UC General Endowment Pool Bond Portfolio - Updated 2-18-2010

8/14/2019 UC General Endowment Pool Bond Portfolio - Updated 2-18-2010

1/64

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


2/64


December 31, 2004

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



3/64

ource: University of California, Office of the Treasurer

General Endowment PoolBond Portfolio

December 31, 2002

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUEABBOTT LABORATORIES NC 5,000,000 5.625 7/1/06 5,442,650ALCOA INC NC 3,000,000 5.375 1/15/13 3,179,040ALLSTATE CORP NC 1,000,000 7.200 12/1/09 1,159,650

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

FHR 2422 DM 5,000,000 6.500 4/15/28 5,240,576FHR 2484 PA 6,765,915 6.000 4/15/22 7,085,545FHR 2484 VA 2,909,095 6.000 9/15/12 3,088,006FHR 2494 CD 5,000,000 5.500 8/15/14 5,318,182


4/64


5/64



December 31, 2002

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


6/64



December 31, 2002

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


7/64



December 31, 2002

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUEWELLS FARGO & CO NC 2,000,000 6.450 2/1/11 2,240,680WESTERN ATLAS NC 2,000,000 8.550 6/15/24 2,528,005WISCONSIN ENERGY CORP NC 3,000,000 5.500 12/1/08 3,219,870

WYETH NC 2,000,000 6.250 3/15/06 2,165,580WYETH NC 14,600,000 6.700 3/15/11 16,173,442ZENECA 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


8/64

Source: University of California, Office of the Treasurer

General Endowment PoolU.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%


9/64


General Endowment PoolNon-U.S. EquityDecember 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%


10/64


General Endowment PoolPrivate 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


11/64


General Endowment PoolPrivate 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%


12/64


General Endowment PoolTotal 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


13/64


GENERAL ENDOWMENT POOLFixed Income Portfolio

December 31, 2003

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


14/64



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUEFGCI POOL #E01098 3,771,653 6.000 2/1/2017 3,955,416FGCI POOL #E01251 1,241,524 5.500 11/1/2017 1,288,338

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


15/64



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUEFNCI POOL #709844 1,795,819 5.000 5/1/2018 1,835,686FNCI POOL #730016 2,432,726 4.000 4/1/2018 2,374,729

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


16/64



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUEFNCL POOL #752574 2,476,898 5.500 11/1/2033 2,514,422FNCL POOL #753912 5,797,348 5.500 12/1/2033 5,885,176

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


17/64



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUEGNSF POOL #598267 953,321 6.000 6/15/2033 993,145GNSF POOL #612376 4,994,330 5.500 11/15/2033 5,093,151

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


18/64



December 31, 2003

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


19/64



December 31, 2003

DESCRIPTION PAR VALUE RATE MATURITY MARKET VALUEWAL-MART STORES NC 2,000,000 4.550 5/1/2013 1,967,140WELLS 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 2,344,294WYETH NC 5,600,000 5.500 3/15/2013 5,807,200WYETH NC 2,000,000 6.450 2/1/2024 2,051,040

Fixed Income Portfolio 1,236,858,501Cash and Equivalents 62,400,000

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


20/64


GENERAL ENDOWMENT POOLPublic Equity

December 31, 2003

ISSUER SHARES MARKET VALUE PRIVATE EQUITY DISTRIBUTIONS 219,428 1,885,830CGI EMERGING MARKETS GF 517,323 31,603,255 EAFE INDEX FUND 5,505,239 451,100,152TEMPLETON EMERGING MKTS 1,266,875 15,417,869GMO 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%


21/64


GENERAL ENDOWMENT POOLPrivate 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


22/64


GENERAL ENDOWMENT POOLPrivate Equity

December 31, 2003


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%


23/64


GENERAL ENDOWMENT POOLTotal Equity

December 31, 2003


Total Equities 3,188,643,289Cash and Equivalents 17,488,000% of Portfolio 0.5%

TOTAL GEP EQUITY PORTFOLIO 3,206,131,289


24/64

GENERAL ENDOWMENT POOLAbsolute 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



25/64

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

GENERAL ENDOWMENT POOL BOND PORTFOLIO December 31, 2004

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


26/64



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


27/64



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


28/64



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


29/64



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


30/64



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

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


31/64



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

TOTAL BOND PORTFOLIO 1,239,583,814

Cash and Equivalents 58,568,550TOTAL GEP BOND PORTFOLIO 1,298,152,364

ortfolio market values do not include accruals.


32/64

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

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 19,117,144S & 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%


33/64



December 31, 2004

ISSUER MARKET VALUE PRIVATE EQUITY DISTRIBUTIONS 1,208,492BUYOUT FUNDS 45,932,805INTERNATIONAL PRIVATE EQUITY 19,679,792VENTURE CAPITAL PARTNERSHIPS 53,597,728REAL ESTATE 4,000,000

TOTAL PRIVATE EQUITY 124,418,817% of Portfolio 3.66%


34/64


GENERAL ENDOWMENT POOL TOTAL EQUITY

December 31, 2004


TOTAL EQUITY 3,389,009,659Cash and Equivalents 6,725,450

% of Portfolio 0.20%TOTAL GEP EQUITY PORTFOLIO 3,395,735,109

Portfolio market values do not include accruals.


35/64


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


36/64

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 INCOMEFIXED 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


37/64

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


38/64

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


39/64

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


40/64

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


41/64

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


42/64

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,

UC General Endowment Pool Bond Portfolio - Updated 2-18-2010

Documents