase Corporation 118,549 130,185 37,000 Jeronimo Martins, SGPS, S.A. 580,599 724,959 130,000 Johnson & Johnson 8,200,909 8,422,700 32,600 Johnson Controls, Inc. 1,033,562 1,204,570 9,900 Jones Lang LaSalle Incorporated 915,401 842,688 4,900 Joy Global Inc. 460,220 460,208 188,400 JPMorgan Chase & Co. 7,369,055 7,620,780 26,200 Juniper Networks, Inc. 915,203 612,818 50,000 JX Holdings, Inc. 353,713 360,798 28,600 K12 Inc. 966,185 917,488 12,500 Kansas City Southern 775,243 741,875 61 KDDI Corporation 388,800 452,027 11,800 Kellogg Company 579,737 658,204 8,500 Kesko Oyj 423,818 330,647 45,700 KeyCorp 371,879 367,428 4,900 KEYENCE CORPORATION 942,163 1,381,954 21,800 KIA Motors Corp. 570,218 1,600,417 65,700 Kimberly-Clark Corporation 4,323,570 4,294,152 20,100 Kimco Realty Corporation 348,252 382,503 20,637 KIOR INC 306,220 298,205 8,200 KLA-Tencor Corporation 316,906 326,524 13,700 Kohl's Corporation 740,582 749,527 61,800 Komatsu Ltd. 1,252,625 1,927,097 11,800 KONE Oyj 711,731 685,047 419,000 Koninklijke Ahold N.V. 2,903,434 5,560,130 42,100 Korn/Ferry International 922,114 906,834 83,100 Kraft Foods Inc. 2,546,900 2,856,978 29,200 Kroger Co., (The) 656,494 726,204

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 5,200 L-3 Communications Holdings, Inc. $ 383,189 $ 411,424 4,700 Laboratory Corporation of America Holding 395,862 426,572 16,800 Lam Research Corporation 739,499 686,784 4,200 LANXESS Aktiengesellschaft 189,092 338,948 11,800 Lazard Ltd. 426,207 396,480 249,800 Legal & General Group PLC 419,345 460,072 7,000 Legg Mason, Inc. 235,699 205,940 6,500 Leggett & Platt, Incorporated 126,015 141,050 197,364 LEND LEASE CORPORATION LTD 1,501,674 1,920,799 7,100 Lennar Corporation 114,741 125,599 8,800 Leucadia National Corporation 237,124 296,296 3,600 Lexmark International, Inc. 134,300 120,852 7,500 Corporation 637,992 598,575 8,200 Life Technologies Corporation 422,988 369,246 18,000 , Inc. 770,508 751,680 11,800 Limited Brands, Inc. 147,046 446,748 28,494 LIN TV Corp. 122,020 116,825 15,500 Lincoln National Corporation 385,660 410,750 11,200 Linear Technology Corporation 372,876 328,160 13,500 Lockheed Martin Corporation 956,808 1,022,355 14,600 Loews Corporation 566,764 582,102 11,300 L'Oreal 861,605 1,364,163 62,600 Lowe`s Companies, Inc. 1,443,563 1,350,908 114,100 LSI Corporation 728,849 839,776 6,000 M&T Bank Corporation 484,482 517,440 20,900 Macy's, Inc. 462,086 603,383 7,800 Madison Square Garden Company, (The) 213,687 206,700 10,600 Magna International Inc. 465,644 517,696 16,900 Manpower Inc. 890,857 853,788 155,100 MAPFRE, S.A. 559,078 552,516 34,500 Marathon Oil Corporation 644,197 1,068,465 17,250 Marathon Petroleum Company LP 416,975 755,378 13,600 Marriott International, Inc. 509,938 442,000 25,800 Marsh & McLennan Companies, Inc. 660,004 760,842 34,000 Marubeni Corporation 115,689 254,593 335,360 Masco Corporation 6,376,753 3,538,048 14,057 MasterCard Incorporated 3,715,367 4,262,785 16,300 Mattel, Inc. 400,833 434,558 5,900 McCormick & Company, Incorporated 263,149 287,035 49,400 McDonald's Corporation 3,607,873 4,272,112 88,300 McGraw-Hill Companies, Inc., (The) 3,635,300 3,673,280 12,200 McKesson Corporation 773,452 989,664 54,066 Mead Johnson Nutrition Company 3,520,161 3,858,690 23,500 MeadWestvaco Corporation 717,961 731,790 19,000 Medco Health Solutions, Inc. 1,161,539 1,194,720 51,400 Medtronic, Inc. 1,797,901 1,852,970 10,000 Northrop Grumman Corp 122,771 74,200 147,000 Merck & Co., Inc. 5,192,755 5,017,110 50,700 MetLife, Inc. 2,078,837 2,089,347 6,100 Metro Inc. 185,230 302,842 11,700 MetroPCS Communications, Inc. 104,703 190,476 10,300 Meyer Burger Technology AG 487,515 361,977 9,300 Microchip Technology Incorporated 319,476 313,875

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 52,600 Micromet, Inc. $ 310,697 $ 297,716 42,300 Micron Technology, Inc. 353,063 311,751 15,300 MICROS Systems, Inc. 786,248 749,241 434,600 Microsoft Corporation 11,070,399 11,908,040 25,400 MITSUBISHI CORPORATION 377,080 678,847 72,000 Mitsubishi Estate Company, Limited 782,713 1,290,944 123,000 Mitsubishi UFJ Financial Group, Inc. 610,216 624,641 78,000 Mitsui & Co., Ltd. 769,998 1,470,268 120,913 Mizuho Financial Group, Inc. 190,950 198,937 32,400 Molex Incorporated 790,252 760,752 62,700 Monsanto Company 4,138,139 4,607,196 5,700 Monster Worldwide, Inc. 120,854 66,918 9,200 Moody's Corporation 251,643 327,612 70,400 Morgan Stanley 1,822,185 1,566,400 15,800 Mosaic Company, (The) 1,156,865 1,117,376 12,800 Motor Oil (Hellas) Corinth Refineries SA 200,553 145,309 13,800 Motorola Mobility Holdings, Inc. 338,249 308,844 15,857 Motorola Solutions, Inc. 479,539 711,821 9,000 Murphy Oil Corporation 552,740 577,980 21,400 Mylan Inc. 422,022 487,492 27,100 Myriad Genetics, Inc. 619,235 576,417 14,200 Nabors Industries Ltd. 285,149 375,022 6,400 NASDAQ OMX Group, Inc., (The) 142,240 154,048 17,700 NATIONAL AUSTRALIA BANK LIMITED 454,041 466,622 71,916 National Instruments Corporation 2,057,347 1,858,309 20,300 National Oilwell Varco, Inc. 1,227,585 1,635,571 10,600 National Semiconductor Corporation 146,040 262,032 12,000 NCC AB 198,628 241,421 74,100 Neo Material Technologies Inc. 513,799 691,181 102,500 Nestle S.A. 5,498,684 6,534,454 71,203 NetApp, Inc. 3,733,019 3,383,567 2,000 Netflix, Inc. 364,500 531,980 12,800 Newell Rubbermaid Inc. 222,904 198,656 6,600 Newfield Exploration Company 470,608 444,972 23,200 Newmont Mining Corporation 1,361,305 1,290,152 107,700 News Corporation 1,529,524 1,725,354 19,900 Nextera Energy, Inc. 1,043,313 1,099,475 57,000 NIC Inc. 759,643 727,890 2,000 Nicor Inc. 87,758 109,400 18,000 NIKE, Inc. 1,358,007 1,622,700 4,900 Nintendo Co., Ltd. 1,358,471 780,166 22,000 Nippon Shokubai Co., Ltd. 193,994 287,291 23,335 Nippon Telegraph and Telephone Corporation 984,896 1,148,763 12,300 NiSource Inc. 211,988 247,599 58,000 Nissan Motor Co., Ltd. 621,857 617,645 5,000 Nitto Denko Corporation 151,893 240,964 11,600 Noble Corporation 440,298 427,692 8,300 Noble Energy, Inc. 699,874 827,344 7,500 Nordstrom, Inc. 317,934 376,200 16,600 Norfolk Southern Corporation 922,417 1,256,620 23,400 North American Energy Partners Inc. 153,650 142,272 7,900 Northeast Utilities 248,341 268,600 11,400 Northern Trust Corporation 606,943 511,917 13,700 Northrop Grumman Corporation 798,006 828,987

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 34,200 Novartis AG $ 1,817,965 $ 2,104,415 27,500 Novellus Systems, Inc. 894,761 853,600 14,100 Novo Nordisk A/S 834,946 1,726,825 11,400 NRG Energy, Inc. 255,201 279,528 14,900 Nucor Corporation 598,283 579,461 28,000 NVIDIA Corporation 380,719 387,240 12,900 NYSE Euronext 376,117 431,634 38,700 Occidental Petroleum Corporation 2,996,501 3,799,566 19,600 Oceaneering International, Inc. 864,111 846,720 12,700 Oil States International, Inc. 1,078,603 1,024,890 6,100 Okinawa Electric Power Company, Inc., (The) 353,049 273,034 308,900 Old Mutual Public Limited Company 701,896 644,472 25,950 Omnicom Group Inc. 1,047,587 1,217,574 97,630 ONEOK, Inc. 2,003,923 7,106,488 17,200 Onyx Pharmaceuticals, Inc. 586,656 567,256 185,700 Oracle Corporation 4,608,326 5,678,706 18,300 O'Reilly Automotive Stores, Inc. 1,124,172 1,088,850 62,500 Orient-Express Hotels Ltd. 628,828 618,125 142,400 Owens Corning 4,012,788 5,066,592 231,990 Owens-Illinois, Inc. 6,320,650 5,375,208 17,100 PACCAR Inc 784,808 732,051 144,150 Packaging Corporation of America 3,026,180 3,844,481 25,800 Pall Corporation 1,356,225 1,279,164 7,700 Parker-Hannifin Corporation 628,957 608,454 4,300 , Inc. 125,987 132,612 15,800 Paychex, Inc. 455,825 446,034 12,700 Peabody Energy Corporation 759,849 729,869 16,900 People's United Financial, Inc. 214,550 214,292 10,000 Pepco Holdings, Inc. 187,823 186,800 74,900 PepsiCo, Inc. 4,842,243 4,796,596 5,400 PerkinElmer, Inc. 129,504 132,084 12,800 Perrigo Company 1,198,234 1,155,968 46,700 Petroleo Brasileiro S.A. - Petrobras 1,512,650 1,435,091 374,700 Pfizer Inc. 7,522,662 7,209,228 19,100 PG&E Corporation 903,570 791,313 89,700 Pinetree Capital Ltd. 325,434 204,003 4,800 Pinnacle West Capital Corporation 185,197 203,280 5,400 Pioneer Natural Resources Company 440,806 502,146 9,400 Pitney Bowes Inc. 215,116 202,570 8,100 Plum Creek Timber Company, Inc. 308,912 309,582 25,400 PNC Financial Services Group, Inc., (The) 1,403,707 1,378,966 3,000 Polo Ralph Lauren Corporation 326,993 405,210 25,500 Polycom, Inc. 769,470 689,265 7,500 PPG Industries, Inc. 514,974 631,500 27,100 PPL Corporation 716,757 756,090 14,400 Praxair, Inc. 1,341,732 1,492,416 16,300 Precision Castparts Corp. 2,504,150 2,630,494 2,400 priceline.com Incorporated 990,810 1,290,360 15,700 Principal Financial Group, Inc. 429,720 433,791 132,400 Procter & Gamble Company, (The) 7,984,834 8,141,276 13,900 Progress Energy, Inc. 614,589 649,686 30,700 Progressive Corporation, (The) 647,715 604,176 20,300 ProLogis 646,390 723,289 22,900 Prudential Financial, Inc. 1,406,411 1,343,772 24,000 Public Service Enterprise Group Incorporated 764,073 786,000 6,700 Public Storage 619,366 801,521 15,100 PulteGroup, Inc. 108,627 103,737 24,100 QBE Insurance Group Limited 470,273 434,151 8,800 QEP Resources, Inc. 273,713 385,704

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 139,920 QUALCOMM Incorporated $ 7,132,805 $ 7,664,818 10,900 Quanta Services, Inc. 199,700 201,868 7,600 Quest Diagnostics Incorporated 394,648 410,476 9,100 R. R. Donnelley & Sons Company 155,647 171,171 12,467 Rami Levi Chain Stores Hashikma Marketin 451,605 460,518 7,900 Range Resources Corporation 342,972 514,764 15,300 Raymond James Financial, Inc. 517,496 485,928 148,400 Raytheon Company 5,377,003 6,637,932 30,100 RealPage, Inc. 752,605 723,905 27,000 Reckitt Benckiser Group PLC 767,272 1,532,160 9,300 Red Hat, Inc. 415,713 391,344 25,100 Regeneron Pharmaceuticals Inc 1,405,835 1,331,806 61,800 Regions Financial Corporation 375,407 376,362 240,012 Republic Services, Inc. 5,906,867 6,967,548 53,900 RF Micro Devices, Inc. 347,070 363,825 33,000 RightNow Technologies, Inc. 979,660 1,120,020 9,200 Rio Tinto PLC 567,948 649,377 32,800 Ritchie Bros. Auctioneers Incorporated 928,291 898,392 20,000 Riverbed Technology, Inc. 623,781 572,600 59,500 Robert Half International Inc. 1,721,367 1,629,110 6,800 Rockwell Automation, Inc. 457,143 487,968 7,700 Rockwell Collins, Inc. 449,154 424,193 20,500 Rockwood Holdings, Inc. 1,213,643 1,239,635 14,000 Rogers Communications Inc. 492,974 535,262 51,639 Roper Industries, Inc. 4,262,196 4,215,292 5,400 Ross Stores, Inc. 224,082 409,158 23,900 Rowan Companies, Inc. 900,414 936,163 17,700 Royal Caribbean Cruises Ltd. 647,396 541,974 13,200 ROYAL DUTCH SHELL PLC 468,144 485,250 19,400 RTI International Metals, Inc. 659,674 622,158 2,400 Ryder System, Inc. 99,289 135,168 308,700 Safeway Inc. 7,433,609 6,226,479 13,100 SAIC, Inc. 207,003 209,993 26,300 Saipem S.p.A. 683,824 1,374,913 38,700 Saks Incorporated 427,199 415,638 18,732 Salesforce.com, Inc. 2,696,965 2,710,708 11,200 SanDisk Corporation 464,841 476,336 15,600 Sanofi 1,156,785 1,217,030 25,000 SAP AG 1,189,069 1,567,947 501,960 Sara Lee Corporation 7,715,958 9,592,456 21,000 SBA Communications Corporation 795,873 801,570 5,100 SCANA Corporation 209,413 199,869 102,771 Schlumberger Limited 7,600,984 9,287,415 48,500 Schmolz + Bickenbach AG 582,609 567,946 1,800 SCHNEIDER ELECTRIC SA 213,194 261,635 4,100 Scripps Networks Interactive, Inc. 212,379 189,994 56,500 SeaChange International, Inc. 575,738 540,140 7,100 Sealed Air Corporation 162,878 152,863 1,900 Sears Holdings Corporation 178,435 132,373 30,700 Seattle Genetics, Inc. 544,925 522,821 11,300 Sempra Energy 576,837 572,797 790 SGS SA 1,017,760 1,539,508 14,300 Shaw Group Inc., (The) 375,514 370,084 24,500 Sherritt International Corporation 193,926 153,294 4,100 Sherwin-Williams Company, (The) 294,302 316,397 9,200 SHIMAMURA Co., Ltd. 927,573 927,270 24,000 Shin-Etsu Chemical Co., Ltd. 1,077,321 1,294,986 541,000 Shinsei Bank Limited 591,456 686,851 15,700 Ship Healthcare Holdings,Inc. 116,445 330,719

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 14,300 Shire PLC $ 204,772 $ 497,402 4,500 Siemens AG 432,849 574,484 6,000 Sigma-Aldrich Corporation 388,932 402,600 45,000 SIIX Corporation 453,750 691,994 21,800 Silicon Laboratories Inc. 821,860 771,938 14,100 Simon Property Group, Inc. 1,383,025 1,699,191 46,500 Sinclair Broadcast Group, Inc. 490,276 460,815 2,500 SK C&C Co., Ltd. 180,591 330,788 2,800 SK Holdings Co., Ltd. 340,704 482,026 69,100 Skandinaviska Enskilda Banken AB (publ) 540,750 527,043 11,700 Skanska AB 173,475 190,312 26,400 SLM Corporation 331,304 411,576 342,000 SmarTone Telecommunications Holdings Limited 443,791 529,158 114,000 Smith & Nephew PLC 1,208,069 1,199,510 2,500 Snap-on Incorporated 121,498 142,150 2,700 SOCIETE BIC 140,159 255,297 18,700 SOCIETE GENERALE D'OPTIQUE 1,182,304 1,502,408 3,800 Solvay SA 577,475 572,817 93,900 Sorin S.p.A. 186,781 263,122 40,600 Southern Company, (The) 1,548,042 1,605,324 36,200 Southwest Airlines Co. 473,132 360,552 16,500 Southwestern Energy Company 616,833 735,240 30,800 Spectra Energy Corp. 754,004 832,216 142,100 Sprint Nextel Corporation 645,410 601,083 15,400 St. Jude Medical, Inc. 607,356 716,100 49,725 Standard Chartered PLC 1,321,098 1,271,696 8,000 Stanley Black & Decker, Inc. 496,199 526,160 284,675 Staples, Inc. 4,878,703 4,571,881 35,500 Starbucks Corporation 744,029 1,423,195 24,200 State Street Corporation 983,648 1,003,574 18,000 Statoil ASA 469,143 444,000 47,253 Stericycle, Inc. 4,136,524 3,880,416 56,300 Stillwater Mining Company 934,706 861,390 6,900 Strayer Education, Inc. 996,324 839,385 15,600 Stryker Corporation 813,707 847,704 113,500 Sumitomo Corporation 1,018,963 1,599,793 20,442 Sumitomo Mitsui Financial Group, Inc. 585,968 644,589 202,000 Sumitomo Osaka Cement Co., Ltd. 573,086 583,573 63,000 Sumitomo Precision Products Co., Ltd. 465,964 452,973 39,100 Suncor Energy Inc. 1,191,146 1,500,647 44,390 Sunoco, Inc. 1,799,740 1,804,454 379,200 Suntec Real Estate Investment Trust 475,601 483,549 25,800 SunTrust Banks, Inc. 648,728 631,842 9,500 SUPERVALU Inc. 91,534 81,700 900 Swatch Group SA, (The) 385,336 488,937 26,400 Swedbank AB 449,367 462,905 23,300 SXC Health Solutions Corp. 1,508,476 1,470,929 35,700 Symantec Corporation 593,803 680,442 6,200 , Inc. 871,215 1,116,189 176,500 Sysco Corporation 5,538,784 5,399,135 12,100 T. Rowe Price Group, Inc. 713,729 687,280 54,200 Taiwan Semiconductor Manufacturing Co. 698,403 669,912 32,500 1,613,571 1,673,425 83,700 TE Connectivity Ltd. 2,968,499 2,881,791 25,000 Team Health Holdings, Inc. 594,901 550,250 9,600 TECO Energy, Inc. 157,624 177,888 44,500 Telefon AB L M Ericsson 612,610 559,456 17,400 Tellabs, Inc. 139,428 72,036 10,600 Tempur-Pedic International Inc. 334,175 763,306

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 21,700 Tenet Healthcare Corporation $ 94,955 $ 120,652 8,200 Teradata Corporation 339,907 450,672 8,000 Teradyne, Inc. 81,310 107,920 217,300 Tesco PLC 1,737,148 1,367,758 6,300 Tesoro Corporation 82,637 153,027 10,400 Tessenderlo Chemie NV 473,594 418,454 55,400 Texas Instruments Incorporated 1,776,333 1,648,150 13,700 Textron Inc. 299,565 316,881 20,200 The Travelers Companies, Inc. 935,984 1,113,626 18,400 Thermo Fisher Scientific Inc. 877,222 1,105,656 98,500 Thomas & Betts Corporation 2,986,958 4,804,830 6,300 Tiffany & Co. 378,779 501,417 16,200 Time Warner Cable Inc. 906,142 1,187,622 170,150 Time Warner Inc. 5,790,209 5,982,474 4,100 Titanium Metals Corporation 75,613 72,939 109,450 TJX Companies, Inc., (The) 3,590,914 6,052,585 2,725 Topdanmark A/S 476,838 488,770 5,550 Torchmark Corporation 217,580 224,165 115,000 Tosoh Corporation 502,997 488,664 7,400 TOTAL SA 457,656 401,745 7,500 Total System Services, Inc. 115,456 139,575 13,800 Tractor Supply Company 929,363 909,696 6,800 TransDigm Group Incorporated 626,634 612,476 46,600 TriMas Corporation 1,111,936 1,117,002 50,800 Trimble Navigation Limited 1,892,973 1,807,464 42,800 Trinidad Drilling Ltd. 443,758 448,118 76,500 TriQuint Semiconductor, Inc. 802,975 575,280 35,900 tw telecom inc. 727,320 709,025 105,800 Tyco International Ltd. 4,833,811 4,685,882 13,300 Tyson Foods, Inc. 162,190 233,548 91,000 U.S. Bancorp 2,270,108 2,371,460 9,400 Ultimate Software Group, Inc., (The) 525,524 511,172 9,400 Under Armour, Inc. 730,907 690,054 23,600 Unifi, Inc. 297,023 302,788 23,300 Union Pacific Corporation 2,130,922 2,387,784 29,200 Unipres Corporation 197,527 845,851 100,525 United Parcel Service, Inc. 6,937,514 6,958,341 10,200 United States Cellular Corporation 473,306 450,738 16,100 United States Steel Corporation 747,316 643,839 43,600 United Technologies Corporation 3,187,969 3,611,824 51,800 UnitedHealth Group Incorporated 1,617,446 2,570,834 14,900 Unum Group 333,212 363,411 134,437 , Inc. 4,181,636 4,374,580 136,640 USG Corporation 4,518,453 1,554,963 4,200 V.F. Corporation 340,032 490,560 8,200 Valeo 464,916 505,154 26,900 Valero Energy Corporation 471,725 675,728 6,400 Vallourec 688,390 654,076 20,900 Corporation, (The) 719,235 686,983 5,400 Varian Medical Systems, Inc. 356,647 338,904 13,755 Ventas, Inc. 730,873 744,568 7,800 VeriSign, Inc. 203,102 243,438 134,800 Verizon Communications, Inc. 4,135,867 4,757,092 27,500 Viacom Inc. 1,066,048 1,331,550 23,000 Visa Inc. 1,767,938 1,967,420 44,600 , Inc. 670,489 614,142 19,000 Vistaprint N.V. 855,896 507,300 16,800 Vivendi 460,349 403,285 418,200 Vodafone Group Public Limited Company 790,534 1,180,738

EQUITY INVESTMENTS SHARES DESCRIPTION COST VALUE

COMMON STOCKS, continued 9,100 voestalpine AG $ 479,610 $ 472,461 2,900 Volkswagen Aktiengesellschaft 439,694 532,164 7,800 Vornado Realty Trust 650,046 729,690 5,800 Vulcan Materials Company 243,963 198,882 2,800 W. W. Grainger, Inc. 267,897 415,436 18,200 Waddell & Reed Financial, Inc. 693,535 667,940 11,900 Wajax Corporation 438,033 443,997 43,700 Walgreen Co. 1,553,644 1,706,048 163,600 Wal-Mart Stores, Inc. 8,762,943 8,623,356 89,900 Walt Disney Company, (The) 3,208,999 3,471,938 220 Washington Post Company, (The) 91,318 88,506 177,450 Waste Management, Inc. 4,799,829 5,587,901 4,200 Waters Corporation 325,210 369,138 6,300 Watson Pharmaceuticals, Inc. 320,828 422,919 17,700 WellPoint, Inc. 1,019,925 1,195,635 250,800 Wells Fargo & Company 7,041,063 7,007,352 7,600 WESFARMERS LIMITED 100,880 244,770 11,300 Western Digital Corporation 269,798 389,398 29,800 Western Union Company, (The) 551,700 578,418 163,929 Weyerhaeuser Company 3,839,469 3,276,941 326,000 Wheelock and Company Limited 560,674 1,401,116 9,100 Whirlpool Corporation 718,809 629,993 7,300 Whole Foods Market, Inc. 347,162 486,910 220,300 Williams Companies, Inc., (The) 3,116,954 6,983,510 60,000 Willis Group Holdings Limited 2,498,733 2,456,400 108,000 Wilmar International Limited 472,528 528,449 25,400 Windstream Corporation 316,912 310,134 11,600 Wisconsin Energy Corporation 345,215 355,540 257,000 Wm Morrison Supermarkets plc 1,186,799 1,227,207 34,900 Woodside Petroleum Ltd. 560,478 1,470,182 38,300 Woori Finance Holdings Co., Ltd. 537,536 504,951 8,100 Wyndham Worldwide Corporation 239,509 280,179 23,900 Inc. 569,592 573,600 65,500 Xerox Corporation 706,596 611,115 12,800 Xilinx, Inc. 360,716 410,880 14,300 XL Group Ltd. 296,705 293,436 27,500 Xstrata plc 627,161 584,805 63,200 Yahoo! Inc. 1,044,990 827,920 12,000 Yorozu Corporation 199,719 307,346 22,100 YUM! Brands, Inc. 1,123,308 1,167,322 9,000 Zimmer Holdings, Inc. 478,560 540,180 9,400 Zions Bancorporation 198,657 205,860 6,100 Zodiac Aerospace 342,149 530,062 TOTAL COMMON STOCKS $ 1,024,361,720 $ 1,134,782,623

EQUITY MUTUAL FUNDS 4,349,563 Dimensional Fund Advisors - U.S. Small Capitalization Value Portfolio$ 83,661,939 $ 113,088,633 1,599,310 Dimensional Fund Advisors - Emerging julykets Value Portfolio 49,348,705 56,087,824 2,434,889 Dodge & Cox - International Stock Fund 94,708,595 87,071,637 TOTAL EQUITY MUTUAL FUNDS $ 227,719,239 $ 256,248,094

TOTAL EQUITY INVESTMENTS$ 1,252,080,959 $ 1,391,030,717

EQUITY INVESTMENTS PRINCIPAL INTEREST DESCRIPTION MATURITY COST VALUE AMOUNT RATE %

OTHER INVESTMENTS

PARTICIPATION IN THE UNITED CHURCH FUNDS, INC. Moderate Balanced Fund $ 248,849 $ 676,474 Alternative Balanced Fund 36,592,665 41,034,888 TOTAL PARTICIPATION IN THE UNITED CHURCH FUNDS, INC. $ 36,841,514 $ 41,711,362

ALTERNATIVE INVESTMENTS AG Realty Fund Vlll, L.P. $ 3,000,000 $ 3,000,000 Brevan Howard Fund Limited 5,000,000 5,232,041 Contrarian Distressed Real Estate Debt Fund ll, L.P. 674,696 674,696 Elliot International Fund 4,833,000 4,923,725 Oaktree Value Opportunities (Cayman) Fund, LTD. 6,000,000 9,464,246 Passport Offshore, LTD. 5,000,000 4,778,202 Siraj Palestine Fund I, L.P. 60,000 60,000 Tennenbaum DIP Opportunity Fund, LLC 594,065 518,489 Western Technology Investment-Venture Lending & Leasing VI Fund 1,600,000 1,618,132 Winton Futures Fund LTD. 4,000,000 4,000,000 TOTAL ALTERNATIVE INVESTMENTS $ 30,761,761 $ 34,269,530

TOTAL OTHER INVESTMENTS $ 67,603,274 $ 75,980,891

TOTAL INVESTMENTS $ 2,660,383,337 $ 2,867,142,771

OTHER INVESTMENTS