update: uc general endowment pool - includes 2009

GENERAL ENDOWMENT POOL PRIVATE EQUITY December 31, 2004

ISSUER SHARES MARKET VALUE ACCEL VIII 8,848 474,790 AIG ASIAN INFRASTRUCTURE 124,144 594,528 AIG ASIAN INFRASTRUCTURE II 117,031 5,221,457 AIG GE CAP LATIN AMER 155,598 8,918,724 AIG INDIAN SEC. EQUITY 19,123 1,006,727 ALTA S D III 13,000 316,004 ARCH VENTURE FUND VI 4,688 356,705 ARSENAL CAPITAL PARTNERS B 32,977 2,261,264 BAIN CAPITAL FUND VIII 48,300 1,103,993 BAIN CAPITAL FUND VIII COINVESTM 4,255 425,500 BLACKSTONE CAPITAL PARTNERS IV 60,066 6,431,758 CHINA VEST IV 27,000 254,259 CLEARSTONE VENTURE PARTNERS IIIA 4,600 460,000 DARWIN VENTURE CAPITAL FUND 775 77,498 DE NOVO VENTURES II LP 12,461 1,027,688 DOLL CAPITAL MANAGEMENT 2,500 250,000 DOMAIN PARTNERS VI, LP 3,738 329,376 FORTRESS INVESTMENT FUND III LP 2,571 257,145 FREMONT PARTNERS III LP 21,867 1,198,100 GENSTAR CAPITAL PARTNERS IV, L.P 1,684 168,409 GLENCOE CAPITAL INSTITUTIONAL PA 2,398 236,993 GLENCOE CAPITAL PARTNERS III LP 10,136 1,019,140 GLOBESPAN CAPITAL PARTNERS IV 11,275 908,729 GOLDER THOMA CRESSEY III 13,188 15,892 GOLDER THOMA CRESSEY IV 35,165 36,994 GOLDER THOMA CRESSEY V 59,891 4,127,076 GRANITE GLOBAL VENTURES II, L.P. 5,750 575,000 HUMMER WINBLAD III 14,923 244,192 INSTITUTIONAL VENTURE IV 8,940 157,907 INSTITUTIONAL VENTURE V 12,189 6,948 INSTITUTIONAL VENTURE VI 18,800 227,386 INSTITUTIONAL VENTURE VII 27,105 1,360,563 INSTITUTIONAL VENTURE VIII 44,471 873,771 INTERSOUTH PARTNERS V 11,680 750,592 INTERSOUTH PARTNERS VI, L.P. 8,250 443,025 INTERWEST PARTNERS IV 8,400 15,070 INTERWEST PARTNERS V 22,860 390,652 INTERWEST PARTNERS VI 21,998 434,395 INTERWEST PARTNERS VII 21,722 917,966 INTERWEST PARTNERS VIII 28,000 1,974,196 INVERNESS PARTNERS II L.P. 10,808 1,011,195 INVESTMENT CO OF CHINA 117,500 122,200 KELSO INVESTMENT ASSOCIATES VII 2,198 137,747 KODIAK VENTURE PARTNERS III 3,794 332,866 KPCBGEP 114,388 10,222,468 LAKE CAPITAL PARTNERS LP 9,205 868,931 LATIN AMER CAP PART II 78,793 3,561,897 LIGHTHOUSE CAPITAL PARTNERS V LP 12,500 1,187,075 LINDSAY GOLDBERG & BESSEMER L.P. 16,397 1,254,495 MAYFIELD VIII 18,500 422,688 MPAE V 8,806 194 NOVAK BIDDLE VENTURE PARTNERS IV 750 75,000 OLYMPUS GROWTH FUND IV, L.P. 3,416 344,033 OXFORD BIOSCIENCE III 19,500 1,042,860 OXFORD BIOSCIENCE PARTNERS IV 16,875 1,261,913 Source: University of California, Office of the Treasurer of the Regents


ISSUER SHARES MARKET VALUE PALOMAR VENTURES III, L.P. 2,415 241,500 PERSEUS 2000 EXPANSION 7,179 778,731 PERSEUS-SOROS BIOPHARMACEUTICAL 11,894 1,063,451 POLARIS VENTURE PARTNERS III 17,516 1,059,333 POLARIS VENTURE PARTNERS IV 15,625 1,324,859 REDPOINT VENTURES I 39,375 1,059,856 REDPOINT VENTURES II 12,840 866,032 SEQUOIA GEP 139,936 17,143,610 SKM EQUITY FUND II 78,323 3,257,614 TECHNOLOGY VENTURE IV 11,400 96,661 VENTURE STRATEGY PARTNERS II 9,840 449,904 VENTURE STRATEGY PARTNERS III 34,500 345,000 VERSANT VENTURES I 28,500 2,986,458 VERSANT VENTURES II 10,200 900,935 WARBURG PINCUS PRIVATE EQTY VIII 3,646 307,944 WCAS CAPITAL PARTNERS II 23,500 605,627 WCAS VI 67,700 1,355,896 WCAS VII 150,000 3,418,650 WELSH CARSON CP III 270,000 14,252,290 TOTAL PRIVATE EQUITY 119,210,324

Source: University of California, Office of the Treasurer of the Regents

Source: University of California, Office of the Treasurer

General Endowment Pool Bond Portfolio December 31, 2002

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE ABBOTT LABORATORIES NC 5,000,000 5.625 7/1/06 5,442,650 ALCOA INC NC 3,000,000 5.375 1/15/13 3,179,040 ALLSTATE CORP NC 1,000,000 7.200 12/1/09 1,159,650 ALLSTATE CORP. NC 12,000,000 6.900 5/15/2038 13,213,320 AMERICAN GENERAL CAP II NC 5,000,000 8.500 7/1/2030 6,515,500 AMERICAN GENERAL INST CAP A NC 4,000,000 7.570 12/1/2045 4,755,640 ANADARKO FINANCE NC 1,000,000 7.500 5/1/2031 1,188,860 AOL TIME WARNER INC NC 3,000,000 7.625 4/15/2031 3,071,340 ATHABASCA OIL SANDS NC 9,000,000 8.200 4/1/27 10,581,695 AXA NC 7,000,000 8.600 12/15/2030 7,993,580 BECTON DICKINSON NC 10,000,000 7.000 8/1/27 11,288,300 BELLSOUTH CORP NC 3,000,000 6.875 10/15/2031 3,361,200 BOMBARDIER NC 4,600,000 7.350 12/22/26 2,186,749 BRITISH TEL PLC NC 4,000,000 8.375 12/15/10 4,804,760 BRITISH TEL PLC NC 6,000,000 8.875 12/15/2030 7,646,400 BURLINGTON RESOURCES NC 3,000,000 9.875 6/15/10 3,873,648 CANADIAN NATL RAILROAD NC 3,000,000 6.800 7/15/18 3,307,110 CANADIAN NATL RAILROAD NC 12,000,000 6.900 7/15/28 13,587,600 CARNIVAL CORP NC 4,775,000 7.200 10/1/23 4,785,716 CCCIT 2001-A6 A6 2,000,000 5.650 6/15/06 2,184,280 CELULOSA ARAUCO NC 8,000,000 7.750 9/13/11 8,836,720 CEMEX S A PT09 5,000,000 9.625 10/1/09 5,512,500 CHAMT 2001-4 A 3,000,000 5.500 11/15/08 3,265,380 CHILE REP NC 1,500,000 7.125 1/11/12 1,691,385 CITIGROUP INC NC 2,500,000 5.500 8/9/06 2,699,325 CITIGROUP INC NC 10,000,000 6.000 2/21/12 10,990,700 CLEAR CHANNEL COMMUNICATIONS NC 5,000,000 7.650 9/15/10 5,658,200 CODELCO INC NC 3,000,000 6.375 11/30/12 3,157,410 DCAT 2001-B A4 1,000,000 5.320 6/1/04 1,058,340 EATON CORP NC 1,900,000 8.100 8/15/22 2,183,664 EMERSON ELECTRIC NC 2,000,000 7.125 8/15/10 2,324,580 FGCI POOL #E01084 3,499,622 5.500 1/1/17 3,628,495 FGCI POOL #E01098 8,807,713 6.000 2/1/17 9,199,597 FGCI POOL #E01251 3,971,612 5.500 11/1/17 4,119,485 FGCI POOL #G11212 2,616,482 6.500 11/1/16 2,752,489 FHLG POOL #C62885 5,845,785 6.500 1/1/2032 6,092,878 FHLG POOL #G01317 3,810,259 7.000 10/1/2031 3,996,449 FHLG POOL #G01323 7,600,772 7.000 9/1/2031 7,961,322 FHLG POOL #G01324 4,703,975 7.000 10/1/2031 4,927,113 FHLG POOL #G01391 14,631,964 7.000 4/1/2032 15,346,960 FHR 2422 DM 5,000,000 6.500 4/15/28 5,240,576 FHR 2484 PA 6,765,915 6.000 4/15/22 7,085,545 FHR 2484 VA 2,909,095 6.000 9/15/12 3,088,006 FHR 2494 CD 5,000,000 5.500 8/15/14 5,318,182



DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE FHR 2501 MA 3,000,000 5.500 3/15/12 3,135,404 FHR 2509 TA 2,000,000 5.500 10/15/09 2,076,636 FIRSTENERGY CORP NC 4,000,000 5.500 11/15/06 4,022,520 FIRSTENERGY CORP NC 8,000,000 6.450 11/15/11 7,959,680 FNCI 5 1/2 TBA 10,000,000 5.500 1/5/18 10,232,812 FNCI POOL #254308 3,330,372 6.500 5/1/17 3,512,341 FNCI POOL #254373 897,487 6.500 7/1/17 946,525 FNCI POOL #545125 4,239,036 6.000 8/1/16 4,428,724 FNCI POOL #545296 3,614,862 6.000 11/1/16 3,776,620 FNCI POOL #581853 1,120,017 6.000 7/1/16 1,170,135 FNCI POOL #598444 5,473,933 6.500 6/1/17 5,773,024 FNCI POOL #612304 11,234,355 6.000 10/1/16 11,737,069 FNCI POOL #639018 3,195,758 6.500 4/1/17 3,370,371 FNCI POOL #673022 6,210,043 5.500 12/1/17 6,439,977 FNMA POOL #254146 7,181,649 6.000 1/1/2032 7,425,832 FNMA POOL #254548 6,988,353 5.500 12/1/2032 7,133,311 FNMA POOL #516493 812,922 6.000 6/1/29 840,328 FNMA POOL #535811 7,003,383 6.500 4/1/2031 7,284,189 FNMA POOL #535911 3,960,843 6.500 5/1/2031 4,116,787 FNMA POOL #545506 2,068,313 7.000 2/1/2032 2,174,007 FNMA POOL #555139 5,246,000 6.500 10/1/2032 5,465,676 FNMA POOL #581706 1,526,773 6.500 7/1/2031 1,587,990 FNMA POOL #581975 2,824,443 6.500 8/1/2031 2,937,691 FNMA POOL #585628 7,344,345 6.500 6/1/2031 7,638,821 FNMA POOL #591189 3,135,792 6.500 8/31/2031 3,261,523 FNMA POOL #591497 1,568,466 6.500 9/1/2031 1,631,355 FNMA POOL #592020 4,882,997 6.500 6/1/2031 5,078,784 FNMA POOL #597384 3,235,190 6.500 6/1/2031 3,364,907 FNMA POOL #610324 6,833,792 6.500 10/1/2031 7,107,798 FNMA POOL #614359 5,160,607 6.500 12/1/2031 5,367,525 FNMA POOL #620451 2,595,774 6.500 1/1/2032 2,699,853 FNMA POOL #633865 11,073,054 7.000 3/1/2032 11,638,903 FNMA POOL #672415 2,918,077 6.500 9/1/2032 3,039,246 FNMA POOL #673572 3,000,000 6.000 11/1/2032 3,104,768 FNMA POOL #676633 6,000,000 6.000 12/1/2032 6,210,937 FNMA-BENCHMARK 20,000,000 4.000 11/17/06 20,339,000 FNMA-BENCHMARK 33,000,000 5.000 1/15/07 35,772,330 FNMA-BENCHMARK 5,000,000 5.250 1/15/09 5,465,350 FNMA-BENCHMARK 5,000,000 5.500 3/15/11 5,485,250 FNR 02-09 PB 4,000,000 6.000 11/25/14 4,208,868 G2SF POOL#TBA 11,000,000 6.000 1/3/28 11,441,718 GENERAL ELECTRIC NC 5,000,000 4.625 9/15/09 5,137,550 GENERAL ELECTRIC NC 5,000,000 6.000 6/15/12 5,390,350 GENERAL ELECTRIC CAPITAL NC 8,000,000 6.125 2/22/11 8,647,680



DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE GENERAL ELECTRIC CAPITAL NC 3,000,000 6.750 3/15/2032 3,325,140 GEORGIA POWER NC 3,000,000 5.125 11/15/12 3,093,780 GNMA-I POOL #523006 5,253,031 6.500 2/15/2032 5,518,261 GNMA-I POOL #546959 2,695,461 7.000 9/15/2031 2,851,567 GNMA-I POOL #552383 6,829,885 6.000 2/15/2032 7,119,303 GNMA-I POOL #569552 6,454,633 6.000 1/15/2032 6,725,046 GNMA-I POOL #569569 7,015,286 6.000 1/15/2032 7,312,560 GNMA-I POOL #569703 6,277,335 6.500 2/15/2032 6,594,283 GNMA-I POOL #570142 5,564,577 6.000 12/15/2031 5,797,702 GNMA-I POOL #572861 5,195,610 6.500 2/15/2032 5,451,857 GNMA-I POOL #580979 2,705,921 6.000 2/15/2032 2,819,284 GNMA-I POOL #781029 1,978,939 6.500 5/15/29 2,086,080 GNMA-I POOL #781130 3,511,787 7.000 1/15/2030 3,733,606 GNMA-I POOL #781228 934,337 7.000 12/15/28 993,354 GNMA-II POOL #2824 913,708 7.000 10/20/29 962,526 GNMA-II POOL #2957 2,262,301 7.500 8/20/2030 2,396,534 GNMA-II POOL #2958 956,659 8.000 8/20/2030 1,021,808 GNMA-II POOL #2973 1,223,836 8.000 9/20/2030 1,307,180 GNMA-II POOL #2987 4,649,564 7.500 10/20/2030 4,925,445 GNMA-II POOL #2999 2,542,098 7.500 11/20/2030 2,692,933 GNMA-II POOL #3011 1,324,974 7.500 12/20/2030 1,403,591 GNR 02-45 QB 25,000,000 6.500 7/20/2045 26,268,078 GRAND MET INVT CORP NC 1,761,000 8.000 9/15/22 2,202,131 GRAND MET INVT CORP NC 3,815,000 9.000 8/15/11 4,973,310 GRUPO TELEVISA SA NC 4,000,000 8.000 9/13/11 4,160,000 GRUPO TELEVISA SA NC 2,000,000 8.500 3/11/2032 1,900,000 HALLMARK INC. NC 2,000,000 8.920 7/23/12 2,480,000 HAROT 2002-1 A4 5,000,000 4.220 4/16/07 5,223,050 HYDRO QUEBEC NC 6,384,000 8.250 4/15/26 8,506,233 HYDRO QUEBEC NC 1,487,000 8.250 1/15/27 1,986,691 IBM CANADA CREDIT NC 5,000,000 3.750 11/30/07 5,003,535 IBM CORP NC 3,000,000 4.750 11/29/12 3,010,620 IBM CORP NC 4,500,000 6.500 1/15/28 4,825,305 INTL BK R&D(PRNPT)STRIPS 23,000,000 0.000 2/15/15 12,319,490 KFW INTL FINANCE NC 3,000,000 5.250 6/28/06 3,263,520 KIMBERLY CLARK DE MEX NC 5,000,000 8.875 8/1/09 5,822,500 LOBLAW NC 9,000,000 6.450 2/9/28 5,741,289 LOBLAW NC 2,000,000 6.650 11/8/27 1,307,125 LOBLAW CO. LTD NC 2,000,000 6.500 1/22/29 1,283,248 LOBLAW CO. LTD RESIDS NC 60,000,000 0.000 5/23/2031 6,389,718 LOBLAW CO. LTD RESIDS NC 40,000,000 0.000 11/23/2033 3,714,169 LOCKHEED MARTIN CORP NC 6,500,000 8.500 12/1/29 8,686,665 LORAL NC 5,150,000 7.000 9/15/23 5,728,670 M & I CAPITAL SEC. NC06 5,500,000 7.650 12/1/26 6,054,556



DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE MARSH & MCLENNAN COS INC NC 3,000,000 5.375 3/15/07 3,213,180 MASCO NC 8,000,000 7.125 8/15/13 9,261,280 MELLON A CAPITAL SEC. NC06 6,000,000 7.720 12/1/26 6,654,291 MERCK NC 15,000,000 6.400 3/1/28 16,626,300 MEXICO VALUE RECOVERY RIGHTS NC 40,850,000 0.000 135,214 NORFOLK SOUTHERN NC 2,046,000 9.000 3/1/21 2,667,022 NORWEST NC 10,000,000 6.750 12/15/27 11,044,700 ONTARIO PROV CDA NC 5,000,000 3.500 9/17/07 5,092,200 PEMEX PROJECT NC 5,000,000 7.375 12/15/14 5,125,000 RESOLUTION TRUST FUNDING NC 1,950,000 8.625 1/15/21 2,760,089 SBC COMMUNICATIONS NC 5,000,000 5.875 8/15/12 5,419,950 SPIEKER PROP. REIT NC 5,000,000 7.250 5/1/09 5,482,400 STARWOOD HOTELS NC 2,000,000 7.875 5/1/12 1,975,000 STATE STREET INSTL CAP B NC07 5,000,000 8.035 3/15/27 5,700,250 TELEFONOS MEXICO NC 5,000,000 8.250 1/26/06 5,475,000 TIME WARNER INC. NC 2,465,000 9.150 2/1/23 2,788,285 TOYOTA MTR CRED NC 1,000,000 5.650 1/15/07 1,082,610 TRANSCANADA PIPELINE NC 4,500,000 8.625 5/15/12 5,678,280 TRANSCANADA PIPELINE NC 3,000,000 9.450 3/20/18 2,373,698 TREASURY INFLATION INDEX NC 8,500,000 3.375 1/15/07 10,534,609 TREASURY INFLATION INDEX NC 25,000,000 3.375 1/15/12 27,901,470 TREASURY INFLATION INDEX NC 11,000,000 3.500 1/15/11 12,578,658 U.S.BANCORP CAP A SEC. NC06 7,000,000 8.270 12/15/26 8,077,930 UNITED MEXICAN STATES NC 3,000,000 8.125 12/30/19 3,168,750 UNITED MEXICAN STATES NC 3,500,000 8.300 8/15/2031 3,696,875 UNITED MEXICAN STATES NC 2,100,000 8.375 1/14/11 2,378,250 UNIVISION COMM INC NC 4,500,000 7.850 7/15/11 5,041,728 US BANK NA NC 12,000,000 6.375 8/1/11 13,454,160 US TREASURY BOND NC 57,500,000 5.250 11/15/28 60,038,050 US TREASURY BOND NC 10,000,000 5.500 8/15/28 10,800,200 US TREASURY BOND NC 61,254,000 6.000 2/15/26 70,189,734 US TREASURY BOND NC 80,625,000 6.250 8/15/23 94,755,338 US TREASURY BOND NC 10,000,000 6.625 2/15/27 12,355,200 US TREASURY BOND NC 7,247,000 8.750 5/15/17 10,480,249 US TREASURY NOTE NC 4,900,000 4.000 11/15/12 4,969,678 US TREASURY NOTE NC 31,000,000 4.875 2/15/12 33,666,000 US TREASURY NOTE NC 25,000,000 5.750 8/15/10 28,752,000 US TREASURY NOTE NC 53,750,000 6.500 2/15/10 64,264,575 VERIZON MARYLAND INC NC 4,000,000 6.125 3/1/12 4,325,680 VERIZON NY INC NC 5,000,000 7.375 4/1/2032 5,742,050 VESSEL MGMT SVC TITLE XI 2,636,750 6.080 5/20/24 2,875,534 VODAFONE GROUP NC 6,500,000 7.750 2/15/10 7,658,235 WACHOVIA CAPITAL SEC. NC07 5,000,000 7.965 6/1/27 5,212,924 WAL-MART STORES NC 5,000,000 6.875 8/10/09 5,873,500



DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE WELLS FARGO & CO NC 2,000,000 6.450 2/1/11 2,240,680 WESTERN ATLAS NC 2,000,000 8.550 6/15/24 2,528,005 WISCONSIN ENERGY CORP NC 3,000,000 5.500 12/1/08 3,219,870 WYETH NC 2,000,000 6.250 3/15/06 2,165,580 WYETH NC 14,600,000 6.700 3/15/11 16,173,442 ZENECA NC 4,000,000 7.000 11/15/23 4,688,400 Total Bond Portfolio 1,357,186,350

Cash and equivalents 46,911,000

Total General Endowment Pool Bond Portfolio 1,404,094,350


General Endowment Pool U.S. Equity December 31, 2002 ISSUER SHARES MARKET VALUE ISHARES RUSS3000 195,000 9,547,200 RUSSELL 3000 INDEX FUND 10,969,575 704,444,146 RUSSELL 3000 INDEX TRANS FUNDS 23,239,862 1,492,417,431 PRIVATE EQUITY DISTRIBUTIONS 11,186 76,311 Total U.S. Equity 2,206,485,088 % of Portfolio 85.52%


General Endowment Pool Non-U.S. Equity December 31, 2002 ISSUER SHARES MARKET VALUE CGI EMERGING MARKETS GF 532,972 21,953,117 EAFE INDEX FUND 3,528,608 214,081,805 TEMPLETON EMERGING MKTS 1,266,875 10,261,688 Total Non-U.S. Equity 246,296,610 % of Portfolio 9.55%


General Endowment Pool Private Equity December 31, 2002 ISSUER SHARES MARKET VALUE ACCEL VIII 6,456 383,434 AIG ASIAN INFRASTRUCTURE 122,770 3,497,956 AIG ASIAN INFRASTRUCTURE II 103,500 6,112,290 AIG GE CAP LATIN AMER 143,851 9,192,515 AIG INDIAN SEC. EQUITY 18,367 1,520,473 ALTA S D II 5,215 298 ALTA S D III 13,000 420,615 CHINA VEST IV 27,000 1,325,538 GOLDER THOMA CRESSEY III 13,188 410,424 GOLDER THOMA CRESSEY IV 35,165 247,597 GOLDER THOMA CRESSEY V 59,891 4,388,919 HUMMER WINBLAD III 14,923 284,393 INSTITUTIONAL VENTURE IV 8,940 164,746 INSTITUTIONAL VENTURE V 12,189 24,622 INSTITUTIONAL VENTURE VI 18,800 339,885 INSTITUTIONAL VENTURE VII 27,105 1,996,012 INSTITUTIONAL VENTURE VIII 44,471 2,593,474 INTERSOUTH PARTNERS V 8,080 619,469 INTERWEST PARTNERS IV 8,400 63,672 INTERWEST PARTNERS V 22,860 452,465 INTERWEST PARTNERS VI 21,998 1,842,091 INTERWEST PARTNERS VII 19,333 957,205 INTERWEST PARTNERS VIII 14,000 948,640 INVERNESS PARTNERS II L.P. 2,933 293,345 INVESTMENT CO OF CHINA 117,500 273,775 KPCB II 7,250 80,200 KPCB II ANNEX FUND 1,350 3,683 KPCB IV 7,800 40,482 KPCB IX-A 25,500 1,145,588 KPCB VI 16,775 96,641 KPCB VII 22,500 489,803 KPCB VIII 30,000 1,321,530 KPCB X-A 7,600 524,347 LAKE CAPITAL PARTNERS LP 1,793 179,275 LATIN AMER CAP PART II 79,022 4,122,329 LINDSAY GOLDBERG & BESSEMER L.P. 2,565 248,658 MAYFIELD VI 11,850 71,989 MAYFIELD VII 20,075 266,877 MAYFIELD VIII 18,500 933,584 MPAE V 8,806 31,534 OXFORD BIOSCIENCE III 17,000 1,446,105 OXFORD BIOSCIENCE PARTNERS IV 6,250 543,769 PERSEUS-SOROS BIOPHARMACEUTICAL 6,998 703,120 POLARIS VENTURE PARTNERS III 13,200 879,463 POLARIS VENTURE PARTNERS IV 1,875 183,763 REDPOINT VENTURES I 33,750 1,466,066 REDPOINT VENTURES II 7,500 492,300 SEQUOIA CAPITAL FRANCHISE 24,811 986,863 SEQUOIA CAPITAL GROWTH 9,101 45,432 SEQUOIA CAPITAL III 3,200 2,362 SEQUOIA CAPITAL IX 23,166 639,289 SEQUOIA CAPITAL V 5,304 41,159 SEQUOIA CAPITAL VI 11,733 188,532 SEQUOIA CAPITAL VII 19,729 1,834,738 SEQUOIA CAPITAL VIII 22,314 1,019,995


General Endowment Pool Private Equity December 31, 2002 ISSUER SHARES MARKET VALUE SEQUOIA CAPITAL X 13,440 848,951 SKM EQUITY FUND II 78,323 6,467,687 STRAWBERRY TOWN & COUNTRY 37,500 15,000,000 TECHNOLOGY VENTURE III 5,680 7,094 TECHNOLOGY VENTURE IV 11,400 154,595 VENTURE STRATEGY PARTNERS II 6,300 490,153 VERSANT VENTURES I 24,000 2,316,840 VERSANT VENTURES II 2,400 204,864 WARBURG PINCUS PRIVATE EQTY VIII 1,446 116,780 WCAS CAPITAL PARTNERS II 23,500 804,805 WCAS CAPITAL PARTNERS III 240,000 26,098,320 WCAS VI 67,700 2,556,555 WCAS VII 150,000 8,811,450 Total Private Equity 122,261,423 % of Portfolio 4.74%


General Endowment Pool Total Equities December 31, 2002 ISSUER SHARES MARKET VALUE

Total Equities 2,575,043,121

Cash and equivalents 5,085,000

% of Portfolio 0.19%

Total General Endowment Pool Equity Portfolio 2,580,128,121


GENERAL ENDOWMENT POOL Fixed Income Portfolio

December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE ALCAN INC NC 1,000,000 5.200 1/15/2014 1,010,810 ALCAN INC NC 500,000 6.125 12/15/2033 502,780 ALCOA INC NC 790,000 5.375 1/15/2013 819,451 ALLSTATE CORP NC 5,000,000 5.350 6/1/2033 4,602,400 ALLSTATE CORP NC 790,000 7.200 12/1/2009 910,799 AMERICAN ELECTRIC POWER NC 2,000,000 5.250 6/1/2015 1,939,900 AMERICAN INTERNATIONAL GROUP NC 3,500,000 4.250 5/15/2013 3,310,615 AOL TIME WARNER INC NC 4,790,000 6.875 5/1/2012 5,384,439 AOL TIME WARNER INC NC 2,000,000 7.625 4/15/2031 2,295,600 ARCEL FINANCE LIMITED NC 500,000 7.048 9/1/2011 515,000 AT&T WIRELESS NC 1,500,000 8.125 5/1/2012 1,750,095 ATHABASCA OIL SANDS NC 9,000,000 8.200 4/1/2027 10,570,653 BECTON DICKINSON NC 1,000,000 4.900 4/15/2018 964,130 BECTON DICKINSON NC 5,000,000 7.000 8/1/2027 5,678,550 BELLSOUTH CORP NC 1,000,000 6.875 10/15/2031 1,102,430 BP CAP MKTS AMER NC 5,000,000 4.200 6/15/2018 4,533,193 BRITISH SKY BROADCASTING NC 1,500,000 8.200 7/15/2009 1,785,960 BRITISH TEL PLC NC 5,000,000 8.875 12/15/2030 6,497,500 BURLINGTON RESOURCES NC 2,790,000 9.875 6/15/2010 3,616,282 CANADIAN NATL RAILROAD NC 2,790,000 6.800 7/15/2018 3,131,747 CELULOSA ARAUCO NC 6,790,000 7.750 9/13/2011 7,847,067 CEMEX S A PT09 5,000,000 9.625 10/1/2009 6,050,000 CENTEX NC 2,000,000 5.125 10/1/2013 1,969,080 CENTEX NC 790,000 5.800 9/15/2009 847,425 CIA BRASIL DE BEBIDAS NC 3,000,000 8.750 9/15/2013 3,180,000 CINCINNATI GAS & ELEC NC 2,000,000 5.375 6/15/2033 1,781,860 CITIGROUP NC 5,000,000 6.000 10/31/2033 5,003,750 CITIGROUP INC NC 1,000,000 6.625 6/15/2032 1,085,620 CLEAR CHANNEL COMMUNICATIONS NC 4,790,000 7.650 9/15/2010 5,592,900 CODELCO INC NC 1,000,000 5.500 10/15/2013 1,014,790 CODELCO INC NC 2,000,000 6.375 11/30/2012 2,164,243 COMCAST CORP NC 6,200,000 5.300 1/15/2014 6,171,418 COMCAST CORP NC 6,800,000 6.500 1/15/2015 7,391,872 CONS EDISON CO OF NY NC 790,000 5.875 4/1/2033 795,473 COSOLIDATED NATURAL GAS NC 2,000,000 5.000 3/1/2014 1,992,240 CRH AMERICA NC 2,500,000 5.300 10/15/2013 2,522,575 CRH AMERICA NC 2,000,000 6.400 10/15/2033 2,055,400 DOMINION RESOURCES NC 4,000,000 5.000 3/15/2013 3,991,080 EATON CORP NC 1,000,000 8.100 8/15/2022 1,200,909 ENBRIDGE ENERGY PARTNERS L P NC 500,000 4.750 6/1/2013 481,265 ENCANA CORP NC 1,500,000 4.750 10/15/2013 1,475,730 ENERSIS NC 2,500,000 7.375 1/15/2014 2,582,398 ENTERPRISE PRODUCTS NC 1,200,000 6.875 3/1/2033 1,192,548 FGCI POOL #E01084 534,080 5.500 1/1/2017 554,123



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE FGCI POOL #E01098 3,771,653 6.000 2/1/2017 3,955,416 FGCI POOL #E01251 1,241,524 5.500 11/1/2017 1,288,338 FGCI POOL #E01311 1,227,934 5.500 2/1/2018 1,274,803 FGCI POOL #E01388 5,735,943 4.000 5/1/2018 5,611,762 FGCI POOL #E01537 5,000,000 4.500 12/1/2018 5,011,045 FGCI POOL #E95889 3,250,492 4.500 5/1/2018 3,257,672 FGLMC POOL #A14235 15,897,586 5.000 10/1/2033 15,721,441 FGLMC POOL #A15677 10,991,114 6.500 11/1/2033 11,517,786 FGLMC POOL #A17021 5,685,790 5.500 1/1/2034 5,763,526 FGLMC POOL #B11064 5,497,312 5.500 11/1/2018 5,707,138 FGLMC POOL #C01404 4,660,192 6.500 10/1/2032 4,878,671 FGLMC POOL #C01622 4,961,736 5.000 9/1/2033 4,906,760 FGLMC POOL #C76289 1,878,507 6.000 1/1/2033 1,944,642 FGLMC POOL #C76361 1,770,560 6.000 2/1/2033 1,832,894 FGLMC POOL #C77031 4,062,021 6.000 3/1/2033 4,205,028 FGLMC POOL #C78940 1,402,363 6.000 5/1/2033 1,451,734 FGLMC POOL #C79009 1,911,081 5.500 5/1/2033 1,939,162 FHLG POOL #C62885 1,000,401 6.500 1/1/2032 1,047,302 FHR 2484 VA 2,681,449 6.000 9/15/2012 2,811,742 FHR 2494 CD 5,000,000 5.500 8/15/2014 5,180,457 FHR 2567 MC 2,832,037 4.000 12/15/2032 2,874,993 FHR 2601 TA 2,484,914 4.000 10/15/2022 2,460,983 FHR 2673 MA 2,919,140 5.500 10/15/2033 3,058,143 FHR 2694 NS 2,945,047 5.500 3/15/2019 3,088,100 FIFTH THIRD BANK NC 4,375,000 3.375 8/15/2008 4,338,994 FIRSTENERGY CORP NC 790,000 6.450 11/15/2011 816,955 FNCI POOL #254308 1,682,250 6.500 5/1/2017 1,782,322 FNCI POOL #254373 492,081 6.500 7/1/2017 521,353 FNCI POOL #254719 4,418,650 4.500 4/1/2018 4,432,515 FNCI POOL #545125 1,733,290 6.000 8/1/2016 1,818,548 FNCI POOL #545296 1,464,199 6.000 11/1/2016 1,536,221 FNCI POOL #581853 454,567 6.000 7/1/2016 476,927 FNCI POOL #598444 2,341,502 6.500 6/1/2017 2,480,792 FNCI POOL #639018 552,183 6.500 4/1/2017 585,030 FNCI POOL #652610 1,817,664 5.000 4/1/2018 1,858,016 FNCI POOL #681357 2,739,928 5.000 3/1/2018 2,800,755 FNCI POOL #681405 2,280,772 5.000 3/1/2018 2,331,405 FNCI POOL #689076 3,397,981 5.000 6/1/2018 3,473,416 FNCI POOL #689613 2,560,171 4.500 5/1/2018 2,568,204 FNCI POOL #689619 1,951,259 4.500 6/1/2018 1,957,382 FNCI POOL #689622 2,977,657 5.000 6/1/2018 3,043,761 FNCI POOL #694431 4,149,961 5.000 3/1/2018 4,242,090 FNCI POOL #695916 3,811,830 5.000 5/1/2018 3,896,452 FNCI POOL #702895 8,894,703 5.000 4/1/2018 9,092,165



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE FNCI POOL #709844 1,795,819 5.000 5/1/2018 1,835,686 FNCI POOL #730016 2,432,726 4.000 4/1/2018 2,374,729 FNCI POOL #755497 2,235,542 5.500 11/1/2018 2,320,684 FNCI POOL#708598 2,669,981 5.500 6/1/2018 2,771,669 FNCL POO1 #748794 2,083,570 6.500 11/1/2033 2,181,181 FNCL POOL #254549 4,540,433 6.000 12/1/2032 4,697,611 FNCL POOL #545759 5,036,783 6.500 7/1/2032 5,266,562 FNCL POOL #555329 4,522,177 5.000 4/1/2033 4,483,300 FNCL POOL #555590 2,365,519 5.500 3/1/2033 2,401,356 FNCL POOL #656563 3,404,478 5.500 3/1/2033 3,456,055 FNCL POOL #662950 2,097,945 6.500 2/1/2033 2,194,251 FNCL POOL #669991 5,959,454 5.500 2/1/2033 6,049,739 FNCL POOL #676904 411,733 6.000 1/1/2033 425,986 FNCL POOL #676919 377,807 6.000 1/1/2033 390,886 FNCL POOL #677508 608,207 6.000 1/1/2033 629,552 FNCL POOL #677685 1,754,272 5.000 2/1/2033 1,739,191 FNCL POOL #683160 570,895 6.000 2/1/2033 590,930 FNCL POOL #684687 4,788,684 6.000 2/1/2033 4,956,743 FNCL POOL #684745 7,031,980 6.500 4/1/2033 7,361,415 FNCL POOL #688178 1,895,274 5.500 3/1/2033 1,923,987 FNCL POOL #689100 5,581,006 5.500 2/1/2033 5,665,557 FNCL POOL #689103 3,762,415 5.500 2/1/2033 3,819,415 FNCL POOL #689108 4,475,856 5.500 2/1/2033 4,543,664 FNCL POOL #694517 4,723,881 5.500 4/1/2033 4,795,447 FNCL POOL #695526 4,827,225 6.000 4/1/2033 4,996,636 FNCL POOL #695539 3,762,614 5.500 4/1/2033 3,819,616 FNCL POOL #702021 2,021,467 5.750 5/1/2033 2,072,003 FNCL POOL #702024 4,774,206 5.250 5/1/2033 4,787,820 FNCL POOL #702399 3,338,591 5.500 5/1/2033 3,389,170 FNCL POOL #704520 1,931,587 5.500 6/1/2033 1,960,850 FNCL POOL #707281 2,732,605 6.000 5/1/2033 2,828,506 FNCL POOL #709519 3,894,991 5.500 6/1/2033 3,954,000 FNCL POOL #720111 4,949,194 4.500 7/1/2033 4,743,058 FNCL POOL #721211 1,961,720 5.000 6/1/2033 1,944,855 FNCL POOL #721229 2,950,923 5.000 6/1/2033 2,925,554 FNCL POOL #723240 3,664,878 5.500 6/1/2033 3,720,400 FNCL POOL #726054 3,689,364 5.500 6/1/2033 3,745,257 FNCL POOL #733578 2,486,861 5.000 8/1/2033 2,465,481 FNCL POOL #743272 17,508,071 6.000 10/1/2033 18,122,516 FNCL POOL #743832 2,984,348 5.500 11/1/2033 3,029,560 FNCL POOL #747510 1,137,256 6.500 12/1/2033 1,196,873 FNCL POOL #747510 275,605 6.500 12/1/2033 290,053 FNCL POOL #747817 4,970,088 4.500 11/1/2018 4,985,683 FNCL POOL #748768 1,383,014 7.000 11/1/2033 1,464,219



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE FNCL POOL #752574 2,476,898 5.500 11/1/2033 2,514,422 FNCL POOL #753912 5,797,348 5.500 12/1/2033 5,885,176 FNCL POOL 696940 3,850,280 5.500 4/1/2033 3,908,611 FNMA POOL #254146 2,627,702 6.000 1/1/2032 2,717,995 FNMA POOL #516493 370,939 6.000 6/1/2029 383,911 FNMA POOL #545506 826,487 7.000 2/1/2032 874,065 FNMA POOL #545872 4,264,230 6.500 7/1/2032 4,459,978 FNMA POOL #555139 2,068,027 6.500 10/1/2032 2,162,958 FNMA POOL #581706 519,195 6.500 7/1/2031 542,876 FNMA POOL #610324 2,637,900 6.500 10/1/2031 2,758,221 FNMA POOL #614359 2,114,044 6.500 12/1/2031 2,210,470 FNMA POOL #633865 6,079,940 7.000 3/1/2032 6,429,944 FNMA POOL #672415 901,232 6.500 9/1/2032 942,603 FNMA POOL #673596 1,929,721 6.000 1/1/2033 1,996,523 FNMA POOL #676633 4,044,547 6.000 12/1/2032 4,184,558 FNMA POOL #753077 3,000,000 6.500 12/1/2033 3,140,544 FNMA-BENCHMARK C 7/06 3,000,000 4.375 7/17/2013 2,868,750 FNMA-BENCHMARK C 2/06 5,600,000 4.750 2/21/2013 5,510,344 FNMA-BENCHMARK NC 31,750,000 5.000 1/15/2007 33,890,584 FNMA-BENCHMARK NC 5,000,000 5.250 1/15/2009 5,378,150 FNR 03-18 PA 1,547,422 4.000 7/25/2032 1,533,873 FNR 03-63 GU 3,000,000 4.000 7/25/2033 3,023,533 FNR 2003-20 620,993 4.500 3/25/2031 631,574 FORD MOTOR CREDIT NC 3,600,000 6.625 10/1/2028 3,287,232 FORD MOTOR CREDIT NC 3,000,000 7.000 10/1/2013 3,148,500 FORD MOTOR CREDIT NC 1,000,000 7.375 2/1/2011 1,085,420 FORD MOTOR CREDIT NC 2,490,000 7.450 7/16/2031 2,512,136 FREDDIE MAC NC 9,000,000 4.000 6/12/2013 8,405,280 FREDDIE MAC NC 11,250,000 4.875 11/15/2013 11,363,175 FREDDIE MAC NC 12,510,000 5.875 3/21/2011 13,543,701 GENERAL ELECTRIC NC 2,790,000 4.625 9/15/2009 2,900,400 GENERAL ELECTRIC CAPITAL NC 3,000,000 6.750 3/15/2032 3,332,910 GENERAL ELECTRIC COMPANY NC 14,500,000 5.000 2/1/2013 14,647,320 GEORGIA POWER NC 2,790,000 5.125 11/15/2012 2,832,575 GMAC NC 3,000,000 8.000 11/1/2031 3,355,350 GMC NC 2,000,000 8.250 7/15/2023 2,258,360 GMC NC 2,000,000 8.375 7/15/2033 2,320,560 GNMA-I POOL #603419 1,916,859 5.500 2/15/2033 1,954,788 GNMA-I POOL #781130 1,372,958 7.000 1/15/2030 1,462,969 GNMA-I POOL #781228 383,282 7.000 12/15/2028 408,916 GNMA-II POOL #2824 354,032 7.000 10/20/2029 376,493 GNMA-II POOL #2999 873,244 7.500 11/20/2030 932,396 GNMA-II POOL #3011 471,497 7.500 12/20/2030 503,435 GNMA-II POOL #3334 8,122,293 6.000 1/20/2033 8,450,337



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE GNSF POOL #598267 953,321 6.000 6/15/2033 993,145 GNSF POOL #612376 4,994,330 5.500 11/15/2033 5,093,151 GNSF POOL #781324 1,248,125 7.000 7/15/2031 1,328,076 GOLDMAN SACHS NC 3,500,000 4.750 7/15/2013 3,403,400 GOLDMAN SACHS NC 7,000,000 6.125 2/15/2033 7,057,680 GRUMA SA DE CV NC 3,500,000 7.625 10/15/2007 3,762,500 GRUPO TELEVISA SA NC 3,000,000 8.000 9/13/2011 3,345,000 GRUPO TELEVISA SA NC 3,100,000 8.500 3/11/2032 3,255,000 HERTZ CORP NC 1,790,000 4.700 10/2/2006 1,812,912 HILTON HOTELS NC 1,000,000 7.625 12/1/2012 1,120,000 IBM NC 1,800,000 6.500 1/15/2028 1,963,728 IBM CORP NC 2,790,000 4.750 11/29/2012 2,793,962 IBM CORP NC 1,700,000 5.875 11/29/2032 1,709,605 ILLINOIS STATE TAXABLE PENSION SNK 3,000,000 5.100 6/1/2033 2,758,410 INTL BK R&D(PRNPT)STRIPS 23,000,000 0.000 2/15/2015 12,852,400 JOHNSON & JOHNSON NC 1,790,000 4.950 5/15/2033 1,627,020 KFW INTL FINANCE NC 3,000,000 5.250 6/28/2006 3,210,180 KIMBERLY CLARK DE MEX NC 5,000,000 8.875 8/1/2009 6,000,000 L-3 COMMUNICATIONS CORP NC 1,000,000 6.125 1/15/2014 1,000,000 LOBLAW NC 9,000,000 6.450 2/9/2028 7,212,953 LOBLAW NC 2,000,000 6.650 11/8/2027 1,641,011 LOBLAW CO. LTD NC 2,000,000 6.500 1/22/2029 1,613,495 LOBLAW CO. LTD RESIDS NC 40,000,000 0.000 11/23/2033 4,612,270 LOCKHEED MARTIN CORP NC 1,000,000 8.500 12/1/2029 1,306,580 LORAL NC 1,150,000 7.000 9/15/2023 1,264,229 M & I CAPITAL SEC. NC06 2,800,000 7.650 12/1/2026 3,083,136 MASCO NC 5,790,000 7.125 8/15/2013 6,666,895 MELLON A CAPITAL SEC. C 1,500,000 7.720 12/1/2026 1,663,800 MERCK NC 1,000,000 5.950 12/1/2028 1,039,250 MERCK NC 1,000,000 6.400 3/1/2028 1,097,550 MORGAN STANLEY NC 5,290,000 5.300 3/1/2013 5,401,301 NISOURCE FINANCE NC 4,250,000 5.400 7/15/2014 4,304,527 NORWEST NC 10,000,000 6.750 12/15/2027 10,913,800 OHIO POWER COMPANY NC 2,000,000 5.500 2/15/2013 2,069,440 PCCW-HKTC CAP NC 3,000,000 6.000 7/15/2013 3,078,250 PEMEX PRJT FDG MASTER TR 144A NC 4,000,000 8.625 2/1/2022 4,410,000 PEMEX PROJECT NC 1,580,000 6.125 8/15/2008 1,659,000 PFIZER INC NC 1,000,000 4.650 3/1/2018 954,030 PROGRESS ENERGY NC 4,000,000 7.000 10/30/2031 4,269,320 PSI ENERGY INC NC 1,000,000 5.000 9/15/2013 987,880 REPUBLIC OF BRAZIL NC 1,000,000 9.250 10/22/2010 1,075,000 REPUBLIC OF BRAZIL NC 3,600,000 10.000 8/7/2011 4,014,000 ROYAL BK SCOTLAND NC 3,000,000 4.700 7/3/2018 2,773,800 RYLAND GROUP NC 1,000,000 5.375 6/1/2008 1,015,000



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE SBC COMMUNICATIONS NC 1,290,000 5.875 8/15/2012 1,364,433 SOUTHERN POWER NC 3,000,000 4.875 7/15/2015 2,858,790 SPIEKER PROP. REIT NC 4,790,000 7.250 5/1/2009 5,490,011 SPRINT NC 4,000,000 6.875 11/15/2028 3,870,760 SPRINT CAP CORP NC 1,345,000 6.900 5/1/2019 1,369,842 STARWOOD HOTELS NC 1,000,000 7.375 5/1/2007 1,080,000 STARWOOD HOTELS NC 1,000,000 7.875 5/1/2012 1,117,500 STATE STREET BANK NC 2,000,000 5.250 10/15/2018 2,003,900 STATE STREET REPO 1,113,500 0.700 1/2/2004 1,113,500 SUNCOR ENERGY NC 4,000,000 5.950 12/1/2034 3,980,760 TELECOM ITALIA CAPITAL NC 3,000,000 6.375 11/15/2033 3,011,970 TELEFONOS MEXICO NC 1,000,000 4.500 11/19/2008 1,001,270 TELEFONOS MEXICO NC 4,790,000 8.250 1/26/2006 5,273,934 TIME WARNER ENTERTAINMENT NC 2,000,000 8.375 7/15/2033 2,526,180 TOYOTA MTR CRED NC 375,000 5.650 1/15/2007 406,946 U.S.BANCORP CAP A SEC. NC06 1,000,000 8.270 12/15/2026 1,170,290 UNITED MEXICAN STATES NC 1,500,000 6.375 1/16/2013 1,563,750 UNITED MEXICAN STATES NC 2,500,000 7.500 4/8/2033 2,587,500 UNITED MEXICAN STATES NC 2,150,000 8.125 12/30/2019 2,391,875 UNIVISION COMM INC NC 790,000 3.875 10/15/2008 785,047 UNIVISION COMM INC NC 1,500,000 7.850 7/15/2011 1,759,230 US BANK NA NC 4,000,000 4.800 4/15/2015 3,894,560 US BANK NA NC 1,790,000 6.375 8/1/2011 1,992,342 US TREASURY BOND NC 57,500,000 5.250 11/15/2028 57,992,202 US TREASURY BOND NC 60,394,000 6.000 2/15/2026 66,941,919 US TREASURY BOND NC 79,765,000 6.250 8/15/2023 90,941,673 US TREASURY BOND NC 10,000,000 6.625 2/15/2027 11,945,800 US TREASURY BOND NC 2,040,000 7.875 2/15/2021 2,717,096 US TREASURY BOND NC 20,747,000 8.750 5/15/2017 29,090,405 US TREASURY NOTE NC 4,900,000 4.000 11/15/2012 4,852,323 US TREASURY NOTE NC 32,475,000 4.875 2/15/2012 34,395,572 US TREASURY NOTE NC 9,000,000 5.750 8/15/2010 10,097,280 US TREASURY NOTE NC 27,700,000 6.500 2/15/2010 32,169,119 US TREASURY NOTES NC 36,000,000 1.625 9/30/2005 35,990,999 VALE OVERSEAS LIMITED NC 4,500,000 9.000 8/15/2013 4,905,000 VERIZON GLOBAL NC 2,500,000 7.750 12/1/2030 2,928,875 VERIZON MARYLAND IN NC 3,500,000 5.125 6/15/2033 3,004,505 VERIZON NY INC NC 1,500,000 7.375 4/1/2032 1,649,025 VERIZON NY INC. NC 4,000,000 4.750 10/1/2013 3,869,600 VESSEL MGMT SVC TITLE XI 2,513,750 6.080 5/20/2024 2,708,013 VIRGINIA EL&PWR NC 1,000,000 4.750 3/1/2013 988,280 VODAFONE GROUP NC 500,000 5.000 12/16/2013 497,935 VODAFONE GROUP NC 1,500,000 5.375 1/30/2015 1,513,065 VODAFONE GROUP NC 1,790,000 7.750 2/15/2010 2,116,102



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE WAL-MART STORES NC 2,000,000 4.550 5/1/2013 1,967,140 WELLS FARGO & CO NC 2,500,000 4.950 10/16/2013 2,488,400 WESTERN ATLAS NC 1,790,000 8.550 6/15/2024 2,344,294 WYETH NC 5,600,000 5.500 3/15/2013 5,807,200 WYETH NC 2,000,000 6.450 2/1/2024 2,051,040 Fixed Income Portfolio 1,236,858,501 Cash and Equivalents 62,400,000

TOTAL GEP FIXED INCOME PORTFOLIO 1,299,258,501


GENERAL ENDOWMENT POOL Public Equity

December 31, 2003 ISSUER SHARES MARKET VALUE PRIVATE EQUITY DISTRIBUTIONS 219,428 1,885,830 CGI EMERGING MARKETS GF 517,323 31,603,255 EAFE INDEX FUND 5,505,239 451,100,152 TEMPLETON EMERGING MKTS 1,266,875 15,417,869 GMO EMERGING MARKETS FUND 74,273 1,096,263 RUSSELL 3000 INDEX FUND 14,583,613 1,929,146,264 RUSSELL 3000 INDEX TRANS FUNDS 4,861,204 643,048,752 Total Public Equities 3,073,298,385 % of Portfolio 95.9%


GENERAL ENDOWMENT POOL Private Equity

December 31, 2003

ISSUER SHARES MARKET VALUE ACCEL VIII 7,273 377,891 AIG ASIAN INFRASTRUCTURE 123,803 856,590 AIG ASIAN INFRASTRUCTURE II 117,031 4,929,581 AIG GE CAP LATIN AMER 151,509 9,125,714 AIG INDIAN SEC. EQUITY 19,123 1,339,287 ALTA S D III 13,000 392,730 ARSENAL CAPITAL PARTNERS B 21,362 1,354,442 BLACKSTONE CAPITAL PARTNERS IV 25,989 2,595,669 CHINA VEST IV 27,000 466,749 DE NOVO VENTURES II LP 6,231 623,075 DOMAIN PARTNERS VI, L.P. 1,869 186,922 FREMONT PARTNERS III LP 21,867 2,186,712 GLOBESTPAN CAPITAL PARTNERS IV 3,694 369,358 GOLDER THOMA CRESSEY III 13,188 411,136 GOLDER THOMA CRESSEY IV 35,165 41,706 GOLDER THOMA CRESSEY V 59,891 3,425,036 HUMMER WINBLAD III 14,923 292,048 INSTITUTIONAL VENTURE IV 8,940 158,667 INSTITUTIONAL VENTURE V 12,189 6,168 INSTITUTIONAL VENTURE VI 18,800 433,547 INSTITUTIONAL VENTURE VII 27,105 1,909,358 INSTITUTIONAL VENTURE VIII 44,471 2,353,596 INTERSOUTH PARTNERS V 9,960 657,589 INTERSOUTH PARTNERS VI, L.P. 4,406 314,170 INTERWEST PARTNERS IV 8,400 13,423 INTERWEST PARTNERS V 22,860 412,209 INTERWEST PARTNERS VI 21,998 1,505,345 INTERWEST PARTNERS VII 20,419 792,285 INTERWEST PARTNERS VIII 20,000 1,236,040 INVERNESS PARTNERS II L.P. 2,933 272,268 INVESTMENT CO OF CHINA 117,500 208,915 KPCB II 7,250 69,593 KPCB II ANNEX FUND 1,350 3,703 KPCB IX-A 26,250 1,061,078 KPCB VI 16,775 76,108 KPCB VII 22,500 809,168 KPCB VIII 30,000 1,845,600 KPCB X-A 8,500 477,224 LAKE CAPITAL PARTNERS LP 4,535 230,478 LATIN AMER CAP PART II 78,793 3,159,931 LIGHTHOUSE CAPITAL PARTNERS V LP 5,000 500,000 LINDSAY GOLDBERG & BESSEMER L.P. 6,019 511,659 MAYFIELD VII 20,075 15,899 MAYFIELD VIII 18,500 629,204 MPAE V 8,806 15,401 OXFORD BIOSCIENCE III 19,500 1,214,850 OXFORD BIOSCIENCE PARTNERS IV 11,875 1,060,473 PERSEUS-SOROS BIOPHARMACEUTICAL 9,201 769,495 POLARIS VENTURE PARTNERS III 15,716 925,547 POLARIS VENTURE PARTNERS IV 6,250 495,031 REDPOINT VENTURES I 37,125 1,131,310 REDPOINT VENTURES II 9,840 597,357


GENERAL ENDOWMENT POOL Private Equity

December 31, 2003 ISSUER SHARES MARKET VALUE

SEQUOIA CAPITAL FRANCHISE 26,823 1,114,166

SEQUOIA CAPITAL GROWTH 9,101 31,025 SEQUOIA CAPITAL III 3,200 2,720 SEQUOIA CAPITAL IX 24,975 779,819 SEQUOIA CAPITAL VI 11,733 175,415 SEQUOIA CAPITAL VII 19,729 896,742 SEQUOIA CAPITAL VIII 22,314 965,594 SEQUOIA CAPITAL X 15,904 820,440 SKM EQUITY FUND II 78,323 3,794,049 TECHNOLOGY VENTURE IV 11,400 100,274 VENTURE STRATEGY PARTNERS II 8,100 318,541 VERSANT VENTURES I 27,000 2,442,339 VERSANT VENTURES II 6,000 499,326 WARBURG PINCUS PRIVATE EQTY VIII 2,046 163,251 WCAS CAPITAL PARTNERS II 23,500 636,780 WCAS VI 67,700 2,152,048 WCAS VII 150,000 6,358,500 WELSH CARSON CP III 270,000 24,246,540 STRAWBERRY TOWN & COUNTRY 37,500 15,000,000 Total Private Equity 115,344,904 % of Portfolio 3.6%


GENERAL ENDOWMENT POOL Total Equity

December 31, 2003

ISSUER SHARES MARKET VALUE

Total Equities 3,188,643,289

Cash and Equivalents 17,488,000 % of Portfolio 0.5%

TOTAL GEP EQUITY PORTFOLIO 3,206,131,289

GENERAL ENDOWMENT POOL Absolute Return

December 31, 2003

ISSUER SHARES MARKET VALUE AVENUE SPECIAL SITUATION FD III 18,095,699 14,389,989 CAMDEN ST ALBANS PARNERS LTD 20,000 20,342,000 CANYON CAPITAL ADVISORS LLC 7,622 21,372,570 CARL MARKS STRATEGIC INVESTMENTS 20,000,000 21,112,860 DAVIDSON KEMPNER INSTITUTIONAL 25,000,000 27,066,425 DESCARTES PARTNERS L.P. 10,000,000 10,069,070 MAVERICK FUND, LTD 28,883 20,242,542 O'CONNOR GLOBALFUNDAMENTALL/SLIM 20,000 19,953,000 SIRIOS OVERSEAS FUND, LTD. 14,752 25,760,224 TOTAL ABSOLUTE RETURN 180,308,680


Source: University of California, Office of the Treasurer of The Regents

GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004 DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE ALCAN INC NC 1,000,000 5.200 1/15/2014 1,026,212 ALLSTATE CORP NC 620,000 5.000 8/15/2014 622,870 AMERICA MOVIL NC 2,000,000 5.500 3/1/2014 1,988,740 AMERICA MOVIL SA NC 2,600,000 5.750 1/15/2015 2,605,434 AMERICAN ELEC PWR INC NC 500,000 5.375 3/15/2010 521,343 AMERICAN ELECTRIC POWER NC 2,000,000 5.250 6/1/2015 2,004,962 AMERICAN GENERAL FINANCE NC 750,000 4.000 3/15/2011 725,929 AMERICAN INTERNATIONAL GROUP NC 2,000,000 4.250 5/15/2013 1,931,722 AOL TIME WARNER INC NC 700,000 6.150 5/1/2007 738,553 AOL TIME WARNER INC NC 1,500,000 7.625 4/15/2031 1,814,424 ARCEL FINANCE LIMITED NC 1,000,000 7.048 9/1/2011 1,021,960 AT&T WIRELESS NC 2,790,000 8.125 5/1/2012 3,371,264 ATHABASCA OIL SANDS NC 9,000,000 8.200 4/1/2027 10,926,709 BAFC 2004-1 8,105,998 6.000 2/25/2034 8,305,496 BECTON DICKINSON NC 2,500,000 7.000 8/1/2027 2,922,673 BECTON DICKINSON & CO NC 500,000 4.550 4/15/2013 494,914 BELLSOUTH CORP NC 1,500,000 4.750 11/15/2012 1,511,178 BELLSOUTH CORP NC 1,650,000 5.200 9/15/2014 1,682,855 BELLSOUTH CORP NC 1,500,000 5.200 12/15/2016 1,508,194 BELLSOUTH CORP NC 550,000 6.550 6/15/2034 599,218 BOAA 2004 1,765,885 6.000 2/25/2034 1,810,896 BOAA 2004-2 3A1 1,653,807 6.000 3/25/2034 1,696,033 BOAMS 2004-1 2A1 2,445,595 5.500 2/25/2034 2,457,384 BP CAP MKTS AMER NC 5,000,000 4.200 6/15/2018 4,594,224 BRITISH SKY BROADCASTING NC 1,500,000 8.200 7/15/2009 1,733,687 BRITISH TEL PLC NC 5,000,000 8.875 12/15/2030 6,678,465 BURLINGTON RESOURCES NC 500,000 7.200 8/15/2031 597,759 BURLINGTON RESOURCES NC 2,790,000 9.875 6/15/2010 3,535,076 CANADIAN NATL RAILROAD NC 2,790,000 6.800 7/15/2018 3,288,304 CELULOSA ARAUCO NC 500,000 5.125 7/9/2013 494,788 CELULOSA ARAUCO NC 4,290,000 7.750 9/13/2011 4,957,306 CENTEX NC 200,000 5.800 9/15/2009 211,716 CINCINNATI GAS & ELEC NC 2,000,000 5.375 6/15/2033 1,904,007 CINCINNATI GAS & ELEC CO NC 870,000 5.400 6/15/2033 830,885 CITIGROUP NC 5,000,000 6.000 10/31/2033 5,163,598 CITIGROUP INC NC 4,000,000 5.000 9/15/2014 4,015,515 CITIGROUP INC NC 1,000,000 5.850 12/11/2034 1,030,850 CLEAR CHANNEL COMMUNICATIONS NC 2,000,000 4.400 5/15/2011 1,938,468 CMSI 2004-5 23A5 3,886,839 4.500 8/25/2034 3,839,468 CODELCO INC NC 1,000,000 4.750 10/15/2014 980,994 CODELCO INC NC 2,000,000 6.375 11/30/2012 2,205,403 COMCAST CABLE COMMUNICATIONS NC 4,800,000 8.875 5/1/2017 6,277,504 COMCAST CORP NC 360,000 5.850 1/15/2010 383,926 COMCAST CORP NC 6,800,000 6.500 1/15/2015 7,547,197


GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004 DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE COSOLIDATED NATURAL GAS NC 2,000,000 5.000 3/1/2014 2,014,751 COUNTRYWIDE FINANCIAL NC 2,000,000 4.000 3/22/2011 1,938,795 COX COMMUNICATIONS INC NEW NC 1,000,000 5.500 10/1/2015 994,441 COX COMMUNICATIONS INC. NC 1,200,000 4.625 1/15/2010 1,199,792 CRH AMERICA NC 2,375,000 5.300 10/15/2013 2,430,375 CRH AMERICA NC 2,000,000 6.400 10/15/2033 2,165,239 CWHL 2003-50 A1 2,016,118 5.000 11/25/2018 2,034,339 D.R. HORTON INC. NC 2,450,000 5.625 1/15/2016 2,410,188 DAIMLERCHRYSLER NA HLDG NC 1,100,000 8.500 1/18/2031 1,365,463 DANA CORPORATION NC 1,350,000 5.850 1/15/2015 1,336,500 DELHAIZE AMER INC NC 1,425,000 9.000 4/15/2031 1,843,665 DEV BANK SINGAPORE NC 2,000,000 5.000 11/15/2019 1,984,980 DEVELOPERS DIVERS REALTY NC 2,315,000 5.250 4/15/2011 2,355,935 DIAMLERCHRYSLER NA HLDG NC 500,000 6.500 11/15/2013 540,588 DR HORTON INC NC 1,000,000 5.000 1/15/2009 1,007,500 DR HORTON INC. NC 400,000 5.625 9/15/2014 399,000 EATON CORP NC 1,000,000 8.100 8/15/2022 1,291,571 ENBRIDGE ENERGY PARTNERS L P NC 2,200,000 4.750 6/1/2013 2,147,775 ENCANA CORP NC 5,300,000 6.500 8/15/2034 5,825,373 ENERSIS SA NC 3,000,000 7.375 1/15/2014 3,269,610 ENTERPRISE PRODUCTS NC 1,250,000 6.650 10/15/2034 1,288,046 ENTERPRISE PRODUCTS NC 1,750,000 6.875 3/1/2033 1,856,334 ENTERPRISE PRODUCTS OPER NC 1,290,000 4.625 10/15/2009 1,284,524 EOP OPERATING LP NC 2,750,000 4.650 10/1/2010 2,760,906 ERAC USA FINANCE NC 2,000,000 6.700 6/1/2034 2,152,893 FANNIE MAE NC 37,000,000 3.875 11/17/2008 36,822,271 FANNIE MAE NC 5,805,000 4.000 12/15/2008 5,797,797 FANNIE MAE NC 22,700,000 5.125 1/2/2014 23,186,942 FANNIE MAE NC 4,300,000 5.250 8/1/2012 4,465,612 FEDERAL NATL MTG ASSN NC 12,400,000 4.625 5/1/2013 12,288,851 FGCI PL B14157 5,972,989 4.000 5/1/2019 5,843,345 FGCI POOL #E01084 376,756 5.500 1/1/2017 389,376 FGCI POOL #E01098 2,491,905 6.000 2/1/2017 2,612,601 FGCI POOL #E01251 913,104 5.500 11/1/2017 943,507 FGCI POOL #E01311 900,131 5.500 2/1/2018 930,202 FGCI POOL #E01537 4,443,625 4.500 12/1/2018 4,443,406 FGLMC POOL #A14235 14,302,523 5.000 10/1/2033 14,256,212 FGLMC POOL #A17995 932,257 6.500 1/1/2034 976,845 FGLMC POOL #B11064 4,915,631 5.500 11/1/2018 5,079,849 FGLMC POOL #C01404 2,918,168 6.500 10/1/2032 3,058,797 FGLMC POOL #C01622 4,518,571 5.000 9/1/2033 4,503,940 FGLMC POOL #C76289 1,401,406 6.000 1/1/2033 1,447,539 FGLMC POOL #C77031 2,797,371 6.000 3/1/2033 2,889,457 FGLMC POOL #C78940 1,695,503 6.000 5/1/2033 1,751,317


GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004 DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE FGLMC POOL #G01674 5,581,922 5.500 4/1/2034 5,677,537 FGLMC POOL C01676 8,813,410 6.000 11/1/2033 9,103,535 FGTW POOL C90852 6,114,541 6.000 7/1/2024 6,350,180 FHLG POOL #C62885 242,385 6.500 1/1/2032 254,066 FHR 2567 MC 1,537,138 4.000 12/15/2032 1,538,157 FHR 2601 TA 1,932,369 4.000 10/15/2022 1,910,390 FIFTH THIRD BANK NC 3,375,000 3.375 8/15/2008 3,325,969 FIRSTENERGY CORP NC 1,050,000 5.500 11/15/2006 1,081,361 FIRSTENERGY CORP NC 790,000 6.450 11/15/2011 856,518 FIRSTENERGY CORP NC 4,000,000 7.375 11/15/2031 4,551,430 FLORIDA POWER NC 1,500,000 5.100 12/1/2015 1,506,389 FNARM PL 804082 2,131,056 5.384 8/1/2034 2,156,714 FNARM POOL #555893 2,822,750 3.917 10/1/2033 2,796,996 FNARM POOL #726233 2,592,886 4.709 7/1/2033 2,627,413 FNARM POOL #748088 4,252,254 4.095 9/1/2033 4,227,693 FNARM POOL #764105 4,716,255 4.158 3/1/2034 4,682,544 FNARM POOL #766244 6,029,042 4.921 2/1/2034 6,107,607 FNARM POOL #770305 4,003,632 4.422 4/1/2034 4,007,948 FNCI POOL #254308 1,078,802 6.500 5/1/2017 1,142,757 FNCI POOL #254373 323,941 6.500 7/1/2017 343,145 FNCI POOL #254719 3,714,470 4.500 4/1/2018 3,714,533 FNCI POOL #545125 2,826,699 6.000 8/1/2016 2,961,926 FNCI POOL #545296 905,467 6.000 11/1/2016 948,783 FNCI POOL #639018 405,349 6.500 4/1/2017 429,380 FNCI POOL #652610 1,531,697 5.000 4/1/2018 1,558,170 FNCI POOL #681357 2,320,140 5.000 3/1/2018 2,360,239 FNCI POOL #681405 1,923,042 5.000 3/1/2018 1,956,278 FNCI POOL #689076 2,856,332 5.000 6/1/2018 2,905,698 FNCI POOL #689613 2,284,735 4.500 5/1/2018 2,284,773 FNCI POOL #689619 1,731,893 4.500 6/1/2018 1,731,922 FNCI POOL #689622 2,674,959 5.000 6/1/2018 2,721,191 FNCI POOL #694431 3,406,993 5.000 3/1/2018 3,465,876 FNCI POOL #695916 3,085,044 5.000 5/1/2018 3,138,363 FNCI POOL #702895 7,273,645 5.000 4/1/2018 7,399,355 FNCI POOL #709844 1,423,150 5.000 5/1/2018 1,447,746 FNCI POOL #711268 790,308 5.500 11/1/2018 817,267 FNCI POOL #730016 2,117,604 4.000 4/1/2018 2,069,389 FNCI POOL #755497 1,912,967 5.500 11/1/2018 1,978,223 FNCI POOL #755498 1,694,092 5.500 11/1/2018 1,751,882 FNCI POOL#708598 2,171,368 5.500 6/1/2018 2,245,439 FNCL PL 255458 4,931,865 5.500 11/1/2034 5,010,137 FNCL POO1 #748794 1,201,214 6.500 11/1/2033 1,257,669 FNCL POOL #545759 2,860,365 6.500 7/1/2032 2,996,359 FNCL POOL #555329 3,926,558 5.000 4/1/2033 3,908,968


GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004 DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE FNCL POOL #662950 920,486 6.500 2/1/2033 964,249 FNCL POOL #669991 4,571,382 5.500 2/1/2033 4,646,151 FNCL POOL #676919 296,369 6.000 1/1/2033 306,305 FNCL POOL #677508 457,536 6.000 1/1/2033 472,843 FNCL POOL #677685 1,567,738 5.000 2/1/2033 1,560,715 FNCL POOL #683160 449,718 6.000 2/1/2033 464,764 FNCL POOL #684745 4,133,011 6.500 4/1/2033 4,327,255 FNCL POOL #689108 3,331,638 5.500 2/1/2033 3,386,129 FNCL POOL #694517 3,980,848 5.500 4/1/2033 4,045,958 FNCL POOL #702021 1,470,465 5.750 5/1/2033 1,508,519 FNCL POOL #702024 4,135,620 5.250 5/1/2033 4,164,617 FNCL POOL #702399 2,792,034 5.500 5/1/2033 2,837,700 FNCL POOL #709519 3,431,554 5.500 6/1/2033 3,487,680 FNCL POOL #721211 1,802,064 5.000 6/1/2033 1,793,992 FNCL POOL #721229 2,602,848 5.000 6/1/2033 2,591,188 FNCL POOL #726054 3,376,447 5.500 6/1/2033 3,431,672 FNCL POOL #743272 13,627,809 6.000 10/1/2033 14,083,743 FNCL POOL #747510 1,123,363 6.500 12/1/2033 1,176,159 FNCL POOL #747510 272,238 6.500 12/1/2033 285,033 FNCL POOL #747817 4,458,192 4.500 11/1/2018 4,458,267 FNCL POOL #748768 993,653 7.000 11/1/2033 1,049,978 FNCL POOL #750871 1,602,406 6.000 10/1/2033 1,656,016 FNCL POOL #753093 3,019,731 6.500 12/1/2033 3,161,653 FNCL POOL #753912 5,043,173 5.500 12/1/2033 5,125,658 FNCL POOL #756390 3,330,645 6.500 9/1/2032 3,488,997 FNCL POOL #763642 1,857,299 6.500 1/1/2034 1,946,386 FNCL POOL #790927 8,696,198 6.000 9/1/2034 8,990,441 FNCL POOL #794967 2,991,040 5.500 10/1/2034 3,038,509 FNCL POOL #794978 3,476,589 5.500 10/1/2034 3,531,765 FNCL POOL 793999 9,497,126 5.500 9/1/2034 9,647,851 FNCL POOL 794024 11,734,418 5.500 9/1/2034 11,920,650 FNCT POOL #255417 2,880,734 6.000 9/1/2024 2,991,623 FNGT 2004-T3 2,370,131 7.000 2/25/2044 2,511,592 FNMA POOL #545506 384,976 7.000 2/1/2032 407,270 FNMA POOL #545872 3,129,933 6.500 7/1/2032 3,278,743 FNMA POOL #555139 1,249,965 6.500 10/1/2032 1,309,393 FNMA POOL #581706 288,299 6.500 7/1/2031 301,983 FNMA POOL #633865 3,598,010 7.000 3/1/2032 3,806,377 FNMA POOL #672415 213,403 6.500 9/1/2032 223,549 FNMA POOL #753077 2,595,829 6.500 12/1/2033 2,717,828 FNMA-BENCHMARK NC 12,350,000 5.000 1/15/2007 12,756,995 FNR 03-18 PA 869,030 4.000 7/25/2032 849,514 FNR 03-63 GU 2,795,302 4.000 7/25/2033 2,802,915 FNR 2003-20 277,364 4.500 3/25/2031 278,754


GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004 DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE FORD MOTOR CREDIT NC 2,000,000 6.625 10/1/2028 1,847,360 FORD MOTOR CREDIT NC 1,000,000 7.375 2/1/2011 1,077,143 FORD MOTOR CREDIT NC 500,000 7.450 7/16/2031 497,956 FORD MOTOR CREDIT CO NC 1,200,000 5.700 1/15/2010 1,209,897 FREDDIE MAC NC 57,000,000 5.000 1/30/2014 57,146,581 GENERAL ELEC CAP CORP NC 4,750,000 3.750 12/15/2009 4,678,297 GENERAL ELECTRIC CAPITAL NC 7,025,000 6.750 3/15/2032 8,205,866 GENERAL ELECTRIC COMPANY NC 11,000,000 5.000 2/1/2013 11,287,655 GENERAL MOTORS NC 3,100,000 8.250 7/15/2023 3,225,571 GENERAL MOTORS NC 500,000 8.375 7/15/2033 514,323 GEORGIA POWER NC 2,790,000 5.125 11/15/2012 2,854,307 GMAC NC 1,000,000 6.750 12/1/2014 995,736 GMAC NC 3,690,000 6.875 8/28/2012 3,730,329 GMAC NC 1,000,000 8.000 11/1/2031 1,019,319 GNMA-I POOL #603419 1,585,504 5.500 2/15/2033 1,620,833 GNMA-I POOL #781130 735,137 7.000 1/15/2030 780,364 GNMA-I POOL #781228 198,497 7.000 12/15/2028 210,735 GNMA-II POOL #2824 187,643 7.000 10/20/2029 198,885 GNMA-II POOL #2999 427,723 7.500 11/20/2030 457,497 GNMA-II POOL #3011 227,970 7.500 12/20/2030 243,839 GNSF POOL #598267 843,300 6.000 6/15/2033 873,894 GNSF POOL #612376 4,579,920 5.500 11/15/2033 4,681,972 GNSF POOL #781324 609,623 7.000 7/15/2031 646,876 GOLDMAN SACHS NC 3,500,000 4.750 7/15/2013 3,464,075 GOLDMAN SACHS NC 5,000,000 5.150 1/15/2014 5,069,058 GOLDMAN SACHS NC 2,000,000 6.125 2/15/2033 2,062,579 GRUPO TELEVISA SA NC 3,300,000 8.500 3/11/2032 3,811,500 HARRAHS OPERATING CO NC 2,800,000 5.500 7/1/2010 2,906,461 HERTZ CORP NC 1,790,000 4.700 10/2/2006 1,808,196 HILTON HOTELS NC 500,000 7.625 12/1/2012 584,262 HUTCH WHAM INTL LTD NC 1,150,000 6.250 1/24/2014 1,208,305 HUTCHISON WHAMP INTL LTD. NC 2,000,000 7.450 11/24/2033 2,206,513 IBM CORP NC 2,790,000 4.750 11/29/2012 2,845,526 IBM CORP NC 1,300,000 6.220 8/1/2027 1,422,763 INTL BK R&D(PRNPT)STRIPS NC 23,000,000 0.000 2/15/2015 13,870,355 KFW INTL FINANCE NC 3,000,000 5.250 6/28/2006 3,088,290 KIMBERLY CLARK DE MEX NC 5,000,000 8.875 8/1/2009 5,893,833 L 3 COMMUNICATIONS CORP NC 1,050,000 6.125 1/15/2014 1,081,500 L-3 COMMS CORP NC 1,700,000 5.875 1/15/2015 1,695,750 LOBLAW NC 2,000,000 6.650 11/8/2027 1,815,394 LOBLAW CO. LTD NC 2,000,000 6.500 1/22/2029 1,782,927 LOBLAW CO. LTD RESIDS NC 40,000,000 0.000 11/23/2033 5,600,532 LOCKHEED MARTIN CORP NC 1,000,000 8.500 12/1/2029 1,365,837 LORAL NC 1,150,000 7.000 9/15/2023 1,313,130


GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004 DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE LUBRIZOL CORP NC 3,500,000 4.625 10/1/2009 3,494,755 LUBRIZOL CORP NC 620,000 6.500 10/1/2034 625,620 M & I CAPITAL SEC. NC06 2,800,000 7.650 12/1/2026 3,011,770 MASCO NC 3,000,000 7.125 8/15/2013 3,467,553 MASTR 2003-10 3A 7,338,320 5.500 11/25/2033 7,384,217 MASTR 2003-7 1A2 1,446,777 5.500 9/25/2033 1,455,720 MELLON A CAPITAL SEC. NC06 1,500,000 7.720 12/1/2026 1,627,942 MGM GRAND NC 2,000,000 6.000 10/1/2009 2,050,000 MGM MIRAGE NC 1,150,000 6.750 9/1/2012 1,210,375 MORGAN STANLEY NC 6,735,000 4.750 4/1/2014 6,563,229 MSM 2004-3 5,644,524 6.000 4/25/2034 5,789,614 MSSTR 2004-2 8,000,000 6.500 12/1/2034 8,253,750 NEWS AMER INC. NC 1,000,000 6.200 12/15/2034 1,018,420 NEWS AMERICA HOLDINGS NC 3,320,000 7.700 10/30/2025 3,947,833 NEXTEL COMMUNICATIONS 3/09 300,000 5.950 3/15/2014 310,500 NISOURCE FINANCE NC 1,750,000 5.400 7/15/2014 1,793,445 OHIO POWER COMPANY NC 2,000,000 5.500 2/15/2013 2,090,638 PACIFIC GAS & ELECTRIC NC 1,500,000 4.200 3/1/2011 1,482,332 PACIFIC GAS & ELECTRIC NC 1,000,000 4.800 3/1/2014 994,938 PEARSON PLC NC 2,700,000 4.700 6/1/2009 2,744,251 PEMEX PRJ FDG MASTER TR 144A NC 4,800,000 8.625 2/1/2022 5,580,000 PEMEX PROJECT NC 880,000 6.125 8/15/2008 932,800 PEMEX PROJECT NC 2,500,000 8.000 11/15/2011 2,875,000 PETROBRAS INTL FINANCE NC 1,500,000 7.750 9/15/2014 1,578,750 PETRO-CANADA NC 3,000,000 5.000 11/15/2014 2,993,294 PFIZER INC NC 1,000,000 4.650 3/1/2018 961,037 PROGRESS ENERGY NC 4,000,000 7.000 10/30/2031 4,401,252 PSI ENERGY INC NC 1,000,000 5.000 9/15/2013 998,651 RALI 2004-QS6 A 4,633,430 5.000 5/25/2019 4,676,156 RBS CAPITAL TRUST III 9/14 3,250,000 5.512 9/29/2049 3,324,428 REPUBLIC OF BRAZIL NC 500,000 8.875 10/14/2019 526,750 REPUBLIC OF BRAZIL NC 950,000 10.000 8/7/2011 1,101,050 RFCO STRIPS NC 13,500,000 0.000 4/15/2016 7,860,711 RFMSI 2004-S9 2,000,000 5.500 12/1/2034 2,012,813 ROYAL CARIBBEAN CRUISES NC 800,000 6.875 12/1/2013 864,000 ROYAL CARIBBEAN CRUISES NC 1,500,000 7.500 10/15/2027 1,636,875 RYLAND GROUP NC 1,250,000 5.375 6/1/2008 1,300,000 S A S C 2003-20 1A1 4,458,391 5.500 7/25/2033 4,485,970 SHAW NC 3,000,000 7.500 11/20/2013 2,690,051 SHAW COMMUNICATIONS INC NC 1,485,000 7.200 12/15/2011 1,639,069 SIMON PROPERTY GROUP NC 1,250,000 4.875 8/15/2010 1,274,100 SOUTHERN POWER NC 3,000,000 4.875 7/15/2015 2,953,048 SPRINT NC 5,500,000 6.875 11/15/2028 6,020,579 SPRINT CAP CORP NC 4,345,000 6.900 5/1/2019 4,851,335


GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004 DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUE STATE STREET BANK NC 1,000,000 5.250 10/15/2018 1,003,013 STRIP PRINCIPAL NC 87,500,000 0.000 8/15/2017 48,441,750 STRIPS NC 26,500,000 0.000 8/15/2017 14,608,125 SUNCOR ENERGY NC 4,000,000 5.950 12/1/2034 4,186,797 TELECOM ITALIA CAPITAL NC 6,000,000 6.375 11/15/2033 6,184,729 TELEFONOS MEXICO NC 1,500,000 4.500 11/19/2008 1,513,335 TENGIZCHEVROIL LLP NC 1,200,000 6.124 11/15/2014 1,203,000 TIME WARNER ENTERTAINMENT NC 5,325,000 8.375 3/15/2023 6,675,611 TIME WARNER ENTERTAINMENT NC 2,200,000 8.375 7/15/2033 2,845,452 TOYOTA MTR CRED NC 375,000 5.650 1/15/2007 393,978 U S TREASURY BILL 876,000 0.000 2/24/2005 873,372 U.S.BANCORP CAP A SEC. NC06 1,000,000 8.270 12/15/2026 1,107,024 UNION ELECTRIC NC 2,000,000 5.100 10/1/2019 1,985,843 UNITED MEXICAN STATES NC 450,000 8.125 12/30/2019 529,875 UNITED MEXICAN STS MTN BE NC 2,650,000 4.625 10/8/2008 2,685,775 UNITED STATES MEXICAN NC 300,000 6.750 9/27/2034 296,250 UNIVISION COMM INC NC 790,000 3.875 10/15/2008 785,500 US TREASURY BONDS NC 60,394,000 6.000 2/15/2026 69,203,068 US TREASURY BONDS NC 62,265,000 6.250 8/15/2023 72,927,881 US TREASURY BONDS NC 10,000,000 6.625 2/15/2027 12,324,400 US TREASURY BONDS NC 2,040,000 7.875 2/15/2021 2,756,917 US TREASURY BONDS NC 4,047,000 8.750 5/15/2017 5,672,599 US TREASURY NOTES NC 43,000,000 1.625 9/30/2005 42,682,660 US TREASURY NOTES NC 9,000,000 5.750 8/15/2010 9,909,360 US TREASURY NOTES NC 13,200,000 6.500 2/15/2010 14,945,172 US TREASURY STRIPS(INTEREST PAYM NC 14,000,000 0.000 2/15/2018 7,496,160 US TRESURY NOTES NC 12,510,000 5.000 2/15/2011 13,309,013 VALE OVERSEAS LIMITED NC 3,500,000 8.250 1/17/2034 3,683,750 VERIZON GLOBAL NC 1,500,000 7.750 12/1/2030 1,862,454 VERIZON NEW ENGLAND INC. NC 2,600,000 4.750 10/1/2013 2,532,952 VERIZON NY INC. NC 1,550,000 7.375 4/1/2032 1,784,455 VESSEL MGMT SVC TITLE XI NC 2,390,750 6.080 5/20/2024 2,605,463 VIRGINIA EL&PWR NC 1,000,000 4.750 3/1/2013 992,047 VODAFONE GROUP NC 1,500,000 5.375 1/30/2015 1,553,879 WELLS FARGO & CO NC 2,500,000 4.950 10/16/2013 2,535,735 WELLS FARGO COMPANY NC 2,000,000 5.125 9/15/2016 2,006,269 WFMBS 2003-6 1A1 2,536,679 5.000 6/25/2018 2,561,848 WORLD SAV BK FSB NC 1,000,000 4.125 12/15/2009 1,002,535 XTO ENERGY INC NC 3,000,000 5.000 1/31/2015 2,979,280 TOTAL BOND PORTFOLIO 1,239,583,814

Cash and Equivalents 58,568,550

TOTAL GEP BOND PORTFOLIO 1,298,152,364 Portfolio market values do not include accruals.


GENERAL ENDOWMENT POOL Public Equity December 31, 2004

ISSUER SHARES MARKET VALUE CGI EMERGING MARKETS GF 409,075 29,707,018 EAFE INDEX FUND 5,515,450 531,508,710 GMO EMERGING MARKETS FUND 1,923,095 33,000,309 RUSSELL 1000 INDEX FUND 742,261 52,926 RUSSELL 3000 INDEX FUND 14,091,347 2,045,917,958 TEMPLETON EMERGING MKTS 1,266,875 19,117,144 S & P 500 FUTURES 3/05 38 11,530,150 ARK LC GROWTH 378,706 41,699,490 CGT LC CORE 379,454 41,466,429 FRANKLIN PORTFOLIO LC CORE 488,865 53,252,819 FREEMAN LC CORE 270,415 29,556,678 GSAM CONCENTRATED LC GROWTH 432,500 47,445,113 HARRIS LC VALUE 379,505 41,281,525 HOTCHKIS&WILEY LC DIVS. VALUE 435,218 48,494,620 INTECH LC BROAD GROWTH 437,812 47,941,950 LSV LC VALUE 271,796 29,592,064 NWQ LC VALUE 271,464 29,323,046 PZENA LC VALUE 377,065 41,382,644 THORNBURG LC VALUE 378,872 41,424,612 TRANSAMERICA LC GROWTH 327,124 36,236,392 VICTORY LC DIVERSIFIED 271,974 29,080,545 WELLINGTON LC GROWTH 324,483 35,578,700 TOTAL PUBLIC EQUITY 3,264,590,842 % of Portfolio 96.14%



ISSUER MARKET VALUE PRIVATE EQUITY DISTRIBUTIONS 1,208,492 BUYOUT FUNDS 45,932,805 INTERNATIONAL PRIVATE EQUITY 19,679,792 VENTURE CAPITAL PARTNERSHIPS 53,597,728 REAL ESTATE 4,000,000 TOTAL PRIVATE EQUITY 124,418,817 % of Portfolio 3.66%


GENERAL ENDOWMENT POOL TOTAL EQUITY December 31, 2004

ISSUER SHARES MARKET VALUE

TOTAL EQUITY 3,389,009,659

Cash and Equivalents 6,725,450

% of Portfolio 0.20%

TOTAL GEP EQUITY PORTFOLIO 3,395,735,109

Portfolio market values do not include accruals.

Source: University of California, Office of the Treasurer of the Regents

GENERAL ENDOWMENT POOL ABSOLUTE RETURN PORTFOLIO December 31, 2004

MARKET NAME SHARES VALUE AVENUE SPECIAL SITUATION FD III 23,839,672 23,905,851 CAMDEN ST ALBANS PARNERS LTD 11,159 20,625,051 CANYON CAPITAL ADVISORS LLC 9,330 29,604,146 CARL MARKS STRATEGIC INVESTMENTS 16,990,886 23,260,693 DAVIDSON KEMPNER INSTITUTIONAL 25,000,000 29,210,750 DESCARTES PARTNERS L.P. 20,000,000 20,255,140 MAVERICK FUND, LTD 49,483 38,324,240 OCM HIGH YEAELD PLUS CAYMAN FUND 19,762 20,904,317 O'CONNOR GLOBAL FUNDMENTAL 32,606 37,325,770 SIRIOS OVERSEAS FUND, LTD 25,270 41,552,420 ZAXIS OFFSHORE LIMITED 25,000 24,382,350 TOTAL ABSOLUTE RETURN $309,350,728

GEPHoldings as of December 31, 2005

EQUITY INVESTMENTS

EXTERNALLY MANAGED FUNDS(SC = Small Cap LC + Large Cap)

Security Name Security Description Shares/Par Value Market ValueACADIAN EMERGING MARKETS FUND 66,730,717.44 AMERICAN CENTURY SC 13,308,285.86 AMEX/KENWOOD SC 15,866,409.49 AQR NON-US 40,545,977.17 ARK ASSET MANAGEMENT CO INC LC 61,337,683.43 AXA ROSENBERG SC 13,606,748.43 BRANDYWINE NON- US 40,281,292.06 BURGUNDY SC 11,552,800.30 CAPITAL GUARDIAN TRUST COMPANY LC 50,212,844.68 CAUSEWAY NON-US 79,217,892.89 CGI EMERGING MARKETS GF 39,719,781.04 CORTINA ASSET MGT SC 5,954,869.96 DELAWARE GROWTH LC 57,949,988.48 DELAWARE INV ADV SC 9,283,647.93 EAFE + CANADA TF INTL INDEX FD 595,367,132.17 FRANKLIN PORTFOLIO ASSOCIATES LC 55,603,005.79 FREEMAN ASSOCIATES INVESTMENT LC 31,924,477.88 GENESIS EMERGING MKT FD 101,402,531.86 GMO NON US 56,028,780.74 GMO TR EMERGING MARKETS 81,520,953.52 GOLDMAN SACHS ASSET MGMT L P LC 48,989,118.83 HANSBERGER NON-US 43,690,327.70 HARRIS ASSOCIATES LP LC 49,789,244.97 HOTCHKIS + WILEY CAP MGMT LC 56,714,072.64 INTECH LC 51,488,150.03 IRONBRIDGE SC 15,446,743.72 JP MORGAN FLEMING NON-US 56,223,512.96 LSV ASSET MANAGEMENT LC 31,946,952.36 MAZAMA SC 13,154,994.23 MFS NON-US 78,382,968.17 MONDRIAN NON US 38,432,616.18 NEW STAR NON US 45,669,822.42 NWQ INVESTMENT MGT CP LLC LC 31,893,795.33 PANAGORA NON-US 40,312,628.80 PZENA INVESTMENT MGMT LC 51,644,541.96 RUSSELL 3000 TF INDEX FUND 1,187,752,618.76 SANDERSON NON US 38,689,253.07 TEMPLETON INSTL FDS EMERGING MRKT 48,141,733.90 THORNBURG MTG INC LC 59,349,907.27 UBS SC 13,810,023.96 VICTORY CAPITAL MGT INC LC 55,116,002.80 WELLINGTON MANAGEMENT CO LLP LC 47,908,392.43 WELLINGTON SC 15,134,543.83

TOTAL EQUITY 3,547,097,787.44

FIXED INCOME

FIXED INCOME - SECURITIES

ALCAN INC 5% 01 Jun 2015 500,000 485,751.65 ALL STATE CORP 7.2% 01 Dec 2009 2,000,000 2,155,272.06 ALLSTATE CORP 5.55% 09 May 2035 1,000,000 979,699.40 AMEREN UN ELEC 5.1% 01 Oct 2019 2,000,000 1,934,733.88 AMERICA MOVIL S A DE C V 5.5% 01 Mar 2014 2,125,000 2,094,803.79 AMERICA MOVIL S A DE C V 5.75% 15 Jan 2015 1,525,000 1,526,113.34 AMERICAN ELEC PWR INC 5.375% 15 Mar 2010 500,000 504,137.27

Source:State Street

Security Name Security Description Shares/Par Value Market ValueAMERICAN ELEC PWR INC 5.25% 01 Jun 2015 1,000,000 997,072.98 AMERICAN GEN FIN CORP MTN 4% 15 Mar 2011 750,000 709,960.50 AMERICAN GEN FIN CORP MTN 4.875% 15 Jul 2012 2,000,000 1,956,955.88 AMERICAN INTL GROUP INC 4.25% 15 May 2013 1,700,000 1,608,115.27 ARCEL FINANCE 7.048% 01 Sep 2011 945,300 948,892.14 AT+T WIRELESS 8.125% 01 May 2012 1,790,000 2,068,301.63 AT+T WIRELESS SVCS INC 8.75% 01 Mar 2031 850,000 1,126,605.38 ATHABASCA OIL SANDS INVTS INC 8.2% 01 Apr 2027 2,000,000 2,535,411.80 BAE SYS HLDGS INC 4.75% 15 Aug 2010 3,300,000 3,240,906.90 BANC AMER ALT LN TR 6% 25 Mar 2034 1,189,198 1,197,228.84 BANC AMER ALTERNATIVE LN TR 6% 25 Feb 2034 1,203,447 1,209,482.70 BANC AMER ALTERNATIVE LN TR 6% 25 Aug 2035 3,345,001 3,365,772.24 BANC AMER ALTERNATIVE LN TR 5.5% 25 Sep 2033 1,991,986 1,958,994.66 BANC AMER FDG CORP 6% 25 Feb 2034 5,933,152 5,975,806.41 BANC AMER FDG CORP 6% 25 Feb 2034 3,610,970 3,605,821.87 BANC AMER MTG SECS INC 5.75% 25 Jan 2035 2,836,710 2,807,885.40 BANC AMER MTG SECS INC 5.18587% 25 Sep 2035 4,895,606 4,835,749.01 BANK AMER CORP 4.75% 01 Aug 2015 1,000,000 970,054.24 BECTON DICKINSON + CO 7% 01 Aug 2027 2,500,000 2,967,736.00 BELLSOUTH CORP 6% 15 Nov 2034 750,000 747,635.25 BELLSOUTH CORP 4.75% 15 Nov 2012 1,500,000 1,460,475.32 BELLSOUTH CORP 5.2% 15 Dec 2016 1,500,000 1,469,421.50 BELLSOUTH TELECOMM INC 6.375% 01 Jun 2028 210,000 217,186.19 BHP BILLITON FIN USA LTD 5.25% 15 Dec 2015 750,000 755,221.65 BHP FINANCE USA 6.42% 01 Mar 2026 500,000 556,071.17 BRAZIL FEDERATIVE REP 10% 07 Aug 2011 700,000 815,500.00 BRAZIL FEDERATIVE REP 8.75% 04 Feb 2025 250,000 276,250.00 BRAZIL FEDERATIVE REP 7.875% 07 Mar 2015 500,000 531,250.00 BRITISH SKY BROADCASTING GROUP 8.2% 15 Jul 2009 1,200,000 1,310,858.09 BRITISH SKY BROADCASTING GROUP 6.875% 23 Feb 2009 2,525,000 2,645,905.91 BURLINGTON RES FIN CO 7.2% 15 Aug 2031 500,000 617,409.10 BURLINGTON RES INC 9.875% 15 Jun 2010 4,590,000 5,479,739.37 CANADIAN NATL RY CO 6.8% 15 Jul 2018 2,790,000 3,191,612.97 CARNIVAL CORP 3.75% 15 Nov 2007 5,315,000 5,196,335.45 CELULOSA ARAUCO Y CONSTITUCION 7.75% 13 Sep 2011 1,360,000 1,508,584.92 CENTEX CORP 5.8% 15 Sep 2009 200,000 202,579.40 CHRYSLER CORP 7.45% 01 Mar 2027 637,000 691,111.90 CINCINNATI GAS + ELEC CO 5.4% 15 Jun 2033 870,000 808,292.64 CITICORP MTG SECS INC 4.5% 25 Aug 2034 3,445,428 3,329,548.44 CITIGROUP INC 5% 15 Sep 2014 2,000,000 1,968,109.58 COMCAST CORP NEW 5.45% 15 Nov 2010 3,000,000 3,018,706.50 CONSOLIDATED NAT GAS CO 5% 01 Mar 2014 700,000 687,439.13 CORPORACION NACIONAL DEL COBRE 7.375% 01 May 2009 2,500,000 2,679,665.00 CORPORACION NACIONAL DEL COBRE 6.375% 30 Nov 2012 1,450,000 1,559,319.85 COX COMMUNICATIONS INC NEW 4.625% 15 Jan 2010 3,360,000 3,248,668.72 CRH AMER INC 5.3% 15 Oct 2013 4,070,000 4,085,315.61 CWMBS INC 5% 25 Nov 2018 1,622,793 1,596,443.88 D R HORTON INC 6.875% 01 May 2013 500,000 521,773.50 D R HORTON INC 5.625% 15 Sep 2014 450,000 433,465.20 DAIMLER CHRYSLER HLDGS 8.5% 18 Jan 2031 650,000 787,201.56 DAIMLERCHRYSLER NORTH AMER 4.875% 15 Jun 2010 550,000 536,533.37 DAIMLERCHRYSLER NORTH AMER HLD 6.5% 15 Nov 2013 1,450,000 1,516,164.54 DBS BK LTD SINGAPORE 1% 15 Nov 2019 2,000,000 1,946,032.00 DELHAIZE AMER INC 8.125% 15 Apr 2011 1,000,000 1,090,067.00 DEVELOPERS DIVERSIFIED RLTY 5.25% 15 Apr 2011 2,315,000 2,295,670.65 DIAGEO CAP PLC 4.375% 03 May 2010 3,600,000 3,519,651.20 DIAMOND OFFSHORE DRILLING INC 4.875% 01 Jul 2015 650,000 631,985.95 EATON CORP 8.1% 15 Aug 2022 1,000,000 1,290,746.40 EMPRESA NACIONAL DE 8.5% 01 Apr 2009 2,670,000 2,912,003.46 EMPRESA NACIONAL DE ELECTRIC 8.35% 01 Aug 2013 200,000 227,783.40 ENBRIDGE ENERGY PARTNERS L P 4.75% 01 Jun 2013 400,000 380,856.40 ENERSIS S A 7.4% 01 Dec 2016 600,000 652,138.20 ENERSIS SA 7.375% 15 Jan 2014 1,200,000 1,290,751.20 ENTERPRISE PRODUCTS OPER 4.95% 01 Jun 2010 5,359,000 5,254,526.24 EQUITY RESIDENTIAL 5.125% 15 Mar 2016 500,000 485,870.59 FED HM LN PC POOL 1B3931 3.552% 01 Oct 2035 4,794,048 4,428,945.51 FED HM LN PC POOL A17995 6.5% 01 Jan 2034 799,304 818,837.18 FED HM LN PC POOL A47345 4.5% 01 Oct 2035 498,765 469,242.37

Source:State Street

Security Name Security Description Shares/Par Value Market ValueFED HM LN PC POOL A47378 4.5% 01 Oct 2035 19,899,039 18,721,188.97 FED HM LN PC POOL B11064 5.5% 01 Nov 2018 1,421,451 1,429,773.58 FED HM LN PC POOL B14157 4% 01 May 2019 5,196,370 4,948,427.79 FED HM LN PC POOL C01676 6% 01 Nov 2033 6,378,020 6,439,368.18 FED HM LN PC POOL C76289 6% 01 Jan 2033 943,338 952,411.53 FED HM LN PC POOL C78940 6% 01 May 2033 825,998 833,942.70 FED HM LN PC POOL C90852 6% 01 Jul 2024 4,875,612 4,946,344.05 FED HM LN PC POOL C90932 5.5% 01 Nov 2025 13,498,651 13,453,175.50 FED HM LN PC POOL E01098 6% 01 Feb 2017 1,847,979 1,884,491.77 FED HM LN PC POOL E01251 5.5% 01 Nov 2017 718,153 722,792.74 FED HM LN PC POOL G01674 5.5% 01 Apr 2034 4,514,768 4,478,087.98 FED HM LN PC POOL G08084 4.5% 01 Oct 2035 9,439,158 8,880,442.53 FEDERAL HOME LN BKS 3.5% 15 Sep 2006 36,375,000 36,065,761.58 FEDERAL HOME LN MTG CORP 3.75% 15 Apr 2007 15,500,000 15,323,476.70 FEDERAL HOME LN MTG CORP 4.25% 28 Feb 2007 47,000,000 46,741,410.70 FEDERAL HOME LOAN MTG CORP 5.875% 21 Mar 2011 1,500,000 1,561,301.70 FEDERAL NATL MTG ASSN 6.25% 01 Feb 2011 16,000,000 16,890,798.40 FEDERAL NATL MTG ASSN 4.625% 01 May 2013 14,450,000 14,056,133.46 FEDERAL NATL MTG ASSN 2.375% 15 Feb 2007 25,000,000 24,366,187.50 FEDERAL NATL MTG ASSN 3.875% 15 Jul 2008 24,250,000 23,791,757.45 FHLMC TBA JAN 30 GOLD SINGLE 6% 01 Dec 2099 40,000,000 40,384,376.00 FIRSTENERGY CORP 6.45% 15 Nov 2011 3,810,000 4,026,971.50 FNMA TBA JAN 30 SINGLE FAM 5.5% 01 Dec 2099 12,000,000 11,881,874.40 FNMA POOL 254308 6.5% 01 May 2017 759,720 780,487.96 FNMA POOL 254373 6.5% 01 Jul 2017 2,998,858 3,080,836.45 FNMA POOL 254719 4.5% 01 Apr 2018 3,059,301 2,983,885.44 FNMA POOL 255257 6% 01 Apr 2024 4,609,969 4,676,461.43 FNMA POOL 255362 6% 01 Aug 2024 3,030,479 3,074,189.05 FNMA POOL 255417 6% 01 Sep 2024 2,296,401 2,329,523.10 FNMA POOL 255813 5% 01 Aug 2035 12,388,703 12,000,755.88 FNMA POOL 545125 6% 01 Aug 2016 2,035,772 2,078,951.62 FNMA POOL 545296 6% 01 Nov 2016 657,343 671,286.13 FNMA POOL 545506 7% 01 Feb 2032 193,566 201,644.37 FNMA POOL 555329 5% 01 Mar 2033 3,356,368 3,264,337.16 FNMA POOL 555967 5.5% 01 Nov 2033 2,978,195 2,954,874.67 FNMA POOL 576412 5.5% 01 Apr 2016 3,159,020 3,180,974.43 FNMA POOL 581706 6.5% 01 Jul 2031 193,573 198,997.52 FNMA POOL 633865 7% 01 Mar 2032 2,376,608 2,475,790.55 FNMA POOL 639018 6.5% 01 Apr 2017 273,856 281,342.57 FNMA POOL 652610 5% 01 Apr 2018 1,304,476 1,292,801.35 FNMA POOL 669991 5.5% 01 Feb 2033 3,099,222 3,074,953.66 FNMA POOL 672415 6.5% 01 Sep 2032 125,197 128,630.56 FNMA POOL 676919 6% 01 Jan 2033 177,389 179,186.41 FNMA POOL 681357 5% 01 Mar 2018 1,973,534 1,955,872.13 FNMA POOL 689076 5% 01 Jun 2018 2,362,217 2,341,076.36 FNMA POOL 689108 5.5% 01 Feb 2033 2,805,585 2,783,615.82 FNMA POOL 689613 4.5% 01 May 2018 1,887,425 1,840,897.37 FNMA POOL 689619 4.5% 01 Jun 2018 1,457,028 1,421,110.47 FNMA POOL 689622 5% 01 Jun 2018 2,179,468 2,159,963.27 FNMA POOL 694431 5% 01 Mar 2018 2,818,657 2,793,431.52 FNMA POOL 695916 5% 01 May 2018 2,428,289 2,406,557.40 FNMA POOL 702021 5.75% 01 May 2033 1,101,362 1,104,050.49 FNMA POOL 702024 5.25% 01 May 2033 3,403,765 3,347,190.53 FNMA POOL 702399 5.5% 01 May 2033 2,248,274 2,230,668.89 FNMA POOL 702895 5% 01 Apr 2018 598,816 593,456.77 FNMA POOL 708598 5.5% 01 Jun 2018 1,587,175 1,596,775.65 FNMA POOL 709844 5% 01 May 2018 1,202,032 1,191,274.96 FNMA POOL 711268 5.5% 01 Nov 2018 670,795 674,852.24 FNMA POOL 721229 5% 01 Jun 2033 2,281,469 2,218,911.30 FNMA POOL 725773 5.5% 01 Sep 2034 10,487,228 10,395,386.60 FNMA POOL 726054 5.5% 01 Jun 2033 2,634,878 2,614,245.99 FNMA POOL 730016 4% 01 Jul 2018 1,796,162 1,714,860.14 FNMA POOL 743272 6% 01 Oct 2033 1,849,023 1,865,434.97 FNMA POOL 747510 6.5% 01 Dec 2033 1,112,168 1,139,674.39 FNMA POOL 747817 4.5% 01 Nov 2018 3,845,380 3,750,587.21 FNMA POOL 748768 7% 01 Nov 2033 730,702 760,877.99 FNMA POOL 748794 6.5% 01 Nov 2033 519,107 531,945.80 FNMA POOL 750871 6% 01 Oct 2033 1,310,089 1,321,717.92

Source:State Street

Security Name Security Description Shares/Par Value Market ValueFNMA POOL 753077 6.5% 01 Dec 2033 2,006,590 2,056,218.45 FNMA POOL 753912 5.5% 01 Dec 2033 4,490,946 4,455,780.12 FNMA POOL 755497 5.5% 01 Nov 2018 1,531,110 1,540,371.44 FNMA POOL 755498 5.5% 01 Nov 2018 1,308,082 1,315,994.18 FNMA POOL 756390 6.5% 01 Sep 2032 2,655,581 2,728,415.58 FNMA POOL 763642 6.5% 01 Jan 2034 1,620,590 1,660,485.25 FNMA POOL 790927 6% 01 Sep 2034 7,051,313 7,113,950.80 FNMA POOL 794024 5.5% 01 Sep 2034 9,500,132 9,416,934.58 FNMA POOL 808168 4.5% 01 Mar 2035 4,836,319 4,554,720.42 FNMA POOL 820266 5.5% 01 Jul 2035 6,917,156 6,849,868.30 FNMA POOL 826743 4.59% 01 Aug 2035 3,260,386 3,185,388.63 FNMA POOL 829196 5% 01 Jul 2035 8,817,995 8,541,862.99 FNMA POOL 841471 5% 01 Oct 2035 9,889,585 9,579,896.89 FNMA POOL 848358 5.5% 01 Dec 2035 3,000,000 2,970,816.74 FORD MTR CR CO 5.7% 15 Jan 2010 950,000 807,500.00 GENERAL ELEC CAP CORP MTN 3.75% 15 Dec 2009 10,050,000 9,648,740.69 GENERAL ELEC CO 1200% 01 Feb 2013 5,500,000 5,490,284.64 GENETECH INC 4.75% 15 Jul 2015 1,300,000 1,261,241.61 GEORGIA PWR CO 5.125% 15 Nov 2012 2,790,000 2,810,514.87 GNMA II POOL 002999 7.5% 20 Nov 2030 249,807 261,897.18 GNMA II POOL 003011 7.5% 20 Dec 2030 144,313 151,297.46 GNMA POOL 598267 6% 15 Jun 2033 543,498 556,114.76 GNMA POOL 603419 5.5% 15 Feb 2033 1,303,953 1,312,747.14 GNMA POOL 612376 5.5% 15 Nov 2033 3,514,037 3,537,735.54 GNMA POOL 781130 7% 15 Jan 2030 455,367 478,434.54 GNMA POOL 781228 7% 15 Dec 2028 125,987 132,366.45 GNMA POOL 781324 7% 15 Jul 2031 371,748 390,522.41 GOLDMAN SACHS CAP I 6.345% 15 Feb 2034 1,050,000 1,105,835.72 GOLDMAN SACHS GROUP INC 4.75% 15 Jul 2013 3,500,000 3,394,402.66 GOLDMAN SACHS GROUP INC 5.15% 15 Jan 2014 3,000,000 2,976,733.92 GRUPO TELEVISA SA 6.625% 18 Mar 2025 1,000,000 1,017,610.09 GRUPO TELEVISA SA DE CV 8.5% 11 Mar 2032 1,100,000 1,325,137.11 GS MTG SECS CORP 6.5% 25 Feb 2035 4,622,563 4,665,147.00 HARRAHS OPER INC 5.5% 01 Jul 2010 2,350,000 2,348,016.69 HSBC FIN CAP TR IX 5.911% 30 Nov 2035 500,000 505,640.34 HSBC FIN CORP 5% 30 Jun 2015 3,000,000 2,916,250.98 HSBC FIN CORP 4.625% 15 Sep 2010 2,000,000 1,956,354.68 HUTCHISON WHAMPOA INTL 6.25% 24 Jan 2014 3,480,000 3,641,851.32 IBM CDA CR SVCS CO 3.75% 30 Nov 2007 2,795,000 2,736,430.78 INGERSOLL RAND CO 4.75% 15 May 2015 500,000 485,277.87 JPMORGAN CHASE + CO 5.15% 01 Oct 2015 3,500,000 3,449,890.71 JPMORGAN CHASE CAP XV 5.875% 15 Mar 2035 250,000 248,676.05 L 3 COMMUNICATIONS CORP 6.125% 15 Jan 2014 480,000 475,200.00 L 3 COMMUNICATIONS CORP 5.875% 15 Jan 2015 2,320,000 2,250,400.00 LEHMAN BROTHERS HLDGS INC 4.25% 27 Jan 2010 2,635,000 2,562,773.73 LEHMAN BROTHERS HLDGS INC 5% 14 Jan 2011 1,500,000 1,497,175.49 LOBLAWS COS LTD CPN RCPTS CDS 0% 23 Nov 2033 40,000,000 7,249,710.54 LORAL CORP 7% 15 Sep 2023 1,150,000 1,317,143.19 LOWES COMPANIES INC 5.5% 15 Oct 2035 1,000,000 1,008,313.14 LUBRIZOL CORP 4.625% 01 Oct 2009 4,500,000 4,414,997.70 LUBRIZOL CORP 5.5% 01 Oct 2014 1,500,000 1,506,142.85 M + I CAPITAL TR A 7.65% 01 Dec 2026 2,800,000 2,946,389.04 M + I MARSHALL + ILSLEY BK 4.4% 15 Mar 2010 2,100,000 2,056,380.52 MARRIOTT INTL INC NEW 4.625% 15 Jun 2012 250,000 241,228.81 MARSH + MCLENNAN COS INC 5.75% 15 Sep 2015 3,000,000 3,019,839.48 MASCO CORP 4.8% 15 Jun 2015 1,150,000 1,068,019.25 MASTR ASSET SECURITIZATION TR 5.5% 25 Nov 2033 6,273,588 6,173,292.49 MASTR ASSET SECURITIZATION TR 5.5% 25 Oct 2019 5,042,764 5,053,424.06 MASTR SEASONED SECURITIZAT TR 6.5% 25 Aug 2032 5,005,265 5,081,825.73 MEDTRONIC INC 4.375% 15 Sep 2010 2,500,000 2,452,322.58 MEDTRONIC INC 4.75% 15 Sep 2015 1,000,000 971,217.65 METLIFE INC 6.375% 15 Jun 2034 250,000 273,519.36 METLIFE INC 5.7% 15 Jun 2035 1,000,000 999,606.55 METROPOLITAN LIFE GLOBAL FDG I 4.5% 05 May 2010 4,000,000 3,922,060.00 MEXICO UNITED MEXICAN STS 8.125% 30 Dec 2019 450,000 555,974.98 MGM MIRAGE 6% 01 Oct 2009 2,300,000 2,285,625.00 MGM MIRAGE 6.75% 01 Sep 2012 800,000 811,000.00 MORGAN STANLEY 4.75% 01 Apr 2014 1,500,000 1,437,660.14

Source:State Street

Security Name Security Description Shares/Par Value Market ValueMORGAN STANLEY 5.375% 15 Oct 2015 3,250,000 3,251,178.29 NATIONWIDE BLDG SOC 4.25% 01 Feb 2010 1,100,000 1,071,879.60 NEWS AMER INC 6.4% 15 Dec 2035 1,000,000 1,006,322.40 NEXTEL COMMUNICATIONS INC 5.9% 15 Mar 2014 1,200,000 1,206,892.18 NISOURCE FIN CORP 7.875% 15 Nov 2010 3,000,000 3,327,429.66 NISOURCE FIN CORP 5.45% 15 Sep 2020 400,000 386,651.06 NORFOLK SOUTHN CORP 6.75% 15 Feb 2011 3,005,000 3,232,616.28 OHIO PWR CO 5.5% 15 Feb 2013 2,000,000 2,030,541.84 OHIO PWR CO 6.6% 15 Feb 2033 900,000 992,129.36 PACIFIC GAS + ELEC CO 4.2% 01 Mar 2011 3,500,000 3,358,004.76 PANAMERICAN BEVERAGES INC 7.25% 01 Jul 2009 3,300,000 3,529,020.33 PC FINL PARTNERSHIP 5% 15 Nov 2014 3,000,000 2,941,079.19 PEMEX PROJ FDG MASTER TR 8.625% 01 Feb 2022 1,750,000 2,162,999.84 PEMEX PROJ FDG MASTER TR 5.75% 15 Dec 2015 1,500,000 1,487,729.99 PEMEX PROJECT FUNDING MASTER T 9.375% 02 Dec 2008 2,530,000 2,801,975.00 PENNEY J C INC 7.125% 15 Nov 2023 1,350,000 1,502,909.10 PENNEY J C INC 7.4% 01 Apr 2037 100,000 111,721.40 PETRO CDA 5.95% 15 May 2035 1,200,000 1,212,837.80 PETROBRAS INTL FIN CO 7.75% 15 Sep 2014 1,800,000 1,944,000.00 PFIZER INC 4.65% 01 Mar 2018 1,250,000 1,200,571.15 PRINCIPAL LIFE INCOME FUNDINGS 5.1% 15 Apr 2014 300,000 299,590.92 PROLOGIS 5.25% 15 Nov 2010 1,400,000 1,396,800.89 QUEST DIAGNOSTICS INC 5.125% 01 Nov 2010 1,750,000 1,752,359.60 RBS CAP TR III 5.512% 29 Sep 2049 3,250,000 3,236,953.33 RESIDENTIAL ACCREDIT LNS INC 5% 25 May 2019 3,869,336 3,796,931.74 RESIDENTIAL CAP CORP 1200.375% 30 Jun 2010 1,500,000 1,524,745.22 RESIDENTIAL FDG MTG SECS I INC 5.5% 25 Dec 2034 1,715,221 1,695,295.44 ROYAL BK SCOTLAND GROUP PLC 6.4% 01 Apr 2009 1,750,000 1,823,474.57 ROYAL CARIBBEAN CRUISES LTD 7.5% 15 Oct 2027 522,000 559,192.50 ROYAL CARIBBEAN CRUISES LTD 6.875% 01 Dec 2013 800,000 847,312.00 SIMON PPTY GROUP L P 4.875% 15 Aug 2010 3,425,000 3,375,247.18 SIMON PPTY GROUP L P 5.625% 15 Aug 2014 750,000 758,922.38 SOUTHERN PWR CO 4.875% 15 Jul 2015 1,500,000 1,448,442.89 SPRINT CAP CORP 6.875% 15 Nov 2028 500,000 547,237.09 SPRINT CAP CORP 6.9% 01 May 2019 2,345,000 2,579,862.11 STRUCTURED ASSET SECS CORP 5.5% 25 Jul 2033 3,898,667 3,823,455.92 STRUCTURED ASSET SECS CORP 6% 25 Aug 2035 4,709,887 4,720,191.88 SYSCO CORP 4 2 5.375% 21 Sep 2035 500,000 493,557.86 TELECOM ITALIA CAP 4% 15 Jan 2010 3,800,000 3,627,540.57 TELEFONOS DE MEXICO S A 4.5% 19 Nov 2008 1,227,000 1,203,551.99 TELOFONOS DE MEXICO SA 5.5% 27 Jan 2015 3,000,000 2,959,500.00 TEMASEK FINL LTD 4.5% 21 Sep 2015 2,000,000 1,924,268.00 TENGIZCHEVROIL FIN CO S AR L 6.124% 15 Nov 2014 2,675,000 2,720,475.00 THOMSON CORP 5.5% 15 Aug 2035 750,000 729,384.04 TIME WARNER ENTMT CO L P 8.375% 15 Mar 2023 1,225,000 1,419,751.28 TOYOTA MTR CR CORP 4.25% 15 Mar 2010 375,000 365,932.56 TRANSOCEAN SEDCO FOREX INC 7.5% 15 Apr 2031 900,000 1,135,086.48 UNITED MEXICAN STS 4.625% 08 Oct 2008 3,040,000 3,008,080.00 UNITED STATES TREAS BD STRIP 0% 15 Aug 2025 7,300,000 2,954,681.28 UNITED STATES TREAS BDS 2.375% 15 Jan 2025 20,321,590 21,400,869.66 UNITED STATES TREAS BDS 3.625% 15 Apr 2028 13,656,436 17,653,128.78 UNITED STATES TREAS BDS 3.875% 15 Apr 2029 15,865,345 21,447,884.08 UNITED STATES TREAS BDS 3.375% 15 Apr 2032 4,165,532 5,430,479.31 UNITED STATES TREAS NTS 2% 15 Jan 2014 17,168,228 17,083,760.32 UNITED STATES TREAS NTS 0% 15 Jul 2014 15,626,627 15,553,338.60 UNITED STATES TREAS NTS 0.875% 15 Apr 2010 22,576,090 21,468,281.49 UNITED STATES TREAS NTS 1.625% 15 Jan 2015 15,426,250 14,873,064.75 UNITED STATES TREAS NTS 1.875% 15 Jul 2015 13,549,206 13,333,231.22 UNITED STATES TREAS NTS 1.875% 15 Jul 2013 16,640,875 16,421,215.33 UNITED STATES TREAS NTS 4.25% 15 Jan 2010 9,285,406 10,067,423.03 UNITED STATES TREAS NTS 3.875% 15 Jan 2009 12,965,428 13,633,925.47 UNITED STATES TREAS NTS 3.625% 15 Jan 2008 14,342,791 14,732,771.51 UNITED STATES TREAS NTS 3.375% 15 Jan 2007 13,747,591 13,854,960.04 UNITED STATES TREAS NTS 3.5% 15 Jan 2011 9,453,240 10,107,025.65 UNITED STATES TREAS NTS 3.375% 15 Jan 2012 5,170,238 5,560,435.79 UNITED STATES TREAS NTS 3% 15 Jul 2012 17,874,837 18,909,611.37 UNITED STATES TREAS NTS 3.5% 15 Aug 2009 33,000,000 32,046,300.33 UNITED STATES TREAS NTS 2.5% 30 Sep 2006 35,400,000 34,900,858.58

Source:State Street

Security Name Security Description Shares/Par Value Market ValueUNITED STATES TRES BD STRP PRN 0% 15 Aug 2017 29,100,000 17,233,018.25 UNITED STATES TRES BD STRP PRN 0% 15 Nov 2018 31,500,000 17,545,391.96 UNITED STATES TRES BD STRP PRN 0% 15 May 2018 12,100,000 6,902,979.34 UNITED STATES TRES SC STRP INT 0% 15 Feb 2018 6,800,000 3,913,950.12 UNITED STATES TRES SC STRP INT 0% 15 May 2017 45,000,000 26,863,855.20 VALE OVERSEAS LTD 8.25% 17 Jan 2034 2,450,000 2,820,562.50 VALERO ENERGY CORP NEW 7.5% 15 Apr 2032 500,000 605,929.45 VESSEL MGMT SVCS INC 6.08% 20 May 2024 2,268,750 2,450,204.63 VIRGINIA ELEC + PWR CO 4.75% 01 Mar 2013 700,000 681,745.86 WACHOVIA CORP NEW 5.5% 01 Aug 2035 500,000 486,275.03 WAL MART STORES INC 5.25% 01 Sep 2035 - - WAMU MTG PASS THROUGH CTFS 5% 25 Nov 2018 1,603,791 1,573,825.93 WAMU MTG PASS THROUGH CTFS 5.5% 25 Aug 2035 7,144,921 7,079,902.76 WELLS FARGO + CO NEW 3.5% 04 Apr 2008 2,320,000 2,255,487.92 WELLS FARGO + CO NEW 4.95% 16 Oct 2013 2,500,000 2,482,408.73 WELLS FARGO + CO NEW 5.125% 15 Sep 2016 2,000,000 1,982,916.56 WELLS FARGO MTG BACKED SECS 5% 25 Jun 2018 2,037,119 2,000,833.87 WELLS FARGO MTG BACKED SECS 5% 25 Jan 2020 2,992,879 2,936,523.81 WELLS FARGO MTG BACKED SECS TR 5.395% 25 Aug 2035 14,053,804 13,924,520.45 WESTAR ENERGY INC 5.15% 01 Jan 2017 1,000,000 972,536.00 WORLD SVGS BK FSB OAKLAND CALI 4.125% 15 Dec 2009 5,385,000 5,226,784.82 WRIGLEY WM JR CO 4.65% 15 Jul 2015 2,250,000 2,202,599.14 WYETH 5.5% 01 Feb 2014 1,750,000 1,772,773.01 XTO ENERGY INC 5% 31 Jan 2015 2,500,000 2,444,759.55 XTO ENERGY INC 5.3% 30 Jun 2015 500,000 500,397.46

TOTAL FIXED INCOME 1,270,396,673.37

ALTERNATIVE ASSETS

PRIVATE EQUITY

ACCEL VIII LP 558,245.25 AIG ASIAN INFRASTRUCTURE FNDII 3,393,080.83 AIG ASIAN INFRASTRUCTURE FUND 488,756.81 AIG GE CAPITAL LATIN AMERICA 8,121,730.17 AIG INDIAN SECTORAL EQUITY 641,849.16 ALTA SUB DEB III 191,958.00 ARCH VENTURE FUND VI, LP 838,600.00 ARSENAL CAP PTNERS 3,296,847.17 BAIN CAPITAL FUND VIII 2,278,397.02 BAIN CAPITAL VIII COINVETMENT 711,401.50 BLACKSTONE CAP PARTN IV LP 12,439,338.18 BLUERUN VENTURES III 868,410.00 CANAAN EQUITY PARTNERS VII 1,539,123.04 CENTURY PARK CAPITAL PTNS II 225,587.04 CHARLESBANK EQUITY FUND VI 1,121,946.30 CHINAVEST IV LTD PTNRS 180,603.00 CLAREMONT CREEK VENTURES LP 130,560.00 CLEARSTONE VENTURE PARTNERS 817,583.76 DARWIN VENTURE CAPITAL FUNDS 116,698.49 DCM IV 616,185.63 DE NOVO VENTURES II LP 2,002,039.31 DOMAIN PARTNERS VI LP 1,533,458.54 EOS CAPITAL PARTNERS III 1,510,886.52 EQUITY DISTRIBUTION SECURITIES 452,218.06 FORTRESS INVESTMENT FUND III 832,736.11 FREMONT PARTNERS III 1,555,460.14 GENSTAR CAPITAL PARTNERS IV 1,314,533.09 GLENCOE CAP INSTL PARTNERS III 449,020.83 GLENCOE CAPITAL PARTNERS III 1,721,002.35 GLOBESPAN CAPITAL PARTNERS IV 1,885,382.52 GOLDER THOMA CRESSEY RAUNER 25,670.45 GOLDER THOMA CRESSEY RAUNER V 1,935,132.29 GRAHAM PARTNERS II 1,133,608.86 GRANITE GLOBAL VENTURES II LP 2,702,533.66 HUMMER WINVLAD VENTURE PTR III 150,776.94

Source:State Street

Security Name Security Description Shares/Par Value Market ValueINSIGHT VENTURE PARTNERS V 3,046,880.40 INSIGHT VENURE PARTNERS V 466,517.06 INSTITUTE VENTURES PTNS VI 183,976.80 INSTITUTIONAL VENTURE PARTNS 157,916.16 INSTITUTIONAL VENTURE PTR VIII 985,927.39 INTERSOUTH PARTNERS V LP 883,403.68 INTERSOUTH PARTNERS VI 1,072,624.22 INTERWEST PARTNERS IV 487.20 INTERWEST PARTNERS IX 920,000.00 INTERWEST PARTNERS V LP 169,848.76 INTERWEST PARTNERS VI LP 231,858.92 INTERWEST PARTNERS VII LP 1,113,858.48 INTERWEST PARTNERS VIII 2,101,920.00 INVERNESS PARTNERS II LP 1,551,034.58 IVP VII 1,134,967.67 JLL PARTNERS FUND V, LP 2,711,810.00 KELSO INVESTMENT ASSOC VII 3,671,290.29 KODIAK VENTURES III 942,178.11 KPCB AGG INVESTMENT GEP 4,049,171.35 KRG CAPITAL III LP 1,451,458.99 LAKE CAPITAL PARTNERS LP 2,410,871.03 LATIN AMERICAN CAPITAL II LP 3,441,460.12 LIGHTHOUSE CAPITAL PARTNERS V 3,347,321.00 LINDSAY GOLDBERG + BESSEMER LP 3,405,701.12 MAYFIELD VIII 298,460.50 NOVAK BIDDLE VENTURE PARTNERS 303,544.50 OXFORD BIOSCIENCE IV 1,667,224.00 OXFORD BIOSCIENCE PARTNERS III 966,540.00 PALOMAR VENTURES III 903,534.30 PERSEUS 2000 EXPANSION 2,893,378.42 PERSEUS SOROS BIO PHARM LP 1,580,673.22 POLARIS VENTURE PARTNERS III 1,054,929.91 POLARIS VENTURE PARTNERS IV 2,784,390.00 REDPOINT VENTURE I LP 852,646.50 REDPOINT VENTURES II LP 1,204,455.36 SEQUOIA AGGREGATE INVESTMENT 4,956,935.90 SKM EQUITY FUND II 3,064,626.26 SUN CAPITAL IV LP 1,596,067.20 TECHNOLOGY PARTNERS WEST FD IV 103,033.20 UPDATA PARTNERS III 1,316,543.59 VENTURE STRATEGY PARTN II L P 513,801.60 VENTURE STRATEGY PARTNERS III 5,623.50 VERSANT VENTURE CAPITAL II LP 1,350,600.00 VERSANT VENTURES I LP 2,403,006.00 WARBURG PINCUS 391,677.92 WARBURG PINCUS IX 13,320,000.00 WARBURG PINCUS PRT EQT VIII 40,000.00 WCAS CAPITAL PARTNERS II 475,052.50 WCAS III 14,878,620.00 WCAS VI 712,407.10 WELSH CARSON ANDERSON + STOWE 3,889,050.00 WICKS COMM + MEDIA PRTNS III 458,481.09

REAL ESTATE

AMB INSTITUTIONAL ALLIANCE 3,172,980.00 PRISA II PRUDENTIAL REAL EST. 7,528,442.39 REALTY ASSOCIATES FUND VII 10,000,000.00

ABSOLUTE RETURN

AVENUE SPECIAL SITUATIONS III 14,334,006.14 CAMDEN ST ALBANS PARTNERS LTD 20,307,804.34 CANYON VALUE REALIZATION FD 53,463,763.92 CARL MARKS STRATEGIC INV LP 24,868,897.19 DAVIDSON KEMPNER INST PRTNR 53,015,400.00

Source:State Street

Security Name Security Description Shares/Par Value Market ValueIVY RISING STARS OFFSHORE FD 36,124,109.42 MAVERICK FUND LTD 40,424,140.09 OCM HIGH YIELD PLUS 22,177,531.00 OCONNOR GLOBAL FUNDAMENTAL 52,007,631.43 OZ OVERSEAS FUND LTD 41,960,790.56 SATELLITE CREDIT OPPORTUNITIES 21,218,940.00 SATELLITE OVERSEAS LTD PRTNSHP 41,677,895.60 SIRIOS FUND 46,178,549.56

TOTAL ALTERNATIVE ASSETS 649,680,028.56

TOTAL SECURITIES 5,467,174,489.37

CASH & CASH EQUIVALENTS 40,813,581.76

ACCOUNTS RECEIVABLE & ACCRUED INCOME 11,920,912.04

ACCOUNTS PAYABLE (103,443.24)

TOTAL NET ASSETS 5,519,805,539.93

Source:State Street


EQUITY INVESTMENTS

EXTERNALLY MANAGED FUNDS(SC = Small Cap LC = Large Cap)

Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueACADIAN EMERGING MARKETS FUND 87,824,529.60 ADAGE CAPITAL LC 29,232,234.00 AMERICAN CENTURY SC 14,113,054.66 AMEX/KENWOOD SC 18,829,824.00 AQR NON-US 49,796,711.08 ARK ASSET MANAGEMENT CO INC LC 61,637,926.86 AXA ROSENBERG SC 15,418,061.62 BRANDYWINE NON- US 50,262,218.07 BURGUNDY SC 14,164,934.48 CAPITAL GUARDIAN TRUST COMPANY LC 54,730,627.54 CAUSEWAY NON-US 97,988,878.73 CGI EMERGING MARKETS GF 20,470,461.14 CORTINA ASSET MGT SC 12,140,050.40 DELAWARE GROWTH LC 59,298,321.87 DELAWARE INV ADV SC 10,210,412.92 EAFE + CANADA TF INTL INDEX FD 681,528,781.69 FRANKLIN PORTFOLIO ASSOCIATES LC 89,899,018.12 FREEMAN ASSOCIATES INVESTMENT LC 62,028,386.51 GENESIS EMERGING MKT FD 130,105,182.12 GMO NON US 70,307,538.41 GMO TR EMERGING MARKETS 103,224,843.49 GOLDMAN SACHS ASSET MGMT L P LC 53,541,819.12 HANSBERGER NON-US 53,622,797.07 HARRIS ASSOCIATES LP LC 57,650,148.49 HOTCHKIS + WILEY CAP MGMT LC 64,527,251.00 INTECH LC 54,817,817.53 IRONBRIDGE SC 12,042,884.46 JP MORGAN FLEMING NON-US 67,841,642.79 LSV ASSET MANAGEMENT LC 37,701,546.75 MAZAMA SC 11,189,144.66 MFS NON-US 97,392,910.41 MONDRIAN NON US 48,649,808.54 NEW STAR NON US 54,401,977.17 NWQ INVESTMENT MGT CP LLC LC 37,156,366.75 PANAGORA NON-US 52,047,224.50 PZENA INVESTMENT MGMT LC 59,541,719.63 RUSSELL 3000 TF INDEX FUND 1,032,947,881.59 SANDERSON NON US 48,436,185.31 TEMPLETON INSTL FDS EMERGING MRKT 12,939,338.68 THORNBURG MTG INC LC 71,809,858.71 UBS SC 11,101,115.36 VICTORY CAPITAL MGT INC LC 62,186,258.71 WELLINGTON MANAGEMENT CO LLP LC 49,747,709.06 WELLINGTON SC 14,367,127.62

TOTAL EQUITY - 3,798,872,531.22

Source: State Street 1

Security Name Interest Rate Maturity Date Shares/Par Value Base Market Value

FIXED INCOME


ALBERTSONS INC 7.25 5/1/2013 1,300,000 1,322,282.00 ALL STATE CORP 7.2 12/1/2009 2,000,000 2,109,164.88 AMEREN UN ELEC 5.1 10/1/2019 1,000,000 924,339.37 AMERICA MOVIL S A DE C V 6.375 3/1/2035 3,000,000 2,926,929.00 AMERICA MOVIL S A DE C V 6.375 3/1/2035 1,000,000 975,643.00 AMERICAN ELEC PWR INC 5.375 3/15/2010 2,500,000 2,486,955.83 AMERICAN GEN FIN CORP MTN 4.875 7/15/2012 2,000,000 1,950,086.98 AMERICAN INTL GROUP INC 4.25 5/15/2013 1,700,000 1,599,682.34 AMERICAN INTL GROUP INC 5.05 10/1/2015 1,000,000 975,476.07 ANADARKO PETE CORP 5.95 9/15/2016 1,500,000 1,502,676.89 ASSET BACKED FUNDING CERTIFICA 5.49 1/25/2037 1,965,265 1,965,295.92 AT+T WIRELESS 8.125 5/1/2012 790,000 888,356.42 AT+T WIRELESS SVCS INC 8.75 3/1/2031 850,000 1,101,546.36 BAE SYS HLDGS INC 4.75 8/15/2010 1,300,000 1,265,048.20 BANK AMER CORP 5.42 3/15/2017 3,000,000 2,976,765.00 BCP CRYSTAL U S HLDGS CORP 9.625 6/15/2014 3,000,000 3,315,000.00 BEAR STEARNS ARM TR 4.625 2/25/2036 13,914,251 13,670,999.44 BEAR STEARNS ARM TRUST 4.756902 12/25/2035 13,962,546 13,812,568.53 BEAR STEARNS ASSET BKD SEC 5.45 7/25/2036 5,748,828 5,748,917.86 BEAR STEARNS AST BKD SECS TR 5.45 10/25/2036 4,676,856 4,679,049.65 BECTON DICKINSON + CO 7 8/1/2027 500,000 567,204.15 BOYD GAMING CORP 7.125 2/1/2016 3,000,000 2,985,000.00 BRAZIL FEDERATIVE REP 9.25 10/22/2010 4,500,000 5,085,000.00 BRAZIL FEDERATIVE REP 10 8/7/2011 4,500,000 5,310,000.00 BRAZIL FEDERATIVE REP 7.875 3/7/2015 9,000,000 10,026,000.00 BRAZIL FEDERATIVE REP 6 1/17/2017 1,500,000 1,477,500.00 BRAZIL FEDERATIVE REP 8 1/15/2018 6,000,000 6,672,000.00 BRAZIL FEDERATIVE REP 8.75 2/4/2025 11,500,000 14,202,500.00 BRAZIL FEDERATIVE REP 8.75 2/4/2025 250,000 308,750.00 BRAZIL FEDERATIVE REP 8.25 1/20/2034 2,000,000 2,425,000.00 C10 CAP SPV LTD 6.722 12/1/2049 1,550,000 1,556,820.00 CANADIAN NATL RY CO 6.8 7/15/2018 1,790,000 1,993,406.47 CARNIVAL CORP 3.75 11/15/2007 2,815,000 2,771,327.53 CASE NEW HOLLAND INC 7.125 3/1/2014 4,000,000 4,060,000.00 CCSA FIN LTD 7.875 5/17/2016 1,000,000 1,072,500.00 CCSA FIN LTD 7.875 5/17/2016 3,000,000 3,217,500.00 CELULOSA ARAUCO Y CONSTITUCION 7.75 9/13/2011 700,000 755,223.00 CENTEX CORP 5.25 6/15/2015 500,000 473,676.80 CHESAPEAKE ENERGY CORP 6.375 6/15/2015 3,000,000 2,970,000.00 CHESAPEAKE ENERGY CORP 6.375 6/15/2015 500,000 495,000.00 CHRYSLER CORP 7.45 3/1/2027 1,137,000 1,216,071.87 CISCO SYS INC 5.25 2/22/2011 2,000,000 2,004,885.72 CITIGROUP INC 5.85 8/2/2016 3,000,000 3,098,868.72 COLOMBIA REP 8.25 12/22/2014 1,000,000 1,135,000.00 COLOMBIA REP 7.375 1/27/2017 6,000,000 6,450,000.00 COLUMBIA REP 9.75 4/23/2009 1,000,000 1,090,000.00 COLUMBIA REP 7.375 9/18/2037 500,000 536,750.00 COMCAST CORP NEW 5.45 11/15/2010 2,000,000 2,007,340.24 COMCAST CORP NEW 5.875 2/15/2018 700,000 691,083.69 COMPANHIA BRASILEIRA BEBIDAS 8.75 9/15/2013 1,000,000 1,165,000.00 COMPANHIA BRASILEIRA BEBIDAS 8.75 9/15/2013 1,000,000 1,165,000.00


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueCONSTELLATION BRANDS INC 7.25 9/1/2016 2,500,000 2,568,750.00 CORPORACION NACIONAL DEL COBRE 6.375 11/30/2012 1,450,000 1,513,565.10 COSTA RICA REP 6.548 3/20/2014 2,000,000 2,037,000.00 COX COMMUNICATIONS INC MTN 6.95 1/15/2028 500,000 515,118.50 COX COMMUNICATIONS INC NEW 5.875 12/1/2016 1,000,000 992,907.00 CRH AMER INC 6 9/30/2016 2,000,000 2,016,698.16 D R HORTON INC 6.125 1/15/2014 500,000 496,461.00 D R HORTON INC 5.625 9/15/2014 1,500,000 1,451,710.62 DAIMLERCHRYSLER NTH AMER HLDG 5.75 9/8/2011 1,250,000 1,248,266.13 DELHAIZE AMER INC 8.125 4/15/2011 1,000,000 1,078,756.00 DENBURY RES INC DEL 7.5 4/1/2013 2,500,000 2,537,500.00 DEVELOPERS DIVERSIFIED RLTY 5.25 4/15/2011 1,000,000 985,913.24 DIRECTV HLDGS LLC 6.375 6/15/2015 300,000 287,625.00 DOMINION RES INC VA NEW 6.3 9/30/2066 1,000,000 1,004,674.76 DPL INC 6.875 9/1/2011 1,500,000 1,574,185.98 EMBARQ CORP 7.082 6/1/2016 1,200,000 1,221,967.07 EMPRESA NACIONAL DE 8.5 4/1/2009 2,670,000 2,843,016.08 EMPRESA NACIONAL DE ELECTRIC 8.35 8/1/2013 200,000 225,164.00 ENERSIS SA 7.375 1/15/2014 700,000 752,297.01 ENTERPRISE PRODS OPER L P 8.375 8/1/2066 3,500,000 3,791,221.00 ENTERPRISE PRODUCTS OPER 4.95 6/1/2010 2,359,000 2,315,251.45 EQUISTAR CHEMICALS PL FDG CORP 8.75 2/15/2009 2,000,000 2,095,000.00 EQUISTAR CHEMICALS PL FDG CORP 8.75 2/15/2009 500,000 523,750.00 EQUITY RESIDENTIAL 5.125 3/15/2016 1,500,000 1,443,504.65 FEDERAL HOME LN BANK 4.25 9/26/2007 11,000,000 10,916,296.60 FEDERAL HOME LN MTG CORP 5.25 5/21/2009 12,000,000 12,077,312.40 FEDERAL NATL MTG ASSN 2.375 2/15/2007 6,360,000 6,338,922.96 FEDERAL NATL MTG ASSN 5 9/14/2007 13,000,000 12,971,494.90 FEDERAL NATL MTG ASSN 6.25 2/1/2011 9,900,000 10,323,642.78 FEDERAL NATL MTG ASSN 5.25 8/1/2012 1,200,000 1,207,618.68 FEDERAL NATL MTG ASSN 6 8/22/2016 12,000,000 12,080,634.00 FNMA TBA JAN 15 SINGLE FAM 5.5 12/1/2099 41,000,000 40,987,187.50 FNMA TBA JAN 15 SINGLE FAM 5 12/1/2099 35,000,000 34,403,908.00 FNMA TBA JAN 15 SINGLE FAM 4.5 12/1/2099 26,000,000 25,075,780.60 FNMA TBA JAN 30 SINGLE FAM 5 12/1/2099 35,000,000 33,785,937.50 FNMA POOL 702021 5.75 5/1/2033 969,361 969,512.57 FNMA POOL 702024 5.25 5/1/2033 3,079,164 3,016,557.84 FNMA POOL 730016 4 7/1/2018 1,573,666 1,483,717.94 FORD MTR CO DEL 7.45 7/16/2031 2,000,000 1,570,000.00 FORD MTR CR CO 6.625 6/16/2008 1,500,000 1,498,980.00 FORD MTR CR CO 5.7 1/15/2010 1,450,000 1,382,987.24 FORD MTR CR CO 8 12/15/2016 1,200,000 1,185,780.00 FPL GROUP CAP INC 6.35 10/1/2066 1,500,000 1,519,967.09 GAZ CAP SA LUXEMBOURG 6.212 11/22/2016 3,500,000 3,524,500.00 GAZ CAPITAL 8.625 4/28/2034 2,000,000 2,570,000.00 GAZPROM INTL S A 7.201 2/1/2020 1,000,000 1,057,500.00 GENERAL ELEC CAP CORP MTN 3.75 12/15/2009 2,250,000 2,165,326.83 GENERAL ELEC CAP CORP MTN 5.875 2/15/2012 1,750,000 1,799,881.79 GENERAL ELEC CO 5 2/1/2013 2,500,000 2,469,713.98 GENERAL MTRS ACCEP CORP 5.85 1/14/2009 3,000,000 2,988,630.00 GENERAL MTRS ACCEP CORP 5.625 5/15/2009 250,000 247,490.25 GENERAL MTRS ACCEP CORP 6.875 9/15/2011 500,000 515,219.25 GENERAL MTRS CORP 8.375 7/15/2033 1,500,000 1,387,500.00 GENETECH INC 4.75 7/15/2015 1,300,000 1,244,121.98 GMAC LLC 6.125 1/22/2008 2,000,000 1,995,620.00 GOLDMAN SACHS CAP I 6.345 2/15/2034 1,550,000 1,565,023.08


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueGOLDMAN SACHS GROUP INC 5.15 1/15/2014 2,000,000 1,964,776.46 GOLDMAN SACHS GROUP INC 6.45 5/1/2036 1,500,000 1,562,822.91 GRUPO TELEVISA SA 6.625 3/18/2025 3,620,000 3,759,891.28 GRUPO TELEVISA SA 6.625 3/18/2025 700,000 727,050.80 GSAMP 5.43 6/25/2036 5,000,000 5,000,000.00 HARRAHS OPER INC 5.5 7/1/2010 1,000,000 980,151.00 HARRAHS OPER INC 5.5 7/1/2010 1,350,000 1,323,203.85 HCA INC 9.125 11/15/2014 600,000 641,250.00 HERTZ CORP 8.875 1/1/2014 3,500,000 3,666,250.00 HOVNANIAN K ENTERPRISES INC 6.25 1/15/2015 1,500,000 1,425,000.00 HOVNANIAN K ENTERPRISES INC 6.25 1/15/2015 1,000,000 950,000.00 HOVNANIAN K ENTERPRISES INC 7.5 5/15/2016 1,000,000 1,005,000.00 HSBC FIN CAP TR IX 5.911 11/30/2035 2,800,000 2,830,111.45 HSBC FIN CORP 4.625 9/15/2010 2,000,000 1,959,448.86 HUTCHISON WHAMPOA INTL 6.25 1/24/2014 1,000,000 1,038,360.00 IDEARC INC 8 11/15/2016 1,200,000 1,218,000.00 INDYMAC INDX MTG LN TR 5.072727 11/25/2036 8,384,230 8,385,508.97 INTERNATIONAL FIN FAC 5 11/14/2011 1,250,000 1,238,853.75 ITC HLDGS CORP 5.875 9/30/2016 700,000 694,660.40 JPMORGAN CHASE + CO 5.15 10/1/2015 2,500,000 2,454,228.40 JPMORGAN CHASE CAP XV 5.875 3/15/2035 1,250,000 1,218,871.11 KERR MCGEE CORP 6.95 7/1/2024 1,000,000 1,067,282.10 L 3 COMMUNICATIONS CORP 6.125 1/15/2014 1,480,000 1,446,700.00 L 3 COMMUNICATIONS CORP 5.875 1/15/2015 2,000,000 1,930,000.00 L 3 COMMUNICATIONS CORP 5.875 1/15/2015 1,320,000 1,273,800.00 LEHMAN BROS HLDGS INC 5.75 1/3/2017 1,500,000 1,520,014.68 LOBLAWS COS LTD CPN RCPTS CDS 0 11/23/2033 15,000,000 2,630,856.36 LORAL CORP 7 9/15/2023 1,150,000 1,299,315.89 LUBRIZOL CORP 4.625 10/1/2009 2,000,000 1,955,219.60 LYONDELL CHEMICAL CO 8 9/15/2014 1,000,000 1,037,500.00 MEDTRONIC INC 4.375 9/15/2010 1,500,000 1,457,599.19 METLIFE INC 6.4 12/15/2036 1,000,000 1,008,499.95 METROPOLITAN LIFE GLOBAL FDG I 4.5 5/5/2010 2,000,000 1,962,074.00 MEXICO UNITED MEXICAN STS 8.125 12/30/2019 450,000 546,750.00 MGM MIRAGE 6 10/1/2009 2,300,000 2,294,250.00 MGM MIRAGE 6.75 9/1/2012 3,800,000 3,743,000.00 MORGAN STANLEY IXIS REAL ESTAT 5.35 7/25/2036 39,982,700 39,970,225.22 NATIONAL GAS CO TRINIDAD + TOB 6.05 1/15/2036 1,500,000 1,462,945.50 NEIMAN MARCUS GROUP INC 10.375 10/15/2015 1,300,000 1,446,250.00 NEVADA PWR CO 6.5 5/15/2018 1,000,000 1,036,660.00 NEWS AMER INC 6.4 12/15/2035 1,000,000 1,000,022.51 NEXTEL COMMUNICATIONS INC 5.95 3/15/2014 1,200,000 1,174,500.00 NORFOLK SOUTHN CORP 6.75 2/15/2011 2,000,000 2,096,790.00 OHIO PWR CO 6.6 2/15/2033 1,900,000 2,020,691.14 OWENS BROCKWAY GLASS CONTAINER 7.75 5/15/2011 1,500,000 1,541,250.00 OWENS BROCKWAY GLASS CONTAINER 6.75 12/1/2014 2,000,000 1,940,000.00 PACIFIC GAS + ELEC CO 4.2 3/1/2011 2,000,000 1,913,410.64 PANAMA REP 7.25 3/15/2015 3,500,000 3,788,750.00 PANAMA REP 7.125 1/29/2026 2,000,000 2,160,000.00 PANAMERICAN BEVERAGES INC 7.25 7/1/2009 3,300,000 3,432,000.00 PEMEX PROJ FDG MASTER TR 9.375 12/2/2008 1,530,000 1,637,100.00 PEMEX PROJ FDG MASTER TR 9.375 12/2/2008 1,000,000 1,070,000.00 PEMEX PROJ FDG MASTER TR 5.75 12/15/2015 1,500,000 1,489,500.00 PEMEX PROJ FDG MASTER TR 8.625 2/1/2022 750,000 927,000.00 PEMEX PROJ FDG MASTER TR 8.625 2/1/2022 1,000,000 1,236,000.00 PENNEY J C INC 7.125 11/15/2023 1,405,000 1,545,953.96


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValuePERU REP 9.125 2/21/2012 3,000,000 3,465,000.00 PERU REP 8.375 5/3/2016 1,000,000 1,187,500.00 PERU REP 7.35 7/21/2025 1,000,000 1,130,000.00 PETROBRAS INTL FIN CO 7.75 9/15/2014 1,000,000 1,112,500.00 PETROBRAS INTL FIN CO 7.75 9/15/2014 1,100,000 1,223,750.00 PETROBRAS INTL FIN CO 6.125 10/6/2016 1,000,000 1,010,000.00 PETROBRAS INTL FIN CO 8.375 12/10/2018 1,000,000 1,192,500.00 PHILIPPINE LONG DIST TEL CO ME 8.35 3/6/2017 1,006,000 1,141,810.00 PHILIPPINES REP 8.375 2/15/2011 4,250,000 4,653,750.00 PHILIPPINES REP 8.25 1/15/2014 1,000,000 1,128,750.00 PHILIPPINES REP 8.25 1/15/2014 1,000,000 1,128,750.00 PHILIPPINES REP 8 1/15/2016 3,850,000 4,379,375.00 PHILIPPINES REP 9.375 1/18/2017 1,300,000 1,602,250.00 PHILIPPINES REP 7.75 1/14/2031 2,500,000 2,837,500.00 PREMCOR REFNG GROUP INC 6.75 5/1/2014 2,000,000 2,096,137.00 PROLOGIS 5.625 11/15/2016 1,000,000 988,810.27 QUEST DIAGNOSTICS INC 5.125 11/1/2010 1,750,000 1,727,349.42 QUEST DIAGNOSTICS INC 5.45 11/1/2015 500,000 481,170.85 R H DONNELLEY CORP 6.875 1/15/2013 4,000,000 3,835,000.00 RAS LAFFAN LIQUEFIED NAT GAS 6.332 9/30/2027 1,000,000 1,012,890.00 RAS LAFFAN LIQUEFIED NAT GAS 6.332 9/30/2027 700,000 709,023.00 RAS LAFFAN LNG 5.832 9/30/2016 1,300,000 1,305,857.28 RBS CAP TR III 5.512 9/29/2049 3,250,000 3,215,001.11 RESIDENTIAL CAP CORP 6 2/22/2011 2,100,000 2,098,149.82 ROGERS CABLE INC 6.75 3/15/2015 3,500,000 3,606,190.00 ROYAL CARIBBEAN CRUISES LTD 6.875 12/1/2013 800,000 810,916.80 ROYAL CARIBBEAN CRUISES LTD 7.5 10/15/2027 522,000 511,435.76 RUSSIAN FEDERATION 10 6/26/2007 3,000,000 3,063,000.00 RUSSIAN FEDN 8.25 3/31/2010 5,055,635 5,283,138.95 RUSSIAN FEDN 5 3/31/2030 10,000,000 11,312,500.00 SABMILLER PLC 6.2 7/1/2011 3,000,000 3,070,596.00 SBC COMMUNICATIONS INC 6.15 9/15/2034 2,000,000 1,963,382.56 SIEMENS FINANCIERINGSMAATSCHAP 6.125 8/17/2026 2,000,000 2,043,538.00 SIMON PPTY GROUP L P 4.875 8/15/2010 2,000,000 1,965,631.26 SOCIEDAD QUIMICA Y MINERA DE 6.125 4/15/2016 900,000 904,131.00 SOUTHERN PWR CO 4.875 7/15/2015 2,000,000 1,891,654.96 SPRINT CAP CORP 6.9 5/1/2019 450,000 463,352.23 SPRINT CAP CORP 6.875 11/15/2028 500,000 500,815.39 SUNGARD DATA SYS INC 9.9725 8/15/2013 400,000 415,500.00 SUNGARD DATA SYSTEMS 10.25 8/15/2015 500,000 533,750.00 TECO ENERGY INC 7 5/1/2012 1,000,000 1,052,500.00 TELEFONOS DE MEXICO S A 4.5 11/19/2008 1,227,000 1,204,868.60 TELOFONOS DE MEXICO SA 5.5 1/27/2015 2,000,000 1,946,928.00 TEMASEK FINL LTD 4.5 9/21/2015 1,000,000 948,836.00 TENGIZCHEVROIL FIN CO S AR L 6.124 11/15/2014 3,675,000 3,665,812.50 TENGIZCHEVROIL FIN CO S AR L 6.124 11/15/2014 1,000,000 997,500.00 TEVA PHARMACEUTICAL FIN CO LLC 6.15 2/1/2036 750,000 730,209.16 TIME WARNER ENTMT CO L P 8.375 3/15/2023 500,000 584,165.77 TRANSOCEAN SEDCO FOREX INC 7.5 4/15/2031 900,000 1,019,914.06 TURKEY REP 10.5 1/13/2008 4,000,000 4,200,000.00 TURKEY REP 7.25 3/15/2015 5,000,000 5,168,750.00 TURKEY REP 7.375 2/5/2025 2,500,000 2,562,500.00 TURKEY REP 6.875 3/17/2036 2,000,000 1,910,000.00 UNITED MEXICAN STS 6.75 9/27/2034 1,000,000 1,080,000.00 UNITED MEXICAN STS MTN 5.625 1/15/2017 6,500,000 6,506,500.00 UNITED STATES TREAS BD 0 11/15/2027 16,350,000 5,942,407.50


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueUNITED STATES TREAS BDS 2.375 1/15/2025 24,364,073 24,270,515.00 UNITED STATES TREAS BDS 2 1/15/2026 15,835,478 14,888,041.58 UNITED STATES TREAS BDS 3.625 4/15/2028 16,285,095 19,684,608.58 UNITED STATES TREAS BDS 3.875 4/15/2029 18,731,934 23,600,551.37 UNITED STATES TREAS BDS 3.375 4/15/2032 4,944,111 5,975,798.40 UNITED STATES TREAS NTS 3.625 1/15/2008 6,121,717 6,185,811.38 UNITED STATES TREAS NTS 3.625 1/15/2008 17,107,076 17,286,186.77 UNITED STATES TREAS NTS 3.875 1/15/2009 15,464,976 15,893,819.99 UNITED STATES TREAS NTS 4.25 1/15/2010 11,063,172 11,645,758.95 UNITED STATES TREAS NTS 0.875 4/15/2010 26,492,236 25,122,057.93 UNITED STATES TREAS NTS 3.5 1/15/2011 11,110,798 11,565,674.35 UNITED STATES TREAS NTS 2.375 4/15/2011 16,767,169 16,704,292.54 UNITED STATES TREAS NTS 3.375 1/15/2012 6,155,176 6,427,235.14 UNITED STATES TREAS NTS 4.875 2/15/2012 25,300,000 25,535,037.25 UNITED STATES TREAS NTS 3 7/15/2012 21,210,771 21,835,428.41 UNITED STATES TREAS NTS 4 11/15/2012 8,600,000 8,305,191.91 UNITED STATES TREAS NTS 1.875 7/15/2013 19,846,856 19,186,551.49 UNITED STATES TREAS NTS 2 1/15/2014 20,349,202 19,777,185.80 UNITED STATES TREAS NTS 2 7/15/2014 18,635,507 18,096,754.53 UNITED STATES TREAS NTS 1.625 1/15/2015 18,395,493 17,323,403.75 UNITED STATES TREAS NTS 1.875 7/15/2015 15,981,002 15,321,785.34 UNITED STATES TREAS NTS 2 1/15/2016 15,836,495 15,299,321.24 UNITED STATES TREAS NTS 2.5 7/15/2016 15,563,968 15,689,101.96 UNITED STATES TRES SC STRP INT 0 11/15/2017 3,865,000 2,294,457.25 UNITED STATES TRES SC STRP INT 0.01 2/15/2018 2,170,000 1,273,204.10 VALE OVERSEAS LTD 6.25 1/11/2016 500,000 504,859.50 VALE OVERSEAS LTD 8.25 1/17/2034 1,000,000 1,184,542.00 VALE OVERSEAS LTD 8.25 1/17/2034 1,000,000 1,184,542.00 VESSEL MGMT SVCS INC 6.08 5/20/2024 2,146,750 2,262,395.42 VOTO VOTORANTIM OVERSEAS TRAD 7.75 6/24/2020 3,430,000 3,875,900.00 WELLS FARGO BK NATL ASSN 5.75 5/16/2016 1,000,000 1,025,840.15 WELLS FARGO BK NATL ASSN 5.95 8/26/2036 500,000 515,594.68 WELLS FARGO CAP X 5.95 12/15/2086 1,000,000 1,000,724.79 WESTERN RES INC 7.125 8/1/2009 1,250,000 1,292,016.25 WINDSTREAM CORP 8.625 8/1/2016 2,500,000 2,737,500.00 WYETH 5.5 2/1/2014 1,750,000 1,761,712.82 XTO ENERGY INC 5 1/31/2015 1,000,000 950,514.76

FIXED INCOME - EXTERNALLY MANAGED FUNDS

GOLDMAN SACHS HIGH YIELD 25,722,400.00 WGBI EX US INDEX FUND 169,568,784.00

TOTAL FIXED INCOME 1,284,431,960.05

ALTERNATIVE ASSETS

PRIVATE EQUITY

ACCEL VIII LP 712,839.61 AIG ASIAN INFRASTRUCTURE FNDII 1,987,538.08 AIG ASIAN INFRASTRUCTURE FUND 64,294.60 AIG GE CAPITAL LATIN AMERICA 5,727,346.85 AIG INDIAN SECTORAL EQUITY 496,230.77 AISLING CAPITAL 11 758,986.79


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueALTA SUB DEB III 162,708.00 APOLLO INVESTMENT FUND VI LP 4,070,000.23 ARCH VENTURE FUND VI, LP 1,487,631.88 ARES CORP OPPORTUNITY FUND II 202,295.95 ARSENAL CAP PTNERS 3,135,362.23 ARSENAL CAPITAL PARTNERS II LP 114,142.00 BAIN CAPITAL FUND IX LP 923,062.73 BAIN CAPITAL FUND VIII 3,727,817.92 BAIN CAPITAL IX COINVESTMENT F 311,275.43 BAIN CAPITAL VIII COINVETMENT 1,196,178.48 BLACKSTONE CAP PARTN IV LP 10,931,960.81 BLACKSTONE CAPITAL PARTNERS V 14,900,988.60 BLUERUN VENTURES LP 2,417,795.25 CANAAN EQUITY PARTNERS VII 3,951,706.40 CENTURY PARK CAPITAL PTNS II 1,779,298.42 CHARLESBANK EQUITY FUND VI 1,479,999.78 CLAREMONT CREEK VENTURES LP 794,806.27 CLEARSTONE VENTURE PARTNERS 1,828,592.00 DARWIN VENTURE CAPITAL FUNDS 395,635.00 DCM IV 1,712,086.88 DE NOVO VENTURES II LP 3,549,437.62 DE NOVO VENTURES III 15,000.00 DOMAIN PARTNERS VI LP 2,116,873.99 DOMAIN PARTNERS VII 60,781.77 EOS CAPITAL PARTNERS III 3,442,983.37 EQUITY DISTRIBUTION SECURITIES 672,090.16 FIRST RESERVE FUND XI LP 27,852.50 FORTRESS INVESTMENT FUND III 2,711,593.19 FORTRESS INVESTMENT FUND IV 164,201.32 FOX PAINE CAPITAL FUND III LP 11,902.12 FREMONT PARTNERS III 2,426,350.89 GENSTAR CAPITAL PARTNERS IV 2,132,018.86 GLENCOE CAP INSTL PARTNERS III 330,163.43 GLENCOE CAPITAL PARTNERS III 1,178,632.27 GLOBESPAN CAPITAL PARTNERS IV 2,374,427.45 GLOBESPAN CAPITAL PARTNERS V 51,112.77 GOLDER THOMA CRESSEY RAUNER 351.65 GOLDER THOMA CRESSEY RAUNER V 1,591,239.20 GRAHAM PARTNERS II 2,262,861.75 GRANITE CLOBAL VENTURES III 119,788.60 GRANITE GLOBAL VENTURES II LP 4,008,525.11 GRANITE VENTURES II 1,414,710.00 HUMMER WINBLAD VENTURE PTR III 47,214.79 INSIGHT VENTURE PARTNERS V 1,979,274.22 INSIGHT VENTURE PARTNERS V 7,351,933.87 INSTITUTIONAL VENTURE PARTNS 317,790.18 INSTITUTIONAL VENTURE PTR VIII 1,141,176.49 INTERSOUTH PARTNERS V LP 889,361.40 INTERSOUTH PARTNERS VI 1,725,906.09 INTERSOUTH PARTNERS VII 14,000.00 INTERWEST PARTNERS IX 2,094,656.00 INTERWEST PARTNERS V LP 121,431.58 INTERWEST PARTNERS VI LP 179,041.72 INTERWEST PARTNERS VII LP 1,206,178.59 INTERWEST PARTNERS VIII 2,255,628.00 INVERNESS PARTNERS II LP 1,900,190.63


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueITU VENTURES III 1,020,393.59 IVP VI 158,239.60 IVP VII 1,174,161.50 J C FLOWERS II LP 384,058.40 JLL PARTNERS FUND V, LP 7,209,277.14 KELSO INVESTMENT ASSOC VII 4,007,895.94 KODIAK VENTURES III 1,688,142.77 KPCB AGG INVESTMENT GEP 3,581,579.68 KRG CAPITAL III LP 3,865,771.69 LAKE CAPITAL PARTNERS LP 3,546,506.98 LATIN AMERICAN CAPITAL II LP 1,587,844.96 LIGHTHOUSE CAPITAL PARTNERS V 4,415,310.00 LIGHTSPEED VENTURE PTNERS VII 1,724,118.40 LINDSAY GOLDBERG + BESSEMER II 17,050.23 LINDSAY GOLDBERG + BESSEMER LP 4,309,025.45 MADISON DEARBORN V 180,353.10 MAYFIELD VIII 236,023.00 NOVAK BIDDLE VENTURE PARTNERS 1,258,794.75 OXFORD BIOSCIENCE IV 1,825,741.00 OXFORD BIOSCIENCE PARTNERS III 808,420.00 PALOMAR VENTURES III 1,475,708.52 PERSEUS 2000 EXPANSION 2,237,830.66 PERSEUS PARTNERS VII LP 295,345.29 PERSEUS SOROS BIO PHARM LP 1,140,763.97 POLARIS VENTURE PARTNERS III 1,048,320.37 POLARIS VENTURE PARTNERS IV 4,703,363.75 POLARIS VENTURE PRTNRS V LP 57,000.00 QUAD C PARTNERS VII LP 1,891,732.19 REDPOINT VENTURE I LP 1,012,918.50 REDPOINT VENTURES II LP 1,863,491.40 SEQUOIA AGGREGATE INVESTMENT 4,031,499.32 SHAMROCK CAPITAL GROWTH FD II 32,123.55 SKM EQUITY FUND II 3,095,877.17 SUN CAPITAL IV LP 2,282,754.24 TECHNOLOGY PARTNERS WEST FD IV 22,800.00 TRINITY VENTURES IX P 1,955,526.34 UPDATA PARTNERS III 2,315,886.41 VENTURE STRATEGY PARTN II L P 533,213.64 VERSANT VENTURE CAPITAL II LP 1,734,795.60 VERSANT VENTURES I LP 3,010,410.00 VESTAR CAPITAL PARTNERS V LP 6,220,227.83 WARBURG IX BUYOUT 13,251,551.04 WARBURG IX VENTURE 19,877,326.56 WARBURG PINCUS VIII 508,631.03 WATER STREET CAPITAL PARTNERS 2,925,384.70 WCAS CAPITAL PARTNERS II 488,118.50 WCAS III 16,201,110.00 WCAS VI 1,106,150.30 WELLSPRING CAPITAL PARTNERS IV 2,759,549.47 WELSH CARSON ANDERSON + STOWE 2,548,650.00 WICKS COMM + MEDIA PRTNS III 981,086.90 WIND POINT PARTNERS VI 2,043,432.57

REAL ESTATE

AMB INSTITUTIONAL ALLIANCE 6,731,846.90


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueBEACON CAPITAL STRATEGIC 9,646,011.50 BLACKSTONE REAL ESTATE PRTN V 21,852,262.48 CALIFORNIA SMART GROWTH FD IV 919,402.25 CIM URBAN REIT LLC 6,922,159.20 KSL CAPITAL PARTNERS II 1,760,350.29 MORGAN STANLEY RE FUND V 1,584,781.86 PRISA II PRUDENTIAL REAL EST. 11,608,677.44 PRUDENTIAL SNR HSING PTNRS III 3,900,689.60 REALTY ASSOCIATES FUND VII 24,359,583.49 REEF GLOBAL OPPORTUNITIES FD 3,521,693.40 RREEF AMERICA REIT III 33,471,850.99 WALTON STREET REAL ESTATE V 2,403,705.33

ABSOLUTE RETURN

AVENUE SPECIAL SITUATIONS III 2,703,016.05 BERNSTEIN GLOBAL DIV HEDGE F 51,946,542.85 CANYON VALUE REALIZATION FD 61,199,005.01 CARL MARKS STRATEGIC INV LP 27,388,832.49 DAVIDSON KEMPNER DIS OPP INTL 16,205,145.00 DAVIDSON KEMPNER INST PRTNR 72,705,457.03 FONTANA CAPITAL LLC 25,514,325.00 HIGHLINE CAPITAL INTL 24,999,976.65 IVY RISING STARS OFFSHORE FD 40,232,742.10 MAVERICK FUND LTD 44,617,599.01 OCM HIGH YIELD PLUS 24,217,663.00 OCONNOR GLOBAL FUNDAMENTAL 58,481,574.58 OZ ASIA MASTER FUND LTD. 21,622,840.00 OZ OVERSEAS FUND LTD 48,243,294.04 SATELLITE CREDIT OPPORTUNITIES 23,703,178.00 SATELLITE OVERSEAS LTD PRTNSHP 58,887,993.55 SIRIOS FUND 40,798,697.62 TREE LINE ASIA FD LTD 22,833,440.00 YORK EUROPEAN OPPORTUNITIES 30,728,520.00

TOTAL ALTERNATIVE ASSETS 1,089,521,407.25

TOTAL SECURITIES 6,172,825,898.52

CASH & CASH EQUIVALENTS 4,688,825.26

ACCOUNTS RECEIVABLE & ACCRUED INCOME 54,704,728.31

ACCOUNTS PAYABLE -

TOTAL NET ASSETS 6,232,219,452.09



EQUITY INVESTMENTSEXTERNALLY MANAGED FUNDS(SC = Small Cap LC = Large Cap)

Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueACADIAN EMERGING MARKETS FUND 122,559,266$ ADAGE CAPITAL LC 32,649,273 AMERICAN CENTURY SC 6,101,906 AMEX/KENWOOD SC 9,341,956 AQR NON-US 52,717,887 ARK ASSET MANAGEMENT CO INC LC 46,941,528 AXA ROSENBERG SC 15,771,858 BRANDYWINE NON-US 53,132,454 BURGUNDY SC 14,287,212 CAPITAL GUARDIAN TRUST COMPANY LC 16,853,054 CAUSEWAY NON-US 84,040,094 CGI EMERGING MARKETS GF 27,498,089 CORTINA ASSET MGT SC 5,481 CORTINA OPPTNTY SC 12,894,201 DELAWARE LC 56,141,749 DELAWARE INV ADV SC 10,448,987 EAFE STATE ST INTL INDEX 658,735,377 FRANKLIN PORTFOLIO ASSOCIATES LC 25,690,515 FREEMAN ASSOCIATES LC 23,452,995 GENESIS EMERGING MKT LP 116,379,997 GMO NON-US 75,710,729 GMO TR EMERGING MARKETS 114,395,841 GOLDMAN SACHS ASSET MGMT L P LC 71,174,758 HANSBERGER NON-US 63,264,356 HARRIS ASSOCIATES LP LC 46,177,242 HOTCHKIS + WILEY CAP MGMT LC 51,201,632 INTECH LC 38,623,968 IRONBRIDGE SC 20,011,974 JP MORGAN FLEMING NON-US 73,819,594 LSV ASSET MANAGEMENT LC 61,744,973 MAZAMA SC 5,458,671 MFS NON-US 85,349,445 MONDRIAN NON US 52,848,782 NEW STAR NON-US 61,618,361 NWQ INVESTMENT MGT CP LLC LC 36,238,658 PANAGORA NON-US 55,995,757 PZENA INVESTMENT MGMT LC 56,047,964 RUSSEL 2000 TF INDEXFUND 258,874 RUSSELL 1000 GROWTH SL CTF 37,646,570 RUSSELL 1000 TF INDEX FUND 415,837,498 SANDERSON NON-US 49,521,957 TEMPLETON INSTL FDS INC 16,280,711 THORNBURG MTG INC LC 71,707,859


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueUBS SC 50,987 VICTORY CAPITAL MGT INC LC 63,400,491 WELLINGTON MANAGEMENT CO LLP LC 53,053,537 WELLINGTON SC 13,747,005


FIXED INCOMEFIXED INCOME - SECURITIES

ABBOTT LABORATORIES 5.15 11/30/2012 2,000,000.00 2,052,560 ADVANCED MED OPTICS INC 7.5 5/1/2017 375,000.00 345,000 AGFC CAP TR I 6 1/15/2067 1,000,000.00 906,854 ALBERTSONS INC 7.25 5/1/2013 1,600,000.00 1,636,219 ALLIED WASTE NORTH AMER INC 6.875 6/1/2017 1,500,000.00 1,462,500 ALLSTATE CORP 6.125 5/15/2037 500,000.00 482,409 AMERICA MOVIL S A DE C V 6.375 3/1/2035 4,000,000.00 3,955,280 AMERICAN ELEC PWR INC 5.375 3/15/2010 2,500,000.00 2,533,403 AMERICAN EXPRESS ISSUANCE TR 5.2275 9/15/2011 2,000,000.00 1,994,062 AMERICAN GEN FIN CORP MTN 4.875 7/15/2012 2,000,000.00 1,889,317 AMERICAN INTL GROUP INC 4.25 5/15/2013 1,700,000.00 1,599,741 AMERICAN INTL GROUP INC 5.45 5/18/2017 2,000,000.00 1,958,490 APACHE CORP 5.625 1/15/2017 500,000.00 506,778 APACHE CORP 6 1/15/2037 500,000.00 495,756 ARGENTINA (REP) 8.28 12/31/2033 3,482,872.50 3,343,558 ASSET BACKED FUNDING CERTIFICA 4.925 1/25/2037 1,171,810.53 1,153,529 ASSET BACKED SECS CORP 5.245 10/25/2034 13,171.91 12,853 AT+T INC 6.3 1/15/2038 3,000,000.00 3,059,835 AT+T WIRELESS SVCS INC 8.75 3/1/2031 850,000.00 1,094,117 ATLAS COPCO AB 5.6 5/22/2017 500,000.00 500,183 BAE SYS HLDGS INC 4.75 8/15/2010 1,300,000.00 1,298,022 BANC AMER COML MTG TR 5.688454 4/10/2049 4,000,000.00 4,097,500 BANC AMER LARGE LN TR 5.7775 7/15/2009 1,000,000.00 1,000,000 BANC AMER MTG SECS INC 6.357836 12/25/2034 824,395.87 824,396 BANC AMER MTG SECS INC 5.75 1/25/2035 8,836,272.00 8,747,909 BANCO MERCANTILE DEL NORTE SA 6.135 10/13/2016 1,445,000.00 1,428,961 BANCO MERCANTILE DEL NORTE SA 6.862 10/13/2021 1,000,000.00 1,060,022 BANK AMER NA CHARLOTTE NC 6 10/15/2036 262,000.00 250,174 BANK OF AMERICA 5.3 3/15/2017 3,500,000.00 3,404,666 BAXTER INTL INC 6.25 12/1/2037 500,000.00 511,473 BEAR STEARNS ALT A TR 5.391176 4/25/2035 1,627,205.96 1,627,206 BEAR STEARNS ARM TR 5.841732 2/25/2036 12,722,458.12 12,722,458 BEAR STEARNS ASSET BKD SEC 4.995 7/25/2036 2,964,755.22 2,905,460 BEAR STEARNS AST BKD SECS TR 4.995 10/25/2036 3,172,355.11 3,108,908 BEAR STEARNS COML MTG SECS TR 5.1875 3/15/2019 1,000,000.00 968,588 BEAR STEARNS COMMERCIAL MORT 5.471 1/12/2045 8,000,000.00 8,042,400 BECTON DICKINSON + CO 7 8/1/2027 500,000.00 560,245 BMW VEH LEASE TR 4.59 8/15/2013 2,000,000.00 2,002,401 BOMBARDIER INC 6.3 5/1/2014 900,000.00 879,750 BOYD GAMING CORP 7.125 2/1/2016 1,050,000.00 992,250 BRAZIL FEDERATIVE REP 10 8/7/2011 2,500,000.00 2,931,250 BRAZIL FEDERATIVE REP 7.875 3/7/2015 8,500,000.00 9,596,500


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueBRAZIL FEDERATIVE REP 8 1/15/2018 6,000,000.00 6,714,000 BRAZIL FEDERATIVE REP 8.75 2/4/2025 11,500,000.00 14,576,250 BRAZIL FEDERATIVE REP 8.25 1/20/2034 2,000,000.00 2,530,000 BW GROUP LTD 6.625 6/28/2017 500,000.00 537,581 C10 CAP SPV LTD 6.722 12/31/2049 1,000,000.00 920,360 C8 CAP SPV LTD 6.64 12/31/2049 1,000,000.00 947,640 CANADIAN NATL RY CO 6.8 7/15/2018 1,790,000.00 1,935,355 CARGILL INC 5.6 9/15/2012 1,000,000.00 1,016,390 CARGILL INC 6.625 9/15/2037 500,000.00 497,679 CASE NEW HOLLAND INC 7.125 3/1/2014 2,000,000.00 1,995,000 CCSA FIN LTD 7.875 5/17/2016 4,000,000.00 4,060,000 CELULOSA ARAUCO Y CONSTITUCION 7.75 9/13/2011 700,000.00 753,814 CENTEX CORP 5.25 6/15/2015 500,000.00 423,406 CHESAPEAKE ENERGY CORP 6.375 6/15/2015 2,900,000.00 2,805,750 CHS CMNTY HEALTH SYS INC 8.875 7/15/2015 1,250,000.00 1,273,438 CISCO SYS INC 5.25 2/22/2011 1,000,000.00 1,021,833 CITIGROUP CAP 8.3 12/21/2077 1,000,000.00 1,056,113 CITIGROUP COML MTG TR 5.700263 12/10/2049 1,000,000.00 1,026,600 CITIGROUP INC 6.125 11/21/2017 1,000,000.00 1,027,194 CITIGROUP MORTGAGE LOAN TR 6.060166 8/25/2036 9,699,256.22 9,805,395 CITIGROUP MTG LOAN TRUST INC 5.61183 4/25/2037 4,159,454.29 4,149,056 COCA COLA CO 5.35 11/15/2017 2,000,000.00 2,040,975 COLOMBIA REP 8.25 12/22/2014 1,000,000.00 1,140,000 COLOMBIA REP 7.375 1/27/2017 6,500,000.00 7,133,750 COLUMBIA REP 7.375 9/18/2037 1,700,000.00 1,891,250 COMCAST CORP NEW 5.45 11/15/2010 2,000,000.00 2,032,963 COMPANHIA BRASILEIRA BEBIDAS 8.75 9/15/2013 2,000,000.00 2,275,000 COOPER U S INC 6.1 7/1/2017 500,000.00 524,502 CORPORACION NACIONAL DEL COBRE 6.375 11/30/2012 1,450,000.00 1,552,019 COSAN FINANCE LTD 7 2/1/2017 2,350,000.00 2,203,125 COSTA RICA REP 6.548 3/20/2014 2,000,000.00 2,055,000 COX COMMUNICATIONS INC MTN 6.95 1/15/2028 225,000.00 232,153 CREDIT SUISSE FIRST BOSTON MTG 6.5 12/25/2035 1,662,190.64 1,662,191 CRH AMER INC 6 9/30/2016 2,000,000.00 1,968,734 CVS CAREMARK CORP 6.25 6/1/2027 1,000,000.00 993,021 CVS CAREMARK CORP 6.302 6/1/2037 500,000.00 480,590 D R HORTON INC 6.125 1/15/2014 800,000.00 700,195 D R HORTON INC 5.625 9/15/2014 900,000.00 755,927 DAIMLERCHRYSLER AUTO TR 5.8225 3/8/2011 1,000,000.00 998,906 DAIMLERCHRYSLER NTH AMER HLDG 5.75 9/8/2011 1,250,000.00 1,268,711 DANAHER CORP 5.625 1/15/2018 1,000,000.00 997,766 DELHAIZE GROUP SA 6.5 6/15/2017 1,000,000.00 1,023,027 DENBURY RES INC DEL 7.5 4/1/2013 2,800,000.00 2,828,000 DEVELOPERS DIVERSIFIED RLTY 5.25 4/15/2011 1,000,000.00 991,153 DIRECTV HLDGS LLC 6.375 6/15/2015 300,000.00 288,000 DISNEY WALT CO NEW MTN BOOK 6 7/17/2017 500,000.00 528,516 DOMINION RES INC VA NEW 6.3 9/30/2066 1,500,000.00 1,453,990 DPL INC 6.875 9/1/2011 1,500,000.00 1,598,450 DR HORTON INC 8 2/1/2009 400,000.00 388,000 DUKE RLTY LTD PARTNERSHIP 6.5 1/15/2018 400,000.00 403,430 ECHOSTAR DBS 6.375 10/1/2011 750,000.00 741,000 ECHOSTAR DBS CORP 7 10/1/2013 1,000,000.00 1,010,000 ECUADOR REP 10 8/15/2030 1,500,000.00 1,451,250 EMBARQ CORP 7.082 6/1/2016 1,200,000.00 1,236,457


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueEMPRESA NACIONAL DE 8.5 4/1/2009 2,670,000.00 2,770,474 ENERSIS SA 7.375 1/15/2014 700,000.00 749,398 ENTERPRISE PRODS OPER L P 8.375 8/1/2066 3,500,000.00 3,583,444 EQUITY RESIDENTIAL 5.125 3/15/2016 1,500,000.00 1,389,820 FED HM LN PC POOL 1B3462 6.127 7/1/2037 555,295.64 565,180 FED HM LN PC POOL 1G1708 6.163 4/1/2037 15,864,435.87 16,161,894 FED HM LN PC POOL 1G1968 5.952 6/1/2037 1,915,391.42 1,935,047 FED HM LN PC POOL 783164 5.786 1/1/2037 6,442,380.35 6,487,477 FEDERAL HOME LN BKS 5.25 6/12/2009 7,350,000.00 7,500,648 FEDERAL HOME LN MTG (Preferred Stock) 40,000.00 1,046,000 FEDERAL HOME LN MTG CORP 5.25 5/21/2009 12,000,000.00 12,254,794 FEDERAL HOME LN MTG CORP 5.85 7/30/2012 13,000,000.00 13,158,803 FEDERAL HOME LN MTG CORP 5 12/14/2018 2,700,000.00 2,714,126 FEDERAL HOME LOAN BANK 5 3/12/2010 10,500,000.00 10,778,609 FEDERAL NATL MTG ASSN 4.75 3/12/2010 14,700,000.00 15,058,570 FEDERAL NATL MTG ASSN 5.125 4/15/2011 9,900,000.00 10,321,483 FEDERAL NATL MTG ASSN 5.25 8/1/2012 1,200,000.00 1,253,234 FEDERAL NATL MTG ASSN 6 8/22/2016 10,400,000.00 10,496,656 FEDERAL NATL MTG ASSN (Preferred Stock) 30,000.00 772,500 FISERV INC 6.125 11/20/2012 1,000,000.00 1,009,564 FNMA TBA JAN 30 SINGLE FAM 5 12/1/2099 52,400,000.00 51,118,658 FNMA POOL 702021 5.75 5/1/2033 827,490.34 834,957 FNMA POOL 702024 5.25 5/1/2033 2,834,551.80 2,803,161 FNMA POOL 730016 4 7/1/2018 1,378,783.08 1,335,370 FNMA POOL 905757 6.139 12/1/2036 12,200,059.20 12,413,560 FNMA POOL 909914 5.867 3/1/2037 23,860,242.71 24,134,636 FORD MTR CO DEL 7.45 7/16/2031 700,000.00 519,750 FORD MTR CR CO 7.375 10/28/2009 500,000.00 470,623 FORD MTR CR CO 5.7 1/15/2010 1,450,000.00 1,306,418 FORD MTR CR CO 7.8 6/1/2012 500,000.00 438,331 FORD MTR CR CO 8 12/15/2016 1,200,000.00 1,019,293 FPL GROUP CAP INC 6.35 10/1/2066 1,500,000.00 1,396,650 FPL GROUP CAP INC 7.3 9/1/2067 500,000.00 510,898 FREEPORT MCMORAN COPPER + GOLD 8.25 4/1/2015 500,000.00 530,000 FREEPORT MCMORAN COPPER + GOLD 8.375 4/1/2017 500,000.00 536,250 FRESENIUS MED CARE CAP TR IV 7.875 6/15/2011 1,000,000.00 1,035,000 GAZ CAP SA LUXEMBOURG 6.212 11/22/2016 3,500,000.00 3,357,900 GAZ CAP SA LUXEMBOURG 6.51 3/7/2022 2,500,000.00 2,376,750 GAZ CAPITAL 8.625 4/28/2034 1,400,000.00 1,730,400 GAZPROM INTL S A 7.201 2/1/2020 906,403.98 918,867 GENERAL ELEC CAP CORP MTN 5.875 2/15/2012 1,750,000.00 1,825,805 GENERAL ELEC CO 5.25 12/6/2017 2,000,000.00 1,999,486 GENERAL MTRS ACCEP CORP 5.85 1/14/2009 2,000,000.00 1,912,672 GENERAL MTRS ACCEP CORP 6.875 9/15/2011 500,000.00 427,747 GENERAL MTRS CORP 6.375 5/1/2008 500,000.00 497,500 GENERAL MTRS CORP 8.375 7/15/2033 700,000.00 563,500 GENETECH INC 4.75 7/15/2015 1,300,000.00 1,261,281 GMAC LLC 6.625 5/15/2012 2,400,000.00 1,995,161 GOLDMAN SACHS CAP I 6.345 2/15/2034 1,050,000.00 937,845 GOLDMAN SACHS CAPITAL II 5.793 12/29/2049 1,000,000.00 890,325 GOLDMAN SACHS GROUP INC 6.75 10/1/2037 500,000.00 486,678 GRUPO TELEVISA SA 6.625 3/18/2025 4,070,000.00 4,137,774 GS MTG SECS CORP II 5.50188 3/6/2020 4,000,000.00 3,960,000 GS MTG SECS TR 2007 GG10 5.799235 8/10/2045 2,000,000.00 2,066,800


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueGSAMP 4.975 6/25/2036 5,000,000.00 4,900,000 GSC HLDGS CORP / GAMESTOP INC 8 10/1/2012 1,335,000.00 1,390,069 GTL TRADE FIN INC 7.25 10/20/2017 1,700,000.00 1,725,422 HARBORVIEW MTG LN TR 4.78848 4/19/2034 3,549,394.07 3,447,349 HARRAHS OPER INC 5.5 7/1/2010 2,350,000.00 2,185,500 HARRAHS OPER INC 5.375 12/15/2013 1,000,000.00 760,000 HARRAHS OPER INC 5.625 6/1/2015 625,000.00 456,250 HASBRO INC 6.3 9/15/2017 500,000.00 511,593 HCA INC FORMERLY HCA HEALTHCAR 9.125 11/15/2014 1,050,000.00 1,092,000 HERTZ CORP 8.875 1/1/2014 1,900,000.00 1,926,125 HOSPIRA INC 6.05 3/30/2017 500,000.00 502,303 HOST MARRIOTT L P 6.375 3/15/2015 1,250,000.00 1,218,750 HSBC FIN CAP TR IX 5.911 11/30/2035 2,800,000.00 2,579,706 HUSKY ENERGY INC 6.8 9/15/2037 500,000.00 522,111 IDEARC INC 8 11/15/2016 2,200,000.00 2,018,500 INDYMAC INDX MTG LN TR 4.945 11/25/2036 5,878,129.36 5,835,416 INTERNATIONAL BUSINESS MACHS 5.7 9/14/2017 1,000,000.00 1,033,762 INTERNATIONAL FIN FAC 5 11/14/2011 1,250,000.00 1,290,195 ITC HLDGS CORP 5.875 9/30/2016 700,000.00 701,870 JC PENNEY CORPORATION INC 6.375 10/15/2036 500,000.00 443,949 JP MORGAN CHASE CAP XXV 6.8 10/1/2037 1,000,000.00 943,803 JP MORGAN CHASE COML MTG SECS 5.3375 4/16/2019 1,452,996.28 1,431,434 JPM CHASE CAPITAL XXII 6.45 2/2/2037 750,000.00 664,295 JPMORGAN CHASE CAP XX 6.55 9/29/2036 1,500,000.00 1,346,822 L 3 COMMUNICATIONS CORP 6.125 1/15/2014 1,480,000.00 1,450,400 L 3 COMMUNICATIONS CORP 5.875 1/15/2015 2,820,000.00 2,721,300 LEHMAN BROTHERS HLDGS INC 6 7/19/2012 2,500,000.00 2,545,585 LEHMAN MTG TR 6 7/25/2037 1,000,000.00 975,000 LOBLAWS COS LTD CPN RCPTS CDS 0 11/23/2033 15,000,000.00 2,370,941 LORAL CORP 7 9/15/2023 1,150,000.00 1,277,898 LUBRIZOL CORP 4.625 10/1/2009 2,000,000.00 2,009,842 MASTR ADJ RATE MTGS TR 7.389028 9/25/2033 360,953.35 360,953 MASTR ADJ RATE MTGS TR 7.161 1/25/2034 189,533.09 189,533 MASTR ADJ RATE MTGS TR 7.125 2/25/2034 260,926.62 260,927 MASTR ADJ RATE MTGS TR 5.064933 7/25/2035 3,001,182.49 2,986,177 MASTR ALTERNATIVE LN TR 6 3/25/2036 2,000,000.00 1,970,000 MCKESSON CORP 5.7 3/1/2017 500,000.00 497,040 MCKESSON CORP NEW 5.25 3/1/2013 1,500,000.00 1,520,529 MERRILL LYNCH + CO INC 6.4 8/28/2017 500,000.00 507,979 METROPOLITAN LIFE GLOBAL FDG I 4.5 5/5/2010 2,000,000.00 2,015,222 MGM MIRAGE 6 10/1/2009 2,300,000.00 2,288,500 MGM MIRAGE 6.75 9/1/2012 1,050,000.00 1,022,438 MORGAN STANLEY IXIS REAL ESTAT 4.895 7/25/2036 15,475,867.29 15,321,109 NATIONAL GAS CO TRINIDAD + TOB 6.05 1/15/2036 1,500,000.00 1,425,978 NEIMAN MARCUS GROUP INC 10.375 10/15/2015 1,700,000.00 1,770,125 NEVADA PWR CO 6.5 5/15/2018 1,000,000.00 1,023,819 NEWS AMER INC 6.4 12/15/2035 1,000,000.00 1,011,414 NEWS AMER INC 6.65 11/15/2037 1,000,000.00 1,031,476 NEXTEL COMMUNICATIONS INC 5.95 3/15/2014 1,200,000.00 1,152,000 NORFOLK SOUTHN CORP 6.75 2/15/2011 2,000,000.00 2,103,113 ODEBRECHT FIN LTD 7.5 10/18/2017 1,000,000.00 1,005,000 OHIO PWR CO 6.6 2/15/2033 1,900,000.00 1,908,583 OPTI CDA INC 7.875 12/15/2014 1,250,000.00 1,221,875 OWENS BROCKWAY GLASS CONTAINER 6.75 12/1/2014 2,000,000.00 1,990,000


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValuePANAMA REP 7.25 3/15/2015 3,500,000.00 3,858,750 PANAMA REP 7.125 1/29/2026 2,000,000.00 2,200,000 PANAMA REP 6.7 1/26/2036 1,000,000.00 1,055,000 PANAMERICAN BEVERAGES INC 7.25 7/1/2009 3,300,000.00 3,364,188 PEMEX PROJ FDG MASTER TR 9.375 12/2/2008 1,278,000.00 1,324,391 PENNEY J C INC 7.125 11/15/2023 1,405,000.00 1,406,522 PERU REP 8.375 5/3/2016 3,422,000.00 4,012,295 PERU REP 7.35 7/21/2025 2,000,000.00 2,280,000 PETROBRAS INTL FIN CO 7.75 9/15/2014 1,600,000.00 1,785,600 PETROBRAS INTL FIN CO 5.875 3/1/2018 1,000,000.00 994,500 PETROBRAS INTL FIN CO 5.875 3/1/2018 500,000.00 497,250 PETROBRAS INTL FIN CO 8.375 12/10/2018 1,000,000.00 1,190,000 PETROPLUS FIN LTD 6.75 5/1/2014 2,000,000.00 1,862,500 PHILIPPINE LONG DIST TEL CO ME 8.35 3/6/2017 2,340,000.00 2,597,400 PHILIPPINES REP 8.375 2/15/2011 4,250,000.00 4,568,750 PHILIPPINES REP 8.25 1/15/2014 2,000,000.00 2,240,000 PHILIPPINES REP 8 1/15/2016 2,700,000.00 3,064,500 PHILIPPINES REP 7.75 1/14/2031 1,000,000.00 1,153,750 PHILLIPINES (REP) 7.5 9/25/2024 1,150,000.00 1,293,750 PLAINS EXPL PRODTN CO 7.75 6/15/2015 1,250,000.00 1,250,000 PREMCOR REFNG GROUP INC 6.75 5/1/2014 2,000,000.00 2,147,636 PROLOGIS 5.625 11/15/2016 1,000,000.00 949,180 PRUDENTIAL FINL INC 6.625 12/1/2037 500,000.00 504,201 PRUDENTIAL FINL INC MED TERM 6 12/1/2017 500,000.00 497,938 PSYCHIATRIC SOLUTIONS INC 7.75 7/15/2015 800,000.00 798,000 R H DONNELLEY CORP 6.875 1/15/2013 1,900,000.00 1,700,500 R H DONNELLEY CORP 8.875 10/15/2017 250,000.00 236,250 RAS LAFFAN LIQUEFIED NAT GAS 6.332 9/30/2027 1,000,000.00 949,364 RAS LAFFAN LNG 5.832 9/30/2016 800,000.00 814,001 RBS CAP TR III 5.512 9/29/2049 2,000,000.00 1,843,609 REPUBLIC OF THE PHILIPPINES 6.375 1/15/2032 1,750,000.00 1,741,250 RESIDENTIAL ACCREDIT LNS INC 6 12/25/2032 7,950,345.33 7,950,345 RESIDENTIAL ASSET SECURITIZATI 6.25 12/25/2036 6,426,202.35 6,542,761 RESIDENTIAL ASSET SECURIZATION 6 6/25/2036 5,685,169.39 5,571,466 RESIDENTIAL CAP CORP 7.875 6/30/2010 1,000,000.00 640,000 ROGERS CABLE INC 6.75 3/15/2015 2,000,000.00 2,103,798 ROYAL CARIBBEAN CRUISES LTD 7.5 10/15/2027 522,000.00 475,931 RUSSIAN FEDN 8.25 3/31/2010 833,360.97 864,612 RUSSIAN FEDN 7.5 3/31/2030 7,672,500.00 8,727,469 SABMILLER PLC 6.2 7/1/2011 3,000,000.00 3,138,480 SCHERING PLOUGH CORP 6.55 9/15/2037 1,000,000.00 1,052,436 SEQUOIA MTG TR 5.80939 1/20/2038 457,860.56 458,595 SIEMENS FINANCIERINGSMAATSCHAP 6.125 8/17/2026 1,000,000.00 990,393 SIMON PPTY GROUP L P 4.875 8/15/2010 2,000,000.00 1,980,466 SOCIEDAD QUIMICA Y MINERA DE 6.125 4/15/2016 900,000.00 887,918 SOUNDVIEW HOME LN TR 4.985 1/25/2037 1,423,524.77 1,395,054 SOUTHERN PWR CO 4.875 7/15/2015 1,500,000.00 1,413,326 SPRINT CAP CORP 6.9 5/1/2019 450,000.00 448,795 STRUCTURED ADJ RATE MTG LN TR 7.376559 11/25/2034 721,931.97 727,252 STRUCTURED ASSET SECS CORP 5.005 3/25/2036 954,496.68 849,502 STRUCTURED ASSET SECS CORP 1 7.388143 9/25/2033 272,981.72 272,982 SUNGARD DATA SYSTEMS 10.25 8/15/2015 1,250,000.00 1,278,125 SUNGARD DATA SYSTEMS 10.25 8/15/2015 500,000.00 511,250 SUNGUARD DATA SYS INC 9.125 8/15/2013 400,000.00 407,000


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueTARGET CORP 5.375 5/1/2017 750,000.00 728,112 TECO FIN INC 7 5/1/2012 1,181,000.00 1,181,000 TECO FIN INC 6.572 11/1/2017 819,000.00 819,000 TELEFONICA EMISIONES S A U 7.045 6/20/2036 500,000.00 561,074 TELEFONICA EMISIONES S AU 6.221 7/3/2017 500,000.00 519,496 TELOFONOS DE MEXICO SA 5.5 1/27/2015 800,000.00 785,581 TEMASEK FINL LTD 4.5 9/21/2015 1,000,000.00 972,992 TENGIZCHEVROIL FIN CO S AR L 6.124 11/15/2014 2,525,000.00 2,379,813 TESCO PLC 6.15 11/15/2037 1,200,000.00 1,172,327 TEVA PHARMACEUTICAL FIN CO LLC 6.15 2/1/2036 750,000.00 741,818 THOMSON CORP 5.7 10/1/2014 500,000.00 500,765 TIME WARNER ENTMT CO L P 8.375 3/15/2023 300,000.00 355,636 TIME WARNER ENTMT CO L P 8.375 7/15/2033 1,000,000.00 1,204,588 TRANSCAPITALINVEST LTD 5.67 3/5/2014 4,250,000.00 4,072,193 TRANSOCEAN INC 6 3/15/2018 950,000.00 957,063 TRANSOCEAN SEDCO FOREX INC 7.5 4/15/2031 1,400,000.00 1,528,782 TRINIDAD + TOBAGO REP 5.875 5/17/2027 500,000.00 493,050 TURKEY REP 10.5 1/13/2008 4,000,000.00 4,005,000 TURKEY REP 7.25 3/15/2015 5,500,000.00 5,885,000 TURKEY REP 7 9/26/2016 750,000.00 793,125 TURKEY REP 6.75 4/3/2018 500,000.00 513,125 TURKEY REP 7 6/5/2020 1,500,000.00 1,556,250 TURKEY REP 7.375 2/5/2025 3,250,000.00 3,412,500 TURKEY REP 6.875 3/17/2036 2,000,000.00 1,965,000 UNITED MEXICAN STS 6.75 9/27/2034 1,000,000.00 1,104,500 UNITED MEXICAN STS MTN 5.625 1/15/2017 5,200,000.00 5,270,200 UNITED STATES TREAS BD STRIP 0 11/15/2027 9,350,000.00 3,750,472 UNITED STATES TREAS BDS 2.375 1/15/2025 25,684,026.28 27,004,442 UNITED STATES TREAS BDS 2 1/15/2026 16,690,342.73 16,645,446 UNITED STATES TREAS BDS 2.375 1/15/2027 13,526,921.43 14,324,739 UNITED STATES TREAS BDS 3.625 4/15/2028 17,166,825.91 21,796,204 UNITED STATES TREAS BDS 3.875 4/15/2029 19,736,455.79 26,149,817 UNITED STATES TREAS BDS 3.375 4/15/2032 5,209,490.52 6,684,610 UNITED STATES TREAS NTS 3.875 1/15/2009 16,095,852.85 16,579,211 UNITED STATES TREAS NTS 4.25 1/15/2010 11,661,462.07 12,447,211 UNITED STATES TREAS NTS 0.875 4/15/2010 27,508,492.63 27,424,867 UNITED STATES TREAS NTS 4.5 2/28/2011 3,000,000.00 3,124,590 UNITED STATES TREAS NTS 2.375 4/15/2011 16,985,322.10 17,709,067 UNITED STATES TREAS NTS 3.375 1/15/2012 6,492,478.79 7,085,502 UNITED STATES TREAS NTS 2 4/15/2012 13,448,243.34 13,943,677 UNITED STATES TREAS NTS 3.625 12/31/2012 125,000,000.00 125,966,254 UNITED STATES TREAS NTS 1.875 7/15/2013 20,918,992.79 21,571,875 UNITED STATES TREAS NTS 2 1/15/2014 21,450,319.99 22,170,193 UNITED STATES TREAS NTS 2 7/15/2014 19,646,789.35 20,299,063 UNITED STATES TREAS NTS 1.625 1/15/2015 19,393,631.51 19,474,891 UNITED STATES TREAS NTS 1.875 7/15/2015 16,822,397.58 17,151,444 UNITED STATES TREAS NTS 2 1/15/2016 16,469,292.52 16,911,493 UNITED STATES TREAS NTS 2.5 7/15/2016 16,346,292.51 17,444,273 UNITED STATES TRES NT STRP PRN 0 11/15/2013 8,820,000.00 7,156,636 UNITED STATES TRES NT STRP PRN 0 2/15/2014 8,340,000.00 6,686,762 UNITED STATES TRES SC STRP INT 0 2/15/2014 10,500,000.00 8,365,665 UNITED STATES TRES SC STRP INT 0.01 11/15/2019 8,770,000.00 5,155,883 US CONCRETE INC 8.375 4/1/2014 1,467,000.00 1,283,625 US TREASURY NTS 3.5 1/15/2011 11,711,004.84 12,596,825


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueUS TREASURY NTS 3 7/15/2012 22,366,760.52 24,236,622 US TREASURY NTS 2.375 1/15/2017 14,494,536.09 15,310,868 US TREASURY SECURITY 2.625 7/15/2017 13,166,887.86 14,219,186 VALE OVERSEAS LTD 6.25 1/11/2016 500,000.00 500,802 VALE OVERSEAS LTD 6.875 11/21/2036 2,240,000.00 2,266,009 VALERO ENERGY CORP 6.625 6/15/2037 500,000.00 500,800 VESSEL MGMT SVCS INC 6.08 5/20/2024 2,024,750.00 2,248,849 VIRGINIA ELEC + PWR CO 5.95 9/15/2017 500,000.00 509,807 VIRGINIA ELEC + PWR CO 6.35 11/30/2037 1,000,000.00 1,018,565 VODAFONE GROUP 6.15 2/27/2037 500,000.00 495,781 VOTO VOTORANTIM OVERSEAS TRAD 7.75 6/24/2020 4,180,000.00 4,441,250 WACHOVIA BK NATL ASSN MEDIUM 6.6 1/15/2038 1,000,000.00 1,005,020 WAMU MTG PASS THRU CTFS 6.15 9/25/2036 11,748,710.77 11,763,397 WELLS FARGO + CO NEW 5.625 12/11/2017 1,000,000.00 1,006,936 WELLS FARGO BK NATL ASSN 5.75 5/16/2016 1,000,000.00 1,014,327 WELLS FARGO CAP X 5.95 12/15/2036 1,000,000.00 927,123 WELLS FARGO MTG BACKED SECS 5.5 4/25/2037 8,243,284.80 8,297,381 WELLS FARGO MTG BKD SECS 2006 5.75 3/25/2036 2,591,075.98 2,565,165 WESTERN RES INC 7.125 8/1/2009 1,250,000.00 1,283,948 WINDSTREAM CORP 8.625 8/1/2016 2,000,000.00 2,100,000 WYETH 5.95 4/1/2037 500,000.00 499,102


EATON VANCE HIGH YIELD FD 17,506,136 GOLDMAN SACHS HIGH YIELD 33,463,725 NCRAM HIGH YIELD TOTAL RETURN 42,326,733 STONE HARBOR HIGH YIELD FD 19,255,297 WGBI EX US INDEX FUND 182,482,220

TOTAL FIXED INCOME 1,608,980,429

ALTERNATIVE ASSETSPRIVATE EQUITY

ACCEL VIII LP 365,692 AIG ASIAN INFRASTRUCTURE FNDII 2,410,254 AIG ASIAN INFRASTRUCTURE FUND 8,598 AIG GE CAPITAL LATIN AMERICA 5,367,310 AIG INDIAN SECTORAL EQUITY 108,960 AISLING CAPITAL 11 3,366,474 ALTA SUB DEB III 10,894 APOLLO INVESTMENT FUND VI LP 10,308,636 ARCH VENTURE FUND VI, LP 3,026,238 ARCH VENTURE FUND VII LP 48,641 ARES CORP OPPORTUNITY FUND II 1,006,996 ARSENAL CAP PTNERS 2,474,288 ARSENAL CAPITAL PARTNERS II LP 117,144 BAIN CAPITAL FUND IX LP 1,735,856 BAIN CAPITAL FUND VIII 3,881,785 BAIN CAPITAL IX COINVESTMENT F 573,401


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueBAIN CAPITAL VIII COINVETMENT 1,169,881 BLACKSTONE CAP PARTN IV LP 10,858,519 BLACKSTONE CAPITAL PARTNERS V 30,819,202 BLUERUN VENTURES LP 4,428,216 CADUCEUS PRIVATE INV III LP 49,138 CALERA CAPITAL 3,505,859 CANAAN EQUITY PARTNERS VII 8,368,086 CANAAN VII LP 15,535 CENTURY PARK CAPITAL PTNS II 2,262,568 CERBERUS SERIES FOUR HOLDINGS 848,113 CHARLESBANK EQUITY FUND VI 3,437,229 CLAREMONT CREEK VENTURES LP 2,152,573 CLEARSTONE VENTURE PARTNERS 2,611,591 DARWIN VENTURE CAPITAL FUNDS 909,361 DCM IV 1,867,058 DCM V 48,141 DE NOVO VENTURES II LP 4,809,953 DE NOVO VENTURES III 66,915 DOMAIN PARTNERS VI LP 2,904,058 DOMAIN PARTNERS VII 172,484 EOS CAPITAL PARTNERS III 4,278,428 EOS CAPITAL PARTNERSHIP IV 60,800 EQUITY DISTRIBUTION SECURITIES 3,077,739 FIRST RESERVE FUND XI LP 268,990 FORTRESS INVESTMENT FUND III 3,165,492 FORTRESS INVESTMENT FUND IV 875,248 FORTRESS INVESTMENT FUND V 693,106 FOX PAINE CAPITAL FUND III LP 287,518 GENSTAR CAPITAL PARTNERS IV 4,233,246 GENSTAR CAPITAL PARTNERS V 1,234,148 GLENCOE CAP INSTL PARTNERS III 242,897 GLENCOE CAPITAL PARTNERS III 978,560 GLOBESPAN CAPITAL PARTNERS IV 2,918,080 GLOBESPAN CAPITAL PARTNERS V 99,000 GOLDER THOMA CRESSEY RAUNER 4,923 GOLDER THOMA CRESSEY RAUNER V 663,890 GRAHAM PARTNERS II 3,750,566 GRANITE CLOBAL VENTURES III 446,123 GRANITE GLOBAL VENTURES II LP 5,075,417 GRANITE VENTURES II 2,305,368 HUMMER WINBLAD VENTURE PTR III 30,979 INSIGHT VENTURE PARTNERS V 4,543,058 INSIGHT VENTURE PARTNERS V 12,814,569 INSIGHT VENTURE PARTNERS VI LP 267,005 INSTITUTIONAL VENTURE PARTNS 317,844 INSTITUTIONAL VENTURE PTR VIII 464,013 INTERSOUTH PARTNERS V LP 857,301 INTERSOUTH PARTNERS VI 2,428,003 INTERSOUTH PARTNERS VII 35,145 INTERWEST PARTNERS IX 3,150,890 INTERWEST PARTNERS V LP 119,534 INTERWEST PARTNERS VI LP 161,135 INTERWEST PARTNERS VII LP 1,284,227 INTERWEST PARTNERS VIII 2,650,968


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueINVERNESS PARTNERS II LP 3,085,620 ITU VENTURES III 915,201 IVP VI 85,935 IVP VII 984,914 J C FLOWERS II LP 299,671 JLL PARTNERS FUND V, LP 21,303,930 KELSO INVESTMENT ASSOC VII 11,809,063 KELSO INVESTMENT ASSOCIATES 83,564 KODIAK VENTURES III 2,725,275 KPCB AGG INVESTMENT GEP 3,854,687 KRG CAPITAL III LP 8,970,405 LAKE CAPITAL PARTNERS LP 4,292,322 LATIN AMERICAN CAPITAL II LP 1,825,801 LIGHTHOUSE CAPITAL PARTNERS V 4,458,002 LIGHTSPEED VENTURE PTNERS VII 5,029,228 LINDSAY GOLDBERG + BESSEMER II 142,023 LINDSAY GOLDBERG + BESSEMER LP 3,698,588 MADISON DEARBORN V 4,083,828 MAYFIELD VIII 249,010 NOVAK BIDDLE VENTURE PARTNERS 1,635,312 NOVAK BIDDLE VENTURE PTNR V 48,967 OXFORD BIOSCIENCE IV 1,829,620 OXFORD BIOSCIENCE PARTNERS III 961,000 PALOMAR VENTURES III 1,912,481 PERSEUS 2000 EXPANSION 4,028,229 PERSEUS PARTNERS VII LP 556,808 PERSEUS SOROS BIO PHARM LP 987,721 POLARIS VENTURE PARTNERS III 1,047,120 POLARIS VENTURE PARTNERS IV 5,648,108 POLARIS VENTURE PRTNRS V LP 355,123 QUAD C PARTNERS VII LP 2,914,471 REDPOINT VENTURE I LP 1,159,722 REDPOINT VENTURES II LP 1,980,061 SEQUOIA AGGREGATE INVESTMENT 4,257,544 SHAMROCK CAPITAL GROWTH FD II 79,761 SKM EQUITY FUND II 3,115,066 SUN CAPITAL IV LP 4,310,550 SUN CAPITAL PARTNERS V 212,399 TECHNOLOGY PARTNERS WEST FD IV 31,270 TERRA FIRMA CAP PARTNER III 912,641 THE COLUMN GROUP LP 24,558 TRINITY VENTURES IX P 3,544,431 UPDATA PARTNERS III 4,143,793 UPDATA PARTNERS IV 68,077 VECTOR CAPITAL IV L.P 49,597 VENTURE STRATEGY PARTN II L P 548,016 VERSANT VENTURE CAPITAL II LP 2,283,120 VERSANT VENTURES I LP 2,792,760 VESTAR CAPITAL PARTNERS V LP 11,022,058 W CAPITAL PARTNERS II LP 349,598 WARBURG IX BUYOUT 27,587,080 WARBURG IX VENTURE 41,380,620 WARBURG PINCUS PRVT EQUITY X 621,390 WARBURG PINCUS VIII 600,730


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueWATER STREET CAPITAL PARTNERS 8,890,682 WCAS CAPITAL PARTNERS II 474,207 WCAS III 7,560,900 WCAS VI 441,878 WELLSPRING CAPITAL PARTNERS IV 3,345,049 WELSH CARSON ANDERSON + STOWE 1,616,550 WICKS COMM + MEDIA PRTNS III 2,429,470 WIND POINT PARTNERS VI 7,660,448 WLR RECOVERY FUND IV 662,483

REAL ESTATE

AMB INSTITUTIONAL ALLIANCE 9,319,769 BEACON CAP STRTGIC PARTN V 2,394,611 BEACON CAPITAL STRATEGIC 16,744,153 BLACKSTONE REAL EST PARTNER VI 5,206,939 BLACKSTONE REAL ESTATE PRTN V 52,621,107 CALIFORNIA SMART GROWTH FD IV 1,896,022 CIM FUND III LP 129,367 CIM URBAN REIT LLC 12,811,611 COLONY CAPITAL VIII LP 1,160,998 CORNERSTONE APMNT VENT III LLC 788,441 FORUM ASIAN REALTY INCOME II 2,100,331 HEITMAN AMERICA REAL ESTATE TR 5,177,398 KSL CAPITAL PARTNERS II 674,681 LBA REALTY FUND III 2,179,171 LIONSTONE URBAN INV TWO 315,821 MORGAN STANLEY RE FUND V 8,416,204 PRISA II PRUDENTIAL REAL EST. 16,322,384 PRUDENTIAL SNR HSING PTNRS III 7,914,806 REALTY ASSOCIATES FUND VII 26,806,397 REALTY ASSOCIATES FUND VIII 10,429,810 REDWOOD GROVE INTERNATIONAL LP 891,000 REEF GLOBAL OPPORTUNITIES FD 13,674,673 ROCKPOINT REAL ESTATE FUND III 23,576 RREEF AMERICA REIT III 39,182,176 SQUARE MILE PARTNERS II LP 2,151,671 URBANAMERICA, LP. II 780,655 WALTON STREET REAL ESTATE V 7,523,445 WESTBROOK REAL ESTATE FUND VII 484,849

ABSOLUTE RETURN

ANCHORAGE CAPITAL PARTNERS 63,417,459 AVENUE SPECIAL SITUATIONS III 536,344 BERNSTEIN GLOBAL DIV HEDGE F 37,874,692 CANYON VALUE REALIZATION FD 36,505,044 CHILTON GLOBAL NATURAL RESOURC 60,312,940 CVI SPECIALIZED VENTURES FD A 43,326,965 DAVIDSON KEMPNER DIS OPP INTL 29,599,020 DAVIDSON KEMPNER INST PRTNR 69,503,508 FONTANA CAPITAL LLC 27,526,595 GEM REALITY SECURITIES LTD 39,245,439 GIOVONE INVESTMENT PARTNERS 71,216,542


Security Name Interest Rate Maturity Date Shares/Par Value Base Market ValueH.I.G BRIGHTPOINT CAP PARTNERS 27,471,807 HIGHLINE CAPITAL INTL 55,305,981 HIGHLINE SELECT LTD 19,724,631 IVY RISING STARS OFFSHORE FD 34,084,201 MAVERICK FUND LTD 52,518,610 OCONNOR GLOBAL FUNDAMENTAL 75,575,420 OZ ASIA MASTER FUND LTD. 27,570,164 OZ OVERSEAS FUND LTD 42,867,760 SATELLITE CREDIT OPPORTUNITIES 35,503,298 SATELLITE OVERSEAS LTD PRTNSHP 95,009,467 SILVER POINT CAP OFFSHORE FD 64,940,497 SIRIOS FUND 29,205,914 STERLING STAMOS CONCENTRATED 57,530,799 TIGER ASIA OVERSEASFUND LTD 72,808,199 TIGER CONSUMER PARTNERS LP 38,656,797 TREE LINE ASIA FD LTD 37,692,620 VIKING GLOBAL EQUITIES III LTD 62,792,702 YORK EUROPEAN OPPORTUNITIES 47,052,422

TOTAL ALTERNATIVE ASSETS 2,027,376,290

TOTAL SECURITIES 6,713,188,787

CASH & CASH EQUIVALENTS 22,063,086

ACCOUNTS RECEIVABLE & ACCRUED INCOME 13,349,292

ACCOUNTS PAYABLE (29,213,115)

TOTAL NET ASSETS 6,719,388,051$



EQUITY INVESTMENTSEXTERNALLY MANAGED FUNDS(SC = Small Cap MC = Mid Cap LC = Large Cap)

Security Name Interest Rate Maturity Date Shares/Par Value Market Value

ACADIAN EMERGING MARKETS 54,280,783 ADAGE CAPITAL LC 29,452,361 AQR NON-US 28,616,061 AXA ROSENBERG SC/MC 8,991,231 GLOBAL CURRENTS NON-US 29,892,809 BURGUNDY SC 8,884,792 CAUSEWAY NON-US 45,700,248 CGI EMERGING MARKETS GF 13,440,766 CORTINA OPPORTUNITY SC 7,814,238 DE SHAW ENHANCED LC 25,278,039 DELAWARE LC 33,005,724 EAFE + CANADA STATE ST INTL INDEX 406,567,426 GENESIS EMERGING MKT 58,914,719 GMO NON-US 44,074,257 GMO EMERGING MARKETS 50,446,280 GOLDMAN SACHS ASSET MANAGEMENT LC 41,672,213 HANSBERGER NON-US 30,972,464 IRONBRIDGE SC 16,358,716 JP MORGAN NON-US 41,766,021 LSV ASSET MANAGEMENT LC 38,382,861 MFS NON-US 53,304,758 MONDRIAN NON-US 31,458,095 MSCI ACWI FUND 81,453,576 NEW STAR NON-US 33,423,723 NWQ LC 22,309,497 PANAGORA NON-US 29,956,239 RENAISSANCE INSTITUTIONAL EQUITIES FUND LC 4,990,411 RUSSELL 3000 INDEX FUND 514,068,310 SANDERSON NON-US 32,404,641 TEMPLETON INSTL EMERGING MRKT 7,089,280 TIMESSQUARE MC 16,182,950 VICTORY LC 42,462,516 WELLINGTON SC 10,046,246


FIXED INCOMEFIXED INCOME - SECURITIES

AGFC CAP TR I 6 1/15/2067 1,000,000 238,847 ALBERTSONS INC 7.25 5/1/2013 1,600,000 1,352,000 ALLIED WASTE NORTH AMER INC 6.875 6/1/2017 1,500,000 1,395,000 ALLSTATE CORP 6.125 5/15/2037 500,000 315,000 AMERICA MOVIL S A DE C V 5.5 3/1/2014 500,000 458,215 AMERICA MOVIL S A DE C V 6.375 3/1/2035 3,000,000 2,572,500 AMERICA MOVIL S A DE C V 6.375 3/1/2035 1,000,000 857,500 AMERICAN HONDA FIN CORP 7.625 10/1/2018 500,000 563,169 AMGEN INC 6.15 6/1/2018 500,000 529,241 ARAMARK CORP 8.5 2/1/2015 600,000 543,000 ARGENTINA(REP) 8.28 12/31/2033 866,350 279,398 AT+T INC 6.7 11/15/2013 500,000 529,661 AT+T INC 6.3 1/15/2038 2,800,000 2,939,992 AT+T WIRELESS SVCS INC 8.75 3/1/2031 850,000 1,051,133 ATLAS COPCO AB 5.6 5/22/2017 500,000 505,725 BAE SYS HLDGS INC 4.75 8/15/2010 1,300,000 1,334,418 BANC AMER COML MTG TR 5.68848 4/10/2049 4,000,000 3,032,462 BANC AMER MTG SECS INC 5.75 1/25/2035 8,179,905 8,343,503 BANCO MERCANTILE DEL NORTE SA 6.135 10/13/2016 1,445,000 925,653


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueBANCO MERCANTILE DEL NORTE SA 6.862 10/13/2021 1,000,000 600,000 BANCO NACIONAL DE DESENVOLVIME 6.369 6/16/2018 2,000,000 1,900,000 BANK OF AMERICA 5.3 3/15/2017 3,500,000 3,310,073 BANK OF AMERICA CORP 8 12/29/2049 1,250,000 899,110 BANK OF AMERICA CORP 8 12/29/2049 1,050,000 745,500 BAXTER INTL INC 5.375 6/1/2018 500,000 515,797 BAXTER INTL INC 6.25 12/1/2037 500,000 570,944 BEAR STEARNS ARM TR 5.775796 2/25/2036 11,076,514 10,522,688 BEAR STEARNS COMMERCIAL MORT 5.471 1/12/2045 8,000,000 5,709,444 BERKSHIRE HATHAWAY FIN CORP 5.4 5/15/2018 1,000,000 1,027,953 BMC SOFTWARE INC 7.25 6/1/2018 1,000,000 844,795 BMW VEH LEASE TR 4.59 8/15/2013 2,000,000 1,934,305 BOLIVARIAN REPUBLIC VENEZUELA 9 5/7/2023 2,500,000 1,000,000 BOMBARDIER INC 6.3 5/1/2014 1,100,000 904,750 BOYD GAMING CORP 7.125 2/1/2016 1,050,000 619,500 BRASKEM FIN LTD 7.25 6/5/2018 600,000 426,000 BRAZIL FEDERATIVE REP 10 8/7/2011 2,500,000 2,875,000 BRAZIL FEDERATIVE REP 7.875 3/7/2015 8,500,000 9,647,500 BRAZIL FEDERATIVE REP 8 1/15/2018 5,500,000 6,140,750 BRAZIL FEDERATIVE REP 8 1/15/2018 500,000 558,250 BRAZIL FEDERATIVE REP 8.75 2/4/2025 11,000,000 13,420,000 BRAZIL FEDERATIVE REP 8.75 2/4/2025 500,000 610,000 BRAZIL FEDERATIVE REP 8.25 1/20/2034 2,000,000 2,445,000 BW GROUP LTD 6.625 6/28/2017 500,000 465,453 C10 CAP SPV LTD 6.722 12/31/2049 1,000,000 475,830 CAMERON INTL CORP 6.375 7/15/2018 300,000 278,231 CANADIAN NATL RY CO 6.8 7/15/2018 1,000,000 1,062,166 CARGILL INC 5.6 9/15/2012 1,900,000 1,814,602 CARGILL INC 6.625 9/15/2037 500,000 449,366 CASE NEW HOLLAND INC 7.125 3/1/2014 705,000 500,550 CCSA FIN LTD 7.875 5/17/2016 1,700,000 1,530,000 CCSA FIN LTD 7.875 5/17/2016 2,300,000 2,070,000 CENTEX CORP 4.55 11/1/2010 500,000 410,000 CENTEX CORP 5.25 6/15/2015 450,000 279,000 CENTEX CORP 5.25 6/15/2015 500,000 300,000 CHESAPEAKE ENERGY CORP 6.375 6/15/2015 1,900,000 1,501,000 CHESAPEAKE ENERGY CORP 6.375 6/15/2015 1,000,000 790,000 CHS CMNTY HEALTH SYS INC 8.875 7/15/2015 1,250,000 1,150,000 CITIGROUP CAP 8.3 12/21/2057 1,000,000 735,000 CITIGROUP COML MTG TR 5.700003 12/10/2049 1,000,000 753,781 CITIGROUP INC 5.5 4/11/2013 1,000,000 968,049 CITIGROUP MORTGAGE LOAN TR 6.05948 8/25/2036 8,421,306 8,758,159 CITIGROUP MORTGAGE LOAN TR 5.607182 4/25/2037 3,703,290 3,740,323 CLOROX CO 5 3/1/2013 2,000,000 1,932,574 CME GROUP INC 5.4 8/1/2013 1,000,000 993,480 COLOMBIA REP 8.25 12/22/2014 1,000,000 1,077,500 COLOMBIA REP 7.375 1/27/2017 5,500,000 5,720,000 COLUMBIA REP 7.375 9/18/2037 1,300,000 1,274,000 COMCAST CORP NEW 5.45 11/15/2010 2,000,000 1,976,836 COMCAST CORP NEW 6.5 11/15/2035 1,000,000 989,068 COMPANHIA DE BEBIDAS DAS 8.75 9/15/2013 1,000,000 1,050,000 COMPANHIA DE BEBIDAS DAS 8.75 9/15/2013 1,000,000 1,050,000 CONSTELLATION BRANDS INC 7.25 9/1/2016 900,000 850,500 COOPER U S INC 6.1 7/1/2017 500,000 495,094 CORPORACION NACIONAL DEL COBRE 6.375 11/30/2012 1,450,000 1,475,375 COSTA RICA REP 6.548 3/20/2014 2,000,000 1,882,937 COX COMMUNICATIONS INC NEW 6.25 6/1/2018 1,000,000 870,684 CREDIT SUISSE FIRST BOSTON MTG 6.5 1/25/2036 1,464,262 1,434,977 CRH AMER INC 6 9/30/2016 2,000,000 1,270,000 CVS CAREMARK CORP 6.25 6/1/2027 1,000,000 934,061 CVS CAREMARK CORP 6.302 6/1/2037 500,000 200,000 D R HORTON INC 6.125 1/15/2014 300,000 195,000 D R HORTON INC 5.625 9/15/2014 450,000 310,500 DAIMLER CHRYSLER NA HLDG CORP 7.2 9/1/2009 300,000 291,070 DAIMLER CHRYSLER NA HLDG CORP 7.3 1/15/2012 1,250,000 1,080,475 DAIMLER CHRYSLER NA HLDG CORP 6.5 11/15/2013 1,900,000 1,194,457 DANAHER CORP 5.625 1/15/2018 1,000,000 1,020,158 DELHAIZE GROUP SA 6.5 6/15/2017 1,000,000 894,875 DENBURY RES INC DEL 7.5 4/1/2013 2,500,000 1,900,000 DEVELOPERS DIVERSIFIED RLTY CO 5.25 4/15/2011 1,000,000 464,585 DEVELOPERS DIVERSIFIED RLTY CO 5.5 5/1/2015 400,000 119,677


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueDIAGEO CAP PLC 7.375 1/15/2014 500,000 531,235 DIRECTV HLDGS LLC 6.375 6/15/2015 300,000 276,750 DISNEY WALT CO 6 7/17/2017 500,000 530,820 DOMINION RES INC 8.875 1/15/2019 500,000 538,547 DOMINION RES INC 7 6/15/2038 500,000 476,900 DOMINION RES INC 6.3 9/30/2066 1,300,000 559,000 DPL INC 6.875 9/1/2011 1,500,000 1,466,527 DR HORTON INC 8 2/1/2009 400,000 397,284 DU PONT E I DE NEMOURS + CO 6 7/15/2018 800,000 829,330 E ON INTL FIN B V 5.8 4/30/2018 1,000,000 948,110 ECHOSTAR DBS CORP 6.375 10/1/2011 750,000 697,500 ECHOSTAR DBS CORP 7 10/1/2013 1,000,000 867,500 EL SALVADOR REP 8.25 4/10/2032 200,000 130,000 EMBARQ CORP 7.082 6/1/2016 700,000 525,000 EMBARQ CORP 7.082 6/1/2016 1,200,000 900,000 ENERGY TRANSFER PARTNERS L P 9.7 3/15/2019 1,000,000 1,035,000 ENTERPRISE PRODS OPER L P 8.375 8/1/2066 2,000,000 1,100,000 ENTERPRISE PRODS OPER L P 7.034 1/15/2068 500,000 235,000 ENTERPRISE PRODS OPER L P 7.034 1/15/2068 1,000,000 470,000 EQUITY RESIDENTIAL 5.125 3/15/2016 1,000,000 711,828 EVRAZ GROUP S A 8.875 4/24/2013 550,000 280,500 FANNIE MAE 5.125 7/13/2009 12,880,000 13,194,092 FANNIE MAE 5.25 8/1/2012 10,500,000 11,001,623 FANNIE MAE 4 7/1/2018 1,169,975 1,193,987 FANNIE MAE 5.75 5/1/2033 767,035 791,005 FANNIE MAE 5.25 5/1/2033 2,622,920 2,692,284 FANNIE MAE 6.124 12/1/2036 10,467,261 10,777,259 FANNIE MAE 6 12/1/2099 52,400,000 53,939,250 FANNIE MAE (Preferred Stock) 0 75,000 62,250 FEDERAL HOME LOAN 5 3/12/2010 10,500,000 10,872,721 FEDERAL HOME LOAN 3.375 6/24/2011 10,400,000 10,873,594 FEDERAL HOME LOAN 4.125 9/27/2013 6,000,000 6,493,876 FEDERAL HOME LOAN 5 12/14/2018 2,090,000 2,166,316 FEDERAL HOME LOAN 5.772 1/1/2037 4,977,572 5,077,628 FEDERAL HOME LOAN 6.149 4/1/2037 14,228,119 14,590,445 FEDERAL HOME LOAN 5.942 6/1/2037 1,847,066 1,886,857 FEDERAL HOME LOAN 6.009 7/1/2037 435,798 445,942 FEDERAL HOME LOAN (Preferred Stock) 0 40,000 15,600 FIFTH THIRD BANCORP 4.75 2/1/2015 350,000 287,924 FIFTH THIRD BANCORP 4.75 2/1/2015 1,000,000 814,279 FIFTH THIRD BANCORP 8.25 3/1/2038 1,000,000 820,000 FISERV INC 6.125 11/20/2012 1,000,000 883,078 FORD MTR CR CO 7.375 10/28/2009 500,000 439,111 FORD MTR CR CO 7.8 6/1/2012 500,000 350,785 FPL GROUP CAP INC 6.35 10/1/2066 1,500,000 720,000 FPL GROUP CAP INC 7.3 9/1/2067 500,000 265,000 FREEPORT MCMORAN COPPER + GOLD 8.25 4/1/2015 500,000 425,000 FREEPORT MCMORAN COPPER + GOLD 8.375 4/1/2017 500,000 407,500 FRESENIUS MED CARE CAP TR IV 7.875 6/15/2011 1,000,000 950,000 GAZPROM INTL S A 7.201 2/1/2020 805,008 587,656 GENERAL ELEC CAP CORP MTN 5.875 1/14/2038 500,000 482,361 GENERAL ELEC CO 5.25 12/6/2017 2,000,000 1,978,803 GENETECH INC 4.75 7/15/2015 1,000,000 991,642 GOLDMAN SACHS CAPITAL II 5.793 12/29/2049 825,000 292,875 GOLDMAN SACHS GROUP 5.3 2/14/2012 1,000,000 951,079 GRUPO TELEVISA SA 6 5/15/2018 800,000 664,000 GRUPO TELEVISA SA 6.625 3/18/2025 3,620,000 3,117,012 GRUPO TELEVISA SA 6.625 3/18/2025 450,000 384,750 GS MTG SECS TR 2007 GG10 5.79918 8/10/2045 2,000,000 1,421,809 GSC HLDGS CORP / GAMESTOP INC 8 10/1/2012 1,335,000 1,241,550 GTL TRADE FIN INC 7.25 10/20/2017 200,000 167,772 HARBORVIEW MTG LN TR 4.78716 4/19/2034 3,337,322 3,370,695 HARRAHS OPER INC 5.5 7/1/2010 250,000 155,000 HARRAHS OPER INC 5.5 7/1/2010 425,000 269,875 HCA INC FORMERLY HCA HEALTHCAR 9.125 11/15/2014 1,350,000 1,252,125 HERTZ CORP 8.875 1/1/2014 1,900,000 1,168,500 HEWLETT PACKARD CO 6.125 3/1/2014 1,000,000 1,068,898 HEWLETT PACKARD CO 5.5 3/1/2018 500,000 516,289 HOSPIRA INC 6.05 3/30/2017 500,000 455,918 HOST MARRIOTT L P 6.375 3/15/2015 1,250,000 931,250 HSBC FIN CAP TR IX 5.911 11/30/2035 2,800,000 1,400,000


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueHSI ASSET LN OBLIG TR 2007 AR1 6.325627 1/25/2037 4,727,436 4,632,888 HUSKY ENERGY INC 6.8 9/15/2037 500,000 400,780 HUTCHISON WHAMPOA INTL LTD 7.45 11/24/2033 500,000 459,870 INDONESIA REP 6.75 3/10/2014 500,000 445,000 INDONESIA REP 6.875 1/17/2018 1,400,000 1,162,000 INTERNATIONAL BUSINESS MACHS 7.625 10/15/2018 1,000,000 1,179,823 INTERNATIONAL FIN FAC 5 11/14/2011 1,250,000 1,321,786 ITC HLDGS CORP 5.875 9/30/2016 700,000 663,407 JPMORGAN CHASE + CO 7.9 4/29/2049 800,000 792,299 JPMORGAN CHASE CAP XX 6.55 9/29/2036 1,500,000 1,191,577 JPMORGAN CHASE CAP XXV 6.8 10/1/2037 1,000,000 852,155 KOREA DEV BK 5.3 1/17/2013 2,000,000 1,844,260 KROGER CO 7.5 1/15/2014 1,000,000 1,066,121 L 3 COMMUNICATIONS CORP 6.125 1/15/2014 1,480,000 1,343,100 L 3 COMMUNICATIONS CORP 5.875 1/15/2015 1,500,000 1,350,000 L 3 COMMUNICATIONS CORP 5.875 1/15/2015 1,320,000 1,188,000 LEHMAN BROS HLDGS INC 5.625 1/24/2013 500,000 65,000 LEHMAN MTG TR 6 1/25/2036 11,759,494 11,700,696 LEHMAN MTG TR 6 7/25/2037 1,000,000 950,000 LORAL CORP 7 9/15/2023 1,150,000 1,085,049 LUBRIZOL CORP 4.625 10/1/2009 1,500,000 1,452,735 MASTR ADJ RATE MTGS TR 4.489314 7/25/2035 2,505,367 2,317,465 MASTR ALTERNATIVE LN TR 6 3/25/2036 2,000,000 1,940,000 MCKESSON CORP NEW 5.25 3/1/2013 2,000,000 1,853,932 MERRILL LYNCH + CO INC 6.15 4/25/2013 2,500,000 2,484,625 MERRILL LYNCH MTG INVS TR 5.789129 5/25/2036 5,163,308 5,369,840 METROPOLITAN LIFE GLOBAL FDG I 4.5 5/5/2010 2,000,000 1,918,662 MGM MIRAGE 6 10/1/2009 250,000 238,750 MGM MIRAGE 6 10/1/2009 2,300,000 2,235,037 MGM MIRAGE 6.75 9/1/2012 1,050,000 735,000 MOOG INC 7.25 6/15/2018 700,000 560,000 MORGAN STANLEY GROUP INC 5.3 3/1/2013 750,000 682,500 MORGAN STANLEY GROUP INC 6.625 4/1/2018 1,500,000 1,342,500 NATIONAL GAS CO TRINIDAD + TOB 6.05 1/15/2036 1,500,000 1,073,763 NEIMAN MARCUS GROUP INC 10.375 10/15/2015 1,400,000 602,000 NEIMAN MARCUS GROUP INC 10.375 10/15/2015 300,000 129,000 NEVADA PWR CO 6.5 5/15/2018 1,000,000 949,476 NEWS AMER INC 6.4 12/15/2035 1,000,000 940,698 NEXTEL COMMUNICATIONS INC 5.95 3/15/2014 700,000 294,000 NORFOLK SOUTHN CORP 5.75 4/1/2018 500,000 492,892 ODEBRECHT FIN LTD 7.5 10/18/2017 300,000 240,000 ODEBRECHT FIN LTD 7.5 10/18/2017 1,500,000 1,200,000 OHIO PWR CO 6.6 2/15/2033 1,900,000 1,772,970 OPTI CDA INC 7.875 12/15/2014 1,250,000 637,500 OWENS BROCKWAY GLASS CONTAINER 6.75 12/1/2014 2,000,000 1,840,000 PANAMA REP 7.25 3/15/2015 3,500,000 3,570,000 PANAMA REP 7.125 1/29/2026 2,000,000 1,885,000 PANAMA REP 6.7 1/26/2036 1,000,000 900,000 PANAMERICAN BEVERAGES INC 7.25 7/1/2009 3,300,000 3,376,853 PARKER HANNIFIN CORP MEDIUM 5.5 5/15/2018 500,000 473,643 PEMEX PROJ FDG MASTER TR 5.75 3/1/2018 1,000,000 882,500 PENNEY J C INC 7.125 11/15/2023 400,000 284,000 PEPSICO INC 7.9 11/1/2018 1,500,000 1,763,957 PERU REP 8.375 5/3/2016 3,422,000 3,687,205 PERU REP 7.35 7/21/2025 2,000,000 1,990,000 PETROBRAS INTL FIN CO 7.75 9/15/2014 1,000,000 1,070,000 PETROBRAS INTL FIN CO 7.75 9/15/2014 600,000 638,250 PETROBRAS INTL FIN CO 5.875 3/1/2018 500,000 448,750 PETROBRAS INTL FIN CO 5.875 3/1/2018 1,000,000 897,500 PETROPLUS FIN LTD 6.75 5/1/2014 2,000,000 1,270,000 PHILIPPINE LONG DIST TEL CO ME 8.35 3/6/2017 1,006,000 945,640 PHILIPPINE LONG DIST TEL CO ME 8.35 3/6/2017 1,334,000 1,253,960 PHILIPPINES REP 8.375 2/15/2011 4,250,000 4,420,000 PHILIPPINES REP 8.25 1/15/2014 2,000,000 2,080,000 PHILIPPINES REP 8 1/15/2016 2,700,000 2,781,000 PHILIPPINES REP 7.5 9/25/2024 1,150,000 1,104,000 PHILIPPINES REP 7.75 1/14/2031 1,000,000 1,010,000 PLAINS EXPL PRODTN CO 7.75 6/15/2015 1,250,000 943,750 PPG INDS INC 6.65 3/15/2018 1,500,000 1,489,582 PREMCOR REFNG GROUP INC 6.75 5/1/2014 2,000,000 1,940,206 PROLOGIS 5.625 11/15/2016 1,000,000 370,000


Security Name Interest Rate Maturity Date Shares/Par Value Market ValuePRUDENTIAL FINL INC 6.625 12/1/2037 500,000 346,862 PSYCHIATRIC SOLUTIONS INC 7.75 7/15/2015 800,000 588,000 R H DONNELLEY CORP 11.75 5/15/2015 675,000 165,375 R H DONNELLEY CORP 8.875 10/15/2017 7,000 1,050 RAS LAFFAN LIQUEFIED NAT GAS 5.832 9/30/2016 800,000 648,180 RAS LAFFAN LIQUEFIED NAT GAS 6.332 9/30/2027 1,000,000 671,890 REPUBLIC OF THE PHILIPPINES 6.375 1/15/2032 1,000,000 950,000 RESIDENTIAL ACCREDIT LNS INC 6 12/25/2032 7,069,651 7,175,696 RESIDENTIAL ASSET SECURIZATION 6 6/25/2036 5,231,084 3,661,759 RESIDENTIAL ASSET SECURIZATION 6.25 12/25/2036 5,924,210 3,258,316 RESOLUTION FDG CORP PRINC STRP 0 10/15/2019 11,500,000 7,741,927 RFMSI 5.620557 2/25/2037 38,036,185 38,036,185 RFMSI SER 2006 S7 TR 6.25 8/25/2036 6,777,217 6,844,989 RIO TINTO FIN USA LTD 6.5 7/15/2018 1,500,000 1,099,757 ROGERS CABLE INC 6.75 3/15/2015 2,000,000 1,947,628 ROYAL CARIBBEAN CRUISES LTD 7.5 10/15/2027 522,000 250,651 RUSSIAN FEDN 8.25 3/31/2010 500,046 517,548 RUSSIAN FEDN 7.5 3/31/2030 7,987,000 6,968,658 SABMILLER PLC 6.2 7/1/2011 3,000,000 2,932,703 SABMILLER PLC 6.5 7/15/2018 500,000 453,668 SCHERING PLOUGH CORP 6.55 9/15/2037 1,000,000 1,021,262 SEQUOIA MTG TR 5.800193 1/20/2038 413,719 413,719 SIEMENS FINANCIERINGSMAATSCHAP 6.125 8/17/2026 1,000,000 988,086 SIMON PPTY GROUP LP 5.3 5/30/2013 2,300,000 1,711,701 SLM CORP 4.5 7/26/2010 500,000 433,934 SOCIEDAD QUIMICA Y MINERA DE 6.125 4/15/2016 900,000 872,479 SOUTH AFRICA REP 7.375 4/25/2012 700,000 691,250 SOUTHERN PWR CO 4.875 7/15/2015 1,500,000 1,371,736 SPRINT CAP CORP 6.875 11/15/2028 325,000 193,375 STRUCTURED ASSET SECS CORP 5.5 5/25/2033 19,710,376 20,104,583 SUNGARD DATA SYSTEMS 9.125 8/15/2013 400,000 346,000 SUNGARD DATA SYSTEMS 10.25 8/15/2015 1,250,000 825,000 SUNGARD DATA SYSTEMS 10.25 8/15/2015 500,000 330,000 TBW MORTGAGE BACKED TR 6 7/25/2036 10,590,945 10,749,809 TECO FIN INC 7 5/1/2012 1,181,000 1,080,973 TELEFONICA EMISIONES S AU 6.221 7/3/2017 500,000 490,974 TEMASEK FINL LTD 4.5 9/21/2015 1,000,000 998,390 TENGIZCHEVROIL FIN CO S AR L 6.124 11/15/2014 1,735,977 1,319,343 TENGIZCHEVROIL FIN CO S AR L 6.124 11/15/2014 428,636 312,555 TEVA PHARMACEUTICAL FIN CO LLC 6.15 2/1/2036 750,000 741,519 THORNBURG MTG SECS TR 6.11969 4/25/2045 2,790,457 2,804,410 TICKETMASTER 10.75 7/28/2016 300,000 162,000 TIME WARNER CABLE INC 8.25 2/14/2014 500,000 507,233 TIME WARNER CABLE INC 6.75 7/1/2018 1,500,000 1,429,353 TIME WARNER ENTMT CO L P 8.375 7/15/2033 1,000,000 993,606 TRANSCAPITALINVEST LTD 5.67 3/5/2014 2,850,000 1,845,774 TRANSOCEAN INC 6 3/15/2018 950,000 853,394 TRANSOCEAN SEDCO FOREX INC 7.5 4/15/2031 1,400,000 1,315,554 TRINIDAD + TOBAGO REP 5.875 5/17/2027 500,000 405,000 TURKEY REP 7.25 3/15/2015 5,500,000 5,472,500 TURKEY REP 7 9/26/2016 750,000 731,250 TURKEY REP 6.75 4/3/2018 500,000 475,000 TURKEY REP 7 6/5/2020 1,500,000 1,451,250 TURKEY REP 7.375 2/5/2025 3,450,000 3,243,000 TURKEY REP 6.875 3/17/2036 2,000,000 1,660,000 UNION PAC CORP 7.875 1/15/2019 500,000 548,163 UNITED MEXICAN STS 5.95 3/19/2019 500,000 500,000 UNITED MEXICAN STS 5.95 3/19/2019 500,000 502,500 UNITED MEXICAN STS 6.75 9/27/2034 750,000 791,250 UNITED MEXICAN STS 6.05 1/11/2040 7,000,000 6,807,500 UNITED MEXICAN STS 6.05 1/11/2040 1,000,000 972,500 UNITED STATES TREAS BD STRP PRN 0 11/15/2018 3,130,000 2,342,461 UNITED STATES TREAS INFLATION INDEXED BDS 2.375 1/15/2025 18,059,422 17,314,471 UNITED STATES TREAS INFLATION INDEXED BDS 2 1/15/2026 11,740,497 10,777,424 UNITED STATES TREAS INFLATION INDEXED BDS 2.375 1/15/2027 9,514,898 9,382,546 UNITED STATES TREAS INFLATION INDEXED BDS 1.75 1/15/2028 9,157,133 8,285,740 UNITED STATES TREAS INFLATION INDEXED BDS 3.625 4/15/2028 12,068,535 14,112,703 UNITED STATES TREAS INFLATION INDEXED BDS 3.875 4/15/2029 13,876,855 16,856,077 UNITED STATES TREAS INFLATION INDEXED BDS 3.375 4/15/2032 3,662,811 4,509,835 UNITED STATES TREAS INFLATION INDEXED NTS 4.25 1/15/2010 8,197,307 7,980,816 UNITED STATES TREAS INFLATION INDEXED NTS 0.875 4/15/2010 19,342,343 18,030,739


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueUNITED STATES TREAS INFLATION INDEXED NTS 3.5 1/15/2011 8,235,332 8,044,931 UNITED STATES TREAS INFLATION INDEXED NTS 2.375 4/15/2011 11,942,974 11,623,858 UNITED STATES TREAS INFLATION INDEXED NTS 3.375 1/15/2012 4,566,797 4,499,711 UNITED STATES TREAS INFLATION INDEXED NTS 2 4/15/2012 12,945,014 12,524,301 UNITED STATES TREAS INFLATION INDEXED NTS 2 4/15/2012 9,455,999 9,148,679 UNITED STATES TREAS INFLATION INDEXED NTS 3 7/15/2012 15,729,026 15,296,477 UNITED STATES TREAS INFLATION INDEXED NTS 0.625 4/15/2013 9,076,109 8,605,241 UNITED STATES TREAS INFLATION INDEXED NTS 1.875 7/15/2013 14,715,136 13,767,922 UNITED STATES TREAS INFLATION INDEXED NTS 2 1/15/2014 15,085,128 14,194,200 UNITED STATES TREAS INFLATION INDEXED NTS 2 7/15/2014 13,816,096 12,965,577 UNITED STATES TREAS INFLATION INDEXED NTS 1.625 1/15/2015 13,637,772 12,546,750 UNITED STATES TREAS INFLATION INDEXED NTS 1.875 7/15/2015 11,830,784 11,050,662 UNITED STATES TREAS INFLATION INDEXED NTS 2 1/15/2016 11,582,225 10,995,817 UNITED STATES TREAS INFLATION INDEXED NTS 2.5 7/15/2016 11,495,589 11,283,610 UNITED STATES TREAS INFLATION INDEXED NTS 2.375 1/15/2017 5,898,871 5,796,585 UNITED STATES TREAS INFLATION INDEXED NTS 2.625 7/15/2017 2,477,361 2,511,821 UNITED STATES TREAS INFLATION INDEXED NTS 1.625 1/15/2018 9,162,303 8,615,405 UNITED STATES TREAS INFLATION INDEXED NTS 1.375 7/15/2018 8,896,264 8,270,768 UNITED STATES TREAS NOTE 4 8/15/2018 5,330,000 6,155,830 UNITED STATES TREAS SC STRP INT 0 5/15/2014 14,490,000 12,966,521 UNITED STATES TREAS SC STRP INT 0 11/15/2019 14,800,000 10,425,860 UNITED TECHNOLOGIES CORP 6.125 2/1/2019 500,000 531,809 USAA AUTO OWNER TR 2008 2 4.64 10/15/2012 2,000,000 1,935,118 USIMINAS COML LTD 7.25 1/18/2018 1,000,000 882,703 USIMINAS COML LTD 7.25 1/18/2018 1,000,000 882,703 VALE OVERSEAS LTD 6.875 11/21/2036 500,000 461,250 VALERO ENERGY CORP 6.625 6/15/2037 500,000 367,496 VENEZUELA REPUBLIC 8.5 10/8/2014 1,100,000 572,000 VENEZUELA REPUBLIC 5.75 2/26/2016 2,300,000 977,500 VENEZUELA REPUBLIC 7.65 4/21/2025 5,200,000 1,960,296 VENEZUELA REPUBLIC 9.25 9/15/2027 1,400,000 749,000 VERIZON COMMUNICATIONS INC 5.25 4/15/2013 500,000 486,970 VERIZON COMMUNICATIONS INC 8.95 3/1/2039 500,000 642,031 VERIZON WIRELESS CAP LLC 7.375 11/15/2013 1,000,000 1,061,081 VERIZON WIRELESS CAP LLC 8.5 11/15/2018 2,000,000 2,319,548 VESSEL MGMT SVCS INC 6.08 5/20/2024 1,902,750 2,188,448 VIRGINIA ELEC + PWR CO 5.95 9/15/2017 500,000 496,582 VIRGINIA ELEC + PWR CO 8.875 11/15/2038 1,000,000 1,234,324 VODAFONE GROUP 6.15 2/27/2037 500,000 490,992 VOTO VOTORANTIM OVERSEAS TRAD 7.75 6/24/2020 4,180,000 3,615,700 WACHOVIA BK NATL ASSN MEDIUM 6.6 1/15/2038 800,000 817,062 WAL MART STORES INC 5.8 2/15/2018 1,000,000 1,092,375 WAMU 6.06314 10/25/2036 4,779,259 4,874,844 WAMU MTG PASS THRU CTFS 6.15 9/25/2036 10,305,312 10,614,471 WEA FIN LLC 7.125 4/15/2018 500,000 360,001 WELLS FARGO BK NATL ASSN 5.75 5/16/2016 1,000,000 1,014,884 WELLS FARGO CAP XV 9.75 12/29/2049 1,600,000 1,568,000 WELLS FARGO MTG BACKED SECS 5.5 4/25/2037 6,587,935 6,653,814 WELLS FARGO MTG BACKED SECS 6.05834 4/25/2037 8,367,401 8,534,750 WELLS FARGO MTG BKD SECS 2006 5.75 3/25/2036 2,380,383 2,404,187 WESTERN RES INC 7.125 8/1/2009 1,250,000 1,252,954 WINDSTREAM CORP 8.625 8/1/2016 800,000 708,000 WINDSTREAM CORP 8.625 8/1/2016 500,000 442,500


EATON VANCE HIGH YIELD FD 11,338,228 GOLDMAN SACHS HIGH YIELD 21,450,865 NCRAM HIGH YIELD TOTAL RETURN 26,832,645 STONE HARBOR HIGH YIELD FD 13,956,033 WGBI EX US INDEX FUND 129,453,753


ALTERNATIVE ASSETS

PRIVATE EQUITY

ACCEL VIII LP 356,799 AIG ASIAN INFRASTRUCTURE FNDII 308,615


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueAIG ASIAN INFRASTRUCTURE FUND 8,099 AIG GE CAPITAL LATIN AMERICA 3,259,912 AIG INDIAN SECTORAL EQUITY 51,057 AISLING CAPITAL 11 4,634,197 ALTA SUB DEB III 494 APOLLO INVESTMENT FUND VI LP 17,723,433 APOLLO INVESTMENT FUND VII LP 150,755 ARCH VENTURE FUND VI, LP 4,343,702 ARCH VENTURE FUND VII LP 165,425 ARES CORP OPPORTUNITY FUND II 1,626,455 ARES CORP OPPS FUND III 295,194 ARSENAL CAP PTNERS 1,932,090 ARSENAL CAPITAL PARTNERS II LP 446,861 BAIN CAPITAL EUROPE FUND III 23,853 BAIN CAPITAL FUND IX LP 1,648,067 BAIN CAPITAL FUND VIII 4,153,642 BAIN CAPITAL FUND X 545,880 BAIN CAPITAL IX COINVESTMENT 546,246 BAIN CAPITAL VIII COINVETMENT 1,377,279 BAIN CAPITAL X COINVESTMENT 47,735 BLACKSTONE CAPITAL PARTNERS IV 8,929,886 BLACKSTONE CAPITAL PARTNERS V 39,345,723 BLUERUN VENTURES IV LP 118,371 BLUERUN VENTURES LP 7,358,798 CADUCEUS PRIVATE INV III LP 85,226 CALERA CAPITAL 3,789,312 CANAAN EQUITY PARTNERS VII 11,114,660 CANAAN VIII LP 148,171 CENTURY PARK CAPITAL PTNS II 3,339,383 CERBERUS SERIES FOUR HOLDINGS 1,090,459 CHARLESBANK EQUITY FUND VI 3,906,620 CLAREMONT CREEK VENTURES II 62,864 CLAREMONT CREEK VENTURES LP 3,513,440 CLEARSTONE VENTURE PARTNERS 3,461,597 DARWIN VENTURE CAPITAL FUNDS 1,231,252 DARWIN VENTURE CPTAL FND II LP 79,654 DCM IV 2,497,645 DCM V 95,990 DE NOVO VENTURES II LP 5,052,622 DE NOVO VENTURES III 94,716 DOMAIN PARTNERS VI LP 2,292,056 DOMAIN PARTNERS VII 316,545 ENERGY SPE SITUATIONS FUND II 34,515 EOS CAPITAL PARTNERS III 3,783,342 EOS CAPITAL PARTNERSHIP IV 217,841 EQUITY DISTRIBUTION SECURITIES 520,599 FIRST RESERVE FUND XI LP 1,095,065 FORTRESS INVESTMENT FUND III 1,485,726 FORTRESS INVESTMENT FUND IV 892,516 FORTRESS INVESTMENT FUND V 687,390 FOUNTAIN VEST CHINA GROWTH PTN 28,009 GENSTAR CAPITAL PARTNERS IV 5,550,192 GENSTAR CAPITAL PARTNERS V 2,495,518 GLENCOE CAP INSTL PARTNERS III 239,787 GLENCOE CAPITAL PARTNERS III 2,250,070 GLOBESPAN CAPITAL PARTNERS IV 3,283,822 GLOBESPAN CAPITAL PARTNERS V 178,812 GOLDER THOMA CRESSEY RAUNER 4,923 GOLDER THOMA CRESSEY RAUNER V 401,867 GRAHAM PARTNERS II 5,001,170 GRANITE CLOBAL VENTURES III 614,449 GRANITE GLOBAL VENTURES II LP 4,767,762 GRANITE VENTURES II 3,521,760 H.I.G BAYSIDE II 82,088 HUMMER WINBLAD VENTURE PTR III 41,723 INSIGHT VENTURE PARTNERS V 5,460,399 INSIGHT VENTURE PARTNERS V 13,212,900 INSIGHT VENTURE PARTNERS VI 652,756 INSTITUTIONAL VENTURE PARTNS 351,038 INSTITUTIONAL VENTURE PTR VIII 70,265 INTERSOUTH PARTNERS V LP 921,296


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueINTERSOUTH PARTNERS VI 2,505,230 INTERSOUTH PARTNERS VII 64,218 INTERWEST PARTNERS IX 4,268,064 INTERWEST PARTNERS V LP 17,168 INTERWEST PARTNERS VI LP 193,956 INTERWEST PARTNERS VII LP 1,021,408 INTERWEST PARTNERS VIII 2,499,768 INVERNESS PARTNERS II LP 4,585,652 IVP VI 122,839 IVP VII 730,019 J C FLOWERS II LP 659,045 JLL PARTNERS FUND V, LP 21,425,825 JLL PARTNERS VI LP 101,540 KELSO INVESTMENT ASSOC VII 11,320,767 KELSO INVESTMENT ASSOCIATES 163,289 KODIAK VENTURES III 2,805,492 KPCB AGG INVESTMENT GEP 3,951,475 KRG CAPITAL FUND IV LP 30,442 KRG CAPITAL III LP 11,832,682 LAKE CAPITAL PARTNERS LP 2,994,349 LATIN AMERICAN CAPITAL II LP 1,140,141 LIGHTHOUSE CAPITAL PARTNERS V 4,048,337 LIGHTSPEED VENTURE PRTNRS VIII 87,798 LIGHTSPEED VENTURE PTNERS VII 8,157,400 LIME ROCK PARTNERS V L P 61,085 LINDSAY GOLDBERG + BESSEMER II 265,649 LINDSAY GOLDBERG + BESSEMER LP 3,302,463 LINDSAY GOLDBERG III LP 11,591 MADISON DEARBORN CAP PTNRS VI 316,964 MADISON DEARBORN V 3,821,126 MAYFIELD VIII 130,740 NOVAK BIDDLE VENTURE PARTNERS 1,658,738 NOVAK BIDDLE VENTURE PTNR V 146,376 OLYMPUS GROWTH FUND V 448,335 OXFORD BIOSCIENCE IV 1,348,414 OXFORD BIOSCIENCE PARTNERS III 881,280 PAINE + PARTNERS CAPITAL FUND 712,419 PALOMAR VENTURES III 2,709,274 PERSEUS 2000 EXPANSION 3,445,439 PERSEUS PARTNERS VII LP 1,751,336 PERSEUS SOROS BIO PHARM LP 614,848 PINE BROOK CAPITAL PARTNERS 211,112 POLARIS VENTURE PARTNERS III 916,003 POLARIS VENTURE PARTNERS IV 6,416,960 POLARIS VENTURE PRTNRS V LP 819,614 QUAD C PARTNERS VII LP 5,521,000 REDPOINT VENTURE I LP 1,531,549 REDPOINT VENTURES II LP 2,089,688 ROCKPORT CAPITAL III LP 101,653 SANKATY CREDIT OPPORTUNITY IV 1,554,870 SEGULAH IV LP 62,029 SEQUOIA AGGREGATE INVESTMENT 4,272,862 SHAMROCK CAPITAL GROWTH FD II 94,739 SKM EQUITY FUND II 3,089,376 SUN CAPITAL IV LP 8,473,864 SUN CAPITAL PARTNERS V 801,631 TECHNOLOGY PARTNERS WEST FD IV 16,975 TERRA FIRMA CAP PARTNER III 936,907 THE COLUMN GROUP LP 103,521 TRINITY VENTURES IX 6,040,387 UPDATA PARTNERS III 4,738,384 UPDATA PARTNERS IV 275,823 VECTOR CAPITAL IV L.P 136,682 VENTURE STRATEGY PARTN II L P 508,205 VERSANT VENTURE CAPITAL II LP 1,982,060 VERSANT VENTURES I LP 2,461,260 VESTAR CAPITAL PARTNERS V LP 17,406,408 W CAPITAL PARTNERS II LP 1,003,903 WARBURG IX BUYOUT 28,140,542 WARBURG IX VENTURE 42,210,813 WARBURG PINCUS PRVT EQUITY X 1,356,262


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueWARBURG PINCUS VIII 471,395 WATER STREET CAPITAL PARTNERS 13,748,694 WATER STREET PARTNERS II 195,876 WCAS CAPITAL PARTNERS II 502,853 WCAS III 7,278,900 WCAS VI 391,645 WELLSPRING CAPITAL PARTNERS IV 8,466,706 WELSH CARSON ANDERSON + STOWE 600,300 WICKS COMM + MEDIA PRTNS III 3,630,639 WIND POINT PARTNERS VI 9,755,969 WLR RECOVERY FUND IV 1,807,741

REAL ESTATE

AMB INSTITUTIONAL ALLIANCE III 7,737,292 BEACON CAP STRTGIC PARTN V 2,546,417 BEACON CAPITAL STRATEGIC PARTN IV 20,106,183 BLACKSTONE REAL EST PARTNER VI 4,356,486 BLACKSTONE REAL ESTATE PRTN V 50,317,931 CALIFORNIA SMART GROWTH FD IV 2,064,992 CAPRI URBAN INVESTORS LLC 1,921,678 CIM FUND III LP 169,499 CIM URBAN REIT LLC 21,393,390 COLONY CAPITAL VIII LP 1,683,703 CORNERSTONE APMNT VENT III LLC 1,508,456 CPI GLOBAL REAL ESTATE SECURITIES 6,004,125 FAIRFIELD STRAT APT FUND III 2,715,355 FORUM ASIAN REALTY INCOME II 2,437,448 GENESIS WORKFORCE HOUS FUND II 109,192 HEITMAN AMERICA REAL ESTATE TRUST 6,097,997 KSL CAPITAL PARTNERS II 6,364,469 LBA REALTY FUND III 2,459,579 LEGACY PARTNERS REALTY FND III 11,061,490 LIONSTONE URBAN INV TWO 527,863 METRO WORKFORCE HOUSING FUND 196,948 MORGAN STANLEY RE FUND V US 6,933,632 PRISA II PRUDENTIAL REAL EST. 11,357,314 PRUDENTIAL SNR HSING PTNRS III 10,182,808 REALTY ASSOCIATES FUND VII 29,304,801 REALTY ASSOCIATES FUND VIII 14,661,972 REDWOOD GROVE INTERNATIONAL LP 1,537,313 REEF GLOBAL OPPORTUNITIES FD II 12,558,116 ROCKPOINT REAL ESTATE FUND III 46,028 RREEF AMERICA REIT III 33,265,923 SQUARE MILE PARTNERS II LP 2,441,600 URBANAMERICA, LP. II 2,923,668 URDANG VALUE ADDED FUND II 7,581,097 WALTON STREET REAL ESTATE V 8,256,186 WESTBROOK REAL ESTATE FUND VII 605,977

ABSOLUTE RETURN

ALPHAGEN RHOCAS FUND 16,895,184 ANCHORAGE CAPITAL PARTNERS 40,507,365 ANCHORAGE SHORT CRDT OFFSHORE 46,476,725 AVENUE SPECIAL SITUATIONS III 189,043 CALICO PARTNERS 4,665,597 CARL MARKS STRATEGIC OPP 6,542,179 CHILTON GLOBAL NATURAL RESOURC 44,366,263 CVI SPECIALIZED VENTURES 10,705,701 DAVIDSON KEMPNER DIS OPP INTL 17,219,903 DAVIDSON KEMPNER INST PRTNR 37,403,790 FONTANA CAPITAL OFFSHORE 14,049,717 GEM REALITY SECURITIES 46,086,584 GIOVONE INVESTMENT PARTNERS 47,199,416 H.I.G BRIGHTPOINT CAP PARTNERS 19,320,907 HIGHLINE CAPITAL INTL 51,591,250 HIGHLINE SELECT 13,104,457 HORIZON PORTFOLIO I LIMITED 9,394,486 IVY RISING STARS OFFSHORE 14,866,239 KINGSTREET CAPITAL 30,424,683


Security Name Interest Rate Maturity Date Shares/Par Value Market ValueMAVERICK FUND 39,524,762 O CONNOR GLOBAL FUNDAMENTAL 61,626,795 OZ ASIA MASTER FUND 27,199,955 OZ OVERSEAS FUND 4,814,548 REAL ASSETS STRATEGIES USA 6,000,000 SATELLITE CREDIT OPPORTUNITIES 13,079,259 SATELLITE OVERSEAS LTD PRTNSHP 32,884,794 SILVER POINT CAP OFFSHORE 26,384,105 STERLING STAMOS CONCENTRATED 43,745,308 TIGER ASIA OVERSEAS FUND 49,059,422 TIGER CONSUMER PARTNERS 20,744,899 TRADING SELECT (USA) 105,858,381 TREE LINE ASIA FD 21,244,128 VIKING GLOBAL EQUITIES III 82,463,705 YORK TOTAL RETURN 72,365,950





ACCOUNTS PAYABLE (109,337)

TOTAL NET ASSETS 5,012,624,238


Source: State Street 1 GEP Holdings as of December 31, 2009

GEP Holdings as of December 31, 2009

EQUITY INVESTMENTS EXTERNALLY MANAGED FUNDS (SC = Small Cap MC = Mid Cap LC = Large Cap)


ABERDEEN EMERGING MARKETS FUND 17,584,333 ACADIAN EMERGING MARKETS FUND 34,427,379 ADAGE CAPITAL LC 49,362,022 AQR NON-US 41,387,044 ARROWSTREET EMERGING MARKETS FUND 28,606,041 AXIOM INTERNATIONAL NON-US 40,826,726 BRANDYWINE NON-US 42,392,297 BURGUNDY SC 11,995,304 CAPITAL GUARDIAN EMERGING MARKETS FUND 35,580,453 CORTINA OPPORTUNITY SC 10,627,463 DE SHAW ENHANCED LC 32,347,076 DELAWARE LC 44,535,362 DFA EMERGING MARKETS FUND 32,579,573 EAFE + CANADA STATE ST INTL INDEX 492,118,755 FRONTIER MC 3,820,025 GENESIS EMERGING MARKETS FUND 38,017,834 GMO EMERGING MARKETS & NON-US 81,896,032 GOLDMAN SACHS ASSET MANAGEMENT LC 54,469,550 HANSBERGER NON-US 46,649,535 IRONBRIDGE SC 18,925,123 JP MORGAN FLEMING NON-US 56,379,259 LAZARD EMERGING MARKETS FUND 25,574,594 LSV ASSET MANAGEMENT LC 49,268,065 MFS NON-US 70,639,196 MONDRIAN NON-US 37,654,263 MSCI ACWI IMI FUND 108,587,539 MSCI CANADA 14,417,818



NWQ LC 25,730,070 PANAGORA NON-US 39,296,319 RUSSELL 3000 INDEX FUND 763,159,711 SANDERSON NON-US 42,909,008 SILCHESTER INTERNATIONAL NON-US 39,242,901 TIMESSQUARE MC 24,081,493 VICTORY CAPITAL LC 50,816,873 WELLINGTON EMERGING MARKETS & SC 41,984,716 WILLIAM BLAIR EMERGING MARKETS FUND 25,015,641


FIXED INCOME


ABBOTT LABS 5.125 4/1/2019 500,000 522,984 AGILENT TECHNOLOGIES INC 5.5 9/14/2015 1,000,000 1,048,203 ALBERTSONS INC 7.25 5/1/2013 1,600,000 1,620,000 ALLSTATE CORP 6.125 5/15/2067 500,000 435,000 AMB PROPERTY LP 6.125 12/1/2016 500,000 493,744 AMERICA MOVIL S A DE C V 5.5 3/1/2014 500,000 530,706 AMERICA MOVIL S A DE C V 6.375 3/1/2035 1,000,000 1,032,287 AMERICAN EXPRESS CO 8.125 5/20/2019 700,000 829,543 AMERICAN TOWER CORP 4.625 4/1/2015 500,000 507,756 AMGEN INC 5.7 2/1/2019 1,000,000 1,072,352 ANHEUSER BUSCH INBEV SA 8.2 1/15/2039 1,000,000 1,264,500 ANHEUSER BUSCH INBEV SA 6.375 1/15/2040 500,000 521,431 ARAMARK CORP 8.5 2/1/2015 600,000 618,000 ARGENTINA(REP) 8.28 12/31/2033 2,791,584 2,086,709 AT+T INC 6.7 11/15/2013 500,000 564,124 AT+T INC 6.3 1/15/2038 1,000,000 1,015,734 ATLAS COPCO AB 5.6 5/22/2017 500,000 504,079 BAC CAP TR VI 5.625 3/8/2035 800,000 640,358 BALL CORP 7.375 9/1/2019 200,000 205,500 BANC AMER MTG SECS INC 5.75 1/25/2035 6,133,227 6,317,224 BANCO NACIONAL DE DESENVOLVIME 6.369 6/16/2018 1,000,000 1,071,250 BANCO NACIONAL DE DESENVOLVIME 6.5 6/10/2019 1,000,000 1,075,000 BANK OF AMERICA CORP 5.3 3/15/2017 1,500,000 1,470,135



BANK OF AMERICA CORP 8 12/29/2049 200,000 192,548 BANK OF NEW YORK MELLON 3.1 1/15/2015 1,000,000 979,744 BAXTER INTL INC 6.25 12/1/2037 250,000 273,162 BEAR STEARNS ARM TR 3.300907 2/25/2036 9,601,135 8,256,976 BEAR STEARNS COMMERCIAL MORT 5.742 9/11/2042 3,000,000 2,889,289 BEAR STEARNS COMMERCIAL MORT 5.471 1/12/2045 11,000,000 10,410,613 BEMIS COMPANY INC 5.65 8/1/2014 785,000 835,542 BIO RAD LABS 8 9/15/2016 150,000 158,250 BLACKROCK INC 5 12/10/2019 500,000 491,341 BMC SOFTWARE INC 7.25 6/1/2018 1,000,000 1,089,047 BOLIVARIAN REPUBLIC VENEZUELA 9 5/7/2023 2,350,000 1,580,375 BOMBARDIER INC 6.75 5/1/2012 300,000 309,750 BOMBARDIER INC 6.3 5/1/2014 1,500,000 1,485,000 BOYD GAMING CORP 7.125 2/1/2016 1,050,000 913,500 BRAZIL FEDERATIVE REP 10 8/7/2011 1,000,000 1,135,000 BRAZIL FEDERATIVE REP 7.875 3/7/2015 2,500,000 2,922,500 BRAZIL FEDERATIVE REP 8 1/15/2018 2,644,444 3,017,311 BRAZIL FEDERATIVE REP 5.875 1/15/2019 250,000 266,250 BRAZIL FEDERATIVE REP 8.75 2/4/2025 3,200,000 4,144,000 BRAZIL FEDERATIVE REP 8.25 1/20/2034 1,200,000 1,533,000 CANADIAN NATL RY CO 6.8 7/15/2018 1,000,000 1,152,611 CARGILL INC 5.6 9/15/2012 1,900,000 2,043,769 CC HOLDINGS GS V LLC CRO 7.75 5/1/2017 500,000 532,500 CCSA FIN LTD 7.875 5/17/2016 1,000,000 1,045,000 CELLCO PART/VERI WIRELESS 7.375 11/15/2013 500,000 574,333 CELLCO PART/VERI WIRELESS 8.5 11/15/2018 2,000,000 2,480,764 CELULOSA ARAUCO Y CONSTITUCION 7.25 7/29/2019 500,000 543,325 CEMEX FINANCE LLC 9.5 12/14/2016 1,850,000 1,937,875 CENOVUS ENERGY INC 5.7 10/15/2019 1,000,000 1,043,066 CENT ELET BRASILEIRAS SA 6.875 7/30/2019 500,000 541,875 CENTEX CORP 5.25 6/15/2015 450,000 441,000 CENTURYTEL INC 7.6 9/15/2039 500,000 512,419 CHESAPEAKE ENERGY CORP 6.375 6/15/2015 1,700,000 1,666,000 CHS CMNTY HEALTH SYS INC 8.875 7/15/2015 1,250,000 1,293,750 CINEMARK USA INC 8.625 6/15/2019 500,000 520,000 CISCO SYSTEMS INC 4.95 2/15/2019 500,000 512,505 CISCO SYSTEMS INC 5.5 1/15/2040 500,000 478,105 CITIGROUP COML MTG TR 5.69779 12/10/2049 1,000,000 892,078 CITIGROUP INC 5.5 4/11/2013 1,000,000 1,036,765 CITIGROUP INC 6.375 8/12/2014 700,000 732,835



CITIGROUP INC 6.125 5/15/2018 500,000 502,704 CITIGROUP INC 8.125 7/15/2039 500,000 564,324 CITIGROUP MTG LOAN TRUST INC 6.050422 8/25/2036 7,277,402 7,204,628 CITIGROUP MTG LOAN TRUST INC 5.60515 4/25/2037 3,272,589 2,847,153 CLEARWIRE CORP 12 12/1/2015 300,000 304,500 CME GROUP INC 5.4 8/1/2013 1,000,000 1,079,214 COLOMBIA REP 8.25 12/22/2014 700,000 822,500 COLOMBIA REP 7.375 1/27/2017 5,500,000 6,201,250 COLOMBIA REP 7.375 3/18/2019 1,000,000 1,132,500 COLUMBIA REP 7.375 9/18/2037 1,300,000 1,417,000 COMCAST CORP NEW 5.45 11/15/2010 2,000,000 2,066,960 COMPANHIA DE BEBIDAS DAS 8.75 9/15/2013 500,000 580,000 CONCHO RESOURCES INC 8.625 10/1/2017 400,000 420,000 CONSTELLATION BRANDS INC 7.25 9/1/2016 900,000 913,500 COOPER U S INC 6.1 7/1/2017 500,000 546,231 CORP ANDINA DE FOMENTO 8.125 6/4/2019 1,800,000 2,079,868 CORPORACION NACIONAL DEL COBRE 7.5 1/15/2019 425,000 498,273 CORPORACION NACIONAL DEL COBRE 6.15 10/24/2036 2,450,000 2,517,975 COSTA RICA REP 6.548 3/20/2014 2,000,000 2,150,000 COX COMMUNICATIONS INC NEW 6.25 6/1/2018 1,000,000 1,064,386 CREDIT SUISSE FIRST BOSTON MTG 6.5 1/25/2036 1,351,414 1,229,787 CREDIT SUISSE NEW YORK 5.5 5/1/2014 2,000,000 2,170,402 CRH AMER INC 6 9/30/2016 1,000,000 1,044,461 CVS CAREMARK CORP 6.25 6/1/2027 750,000 762,713 CVS CAREMARK CORP 6.125 9/15/2039 500,000 495,550 CVS CAREMARK CORP 6.302 6/1/2062 500,000 431,250 D R HORTON INC 6.125 1/15/2014 300,000 299,250 D R HORTON INC 5.625 9/15/2014 450,000 435,375 DAIMLER CHRYSLER NA HLDG CORP 7.3 1/15/2012 1,250,000 1,358,928 DELHAIZE GROUP SA 6.5 6/15/2017 500,000 543,016 DENBURY RES INC DEL 7.5 4/1/2013 2,000,000 2,010,000 DIRECTV HLDGS LLC 6.375 6/15/2015 300,000 311,625 DOMINION RES INC VA NEW 8.875 1/15/2019 500,000 623,107 DOMINION RES INC VA NEW 6.3 9/30/2066 600,000 528,000 DOW CHEM CO 4.85 8/15/2012 250,000 262,740 E ON INTL FIN B V 5.8 4/30/2018 500,000 537,001 ECHOSTAR DBS CORP 6.375 10/1/2011 1,000,000 1,032,500 ECHOSTAR DBS CORP 7 10/1/2013 1,000,000 1,028,750 EL SALVADOR REP 8.5 7/25/2011 250,000 263,750 EL SALVADOR REP 7.75 1/24/2023 500,000 532,500



EL SALVADOR REP 8.25 4/10/2032 1,317,000 1,369,680 EL SALVADOR REP 7.65 6/15/2035 800,000 788,000 ENERGY TRANSFER PARTNERS 9.7 3/15/2019 1,000,000 1,235,103 ENTERPRISE PRODS OPER L P 8.375 8/1/2066 300,000 292,500 ENTERPRISE PRODS OPER L P 7.034 1/15/2068 1,700,000 1,559,750 EXPORT IMPORT BK KOREA 8.125 1/21/2014 500,000 580,444 FANNIE MAE 1.5 4/26/2012 9,000,000 8,966,691 FANNIE MAE 5.25 8/1/2012 24,500,000 26,048,652 FANNIE MAE 4 7/1/2018 938,062 964,107 FANNIE MAE 4.28 11/1/2019 999,066 978,649 FANNIE MAE 5.75 5/1/2033 556,031 588,101 FANNIE MAE 5.25 5/1/2033 2,090,459 2,175,098 FANNIE MAE 5 3/1/2039 4,550,327 4,676,639 FANNIE MAE 5 10/1/2039 7,838,824 7,989,783 FANNIE MAE 5 12/1/2099 29,400,000 30,056,914 FANNIE MAE (PREFERRED STOCK) 75,000 77,250 FED REPUBLIC OF BRAZIL 5.625 1/7/2041 1,000,000 942,500 FEDERAL HOME LOAN BANK 4.125 9/27/2013 25,000,000 26,644,000 FEDERAL HOME LOAN BANK 5.945 6/1/2037 1,617,367 1,724,986 FEDERAL HOME LOAN BANK 5 7/1/2038 2,811,744 2,886,300 FEDERAL HOME LOAN BANK 5 1/1/2039 4,031,780 4,138,686 FIFTH THIRD BK CINCINNATI OH 4.75 2/1/2015 1,000,000 947,154 FISERV INC 6.125 11/20/2012 1,000,000 1,088,871 FORD MOTOR CREDIT CO LLC 7.5 8/1/2012 500,000 504,229 FORD MOTOR CREDIT CO LLC 8.7 10/1/2014 500,000 522,746 FORD MOTOR CREDIT CO LLC 8.125 1/15/2020 500,000 491,350 FOREST OIL CORP 8.5 2/15/2014 750,000 783,750 FPL GROUP CAP INC 7.3 9/1/2067 500,000 490,000 FREDDIE MAC 2 9/28/2012 9,000,000 8,987,247 FREDDIE MAC (PREFERRED STOCK) 40,000 41,600 FREEPORT MCMORAN COPPER + GOLD 8.375 4/1/2017 500,000 547,500 FRESENIUS MED CARE CAP TR IV 7.875 6/15/2011 1,000,000 1,036,250 FRONTIER COMMUNICATIONS 8.125 10/1/2018 300,000 303,750 GAZPROM INTL S A 7.201 2/1/2020 557,119 567,565 GENERAL ELEC CAP CORP 5.9 5/13/2014 1,000,000 1,081,072 GENERAL ELEC CAP CORP 3.75 11/14/2014 1,000,000 993,216 GEORGIA PACIFIC LLC 8.25 5/1/2016 200,000 212,000 GNMA 5 4/15/2038 4,665,892 4,807,162 GOLDMAN SACHS GROUP INC 5.3 2/14/2012 1,000,000 1,061,004 GOLDMAN SACHS GROUP INC 6.25 9/1/2017 500,000 536,207



GOLDMAN SACHS GROUP INC 7.5 2/15/2019 500,000 582,902 GRUPO TELEVISA SA 6 5/15/2018 800,000 804,991 GRUPO TELEVISA SA 6.625 3/18/2025 1,120,000 1,110,762 GS MTG SECS CORP 5.805084 8/10/2045 2,000,000 1,708,452 HARBORVIEW MTG LN TR 4.7833 4/19/2034 2,822,388 2,765,941 HAROT 2009 2 A3 2.79 1/15/2013 500,000 509,309 HCA INC 7.875 2/15/2020 550,000 572,688 HCA INC 9.125 11/15/2014 800,000 844,000 HDMOT 2009 3 A2 0.94 4/16/2012 2,000,000 1,998,437 HEALTHSOUTH CORP 8.125 2/15/2020 500,000 492,500 HITCHISON WHAM INT 4.625 9/11/2015 1,000,000 1,008,990 HOLCIM US FINANCE SARL 6 12/30/2019 500,000 520,446 HOSPIRA INC 6.05 3/30/2017 500,000 523,308 HOST MARRIOTT L P 6.375 3/15/2015 1,250,000 1,225,000 HOWARD HUGHES MEDICAL IN 3.45 9/1/2014 400,000 405,315 HSBC FIN CAP TR IX 5.911 11/30/2035 1,900,000 1,558,000 HSI ASSET LN OBLIG TR 2007 AR1 4.322634 1/25/2037 4,426,201 3,850,795 HUSKY ENERGY INC 5.9 6/15/2014 500,000 545,025 HUTCHISON WHAMPOA LTD 7.625 4/9/2019 1,000,000 1,149,070 INDONESIA REP 6.75 3/10/2014 500,000 547,500 INDONESIA REP 10.375 5/4/2014 1,000,000 1,232,082 INDONESIA REP 6.875 1/17/2018 1,400,000 1,533,000 INDONESIA REP 6.625 2/17/2037 1,500,000 1,470,000 INDONESIA REP 7.75 1/17/2038 1,250,000 1,406,250 INDONESIA REP 144A 11.625 3/4/2019 800,000 1,158,000 INTELSAT JACKSON HLDG 8.5 11/1/2019 500,000 515,000 IRON MOUNTAIN INC 8.375 8/15/2021 500,000 516,250 ITC HLDGS CORP 5.875 9/30/2016 200,000 201,992 JEFFERIES GROUP INC 8.5 7/15/2019 500,000 546,565 JPMORGAN CHASE + CO 7.9 4/29/2049 550,000 567,303 JPMORGAN CHASE CAP XX 6.55 9/15/2066 1,500,000 1,374,747 JPMORGAN CHASE CAP XXV 6.8 10/1/2037 1,000,000 993,562 KOREA DEV BK 5.3 1/17/2013 2,000,000 2,100,112 KROGER CO 6.15 1/15/2020 1,000,000 1,070,248 L 3 COMMUNICATIONS CORP 5.875 1/15/2015 2,320,000 2,317,100 LAZARD GROUP LLC 6.85 6/15/2017 350,000 352,235 LEHMAN BROS HLDGS INC 5.625 1/24/2013 500,000 102,500 LEHMAN MTG TR 6 1/25/2036 10,227,733 9,716,346 LEHMAN MTG TR 6 7/25/2037 999,976 899,979 LORAL CORP 7 9/15/2023 1,150,000 1,381,126



LUBRIZOL CORP 8.875 2/1/2019 500,000 621,642 MASTR ADJ RATE MTGS TR 2.9264 7/25/2035 2,336,308 1,985,862 MASTR ALTERNATIVE LN TR 6 3/25/2036 2,000,000 1,300,000 MCKESSON CORP NEW 5.25 3/1/2013 1,000,000 1,058,119 MERRILL LYNCH MTG TR 5.45 2/5/2013 2,500,000 2,630,678 MERRILL LYNCH MTG TR 5.826694 5/25/2036 3,952,182 4,070,747 METLIFE INC 6.125 12/1/2011 2,100,000 2,257,559 MOOG INC 7.25 6/15/2018 700,000 676,375 MORGAN STANLEY GROUP INC 5.3 3/1/2013 750,000 790,496 MORGAN STANLEY GROUP INC 6.625 4/1/2018 1,000,000 1,081,168 NATIONAL GAS CO TRINIDAD + TOB 6.05 1/15/2036 1,500,000 1,360,008 NEIMAN MARCUS GROUP INC 10.375 10/15/2015 800,000 784,000 NEWS AMER INC 6.4 12/15/2035 1,000,000 1,026,839 NEXTEL COMMUNICATIONS INC 5.95 3/15/2014 700,000 653,625 NISOURCE FIN CORP 10.75 3/15/2016 1,000,000 1,232,184 NORFOLK SOUTHERN CORP 5.9 6/15/2019 1,000,000 1,067,747 NOVARTIS SECS INVT LTD 5.125 2/10/2019 500,000 525,263 ODEBRECHT FINANCE LTD 7.5 10/18/2017 1,200,000 1,245,000 ODEBRECHT FINANCE LTD 7 4/21/2020 1,000,000 1,006,576 OHIO POWER COMPANY 6.6 2/15/2033 1,900,000 1,982,715 OHIO PWR CO 5.375 10/1/2021 500,000 501,338 ONEOK PARTNERS L P 8.625 3/1/2019 500,000 603,397 ONTARIO PROV CDA 4 10/7/2019 1,000,000 957,543 ORACLE CORP 5 7/8/2019 1,000,000 1,031,295 OWENS BROCKWAY GLASS CONTAINER 6.75 12/1/2014 1,000,000 1,022,500 PANAMA REP 7.25 3/15/2015 3,500,000 3,981,250 PANAMA REP 7.125 1/29/2026 2,000,000 2,255,000 PANAMA REP 6.7 1/26/2036 1,000,000 1,055,000 PARKER HANNIFIN CORP MEDIUM 5.5 5/15/2018 500,000 526,740 PEMEX PROJ FDG MASTER TR 5.75 3/1/2018 1,000,000 1,011,126 PEMEX PROJ FDG MASTER TR 6.625 6/15/2035 400,000 380,860 PEPSICO INC 7.9 11/1/2018 1,500,000 1,840,883 PERU REP 8.375 5/3/2016 3,422,000 4,132,065 PERU REP 7.35 7/21/2025 3,500,000 4,007,500 PETROBRAS INTL FIN CO 7.75 9/15/2014 300,000 349,500 PETROBRAS INTL FIN CO 5.875 3/1/2018 500,000 504,205 PETROBRAS INTL FIN CO 6.875 1/20/2040 1,000,000 1,017,950 PETROLEOS MEXICANOS 8 5/3/2019 500,000 578,750 PETROLIAM NASIONAL BERHAD 7.625 10/15/2026 500,000 600,526 PETRONAS CAPITAL LTD 5.25 8/12/2019 1,500,000 1,500,702



PETRONAS CAPITAL LTD 7.875 5/22/2022 1,825,000 2,202,377 PFIZER INC 6.2 3/15/2019 1,000,000 1,111,622 PHILIPPINE LONG DIST TEL CO ME 8.35 3/6/2017 1,334,000 1,504,085 PHILIPPINES REP 8.375 2/15/2011 1,000,000 1,076,250 PHILIPPINES REP 8.25 1/15/2014 2,000,000 2,320,000 PHILIPPINES REP 8 1/15/2016 2,700,000 3,132,000 PHILIPPINES REP 7.5 9/25/2024 1,150,000 1,299,500 PHILIPPINES REP 7.75 1/14/2031 1,000,000 1,127,500 PLAINS EXPL PRODTN CO 7.75 6/15/2015 750,000 763,125 POWER SECTOR ASSETS + LI 7.25 5/27/2019 1,800,000 1,930,500 PREMCOR REFNG GROUP INC 6.75 5/1/2014 2,000,000 2,040,760 PRUDENTIAL FINL INC 6.625 12/1/2037 500,000 512,529 PSYCHIATRIC SOLUTIONS INC 7.75 7/15/2015 800,000 774,000 R H DONNELLEY CORP 8.875 10/15/2017 7,000 656 RANGE RESOURCES CORP 8 5/15/2019 500,000 535,000 RAS LAFFAN LIQ NAT GAS 6.75 9/30/2019 1,500,000 1,622,886 REGAL CINEMAS CORP 8.625 7/15/2019 500,000 520,000 REPUBLIC OF CROATIA 6.75 11/5/2019 1,500,000 1,615,614 REPUBLIC OF POLAND 6.375 7/15/2019 3,250,000 3,534,375 REPUBLIC OF SOUTH AFRICA 6.875 5/27/2019 1,500,000 1,683,750 REPUBLIC OF SOUTH AFRICA 5.875 5/30/2022 1,000,000 1,025,000 REPUBLIC OF THE PHILIPPINES 6.375 1/15/2032 1,000,000 977,500 REPUBLIC OF TURKEY 7 3/11/2019 1,000,000 1,090,000 REPUBLIC OF URUGUAY 8 11/18/2022 2,450,000 2,805,250 REPUBLIC SERVICES INC 5.5 9/15/2019 1,200,000 1,218,542 REPUBLICA ORIENTAL DEL URUGUAY 6.875 9/28/2025 1,500,000 1,575,000 REPUBLICA ORIENTAL DEL URUGUAY 7.625 3/21/2036 1,500,000 1,623,750 RESIDENTIAL ACCREDIT LNS INC 6 12/25/2032 5,310,633 5,523,058 RESOLUTION FDG CORP PRINC STRP 0 10/15/2019 31,500,000 20,212,511 RESOLUTION FDG FBE CPN STRIPS 0 4/15/2015 10,000,000 8,419,120 RIO TINTO FIN USA LTD 6.5 7/15/2018 1,500,000 1,647,720 ROCHE HLDGS INC 6 3/1/2019 1,000,000 1,098,851 ROPER INDUSTRIES INC 6.25 9/1/2019 1,000,000 1,041,064 ROYAL BK SCOTLND GRP PLC 6.4 10/21/2019 500,000 498,395 RUSSIAN FEDN 8.25 3/31/2010 166,731 170,066 RUSSIAN FEDN 7.5 3/31/2030 9,964,000 11,234,410 SANDRIDGE ENERGY INC 8.75 1/15/2020 1,000,000 1,000,000 SBA TELECOMMUNICATIONS 8 8/15/2016 200,000 209,000 SCHERING PLOUGH CORP 6.55 9/15/2037 1,000,000 1,135,707 SEQUOIA MTG TR 5.739955 1/20/2038 354,363 318,926



SIMON PPTY GROUP LP 5.3 5/30/2013 2,300,000 2,373,152 SLM CORP 4.5 7/26/2010 1,000,000 996,418 SOUTH AFRICA REP 7.375 4/25/2012 700,000 768,250 SOUTHERN PWR CO 4.875 7/15/2015 1,500,000 1,561,226 SPRINT CAP CORP 6.875 11/15/2028 325,000 270,156 ST JUDE MEDICAL INC 3.75 7/15/2014 500,000 505,395 STATE OF QATAR 5.25 1/20/2020 500,000 502,500 STRUCTURED ASSET SECS CORP 5.5 5/25/2033 14,398,682 14,830,642 SUNGARD DATA SYSTEMS 10.25 8/15/2015 1,250,000 1,331,250 TBW MORTGAGE BACKED TR 6 7/25/2036 9,509,866 8,749,077 TECO FIN INC 7 5/1/2012 1,181,000 1,260,403 TELEMAR NORTE LESTE SA 9.5 4/23/2019 500,000 595,601 TEMASEK FINL LTD 4.5 9/21/2015 1,000,000 1,049,020 TENGIZCHEVROIL FIN CO S AR L 6.124 11/15/2014 1,804,227 1,804,227 THORNBURG MTG SECS TR 4.32267 4/25/2045 2,417,555 2,477,994 TICKETMASTER ENTERTAIN 10.75 8/1/2016 300,000 323,250 TIME WARNER CABLE INC 8.25 2/14/2014 500,000 584,373 TIME WARNER CABLE INC 6.75 7/1/2018 1,500,000 1,647,845 TOYS R US PROPERTY CO I 10.75 7/15/2017 950,000 1,040,250 TOYS R US PROPERTY CO II 8.5 12/1/2017 200,000 204,500 TRANSCANADA PIPELINES LTD 7.125 1/15/2019 1,000,000 1,169,219 TRANSOCEAN SEDCO FOREX INC 7.5 4/15/2031 1,400,000 1,596,997 TRINIDAD + TOBAGO REP 5.875 5/17/2027 500,000 500,000 TRW AUTOMOTIVE INC144A 8.875 12/1/2017 200,000 208,000 TURKEY REP 7.25 3/15/2015 5,000,000 5,600,000 TURKEY REP 7 6/5/2020 1,500,000 1,635,000 TURKEY REP 7.375 2/5/2025 1,000,000 1,102,500 TURKEY REP 6.875 3/17/2036 1,500,000 1,526,250 UNITED MEXICAN STS 5.95 3/19/2019 500,000 528,750 UNITED MEXICAN STS 5.95 3/19/2019 500,000 528,750 UNITED MEXICAN STS 6.75 9/27/2034 750,000 791,250 UNITED MEXICAN STS 6.05 1/11/2040 6,000,000 5,767,800 UNITED STATES TREAS BD STRP PRN 0 8/15/2020 17,200,000 10,963,624 UNITED STATES TREAS BD STRP PRN 0 8/15/2029 6,500,000 2,530,515 UNITED STATES TREAS INFLATION INDEXED BDS 2.375 1/15/2025 11,316,721 11,949,778 UNITED STATES TREAS INFLATION INDEXED BDS 2 1/15/2026 7,532,492 7,577,235 UNITED STATES TREAS INFLATION INDEXED BDS 2.375 1/15/2027 6,106,785 6,429,285 UNITED STATES TREAS INFLATION INDEXED BDS 1.75 1/15/2028 5,876,443 5,644,147 UNITED STATES TREAS INFLATION INDEXED BDS 3.625 4/15/2028 7,598,173 9,395,597 UNITED STATES TREAS INFLATION INDEXED BDS 2.5 1/15/2029 5,794,422 6,228,076



UNITED STATES TREAS INFLATION INDEXED BDS 3.875 4/15/2029 8,810,232 11,358,327 UNITED STATES TREAS INFLATION INDEXED BDS 3.375 4/15/2032 2,351,688 2,912,777 UNITED STATES TREAS INFLATION INDEXED NTS 3.5 1/15/2011 5,000,453 5,192,670 UNITED STATES TREAS INFLATION INDEXED NTS 2.375 4/15/2011 7,647,590 7,882,983 UNITED STATES TREAS INFLATION INDEXED NTS 3.375 1/15/2012 2,931,547 3,137,664 UNITED STATES TREAS INFLATION INDEXED NTS 2 4/15/2012 6,068,957 6,347,765 UNITED STATES TREAS INFLATION INDEXED NTS 3 7/15/2012 10,091,938 10,855,192 UNITED STATES TREAS INFLATION INDEXED NTS 0.625 4/15/2013 5,829,561 5,932,511 UNITED STATES TREAS INFLATION INDEXED NTS 1.875 7/15/2013 9,439,380 9,952,693 UNITED STATES TREAS INFLATION INDEXED NTS 2 1/15/2014 9,670,559 10,237,157 UNITED STATES TREAS INFLATION INDEXED NTS 1.25 4/15/2014 3,324,787 3,439,093 UNITED STATES TREAS INFLATION INDEXED NTS 2 7/15/2014 8,865,988 9,403,444 UNITED STATES TREAS INFLATION INDEXED NTS 1.625 1/15/2015 8,751,210 9,113,598 UNITED STATES TREAS INFLATION INDEXED NTS 1.875 7/15/2015 7,592,812 8,005,709 UNITED STATES TREAS INFLATION INDEXED NTS 2 1/15/2016 7,434,470 7,856,153 UNITED STATES TREAS INFLATION INDEXED NTS 2.5 7/15/2016 7,376,195 8,041,233 UNITED STATES TREAS INFLATION INDEXED NTS 2.375 1/15/2017 6,539,845 7,066,106 UNITED STATES TREAS INFLATION INDEXED NTS 2.625 7/15/2017 5,939,942 6,536,728 UNITED STATES TREAS INFLATION INDEXED NTS 1.625 1/15/2018 5,876,443 6,018,770 UNITED STATES TREAS INFLATION INDEXED NTS 1.375 7/15/2018 5,864,391 5,877,234 UNITED STATES TREAS INFLATION INDEXED NTS 2.125 1/15/2019 5,794,422 6,148,403 UNITED STATES TREAS INFLATION INDEXED NTS 1.875 7/15/2019 3,295,427 3,423,652 UNITED STATES TREAS NTS 0.875 4/15/2010 18,713,548 18,776,407 UNITED STATES TREAS NTS 2 4/15/2012 12,916,641 13,510,032 UNITED STATES TREAS SC STRP INT 0 5/15/2014 3,490,000 3,132,101 UNITED STATES TREAS SC STRP INT 0 2/15/2015 25,500,000 22,102,610 UNITED STATES TREAS SC STRP INT 0 11/15/2027 3,900,000 1,622,049 UNIVERSITY TEX PERM UNIV FD 5.262 7/1/2039 1,400,000 1,318,996 USAA AUTO OWNER TR 2008 2 4.64 10/15/2012 1,831,931 1,881,163 VALE OVERSEAS LTD 6.875 11/21/2036 1,000,000 999,161 VENEZEULA REP 8.5 10/8/2014 1,100,000 866,250 VENEZEULA REP 5.75 2/26/2016 3,000,000 1,950,000 VENEZEULA REP 7.65 4/21/2025 5,200,000 3,068,000 VENEZUELA REP 9.25 9/15/2027 1,000,000 730,000 VESSEL MGMT SVCS INC 6.08 5/20/2024 1,780,750 1,967,266 VOTO VOTORANTIM O/S 6.625 9/25/2019 500,000 501,250 VOTO VOTORANTIM O/S 7.75 6/24/2020 980,000 1,046,150 WACHOVIA BK NA 6.6 1/15/2038 300,000 316,644 WAMU 6.15 9/25/2036 8,962,311 8,783,064 WAMU 6.03787 10/25/2036 3,486,834 3,521,702



WELLS FARGO BK NATL ASSN 5.75 5/16/2016 1,000,000 1,036,683 WELLS FARGO MTG BACKED SECS 5.75 3/25/2036 1,894,935 1,894,935 WELLS FARGO MTG BACKED SECS 5.5 4/25/2037 4,543,361 4,725,095 WELLS FARGO MTG BACKED SECS 6.057705 4/25/2037 7,056,771 6,915,636 WESTFIELD CAP CORP LTD 5.125 11/15/2014 500,000 515,828 WINDSTREAM CORP 8.625 8/1/2016 1,150,000 1,170,125 WOODSIDE FINANCE LTD 4.5 11/10/2014 500,000 504,458 XEROX CORP 8.25 5/15/2014 500,000 573,562


EATON VANCE HIGH YIELD FD 16,324,476 GOLDMAN SACHS HIGH YIELD 31,645,651 NCRAM HIGH YIELD FD 29,088,645 STONE HARBOR HIGH YIELD FD 41,313,241 WGBI EX US INDEX FUND 130,211,489


ALTERNATIVE ASSETS PRIVATE EQUITY

ACCEL VIII LP 270,929 AIG ASIAN INFRASTRUCTURE FUND 6,355 AIG GE CAPITAL LATIN AMERICA 737,714 AIG INDIAN SECTORAL EQUITY 64,692 AISLING CAPITAL 11 4,160,606 AISLING CAPITAL III 37,415 APOLLO INVESTMENT FUND VI LP 19,860,227 APOLLO INVESTMENT FUND VII LP 186,841 ARCH VENTURE FUND VI, LP 5,666,462 ARCH VENTURE FUND VII LP 259,270 ARES CORP OPPORTUNITY FUND II 1,584,880 ARES CORP OPPS FUND III 487,376 ARSENAL CAP PTNERS 1,696,777 ARSENAL CAPITAL PARTNERS II LP 388,291 BAIN CAPITAL EUROPE FUND III 79,155 BAIN CAPITAL FUND IX LP 1,182,680



BAIN CAPITAL FUND VIII 3,894,884 BAIN CAPITAL FUND X 501,574 BAIN CAPITAL IX COINVESTMENT 378,224 BAIN CAPITAL VIII COINVESTMENT 1,355,299 BAIN CAPITAL X COINVESTMENT 31,704 BERKSHIRE PARTNERS VII 331,938 BESSEMER PARTNERSHIP VII INSTI 4,604,637 BLACKSTONE CAPITAL PARTNERS 31,506,227 BLACKSTONE CAPITAL PARTNERS IV 8,414,125 BLUERUN VENTURES IV LP 185,762 BLUERUN VENTURES LP 7,069,800 CADUCEUS PRIVATE INV III LP 125,259 CALERA CAPITAL 3,502,303 CANAAN EQUITY PARTNERS VII 12,675,332 CANAAN VIII LP 208,862 CENTURY PARK CAPITAL PTNS II 2,226,692 CERBERUS SERIES FOUR HOLDINGS 1,545,471 CHARLESBANK EQUITY FUND VI 4,735,806 CHARLESBANK EQUITY FUND VII LP 55,612 CLAREMONT CREEK VENTURES II 92,810 CLAREMONT CREEK VENTURES LP 3,894,711 CLEARSTONE VENTURE PARTNERS 3,084,542 CO-INVESTMENT 245,761 DARWIN VENTURE CAPITAL FUNDS 1,288,632 DARWIN VENTURE CPTAL FND II LP 156,163 DCM IV 2,605,589 DCM V 98,657 DE NOVO VENTURES II LP 4,544,123 DE NOVO VENTURES III 124,665 DOMAIN PARTNERS VI LP 2,323,474 DOMAIN PARTNERS VII 453,610 ENERGY SPE SITUATIONS FUND II 43,861 EOS CAPITAL PARTNERS III 4,029,959 EOS CAPITAL PARTNERSHIP IV 381,761 EQUITY DISTRIBUTIONS 383,965 EURO CHOICE IV (SCOTLAND) 22,764 FIRST RESERVE FUND XI LP 1,068,299 FORTRESS INVESTMENT FUND III 1,448,093 FORTRESS INVESTMENT FUND IV 679,246 FORTRESS INVESTMENT FUND V 763,080



FOUNTAIN VEST CHINA GROWTH PTN 121,800 GENSTAR CAPITAL PARTNERS IV 4,512,489 GENSTAR CAPITAL PARTNERS V 2,140,671 GLENCOE CAP INSTL PARTNERS III 234,275 GLENCOE CAPITAL PARTNERS III 2,931,119 GLOBESPAN CAPITAL PARTNERS IV 2,552,074 GLOBESPAN CAPITAL PARTNERS V 157,326 GOLDER THOMA CRESSEY RAUNER 15,754 GOLDER THOMA CRESSEY RAUNER V 139,665 GRAHAM PARTNERS II 5,970,091 GRANITE GLOBAL VENTURES II LP 4,040,983 GRANITE GLOBAL VENTURES III 928,854 GRANITE VENTURES II 4,771,258 H.I.G BAYSIDE II 301,090 HIG CAPITAL PARTNERS IV 43,443 HUMMER WINBLAD VENTURE PTR III 40,142 INSIGHT VENTURE PARTNERS V 13,953,975 INSIGHT VENTURE PARTNERS V 6,195,706 INSIGHT VENTURE PARTNERS VI 1,065,406 INSTITUTIONAL VENTURE PARTNS 320,410 INSTITUTIONAL VENTURE PTR VIII 65,906 INTERSOUTH PARTNERS V LP 699,472 INTERSOUTH PARTNERS VI 2,265,948 INTERSOUTH PARTNERS VII 107,537 INTERWEST PARTNERS IX 4,814,415 INTERWEST PARTNERS V LP 18,448 INTERWEST PARTNERS VI LP 171,760 INTERWEST PARTNERS VII LP 905,367 INTERWEST PARTNERS VIII 1,915,092 INVERNESS PARTNERS II LP 3,507,461 IVP VI 12,765 IVP VII 474,121 J C FLOWERS II LP 488,023 JLL PARTNERS FUND V, LP 1,095,002 JLL PARTNERS VI LP 265,370 KELSO INVESTMENT ASSOC VII 8,983,138 KELSO INVESTMENT ASSOCIATES 507,749 KHOSLA VENTURES III 355,340 KHOSLA VENTURES SEED, LP 80,572 KODIAK VENTURES III 2,439,381



KPCB AGG INVESTMENT GEP 3,220,884 KRG CAPITAL FUND IV LP 99,671 KRG CAPITAL III LP 663,945 LAKE CAPITAL PARTNERS LP 2,746,376 LATIN AMERICAN CAPITAL II LP 427,218 LIGHTHOUSE CAPITAL PARTNERS V 2,423,162 LIGHTSPEED VENTURE PRTNRS VIII 187,979 LIGHTSPEED VENTURE PTNERS VII 8,072,324 LIME ROCK PARTNERS V L P 352,665 LINDSAY GOLDBERG + BESSEMER II 274,533 LINDSAY GOLDBERG + BESSEMER LP 3,498,222 LINDSAY GOLDBERG III LP 118,866 MADISON DEARBORN CAP PTNRS VI 413,859 MADISON DEARBORN V 3,010,435 NOVAK BIDDLE VENTURE PARTNERS 1,218,206 NOVAK BIDDLE VENTURE PTNR V 138,082 OLYMPUS GROWTH FUND V 833,891 OLYMPUS V AIG SECONDARY 155,647 OXFORD BIOSCIENCE IV 1,259,149 OXFORD BIOSCIENCE PARTNERS III 539,380 PAINE + PARTNERS CAPITAL FUND 608,822 PALOMAR VENTURES III 2,997,018 PERSEUS 2000 EXPANSION 2,414,180 PERSEUS PARTNERS VII LP 3,445,413 PERSEUS SOROS BIO PHARM LP 641,723 PINE BROOK CAPITAL PARTNERS 427,377 POLARIS VENTURE PARTNERS III 671,251 POLARIS VENTURE PARTNERS IV 5,217,096 POLARIS VENTURE PRTNRS V LP 1,151,103 QUAD C PARTNERS VII LP 6,352,925 REDPOINT VENTURE I LP 1,382,888 REDPOINT VENTURES II LP 1,540,072 ROCKPORT CAPITAL III LP 142,711 SANKATY CREDIT OPPORTUNITY IV 2,474,957 SEGULAH IV LP 120,592 SENTIENT GLOBAL RESOURCES 1,304,417 SEQUOIA AGGREGATE INVESTMENT 3,532,133 SG GROWTH PARTNERS I LP 58,427 SHAMROCK CAPITAL GROWTH FD II 138,546 SKM EQUITY FUND II 3,066,506



SUN CAPITAL IV LP 7,349,359 SUN CAPITAL PARTNERS V 591,565 TCW SPECIAL MORTGAGE CREDITS I 750,000 TERRA FIRMA CAP PARTNER III 386,540 THE COLUMN GROUP LP 266,004 TRINITY VENTURES IX 6,368,637 UPDATA PARTNERS III 4,215,458 UPDATA PARTNERS IV 347,670 VECTOR CAPITAL IV L.P 196,882 VENTURE STRATEGY PARTN II L P 375,553 VERSANT VENTURE CAPITAL II LP 2,086,719 VERSANT VENTURES I LP 2,051,160 VESTAR CAPITAL PARTNERS V LP 1,224,399 W CAPITAL PARTNERS II LP 1,283,185 WARBURG IX BUYOUT 1,677,744 WARBURG IX VENTURE 2,516,616 WARBURG PINCUS PRVT EQUITY X 1,784,374 WARBURG PINCUS VIII 383,590 WATER STREET CAPITAL PARTNERS 15,108,867 WATER STREET PARTNERS II 343,103 WCAS CAPITAL PARTNERS II 511,971 WCAS III 5,672,700 WCAS VI 297,068 WELLSPRING CAPITAL PARTNERS IV 10,160,140 WELSH CARSON ANDERSON + STOWE 453,000 WICKS COMMUNICATIONS + MEDIA 3,183,645 WIND POINT PARTNERS VI 8,725,380 WLR RECOVERY FUND IV 2,616,781

REAL ESTATE

AMB INSTITUTIONAL ALLIANCE III 4,230,645 BEACON CAPITAL STRATEGIC PARTN V 999,079 BEACON CAPITAL STRATEGIC PARTN IV 11,794,559 BLACKROCK RETAIL OPPORTUNITIES 783,966 BLACKSTONE REAL EST PARTNER VI 2,026,565 BLACKSTONE REAL ESTATE PRTN V 26,477,770 CALIFORNIA SMART GROWTH FD IV 1,462,609 CAPRI URBAN INVESTORS LLC 1,033,266 CIM FUND III LP 133,320



CIM URBAN REIT LLC 29,096,272 COLONY CAPITAL VIII LP 990,537 CORNERSTONE APMNT VENT III LLC 1,163,056 FAIRFIELD STRAT APT FUND III 2,104,588 FORUM ASIAN REALTY INCOME II 3,191,828 FORUM GRES GLOBAL REAL ESTATE 8,121,609 GENESIS WORKFORCE HOUS FUND II 89,411 HEITMAN AMERICA REAL ESTATE TRUST 5,942,234 KSL CAPITAL PARTNERS II 4,623,149 LBA REALTY FUND III 2,429,484 LEGACY PARTNERS REALTY FND III 566,985 LIONSTONE URBAN INV TWO 287,571 METRO WORKFORCE HOUSING FUND 131,234 MORGAN STANLEY RE FUND V US 711,671 PRISA II PRUDENTIAL REAL EST. 6,557,606 PRUDENTIAL SNR HSING PTNRS III 7,861,264 REALTY ASSOCIATES FUND VII 23,178,054 REALTY ASSOCIATES FUND VIII 12,624,893 REDWOOD GROVE INTERNATIONAL LP 848,374 ROCKPOINT REAL ESTATE FUND III 316,427 RREEF AMERICA REIT III 9,487,191 RREEF GLOBAL OPPORTUNITIES FD II 7,850,181 SQUARE MILE PARTNERS II LP 1,213,177 URBANAMERICA, LP. II 1,981,973 URDANG VALUE ADDED FUND II 7,124,944 WALTON STREET REAL ESTATE V 2,388,106 WALTON STREET VI 557,687 WESTBROOK REAL ESTATE FUND VII 2,056,170

ABSOLUTE RETURN

ALPHAGEN RHOCAS FUND 38,059,137 ANCHORAGE CAPITAL PARTNERS 76,294,402 ANCHORAGE SHORT CRDT OFFSHORE 343,394 AVENUE SPECIAL SITUATIONS III 68,845 BRIDGEWATER ALL WEATHER 20,000,000 CARL MARKS STRATEGIC OPP FUND 13,404,550 CEVIAN CAPITAL II 31,350,112 CHILTON GLOBAL NATURAL RESOURC 60,144,836 CVI SPECIALIZED VENTURES FD A 9,553,199



DAVIDSON KEMPNER DIS OPP INTL 14,189,940 DAVIDSON KEMPNER INST PRTNR 29,926,402 GAOLING FUND 33,718,826 GEM REALITY SECURITIES 55,046,288 H.I.G BRIGHTPOINT CAP PARTNERS 16,992,072 HIGHLINE CAPITAL INTL 25,814,691 HIGHLINE SELECT 11,985,935 HORIZON PORTFOLIO I LIMITED 32,962,537 KINGSTREET CAPITAL 73,083,600 LILY POND CURRENCY PLUS FUND 6,683,251 MERIT ENERGY PARTNERS B 5,760,738 MKP CREDIT OFFSHORE 61,740,031 MKP OPPORTUNITY OFFSHORE 29,552,595 O CONNOR GLOBAL FUNDAMENTAL 69,393,050 OZ ASIA MASTER FUND 1,498,919 OZ OVERSEAS FUND 3,016,332 P/E INVESTMENTS GLOBAL FUND 8,724,795 PFM SELECT OFFSHORE FUND 88,721,734 PAULSON ADVANTAGE FUND 70,609,417 PIMCO TALF + RCVRY OFFSHORE 3,656,169 REAL ASSETS STRATEGIES USA 51,744,897 RENAISSANCE 4,716,917 RMS OPPORTUNITY FUND I 7,463,374 SATELLITE CREDIT OPPORTUNITIES 2,930,647 SATELLITE OVERSEAS LTD PRTNSHP 6,340,217 SILVER POINT CAP OFFSHORE 4,405,278 STANDARD INVESTMENT RESEARCH 32,395,867 STERLING STAMOS CONCENTRATED 43,198,600 TIGER ASIA OVERSEAS FUND 41,555,526 TRADING SELECT (USA) 97,503,589 TREE LINE ASIA FD 41,884,431 VIKING GLOBAL EQUITIES III 106,578,135 YORK TOTAL RETURN 104,951,123







ACCOUNTS PAYABLE (30,843,406)

TOTAL NET ASSETS 5,799,459,936

update: uc general endowment pool - includes 2009

Documents

interwest partners

wcas capital partners

kodiak venture partners

intersouth partners

glencoe capital partners

fremont partners

domain partners

inverness partners