UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number  811-21757 

American Independence Funds Trust
(Exact name of registrant as specified in charter)
	335 Madison Avenue, Mezzanine New York, NY	10017
	(Address of principal executive offices)	(Zip code)
	Eric Rubin
	President and Principal Executive Officer
	335 Madison Avenue, Mezzanine New York, NY 10017
	(Name and address of agent for service)
	with a copy to:
	Jon Rand, Esq.
	Dechert LLP
	30 Rockefeller Plaza
	New York, NY 10112-2200

Registrant's telephone number, including area code:   (212) 488-1331            

Date of fiscal year end:  10/31/2007 

Date of reporting period:  10/31/2007 

Item 1. Reports to Stockholders.

     The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17CRF 270.30e-1).

 

October 31, 2007
The American Independence Funds	Annual Report
	Stock Fund
	Financial Services Fund
	International Equity Fund
	Short-Term Bond Fund
	Intermediate Bond Fund
	Kansas Tax-Exempt Bond Fund

     NOT FDIC Insured. May lose value. No bank guarantee.

This material must be accompanied or preceded by a prospectus.

American Independence Funds Trust is distributed by Foreside Distribution Services, L.P.

Table of Contents

American Independence Funds
Annual Report—October 31, 2007
President’s Letter to Shareholders	1
Management Fund Commentaries and Fund Performance	2
Stock Fund
Schedule of Portfolio Investments	18
Financial Services Fund
Schedule of Portfolio Investments	19
International Equity Fund
Schedule of Portfolio Investments	20
Short-Term Bond Fund
Schedule of Portfolio Investments	22
Intermediate Bond Fund
Schedule of Portfolio Investments	24
Kansas Tax-Exempt Bond Fund
Schedule of Portfolio Investments	27
Statements of Assets and Liabilities	31
Statements of Operations	32
Statements of Changes in Net Assets	33
Financial Highlights	35
Notes to Financial Statements	37
Report of Independent Registered Public Accounting Firm	42
Trustees and Officers	43
Additional Fund Information	45
Table of Shareholder Expenses	47

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the portfolio securities is available without charge, upon request, by calling 1-866-410-2006 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling 1-866-410-2006 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Schedules of Portfolio Investments as of January 31 and July 31 are available without charge, on the Securities and Exchange Commission’s website at http://www.sec.gov.

American Independence Funds

Dear fellow shareholder:

I am pleased to present you with the Annual Report for The American Independence Funds (the “Funds” or for each fund separately, a “Fund”) for the fiscal year ending October 31, 2007. The year has been an exciting one for the Funds and American Independence Financial Services, LLC (AIFS) as it marks the first full fiscal year that AIFS has managed the Funds. The following pages offer insights into the Funds’ performance, how the equity and fixed income markets affected each Fund, and what we have achieved as we seek to maximize each Fund’s performance. Included are commentaries from each Portfolio Manager on the specific factors that impacted their respective Fund during the reporting period and an outlook for the year to come.

On April 1, 2007, American Independence Financial Counselors, LLC (AIFC) assumed the sub-advisor duties for the Short-Term Bond Fund and the Intermediate Bond Fund. AIFC is a wholly owned subsidiary of AIFS, and Robert Campbell, CFA, has management responsibilities for both Funds. We are delighted that both Funds have improved their respective performance against their peers in their Morningstar categories since the change in managers.

On May 1, 2007, American Independence Capital Management, LLC (AICM) took over as sub-advisor to the Stock Fund. Jeffrey Miller assumed primary management responsibilities for this Fund. During the past seven months, the Stock Fund has consistently been in the top 10% of all Large Cap Value funds, its Morningstar category.

In March 2007, the Financial Services Fund was added to the American Independence Fund family. AICM serves as the sub-advisor to that Fund as well. As I am sure you are aware that in the past several months, the financial services sector has experienced challenges which are unprecedented. Nonetheless, we have been pleased that the Fund has outperformed its benchmark. I strongly encourage you to read the Portfolio Manager’s Commentary on the Financial Services Fund. Jeff Miller’s analysis and review describe the issues and challenges that lie ahead not only for financial services companies, but for the economy in general.

Other significant changes have improved cost and efficiency of service. In October 2007, the Funds engaged Boston Financial Data Services as Transfer Agent and Shareholder Service Agent. I hope that you have found the shareholder representatives to be efficient and courteous, and in January 2008, you will be receiving the first of your enhanced Fund statements.

Everyone at American Independence believes that this has been a very positive year for the American Independence Funds. We value your support and appreciate your faith. We continually strive to make investing in the Funds a rewarding experience. The Funds are well positioned as we enter the next year, and AIFS will continue to seek to provide additional services, improve existing ones, and build upon the existing strong foundation.

Thank you all for your support. Please do not hesitate to contact us with any questions at 866-410-2006. I hope 2008 turns out to be a positive year for the markets and an enjoyable one for you.

Sincerely,

Eric M. Rubin

Past performance does not guarantee future results.

This material is authorized for distribution only when preceded or accompanied by a prospectus. American Independence Financial Services, LLC provides investment advisory and other services to the Funds and receives a fee for those services. The Funds are distributed by Foreside Distribution Services LP. Mutual funds are NOT INSURED BY THE FDIC. There is no bank guarantee. Mutual funds may lose value. The views expressed in this President’s Letter to Shareholders and accompanying commentaries are through the end of the period covered by the report, as stated on the cover. These views are subject to change based on market and other conditions.

The Russell 1000 Value Index and the Russell 2000 Value Index are sub-indices of the Russell 3000 Index which is an unmanaged index of common stocks for companies that make-up the 3,000 largest U.S. companies based on total market capitalization. The common stocks for the largest 1000 of these companies constitute the Russell 1000 Index and those for the remaining 2000 companies make-up the Russell 2000 Index. The Russell 1000 Value Index and the Russell 2000 Value Index are compiled from the common stocks of companies identified by the Russell Investment Group as offering lower price-to-book ratios and lower forecasted growth values in those two respective groupings. The Standard & Poor 500 Stock Index (“S&P 500”) is an index of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. stock market as a whole. The Standard & Poor 500 Equal-Weight Financials Index (“S&P 500 EWFI”) is an equally-weighted index of common stocks for financial companies that make-up the S&P 500. The Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE”) is a market capitalization-weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. EAFE performance data are calculated in U.S. Dollars and in local currency. The indices are unmanaged and do not reflect the expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, however they can invest in the underlying securities.

The London Interbank Offered Rate (LIBOR) is the interest rate at which banks can borrow funds, in marketable size, from other banks in the London inter-bank market. The LIBOR is the world’s most widely used benchmark for short-term interest rates and is fixed on a daily basis by the British Bankers’ Association.

1

American Independence Funds

Stock Fund Commentary
Jeffrey Miller

The most recent year was certainly an interesting one. Many financial markets experienced severe shocks and declines, with some essentially shutting down. The ripple effects from these events were felt around the world, prompting a number of central banks to take emergency action to forestall financial market problems from becoming broad economic problems. However, their actions may literally have been too little too late.

The American Independence Stock Fund Institutional Shares (the “Fund”) performed well during this period of turmoil. During the Fiscal Year ending October 31, 2007, the Fund was up 17.31%, versus a total return of 10.86% for the Russell 1000 Value Index (with dividends reinvested into the index). This is a positive difference of 6.45%. Our disciplined approach to value investing and emphasis on risk management paid off for our investors in a turbulent market.

American Independence Capital Management, LLC (AICM) became the manager of the Fund on May 1, 2007, taking over management from Barrow Hanley. In this letter, we first describe our approach to value investing, and then discuss some of the major events impacting financial markets in the past year, particularly the issues in credit markets.

AICM’s approach to value investing focuses on stock picking, not making sector bets. We are usually looking for some basic characteristics in our core investments. First, the business must be easily understandable. This sounds simple, but there are some companies with excellent reported returns for which, after reviewing the business and financial statements, we just can’t figure out how they make money. Often, these companies will make what appear to be great returns, only to hit a rough patch and lose all the prior years’ “earnings”. We do not find these companies attractive. Similarly, we do not like companies that depend on forces beyond their control to make money. If the company cannot control them, how can we be expected to make a reasonable determination about the true earnings power of the company? An example would be many of the oil-related companies. Their profitability often hinges on the price of oil, something over which they have zero control. We want to be able to clearly understand how and why a company makes its money, and what influences its ability to sustain those earnings, so that we aren’t beholden to forces beyond our (or management’s) control.

Second, the company should generate strong free cash flow returns on invested capital. A company that makes a lot of money but is required to reinvest the bulk of that money back into the business in order to merely sustain current revenues is not an attractive company to us. We view a stock as we would a private company we owned outright. If that company couldn’t over time pay us out in cash what it had “earned”, then, we wouldn’t want to own it. (You can’t live on non-cash earnings for very long.) We view our core stock holdings the same way.

Third, we like free cash flow to be growing; preferably at least 10% or more per year. A company with a high return on capital that is not growing can be an attractive stock at the right price, but that price is pretty low, and the company should be paying out most of that cash flow to shareholders either through dividends or share repurchases. We prefer companies with increasing free cash flows, as these stocks provide value not only via dividends or share buybacks but also through stock price appreciation. Stocks with no earnings growth tend not to go up over time.

Fourth, we like to buy stocks cheaply. Price is extremely important to us. Often a great company makes a terrible stock (although the reverse is rarely true except for short-term trades) because its price is simply too expensive. In these cases, of which there are many, we put a stock on our watch list and try to buy it on weakness. A good company bought at a bad price is a recipe for poor returns. A dividend yield, while preferred, is not a prerequisite for us to buy a stock, but the company should demonstrate that it can reinvest its capital at attractive returns if it is going to keep it. Conversely, a very high dividend yield can be a warning sign that the company’s core business is either unsustainable or shrinking, which will make future stock price appreciation very difficult. That said, if management has no use for the excess capital, we would prefer management pay it to shareholders rather than keeping it to squander on acquisitions.

To recap, we like simple businesses that generate a lot of free cash flow, with management teams that only keep the capital needed to run the business, and whose stocks sell cheaply in the market. These characteristics lead us to pick a wide assortment of companies. However, these companies are often recognizable. We tend to gravitate towards companies with strong brands or defensible niches (Nike, McDonalds, Microsoft, Disney, etc.) as these characteristics allow a company some freedom from competition. An absolute lack of competition is great (Microsoft gets close – try running a business without using one of their products), but a strong brand can often generate excellent profits by creating pricing power. Brand-based pricing power is what allows a company to

2

American Independence Funds

Stock Fund Commentary – continued

alleviate inflation effects, absorb input price increases, and ward off competition. The owner of a strong brand has a very powerful position in the market (try telling a girl under 10 she isn’t getting an American Girl or 12 Dancing Princesses doll for her birthday and see what happens).

There are some stocks that don’t currently meet the criteria above but have the potential to turnaround their operations. Often their stocks will sell very cheaply in the market as the lack of current earnings makes it difficult for investors to assess the business. These turnaround situations have the potential to make the owners of their shares a lot of money quickly, as once the company returns to profitability the investors who waited for “more clarity” will rush to buy the stock, which we will happily sell to them for a large gain (or so we hope). For example, we recently invested in some of the homebuilding stocks and made some nice gains for shareholders. We analyzed what the maximum write-offs for the companies were likely to be, and then compared the remaining book value to the market value of the stock outstanding. In many cases, even after writing off 50% of their starting land holdings (we used March 2006 as the base); we were paying a substantial discount to book value. We chose those companies with low enough debt levels to survive the current housing recession, that are managed well, and free from regulatory and accounting problems. Our only regret is that we didn’t buy more.

As we head into the 2008 fiscal year, we continue to look at a lot of different companies. We are currently investigating the infrastructure stocks (bridges and roads will need to be replaced over the coming years), some defense stocks (war seems to be a permanent condition), casinos (so does gambling), the homebuilders and homebuilder supply companies, and select retailers (people always shop somewhere). Our focus will continue to be on stock picking, not sector allocation, as we search for the next great stock for the Fund.

3

American Independence Funds

Stock Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on October 31, 1997. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.
 

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		10 Year
Stock Fund
Institutional Class	17.31	%	17.13	%	9.10	%
Class A Shares†	9.88	%	15.21	%	7.96	%
Class C Shares††	15.01	%	16.27	%	8.37	%
Russell 1000 Value Index	10.86	%	16.29	%	7.96	%
S&P 500 Index	14.56	%	13.87	%	7.10	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^†   Reflects maximum sales charge of 5.75%.
^†† Reflects Contingent Defered Sales Charge (“CDSC”) of 1% assesed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the Stock Fund (the predecessor fund) on March 2, 2006. In the reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class shares known as Service Class shares. As a result of the reorganization, the Fund will carry forward the performance history of the predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the Fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund, prior to commencement of operations on March 20, 2006, includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges and expenses. The performance of the Class C shares of the fund, prior to commencement of operations on September 24, 2007, includes the performance of the Fund’s Class A shares from March 20, 2006 through September 23, 2007 and the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges and expenses.

The Russell 1000 Value Index is an unmanaged index of common stocks for companies that make-up the Russell 1000 Index and have been identified by the Russell Investment Group as offering lower price-to-book ratios and lower forecasted growth values.

The Standard & Poor’s 500 Stock Index (“S&P 500”) is an unmanaged index of 500 selected common stocks most of which are listed on the New York Stock Exchange. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two thirds of the total market value of all domestic common stocks.

Effective March 1, 2007, the benchmark index for the Fund changed from the S&P 500 Index to the Russell 1000 Value Index in order to better represent the principal investment strategies used by the investment manager in managing the Fund. The above referenced indices do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

4

American Independence Funds

Financial Services Fund Commentary
Jeffrey Miller

The most recent year was certainly an interesting one. Many financial markets experienced severe shocks and declines, with some essentially shutting down. The ripple effects from these events were felt around the world, prompting a number of central banks to take emergency action to forestall financial market problems from becoming broad economic problems. However, their actions may literally be too little too late.

The American Independence Financial Services Fund “I” shares (the “Fund”) outperformed its index during this period of turmoil. During the Fiscal Year ending October 31, 2007, the Fund was down 3.20%, versus a total return of negative 6.54% for the S&P 500 Equal-Weight Financials Index (with dividends reinvested into the index). This is a positive difference of 3.34%. Our disciplined approach to value investing and emphasis on risk management paid off for our investors in a turbulent market. While we do not expect this type of out performance to be the norm, we are gratified to be able to provide our investors with these results.

American Independence Capital Management, LLC (AICM) became the sub-advisor to the Fund at its inception on March 1, 2007. In this letter, we will devote substantial time to some of the major events impacting financial markets in the past year; the Quant Funds that blew up in August and the liquidity crisis in credit markets.

AICM’s approach to value investing in the Financial Services Fund is almost identical to our approach to value investing that we discussed in the Stock Fund commentary. However, the Stock Fund is a more diversified fund that invests in many sectors and industries while the Financial Services Fund focuses primarily on Financial Services’ securities and is “Non-diversified”.

We like simple businesses that generate a lot of free cash flow, with management teams that only keep the capital needed to run the business, and whose stocks sell cheaply in the market. These characteristics lead us to pick a wide assortment of companies within the financial sector.

There are some stocks that don’t currently meet our value investing criteria but have the potential to turnaround their operations. Often these stocks will sell very cheaply in the market as the lack of current earnings makes it difficult for investors to assess the business. These turnaround situations have the potential to make the owners of their shares a lot of money quickly, as once the company returns to profitability the investors who waited for “more clarity” will rush to buy the stock, which we will happily sell to them for a large gain (or so we hope). For example, we recently invested in some banks with large construction loan portfolios and made some nice gains for shareholders. We analyzed what the maximum write-offs for the companies were likely to be, and then compared the remaining book value to the market value of the stock outstanding. Even after writing off 50% of their land loans, we were paying a substantial discount to book value. We chose those companies with enough equity and loan loss reserves to survive the current housing recession. Our only regret is that we didn’t buy more.

As we head into the 2008 fiscal year, we continue to investigate many different companies. We are currently interested in some regional banks, property and casualty insurance companies, boutique investment banks, and asset managers.

Two events occurred during the past year that we think are worth discussing. One was the Quantitative (“Quant”) funds blowing up in August; the other was the liquidity crisis in credit markets. Also, the subprime credit problems we recognized as significant 2 years ago finally emerged from the shadows to cause havoc worldwide. As a result, we are going to spend more space than normal reviewing these events, their root cause, and what our outlook for the markets is going forward.

In August, what are known as “global macro funds” or “quant funds” (which are basically funds that invest in a multitude of asset classes, such as bonds, stocks, currencies, etc) experienced sharp losses. Since these funds are often levered 8 to 10 times, losses in one asset class can trigger the need to sell what they can, not what they want, as one asset class may suddenly become illiquid (see the ABS discussion that follows). These funds often invest in quantitative strategies that are similar to one another and involve shorting a basket of expensive stocks (as judged by price to earnings or price to book ratios) and buying a basket of cheap stocks, without using any judgment as to whether such companies are good fundamental businesses to own or not – they just look at the numbers without meeting management, making informed judgments about the outlook for the business, its profitability, etc. These strategies essentially blew up in early August, as funds that were losing money in credit markets suddenly had an exposure to their quant strategies, as a percentage of remaining capital that was too large. (If your fund is levered 10x and you want each strategy to represent 1x your capital level, and you lose 20% of your equity, each strategy that didn’t decline is suddenly worth 1.25x your remaining capital, so you are forced to sell off 20% of your positions NOW to meet

5

American Independence Funds

Financial Services Fund Commentary – continued

your leverage requirements.) This caused massive intraday swings in individual stocks as shorts and longs were covered in a size that the markets were not large enough to handle. Making matters worse, a number of funds that are not quants but that are fundamentally driven long/ short equity funds suddenly saw their positions move 15% in an hour, so their risk controls were triggered and they were forced to also unwind, often at large losses. The magnitude and speed of these moves cannot be overstated and, in speaking to some traders who have been around a long time, were apparently unprecedented in their magnitude. Often these stocks would finish the trading day not much changed from where they had started. We describe these events because we think that they not only show the fragility of the markets today, but also how our own risk management worked well in what were extremely strange markets.

Two years ago I spent a week in Southern California, primarily Irvine, visiting with a number of subprime and alt-a mortgage REITS and originators. After meeting with the management teams of some of these companies, we decided that this was a business model that didn’t make any sense. Capital was constantly being raised, leading to overcapacity in the industry. This excessive capital raising, combined with a large appetite for high-spread loans that could be securitized and resold, caused the companies’ management teams to abandon common sense and offer extremely lenient loan terms. Giving money to people who cannot pay you back is a bad business -- an old (but true) phrase in banking is - it is not the return on capital that should be the primary consideration, but the return of capital. We walked away from these meetings feeling that these businesses were inherently flawed and would eventually fail, just as subprime auto finance companies had in the late 1990s. We shorted a number of these stocks for our long/short funds, and made excellent returns. Our only regret is that we didn’t hold on to our positions longer, as a number of these companies eventually declared bankruptcy. This overblown origination spree was phase one of the current credit crisis.

Phase two began about a year ago, when asset backed securities (ABS) backed by subprime mortgages started performing worse than expected. This subprime ABS meltdown was severe, but Ben Bernanke and senior treasury officials repeatedly stated that the subprime problems were “contained”. Containment was the buzzword of the spring and early summer, as our financial leaders sought to calm jittery investors. These leaders were either naïve or stupid (or both), as anyone who actually deals in the real world could see that there were two problems spawned by the subprime mess that had the potential to cause true economic damage. The first of these is what is occurring now.

ABS are tranched into multiple classes. The largest tranche is AAA, with AA, BBB, BB and “equity” tranches. The losses are absorbed in reverse order, meaning that the equity has the first loss, the BBs the second, etc. In return, the highest returns flow to the equity, then BBs, then BBBs, etc. Since there is often 30% or more capital, or subordination, below the AAAs, they are deemed to be safe from loss. And in most cases, they truly are safe. Well chosen collateral (the assets in the trusts) will normally have fairly low, and predictable, loss rates that are well under the level of default that would cause any worry for a AAA investor. CLOsand CDOs comprised of bank debt, and other asset classes are performing well from a credit perspective.

The problem is that at the height of the subprime REIT capital raising spree, management teams under pressure to put that capital to work, combined with unscrupulous mortgage brokers and borrowers, made loans that turned out to be frauds. Inflated appraisals combined with bubble real estate markets created bad collateral, which was securitized and purchased by money market funds and other vehicles globally. These vehicles and their managers assumed that the AAA bonds were going to be “money good” and not trade much below par, even in a bad market. As a result, many of these vehicles were extremely highly levered. We read the prospectus for one such ABS deal that had an equity component of 2%. This means that it was 50 times levered, and a 2% drop in the value of the collateral would wipe out the equity tranche, triggering over-collateralization tests and forcing the sale of assets to de-lever the transaction so that the AAAs maintained a certain level of collateral coverage. These tight triggers are what are causing the wholesale liquidation of some of these structured investment vehicles.

In normal times with good collateral, these securities are not terribly difficult to value if you have the knowledge to do so. However, this time there was a new twist. Large portions of these vehicles had invested in the AAA tranche of subprime MBS that suddenly, instead of having a lifetime cumulative default rate of say 6% to 8%, were now defaulting very rapidly. Early payment defaults (within a few months of origination) were occurring at unprecedented rates and were indicative of severe levels of fraud. So, investors in these securities who thought they

6

American Independence Funds

Financial Services Fund Commentary – continued

owned AAA securities (and did it with large leverage), were suddenly realizing that these securities, even if they didn’t default, had collateral coverage that made them effectively BBBs or worse. Buying BBB and BB bonds is fine - we do it from time to time in some of our funds – however, the spread over LIBOR at which these securities trade is much higher than those of AAAs, and simple bond math means that in order for a AAA that is suddenly a BB to yield the same as existing BBs, it needs to drop dramatically in price. This sudden decline in the value of what historically were very safe securities caused a wholesale seizure in global credit markets in late July and early August, as fear gripped AAA buyers and they refused to buy any credits while they figured out first what they already owned.

The severity of this seizure and its effect on solid credits cannot be understated. NOTHING was getting financed. AAA buyers naturally buy on leverage to earn a decent return on capital. They do this because in order to be a cash buyer of AAAs you need to have a low return requirement. There are few such buyers. This means that the natural market size of these cash buyers is a lot smaller than the size of the leveraged market. Taking away this leveraged buyer brought global credit markets to a halt. Solid credits of real companies couldn’t get financed, meaning real business couldn’t get done. Existing credits suddenly traded from par, or 100, to 94 or 95 cents on the dollar due to simple supply and demand imbalances and increased risk aversion, not because of any defaults in these credits. Credit performance outside of subprime MBS has actually been pristine. This is a prototypical liquidity crisis, which was triggered by a credit crisis in one asset class.

Only recently did the Federal Reserve and Treasury officials realize that their “containment” was really a “contagion”, with the subprime virus infecting all markets. What was a fraud problem in subprime MBS has morphed into a real economic problem in the U.S., and, secondarily, has created a liquidity crisis in unrelated credit markets as a fear of the unknown causes lenders to cease lending to everyone. Unfortunately, we think that they came to this realization too late. The millions of homes that are in foreclosure or have been built but cannot be sold are now putting downward pressure on home prices at rates not seen before in our nation’s history. People that recently bought a house and who have done nothing wrong are effectively trapped in their homes, because they now cannot sell them for enough to pay off their mortgage and cover closing costs. Since homes are not “marked-to-market”, they can remain in their home and be fine – but they can’t move. Given that about 15% of all homeowners move in any given year, whether for a new job, marriage, etc, this is a significant issue.

There is no quick fix for this problem, as these losses are real and rapidly increasing. The effect of a nationwide decline in home values will be a steep drop in the turnover of existing homes. This will mean lower overall economic activity as there are fewer new loans originated and fewer broker commissions paid, fewer new homes built and less money spent on renovations. Many builders are experiencing serious problems, with billions worth of land having already been written off. Smaller, less well capitalized builders are under severe stress and many will fail. This will lead to losses at the banks that finance them. We are already seeing a sharp increase in credit losses at banks that didn’t make a single subprime loan, but did make loans to homebuilders based on 50% loan-to-values (LTVs) on land values that are now declining sharply. While most banks are still making money, their earnings and ROEs are declining from recent levels. This is causing estimate cuts and significantly lower stock prices. We had been anticipating this decline in earnings for a long time, and invested the portfolio accordingly.

Thank you for the opportunity to manage your money.

7

American Independence Funds

Financial Services Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on March 1, 2007 (commencement of operations). Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.

Total Returns as of October 31, 2007	Since Inception
Financial Services Fund
Institutional Class	(3.20	%)(a)
Class A Shares†	(9.05	%)(a)
Class C Shares††	(4.60	%)(b)
S&P 500 Equal-Weight Financials Index	(6.09	%)
Russell 2000 Value Index	(1.89	%)

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^†    Reflects maximum sales charge of 5.75%.

^††  Reflects Contingent Deferred Sales Charge (“CDSC”) of 1% assessed on shares redeemed within one year of purchase.

(a) For the period March 1, 2007 (commencement of operations) through October 31, 2007.

(b) For the period September 24, 2007 (commencement of operations) through October 31, 2007.

The Standard & Poor’s 500 Equal-Weight Financials Index (“S&P 500 EWFI”) is an unmanaged, equally-weighted index of common stocks for financial companies that make-up the Standard & Poor’s 500 Index (“S&P 500”). The S&P 500 Index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all U.S. common stocks. The S&P 500 Index is, itself, compiled on the basis of market weighting. The equal-weight versions of the S&P 500 indices have been re-compiled to give equal weighting to its constituent companies. The S&P 500 EWFI does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

8

American Independence Funds

International Equity Fund Commentary
Jane Gilday

For the 12 months ended October 31, 2007 the American Independence International Equity Fund had a total return of 27.3%, compared to a total return of 25.6% for its benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (the MSCI EAFE index). At that date total assets under management were $ 138.3 million, of which $4.3 million or 3.1 % was in cash.

Investment Philosophy:
The Funds’ underlying investment philosophy is that markets are inherently inefficient. The inefficiencies in the valuation of securities can best be exploited through strict adherence to a value-oriented investment process dedicated to the selection of individual securities on a bottom-up basis. We do not attempt to time the markets as we believe that it is difficult if not impossible to add incremental value on a consistent basis by top-down or thematic market timing. We stay fully invested, with a defensive, conservative orientation, based on the belief that superior returns can be achieved while taking below–average risks. Our team of analysts seeks investments with a consistent strategy of emphasizing low price/earnings ratios, low price/book ratios, high cash dividend yields and high free cash flow. We believe this discipline provides a measure of protection in down markets as well as participation in improving market cycles.

Sector Review:
The major European bourses, e.g., the London FTSE, the Paris CAC-40 and the German DAX, all appreciated more or less in tandem during the first four months of the October 2007 fiscal year. At the very end of February 2007 there was a sharp downturn in all international markets, precipitated by a one day 7% decline in China’s Shanghai market which caused world markets to shudder. The European exchanges recovered quickly and resumed their climb through mid-July. At that juncture, there was a severe sell-off in the European markets as the credit crisis emanating from the sub-prime mortgage crisis in the U.S. began to weigh on all international financial markets. The European markets retraced to their March 2007 lows before resuming their climb to close-out the fiscal year at all-time highs. Driving the European markets were factors such as: rising export market opportunities in fast growing emerging markets in Asia, Latin America and Eastern Europe; positive pro-business regulatory and tax policies on the Continent by newly pro-growth governments in countries such as Germany and France, and generally favorable interests rates. While European currencies were in a strengthening trend against the dollar, the situation was tolerable for European companies.

It was quite a different story for the Japanese markets during the fund’s fiscal year. Japan’s principal NIKKEI stock market index reached its high in late February 2007, rising in line with the European markets as described above, but then entered a downturn and ended the fiscal year down 9% from that peak. Even though Japan’s export economy remained robust, its domestic economy faltered. Japan is facing longer term negative demographics, a nearly deflationary local economy and intermediate-term political uncertainty. Since the central Bank of Japan has been unsuccessful in stimulating domestic demand and the domestic economy, Japan could be in a recession now. Hong Kong and other Asian neighbors, on the other hand, experienced dramatically rising stock markets throughout the fiscal year driven by the boom economies in nearly every Asian country except Japan.

Key Contributors to Results:
On a geographic basis, sensing the economic difficulties brewing in Japan while finding it hard to find attractively valued stocks, we were deliberately underweighted in Japan throughout the year. Our holdings there represented an average 16% portfolio weight versus Japan’s 22% weight in the MSCI EAFE index. Moreover, we skewed our holdings toward the exporter companies and held no Japanese financial, housing or consumer discretionary stocks, which also aided our outperformance in that country. Our Japan strategy was a principal contributor to our positive performance this past fiscal year. Whereas we were underweighted in the much smaller Asia/Pacific Ex Japan region (7.5% average weighting in the fund versus a 9.1% weight in the MSCI EAFE index) we were able to achieve a very positive contribution to the fund’s total performance through good stock selection, in particular with investments in Hong Kong-listed companies with extensive business interests in the rapidly growing mainland Chinese economy. The fund was over-weighted in the European markets (75% weighting for the fund versus 69% weight in the MSCI EAFE index), and the fund performed about in-line with the positive returns of those markets overall.

On a sector basis, the decision to be overweight the Energy group (8.9% versus 7% weighting in the MSCI EAFE index), combined with very good stock selection in that strong performing group, caused that sector to be the single largest contributor to the portfolio’s positive performance in fiscal 2007. Good stock selection in the Information Technology sector was the reason that this group made the second highest contribution to the fund’s return. As the fiscal year progressed, we became increasingly more defensive due to the housing downturn in the U.S. and due to our concern that a

9

American Independence Funds

International Equity Fund Commentary – continued

slowing U.S. economy could cause some problems for the still booming Asian (ex Japan) and European economies. Accordingly, we moved to an overweight position in the Utility and Telecommunications sectors and increased our weighting through the year in the Consumer Staples sector. These three decisions and good stock selection were positive contributors to the fund’s performance. On the other hand, while we were over-weighted in the Health Care group for the same defensive reasons and while this sector made a positive contribution to the fund’s performance, this positive was due to the stocks we did not own, which performed worse than the stocks we did own in the sector. We owned many of the major European pharmaceutical companies which materially underperformed the sector. This was slightly offset by our holdings in Teva Pharmaceutical and Alliance Boots, which was acquired during the fiscal year. We were somewhat underweighted in the strong-performing Consumer Discretionary sector, but we were unfortunately in the wrong stocks and significantly underperformed the sector. Our decision to have solid positions in the exporting Japanese automakers was a good decision from a regional sector allocation standpoint, but those stocks significantly underperformed the European automakers, which was the principal reason for the meaningful underperformance from this sector.

Our single best performing stock this past fiscal year was Yanzhou Coal, the third largest coal miner in China listed in Hong Kong, which was up over 100%. Yanzhou is benefiting from sharply higher energy demand in the booming Chinese industrial and consumer economies and the resultant strong demand for coal. Germany’s Man AG, a major European truck manufacturer, was the second best-performing stock in the portfolio – up nearly 100%. Investment in infrastructure is booming throughout Europe and Eastern Europe, and demand for Man’s product line is very strong. Nintendo is still unable to meet demand for its best selling Wii video game product and related very profitable software, resulting in exceptionally strong profit growth for Nintendo, up 77% for the year and the third best-performer.

The worst performing stock in the portfolio last year was DSG International, a leading European retailer of consumer electronics, down 20%. Ongoing operational difficulties in its Italian retail operation plus concerns about consumer discretionary spending in the UK caused this high dividend yielding stock to languish. Dairy Crest Group, a leading dairy products company in the UK, was the second worst-performer, down over 15%. A government inquiry into possible price fixing among UK milk marketers was the principal reason this stock faltered. A short-lived position in UK newspaper company Trinity Mirror was the third worst-performer last year, off 15%. Our positive thesis for an imminent rebound in UK newspaper advertising revenues did not pan-out, and we quickly sold this stock.

Outlook:
At this writing, the turbulence in financial stocks worldwide is unabated. We have moved to an even more underweight position in the Financials, avoiding in particular the global investment banks. We are incapable of assessing where the dangers truly lie and, therefore, are positioned as defensively among the Financials as possible. Japan’s economy seems to be weakening further in sharp contrast to its Asian neighbors. In addition, the strength in the yen could undermine even its export sector – to date one of the best-performing parts of the Japanese economy. Accordingly, we remain underweighted Japan. We remain positioned, conservatively, in defensive groups such as Consumer Staples, Health Care, Telecommunications and Utilities. And, as always, we seek well-valued, well-financed companies which may have been overlooked by investors and which have the prospects of above average investment returns.

10

American Independence Funds

International Equity Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on October 31, 1997. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.

 

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		10 Year
International Equity Fund
Institutional Class	27.34	%	23.82	%	10.64	%
Class A Shares†	19.52	%	21.98	%	9.65	%
Class C Shares††	25.15	%	22.82	%	9.75	%
MSCI EAFE Index	25.60	%	23.81	%	9.03	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^†Reflects maximum sales charge of 5.75%.
^†† Reflects Contingent Deferred Sales Charge (“CDSC”) of 1% assessed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the International Multi-Manager Stock Fund (the predecessor fund) on March 2, 2006. In the reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class shares known as Service Class shares. As a result of the reorganization, the Fund will carry forward the performance history of the predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the Fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund, prior to commencement of operations on March 20, 2006, includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges and expenses. The performance of the Class C shares of the fund, prior to commencement of operations on September 24, 2007, includes the performance of the Fund’s Class A shares from March 20, 2006 through September 23, 2007 and the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges and expenses.

The Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index is an unmanaged, arithmetic, market value-weighted average of the performance of over 900 securities listed on the stock exchange of countries in Europe, Australia and the Far East. The above referenced index does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in their underlying securities.

11

American Independence Funds

Short-Term Bond Fund Commentary
Robert Campbell, CFA

The Fund’s main objective is to provide as high a level of income as is consistent with our philosophy of maintaining liquidity and relative safety of principal, by investing in investment grade short-term securities.

Our approach does not primarily rely on a forecast of the future direction of interest rates, but we keep an eye on the direction of interest rates when we make daily investment decisions. Our strategy is to utilize fundamental security analysis to find the most attractively priced securities available within our quality orientation. We invest within a cross section of the domestic taxable fixed income markets and we manage the portfolio to provide daily liquidity and an attractive level of income.

Over the last year, interest rates have moved around some, but, during most of the period, the yield curve was inverted (short maturity bond yields exceeded the levels on longer maturity bonds). On September 18, 2007 and again on October 31, 2007 the Federal Reserve (the “Fed”) lowered interest rates bringing its controlled short term rate down to 4.50% (0.75% below the previous high levels). Prior to this easing, the Fed had maintained a status quo environment concerning interest rates for 12 months dating back to August 2006. Mixed signals from the Chairman of the Federal Reserve and the economic indicators confounded investors and led to the yield curve’s inversion.

As of October 31, 2007, the American Independence Short-Term Fund was invested in the following sectors: U.S. Treasury obligations 26%, Agency securities 49%, asset-backed securities 6%, mortgage securities 4%, taxable municipal obligations 5%, corporate bonds 6%, and money market and other investments 4%. The Fund’s average maturity was 1.7 years while it continued to remain quality oriented with an AA+ average credit quality

For the past 12 months the Fund produced a total return of 5.48 % on its I Class shares and 5.08% on it’s A shares. In comparison, the Lehman Brothers 1-3 Year Aggregate Bond Index (the portfolio’s “benchmark”) had a total return of 5.71%. The Lipper Short Investment Grade Bond Index had a total return of 4.04% during the same period.

12

American Independence Funds

Short-Term Bond Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on October 31, 1997 (commencement of operations). Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		10 Year
Short-Term Bond Fund
Institutional Class	5.48	%	2.99	%	4.25	%
Class A Shares†	3.18	%	2.34	%	3.87	%
Lehman Brothers Aggregate 1-3 Year Index	5.71	%	3.20	%	4.90	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^†Reflects maximum sales charge of 2.25%.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the UltraShort Bond Fund (the predecessor fund) on March 2, 2006. In the reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class shares known as Service Class shares. As a result of the reorganization, the Fund will carry forward the performance history of the predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the Fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund, prior to commencement of operations on March 20, 2006, includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges and expenses.

The Lehman Brothers Aggregate 1-3 Year Index is an index of U.S. bonds with maturities of one to three years, which includes reinvestment of any earnings, is widely used to measure the overall performance of the U.S. bond market. Return and principal of stocks and bonds will vary with market conditions. This index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in their underlying securities.

13

American Independence Funds

Intermediate Bond Fund Commentary
Robert Campbell, CFA

The Fund’s main objective is to provide as high a level of income as is consistent with our philosophy of managing the Fund on a total return basis. This process will focus on maintaining a diversified portfolio of high quality domestic fixed income securities with an intermediate maturity orientation.

Our approach does not forecast interest rates although we are mindful of the current level and recent trends in yields when we make daily investment decisions. Our strategy is to utilize fundamental analysis in selecting securities to hold in the portfolio while we strive to find attractively priced securities within our “A” or better quality orientation that also enhance the Fund’s return. We invest within a cross section of the domestic taxable fixed income markets and we manage the portfolio to provide daily liquidity and an attractive level of income.

On September 18, 2007 and again on October 31, 2007 the Federal Reserve (the “Fed“) lowered interest rates bringing its controlled short term interest rate down to 4.50%. Prior to this easing, the Fedhad not changed rates, or much of its standard language, when it disclosed its policy decisions over a 12 month period when it left rates at 5.25%. Over the last year, the sub-prime problems started to surface and financial markets became jittery. For most of the year, fixed income markets were also subject to the vagarities of an inverted yield curve where short maturity bonds yielded more than longer maturity bonds. The sub prime problems and the inverted yield curve confounded many investors and has led to an extensive build up in short term investments, which still continues, even though rates are much lower.

As of October 31, 2007, the American Independence Intermediate Bond Fund was invested in the following sectors: U.S. Treasury obligations 12%, Agency securities 29%, mortgage securities 17%, taxable municipal obligations 8%, corporate bonds 19%, and asset-backed securities 6%, money market 8%, and other investments 1%. The Fund’s average maturity was 4.9 years and the portfolio continued to maintain its AA+ average credit quality.

For the past 12 months ending October 31, 2007, the I shares of the Fund produced a total return of 5.38%, while the A shares generated 5.08%.* In comparison, the Lehman Brothers U.S. Aggregate Bond Index (the portfolio’s “benchmark”) had a total return of 5.38%. The Lipper Intermediate Investment Grade Debt Funds Index had a total return of 4.08% during the same period.

* Does not reflect maximum sales charge of 4.25%

14

American Independence Funds

Intermediate Bond Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on October 31, 1997. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		10 Year
Intermediate Bond Fund
Institutional Class	5.38	%	3.62	%	5.18	%
Class A Shares†	0.61	%	2.58	%	4.60	%
Lehman Brothers Aggregate Bond Index	5.38	%	4.42	%	5.91	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^†Reflects maximum sales charge of 4.25%.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the Intermediate Bond Fund (the predecessor fund) on March 2, 2006. In the reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class shares known as Service Class shares. As a result of the reorganization, the Fund will carry forward the performance history of the predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the Fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund, prior to commencement of operations on March 20, 2006, includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges and expenses.

The Lehman Brothers Aggregate Bond Index is representative of U.S. bonds, which includes reinvestment of any earnings, is widely used to measure the overall performance of the U.S. bond market. This index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in their underlying securities.

15

American Independence Funds

Kansas Tax-Exempt Bond Fund Commentary
Robert Campbell, CFA

The Fund’s main objective is to preserve capital while providing the highest-available income that is free from both federal and Kansas state income taxes. In addition, one hundred percent of the income produced by our portfolio is exempt from the alternative minimum tax.

Nearly our entire portfolio is comprised of municipal bonds issued by government entities in the state of Kansas. A small percentage of our holdings can be from various non-Kansas issuers, which by their special tax treatment are exempt from federal and Kansas income taxes. We keep the portfolio’s average maturity within the intermediate range from 7 to 12 years.

During the last year, the Federal Reserve (the “Fed”) finally moved off of hold and lowered interest rates. This action appears to have been prompted by credit/liquidity concerns and also by the weakening U.S. economy. Over the last 12 months, the financial markets have been monitoring the Fed’s commentaries and actions in an attempt to discern the current Fed policy and future actions. Stemming from the uncertainty about future Fed action and the U.S. economy, interest rates moved around but remained modestly inverted (short maturity rates were higher than longer maturity rates). Prior to the first Fed easing on September 18, 2007, the fixed income markets began to revert to a more normal shape. Today, the shape of the U.S. yield curve is more typical with longer maturities offering higher yields than shorter maturities.

The American Independence Kansas Tax-Exempt Bond Fund had a mix of good quarters and lackluster quarters during the year when looking at performance. The defensive oriented structure of the fund hindered its performance when bonds were rallying but helped when rates were unchanged or rising. Over the time period, longer municipal bond yields actually ended up slightly higher than where they started, while shorter municipal bond maturity yields were lower. The Fund continues to focus on premium structured securities which offer more tax sheltered income than other securities which respond more to the daily changes in interest rates. The Fund continues to retain its higher income generating securities rather than sell them for a potential taxable capital gain. At the Fund’s fiscal year end, the fund had 99.2% of the securities in Kansas bonds and 0.8% in investment companies (a money market fund). The Fund’s average maturity was 9.8 years and it maintained its AA+ average quality rating.

For the year ended on October 31, 2007, the Institutional Class Shares produced a total return of 3.07%, while the “A”Class Shares produced a total return of 2.62%. This compares with a total return of 3.63% for the Lehman Brothers 7-year Municipal Bond index (the Fund’s “benchmark”).

16

American Independence Funds

Kansas Tax-Exempt Bond Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on October 31, 1997. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		10 Year
Kansas Tax-Exempt Bond Fund
Institutional Class	3.07	%	3.31	%	4.21	%
Class A Shares†	(1.70	%)	2.05	%	3.04	%
Class C Shares††	1.01	%	2.44	%	2.81	%
Lehman Brothers 7-Year Municipal Bond Index	3.63	%	3.92	%	4.96	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^†Reflects maximum sales charge of 4.25%.
^†† Reflects Contingent Deferred Sales Charge (“CDSC”) of 1% assessed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the Kansas Tax-Exempt Bond Fund (the predecessor fund) on March 2, 2006. In the reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered two classes of shares similar to the Fund’s Class A shares known as Class A and Institutional Class similar to the Fund’s Institutional Class shares. As a result of the reorganization, the Fund will carryforward the performance history of the predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class and Class A shares of the Fund includes the performance of the respective predecessor fund’s shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be lower. The performance of the Class C shares of the fund, prior to commencement of operations on May 22, 2007, includes the performance of the Fund’s Class A shares from March 2, 2006 through May 21, 2007 and the performance of the predecessor fund’sClass A shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges and expenses.

Lehman Brothers 7-Year Municipal Bond Index is a total return performance benchmark for the investment-grade, geographically unrestricted 7-year tax-exempt bond market, consisting of municipal bonds with maturities of 6 to 8 years. This index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in their underlying securities.

17

American Independence Funds	Schedule of Portfolio Investments
Stock Fund	October 31, 2007

Common Stocks (84.77%)
Security Description	Shares		Value ($)
Consumer Discretionary (17.14%)
Altria Group, Inc.	51,100		3,726,723
Coach, Inc.	30,000		1,096,800
Imperial Tobacco Group PLC - ADR	50,600		5,142,984
McDonald’s Corp.	9,643		575,687
Nike, Inc.	10,913		723,095
Quiksilver, Inc.	83,200		1,123,200
The Stanley Works	48,100		2,768,155
Toyota Motor Corp. - ADR	17,757		2,032,111
UST, Inc.	41,100		2,191,452
			19,380,207
Consumer Staples (5.77%)
Anheuser-Busch Cos, Inc.	18,305		938,680
DynCorp International, Inc.	47,500		1,075,400
The Estee Lauder Cos, Inc.	6,500		285,350
The Hershey Co.	17,000		732,870
HJ Heinz Co.	14,016		655,668
Kraft Foods, Inc.	84,916		2,837,044
			6,525,012
Energy (10.88%)
Chevron Corp.	14,600		1,336,046
Entergy Corp.	38,700		4,638,969
Occidental Petroleum Corp.	74,300		5,130,415
Spectra Energy Corp.	46,050		1,196,379
			12,301,809
Financial (24.01%)
ACE Ltd	45,000		2,727,450
The Allstate Corp.	48,500		2,541,400
City National Corp.	29,450		1,990,820
The Colonial BancGroup, Inc.	91,650		1,757,847
First Horizon National Corp.	5,330		139,006
Independent Bank Corp.	13,300		140,448
Lincoln National Corp.	37,000		2,307,690
MB Financial, Inc.	4,700		156,698
MetLife, Inc.	24,800		1,707,480
Northern Trust Corp.	55,150		4,147,832
PNC Financial Services Group, Inc.	25,300		1,825,648
RenaissanceRe Holdings Ltd	17,300		1,009,282
TCF Financial Corp.	38,450		875,507
Travelers Cos, Inc.	53,200		2,777,572
Wells Fargo & Co	89,500		3,043,895
			27,148,575
Health Care (5.24%)
Baxter International, Inc.	59,500		3,570,595
Wyeth	48,400		2,353,692
			5,924,287
Industrial (10.21%)
3M Co.	16,500		1,424,940
Burlington Northern Santa Fe Railway Co.	32,200		2,806,230
Honeywell International, Inc.	56,700		3,425,247
Illinois Tool Works, Inc.	67,900		3,887,954
			11,544,371
Materials (2.78%)
EI Du Pont de Nemours & Co	63,500		3,143,885
Telecommunication Services (3.40%)
American Tower Corp. (b)	20,000		883,600
L-3 Communications Holdings, Inc.	22,300		2,444,972
The Walt Disney Co	15,000		519,450
			3,848,022
Technology (5.34%)
Microsoft Corp.	164,022		6,037,650
Total Common Stocks
(Cost $70,628,666)			95,853,818
Money Market (14.40%)
American Beacon Money Market Fund	16,284,448		16,284,448
Total Money Market (Cost $16,284,448)			16,284,448
Total Investments
(Cost $86,913,114) (a) — 99.17%			112,138,266
Other assets in excess of liabilities — 0.83%			940,228
NET ASSETS — 100.00%		$	113,078,494

 

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(b)	Non-income producing security.
ADR -	American Depositary Receipt

See Notes to Financial Statements

18

American Independence Funds	Schedule of Portfolio Investments
Financial Services Fund	October 31, 2007

 

Common Stocks (83.30%)
Security Description	Shares		Value ($)
Asset Management (1.12%)
Franklin Resources, Inc.	75		9,726
Nymex Holdings, Inc.	100		12,852
			22,578
Banks (49.72%)
Bank of America Corp.	1,400		67,592
City National Corp.	1,100		74,360
CoBiz Financial, Inc.	700		12,495
The Colonial BancGroup, Inc.	1,700		32,606
First Community Bancorp, Inc.	1,200		58,440
First Horizon National Corp.	100		2,608
First Indiana Corp.	3,680		117,024
Independent Bank Corp.	6,550		69,168
MB Financial, Inc.	500		16,670
Northern Trust Corp.	2,148		161,551
PNC Financial Services Group, Inc.	450		32,472
SVB Financial Group	1,200		62,148
TCF Financial Corp.	3,485		79,353
US Bancorp	2,918		96,761
Wells Fargo & Co.	3,438		116,925
			1,000,173
Insurance (8.10%)
Allied World Assurance Holding	1,670		80,010
Argo Group International Holding (b)	1,534		65,364
RenaissanceRe Holdings Ltd.	300		17,502
			162,876
Life Insurance (8.15%)
Lincoln National Corp.	1,337		83,389
Principal Financial Group, Inc.	250		16,918
Protective Life Corp.	1,485		63,662
			163,969
Speciality Insurance (16.21%)
ACE Ltd	1,300		78,793
Amerisafe, Inc.	200		3,234
Assurant, Inc.	920		53,765
MetLife, Inc.	450		30,983
The Travelers Companies, Inc.	1,525		79,620
WR Berkley Corp.	2,650		79,739
			326,134
Total Common Stocks (Cost $1,671,362)			1,675,730
Limited Partnerships (1.16%)
AllianceBernstein Holding LP	275		23,493
Total Limited Partnerships
(Cost $25,128)			23,493
Total Investments
(Cost $ 1,696,490) (a) — 84.46%			1,699,223
Other assets in excess of liabilities — 15.54%			312,527
NET ASSETS – 100.00%		$	2,011,750

 

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(b)	Non-income producing security.

See Notes to Financial Statements

19

American Independence Funds	Schedule of Portfolio Investments
International Equity Fund	October 31, 2007

 

Common Stocks (96.61%)
Security Description	Shares	Value ($)
Belgium (2.01%)
Dexia SA	42,600	1,366,013
KBC Groep NV	10,100	1,414,541
		2,780,554
China (3.83%)
China Yurun Food Group Ltd	993,400	1,730,372
Yanzhou Coal Mining Co Ltd	1,672,200	3,572,977
		5,303,349
Denmark (0.89%)
Danske Bank A/S	27,800	1,225,104
France (10.37%)
BNP Paribas	18,200	2,005,704
France Telecom SA	61,900	2,282,532
Sanofi-Aventis	22,200	1,946,539
Societe Generale	10,300	1,728,377
Total SA	37,100	2,990,245
Vinci SA	19,400	1,590,887
Vivendi	40,000	1,800,565
		14,344,849
Germany (11.13%)
BASF AG	17,600	2,441,237
Deutsche Bank AG	12,600	1,687,847
Deutsche Telekom AG	89,800	1,841,651
E.ON AG	14,800	2,895,051
MAN AG	13,800	2,465,392
Muenchener Rueckversicherungs	7,000	1,338,258
Siemens AG	20,000	2,733,869
		15,403,305
Hong Kong (4.40%)
China Power International
Development Ltd.	2,844,000	1,508,179
ICBC Asia	634,000	1,754,680
VTech Holdings Ltd	179,000	1,515,090
Wing Lung Bank	126,300	1,305,321
		6,083,270
Israel (1.01%)
Teva Pharmaceutical Industries - ADR	31,900	1,403,919
Italy (4.46%)
Enel SpA	148,900	1,782,401
Fondiaria-Sai SpA	25,300	1,227,166
Terna Rete Elettrica Nazionale	379,500	1,485,406
UniCredito Italiano SpA	195,900	1,676,833
		6,171,806
Japan (16.58%)
Amada Co Ltd	102,000	1,020,221
Canon, Inc.	31,500	1,569,881
Hitachi Koki Co Ltd	82,000	1,453,434
Mitsubishi Corp.	82,600	2,541,538
Mori Seiki Co Ltd	51,400	1,285,278
Nintendo Co Ltd	5,500	3,427,519
Nissan Motor Co. Ltd	125,000	1,436,620
Takeda Pharmaceutical Co Ltd	28,500	1,768,667
Toho Pharmaceutical Co Ltd	71,800	1,257,083
Toshiba TEC Corp.	242,000	1,537,473
Toyo Tire & Rubber Co Ltd	250,000	1,451,788
Toyota Motor Corp.	43,300	2,465,707
Yamato Kogyo Co Ltd	37,200	1,715,311
		22,930,520
Luxembourg (1.85%)
Arcelor	27,500	2,557,028
Netherlands (3.33%)
European Aeronautic Defence
and Space Co.	37,700	1,279,873
Hunter Douglas NV	15,400	1,437,289
ING Groep NV	42,000	1,888,160
		4,605,322
Norway (3.55%)
Cermaq ASA	85,200	1,305,750
DnB NOR ASA	88,300	1,456,091
StatoilHydro ASA	63,400	2,145,308
		4,907,149
Portugal (2.40%)
Banco Espirito Santo SA	70,800	1,714,499
Energias de Portugal SA	250,700	1,612,149
		3,326,648
Singapore (1.48%)
Jardine Cycle & Carriage Ltd	140,900	2,045,134
Sweden (1.05%)
Nordea Bank AB	81,500	1,454,240
Switzerland (5.71%)
EMS-Chemie Holding AG	9,647	1,415,737
Novartis AG	43,000	2,286,602
Petroplus Holdings AG	33,100	2,874,534
Swiss Reinsurance	14,100	1,323,092
		7,899,965

See Notes to Financial Statements

20

American Independence Funds	Schedule of Portfolio Investments, continued
International Equity Fund	October 31, 2007

 

Common Stocks, continued
Security Description	Shares		Value ($)
United Kingdom (22.56%)
Anglo American PLC	35,581		2,452,229
AstraZeneca PLC	31,500		1,554,528
BAE Systems PLC	144,200		1,493,430
British American Tobacco Industries PLC	55,900		2,127,420
BT Group PLC	312,400		2,117,966
Dairy Crest Group PLC	87,600		1,097,619
Diageo PLC	92,300		2,111,469
DSG International PLC	373,300		1,005,352
HBOS PLC	87,800		1,594,040
Home Retail Group PLC	139,700		1,266,699
Imperial Tobacco Group PLC	32,100		1,624,193
Investec PLC	115,000		1,389,519
Legal & General Group PLC	443,200		1,291,303
National Grid PLC	102,600		1,710,178
Rolls-Royce Group PLC	129,600		1,450,032
Scottish & Newcastle PLC	104,600		1,703,271
Venture Production PLC	88,900		1,465,181
Vodafone Group PLC	955,962		3,757,448
			31,211,877
Total Common Stocks
(Cost $99,470,063)			133,654,039
Money Market (3.13%)
United States (3.13%)
Dreyfus Cash Management Plus	2,163,950		2,163,950
Dreyfus Cash Management	2,163,950		2,163,950
Total Money Market (Cost $4,327,900)			4,327,900
Total Investments
(Cost $103,797,963) (a) — 99.74%			137,981,939
Other assets in excess of liabilities — 0.26%			361,920
NET ASSETS — 100.00%		$	138,343,859

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
ADR-	American Depositary Receipt

See Notes to Financial Statements

21

American Independence Funds	Schedule of Portfolio Investments
Short-Term Bond Fund	October 31, 2007

 

Asset Backed Securities (6.21%)
	Principal
Security Description	($)	Value ($)
Brazos Student Loan Finance Corp.,
Series 1997-A2, 5.40%, 12/1/2021 †	144,527	144,655
Chase Manhattan Auto Owner Trust,
Series 2005-A, Class A3, 3.87%,
6/15/2009	586,342	583,298
Countrywide Home Equity Loan Trust,
Series 2004-I, Class A, 5.38%,
2/15/2034 †	78,983	77,895
First Horizon ABS Trust,
Series 2001-HE1, Class A, 5.08%
01/25/2024	54,824	54,099
First Horizon ABS Trust,
Series 2004-HE3, Class A, 5.16%
01/25/2034	99,785	98,445
Fleet Home Equity Loan Trust,
Series 2003-1, Class A, 5.25%,
01/20/2033	87,812	86,481
Fannie Mae Grantor Trust
Series 2003-T4, Class 1A, 4.98%,
09/26/2033 †	19,835	19,855
Fannie Mae Whole Loan, Series 2001-
W1, Class AV1, 5.11%, 8/25/2031 †	25,698	25,703
FHLMC Structured Pass Through Securites,
Series T-31, Class A7, 5.12%, 5/25/2031	256,267	253,595
FHLMC Structured Pass Through Securities,
Series T-32, Class A1, 5.13%, 8/25/2031	59,719	59,992
Fifth Third Home Equity Loan Trust,
Series 2003-1,Class A, 5.25%,
09/20/2023 †	196,374	191,222
GMAC Mortgage Corp. Loan Trust,
Series 2001-HE3, Class A2, 5.25%
3/25/2027	49,799	48,398
Greenpoint Home Equity Loan Trust,
Series 2004-1, Class A, 5.10%,
07/25/2029	83,808	82,538
Honda Auto Receivables Owner Trust,
Series2005-2, ClassA3, 3.93%,
01/15/2009	267,224	266,790
Household Automotive Trust,
Series 2005-1, ClassA4, 4.35%,
6/18/2012	400,000	397,141
MSDWCC Heloc Trust,Series 2003-1,
ClassA, 5.14%, 11/25/2015	71,479	70,506
Navistar Financial Corp. Owner trust,
Series 2005-A, Class A3, 4.22%,
2/15/2010	345,935	343,576
Onyx Acceptance Owner Trust,
Series 2004-C, Class A4, 3.50%,
12/15/2011	182,726	181,370
Option One Mortgage Loan Trust,
Series 2003-1, ClassA2, 5.71%,
2/25/2033	37,886	37,551
Residential Funding Mortgage Securities,
series 2003-HS3, Class A2B, 5.16%,
8/25/2033	76,262	74,800
USAA Auto Owner Trust,
Series 2005-2, Class A3, 4.00%,
12/15/2009	360,830	359,442
Wachovia Asset Securitization, Inc.
Series 2003-HE2, Class AII1, 5.13%,
6/25/2033	53,694	53,532
Wachovia Asset Securitization, Inc.
Series 2002-HE2, Class A, 5.30%,
12/25/2032	376,420	373,129
Total Asset Backed Securities
(Cost $ 3,915,999)		3,884,013
Collateralized Mortgage Obligations (4.10%)
Banc of America Mortgage Securities,
Series 2002-G, Class 2A1, 7.58%,
7/20/2032	2,868	2,899
Countrywide Home Loan Trust,
Series 2004-25, Class 1A3, 5.23%,
2/25/2035	142,306	140,847
Countrywide Home Loans,
Series 2005-11, Class 4A1, 5.14%,
4/25/2035	315,899	309,243
Freddie Mac,
Series1694, Class PQ, 6.50%,
9/15/2023	35,629	35,668
Fannie Mae Grantor Trust,
Series 2002-T5, Class A1, 5.11%,
5/25/2032	279,115	279,196
FHLMC Structured Pass Through Securities,
SeriesT-54, Class 4A, 6.39%, 2/25/2043	122,823	124,374
FHMLC Structured Pass Through Securities,
Series T-57, Class 1A2, 7.00%, 7/25/2043	635,357	659,182
FHLMC Structured Pass Through Securities,
Series T-63, Class 1A1, 6.18%, 2/25/2045	305,382	306,156
Merrill Lynch Mortgage Investors, Inc.,
Series 2003-A2, Class 2A2, 4.21%,
2/25/2033	77,529	77,589
MLCC Mortgage Investors, Inc.,
Series 1999-A, Class A, 5.03%,
3/15/2025	114,555	112,795
MLCC Mortgage Investors, Inc.,
Series 2003-B, Class A1, 5.21%,
4/25/2028	95,052	92,327
Sequoia Mortgage Trust,
Series 9, Class 1A, 5.35%, 9/20/2032 †	109,798	109,804
Sequoia Mortgage Trust,
Series 10, Class 1A, 5.40%,
10/20/2027 †	93,130	92,950
Structured Asset Securities Corp.,
Series 2003-9A, Class 2A1, 3.83%,
3/25/2033	54,732	54,533
Washington Mutual, Series 2005-AR1,
Class 5.19%, 1/25/2045	169,522	166,765
Total Collateralized Mortgage
Obligations (Cost $ 2,597,383)		2,564,328
Corporate Bonds (5.75%)
Alcan, Inc., 6.25%, 11/1/2008	170,000	171,333
Amsouth Bancorp, 6.12%, 3/1/2009	100,000	101,469
General Electric Capital Corp., 3.75%,
12/15/2009	500,000	488,116
General Electric Capital Corp.,
Series A, 5.25%, 10/27/2009	1,250,000	1,262,354
Hartford Life Global Funding, 5.86%,
9/15/2009	200,000	199,784
IBM International Group Capital, 5.05%,
10/22/2012	700,000	699,682
Merrill Lynch & Co, Series B, 5.45%,
1/2/2008	100,000	99,991
National City Bank, 4.72%, 2/7/2008	200,000	199,933
Praxair Inc., 6.50%, 3/1/2008	125,000	125,628
Sovereign Bank, 4.00%, 2/1/2008	250,000	249,150
Total Corporate Bonds
(Cost $ 3,588,312)		3,597,440

See Notes to Financial Statements

22

American Independence Funds	Schedule of Portfolio Investments, continued
Short-Term Bond Fund	October 31, 2007

Medium Term/Senior Note (1.23%)
	Principal
Security Description	($)		Value ($)
Goldman Sachs Group, Inc., 6.65%,
5/15/2009	750,000		766,014
Total Medium Term/Senior Note
(Cost $ 767,037)			766,014
Taxable Municipal Bonds (4.56%)
Brazos,Series A-11, 5.35%, 12/1/2038	600,000		600,000
Indiana Bd Bk Rev Series Class In Bd
Bk-Txb-8A-Sch S 3.69 1/15/2008	275,000		274,346
Michigan, GO, 3.99%, 11/1/2007	375,000		375,000
Higher Education Loan Authority
Revenue,Series N, 6.15%, 7/1/2032	400,000		400,000
Panhandle-Plains, Series A-3, 5.18%,
4/1/2031	600,000		600,000
Pennsylvania State Higher Education
Assistance, Series Class Pa Hgr
Ed-Txb-Y1-Rams 5.125 c/o 9/1/2043	600,000		600,000
Total Taxable Municipal Bonds
(Cost $ 2,849,353)			2,849,346
U.S. Government Agency Pass-Through Securities (4.37%)
Fannie Mae, 4.11%, 5/1/2034
Pool #784365	106,012		105,961
Fannie Mae, 4.37%, 6/1/2034
Pool #789463	321,253		318,972
Fannie Mae, 4.50%, 4/1/2013
Pool #254717	713,754		706,473
Fannie Mae, 4.83%, 1/1/2035,
Pool #810896	518,546		519,751
Fannie Mae, 5.04%, 7/1/2035
Pool #834933	706,497		709,416
Fannie Mae, 5.50%, 1/1/2010
Pool #687086	158,093		158,401
Fannie Mae, 5.77%, 11/1/2021
Pool #365421	73,436		74,765
Fannie Mae, 6.33%, 6/1/2040,
Pool #557072	17,600		17,617
Fannie Mae, 6.50%, 12/1/2016,
Pool #545927	38,402		39,499
Fannie Mae, 8.50%, 8/1/2030,
Pool #542611	13,835		14,863
Freddie Mac, 7.22%, 4/1/2029,
Pool # 846367	13,886		13,973
Small Business Administration,
8.98%, 5/25/2015 Pool #502966	14,776		15,255
Small Business Administration, 7.88%,
5/1/2010	38,702		39,417
Total U.S. Government Agency
Pass-Through Securities
(Cost $ 2,752,879)			2,734,363
U.S. Government Agency Securities (44.34%)
Fannie Mae, 4.50%, 2/15/2011	5,000,000		5,014,324
Fannie Mae, 4.88%, 5/18/2012	4,000,000		4,043,644
Fannie Mae, 5.13%, 4/15/2011	1,000,000		1,021,493
Fannie Mae, 5.25%, 6/11/2008	1,000,000		1,000,651
Fannie Mae, 5.25%, 12/3/2007	250,000		250,108
Fannie Mae, 5.40%, 2/1/2008	500,000		500,837
Federal Farm Credit Bank, 5.03%,
3/14/2008	500,000		500,840
Federal Farm Credit Bank, 5.08%,
3/16/2009	1,000,000		1,008,658
Federal Farm Credit Bank,5.20%,
5/2/2008	500,000		501,427
Federal Home Loan Bank, 4.88%,
5/14/2010	2,000,000		2,023,386
Federal Home Loan Bank, 5.00%,
10/2/2009	500,000		505,911
Federal Home Loan Bank, 5.09%,
10/7/2008	500,000		502,615
Federal Home Loan Bank, 5.10%,
3/6/2008	750,000		751,034
Federal Home Loan Bank, 5.13%,
12/18/2007	750,000		750,367
Federal Home Loan Bank, 5.13%,
4/16/2008	500,000		501,045
Federal Home Loan Bank, 5.13%,
6/13/2008	100,000		100,306
Federal Home Loan Bank,5.20%,
1/9/2008	750,000		750,652
Federal Home Loan Bank, 5.25%,
2/5/2008	1,000,000		1,001,371
Freddie Mac, 4.00%, 4/6/2010	1,000,000		989,602
Freddie Mac, 4.63%, 12/19/2008	1,000,000		1,001,804
Freddie Mac, 4.63%, 10/25/2012	2,500,000		2,497,063
Freddie Mac, 4.75%, 3/5/2009	1,000,000		1,004,232
Freddie Mac,5.05%, 2/14/2008	1,000,000		1,001,273
Freddie Mac,5.25%, 11/20/2009	500,000		500,082
Total U.S. Government Agency
Securities (Cost $ 27,487,006)			27,722,725
U.S. Treasury Obligation (26.25%)
U.S. Treasury Notes, 3.25%, 8/15/2008	2,895,000		2,874,871
U.S. Treasury Notes, 3.63%, 7/15/2009	4,000,000		3,978,124
U.S. Treasury Notes, 3.75%, 5/15/2008	1,000,000		997,734
U.S. Treasury Notes, 4.25%, 10/15/2010	7,000,000		7,056,329
U.S. Treasury Notes, 4.88%, 8/31/2008	1,500,000		1,508,437
Total U.S. Treasury Obligations
(Cost $ 16,304,616)			16,415,495
Money Market (2.15%)
	Shares
American Beacon Money Market Fund	1,347,023		1,347,023
Total Money Market (Cost $ 1,347,023)			1,347,023
Total Investments
(Cost $ 61,609,608) (a) — 98.96%			61,880,747
Other assets in excess of liabilities — 1.04%			648,221
NET ASSETS — 100.00%		$	62,528,968

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities
† -	Variable or floating rate security. This rate reflected on the Schedule of Portfolio Investments is the rate in effect at October 31, 2007.
GO -	General Obligation

See Notes to Financial Statements

23

American Independence Funds	Schedule of Portfolio Investments
Intermediate Bond Fund	October 31, 2007

 

Asset Backed Securities (5.71%)
	Principal
Security Description	($)	Value ($)
Green Tree Financial Corp.,
Series 1997-7, Class A8, 6.86%,
7/15/2029	136,727	139,534
Harley-Davidson Motorcycle Trust,
Series 2005-3, Class A2, 4.41%,
6/15/2012	500,000	497,266
Household Automotive Trust,
Series 2005-3, Class A3, 4.80%,
10/18/2010	272,803	272,493
Hyundai Auto Receivables Trust,
Series 2005-A, Class A3, 3.98%,
11/16/2009	180,202	179,157
MSCC Heloc Trust,
Series 2003-1, Class A, 5.14%,
11/25/2015	71,479	70,506
Nissan Auto Receivables Owner Trust,
Series 2005-B, Class A3, 3.99%,
7/15/2009	186,863	186,160
Onyx Acceptance Owner Trust,
Series 2004-C, Class A4, 3.50%,
12/15/2011	167,499	166,256
Triad Auto Receivables Owner Trust,
Series 2005-B, Class A3, 4.28%,
6/14/2010	153,546	152,966
Wachovia Asset Securitization Inc.,
Series 2003-HE2, Class AII1, 5.13%,
6/25/2033	53,694	53,532
WFS Financial Owner Trust,
Series 2005-3, Class A4, 4.39%,
5/17/2013 ††	300,000	298,320
Total Asset Backed Securities
(Cost $ 2,021,164)		2,016,190
Collateralized Mortgage Obligations (16.71%)
CS First Boston Mortgage Securities,
Series 2004-AR5, Class 10A1, 5.00%,
6/25/2034	127,564	128,188
FHLMC Structured Pass Through
Securities, Series T-58, Class 2A,
6.50%, 9/25/2043	286,186	294,008
Fannie Mae Grantor Trust,
Series 2004-T3, Class 1A1, 6.00%,
2/25/2044	465,968	471,693
Fannie Mae Whole Loan,
Series 2004-W8, Class 3A, 7.50%,
6/25/2044	191,777	202,620
Fannie Mae
Series 2002-16, Class XU, 5.50%,
4/25/2017	3,100,000	3,134,575
Fannie Mae
Series 2002-49, Class KG, 5.50%,
8/25/2017	500,000	505,261
Fannie Mae
Series 2003-92, Class HP, 4.50%,
9/25/2018	463,745	454,707
MLCC Mortgage Investors, Inc.,
Series 2003-B, Class A1, 5.21%, 4/25/2028	79,210	76,939
MLCC Mortgage Investors, Inc.,
Series 2003-D, Class A, 5.18%, 8/25/2028	95,551	94,875
Sequoia Mortgage Trust,
Series 10, Class 1A, 5.40%, 10/20/2027 ††	93,130	92,950
Washington Mutual,
Series 2003-AR1, Class A6, 4.48%,
3/25/2033	444,113	442,650
Total Collateralized Mortgage
Obligations (Cost $ 5,821,782)		5,898,466
Corporate Bonds (19.17%)
Consumer Discretionary (3.39%)
Fedex Corp., 7.52%, 1/15/2018	115,330	122,635
Honeywell International, 6.13%, 11/1/2011	250,000	259,963
Ingersoll-Rand Co., 4.75%, 5/15/2015	125,000	117,543
Masco Corp., 5.88%, 7/15/2012	175,000	175,151
McDonald’s Corp., 8.88%, 4/1/2011	125,000	140,332
Prologis, 5.25%, 11/15/2010	85,000	85,116
Thermo Fisher Scientific, 5.00%, 6/1/2015	125,000	116,431
Thomson Corp., 6.20%, 1/5/2012	175,000	180,593
		1,197,764
Consumer Staples (1.36%)
Conagra Foods Inc, 7.88%, 9/15/2010	99,000	106,423
Kellogg Co., 6.60%, 4/1/2011	210,000	219,276
Kraft Foods Inc., 6.25%, 6/1/2012	150,000	155,650
		481,349
Energy (0.48%)
Marathon Oil Corp., 6.13%, 3/15/2012	165,000	170,809
Financials (11.56%)
American Express Credit Co., 5.00%,
12/2/2010	175,000	175,674
Bank of America Corp., 7.40%, 1/15/2011	300,000	319,661
Bank One Corp., 10.00%, 8/15/2010	230,000	258,106
Berkley Corp., 5.13%, 9/30/2010	150,000	151,031
Citigroup Inc., 6.50%, 1/18/2011	115,000	119,778
City National Bank, 6.75%, 9/1/2011	250,000	259,517
First Tennessee Bank, 5.05%, 1/15/2015	200,000	187,907
First Union National Bank, 7.80%, 8/18/2010	300,000	321,531
Firstar Bank N.A. Minnesota, 7.13%,
12/1/2009	150,000	156,051
Fort Eustis, 4.98%, 12/15/2020 †	200,000	192,314
Goldman Sachs Group Inc., 6.88%,
1/15/2011 ††	225,000	235,561
IBM International Group Capital, 5.05%,
10/22/2012	300,000	299,863
Marshall & Ilsley Bank, 6.38%, 9/1/2011	200,000	209,454
Manufactures & Traders Trust Co.,
5.59%, 12/28/2020	169,000	163,262
Metlife Inc., 5.38%, 12/15/2012 ††	80,000	80,661
Morgan Stanley, 6.75%, 4/15/2011	250,000	261,241
National City Bank, 6.20%, 12/15/2011	150,000	154,098
National City Bank of Kentucky, 6.30%,
2/15/2011	75,000	76,397
PNC Funding Corp., 6.13%, 2/15/2009	150,000	151,364
Safeco Corp., 4.88%, 2/1/2010 †	150,000	150,584
U.S. Bank N.A Minnesota, 6.38%, 8/1/2011	150,000	156,317
		4,080,372
Health Care (0.93%)
American Home Product, 6.95%, 3/15/2011	135,000	142,940
Schering-Plough Corp., 5.55%, 12/1/2013	185,000	185,757
		328,697
Materials (0.97%)
Alcoa Inc., 6.00%, 1/15/2012	165,000	168,470
Bemis Company Inc., 4.86%, 4/1/2012	175,000	172,373
		340,843
Utilities (0.48%)
General Electric Co., 5.00%, 2/1/2013	170,000	168,651
Total Corporate Bonds
(Cost $ 6,798,105)		6,768,485

See Notes to Financial Statements

24

American Independence Funds	Schedule of Portfolio Investments, continued
Intermediate Bond Fund	October 31, 2007

 

Medium Term/Senior Note (0.66%)
	Principal
Security Description	($)	Value ($)
Stanford University, 6.16%, 4/30/2011	225,000	233,844
Total Medium Term/Senior Note
(Cost $ 225,000)		233,844
Taxable Municipal Bonds (8.28%)
Arkansas (1.24%)
Water-Waste Disposal, Series A, GO,
6.00%, 7/1/2008, OID	435,000	438,427
Illionos (1.92%)
Chicago, Series C, 4.69%, 1/1/2011	175,000	173,924
Chicago, Series D, GO, 4.72%, 1/1/2012	200,000	197,904
Pension, GO, 3.55%, 6/1/2011	170,000	161,801
Loyola University, Series C,
4.80%, 7/1/2013	150,000	144,774
		678,403
Iowa (0.78%)
Davenport, Series A, GO, 4.60%, 6/1/2012	160,000	157,349
Des Moines, Hotel & Motel, Series B,
GO, 5.85%, 12/1/2011, OID	115,000	118,637
		275,986
Maine (0.82%)
GO, 3.25%, 6/15/2010	300,000	288,495
Minnesota (0.50%)
Kandiyohi Country, Series A,
5.00%, 6/15/2015	180,000	176,661
Mississippi (0.53%)
Jackson County, 5.00%, 6/1/2013	190,000	188,016
Oregon (0.64%)
Alternative Energy Project,
Series F, GO, 5.25%, 10/1/2009, OID	225,000	226,042
Pennsylvania (0.53%)
Bethlehem, Series B, GO,
4.85%, 11/1/2013	190,000	185,731
Tennessee (0.50%)
Series B, GO, 6.00%, 2/1/2009	175,000	177,412
Texas (0.47%)
Water Financial Assistance, GO,
3.50%, 8/1/2011	175,000	165,818
Wisconsin (0.35%)
Series A, GO, 4.80%, 5/1/2013	125,000	122,576
Total Taxable Municipal Bonds
(Cost $ 2,967,682)		2,923,567
U.S. Government Agency Pass-Through Securities (16.12%)
Fannie Mae
3.96%, 6/1/2033, Pool #708318	194,179	194,613
4.17%, 2/1/2009, Pool #386844	456,127	451,434
4.25%, 3/1/2034, Pool #776486	199,238	198,961
4.61%, 7/1/2012, Pool #387461	1,250,000	1,229,451
4.67%, 1/1/2010, Pool #385732	450,556	448,412
4.73%, 12/1/2012, Pool #385682	451,503	444,728
4.83%, 1/1/2035, Pool #810896	1,037,093	1,039,503
5.01%, 4/1/2011, Pool #387392	727,259	726,828
5.77%, 11/1/2021, Pool #365421	151,969	154,720
		4,888,650
Freddie Mac
4.50%, 11/1/2018, Pool #B10834	810,356	785,836
7.22%, 4/1/2029, Pool #846367	13,886	13,973
		799,809
Total U.S. Government Agency
Pass-Through Securities
(Cost $ 5,814,455)		5,688,459
U.S. Government Agency Securities (12.62%)
Fannie Mae
5.00%, 5/11/2017	500,000	502,188
5.20%, 6/2/2008	100,000	100,329
5.63%, 11/15/2021	1,500,000	1,501,669
Federal Farm Credit Bank, 5.00%,
9/21/2009	500,000	505,783
Federal Home Loan Bank, 5.35%,
12/28/2009	500,000	500,636
Freddie Mac, 5.40%, 12/27/2011	750,000	753,762
TVA Principal Strip, Zero Coupon,
11/1/2025	1,500,000	589,730
Total U.S. Government Agency
Securities (Cost $ 4,377,044)		4,454,097
U.S. Treasury Obligations (12.06%)
U.S. Treasury Notes
4.00%, 2/15/2015	300,000	293,766
4.25%, 1/15/2011	450,000	453,515
4.38%, 8/15/2012	335,000	339,265
4.50%, 11/15/2015	1,500,000	1,511,837
5.13%, 5/15/2016	1,500,000	1,574,297
U.S. Treasury Bond, 7.25%, 5/15/2016	70,000	83,863
Total U.S. Treasury Obligations
(Cost $ 4,170,916)		4,256,543

See Notes to Financial Statements

25

American Independence Funds	Schedule of Portfolio Investments, continued
Intermediate Bond Fund	October 31, 2007

 

Money Market (7.76%)
Security Description	Shares		Value ($)
American Beacon Money Market
Select Fund	2,738,610		2,738,610
Total Money Market (Cost $ 2,738,610)			2,738,610
Total Investments
(Cost $ 34,934,758) (a) — 99.09%			34,978,261
Other assets in excess of liabilities — 0.91%			319,978
NET ASSETS — 100.00%		$	35,298,239

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities
† -	Represents a restricted security purchase under rule 144A which is exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid by procedures approved by the Board of Trustees.
†† -	Variable or floating rate security. This rate reflected on the Schedule of Portfolio Investments is the rate in effect at October 31, 2007.
GO -	General Obligation
OID -	Original Issue Discount

See Notes to Financial Statements

26

American Independence Funds	Schedule of Portfolio Investments
Kansas Tax-Exempt Bond Fund	October 31, 2007

 

Municipal Bonds (98.83%)
	Principal
Security Description	($)	Value ($)
Augusta Waterworks Revenue,
Series A, 5.00%, 4/1/2019, Callable
10/1/2014 @ 100, RADIAN	1,180,000	1,211,117
Burlington Environmental Improvement
Revenue, Series A, 3.60%, 9/1/2035,
Callable 12/26/2007 @ , FGIC †	2,000,000	2,000,000
Butler & Sedgwick County, School
District #385, GO, 5.00%, 9/1/2018,
Callable 9/1/2015 @ 100, MBIA	2,000,000	2,135,860
Butler & Sedgwick County, Scholl
District #385, 5.00%, 9/1/2019,
Callable 9/1/2010 @ 100, FGIC	100,000	104,238
Butler & Sedgwick County, School
District #385, 5.60%, 9/1/2012, FSA	1,775,000	1,933,224
Butler County, School District #490, 5.00%,
9/1/2023, Callable 9/1/2015 @ 100, FSA	500,000	525,725
Butler County, School District #490,
Series B, 5.00%, 9/1/2024, Callable
9/1/2015 @ 100, FSA	1,085,000	1,138,610
Cherokee County, COP, 5.00%, 12/1/2021,
Callable 12/1/2015 @ 100, FGIC	1,170,000	1,236,772
Cherokee County, COPS, 6.25%,
12/1/2023, Pre-refunded 6/1/2008
@ 100,	930,000	944,173
Chisholm Creek, Water & Sewer
Revenue, 5.25%, 9/1/2014, Pre-
refunded 9/1/2012 @ 100, MBIA	710,000	763,349
Chisholm Creek, Water & Sewer
Revenue, 5.25%, 9/1/2015, Callable
9/1/2012 @ 100, MBIA	400,000	430,056
Coffeyville Community College,
Series A, 5.05%, 10/1/2025, Callable
10/1/2015 @ 100,	1,975,000	2,142,143
Cowley County, School District #465,
GO , 5.25%, 10/1/2015, Callable
10/1/2013 @ 100, MBIA	1,310,000	1,413,189
Dodge Citi, School District #443, GO,
4.70%, 9/1/2015, Callable 9/1/2008 @
100, FSA	975,000	982,381
Douglas County, GO, Series A, 5.00%,
8/1/2018, Callable 8/1/2013 @ 100,
AMBAC	1,935,000	2,035,251
Ellis Water System Revenue, 5.00%,
10/1/2026, Call/Sink 10/1/2016 @ 100,	700,000	676,704
Finney County, GO, 5.00%, 12/1/2010,
Callable 12/24/2007 @ 100, MBIA	500,000	500,600
Franklin County, COP, Mental Health,
4.75%, 9/1/2021, Callable 9/1/2013
@ 100,	750,000	746,198
Franklin County, School District #289,
GO, 5.35%, 9/1/2011, Sinkable, FSA	230,000	246,705
Garnett Combined Utility Revenue,
5.00%, 10/1/2017, Callable 10/1/2008
@ 100, MBIA	455,000	460,651
Geary County, School District #475, GO,
5.25%, 9/1/2018, Callable 9/1/2015 @
100, MBIA	795,000	867,830
Geary County, School District #475, GO,
5.25%, 9/1/2020, Callable 9/1/2015 @
100, MBIA	2,025,000	2,232,055
Gray County, School District #102,
5.00%, 9/1/2015, Callable 9/1/2008
@ 100,	800,000	807,592
Gray County, School District #102, GO,
6.80%, 9/1/2015, Callable 12/24/2007
@ 100,	10,000	10,014
Great Bend, Water System Revenue,
Series A, 5.15%, 9/1/2019,
Pre-refunded 9/1/2008 @ 100,	1,000,000	1,013,780
Harvey County, School District #373,
GO, 4.80%, 9/1/2018, Callable
9/1/2008 @ 100, FSA	2,000,000	2,012,220
Hoisington Public Buildging Corp.,
Health Care Facilities Revenue,
5.00%, 11/1/2023, Callable 11/1/2014
@ 100, AMBAC	1,700,000	1,779,526
Johnson County, Community
College,Student Commons & Parking
Revenue, 5.00%, 11/15/2024, Callable
11/15/2012 @ 100, AMBAC	1,000,000	1,035,910
Johnson County, Park & Recreation
Foundation Revenue,Series B, 5.00%,
9/1/2023, Callable 9/1/2013 @ 100,	870,000	906,940
Johnson County, Park & Recreation
Foundation, 5.38%, 9/1/2016,
Callable 9/1/2011 @ 100,	1,000,000	1,051,120
Johnson County, School District #231,
GO, 5.00%, 10/1/2023, Callable
10/1/2014 @ 100, FGIC	1,080,000	1,129,972
Johnson County, School District #231,
GO, 5.00%, 10/1/2025, Callable
10/1/2016 @ 100, AMBAC	1,070,000	1,126,507
Johnson County, School District #232,
4.35%, 9/1/2014, Callable 9/1/2013 @
100, FGIC	600,000	620,550
Johnson County, School District # 232,
GO, 5.00%, 3/1/2015, MBIA	500,000	541,665
Johnson County, School District #232,
GO, 5.25%, 9/1/2020, Callable
9/1/2015 @ 100, FSA	1,325,000	1,434,299
Johnson County, School District #232,
GO, 5.25%, 9/1/2023, Callable
9/1/2015 @ 100, FSA	1,000,000	1,074,850
Johnson County, School District #233,
GO, 5.00%, 9/1/2014, Callable
9/1/2009 @ 100, FGIC	1,000,000	1,022,830
Johnson County, School District #233,
GO, 5.50%, 9/1/2014, FGIC	325,000	360,383
Johnson County, Water District #1,
5.00%, 6/1/2012, Callable 12/1/2011
@ 100,	1,000,000	1,054,500
Johnson County, Water District #1,
5.00%, 12/1/2013, Callable 12/1/2011
@ 100	750,000	788,843
Junction City, Water & Sewer, 5.00%,
6/1/2008	1,000,000	1,006,350
Junction City, Water & Sewer, GO,
4.80%, 9/1/2016, Callable/Sink
9/1/2008 @ 100, MBIA, OID	1,620,000	1,632,393
Kingman County, School District #331,
GO, 5.80%, 10/1/2016, pre-refunded
10/1/2010 @ 100, FGIC, OID	1,545,000	1,646,275
La Cygne, Environmental Improvements
Revenue, Kansas City Power and
Light, 4.05%, 3/1/2015, XLCA	382,000	388,284
Lawrence Hospital Revenue, Lawrence
Memorial Hospital, 5.25%, 7/1/2021,
Callable 7/1/2016 @ 100	610,000	638,011
Lawrence Hospital Revenue, Lawrence
Memorial Hospital, 5.38%, 7/1/2016,
Callable 7/1/2013 @ 100	1,000,000	1,054,430
Lawrence Hospital Revenue, Lawrence
Memorial Hospital, 6.00%, 7/1/2019,
Pre-refunded 7/1/2009 @ 100, RADIAN	1,000,000	1,040,640
Leavenworth Counnty,School District
#464, GO, 5.00%, 9/1/2025, Callable
9/1/2015 @ 100, MBIA	1,380,000	1,497,880

See Notes to Financial Statements

27

American Independence Funds	Schedule of Portfolio Investments, continued
Kansas Tax-Exempt Bond Fund	October 31, 2007

 

Municipal Bonds, continued
	Principal
Security Description	($)	Value ($)
Leavenworth Counnty,School District
#469, 5.00%, 9/1/2024, Callable
9/1/2015 @ 100, FGIC	1,000,000	1,085,420
Leawood, GO, Series A, 5.25%,
9/1/2016, Callable 9/1/2009 @ 100	340,000	351,128
Leawood, GO, Series B, 5.00%,
9/1/2010, Callable 12/24/2007 @ 100	105,000	105,069
Lenexa Health Care Facilities Revenue,
6.88%, 5/15/2032, Callable 5/15/2012
@ 101	1,500,000	1,715,625
Lyon County, School District #253, GO,
5.00%, 9/1/2012, FGIC	250,000	265,698
Maize Public Building Commission
Revenue, 5.25%, 5/1/2025, Callable
5/1/2011 @ 100	1,000,000	1,002,200
Maize, Water System Revenue, 5.25%,
8/1/2026, Callable 8/1/2016 @ 100	1,000,000	1,002,700
Miami County, School District #367, GO,
Class A, 5.00%, 9/1/2016, Call/Sink
9/1/2008 @ 100, FGIC	900,000	910,368
Miami County, School District #367, GO,
Class A, 5.00%, 9/1/2025, Callable
9/1/2015 @ 100, FSA	1,310,000	1,372,068
Miami County, School District #416, GO,
5.00%, 9/1/2020, Callable 9/1/2016 @
100, MBIA	1,125,000	1,194,120
Newton, Wastewater Treatment System
Revenue, 4.90%, 3/1/2012, Callable
12/24/2007 @ 100	700,000	700,693
Olathe, Health Facilities Revenue,
Olathe County Hospital, 3.50%,
9/1/2029, AMBAC †	2,700,000	2,700,000
Olathe, Health Facilities Revenue,
Olathe County Hospital, 3.58%,
9/1/2032, Callable 11/21/2007 @ 100,
AMBAC	500,000	500,000
Olathe,Special Obligation, Tax
Increment Revenue, 4.75%, 3/1/2011	1,000,000	986,960
Olathe,Special Obligation, Tax
Increment Revenue, 5.00%, 3/1/2016	500,000	487,675
Olathe,Special Obligation, Tax
Increment Revenue, 5.45%, 9/1/2022,
Callable 3/1/2017 @ 100, OID	660,000	655,967
Overland Park,GO, 5.00%, 9/1/2019,
Callable 9/1/2013 @ 100	630,000	665,753
Pittsburg, Special Obligation, Tax
Increment Revenue, 4.90%, 4/1/2024,
Call/Sink 4/1/2016 @ 100, OID	1,250,000	1,242,975
Pratt, Electric System Revenue, 6.60%,
11/1/2007, AMBAC	70,000	70,000
Pratt, Public Building Commission
Revenue, 4.75%, 12/1/2018, Call/Sink
12/1/2011 @ 100	425,000	424,987
Reno County, School District #308,GO,
Series A, 5.00%, 9/1/2016, MBIA	500,000	543,420
Rice County, COP, 5.30%, 12/1/2019,
Callable 12/1/2009 @ 100, MBIA	1,425,000	1,474,647
Riley County, School District #383,
5.00%, 11/1/2014, Callable 11/1/2011
@ 100, MBIA	1,000,000	1,046,290
Rice County, School District #444,
GO, 5.08%, 9/1/2014, Call/Sink
12/24/2007 @ 100	755,000	755,853
Roeland, Special Obligation Revenue,
5.38%, 8/1/2019, Callable 8/1/2015 @
100, OID	500,000	492,480
Salina, Hospial Revenue, Salina Regional
Health Center, 5.00%, 10/1/2020,
Callable 4/1/2016 @ 100	460,000	476,910
Salina, Hospial Revenue, Salina Regional
Health Center, 5.00%, 10/1/2023,
Callable 4/1/2016 @ 100	470,000	482,963
Saline County, School District #305,
GO, 4.75%, 9/1/2014, Callable
9/1/2008 @ 100, FSA	2,025,000	2,043,934
Saline County, School District #305,
GO, 5.50%, 9/1/2017, Callable
9/1/2011 @ 100, FSA	220,000	234,791
Saline County, School District #305,
GO, 5.50%, 9/1/2017, Pre-refunded
9/1/2011 @ 100, FSA	780,000	827,284
Sedgwick & Shawnee, Single Family
Revenue, Series A-2, 6.50%,
12/1/2016, GNMA	30,000	31,097
Sedgwick & Shawnee, Single Family
Revenue, Series A-2, 6.70%, 6/1/2029,
GNMA	170,000	170,196
Sedgwick & Shawnee, Single Family
Revenue, Series B-1, 8.05%, 5/1/2014,
GNMA	25,000	25,680
Sedgwick County, School District
#260, GO, 5.50%, 10/1/2013, Callable
10/1/2009 @ 100, FGIC	1,595,000	1,656,248
Sedgwick County, School District
#260, GO, 5.50%, 10/1/2014, Callable
10/1/2009 @ 100, FGIC	1,675,000	1,739,940
Sedgwick County, School District #261,
GO 4.00%, 11/1/2013, FSA	500,000	509,875
Sedgwick County, School District
#261, GO, 4.75%, 11/1/2017, Callable
11/1/2009 @ 100, FSA	1,525,000	1,564,848
Seneca, Kansas Public Building
Common Revenue, 4.88%, 9/1/2027,
Callable 9/1/2014 @ 100	1,000,000	955,260
Shawnee County Kansas Ctfs Partn
Energy Conservation Project, COP,
5.00%, 9/1/2022, Callable 9/1/2015
@ 100	1,640,000	1,705,534
Shawnee County Kansas Ctfs Partn,
COP, 4.50%, 12/1/2008	515,000	518,414
Shawnee County, School District #501,
5.00%, 8/1/2013, FSA	1,000,000	1,070,340
Shawnee County, Series A, GO, 5.00%,
9/1/2019, Callable 9/1/2015 @ 100,
FSA	700,000	744,163
State, Department of Transportation,
Highway Revenue, 5.50%, 9/1/2014	1,000,000	1,110,140
State, Department of Transportation,
Highway Revenue, Series C-1, 3.22%,
9/1/2021, Callable 12/3/2007 @ 100 †	1,400,000	1,400,000
State, Department of Transportation,
Highway Revenue, Series C-1, 3.45%,
9/1/2019, Callable 12/3/2007 @ 100 †	1,000,000	1,000,000
State, Department of Transportation,
Highway Revenue, Series C-1, 3.86%,
9/1/2020, Callable 12/3/2007 @ 100	1,000,000	1,000,000
State, Department of Transportation,
Highway Revenue, Series C-2, 3.45%,
9/1/2019, Callable 12/3/2007 @ 100 †	1,000,000	1,000,000
State, Department of Transportation,
Highway Revenue, Series C-2, 3.60%,
9/1/2014, FSA	1,000,000	1,000,000

See Notes to Financial Statements

28

American Independence Funds	Schedule of Portfolio Investments, continued
Kansas Tax-Exempt Bond Fund	October 31, 2007

Municipal Bonds, continued
	Principal
Security Description	($)	Value ($)
State, Development Finance Authority
Health Facilities Revenue, Stormont-vail
Healthcare Inc., 5.00%, 11/15/2027,
Call/Sink 11/15/2017 @ 100, MBIA	1,875,000	1,949,963
State, Development Finance Authority
Health Facilities Revenue, Stormont-
vail Healthcare Inc., Series K, 5.75%,
11/15/2012, Callable 11/15/2011 @
100, MBIA	1,000,000	1,069,480
State, Development Finance Authority
Health Facilities Revenue,Hays Medical
Center, Inc., Series B, 3.45%, 5/15/2026 †	3,000,000	3,000,000
State, Development Finance Authority
Health Facilities Revenue,Hays
Medical Center, Inc., Series B, 5.00%,
11/15/2022, Callable 11/15/2015 @ 100	500,000	518,385
State, Development Finance Authority
Health Facilities Revenue,Hays
Medical Center, Inc., Series B, 5.38%,
11/15/2010, MBIA	500,000	500,245
State, Development Finance Authority
Health Facilities Revenue,Hays
Medical Center, Inc., Series B, 5.50%,
11/15/2017, MBIA	500,000	500,260
State, Development Finance Authority
Health Facilities Revenue,St. Lukes/
Shawnee Mission Health System,
Inc., 5.38%, 11/15/2016, Callable
12/24/2007 @ 101, MBIA,OID	500,000	505,400
State, Development Finance Authority
Housing Development Revenue,
GNMA Collateral, 5.35%, 5/20/2023,
Callable 5/20/2013 @ 105	1,000,000	1,063,020
State, Development Finance Authority
Revenue, 5.00%, 8/1/2011, AMBAC	500,000	525,951
State, Development Finance Authority
Revenue, 5.00%, 8/1/2011, Callable
8/1/2009 @ 100, MBIA	500,000	510,565
State, Development Finance Authority
Revenue, 5.00%, 4/1/2013, FGIC	150,000	160,227
State, Development Finance Authority
Revenue, 5.00%, 5/1/2013, MBIA	500,000	534,070
State, Development Finance Authority
Revenue, 5.00%, 10/1/2013, Callable
10/1/2012 @ 100, AMBAC	500,000	529,360
State, Development Finance Authority
Revenue, 5.00%, 10/1/2016	1,585,000	1,725,003
State, Development Finance Authority
Revenue, 5.00%, 10/1/2021, Callable
4/1/2013 @ 102, AMBAC	2,750,000	2,904,715
State, Development Finance Authority
Revenue, 5.00%, 10/1/2022, Callable
10/1/2015 @ 100	1,140,000	1,205,482
State, Development Finance Authority
Revenue, 5.00%, 11/1/2020, Callable
11/1/2016 @ 100, FGIC	750,000	796,845
State, Development Finance Authority
Revenue, 5.00%, 11/1/2021, Callable
11/1/2016 @ 100, FGIC	500,000	529,305
State, Development Finance Authority
Revenue, 5.00%, 11/1/2025, Callable
11/1/2016 @ 100, FGIC	1,000,000	1,049,450
State, Development Finance Authority
Revenue, 5.00%, 2/1/2026, Call/Sink
2/1/2016 @ 100, XLCA	2,000,000	2,087,660
State, Development Finance Authority
Revenue, 5.00%, 4/1/2017, Callable
4/1/2014 @ 101, FGIC	595,000	636,406
State, Development Finance Authority
Revenue, 5.00%, 4/1/2018, Callable
4/1/2014 @ 101, FGIC	500,000	534,880
State, Development Finance Authority
Revenue, 5.00%, 4/1/2019, Callable
4/1/2009 @ 100, AMBAC	1,000,000	1,013,910
State, Development Finance Authority
Revenue, 5.00%, 4/1/2020, Callable
4/1/2014 @ 101, FGIC	515,000	543,989
State, Development Finance Authority
Revenue, 5.00%, 5/1/2021, Callable
5/1/2015 @ 100, AMBAC	2,090,000	2,201,961
State, Development Finance Authority
Revenue, 5.25%, 11/1/2010	650,000	683,521
State, Development Finance Authority
Revenue, 5.25%, 5/1/2011, Callable
11/1/2008 @ 100	1,000,000	1,017,980
State, Development Finance Authority
Revenue, 5.25%, 10/1/2018, Callable
10/1/2012 @ 100, AMBAC	1,610,000	1,709,820
State, Development Finance Authority
Revenue, 5.50%, 8/1/2015, Callable
8/1/2011 @ 100, MBIA	1,500,000	1,604,745
State, Development Finance Authority
Revenue, 5.50%, 3/1/2016, Callable
3/1/2011 @ 100, AMBAC	650,000	688,519
State, Development Finance Authority
Revenue, Energy Conservation
Project, 5.40%, 4/1/2010, Callable
12/24/2007 @ 100	500,000	500,510
State, Development Finance Authority
Revenue, Sisters Of Charity
Leavenworth, 5.00%, 12/1/2025,
Callable 6/1/2008 @ 101, MBIA	735,000	743,497
State, Development Finance Authority
Revenue, University of Kansas Athletic
Facility, 5.00%, 6/1/2018, Callable
6/1/2014 @ 100	1,000,000	1,047,250
State, Development Finance Authority
Revenue, University of Kansas Athletic
Facility, 5.00%, 6/1/2021, Callable
6/1/2014 @ 100	1,235,000	1,280,423
State, Development Finance Authority
Water Pollution Control Revenue,
5.00%, 11/1/2007	500,000	500,000
State, Development Finance Authority
Water Pollution Control Revenue, 5.00%,
11/1/2019, Callable 11/1/2011 @ 100	2,000,000	2,076,040
State, Development Finance Authority
Water Pollution Control Revenue, 5.50%,
11/1/2013, Callable 11/1/2012 @ 100	900,000	976,590
State, Development Finance Authority
Water Pollution Control Revenue,
5.50%, 11/1/2015	200,000	224,114
State, Development Finance Authority
Water Pollution Control Revenue, 5.50%,
11/1/2019, Callable 11/1/2012 @ 100 †	960,000	1,028,573
State, Development Finance Authority, Lease
Revenue, Department of Administration,
Series J-1, 3.55%, 12/1/2018	500,000	500,000
State, Development Finance Authority,
Lease Revenue, Department of
Administration, Series J-2, 3.55%,
12/1/2034	1,000,000	1,000,000
State, Development Finance Authority,
Lease Revenue, Department of
Juvenile Justice Authority, Series D,
5.25%, 5/1/2016, MBIA	1,275,000	1,331,062

See Notes to Financial Statements

29

American Independence Funds	Schedule of Portfolio Investments, continued
Kansas Tax-Exempt Bond Fund	October 31, 2007

Municipal Bonds, continued
	Principal
Security Description	($)		Value ($)
State, Development Finance Authority,
Water Supply Revenue, 5.00%,
4/1/2023, Callable 4/1/2014 @ 100	1,725,000		1,804,695
State, Independent College Finance
Authority, Friends University, 4.75%,
10/1/2021, Callable 10/1/2011 @ 100	1,500,000		1,501,995
State, Independent College Finance
Authority, Newman University, 6.00%,
10/1/2021, Callable 12/24/2007 @ 100	750,000		744,690
State, Turnpike Authority, Turnpike
Revenue, Series A-2, 5.00%, 9/1/2020,
Callable 9/1/2014 @ 101, FSA	500,000		529,695
Sumner County, School District #357,
GO, 5.55%, 9/1/2013, Callable
12/24/2007 @ 100, AMBAC	95,000		95,085
Topeka Public Building Commn
Revenue, 5.00%, 6/1/2013, MBIA	1,140,000		1,218,124
University of Kansas Hospital Authority
Health Facilities Revenue, 3.58%,
9/1/2034, Callable 11/21/2007 @ 100 †	900,000		900,000
University of Kansas Hospital Authority
Health Facilities Revenue, 5.00%,
9/1/2021, Callable 9/1/2016 @ 100	1,000,000		1,025,030
University of Kansas Hospital Authority
Health Facilities Revenue, 5.25%,
9/1/2013, Callable 9/1/2012 @ 100	450,000		483,404
University of Kansas Hospital Authority
Health Facilities Revenue, 5.40%,
9/1/2013, Callable 9/1/2009 @ 100,
AMBAC	275,000		284,724
University of Kansas Hospital Authority
Health Facilities Revenue, 5.50%,
9/1/2011	300,000		321,165
University of Kansas Hospital Authority
Health Facilities Revenue, 5.50%,
9/1/2015, Callable 9/1/2009 @ 100,
AMBAC	1,645,000		1,706,046
University of Kansas Hospital Authority
Health Facilities Revenue, 6.00%,
9/1/2016, Callable 9/1/2012 @ 100	1,120,000		1,240,042
Washburn University of Topeka,
Revenue, 5.45%, 7/1/2008, AMBAC	485,000		491,402
Wellington, Water & Sewer Revenue,
5.15%, 5/1/2018, Pre-refunded
5/1/2008 @ 100, AMBAC	1,000,000		1,006,470
Wichita, Hospital Facilities Revenue, 5.00%,
11/15/2013, Callable 11/15/2011 @ 101	295,000		305,186
Wichita, Hospital Facilities Revenue,
5.25%, 11/15/2015, Callable
11/15/2011 @ 101 †	335,000		348,021
Wichita, Hospital Facilities Revenue,
5.40%, 11/15/2008	2,085,000		2,119,131
Wichita, Hospital Facilities Revenue,
5.50%, 11/15/2017, Callable
11/15/2011 @ 101	500,000		530,175
Wichita, Hospital Facilities Revenue,
6.25%, 11/15/2019, Callable
11/15/2011 @ 101	750,000		813,345
Wichita, Hospital Facilities Revenue, 6.38%,
11/15/2019, Call/Sink 11/15/2009 @ 101	700,000		739,928
Wichita, Hospital Facilities Revenue, 6.75%,
11/15/2014, Call/Sink 11/15/2009 @ 101	1,000,000		1,066,500
Wichita, Hospital Facilities Revenue,
6.75%, 11/15/2019, Call/Sink
11/15/2009 @ 101	2,000,000		2,131,800
Wichita, Sales Tax Revenue, GO, 5.00%,
10/1/2012	2,325,000		2,473,335
Wichita, Sales Tax Revenue, GO, 5.00%,
4/1/2017, Callable 4/1/2009 @ 101	200,000		205,116
Wichita, Water & Sewer Utility
Revenue, 4.70%, 10/1/2012, Callable
12/24/2007 @ 100, FGIC	2,000,000		2,001,900
Wichita, Water & Sewer Utility Revenue,
5.00%, 10/1/2016, Callable 10/1/2014
@ 100, FGIC	500,000		534,870
Wichita, Water & Sewer Utility Revenue,
GO, 5.00%, 10/1/2012, FGIC	1,000,000		1,063,800
Winfield, Educational Facilities Revenue,
5.00%, 10/1/2018, Callable 10/1/2011
@ 100	1,125,000		1,115,629
Wyandotte County, Government
Transportation Development
Revenue, Cabelas Project, 5.00%,
12/1/2021, Callable 6/1/2016 @ 100	1,280,000		1,260,890
Wyandotte County, Government
Transportation Development
Revenue, Legends Village West
Project, 4.60%, 10/1/2016	240,000		232,990
Wyandotte County, Government
Transportation Development
Revenue, Legends Village West
Project,, 4.88%, 10/1/2028, Callable
10/1/2016 @ 100, OID	490,000		458,326
Wyandotte County, Government Utility
System Revenue, 4.75%, 9/1/2018,
Callable 3/1/2009 @ 101, MBIA, OID	2,000,000		2,031,520
Wyandotte County, Government Utility
System Revenue, 5.00%, 9/1/2024,
Callable 9/1/2014 @ 100, FSA	250,000		261,743
Wyandotte County, Government Utility
System Revenue, 6.00%, 5/1/2015,
Callable 5/1/2011 @ 100, MBIA	1,975,000		2,132,467
Wyandotte County, School District
#202, GO, 5.00%, 9/1/2013, AMBAC	1,000,000		1,071,270
Wyandotte County, School District
#204, GO, 5.00%, 9/1/2024, Callable
9/1/2015 @ 100, FGIC	1,000,000		1,049,410
Wyandotte County, School District
#500, GO, 5.25%, 9/1/2012, Callable
9/1/2011 @ 100, FSA	1,805,000		1,917,668
Wyandotte County, School District
#500, GO, 5.25%, 9/1/2015, Callable
9/1/2013 @ 102, FSA	1,000,000		1,096,619
Wyandotte County, School District
#500, GO, 5.50%, 9/1/2016, Callable
9/1/2012 @ 100, FSA	200,000		217,228
Total Municipal Bonds
(Cost $ 176,560,301)			178,462,918
Money Market (0.70%)
	Shares
Federated Tax-Exempt Money Market Fund	1,262,033		1,262,033
Total Money Market (Cost $ 1,262,033)			1,262,033
Total Investments
(Cost $ 177,822,334) (a) — 99.53%			179,724,951
Other assets in excess of liabilities — 0.47%			855,970
NET ASSETS — 100.00%		$	180,580,921

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities
† -	Variable or floating rate security. This rate reflected on the Schedule of Portfolio Investments is the rate in effect at October 31, 2007.
GO -	General Obligation
OID -	Original Issue Discount

See Notes to Financial Statements

30

American Independence Funds

Statements of Assets and Liabilities
October 31, 2007
			Financial								Kansas Tax-
			Services		International		Short-Term		Intermediate		Exempt Bond
	Stock Fund		Fund		Equity Fund		Bond Fund		Bond Fund		Fund
Assets:
Investments, at cost	$	86,913,114	$	1,696,490	$	103,797,963	$	61,609,608	$	34,934,758	$	177,822,334
Investments, at value		112,138,266		1,699,223		137,981,939		61,880,747		34,978,261		179,724,951
Cash		—		641,295		—		—		—		—
Foreign currency, at value (costs $0, $0,
$10,833, $0, $0, $0)		—		—		11,091		—		—		—
Interest and dividends receivable		117,895		1,493		186,078		562,997		377,105		2,145,237
Receivable for capital shares issued		171,896		—		195,508		221,607		24,142		229,561
Receivable for investments sold		911,708		3,897		—		—		—		—
Reclaims receivable		—		—		138,523		—		—		—
Receivable from Investment Adviser		—		14,630		3,731		27,295		17,052		46,090
Prepaid expenses		67,294		18,886		25,585		13,143		10,929		21,143
Total Assets		113,407,059		2,379,424		138,542,455		62,705,789		35,407,489		182,166,982
Liabilities:
Dividends payable		—		—		—		72,802		42,297		201,530
Payable for investments purchased		121,650		343,981		—		—		—		1,214,830
Payable for capital shares redeemed		22,875		—		67		28,641		16,022		—
Accrued expenses and other payables:
Investment advisory		103,952		4,850		97,993		22,441		12,716		48,695
Administration		19,203		312		22,398		10,477		6,257		30,181
Accounting		3,155		3,062		2,967		4,875		4,521		5,318
Distribution and Service		82		125		28		3		3		213
Other		57,648		15,344		75,143		37,582		27,434		85,294
Total Liabilities		328,565		367,674		198,596		176,821		109,250		1,586,061
Net Assets	$	113,078,494	$	2,011,750	$	138,343,859	$	62,528,968	$	35,298,239	$	180,580,921
Composition of Net Assets:
Capital	$	68,496,528	$	2,087,322	$	94,687,247	$	62,532,005	$	35,569,717	$	180,998,553
Accumulated net investment income		1,591,956		4,232		1,968,676		(7,598)		88,032		86,334
Accumulated net realized gains (losses)
from investment transactions		17,764,858		(82,537)		7,610,496		(266,578)		(403,013)		(2,406,583)
Unrealized appreciation		25,225,152		2,733		34,077,440		271,139		43,503		1,902,617
Net Assets	$	113,078,494	$	2,011,750	$	138,343,859	$	62,528,968	$	35,298,239	$	180,580,921
Net Assets By Share Class:
Institutional Class Shares	$	112,734,756	$	1,482,474	$	138,238,142	$	62,513,838	$	35,285,276	$	179,703,134
Class A Shares	$	328,260	$	524,380	$	95,093	$	15,130	$	12,963	$	845,140
Class C Shares	$	15,478	$	4,896	$	10,624	$	—	$	—	$	32,647
Net Assets	$	113,078,494	$	2,011,750	$	138,343,859	$	62,528,968	$	35,298,239	$	180,580,921
Shares Outstanding (unlimited number of shares authorized @ $0.001 par value):
Institutional Class Shares		6,521,823		153,155		8,228,442		6,210,367		3,451,329		16,977,622
Class A Shares		19,118		54,319		5,699		1,503		1,268		79,857
Class C Shares		902		508		637		—		—		3,085
Net Asset Value, Offering Price and Redemption Price per share:
Institutional Class Shares	$	17.29	$	9.68	$	16.80	$	10.07	$	10.22	$	10.58
Class A Shares	$	17.17	$	9.65	$	16.69	$	10.07	$	10.22	$	10.58
Class C Shares	$	17.16	$	9.64	$	16.68		NA		NA	$	10.58
Maximum Sales Charge:
Class A Shares		5.75%		5.75%		5.75%		2.25%		4.25%		4.25%
Maximum Offering Price per share (Net Asset Value/100% minus maximum
sales charge of net asset value, adjusted to the nearest cent):
Class A Shares	$	18.22	$	10.24	$	17.70	$	10.30	$	10.68	$	11.05

See Notes to Financial Statements

31

American Independence Funds

Statements of Operations
For the year ended October 31, 2007
			Financial								Kansas
			Services		International		Short-Term		Intermediate		Tax-Exempt
	Stock Fund		Fund (a)		Equity Fund		Bond Fund		Bond Fund		Bond Fund
Investment Income:
Dividend	$	3,020,171	$	24,076	$	4,016,316	$	96,585	$	54,128	$	71,651
Interest		5,375		—		4,359		2,752,604		1,827,165		7,592,060
Foreign tax withholding		—		—		(368,194)		—		—		—
Total Investment Income		3,025,546		24,076		3,652,481		2,849,189		1,881,293		7,663,711
Expenses:
Investment advisory		1,147,965		18,096		1,014,488		238,727		155,269		506,308
Administration		172,195		2,171		187,869		89,523		58,226		253,154
Distribution - Class A Shares		765		794		228		34		30		1,911
Distribution - Class C Shares		11		4		8		—		—		107
Service - Class A Shares		765		794		228		34		26		1,911
Service - Class C Shares		4		1		3		—		—		35
Accounting		38,041		9,962		42,302		54,769		51,852		62,093
Custodian		22,958		290		56,799		11,936		7,705		33,450
Compliance services		13,180		153		14,275		7,137		4,762		19,976
Transfer Agent		33,917		3,867		33,240		28,562		28,195		40,876
Trustee		21,967		242		23,885		11,623		7,746		32,128
State registration expenses		58,012		11,111		59,072		56,279		55,400		61,688
Legal expenses		39,596		288		42,493		21,221		15,581		60,113
Other		67,848		13,341		84,130		42,733		32,476		97,651
Total expenses before fee reductions		1,617,224		61,114		1,559,020		562,578		417,268		1,171,401
Expenses reduced by: Adviser		(593,875)		(41,270)		(313,451)		(293,866)		(200,034)		(492,116)
Distributor		—		—		—		(27)		(19)		(765)
Net Expenses		1,023,349		19,844		1,245,569		268,685		217,215		678,520
Net Investment Income		2,002,197		4,232		2,406,912		2,580,504		1,664,078		6,985,191
Realized and unrealized gains (losses) from
investments, options, and foreign currency
transactions:
Net realized gains (losses) from investment
transactions		18,546,818		(69,112)		7,610,496		2,438		(187,253)		(13,099)
Net realized gains (losses) from options
transactions		(408,655)		(13,425)		—		—		—		—
Net realized gains (losses) from foreign
currency transactions		—		—		(220,079)		—		—		—
Change in unrealized appreciation/depreciation
from investments		(1,664,727)		2,733		20,715,503		625,045		490,602		(1,743,011)
Change in unrealized appreciation/depreciation
from foreign currency translation		—		—		12,158		—		—		—
Net realized and unrealized gains (losses)		16,473,436		(79,804)		28,118,078		627,483		303,349		(1,756,110)
Net Increase (Decrease) in Net Assets Resulting from
Operations	$	18,475,633	$	(75,572)	$	30,524,990	$	3,207,987	$	1,967,427	$	5,229,081

(a) Commenced operations on March 1, 2007.

See Notes to Financial Statements

32

American Independence Funds

Statements of Changes in Net Assets
							Financial
							Services
	Stock Fund						Fund			International Equity Fund						Short-Term Bond Fund
							For the
	For the Years Ended						Period Ended			For the Years Ended						For the Years Ended
	October 31,						October 31,			October 31,						October 31,
	2007			2006			2007(a)			2007			2006			2007		2006
Investment Operations:
Net investment income	$	2,002,197		$	1,807,502		$	4,232		$	2,406,912		$	1,818,943		$	2,580,504	$	2,172,055
Net realized gains (losses)		18,138,163			8,502,663			(82,537)			7,390,417			23,013,994			2,438		(31,338)
Change in unrealized appreciation/depreciation		(1,664,727)			2,347,798			2,733			20,727,661			(1,403,947)			625,045		81,107
Net increase (decrease) in net assets resulting
from operations		18,475,633			12,657,963			(75,572)			30,524,990			23,428,990			3,207,987		2,221,824
Distributions:
From net investment income:
Institutional Class Shares		(1,870,856)			(1,426,178)			—			(1,176,859)			(1,806,318)			(2,595,890)		(2,235,646)
Class A Shares		(4,287)			—			—			(579)			—			(540)		(113)
Class C Shares		—			—			—			—			—			—		—
From net realized gains:
Institutional Class Shares		(7,446,004)			—			—			(23,423,313)			(6,171,784)			—		(6)
Class A Shares		(19,198)			—			—			(14,553)			—			—		—
Decrease in net assets from distributions		(9,340,345)			(1,426,178)			—			(24,615,304)			(7,978,102)			(2,596,430)		(2,235,765)
Net increase (decrease) in net assets from
capital transactions		(3,627,385)			3,044,453			2,087,322			17,317,178			4,146,613			5,658,133		(588,493)
Total increase (decrease) in net assets		5,507,903			14,276,238			2,011,750			23,226,864			19,597,501			6,269,690		(602,434)
Net Assets:
Beginning of period		107,570,591			93,294,353			—			115,116,995			95,519,494			56,259,278	56,861,712
End of period	$	113,078,494		$	107,570,591		$	2,011,750		$	138,343,859		$	115,116,995		$	62,528,968	$	56,259,278
Undistributed net investment income	$	1,591,956		$	1,464,795		$	4,232		$	1,968,676		$	956,585		$	(7,598)	$	7,545
Capital Transactions:
Institutional Class Shares
Proceeds from shares issued	$	24,158,356		$	16,575,199		$	2,032,277		$	27,040,921		$	16,500,937		$	12,441,668	$	9,950,830
Dividends reinvested		—			878,308			—			13,360,434			4,172,368			985,713		819,366
Cost of shares redeemed		(27,832,864)			(14,663,554)			(495,937)			(23,114,531)			(16,591,554)			(7,772,388)		(11,370,503)
Institutional Class Shares capital transactions		(3,674,508)			2,789,953			1,536,340			17,286,824			4,081,751			5,654,993		(600,307)
Class A Shares
Proceeds from shares issued		70,524			254,500	(b)		546,967			30,087			64,862	(b)		2,465		11,708	(c)
Dividends reinvested		—			—			—			15,132			—			675		106
Cost of shares redeemed		(38,401)			—			(985)			(24,898)			—			—		—
Class A Shares capital transactions		32,123			254,500			545,982			20,321			64,862			3,140		11,814
Class C Shares
Proceeds from shares issued		15,000	(d)		—			5,000	(d)		10,033	(d)		—			—		—
Dividends reinvested		—			—			—			—			—			—		—
Cost of shares redeemed		—			—			—			—			—			—		—
Class C Shares capital transactions		15,000			—			5,000			10,033			—			—		—
Net increase (decrease) in net assets from
capital transactions	$	(3,627,385)		$	3,044,453		$	2,087,322		$	17,317,178		$	4,146,613		$	5,658,133	$	(588,493)
Share Transactions:
Institutional Class Shares
Issued		1,521,428			1,111,752			203,155			1,814,692			1,073,900			1,245,945		999,522
Reinvested		—			60,365			—			947,549			293,003			98,624		82,303
Redeemed		(1,675,176)			(980,197)			(50,000)			(1,501,087)			(1,084,140)			(778,124)		(1,142,011)
Change in Institutional Class Shares		(153,748)			191,920			153,155			1,261,154			282,763			566,445		(60,186)
Class A Shares
Issued		4,471			16,937	(b)		54,418			2,039			4,195	(b)		247		1,178	(c)
Reinvested		—			—			—			1,076			—			67		11
Redeemed		(2,290)			—			(99)			(1,611)			—			—		—
Change in Class A Shares		2,181			16,937			54,319			1,504			4,195			314		1,189
Class C Shares
Issued		902	(d)		—			508	(d)		637	(d)		—			—		—
Reinvested		—			—			—			—			—			—		—
Redeemed		—			—			—			—			—			—		—
Change in Class C Shares		902			—			508			637			—			—		—

(a)	Commenced operations on March 1, 2007.
(b)	Class A Shares commenced operations on March 20, 2006.
(c)	Class A Shares commenced operations on May 3, 2006.
(d)	Class C Shares commenced operations on September 24, 2007.

See Notes to Financial Statements

33

American Independence Funds

Statements of Changes in Net Assets
	Intermediate Bond Fund					Kansas Tax-Exempt Bond Fund
	For the Years Ended					For the Years Ended
	October 31,					October 31,
	2007		2006			2007			2006
Investment Operations:
Net investment income	$	1,664,078	$	2,121,757		$	6,985,191		$	6,406,364
Net realized gains (losses)		(187,253)		(149,891)			(13,099)			(215,541)
Change in unrealized appreciation/depreciation		490,602		(18,889)			(1,743,011)			650,453
Net increase (decrease) in net assets resulting
from operations		1,967,427		1,952,977			5,229,081			6,841,276
Distributions:
From net investment income:
Institutional Class Shares		(1,688,462)		(2,128,519)			(6,961,088)			(6,375,434)
Class A Shares		(466)		(103)			(28,456)			(29,876)
Class C Shares		—		—			(451)			—
From net realized gains:
Institutional Class Shares		—		(6,225)			—			—
Class A Shares		—		—			—			—
Decrease in net assets from distributions		(1,688,928)		(2,134,847)			(6,989,995)			(6,405,310)
Net increase (decrease) in net assets from capital
transactions		(13,202,115)		(1,604,942)			23,354,186			6,668,082
Total increase (decrease) in net assets		(12,923,616)		(1,786,812)			21,593,272			7,104,048
Net Assets:
Beginning of period		48,221,855		50,008,667			158,987,649			151,883,601
End of period	$	35,298,239	$	48,221,855		$	180,580,921		$	158,987,649
Undistributed net investment income	$	88,032	$	104,341		$	86,334		$	185,236
Capital Transactions:
Institutional Class Shares
Proceeds from shares issued	$	5,675,219	$	7,108,324		$	36,991,920		$	20,911,478
Dividends reinvested		705,119		885,293			1,282,653			1,150,016
Cost of shares redeemed		(19,584,408)		(9,609,355)			(15,042,439)			(15,233,556)
Institutional Class Shares capital transactions		(13,204,070)		(1,615,738)			23,232,134			6,827,938
Class A Shares
Proceeds from shares issued		1,482		10,701	(a)		118,049			2,311
Dividends reinvested		473		95			23,302			21,859
Cost of shares redeemed		—		—			(51,996)			(184,026)
Class A Shares capital transactions		1,955		10,796			89,355			(159,856)
Class C Shares
Proceeds from shares issued		—		—			32,365	(b)		—
Dividends reinvested		—		—			332			—
Cost of shares redeemed		—		—			—			—
Class C Shares capital transactions		—		—			32,697			—
Net increase (decrease) in net assets from capital
transactions	$	(13,202,115)	$	(1,604,942)		$	23,354,186		$	6,668,082
Share Transactions:
Institutional Class Shares
Issued		560,661		703,942			3,489,565			1,964,888
Reinvested		69,532		87,741			120,861			108,065
Redeemed		(1,936,896)		(952,937)			(1,419,547)			(1,433,582)
Change in Institutional Class Shares		(1,306,703)		(161,254)			2,190,879			639,371
Class A Shares
Issued		146		1,066	(a)		11,245			218
Reinvested		47		9			2,197			2,055
Redeemed		—		—			(4,864)			(17,297)
Change in Class A Shares		193		1,075			8,578			(15,024)
Class C Shares
Issued		—		—			3,053	(b)		—
Reinvested		—		—			32			—
Redeemed		—		—			—			—
Change in Class C Shares		—		—			3,085			—

(a)	Class A Shares commenced operations on May 3, 2006.
(b)	Class C Shares commenced operations on May 22, 2007.

See Notes to Financial Statements

34

American Independence Funds

Financial Highlights
Selected data for a share outstanding throughout the period indicated.
	Per Share Data								Ratios/Supplemental Data
		Investment Operations			Distributions From
											Ratio of	Ratio of net	Ratio of
			Net						Total		expenses	investment	expenses
	Net Asset	Net	realized and	Increase					Return	Net Assets	to	income	to
	Value	investment	unrealized	(Decrease)	Net	Net		Net Asset	(excludes	at end of	average	(loss) to	average	Portfolio
	Beginning	income	gains	from	investment	realized	Total	Value, End	sales	period	net	average net	net	turnover
	of Period	(loss)	(losses)	Operations	income	gains	Distributions	of Period	charge)*	(000’s)	assets**	assets**	assets(a)**	rate(b)
Stock Fund
Institutional Class Shares
For the year ended
10/31/2007	16.07	0.31	2.31	2.62	(0.28)	(1.12)	(1.40)	17.29	17.31%	112,735	0.89%	1.75%	1.41%	219.31%
10/31/2006	14.39	0.27	1.63	1.90	(0.22)	—	(0.22)	16.07	13.34%	107,299	1.02%	1.79%	1.52%	49.31%
10/31/2005	12.77	0.21	1.58	1.79	(0.17)	—	(0.17)	14.39	14.06%	93,294	1.29%	1.42%	1.88%	28.27%
10/31/2004	10.91	0.18	1.88	2.06	(0.20)	—	(0.20)	12.77	19.07%	84,425	1.29%	1.42%	1.87%	16.29%
10/31/2003	9.10	0.18	1.80	1.98	(0.17)	—	(0.17)	10.91	22.14%	76,336	1.29%	1.87%	1.89%	29.31%
Class A Shares
For the year ended
10/31/2007	16.03	0.22	2.29	2.51	(0.25)	(1.12)	(1.37)	17.17	16.59%	328	1.39%	1.24%	1.91%	219.31%
For the period from
3/20/2006 (c)
Thru 10/31/2006	15.09	0.05	0.89	0.94	—	—	—	16.03	6.23%	271	1.73%	1.20%	2.30%	49.31%
Class C Shares
For the period from
9/24/2007 (c)
Thru 10/31/2007	16.63	(0.01)	0.54	0.53	—	—	—	17.16	3.19%	15	1.89%	-0.35%	2.36%	219.31%
Financial Services Fund
Institutional Class Shares
For the period from
3/1/2007 (c)
Thru 10/31/2007	10.00	0.03	(0.35)	(0.32)	—	—	—	9.68	(3.20%)	1,482	1.25%	0.40%	4.09%	555.54%
Class A Shares
For the period from
3/1/2007 (c)
Thru 10/31/2007	10.00	(0.01)	(0.34)	(0.35)	—	—	—	9.65	(3.50%)	524	1.75%	-0.10%	4.60%	555.54%
Class C Shares
For the period from
9/24/2007 (c)
Thru 10/31/2007	9.85	—	(0.21)	(0.21)	—	—	—	9.64	(2.13%)	5	2.25%	-0.46%	4.67%	555.54%
International Equity Fund
Institutional Class Shares
For the year ended
10/31/2007	16.51	0.29	3.55	3.84	(0.17)	(3.38)	(3.55)	16.80	27.34%	138,238	0.99%	1.75%	1.24%	35.24%
10/31/2006	14.29	0.26	3.15	3.41	(0.27)	(0.92)	(1.19)	16.51	25.21%	115,048	1.07%	1.72%	1.34%	110.04%
10/31/2005	12.72	0.22	1.60	1.82	(0.25)	—	(0.25)	14.29	14.41%	95,519	1.26%	1.61%	1.62%	37.00%
10/31/2004	10.60	0.13	2.16	2.29	(0.17)	—	(0.17)	12.72	21.81%	81,751	1.28%	1.16%	1.67%	36.00%
10/31/2003	8.23	0.14	2.37	2.51	(0.14)	—	(0.14)	10.60	31.04%	65,744	1.24%	1.59%	1.71%	44.00%
Class A Shares
For the year ended
10/31/2007	16.45	0.26	3.49	3.75	(0.13)	(3.38)	(3.51)	16.69	26.79%	95	1.49%	1.39%	1.74%	35.24%
For the period from
3/20/2006 (c)
Thru
10/31/2006	15.42	0.07	0.96	1.03	—	—	—	16.45	6.68%	69	1.49%	1.20%	1.73%	110.04%
Class C Shares
For the period from
9/24/2007 (c)
Thru 10/31/2007	15.75	(0.01)	0.94	0.93	—	—	—	16.68	5.90%	11	1.99%	(0.70%)	2.03%	35.24%

(a)	During the period certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.
(b)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Date of commencement of operations.
*	Not annualized for periods less than one year.
**	Annualized for periods less than one year.

See Notes to Financial Statements

35

American Independence Funds

Financial Highlights (continued)
Selected data for a share outstanding throughout the period indicated.
	Per Share Data									Ratios/Supplemental Data
		Investment Operations			Distributions From
												Ratio of	Ratio of net	Ratio of
			Net							Total		expenses	investment	expenses
	Net Asset	Net	realized and	Increase						Return	Net Assets	to	income	to
	Value	investment	unrealized	(Decrease)	Net	Net			Net Asset	(excludes	at end of	average	(loss) to	average	Portfolio
	Beginning	income	gains	from	investment	realized		Total	Value, End	sales	period	net	average net	net	turnover
	of Period	(loss)	(losses)	Operations	income	gains		Distributions	of Period	charge)*	(000’s)	assets**	assets**	assets(a)**	rate(b)
Short-Term Bond Fund
Institutional Class Shares
For the year ended
10/31/2007	9.97	0.43	0.10	0.53	(0.43)	—		(0.43)	10.07	5.48%	62,514	0.45%	4.32%	0.94%	66.52%
10/31/2006	9.97	0.39	0.01	0.40	(0.40)	—	^	(0.40)	9.97	4.13%	56,247	0.52%	3.94%	1.00%	32.38%
10/31/2005	10.09	0.26	(0.08)	0.18	(0.29)	(0.01)		(0.30)	9.97	1.76%	56,862	0.65%	2.70%	1.34%	63.43%
10/31/2004	10.17	0.17	(0.05)	0.12	(0.18)	(0.02)		(0.20)	10.09	1.23%	58,125	0.65%	1.69%	1.33%	68.14%
10/31/2003	10.17	0.22	0.02	0.24	(0.24)	—		(0.24)	10.17	2.41%	61,392	0.65%	2.13%	1.33%	72.06%
Class A Shares
For the year ended
10/31/2007	9.96	0.40	0.11	0.51	(0.40)	—		(0.40)	10.07	5.20%	15	0.75%	4.03%	1.44%	66.52%
For the period from
5/3/2006 (c)
Thru 10/31/2006	9.94	0.20	0.02	0.22	(0.20)	—		(0.20)	9.96	2.21%	12	0.75%	4.01%	1.34%	32.38%
Intermediate Bond Fund
Institutional Class Shares
For the year ended
10/31/2007	10.13	0.44	0.09	0.53	(0.44)	—		(0.44)	10.22	5.38%	35,285	0.56%	4.29%	1.07%	17.76%
10/31/2006	10.17	0.43	(0.04)	0.39	(0.43)	—	^	(0.43)	10.13	3.99%	48,211	0.63%	4.28%	0.99%	20.93%
10/31/2005	10.59	0.39	(0.35)	0.04	(0.41)	(0.05)		(0.46)	10.17	0.36%	50,009	0.76%	3.81%	1.35%	61.83%
10/31/2004	10.69	0.39	0.02	0.41	(0.40)	(0.11)		(0.51)	10.59	3.91%	49,742	0.76%	3.66%	1.34%	85.91%
10/31/2003	10.71	0.43	0.05	0.48	(0.47)	(0.03)		(0.50)	10.69	4.53%	51,927	0.76%	4.00%	1.34%	59.41%
Class A Shares
For the year ended
10/31/2007	10.13	0.40	0.09	0.49	(0.40)	—		(0.40)	10.22	5.08%	13	0.86%	4.01%	1.56%	17.76%
For the period from
5/3/2006 (c)
Thru 10/31/2006	10.00	0.22	0.13	0.35	(0.22)	—		(0.22)	10.13	3.45%	11	0.86%	4.00%	1.29%	20.93%
Kansas Tax-Exempt Bond Fund
Institutional Class Shares
For the year ended
10/31/2007	10.70	0.44	(0.12)	0.32	(0.44)	—		(0.44)	10.58	3.07%	179,703	0.40%	4.14%	0.69%	8.90%
10/31/2006	10.67	0.44	0.03	0.47	(0.44)	—		(0.44)	10.70	4.47%	158,225	0.47%	4.10%	0.75%	37.10%
10/31/2005	10.93	0.41	(0.26)	0.15	(0.41)	—		(0.41)	10.67	1.26%	150,963	0.60%	3.83%	0.96%	22.23%
10/31/2004	10.98	0.41	(0.04)	0.37	(0.42)	—		(0.42)	10.93	3.56%	147,471	0.60%	3.80%	0.93%	14.26%
10/31/2003	10.94	0.42	0.04	0.46	(0.42)	—		(0.42)	10.98	4.24%	155,198	0.60%	3.81%	0.94%	12.07%
Class A Shares
For the year ended
10/31/2007	10.70	0.40	(0.13)	0.27	(0.39)	—		(0.39)	10.58	2.62%	845	0.80%	3.74%	1.19%	8.90%
10/31/2006	10.66	0.41	0.03	0.44	(0.40)	—		(0.40)	10.70	4.17%	762	0.85%	3.71%	1.28%	37.10%
10/31/2005	10.92	0.37	(0.26)	0.11	(0.37)	—		(0.37)	10.66	0.90%	920	0.95%	3.47%	1.71%	22.23%
10/31/2004	10.98	0.38	(0.05)	0.33	(0.39)	—		(0.39)	10.92	3.11%	1,913	0.95%	3.47%	1.67%	14.26%
10/31/2003	10.93	0.38	0.05	0.43	(0.38)	—		(0.38)	10.98	3.98%	1,248	0.95%	3.45%	1.69%	12.07%
Class C Shares
For the period from
5/22/2007 (c)
Thru 10/31/2007	10.60	0.15	(0.02)	0.13	(0.15)	—		(0.15)	10.58	1.40%	33	1.40%	3.15%	1.68%	8.90%

(a)	During the period certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.
(b)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Date of commencement of operations.
*	Not annualized for periods less than one year.
**	Annualized for periods less than one year.
^	Less than $0.005 per share.

See Notes to Financial Statements

36

 American Independence Funds 

Notes to Financial Statements
October 31, 2007

1.	Organization:
	The American Independence Funds Trust (the “Trust”) was established as a Delaware business trust on October 7, 2004 as Adventus Funds Trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was subsequently renamed on June 10, 2005 as Arrivato Funds Trust. Effective March 2, 2006, the name of the Trust was changed to American Independence Funds Trust in connection with the Trust’s reorganization and merger with the former American Independence Funds Trust.
	The Trust currently offers eleven (11) series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the funds listed below (individually, a “Fund”; collectively, the “Funds”). The financial statements for the other five funds can be found in a separate report.
	Stock Fund Financial Services Fund International Equity Fund Short-Term Bond Fund Intermediate Bond Fund Kansas Tax Exempt Bond Fund
	The Trust is authorized to issue an unlimited number of shares, which are units of beneficial interest with a par value of $0.001 each. The Trust offers three classes of shares: Class A, Class C and Institutional Class. Each share class is identical except as to distribution and service fees borne by each class. Income and realized/ unrealized gains or losses are allocated to each class based on relative net assets. Each share represents an equal proportionate interest in a Fund with other shares of the same class and is entitled to such dividends and distributions out of the income earned on the assets belonging to that Fund.
	Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
	Investment Valuation
	Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS are valued at the market value as of the close of regular trading on the New York Stock Exchange, usually 4:00 p.m. Eastern Time (“Valuation Time”). If there have been no sales for that day on any exchange or system for a security, the security is valued at the mean between the closing bid and asked quotes on the exchange or system where the security is principally traded or at the NASDAQ official closing price, if applicable. Debt securities held by a Fund generally are valued based on mean prices as of the close of trading on the principal market in which they trade, usually 3:00 p.m. Eastern Time. Short-term debt investments having maturities of 60 days or less are valued at amortized cost, which approximates fair value. Investments in investment companies are valued at their net asset values as reported by such companies. The differences between cost and fair values of such investments are reflected as unrealized appreciation or depreciation.
	Most securities listed on a foreign exchange are valued either at the last sale price at the close of the exchange on which the security is principally traded or at fair value (see description below). Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.
	Securities for which market quotations are not readily available are valued at fair value by American Independence Financial Services, LLC (“AIFS” or the “Adviser”) or the Sub-Adviser in accordance with guidelines approved by the Trust’s Board of Trustees. The Funds typically value securities using market quotations or information furnished by a pricing service. However, when market quotations are not available, or when the Adviser has reason to believe that available quotations may not be accurate, the Funds may value securities according to methods that are approved by the Funds’ Board of Trustees and which are intended to reflect fair value. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. For example, the Funds may use fair value methods if a security’s value is believed to have been materially affected by a significant event, such as a natural disaster, a bankruptcy filing, or a substantial fluctuation in domestic or foreign markets, that occurs after the close of the security’s major trading exchange. In such a case, a Fund’s value for a security is likely to be different from the last quoted market or pricing service price. The factors to be considered in fair valuing a security include: fundamental analytical data, market conditions, yields of similar securities, trade activity of similar securities and pricing history. Securities may be valued by independent pricing services, approved by the Trust’s Board of Trustees, which use prices provided by market makers or estimates of fair value obtained from yield data relating to instruments or securities with similar characteristics.

Continued

37

 American Independence Funds 

Securities Purchased on a When-issued Basis

Each Fund may purchase securities on a “when-issued” basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and/or yield, thereby involving the risk that the price and/or yield obtained may be more or less than those available in the market when delivery takes place. At the time a Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value. Normally, the settlement date occurs within one month of the purchase. No payment is made by the Fund, and no interest accrues to the Fund during the period between purchase and settlement. The Fund establishes a segregated account in which it maintains cash and marketable securities at least equal in value to commitments for when-issued securities.

Repurchase Agreements

The Funds may enter into repurchase agreements with financial institutions, such as banks or broker-dealers which AIFS deems creditworthy. Under a repurchase agreement a Fund acquires securities and obtains a simultaneous commitment from the seller to repurchase the securities at a specified time and at an agreed-upon yield. The agreements are fully collateralized, and the values of the collateral, including accrued interest, are marked-to-market daily. If the seller should default on its obligation to repurchase the securities, a Fund may experience a loss of income, a decrease in the value of any collateral, problems in exercising its rights to the underlying securities, and costs and time delays in connection with the disposition of such securities.

Investment Transactions and Related Income

During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period. Net realized gains and/or losses from sales of securities are determined on the specific identification cost method. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or the accretion of discounts. Dividend income is recorded on the ex-dividend date. Income and realized and unrealized gains and/or losses are allocated among the classes based upon the proportion of relative net assets.

Expenses

Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses which are attributable to more than one Fund of the Trust are allocated among the respective funds based on relative daily net assets or another appropriate basis. Expenses specific to a class are charged to that class.

Distributions to Shareholders

Distributions from net investment income for the Short-Term Bond Fund, Intermediate Bond Fund and the Kansas Tax-Exempt Bond Fund are declared and paid monthly. Distributions from net investment income for the Stock Fund, the Financial Services Fund, and the International Equity Fund are declared and paid annually. Distributions from net realized capital gains, if any, are distributed at least annually.

Distributions from net investment income and from net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are primarily due to differing treatments for mortgage-backed securities and deferrals of certain losses.

These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e. reclassification of market discounts, gain/loss, paydowns and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassifications. Distributions to shareholders which exceed net investment income and net realized gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or distributions in excess of net realized gains. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distributions of capital.

Federal Income Taxes

The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year.

Adoption of FIN 48 was applied to all open tax years as of October 31, 2007. The adoption of FIN 48 did not have an effect on the net asset value, financial condition or results of operations of the Fund as there was no liability for unrecognized tax benefits and no change to the beginning net asset value of the Fund. As of and during the period ended October 31, 2007, the Fund did not have a liability for any unrecognized tax benefits. Management’s determinations regarding FIN 48 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

In September 2006, the FASB issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of SFAS No. 157 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of October 31, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

Continued

38

American Independence Funds

3.

Related Party Transactions:

AIFS, serves as an investment adviser to the Funds pursuant to an investment advisory agreement between the Trust and AIFS, under which the Adviser is entitled to receive an annual fee, computed daily and paid monthly, equal to the percentages of the Funds’ average daily net assets as indicated in the table below. The Adviser is responsible for the investment management oversight in its role as investment adviser to all of the Funds.

AIFS
	Fees
Stock Fund	1.00%
Financial Services Fund	1.25%
International Equity Fund	0.81%
Short-Term Bond Fund	0.40%
Intermediate Bond Fund	0.40%
Kansas Tax-Exempt Bond Fund	0.30%

On March 30, 2007, the Board of Trustees of the American Independence Funds Trust (the “Board”) accepted the resignations of: Commerce Asset Management (“Commerce”) as sub-adviser to the Short-Term Bond Fund and the Intermediate Bond Fund; Barrow, Hanley, Mewhinney & Strauss, Inc. (“Barrow Hanley”) as sub-adviser to the Stock Fund and; Miller & Jacobs Capital, LLC (“Miller Jacobs”) as sub-adviser to the Financial Services Fund. The Board also approved the termination of the current sub-advisory agreements with Commerce, Barrow Hanley, and Miller Jacobs and the engagement of several new sub-advisers. American Independence Financial Counselors, LLC (“AIFC”) replaces Commerce. AIFC is a wholly-owned subsidiary of the Adviser. American Independence Capital Management, LLC (“AICM”) replaces Barrow Hanley and Miller Jacobs. AICM is a jointly-owned, affiliated, and registered investment advisor of the Adviser and of Miller Jacobs. In this regard, the Board has approved sub-advisory agreements between the Adviser and AIFC and AICM (the “New Agreements”). The terms of the New Agreements are substantially similar to the previous sub-advisory agreements with Commerce, Barrow Hanley, and Miller Jacobs. At a meeting held on June 28, 2007, Shareholders approved the New Agreements.

AIFS has contractually agreed to waive a portion of its management fee and to reimburse expenses in order to maintain the Funds’ total operating expenses at not more than the following percentages of average annual net assets of the Institutional Classfor the period through March 1, 2009 (January 31, 2008 for the Financial Services Fund and March 1, 2011 for the Kansas Tax-Exempt Bond Fund):

Fund
Stock Fund	0.89%
Financial Services Fund	1.25%
International Equity Fund	0.99%
Short-Term Bond Fund	0.45%
Intermediate Bond Fund	0.56%
Kansas Tax-Exempt Bond Fund	0.40%

AIFS also provides certain administrative services necessary for the Funds’ operations. The Funds are charged a feefor the services provided, and this fee is calculated based on each Fund’s average daily net assets at annual rate of 0.15%.

AIFS had entered into an agreement with BISYS Fund Services Ohio, Inc. (the name of which was changed to Citi Fund Services Ohio, Inc. — “CFSO”) whereby CFSO provided sub-administration services up to but not including October 1, 2007. CFSO also served the Funds as transfer agent and fund accountant. For these services, CFSO charged a fee accrued daily and paid monthly, on aggregate net assets of all Funds in the Trust, at an annual rate of:

Based on Average Daily Net Assets of	Fee Rate
Up to $500 million	0.075%
In excess of $500 million but not exceeding $1 billion	0.060%
In excess of $1 billion	0.050%

On October 1, 2007, the agreement with CFSO was terminated, and Vastardis Fund Services LLC (“Vastardis”) became the Funds’ sub-administrator pursuant to a new administrative services agreement which has been approved by the Board. For sub-administration services it provides starting October 1, 2007, Vastardis earns a fee on aggregate net assets of all Funds in the Trust, at an annual rate of:

Based on Average Daily Net Assets of	Fee Rate
Up to $3 billion	0.050%
In excess of $3 billion but not exceeding $5 billion	0.040%
In excess of $5 billion	0.030%

On October 26, 2007, the agreement with CFSO to provide fund accounting services to the Funds was also terminated, and JP Morgan Worldwide Securities Services(“JP Morgan”) became the Funds’ fund accountant.

BISYS Fund Services Limited Partnership (“BISYS”), an affiliate of CFSO, had served as the Funds’ distributor. Effective August 1, 2007, Foreside Distribution Services, L.P. became the Funds’ new distributor pursuant to a new distribution agreement approved by the Board.

An employee of CFSO served as the Funds’ Chief Compliance Officer up to but not including October 1, 2007. Effective October 1, 2007, the Trust has contracted with Alaric Compliance Services LLC (“Alaric”) to provide services with respect to the monitoring of the Trust’s compliance program pursuant to rule 38a-1 of the 1940 Act. Alaric has designated Peter Wilson as the Trust’s Chief Compliance Officer. For these services, the Trust pays Alaric a monthly fee, plus any out-of-pocket expenses. Each Fund pays a pro rata portion of the fees based on its share of the Fund’s average monthly net assets.

Continued

39

American Independence Funds

	Each of the Funds has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) that allows its Class A and Class C Shares to pay a distribution and service fee, as defined by the Financial Industry Regulatory Authority (“FINRA”), from its assets for selling and distributing its shares. Each Fund can pay distribution and service fees at an annual rate of up to 0.50% of its Class A Share assets, and up to 1.00% of its Class C Share assets. These fees consist of up to 0.25% for distribution services and expenses of the Class A and Class C assets, and up to 0.25% for services, as defined by FINRA of Class A assets and up to 0.75% of Class C assets.
4.	Shares of Beneficial Interest:
	The Trust has an unlimited number of shares of beneficial interest, with a par value of $0.001, which may, without shareholder approval, be divided into an unlimited number of series of such shares and any series may be classified or reclassified into one or more classes. Shareholders are entitled to one vote for each full share held and will vote in the aggregate and not by class or series, except as otherwise expressly required by law or when the Board of Trustees has determined that the matter to be voted on affects only the interest of shareholders of a particular class or series. Establishment and offering of additional Funds will not alter the rights of the Trust’s shareholders. When issued, shares are fully paid, non-assessable, redeemable and freely transferable. In any liquidation of a Fund, each shareholder is entitled to receive his pro rata share of the net assets of that Fund.
5.	Securities Transactions:
	The cost of security purchases and the proceeds from the sale of securities (excluding short-term securities and U.S. Government securities) during the year ended October 31, 2007 were as follows:

	Purchases	Sales
Stock Fund	237,795,382	260,420,203
Financial Services Fund	12,754,777	10,893,826
International Equity Fund	42,902,858	47,914,636
Short-Term Bond Fund	2,948,417	23,025,724
Intermediate Bond Fund	860,687	12,552,064
Kansas Tax-Exempt Bond Fund	37,996,838	14,249,341

The cost of purchases and the proceeds from sales of U.S. Government securities for the year ended October 31, 2007 were as follows: 

	Purchases	Sales
Short-Term Bond Fund	29,347,519	7,957,568
Intermediate Bond Fund	5,704,836	8,697,270

6.

Concentration of Credit Risk:

The Kansas Tax-Exempt Bond Fund invests primarily in debt obligations issued by the State of Kansas and its respective political subdivisions, agencies and public authorities. The Fund is more susceptible to economic and political factors adversely affecting issuers of Kansas specific municipal securities than are municipal bond funds that are not concentrated in these issuers to the same extent. At October 31, 2007, the Fund had the following concentration by industry sector (as a percentage of total investments):

Miscellaneous	30.5%
Refunded Bonds	20.6%
Industrial Development	16.6%
Hospitals	14.5%
Utilities	6.8%
General Obligation	5.1%
Transportation	4.4%
Money Market Fund	0.7%
Housing	0.7%
	100.0%

7.	Federal Income Tax Information:
	At October 31, 2007, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:

		Tax Unrealized	Tax Unrealized	Net Unrealized
	Tax Cost	Appreciaton	(Depreciation)	Appreciation (Depreciation)
Stock Fund	$  87,122,159	$25,556,550	$    (540,443)	$25,016,107
Financial Services Fund	1,701,400	33,719	(35,896)	(2,177)
International Equity Fund	103,822,230	36,095,423	(1,935,714)	34,159,709
Short-Term Bond Fund	61,609,608	417,342	(146,203)	271,139
Intermediate Bond Fund	34,934,758	361,693	(318,190)	43,503
Kansas Tax-Exempt Bond Fund	177,818,458	2,427,179	(520,686)	1,906,493

Continued

40

American Independence Funds

The tax character of dividends paid to shareholders during the fiscal year ended October 31, 2007 was as follows:

	Dividends paid from
		Net Long-Term	Total Taxable	Tax Exempt	Total Distributions
	Ordinary Income	Gains	Distributions	Dividends	Paid
Stock Fund	$ 2,029,198	$ 7,311,147	$ 9,340,345	$             —	$ 9,340,345
Financial Services Fund	—	—	—	—	—
International Equity Fund	2,200,415	22,414,889	24,615,304	—	24,615,304
Short-Term Bond Fund	2,596,430	—	2,596,430	—	2,596,430
Intermediate Bond Fund	1,688,928	—	1,688,928	—	1,688,928
Kansas Tax-Exempt Bond Fund*	—	—	—	6,857,913	6,857,913
Kansas Tax-Exempt Bond Fund**	—	—	—	1,237,495	1,237,495

* Information is as of the Fund’s tax year ended August 31, 2007

** The Fund changed its tax year-end to October 31, 2007. The information is for the short tax period September 1, 2007 through October 31, 2007.

The tax character of dividends paid to shareholders during the fiscal year ended October 31, 2006 was as follows:

	Dividends paid from
		Net Long-Term	Total Taxable	Tax Exempt	Total Distributions
	Ordinary Income	Gains	Distributions	Dividends	Paid
Stock Fund	$1,426,178	$             —	$ 1,426,178	$             —	$1,426,178
International Equity Fund**	1,806,318	6,171,784	7,978,102	—	7,978,102
Short-Term Bond Fund*	2,235,765	—	2,235,765	—	2,235,765
Intermediate Bond Fund	2,128,622	6,225	2,134,847	—	2,134,847
Kansas Tax-Exempt Bond Fund***	—	—	—	6,352,964	6,352,964

* Name was changed during the 2006 reporting period. Previous name was UltraShort Bond Fund.

** Name was changed during the 2006 reporting period. Previous name was International Multi-Manager Stock Fund.

*** Information is as of the Fund’s former tax year ended August 31, 2006.

As of October 31, 2007 the components of accumulated earnings on a tax basis were as follows:

								Total
	Undistributed		Undistributed			Accumulated	Unrealized	Accumulated
	Ordinary		Long-Term	Accumulated	Dividends	Capital and	Appreciation	Earnings/
	Income		Capital Gains	Earnings	Payable	Other Losses	(Depreciaton)	(Deficit)
Stock Fund	$2,687,165		$16,878,694	$19,565,859	$         —	$               —	$ 25,016,107	$44,581,966
Financial Services Fund	4,232		—	4,232	—	(77,627)	(2,177)	(75,572)
International Equity Fund	4,064,415		5,539,024	9,603,439	—	—	34,173,684	43,777,123
Short-Term Bond Fund	65,204		—	65,204	72,802	(266,578)	271,139	(3,037)
Intermediate Bond Fund	130,329		—	130,329	42,297	(403,013)	43,503	(271,478)
Kansas Tax-Exempt Bond Fund	287,864	*	—	287,864	201,530	(2,410,459)	1,906,493	(417,632)

* Undistributed tax-exempt income.

At October 31, 2007, the following Funds had net capital loss carry-forwards which are available to offset future net capital gains, if any:

	Amount		Expires
Financial Services Fund	$	77,627	2015
Short-Term Bond Fund		171,659	2013
		74,624	2014
		20,295	2015
Intermediate Bond Fund		187,933	2014
		215,080	2015
Kansas Tax-Exempt Bond Fund		592,685	2009
		1,379,613	2010
		2,495	2011
		122,004	2012
		88,129	2013
		225,533	2015

For the fiscal year ended October 31, 2007, 95.36% of the income dividends paid by the Stock Fund qualify for the dividends received deduction available to corporate shareholders.

For the fiscal year ended October 31, 2007, dividends paid by the Funds may be subject to a maximum tax rate of 15% as provided by the Jobs and Growth Tax Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxes at a maximum rate of 15%. Completed information will be reported in conjunction with the 2007 Form 1099-DIV.

41

American Independence Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
American Independence Funds Trust:

We have audited the accompanying statements of assets and liabilities of The American Independence Funds Trust (The “Trust”) including the Stock Fund, International Equity Fund, Short-Term Bond Fund, Intermediate Bond Fund, Kansas Tax-Exempt Bond Fund and Financial Services Fund (collectively the “Funds”), including the schedules of investments, as of October 31, 2007 and the related statements of operations for the year then ended (period then ended for the Financial Services Fund, whose inception date was 3/1/07) and changes in net assets and financial highlights for each of the two years then ended (period then ended for the Financial Services Fund, whose inception date was 3/1/07). These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of all Funds except the Financial Services Fund for each of the three years in the period ended October 31, 2005 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial highlights in their report dated December 21, 2005.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trust is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007 by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned funds of American Independence Funds Trust as of October 31, 2007, the results of their operations for the year then ended (period then ended for the Financial Services Fund, whose inception date was 3/1/07), and changes in their net assets and their financial highlights for each of the two years then ended (period then ended for the Financial Services Fund, whose inception date was 3/1/07), in conformity with accounting principles generally accepted in the United States of America.

Grant Thornton LLP

Chicago, Illinois
December 27, 2007

42

American Independence Funds

INDEPENDENT TRUSTEES
				Number of Funds	Other
	Position(s)	Term of Office		in complex	Directorships
Name, Address	Held with	and Length of	Principal Occupation(s) During	Overseen by	Held by
and Age	Company	Time Served	Past Five Years	Trustee	Trustee
Terry L. Carter 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 57	Trustee	Indefinite	Retired	11	None
Joseph Hankin 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 66	Trustee	Indefinite	President, Westchester Community College since 1971	11	None
Jeffrey Haas 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 44	Trustee	Indefinite	Professor of Law, New York Law School 1996-Present	11	None
Thomas F. Kice 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 56	Trustee	Indefinite	President of Kice Industries, Inc.	11	None
George Mileusnic 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 51	Trustee	Indefinite	Chief Financial Officer of Caribou Coffee, Inc. (2001-Present). Chief Financial Officer of Dean and DeLuca (2000-2001). Executive Vice President of The Coleman Company (September 1989 - September 1998).	11	None
Peter Ochs 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 52	Trustee	Indefinite	Manager of Ochs & Associates, Inc.	11	None
Richard Wedemeyer 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 71	Trustee	Indefinite	Retired. Formerly Vice President Finance and Administration The Channel Corporation (June 1996-April 2002)	11	None
INTERESTED TRUSTEES
Ronald L. Baldwin 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 50	Trustee	Indefinite	Retired. From 1980 to 2005, Director INTRUST Financial Services, Inc. Director of INTRUST Brokerage, Inc., and Chief Operating Officer and President of INTRUST Bank, N.A.	11	None
John J. Pileggi 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 48	Trustee	Indefinite	Managing Partner of American Independence Financial Services, LLC since 2004. Formerly President and Chief Executive Officer, Mercantile Capital Advisors Inc. (2002-2004). Formerly, President and Chief Executive Officer, PLUSFunds.com (2000-2002). Formerly, President and Chief Executive Officer of ING Mutual Fund Management Co. LLC (1998-2000).	11	None

43

American Independence Funds

OFFICERS
				Number of Funds	Other
	Position(s)	Term of Office		in complex	Directorships
Name, Address	Held with	and Length of	Principal Occupation(s) During	Overseen by	Held by
and Age	Company	Time Served	Past Five Years	Trustee	Trustee
Eric Rubin   Age: 41	President	7/2005-Present	President, American Independence Financial Services, LLC (2/05-Present). Formerly Senior Vice President Mercantile Capital Advisers (4/03-4/04). Formerly Senior Vice President DST International (01/02-04/03). Formerly President EMR Financial Services (06/00-02/01). Formerly Senior Vice President ING Funds 06/98-12/99).	N/A	N/A
Susan Silva   Age: 40	Treasurer	10/2007 – Present	Vice-President of Vastardis Fund Services LLC since August 2006; Treasurer of The FBR Funds from 2002 through 2006 and officer of FBR National Trust Company from 2001 through 2005.	N/A	N/A
Peter W. Wilson   Age: 30	Chief   Compliance   Officer	10/2007 – Present	Director of Alaric Compliance Services, LLC 2007 to Present; Attorney, U.S. Army JAG Corps - 2003 to 2007.	N/A	N/A
Theresa Donovan   Age: 57	Secretary	7/2005 – Present	Senior Director Compliance and Administration American Independence Financial Services, LLC (05/05-Present). Formerly Senior Corporate Paralegal, Paul, Weiss, Rifkind, Wharton & Garrison, LLP (04/98-05/05).	N/A	N/A

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information and is available, without charge, upon request, by calling 1-866-410-2006.

44

American Independence Funds

Additional Fund Information (Unaudited)

The American Independence Funds invested, as a percentage of net assets, in the following as
of October 31, 2007.

Stock Fund
Portfolio Diversification	Assets
Financials	24.0	%
Consumer Discretionary	17.1
Energy	10.9
Industrials	10.2
Healthcare	5.2
Consumer Staples	5.8
Materials	2.8
Telecommunications Services	3.4
Technology	5.4
Money Market	14.4
Total Investments	99.2	%
Other Assets in Excess of Liabilities	0.8
Net Assets	100.0	%
Financial Services Fund
	% of Net
Portfolio Diversification	Assets
Banks	49.7	%
Speciality Insurance	16.2
Life Insurance	8.2
Insurance	8.1
Asset Management	1.1
Limited Partnership	1.2
Total Investments	84.5	%
Other Assets in Excess of Liabilities	15.5
Net Assets	100.0	%
International Equity Fund
	% of Net
Portfolio Diversification	Assets
Financials	20.8	%
Consumer Discretionary	17.8
Energy	17.4
Industrials	14.6
Consumer Staples	3.0
Technology	1.1
Healthcare	7.4
Telecommunications Services	9.6
Materials	4.9
Money Market	3.1
Total Investments	99.7	%
Other Assets in Excess of Liabilities	0.3
Net Assets	100.0	%

Short-Term Bond Fund
Portfolio Diversification	Assets
U.S. Government and Agency Securities	74.9	%
Asset Backed Securities	6.2
Corporate Bonds	5.8
Tax Municipal Bonds	4.6
Collateralized Mortgage Obligations	4.1
Medium Term Notes	1.2
Money Market	2.2
Total Investments	99.0	%
Other Assets in Excess of Liabilities	1.0
Net Assets	100.0	%
Intermediate Bond Fund
	% of Net
Portfolio Diversification	Assets
U.S. Government and Agency Securities	40.8	%
Asset Backed Securities	5.7
Tax Municipal Bonds	8.3
Collateralized Mortgage Obligations	16.7
Corporate Bonds	19.2
Medium Term Notes	0.6
Money Market	7.8
Total Investments	99.1	%
Other Assets in Excess of Liabilities	0.9
Net Assets	100.0	%
Kansas Tax-Exempt Bond Fund
	% of Net
Portfolio Diversification	Assets
Miscellaneous	30.3	%
Refunded Bonds	20.5
Industrial Development	16.5
Hospitals	14.5
Utilities	6.7
General Obligation	5.1
Transportation	4.4
Housing	0.8
Money Market	0.7
Total Investments	99.5	%
Other Assets in Excess of Liabilities	0.5
Net Assets	100.0	%

45

American Independence Funds

APPROVAL OF NEW INVESTMENT SUB-ADVISORY CONTRACTS

Stock Fund

At a meeting of the Board held on March 30, 2007, the Board of Trustees, including the Trustees who are not “interested persons” (as defined in the 1940 Act), determined that the appointment of American Independence Capital Management, LLC (“AICM”), a newly registered investment adviser, which was established jointly by American Independence Financial Services, LLC and Miller & Jacobs Capital, as sub-advisor to the Stock Fund (the “Fund”) was in the best interests of the Fund and its shareholders, and unanimously approved an Interim Sub-Advisory Agreement between American Independence Financial Services, LLC and American Independence Capital Management, LLC, subject to shareholder approval. The Interim Sub-Advisory Agreement is substantially identical to the Prior Sub-Advisory Agreement. Shareholders of the Fund approved the Sub-Advisory Agreement at a meeting on June 28, 2007, held specifically for the approval of the New Sub-Advisory Agreement. The New Sub-Advisory Agreement provides for fees payable to AICM for its sub-advisory services at the same rate as payable under the Prior Sub-Advisory Agreement.

In evaluating the New Sub-Advisory Agreement, the Board reviewed materials furnished by the Adviser and AICM, including (i) information about the Adviser’s and AICM’s personnel, operations and management of the Fund, (ii) comparative data as to the Fund’s investment performance and advisory fees, (iii) the sub-advisor’s trade allocation methods; the standards and performance in seeking best execution; allocation for brokerage and research and use of soft dollars and (iv) representations by AICM that it would provide advisory and other services to the Fund of a scope and quality at least equivalent to the scope and quality of the services currently provided to the Fund.

The Board also considered that the terms of the New Sub-Advisory Agreement will remain materially unchanged from the Prior Sub-Advisory Agreement and that the advisory fees payable by the Fund will remain the same.

Based upon its evaluation, the Board concluded that the Adviser’s engagement of AICM as sub-advisers to the Fund has provided the Fundaccess to highly effective management and advisory services and capabilities and that the provision of investment advisory services by AICM is in the best interests of the Fund.

The Board concluded further that the terms of the New Sub-Advisory Agreement, including the fees contemplated thereby, are fair and reasonable and in the best interests of the Fund and its shareholders.

Short-Term Bond Fund and Intermediate Bond Fund

At a meeting of the Board held on March 30, 2007, the Board of Trustees, including the Trustees who are not “interested persons” (as defined in the 1940 Act), after careful consideration of a variety of factors, determined that the appointment of American Independence Financial Counselors, LLC (“AIFC”), a newly registered investment adviser, which is a wholly owned subsidiary of American Independence Financial Services, LLC, as sub-advisor to the Short-Term Bond Fund and Intermediate Bond Fund (the “Funds”) was in the best interests of the Funds and their respective shareholders, and unanimously approved an Interim Sub-Advisory Agreement between American Independence Financial Services, LLC and American Independence Financial Counselors, LLC, subject to shareholder approval. At a shareholder meeting held on June 28, 2007 specifically to approve the New Sub-Advisory Agreements, shareholders approved the New Sub-Advisory Agreement. The Interim Sub-Advisory Agreement is substantially identical to the Prior Sub-Advisory Agreement. The New Sub-Advisory Agreement provides for fees payable to AIFC for its sub-advisory services at the same rate as payable under the Prior Sub-Advisory Agreement.

In evaluating the New Sub-Advisory Agreement, the Board reviewed materials furnished by the Adviser and AIFC, including (i) information about the Adviser’s and AIFC’s personnel, operations and management of the Funds, (ii) comparative data as to the Funds’ investment performance and advisory fees, (iii) the sub-advisor’s trade allocation methods; the standards and performance in seeking best execution; allocation for brokerage and research and use of soft dollars and (iv) representations by AIFC that it would provide advisory and other services to the Funds of a scope and quality at least equivalent to the scope and quality of the services currently provided to the Funds.

The Board also considered that the terms of the New Sub-Advisory Agreement will remain materially unchanged from the Prior Sub-Advisory Agreement and that the advisory fees payable by the Funds will remain the same.

Based upon its evaluation, the Board concluded that the Adviser’s engagement of AIFC as sub-advisers to the Funds has provided the Fundsaccess to highly effective management and advisory services and capabilities and that the provision of investment advisory services by AIFC is in the best interests of the Funds.

46

American Independence Funds

Table of Shareholder Expenses (Unaudited):

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and (2) ongoing costs, including management fees, distribution and service fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested on May 1, 2007 and held for the entire period from May 1, 2007 through October 31, 2007.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning	Ending	Expenses Paid	Expense Ratio
		Account Value	Account Value	During Period*	During Period**
		5/1/07	10/31/07	5/1/07 - 10/31/07	5/1/07 - 10/31/07
Stock Fund	Institutional Class Shares	$ 1,000.00	$ 1,055.56	$ 4.61	0.89%
	Class A Shares	1,000.00	1,052.73	7.19	1.39%
	Class C Shares***	1,000.00	1,031.87	1.95	1.89%
Financial Services Fund	Institutional Class Shares	1,000.00	970.91	6.21	1.25%
	Class A Shares	1,000.00	966.93	8.70	1.75%
	Class C Shares***	1,000.00	978.68	2.26	2.25%
International Equity Fund	Institutional Class Shares	1,000.00	1,100.20	5.24	0.99%
	Class A Shares	1,000.00	1,098.03	7.88	1.49%
	Class C Shares***	1,000.00	1,059.05	2.08	1.99%
Short-Term Bond Fund	Institutional Class Shares	1,000.00	1,031.33	2.30	0.45%
	Class A Shares	1,000.00	1,029.50	3.84	0.75%
Intermediate Bond Fund	Institutional Class Shares	1,000.00	1,028.43	2.86	0.56%
	Class A Shares	1,000.00	1,027.53	4.39	0.86%
Kansas Tax-Exempt Bond Fund	Institutional Class Shares	1,000.00	1,015.43	2.03	0.40%
	Class A Shares	1,000.00	1,013.19	4.06	0.80%
	Class C Shares***	1,000.00	1,008.34	6.24	1.40%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized
***	Information shown reflects values using the expense ratios and rates of returns for the period from the date operations commenced (i.e., - September 24, 2007 excepting the Kansas Tax-Exempt Bond Fund which commenced on May 22, 2007) through October 31, 2007 and has been calculated using expense ratios and rates of return for the same time period.

47

American Independence Funds

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs onlyand will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning	Ending	Expense Paid	Expense Ratio
		Account Value	Account Value	During Period*	During Period**
		5/1/07	10/31/07	5/1/07 - 10/31/07	5/1/07 - 10/31/07
Stock Fund	Institutional Class Shares	$ 1,000.00	$ 1,020.67	$ 4.54	0.89%
	Class A Shares	1,000.00	1,018.11	7.10	1.39%
	Class C Shares***	1,000.00	1,023.27	1.94	1.89%
Financial Services Fund	Institutional Class Shares	1,000.00	1,018.83	6.38	1.25%
	Class A Shares	1,000.00	1,016.25	8.96	1.75%
	Class C Shares***	1,000.00	1,022.90	2.31	2.25%
International Equity Fund	Institutional Class Shares	1,000.00	1,020.15	5.06	0.99%
	Class A Shares	1,000.00	1,017.60	7.61	1.49%
	Class C Shares***	1,000.00	1,023.17	2.04	1.99%
Short-Term Bond Fund	Institutional Class Shares	1,000.00	1,022.91	2.30	0.45%
	Class A Shares	1,000.00	1,021.38	3.83	0.75%
Intermediate Bond Fund	Institutional Class Shares	1,000.00	1,022.35	2.86	0.56%
	Class A Shares	1,000.00	1,020.82	4.39	0.86%
Kansas Tax-Exempt Bond Fund	Institutional Class Shares	1,000.00	1,023.17	2.04	0.40%
	Class A Shares	1,000.00	1,021.12	4.09	0.80%
	Class C Shares***	1,000.00	1,018.92	6.29	1.40%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized
***	Information shown reflects values using the expense ratios for the period from the date operations commenced (i.e., - September 24, 2007 excepting the Kansas Tax-Exempt Bond Fund which commenced on May 22, 2007) through October 31, 2007 and has been calculated using expense ratios for the same time period.

48

Investment Adviser and Administrator:
American Independence Financial Services, LLC
335 Madison Avenue, Mezzanine
New York, NY 10017

Custodian:
INTRUST Bank NA
105 North Main Street
Wichita, KS 67202

Transfer Agent:
Boston Financial Data Services, Inc.
2 Heritage Drive
Quincy, MA 02171

Distributor:
Foreside Distribution Services, L.P.
Ground Floor
Two Portland Square
Portland, ME 04101

Sub-Administrator:
Vastardis Fund Services LLC
41 Madison Avenue, 30^th Floor
New York, NY 10010

FOR ADDITIONAL INFORMATION, CALL:
1-866-410-2006

This material must be preceded or accompanied
by a current prospectus.

AIF AR 103107

 

	October 31, 2007
	Nest Egg Dow Jones Target Date Funds	Annual Report
2010
2015
2020
2030
2040

Based on the Dow Jones Target Date Indexes.

     NOT FDIC Insured. May lose value. No bank guarantee.

This material must be accompanied or preceded by a prospectus.

American Independence Financial Services, LLC is a limited liability company. “Dow Jones,” “Dow Jones Indexes,” “Dow Jones Target Date Indexes,” and “Dow Jones U.S. Target Date Indexes” are service marks of Dow Jones & Company, Inc. Dow Jones does not sell, nor does it sponsor, endorse, or make any recommendation regarding the purchase or sale of any security.

American Independence Funds are distributed by Foreside Distribution Services, L.P.

 

Table of Contents

NestEgg Dow Jones Target Date Funds
Annual Report—October 31, 2007
 

President’s Letter to Shareholders	1
Fund Performance	2
NestEgg Dow Jones 2010 Fund
Schedule of Portfolio Investments	7
NestEgg Dow Jones 2015 Fund
Schedule of Portfolio Investments	11
NestEgg Dow Jones 2020 Fund
Schedule of Portfolio Investments	15
NestEgg Dow Jones 2030 Fund
Schedule of Portfolio Investments	19
NestEgg Dow Jones 2040 Fund
Schedule of Portfolio Investments	23
Statements of Assets and Liabilities	27
Statements of Operations	28
Statements of Changes in Net Assets	29
Financial Highlights	31
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	38
Additional Fund Information	39
Trustees and Officers	41
Table of Shareholder Expenses	43

 
 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the portfolio securities is available without charge, upon request, by calling 1-866-410-2006 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling 1-866-410-2006 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Schedules of Portfolio Investments as of January 31 and July 31 are available without charge, on the Securities and Exchange Commission’s website at http://www.sec.gov.

The complete Schedules of Portfolio Investments are available (i) without charge, upon request, by calling toll-free 1-866-410-2006; and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

NestEgg Dow Jones Target Date Funds

Dear Fellow Shareholder:

I am pleased to present you with the Annual Report for the NestEgg Dow Jones Target Date Funds (the “Funds” or for each fund separately, a “Fund”) for the fiscal year ending October 31, 2007. The following pages will offer you insight into the Funds’ performance, enhancements made to each Fund, and serve as a reminder of what we have achieved as we seek to maximize each shareholder’s experience.

The past fiscal year has been an exciting one for the Funds and American Independence Financial Services, LLC (AIFS). This period marks the first full fiscal year that AIFS has managed the funds. It is also the first complete fiscal year that the Funds have been managed to a Dow Jones Target Date Index.

Until July 31, 2007, the Funds were managed as the NestEgg Dow Jones U.S. Target Date Funds and sought to replicate the performance of the Dow Jones U.S. Target Date Indexes, less expenses. During this period, the Funds owned no international stocks or bonds. After extensive market analysis and a positive response from shareholders, the Funds voted to change the indexes tracked to the Dow Jones Target Date Indexes. By doing this, the Funds now have exposure to international stocks and bonds. Four international asset classes were added increasing the Funds’ overall diversity, and over a thousand securities were added to each Fund.

This policy took effect on August 1st and each of the Funds was renamed to reflect this new objective. The name changes were as follows:

• NestEgg Dow Jones U.S. 2010 Fund became the NestEgg Dow Jones 2010 Fund
• NestEgg Dow Jones U.S. 2015 Fund became the NestEgg Dow Jones 2015 Fund
• NestEgg Dow Jones U.S. 2020 Fund became the NestEgg Dow Jones 2020 Fund
• NestEgg Dow Jones U.S. 2030 Fund became the NestEgg Dow Jones 2030 Fund
• NestEgg Dow Jones U.S. 2040 Fund became the NestEgg Dow Jones 2040 Fund

Additionally, on August 1st, the Funds reduced the maximum expense ratio of each Fund, which had an immediate positive impact on performance. The percentage of the reduction in fees and expenses ranged from a high of 53% to 10%. Every Fund and every Class benefited from this reduction in fees.

Continuing the improvements in cost and service, in October, the Funds engaged Boston Financial Data Services as Transfer Agent and Shareholder Service Agent. I hope that you have found the shareholder representatives to be efficient and courteous, and in January, you will be receiving the first of your enhanced Fund statements.

Everyone at American Independence believes that this has been a very positive year for the NestEgg Dow Jones Target Date Funds. We value your support and appreciate your faith. We continually strive to make investing in the Funds a rewarding experience.The Funds are well positioned as we enter the next year, and AIFS will continue to seek to provide additional services, improve existing ones, and build upon the existing strong foundation.

Thank you all for your support. Please do not hesitate to contact us with any questions at 866-410-2006. I hope 2008 turns out to be a positive year for the markets and an enjoyable one for you.

Sincerely,

Eric M. Rubin
President

Past performance does not guarantee future results.

This material is authorized for distribution only when preceded or accompanied by a prospectus. American Independence Financial Services, LLC provides investment advisory and other services to the Funds and receives a fee for those services. The Funds are distributed by Foreside Distribution Services LP. Mutual funds are NOT INSURED BY THE FDIC. There is no bank guarantee. Mutual funds may lose value. The views expressed in this President’s Letter to Shareholders and accompanying commentaries are through the end of the period covered by the report, as stated on the cover. These views are subject to change based on market and other conditions.

1

NestEgg Dow Jones Target Date Funds

NestEgg Dow Jones 2010 Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on January 4, 1999. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.
 

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		Since Inception (1/4/99)
NestEgg Dow Jones 2010 Fund
Institutional Class	7.34	%	7.07	%	4.82	%
Class A Shares†	1.64	%	5.46	%	3.51	%
Class C Shares††	5.24	%	6.31	%	3.99	%
Dow Jones Target 2010 Index	9.60	%	10.74	%	6.97	%
Dow Jones U.S. Target 2010 Index	7.40	%	9.35	%	6.38	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^† Reflects maximum sales charge of 4.75%.
^†† Reflects contingent deferred sales charge (“CDSC”) of 1.00% assessed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the corresponding predecessor fund on March 2, 2006. In the Reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class and Class A shares known as Service Class and Premium Class, respectively. As a result of the reorganization, the Fund will carryforward the performance history of the corresponding predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, but has not been restated to reflect differences in expenses. If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund includes the performance of the predecessor fund’s Premium Class shares prior to the reorganization. The performance of the predecessor fund’s Premium Class shares prior to commencement of operations on November 1, 2002 includes the performance of the predecessor fund’s Service Class shares. Such performance has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be lower. The performance of the Fund’s Class C Shares prior to commencement of operations on March 15, 2006 includes the performance of the Fund’s Class A Shares from March 2, 2006 through March 14, 2006 and the performance of the predecessor fund’s Premium Shares prior to the reorganization. Such performance has been restated to reflect differences in any applicable sales charges and expenses. For the period from November 1, 2002 through the date of the reorganization, the predecessor fund operated as a “fund of funds.” Prior to November 1, 2002, the predecessor fund operated under a “master-feeder” structure.

The Fund has changed its standardized benchmark from the former Dow Jones U.S. Target 2010 Index to the Dow Jones Target 2010 Index. This was done to permit an asset allocation which includes non-U.S. securities. Like its U.S.-only counterpart, the Dow Jones Target 2010 Index represents a balanced portfolio whose allocations are automatically adjusted to reduce potential risk over time. Target Date refers to the date that the invested capital will be needed. The index allocates among domestic and international stock, bond and cash subindexes on a monthly basis to measure predefined relative risk levels. This systematic reduction of risk occurs beginning 35 years prior to a defined target date. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in its underlying securities.

During the period shown, certain fees and expenses of the Fund may have been reduced and/ or reimbursed. If such fee reductions and/ or reimbursements had not occurred, the performance of the Fund would have been lower.

2

NestEgg Dow Jones Target Date Funds

NestEgg Dow Jones 2015 Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on January 4, 1999. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.

 

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		Since Inception (1/4/99)
NestEgg Dow Jones 2015 Fund
Institutional Class	9.17	%	8.28	%	4.38	%
Class A Shares†	3.52	%	6.68	%	3.14	%
Class C Shares††	7.05	%	7.21	%	3.17	%
Dow Jones Target 2015 Index	11.64	%	12.73	%	7.53	%
Dow Jones U.S. Target 2015 Index	8.81	%	10.98	%	6.70	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^† Reflects maximum sales charge of 4.75%.
^†† Reflects contingent deferred sales charge (“CDSC”) of 1.00% assessed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the corresponding predecessor fund on March 2, 2006. In the Reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class and Class A shares known as Service Class and Premium Class, respectively. As a result of the reorganization, the Fund will carryforward the performance history of the corresponding predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, but has not been restated to reflect differences in expenses. If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund includes the performance of the predecessor fund’s Premium Class shares prior to the reorganization. The performance of the predecessor fund’s Premium Class shares prior to commencement of operations on November 1, 2002 includes the performance of the predecessor fund’s Service Class shares. Such performance has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be lower. The performance of the Fund’s Class C Shares prior to commencement of operations on March 15, 2006 includes the performance of the Fund’s Class A Shares from March 2, 2006 through March 14, 2006 and the performance of the predecessor fund’s Premium Shares prior to the reorganization. Such performance has been restated to reflect differences in any applicable sales charges and expenses. For the period from November 1, 2002 through the date of the reorganization, the predecessor fund operated as a “fund of funds.” Prior to November 1, 2002, the predecessor fund operated under a “master-feeder” structure.

The Fund has changed its standardized benchmark from the former Dow Jones U.S. Target 2015 Index to the Dow Jones Target 2015 Index. This was done to permit an asset allocation which includes non-U.S. securities. Like its U.S.-only counterpart, the Dow Jones Target 2015 Index represents a balanced portfolio whose allocations are automatically adjusted to reduce potential risk over time. Target Date refers to the date that the invested capital will be needed. The index allocates among domestic and international stock, bond and cash subindexes on a monthly basis to measure predefined relative risk levels. This systematic reduction of risk occurs beginning 35 years prior to a defined target date. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in its underlying securities.

During the period shown, certain fees and expenses of the Fund may have been reduced and/ or reimbursed. If such fee reductions and/ or reimbursements had not occurred, the performance of the Fund would have been lower.

3

NestEgg Dow Jones Target Date Funds

NestEgg Dow Jones 2020 Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on January 4, 1999. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.
 

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		Since Inception (1/4/99)
NestEgg Dow Jones 2020 Fund
Institutional Class	10.77	%	10.03	%	4.04	%
Class A Shares†	4.92	%	8.39	%	2.81	%
Class C Shares††	8.68	%	8.95	%	2.84	%
Dow Jones Target 2020 Index	14.04	%	14.89	%	8.16	%
Dow Jones U.S. Target 2020 Index	10.18	%	12.56	%	6.98	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^† Reflects maximum sales charge of 4.75%.
^†† Reflects contingent deferred sales charge (“CDSC”) of 1.00% assessed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the corresponding predecessor fund on March 2, 2006. In the Reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class and Class A shares known as Service Class and Premium Class, respectively. As a result of the reorganization, the Fund will carryforward the performance history of the corresponding predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, but has not been restated to reflect differences in expenses. If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund includes the performance of the predecessor fund’s Premium Class shares prior to the reorganization. The performance of the predecessor fund’s Premium Class shares prior to commencement of operations on November 1, 2002 includes the performance of the predecessor fund’s Service Class shares. Such performance has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be lower. The performance of the Fund’s Class C Shares prior to commencement of operations on March 15, 2006 includes the performance of the Fund’s Class A Shares from March 2, 2006 through March 14, 2006 and the performance of the predecessor fund’s Premium Shares prior to the reorganization. Such performance has been restated to reflect differences in any applicable sales charges and expenses. For the period from November 1, 2002 through the date of the reorganization, the predecessor fund operated as a “fund of funds.” Prior to November 1, 2002, the predecessor fund operated under a “master-feeder” structure.

The Fund has changed its standardized benchmark from the former Dow Jones U.S. Target 2020 Index to the Dow Jones Target 2020 Index. This was done to permit an asset allocation which includes non-U.S. securities. Like its U.S.-only counterpart, the Dow Jones Target 2020 Index represents a balanced portfolio whose allocations are automatically adjusted to reduce potential risk over time. Target Date refers to the date that the invested capital will be needed. The index allocates among domestic and international stock, bond and cash subindexes on a monthly basis to measure predefined relative risk levels. This systematic reduction of risk occurs beginning 35 years prior to a defined target date. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in its underlying securities.

During the period shown, certain fees and expenses of the Fund may have been reduced and/ or reimbursed. If such fee reductions and/ or reimbursements had not occurred, the performance of the Fund would have been lower.

4

NestEgg Dow Jones Target Date Funds

NestEgg Dow Jones 2030 Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on January 4, 1999. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.
 

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		Since Inception (1/4/99)
NestEgg Dow Jones 2030 Fund
Institutional Class	13.33	%	11.94	%	4.17	%
Class A Shares†	7.43	%	10.25	%	2.95	%
Class C Shares††	11.14	%	11.11	%	3.41	%
Dow Jones Target 2030 Index	17.78	%	18.18	%	9.07	%
Dow Jones U.S. Target 2030 Index	12.29	%	15.00	%	7.37	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^† Reflects maximum sales charge of 4.75%.
^†† Reflects contingent deferred sales charge (“CDSC”) of 1.00% assessed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the corresponding predecessor fund on March 2, 2006. In the Reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class and Class A shares known as Service Class and Premium Class, respectively. As a result of the reorganization, the Fund will carryforward the performance history of the corresponding predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, but has not been restated to reflect differences in expenses. If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund includes the performance of the predecessor fund’s Premium Class shares prior to the reorganization. The performance of the predecessor fund’s Premium Class shares prior to commencement of operations on November 1, 2002 includes the performance of the predecessor fund’s Service Class shares. Such performance has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be lower. The performance of the Fund’s Class C Shares prior to commencement of operations on March 15, 2006 includes the performance of the Fund’s Class A Shares from March 2, 2006 through March 14, 2006 and the performance of the predecessor fund’s Premium Shares prior to the reorganization. Such performance has been restated to reflect differences in any applicable sales charges and expenses. For the period from November 1, 2002 through the date of the reorganization, the predecessor fund operated as a “fund of funds.” Prior to November 1, 2002, the predecessor fund operated under a “master-feeder” structure.

The Fund has changed its standardized benchmark from the former Dow Jones U.S. Target 2030 Index to the Dow Jones Target 2030 Index. This was done to permit an asset allocation which includes non-U.S. securities. Like its U.S.-only counterpart, the Dow Jones Target 2030 Index represents a balanced portfolio whose allocations are automatically adjusted to reduce potential risk over time. Target Date refers to the date that the invested capital will be needed. The index allocates among domestic and international stock, bond and cash subindexes on a monthly basis to measure predefined relative risk levels. This systematic reduction of risk occurs beginning 35 years prior to a defined target date. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in its underlying securities.

During the period shown, certain fees and expenses of the Fund may have been reduced and/ or reimbursed. If such fee reductions and/ or reimbursements had not occurred, the performance of the Fund would have been lower.

5

NestEgg Dow Jones Target Date Funds

NestEgg Dow Jones 2040 Fund – Performance

This chart assumes an initial investment of $10,000 in the Institutional Class made on January 4, 1999. Total Return is based on net change in N.A.V. (net asset value) assuming reinvestment of distributions. Returns shown on this page include the reinvestment of all dividends and other distributions.
 

Total Returns as of October 31, 2007	Annualized
	1 Year		5 Year		Since Inception (1/4/99)
NestEgg Dow Jones 2040 Fund
Institutional Class	14.69	%	13.73	%	4.15	%
Class A Shares†	8.66	%	12.00	%	2.97	%
Class C Shares††	12.49	%	12.62	%	3.05	%
Dow Jones Target 2040 Index	19.45	%	19.33	%	9.47	%
Dow Jones U.S. Target 2040 Index	13.20	%	15.82	%	7.60	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call us at 1-866-410-2006.

^† Reflects maximum sales charge of 4.75%.
^†† Reflects contingent deferred sales charge (“CDSC”) of 1.00% assessed on shares redeemed within one year of purchase.

Pursuant to an agreement and plan of reorganization, the Fund acquired the assets and liabilities of the corresponding predecessor fund on March 2, 2006. In the Reorganization, the predecessor fund exchanged all of its assets for shares of the Fund. The predecessor fund offered a class of shares similar to the Fund’s Institutional Class and Class A shares known as Service Class and Premium Class, respectively. As a result of the reorganization, the Fund will carryforward the performance history of the corresponding predecessor fund, as the predecessor fund is the accounting survivor. The performance of the Institutional Class shares of the fund includes the performance of the predecessor fund’s Service Class shares prior to the reorganization, but has not been restated to reflect differences in expenses. If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be higher. The performance of the Class A shares of the Fund includes the performance of the predecessor fund’s Premium Class shares prior to the reorganization. The performance of the predecessor fund’s Premium Class shares prior to commencement of operations on November 1, 2002 includes the performance of the predecessor fund’s Service Class shares. Such performance has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If the performance had been adjusted to reflect all differences in expenses, the performance of the Fund would be lower. The performance of the Fund’s Class C Shares prior to commencement of operations on March 15, 2006 includes the performance of the Fund’s Class A Shares from March 2, 2006 through March 14, 2006 and the performance of the predecessor fund’s Premium Shares prior to the reorganization. Such performance has been restated to reflect differences in any applicable sales charges and expenses. For the period from November 1, 2002 through the date of the reorganization, the predecessor fund operated as a “fund of funds.” Prior to November 1, 2002, the predecessor fund operated under a “master-feeder” structure.

The Fund has changed its standardized benchmark from the former Dow Jones U.S. Target 2040 Index to the Dow Jones Target 2040 Index. This was done to permit an asset allocation which includes non-U.S. securities. Like its U.S.-only counterpart, the Dow Jones Target 2040 Index represents a balanced portfolio whose allocations are automatically adjusted to reduce potential risk over time. Target Date refers to the date that the invested capital will be needed. The index allocates among domestic and international stock, bond and cash subindexes on a monthly basis to measure predefined relative risk levels. This systematic reduction of risk occurs beginning 35 years prior to a defined target date. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investors cannot invest directly in an index although they can invest in its underlying securities.

During the period shown, certain fees and expenses of the Fund may have been reduced and/ or reimbursed. If such fee reductions and/ or reimbursements had not occurred, the performance of the Fund would have been lower.

6

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments
NestEgg Dow Jones 2010 Fund	October 31, 2007

Common Stocks (23.32%)
	Shares or
	Principal
Security Description	(Currency Noted)	Value ($)
AAR Corp. (Industrial) (b)	14	449
Adobe Systems, Inc. (Technology) (b)	23	1,102
Advanced Micro Devices, Inc.
(Technology) (b)	90	1,177
The AES Corp. (Utilities) (b)	26	557
AK Steel Holding Corp.
(Basic Materials) (b)	41	2,055
Alaska Air Group, Inc.
(Consumer, Cyclical) (b)	30	762
American Tower Corp.
(Communications) (b)	16	707
Amgen, Inc.
(Consumer, Non-cyclical) (b)	45	2,615
AMR Corp. (Consumer, Cyclical) (b)	41	984
Anixter International, Inc.
(Communications) (b)	12	862
Apple, Inc. (Technology) (b)	31	5,888
Aquila, Inc. (Utilities) (b)	242	1,012
Arrow Electronics, Inc. (Industrial) (b)	21	840
Atos Origin SA (Technology) (b)	2	122
Autodesk, Inc. (Technology) (b)	36	1,760
Avis Budget Group, Inc.
(Consumer, Non-cyclical) (b)	61	1,273
Avnet, Inc. (Industrial) (b)	26	1,085
Big Lots, Inc. (Consumer, Cyclical) (b)	21	504
Blockbuster, Inc.
(Consumer, Cyclical) (b)	78	410
Bombardier, Inc. (Industrial) (b)	22	130
British Airways PLC.
(Consumer, Cyclical) (b)	13	120
Business Objects SA (Technology) (b)	2	120
Cablevision Systems Corp.
(Communications) (b)	35	1,027
Charming Shoppes, Inc.
(Consumer, Cyclical) (b)	66	490
Charter Plc. (Industrial) (b)	5	113
Checkpoint Systems, Inc.
(Industrial) (b)	21	635
China Everbright Ltd. (Financial) (b)	46	204
China Grand Forestry Resources
(Industrial) (b)	264	92
China Insurance International
(Financial) (b)	44	142
Cincinnati Bell, Inc.
(Communications) (b)	130	705
Citic Resources Holdings Ltd.
(Diversified) (b)	148	94
Comcast Corp. (Communications) (b)	131	2,749
Computer Sciences Corp.
(Technology) (b)	34	1,985
Corrections Corporation of America
(Consumer, Non-cyclical) (b)	46	1,301
The DIRECTV Group, Inc.
(Communications) (b)	31	821
Domtar Corp. (Basic Materials) (b)	108	927
Dynegy, Inc. (Utilities) (b)	74	682
EchoStar Communications Corp.
(Communications) (b)	32	1,567
EMC Corp. (Technology) (b)	89	2,260
ESCO Technologies, Inc.
(Industrial) (b)	10	414
Esterline Technologies Corp.
(Industrial) (b)	10	548
FirstFed Financial Corp.
(Financial) (b)	7	299
Ford Motor Co.
(Consumer, Cyclical) (b)	87	772
Foster Wheeler Ltd. (Industrial) (b)	11	1,631
Galaxy Entertainment Group Ltd.
(Consumer, Cyclical) (b)	106	115
Gaylord Entertainment Co.
(Consumer, Cyclical) (b)	15	817
General Cable Corp. (Industrial) (b)	20	1,440
Genting International PLC.
(Financial) (b)	184	88
Hitachi Zosen Corp. (Industrial) (b)	56	93
Humana, Inc.
(Consumer, Non-cyclical) (b)	26	1,949
Immoeast AG (Financial) (b)	8	97
Impregilo SpA (Industrial) (b)	13	104
Infineon Technologies AG
(Technology) (b)	12	176
Interpublic Group of Companies, Inc.
(Communications) (b)	96	994
Investment Technology Group, Inc.
(Financial) (b)	17	712
ITT Educational Services, Inc.
(Consumer, Non-cyclical) (b)	15	1,908
Jacobs Engineering Group, Inc.
(Industrial) (b)	18	1,569
Jyske Bank A/S (Financial) (b)	1	82
Kirby Corp. (Industrial) (b)	8	365
Kulicke & Soffa Industries, Inc.
(Technology) (b)	41	310
LaBranche & Co, Inc. (Financial) (b)	38	208
Lear Corp. (Consumer, Cyclical) (b)	38	1,350
Lihir Gold Ltd. (Basic Materials) (b)	60	231
Logitech International SA
(Technology) (b)	4	139
McDermott International, Inc.
(Industrial) (b)	34	2,076
Meritage Homes Corp.
(Consumer, Cyclical) (b)	13	209
MGM Mirage (Consumer, Cyclical) (b)	4	366
Microsemi Corp. (Technology) (b)	25	665
Millipore Corp.
(Consumer, Non-cyclical) (b)	8	621
Mitsubishi Motors Corp.
(Consumer, Cyclical) (b)	128	250
Moog, Inc. (Industrial) (b)	14	646
Mount Gibson Iron Ltd.
(Basic Materials) (b)	85	235
Newport Corp. (Industrial) (b)	16	219
Orbotech Ltd. (Industrial) (b)	22	455
Parker Drilling Co. (Energy) (b)	72	608
Pier 1 Imports, Inc.
(Consumer, Cyclical) (b)	54	275
Pinnacle Entertainment, Inc.
(Consumer, Cyclical) (b)	22	642
Pre-Paid Legal Services, Inc.
(Consumer, Non-cyclical) (b)	5	298
Psychiatric Solutions, Inc.
(Consumer, Non-cyclical) (b)	20	792
Qwest Communications International
(Communications) (b)	73	524

See Notes to Financial Statements

7

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2010 Fund	October 31, 2007

Common Stocks, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
Ralcorp Holdings, Inc.
(Consumer, Non-cyclical) (b)		10	563
RH Donnelley Corp.
(Communications) (b)		11	603
Rite Aid Corp.
(Consumer, Cyclical) (b)		83	325
RTI International Metals, Inc.
(Basic Materials) (b)		9	704
SGL Carbon AG (Basic Materials) (b)		2	117
Six Flags, Inc.
(Consumer, Cyclical) (b)		50	162
Skyworks Solutions, Inc.
(Technology) (b)		85	784
Southwestern Energy Co.
(Energy) (b)		26	1,345
St. Jude Medical, Inc.
(Consumer, Non-cyclical) (b)		13	529
SVB Financial Group (Financial) (b)		13	673
TD Ameritrade Holding Corp.
(Financial) (b)		9	172
Tenet Healthcare Corp.
(Consumer, Non-cyclical) (b)		87	305
Terex Corp. (Industrial) (b)		16	1,188
Thomas & Betts Corp. (Industrial) (b)		9	504
Toyama Chemical Co Ltd.
(Consumer, Non-cyclical) (b)		16	99
Unisys Corp. (Technology) (b)		64	389
United Stationers, Inc.
(Consumer, Cyclical) (b)		11	637
URS Corp. (Industrial) (b)		23	1,422
USEC, Inc. (Basic Materials) (b)		29	255
Valassis Communications, Inc.
(Consumer, Non-cyclical) (b)		23	227
Varian Medical Systems, Inc.
(Consumer, Non-cyclical) (b)		20	975
Vestas Wind Systems A/S
(Industrial) (b)		3	268
Washington Group International
(Industrial) (b)		11	1,071
William Demant Holding
(Consumer, Non-cyclical) (b)		1	92
WMS Industries, Inc.
(Consumer, Cyclical) (b)		16	555
YRC Worldwide, Inc. (Industrial) (b)		31	762
Other Common Stocks (c)		66,753	1,470,867
Total Common Stocks
(Cost $1,453,673)			1,551,213
Corporate Bonds (17.05%)
Allstate Corp.,
7.20%, 12/1/2009 (Financial)	USD	10,000	10,446
American General Finance,
5.38%, 10/1/2012 (Financial)	USD	38,000	37,611
Boeing Co., 6.13%, 2/15/2033
(Industrial)	USD	11,000	11,366
Bottling Group LLC, 4.63%,
11/15/2012 (Consumer Goods)	USD	5,000	4,922
Citigroup, Inc.,
6.63%, 1/15/2028 (Financial)	USD	23,000	24,103
Comcast Corp., 6.50%, 11/15/2035
(Communications)	USD	95,000	96,377
Countrywide Financial Corp.,
6.25%, 5/15/2016 (Financial)	USD	75,000	59,693
Credit Suisse (USA), Inc.,
6.13%, 11/15/2011 (Financial)	USD	30,000	31,021
E.I. Du Pont De Nemours,
4.88%, 4/30/2014 (Basic Materials)	USD	95,000	92,352
Eastman Chemical,
7.60%, 2/1/2027 (Basic Materials)	USD	25,000	27,553
Florida Power & Light,
5.95%, 10/1/2033 (Utilities)	USD	75,000	74,916
General Electric Company,
5.00%, 2/1/2013 (Industrial)	USD	30,000	29,762
Goldman Sachs Group, Inc.,
5.95%, 1/15/2027 (Financial)	USD	49,000	45,556
IBM Corp., 8.38%, 11/1/2019
(Technology)	USD	10,000	12,320
Kimberly-Clark Corp., 5.00%,
8/15/2013 (Consumer Goods)	USD	20,000	19,797
Kohls Corporation, 6.00%, 1/15/2033
(Consumer Goods)	USD	46,000	41,587
Lehman Brothers Holdings,
6.63%, 1/18/2012 (Financial)	USD	13,000	13,412
Merrill Lynch & Co.,
6.05%, 5/16/2016 (Financial)	USD	55,000	54,530
Morgan Stanley, 6.75%, 4/15/2011
(Financial)	USD	27,000	28,214
National Rural Utilities,
7.25%, 3/1/2012 (Financial)	USD	72,000	77,175
Norfolk Southern Corp.,
6.20%, 4/15/2009 (Industrial)	USD	36,000	36,524
Procter & Gamble Co., 4.95%,
8/15/2014 (Consumer Goods)	USD	14,000	13,885
Target Corp., 5.88%, 3/1/2012
(Consumer Goods)	USD	10,000	10,300
Union Pacific Corp.,
4.88%, 1/15/2015 (Industrial)	USD	70,000	66,873
US Bank NA, 6.38%, 8/1/2011
(Financial)	USD	13,000	13,548
Verizon Communications, 7.25%,
12/1/2010 (Communications)	USD	101,000	107,751
W.R. Berkley Corporation,
6.15%, 8/15/2019 (Financial)	USD	45,000	44,797
Wachovia Bank NA,
7.80%, 8/18/2010 (Financial)	USD	22,000	23,579
Wells Fargo & Co., 4.63%, 8/9/2010
(Financial)	USD	24,000	23,768
Total Corporate Bonds
(Cost $1,140,081)			1,133,738
U.S. Government Agency Pass-Through Securities (18.70%)
4.41%, 10/1/2035, Pool #836206
(Fannie Mae)	USD	8,063	7,984
4.50%, 1/1/2019, Pool #735057
(Fannie Mae)	USD	2,401	2,329
4.50%, 9/1/2020, Pool #839289
(Fannie Mae)	USD	2,499	2,419
5.00%, 5/1/2018, Pool #703444
(Fannie Mae)	USD	7,131	7,021
5.00%, 1/1/2019, Pool #255077
(Fannie Mae)	USD	20,775	20,524
5.00%, 12/1/2019, Pool #745369
(Fannie Mae)	USD	1,501	1,483
5.00%, 6/1/2020, Pool #839333
(Fannie Mae)	USD	61,574	60,623

See Notes to Financial Statements

8

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2010 Fund	October 31, 2007

U.S. Government Agency Pass-Through Securities, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
5.00%, 8/1/2033, Pool #713679
(Fannie Mae)	USD	34,672	33,278
5.00%, 5/1/2034, Pool #768230
(Fannie Mae)	USD	4,884	4,687
5.00%, 7/1/2034, Pool #255268
(Fannie Mae)	USD	179,548	172,754
5.50%, 8/1/2017, Pool #826283
(Fannie Mae)	USD	1,377	1,385
5.50%, 3/1/2020, Pool #735405
(Fannie Mae)	USD	21,050	21,086
5.50%, 12/1/2020, Pool #850811
(Fannie Mae)	USD	101,308	101,484
5.50%, 2/1/2033, Pool #652693
(Fannie Mae)	USD	108,180	106,605
5.50%, 1/1/2035, Pool #808374
(Fannie Mae)	USD	25,109	24,743
6.00%, 6/1/2017, Pool #555004
(Fannie Mae)	USD	89,182	90,859
6.00%, 10/1/2032, Pool #667994
(Fannie Mae)	USD	5,529	5,595
6.00%, 9/1/2033, Pool #736937
(Fannie Mae)	USD	2,715	2,735
6.00%, 8/1/2034, Pool #725690
(Fannie Mae)	USD	257,400	259,313
6.00%, 4/1/2035, Pool #735503
(Fannie Mae)	USD	2,143	2,166
7.00%, 4/1/2034, Pool #780703
(Fannie Mae)	USD	3,150	3,282
4.00%, 6/1/2018, Pool #E01401
(Freddie Mac)	USD	4,005	3,799
4.50%, 1/1/2019, Pool #B11878
(Freddie Mac)	USD	6,212	6,024
5.00%, 8/1/2033, Pool #A12886
(Freddie Mac)	USD	3,496	3,364
5.50%, 8/1/2033, Pool #A11851
(Freddie Mac)	USD	6,426	6,344
5.50%, 10/1/2034, Pool #A27526
(Freddie Mac)	USD	5,754	5,680
5.50%, 10/1/2035, Pool #A39170
(Freddie Mac)	USD	93,794	92,441
6.50%, 12/1/2033, Pool #A16523
(Freddie Mac)	USD	68,903	70,899
5.50%, 4/15/2033, Pool #603566
(GNMA)	USD	1,879	1,870
5.50%, 4/15/2034, Pool #626116
(GNMA)	USD	1,256	1,249
6.00%, 2/15/2032, Pool #569704
(GNMA)	USD	117,548	119,304
Total U.S. Government Agency
Pass-Through Securities
(Cost $1,231,439)			1,243,329
U.S. Government Agency Securities (3.47%)
4.50%, 10/15/2008, (Fannie Mae)	USD	20,000	20,062
4.63%, 11/21/2008,
(Federal Home Loan Bank)	USD	90,000	90,140
4.63%, 12/19/2008, (Freddie Mac)	USD	15,000	15,027
4.75%, 1/18/2011, (Freddie Mac)	USD	15,000	15,143
4.75%, 1/19/2016, (Freddie Mac)	USD	70,000	69,557
6.63%, 9/15/2009, (Fannie Mae)	USD	20,000	20,813
Total U.S. Government Agency
Securities (Cost $229,041)			230,742
U.S. Treasury Obligations (11.85%)
4.00%, 4/15/2010,
(U.S. Treasury Notes)	USD	240,000	240,375
4.00%, 6/15/2009,
(U.S. Treasury Notes)	USD	7,000	7,005
4.25%, 8/15/2015,
(U.S. Treasury Notes)	USD	95,000	94,288
4.88%, 2/15/2012,
(U.S. Treasury Notes)	USD	31,000	31,974
5.00%, 2/15/2011,
(U.S. Treasury Notes)	USD	18,000	18,585
5.25%, 11/15/2028,
(U.S. Treasury Bonds)	USD	133,000	141,084
5.63%, 5/15/2008,
(U.S. Treasury Notes)	USD	196,000	197,516
6.00%, 2/15/2026,
(U.S. Treasury Bonds)	USD	50,000	57,250
Total U.S. Treasury Obligations
(Cost $774,284)			788,077
Foreign Government Agency Securities (18.01%)
Belgian Government Bond,
5.50%, 9/28/2017	EUR	34,000	53,629
Bonos Y Obligación Del Estado
(Spanish Government Bond),
5.50%, 7/30/2017	EUR	38,000	59,934
Bundesobligation
(German Government Bond),
4.00%, 4/13/2012	EUR	114,000	164,116
Buoni Poliennali Del Tesoro
(Italian Government Bond),
5.25%, 8/01/2017	EUR	99,000	152,093
France O.A.T
(French Government Bond),
3.75%, 4/25/2017	EUR	94,000	130,092
Japan Government Bond,
1.50%, 6/20/2012	JPY	55,500,000	490,445
Netherlands Government Bond,
4.00%, 7/15/2016	EUR	38,000	53,859
United Kingdom Treasury Bond,
4.00%, 9/07/2016	GBP	48,000	93,248
Total Foreign Government
Agency Securities (Cost $1,134,189)			1,197,416

See Notes to Financial Statements

9

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2010 Fund	October 31, 2007

Investment Companies (6.47%)
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
American Beacon Money
Market Fund	133,759		133,759
BLDRS Emerging Markets 50
ADR Equity Fund	687		41,199
Dreyfus Cash Management Plus	86,312		86,312
IShares MSCI Emerging
Markets Equity Fund	777		129,767
Vanguard Emerging Markets
Equity Fund	333		38,901
Total Investment Companies
(Cost $383,058)			429,938
Total Investments
(Cost $6,345,765) (a) — 98.87%			6,574,453
Other assets in excess of
liabilities — 1.13%			74,991
NET ASSETS — 100.00%		$	6,649,444

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(b)	Non-income producing.
(c)	A complete listing of all common stocks held by the Fund is available upon request. “Other Common Stocks” does not include any securities determined to be either “restricted” under Rule 144A and/or non-income producing.

See Notes to Financial Statements

10

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments
NestEgg Dow Jones 2015 Fund	October 31, 2007

Common Stocks (38.05%)
	Shares or
	Principal
Security Description	(Currency Noted)	Value ($)
AAR Corp. (Industrial) (b)	47	1,506
Adobe Systems, Inc.
(Technology) (b)	79	3,784
Advanced Micro Devices, Inc.
(Technology) (b)	279	3,649
The AES Corp. (Utilities) (b)	89	1,905
AK Steel Holding Corp.
(Basic Materials) (b)	143	7,169
Alaska Air Group, Inc.
(Consumer, Cyclical) (b)	79	2,007
Alleghany Corp. (Financial) (b)	3	1,179
American Tower Corp.
(Communications) (b)	56	2,474
AMR Corp. (Consumer, Cyclical) (b)	163	3,912
Anixter International, Inc.
(Communications) (b)	41	2,946
Apple, Inc. (Technology) (b)	124	23,554
Aquila, Inc. (Utilities) (b)	798	3,336
Arcandor AG (Consumer,
Cyclical) (b)	13	417
Arrow Electronics, Inc.
(Industrial) (b)	62	2,479
Atos Origin SA (Technology) (b)	7	426
Autodesk, Inc. (Technology) (b)	123	6,015
Avis Budget Group, Inc.
(Consumer, Non-cyclical) (b)	218	4,550
Avnet, Inc. (Industrial) (b)	75	3,129
Big Lots, Inc. (Consumer,
Cyclical) (b)	53	1,271
Blockbuster, Inc. (Consumer,
Cyclical) (b)	233	1,226
Bombardier, Inc. (Industrial) (b)	79	468
British Airways PLC.
(Consumer, Cyclical) (b)	48	444
Business Objects SA
(Technology) (b)	8	481
Cablevision Systems Corp.
(Communications) (b)	119	3,490
CGG-Veritas (Energy) (b)	2	655
Charming Shoppes, Inc.
(Consumer, Cyclical) (b)	277	2,055
Charter Plc. (Industrial) (b)	16	361
Checkpoint Systems, Inc.
(Industrial) (b)	72	2,178
China Everbright Ltd. (Financial) (b)	164	726
China Grand Forestry Resources
(Industrial) (b)	945	330
China Insurance International
(Financial) (b)	157	505
Cincinnati Bell, Inc.
(Communications) (b)	448	2,428
Comcast Corp.
(Communications) (b)	421	8,836
Computer Sciences Corp.
(Technology) (b)	115	6,715
Corrections Corporation of America
(Consumer, Non-cyclical) (b)	158	4,470
The DIRECTV Group, Inc.
(Communications) (b)	113	2,992
Domtar Corp. (Basic Materials) (b)	373	3,200
Dynegy, Inc. (Utilities) (b)	253	2,330
EchoStar Communications Corp.
(Communications) (b)	109	5,337
EMC Corp. (Technology) (b)	317	8,049
ESCO Technologies, Inc.
(Industrial) (b)	33	1,366
Esterline Technologies Corp.
(Industrial) (b)	32	1,753
FirstFed Financial Corp.
(Financial) (b)	27	1,155
Ford Motor Co. (Consumer,
Cyclical) (b)	314	2,785
Foster Wheeler Ltd. (Industrial) (b)	37	5,485
Galaxy Entertainment Group Ltd.
(Consumer, Cyclical) (b)	380	413
Gaylord Entertainment Co.
(Consumer, Cyclical) (b)	53	2,887
General Cable Corp. (Industrial) (b)	68	4,895
Genting International PLC.
(Financial) (b)	657	313
Hitachi Zosen Corp. (Industrial) (b)	200	331
Humana, Inc. (Consumer,
Non-cyclical) (b)	88	6,596
Immoeast AG (Financial) (b)	29	353
Impregilo SpA (Industrial) (b)	48	385
Infineon Technologies AG
(Technology) (b)	41	602
Interpublic Group of Companies,
Inc. (Communications) (b)	300	3,105
Investment Technology Group, Inc.
(Financial) (b)	58	2,430
ITT Educational Services, Inc.
(Consumer, Non-cyclical) (b)	53	6,741
Jacobs Engineering Group, Inc.
(Industrial) (b)	62	5,403
Jyske Bank A/S (Financial) (b)	5	412
Kirby Corp. (Industrial) (b)	28	1,279
Kulicke & Soffa Industries, Inc.
(Technology) (b)	102	772
LaBranche & Co, Inc. (Financial) (b)	133	729
Lear Corp. (Consumer, Cyclical) (b)	138	4,903
Lihir Gold Ltd. (Basic Materials) (b)	215	827
Logitech International SA
(Technology) (b)	14	487
McDermott International, Inc.
(Industrial) (b)	118	7,205
Meritage Homes Corp.
(Consumer, Cyclical) (b)	53	853
MGM Mirage (Consumer, Cyclical) (b)	11	1,008
Microsemi Corp. (Technology) (b)	88	2,342
Millipore Corp. (Consumer,
Non-cyclical) (b)	28	2,174
Mitsubishi Motors Corp.
(Consumer, Cyclical) (b)	458	893
Moog, Inc. (Industrial) (b)	50	2,308
Newport Corp. (Industrial) (b)	59	807
Orbotech Ltd. (Industrial) (b)	64	1,325
Parker Drilling Co. (Energy) (b)	220	1,857
Pier 1 Imports, Inc.
(Consumer, Cyclical) (b)	187	952
Pinnacle Entertainment, Inc.
(Consumer, Cyclical) (b)	77	2,248
Pre-Paid Legal Services, Inc.
(Consumer, Non-cyclical) (b)	11	656
Psychiatric Solutions, Inc.
(Consumer, Non-cyclical) (b)	70	2,772
Qwest Communications International
(Communications) (b)	209	1,501

See Notes to Financial Statements

11

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2015 Fund	October 31, 2007

Common Stocks, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
Ralcorp Holdings, Inc.
(Consumer, Non-cyclical) (b)		35	1,971
RH Donnelley Corp.
(Communications) (b)		37	2,029
Rite Aid Corp. (Consumer,
Cyclical) (b)		332	1,298
RTI International Metals, Inc.
(Basic Materials) (b)		30	2,345
SGL Carbon AG (Basic Materials) (b)		7	411
Six Flags, Inc. (Consumer,
Cyclical) (b)		175	567
Skyworks Solutions, Inc.
(Technology) (b)		295	2,720
Southwestern Energy Co.
(Energy) (b)		90	4,656
St. Jude Medical, Inc.
(Consumer, Non-cyclical) (b)		46	1,874
SVB Financial Group (Financial) (b)		44	2,279
TD Ameritrade Holding Corp.
(Financial) (b)		33	632
Tenet Healthcare Corp.
(Consumer, Non-cyclical) (b)		307	1,078
Terex Corp. (Industrial) (b)		54	4,008
Thomas & Betts Corp.
(Industrial) (b)		31	1,736
Topdanmark A/S (Financial) (b)		2	341
Toyama Chemical Co Ltd.
(Consumer, Non-cyclical) (b)		56	347
Unisys Corp. (Technology) (b)		221	1,344
United Stationers, Inc.
(Consumer, Cyclical) (b)		36	2,085
URS Corp. (Industrial) (b)		68	4,203
USEC, Inc. (Basic Materials) (b)		111	977
Valassis Communications, Inc.
(Consumer, Non-cyclical) (b)		91	896
Varian Medical Systems, Inc.
(Consumer, Non-cyclical) (b)		67	3,268
Vestas Wind Systems A/S
(Industrial) (b)		10	892
Washington Group International
(Industrial) (b)		37	3,602
William Demant Holding
(Consumer, Non-cyclical) (b)		4	367
WMS Industries, Inc.
(Consumer, Cyclical) (b)		55	1,907
YRC Worldwide, Inc. (Industrial) (b)		124	3,048
Other Common Stocks (c)		228,283	5,098,002
Total Common Stocks
(Cost $4,904,646)			5,367,175
Corporate Bonds (13.27%)
Allstate Corp., 7.20%, 12/1/2009
(Financial)	USD	30,000	31,337
American General Finance,
5.38%, 10/1/2012 (Financial)	USD	107,000	105,905
Anheuser-Busch Companies, Inc.,
5.05%, 10/15/2016
(Consumer Goods)	USD	2,000	1,941
Boeing Co., 6.13%, 2/15/2033
(Industrial)	USD	30,000	30,998
Bottling Group LLC,
4.63%, 11/15/2012
(Consumer Goods)	USD	29,000	28,545
Burlington Northern
Santa Fe Railway Co.,
7.00%, 12/15/2025 (Industrial)	USD	2,000	2,161
Citigroup, Inc., 6.63%, 1/15/2028
(Financial)	USD	9,000	9,432
Coca-Cola Enterprises.,
8.50%, 2/1/2022
(Consumer Goods)	USD	2,000	2,521
Comcast Corp., 6.50%, 11/15/2035
(Communications)	USD	72,000	73,044
ConAgra Foods, Inc.,
6.75%, 9/15/2011
(Consumer Goods)	USD	2,000	2,100
ConocoPhillips Canada,
5.63%, 10/15/2016 (Financial)	USD	23,000	23,411
Countrywide Financial Corp.,
6.25%, 5/15/2016 (Financial)	USD	50,000	39,795
Credit Suisse USA, Inc.,
6.13%, 11/15/2011 (Financial)	USD	207,000	214,042
Dominion Resources, Inc.,
4.13%, 2/15/2008 (Utilities)	USD	38,000	37,870
Duke Energy Carolinas,
6.25%, 1/15/2012 (Utilities)	USD	30,000	31,168
E.I. Du Pont De Nemours,
4.88%, 4/30/2014
(Basic Materials)	USD	53,000	51,523
Eastman Chemical, 7.60%,
2/1/2027 (Basic Materials)	USD	120,000	132,255
Exelon Corporation,
4.90%, 6/15/2015 (Utilities)	USD	2,000	1,876
Florida Power & Light,
5.95%, 10/1/2033 (Utilities)	USD	40,000	39,955
Goldman Sachs Group, Inc.,
5.95%, 1/15/2027 (Financial)	USD	101,000	93,902
IBM Corp., 8.38%, 11/1/2019
(Technology)	USD	30,000	36,961
JPMorgan Chase Capital XVIII,
6.95%, 8/17/2036 (Financial)	USD	30,000	29,599
Kimberly-Clark Corp., 5.00%,
8/15/2013 (Consumer Goods)	USD	48,000	47,514
Kinder Morgan Energy Partners LP,
7.75%, 3/15/2032 (Energy)	USD	2,000	2,232
Lehman Brothers Holdings, 6.63%,
1/18/2012 (Financial)	USD	38,000	39,203
Macys Retail Holdings, Inc., 5.75%,
7/15/2014 (Consumer Goods)	USD	2,000	1,935
Merrill Lynch & Co., 6.05%,
5/16/2016 (Financial)	USD	60,000	59,487
Morgan Stanley, 6.75%, 4/15/2011
(Financial)	USD	76,000	79,417
National Rural Utilities,
7.25%, 3/1/2012 (Financial)	USD	56,000	60,025
Norfolk Southern Corp.,
6.20%, 4/15/2009 (Industrial)	USD	12,000	12,175
Procter & Gamble Co.,
4.95%, 8/15/2014
(Consumer Goods)	USD	38,000	37,688
Prudential Financial, Inc.,
5.10%, 9/20/2014 (Financial)	USD	46,000	44,426
Southern Power Co.,
4.88%, 7/15/2015 (Utilities)	USD	2,000	1,902
Sprint Capital Corp., 8.38%,
3/15/2012 (Communications)	USD	61,000	66,621
Target Corp., 5.88%, 3/1/2012
(Consumer Goods)	USD	30,000	30,901
Union Pacific Corp.,
4.88%, 1/15/2015 (Industrial)	USD	41,000	39,168

See Notes to Financial Statements

12

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2015 Fund	October 31, 2007

Corporate Bonds, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
US Bank NA, 6.38%, 8/1/2011
(Financial)	USD	38,000	39,600
Verizon Communications,
7.25%, 12/1/2010
(Communications)	USD	116,000	123,753
Wachovia Bank NA,
7.80%, 8/18/2010 (Financial)	USD	61,000	65,378
Wal-Mart Stores, 4.55%, 5/1/2013
(Consumer, Cyclical)	USD	61,000	59,567
Weyerhaeuser Co., 6.95%, 8/1/2017
(Basic Materials)	USD	2,000	2,073
Wyeth, 5.50%, 2/1/2014
(Health Care)	USD	38,000	38,105
Total Corporate Bonds
(Cost $1,873,893)			1,871,511
U.S. Government Agency Pass-Through Securities (14.73%)
4.41%, 10/1/2035, Pool #836206
(Fannie Mae)	USD	57,091	56,529
4.50%, 1/1/2019, Pool #735057
(Fannie Mae)	USD	25,215	24,460
4.50%, 9/1/2020, Pool #839289
(Fannie Mae)	USD	26,247	25,398
5.00%, 5/1/2018, Pool #703444
(Fannie Mae)	USD	12,585	12,390
5.00%, 1/1/2019, Pool #255077
(Fannie Mae)	USD	50,089	49,482
5.00%, 12/1/2019, Pool #745369
(Fannie Mae)	USD	15,757	15,566
5.00%, 6/1/2020, Pool #839333
(Fannie Mae)	USD	22,256	21,912
5.00%, 12/1/2026, Pool #256570
(Fannie Mae)	USD	61,865	60,013
5.00%, 5/1/2034, Pool #768230
(Fannie Mae)	USD	42,483	40,776
5.00%, 7/1/2034, Pool #255268
(Fannie Mae)	USD	387,259	372,607
5.50%, 8/1/2017, Pool #826283
(Fannie Mae)	USD	14,457	14,546
5.50%, 3/1/2020, Pool #735405
(Fannie Mae)	USD	38,117	38,183
5.50%, 12/1/2020, Pool #850811
(Fannie Mae)	USD	101,308	101,484
5.50%, 6/1/2033, Pool #702459
(Fannie Mae)	USD	60,619	59,736
5.50%, 9/1/2033, Pool #254869
(Fannie Mae)	USD	45,690	45,153
5.50%, 4/1/2034, Pool #725424
(Fannie Mae)	USD	27,699	27,296
5.50%, 1/1/2035, Pool #808374
(Fannie Mae)	USD	187,724	184,990
6.00%, 6/1/2017, Pool #555004
(Fannie Mae)	USD	10,606	10,805
6.00%, 10/1/2032, Pool #667994
(Fannie Mae)	USD	58,052	58,745
6.00%, 9/1/2033, Pool #736937
(Fannie Mae)	USD	23,622	23,797
6.00%, 4/1/2035, Pool #735503
(Fannie Mae)	USD	22,496	22,745
6.50%, 9/1/2034, Pool #783390
(Fannie Mae)	USD	47,316	48,431
6.50%, 4/1/2036, Pool #851187
(Fannie Mae)	USD	44,711	45,765
7.00%, 4/1/2034, Pool #780703
(Fannie Mae)	USD	33,078	34,458
4.00%, 6/1/2018, Pool #E01401
(Freddie Mac)	USD	42,056	39,893
4.50%, 1/1/2019, Pool #B11878
(Freddie Mac)	USD	65,233	63,259
5.50%, 8/1/2033, Pool #A11851
(Freddie Mac)	USD	55,906	55,197
5.50%, 10/1/2034, Pool #A27526
(Freddie Mac)	USD	50,058	49,413
5.50%, 10/1/2035, Pool #A39170
(Freddie Mac)	USD	139,274	137,265
5.50%, 11/1/2035, Pool #A47728
(Freddie Mac)	USD	51,428	50,686
6.00%, 7/1/2034, Pool #A24370
(Freddie Mac)	USD	43,659	44,037
6.50%, 12/1/2033, Pool #A16523
(Freddie Mac)	USD	20,352	20,942
5.50%, 4/15/2033, Pool #603566
(GNMA)	USD	19,735	19,639
5.50%, 4/15/2034, Pool #626116
(GNMA)	USD	13,187	13,117
6.00%, 2/15/2032, Pool #569704
(GNMA)	USD	163,542	165,986
6.00%, 9/20/2034, Pool #2 3611
(GNMA)	USD	22,948	23,206
Total U.S. Government Agency
Pass-Through Securities
(Cost $2,061,149)			2,077,907
U.S. Government Agency Securities (2.41%)
4.50%, 10/15/2008, (Fannie Mae)	USD	75,000	75,232
6.63%, 9/15/2009, (Fannie Mae)	USD	75,000	78,048
4.63%, 11/21/2008,
(Federal Home Loan Bank)	USD	30,000	30,047
4.63%, 12/19/2008, (Freddie Mac)	USD	55,000	55,099
4.75%, 1/18/2011, (Freddie Mac)	USD	55,000	55,523
6.25%, 7/15/2032, (Freddie Mac)	USD	40,000	45,679
Total U.S. Government Agency
Securities (Cost $335,729)			339,628
U.S. Treasury Obligations (9.38%)
4.00%, 6/15/2009,
(U.S. Treasury Note)	USD	230,000	230,162
4.00%, 4/15/2010,
(U.S. Treasury Note)	USD	236,000	236,369
4.00%, 2/15/2015,
(U.S. Treasury Note)	USD	93,000	91,067
4.25%, 8/15/2015,
(U.S. Treasury Note)	USD	16,000	15,880
4.88%, 2/15/2012,
(U.S. Treasury Note)	USD	65,000	67,041
5.25%, 11/15/2028,
(U.S. Treasury Bond)	USD	334,000	354,301
5.63%, 5/15/2008,
(U.S. Treasury Note)	USD	326,000	328,521
Total U.S. Treasury Obligations
(Cost $1,306,686)			1,323,341

See Notes to Financial Statements

13

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2015 Fund	October 31, 2007

Foreign Government Agency Securities (13.70%)
	Shares or
	Principal
Security Description	(Currency Noted)			Value ($)
Belgian Government Bond,
5.50%, 9/28/2017	EUR	56,000		88,330
Bonos Y Obligación Del Estado
(Spanish Government Bond),
5.50%, 7/30/2017	EUR	62,000		97,787
Bundesobligation (German
Government Bond),
4.00%, 4/13/2012	EUR	183,000		263,449
Buoni Poliennali Del Tesoro
(Italian Government Bond),
5.25%, 8/01/2017	EUR	158,000		242,733
France O.A.T
(French Government Bond),
3.75%, 4/25/2017	EUR	151,000		208,977
Japan Government Bond,
1.50%, 6/20/2012	JPY	89,100,000		787,364
Netherlands Government Bond,
4.00%, 7/15/2016	EUR	62,000		87,875
United Kingdom Treasury Bond,
4.00%, 9/07/2016	GBP	80,000		155,413
Total Foreign Government
Agency Securities
(Cost $1,829,970)				1,931,928
Investment Companies (7.69%)
American Beacon Money
Market Fund		264,575		264,575
BLDRS Emerging Markets
50 ADR Equity Fund		2,455		147,226
Dreyfus Cash Management Plus		103,949		103,949
IShares MSCI Emerging Markets
Equity Fund		2,578		430,552
Vanguard Emerging Markets
Equity Fund		1,190		139,016
Total Investment Companies
(Cost $924,878)				1,085,318
Total Investments
(Cost $13,236,951) (a) — 99.23%				13,996,808
Other assets in excess of
liabilities — 0.77%				108,897
NET ASSETS — 100.00%			$	14,105,705

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities
(b)	Non-income producing security.
(c)	A complete listing of all common stocks held by the Fund is available upon request. “Other Common Stocks” does not include any securities determined to be either “restricted” under Rule 144A and/or non-income producing.

See Notes to Financial Statements

14

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments
NestEgg Dow Jones 2020 Fund	October 31, 2007

Common Stocks (49.54%)
	Shares or
	Principal
Security Description	(Currency Noted)	Value ($)
AAR Corp. (Industrial) (b)	150	4,808
Adobe Systems, Inc.
(Technology) (b)	251	12,023
Advanced Micro Devices, Inc.
(Technology) (b)	947	12,387
The AES Corp. (Utilities) (b)	281	6,016
AK Steel Holding Corp.
(Basic Materials) (b)	489	24,514
Alaska Air Group, Inc.
(Consumer, Cyclical) (b)	301	7,645
Alleghany Corp. (Financial) (b)	10	3,930
American Tower Corp.
(Communications) (b)	180	7,952
Amgen, Inc.
(Consumer, Non-cyclical) (b)	44	2,557
AMR Corp. (Consumer, Cyclical) (b)	525	12,600
Anixter International, Inc.
(Communications) (b)	133	9,556
Apple, Inc. (Technology) (b)	414	78,639
Aquila, Inc. (Utilities) (b)	2,646	11,060
Arcandor AG
(Consumer, Cyclical) (b)	40	1,283
Arrow Electronics, Inc.
(Industrial) (b)	215	8,596
Atos Origin SA (Technology) (b)	21	1,277
Autodesk, Inc. (Technology) (b)	393	19,218
Avis Budget Group, Inc.
(Consumer, Non-cyclical) (b)	701	14,630
Avnet, Inc. (Industrial) (b)	260	10,847
Big Lots, Inc. (Consumer,
Cyclical) (b)	228	5,467
Blockbuster, Inc.
(Consumer, Cyclical) (b)	938	4,934
Bombardier, Inc. (Industrial) (b)	253	1,500
British Airways PLC.
(Consumer, Cyclical) (b)	154	1,426
Business Objects SA
(Technology) (b)	27	1,622
Cablevision Systems Corp.
(Communications) (b)	378	11,087
CGG-Veritas (Energy) (b)	5	1,638
Charming Shoppes, Inc.
(Consumer, Cyclical) (b)	890	6,604
Charter Plc. (Industrial) (b)	53	1,195
Checkpoint Systems, Inc.
(Industrial) (b)	247	7,472
China Everbright Ltd. (Financial) (b)	528	2,337
China Grand Forestry Resources
(Industrial) (b)	3,038	1,062
China Insurance International
(Financial) (b)	504	1,622
Cincinnati Bell, Inc.
(Communications) (b)	1,446	7,837
Comcast Corp.
(Communications) (b)	1,451	30,453
Computer Sciences Corp.
(Technology) (b)	395	23,064
Corrections Corporation of
America (Consumer,
Non-cyclical) (b)	504	14,258
The DIRECTV Group, Inc.
(Communications) (b)	365	9,665
Domtar Corp. (Basic Materials) (b)	1,196	10,262
Dynegy, Inc. (Utilities) (b)	811	7,469
EchoStar Communications Corp.
(Communications) (b)	349	17,087
EMC Corp. (Technology) (b)	1,038	26,355
ESCO Technologies, Inc.
(Industrial) (b)	105	4,346
Esterline Technologies Corp.
(Industrial) (b)	101	5,533
FirstFed Financial Corp.
(Financial) (b)	97	4,150
Ford Motor Co.
(Consumer, Cyclical) (b)	1,012	8,976
Foster Wheeler Ltd. (Industrial) (b)	119	17,642
Galaxy Entertainment Group Ltd.
(Consumer, Cyclical) (b)	1,221	1,327
Gaylord Entertainment Co.
(Consumer, Cyclical) (b)	169	9,207
General Cable Corp. (Industrial) (b)	216	15,550
Genting International PLC.
(Financial) (b)	2,111	1,007
Hitachi Zosen Corp. (Industrial) (b)	642	1,063
Humana, Inc.
(Consumer, Non-cyclical) (b)	282	21,136
Immoeast AG (Financial) (b)	95	1,156
Infineon Technologies AG
(Technology) (b)	132	1,937
Interpublic Group of Companies,
Inc. (Communications) (b)	956	9,895
Investment Technology Group, Inc.
(Financial) (b)	184	7,710
ITT Educational Services, Inc.
(Consumer, Non-cyclical) (b)	181	23,021
Jacobs Engineering Group, Inc.
(Industrial) (b)	199	17,343
Jyske Bank A/S (Financial) (b)	16	1,318
Kirby Corp. (Industrial) (b)	88	4,020
Kulicke & Soffa Industries, Inc.
(Technology) (b)	331	2,506
LaBranche & Co, Inc. (Financial) (b)	452	2,477
Lear Corp. (Consumer, Cyclical) (b)	445	15,811
Lihir Gold Ltd. (Basic Materials) (b)	693	2,666
Logitech International SA
(Technology) (b)	46	1,599
McDermott International, Inc.
(Industrial) (b)	376	22,959
Meritage Homes Corp. (Consumer,
Cyclical) (b)	204	3,282
MGM Mirage (Consumer,
Cyclical) (b)	51	4,672
Microsemi Corp. (Technology) (b)	278	7,398
Millipore Corp.
(Consumer, Non-cyclical) (b)	91	7,066
Mitsubishi Motors Corp.
(Consumer, Cyclical) (b)	1,474	2,875
Moog, Inc. (Industrial) (b)	157	7,246
Newmont Mining Corp.
(Basic Materials) (b)	181	9,206
Orbotech Ltd. (Industrial) (b)	268	5,548
Parker Drilling Co. (Energy) (b)	881	7,436
Pier 1 Imports, Inc.
(Consumer, Cyclical) (b)	637	3,242
Pinnacle Entertainment, Inc.
(Consumer, Cyclical) (b)	249	7,271
Pre-Paid Legal Services, Inc.
(Consumer, Non-cyclical) (b)	56	3,338

See Notes to Financial Statements

15

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2020 Fund	October 31, 2007

Common Stocks, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
Psychiatric Solutions, Inc.
(Consumer, Non-cyclical) (b)		226	8,950
Qwest Communications
International (Communications) (b)		874	6,275
Ralcorp Holdings, Inc.
(Consumer, Non-cyclical) (b)		110	6,193
RH Donnelley Corp.
(Communications) (b)		118	6,472
Rite Aid Corp.
(Consumer, Cyclical) (b)		1,115	4,360
RTI International Metals, Inc.
(Basic Materials) (b)		96	7,505
SGL Carbon AG (Basic Materials) (b)		24	1,409
Six Flags, Inc. (Consumer,
Cyclical) (b)		595	1,928
Skyworks Solutions, Inc.
(Technology) (b)		1,096	10,105
Southwestern Energy Co.
(Energy) (b)		289	14,950
St. Jude Medical, Inc. (Consumer,
Non-cyclical) (b)		145	5,906
SVB Financial Group (Financial) (b)		142	7,354
TD Ameritrade Holding Corp.
(Financial) (b)		156	2,986
Tenet Healthcare Corp.
(Consumer, Non-cyclical) (b)		973	3,415
Terex Corp. (Industrial) (b)		174	12,914
Thomas & Betts Corp.
(Industrial) (b)		99	5,545
Topdanmark A/S (Financial) (b)		7	1,194
Unisys Corp. (Technology) (b)		726	4,414
United Stationers, Inc.
(Consumer, Cyclical) (b)		115	6,660
URS Corp. (Industrial) (b)		235	14,525
USEC, Inc. (Basic Materials) (b)		353	3,106
Valassis Communications, Inc.
(Consumer, Non-cyclical) (b)		418	4,117
Varian Medical Systems, Inc.
(Consumer, Non-cyclical) (b)		215	10,486
Vestas Wind Systems A/S
(Industrial) (b)		33	2,944
Washington Group International
(Industrial) (b)		119	11,585
William Demant Holding
(Consumer, Non-cyclical) (b)		12	1,100
WMS Industries, Inc.
(Consumer, Cyclical) (b)		179	6,206
YRC Worldwide, Inc. (Industrial) (b)		398	9,783
Other Common Stocks (c)		726,928	16,590,689
Total Common Stocks
(Cost $15,931,512)			17,489,965
Corporate Bonds (9.65%)
Allstate Corp., 7.20%, 12/1/2009
(Financial)	USD	44,000	45,960
Anheuser-Busch Companies, Inc.,
5.05%, 10/15/2016
(Consumer Goods)	USD	82,000	79,587
American General Finance,
5.38%, 10/1/2012 (Financial)	USD	151,000	149,455
Boeing Co., 6.13%, 2/15/2033
(Industrial)	USD	43,000	44,431
Bottling Group LLC,
4.63%, 11/15/2012
(Consumer Goods)	USD	58,000	57,090
Burlington Northern Santa Fe
Railway Company,
7.00%, 12/15/2025 (Industrial)	USD	82,000	88,604
Citigroup, Inc., 6.63%, 1/15/2028
(Financial)	USD	33,000	34,583
Coca-Cola Enterprises,
8.50%, 2/1/2022
(Consumer Goods)	USD	82,000	103,340
Comerica Bank.,
5.20%, 8/22/2017 (Financial)	USD	160,000	150,951
ConAgra Foods, Inc.,
6.75%, 9/15/2011
(Consumer Goods)	USD	82,000	86,096
ConocoPhillips Canada.,
5.63%, 10/15/2016 (Financial)	USD	156,000	158,791
Countrywide Financial Corp,
6.25%, 5/15/2016 (Financial)	USD	146,000	116,203
Duke Energy Carolinas,
6.25%, 1/15/2012 (Utilities)	USD	44,000	45,714
E.I. Du Pont De Nemours,
4.88%, 4/30/2014
(Basic Materials)	USD	165,000	160,402
Exelon Corporation,
4.90%, 6/15/2015 (Utilities)	USD	82,000	76,934
Florida Power & Light.,
5.95%, 10/1/2033 (Utilities)	USD	150,000	149,833
IBM Corp., 8.38%, 11/1/2019
(Technology)	USD	44,000	54,209
John Hancock Global Funding Ltd.,
7.90%, 7/2/2010 (Financial) †	USD	83,000	89,012
JPMorgan Chase Capital XVIII,
6.95%, 8/17/2036 (Financial)	USD	115,000	113,462
Kimberly-Clark Corp.,
5.00%, 8/15/2013
(Consumer Goods)	USD	55,000	54,443
Kinder Morgan Energy Partners LP,
7.75%, 3/15/2032 (Energy)	USD	82,000	91,515
Kohls Corporation,
6.00%, 1/15/2033
(Consumer Goods)	USD	78,000	70,516
Lehman Brothers Holdings,
6.63%, 1/18/2012 (Financial)	USD	55,000	56,742
Macys Retail Holdings, Inc.,
5.75%, 7/15/2014
(Consumer Goods)	USD	82,000	79,340
Merrill Lynch & Co.,
6.05%, 5/16/2016 (Financial)	USD	45,000	44,615
Morgan Stanley, 6.75%, 4/15/2011
(Financial)	USD	109,000	113,901
Norfolk Southern Corp.,
6.20%, 4/15/2009 (Industrial)	USD	192,000	194,796
Procter & Gamble Co.,
4.95%, 8/15/2014
(Consumer Goods)	USD	53,000	52,565
Prudential Financial, Inc.,
5.10%, 9/20/2014 (Financial)	USD	165,000	159,353
Southern Power Co.,
4.88%, 7/15/2015 (Utilities)	USD	82,000	77,978
Sprint Capital Corp.,
8.38%, 3/15/2012
(Communications)	USD	86,000	93,925
Target Corp., 5.88%, 3/1/2012
(Consumer Goods)	USD	44,000	45,321

See Notes to Financial Statements

16

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2020 Fund	October 31, 2007

Corporate Bonds, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
US Bank NA., 6.38%, 8/1/2011
(Financial)	USD	55,000	57,316
W.R. Berkley Corporation,
6.15%, 8/15/2019 (Financial)	USD	55,000	54,752
Wachovia Bank NA.,
7.80%, 8/18/2010 (Financial)	USD	87,000	93,244
Wal-Mart Stores, 4.55%, 5/1/2013
(Consumer Goods)	USD	87,000	84,956
Wells Fargo & Co., 4.63%, 8/9/2010
(Financial)	USD	37,000	36,643
Weyerhaeuser Co., 6.95%, 8/1/2017
(Basic Materials)	USD	82,000	85,009
Wyeth, 5.50%, 2/1/2014
(Health Care)	USD	54,000	54,149
Total Corporate Bonds
(Cost $3,470,459)			3,405,736
U.S. Government Agency Pass-Through Securities (10.04%)
4.41%, 10/1/2035, Pool #836206
(Fannie Mae)	USD	144,923	143,498
4.50%, 1/1/2019, Pool #735057
(Fannie Mae)	USD	73,242	71,049
4.50%, 9/1/2020, Pool #839289
(Fannie Mae)	USD	76,242	73,775
5.00%, 5/1/2018, Pool #703444
(Fannie Mae)	USD	54,533	53,691
5.00%, 1/1/2019, Pool #255077
(Fannie Mae)	USD	241,661	238,731
5.00%, 12/1/2019, Pool #745369
(Fannie Mae)	USD	45,769	45,214
5.00%, 6/1/2020, Pool #839333
(Fannie Mae)	USD	83,088	81,804
5.00%, 12/1/2026, Pool #256570
(Fannie Mae)	USD	82,487	80,017
5.00%, 5/1/2034, Pool #768230
(Fannie Mae)	USD	117,196	112,486
5.00%, 7/1/2034, Pool #255268
(Fannie Mae)	USD	141,526	136,171
5.50%, 8/1/2017, Pool #826283
(Fannie Mae)	USD	41,995	42,253
5.50%, 3/1/2020, Pool #735405
(Fannie Mae)	USD	57,460	57,559
5.50%, 12/1/2020, Pool #850811
(Fannie Mae)	USD	223,680	224,068
5.50%, 6/1/2033, Pool #702459
(Fannie Mae)	USD	148,412	146,250
5.50%, 9/1/2033, Pool #254869
(Fannie Mae)	USD	124,610	123,144
5.50%, 4/1/2034, Pool #725424
(Fannie Mae)	USD	100,724	99,257
5.50%, 1/1/2035, Pool #808374
(Fannie Mae)	USD	155,411	153,148
6.00%, 6/1/2017, Pool #555004
(Fannie Mae)	USD	4,980	5,074
6.00%, 1/1/2018, Pool #677483
(Fannie Mae)	USD	59,162	60,199
6.00%, 10/1/2032, Pool #667994
(Fannie Mae)	USD	168,627	170,638
6.00%, 9/1/2033, Pool #736937
(Fannie Mae)	USD	65,163	65,648
6.00%, 8/1/2034, Pool #725690
(Fannie Mae)	USD	61,286	61,741
6.00%, 4/1/2035, Pool #735503
(Fannie Mae)	USD	65,347	66,068
6.50%, 9/1/2034, Pool #783390
(Fannie Mae)	USD	77,108	78,925
6.50%, 4/1/2036, Pool #851187
(Fannie Mae)	USD	44,711	45,765
7.00%, 4/1/2034, Pool #780703
(Fannie Mae)	USD	96,083	100,093
4.00%, 6/1/2018, Pool #E01401
(Freddie Mac)	USD	122,163	115,881
5.00%, 8/1/2033, Pool #A12886
(Freddie Mac)	USD	143,312	137,930
5.50%, 8/1/2033, Pool #A11851
(Freddie Mac)	USD	154,225	152,270
5.50%, 10/1/2034, Pool #A27526
(Freddie Mac)	USD	138,091	136,312
5.50%, 11/1/2035, Pool #A47728
(Freddie Mac)	USD	152,997	150,790
6.00%, 7/1/2034, Pool #A24370
(Freddie Mac)	USD	121,055	122,104
6.50%, 12/1/2033, Pool #A16523
(Freddie Mac)	USD	30,896	31,791
5.50%, 4/15/2033, Pool #603566
(GNMA)	USD	57,325	57,046
5.50%, 4/15/2034, Pool #626116
(GNMA)	USD	38,306	38,102
6.00%, 9/20/2034, Pool #23611
(GNMA)	USD	63,628	64,343
Total U.S. Government Agency
Pass-Through Securities
(Cost $3,526,095)			3,542,835
U.S. Government Agency Securities (3.49%)
4.50%, 10/15/2008, (Fannie Mae)	USD	170,000	170,525
6.63%, 9/15/2009, (Fannie Mae)	USD	165,000	171,707
4.63%, 11/21/2008, (Federal
Home Loan Bank)	USD	170,000	170,264
4.75%, 1/18/2011, (Freddie Mac)	USD	120,000	121,140
4.75%, 1/19/2016, (Freddie Mac)	USD	480,000	476,965
6.25%, 7/15/2032, (Freddie Mac)	USD	105,000	119,908
Total U.S. Government Agency
Securities (Cost $1,219,158)			1,230,509
U.S. Treasury Obligations (5.28%)
4.00%, 6/15/2009,
(U.S. Treasury Notes)	USD	469,000	469,330
4.00%, 4/15/2010,
(U.S. Treasury Notes)	USD	271,000	271,423
4.00%, 2/15/2015,
(U.S. Treasury Notes)	USD	24,000	23,501
4.25%, 8/15/2015,
(U.S. Treasury Notes)	USD	56,000	55,580
4.88%, 2/15/2012,
(U.S. Treasury Notes)	USD	206,000	212,470
5.00%, 2/15/2011,
(U.S. Treasury Notes)	USD	232,000	239,540
5.25%, 11/15/2028,
(U.S. Treasury Bonds)	USD	404,000	428,556
5.63%, 5/15/2008,
(U.S. Treasury Notes)	USD	110,000	110,851
6.00%, 2/15/2026,
(U.S. Treasury Bonds)	USD	45,000	51,525
Total U.S. Treasury Obligations
(Cost $1,830,413)			1,862,776

See Notes to Financial Statements

17

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2020 Fund	October 31, 2007

Foreign Government Agency Securities (9.73%)
	Shares or
	Principal
Security Description	(Currency Noted)			Value ($)
Belgian Government Bond,
5.50%, 9/28/2017	EUR	99,000		156,155
Bonos Y Obligación Del Estado
(Spanish Government Bond),
5.50%, 7/30/2017	EUR	110,000		173,492
Bundesobligation (German
Government Bond),
4.00%, 4/13/2012	EUR	325,000		467,874
Buoni Poliennali Del Tesoro (Italian
Government Bond),
5.25%, 8/01/2017	EUR	281,000		431,697
France O.A.T (French Government
Bond), 3.75%, 4/25/2017	EUR	268,000		370,899
Japan Government Bond,
1.50%, 6/20/2012	JPY	159,000,000		1,405,060
Netherlands Government Bond,
4.00%, 7/15/2016	EUR	110,000		155,907
United Kingdom Treasury Bond,
4.00%, 9/07/2016	GBP	141,000		273,916
Total Foreign Government
Agency Securities
(Cost $3,253,750)				3,435,000
Investment Companies (11.57%)
American Beacon Money
Market Fund		1,539,767		1,539,767
BLDRS Emerging Markets 50
ADR Equity Fund		7,895		473,462
Dreyfus Cash Management Plus		201,884		201,884
iShares MSCI Emerging Markets
Equity Fund		8,534		1,425,263
Vanguard Emerging Markets
Equity Fund		3,830		447,421
Total Investment Companies
(Cost $3,563,075)				4,087,797
Total Investments
(Cost $32,794,462) (a) — 99.30%				35,054,618
Other assets in excess of
liabilities — 0.70%				245,661
NET ASSETS — 100.00%			$	35,300,279

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(b)	Non-income producing security.
(c)	A complete listing of all common stocks held by the Fund is available upon request. “Other Common Stocks” does not include any securities determined to be either “restricted” under Rule 144A and/or non-income producing.
†	Represents a restricted security purchase under rule 144A which is exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid by procedures approved by the Board of Trustees.

See Notes to Financial Statements

18

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments
NestEgg Dow Jones 2030 Fund	October 31, 2007

Common Stocks (67.30%)
	Shares or
	Principal
Security Description	(Currency Noted)	Value ($)
AAR Corp. (Industrial) (b)	152	4,872
Adobe Systems, Inc.
(Technology) (b)	249	11,927
Advanced Micro Devices, Inc.
(Technology) (b)	849	11,105
The AES Corp. (Utilities) (b)	295	6,316
AK Steel Holding Corp.
(Basic Materials) (b)	427	21,406
Alaska Air Group, Inc.
(Consumer, Cyclical) (b)	220	5,588
Alleghany Corp. (Financial) (b)	8	3,144
American Tower Corp.
(Communications) (b)	180	7,952
Amgen, Inc.
(Consumer, Non-cyclical) (b)	491	28,532
AMR Corp. (Consumer, Cyclical) (b)	459	11,016
Anixter International, Inc.
(Communications) (b)	131	9,412
Apple, Inc. (Technology) (b)	380	72,181
Aquila, Inc. (Utilities) (b)	2,301	9,618
Arcandor AG (Consumer,
Cyclical) (b)	35	1,122
Arrow Electronics, Inc. (Industrial) (b)	195	7,796
Atos Origin SA (Technology) (b)	18	1,094
Autodesk, Inc. (Technology) (b)	384	18,778
Avis Budget Group, Inc.
(Consumer, Non-cyclical) (b)	569	11,875
Avnet, Inc. (Industrial) (b)	236	9,846
Big Lots, Inc. (Consumer,
Cyclical) (b)	216	5,180
Blockbuster, Inc.
(Consumer, Cyclical) (b)	617	3,245
Bombardier, Inc. (Industrial) (b)	222	1,316
British Airways PLC.
(Consumer, Cyclical) (b)	135	1,250
Business Objects SA (Technology) (b)	24	1,442
Cablevision Systems Corp.
(Communications) (b)	332	9,738
CGG-Veritas (Energy) (b)	4	1,310
Charming Shoppes, Inc.
(Consumer, Cyclical) (b)	690	5,120
Charter Plc. (Industrial) (b)	46	1,037
Checkpoint Systems, Inc.
(Industrial) (b)	226	6,837
China Everbright Ltd. (Financial) (b)	462	2,045
China Grand Forestry Resources
(Industrial) (b)	2,661	930
China Insurance International
(Financial) (b)	442	1,423
Cincinnati Bell, Inc.
(Communications) (b)	1,410	7,642
Comcast Corp. (Communications) (b)	1,284	26,945
Computer Sciences Corp.
(Technology) (b)	342	19,969
Corrections Corporation of America
(Consumer, Non-cyclical) (b)	458	12,957
The DIRECTV Group, Inc.
(Communications) (b)	270	7,150
Domtar Corp. (Basic Materials) (b)	1,181	10,133
Dynegy, Inc. (Utilities) (b)	800	7,368
EchoStar Communications Corp.
(Communications) (b)	296	14,492
EMC Corp. (Technology) (b)	903	22,927
ESCO Technologies, Inc.
(Industrial) (b)	105	4,346
Esterline Technologies Corp.
(Industrial) (b)	107	5,861
FirstFed Financial Corp.
(Financial) (b)	92	3,936
Ford Motor Co.
(Consumer, Cyclical) (b)	785	6,963
Foster Wheeler Ltd. (Industrial) (b)	101	14,973
Galaxy Entertainment Group Ltd.
(Consumer, Cyclical) (b)	1,070	1,162
Gaylord Entertainment Co.
(Consumer, Cyclical) (b)	167	9,098
General Cable Corp. (Industrial) (b)	206	14,830
Genting International PLC.
(Financial) (b)	1,849	882
Hitachi Zosen Corp. (Industrial) (b)	562	930
Humana, Inc.
(Consumer, Non-cyclical) (b)	241	18,063
Immoeast AG (Financial) (b)	83	1,010
Infineon Technologies AG
(Technology) (b)	116	1,702
Interpublic Group of Cos, Inc.
(Communications) (b)	956	9,895
Investment Technology Group, Inc.
(Financial) (b)	179	7,500
ITT Educational Services, Inc.
(Consumer, Non-cyclical) (b)	152	19,333
Jacobs Engineering Group, Inc.
(Industrial) (b)	189	16,471
Jyske Bank A/S (Financial) (b)	14	1,154
Kirby Corp. (Industrial) (b)	86	3,928
Kulicke & Soffa Industries, Inc.
(Technology) (b)	325	2,460
LaBranche & Co, Inc. (Financial) (b)	380	2,082
Lear Corp. (Consumer, Cyclical) (b)	382	13,572
Lihir Gold Ltd. (Basic Materials) (b)	607	2,335
Logitech International SA
(Technology) (b)	40	1,390
McDermott International, Inc.
(Industrial) (b)	329	20,089
Meritage Homes Corp.
(Consumer, Cyclical) (b)	182	2,928
MGM Mirage (Consumer, Cyclical) (b)	52	4,764
Microsemi Corp. (Technology) (b)	270	7,185
Millipore Corp.
(Consumer, Non-cyclical) (b)	91	7,066
Mitsubishi Motors Corp.
(Consumer, Cyclical) (b)	1,291	2,518
Moog, Inc. (Industrial) (b)	159	7,338
Newport Corp. (Industrial) (b)	143	1,955
Orbotech Ltd. (Industrial) (b)	191	3,954
Parker Drilling Co. (Energy) (b)	688	5,807
Pier 1 Imports, Inc.
(Consumer, Cyclical) (b)	464	2,362
Pinnacle Entertainment, Inc.
(Consumer, Cyclical) (b)	220	6,424
Pre-Paid Legal Services, Inc.
(Consumer, Non-cyclical) (b)	42	2,503
Psychiatric Solutions, Inc.
(Consumer, Non-cyclical) (b)	218	8,633
Qwest Communications International
(Communications) (b)	662	4,753
Ralcorp Holdings, Inc.
(Consumer, Non-cyclical) (b)	107	6,024

See Notes to Financial Statements

19

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2030 Fund	October 31, 2007

Common Stocks, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
RH Donnelley Corp.
(Communications) (b)		118	6,472
Rite Aid Corp. (Consumer, Cyclical) (b)		901	3,523
RTI International Metals, Inc.
(Basic Materials) (b)		93	7,271
SGL Carbon AG (Basic Materials) (b)		21	1,233
Six Flags, Inc. (Consumer,
Cyclical) (b)		344	1,115
Skyworks Solutions, Inc.
(Technology) (b)		897	8,270
Southwestern Energy Co.
(Energy) (b)		244	12,622
St. Jude Medical, Inc. (Consumer,
Non-cyclical) (b)		145	5,906
SVB Financial Group (Financial) (b)		139	7,199
TD Ameritrade Holding Corp.
(Financial) (b)		111	2,125
Tenet Healthcare Corp.
(Consumer, Non-cyclical) (b)		934	3,278
Terex Corp. (Industrial) (b)		149	11,059
Thomas & Betts Corp. (Industrial) (b)		101	5,657
Topdanmark A/S (Financial) (b)		6	1,024
Unisys Corp. (Technology) (b)		699	4,250
United Stationers, Inc.
(Consumer, Cyclical) (b)		114	6,602
URS Corp. (Industrial) (b)		214	13,227
USEC, Inc. (Basic Materials) (b)		274	2,411
Valassis Communications, Inc.
(Consumer, Non-cyclical) (b)		271	2,669
Varian Medical Systems, Inc.
(Consumer, Non-cyclical) (b)		180	8,779
Vestas Wind Systems A/S
(Industrial) (b)		29	2,587
Washington Group International
(Industrial) (b)		118	11,487
William Demant Holding
(Consumer, Non-cyclical) (b)		11	1,008
WMS Industries, Inc.
(Consumer, Cyclical) (b)		180	6,241
YRC Worldwide, Inc. (Industrial) (b)		316	7,767
Other Common Stocks (c)		646,447	14,800,880
Total Common Stocks
(Cost $14,235,052)			15,626,877
Corporate Bonds (4.07%)
Allstate Corp., 7.20%, 12/1/2009
(Financial)	USD	12,000	12,535
American General Finance,
5.38%, 10/1/2012 (Financial)	USD	41,000	40,580
Anheuser-Busch Cos, Inc.,
5.05%, 10/15/2016
(Consumer Goods)	USD	12,000	11,647
Burlington Northern Santa Fe
Railway Company,
7.00%, 12/15/2025 (Industrial)	USD	12,000	12,967
Boeing Co., 6.13%, 2/15/2033
(Industrial)	USD	12,000	12,399
Bottling Group LLC.,
4.63%, 11/15/2012
(Consumer Goods)	USD	16,000	15,749
Citigroup, Inc., 6.63%, 1/15/2028
(Financial)	USD	21,000	22,007
Coca-Cola Enterprises,
8.50%, 2/1/2022
(Consumer Goods)	USD	12,000	15,123
Comcast Corp., 6.50%, 11/15/2035
(Communications)	USD	20,000	20,290
ConAgra Foods, Inc.,
6.75%, 9/15/2011
(Consumer Goods)	USD	12,000	12,599
ConocoPhillips Canada,
5.63%, 10/15/2016 (Financial)	USD	32,000	32,572
Countrywide Financial Corp.,
6.25%, 5/15/2016 (Financial)	USD	93,000	74,019
Duke Energy Carolinas,
6.25%, 1/15/2012 (Utilities)	USD	12,000	12,467
E.I. Du Pont De Nemours,
4.88%, 4/30/2014
(Basic Materials)	USD	9,000	8,749
Eastman Chemical, 7.60%,
2/1/2027 (Basic Materials)	USD	15,000	16,532
Exelon Corporation,
4.90%, 6/15/2015 (Utilities)	USD	12,000	11,259
Florida Power & Light,
5.95%, 10/1/2033 (Utilities)	USD	30,000	29,967
General Electric Company,
5.00%, 2/1/2013 (Industrial)	USD	52,000	51,587
IBM Corp., 8.38%, 11/1/2019
(Technology)	USD	12,000	14,784
John Hancock Global Funding Ltd.,
7.90%, 7/2/2010 (Financial) †	USD	12,000	12,869
JPMorgan Chase Capital XVIII,
6.95%, 8/17/2036 (Financial)	USD	10,000	9,866
Kimberly-Clark Corp.,
5.00%, 8/15/2013
(Consumer Goods)	USD	10,000	9,899
Kinder Morgan Energy Partners LP,
7.75%, 3/15/2032 (Energy)	USD	12,000	13,392
Kohls Corporation,
6.00%, 1/15/2033
(Consumer Goods)	USD	28,000	25,314
Lehman Brothers Holdings,
6.63%, 1/18/2012 (Financial)	USD	15,000	15,475
Macys Retail Holdings, Inc.,
5.75%, 7/15/2014
(Consumer Goods)	USD	12,000	11,611
Morgan Stanley, 6.75%, 4/15/2011
(Financial)	USD	29,000	30,304
National Rural Utilities,
7.25%, 3/1/2012 (Financial)	USD	15,000	16,078
Norfolk Southern Corp.,
6.20%, 4/15/2009 (Industrial)	USD	118,000	119,718
Procter & Gamble Co.,
4.95%, 8/15/2014
(Consumer Goods)	USD	15,000	14,877
Prudential Financial, Inc.,
5.10%, 9/20/2014 (Financial)	USD	35,000	33,802
Southern Power Co.,
4.88%, 7/15/2015 (Utilities)	USD	12,000	11,411
Sprint Capital Corp.,
8.38%, 3/15/2012
(Communications)	USD	24,000	26,212
Target Corp., 5.88%, 3/1/2012
(Consumer Goods)	USD	12,000	12,360
US Bank NA., 6.38%, 8/1/2011
(Financial)	USD	15,000	15,632
Verizon Communications,
7.25%, 12/1/2010
(Communications)	USD	35,000	37,339

See Notes to Financial Statements

20

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2030 Fund	October 31, 2007

Corporate Bonds, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
Wachovia Bank NA.,
7.80%, 8/18/2010 (Financial)	USD	23,000	24,651
Wal-Mart Stores, 4.55%, 5/1/2013
(Consumer Goods)	USD	23,000	22,460
Wells Fargo & Co., 4.63%, 8/9/2010
(Financial)	USD	26,000	25,749
Weyerhaeuser Co., 6.95%, 8/1/2017
(Basic Materials)	USD	12,000	12,440
Wyeth, 5.50%, 2/1/2014 (Health Care)	USD	15,000	15,041
Total Corporate Bonds
(Cost $965,660)			944,332
U.S. Government Agency Pass-Through Securities (4.19%)
4.41%, 10/1/2035, Pool #836206
(Fannie Mae)	USD	30,742	30,439
4.50%, 1/1/2019, Pool #735057
(Fannie Mae)	USD	14,409	13,977
4.50%, 9/1/2020, Pool #839289
(Fannie Mae)	USD	14,998	14,513
5.00%, 5/1/2018, Pool #703444
(Fannie Mae)	USD	24,330	23,954
5.00%, 1/1/2019, Pool #255077
(Fannie Mae)	USD	21,022	20,767
5.00%, 12/1/2019, Pool #745369
(Fannie Mae)	USD	9,004	8,895
5.00%, 6/1/2020, Pool #839333
(Fannie Mae)	USD	28,932	28,485
5.00%, 12/1/2026, Pool #256570
(Fannie Mae)	USD	40,306	39,099
5.00%, 8/1/2033, Pool #713679
(Fannie Mae)	USD	43,214	41,477
5.00%, 5/1/2034, Pool #768230
(Fannie Mae)	USD	23,440	22,498
5.00%, 7/1/2034, Pool #255268
(Fannie Mae)	USD	61,962	59,617
5.50%, 8/1/2017, Pool #826283
(Fannie Mae)	USD	8,261	8,312
5.50%, 3/1/2020, Pool #735405
(Fannie Mae)	USD	31,290	31,344
5.50%, 12/1/2020, Pool #850811
(Fannie Mae)	USD	94,171	94,335
5.50%, 9/1/2033, Pool #254869
(Fannie Mae)	USD	62,305	61,572
5.50%, 4/1/2034, Pool #725424
(Fannie Mae)	USD	27,699	27,296
6.00%, 6/1/2017, Pool #555004
(Fannie Mae)	USD	19,852	20,225
6.00%, 10/1/2032, Pool #667994
(Fannie Mae)	USD	33,172	33,568
6.00%, 9/1/2033, Pool #736937
(Fannie Mae)	USD	13,033	13,129
6.00%, 4/1/2035, Pool #735503
(Fannie Mae)	USD	12,855	12,997
6.50%, 9/1/2034, Pool #783390
(Fannie Mae)	USD	21,614	22,123
6.50%, 4/1/2036, Pool #851187
(Fannie Mae)	USD	62,596	64,070
7.00%, 4/1/2034, Pool #780703
(Fannie Mae)	USD	18,902	19,691
4.00%, 6/1/2018, Pool #E01401
(Freddie Mac)	USD	24,032	22,796
4.50%, 1/1/2019, Pool #B11878
(Freddie Mac)	USD	37,276	36,148
5.00%, 8/1/2033, Pool #A12886
(Freddie Mac)	USD	20,973	20,185
5.50%, 8/1/2033, Pool #A11851
(Freddie Mac)	USD	30,845	30,454
5.50%, 10/1/2034, Pool #A27526
(Freddie Mac)	USD	27,618	27,262
5.50%, 11/1/2035, Pool #A47728
(Freddie Mac)	USD	50,276	49,551
6.00%, 7/1/2034, Pool #A24370
(Freddie Mac)	USD	25,799	26,022
6.50%, 12/1/2033, Pool #A16523
(Freddie Mac)	USD	14,958	15,391
5.50%, 4/15/2033, Pool #603566
(GNMA)	USD	11,277	11,222
5.50%, 4/15/2034, Pool #626116
(GNMA)	USD	7,536	7,495
6.00%, 9/20/2034, Pool #2 3611
(GNMA)	USD	13,561	13,713
Total U.S. Government Agency
Pass-Through Securities
(Cost $968,520)			972,622
U.S. Government Agency Securities (1.84%)
4.50%, 10/15/2008, (Fannie Mae)	USD	35,000	35,108
6.63%, 9/15/2009, (Fannie Mae)	USD	35,000	36,423
4.63%, 11/21/2008,
(Federal Home Loan Bank)	USD	10,000	10,016
4.63%, 12/19/2008, (Freddie Mac)	USD	145,000	145,262
4.75%, 1/18/2011, (Freddie Mac)	USD	25,000	25,238
4.75%, 1/19/2016, (Freddie Mac)	USD	62,000	61,608
6.25%, 7/15/2032, (Freddie Mac)	USD	99,000	113,056
Total U.S. Government Agency
Securities (Cost $424,946)			426,711
U.S. Treasury Obligations (2.19%)
4.00%, 6/15/2009,
(U.S. Treasury Notes)	USD	153,000	153,108
4.00%, 4/15/2010,
(U.S. Treasury Notes)	USD	69,000	69,108
4.00%, 2/15/2015,
(U.S. Treasury Notes)	USD	13,000	12,730
4.25%, 8/15/2015,
(U.S. Treasury Notes)	USD	30,000	29,775
4.88%, 2/15/2012,
(U.S. Treasury Notes)	USD	57,000	58,790
5.00%, 2/15/2011,
(U.S. Treasury Notes)	USD	50,000	51,625
5.25%, 11/15/2028,
(U.S. Treasury Bonds)	USD	101,000	107,139
5.63%, 5/15/2008,
(U.S. Treasury Notes)	USD	25,000	25,193
Total U.S. Treasury Obligations
(Cost $498,994)			507,468
Foreign Government Agency Securities (3.89%)
Belgian Government Bond,
5.50%, 9/28/2017	EUR	27,000	42,588
Bonos Y Obligación Del Estado
(Spanish Government Bond),
5.50%, 7/30/2017	EUR	29,000	45,739

See Notes to Financial Statements

21

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2030 Fund	October 31, 2007

Foreign Government Agency Securities, continued
	Shares or
	Principal
Security Description	(Currency Noted)			Value ($)
Bundesobligation
(German Government Bond),
4.00%, 4/13/2012	EUR	85,000		122,367
Buoni Poliennali Del Tesoro
(Italian Government Bond),
5.25%, 8/01/2017	EUR	74,000		113,685
France O.A.T
(French Government Bond),
3.75%, 4/25/2017	EUR	70,000		96,877
Japan Government Bond,
1.50%, 6/20/2012	JPY	41,500,000		366,729
Netherlands Government Bond,
4.00%, 7/15/2016	EUR	29,000		41,103
United Kingdom Treasury Bond,
4.00%, 9/07/2016	GBP	38,000		73,821
Total Foreign Government
Agency Securities
(Cost $855,273)				902,909
Investment Companies (16.03%)
American Beacon Money
Market Fund		1,451,229		1,451,229
BLDRS Emerging Markets 50
ADR Equity Fund		6,915		414,693
Dreyfus Cash Management Plus		116,306		116,306
IShares MSCI Emerging Markets
Equity Fund		8,075		1,348,606
Vanguard Emerging Markets
Equity Fund		3,355		391,931
Total Investment Companies
(Cost $3,241,742)				3,722,765
Total Investments
(Cost $21,190,187) (a) — 99.51%				23,103,684
Other assets in excess of
liabilities — 0.49%				114,075
NET ASSETS — 100.00%			$	23,217,759

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities
(b)	Non-income producing security.
(c)	A complete listing of all common stocks held by the Fund is available upon request. “Other Common Stocks” does not include any securities determined to be either “restricted” under Rule 144A and/or non-income producing.
†	Represents a restricted security purchase under rule 144A which is exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid by procedures approved by the Board of Trustees.

See Notes to Financial Statements

22

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments
NestEgg Dow Jones 2040 Fund	October 31, 2007

Common Stocks (78.14%)
	Shares or
	Principal
Security Description	(Currency Noted)	Value ($)
AAR Corp. (Industrial) (b)	182	5,833
Adobe Systems, Inc. (Technology) (b)	300	14,370
Advanced Micro Devices, Inc.
(Technology) (b)	1,050	13,734
The AES Corp. (Utilities) (b)	353	7,558
AK Steel Holding Corp.
(Basic Materials) (b)	140	7,018
Alaska Air Group, Inc.
(Consumer, Cyclical) (b)	239	6,071
Alleghany Corp. (Financial) (b)	10	3,930
American Tower Corp.
(Communications) (b)	215	9,499
Amgen, Inc.
(Consumer, Non-cyclical) (b)	251	14,586
AMR Corp. (Consumer, Cyclical) (b)	585	14,040
Anixter International, Inc.
(Communications) (b)	162	11,640
Apple, Inc. (Technology) (b)	446	84,718
Aquila, Inc. (Utilities) (b)	2,862	11,963
Arcandor AG (Consumer, Cyclical) (b)	42	1,347
Arrow Electronics, Inc. (Industrial) (b)	243	9,715
Atos Origin SA (Technology) (b)	22	1,337
Autodesk, Inc. (Technology) (b)	462	22,592
Avis Budget Group, Inc.
(Consumer, Non-cyclical) (b)	683	14,254
Avnet, Inc. (Industrial) (b)	294	12,266
Big Lots, Inc. (Consumer, Cyclical) (b)	283	6,786
Blockbuster, Inc.
(Consumer, Cyclical) (b)	1,033	5,434
Bombardier, Inc. (Industrial) (b)	266	1,577
British Airways PLC.
(Consumer, Cyclical) (b)	162	1,500
Business Objects SA (Technology) (b)	29	1,742
Cablevision Systems Corp.
(Communications) (b)	411	12,055
CGG-Veritas (Energy) (b)	5	1,638
Charming Shoppes, Inc.
(Consumer, Cyclical) (b)	831	6,166
Charter Plc. (Industrial) (b)	56	1,262
Checkpoint Systems, Inc.
(Industrial) (b)	261	7,895
China Everbright Ltd. (Financial) (b)	555	2,456
China Grand Forestry Resources
(Industrial) (b)	3,195	1,117
China Insurance International
(Financial) (b)	530	1,706
Cincinnati Bell, Inc.
(Communications) (b)	1,647	8,927
Comcast Corp. (Communications) (b)	1,561	32,756
Computer Sciences Corp.
(Technology) (b)	409	23,882
Corrections Corporation of
America (Consumer,
Non-cyclical) (b)	605	17,115
The DIRECTV Group, Inc.
(Communications) (b)	323	8,553
Domtar Corp. (Basic Materials) (b)	1,442	12,372
Dynegy, Inc. (Utilities) (b)	996	9,173
EchoStar Communications Corp.
(Communications) (b)	367	17,968
EMC Corp, (Technology) (b)	1,080	27,421
ESCO Technologies, Inc.
(Industrial) (b)	124	5,132
Esterline Technologies Corp.
(Industrial) (b)	124	6,793
FirstFed Financial Corp.
(Financial) (b)	115	4,920
Ford Motor Co.
(Consumer, Cyclical) (b)	946	8,391
Foster Wheeler Ltd. (Industrial) (b)	125	18,531
Galaxy Entertainment Group Ltd.
(Consumer, Cyclical) (b)	1,284	1,395
Gaylord Entertainment Co.
(Consumer, Cyclical) (b)	202	11,005
General Cable Corp. (Industrial) (b)	246	17,710
Genting International PLC.
(Financial) (b)	2,221	1,059
Hitachi Zosen Corp. (Industrial) (b)	675	1,117
Humana, Inc.
(Consumer, Non-cyclical) (b)	297	22,260
Immoeast AG (Financial) (b)	100	1,217
Infineon Technologies AG
(Technology) (b)	139	2,039
Interpublic Group of Companies, Inc.
(Communications) (b)	1,189	12,306
Investment Technology Group Inc.
(Financial) (b)	220	9,218
ITT Educational Services, Inc.
(Consumer, Non-cyclical) (b)	188	23,912
Jacobs Engineering Group, Inc.
(Industrial) (b)	227	19,783
Jyske Bank A/S (Financial) (b)	16	1,318
Kirby Corp. (Industrial) (b)	103	4,705
Kulicke & Soffa Industries, Inc.
(Technology) (b)	388	2,937
LaBranche & Co, Inc. (Financial) (b)	480	2,630
Lear Corp. (Consumer, Cyclical) (b)	469	16,664
Lihir Gold Ltd. (Basic Materials) (b)	728	2,801
Logitech International SA
(Technology) (b)	48	1,668
McDermott International, Inc.
(Industrial) (b)	405	24,729
Meritage Homes Corp.
(Consumer, Cyclical) (b)	211	3,395
MGM Mirage (Consumer, Cyclical) (b)	62	5,680
Microsemi Corp. (Technology) (b)	325	8,648
Millipore Corp.
(Consumer, Non-cyclical) (b)	110	8,542
Mitsubishi Motors Corp.
(Consumer, Cyclical) (b)	1,550	3,023
Moog, Inc. (Industrial) (b)	189	8,722
Newport Corp. (Industrial) (b)	178	2,433
Orbotech Ltd. (Industrial) (b)	223	4,616
Parker Drilling Co. (Energy) (b)	856	7,225
Pier 1 Imports, Inc.
(Consumer, Cyclical) (b)	614	3,125
Pinnacle Entertainment, Inc.
(Consumer, Cyclical) (b)	287	8,380
Pre-Paid Legal Services, Inc.
(Consumer, Non-cyclical) (b)	47	2,801
Psychiatric Solutions Inc.
(Consumer, Non-cyclical) (b)	269	10,652
Qwest Communications
International, Inc.
(Communications) (b)	824	5,916
Ralcorp Holdings, Inc. (Consumer,
Non-cyclical) (b)	129	7,263

See Notes to Financial Statements

23

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2040 Fund	October 31, 2007

Common Stocks, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
RH Donnelley Corp.
(Communications) (b)		141	7,734
Rite Aid Corp. (Consumer,
Cyclical) (b)		1,088	4,254
RTI International Metals, Inc.
(Basic Materials) (b)		116	9,069
SGL Carbon AG (Basic Materials) (b)		25	1,468
Six Flags, Inc. (Consumer, Cyclical) (b)		532	1,724
Skyworks Solutions, Inc.
(Technology) (b)		1,073	9,893
Southwestern Energy Co. (Energy) (b)		332	17,174
St. Jude Medical, Inc.
(Consumer, Non-cyclical) (b)		176	7,168
SVB Financial Group (Financial) (b)		167	8,649
TD Ameritrade Holding Corp.
(Financial) (b)		130	2,488
Tenet Healthcare Corp.
(Consumer, Non-cyclical) (b)		1,139	3,998
Terex Corp. (Industrial) (b)		184	13,656
Thomas & Betts Corp. (Industrial) (b)		121	6,777
Topdanmark A/S (Financial) (b)		8	1,365
Unisys Corp. (Technology) (b)		838	5,095
United Stationers, Inc.
(Consumer, Cyclical) (b)		140	8,107
URS Corp. (Industrial) (b)		266	16,441
USEC, Inc. (Basic Materials) (b)		345	3,036
Valassis Communications, Inc.
(Consumer, Non-cyclical) (b)		324	3,191
Varian Medical Systems, Inc.
(Consumer, Non-cyclical) (b)		222	10,827
Vestas Wind Systems A/S
(Industrial) (b)		34	3,033
Washington Group International
(Industrial) (b)		141	13,726
William Demant Holding
(Consumer, Non-cyclical) (b)		13	1,191
WMS Industries, Inc.
(Consumer, Cyclical) (b)		216	7,489
YRC Worldwide, Inc. (Industrial) (b)		381	9,365
Other Common Stocks (c)		780,453	17,933,047
Total Common Stocks
(Cost $17,164,892)			18,900,598
Corporate Bonds (1.47%)
Allstate Corp., 7.20%, 12/1/2009
(Financial)	USD	4,000	4,178
American General Finance,
5.38%, 10/1/2012 (Financial)	USD	13,000	12,867
Anheuser-Busch Companies, Inc.,
5.05%, 10/15/2016
(Consumer Goods)	USD	4,000	3,882
Boeing Co., 6.13%, 2/15/2033
(Industrial)	USD	4,000	4,133
Bottling Group LLC.,
4.63%, 11/15/2012
(Consumer Goods)	USD	2,000	1,969
Burlington Northern Santa Fe
Railway Company,
7.00%, 12/15/2025 (Industrial)	USD	4,000	4,322
Citigroup, Inc., 6.63%, 1/15/2028
(Financial)	USD	14,000	14,671
Coca-Cola Enterprises,
8.50%, 2/1/2022
(Consumer Goods)	USD	4,000	5,041
Comcast Corp., 6.50%, 11/15/2035
(Communications)	USD	13,000	13,188
ConAgra Foods, Inc.,
6.75%, 9/15/2011
(Consumer Goods)	USD	4,000	4,200
ConocoPhillips Canada,
5.63%, 10/15/2016 (Financial)	USD	14,000	14,250
Countrywide Financial Corp.,
6.25%, 5/15/2016 (Financial)	USD	16,000	12,735
Credit Suisse USA, Inc.,
6.13%, 11/15/2011 (Financial)	USD	13,000	13,442
Duke Energy Carolinas,
6.25%, 1/15/2012 (Utilities)	USD	4,000	4,156
E.I. Du Pont De Nemours,
4.88%, 4/30/2014
(Basic Materials)	USD	3,000	2,916
Exelon Corporation,
4.90%, 6/15/2015 (Utilities)	USD	4,000	3,753
Florida Power & Light,
5.95%, 10/1/2033 (Utilities)	USD	20,000	19,978
General Electric Company,
5.00%, 2/1/2013 (Industrial)	USD	20,000	19,841
IBM Corp., 8.38%, 11/1/2019
(Technology)	USD	4,000	4,928
John Hancock Global Funding Ltd.,
7.90%, 7/2/2010 (Financial) †	USD	5,000	5,362
JPMorgan Chase Capital XVIII,
6.95%, 8/17/2036 (Financial)	USD	15,000	14,799
Kimberly-Clark Corp.,
5.00%, 8/15/2013
(Consumer Goods)	USD	7,000	6,929
Kinder Morgan Energy Partners,
7.75%, 3/15/2032 (Energy)	USD	4,000	4,464
Kohls Corporation, 6.00%,
1/15/2033 (Consumer Goods)	USD	8,000	7,232
Lehman Brothers Holdings,
6.63%, 1/18/2012 (Financial)	USD	4,000	4,127
Macys Retail Holdings, Inc.,
5.75%, 7/15/2014
(Consumer Goods)	USD	4,000	3,870
Morgan Stanley, 6.75%, 4/15/2011
(Financial)	USD	9,000	9,405
National Rural Utilities,
7.25%, 3/1/2012 (Financial)	USD	7,000	7,503
Norfolk Southern Corp,
6.20%, 4/15/2009 (Industrial)	USD	42,000	42,612
Procter & Gamble Co.,
4.95%, 8/15/2014
(Consumer Goods)	USD	5,000	4,959
Prudential Financial, Inc.,
5.10%, 9/20/2014 (Financial)	USD	4,000	3,863
Southern Power Co.,
4.88%, 7/15/2015 (Utilities)	USD	4,000	3,804
Sprint Capital Corp.,
8.38%, 3/15/2012
(Communications)	USD	7,000	7,645
Target Corp., 5.88%, 3/1/2012
(Consumer Goods)	USD	4,000	4,120
Union Pacific Corp.,
4.88%, 1/15/2015 (Industrial)	USD	9,000	8,598
US Bank NA., 6.38%, 8/1/2011
(Financial)	USD	4,000	4,168
Verizon Communications,
7.25%, 12/1/2010
(Communications)	USD	15,000	16,003

See Notes to Financial Statements

24

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2040 Fund	October 31, 2007

Corporate Bonds, continued
	Shares or
	Principal
Security Description	(Currency Noted)		Value ($)
Wachovia Bank NA.,
7.80%, 8/18/2010 (Financial)	USD	7,000	7,502
Wal-Mart Stores, 4.55%, 5/1/2013
(Consumer Goods)	USD	8,000	7,812
Wells Fargo & Co., 4.63%, 8/9/2010
(Financial)	USD	8,000	7,923
Weyerhaeuser Co., 6.95%, 8/1/2017
(Basic Materials)	USD	4,000	4,147
Wyeth, 5.50%, 2/1/2014
(Health Care)	USD	5,000	5,014
Total Corporate Bonds
(Cost $361,412)			356,311
U.S. Government Agency Pass-Through Securities (1.60%)
4.41%, 10/1/2035, Pool #836206
(Fannie Mae)	USD	12,736	12,611
4.50%, 1/1/2019, Pool #735057
(Fannie Mae)	USD	4,803	4,659
4.50%, 9/1/2020, Pool #839289
(Fannie Mae)	USD	5,000	4,838
5.00%, 5/1/2018, Pool #703444
(Fannie Mae)	USD	6,292	6,195
5.00%, 1/1/2019, Pool #255077
(Fannie Mae)	USD	8,590	8,486
5.00%, 12/1/2019, Pool #745369
(Fannie Mae)	USD	3,002	2,965
5.00%, 6/1/2020, Pool #839333
(Fannie Mae)	USD	11,870	11,686
5.00%, 12/1/2026, Pool #256570
(Fannie Mae)	USD	16,872	16,367
5.00%, 8/1/2033, Pool #713679
(Fannie Mae)	USD	56,062	53,809
5.00%, 5/1/2034, Pool #768230
(Fannie Mae)	USD	7,325	7,031
5.00%, 7/1/2034, Pool #255268
(Fannie Mae)	USD	4,225	4,065
5.50%, 8/1/2017, Pool #826283
(Fannie Mae)	USD	2,754	2,771
5.50%, 3/1/2020, Pool #735405
(Fannie Mae)	USD	5,689	5,699
5.50%, 12/1/2020, Pool #850811
(Fannie Mae)	USD	33,503	33,561
5.50%, 9/1/2033, Pool #254869
(Fannie Mae)	USD	37,383	36,943
5.50%, 4/1/2034, Pool #725424
(Fannie Mae)	USD	22,663	22,333
6.00%, 6/1/2017, Pool #555004
(Fannie Mae)	USD	4,496	4,581
6.00%, 10/1/2032, Pool #667994
(Fannie Mae)	USD	11,058	11,190
6.00%, 9/1/2033, Pool #736937
(Fannie Mae)	USD	4,073	4,103
6.00%, 4/1/2035, Pool #735503
(Fannie Mae)	USD	4,285	4,332
7.00%, 4/1/2034, Pool #780703
(Fannie Mae)	USD	6,300	6,563
4.00%, 6/1/2018, Pool #E01401
(Freddie Mac)	USD	8,010	7,598
4.50%, 1/1/2019, Pool #B11878
(Freddie Mac)	USD	12,426	12,050
5.00%, 8/1/2033, Pool #A12886
(Freddie Mac)	USD	6,991	6,728
5.50%, 8/1/2033, Pool #A11851
(Freddie Mac)	USD	9,639	9,517
5.50%, 10/1/2034, Pool #A27526
(Freddie Mac)	USD	8,631	8,520
5.50%, 10/1/2035, Pool #A39170
(Freddie Mac)	USD	15,459	15,236
5.50%, 11/1/2035, Pool #A47728
(Freddie Mac)	USD	15,058	14,841
6.00%, 7/1/2034, Pool #A24370
(Freddie Mac)	USD	7,938	8,007
6.50%, 12/1/2033, Pool #A16523
(Freddie Mac)	USD	9,563	9,840
5.50%, 4/15/2033, Pool #603566
(GNMA)	USD	3,759	3,740
5.50%, 4/15/2034, Pool #626116
(GNMA)	USD	2,512	2,499
6.00%, 2/15/2032, Pool #569704
(GNMA)	USD	18,548	18,825
6.00%, 9/20/2034, Pool #G23611
(GNMA)	USD	4,173	4,220
Total U.S. Government Agency
Pass-Through Securities
(Cost $385,487)			386,409
U.S. Government Agency Securities (0.29%)
4.50%, 10/15/2008, (Fannie Mae)	USD	10,000	10,031
4.63%, 11/21/2008,
(Federal Home Loan Bank)	USD	10,000	10,016
4.63%, 12/19/2008, (Freddie Mac)	USD	10,000	10,018
4.75%, 1/18/2011, (Freddie Mac)	USD	10,000	10,095
4.75%, 1/19/2016, (Freddie Mac)	USD	20,000	19,874
6.63%, 9/15/2009, (Fannie Mae)	USD	10,000	10,406
Total U.S. Government Agency
Securities (Cost $69,738)			70,440
U.S. Treasury Obligations (1.08%)
4.00%, 4/15/2010,
(U.S. Treasury Notes)	USD	34,000	34,053
4.00%, 6/15/2009,
(U.S. Treasury Notes)	USD	111,000	111,078
4.25%, 8/15/2015,
(U.S. Treasury Notes)	USD	40,000	39,700
4.88%, 2/15/2012,
(U.S. Treasury Notes)	USD	16,000	16,503
5.25%, 11/15/2028,
(U.S. Treasury Bonds)	USD	28,000	29,702
5.63%, 5/15/2008,
(U.S. Treasury Notes)	USD	1,000	1,008
6.00%, 2/15/2026,
(U.S. Treasury Bonds)	USD	25,000	28,625
Total U.S. Treasury Obligations
(Cost $256,932)			260,669
Foreign Government Agency Securities (1.41%)
Belgian Government Bond,
5.50%, 9/28/2017	EUR	9,000	14,196
Bonos Y Obligación Del Estado
(Spanish Government Bond),
5.50%, 7/30/2017	EUR	11,000	17,349
Bundesobligation
(German Government Bond),
4.00%, 4/13/2012	EUR	33,000	47,507

See Notes to Financial Statements

25

NestEgg Dow Jones Target Date Funds	Schedule of Portfolio Investments, continued
NestEgg Dow Jones 2040 Fund	October 31, 2007

Foreign Government Agency Securities, continued
	Shares or
	Principal
Security Description	(Currency Noted)			Value ($)
Buoni Poliennali Del Tesoro
(Italian Government Bond),
5.25%, 8/01/2017	EUR	28,000		43,016
France O.A.T
(French Government Bond),
3.75%, 4/25/2017	EUR	27,000		37,367
Japan Government Bond,
1.50%, 6/20/2012	JPY	15,900,000		140,506
Netherlands Government Bond,
4.00%, 7/15/2016	EUR	11,000		15,591
United Kingdom Treasury Bond,
4.00%, 9/07/2016	GBP	13,000		25,255
Total Foreign Government
Agency Securities
(Cost $322,773)				340,787
Investment Companies (15.19%)
American Beacon Money
Market Fund		954,687		954,687
BLDRS Emerging Markets 50
ADR Equity Fund		8,304		497,991
Dreyfus Cash Management Plus		182,254		182,254
IShares MSCI Emerging Markets
Equity Fund		9,391		1,568,391
Vanguard Emerging Markets
Equity Fund		4,029		470,668
Total Investment Companies
(Cost $3,107,265)				3,673,991
Total Investments
(Cost $21,668,499) (a) — 99.18%				23,989,205
Other assets in excess of
liabilities — 0.82%				198,791
NET ASSETS — 100.00%			$	24,187,996

(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities
(b)	Non-income producing security.
(c)	A complete listing of all common stocks held by the Fund is available upon request. “Other Common Stocks” does not include any securities determined to be either “restricted” under Rule 144A and/or non-income producing.
†	Represents a restricted security purchase under rule 144A which is exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid by procedures approved by the Board of Trustees.

See Notes to Financial Statements

26

NestEgg Dow Jones Target Date Funds 

Statements of Assets and Liabilities
October 31, 2007
	NestEgg		NestEgg		NestEgg		NestEgg		NestEgg
	Dow Jones		Dow Jones		Dow Jones		Dow Jones		Dow Jones
	2010 Fund		2015 Fund		2020 Fund		2030 Fund		2040 Fund
Assets:
Investments, at cost	$	6,345,765	$	13,236,951	$	32,794,462	$	21,190,187	$	21,668,499
Investments, at value	$	6,574,453	$	13,996,808	$	35,054,618	$	23,103,684	$	23,989,205
Foreign currency, at value (cost at
$7,169; $15,807; $43,139; $24,676;
and $26,198)		7,352		16,264		38,507		25,312		27,024
Interest and dividends receivable		55,368		95,603		160,263		62,901		37,940
Receivable for capital shares issued		31,107		23,658		70,156		44,996		153,269
Reclaims receivable		264		445		773		267		165
Receivable from Investment Adviser		13,757		16,672		20,614		12,674		13,565
Prepaid expenses		8,265		8,784		10,460		9,347		9,427
Total Assets		6,690,566		14,158,234		35,355,391		23,259,181		24,230,595
Liabilities:
Distributions payable	$	17,894	$	—	$	—	$	—	$	—
Payable for capital shares redeemed		—		20,892		3		—		—
Accrued expenses and other payables:
Investment advisory		3,629		7,652		18,835		12,356		12,899
Administration		1,135		2,441		5,892		3,853		4,039
Accounting		1,923		2,075		2,138		2,116		2,129
Distribution and Service		93		49		83		123		185
Other		16,448		19,420		28,161		22,974		23,347
Total Liabilities		41,122		52,529		55,112		41,422		42,599
Net Assets	$	6,649,444	$	14,105,705	$	35,300,279	$	23,217,759	$	24,187,996
Composition of Net Assets:
Capital	$	6,275,169	$	12,534,113	$	31,079,435	$	19,774,093	$	20,186,972
Accumulated net investment income		2,970		323,695		608,077		243,574		177,593
Accumulated net realized gains from
investment transactions		141,862		485,863		1,352,560		1,283,204		1,501,854
Unrealized appreciation		229,443		762,034		2,260,207		1,916,888		2,321,577
Net Assets	$	6,649,444	$	14,105,705	$	35,300,279	$	23,217,759	$	24,187,996
Net Assets By Share Class:
Institutional Class Shares	$	6,270,138	$	13,936,549	$	34,942,094	$	22,683,599	$	23,387,509
Class A Shares		359,183		142,188		350,638		523,717		782,528
Class C Shares		20,123		26,968		7,547		10,443		17,959
Net Assets	$	6,649,444	$	14,105,705	$	35,300,279	$	23,217,759	$	24,187,996
Shares Outstanding (unlimited number of shares authorized @ $0.001 par value):
Institutional Class Shares		600,699		1,266,712		2,974,884		1,986,113		1,977,628
Class A Shares		34,588		13,014		30,094		46,355		67,273
Class C Shares		1,938		2,498		651		930		1,552
Net Asset Value, Offering Price and Redemption Price per share:
Institutional Class Shares	$	10.44	$	11.00	$	11.75	$	11.42	$	11.83
Class A Shares	$	10.38	$	10.93	$	11.65	$	11.30	$	11.63
Class C Shares	$	10.38	$	10.80	$	11.59	$	11.23	$	11.57
Maximum Sales Charge:
Class A Shares		4.75%		4.75%		4.75%		4.75%		4.75%
Maximum Offering Price per share (Net Asset Value/100% minus maximum
sales charge of net asset value adjusted to the nearest cent):
Class A Shares	$	10.90	$	11.47	$	12.23	$	11.86	$	12.21

See Notes to Financial Statements

27

NestEgg Dow Jones Target Date Funds 

Statements of Operations
For the year ended October 31, 2007
		NestEgg		NestEgg		NestEgg		NestEgg		NestEgg
		Dow Jones		Dow Jones		Dow Jones		Dow Jones		Dow Jones
		2010 Fund		2015 Fund		2020 Fund		2030 Fund		2040 Fund
Investment Income:
Dividend		$	56,648	$	136,106	$	402,277	$	357,339	$	419,112
Interest			235,334		428,861		723,151		201,556		82,883
Foreign tax withholding			(414)		(902)		(2,275)		(1,538)		(1,677)
Total Investment Income			291,568		564,065		1,123,153		557,357		500,318
Expenses:
Investment advisory			39,705		89,479		207,035		135,191		143,547
Administration			9,926		22,370		51,759		33,798		35,887
Distribution - Class A Shares			840		387		790		1,152		1,794
Distribution - Class C Shares			145		193		53		57		98
Service - Class A Shares			840		387		790		1,152		1,794
Service - Class C Shares			49		66		19		20		33
Accounting			39,908		40,744		40,558		40,583		40,727
Custodian			1,323		2,982		6,901		4,506		4,784
Compliance services			786		1,787		4,058		2,639		2,794
Transfer Agent			21,730		21,912		24,132		25,569		24,394
Trustee			1,273		2,871		6,568		4,213		4,485
State registration expenses			51,329		52,439		53,505		52,627		52,666
Other			14,780		18,424		32,998		25,355		26,509
Total expenses before fee reductions			182,634		254,041		429,166		326,862		339,512
Expenses reduced by:	Adviser		(125,663)		(129,746)		(133,397)		(122,128)		(119,884)
	Net Expenses		56,971		124,295		295,769		204,734		219,628
Net Investment Income			234,597		439,770		827,384		352,623		280,690
Realized and unrealized gains (losses) from
investments and foreign currency transactions:
Net realized gains from investment
transactions			139,569		482,214		1,357,504		1,283,406		1,511,492
Net realized (losses) from foreign
currency transactions			(15,569)		(31,718)		(72,971)		(41,865)		(43,591)
Change in unrealized appreciation/
depreciation from investments			109,882		398,621		1,411,759		1,291,320		1,600,635
Change in unrealized appreciation/
depreciation from foreign currency
translation			755		2,178		53		3,391		870
Net realized and unrealized gains			234,637		851,295		2,696,345		2,536,252		3,069,406
Net increase in Net Assets Resulting from
Operations		$	469,234	$	1,291,065	$	3,523,729	$	2,888,875	$	3,350,096

See Notes to Financial Statements

28

NestEgg Dow Jones Target Date Funds 

Statements of Changes in Net Assets
	NestEgg					NestEgg					NestEgg
	Dow Jones					Dow Jones					Dow Jones
	2010 Fund					2015 Fund					2020 Fund
	For the Years					For the Years					For the Years
	Ended October 31,					Ended October 31,					Ended October 31,
	2007		2006			2007		2006			2007		2006
Investment Operations:
Net investment income	$	234,597	$	196,805		$	439,770	$	453,039		$	827,384	$	745,651
Net realized gains		124,000		210,608			450,496		921,345			1,284,533		2,747,254
Net change in unrealized appreciation/depreciation		110,637		94,057			400,799		37,667			1,411,812		(445,753)
Net increase in net assets resulting from operations		469,234		501,470			1,291,065		1,412,051			3,523,729		3,047,152
Distributions:
From net investment income:
Institutional Class Shares		(203,144)		(198,422)			(419,432)		(133,011)			(691,073)		(208,751)
Class A Shares		(9,301)		(8,374)			(2,882)		(922)			(4,685)		(1,457)
Class C Shares		(403)		(178)			(631)		—			(104)		—
From net realized gains:
Institutional Class Shares		(197,627)		(231,842)			(913,618)		(413,529)			(1,130,591)		—
Class A Shares		(10,485)		(10,795)			(7,768)		(3,469)			(9,950)		—
Class C Shares		(636)		—			(1,533)		—			(252)		—
Decrease in net assets from distributions		(421,596)		(449,611)			(1,345,864)		(550,931)			(1,836,655)		(210,208)
Net increase (decrease) in net assets from capital
transactions		359,066		150,546			(931,409)		(3,069,929)			2,190,167		(1,750,099)
Total increase (decrease) in net assets		406,704		202,405			(986,208)		(2,208,809)			3,877,241		1,086,845
Net Assets:
Beginning of year		6,242,740		6,040,335			15,091,913		17,300,722			31,423,038		30,336,193
End of year		6,649,444		6,242,740			14,105,705		15,091,913			35,300,279		31,423,038
Undistributed net investment income	$	2,970	$	—		$	323,695	$	344,221		$	608,077	$	558,200
Capital Transactions:
Institutional Class Shares
Proceeds from shares issued	$	2,411,482	$	1,523,588		$	3,581,953	$	2,678,976		$	10,825,279	$	4,621,412
Dividends reinvested		400,703		429,149			—		546,539			—		208,751
Cost of shares redeemed		(2,497,211)		(1,871,248)			(4,550,863)		(6,282,064)			(8,701,035)		(6,575,695)
Institutional Class Shares capital transactions		314,974		81,489			(968,910)		(3,056,549)			2,124,244		(1,745,532)
Class A Shares
Proceeds from shares issued		27,331		107,417			123,382		29,613			157,814		66,628
Dividends reinvested		19,786		19,169			—		4,391			—		1,457
Cost of shares redeemed		(4,064)		(76,374)			(105,984)		(54,051)			(92,246)		(79,319)
Class A Shares capital transactions		43,053		50,212			17,398		(20,047)			65,568		(11,234)
Class C Shares
Proceeds from shares issued		—		32,000	(a)		20,107		20,000	(a)		355		20,000	(a)
Dividends reinvested		1,039		178			—		—			—		—
Cost of shares redeemed		—		(13,333)			(4)		(13,333)			—		(13,333)
Class C Shares capital transactions		1,039		18,845			20,103		6,667			355		6,667
Net increase (decrease) in net assets from capital
transactions	$	359,066	$	150,546		$	(931,409)	$	(3,069,929)		$	2,190,167	$	(1,750,099)
Share Transactions:
Institutional Class Shares
Issued		235,881		149,674			342,679		253,030			977,409		430,611
Reinvested		39,450		42,400			—		52,451			—		19,749
Redeemed		(243,684)		(182,527)			(430,486)		(593,164)			(771,982)		(610,424)
Change in Institutional Class Shares		31,647		9,547			(87,807)		(287,683)			205,427		(160,064)
Class A Shares
Issued		2,692		10,578			11,747		2,769			14,275		6,221
Reinvested		1,959		1,903			—		423			—		138
Redeemed		(399)		(7,544)			(10,382)		(5,170)			(8,313)		(7,510)
Change in Class A Shares		4,252		4,937			1,365		(1,978)			5,962		(1,151)
Class C Shares
Issued		—		3,127	(a)		1,867		1,894	(a)		33		1855	(a)
Reinvested		103		18			—		—			—		—
Redeemed		—		(1,310)			—		(1,263)			—		(1,237)
Change in Class C Shares		103		1,835			1,867		631			33		618

(a) Class C Shares commenced operations on March 15, 2006

See Notes to Financial Statements

29

NestEgg Dow Jones Target Date Funds 

Statements of Changes in Net Assets, continued
	NestEgg					NestEgg
	Dow Jones					Dow Jones
	2030 Fund					2040 Fund
	For the Years					For the Years
	Ended October 31,					Ended October 31,
	2007		2006			2007		2006
Investment Operations:
Net investment income	$	352,623	$	309,626		$	280,690	$	245,046
Net realized gains		1,241,541		2,324,019			1,467,901		3,059,425
Net change in unrealized appreciation/depreciation		1,294,711		(527,336)			1,601,505		(832,391)
Net increase in net assets resulting from operations		2,888,875		2,106,309			3,350,096		2,472,080
Distributions:
From net investment income:
Institutional Class Shares		(261,618)		(114,501)			(191,123)		(107,171)
Class A Shares		(3,264)		(1,417)			(2,974)		(1,814)
Class C Shares		(39)		—			(11)		—
From net realized gains:
Institutional Class Shares		(2,270,496)		(140,848)			(2,546,624)		—
Class A Shares		(43,187)		(2,179)			(76,748)		—
Class C Shares		(774)		—			(814)		—
Decrease in net assets from distributions		(2,579,378)		(258,945)			(2,818,294)		(108,985)
Net increase (decrease) in net assets from capital
transactions		2,575,292		456,196			1,585,856		1,156,441
Total increase (decrease) in net assets		2,884,789		2,303,560			2,117,658		3,519,536
Net Assets:
Beginning of year		20,332,970		18,029,410			22,070,338		18,550,802
End of year		23,217,759		20,332,970			24,187,996		22,070,338
Undistributed net investment income	$	243,574	$	200,146		$	177,593	$	135,489
Capital Transactions:
Institutional Class Shares
Proceeds from shares issued	$	9,244,008	$	4,594,150		$	8,813,614	$	5,217,742
Dividends reinvested		—		255,348			2,737,747		107,171
Cost of shares redeemed		(6,800,659)		(4,503,232)			(10,105,891)		(4,357,921)
Institutional Class Shares capital transactions		2,443,349		346,266			1,445,470		966,992
Class A Shares
Proceeds from shares issued		176,064		189,655			129,406		255,992
Dividends reinvested		—		3,597			79,721		1,814
Cost of shares redeemed		(47,524)		(89,989)			(79,065)		(75,024)
Class A Shares capital transactions		128,540		103,263			130,062		182,782
Class C Shares
Proceeds from shares issued		3,413		20,000	(a)		9,500		20,000	(a)
Dividends reinvested		—		—			824		—
Cost of shares redeemed		(10)		(13,333)			—		(13,333)
Class C Shares capital transactions		3,403		6,667			10,324		6,667
Net increase (decrease) in net assets from capital
transactions	$	2,575,292	$	456,196		$	1,585,856	$	1,156,441
Share Transactions:
Institutional Class Shares
Issued		860,340		420,563			785,977		466,552
Reinvested		—		23,820			256,824		9,814
Redeemed		(614,526)		(410,914)			(890,426)		(389,074)
Change in Institutional Class Shares		245,814		33,469			152,375		87,292
Class A Shares
Issued		16,651		17,809			11,778		23,463
Reinvested		—		337			7,571		168
Redeemed		(4,352)		(8,376)			(7,135)		(6,786)
Change in Class A Shares		12,299		9,770			12,214		16,845
Class C Shares
Issued		324		1,818	(a)		880		1,781	(a)
Reinvested		—		—			78		—
Redeemed		—		(1,212)			—		(1,187)
Change in Class C Shares		324		606			958		594

(a) Class C Shares commenced operations on March 15, 2006

See Notes to Financial Statements

30

NestEgg Dow Jones Target Date Funds 

Financial Highlights
Selected data for a share outstanding throughout the period indicated.
	Per Share Data								Ratios/Supplemental Data
														Ratio of
		Investment Operations			Distributions From									net
			Net	Increase					Total		Net			investment
	Net Asset	Net	realized and	(Decrease)					Return		Asset	Ratio of		income		Ratio of
	Value	investment	unrealized	from	Net	Net		Net Asset	(excludes		at end of	expenses to		(loss) to		expenses to		Portfolio
	Beginning	income	gains	Investment	investment	realized	Total	Value, End	sales		period	average net		average		average net		turnover
	of Period	(loss)	(losses)	Operations	income	gains	Distributions	of Period	charge)*		(000’s)	assets**		net		assets(a)**		rate(b)
														assets**
NestEgg Dow Jones 2010 Fund
Institutional Class Shares
For the year ended
10/31/2007	10.39	0.34	0.39	0.73	(0.33)	(0.35)	(0.68)	10.44	7.34	%	6,270	0.83	%(d)	3.34	%	2.73	%(d)	66	%
10/31/2006 (c)	10.33	0.34	0.50	0.84	(0.36)	(0.42)	(0.78)	10.39	8.55	%	5,910	0.97	%(d)	3.33	%	2.32	%(d)	191	%
10/31/2005	10.51	0.27	0.08	0.35	(0.27)	(0.26)	(0.53)	10.33	3.37	%	5,779	1.00	%(d)	2.57	%	2.47	%(d)	33	%
10/31/2004	10.16	0.25	0.35	0.60	(0.25)	—	(0.25)	10.51	5.95	%	6,075	1.00	%(d)	2.38	%	2.00	%(d)	35	%
10/31/2003	9.47	0.26	0.70	0.96	(0.27)	—	(0.27)	10.16	10.32	%	6,018	1.00	%(d)	2.58	%	2.05	%(d)	53	%
Class A Shares
For the year ended
10/31/2007	10.34	10.34	0.38	0.67	(0.28)	(0.35)	(0.63)	10.38	6.75	%	359	1.32	%	2.84	%	3.24	%	66	%
10/31/2006 (e)	10.28	0.28	0.50	0.78	(0.30)	(0.42)	(0.72)	10.34	8.00	%	314	1.48	%	2.82	%	2.81	%	191	%
10/31/2005	10.46	0.21	0.08	0.29	(0.21)	(0.26)	(0.47)	10.28	2.80	%	261	1.55	%	2.01	%	2.97	%	33	%
10/31/2004	10.12	0.18	0.37	0.55	(0.21)	—	(0.21)	10.46	5.43	%	128	1.55	%	1.74	%	2.51	%	35	%
10/31/2003 (f)	9.47	0.25	0.64	0.89	(0.24)	—	(0.24)	10.12	9.58	%	20	1.55	%	1.47	%	2.54	%	53	%
Class C Shares
For the year/period ended
10/31/2007	10.32	0.24	0.38	0.62	(0.21)	(0.35)	(0.56)	10.38	6.24	%	20	1.82	%	2.35	%	3.78	%	66	%
10/31/2006 (g)	10.18	0.18	0.18	0.36	(0.22)	—	(0.22)	10.32	3.62	%	19	1.95	%	2.52	%	3.34	%	191	%
NestEgg Dow Jones 2015 Fund
Institutional Class Shares
For the year ended
10/31/2007	11.04	0.31	0.63	0.94	(0.31)	(0.67)	(0.98)	11.00	9.17	%	13,937	0.83	%(d)	2.74	%	1.70	%(d)	59	%
10/31/2006 (c)	10.45	0.31	0.61	0.92	(0.08)	(0.25)	(0.33)	11.04	9.01	%	14,957	0.97	%(d)	2.94	%	1.64	%(d)	140	%
10/31/2005	10.25	0.25	0.19	0.44	(0.24)	—	(0.24)	10.45	4.31	%	17,159	1.00	%(d)	2.35	%	1.86	%(d)	30	%
10/31/2004	9.82	0.22	0.43	0.65	(0.22)	—	(0.22)	10.25	6.66	%	18,765	0.94	%(d)	2.12	%	1.71	%(d)	34	%
10/31/2003	8.96	0.21	0.88	1.09	(0.23)	—	(0.23)	9.82	12.43	%	17,899	1.00	%(d)	2.23	%	1.82	%(d)	48	%
Class A Shares
For the year ended
10/31/2007	10.96	0.26	0.63	0.89	(0.25)	(0.67)	(0.92)	10.93	8.71	%	142	1.33	%	2.11	%	2.22	%	59	%
10/31/2006 (e)	10.41	0.28	0.59	0.87	(0.07)	(0.25)	(0.32)	10.96	8.51	%	128	1.48	%	2.44	%	2.13	%	140	%
10/31/2005	10.22	0.19	0.18	0.37	(0.18)	—	(0.18)	10.41	3.64	%	142	1.55	%	1.79	%	2.37	%	30	%
10/31/2004	9.79	0.15	0.45	0.60	(0.17)	—	(0.17)	10.22	6.16	%	123	1.49	%	1.56	%	2.22	%	34	%
10/31/2003 (f)	8.96	0.25	0.79	1.04	(0.21)	—	(0.21)	9.79	11.84	%	78	1.55	%	1.27	%	2.24	%	48	%
Class C Shares
For the year/period ended
10/31/2007	10.93	0.11	0.71	0.82	(0.28)	(0.67)	(0.95)	10.80	8.05	%	27	1.83	%	1.72	%	2.71	%	59	%
10/31/2006 (g)	10.56	0.13	0.24	0.37	—	—	—	10.93	3.50	%	7	1.95	%	1.97	%	2.50	%	140	%

(a)	During the period certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.
(b)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Prior to March 2, 2006, Institutional Class Shares were named Service Shares.
(d)	Does not include expenses of the investment companies in which the Funds invested.
(e)	Prior to March 2, 2006, Class A Shares were named Premium Shares.
(f)	Class A Shares commenced operations on November 1, 2002.
(g)	Class C Shares commenced operations on March 15, 2006.
*	Not annualized for periods less than one year.
**	Annualized for periods less than one year.

See Notes to Financial Statements

31

NestEgg Dow Jones Target Date Funds 

Financial Highlights, continued
Selected data for a share outstanding throughout the period indicated.
	Per Share Data								Ratios/Supplemental Data
														Ratio of
		Investment Operations			Distributions From									net
			Net	Increase					Total		Net			investment
	Net Asset	Net	realized and	(Decrease)					Return		Asset	Ratio of		income		Ratio of
	Value	investment	unrealized	from	Net	Net		Net Asset	(excludes		at end of	expenses to		(loss) to		expenses to		Portfolio
	Beginning	income	gains	Investment	investment	realized	Total	Value, End	sales		period	average net		average		average net		turnover
	of Period	(loss)	(losses)	Operations	income	gains	Distributions	of Period	charge)*		(000’s)	assets**		net		assets(a)**		rate(b)
														assets**
NestEgg Dow Jones 2020 Fund
Institutional Class Shares
For the year ended
10/31/2007	11.25	0.25	0.91	1.16	(0.25)	(0.41)	(0.66)	11.75	10.77	%	34,942	0.85	%(d)	2.19	%	1.24	%(d)	66	%
10/31/2006 (c)	10.27	0.26	0.79	1.05	(0.07)	—	(0.07)	11.25	10.28	%	31,147	0.97	%(d)	2.44	%	1.40	%(d)	161	%
10/31/2005	9.88	0.20	0.38	0.58	(0.19)	—	(0.19)	10.27	5.91	%	30,078	0.97	%(d)	1.93	%	1.75	%(d)	35	%
10/31/2004	9.32	0.16	0.56	0.72	(0.16)	—	(0.16)	9.88	7.75	%	29,702	0.90	%(d)	1.68	%	1.68	%(d)	44	%
10/31/2003	8.25	0.16	1.10	1.26	(0.19)	—	(0.19)	9.32	15.71	%	27,160	1.00	%(d)	1.74	%	1.77	%(d)	67	%
Class A Shares
For the year ended
10/31/2007	11.16	0.18	0.91	1.09	(0.19)	(0.41)	(0.60)	11.65	10.19	%	351	1.35	%	1.67	%	1.74	%	66	%
10/31/2006 (e)	10.23	0.22	0.77	0.99	(0.06)	—	(0.06)	11.16	9.68	%	269	1.48	%	1.93	%	1.89	%	161	%
10/31/2005	9.85	0.14	0.39	0.53	(0.15)	—	(0.15)	10.23	5.35	%	259	1.53	%	1.36	%	2.26	%	35	%
10/31/2004	9.30	0.10	0.57	0.67	(0.12)	—	(0.12)	9.85	7.19	%	184	1.44	%	1.12	%	2.17	%	44	%
10/31/2003 (f)	8.25	0.20	1.02	1.22	(0.17)	—	(0.17)	9.30	15.12	%	81	1.46	%	0.78	%	2.21	%	67	%
Class C Shares
For the year/period ended
10/31/2007	11.13	0.13	0.91	1.04	(0.17)	(0.41)	(0.58)	11.59	9.68	%	8	1.85	%	1.18	%	2.25	%	66	%
10/31/2006 (g)	10.78	0.10	0.25	0.35	—	—	—	11.13	3.25	%	7	1.95	%	1.43	%	2.22	%	161	%
NestEgg Dow Jones 2030 Fund
Institutional Class Shares
For the year ended
10/31/2007	11.46	0.16	1.23	1.39	(0.15)	(1.28)	(1.43)	11.42	13.33	%	22,684	0.90	%(d)	1.39	%	1.44	%(d)	72	%
10/31/2006 (c)	10.42	0.18	1.01	1.19	(0.07)	(0.08)	(0.15)	11.46	11.51	%	19,940	0.97	%(d)	1.64	%	1.57	%(d)	165	%
10/31/2005	9.82	0.14	0.60	0.74	(0.14)	—	(0.14)	10.42	7.59	%	17,778	1.00	%(d)	1.45	%	1.90	%(d)	43	%
10/31/2004	9.14	0.10	0.69	0.79	(0.11)	—	(0.11)	9.82	8.62	%	16,547	1.00	%(d)	1.06	%	1.79	%(d)	49	%
10/31/2003	7.84	0.10	1.36	1.46	(0.16)	—	(0.16)	9.14	19.02	%	14,196	1.00	%(d)	1.23	%	1.90	%(d)	77	%
Class A Shares
For the year ended
10/31/2007	11.35	0.09	1.24	1.33	(0.10)	(1.28)	(1.38)	11.30	12.83	%	524	1.38	%	0.88	%	1.95	%	72	%
10/31/2006 (e)	10.36	0.12	1.00	1.12	(0.05)	(0.08)	(0.13)	11.35	10.95	%	386	1.48	%	1.10	%	2.05	%	165	%
10/31/2005	9.78	0.09	0.59	0.68	(0.10)	—	(0.10)	10.36	6.96	%	252	1.55	%	0.86	%	2.42	%	43	%
10/31/2004	9.11	0.06	0.67	0.73	(0.06)	—	(0.06)	9.78	8.00	%	161	1.55	%	0.46	%	2.29	%	49	%
10/31/2003 (f)	7.84	0.15	1.26	1.41	(0.14)	—	(0.14)	9.11	18.27	%	104	1.55	%	0.27	%	2.36	%	77	%
Class C Shares
For the year/period ended
10/31/2007	11.31	0.04	1.22	1.26	(0.06)	(1.28)	(1.34)	11.23	12.14	%	10	1.87	%	0.37	%	2.45	%	72	%
10/31/2006 (g)	11.00	0.03	0.28	0.31	—	—	—	11.31	2.82	%	7	1.95	%	0.42	%	2.40	%	165	%

(a)	During the period certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.
(b)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Prior to March 2, 2006, Institutional Class Shares were named Service Shares.
(d)	Does not include expenses of the investment companies in which the Funds invested.
(e)	Prior to March 2, 2006, Class A Shares were named Premium Shares.
(f)	Class A Shares commenced operations on November 1, 2002.
(g)	Class C Shares commenced operations on March 15, 2006.
*	Not annualized for periods less than one year.
**	Annualized for periods less than one year.

See Notes to Financial Statements

32

NestEgg Dow Jones Target Date Funds 

Financial Highlights, continued
Selected data for a share outstanding throughout the period indicated.
	Per Share Data									Ratios/Supplemental Data
															Ratio of
		Investment Operations				Distributions From									net
				Net	Increase					Total		Net			investment
	Net Asset	Net		realized and	(Decrease)					Return		Asset	Ratio of		income		Ratio of
	Value	investment		unrealized	from	Net	Net		Net Asset	(excludes		at end of	expenses to		(loss) to		expenses to		Portfolio
	Beginning	income		gains	Investment	investment	realized	Total	Value, End	sales		period	average net		average		average net		turnover
	of Period	(loss)		(losses)	Operations	income	gains	Distributions	of Period	charge)*		(000’s)	assets**		net		assets(a)**		rate(b)
															assets**
NestEgg Dow Jones 2040 Fund
Institutional Class Shares
For the year ended
10/31/2007	11.74	0.12		1.44	1.56	(0.10)	(1.37)	(1.47)	11.83	14.69	%	23,388	0.90	%(d)	1.01	%	1.40	%(d)	70	%
10/31/2006 (c)	10.45	0.13		1.22	1.35	(0.06)	—	(0.06)	11.74	12.97	%	21,426	0.97	%(d)	1.23	%	1.54	%(d)	164	%
10/31/2005	9.67	0.10		0.80	0.90	(0.12)	—	(0.12)	10.45	9.29	%	18,156	1.00	%(d)	0.98	%	1.90	%(d)	48	%
10/31/2004	8.89	0.05		0.79	0.84	(0.06)	—	(0.06)	9.67	9.51	%	15,977	1.00	%(d)	0.56	%	1.78	%(d)	57	%
10/31/2003	7.38	0.07		1.57	1.64	(0.13)	—	(0.13)	8.89	22.73	%	13,580	1.00	%(d)	0.70	%	1.90	%(d)	91	%
Class A Shares
For the year ended
10/31/2007	11.57	0.06		1.42	1.48	(0.05)	(1.37)	(1.42)	11.63	14.11	%	783	1.40	%	0.49	%	1.91	%	70	%
10/31/2006 (e)	10.34	0.08		1.20	1.28	(0.05)	—	(0.05)	11.57	12.38	%	637	1.48	%	0.65	%	2.02	%	164	%
10/31/2005	9.60	0.05		0.78	0.83	(0.09)	—	(0.09)	10.34	8.63	%	395	1.55	%	0.40	%	2.41	%	48	%
10/31/2004	8.86	0.01		0.78	0.79	(0.05)	—	(0.05)	9.60	8.88	%	231	1.55	%	0.06	%	2.28	%	57	%
10/31/2003 (f)	7.38	(0.01)	***	1.61	1.60	(0.12)	—	(0.12)	8.86	22.06	%	16	1.55	%	(0.18	)%	2.39	%	91	%
Class C Shares
For the year/period ended
10/31/2007	11.54	—	^	1.42	1.42	(0.02)	(1.37)	(1.39)	11.57	13.49	%	18	1.89	%	(0.09	)%	2.42	%	70	%
10/31/2006 (g)	11.23	—	^	0.31	0.31	—	—	—	11.54	2.76	%	7	1.95	%	(0.01	)%	2.35	%	164	%

(a)	During the period certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.
(b)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Prior to March 2, 2006, Institutional Class Shares were named Service Shares.
(d)	Does not include expenses of the investment companies in which the Funds invested.
(e)	Prior to March 2, 2006, Class A Shares were named Premium Shares.
(f)	Class A Shares commenced operations on November 1, 2002.
(g)	Class C Shares commenced operations on March 15, 2006.
*	Not annualized for periods less than one year.
**	Annualized for periods less than one year.
***	Net investment income per share claculated using average shares method.
^	Less than $0.005 per share.

See Notes to Financial Statements

33

  NestEgg Dow Jones Target Date Funds 

Notes to Financial Statements
October 31, 2007

1.	Organization:
	The American Independence Funds Trust (the “Trust”) was established as a Delaware business trust on October 7, 2004 as Adventus Funds Trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was subsequently renamed on June 10, 2005 as Arrivato Funds Trust. Effective March 2, 2006, the name of the Trust was changed to American Independence Funds Trust in connection with the Trust’s reorganization and merger with the former American Independence Funds Trust.
	The Trust currently offers eleven (11) series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the funds listed below (individually, a “Fund”; collectively, the “Funds”). The financial statements for the other six funds can be found in a separate report. Up through July 31, 2007 these Funds were known as the NestEgg Dow Jones U.S. Target Date Funds with each of the Funds seeking to track the performance of one of the Dow Jones U.S. Target Date indices, a unique group of U.S. target date indices, less operating expenses. On July 26, 2007, the shareholders approved a change to the fundamental investment objective that would allow each of these Funds to track the performance of one of the Global (versus strictly U.S.) versions of these Dow Jones Target Date indices, less operating expenses. Effective August 1, 2007 the names of the individual Funds were changed accordingly as follows:

Former Fund Names	Current Fund Names
(Up through July 31, 2007)	(Subsequent to July 31, 2007)
NestEgg Dow Jones U.S. 2010 Fund	NestEgg Dow Jones 2010 Fund
NestEgg Dow Jones U.S. 2015 Fund	NestEgg Dow Jones 2015 Fund
NestEgg Dow Jones U.S. 2020 Fund	NestEgg Dow Jones 2020 Fund
NestEgg Dow Jones U.S. 2030 Fund	NestEgg Dow Jones 2030 Fund
NestEgg Dow Jones U.S. 2040 Fund	NestEgg Dow Jones 2040 Fund

	The Trust is authorized to issue an unlimited number of shares, which are units of beneficial interest with a par value of $0.001 each. The Trust offers three classes of shares: Class A, Class C and Institutional Class. Each share class is identical except as to distribution and service fees borne by each class. Income and realized/unrealized gains or losses are allocated to each class based on relative net assets. Each share represents an equal proportionate interest in a Fund with other shares of the same class and is entitled to such dividends and distributions out of the income earned on the assets belonging to that Fund.
	Prior to the March 2, 2006 reorganization, each Fund had been established as a “fund of funds”, which means that each Fund invested in other mutual funds, primarily passively-managed index funds.
	Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies followed by the Trust in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
	Investment Valuation
	Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS are valued at the market value as of the close of regular trading on the New York Stock Exchange, usually 4:00 p.m. Eastern Time (“Valuation Time”). If there have been no sales for that day on any exchange or system for a security, the security is valued at the mean between the closing bid and asked quotes on the exchange or system where the security is principally traded or at the NASDAQ official closing price, if applicable. Debt securities held by a Fund generally are valued based on mean prices as of the close of trading on the principal market in which they trade, usually 3:00 p.m. Eastern Time. Short-term debt investments having maturities of 60 days or less are valued at amortized cost, which approximates fair value. Investments in investment companies are valued at their net asset values as reported by such companies. The differences between cost and fair values of such investments are reflected as unrealized appreciation or depreciation.
	Most securities listed on a foreign exchange are valued either at the last sale price at the close of the exchange on which the security is principally traded or at fair value (see description below). Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.
	Securities for which market quotations are not readily available are valued at fair value by American Independence Financial Services, LLC (“AIFS” or the “Adviser”) in accordance with guidelines approved by the Trust’s Board of Trustees. The Funds typically value securities using market quotations or information furnished by a pricing service. However, when market quotations are not available, or when the Adviser has reason to believe that available quotations may not be accurate, the Funds may value securities according to methods approved by the Funds’ Board of Trustees and which are intended to reflect fair value. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. For example, the Funds may use fair value methods if a security’s value is believed to have been materially affected by a significant event, such as natural disaster, a bankruptcy filing, or a substantial fluctuation in domestic or foreign markets, that occurs after the close of the security’s major trading exchange. In such a case, a Fund’s value for a security is likely to be different from the last quoted market or pricing service price. The factors to be considered in fair valuing a security include: fundamental analytical data, market conditions, yields of similar securities, trade activity of similar securities and pricing history. Securities may be valued by independent pricing services, approved by the Trust’s Board of Trustees, which use prices provided by market makers or estimates of fair value obtained from yield data relating to instruments or securities with similar characteristics.

Continued

34

NestEgg Dow Jones Target Date Funds 

	Investment Transactions and Related Income During the period, security transactions are accounted for no later than one business day after following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period. Net realized gains or losses from sales of securities are determined on the specific identification cost method. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or the accretion of discounts. Dividend income is recorded on the ex-dividend date. Income and realized and unrealized gains or losses are allocated among the classes based upon the proportion of relative net assets. Dividend income and realized gain distributions from underlying funds are recognized on the ex-dividend date. Expenses Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses which are attributable to more than one Fund of the Trust are allocated among the respective funds based on relative daily net assets or another appropriate basis. Expenses specific to a class are charged to that class. Distributions to Shareholders The NestEgg Dow Jones 2010 Fund declares and pays dividends from net investment income monthly. Each of the other NestEgg Dow Jones Target Date Funds declares and pays dividends from net investment income annually. Distributions from net realized capital gains, if any, are distributed at least annually. Distributions from net investment income and from net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are primarily due to differing treatments for mortgage-backed securities, expiring capital loss carryforwards and deferrals of certain losses. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e. reclassification of market discounts, gain/loss, paydowns and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassifications. Distributions to shareholders which exceed net investment income and net realized gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or distributions in excess of net realized gains. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distributions of capital. Federal Income Taxes The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Sub-chapter M of the Internal Revenue Codeof 1986, as amended and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. New Accounting Pronouncements In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 was applied to all open tax years as of October 31, 2007. The adoption of FIN No. 48 did not have an effect on the net asset value, financial condition or results of operations of the Fund as there was no liability for unrecognized tax benefits and no change to the beginning net asset value of the Fund. As of and during the period ended October 31, 2007, the Fund did not have a liability for any unrecognized tax benefits. Management’s determinations regarding FIN 48 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. In September 2006, the FASBissued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair valueand requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of SFAS No. 157 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of October 31, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.
3.	Related Party Transactions:
	AIFSserves as the investment adviser to the Funds pursuant to an investment advisory agreement between the Trust and AIFS. The Adviser is entitled to receive an annual fee, computed daily and paid monthly, equal to 0.60% of each Fund’s average daily net assets. AIFS has contractually agreed to waive a portion of its management fee and reimburse expenses in order to maintain the Funds’ total operating expenses at not more than 0.95% of average annual net assets of the Institutional Class Shares through March 1, 2009. Effective August 1, 2007, AIFS agreed to increase this fee waiver and expense reimbursement (thereby, decreasing expenses) to maintain operating expenses for the Institutional Class Shares at not more than the following percentages of average annual net assets through March 1, 2009:

NestEgg Dow Jones 2010 Fund	0.45%
NestEgg Dow Jones 2015 Fund	0.45%
NestEgg Dow Jones 2020 Fund	0.55%
NestEgg Dow Jones 2030 Fund	0.70%
NestEgg Dow Jones 2040 Fund	0.75%

Continued

35

NestEgg Dow Jones Target Date Funds

AIFS also provides certain administrative services necessary for the Funds’ operations. Subsequent to March 2, 2006, the fees for the services provided under such agreement were calculated based on each Fund’s average daily net assets at an annual rate of 0.15%.

AIFS had entered into an agreement with BISYS Fund Services Ohio, Inc. (the name of which was changed to Citi Fund Services Ohio, Inc. — “CFSO”) whereby CFSO provided sub-administration services up to but not including October 1, 2007. CFSO also served the Funds as transfer agent and fund accountant. For these services, CFSO charged a fee accrued daily and paid monthly, on aggregate net assets of all Funds in the Trust, at an annual rate of:

Based on Average Daily Net Assets of	Fee Rate
Up to $500 million	0.075%
In excess of $500 million but not exceeding $1 billion	0.060%
In excess of $1 billion	0.050%

On October 1, 2007, the agreement with CFSO was terminated, and Vastardis Fund Services LLC (“Vastardis Capital”) became the Funds’ sub-administrator pursuant to a new administrative services agreement which has been approved by the Board. For sub-administration services it provides starting October 1, 2007, Vastardis Capital earns a fee on aggregate net assets of all Funds in the Trust, at an annual rate of:

Based on Average Daily Net Assets of	Fee Rate
Up to $3 billion	0.050%
In excess of $3 billion but not exceeding $5 billion	0.040%
In excess of $5 billion	0.030%

	On October 26, 2007, the agreement with CFSO to provide fund accounting services to the Funds was also terminated, and JP Morgan Worldwide Securities Services(“JP Morgan”) became the Funds’ fund accountant.
	Each of the Funds has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) that allows its Class A and Class C Shares to pay a distribution and service fee, as defined by the Financial Industry Regulatory Authority (“FINRA”), from its assets for selling and distributing its shares. Each fund can pay distribution and service fees at an annual rate of up to 0.50% of its Class A Share assets, and up to 1.00% of its Class C Share assets. These fees consist of up to 0.25% for distribution services and expenses of the Class A and Class C assets, and up to 0.25% for services, as defined by FINRA, of Class A assets and up to 0.75% of Class C assets.
	BISYS Fund Services Limited Partnership (“BISYS”), an affiliate of CFSO, had served as the Funds’ distributor. Effective August 1, 2007, Foreside Distribution Services, L.P. became the Funds’ new distributor pursuant to a new distribution agreement approved by the Board.
	An employee of CFSO served as the Funds’ Chief Compliance Officer up to but not including October 1, 2007. Effective October 1, 2007, the Trust has contracted with Alaric Compliance Services LLC (“Alaric”) to provide services with respect to the monitoring of the Trust’s compliance program pursuant to rule 38a-1 of the 1940 Act. Alaric has designated Peter Wilson as the Trust’s Chief Compliance Officer. For these services, the Trust pays Alaric a monthly fee, plus any out-of-pocket expenses. Each Fund pays a pro rata portion of the fees based on its share of the Fund’s average monthly net assets.
4.	Shares of Beneficial Interest:
	The Trust has an unlimited number of shares of beneficial interest, with a par value of $0.001, which may, without shareholder approval, be divided into an unlimited number of series of such shares and any series may be classified or reclassified into one or more classes. Shareholders are entitled to one vote for each full share held and will vote in the aggregate and not by class or series, except as otherwise expressly required by law or when the Board of Trustees has determined that the matter to be voted on affects only the interest of shareholders of a particular class or series. Establishment and offering of additional Funds will not alter the rights of the Trust’s shareholders. When issued, shares are fully paid, non-assessable, redeemable and freely transferable. In any liquidation of a Fund, each shareholder is entitled to receive his pro rata share of the net assets of that Fund.
5.	Securities Transactions:
	The cost of security purchases and the proceeds from the sale of securities (excluding short-term securities and U.S. Government securities) during the year ended October 31, 2007 were as follows:

	Purchases	Sales
NestEgg Dow Jones 2010 Fund	$ 2,995,677	$ 2,520,143
NestEgg Dow Jones 2015 Fund	6,565,377	7,832,113
NestEgg Dow Jones 2020 Fund	18,315,902	17,904,812
NestEgg Dow Jones 2030 Fund	13,779,500	14,375,376
NestEgg Dow Jones 2040 Fund	15,190,068	17,690,340

The cost of purchases and the proceeds from the sale of U.S. Government securities for the year ended October 31, 2007 were as follows:

	Purchases	Sales
NestEgg Dow Jones 2010 Fund	$  907,956	$1,568,114
NestEgg Dow Jones 2015 Fund	1,650,714	3,140,029
NestEgg Dow Jones 2020 Fund	3,093,976	4,401,638
NestEgg Dow Jones 2030 Fund	1,229,052	1,329,358
NestEgg Dow Jones 2040 Fund	439,815	679,959

Continued

36

NestEgg Dow Jones Target Date Funds

6.	Federal Income Tax Information:
	At October 31, 2007, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:

		Tax Unrealized	Tax Unrealized	Net Unrealized
	Tax Cost	Appreciaton	Depreciation	Appreciation (Depreciation)
NestEgg Dow Jones 2010 Fund	$ 6,348,038	$  330,631	$(104,216)	$  226,415
NestEgg Dow Jones 2015 Fund	13,249,178	1,029,675	(282,045)	747,630
NestEgg Dow Jones 2020 Fund	32,829,769	3,161,145	(936,296)	2,224,849
NestEgg Dow Jones 2030 Fund	21,209,464	2,720,645	(826,425)	1,894,220
NestEgg Dow Jones 2040 Fund	21,694,176	3,255,911	(960,882)	2,295,029

The tax character of dividends paid to shareholders during the fiscal year ended October 31, 2007 was as follows:

	Dividends paid from
		Net Long-				Total
	Ordinary	Term	Total Taxable	Tax Exempt	Tax Return	Distributions
	Income	Gains	Distributions	Dividends	of Capital	Paid
NestEgg Dow Jones 2010 Fund	$285,484	$   136,112	$   421,596	$—	$—	$   421,596
NestEgg Dow Jones 2015 Fund	640,297	705,567	1,345,864	—	—	1,345,864
NestEgg Dow Jones 2020 Fund	695,846	1,140,809	1,836,655	—	—	1,836,655
NestEgg Dow Jones 2030 Fund	645,729	1,933,649	2,579,378	—	—	2,579,378
NestEgg Dow Jones 2040 Fund	289,425	2,528,869	2,818,294	—	—	2,818,294

The tax character of dividends paid to shareholders during the fiscal year ended October 31, 2006 was as follows:

	Dividends paid from
		Net Long-				Total
	Ordinary	Term	Total Taxable	Tax Exempt	Tax Return	Distributions
	Income	Gains	Distributions	Dividends	of Capital	Paid
NestEgg Dow Jones 2010 Fund (a)	$220,217	$229,392	$449,609	$—	$—	$449,609
NestEgg Dow Jones 2015 Fund (b)	133,933	416,998	550,931	—	—	550,931
NestEgg Dow Jones 2020 Fund (c)	210,208	—	210,208	—	—	210,208
NestEgg Dow Jones 2030 Fund (d)	115,918	143,027	258,945	—	—	258,945
NestEgg Dow Jones 2040 Fund (e)	108,985	—	108,985	—	—	108,985

a)	The name was changed during the 2007 fiscal year. Previous name was NestEgg Dow Jones U.S. 2010 Fund
b)	The name was changed during the 2007 fiscal year. Previous name was NestEgg Dow Jones U.S. 2015 Fund
c)	The name was changed during the 2007 fiscal year. Previous name was NestEgg Dow Jones U.S. 2020 Fund
d)	The name was changed during the 2007 fiscal year. Previous name was NestEgg Dow Jones U.S. 2030 Fund
e)	The name was changed during the 2007 fiscal year. Previous name was NestEgg Dow Jones U.S. 2040 Fund

As of October 31, 2007 the components of accumulated earnings on a tax basis were as follows:

						Total
	Undistributed	Undistributed			Unrealized	Accumulated
	Ordinary	Long-Term	Accumulated	Dividends	Appreciation	Earnings/
	Income	Capital Gains	Earnings	Payable	(Depreciaton)	(Deficit)
NestEgg Dow Jones 2010 Fund	$    70,403	$     94,596	$   164,999	$17,894	$   227,170	$   374,275
NestEgg Dow Jones 2015 Fund	500,047	321,738	821,785	—	749,807	1,571,592
NestEgg Dow Jones 2020 Fund	1,033,437	962,505	1,995,942	—	2,224,901	4,220,843
NestEgg Dow Jones 2030 Fund	566,019	980,036	1,546,055	—	1,897,611	3,443,666
NestEgg Dow Jones 2040 Fund	559,512	1,145,612	1,705,124	—	2,295,900	4,001,024

7.

Other Information.

‘‘Dow Jones,’’ “Dow Jones Indexes,“ “Dow Jones Target Date Indexes,” and ‘‘Dow Jones U.S. Target Date Indexes,’’ are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by American Independence Financial Services, LLC. The NestEgg Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s).

37

NestEgg Dow Jones Target Date Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
American Independence Funds Trust:

We have audited the accompanying statements of assets and liabilities of The American Independence Funds Trust (The “Trust”), including the NestEgg Dow Jones 2010 Fund, NestEgg Dow Jones 2015 Fund, NestEgg Dow Jones 2020 Fund, NestEgg Dow Jones 2030 Fund, and the NestEgg Dow Jones 2040 Fund (collectively the “Funds”), including the schedules of investments as of October 31, 2007, and the related statements of operations for the year ended and the statements of changes in net assets and financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the three years in the period ended October 31, 2005 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial highlights in their report dated December 21, 2005.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trust is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007 by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned funds of American Independence Funds Trust as of October 31, 2007, the results of their operations for the year then ended, and changes in their net assets and their financial highlights for each of the two years then ended, in conformity with accounting principles generally accepted in the United States of America.

Grant Thornton LLP

Chicago, Illinois
December 27, 2007

38

NestEgg Dow Jones Target Date Funds

Additional Fund Information (Unaudited)

The NestEgg Dow Jones Target Date Funds invested, as a percentage of net assets, in the following as of October 31, 2007:

NestEgg Dow Jones 2010 Fund
	% of Net
Portfolio Diversification	Assets
Government	33.3	%
Mortgage Securities	18.7
Financial	12.2
Consumer	7.7
Industrial	5.2
Investment Companies	6.5
Other	15.3
Total Investments	98.9	%
Other Assets in Excess of Liabilities	1.1
Net Assets	100.0	%
NestEgg Dow Jones 2015 Fund
	% of Net
Portfolio Diversification	Assets
Government	25.5	%
Mortgage Securities	14.7
Financial	14.7
Consumer	11.7
Investment Companies	7.7
Communications	5.6
Other	19.3
Total Investments	99.2	%
Other Assets in Excess of Liabilities	0.8
Net Assets	100.0	%
NestEgg Dow Jones 2020 Fund
	% of Net
Portfolio Diversification	Assets
Government	18.5	%
Mortgage Securities	10.0
Financial	14.7
Consumer	15.4
Investment Companies	11.6
Industrial	7.2
Other	21.9
Total Investments	99.3	%
Other Assets in Excess of Liabilities	0.7
Net Assets	100.0	%

NestEgg Dow Jones 2030 Fund
	% of Net
Portfolio Diversification	Assets
Consumer	19.1	%
Investment Companies	16.0
Financial	15.9
Industrial	9.4
Government	7.9
Communications	7.0
Other	24.2
Total Investments	99.5	%
Other Assets in Excess of Liabilities	0.5
Net Assets	100.0	%
NestEgg Dow Jones 2040 Fund
	% of Net
Portfolio Diversification	Assets
Consumer	17.4	%
Financial	17.1
Investment Companies	15.2
Industrial	10.4
Communications	7.9
Technology	7.2
Other	24.0
Total Investments	99.2	%
Other Assets in Excess of Liabilities	0.8
Net Assets	100.0	%

39

NestEgg Dow Jones Target Date Funds

Additional Fund Information (continued) (Unaudited)

Annual Approval of Investment Advisory Contract

At a meeting held on June 22, 2007, the Board of Trustees, including the Trustees who are not “interested persons” (as defined in the 1940 Act), approved an Investment Advisory Agreement and Amended Expense Limitation Agreement (the “Agreements”) between the Trust and American Independence Financial Services, LLC (“AIFS” or the “Adviser”) with respect to the NestEgg Dow Jones Funds. In determining whether to approve the Agreement, the Board considered information about the Adviser, the performance of the Funds’ portfolios and certain additional factors described below that the Board deemed relevant. The following summary describes certain of the materials and factors that the Board considered, and the conclusions the Board reached, in approving the Agreements.

In an Executive Session, the Trustees had discussed the responsibilities and fiduciary duties of the Trustees in connection with the approval of the Agreements, during which management answered questions from the Trustees. During the executive session, the Trustees reviewed a wide variety of information that they had requested and received from AIFS, and data and analysis from an outside data provider. The Trustees reviewed various industry trends and regulatory developments in their deliberations. In considering the continuation of the Agreements, and in evaluating the fairness of the compensation to be paid by the Funds under the Agreements, the Trustees considered the nature, extent and quality of the services to be provided by the Adviser. The Trustees reviewed the services the Adviser has historically provided to the Funds, and also generally to the other series of the Trust. These services include, among others, investment management services and administrative services, such as working with other service providers of the Trust, maintaining certain Fund records, providing office space, performing clerical and bookkeeping services for the Fund, preparing Board materials and Fund filings, and otherwise managing the Trust’s operations. AIFS is responsible for the day-to-day portfolio management of the Funds, including determining the composition of assets of the Funds and the timing of each Fund’s execution of the purchase and sale of assets.

The Trustees also considered the Adviser’s personnel, resources, operations and portfolio management capabilities. The Trustees received information about the Adviser’s supervision of the Funds’ service providers, the Adviser’s attention to its compliance program and those of the Trust. The Trustees also reviewed the investment performance of the Funds over various time periods and compared that performance to that of funds in groups that the Trustees concluded were appropriate comparison groups for the Funds. The Trustees considered the cost to AIFS and the profitability to the Adviser and its affiliates of the relationship with the Funds over various time periods and that in reviewing profitability information, the Trustees reviewed, among other things, information about the allocation of expenses among AIFS and its affiliates.

The Trustees discussed the extent to which economies of scale were projected by AIFS to be realized as the Funds’ assets, or the assets of the Trust overall, increase. The Trustees discussed the plans of management and those of its affiliates for marketing and distributing the shares of the various series of the Trust, taking note that AIFS had agreed to further reduce the Funds’ total operating expenses. The Trustees reviewed information about the potential effect of asset growth on Fund expenses, the difficulty of forecasting the effect of asset growth on the profitability of AIFS and its affiliates, and the management fee breakpoints applicable to the Funds and certain other funds in comparison groups. It was noted that, to the extent the Funds’ gross expenses currently were higher than their net expenses, the reduction of the Funds’ gross expenses through the achievement of economies of scale might benefit AIFS by reducing the expenses the Adviser must reimburse to the Funds rather than directly benefiting the Funds by reducing its net expenses.

The materials and other information discussed were considered by the Trustees throughout the past year during in-person and telephonic meetings, with personnel of AIFS, Fund counsel and third party consultants. The Trustees did not identify any particular information or any single factor that was controlling, or the particular weight any Trustee placed on any one factor for purposes of determining whether to vote for approval of the Agreements.

On the basis of their review, the Trustees, including all of the Non-Interested Trustees, unanimously concluded that each factor they considered, in the context of all the other factors they considered, favored renewal of the Agreements, and it was the unanimous judgment of the Trustees and the Non-Interested Trustees that approval of the Agreements was in the best interests of the Funds and their shareholders.

40

NestEgg Dow Jones Target Date Funds

INDEPENDENT TRUSTEES
				Number of Funds	Other
	Position(s)	Term of Office		in complex	Directorships
Name, Address	Held with	and Length of	Principal Occupation(s) During	Overseen by	Held by
and Age	Company	Time Served	Past Five Years	Trustee	Trustee
Terry L. Carter 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 57	Trustee	Indefinite	Retired	11	None
Joseph Hankin 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 66	Trustee	Indefinite	President, Westchester Community College since 1971	11	None
Jeffrey Haas 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 44	Trustee	Indefinite	Professor of Law, New York Law School 1996-Present	11	None
Thomas F. Kice 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 56	Trustee	Indefinite	President of Kice Industries, Inc.	11	None
George Mileusnic 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 51	Trustee	Indefinite	Chief Financial Officer of Caribou Coffee, Inc. (2001-Present). Chief Financial Officer of Dean and DeLuca (2000-2001). Executive Vice President of The Coleman Company (September 1989 - September 1998).	11	None
Peter Ochs 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 52	Trustee	Indefinite	Manager of Ochs & Associates, Inc.	11	None
Richard Wedemeyer 335 Madison Avenue, Mezzanine New York, NY 10017 Age:71	Trustee	Indefinite	Retired. Formerly Vice President Finance and Administration The Channel Corporation (June 1996-April 2002)	11	None
INTERESTED TRUSTEES
Ronald L. Baldwin 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 50	Trustee	Indefinite	Retired. From 1980 to 2005, Director INTRUST Financial Services, Inc. Director of INTRUST Brokerage, Inc., and Chief Operating Officer and President of INTRUST Bank, N.A.	11	None
John J. Pileggi 335 Madison Avenue, Mezzanine New York, NY 10017 Age: 48	Trustee	Indefinite	Managing Partner of American Independence Financial Services, LLC since 2004. Formerly President and Chief Executive Officer, Mercantile Capital Advisors Inc. (2002-2004). Formerly, President and Chief Executive Officer, PLUSFunds.com (2000-2002). Formerly, President and Chief Executive Officer of ING Mutual Fund Management Co. LLC (1998-2000).	11	None

41

NestEgg Dow Jones Target Date Funds

OFFICERS
				Number of Funds	Other
	Position(s)	Term of Office		in complex	Directorships
Name, Address	Held with	and Length of	Principal Occupation(s) During	Overseen by	Held by
and Age	Company	Time Served	Past Five Years	Trustee	Trustee
Eric Rubin Age: 41	President	7/2005 – Present	President, American Independence Financial Services, LLC (2/05-Present). Formerly Senior Vice President Mercantile Capital Advisers (4/03-4/04). Formerly Senior Vice President DST International (01/02-04/03). Formerly President EMR Financial Services (06/00-02/01). Formerly Senior Vice President ING Funds 06/98-12/99).	N/A	N/A
Susan Silva Age: 40	Treasurer	10/2007 – Present	Vice-President of Vastardis Fund Services LLC since August 2006; Treasurer of The FBR Funds from 2002 through 2006 and officer of FBR National Trust Company from 2001 through 2005	N/A	N/A
Peter W. Wilson Age: 30	Chief Compliance Officer	10/2007 – Present	Director of Alaric Compliance Services, LLC from 2007 to Present; Attorney, U.S. Army JAG Corps - 2003 to 2007	N/A	N/A
Theresa Donovan Age: 57	Secretary	7/2005 – Present	Senior Director Compliance and Administration American Independence Financial Services, LLC (05/05-Present). Formerly Senior Corporate Paralegal, Paul, Weiss, Rifkind, Wharton & Garrison, LLP (04/98-05/05).	N/A	N/A

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information and is available, without charge, upon request, by calling 1-866-410-2006.

42

NestEgg Dow Jones Target Date Funds

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and (2) ongoing costs, including management fees, distribution and service fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested on May 1, 2007 at the beginning of the period and held for the entire period from May 1, 2007 through October 31, 2007.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning	Ending	Expenses Paid	Expense Ratio
		Account Value	Account Value	During Period*	During Period**
		5/1/07	10/31/07	5/1/07 - 10/31/07	5/1/07 - 10/31/07
NestEgg Dow Jones 2010 Fund	Institutional Class Shares	$1,000.00	$1,034.72	$4.28	0.83%
	Class A Shares	$1,000.00	$1,032.39	$6.74	1.32%
	Class C Shares	$1,000.00	$1,029.90	$9.31	1.82%
NestEgg Dow Jones 2015 Fund	Institutional Class Shares	$1,000.00	$1,040.68	$4.29	0.83%
	Class A Shares	$1,000.00	$1,038.97	$6.85	1.33%
	Class C Shares	$1,000.00	$1,036.47	$9.38	1.83%
NestEgg Dow Jones 2020 Fund	Institutional Class Shares	$1,000.00	$1,045.37	$4.39	0.85%
	Class A Shares	$1,000.00	$1,042.04	$6.93	1.35%
	Class C Shares	$1,000.00	$1,039.46	$9.51	1.85%
NestEgg Dow Jones 2030 Fund	Institutional Class Shares	$1,000.00	$1,049.63	$4.64	0.90%
	Class A Shares	$1,000.00	$1,048.24	$7.12	1.38%
	Class C Shares	$1,000.00	$1,043.72	$9.65	1.87%
NestEgg Dow Jones 2040 Fund	Institutional Class Shares	$1,000.00	$1,055.31	$4.68	0.90%
	Class A Shares	$1,000.00	$1,051.54	$7.24	1.40%
	Class C Shares	$1,000.00	$1,049.91	$9.77	1.89%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized.

43

NestEgg Dow Jones Target Date Funds

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning	Ending	Expenses Paid	Expense Ratio
		Account Value	Account Value	During Period*	During Period**
		5/1/07	10/31/07	5/1/07 - 10/31/07	5/1/07 - 10/31/07
NestEgg Dow Jones 2010 Fund	Institutional Class Shares	$1,000.00	$1,020.95	$4.28	0.83%
	Class A Shares	$1,000.00	$1,018.49	$6.74	1.32%
	Class C Shares	$1,000.00	$1,015.92	$9.31	1.82%
NestEgg Dow Jones 2015 Fund	Institutional Class Shares	$1,000.00	$1,020.96	$4.29	0.83%
	Class A Shares	$1,000.00	$1,018.40	$6.85	1.33%
	Class C Shares	$1,000.00	$1,015.88	$9.38	1.83%
NestEgg Dow Jones 2020 Fund	Institutional Class Shares	$1,000.00	$1,020.86	$4.39	0.85%
	Class A Shares	$1,000.00	$1,018.34	$6.93	1.35%
	Class C Shares	$1,000.00	$1,015.77	$9.51	1.85%
NestEgg Dow Jones 2030 Fund	Institutional Class Shares	$1,000.00	$1,020.62	$4.64	0.90%
	Class A Shares	$1,000.00	$1,018.17	$7.12	1.38%
	Class C Shares	$1,000.00	$1,015.65	$9.65	1.87%
NestEgg Dow Jones 2040 Fund	Institutional Class Shares	$1,000.00	$1,020.60	$4.68	0.90%
	Class A Shares	$1,000.00	$1,018.07	$7.24	1.40%
	Class C Shares	$1,000.00	$1,015.56	$9.77	1.89%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized.

44

Investment Adviser and Administrator:
American Independence Financial Services, LLC
335 Madison Avenue, Mezzanine
New York, NY 10017

Custodian:
INTRUST Bank NA
105 North Main Street
Wichita, KS 67202

Transfer Agent:
Boston Financial Data Services, Inc.
2 Heritage Drive
Quincy, MA 02171

Distributor:
Foreside Distribution Services, L.P.
Ground Floor
Two Portland Square
Portland, ME 04101

Sub-Administrator:
Vastardis Fund Services LLC
41 Madison Avenue, 30^th Floor
New York, NY 10010

FOR ADDITIONAL INFORMATION, CALL:
1-866-410-2006

This material must be preceded or accompanied
by a current prospectus.

NE AR 103107

Item 2. Code of Ethics.

     (a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

     (b) During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

     3(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

     3(a)(2) The audit committee financial expert is Mr. George Mileusnic, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

	Grant Thornton LLP served as the Trust’s independent registered public accounting firm for 2006 and 2007.
(a)	AUDIT FEES: The aggregate fees paid and accrued by the Registrant for professional services rendered by its independent auditors, Grant Thornton LLP, for the audit of the Registrant’s annual financial statements for 2007 and 2006 were $139,700 and $113,750, respectively.
(b)	AUDIT RELATED FEES: No such fees were billed to the Registrant by Grant Thornton LLP for 2007 and 2006.
(c)	TAX FEES: The aggregate fees paid or accrued by the Registrant for professional services rendered by Grant Thornton LLP for the review of Form 1120-RIC, Form 8613, Form CT-3, Form CT-3M/4M, Form NYC 3L, review of excise tax distribution calculations, IRS diversification testing and preparation of estimated tax reporting factors for 2007 and 2006 were $38,500 and $32,750, respectively.
(d)	ALL OTHER FEES: There were no such other fees billed to the Registrant by Grant Thornton LLP for 2007 and 2006.
(e)	(1) AUDIT COMMITTEE PRE-APPROVAL POLICY: The Registrant’s Audit Committee shall have, among other things, the following specific duties and responsibilities (1) to pre-approve all audit services to be provided to the Trust by the Trust’s independent auditors and (2) to pre-approve all permitted non-audit services, including tax services, to be provided to the Trust by the independent auditors. The Audit Committee may delegate to one or more members the authority to grant such pre-approvals. The actions taken by such member or members shall be reported to the full Audit Committee.
	(2) Not applicable.
(f)	Not applicable.
(g)	There were no non-audit services fees billed by the Registrant’s accountant to the Registrant other than those described above. There were no non-audit services fees billed by the Registrant’s accountant to the Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant over the past two years.
(h)	Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

The Schedules of Investments has been provided under Item 1 of this Form N-CSR for the following American Independence Funds: Stock Fund, Financial Services Fund, International Fund, Short-Term Bond Fund, Intermediate Bond Fund and Kansas Tax-Exempt Fund. The full Schedules of Investments for the NestEgg Dow Jones Series are provided below.

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
COMMON STOCKS (23.3%)
BASIC MATERIALS (1.4%)
Acerinox SA.	4	118
Agnico-Eagle Mines Ltd.	3	171
Agrium Inc.	3	191
Air Products & Chemicals Inc.	6	587
Air Water Inc.	9	101
Airgas Inc.	26	1312
AK Steel Holding Corp. (b)	41	2055
Akzo Nobel NV.	4	322
Albemarle Corp.	12	573
Alcan Inc.	5	503
Alcoa Inc.	26	1029
Allegheny Technologies Inc.	15	1533
Alumina Ltd.	38	236
Antofagasta PLC.	7	122
Arcelormittal.	12	963
Arkema.	2	136
Asahi Kasei Corp.	46	349
Ashland Inc.	10	587
Barrick Gold Corp.	13	578
BASF AG.	8	1110
Bayer AG.	12	1000
BHP Billiton Ltd.	111	4766
BHP Billiton PLC.	36	1371
BlueScope Steel Ltd.	24	237
Boehler-Uddeholm AG.	1	106
Cabot Corp.	11	385
Cameco Corp.	5	246
Carpenter Technology Corp.	10	1449
Celanese Corp.	29	1217
Chemtura Corp.	44	410
Ciba Specialty Chemicals AG.	2	99
Clariant AG.	7	89
Cleveland-Cliffs Inc.	15	1435
Cytec Industries Inc.	16	1067
Daicel Chemical Industries Ltd.	16	117
Daido Steel Co Ltd.	15	101
Dainippon Ink and Chemicals In.	28	133
Denki Kagaku Kogyo K K.	22	129
Domtar Corp. (b)	108	927
Dow Chemical Co/The.	26	1171
DOWA HOLDINGS CO LTD.	10	116
Eastman Chemical Co.	15	999
Ecolab Inc.	28	1321
EI Du Pont de Nemours & Co.	27	1337
Energy Resources of Australia.	6	121
Equinox Minerals Ltd.	28	153
Ferro Corp.	23	477
First Quantum Minerals Ltd.	1	108
FMC Corp.	28	1610
Fortescue Metals Group Ltd.	4	186
Georgia Gulf Corp.	26	315
Goldcorp Inc.	11	387
Gunns Ltd.	37	130
HB Fuller Co.	36	1059
Hercules Inc.	69	1298
Hitachi Chemical Co Ltd.	5	122

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Hitachi Metals Ltd.	9	116
	Hokuetsu Paper Mills Ltd.	21	99
	HudBay Minerals Inc.	4	115
	Huntsman Corp.	16	421
	Iamgold Corp.	13	114
	Iluka Resources Ltd.	21	85
	Imperial Chemical Industries P.	17	233
	Inmet Mining Corp.	1	107
	International Flavors & Fragra.	15	783
	International Paper Co.	13	480
	Ivanhoe Mines Ltd/CA.	8	110
	JFE Holdings Inc.	20	1160
	Johnson Matthey PLC.	3	111
	JSR Corp.	7	180
	Jubilee Mines NL.	8	175
	K+S AG.	1	209
	Kagara Zinc Ltd.	19	118
	Kaneka Corp.	13	115
	Kansai Paint Co Ltd.	12	89
	Kazakhmys PLC.	4	123
	Kingboard Chemical Holdings Lt.	19	124
	Kinross Gold Corp.	9	178
	Kobe Steel Ltd.	103	367
	Koninklijke DSM NV.	3	170
	Lanxess AG.	2	99
	Lee & Man Paper Manufacturing.	25	99
	Lihir Gold Ltd. (b)	60	231
	Linde AG.	2	253
	Lintec Corp.	5	98
	Lonmin Plc.	2	143
	Lonza Group AG.	1	116
	Louisiana-Pacific Corp.	25	412
	Lubrizol Corp.	13	882
	Lundin Mining Corp.	8	108
	MeadWestvaco Corp.	34	1144
	Meridian Gold Inc.	19	778
	Methanex Corp.	4	122
	Minara Resources Ltd.	20	121
	Minerals Technologies Inc.	7	492
	Mitsubishi Chemical Holdings C.	45	369
	Mitsubishi Gas Chemical Co Inc.	15	148
	Mitsubishi Materials Corp.	41	237
	Mitsui Chemicals Inc.	26	242
	Mitsui Mining & Smelting Co Lt.	22	92
	Monsanto Co.	23	2245
	Mount Gibson Iron Ltd. (b)	85	235
	Neenah Paper Inc.	5	170
	Newcrest Mining Ltd.	11	332
	Newmont Mining Corp.	17	865
	Nihon Parkerizing Co Ltd.	6	64
	Nine Dragons Paper Holdings Lt.	38	102
	Nippon Kayaku Co Ltd.	12	96
	Nippon Light Metal Co Ltd.	42	86
	Nippon Paint Co Ltd.	21	116
	Nippon Shokubai Co Ltd.	12	118
	Nippon Steel Corp.	220	1447
	Nippon Yakin Kogyo Co Ltd.	9	85
	Nissan Chemical Industries Ltd.	9	123
	Nisshin Steel Co Ltd.	28	106
	Nitto Denko Corp.	5	242
	NOF Corp.	23	95
	Norske Skogindustrier ASA.	8	88
	Nova Chemicals Corp.	3	109
	Nufarm Ltd.	10	145
	OJI Paper Co Ltd.	33	150

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Olin Corp.	35	797
	OneSteel Ltd.	37	237
	Orica Ltd.	10	288
	OSAKA Titanium Technologies Co.	1	86
	Outokumpu OYJ.	3	112
	Oxiana Ltd.	50	196
	Pacific Metals Co Ltd.	6	75
	Paladin Energy Ltd.	18	137
	PaperlinX Ltd.	40	103
	Plum Creek Timber Co Inc.	32	1429
	Potash Corp of Saskatchewan.	5	622
	PPG Industries Inc.	5	374
	Praxair Inc.	14	1197
	Rautaruukki OYJ.	2	114
	Rayonier Inc.	14	676
	Reliance Steel & Aluminum Co.	11	642
	Rengo Co Ltd.	20	143
	Rio Tinto Ltd.	11	1127
	Rio Tinto PLC.	16	1494
	Rohm & Haas Co.	33	1712
	RPM International Inc.	72	1543
	RTI International Metals Inc. (b)	9	704
	Salzgitter AG.	1	197
	Schulman A Inc.	13	307
	Sensient Technologies Corp.	24	717
	SGL Carbon AG. (b)	2	117
	Shin-Etsu Chemical Co Ltd.	13	827
	Showa Denko KK.	39	152
	Sigma-Aldrich Corp.	17	878
	Silver Standard Resources Inc.	3	128
	Smurfit-Stone Container Corp.	46	557
	Solvay SA.	1	152
	Southern Copper Corp.	2	279
	Ssab Svenskt Stal AB.	3	97
	Steel Dynamics Inc.	20	1064
	Stillwater Mining Co.	24	267
	Stora Enso Oyj.	9	165
	Sumitomo Bakelite Co Ltd.	15	91
	Sumitomo Chemical Co Ltd.	55	486
	Sumitomo Forestry Co Ltd.	12	89
	Sumitomo Metal Industries Ltd.	145	708
	Sumitomo Metal Mining Co Ltd.	19	418
	Syngenta AG.	2	480
	Taiyo Nippon Sanso Corp.	13	115
	Teck Cominco Ltd.	7	351
	Temple-Inland Inc.	17	912
	ThyssenKrupp AG.	6	399
	Titanium Metals Corp.	11	387
	Toagosei Co Ltd.	28	98
	Toho Titanium Co Ltd.	3	108
	Tokai Carbon Co Ltd.	10	124
	Tokuyama Corp.	9	125
	Tokyo Ohka Kogyo Co Ltd.	5	102
	Tokyo Steel Manufacturing Co L.	7	96
	Tosoh Corp.	20	127
	Ube Industries Ltd/Japan.	36	128
	United States Steel Corp.	23	2482
	UPM-Kymmene Oyj.	8	179
	Uranium One Inc.	9	100
	USEC Inc. (b)	29	255
	Valspar Corp.	56	1402
	Vedanta Resources PLC.	3	137
	Voestalpine AG.	2	180
	Vulcan Materials Co.	13	1112
	Wausau Paper Corp.	31	310

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Weyerhaeuser Co.	6	455
	Xstrata PLC.	10	717
	Yamana Gold Inc.	10	151
	Yamato Kogyo Co Ltd.	2	92
	Yara International ASA.	4	155
	Yodogawa Steel Works Ltd.	19	102
	Zeon Corp.	10	93
	Zinifex Ltd.	16	248
			90,983
COMMUNICATIONS (2.3%)
	3Com Corp.	69	337
	Adaptec Inc.	65	229
	Aegis Group Plc.	42	110
	Akamai Technologies Inc.	25	980
	Alcatel-Lucent.	36	349
	Alltel Corp.	10	712
	Amazon.Com Inc.	12	1070
	American Tower Corp. (b)	16	707
	Andrew Corp.	37	542
	Anixter International Inc. (b)	12	862
	APN News & Media Ltd.	22	110
	Ariba Inc.	49	634
	Asatsu-DK Inc.	3	100
	AT&T Inc.	163	6812
	BCE Inc.	13	567
	Belgacom SA.	3	143
	Belo Corp.	23	426
	Black Box Corp.	13	520
	British Sky Broadcasting Group.	17	240
	BT Group PLC.	133	902
	Cable & Wireless PLC.	38	154
	Cablevision Systems Corp. (b)	35	1027
	CBS Corp.	15	431
	C-COR Inc.	23	282
	CenturyTel Inc.	19	837
	Charter Communications Inc.	144	298
	Check Point Software Technolog.	35	884
	Checkfree Corp.	9	428
	China Mobile Ltd.	138	2796
	China Netcom Group Corp Hong K.	64	195
	China Unicom Ltd.	197	473
	Ciena Corp.	32	1531
	Cincinnati Bell Inc. (b)	130	705
	Cisco Systems Inc.	259	8563
	Citizens Communications Co.	63	829
	Clear Channel Communications I.	13	491
	CNET Networks Inc.	93	751
	Cogeco Cable Inc.	2	104
	Comcast Corp. (b)	131	2748
	CommScope Inc.	23	1085
	Corning Inc.	67	1626
	Corus Entertainment Inc.	2	105
	Cosmote Mobile Telecommunicati.	4	138
	Crown Castle International Cor.	43	1766
	CTC Media Inc.	9	226
	Daily Mail & General Trust.	7	89
	Deutsche Telekom AG.	46	943
	Digital River Inc.	16	849
	DIRECTV Group Inc/The. (b)	31	821
	Discovery Holding Co.	55	1568
	Earthlink Inc.	65	514
	eBay Inc.	51	1841
	EchoStar Communications Corp. (b)	32	1567
	Elisa OYJ.	4	119

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Emap PLC.	6	109
	Embarq Corp.	28	1482
	Eniro AB.	9	115
	Entercom Communications Corp.	17	315
	Equinix Inc.	12	1400
	Ericsson.	228	682
	Expedia Inc.	41	1339
	Extreme Networks.	77	337
	F5 Networks Inc.	32	1153
	Fairfax Media Ltd.	44	194
	Foxconn International Holdings.	62	171
	France Telecom SA.	27	996
	Gannett Co Inc.	7	297
	Gestevision Telecinco SA.	4	115
	GN Store Nord.	9	96
	Google Inc.	10	7070
	Hakuhodo DY Holdings Inc.	2	145
	Harmonic Inc.	54	665
	Harris Corp.	21	1272
	Harte-Hanks Inc.	33	582
	Hellenic Telecommunications Or.	5	183
	Hitachi Kokusai Electric Inc.	8	104
	HLTH Corp.	31	437
	Hutchison Telecommunications I.	87	123
	Idearc Inc.	27	728
	IDT Corp.	34	273
	Iliad SA.	1	105
	Independent News & Media PLC.	24	88
	Informa PLC.	10	111
	Infospace Inc.	11	213
	Inmarsat PLC.	13	139
	InterDigital Inc.	12	258
	Interpublic Group of Cos Inc. (b)	96	994
	Interwoven Inc.	19	270
	ITV PLC.	52	107
	j2 Global Communications Inc.	18	606
	JC Decaux SA.	3	110
	JDS Uniphase Corp.	33	503
	John Wiley & Sons Inc.	18	792
	Johnston Press PLC.	14	87
	Juniper Networks Inc.	26	936
	Lagardere SCA.	2	169
	Lamar Advertising Co.	11	588
	Leap Wireless International In.	8	570
	Lee Enterprises Inc.	21	337
	Liberty Global Inc.	73	2760
	Liberty Media Corp - Capital.	5	625
	Liberty Media Corp - Interacti.	25	531
	Matsui Securities Co Ltd.	13	102
	McClatchy Co.	30	498
	McGraw-Hill Cos Inc/The.	13	651
	Media General Inc.	10	280
	Mediaset SpA.	11	114
	Meredith Corp.	14	872
	Mobistar SA.	1	90
	Modern Times Group AB.	2	141
	Motorola Inc.	99	1860
	MRV Communications Inc.	79	224
	NetFlix Inc.	20	529
	NeuStar Inc.	11	376
	New York Times Co/The.	26	509
	News Corp.	96	2102
	NII Holdings Inc.	26	1508
	Nokia OYJ.	60	2377
	NutriSystem Inc.	12	361

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Oki Electric Industry Co Ltd.	56	95
	Openwave Systems Inc.	33	131
	PagesJaunes Groupe SA.	5	110
	PCCW Ltd.	175	112
	Pearson PLC.	12	199
	Plantronics Inc.	25	684
	Polycom Inc.	16	448
	Portugal Telecom SGPS SA.	14	188
	Premiere AG.	4	82
	priceline.com Inc.	13	1210
	ProSiebenSat.1 Media AG.	3	88
	PT Multimedia Servicos de Tele.	2	34
	Publicis Groupe.	2	81
	Publishing & Broadcasting Ltd.	14	272
	Qualcomm Inc.	71	3034
	Qwest Communications Internati. (b)	73	524
	Radio One Inc.	47	164
	RCN Corp.	17	248
	RealNetworks Inc.	67	486
	Reed Elsevier NV.	10	193
	Reed Elsevier PLC.	20	261
	Reuters Group PLC.	19	261
	RF Micro Devices Inc.	102	634
	RH Donnelley Corp. (b)	11	603
	Rogers Communications Inc.	7	357
	Royal KPN NV.	28	528
	S1 Corp.	26	219
	Sanoma-WSOY Oyj.	3	87
	SAVVIS Inc.	13	491
	SBA Communications Corp.	36	1282
	Schibsted ASA.	2	114
	Scholastic Corp.	18	712
	Seat Pagine Gialle SpA.	194	113
	Seek Ltd.	15	130
	SES.	5	123
	Seven Network Ltd.	11	140
	Shaw Communications Inc.	6	168
	Sinclair Broadcast Group Inc.	34	409
	Singapore Press Holdings Ltd.	52	165
	SingTel.	175	494
	Sirius Satellite Radio Inc.	204	685
	Societe Television Francaise 1.	3	83
	Softbank Corp.	24	555
	SonicWALL Inc.	46	476
	Southern Cross Broadcasting Au.	7	113
	Sprint Nextel Corp.	75	1282
	StarHub Ltd.	60	129
	Sycamore Networks Inc.	125	534
	Symantec Corp.	36	676
	Tandberg ASA.	5	127
	Tekelec.	42	554
	Tele2 AB.	6	141
	Telecom Corp of New Zealand Lt.	58	194
	Telecom Italia SpA.	262	771
	Telefonica SA.	66	2178
	Telekom Austria AG.	5	143
	Telenor ASA.	12	282
	Telephone & Data Systems Inc.	18	1221
	Television Broadcasts Ltd.	16	103
	TeliaSonera AB.	28	275
	Tellabs Inc.	73	643
	Telstra Corp Ltd.	119	519
	TELUS Corp.	5	299
	Tencent Holdings Ltd.	24	203
	Thomson Corp/The.	3	142

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	TIBCO Software Inc.	110	1010
	Time Warner Inc.	164	2995
	Time Warner Telecom Inc.	25	581
	Tokyo Broadcasting System Inc.	4	106
	Trend Micro Inc.	4	177
	Tribune Co.	17	514
	Trinity Mirror Plc.	10	84
	United Internet AG.	6	131
	United Online Inc.	35	616
	US Cellular Corp.	3	282
	Valueclick Inc.	38	1033
	Valuevision Media Inc.	21	109
	Verizon Communications Inc.	78	3593
	Viacom Inc.	23	950
	Vignette Corp.	20	345
	Virgin Media Inc.	42	929
	Vivendi.	18	810
	Vodafone Group PLC.	812	3192
	VTech Holdings Ltd.	12	102
	Walt Disney Co/The.	77	2667
	Washington Post Co/The.	1	849
	Websense Inc.	14	258
	West Australian Newspapers Hol.	9	117
	Westwood One Inc.	50	107
	Windstream Corp.	87	1170
	Wolters Kluwer NV.	5	157
	WPP Group PLC.	19	259
	XM Satellite Radio Holdings In.	47	624
	Yahoo! Inc.	54	1679
	Yell Group PLC.	12	114
	Yellow Pages Income Fund.	9	136
			150,710
CONSUMER GOODS (0.3%)
	PepsiCo Inc.	69	5087
	Procter & Gamble Co.	133	9246
	Toyota Motor Corp.	100	5694
			20,027
CONSUMER, CYCLICAL (2.4%)
	99 Cents Only Stores.	32	344
	Abercrombie & Fitch Co.	15	1188
	Accor SA.	3	286
	ACE Aviation Holdings Inc.	4	126
	Adidas AG.	3	199
	Aeon Co Ltd.	26	407
	Aeropostale Inc.	28	641
	Air France-KLM.	3	114
	Aisin Seiki Co Ltd.	7	285
	Alaska Air Group Inc. (b)	30	762
	Alimentation Couche Tard Inc.	6	130
	All Nippon Airways Co Ltd.	29	111
	Amer Sports OYJ.	4	106
	American Axle & Manufacturing.	23	632
	AMR Corp. (b)	41	984
	AnnTaylor Stores Corp.	11	341
	Aoyama Trading Co Ltd.	4	104
	Applebees International Inc.	43	1090
	Aristocrat Leisure Ltd.	16	155
	ArvinMeritor Inc.	37	549
	Asics Corp.	8	126
	Autogrill SpA.	5	100
	AutoNation Inc.	26	460
	Autozone Inc.	7	871
	Barratt Developments PLC.	6	81

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Bayerische Motoren Werke AG.	7	446
	Beazer Homes USA Inc.	17	191
	Bed Bath & Beyond Inc.	13	441
	Bellway PLC.	4	89
	Berkeley Group Holdings PLC.	3	106
	Best Buy Co Inc.	15	728
	Big Lots Inc. (b)	21	504
	Billabong International Ltd.	8	112
	BJ's Wholesale Club Inc.	12	430
	Blockbuster Inc. (b)	78	410
	Bob Evans Farms Inc.	19	535
	Borders Group Inc.	31	478
	BorgWarner Inc.	10	1057
	Bosch Corp.	21	109
	Boyd Gaming Corp.	9	376
	Bridgestone Corp.	23	505
	Brightpoint Inc.	34	551
	Brinker International Inc.	23	584
	British Airways PLC. (b)	13	120
	Brunswick Corp/DE.	18	402
	Bulgari SpA.	7	109
	Burberry Group PLC.	8	102
	Callaway Golf Co.	36	624
	Canadian Tire Corp Ltd.	1	92
	Canon Marketing Japan Inc.	6	117
	Carmax Inc.	33	689
	Carnival Corp.	13	624
	Carnival PLC.	3	140
	Carphone Warehouse Group PLC.	15	109
	Casey's General Stores Inc.	30	855
	Cathay Pacific Airways Ltd.	41	121
	Cato Corp/The.	20	402
	Charming Shoppes Inc. (b)	66	490
	Cheesecake Factory/The.	26	583
	China Travel International Inv.	162	129
	Choice Hotels International In.	4	155
	Christopher & Banks Corp.	24	329
	Cia de Distribucion Integral L.	1	78
	Circuit City Stores Inc.	38	301
	Citizen Holdings Co Ltd.	13	140
	Coach Inc.	16	585
	Coldwater Creek Inc.	14	125
	Coles Group Ltd.	35	526
	Compagnie Financiere Richemont.	8	571
	Compass Group PLC.	31	223
	Continental AG.	2	302
	Continental Airlines Inc.	18	618
	Cooper Tire & Rubber Co.	32	713
	Corporate Express.	8	89
	Costco Wholesale Corp.	17	1143
	CROCS Inc.	28	2093
	CVS Caremark Corp.	61	2548
	Daihatsu Motor Co Ltd.	11	116
	Daimler AG.	15	1663
	Daiwa House Industry Co Ltd.	20	283
	David Jones Ltd.	22	101
	DCM Japan Holdings Co Ltd.	12	92
	Debenhams PLC.	44	104
	Delta Air Lines Inc.	41	853
	Denso Corp.	17	685
	Denway Motors Ltd.	231	161
	Deutsche Lufthansa AG.	4	118
	Dick's Sporting Goods Inc.	32	1068
	Dillard's Inc.	35	806
	Don Quijote Co Ltd.	5	101

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	DR Horton Inc.	50	635
	Dress Barn Inc.	31	508
	DSG International PLC.	34	92
	easyJet PLC.	10	138
	EDION Corp.	10	114
	Esprit Holdings Ltd.	34	562
	Ethan Allen Interiors Inc.	16	494
	Family Dollar Stores Inc.	28	710
	FamilyMart Co Ltd.	4	116
	Fast Retailing Co Ltd.	3	172
	Fastenal Co.	22	979
	Faurecia.	1	86
	Fiat SpA.	15	462
	Foot Locker Inc.	29	432
	Ford Motor Co. (b)	87	772
	Fred's Inc.	25	265
	Fuji Heavy Industries Ltd.	23	119
	Furniture Brands International.	24	289
	Futaba Industrial Co Ltd.	4	112
	Galaxy Entertainment Group Ltd. (b)	106	115
	GameStop Corp.	23	1362
	Gaylord Entertainment Co. (b)	15	817
	General Motors Corp.	15	588
	Genesco Inc.	10	462
	Genuine Parts Co.	33	1619
	Gildan Activewear Inc.	3	137
	GKN PLC.	14	107
	GOME Electrical Appliances Hol.	67	150
	Grafton Group PLC.	8	89
	Group 1 Automotive Inc.	16	497
	Guess ? Inc.	8	411
	Gunze Ltd.	20	96
	Gymboree Corp.	14	476
	H2O Retailing Corp.	11	91
	Hagemeyer NV.	20	136
	Hanwa Co Ltd.	21	106
	Harman International Industrie.	10	842
	Harvey Norman Holdings Ltd.	29	183
	Hasbro Inc.	26	776
	Haseko Corp.	41	98
	Hennes & Mauritz AB.	8	533
	Herman Miller Inc.	8	218
	Hermes International.	1	131
	Hino Motors Ltd.	15	108
	Hitachi High-Technologies Corp.	4	89
	Home Depot Inc.	42	1323
	Home Retail Group PLC.	14	127
	Honda Motor Co Ltd.	60	2236
	Hongkong & Shanghai Hotels/The.	65	120
	HOT Topic Inc.	29	222
	Iberia Lineas Aereas de Espana.	23	117
	Ihop Corp.	6	380
	Imperial Hotel Ltd.	2	101
	Inchcape Plc.	11	108
	Inditex SA.	4	297
	Ingram Micro Inc.	27	573
	Insight Enterprises Inc.	33	912
	Interface Inc.	20	383
	International Game Technology.	13	567
	International Speedway Corp.	12	533
	Isetan Co Ltd.	7	94
	Isuzu Motors Ltd.	51	251
	ITOCHU Corp.	52	649
	Izumi Co Ltd.	7	104
	J Crew Group Inc.	16	598

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	J Front Retailing Co Ltd.	27	242
	Jack in the Box Inc.	24	753
	Jakks Pacific Inc.	18	477
	Japan Airlines Corp.	56	126
	Jardine Cycle & Carriage Ltd.	10	145
	JB Hi-Fi Ltd.	11	168
	JetBlue Airways Corp.	37	338
	JFE Shoji Holdings Inc.	14	107
	Johnson Controls Inc.	30	1312
	Jones Apparel Group Inc.	20	419
	JTEKT Corp.	7	133
	Juki Corp.	12	101
	Kayaba Industry Co Ltd.	21	120
	KB Home.	14	387
	Kellwood Co.	14	232
	Kesa Electricals PLC.	16	106
	Kingfisher PLC.	36	148
	Kloeckner & Co AG.	1	53
	Kohl's Corp.	11	605
	Koito Manufacturing Co Ltd.	9	125
	Kokuyo Co Ltd.	10	88
	Komeri Co Ltd.	4	101
	Krispy Kreme Doughnuts Inc.	38	122
	K's Holdings Corp.	4	86
	Kuraray Co Ltd.	12	155
	Ladbrokes PLC.	13	111
	Las Vegas Sands Corp.	4	531
	Lawson Inc.	3	103
	La-Z-Boy Inc.	35	276
	Lear Corp. (b)	38	1350
	Lennar Corp.	23	526
	Li & Fung Ltd.	72	338
	Li Ning Co Ltd.	45	167
	Life Time Fitness Inc.	12	728
	Lifestyle International Holdin.	54	148
	Liz Claiborne Inc.	19	541
	Longs Drug Stores Corp.	12	630
	Lottomatica SpA.	3	107
	Lowe's Cos Inc.	63	1694
	Macy's Inc.	14	448
	Magna International Inc.	2	190
	Marks & Spencer Group PLC.	26	353
	Marriott International Inc/DE.	13	534
	Marubeni Corp.	53	449
	Marui Group Co Ltd.	11	114
	Matsushita Electric Industrial.	71	1348
	Mattel Inc.	77	1609
	Mazda Motor Corp.	31	185
	McDonald's Corp.	32	1910
	McDonald's Japan.	6	104
	Men's Wearhouse Inc.	18	761
	Meritage Homes Corp. (b)	13	209
	MGM Mirage. (b)	4	366
	Michelin.	2	268
	Mitchells & Butlers PLC.	7	97
	Mitsubishi Corp.	53	1631
	Mitsubishi Logistics Corp.	7	100
	Mitsubishi Motors Corp. (b)	128	250
	Mitsubishi Rayon Co Ltd.	20	113
	Mitsui & Co Ltd.	57	1457
	Mitsukoshi Ltd.	23	106
	Modine Manufacturing Co.	17	395
	Monaco Coach Corp.	13	151
	MSC Industrial Direct Co.	18	877
	Nagase & Co Ltd.	9	100

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Namco Bandai Holdings Inc.	8	123
	Nautilus Inc.	21	135
	Newell Rubbermaid Inc.	51	1487
	Next PLC.	3	138
	NGK Spark Plug Co Ltd.	6	100
	NHK Spring Co Ltd.	12	102
	Nintendo Co Ltd.	4	2493
	Nippon Seiki Co Ltd.	4	93
	Nissan Motor Co Ltd.	83	954
	Nisshinbo Industries Inc.	9	122
	Nitori Co Ltd.	2	91
	NOK Corp.	5	110
	Nokian Renkaat OYJ.	3	113
	Nordstrom Inc.	10	394
	Nu Skin Enterprises Inc.	29	501
	Okamura Corp.	12	108
	Onward Holdings Co Ltd.	9	92
	OPAP SA.	3	123
	O'Reilly Automotive Inc.	18	594
	Oriental Land Co Ltd.	2	119
	Orient-Express Hotels Ltd.	16	1037
	Oshkosh Truck Corp.	11	596
	Pacific Sunwear Of California.	37	619
	Panera Bread Co.	14	574
	Parkson Retail Group Ltd.	14	159
	Penn National Gaming Inc.	11	679
	PEP Boys-Manny Moe & Jack.	22	324
	Persimmon PLC.	5	109
	PetSmart Inc.	21	629
	Peugeot SA.	3	278
	PF Chang's China Bistro Inc.	9	262
	Phillips-Van Heusen.	21	1004
	Pier 1 Imports Inc. (b)	54	275
	Pinnacle Entertainment Inc. (b)	22	642
	Pioneer Corp.	8	89
	Pirelli & C SpA.	95	121
	Point Inc.	2	100
	Polo Ralph Lauren Corp.	8	550
	Pool Corp.	19	448
	PPR.	1	198
	Praktiker Bau- und Heimwerkerm.	2	72
	Punch Taverns PLC.	5	105
	Qantas Airways Ltd.	32	176
	Quiksilver Inc.	66	891
	RadioShack Corp.	25	516
	Reece Australia Ltd.	5	132
	Regal Entertainment Group.	47	1061
	Regis Corp.	17	571
	Renault SA.	3	504
	Rite Aid Corp. (b)	83	325
	RONA Inc.	5	113
	Ross Stores Inc.	25	676
	Royal Caribbean Cruises Ltd.	28	1201
	Ruby Tuesday Inc.	32	511
	Ryland Group Inc.	11	313
	Ryohin Keikaku Co Ltd.	2	126
	Saks Inc.	75	1587
	Sally Beauty Holdings Inc.	57	527
	Sankyo Co Ltd.	3	127
	Sanyo Shokai Ltd.	13	82
	Scientific Games Corp.	11	398
	Sears Holdings Corp.	2	270
	Sega Sammy Holdings Inc.	8	110
	Sekisui Chemical Co Ltd.	16	109
	Sekisui House Ltd.	19	242

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Select Comfort Corp.	13	149
	Seven & I Holdings Co Ltd.	21	539
	Shangri-La Asia Ltd.	47	149
	Shimachu Co Ltd.	4	114
	Shimamura Co Ltd.	1	97
	Shimano Inc.	3	109
	Shoppers Drug Mart Corp.	3	176
	Singapore Airlines Ltd.	16	217
	Six Flags Inc. (b)	50	162
	Sky City Entertainment Group L.	29	120
	Skywest Inc.	33	901
	Sodexho Alliance SA.	2	144
	Sojitz Corp.	31	140
	Sonae SGPS SA.	37	108
	Sony Corp.	33	1613
	Southwest Airlines Co.	31	441
	St Marc Holdings Co Ltd.	2	98
	Staples Inc.	28	654
	Starbucks Corp.	32	854
	Starwood Hotels & Resorts Worl.	8	455
	Station Casinos Inc.	7	629
	Steelcase Inc.	28	500
	Stein Mart Inc.	20	131
	Stockmann Oyj Abp.	2	100
	Sumitomo Corp.	41	705
	Sumitomo Rubber Industries Inc.	9	109
	Sumitomo Warehouse Co Ltd/The.	18	103
	Superior Industries Internatio.	14	283
	Suzuki Motor Corp.	15	489
	Swatch Group AG.	2	126
	TABCORP Holdings Ltd.	17	246
	Takashimaya Co Ltd.	10	121
	Takata Corp.	3	106
	Talbots Inc.	16	235
	Target Corp.	33	2025
	Tattersall's Ltd.	42	164
	Taylor Wimpey PLC.	18	93
	Tech Data Corp.	33	1298
	Teijin Ltd.	31	149
	Thomson.	7	122
	Tim Hortons Inc.	4	153
	TJX Cos Inc.	18	521
	Tod's SpA.	1	84
	Toho Co Ltd/Tokyo.	6	119
	Tokai Rika Co Ltd.	4	117
	Tokyo Style Co Ltd.	9	103
	Toll Brothers Inc.	25	573
	Toray Industries Inc.	46	352
	Toro Co.	15	835
	TOTO Ltd.	13	94
	Toyo Tire & Rubber Co Ltd.	23	134
	Toyobo Co Ltd.	40	94
	Toyoda Gosei Co Ltd.	3	107
	Toyota Boshoku Corp.	4	130
	Toyota Tsusho Corp.	8	223
	Tractor Supply Co.	13	539
	Triarc Cos Inc.	25	280
	Tuesday Morning Corp.	14	107
	TUI AG.	4	117
	TUI Travel plc.	17	95
	Under Armour Inc.	12	747
	United Stationers Inc. (b)	11	637
	UNY Co Ltd.	10	86
	Urban Outfitters Inc.	15	379
	US Airways Group Inc/NEW.	18	498

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	USS Co Ltd.	2	130
	Vail Resorts Inc.	12	728
	Valentino Fashion Group SpA.	2	101
	Valeo SA.	2	110
	Volkswagen AG.	4	953
	Wabash National Corp.	20	203
	Wacoal Holdings Corp.	9	109
	Walgreen Co.	43	1705
	Wal-Mart Stores Inc.	61	2758
	Warner Music Group Corp.	10	102
	Watsco Inc.	9	375
	Wendy's International Inc.	19	660
	WESCO International Inc.	7	327
	Westjet Airlines Ltd.	7	148
	Whirlpool Corp.	18	1425
	William Hill PLC.	9	116
	WMS Industries Inc. (b)	16	555
	Wolseley PLC.	10	173
	Wolverine World Wide Inc.	29	744
	World Fuel Services Corp.	11	487
	WW Grainger Inc.	12	1079
	Wynn Resorts Ltd.	8	1291
	Xinyi Glass Holdings Co Ltd.	105	141
	Yamada Denki Co Ltd.	3	307
	Yamaha Corp.	7	162
	Yamaha Motor Co Ltd.	7	198
	Yokohama Rubber Co Ltd/The.	15	111
	Yum! Brands Inc.	21	846
	Zale Corp.	25	527
			161,354
CONSUMER, NON-CYCLICAL (3.6%)
	ABB Grain Ltd.	14	98
	Abbott Laboratories.	9	492
	ABC Learning Centres Ltd.	18	110
	Abertis Infraestructuras SA.	4	133
	Accenture Ltd.	23	898
	ACCO Brands Corp.	36	772
	Adams Respiratory Therapeutics.	14	615
	Adecco SA.	2	120
	Administaff Inc.	15	598
	Advanced Medical Optics Inc.	9	247
	Aetna Inc.	20	1123
	Affymetrix Inc.	9	229
	Aggreko Plc.	10	130
	Ajinomoto Co Inc.	21	236
	Alberto-Culver Co.	19	494
	Alcon Inc.	3	457
	Alexion Pharmaceuticals Inc.	13	995
	Alfresa Holdings Corp.	2	116
	Alkermes Inc.	38	616
	Allergan Inc/United States.	12	811
	Alliance Data Systems Corp.	12	965
	Altadis SA.	4	285
	Altria Group Inc.	56	4084
	American Greetings Corp.	27	711
	American Medical Systems Holdi.	27	345
	AMERIGROUP Corp.	20	700
	AmerisourceBergen Corp.	26	1225
	Amgen Inc. (b)	45	2615
	Amylin Pharmaceuticals Inc.	18	810
	Anheuser-Busch Cos Inc.	22	1128
	Apollo Group Inc.	22	1744
	Applera Corp - Celera Group.	41	669
	Apria Healthcare Group Inc.	23	556

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Arbitron Inc.	11	557
	Arthrocare Corp.	10	648
	Asahi Breweries Ltd.	16	264
	Associated British Foods PLC.	6	114
	Astellas Pharma Inc.	18	794
	AstraZeneca PLC.	23	1135
	Atkins WS PLC.	5	126
	Atlantia SpA.	4	157
	Avis Budget Group Inc. (b)	61	1273
	AWB Ltd.	35	97
	Babcock International Group.	10	122
	Barr Pharmaceuticals Inc.	17	974
	Baxter International Inc.	28	1680
	BearingPoint Inc.	129	618
	Beckman Coulter Inc.	10	708
	Becton Dickinson & Co.	11	918
	Beiersdorf AG.	2	158
	Benesse Corp.	4	149
	Biogen Idec Inc.	14	1042
	BioMarin Pharmaceutical Inc.	36	998
	Bio-Rad Laboratories Inc.	7	676
	Biovail Corp.	6	120
	Blyth Inc.	20	382
	Boston Scientific Corp.	54	749
	Bowne & Co Inc.	19	330
	Brisa-Auto Estradas de Portuga.	8	114
	Bristol-Myers Squibb Co.	53	1589
	British American Tobacco PLC.	22	837
	Brookdale Senior Living Inc.	6	221
	Brown-Forman Corp.	7	518
	Bunzl PLC.	8	120
	C&C Group PLC.	13	105
	Cadbury Schweppes PLC.	32	423
	Cambrex Corp.	17	194
	Capita Group PLC.	9	140
	Carlsberg A/S.	1	135
	Carrefour SA.	8	576
	Casino Guichard Perrachon SA.	1	112
	Celesio AG.	2	114
	Celgene Corp.	15	990
	Cephalon Inc.	10	737
	Chaoda Modern Agriculture.	145	131
	Chemed Corp.	12	688
	China Mengniu Dairy Co Ltd.	31	130
	ChoicePoint Inc.	12	472
	Christian Dior SA.	1	136
	Chugai Pharmaceutical Co Ltd.	9	155
	Church & Dwight Co Inc.	29	1372
	Cintra Concesiones de Infraest.	7	122
	Clarins.	1	87
	Clorox Co.	7	438
	Coates Hire Ltd.	23	139
	Coca Cola Hellenic Bottling Co.	2	124
	Coca-Cola Amatil Ltd.	17	162
	Coca-Cola Co/The.	57	3520
	Coca-Cola West Holdings Co Ltd.	5	115
	Cochlear Ltd.	2	128
	Colgate-Palmolive Co.	25	1907
	Coloplast A/S.	1	97
	ConAgra Foods Inc.	15	356
	Constellation Brands Inc.	38	955
	Convergys Corp.	25	458
	Corinthian Colleges Inc.	46	754
	Corporate Executive Board Co.	6	428
	Corrections Corp of America. (b)	46	1301

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	COSCO Pacific Ltd.	41	127
	Covance Inc.	10	825
	Coventry Health Care Inc.	24	1447
	Covidien Ltd.	15	624
	CR Bard Inc.	16	1338
	Cubist Pharmaceuticals Inc.	21	491
	CV Therapeutics Inc.	23	236
	Dade Behring Holdings Inc.	13	1000
	Dai Nippon Printing Co Ltd.	23	332
	Daiichi Sankyo Co Ltd.	23	652
	Dainippon Sumitomo Pharma Co L.	11	102
	Dairy Crest Group PLC.	7	88
	Dairy Farm International Holdi.	38	188
	Danisco A/S.	1	77
	Davis Service Group PLC.	9	102
	DaVita Inc.	16	1043
	Del Monte Foods Co.	45	465
	Delhaize Group.	1	95
	Deluxe Corp.	30	1210
	Dentsply International Inc.	22	913
	Diageo PLC.	41	938
	Edwards Lifesciences Corp.	22	1105
	Eisai Co Ltd.	9	376
	Elan Corp PLC.	7	167
	Elekta AB.	6	116
	Eli Lilly & Co.	26	1408
	Empire Co Ltd.	2	117
	Endo Pharmaceuticals Holdings.	21	615
	Enzon Pharmaceuticals Inc.	30	286
	Essilor International SA.	3	191
	Experian Group Ltd.	16	168
	Express Scripts Inc.	9	568
	Ezaki Glico Co Ltd.	11	115
	Fisher & Paykel Healthcare Cor.	42	105
	Forest Laboratories Inc.	12	469
	Forrester Research Inc.	9	213
	Fortune Brands Inc.	5	419
	Foster's Group Ltd.	65	386
	Fresenius Medical Care AG & Co.	3	157
	Fresenius SE.	2	157
	FTI Consulting Inc.	16	869
	G4S PLC.	24	106
	Genentech Inc.	20	1483
	General Mills Inc.	10	577
	Gen-Probe Inc.	20	1400
	Genzyme Corp.	10	760
	Getinge AB.	5	132
	Gilead Sciences Inc.	40	1848
	GlaxoSmithKline PLC.	93	2394
	Golden Agri-Resources Ltd.	132	160
	Goodman Fielder Ltd.	50	98
	Greene King Plc.	5	94
	Grifols SA.	5	132
	H&R Block Inc.	55	1199
	Haemonetics Corp.	10	514
	Hansen Natural Corp.	27	1836
	Hays PLC.	33	94
	Health Management Associates I.	44	291
	Health Net Inc.	17	911
	Healthscope Ltd.	23	116
	Healthsouth Corp.	35	702
	Healthways Inc.	13	789
	Heineken Holding NV.	2	118
	Heineken NV.	4	280
	Hengan International Group Co.	32	124

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Henkel KGaA.	5	245
	Henry Schein Inc.	15	899
	Herbalife Ltd.	7	309
	Hershey Co/The.	5	216
	Hewitt Associates Inc.	44	1552
	Hillenbrand Industries Inc.	13	718
	Hisamitsu Pharm.	4	110
	HJ Heinz Co.	9	421
	Hologic Inc.	29	1994
	Homeserve PLC.	3	112
	Hormel Foods Corp.	17	620
	House Foods Corp.	7	110
	Human Genome Sciences Inc.	51	482
	Humana Inc. (b)	26	1949
	Husqvarna AB.	8	96
	Iaws Group Plc.	5	118
	Idexx Laboratories Inc.	12	1461
	Illumina Inc.	20	1123
	Immucor Inc.	26	839
	Imperial Tobacco Group PLC.	10	506
	InBev NV.	3	283
	InterMune Inc.	14	279
	Intertek Group PLC.	5	107
	Intuitive Surgical Inc.	5	1634
	Invacare Corp.	17	460
	Inverness Medical Innovations.	22	1322
	Invitrogen Corp.	7	636
	Iron Mountain Inc.	28	972
	Ito En Ltd.	5	100
	ITT Educational Services Inc. (b)	15	1908
	J Sainsbury PLC.	23	262
	Jarden Corp.	24	852
	JM Smucker Co/The.	11	588
	Kagome Co Ltd.	7	111
	Kamigumi Co Ltd.	13	105
	Kao Corp.	17	486
	Kerry Group PLC.	4	121
	Kesko OYJ.	2	120
	Kikkoman Corp.	8	101
	Kimberly-Clark Corp.	13	922
	Kinetic Concepts Inc.	8	481
	King Pharmaceuticals Inc.	44	466
	Kirin Holdings Co Ltd.	32	445
	Kobayashi Pharmaceutical Co Lt.	3	96
	Koninklijke Ahold NV.	19	285
	Kose Corp.	4	102
	Kraft Foods Inc.	42	1403
	Kyowa Hakko Kogyo Co Ltd.	13	141
	Kyphon Inc.	17	1205
	Laboratory Corp of America Hol.	18	1238
	Lion Corp.	20	94
	Lion Nathan Ltd.	15	130
	Live Nation Inc.	20	409
	Loblaw Cos Ltd.	2	93
	L'Oreal SA.	4	525
	Luxottica Group SpA.	3	105
	MacDonald Dettwiler & Associat.	2	95
	Magellan Health Services Inc.	15	632
	Manor Care Inc.	11	732
	Manpower Inc.	13	972
	Marine Harvest.	85	86
	McCormick & Co Inc/MD.	20	701
	McKesson Corp.	12	793
	Medarex Inc.	47	562
	Medco Health Solutions Inc.	11	1038

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Mediceo Paltac Holdings Co Ltd.	7	101
	Medicines Co/The.	19	364
	Medicis Pharmaceutical Corp.	21	623
	Medtronic Inc.	48	2277
	Meiji Dairies Corp.	18	95
	Meiji Seika Kaisha Ltd.	25	110
	Mentor Corp.	12	511
	Merck & Co Inc.	58	3379
	Merck KGAA.	1	125
	Metcash Ltd.	28	122
	Metro AG.	2	181
	Metro Inc.	3	113
	MGI Pharma Inc.	30	977
	Michael Page International Plc.	10	91
	Millennium Pharmaceuticals Inc.	59	697
	Millipore Corp. (b)	8	621
	Miraca Holdings Inc.	6	141
	Mitsubishi Tanabe Pharma Corp.	9	103
	Mochida Pharmaceutical Co Ltd.	12	115
	Molson Coors Brewing Co.	14	801
	Monster Worldwide Inc.	18	730
	Moody's Corp.	9	393
	MPS Group Inc.	69	842
	Mylan Inc.	45	677
	Myriad Genetics Inc.	15	830
	NBTY Inc.	23	819
	Nektar Therapeutics.	30	179
	Nestle SA.	6	2768
	Neurocrine Biosciences Inc.	15	139
	Nichirei Corp.	23	98
	Nippon Meat Packers Inc.	10	101
	Nippon Suisan Kaisha Ltd.	19	94
	Nipro Corp.	5	95
	Nissha Printing Co Ltd.	4	114
	Nisshin Seifun Group Inc.	12	108
	Nissin Food Products Co Ltd.	4	126
	Novartis AG.	38	2021
	Novo Nordisk A/S.	3	372
	Novozymes A/S.	1	109
	Nutreco Holding NV.	1	68
	Odyssey HealthCare Inc.	26	267
	Olam International Ltd.	55	133
	Omega Pharma SA.	1	67
	Omnicare Inc.	27	797
	Ono Pharmaceutical Co Ltd.	4	206
	Onyx Pharmaceuticals Inc.	21	981
	Oriflame Cosmetics SA.	2	121
	Orion Oyj.	4	103
	OSI Pharmaceuticals Inc.	8	333
	Pacific Brands Ltd.	35	113
	Parexel International Corp.	10	460
	Park24 Co Ltd.	11	109
	Parkway Holdings Ltd.	42	121
	Parmalat SpA.	30	111
	Patterson Cos Inc.	20	782
	PDL BioPharma Inc.	18	382
	Pediatrix Medical Group Inc.	21	1376
	Pepsi Bottling Group Inc.	28	1206
	PepsiAmericas Inc.	14	500
	Performance Food Group Co.	18	486
	Pernod-Ricard SA.	1	231
	Perrigo Co.	41	972
	Pharmaceutical Product Develop.	16	676
	PharMerica Corp.	16	255
	PolyMedica Corp.	10	530

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Premier Foods PLC.	21	98
	Pre-Paid Legal Services Inc. (b)	5	298
	Primary Health Care Ltd.	10	110
	Psychiatric Solutions Inc. (b)	20	792
	Qiagen NV.	6	141
	QP Corp.	11	108
	Quest Diagnostics Inc.	6	319
	Ralcorp Holdings Inc. (b)	10	563
	Randstad Holding NV.	2	111
	Reckitt Benckiser Group PLC.	9	522
	Regeneron Pharmaceuticals Inc.	22	484
	Remy Cointreau SA.	1	77
	Rent-A-Center Inc/TX.	37	592
	Rentokil Initial PLC.	34	122
	Resmed Inc.	12	497
	Resources Connection Inc.	17	387
	Respironics Inc.	11	551
	Reynolds American Inc.	4	258
	Rhoen Klinikum AG.	4	126
	Robert Half International Inc.	26	782
	Roche Holding AG.	11	1876
	Rohto Pharmaceutical Co Ltd.	10	118
	Royal Numico NV.	3	237
	RR Donnelley & Sons Co.	40	1612
	SABMiller PLC.	13	391
	Safeway Inc.	13	442
	SAIC Inc.	77	1518
	Sanofi-Aventis SA.	16	1403
	Santen Pharmaceutical Co Ltd.	5	117
	Sapporo Holdings Ltd.	18	135
	SAPRR.	1	106
	Saputo Inc.	2	123
	Sara Lee Corp.	17	281
	Savient Pharmaceuticals Inc.	23	324
	Schering-Plough Corp.	64	1953
	Scottish & Newcastle PLC.	13	212
	Secom Co Ltd.	7	359
	Securitas AB.	7	88
	Sepracor Inc.	16	441
	Serco Group PLC.	12	112
	Service Corp International/US.	170	2460
	Shimadzu Corp.	10	99
	Shionogi & Co Ltd.	11	187
	Shire PLC.	9	225
	Shiseido Co Ltd.	13	312
	Sierra Health Services Inc.	19	804
	Sigma Pharmaceuticals Ltd.	68	96
	Silex Systems Ltd.	12	87
	Smith & Nephew PLC.	14	189
	Smithfield Foods Inc.	23	659
	Societe BIC SA.	1	78
	Sohgo Security Services Co Ltd.	7	116
	Sonic Healthcare Ltd.	9	144
	Sonova Holding AG.	1	112
	Sotheby's.	25	1354
	Spherion Corp.	42	366
	St Jude Medical Inc. (b)	13	529
	Stada Arzneimittel AG.	2	127
	Stantec Inc.	3	117
	STERIS Corp.	38	1104
	Stewart Enterprises Inc.	62	562
	Strayer Education Inc.	6	1119
	Stryker Corp.	14	994
	Sunrise Senior Living Inc.	17	629
	Supervalu Inc.	42	1628

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Suzuken Co Ltd.	3	96
	Swedish Match AB.	6	134
	Symbion Health Ltd.	30	113
	Synthes Inc.	1	125
	SYSCO Corp.	24	823
	Sysmex Corp.	3	122
	Taisho Pharmaceutical Co Ltd.	8	154
	Takara Holdings Inc.	17	99
	Takeda Pharmaceutical Co Ltd.	27	1676
	Tate & Lyle PLC.	9	82
	Techne Corp.	14	913
	TeleTech Holdings Inc.	15	374
	Tenet Healthcare Corp. (b)	87	305
	Terumo Corp.	7	340
	Tesco PLC.	122	1238
	Thai Beverage PCL.	602	108
	Theravance Inc.	18	450
	Tingyi Cayman Islands Holding.	123	187
	Toppan Printing Co Ltd.	22	214
	Toyama Chemical Co Ltd. (b)	16	99
	Toyo Suisan Kaisha Ltd.	7	121
	Transurban Group.	32	217
	Tsumura & Co.	6	107
	Tupperware Brands Corp.	36	1300
	Tyson Foods Inc.	52	822
	UCB SA.	2	117
	Unicharm Corp.	2	119
	Unilever NV.	26	843
	Unilever PLC.	20	676
	United Natural Foods Inc.	15	434
	United Rentals Inc.	44	1504
	United Therapeutics Corp.	7	479
	UnitedHealth Group Inc.	56	2752
	Universal Corp/Richmond VA.	16	780
	Universal Health Services Inc.	8	390
	UST Inc.	30	1600
	Valassis Communications Inc. (b)	23	227
	Varian Medical Systems Inc. (b)	20	975
	VCA Antech Inc.	31	1428
	Vedior NV.	4	91
	Ventana Medical Systems Inc.	13	1144
	Vertex Pharmaceuticals Inc.	20	647
	Viad Corp.	14	496
	VistaPrint Ltd.	15	714
	Watson Pharmaceuticals Inc.	19	581
	Watson Wyatt Worldwide Inc.	16	763
	WD-40 Co.	8	317
	Weight Watchers International.	5	256
	WellCare Health Plans Inc.	5	121
	WellPoint Inc.	19	1505
	West Pharmaceutical Services I.	15	620
	Western Union Co/The.	30	661
	Whole Foods Market Inc.	22	1090
	William Demant Holding. (b)	1	92
	Wilmar International Ltd.	81	232
	WM Morrison Supermarkets PLC.	35	215
	WM Wrigley Jr Co.	9	555
	Woolworths Ltd.	40	1246
	Wyeth.	36	1751
	Yakult Honsha Co Ltd.	5	115
	Yamazaki Baking Co Ltd.	14	122
	Zimmer Holdings Inc.	10	695
			238,555

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
ENERGY (2.0%)
	Acergy SA.	4	116
	Advantage Energy Income Fund.	3	38
	Alpha Natural Resources Inc.	29	796
	Anadarko Petroleum Corp.	14	826
	APA Group.	30	110
	Apache Corp.	10	1038
	ARC Energy Trust.	5	113
	Arch Coal Inc.	22	902
	Arrow Energy NL.	44	116
	Atwood Oceanics Inc.	10	842
	Australian Worldwide Explorati.	37	103
	Baker Hughes Inc.	14	1214
	Beach Petroleum Ltd.	93	126
	BG Group PLC.	55	1017
	BJ Services Co.	45	1134
	BP PLC.	296	3847
	Cabot Oil & Gas Corp.	36	1429
	Caltex Australia Ltd.	5	100
	Cameron International Corp.	17	1655
	Canadian Natural Resources Ltd.	8	665
	Canadian Oil Sands Trust.	4	147
	Cheniere Energy Inc.	16	648
	Chesapeake Energy Corp.	22	869
	Chevron Corp.	57	5216
	China Gas Holdings Ltd.	293	139
	Cia Espanola de Petroleos SA.	1	102
	Cimarex Energy Co.	15	608
	CNOOC Ltd.	480	1001
	Cnpc Hong Kong Ltd.	175	141
	ConocoPhillips.	41	3483
	Consol Energy Inc.	28	1582
	Core Laboratories NV.	9	1313
	Cosmo Oil Co Ltd.	22	94
	Covanta Holding Corp.	17	461
	Crosstex Energy Inc.	17	627
	Delta Petroleum Corp.	29	542
	Denbury Resources Inc.	18	1019
	Devon Energy Corp.	12	1121
	Diamond Offshore Drilling Inc.	3	340
	Duvernay Oil Corp.	3	108
	El Paso Corp.	138	2437
	Enbridge Inc.	5	217
	EnCana Corp.	12	840
	Encore Acquisition Co.	34	1248
	Enerplus Resources Fund.	2	97
	ENI SpA.	38	1387
	ENSCO International Inc.	23	1276
	Ensign Energy Services Inc.	6	108
	EOG Resources Inc.	10	886
	EXCO Resources Inc.	45	760
	Exterran Holdings Inc.	55	4631
	Exxon Mobil Corp.	147	13523
	First Solar Inc.	6	953
	FMC Technologies Inc.	20	1213
	Fording Canadian Coal Trust.	1	37
	Fugro NV.	2	175
	Global Industries Ltd.	30	739
	Grant Prideco Inc.	20	983
	Grey Wolf Inc.	98	552
	Halliburton Co.	36	1419
	Headwaters Inc.	22	316
	Helix Energy Solutions Group I.	16	740
	Helmerich & Payne Inc.	17	538
	Hercules Offshore Inc.	34	919
	Hess Corp.	9	644

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Holly Corp.	18	1130
	Husky Energy Inc.	4	186
	Idemitsu Kosan Co Ltd.	1	115
	Imperial Oil Ltd.	4	218
	ION Geophysical Corp.	37	561
	Japan Petroleum Exploration Co.	2	152
	John Wood Group PLC.	16	139
	Lundin Petroleum AB.	10	120
	Marathon Oil Corp.	24	1407
	Mariner Energy Inc.	43	1075
	National Fuel Gas Co.	13	630
	National Oilwell Varco Inc.	23	1685
	Neste Oil OYJ.	3	108
	Nexen Inc.	7	237
	Niko Resources Ltd.	1	112
	Nippon Mining Holdings Inc.	31	290
	Nippon Oil Corp.	48	421
	Noble Corp.	42	2224
	Occidental Petroleum Corp.	22	1519
	Oceaneering International Inc.	20	1545
	Oil Search Ltd.	33	131
	Oilexco Inc.	9	164
	OMV AG.	2	150
	Oneok Inc.	19	949
	OPTI Canada Inc.	5	101
	Origin Energy Ltd.	29	247
	Parker Drilling Co. (b)	72	608
	Peabody Energy Corp.	10	558
	Pengrowth Energy Trust.	6	114
	Penn Virginia Corp.	14	678
	Penn West Energy Trust.	3	96
	Petro-Canada.	8	461
	Petrofac Ltd.	12	129
	Pride International Inc.	26	959
	PrimeWest Energy Trust.	2	56
	Q-Cells AG.	1	128
	Questar Corp.	27	1541
	Quicksilver Resources Inc.	13	741
	Range Resources Corp.	21	944
	Renewable Energy Corp AS.	3	153
	Repsol YPF SA.	12	474
	Rowan Cos Inc.	25	975
	Royal Dutch Shell PLC.	80	3493
	Saipem SpA.	4	177
	Santos Ltd.	20	261
	Saras SpA.	18	109
	SBM Offshore NV.	3	115
	Schlumberger Ltd.	51	4925
	Seacor Holdings Inc.	9	825
	SeaDrill Ltd.	5	119
	Showa Shell Sekiyu KK.	9	105
	Singapore Petroleum Co Ltd.	25	142
	Smith International Inc.	31	2048
	Solarworld AG.	2	138
	Southwestern Energy Co. (b)	26	1345
	Spectra Energy Corp.	19	494
	St Mary Land & Exploration Co.	24	1017
	StatoilHydro ASA.	19	643
	Stone Energy Corp.	17	758
	Suncor Energy Inc.	7	766
	Sunoco Inc.	24	1766
	Sunpower Corp.	6	759
	Superior Energy Services.	30	1112
	Talisman Energy Inc.	16	349
	Technip SA.	2	179

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Tesoro Corp.	25	1513
	Tetra Technologies Inc.	27	532
	TonenGeneral Sekiyu KK.	11	110
	Total SA.	35	2821
	TransCanada Corp.	8	340
	Transocean, Inc..	12	1432
	Trican Well Service Ltd.	6	127
	Tullow Oil PLC.	11	146
	Ultra Petroleum Corp.	23	1630
	UTS Energy Corp.	19	123
	Valero Energy Corp.	16	1127
	Weatherford International Ltd.	13	844
	WesternZagros Resources Ltd.	3	12
	W-H Energy Services Inc.	11	633
	Woodside Petroleum Ltd.	15	727
	XTO Energy Inc.	16	1062
			131,434
FINANCIAL (4.9%)
	77 Bank Ltd/The.	16	108
	Aareal Bank AG.	2	104
	Abacus Property Group.	65	117
	ABN AMRO Holding NV.	29	1567
	ACE Ltd.	10	606
	Acom Co Ltd.	3	72
	Adelaide Bank Ltd.	8	109
	Admiral Group PLC.	7	150
	Aegon NV.	22	454
	Aeon Credit Service Co Ltd.	8	122
	Aeon Mall Co Ltd.	4	103
	Affiliated Managers Group Inc.	5	658
	Aflac Inc.	19	1193
	AGF Management Ltd.	3	117
	Agile Property Holdings Ltd.	61	146
	Aichi Bank Ltd/The.	1	91
	Aiful Corp.	4	94
	Aioi Insurance Co Ltd.	18	104
	Akita Bank Ltd/The.	22	101
	Alexandria Real Estate Equitie.	11	1135
	Allco Finance Group Ltd.	12	85
	Alleanza Assicurazioni SpA.	9	122
	Alleghany Corp.	1	393
	Allgreen Properties Ltd.	91	99
	Alliance & Leicester PLC.	7	115
	Allianz SE.	7	1577
	Allied Irish Banks PLC.	14	351
	Allied World Assurance Holding.	10	479
	Allstate Corp/The.	18	943
	Alpha Bank AE.	6	222
	AMB Property Corp.	15	980
	AMBAC Financial Group Inc.	19	700
	Amcore Financial Inc.	15	356
	American Express Co.	45	2743
	American Financial Group Inc/O.	13	389
	American Financial Realty Trus.	68	458
	American International Group I.	68	4292
	American National Insurance.	4	517
	AmeriCredit Corp.	22	310
	Ameriprise Financial Inc.	6	378
	Amlin PLC.	19	127
	AMP Ltd.	62	588
	Anchor Bancorp Wisconsin Inc.	13	320
	Anglo Irish Bank Corp PLC.	11	184
	Annaly Capital Management Inc.	193	3298
	AON Corp.	12	544

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Apartment Investment & Managem.	17	794
	Arch Capital Group Ltd.	11	822
	Arthur J Gallagher & Co.	18	479
	Ascendas Real Estate Investmen.	61	109
	Aspen Insurance Holdings Ltd.	17	465
	Assicurazioni Generali SpA.	19	903
	Associated Banc-Corp.	22	635
	Assurant Inc.	19	1110
	Assured Guaranty Ltd.	12	277
	Astoria Financial Corp.	16	416
	ASX Ltd.	6	321
	Australia & New Zealand Bankin.	60	1682
	AvalonBay Communities Inc.	12	1472
	Aviva PLC.	40	628
	Awa Bank Ltd/The.	23	123
	AXA Asia Pacific Holdings Ltd.	30	228
	AXA SA.	28	1251
	Axis Capital Holdings Ltd.	28	1113
	Azimut Holding SpA.	6	103
	Babcock & Brown Ltd.	9	256
	Baloise Holding AG.	1	106
	Banca Carige SpA.	23	110
	Banca Monte dei Paschi di Sien.	19	121
	Banca Popolare di Milano Scarl.	7	110
	Banco BPI SA.	12	105
	Banco Comercial Portugues SA.	52	252
	Banco de Valencia SA.	2	114
	Banco Espirito Santo SA.	5	121
	Banco Pastor SA.	5	85
	Banco Popular Espanol SA.	12	209
	Banco Santander SA.	96	2086
	Bancorpsouth Inc.	46	1116
	Bank of America Corp.	133	6421
	Bank of East Asia Ltd.	51	344
	Bank of Hawaii Corp.	19	1010
	Bank of Ikeda Ltd/The.	2	84
	Bank of Ireland.	15	277
	Bank of Kyoto Ltd/The.	12	152
	Bank of Montreal.	8	533
	Bank of Nagoya Ltd/The.	17	125
	Bank of New York Mellon Corp/T.	53	2589
	Bank of Nova Scotia.	15	849
	Bank of Queensland Ltd.	7	125
	Bank of Yokohama Ltd/The.	46	324
	Bankinter SA.	6	89
	Barclays PLC.	101	1269
	BB Biotech AG.	1	88
	BB&T Corp.	16	592
	BBVA.	55	1384
	Bear Stearns Cos Inc/The.	3	341
	Bellevue Group AG.	1	80
	Bendigo Bank Ltd.	8	104
	BioMed Realty Trust Inc.	44	1051
	BNP Paribas.	14	1543
	BOC Hong Kong Holdings Ltd.	118	331
	BOK Financial Corp.	5	273
	Bolsas y Mercados Espanoles.	2	139
	Boston Properties Inc.	5	542
	Bradford & Bingley PLC.	13	84
	Brandywine Realty Trust.	52	1345
	BRE Properties Inc.	19	1041
	Brit Insurance Holdings Plc.	16	108
	British Land Co PLC.	8	180
	Brookfield Asset Management In.	9	368
	Cabcharge Australia Ltd.	10	99

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Cambridge Industrial Trust.	60	30
	Camden Property Trust.	9	561
	Canadian Imperial Bank of Comm.	5	540
	CapitaCommercial Trust.	62	115
	Capital One Financial Corp.	10	656
	CapitaLand Ltd.	55	306
	CapitalSource Inc.	25	456
	CapitaMall Trust.	44	111
	Cathay General Bancorp.	29	898
	Catlin Group Ltd.	11	115
	Cattles PLC.	14	99
	CB Richard Ellis Group Inc.	31	756
	Centro Properties Group.	28	183
	Centro Retail Group.	72	106
	CFS Retail Property Trust.	66	150
	Challenger Financial Services.	23	135
	Charles Schwab Corp/The.	40	930
	Cheung Kong Holdings Ltd.	48	933
	Chiba Bank Ltd/The.	30	238
	China Everbright Ltd. (b)	46	204
	China Insurance International. (b)	44	142
	China Overseas Land & Investme.	125	281
	China Resources Land Ltd.	59	148
	Chinese Estates Holdings Ltd.	59	119
	Chittenden Corp.	28	997
	Chubb Corp.	12	640
	Chugoku Bank Ltd/The.	8	116
	Chuo Mitsui Trust Holdings Inc.	33	262
	Cigna Corp.	9	472
	Cincinnati Financial Corp.	32	1273
	CIT Group Inc.	35	1233
	CITIC International Financial.	129	110
	Citigroup Inc.	133	5573
	Citizens Republic Bancorp Inc.	40	609
	City Developments Ltd.	16	175
	City National Corp/CA.	7	473
	CME Group Inc.	6	3998
	CNP Assurances.	1	127
	Colonial BancGroup Inc/The.	28	537
	Colonial Properties Trust.	27	846
	Comerica Inc.	4	187
	Commerce Bancorp Inc/NJ.	43	1752
	Commerce Bancshares Inc/Kansas.	15	708
	Commerce Group Inc.	32	1168
	Commerzbank AG.	9	382
	Commonwealth Bank of Australia.	43	2463
	Commonwealth Property Office F.	79	116
	CompuCredit Corp.	9	179
	Conseco Inc.	38	600
	Corio NV.	1	88
	Corp Financiera Alba.	1	75
	Corporate Office Properties Tr.	18	744
	Countrywide Financial Corp.	17	264
	Cousins Properties Inc.	22	633
	Credit Agricole SA.	11	435
	Credit Saison Co Ltd.	6	190
	Credit Suisse Group.	16	1076
	Cullen/Frost Bankers Inc.	13	691
	Dah Sing Financial Holdings Lt.	12	114
	Daishi Bank Ltd/The.	25	109
	Daito Trust Cons.	3	138
	Daiwa Securities Group Inc.	46	438
	Danske Bank A/S.	7	308
	DB RREEF Trust.	95	185
	DBS Group Holdings Ltd.	37	573

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	DCT Industrial Trust Inc.	100	1073
	Derwent London PLC.	3	104
	Deutsche Bank AG.	8	1072
	Deutsche Boerse AG.	3	482
	Deutsche Postbank AG.	1	73
	Dexia SA.	9	289
	DiamondRock Hospitality Co.	64	1226
	Digital Realty Trust Inc.	21	924
	DnB NOR ASA.	11	181
	Downey Financial Corp.	11	448
	Duke Realty Corp.	25	804
	EFG Eurobank Ergasias SA.	4	156
	Endurance Specialty Holdings L.	11	431
	Equity Inns Inc.	0	0
	Equity Lifestyle Properties In.	8	402
	Equity Residential.	9	376
	Erie Indemnity Co.	10	569
	Erste Bank der Oesterreichisch.	3	243
	Essex Property Trust Inc.	10	1234
	Eurazeo.	1	149
	Eurocommercial Properties NV.	2	118
	Everest Re Group Ltd.	13	1385
	Fannie Mae.	25	1426
	Federal Realty Invs Trust.	9	794
	Federated Investors Inc.	18	774
	FelCor Lodging Trust Inc.	33	691
	Fidelity National Financial In.	40	616
	Fifth Third Bancorp.	14	438
	Fimalac.	1	79
	First American Corp.	16	482
	First Bancorp/Puerto Rico.	41	360
	First Horizon National Corp.	23	600
	First Marblehead Corp/The.	13	505
	First Midwest Bancorp Inc/IL.	30	1010
	First Niagara Financial Group.	57	752
	FirstFed Financial Corp. (b)	7	299
	FirstMerit Corp.	40	848
	FKP Property Group.	18	123
	FNB Corp/PA.	32	532
	Fondiaria-Sai SpA.	2	97
	Forest City Enterprises Inc.	9	512
	Fortis.	20	639
	Franklin Resources Inc.	7	908
	Franklin Street Properties Cor.	34	553
	Fraser and Neave Ltd.	36	149
	Freddie Mac.	20	1045
	Fremont General Corp.	40	111
	Friedman Billings Ramsey Group.	80	344
	Friends Provident PLC.	33	126
	Frontier Financial Corp.	30	666
	Fuji Fire & Marine Insurance C.	28	101
	Fulton Financial Corp.	103	1350
	Fuyo General Lease Co Ltd.	3	99
	Genting International PLC. (b)	184	88
	Genworth Financial Inc.	13	355
	Goldcrest Co Ltd.	2	94
	Goldman Sachs Group Inc/The.	10	2479
	Goodman Group.	48	308
	GPT Group.	67	288
	Great Eagle Holdings Ltd.	29	120
	Great Eastern Holdings Ltd.	9	108
	Great Portland Estates PLC.	8	95
	Great-West Lifeco Inc.	4	158
	Greentown China Holdings Ltd.	45	96
	Gunma Bank Ltd/The.	16	113

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Guoco Group Ltd.	7	107
	GZI Real Estate Investment Tru.	90	36
	Hachijuni Bank Ltd/The.	17	129
	Hammerson PLC.	4	93
	Hang Lung Group Ltd.	28	164
	Hang Lung Properties Ltd.	60	285
	Hang Seng Bank Ltd.	23	467
	Hannover Rueckversicherung AG.	2	105
	Hartford Financial Services Gr.	9	873
	HBOS PLC.	58	1053
	HCC Insurance Holdings Inc.	21	628
	HCP Inc.	38	1294
	Health Care REIT Inc.	48	2126
	Healthcare Realty Trust Inc.	25	661
	Heiwa Real Estate Co Ltd.	15	106
	Henderson Group PLC.	28	106
	Henderson Investment Ltd.	66	131
	Henderson Land Development Co.	22	196
	Higo Bank Ltd/The.	16	111
	Hilb Rogal & Hobbs Co.	14	617
	Hiroshima Bank Ltd/The.	21	113
	Hokkoku Bank Ltd/The.	25	119
	Hokuhoku Financial Group Inc.	46	141
	Home Properties Inc.	13	668
	Hong Kong Exchanges and Cleari.	35	1157
	Hongkong Land Holdings Ltd.	61	304
	Hopewell Holdings.	25	129
	Hopson Development Holdings Lt.	30	115
	Horace Mann Educators Corp.	29	600
	Hospitality Properties Trust.	17	673
	Host Hotels & Resorts Inc.	16	355
	HRPT Properties Trust.	124	1164
	HSBC Holdings PLC.	180	3560
	Hudson City Bancorp Inc.	109	1707
	Huntington Bancshares Inc/OH.	71	1272
	Hyakugo Bank Ltd/The.	17	101
	Hyakujushi Bank Ltd/The.	21	106
	Hypo Real Estate Holding AG.	2	119
	Hysan Development Co Ltd.	42	126
	ICAP PLC.	11	134
	ICBC Asia.	44	122
	IG Group Holdings PLC.	16	138
	IGM Financial Inc.	2	116
	Immoeast AG. (b)	8	97
	IMMOFINANZ AG.	9	107
	Industrial Alliance Insurance.	3	126
	IndyMac Bancorp Inc.	39	523
	ING Canada Inc.	2	95
	ING Groep NV.	32	1439
	ING Industrial Fund.	51	133
	ING Office Fund.	75	126
	Insurance Australia Group Ltd.	59	258
	IntercontinentalExchange Inc.	11	1960
	International Bancshares Corp.	16	350
	International Securities Excha.	14	939
	Intesa Sanpaolo SpA.	163	1284
	Invesco PLC.	13	199
	Investec PLC.	9	109
	Investment Technology Group In. (b)	17	712
	Investor AB.	11	270
	IPC Holdings Ltd.	14	419
	Irish Life & Permanent PLC.	4	91
	iStar Financial Inc.	23	702
	IVG Immobilien AG.	3	136
	Iyo Bank Ltd/The.	12	117

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Jafco Co Ltd.	2	82
	Janus Capital Group Inc.	34	1173
	Japan Securities Finance Co Lt.	8	83
	Jefferies Group Inc.	20	535
	Jones Lang LaSalle Inc.	6	572
	Joyo Bank Ltd/The.	27	166
	JPMorgan Chase & Co.	101	4747
	Juroku Bank Ltd/The.	18	108
	Jyske Bank A/S. (b)	1	82
	Kagoshima Bank Ltd/The.	15	103
	KBC Groep NV.	3	420
	Keiyo Bank Ltd/The.	19	97
	Keppel Land Ltd.	20	115
	Kerry Properties Ltd.	15	129
	Keycorp.	12	341
	Kilroy Realty Corp.	12	780
	Kimco Realty Corp.	43	1785
	Kinnevik Investment AB.	6	149
	Kiyo Holdings Inc.	71	111
	Knight Capital Group Inc.	55	738
	Kowloon Development Co Ltd.	49	152
	Kungsleden AB.	8	114
	LaBranche & Co Inc. (b)	38	208
	Land Securities Group PLC.	7	239
	LaSalle Hotel Properties.	15	620
	Legal & General Group PLC.	101	294
	Lehman Brothers Holdings Inc.	16	1013
	Lend Lease Corp Ltd.	11	205
	Leopalace21 Corp.	4	127
	Lexington Realty Trust.	33	653
	Liberty International PLC.	5	124
	Liberty Property Trust.	17	640
	Lincoln National Corp.	8	499
	Link REIT/The.	55	124
	Lloyds TSB Group PLC.	87	987
	Loews Corp.	13	638
	London Stock Exchange Group PL.	4	140
	M&T Bank Corp.	2	199
	Macerich Co/The.	11	943
	Mack-Cali Realty Corp.	12	475
	Macquarie Communications Infra.	21	112
	Macquarie CountryWide Trust.	64	120
	Macquarie DDR Trust.	106	116
	Macquarie Group Ltd.	8	626
	Macquarie Infrastructure Group.	89	262
	Macquarie Office Trust.	83	127
	Man Group Plc.	29	355
	Manulife Financial Corp.	24	1123
	Mapfre SA.	23	108
	Markel Corp.	1	543
	Marsh & McLennan Cos Inc.	16	414
	Marshall & Ilsley Corp.	47	2007
	MBIA Inc.	24	1033
	Mediobanca SpA.	6	142
	Meinl European Land Ltd.	5	70
	Mercury General Corp.	6	308
	Merrill Lynch & Co Inc.	23	1518
	Merrill Lynch Canada Inc.	1	66
	MetLife Inc.	13	895
	Metrovacesa SA.	2	117
	MGIC Investment Corp.	15	290
	MI Developments Inc.	3	96
	Mid-America Apartment Communit.	8	416
	Millea Holdings Inc.	27	1058
	Mirvac Group.	33	178

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Mitsubishi Estate Co Ltd.	45	1334
	Mitsubishi UFJ Financial Group.	10	99
	Mitsubishi UFJ Lease & Finance.	2	69
	Mitsubishi UFJ Nicos Co Ltd.	40	77
	Mitsui Fudosan Co Ltd.	29	794
	Mitsui Sumitomo Insurance Co L.	47	534
	Mizuho Trust & Banking Co Ltd.	56	99
	Montpelier Re Holdings Ltd.	16	286
	Morgan Stanley.	26	1749
	Muenchener Rueckversicherungs.	3	574
	Musashino Bank Ltd/The.	2	94
	Nanto Bank Ltd/The.	21	109
	Nasdaq Stock Market Inc/The.	15	701
	National Australia Bank Ltd.	53	2128
	National Bank of Canada.	2	116
	National Bank of Greece SA.	7	486
	National City Corp.	49	1188
	National Financial Partners Co.	14	765
	National Retail Properties Inc.	40	1014
	Nationwide Financial Services.	29	1556
	Nationwide Health Properties I.	54	1686
	New World Development Ltd.	74	264
	New York Community Bancorp Inc.	62	1154
	NewAlliance Bancshares Inc.	56	783
	Newcastle Investment Corp.	29	431
	Nexity.	1	66
	Nikko Cordial Corp.	12	172
	Nipponkoa Insurance Co Ltd.	27	246
	Nishi-Nippon City Bank Ltd/The.	32	94
	Nissay Dowa General Insurance.	19	107
	Nomura Holdings Inc.	63	1119
	Nomura Real Estate Holdings In.	4	115
	Nordea Bank AB.	32	572
	Northern Rock PLC.	7	27
	Nuveen Investments Inc.	12	778
	Nymex Holdings Inc.	2	257
	NYSE Euronext.	7	657
	Ogaki Kyoritsu Bank Ltd/The.	22	122
	Oita Bank Ltd/The.	17	103
	Okasan Holdings Inc.	17	113
	OKO Bank plc.	6	129
	Old Mutual PLC.	85	325
	Old National Bancorp/IN.	35	585
	Old Republic International Cor.	40	613
	Onex Corp.	3	126
	ORIX Corp.	3	604
	Oversea-Chinese Banking Corp.	82	521
	Pacific Capital Bancorp NA.	30	622
	Pargesa Holding SA.	1	114
	Park National Corp.	4	317
	PartnerRe Ltd.	13	1082
	Pennsylvania Real Estate Inves.	23	877
	Perpetual Ltd.	2	138
	PFF Bancorp Inc.	14	149
	Philadelphia Consolidated Hold.	23	938
	Phoenix Cos Inc/The.	57	785
	Piper Jaffray Cos.	6	308
	Piraeus Bank SA.	5	200
	Platinum Underwriters Holdings.	40	1440
	PMI Group Inc/The.	16	256
	PNC Financial Services Group I.	10	722
	Popular Inc.	47	496
	Power Corp Of Canada.	5	214
	Power Financial Corp.	4	178
	Principal Financial Group Inc.	8	541

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	ProAssurance Corp.	14	772
	Promise Co Ltd.	4	120
	Prosperity REIT.	172	36
	Protective Life Corp.	12	514
	Provident Bankshares Corp.	17	419
	Provident Financial Services I.	33	523
	Prudential Financial Inc.	12	1161
	Prudential PLC.	38	618
	PSP Swiss Property AG.	2	108
	Public Storage.	5	405
	QBE Insurance Group Ltd.	28	848
	Quintain Estates & Development.	6	77
	Radian Group Inc.	15	189
	Raiffeisen International Bank.	1	165
	RAIT Financial Trust.	34	309
	Ratos AB.	3	88
	Raymond James Financial Inc.	18	671
	Realty Income Corp.	60	1772
	Redwood Trust Inc.	14	369
	Regency Centers Corp.	11	786
	Regions Financial Corp.	21	570
	Reinsurance Group of America I.	7	400
	RenaissanceRe Holdings Ltd.	12	700
	Resolution Plc.	11	167
	RioCan REIT.	5	123
	RLI Corp.	8	465
	Royal & Sun Alliance Insurance.	46	151
	Royal Bank of Canada.	20	1186
	Royal Bank of Scotland Group P.	146	1568
	Safeco Corp.	19	1100
	Sampo Oyj.	8	251
	San-In Godo Bank Ltd/The.	12	108
	Schroders PLC.	4	128
	Segro PLC.	9	87
	Selective Insurance Group.	36	875
	Senior Housing Properties Trus.	50	1121
	Senshu Bank Ltd/The.	43	100
	Shenzhen Investment Ltd.	125	119
	Shiga Bank Ltd/The.	17	120
	Shimao Property Holdings Ltd.	40	141
	Shinko Securities Co Ltd.	22	113
	Shinsei Bank Ltd.	49	157
	Shizuoka Bank Ltd/The.	23	240
	Shui On Land Ltd.	103	142
	Shun Tak Holdings Ltd.	69	108
	Simon Property Group Inc.	9	937
	Singapore Exchange Ltd.	35	377
	Sino Land Co.	48	149
	Skandinaviska Enskilda Banken.	8	245
	SL Green Realty Corp.	9	1086
	Societa Cattolica di Assicuraz.	2	132
	Societe Generale.	7	1175
	Sompo Japan Insurance Inc.	33	384
	South Financial Group Inc/The.	39	806
	Sovereign Bancorp Inc.	61	880
	St George Bank Ltd.	18	609
	Standard Chartered PLC.	22	854
	Standard Life PLC.	32	189
	State Street Corp.	18	1436
	Sterling Bancshares Inc/TX.	39	476
	Sterling Financial Corp/WA.	27	608
	Stockland.	46	383
	Storebrand ASA.	7	100
	Strategic Hotels & Resorts Inc.	39	852
	Sumitomo Real Estate Sales Co.	1	72

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Sumitomo Realty & Development.	16	559
	Sumitomo Trust & Banking Co Lt.	55	406
	Sun Hung Kai Properties Ltd.	45	852
	Sun Life Financial Inc.	9	523
	Suncorp-Metway Ltd.	30	567
	Sunstone Hotel Investors Inc.	33	918
	Suntec REIT.	87	109
	SunTrust Banks Inc.	9	653
	Suruga Bank Ltd.	9	118
	Susquehanna Bancshares Inc.	28	565
	SVB Financial Group. (b)	13	673
	Svenska Handelsbanken AB.	8	265
	Swedbank AB.	6	188
	Swiss Reinsurance.	6	563
	SWS Group Inc.	19	361
	Sydbank A/S.	2	92
	Synovus Financial Corp.	55	1450
	T Rowe Price Group Inc.	41	2634
	T&D Holdings Inc.	8	476
	Takefuji Corp.	4	102
	Taubman Centers Inc.	20	1177
	TCF Financial Corp.	23	524
	TD Ameritrade Holding Corp. (b)	9	172
	Thornburg Mortgage Inc.	22	231
	Toho Bank Ltd/The.	25	96
	Tokai Tokyo Securities Co Ltd.	19	101
	Tokyo Tatemono Co Ltd.	10	127
	Tokyo Tomin Bank Ltd/The.	3	99
	Tokyu Land Corp.	15	154
	Torchmark Corp.	18	1173
	Toronto-Dominion Bank.	11	831
	Travelers Cos Inc/The.	17	888
	Trustco Bank Corp NY.	50	527
	Trustmark Corp.	27	729
	TrygVesta AS.	1	79
	UBS AG.	29	1551
	UCBH Holdings Inc.	62	1058
	UDR Inc.	25	594
	Umpqua Holdings Corp.	34	576
	Unibail-Rodamco.	1	249
	UniCredito Italiano SpA.	189	1618
	UnionBanCal Corp.	10	540
	Unione di Banche Italiane SCPA.	10	278
	Unipol Gruppo Finanziario SpA.	66	242
	United Bankshares Inc.	26	788
	United Industrial Corp Ltd.	53	114
	United Overseas Bank Ltd.	40	594
	Unitrin Inc.	10	463
	Unum Group.	71	1657
	UOL Group Ltd.	30	109
	Urban Corp.	7	121
	US Bancorp.	46	1525
	Valad Property Group.	68	120
	Valley National Bancorp.	21	430
	Van Lanschot NV.	1	104
	Vastned Retail NV.	1	86
	Ventas Inc.	24	1029
	W Holding Co Inc.	62	130
	Wachovia Corp.	54	2469
	Waddell & Reed Financial Inc.	15	498
	Washington Federal Inc.	51	1232
	Washington Mutual Inc.	26	725
	Webster Financial Corp.	30	1087
	Weingarten Realty Investors.	15	574
	Wells Fargo & Co.	107	3639

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Westfield Group.	59	1198
	Westpac Banking Corp.	61	1735
	Wheelock & Co Ltd.	42	135
	White Mountains Insurance Grou.	1	538
	Whitney Holding Corp.	40	1026
	Willis Group Holdings Ltd.	20	847
	Wilmington Trust Corp.	12	436
	Wing Hang Bank Ltd.	9	105
	Wing Lung Bank.	10	103
	Wing Tai Holdings Ltd.	44	105
	WR Berkley Corp.	37	1113
	XL Capital Ltd.	5	360
	Yamaguchi Financial Group Inc.	9	105
	Yamanashi Chuo Bank Ltd/The.	17	99
	Yanlord Land Group Ltd.	51	138
	Zenith National Insurance Corp.	20	804
	Zurich Financial Services AG.	2	602
			326,484
HOLDING COMPANIES (0.1%)
	Ackermans & Van Haaren.	1	104
	Beijing Enterprises Holdings L.	25	154
	China Merchants Holdings Inter.	33	230
	China Resources Enterprise.	35	152
	Citic Pacific Ltd.	25	156
	Citic Resources Holdings Ltd. (b)	148	94
	First Pacific Co.	148	112
	GEA Group AG.	3	112
	Groupe Bruxelles Lambert SA.	1	128
	Guangdong Investment Ltd.	162	110
	Guangzhou Investment Co Ltd.	339	143
	Hutchison Whampoa Ltd.	70	872
	IFIL - Investments SpA.	10	114
	Jardine Matheson Holdings Ltd.	14	427
	Jardine Strategic Holdings Ltd.	13	216
	LVMH Moet Hennessy Louis Vuitt.	4	515
	Melco International Developmen.	75	140
	Noble Group Ltd.	97	158
	NWS Holdings Ltd.	45	169
	Shanghai Industrial Holdings L.	25	146
	Sherritt International Corp.	7	130
	Swire Pacific Ltd.	73	493
	Washington H Soul Pattinson &.	13	117
	Wharf Holdings Ltd.	40	239
			5,231
HEALTH CARE (0.1%)
	Csl Limited.	18	613
	Johnson & Johnson.	70	4562
	Pfizer Inc.	185	4553
			9,728
INDUSTRIAL (3.0%)
	3M Co.	21	1814
	AAR Corp. (b)	14	449
	ABB Ltd.	35	1053
	ACS Actividades de Construccio.	3	186
	Actuant Corp.	10	690
	Acuity Brands Inc.	16	765
	Adelaide Brighton Ltd.	38	130
	Advantest Corp.	6	172
	Aeroports de Paris.	1	114
	AGFA-Gevaert NV.	5	69
	Agilent Technologies Inc.	16	590
	Albany International Corp.	14	525

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Alfa Laval AB.	2	158
	Alliant Techsystems Inc.	12	1325
	Allied Waste Industries Inc.	54	683
	Alps Electric Co Ltd.	11	137
	Alstom.	2	472
	Amada Co Ltd.	13	130
	Amcor Ltd.	30	196
	Amec PLC.	8	139
	American Commercial Lines Inc.	7	104
	Ametek Inc.	16	752
	Amphenol Corp.	27	1195
	Ansell Ltd.	11	127
	Applera Corp - Applied Biosyst.	34	1263
	Aptargroup Inc.	24	1073
	Arkansas Best Corp.	15	412
	Arriva Plc.	7	122
	Arrow Electronics Inc. (b)	21	840
	Asahi Glass Co Ltd.	39	531
	Asahi Pretec Corp.	3	102
	Assa Abloy AB.	5	105
	Astec Industries Inc.	8	363
	Auckland International Airport.	43	95
	Avnet Inc. (b)	26	1085
	BAE Systems PLC.	52	539
	Balfour Beatty PLC.	12	124
	BE Aerospace Inc.	35	1740
	Belden Inc.	17	991
	Bemis Co Inc.	21	591
	Benchmark Electronics Inc.	49	1005
	Bilfinger Berger AG.	1	88
	Boeing Co.	30	2958
	Bombardier Inc. (b)	22	130
	Boral Ltd.	20	126
	Bouygues.	4	384
	Bradken Ltd.	12	164
	Briggs & Stratton Corp.	26	585
	Brink's Co/The.	14	877
	Brother Industries Ltd.	9	120
	Bucyrus International Inc.	14	1155
	Burlington Northern Santa Fe C.	10	872
	Buzzi Unicem SpA.	3	85
	CAE Inc.	8	108
	Campbell Brothers Ltd.	5	159
	Canadian National Railway Co.	7	393
	Canadian Pacific Railway Ltd.	2	141
	Cargotec Corp.	2	124
	Carillion PLC.	13	110
	Carlisle Cos Inc.	23	907
	Casio Computer Co Ltd.	9	85
	Central Glass Co Ltd.	19	89
	Ceradyne Inc.	10	684
	CH Robinson Worldwide Inc.	27	1348
	Charter Plc. (b)	5	113
	Checkpoint Systems Inc. (b)	21	635
	Cheung Kong Infrastructure Hol.	30	117
	China Grand Forestry Resources. (b)	264	92
	Chiyoda Corp.	6	110
	Cie de Saint-Gobain.	6	643
	Cimpor Cimentos de Portugal SG.	11	100
	Cobham PLC.	28	123
	Coherent Inc.	10	328
	ComfortDelgro Corp Ltd.	80	107
	Commercial Metals Co.	22	690
	COMSYS Holdings Corp.	10	97
	Cookson Group PLC.	8	139

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Cooper Industries Ltd.	32	1676
	Cosco Corp Singapore Ltd.	32	171
	Crane Group Ltd.	7	110
	CRH PLC.	8	306
	CSR Ltd.	38	121
	CTS Corp.	24	296
	Cummins Inc.	14	1679
	Cymer Inc.	14	595
	Daifuku Co Ltd.	9	106
	Daiichi Chuo Kisen Kaisha.	15	124
	Daikin Industries Ltd.	9	451
	Dainippon Screen Manufacturing.	15	88
	Danaher Corp.	9	771
	Deere & Co.	6	929
	Deutsche Post AG.	13	394
	Dionex Corp.	7	616
	Disco Corp.	2	118
	Donaldson Co Inc.	26	1114
	Downer EDI Ltd.	18	111
	DRS Technologies Inc.	15	862
	Dyno Nobel Ltd.	59	135
	EADS.	5	170
	Eagle Materials Inc.	18	711
	Eastman Kodak Co.	52	1490
	Eaton Corp.	33	3055
	Ebara Corp.	23	108
	Eiffage SA.	1	113
	Electrocomponents PLC.	21	109
	EMCOR Group Inc.	24	826
	Energizer Holdings Inc.	9	939
	Energy Conversion Devices Inc.	15	409
	ESCO Technologies Inc. (b)	10	414
	Esterline Technologies Corp. (b)	10	548
	Expeditors International Washi.	33	1671
	Fanuc Ltd.	7	761
	FCC.	1	87
	FedEx Corp.	9	930
	Finmeccanica SpA.	4	119
	Finning International Inc.	4	138
	Firstgroup Plc.	8	132
	Fletcher Building Ltd.	16	146
	Flir Systems Inc.	25	1735
	Florida Rock Industries Inc.	9	566
	Flowserve Corp.	9	711
	FLSmidth & Co A/S.	1	108
	Fluor Corp.	13	2054
	Forward Air Corp.	10	326
	Foster Wheeler Ltd. (b)	11	1631
	Fuji Electric Holdings Co Ltd.	26	98
	FUJIFILM Holdings Corp.	17	810
	Fujikura Ltd.	17	109
	Fukuyama Transporting Co Ltd.	21	93
	Funai Electric Co Ltd.	2	84
	Furukawa Electric Co Ltd.	23	110
	Futuris Corp Ltd.	53	105
	Gamesa Corp Tecnologica SA.	3	152
	Gardner Denver Inc.	20	723
	Garmin Ltd.	19	2041
	General Cable Corp. (b)	20	1440
	General Dynamics Corp.	10	910
	General Electric Co.	276	11360
	General Maritime Corp.	18	507
	Genlyte Group Inc.	3	195
	Gentex Corp.	26	540
	Glory Ltd.	4	131

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Go-Ahead Group Plc.	2	112
	GrafTech International Ltd.	62	1172
	Granite Construction Inc.	13	557
	Grupo Ferrovial SA.	1	87
	GS Yuasa Corp.	40	88
	GWA International Ltd.	29	98
	Hamamatsu Photonics KK.	3	94
	Hankyu Hanshin Holdings Inc.	42	196
	Harsco Corp.	13	788
	Heidelberger Druckmaschinen AG.	2	82
	Hirose Electric Co Ltd.	1	119
	Hitachi Cable Ltd.	18	119
	Hitachi Construction Machinery.	3	122
	Hitachi Koki Co Ltd.	6	106
	Hitachi Ltd.	110	745
	Hitachi Zosen Corp. (b)	56	93
	Hochtief AG.	1	137
	Holcim Ltd.	3	342
	Honeywell International Inc.	18	1087
	Hong Kong Aircraft Engineerg.	6	152
	Horiba Ltd.	3	133
	Hosiden Corp.	7	122
	HOYA CORP.	14	506
	Hubbell Inc.	9	495
	Ibiden Co Ltd.	5	422
	IDEX Corp.	30	1063
	Ihi Corp.	48	114
	Iino Kaiun Kaisha Ltd.	8	112
	Imerys SA.	1	97
	IMI Plc.	9	105
	Impregilo SpA. (b)	13	104
	Infratil Ltd.	45	106
	Ingersoll-Rand Co Ltd.	6	302
	Insituform Technologies Inc.	18	253
	Intermec Inc.	18	458
	Invensys PLC.	14	95
	Itron Inc.	11	1182
	ITT Corp.	28	1874
	Jacobs Engineering Group Inc. (b)	18	1569
	Japan Airport Terminal Co Ltd.	6	116
	Japan Aviation Electronics Ind.	7	107
	Japan Steel Works Ltd/The.	12	193
	JGC Corp.	8	158
	Joy Global Inc.	17	987
	JS Group Corp.	9	145
	Kajima Corp.	35	123
	Kawasaki Heavy Industries Ltd.	51	183
	Kawasaki Kisen Kaisha Ltd.	19	260
	Kaydon Corp.	11	592
	Keihan Electric Railway Co Ltd.	30	120
	Keihin Electric Express Railwa.	18	110
	Keio Corp.	19	115
	Keisei Electric Railway Co Ltd.	21	115
	Kemet Corp.	56	396
	Kennametal Inc.	15	1368
	Keyence Corp.	1	229
	Kinden Corp.	12	106
	Kingspan Group Plc.	4	95
	Kintetsu Corp.	56	170
	Kirby Corp. (b)	8	365
	Kitz Corp.	11	90
	Komatsu Ltd.	31	1024
	Komori Corp.	5	131
	Kone OYJ.	2	165
	Konica Minolta Holdings Inc.	18	312

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Koninklijke BAM Groep NV.	4	106
	Kubota Corp.	38	318
	Kuehne & Nagel International A.	1	107
	Kurita Water Industries Ltd.	4	132
	Kyocera Corp.	6	502
	Kyowa Exeo Corp.	9	80
	L-3 Communications Holdings In.	19	2083
	Lafarge SA.	2	325
	Landstar System Inc.	21	884
	Leggett & Platt Inc.	35	680
	Legrand SA.	3	111
	Leighton Holdings Ltd.	4	232
	Lincoln Electric Holdings Inc.	15	1084
	Littelfuse Inc.	8	255
	Mabuchi Motor Co Ltd.	2	135
	Macquarie Airports.	54	220
	Makino Milling Machine Co Ltd.	8	83
	Makita Corp.	5	239
	MAN AG.	2	357
	Manitowoc Co Inc/The.	18	887
	Martin Marietta Materials Inc.	6	776
	Maruichi Steel Tube Ltd.	4	113
	Masco Corp.	8	193
	Matsushita Electric Works Ltd.	12	132
	Matthews International Corp.	12	547
	McDermott International Inc. (b)	34	2076
	Meggitt PLC.	17	121
	Methode Electronics Inc.	27	339
	Metso Oyj.	2	122
	Mettler Toledo International I.	6	638
	Mine Safety Appliances Co.	10	458
	Minebea Co Ltd.	20	138
	MISUMI Group Inc.	6	101
	Mitsubishi Electric Corp.	71	859
	Mitsubishi Heavy Industries Lt.	111	639
	Mitsui Engineering & Shipbuild.	26	151
	Mitsui OSK Lines Ltd.	39	637
	Mitsumi Electric Co Ltd.	3	137
	Miura Co Ltd.	3	93
	Molex Inc.	14	382
	Monadelphous Group Ltd.	8	125
	Moog Inc. (b)	14	646
	Mori Seiki Co Ltd.	3	75
	MTR Corp.	43	148
	Mueller Industries Inc.	20	719
	Mueller Water Products Inc.	32	339
	Multiplex Group.	28	131
	Murata Manufacturing Co Ltd.	7	422
	Nabtesco Corp.	7	118
	Nachi-Fujikoshi Corp.	21	103
	Nagoya Railroad Co Ltd.	37	109
	Nankai Electric Railway Co Ltd.	36	99
	National Express Group PLC.	5	137
	National Instruments Corp.	22	714
	NCI Building Systems Inc.	6	235
	NEC Corp.	67	331
	Neptune Orient Lines Ltd.	29	102
	Newport Corp. (b)	16	219
	NGK Insulators Ltd.	10	351
	Nichias Corp.	11	83
	Nichicon Corp.	7	83
	Nidec Corp.	4	300
	Nikon Corp.	11	348
	Nippon Chemi-Con Corp.	10	78
	Nippon Electric Glass Co Ltd.	12	203

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Nippon Express Co Ltd.	31	155
	Nippon Konpo Unyu Soko Co Ltd.	8	106
	Nippon Sheet Glass Co Ltd.	22	133
	Nippon Yusen KK.	40	409
	Nishimatsu Construction Co Ltd.	31	95
	Nishi-Nippon Railroad Co Ltd.	30	109
	NKT Holding A/S.	1	109
	Nordson Corp.	12	642
	Norfolk Southern Corp.	13	671
	Norsk Hydro ASA.	11	162
	Northrop Grumman Corp.	9	753
	NSK Ltd.	16	140
	NTN Corp.	15	142
	Obayashi Corp.	24	120
	Odakyu Electric Railway Co Ltd.	20	140
	Oesterreichische Post AG.	2	83
	OKUMA Corp.	7	97
	Okumura Corp.	20	105
	Old Dominion Freight Line Inc.	13	294
	Olympus Corp.	8	329
	Omron Corp.	8	195
	Orbotech Ltd. (b)	22	455
	Orient Overseas International.	9	92
	OSG Corp.	8	101
	Owens-Illinois Inc.	26	1155
	Pacer International Inc.	18	265
	Pacific Basin Shipping Ltd.	73	161
	Packaging Corp of America.	17	541
	Pall Corp.	22	882
	Park Electrochemical Corp.	6	188
	Parker Hannifin Corp.	36	2893
	Peace Mark Holdings Ltd.	69	113
	Pentair Inc.	18	637
	Power-One Inc.	54	306
	Precision Castparts Corp.	6	899
	Regal-Beloit Corp.	12	588
	Republic Services Inc.	35	1197
	Rexam PLC.	11	124
	Rheinmetall AG.	1	88
	Rockwell Automation Inc/DE.	5	344
	Rockwell Collins Inc.	26	1945
	Rolls-Royce Group PLC.	28	313
	Roper Industries Inc.	14	991
	Royal Philips.	18	744
	Ryder System Inc.	13	622
	Ryobi Ltd.	16	107
	Ryosan Co Ltd.	4	99
	Sacyr Vallehermoso SA.	2	94
	Safran SA.	4	101
	Sagami Railway Co Ltd.	33	116
	Saia Inc.	10	141
	Sankyu Inc.	22	124
	Sanmina-SCI Corp.	131	290
	Sanwa Holdings Corp.	18	95
	Sanyo Electric Co Ltd.	70	115
	Schindler Holding AG.	2	140
	Schneider Electric SA.	4	551
	Seino Holdings Corp.	11	94
	SembCorp Industries Ltd.	29	118
	SembCorp Marine Ltd.	40	123
	Sharp Corp.	36	563
	Shima Seiki Manufacturing Ltd.	2	102
	Shimizu Corp.	24	125
	Siemens AG.	13	1777
	SIG Plc.	4	88

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Sims Group Ltd.	5	131
	Singapore Post Ltd.	132	111
	Sintokogio Ltd.	7	100
	Skanska AB.	6	119
	SMC Corp/Japan.	2	267
	Snap-On Inc.	22	1098
	SNC-Lavalin Group Inc.	3	155
	Sonoco Products Co.	18	557
	Spectris PLC.	6	108
	Spirit Aerosystems Holdings In.	40	1389
	ST Engineering.	44	116
	Stanley Electric Co Ltd.	6	132
	Stanley Works/The.	15	863
	Star Micronics Co Ltd.	4	125
	Stericycle Inc.	15	875
	STX Pan Ocean Co Ltd.	70	178
	Sumitomo Electric Industries L.	25	402
	Sumitomo Heavy Industries Ltd.	20	261
	Sumitomo Osaka Cement Co Ltd.	43	107
	Tadano Ltd.	7	87
	Taiheiyo Cement Corp.	31	97
	Taisei Corp.	35	105
	Taiyo Yuden Co Ltd.	5	82
	Takasago Thermal.	10	104
	Techtronic Industries Co.	91	98
	Teekay Corp.	10	560
	Tektronix Inc.	14	530
	Teledyne Technologies Inc.	14	732
	Teleflex Inc.	15	1098
	Tenaris SA.	7	187
	Terex Corp. (b)	16	1188
	Tetra Tech Inc.	31	724
	Texas Industries Inc.	10	731
	Textron Inc.	8	554
	Thales SA.	2	125
	THK Co Ltd.	5	109
	Thomas & Betts Corp. (b)	9	504
	Timken Co.	14	466
	Titan Cement Co SA.	2	98
	TNT NV.	6	245
	Tobu Railway Co Ltd.	28	132
	Toda Corp.	20	104
	Toho Zinc Co Ltd.	11	98
	Tokyo Seimitsu Co Ltd.	3	70
	Tokyu Corp.	35	226
	Toll Holdings Ltd.	20	248
	Tomkins Plc.	22	101
	Toshiba Corp.	106	887
	Toyo Seikan Kaisha Ltd.	6	108
	Toyo Tanso Co Ltd.	1	99
	Toyota Industries Corp.	7	297
	Transfield Services Ltd.	11	161
	Transpacific Industries Group.	9	93
	Transport International Holdin.	20	101
	Travis Perkins PLC.	3	91
	Tredegar Corp.	20	348
	Trelleborg AB.	4	102
	Trimble Navigation Ltd.	44	1835
	Trinity Industries Inc.	12	434
	Tsubakimoto Chain Co.	15	103
	Tyco International Ltd.	15	618
	Ulvac Inc.	3	116
	Union Pacific Corp.	8	1024
	Union Tool Co.	2	74
	United Group Ltd.	7	139

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	United Technologies Corp.	29	2221
	URS Corp. (b)	23	1422
	Ushio Inc.	6	123
	UTi Worldwide Inc.	10	255
	Vallourec.	1	290
	Varian Inc.	12	887
	Venture Corp Ltd.	11	106
	Vestas Wind Systems A/S. (b)	3	268
	Vishay Intertechnology Inc.	31	390
	Wabtec Corp.	18	676
	Wartsila Oyj.	2	163
	Washington Group International. (b)	11	1071
	Waste Connections Inc.	28	947
	Waste Management Inc.	15	546
	Waters Corp.	16	1232
	Weir Group Plc (The).	7	129
	Werner Enterprises Inc.	32	609
	Wesfarmers Ltd.	13	532
	Wienerberger AG.	2	125
	WorleyParsons Ltd.	6	268
	Worthington Industries Inc.	37	925
	Yamatake Corp.	4	124
	Yamato Holdings Co Ltd.	15	220
	Yaskawa Electric Corp.	9	120
	YIT OYJ.	3	92
	Yokogawa Electric Corp.	8	100
	YRC Worldwide Inc. (b)	31	762
	Zardoya Otis SA.	3	101
	Zebra Technologies Corp.	9	352
			198,782
TECHNOLOGY (2.1%)
	ACI Worldwide Inc.	36	823
	Actel Corp.	19	216
	Activision Inc.	49	1159
	Adobe Systems Inc. (b)	23	1102
	Advanced Micro Devices Inc. (b)	90	1177
	Advent Software Inc.	12	664
	Affiliated Computer Services I.	14	709
	Agilysys Inc.	14	242
	Altera Corp.	55	1079
	Amkor Technology Inc.	55	623
	Analog Devices Inc.	13	435
	Ansys Inc.	30	1164
	Apple Inc. (b)	31	5888
	Applied Materials Inc.	55	1068
	ARM Holdings Plc.	36	111
	ASM Pacific Technology.	12	94
	ASML Holding NV.	6	209
	Asyst Technologies Inc.	29	139
	ATMI Inc.	11	354
	Atos Origin SA. (b)	2	122
	Autodesk Inc. (b)	36	1760
	Automatic Data Processing Inc.	21	1041
	Autonomy Corp PLC.	6	123
	Avid Technology Inc.	15	441
	Axcelis Technologies Inc.	66	310
	BEA Systems Inc.	71	1200
	BMC Software Inc.	31	1049
	Borland Software Corp.	56	245
	Broadcom Corp.	18	586
	Brocade Communications Systems.	363	3452
	Brooks Automation Inc.	64	831
	Business Objects SA. (b)	2	120
	CA Inc.	20	529

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Cabot Microelectronics Corp.	8	317
	CACI International Inc.	12	646
	Canon Inc.	41	2043
	Cap Gemini SA.	2	127
	Cerner Corp.	10	596
	CGI Group Inc.	11	125
	Ciber Inc.	40	312
	Citrix Systems Inc.	28	1204
	Cognizant Technology Solutions.	44	1824
	Cognos Inc.	3	151
	Computer Sciences Corp. (b)	34	1985
	Computershare Ltd.	16	127
	Compuware Corp.	59	590
	Conexant Systems Inc.	258	330
	CSG Systems International Inc.	24	493
	CSK Holdings Corp.	3	117
	CSR PLC.	7	94
	Dassault Systemes SA.	2	125
	Dell Inc.	85	2601
	DSP Group Inc.	19	300
	DST Systems Inc.	8	678
	Dun & Bradstreet Corp.	9	872
	Electronic Arts Inc.	12	733
	Electronics for Imaging.	34	775
	EMC Corp/Massachusetts. (b)	89	2260
	Emulex Corp.	46	996
	Entegris Inc.	78	712
	Factset Research Systems Inc.	7	494
	Fidelity National Information.	30	1384
	Fiserv Inc.	26	1440
	Formfactor Inc.	17	665
	Fujitsu Ltd.	68	530
	Global Payments Inc.	12	571
	Hewlett-Packard Co.	111	5736
	Hutchinson Technology Inc.	14	332
	IBM.	36	4180
	IKON Office Solutions Inc.	58	766
	Imation Corp.	18	401
	Indra Sistemas SA.	4	116
	Infineon Technologies AG. (b)	12	176
	Informatica Corp.	32	547
	Intel Corp.	248	6671
	International Rectifier Corp.	9	300
	Intersil Corp.	25	759
	Intuit Inc.	48	1544
	Itochu Techno-Solutions Corp.	3	106
	Jack Henry & Associates Inc.	50	1461
	Kla-Tencor Corp.	7	369
	Konami Corp.	5	147
	Kulicke & Soffa Industries Inc. (b)	41	310
	Lam Research Corp.	18	904
	Lattice Semiconductor Corp.	70	293
	Lenovo Group Ltd.	162	182
	Linear Technology Corp.	10	330
	LogicaCMG PLC.	34	115
	Logitech International SA. (b)	4	139
	Marvell Technology Group Ltd.	17	307
	Mastercard Inc.	10	1896
	Maxim Integrated Products Inc.	13	352
	MEMC Electronic Materials Inc.	10	732
	Micrel Inc.	38	344
	Micros Systems Inc.	15	1077
	Microsemi Corp. (b)	25	665
	Microsoft Corp.	354	13031
	Misys PLC.	22	111

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	National Semiconductor Corp.	37	930
	NAVTEQ Corp.	15	1158
	NCR Corp.	28	773
	Neopost SA.	1	116
	Network Appliance Inc.	13	409
	Nomura Research Institute Ltd.	5	176
	Novell Inc.	62	469
	Novellus Systems Inc.	21	597
	Nvidia Corp.	26	920
	ON Semiconductor Corp.	39	398
	Oracle Corp Japan.	2	92
	Oracle Corp.	167	3702
	Otsuka Corp.	1	95
	Palm Inc.	64	577
	Parametric Technology Corp.	68	1299
	Paychex Inc.	13	543
	Perot Systems Corp.	47	686
	Photronics Inc.	26	284
	Pitney Bowes Inc.	7	280
	PMC - Sierra Inc.	126	1135
	QLogic Corp.	33	512
	Quantum Corp.	115	460
	Rambus Inc.	16	317
	Red Hat Inc.	30	648
	Research In Motion Ltd.	6	748
	Ricoh Co Ltd.	24	469
	Rohm Co Ltd.	4	348
	Sage Group PLC.	23	116
	Salesforce.com Inc.	19	1071
	SanDisk Corp.	9	400
	Sanken Electric Co Ltd.	14	79
	SAP AG.	14	761
	SEI Investments Co.	22	696
	Seiko Epson Corp.	5	117
	Semiconductor Manufacturing In.	834	95
	Semtech Corp.	39	667
	Shinko Electric Industries Co.	4	91
	Silicon Laboratories Inc.	21	918
	Silicon Storage Technology Inc.	36	120
	Skyworks Solutions Inc. (b)	85	784
	Software AG.	1	94
	Square Enix Co Ltd.	4	131
	SRA International Inc.	16	439
	STMicroelectronics NV.	10	171
	Sun Microsystems Inc.	107	611
	Sybase Inc.	54	1544
	Synopsys Inc.	26	735
	Take-Two Interactive Software.	32	601
	TDK Corp.	4	326
	Teradata Corp.	59	1683
	Teradyne Inc.	40	494
	Tessera Technologies Inc.	18	687
	Texas Instruments Inc.	61	1989
	THQ Inc.	25	677
	Tietoenator Oyj.	4	98
	Tokyo Electron Ltd.	5	291
	Trident Microsystems Inc.	22	166
	TriQuint Semiconductor Inc.	100	627
	Unisys Corp. (b)	64	389
	Varian Semiconductor Equipment.	28	1289
	VeriFone Holdings Inc.	10	494
	Western Digital Corp.	49	1270
	Wincor Nixdorf AG.	1	99
	Wind River Systems Inc.	50	626
	Xerox Corp.	42	732
	Xilinx Inc.	66	1610
			141,610

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
UTILITIES (1.1%)
	AEM SpA.	32	135
	AES Corp/The. (b)	26	557
	AGL Energy Ltd.	14	157
	AGL Resources Inc.	46	1818
	Algonquin Power Income Fund.	4	37
	Allegheny Energy Inc.	25	1517
	Allete Inc.	15	655
	Alliant Energy Corp.	21	840
	Ameren Corp.	40	2162
	American Electric Power Co Inc.	12	579
	Aqua America Inc.	22	512
	Aquila Inc. (b)	242	1012
	Atco Ltd.	2	134
	Atmos Energy Corp.	50	1403
	Avista Corp.	28	617
	Babcock & Brown Infrastructure.	75	114
	Black Hills Corp.	20	888
	British Energy Group PLC.	16	177
	Canadian Utilities Ltd.	2	115
	Centerpoint Energy Inc.	52	872
	Centrica PLC.	57	437
	China Resources Power Holdings.	42	155
	Chubu Electric Power Co Inc.	24	613
	Chugoku Electric Power Co Inc/.	10	196
	Cleco Corp.	32	843
	CLP Holdings Ltd.	54	363
	CMS Energy Corp.	41	696
	Consolidated Edison Inc.	9	424
	Contact Energy Ltd.	15	105
	Dominion Resources Inc/VA.	7	641
	DPL Inc.	23	668
	DTE Energy Co.	33	1637
	Duke Energy Corp.	37	709
	Dynegy Inc. (b)	74	682
	E.ON AG.	11	2152
	Edison International.	9	523
	El Paso Electric Co.	24	584
	Electric Power Development Co.	5	198
	Electricite de France.	4	480
	Enagas.	5	142
	Endesa SA.	7	365
	Enel SpA.	65	778
	Energias de Portugal SA.	35	225
	Energy East Corp.	29	809
	Entergy Corp.	6	719
	Exelon Corp.	20	1656
	FirstEnergy Corp.	9	627
	Fortis Inc.	4	120
	Fortum Oyj.	7	303
	FPL Group Inc.	11	753
	Gas Natural SDG SA.	2	123
	Gaz de France SA.	3	170
	Great Plains Energy Inc.	18	537
	Hawaiian Electric Industries I.	48	1114
	Hokkaido Electric Power Co Inc.	7	150
	Hokuriku Electric Power Co.	7	146
	Hong Kong & China Gas Co.	120	321
	HongKong Electric Holdings.	43	220
	Iberdrola SA.	60	965
	Idacorp Inc.	23	802
	Integrys Energy Group Inc.	14	753

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	International Power PLC.	23	234
	Kansai Electric Power Co Inc/T.	28	629
	Kyushu Electric Power Co Inc.	15	365
	MDU Resources Group Inc.	31	873
	National Grid PLC.	42	700
	Nicor Inc.	8	346
	NiSource Inc.	50	1022
	Northeast Utilities.	28	863
	Northumbrian Water Group PLC.	18	123
	Northwest Natural Gas Co.	14	674
	NorthWestern Corp.	24	662
	NRG Energy Inc.	41	1872
	NSTAR.	20	703
	OGE Energy Corp.	17	651
	Osaka Gas Co Ltd.	70	271
	Pennon Group PLC.	9	117
	Pepco Holdings Inc.	41	1168
	PG&E Corp.	10	489
	Piedmont Natural Gas Co.	39	996
	Pinnacle West Capital Corp.	18	727
	PNM Resources Inc.	37	925
	PPL Corp.	11	569
	Progress Energy Inc.	8	384
	Public Power Corp SA.	4	162
	Public Service Enterprise Grou.	9	860
	Puget Energy Inc.	21	593
	Red Electrica de Espana.	2	112
	Reliant Energy Inc.	62	1706
	RWE AG.	8	1075
	SCANA Corp.	19	771
	Scottish & Southern Energy PLC.	13	421
	Sempra Energy.	7	430
	Severn Trent PLC.	4	121
	Shikoku Electric Power Co Inc.	8	200
	Sierra Pacific Resources.	40	675
	Snam Rete Gas SpA.	19	123
	Sociedad General de Aguas de B.	3	120
	Southern Co.	20	733
	Southwest Gas Corp.	22	655
	Suez SA.	18	1170
	TECO Energy Inc.	38	640
	Terna Rete Elettrica Nazionale.	32	125
	Toho Gas Co Ltd.	23	119
	Tohoku Electric Power Co Inc.	17	358
	Tokyo Electric Power Co Inc/Th.	45	1139
	Tokyo Gas Co Ltd.	79	350
	TransAlta Corp.	4	144
	TrustPower Ltd.	17	122
	UGI Corp.	62	1650
	Union Fenosa SA.	2	133
	Unisource Energy Corp.	22	698
	United Utilities PLC.	14	212
	Vectren Corp.	45	1262
	Veolia Environnement.	6	536
	Verbund.	2	132
	Westar Energy Inc.	55	1464
	WGL Holdings Inc.	26	882
	Wisconsin Energy Corp.	21	1005
	Xcel Energy Inc.	82	1849
			76,315
Total Common Stock (Cost $ 1,453,673)			1,551,213

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

			Shares or
Security Description			Principal Amount	Value ($)
CORPORATE BONDS (17.1%)
	BASIC MATERIALS (1.8%)
		E.I. Du Pont De Nemours, 4.88%, 4/30/2014	95,000	92,352
		Eastman Chemical, 7.60%, 2/1/2027	25,000	27,553
				119,905
	COMMUNICATIONS (3.1%)
		Comcast Corp., 6.50%, 11/15/2035	95,000	96,377
		Verizon Communications, 7.25%, 12/1/2010	101,000	107,751
				204,128
	CONSUMER GOODS (1.4%)
		Bottling Group Llc., 4.63%, 11/15/2012	5,000	4,922
		Kimberly-Clark Corp., 5.00%, 8/15/2013	20,000	19,797
		Kohls Corporation, 6.00%, 1/15/2033	46,000	41,587
		Procter & Gamble Co., 4.95%, 8/15/2014	14,000	13,885
		Target Corp., 5.88%, 3/1/2012	10,000	10,300
				90,491
	FINANCIAL (7.3%)
		Allstate Corp., 7.20%, 12/1/2009	10,000	10,446
		American General Finance, 5.38%, 10/1/2012	38,000	37,611
		Citigroup Inc., 6.63%, 1/15/2028	23,000	24,103
		Countrywide Financial Corp., 6.25%, 5/15/2016	75,000	59,693
		Credit Suisse (USA) Inc., 6.13%, 11/15/2011	30,000	31,021
		Goldman Sachs Group Inc., 5.95%, 1/15/2027	49,000	45,556
		Lehman Brothers Holdings, 6.63%, 1/18/2012	13,000	13,412
		Merrill Lynch & Co., 6.05%, 5/16/2016	55,000	54,530
		Morgan Stanley, 6.75%, 4/15/2011	27,000	28,214
		National Rural Utilities, 7.25%, 3/1/2012	72,000	77,175
		US Bank NA., 6.38%, 8/1/2011	13,000	13,548
		W.R. Berkley Corporation, 6.15%, 8/15/2019	45,000	44,797
		Wachovia Bank NA., 7.80%, 8/18/2010	22,000	23,579
		Wells Fargo & Co., 4.63%, 8/9/2010	24,000	23,768
				487,453
	INDUSTRIAL (2.2%)
		Boeing Co., 6.13%, 2/15/2033	11,000	11,366
		General Electric Company, 5.00%, 2/1/2013	30,000	29,762
		Norfolk Southern Corp., 6.20%, 4/15/2009	36,000	36,524
		Union Pacific Corp., 4.88%, 1/15/2015	70,000	66,873
				144,525
	TECHNOLOGY (0.2%)
		IBM Corp., 8.38%, 11/1/2019	10,000	12,320
				12,320
	UTILITIES (1.1%)
		Florida Power & Light, 5.95%, 10/1/2033	75,000	74,916
				74,916
Total Corporate Bonds (Cost $ 1,140,081)				1,133,738
U.S. Government Agency Pass-Through Securities (18.70%)
	FREDDIE MAC (1.5%)
		4.41%, 10/1/2035, Pool #836206	8,063	7,984
		4.50%, 1/1/2019, Pool #735057	2,401	2,329
		4.50%, 9/1/2020, Pool #839289	2,499	2,419
		5.00%, 1/1/2019, Pool #255077	7,131	7,021
		5.00%, 12/1/2019, Pool #745369	20,775	20,524
		5.00%, 5/1/2018, Pool #703444	1,501	1,483
		5.00%, 5/1/2034, Pool #768230	61,574	60,623
				102,383

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
FANNIE MAE (15.3%)
	5.00%, 6/1/2020, Pool #839333	34,672	33,278
	5.00%, 7/1/2034, Pool #255268	4,884	4,687
	5.00%, 8/1/2033, Pool #713679	179,548	172,754
	5.50%, 1/1/2035, Pool #808374	1,377	1,385
	5.50%, 12/1/2020, Pool #850811	21,050	21,086
	5.50%, 2/1/2033, Pool #652693	101,308	101,484
	5.50%, 3/1/2020, Pool #735405	108,180	106,605
	5.50%, 8/1/2017, Pool #826283	25,109	24,743
	6.00%, 10/1/2032, Pool #667994	89,182	90,859
	6.00%, 4/1/2035, Pool #735503	5,529	5,595
	6.00%, 6/1/2017, Pool #555004	2,715	2,735
	6.00%, 8/1/2034, Pool #725690	257,400	259,313
	6.00%, 9/1/2033, Pool #736937	2,143	2,166
	7.00%, 4/1/2034, Pool #780703	3,150	3,282
	4.00%, 6/1/2018, Pool #E01401	4,005	3,799
	4.50%, 1/1/2019, Pool #B11878	6,212	6,024
	5.00%, 8/1/2033, Pool #A12886	3,496	3,364
	5.50%, 10/1/2034, Pool #A27526	6,426	6,344
	5.50%, 10/1/2035, Pool #A39170	5,754	5,680
	5.50%, 8/1/2033, Pool #A11851	93,794	92,441
	6.50%, 12/1/2033, Pool #A16523	68,903	70,899
			1,018,523
GNMA (1.8%)
	5.50%, 4/15/2033, Pool #603566	1,879	1,870
	5.50%, 4/15/2034, Pool #626116	1,256	1,249
	6.00%, 2/15/2032, Pool #569704	117,548	119,304
			122,423
Total U.S. Government Agency Pass-Through Securities (Cost $ 1,231,439)			1,243,329
U.S. Government Agency Securities (3.5%)
FANNIE MAE (0.6%)
	4.50%, 10/15/2008, (Fannie Mae)	20,000	20,062
	6.63%, 9/15/2009, (Fannie Mae)	20,000	20,813
			40,875
FREDDIE MAC (1.5%)
	4.63%, 12/19/2008, (Freddie Mac)	15,000	15,027
	4.75%, 1/18/2011, (Freddie Mac)	15,000	15,143
	4.75%, 1/19/2016, (Freddie Mac)	70,000	69,557
			99,727
FEDERAL HOME LOAN BANK (1.4%)
	4.63%, 11/21/2008, (Federal Home Loan Bank)	90,000	90,140
			90,140
Total U.S. Government Agency Securities (Cost $ 229,041)			230,742
U.S. Treasury Obligations (11.9%)
U.S. TREASURY BONDS (3.0%)
	5.25%, 11/15/2028	133,000	141,084
	6.00%, 2/15/2026	50,000	57,250
			198,334
U.S. TREASURY NOTES (8.9%)
	4.00%, 4/15/2010	240,000	240,375
	4.00%, 6/15/2009	7,000	7,005
	4.25%, 8/15/2015	95,000	94,288
	4.88%, 2/15/2012	31,000	31,974
	5.00%, 2/15/2011	18,000	18,585
	5.63%, 5/15/2008	196,000	197,516
			589,743
Total U.S. Treasury Obligations (Cost $ 774,284)			788,077

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2010 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
Foreign Government Agency Securities (18.0%)
BELGIUM (0.8%)
Belgian Government Bond, 5.50%, 9/28/2017	34,000	53,629
		53,629
SPAIN (0.9%)
Bonos Y Obligación Del Estado (Spanish Government Bond), 5.50%, 7/30/2017	38,000	59,934
		59,934
GERMANY (2.5%)
Bundesobligation (German Government Bond), 4.00%, 4/13/2012	114,000	164,116
		164,116
ITALY (2.3%)
Buoni Poliennali Del Tesoro (Italian Government Bond), 5.25%, 8/01/2017	99,000	152,093
		152,093
FRANCE (2.0%)
France O.A.T (French Government Bond), 3.75%, 4/25/2017	94,000	130,092
		130,092
JAPAN (7.4%)
Japan Government Bond, 1.50%, 6/20/2012	55,500,000	490,445
		490,445
NETHERLANDS (0.8%)
Netherlands Government Bond, 4.00%, 7/15/2016	38,000	53,859
		53,859
UNITED KINGDOM (1.4%)
United Kingdom Treasury Bond, 4.00%, 9/07/2016	48,000	93,248
		93,248
Total Foreign Government Agency Securities (Cost $ 1,134,189)		1,197,416
Investment Companies (6.5%)
American Beacon Money Market Fund	133,759	133,759
BLDRS Emerging Markets 50 ADR Equity Fund	687	41,199
Dreyfus Cash Management Plus	86,312	86,312
IShares MSCI Emerging Markets Equity Fund	777	129,767
Vanguard Emerging Markets Equity Fund	333	38,901
		429,938
Total Investment Companies (Cost $ 383,058)		429,938
Total Investments (Cost $ 6,345,765) (a) – 98.9%		6,574,453
Other assets in excess of liabilities – 1.1%		74,991
NET ASSETS – 100.00%		6,649,444

(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities
(b)	Non-income producing security.

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
COMMON STOCKS (38.0%)
BASIC MATERIALS (2.3%)
Acerinox SA.	15	442
ADEKA Corp.	38	378
Agnico-Eagle Mines Ltd.	9	514
Agrium Inc.	9	572
Air Products & Chemicals Inc.	21	2,055
Air Water Inc.	32	359
Airgas Inc.	98	4,946
AK Steel Holding Corp. (b)	143	7,169
Akzo Nobel NV.	15	1,206
Albemarle Corp.	41	1,958
Alcan Inc.	19	1,910
Alcoa Inc.	89	3,524
Allegheny Technologies Inc.	51	5,211
Alumina Ltd.	138	857
Antofagasta PLC.	26	453
Arcelormittal.	42	3,370
Arkema.	6	408
Asahi Kasei Corp.	165	1,253
Ashland Inc.	35	2,055
Barrick Gold Corp.	47	2,089
BASF AG.	27	3,745
Bayer AG.	42	3,501
BHP Billiton Ltd.	396	17,004
BHP Billiton PLC.	130	4,950
BlueScope Steel Ltd.	86	849
Cabot Corp.	36	1,260
Cameco Corp.	18	887
Carpenter Technology Corp.	36	5,217
Celanese Corp.	100	4,196
Chemtura Corp.	150	1,398
Ciba Specialty Chemicals AG.	6	298
Clariant AG.	25	319
Cleveland-Cliffs Inc.	54	5,165
Cytec Industries Inc.	55	3,669
Daicel Chemical Industries Ltd.	58	424
Daido Steel Co Ltd.	53	358
Dainippon Ink and Chemicals In.	99	471
Denki Kagaku Kogyo K K.	77	450
Domtar Corp. (b)	373	3,200
Dow Chemical Co/The.	98	4,414
DOWA HOLDINGS CO LTD.	36	416
Eastman Chemical Co.	59	3,929
Ecolab Inc.	95	4,481
EI Du Pont de Nemours & Co.	94	4,654
Energy Resources of Australia.	22	443
Ferro Corp.	99	2,051
First Quantum Minerals Ltd.	4	431
FMC Corp.	94	5,405
FNX Mining Co Inc.	13	525
Fortescue Metals Group Ltd.	14	652
Georgia Gulf Corp.	67	811
Goldcorp Inc.	39	1,372
Harry Winston Diamond Corp.	10	440
HB Fuller Co.	130	3,826
Hercules Inc.	249	4,684
Hitachi Chemical Co Ltd.	18	438
Hitachi Metals Ltd.	32	412
Hokuetsu Paper Mills Ltd.	74	350
Holmen AB.	9	354
HudBay Minerals Inc.	16	461
Huntsman Corp.	68	1,792

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Iamgold Corp.	47	412
	Iluka Resources Ltd.	76	309
	Imperial Chemical Industries P.	62	850
	Inmet Mining Corp.	4	428
	International Flavors & Fragra.	52	2,715
	International Paper Co.	45	1,663
	Ivanhoe Mines Ltd/CA.	27	371
	JFE Holdings Inc.	72	4,175
	Johnson Matthey PLC.	12	445
	JSR Corp.	25	644
	Jubilee Mines NL.	29	635
	K+S AG.	3	627
	Kagara Zinc Ltd.	69	427
	Kaneka Corp.	47	415
	Kansai Paint Co Ltd.	45	337
	Kazakhmys PLC.	15	460
	Kingboard Chemical Holdings Lt.	70	456
	Kinross Gold Corp.	32	633
	Kobe Steel Ltd.	367	1,307
	Koninklijke DSM NV.	11	624
	Lanxess AG.	7	347
	Lee & Man Paper Manufacturing.	90	357
	Lihir Gold Ltd. (b)	215	827
	Linde AG.	7	886
	Lonmin Plc.	5	357
	Lonza Group AG.	4	466
	Louisiana-Pacific Corp.	88	1,448
	Lubrizol Corp.	44	2,987
	Lundin Mining Corp.	30	406
	MeadWestvaco Corp.	129	4,340
	Meridian Gold Inc.	81	3,318
	Minara Resources Ltd.	71	430
	Minerals Technologies Inc.	24	1,685
	Mitsubishi Chemical Holdings C.	162	1,330
	Mitsubishi Gas Chemical Co Inc.	55	544
	Mitsubishi Materials Corp.	148	856
	Mitsui Chemicals Inc.	93	865
	Mitsui Mining & Smelting Co Lt.	80	334
	Monsanto Co.	78	7,615
	Neenah Paper Inc.	17	578
	Newcrest Mining Ltd.	39	1,177
	Newmont Mining Corp of Canada.	9	458
	Newmont Mining Corp.	57	2,899
	Nihon Parkerizing Co Ltd.	22	233
	Nine Dragons Paper Holdings Lt.	137	367
	Nippon Kayaku Co Ltd.	44	353
	Nippon Light Metal Co Ltd.	149	305
	Nippon Paint Co Ltd.	77	426
	Nippon Shokubai Co Ltd.	44	432
	Nippon Steel Corp.	785	5,164
	Nippon Yakin Kogyo Co Ltd.	33	311
	Nissan Chemical Industries Ltd.	31	424
	Nisshin Steel Co Ltd.	100	380
	Nitto Denko Corp.	19	921
	Norske Skogindustrier ASA.	28	308
	Nova Chemicals Corp.	10	363
	Nufarm Ltd.	35	509
	OJI Paper Co Ltd.	119	543
	Olin Corp.	140	3,189
	OneSteel Ltd.	135	865
	Orica Ltd.	37	1,065
	OSAKA Titanium Technologies Co.	4	346
	Outokumpu OYJ.	12	448
	Oxiana Ltd.	180	704
	Pacific Metals Co Ltd.	22	273
	Paladin Energy Ltd.	63	481
	PaperlinX Ltd.	141	362
	Plum Creek Timber Co Inc.	123	5,494
	Potash Corp of Saskatchewan.	16	1,992
	PPG Industries Inc.	19	1,420

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
Praxair Inc.	49	4,189
Rautaruukki OYJ.	6	343
Rayonier Inc.	49	2,366
Reliance Steel & Aluminum Co.	39	2,276
Rengo Co Ltd.	70	502
Rio Tinto Ltd.	39	3,996
Rio Tinto PLC.	55	5,136
Rohm & Haas Co.	110	5,707
RPM International Inc.	261	5,593
RTI International Metals Inc. (b)	30	2,345
Salzgitter AG.	2	393
Schulman A Inc.	54	1,275
Sensient Technologies Corp.	94	2,810
SGL Carbon AG. (b)	7	411
Shin-Etsu Chemical Co Ltd.	48	3,054
Showa Denko KK.	139	541
Sigma-Aldrich Corp.	60	3,100
Silver Standard Resources Inc.	11	471
Smurfit-Stone Container Corp.	159	1,925
Solvay SA.	3	456
Southern Copper Corp.	6	838
Ssab Svenskt Stal AB.	11	357
Steel Dynamics Inc.	58	3,087
Stillwater Mining Co.	85	946
Stora Enso Oyj.	31	568
Sumitomo Bakelite Co Ltd.	54	328
Sumitomo Chemical Co Ltd.	195	1,722
Sumitomo Forestry Co Ltd.	42	312
Sumitomo Metal Industries Ltd.	519	2,533
Sumitomo Metal Mining Co Ltd.	68	1,497
Syngenta AG.	5	1,201
Taiyo Nippon Sanso Corp.	45	399
Teck Cominco Ltd.	23	1,152
Temple-Inland Inc.	49	2,630
ThyssenKrupp AG.	21	1,395
Titanium Metals Corp.	42	1,478
Toho Titanium Co Ltd.	10	361
Tokai Carbon Co Ltd.	35	434
Tokuyama Corp.	30	415
Tokyo Steel Manufacturing Co L.	24	330
Tosoh Corp.	71	450
Ube Industries Ltd/Japan.	128	456
Umicore.	2	498
United States Steel Corp.	79	8,524
UPM-Kymmene Oyj.	29	649
Uranium One Inc.	33	366
USEC Inc. (b)	111	977
Valspar Corp.	202	5,056
Vedanta Resources PLC.	11	503
Voestalpine AG.	6	539
Vulcan Materials Co.	44	3,762
Wacker Chemie AG.	2	487
Wausau Paper Corp.	99	991
Weyerhaeuser Co.	22	1,670
Xstrata PLC.	34	2,437
Yamana Gold Inc.	35	528
Yamato Kogyo Co Ltd.	8	369
Yara International ASA.	14	542
Zeon Corp.	37	346
Zinifex Ltd.	58	900
		319,476
COMMUNICATIONS (3.7%)
3Com Corp.	251	1,225
Adaptec Inc.	228	805
Akamai Technologies Inc.	87	3,410
Alcatel-Lucent.	127	1,232
Alltel Corp.	35	2,490
Amazon.Com Inc.	46	4,101
American Tower Corp. (b)	56	2,474

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Andrew Corp.	99	1,451
	Anixter International Inc. (b)	41	2,946
	APN News & Media Ltd.	79	394
	Ariba Inc.	156	2,019
	Asatsu-DK Inc.	12	400
	AT&T Inc.	579	24,196
	BCE Inc.	45	1,965
	Belgacom SA.	9	430
	Belo Corp.	53	981
	Black Box Corp.	33	1,319
	British Sky Broadcasting Group.	59	835
	BT Group PLC.	475	3,220
	Cable & Wireless PLC.	135	547
	Cablevision Systems Corp. (b)	119	3,490
	CBS Corp.	64	1,837
	C-COR Inc.	91	1,116
	CenturyTel Inc.	77	3,392
	Charter Communications Inc.	492	1,018
	Check Point Software Technolog.	128	3,233
	Checkfree Corp.	39	1,854
	China Mobile Ltd.	492	9,967
	China Netcom Group Corp Hong K.	230	700
	China Unicom Ltd.	705	1,694
	Ciena Corp.	110	5,265
	Cincinnati Bell Inc. (b)	448	2,428
	Cisco Systems Inc.	878	29,027
	Citizens Communications Co.	219	2,882
	Clear Channel Communications I.	40	1,511
	CNET Networks Inc.	269	2,174
	Comcast Corp. (b)	421	8,836
	CommScope Inc.	79	3,726
	Corning Inc.	240	5,825
	Cosmote Mobile Telecommunicati.	13	448
	Crown Castle International Cor.	154	6,325
	CTC Media Inc.	16	401
	Daily Mail & General Trust.	26	331
	Deutsche Telekom AG.	165	3,384
	Digital River Inc.	54	2,865
	DIRECTV Group Inc/The. (b)	113	2,992
	Discovery Holding Co.	234	6,671
	Earthlink Inc.	225	1,780
	eBay Inc.	168	6,065
	EchoStar Communications Corp. (b)	109	5,337
	Elisa OYJ.	14	415
	Emap PLC.	23	419
	Embarq Corp.	108	5,715
	Eniro AB.	31	397
	Entercom Communications Corp.	55	1,020
	Equinix Inc.	43	5,016
	Ericsson.	815	2,438
	Expedia Inc.	159	5,193
	Extreme Networks.	218	955
	F5 Networks Inc.	117	4,216
	Fairfax Media Ltd.	157	693
	Foxconn International Holdings.	221	610
	France Telecom SA.	97	3,577
	Gannett Co Inc.	21	891
	Gestevision Telecinco SA.	14	402
	GN Store Nord.	32	341
	Google Inc.	33	23,331
	Hakuhodo DY Holdings Inc.	6	434
	Harmonic Inc.	160	1,971
	Harris Corp.	71	4,300
	Harte-Hanks Inc.	94	1,657
	Hellenic Telecommunications Or.	17	622
	HLTH Corp.	117	1,651
	Hutchison Telecommunications I.	310	440
	Idearc Inc.	92	2,482
	IDT Corp.	128	1,028
	Informa PLC.	36	401

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Infospace Inc.	53	1,024
	Inmarsat PLC.	46	491
	InterDigital Inc.	55	1,182
	Interpublic Group of Cos Inc. (b)	300	3,105
	Interwoven Inc.	76	1,078
	ITV PLC.	186	383
	j2 Global Communications Inc.	64	2,156
	JC Decaux SA.	12	442
	JDS Uniphase Corp.	112	1,709
	John Wiley & Sons Inc.	61	2,683
	Juniper Networks Inc.	76	2,736
	Lagardere SCA.	7	591
	Lamar Advertising Co.	37	1,978
	Leap Wireless International In.	26	1,854
	Lee Enterprises Inc.	72	1,156
	Liberty Global Inc.	291	10,982
	Liberty Media Corp - Capital.	18	2,250
	Liberty Media Corp - Interacti.	84	1,783
	Manitoba Telecom Services Inc.	9	448
	Matsui Securities Co Ltd.	46	361
	McClatchy Co.	123	2,041
	McGraw-Hill Cos Inc/The.	46	2,302
	Media General Inc.	38	1,063
	Mediaset SpA.	40	414
	Meredith Corp.	49	3,050
	Mobistar SA.	5	452
	Modern Times Group AB.	6	422
	Motorola Inc.	334	6,276
	MRV Communications Inc.	236	670
	NetFlix Inc.	70	1,853
	NeuStar Inc.	39	1,334
	New York Times Co/The.	90	1,760
	News Corp.	326	7,138
	NII Holdings Inc.	89	5,162
	Nokia OYJ.	216	8,556
	NTT DoCoMo Inc.	2	2,878
	NutriSystem Inc.	42	1,264
	Oki Electric Industry Co Ltd.	201	340
	Openwave Systems Inc.	164	649
	PagesJaunes Groupe SA.	19	419
	PCCW Ltd.	625	402
	Pearson PLC.	44	730
	Plantronics Inc.	103	2,817
	Polycom Inc.	59	1,651
	Portugal Telecom SGPS SA.	51	683
	priceline.com Inc.	44	4,096
	ProSiebenSat.1 Media AG.	11	324
	PT Multimedia Servicos de Tele.	9	122
	Publicis Groupe.	9	365
	Publishing & Broadcasting Ltd.	51	989
	Qualcomm Inc.	241	10,298
	Qwest Communications Internati. (b)	209	1,501
	Radio One Inc.	220	768
	Rakuten Inc.	1	485
	RCN Corp.	63	920
	RealNetworks Inc.	251	1,822
	Reed Elsevier NV.	34	657
	Reed Elsevier PLC.	70	914
	Reuters Group PLC.	69	947
	RF Micro Devices Inc.	416	2,588
	RH Donnelley Corp. (b)	37	2,029
	Rogers Communications Inc.	26	1,325
	Royal KPN NV.	100	1,886
	RTL Group SA.	3	304
	S1 Corp.	108	909
	Sanoma-WSOY Oyj.	12	346
	SAVVIS Inc.	37	1,398
	SBA Communications Corp.	126	4,486
	SBI Holdings Inc/Japan.	1	313
	Scholastic Corp.	66	2,612

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
Seat Pagine Gialle SpA.	692	402
Seek Ltd.	54	467
SES.	20	494
Seven Network Ltd.	40	509
Shaw Communications Inc.	21	586
Sinclair Broadcast Group Inc.	104	1,252
Singapore Press Holdings Ltd.	186	589
SingTel.	625	1,763
Societe Television Francaise 1.	11	304
Softbank Corp.	85	1,967
SonicWALL Inc.	124	1,282
Southern Cross Broadcasting Au.	26	422
Sprint Nextel Corp.	262	4,480
Swisscom AG.	1	370
Sycamore Networks Inc.	435	1,857
Symantec Corp.	124	2,329
Tandberg ASA.	17	432
Tekelec.	121	1,597
Tele2 AB.	22	518
Telecom Corp of New Zealand Lt.	208	696
Telecom Italia SpA.	934	2,748
Telefonica SA.	237	7,823
Telekom Austria AG.	18	516
Telenor ASA.	43	1,010
Teleperformance.	9	358
Telephone & Data Systems Inc.	52	3,527
Television Broadcasts Ltd.	56	361
TeliaSonera AB.	101	994
Tellabs Inc.	254	2,238
Telstra Corp Ltd.	427	1,861
TELUS Corp.	19	1,132
Tencent Holdings Ltd.	87	738
Thomson Corp/The.	10	472
TIBCO Software Inc.	383	3,516
Time Warner Inc.	535	9,769
Time Warner Telecom Inc.	73	1,697
Tokyo Broadcasting System Inc.	14	371
Trend Micro Inc.	13	576
Tribune Co.	59	1,785
Trinity Mirror Plc.	37	309
United Internet AG.	22	481
United Online Inc.	121	2,130
US Cellular Corp.	7	659
Valueclick Inc.	129	3,508
Valuevision Media Inc.	94	486
Verizon Communications Inc.	282	12,992
Viacom Inc.	91	3,757
Vignette Corp.	52	896
Virgin Media Inc.	143	3,162
Vivendi.	64	2,881
Vodafone Group PLC.	2,903	11,410
VTech Holdings Ltd.	43	364
Walt Disney Co/The.	263	9,108
Washington Post Co/The.	3	2,547
Websense Inc.	57	1,049
West Australian Newspapers Hol.	32	415
Westwood One Inc.	208	445
Windstream Corp.	336	4,519
Wolters Kluwer NV.	17	533
WPP Group PLC.	67	915
XM Satellite Radio Holdings In.	163	2,165
Yahoo! Inc.	196	6,096
Yahoo! Japan Corp.	2	886
Yell Group PLC.	43	407
Yellow Pages Income Fund.	31	469
		525,147
CONSUMER GOODS (0.5%)
PepsiCo Inc.	233	17,177
Procter & Gamble Co.	450	31,284
Toyota Motor Corp.	357	20,329
		68,790

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
CONSUMER, CYCLICAL (4.0%)
99 Cents Only Stores.	138	1,484
Abercrombie & Fitch Co.	47	3,722
Accor SA.	11	1,049
Adidas AG.	11	731
Aeon Co Ltd.	94	1,470
Aeropostale Inc.	100	2,290
Air France-KLM.	11	418
Aisin Seiki Co Ltd.	25	1,018
Alaska Air Group Inc. (b)	79	2,007
Alimentation Couche Tard Inc.	20	435
All Nippon Airways Co Ltd.	102	392
American Axle & Manufacturing.	81	2,224
AMR Corp. (b)	163	3,912
Aoyama Trading Co Ltd.	13	337
Applebees International Inc.	159	4,029
Arcandor AG. (b)	13	417
Aristocrat Leisure Ltd.	55	533
ArvinMeritor Inc.	156	2,313
Asics Corp.	28	443
Autogrill SpA.	18	360
AutoNation Inc.	96	1,698
Autozone Inc.	26	3,235
Barratt Developments PLC.	20	271
Bayerische Motoren Werke AG.	26	1,652
Beazer Homes USA Inc.	65	730
Bed Bath & Beyond Inc.	39	1,324
Bellway PLC.	15	335
Berkeley Group Holdings PLC.	12	425
Best Buy Co Inc.	52	2,523
Big Lots Inc. (b)	53	1,271
Billabong International Ltd.	28	392
BJ's Wholesale Club Inc.	41	1,471
Blockbuster Inc. (b)	233	1,226
Bob Evans Farms Inc.	67	1,888
Borders Group Inc.	108	1,665
BorgWarner Inc.	29	3,066
Bosch Corp.	74	384
Boyd Gaming Corp.	38	1,589
Bridgestone Corp.	84	1,846
Brightpoint Inc.	98	1,588
Brinker International Inc.	68	1,727
British Airways PLC. (b)	48	444
Brunswick Corp/DE.	57	1,272
Bulgari SpA.	26	407
Burberry Group PLC.	30	384
Callaway Golf Co.	123	2,130
Canadian Tire Corp Ltd.	5	460
Canon Marketing Japan Inc.	21	410
Carmax Inc.	115	2,400
Carnival Corp.	43	2,063
Carnival PLC.	9	420
Carphone Warehouse Group PLC.	53	386
Casey's General Stores Inc.	108	3,078
Cathay Pacific Airways Ltd.	147	435
Cato Corp/The.	60	1,205
Charming Shoppes Inc. (b)	277	2,055
Cheesecake Factory/The.	88	1,974
China Travel International Inv.	578	459
Choice Hotels International In.	16	620
Christopher & Banks Corp.	92	1,262
Circuit City Stores Inc.	107	849
Citizen Holdings Co Ltd.	45	483
Coach Inc.	50	1,828
Coldwater Creek Inc.	35	313
Coles Group Ltd.	123	1,847
Compagnie Financiere Richemont.	29	2,069

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Compass Group PLC.	110	792
	Continental AG.	8	1,208
	Continental Airlines Inc.	61	2,095
	Cooper Tire & Rubber Co.	131	2,919
	Corporate Express.	28	311
	Costco Wholesale Corp.	67	4,506
	CROCS Inc.	105	7,849
	CVS Caremark Corp.	214	8,939
	Daihatsu Motor Co Ltd.	38	401
	Daimler AG.	53	5,877
	Daiwa House Industry Co Ltd.	71	1,006
	David Jones Ltd.	79	364
	Delta Air Lines Inc.	121	2,517
	Denso Corp.	62	2,499
	Denway Motors Ltd.	824	574
	Deutsche Lufthansa AG.	14	414
	Dick's Sporting Goods Inc.	118	3,938
	Dillard's Inc.	141	3,247
	DR Horton Inc.	173	2,195
	Dress Barn Inc.	89	1,459
	DSG International PLC.	122	329
	EDION Corp.	36	410
	Esprit Holdings Ltd.	122	2,015
	Ethan Allen Interiors Inc.	55	1,697
	Family Dollar Stores Inc.	92	2,332
	FamilyMart Co Ltd.	15	437
	Fast Retailing Co Ltd.	9	516
	Fastenal Co.	74	3,292
	Fiat SpA.	38	1,226
	Foot Locker Inc.	98	1,459
	Ford Motor Co. (b)	314	2,785
	Fred's Inc.	72	763
	Fuji Heavy Industries Ltd.	83	429
	Furniture Brands International.	94	1,133
	Futaba Industrial Co Ltd.	16	447
	Galaxy Entertainment Group Ltd. (b)	380	413
	GameStop Corp.	79	4,678
	Gaylord Entertainment Co. (b)	53	2,887
	General Motors Corp.	44	1,724
	Genesco Inc.	29	1,340
	Genuine Parts Co.	120	5,888
	Gildan Activewear Inc.	11	504
	GKN PLC.	49	374
	GOME Electrical Appliances Hol.	239	533
	Grafton Group PLC.	28	313
	Group 1 Automotive Inc.	48	1,490
	Guess ? Inc.	29	1,490
	Gunze Ltd.	71	341
	Gymboree Corp.	39	1,327
	H2O Retailing Corp.	40	332
	Hagemeyer NV.	73	496
	Hanwa Co Ltd.	77	389
	Harman International Industrie.	35	2,947
	Harvey Norman Holdings Ltd.	104	657
	Hasbro Inc.	89	2,657
	Haseko Corp.	145	346
	Hennes & Mauritz AB.	27	1,798
	Herman Miller Inc.	34	925
	Hermes International.	4	526
	Hino Motors Ltd.	55	394
	Hitachi High-Technologies Corp.	16	358
	Home Depot Inc.	158	4,979
	Home Retail Group PLC.	48	435
	Honda Motor Co Ltd.	216	8,050
	Hongkong & Shanghai Hotels/The.	231	426
	HOT Topic Inc.	125	958
	Iberia Lineas Aereas de Espana.	82	416
	Ihop Corp.	23	1,457
	Inchcape Plc.	41	401
	Inditex SA.	14	1,041

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Ingram Micro Inc.	93	1,975
	Insight Enterprises Inc.	106	2,930
	Interface Inc.	69	1,320
	International Game Technology.	44	1,919
	International Speedway Corp.	40	1,777
	Isetan Co Ltd.	27	363
	Isuzu Motors Ltd.	183	901
	ITOCHU Corp.	187	2,336
	Izumi Co Ltd.	24	357
	J Crew Group Inc.	55	2,057
	J Front Retailing Co Ltd.	95	852
	Jack in the Box Inc.	80	2,510
	Jakks Pacific Inc.	50	1,325
	Japan Airlines Corp.	199	447
	Jardine Cycle & Carriage Ltd.	37	537
	JB Hi-Fi Ltd.	38	580
	JetBlue Airways Corp.	106	968
	JFE Shoji Holdings Inc.	52	396
	Johnson Controls Inc.	49	2,142
	Jones Apparel Group Inc.	68	1,424
	JTEKT Corp.	27	514
	Juki Corp.	44	371
	Kayaba Industry Co Ltd.	76	436
	KB Home.	49	1,354
	Kellwood Co.	65	1,077
	Kesa Electricals PLC.	59	390
	Kingfisher PLC.	129	529
	Kloeckner & Co AG.	5	264
	Kohl's Corp.	38	2,089
	Koito Manufacturing Co Ltd.	33	457
	Kokuyo Co Ltd.	35	307
	Komeri Co Ltd.	14	355
	Krispy Kreme Doughnuts Inc.	162	518
	K's Holdings Corp.	14	302
	Kuraray Co Ltd.	43	557
	Ladbrokes PLC.	46	394
	Las Vegas Sands Corp.	14	1,858
	Lawson Inc.	11	379
	La-Z-Boy Inc.	122	963
	Lear Corp. (b)	138	4,903
	Lennar Corp.	93	2,105
	Li & Fung Ltd.	257	1,207
	Li Ning Co Ltd.	161	598
	Life Time Fitness Inc.	42	2,547
	Lifestyle International Holdin.	192	525
	Liz Claiborne Inc.	65	1,851
	Longs Drug Stores Corp.	43	2,258
	Lottomatica SpA.	10	357
	Lowe's Cos Inc.	227	6,104
	Macy's Inc.	47	1,505
	Magna International Inc.	6	569
	Marks & Spencer Group PLC.	94	1,275
	Marriott International Inc/DE.	45	1,850
	Marubeni Corp.	190	1,611
	Marui Group Co Ltd.	40	413
	Matsumotokiyoshi Holdings Co L.	17	301
	Matsushita Electric Industrial.	253	4,802
	Mattel Inc.	277	5,787
	Mazda Motor Corp.	110	655
	McDonald's Corp.	114	6,806
	Men's Wearhouse Inc.	64	2,705
	Meritage Homes Corp. (b)	53	853
	MGM Mirage. (b)	11	1,008
	Michelin.	8	1,071
	Mitchells & Butlers PLC.	24	332
	Mitsubishi Corp.	188	5,785
	Mitsubishi Logistics Corp.	26	373
	Mitsubishi Motors Corp. (b)	458	893
	Mitsubishi Rayon Co Ltd.	71	399
	Mitsui & Co Ltd.	202	5,165

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Mitsukoshi Ltd.	81	374
	Modine Manufacturing Co.	57	1,326
	Monaco Coach Corp.	52	603
	MSC Industrial Direct Co.	61	2,971
	Nagase & Co Ltd.	31	344
	Namco Bandai Holdings Inc.	29	444
	Nautilus Inc.	94	604
	Newell Rubbermaid Inc.	196	5,715
	Next PLC.	12	551
	NGK Spark Plug Co Ltd.	23	383
	NHK Spring Co Ltd.	43	366
	Nifco Inc/Japan.	16	372
	Nintendo Co Ltd.	13	8,101
	Nippon Seiki Co Ltd.	14	324
	Nissan Motor Co Ltd.	297	3,413
	Nisshinbo Industries Inc.	31	420
	Nissin Kogyo Co Ltd.	13	335
	Nitori Co Ltd.	8	364
	NOK Corp.	19	419
	Nokian Renkaat OYJ.	12	452
	Nordstrom Inc.	29	1,144
	Nu Skin Enterprises Inc.	124	2,141
	Onward Holdings Co Ltd.	32	328
	OPAP SA.	12	490
	O'Reilly Automotive Inc.	60	1,981
	Oriental Land Co Ltd.	7	415
	Orient-Express Hotels Ltd.	54	3,499
	Oshkosh Truck Corp.	39	2,114
	Pacific Sunwear Of California.	129	2,157
	Panera Bread Co.	40	1,640
	Parkson Retail Group Ltd.	51	579
	Penn National Gaming Inc.	39	2,408
	PEP Boys-Manny Moe & Jack.	77	1,133
	Persimmon PLC.	16	349
	PetSmart Inc.	71	2,126
	Peugeot SA.	9	834
	PF Chang's China Bistro Inc.	33	961
	Phillips-Van Heusen.	71	3,394
	Pier 1 Imports Inc. (b)	187	952
	Pinnacle Entertainment Inc. (b)	77	2,248
	Pioneer Corp.	29	321
	Pirelli & C SpA.	340	435
	Polo Ralph Lauren Corp.	32	2,202
	Pool Corp.	64	1,509
	PPR.	4	793
	Praktiker Bau- und Heimwerkerm.	9	325
	Puma AG Rudolf Dassler Sport.	1	428
	Punch Taverns PLC.	16	334
	Qantas Airways Ltd.	115	633
	Quiksilver Inc.	266	3,591
	RadioShack Corp.	86	1,773
	Reece Australia Ltd.	16	421
	Regal Entertainment Group.	168	3,792
	Regis Corp.	59	1,982
	Renault SA.	11	1,846
	Resorttrust Inc.	16	349
	Rite Aid Corp. (b)	332	1,298
	RONA Inc.	18	407
	Ross Stores Inc.	88	2,378
	Royal Caribbean Cruises Ltd.	100	4,288
	Ruby Tuesday Inc.	100	1,597
	Ryland Group Inc.	34	967
	Ryohin Keikaku Co Ltd.	6	377
	Saks Inc.	270	5,713
	Sally Beauty Holdings Inc.	166	1,536
	Sankyo Co Ltd.	10	425
	Scientific Games Corp.	37	1,338
	Sears Holdings Corp.	9	1,213
	Sega Sammy Holdings Inc.	27	371
	Sekisui Chemical Co Ltd.	59	401

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Sekisui House Ltd.	68	865
	Select Comfort Corp.	64	732
	Seven & I Holdings Co Ltd.	77	1,975
	Shangri-La Asia Ltd.	167	530
	Shimachu Co Ltd.	14	400
	Shimamura Co Ltd.	4	387
	Shimano Inc.	12	435
	Shoppers Drug Mart Corp.	12	703
	Singapore Airlines Ltd.	59	799
	Six Flags Inc. (b)	175	567
	Sky City Entertainment Group L.	104	431
	Skywest Inc.	126	3,439
	Sodexho Alliance SA.	6	433
	Sojitz Corp.	111	501
	Sonae SGPS SA.	132	386
	Sony Corp.	118	5,768
	Southwest Airlines Co.	106	1,506
	Staples Inc.	95	2,217
	Starbucks Corp.	100	2,668
	Starwood Hotels & Resorts Worl.	29	1,649
	Station Casinos Inc.	23	2,065
	Steelcase Inc.	81	1,447
	Stein Mart Inc.	83	545
	Sumitomo Corp.	148	2,544
	Sumitomo Rubber Industries Inc.	32	387
	Sumitomo Warehouse Co Ltd/The.	63	360
	Superior Industries Internatio.	41	829
	Suzuki Motor Corp.	53	1,727
	Swatch Group AG.	9	1,078
	TABCORP Holdings Ltd.	62	899
	Takashimaya Co Ltd.	37	447
	Takata Corp.	12	425
	Talbots Inc.	43	633
	Target Corp.	112	6,872
	Tattersall's Ltd.	149	582
	Taylor Wimpey PLC.	63	324
	Tech Data Corp.	118	4,641
	Teijin Ltd.	109	522
	Thomson.	23	401
	Tim Hortons Inc.	13	496
	TJX Cos Inc.	60	1,736
	Toho Co Ltd/Tokyo.	21	417
	Tokai Rika Co Ltd.	15	438
	Tokyo Style Co Ltd.	31	356
	Toll Brothers Inc.	85	1,947
	Toray Industries Inc.	165	1,264
	Toro Co.	53	2,950
	TOTO Ltd.	46	331
	Toyobo Co Ltd.	143	335
	Toyoda Gosei Co Ltd.	12	427
	Toyota Boshoku Corp.	15	488
	Toyota Tsusho Corp.	27	751
	Tractor Supply Co.	45	1,865
	Triarc Cos Inc.	73	818
	Tuesday Morning Corp.	91	693
	TUI AG.	14	411
	TUI Travel plc.	61	342
	Under Armour Inc.	41	2,552
	United Stationers Inc. (b)	36	2,085
	UNY Co Ltd.	37	319
	Urban Outfitters Inc.	57	1,440
	US Airways Group Inc/NEW.	62	1,715
	USS Co Ltd.	6	391
	Vail Resorts Inc.	40	2,428
	Valentino Fashion Group SpA.	8	405
	Valeo SA.	7	383
	Volkswagen AG.	14	3,433
	Wabash National Corp.	54	548
	Wacoal Holdings Corp.	31	377
	Walgreen Co.	155	6,146

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
Wal-Mart Stores Inc.	233	10,534
Warner Music Group Corp.	25	255
Watsco Inc.	31	1,291
Wendy's International Inc.	56	1,947
WESCO International Inc.	24	1,120
Whirlpool Corp.	51	4,038
William Hill PLC.	31	399
WMS Industries Inc. (b)	55	1,907
Wolseley PLC.	36	624
Wolverine World Wide Inc.	101	2,590
World Fuel Services Corp.	37	1,639
WW Grainger Inc.	40	3,597
Wynn Resorts Ltd.	31	5,004
Yamada Denki Co Ltd.	11	1,125
Yamaha Corp.	24	555
Yamaha Motor Co Ltd.	26	735
Yokohama Rubber Co Ltd/The.	54	399
Yum! Brands Inc.	71	2,859
Zale Corp.	96	2,024
		557,520
CONSUMER, NON-CYCLICAL (5.8%)
ABB Grain Ltd.	50	351
Abbott Laboratories.	89	4,861
ABC Learning Centres Ltd.	65	398
Abertis Infraestructuras SA.	13	433
Accenture Ltd.	90	3,515
ACCO Brands Corp.	105	2,251
Adams Respiratory Therapeutics.	40	1,758
Adecco SA.	7	421
Administaff Inc.	30	1,196
Advanced Medical Optics Inc.	27	741
Aetna Inc.	79	4,437
Affymetrix Inc.	32	815
Aggreko Plc.	35	456
Ajinomoto Co Inc.	77	864
Alberto-Culver Co.	55	1,429
Alcon Inc.	10	1,522
Alexion Pharmaceuticals Inc.	46	3,519
Alfresa Holdings Corp.	6	348
Alkermes Inc.	131	2,122
Allergan Inc/United States.	47	3,176
Alliance Data Systems Corp.	44	3,538
Altadis SA.	14	999
Altria Group Inc.	204	14,878
American Greetings Corp.	93	2,450
American Medical Systems Holdi.	94	1,202
AMERIGROUP Corp.	67	2,345
AmerisourceBergen Corp.	100	4,711
Amylin Pharmaceuticals Inc.	63	2,836
Anheuser-Busch Cos Inc.	73	3,743
Apollo Group Inc.	75	5,945
Applera Corp - Celera Group.	143	2,332
Apria Healthcare Group Inc.	80	1,934
Arbitron Inc.	39	1,974
Arthrocare Corp.	35	2,269
Asahi Breweries Ltd.	56	923
Associated British Foods PLC.	23	436
Astellas Pharma Inc.	65	2,868
AstraZeneca PLC.	83	4,096
Atkins WS PLC.	18	454
Atlantia SpA.	16	628
Avis Budget Group Inc. (b)	218	4,550
AWB Ltd.	126	350
Babcock International Group.	37	451
Barr Pharmaceuticals Inc.	58	3,325
Baxter International Inc.	100	6,001
BearingPoint Inc.	471	2,256
Beckman Coulter Inc.	32	2,266
Becton Dickinson & Co.	32	2,671

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Beiersdorf AG.	6	475
	Benesse Corp.	13	483
	Biogen Idec Inc.	40	2,978
	BioMarin Pharmaceutical Inc.	125	3,466
	Bio-Rad Laboratories Inc.	24	2,318
	Biovail Corp.	20	402
	Blyth Inc.	55	1,050
	Boston Scientific Corp.	185	2,566
	Bowne & Co Inc.	53	921
	Brisa-Auto Estradas de Portuga.	28	397
	Bristol-Myers Squibb Co.	185	5,548
	British American Tobacco PLC.	80	3,045
	Brookdale Senior Living Inc.	27	996
	Brown-Forman Corp.	25	1,850
	Bunzl PLC.	29	436
	C&C Group PLC.	47	378
	Cadbury Schweppes PLC.	116	1,534
	Cambrex Corp.	75	854
	Capita Group PLC.	32	498
	Carlsberg A/S.	3	404
	Carrefour SA.	30	2,159
	Casino Guichard Perrachon SA.	4	447
	Celesio AG.	6	341
	Celgene Corp.	58	3,828
	Cephalon Inc.	35	2,581
	Chaoda Modern Agriculture.	516	467
	Chemed Corp.	33	1,892
	China Mengniu Dairy Co Ltd.	110	462
	ChoicePoint Inc.	41	1,612
	Christian Dior SA.	3	408
	Chugai Pharmaceutical Co Ltd.	32	552
	Church & Dwight Co Inc.	87	4,116
	Cintra Concesiones de Infraest.	25	437
	Clorox Co.	18	1,126
	Coates Hire Ltd.	83	500
	Coca Cola Hellenic Bottling Co.	9	558
	Coca-Cola Amatil Ltd.	61	580
	Coca-Cola Co/The.	207	12,784
	Coca-Cola West Holdings Co Ltd.	19	439
	Cochlear Ltd.	7	447
	Colgate-Palmolive Co.	79	6,025
	Colruyt SA.	2	428
	ConAgra Foods Inc.	51	1,210
	Constellation Brands Inc.	133	3,341
	Convergys Corp.	86	1,576
	Corinthian Colleges Inc.	168	2,754
	Corporate Executive Board Co.	17	1,211
	Corrections Corp of America. (b)	158	4,470
	COSCO Pacific Ltd.	146	451
	Covance Inc.	33	2,723
	Coventry Health Care Inc.	83	5,006
	Covidien Ltd.	50	2,080
	CR Bard Inc.	56	4,682
	CSM.	10	349
	Cubist Pharmaceuticals Inc.	71	1,661
	CV Therapeutics Inc.	67	686
	Dade Behring Holdings Inc.	44	3,385
	Dai Nippon Printing Co Ltd.	82	1,185
	Daiichi Sankyo Co Ltd.	82	2,324
	Dainippon Sumitomo Pharma Co L.	41	380
	Dairy Farm International Holdi.	137	677
	Danisco A/S.	5	385
	DaVita Inc.	56	3,651
	Del Monte Foods Co.	111	1,148
	Delhaize Group.	5	474
	Deluxe Corp.	110	4,437
	Dentsply International Inc.	75	3,111
	Diageo PLC.	147	3,363
	Edwards Lifesciences Corp.	75	3,767
	Eisai Co Ltd.	34	1,420

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Elan Corp PLC.	26	621
	Eli Lilly & Co.	98	5,307
	Endo Pharmaceuticals Holdings.	71	2,080
	Enzon Pharmaceuticals Inc.	111	1,058
	Essilor International SA.	11	701
	Experian Group Ltd.	56	588
	Express Scripts Inc.	30	1,893
	Ezaki Glico Co Ltd.	39	407
	Fisher & Paykel Healthcare Cor.	149	373
	Forest Laboratories Inc.	42	1,641
	Forrester Research Inc.	33	783
	Fortune Brands Inc.	16	1,340
	Foster's Group Ltd.	233	1,382
	Fresenius Medical Care AG & Co.	10	525
	Fresenius SE.	5	397
	FTI Consulting Inc.	55	2,987
	G4S PLC.	87	383
	Galenica AG.	1	483
	Genentech Inc.	71	5,263
	General Mills Inc.	30	1,732
	Gen-Probe Inc.	67	4,691
	Genzyme Corp.	35	2,659
	George Weston Ltd.	5	366
	Getinge AB.	17	450
	Gilead Sciences Inc.	143	6,605
	GlaxoSmithKline PLC.	331	8,522
	Golden Agri-Resources Ltd.	476	576
	Goodman Fielder Ltd.	178	348
	Greene King Plc.	19	358
	Grifols SA.	18	476
	H&R Block Inc.	210	4,578
	Haemonetics Corp.	34	1,747
	Hansen Natural Corp.	93	6,324
	Hays PLC.	118	337
	Health Management Associates I.	153	1,011
	Health Net Inc.	59	3,163
	Healthscope Ltd.	82	415
	Healthsouth Corp.	101	2,025
	Healthways Inc.	45	2,732
	Heineken Holding NV.	7	414
	Heineken NV.	13	909
	Hengan International Group Co.	114	442
	Henkel KGaA.	18	880
	Henry Schein Inc.	47	2,815
	Herbalife Ltd.	25	1,102
	Hershey Co/The.	21	905
	Hewitt Associates Inc.	126	4,445
	Hillenbrand Industries Inc.	38	2,098
	Hisamitsu Pharm.	14	383
	HJ Heinz Co.	31	1,450
	Hologic Inc.	107	7,249
	Hormel Foods Corp.	56	2,043
	House Foods Corp.	26	410
	Human Genome Sciences Inc.	174	1,646
	Humana Inc. (b)	88	6,596
	Husqvarna AB.	28	337
	Iaws Group Plc.	18	425
	Idexx Laboratories Inc.	40	4,871
	Illumina Inc.	70	3,931
	Immucor Inc.	89	2,870
	Imperial Tobacco Group PLC.	37	1,872
	InBev NV.	11	1,038
	InterMune Inc.	37	737
	Intertek Group PLC.	19	407
	Intuitive Surgical Inc.	20	6,537
	Invacare Corp.	59	1,597
	Inverness Medical Innovations.	64	3,846
	Invitrogen Corp.	25	2,272
	Iron Mountain Inc.	96	3,334
	Ito En Ltd.	16	322

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	ITT Educational Services Inc. (b)	53	6,741
	J Sainsbury PLC.	82	933
	Jarden Corp.	98	3,481
	JM Smucker Co/The.	36	1,923
	Kagome Co Ltd.	23	364
	Kamigumi Co Ltd.	45	364
	Kao Corp.	61	1,745
	Kerry Group PLC.	15	452
	Kesko OYJ.	7	419
	Kikkoman Corp.	28	353
	Kimberly-Clark Corp.	47	3,332
	Kinetic Concepts Inc.	28	1,683
	King Pharmaceuticals Inc.	151	1,601
	Kirin Holdings Co Ltd.	113	1,572
	Kobayashi Pharmaceutical Co Lt.	11	351
	Koninklijke Ahold NV.	68	1,020
	Kose Corp.	14	358
	Kraft Foods Inc.	148	4,945
	Kyowa Hakko Kogyo Co Ltd.	46	500
	Kyphon Inc.	59	4,182
	Laboratory Corp of America Hol.	62	4,263
	Lion Corp.	70	328
	Lion Nathan Ltd.	53	458
	Live Nation Inc.	76	1,553
	Loblaw Cos Ltd.	8	371
	L'Oreal SA.	14	1,838
	Luxottica Group SpA.	11	385
	Magellan Health Services Inc.	51	2,147
	Manor Care Inc.	39	2,597
	Manpower Inc.	45	3,363
	Marine Harvest.	305	309
	McCormick & Co Inc/MD.	68	2,382
	McKesson Corp.	39	2,578
	MDS Inc.	20	451
	Medarex Inc.	163	1,948
	Medco Health Solutions Inc.	37	3,492
	Mediceo Paltac Holdings Co Ltd.	26	376
	Medicines Co/The.	85	1,628
	Medicis Pharmaceutical Corp.	72	2,138
	Medtronic Inc.	164	7,780
	Meiji Dairies Corp.	66	347
	Meiji Seika Kaisha Ltd.	88	387
	Mentor Corp.	45	1,916
	Merck & Co Inc.	212	12,351
	Merck KGAA.	4	500
	Metcash Ltd.	101	439
	Metro AG.	9	815
	Metro Inc.	11	414
	MGI Pharma Inc.	104	3,388
	Michael Page International Plc.	35	319
	Millennium Pharmaceuticals Inc.	201	2,376
	Millipore Corp. (b)	28	2,174
	Miraca Holdings Inc.	21	492
	Mitsubishi Tanabe Pharma Corp.	33	377
	Monster Worldwide Inc.	62	2,516
	Moody's Corp.	31	1,355
	MPS Group Inc.	200	2,442
	Mylan Inc.	155	2,331
	Myriad Genetics Inc.	56	3,100
	NBTY Inc.	79	2,812
	Nektar Therapeutics.	108	646
	Nestle SA.	22	10,151
	Neurocrine Biosciences Inc.	43	398
	Nichirei Corp.	81	344
	Nippon Meat Packers Inc.	36	362
	Nippon Suisan Kaisha Ltd.	69	342
	Nipro Corp.	18	342
	Nisshin Seifun Group Inc.	42	378
	Nissin Food Products Co Ltd.	13	408
	Nobel Biocare Holding AG.	1	291

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Novartis AG.	137	7,285
	Novo Nordisk A/S.	11	1,364
	Novozymes A/S.	3	327
	Nutreco Holding NV.	5	341
	Odyssey HealthCare Inc.	97	994
	Olam International Ltd.	196	474
	Omega Pharma SA.	4	268
	Omnicare Inc.	78	2,301
	Ono Pharmaceutical Co Ltd.	14	721
	Onyx Pharmaceuticals Inc.	71	3,316
	OSI Pharmaceuticals Inc.	26	1,081
	Pacific Brands Ltd.	126	406
	Parexel International Corp.	35	1,610
	Park24 Co Ltd.	38	375
	Parkway Holdings Ltd.	151	434
	Parmalat SpA.	108	399
	Patterson Cos Inc.	69	2,699
	PDL BioPharma Inc.	62	1,314
	Pediatrix Medical Group Inc.	64	4,192
	Pepsi Bottling Group Inc.	101	4,351
	PepsiAmericas Inc.	41	1,465
	Performance Food Group Co.	60	1,619
	Pernod-Ricard SA.	5	1,155
	Perrigo Co.	165	3,912
	Pharmaceutical Product Develop.	55	2,323
	PharMerica Corp.	61	973
	PolyMedica Corp.	28	1,483
	Premier Foods PLC.	75	352
	Pre-Paid Legal Services Inc. (b)	11	656
	Psychiatric Solutions Inc. (b)	70	2,772
	Qiagen NV.	22	515
	QP Corp.	40	394
	Quest Diagnostics Inc.	20	1,064
	Ralcorp Holdings Inc. (b)	35	1,971
	Randstad Holding NV.	6	332
	Reckitt Benckiser Group PLC.	33	1,914
	Regeneron Pharmaceuticals Inc.	79	1,738
	Rent-A-Center Inc/TX.	129	2,064
	Rentokil Initial PLC.	121	433
	Resmed Inc.	40	1,657
	Resources Connection Inc.	60	1,366
	Respironics Inc.	39	1,952
	Reynolds American Inc.	15	966
	Rhoen Klinikum AG.	13	410
	Robert Half International Inc.	89	2,678
	Roche Holding AG.	41	7,033
	Rohto Pharmaceutical Co Ltd.	37	438
	Royal Numico NV.	10	790
	RR Donnelley & Sons Co.	154	6,205
	SABMiller PLC.	47	1,412
	Safeway Inc.	45	1,530
	SAIC Inc.	221	4,356
	Sanofi-Aventis SA.	57	4,998
	Santen Pharmaceutical Co Ltd.	16	374
	Sapporo Holdings Ltd.	64	480
	SAPRR.	4	425
	Saputo Inc.	8	491
	Sara Lee Corp.	65	1,075
	Savient Pharmaceuticals Inc.	88	1,239
	Schering-Plough Corp.	216	6,592
	Scottish & Newcastle PLC.	46	749
	Secom Co Ltd.	27	1,383
	Securitas AB.	25	316
	Sepracor Inc.	56	1,542
	Serco Group PLC.	43	403
	Service Corp International/US.	576	8,335
	Shimadzu Corp.	35	348
	Shionogi & Co Ltd.	38	645
	Shire PLC.	30	749
	Shiseido Co Ltd.	46	1,102

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Sierra Health Services Inc.	66	2,792
	Sigma Pharmaceuticals Ltd.	244	345
	Smith & Nephew PLC.	51	689
	Smithfield Foods Inc.	80	2,294
	Societe BIC SA.	5	389
	Sohgo Security Services Co Ltd.	24	397
	Sonic Healthcare Ltd.	32	513
	Sonova Holding AG.	4	449
	Sotheby's.	86	4,659
	Spherion Corp.	107	933
	St Jude Medical Inc. (b)	46	1,874
	Stada Arzneimittel AG.	6	381
	STERIS Corp.	138	4,008
	Stewart Enterprises Inc.	186	1,687
	Straumann Holding AG.	1	279
	Strayer Education Inc.	19	3,543
	Stryker Corp.	49	3,479
	Sunrise Senior Living Inc.	57	2,109
	SUPERVALU Inc.	150	5,813
	Suzuken Co Ltd.	12	386
	Swedish Match AB.	20	447
	Symbion Health Ltd.	109	410
	Synthes Inc.	3	374
	SYSCO Corp.	82	2,812
	Sysmex Corp.	10	407
	Taisho Pharmaceutical Co Ltd.	28	538
	Takara Holdings Inc.	62	362
	Takeda Pharmaceutical Co Ltd.	98	6,082
	Tate & Lyle PLC.	34	308
	Techne Corp.	48	3,132
	TeleTech Holdings Inc.	52	1,296
	Tenet Healthcare Corp. (b)	307	1,078
	Terumo Corp.	24	1,167
	Tesco PLC.	436	4,425
	Thai Beverage PCL.	2,152	387
	Theravance Inc.	61	1,526
	Tingyi Cayman Islands Holding.	441	671
	TIS Inc.	17	294
	Toppan Printing Co Ltd.	79	768
	Toyama Chemical Co Ltd. (b)	56	347
	Toyo Suisan Kaisha Ltd.	24	416
	Transurban Group.	114	772
	Tsumura & Co.	22	392
	Tupperware Brands Corp.	130	4,693
	Tyson Foods Inc.	181	2,860
	UCB SA.	7	411
	Unicharm Corp.	7	416
	Unilever NV.	94	3,048
	Unilever PLC.	72	2,433
	United Natural Foods Inc.	51	1,476
	United Rentals Inc.	158	5,402
	United Therapeutics Corp.	25	1,711
	UnitedHealth Group Inc.	191	9,388
	Universal Corp/Richmond VA.	59	2,876
	Universal Health Services Inc.	27	1,316
	UST Inc.	114	6,078
	Valassis Communications Inc. (b)	91	896
	Varian Medical Systems Inc. (b)	67	3,268
	VCA Antech Inc.	108	4,973
	Vedior NV.	15	340
	Ventana Medical Systems Inc.	45	3,960
	Vertex Pharmaceuticals Inc.	70	2,264
	Viad Corp.	36	1,276
	VistaPrint Ltd.	51	2,426
	Watson Pharmaceuticals Inc.	64	1,956
	Watson Wyatt Worldwide Inc.	55	2,622
	WD-40 Co.	32	1,267
	Weight Watchers International.	19	974
	WellCare Health Plans Inc.	18	435
	WellPoint Inc.	55	4,358

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
West Pharmaceutical Services I.	42	1,736
Western Union Co/The.	103	2,270
Whole Foods Market Inc.	74	3,666
William Demant Holding. (b)	4	367
Wilmar International Ltd.	288	824
WM Morrison Supermarkets PLC.	127	781
WM Wrigley Jr Co.	37	2,278
Woolworths Ltd.	142	4,424
Wyeth.	126	6,127
Yakult Honsha Co Ltd.	19	438
Yamazaki Baking Co Ltd.	48	419
Zimmer Holdings Inc.	32	2,224
		815,997
ENERGY (3.2%)
Acergy SA.	14	404
Advantage Energy Income Fund.	10	127
Alpha Natural Resources Inc.	84	2,305
Anadarko Petroleum Corp.	48	2,833
Apache Corp.	33	3,426
Arch Coal Inc.	76	3,116
Arrow Energy NL.	159	421
Atwood Oceanics Inc.	34	2,864
Australian Worldwide Explorati.	131	366
Baker Hughes Inc.	49	4,249
BG Group PLC.	196	3,626
Bourbon SA.	6	424
BP PLC.	1,056	13,726
Cabot Oil & Gas Corp.	127	5,041
Caltex Australia Ltd.	18	358
Cameron International Corp.	58	5,647
Canadian Natural Resources Ltd.	30	2,495
Canadian Oil Sands Trust.	13	477
CGG-Veritas. (b)	2	655
Cheniere Energy Inc.	58	2,349
Chesapeake Energy Corp.	63	2,487
Chevron Corp.	202	18,485
Cimarex Energy Co.	52	2,107
CNOOC Ltd.	1,716	3,578
Cnpc Hong Kong Ltd.	625	504
ConocoPhillips.	148	12,574
Consol Energy Inc.	97	5,481
Core Laboratories NV.	31	4,524
Cosmo Oil Co Ltd.	79	339
Covanta Holding Corp.	56	1,518
Crosstex Energy Inc.	60	2,212
Delta Petroleum Corp.	84	1,571
Denbury Resources Inc.	65	3,679
Devon Energy Corp.	42	3,923
Diamond Offshore Drilling Inc.	9	1,019
El Paso Corp.	468	8,265
Enbridge Inc.	18	779
EnCana Corp.	42	2,938
Encore Acquisition Co.	99	3,633
Enerplus Resources Fund.	9	436
ENI SpA.	135	4,927
ENSCO International Inc.	80	4,439
EOG Resources Inc.	38	3,367
EXCO Resources Inc.	180	3,038
Exterran Holdings Inc.	177	14,903
Exxon Mobil Corp.	527	48,479
First Solar Inc.	17	2,700
FMC Technologies Inc.	68	4,123
Fording Canadian Coal Trust.	4	147
Fugro NV.	6	526
Global Industries Ltd.	112	2,757
Grant Prideco Inc.	68	3,343
Grey Wolf Inc.	341	1,920
Halliburton Co.	136	5,361
Headwaters Inc.	82	1,177

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Helix Energy Solutions Group I.	44	2,035
	Helmerich & Payne Inc.	48	1,518
	Hercules Offshore Inc.	104	2,812
	Hess Corp.	31	2,220
	Holly Corp.	61	3,831
	Husky Energy Inc.	14	652
	Idemitsu Kosan Co Ltd.	4	461
	Imperial Oil Ltd.	16	871
	ION Geophysical Corp.	129	1,954
	Japan Petroleum Exploration Co.	6	455
	John Wood Group PLC.	59	512
	Lundin Petroleum AB.	36	432
	Marathon Oil Corp.	74	4,369
	Mariner Energy Inc.	172	4,300
	National Fuel Gas Co.	45	2,182
	National Oilwell Varco Inc.	47	3,442
	Neste Oil OYJ.	11	395
	Nexen Inc.	26	880
	Niko Resources Ltd.	4	448
	Nippon Mining Holdings Inc.	110	1,028
	Nippon Oil Corp.	172	1,507
	Noble Corp.	142	7,519
	Occidental Petroleum Corp.	84	5,800
	Oceaneering International Inc.	71	5,486
	Oil Search Ltd.	117	463
	Oilexco Inc.	32	584
	OMV AG.	8	598
	Oneok Inc.	65	3,246
	OPTI Canada Inc.	18	363
	Origin Energy Ltd.	103	878
	Parker Drilling Co. (b)	220	1,857
	Peabody Energy Corp.	35	1,951
	Pengrowth Energy Trust.	21	400
	Penn Virginia Corp.	49	2,372
	Penn West Energy Trust.	12	383
	Petro-Canada.	27	1,557
	Pride International Inc.	88	3,247
	PrimeWest Energy Trust.	6	168
	Q-Cells AG.	4	510
	Questar Corp.	91	5,194
	Quicksilver Resources Inc.	27	1,539
	Range Resources Corp.	78	3,505
	Renewable Energy Corp AS.	10	510
	Repsol YPF SA.	44	1,737
	Rowan Cos Inc.	71	2,768
	Royal Dutch Shell PLC.	288	12,575
	Saipem SpA.	14	619
	Santos Ltd.	70	915
	SBM Offshore NV.	9	346
	Schlumberger Ltd.	172	16,610
	SEACOR Holdings Inc.	31	2,841
	SeaDrill Ltd.	19	452
	Showa Shell Sekiyu KK.	31	362
	Singapore Petroleum Co Ltd.	90	510
	Smith International Inc.	106	7,001
	Solarworld AG.	8	550
	Southwestern Energy Co. (b)	90	4,656
	Spectra Energy Corp.	64	1,663
	St Mary Land & Exploration Co.	81	3,431
	StatoilHydro ASA.	69	2,335
	Stone Energy Corp.	48	2,140
	Suncor Energy Inc.	25	2,737
	Sunoco Inc.	85	6,256
	Sunpower Corp.	18	2,276
	Superior Energy Services.	105	3,893
	Talisman Energy Inc.	58	1,263
	Technip SA.	6	538
	Tesoro Corp.	96	5,811
	Tetra Technologies Inc.	94	1,851
	TonenGeneral Sekiyu KK.	40	401

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
Total SA.	125	10,075
TransCanada Corp.	29	1,233
Transocean Inc.	44	5,252
Trican Well Service Ltd.	21	445
Tullow Oil PLC.	40	531
Ultra Petroleum Corp.	80	5,669
UTS Energy Corp.	67	433
Valero Energy Corp.	56	3,944
Weatherford International Ltd.	52	3,375
WesternZagros Resources Ltd.	12	43
W-H Energy Services Inc.	40	2,302
Woodside Petroleum Ltd.	53	2,567
XTO Energy Inc.	59	3,916
		446,926
FINANCIAL (8.1%)
77 Bank Ltd/The.	59	397
ABN AMRO Holding NV.	105	5,674
ACE Ltd.	33	2,000
Acom Co Ltd.	11	262
Adelaide Bank Ltd.	30	410
Admiral Group PLC.	23	493
Aegon NV.	80	1,652
Aeon Credit Service Co Ltd.	27	413
Aeon Mall Co Ltd.	13	336
Affiliated Managers Group Inc.	16	2,105
AGF Management Ltd.	11	427
Agile Property Holdings Ltd.	218	522
Aiful Corp.	15	352
Aioi Insurance Co Ltd.	65	375
Alexandria Real Estate Equitie.	38	3,919
Allco Finance Group Ltd.	42	298
Alleanza Assicurazioni SpA.	30	406
Alleghany Corp. (b)	3	1,179
Alliance & Leicester PLC.	24	395
Allianz SE.	25	5,631
Allied Irish Banks PLC.	51	1,277
Allied World Assurance Holding.	21	1,006
Allstate Corp/The.	55	2,882
Alpha Bank AE.	22	814
AMB Property Corp.	52	3,398
AMBAC Financial Group Inc.	72	2,652
Amcore Financial Inc.	39	925
American Express Co.	153	9,325
American Financial Group Inc/O.	44	1,316
American Financial Realty Trus.	234	1,577
American International Group I.	212	13,381
American National Insurance.	11	1,422
AmeriCredit Corp.	74	1,044
Ameriprise Financial Inc.	21	1,323
Amlin PLC.	69	461
AMP Ltd.	221	2,098
Anchor Bancorp Wisconsin Inc.	36	886
Anglo Irish Bank Corp PLC.	40	670
Annaly Capital Management Inc.	648	11,074
AON Corp.	26	1,178
Apartment Investment & Managem.	49	2,290
Arch Capital Group Ltd.	34	2,542
Ardepro Co Ltd.	1	331
Arthur J Gallagher & Co.	62	1,650
Ascendas Real Estate Investmen.	216	387
Aspen Insurance Holdings Ltd.	56	1,532
Assicurazioni Generali SpA.	66	3,136
Associated Banc-Corp.	75	2,165
Assurant Inc.	64	3,740
Assured Guaranty Ltd.	30	692
Astoria Financial Corp.	56	1,455
ASX Ltd.	20	1,068
Australia & New Zealand Bankin.	216	6,056
AvalonBay Communities Inc.	42	5,151

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Aviva PLC.	143	2,247
	Awa Bank Ltd/The.	81	433
	AXA Asia Pacific Holdings Ltd.	106	806
	AXA SA.	99	4,425
	Axis Capital Holdings Ltd.	91	3,616
	Babcock & Brown Ltd.	34	966
	Baloise Holding AG.	4	425
	Banca Carige SpA.	83	397
	Banca Monte dei Paschi di Sien.	69	441
	Banca Popolare di Milano Scarl.	27	424
	Banco BPI SA.	42	367
	Banco Comercial Portugues SA.	184	890
	Banco de Valencia SA.	7	400
	Banco Espirito Santo SA.	16	387
	Banco Pastor SA.	19	322
	Banco Popular Espanol SA.	42	733
	Banco Santander SA.	344	7,473
	Bancorpsouth Inc.	165	4,003
	Bank of America Corp.	424	20,471
	Bank of East Asia Ltd.	183	1,233
	Bank of Ikeda Ltd/The.	9	378
	Bank of Ireland.	54	997
	Bank of Kyoto Ltd/The.	41	521
	Bank of Montreal.	28	1,867
	Bank of Nagoya Ltd/The.	62	456
	Bank of New York Mellon Corp/T.	180	8,793
	Bank of Nova Scotia.	54	3,057
	Bank of Queensland Ltd.	26	464
	Bank of Yokohama Ltd/The.	166	1,168
	Bankinter SA.	22	327
	Barclays PLC.	360	4,522
	BB&T Corp.	55	2,033
	BBVA.	195	4,906
	Bear Stearns Cos Inc/The.	10	1,136
	Bendigo Bank Ltd.	28	364
	BioMed Realty Trust Inc.	128	3,058
	BNP Paribas.	48	5,290
	BOC Hong Kong Holdings Ltd.	422	1,184
	BOK Financial Corp.	19	1,036
	Bolsas y Mercados Espanoles.	7	488
	Boston Properties Inc.	16	1,733
	Bradford & Bingley PLC.	45	289
	Brandywine Realty Trust.	187	4,838
	BRE Properties Inc.	66	3,617
	Brit Insurance Holdings Plc.	56	378
	British Land Co PLC.	29	654
	Brookfield Asset Management In.	32	1,307
	Cabcharge Australia Ltd.	36	356
	Cambridge Industrial Trust.	215	108
	Camden Property Trust.	30	1,871
	Canadian Imperial Bank of Comm.	19	2,051
	CapitaCommercial Trust.	221	411
	Capital One Financial Corp.	43	2,820
	CapitaLand Ltd.	197	1,096
	CapitalSource Inc.	87	1,585
	CapitaMall Trust.	156	395
	Cathay General Bancorp.	83	2,571
	Catlin Group Ltd.	40	417
	Cattles PLC.	51	362
	CB Richard Ellis Group Inc.	108	2,633
	Centro Properties Group.	100	652
	CFS Retail Property Trust.	236	536
	Challenger Financial Services.	81	477
	Charles Schwab Corp/The.	158	3,672
	Cheung Kong Holdings Ltd.	172	3,344
	Chiba Bank Ltd/The.	106	842
	China Everbright Ltd. (b)	164	726
	China Insurance International. (b)	157	505
	CHINA OVERSEAS LAND & INVEST.	34	28
	China Overseas Land & Investme.	415	980

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
China Resources Land Ltd.	211	529
Chinese Estates Holdings Ltd.	212	426
Chittenden Corp.	100	3,562
Chubb Corp.	41	2,187
Chugoku Bank Ltd/The.	29	420
Chuo Mitsui Trust Holdings Inc.	116	920
Cigna Corp.	29	1,522
Cincinnati Financial Corp.	115	4,575
CIT Group Inc.	135	4,757
CITIC International Financial.	461	393
Citigroup Inc.	472	19,777
Citizens Republic Bancorp Inc.	140	2,131
City Developments Ltd.	56	612
City National Corp/CA.	25	1,690
Close Brothers Group Plc.	23	367
CME Group Inc.	21	13,991
CNP Assurances.	3	382
Colonial BancGroup Inc/The.	97	1,860
Colonial Properties Trust.	98	3,070
Comerica Inc.	12	560
Commerce Bancorp Inc/NJ.	124	5,053
Commerce Bancshares Inc/Kansas.	48	2,264
Commerce Group Inc.	109	3,977
Commerzbank AG.	33	1,401
Man Group Plc.	103	1,260
Commonwealth Bank of Australia.	152	8,707
Commonwealth Property Office F.	283	416
CompuCredit Corp.	34	678
Conseco Inc.	138	2,179
Corio NV.	4	351
Corp Financiera Alba.	5	374
Corporate Office Properties Tr.	61	2,521
Countrywide Financial Corp.	61	947
Cousins Properties Inc.	75	2,159
Credit Agricole SA.	41	1,621
Credit Saison Co Ltd.	20	633
Credit Suisse Group.	58	3,900
Cullen/Frost Bankers Inc.	39	2,074
Dah Sing Financial Holdings Lt.	42	399
Daishi Bank Ltd/The.	91	395
Daito Trust Cons.	11	505
Daiwa Securities Group Inc.	164	1,561
Danske Bank A/S.	26	1,146
DB RREEF Trust.	341	664
DBS Group Holdings Ltd.	131	2,028
DCT Industrial Trust Inc.	360	3,863
Derwent London PLC.	11	380
Deutsche Bank AG.	29	3,885
Deutsche Boerse AG.	11	1,768
Deutsche Postbank AG.	5	366
Dexia SA.	31	994
DiamondRock Hospitality Co.	186	3,564
Digital Realty Trust Inc.	72	3,167
Dime Community Bancshares.	59	849
DnB NOR ASA.	41	676
Downey Financial Corp.	38	1,548
Duke Realty Corp.	86	2,765
EFG Eurobank Ergasias SA.	15	584
Endurance Specialty Holdings L.	37	1,451
Equity Inns Inc.	0	0
Equity Lifestyle Properties In.	28	1,407
Equity Residential.	33	1,379
Erie Indemnity Co.	33	1,878
Erste Bank der Oesterreichisch.	12	973
Essex Property Trust Inc.	34	4,197
Eurazeo.	3	447
Everest Re Group Ltd.	44	4,688
Fairfax Financial Holdings Ltd.	2	553
Fannie Mae.	91	5,191
Federal Realty Invs Trust.	30	2,647

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Federated Investors Inc.	62	2,666
	FelCor Lodging Trust Inc.	133	2,785
	Fidelity National Financial In.	138	2,124
	Fifth Third Bancorp.	48	1,501
	First American Corp.	54	1,625
	First Bancorp/Puerto Rico.	141	1,239
	First Horizon National Corp.	79	2,060
	First Marblehead Corp/The.	46	1,786
	First Midwest Bancorp Inc/IL.	107	3,604
	First Niagara Financial Group.	225	2,970
	FirstFed Financial Corp. (b)	27	1,155
	FirstMerit Corp.	160	3,392
	FKP Property Group.	65	444
	FNB Corp/PA.	110	1,828
	Fondiaria-Sai SpA.	8	388
	Forest City Enterprises Inc.	31	1,765
	Fortis.	72	2,301
	Franklin Resources Inc.	23	2,983
	Franklin Street Properties Cor.	117	1,901
	Fraser and Neave Ltd.	129	535
	Freddie Mac.	67	3,499
	Fremont General Corp.	169	468
	Friedman Billings Ramsey Group.	400	1,720
	Friends Provident PLC.	118	452
	Frontier Financial Corp.	86	1,908
	Fulton Financial Corp.	371	4,864
	Gecina SA.	2	342
	Genting International PLC. (b)	657	313
	Genworth Financial Inc.	44	1,201
	Goldman Sachs Group Inc/The.	36	8,925
	Goodman Group.	173	1,112
	GPT Group.	241	1,037
	Great Eagle Holdings Ltd.	102	421
	Great Eastern Holdings Ltd.	32	383
	Great Portland Estates PLC.	29	345
	Great-West Lifeco Inc.	14	553
	Greentown China Holdings Ltd.	161	342
	Gunma Bank Ltd/The.	59	417
	Guoco Group Ltd.	26	399
	GZI Real Estate Investment Tru.	323	130
	Hachijuni Bank Ltd/The.	61	464
	Hammerson PLC.	16	370
	Hang Lung Group Ltd.	99	580
	Hang Lung Properties Ltd.	216	1,027
	Hang Seng Bank Ltd.	81	1,643
	Hannover Rueckversicherung AG.	9	474
	Hartford Financial Services Gr.	32	3,105
	HBOS PLC.	206	3,740
	HCC Insurance Holdings Inc.	70	2,092
	HCP Inc.	144	4,902
	Health Care REIT Inc.	161	7,131
	Healthcare Realty Trust Inc.	102	2,697
	Heiwa Real Estate Co Ltd.	55	389
	Henderson Group PLC.	97	376
	Henderson Investment Ltd.	235	468
	Henderson Land Development Co.	80	712
	Higo Bank Ltd/The.	58	401
	Hilb Rogal & Hobbs Co.	48	2,115
	Hiroshima Bank Ltd/The.	74	400
	Hokkoku Bank Ltd/The.	90	427
	Hokuhoku Financial Group Inc.	164	502
	Home Properties Inc.	43	2,211
	Hong Kong Exchanges and Cleari.	125	4,132
	Hongkong Land Holdings Ltd.	219	1,091
	Hopewell Holdings.	89	458
	Hopson Development Holdings Lt.	107	411
	Horace Mann Educators Corp.	101	2,090
	Hospitality Properties Trust.	60	2,376
	Host Hotels & Resorts Inc.	53	1,174
	HRPT Properties Trust.	449	4,216

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	HSBC Holdings PLC.	644	12,737
	Hudson City Bancorp Inc.	323	5,058
	Huntington Bancshares Inc/OH.	260	4,657
	Hyakugo Bank Ltd/The.	60	357
	Hyakujushi Bank Ltd/The.	76	382
	Hypo Real Estate Holding AG.	10	596
	Hysan Development Co Ltd.	149	448
	ICAP PLC.	40	487
	IGM Financial Inc.	8	465
	Immoeast AG. (b)	29	353
	IMMOFINANZ AG.	30	356
	Industrial Alliance Insurance.	10	421
	IndyMac Bancorp Inc.	156	2,094
	ING Groep NV.	115	5,170
	ING Industrial Fund.	182	475
	ING Office Fund.	269	451
	Insurance Australia Group Ltd.	212	928
	IntercontinentalExchange Inc.	38	6,772
	International Bancshares Corp.	42	918
	International Securities Excha.	48	3,218
	Intesa Sanpaolo SpA.	584	4,600
	Invesco PLC.	46	706
	Investec PLC.	31	375
	Investment Technology Group In. (b)	58	2,430
	Investor AB.	40	982
	IPC Holdings Ltd.	52	1,555
	Irish Life & Permanent PLC.	16	365
	iStar Financial Inc.	80	2,441
	IVG Immobilien AG.	11	497
	Iyo Bank Ltd/The.	44	428
	Jafco Co Ltd.	8	327
	Janus Capital Group Inc.	118	4,072
	Japan Securities Finance Co Lt.	28	292
	Jefferies Group Inc.	68	1,818
	Jones Lang LaSalle Inc.	19	1,811
	Joyo Bank Ltd/The.	95	585
	JPMorgan Chase & Co.	318	14,946
	Juroku Bank Ltd/The.	64	386
	Jyske Bank A/S. (b)	5	412
	Kagoshima Bank Ltd/The.	53	366
	KBC Groep NV.	9	1,260
	Keiyo Bank Ltd/The.	69	354
	Keppel Land Ltd.	70	402
	Kerry Properties Ltd.	53	455
	Keycorp.	40	1,138
	Kilroy Realty Corp.	42	2,732
	Kimco Realty Corp.	154	6,394
	Kinnevik Investment AB.	20	496
	Klepierre.	6	325
	Knight Capital Group Inc.	191	2,561
	Kowloon Development Co Ltd.	175	542
	LaBranche & Co Inc. (b)	133	729
	Land Securities Group PLC.	24	821
	LaSalle Hotel Properties.	52	2,149
	Legal & General Group PLC.	360	1,049
	Lehman Brothers Holdings Inc.	54	3,420
	Lend Lease Corp Ltd.	41	766
	Leopalace21 Corp.	16	508
	Lexington Realty Trust.	135	2,672
	Liberty International PLC.	18	448
	Liberty Property Trust.	58	2,182
	Lincoln National Corp.	28	1,746
	Link REIT/The.	196	442
	Lloyds TSB Group PLC.	310	3,517
	Loews Corp.	47	2,307
	London Stock Exchange Group PL.	14	489
	M&T Bank Corp.	6	597
	Macerich Co/The.	38	3,257
	Mack-Cali Realty Corp.	43	1,702
	Macquarie Communications Infra.	76	406

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Macquarie CountryWide Trust.	229	429
	Macquarie Group Ltd.	30	2,349
	Macquarie Infrastructure Group.	317	933
	Macquarie Office Trust.	296	452
	Manulife Financial Corp.	85	3,976
	Mapfre SA.	82	385
	Markel Corp.	5	2,716
	Marsh & McLennan Cos Inc.	56	1,450
	Marshall & Ilsley Corp.	159	6,789
	MBIA Inc.	82	3,529
	Mediobanca SpA.	21	498
	Meinl European Land Ltd.	17	238
	Mercury General Corp.	16	821
	Merrill Lynch & Co Inc.	76	5,018
	MetLife Inc.	46	3,167
	MGIC Investment Corp.	53	1,026
	Mid-America Apartment Communit.	33	1,716
	Millea Holdings Inc.	97	3,800
	Mirvac Group.	119	641
	Mitsubishi Estate Co Ltd.	162	4,802
	Mitsubishi UFJ Financial Group.	1,036	10,228
	Mitsubishi UFJ Lease & Finance.	9	310
	Mitsubishi UFJ Nicos Co Ltd.	143	274
	Mitsui Fudosan Co Ltd.	104	2,848
	Mitsui Sumitomo Insurance Co L.	169	1,922
	Mizuho Financial Group Inc.	1	5,573
	Mizuho Trust & Banking Co Ltd.	202	357
	Montpelier Re Holdings Ltd.	58	1,038
	Morgan Stanley.	91	6,121
	Muenchener Rueckversicherungs.	12	2,294
	Musashino Bank Ltd/The.	8	376
	Nanto Bank Ltd/The.	77	401
	Nasdaq Stock Market Inc/The.	52	2,428
	National Australia Bank Ltd.	189	7,587
	National Bank of Canada.	9	521
	National Bank of Greece SA.	26	1,807
	National City Corp.	169	4,098
	National Financial Partners Co.	49	2,679
	National Retail Properties Inc.	144	3,650
	Nationwide Financial Services.	109	5,848
	Nationwide Health Properties I.	195	6,088
	New World Development Ltd.	264	942
	New York Community Bancorp Inc.	186	3,461
	NewAlliance Bancshares Inc.	226	3,162
	Newcastle Investment Corp.	105	1,559
	Nexity.	5	332
	Nikko Cordial Corp.	44	630
	Nipponkoa Insurance Co Ltd.	95	865
	Nishi-Nippon City Bank Ltd/The.	115	338
	Nissay Dowa General Insurance.	69	390
	Nomura Holdings Inc.	225	3,998
	Nomura Real Estate Holdings In.	13	373
	Nordea Bank AB.	114	2,039
	Northern Rock PLC.	23	88
	Nuveen Investments Inc.	42	2,722
	Nymex Holdings Inc.	6	771
	NYSE Euronext.	26	2,441
	Ogaki Kyoritsu Bank Ltd/The.	77	428
	Okasan Holdings Inc.	61	407
	OKO Bank plc.	22	472
	Old Mutual PLC.	303	1,159
	Old National Bancorp/IN.	122	2,039
	Old Republic International Cor.	164	2,514
	OMX AB.	13	546
	Onex Corp.	12	505
	ORIX Corp.	11	2,213
	Oversea-Chinese Banking Corp.	291	1,850
	Pacific Capital Bancorp NA.	94	1,949
	Park National Corp.	15	1,189
	PartnerRe Ltd.	39	3,247

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Pennsylvania Real Estate Inves.	84	3,205
	Perpetual Ltd.	6	415
	PFF Bancorp Inc.	52	554
	Philadelphia Consolidated Hold.	78	3,182
	Phoenix Cos Inc/The.	231	3,183
	Piccolo Credito Valtellinese S.	27	375
	Piper Jaffray Cos.	24	1,234
	Piraeus Bank SA.	19	762
	Platinum Underwriters Holdings.	117	4,212
	PMI Group Inc/The.	54	866
	PNC Financial Services Group I.	35	2,526
	Popular Inc.	160	1,688
	Power Corp Of Canada.	17	729
	Power Financial Corp.	13	579
	Principal Financial Group Inc.	27	1,827
	ProAssurance Corp.	43	2,371
	Promise Co Ltd.	14	419
	Prosperity REIT.	615	127
	Protective Life Corp.	41	1,758
	Provident Bankshares Corp.	59	1,456
	Provident Financial Services I.	115	1,822
	Prudential Financial Inc.	44	4,256
	Prudential PLC.	134	2,179
	PSP Swiss Property AG.	7	379
	Public Storage.	18	1,457
	QBE Insurance Group Ltd.	102	3,088
	Quintain Estates & Development.	21	268
	Radian Group Inc.	50	630
	Raiffeisen International Bank.	3	496
	RAIT Financial Trust.	118	1,074
	Ratos AB.	12	352
	Raymond James Financial Inc.	60	2,235
	Realty Income Corp.	216	6,381
	Redwood Trust Inc.	47	1,238
	Regency Centers Corp.	36	2,573
	Regions Financial Corp.	72	1,953
	Reinsurance Group of America I.	18	1,028
	RenaissanceRe Holdings Ltd.	42	2,450
	Resolution Plc.	38	577
	RioCan REIT.	18	443
	RLI Corp.	28	1,629
	Royal & Sun Alliance Insurance.	164	538
	Royal Bank of Canada.	70	4,152
	Royal Bank of Scotland Group P.	520	5,586
	Safeco Corp.	67	3,879
	Sampo Oyj.	27	846
	San-In Godo Bank Ltd/The.	44	395
	Schroders PLC.	15	480
	Segro PLC.	32	311
	Selective Insurance Group.	104	2,528
	Senior Housing Properties Trus.	179	4,013
	Senshu Bank Ltd/The.	152	352
	Shenzhen Investment Ltd.	445	425
	Shiga Bank Ltd/The.	60	424
	Shimao Property Holdings Ltd.	145	512
	Shinko Securities Co Ltd.	79	404
	Shinsei Bank Ltd.	174	558
	Shizuoka Bank Ltd/The.	84	877
	Shui On Land Ltd.	369	509
	Shun Tak Holdings Ltd.	248	388
	Silic.	2	309
	Simon Property Group Inc.	34	3,540
	Singapore Exchange Ltd.	125	1,348
	Sino Land Co.	171	531
	Skandinaviska Enskilda Banken.	30	919
	SL Green Realty Corp.	31	3,740
	Societa Cattolica di Assicuraz.	7	463
	Societe Generale.	25	4,195
	Sompo Japan Insurance Inc.	116	1,351
	South Financial Group Inc/The.	156	3,223

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Sovereign Bancorp Inc.	232	3,348
	St George Bank Ltd.	63	2,133
	Standard Chartered PLC.	77	2,988
	Standard Life PLC.	116	686
	State Street Corp.	48	3,829
	Sterling Bancshares Inc/TX.	134	1,635
	Sterling Financial Corp/WA.	109	2,453
	Stockland.	164	1,367
	Storebrand ASA.	25	357
	Strategic Hotels & Resorts Inc.	159	3,473
	Sumitomo Realty & Development.	56	1,956
	Sumitomo Trust & Banking Co Lt.	197	1,453
	Sun Hung Kai Properties Ltd.	162	3,068
	Sun Life Financial Inc.	32	1,859
	Suncorp-Metway Ltd.	109	2,059
	Sunstone Hotel Investors Inc.	115	3,198
	Suntec REIT.	310	388
	SunTrust Banks Inc.	36	2,614
	Suruga Bank Ltd.	31	405
	Susquehanna Bancshares Inc.	95	1,916
	SVB Financial Group. (b)	44	2,279
	Svenska Handelsbanken AB.	28	928
	Swedbank AB.	20	625
	Swiss Life Holding.	2	552
	Swiss Reinsurance.	21	1,971
	SWS Group Inc.	58	1,101
	Sydbank A/S.	8	368
	Synovus Financial Corp.	197	5,193
	T Rowe Price Group Inc.	140	8,994
	T&D Holdings Inc.	29	1,727
	Takefuji Corp.	16	408
	Taubman Centers Inc.	70	4,121
	TCF Financial Corp.	79	1,799
	TD Ameritrade Holding Corp. (b)	33	632
	Thornburg Mortgage Inc.	76	798
	Tokai Tokyo Securities Co Ltd.	69	367
	Tokyo Tatemono Co Ltd.	37	471
	Tokyo Tomin Bank Ltd/The.	11	363
	Tokyu Land Corp.	54	554
	Topdanmark A/S. (b)	2	341
	Torchmark Corp.	60	3,910
	Toronto-Dominion Bank.	40	3,021
	Travelers Cos Inc/The.	68	3,550
	Trustco Bank Corp NY.	175	1,845
	Trustmark Corp.	94	2,537
	TSX Group Inc.	10	539
	UBS AG.	105	5,615
	UCBH Holdings Inc.	224	3,824
	UDR Inc.	85	2,018
	Umpqua Holdings Corp.	117	1,981
	Unibail-Rodamco.	4	994
	UniCredito Italiano SpA.	675	5,778
	UnionBanCal Corp.	33	1,782
	Unione di Banche Italiane SCPA.	35	973
	Unipol Gruppo Finanziario SpA.	236	864
	United Bankshares Inc.	94	2,848
	United Industrial Corp Ltd.	190	407
	United Overseas Bank Ltd.	143	2,125
	Unitrin Inc.	37	1,713
	Unum Group.	239	5,578
	UOL Group Ltd.	109	396
	Urban Corp.	24	414
	US Bancorp.	162	5,372
	Valad Property Group.	244	430
	Valley National Bancorp.	75	1,536
	Ventas Inc.	94	4,032
	Verwalt & Privat-Bank AG.	1	262
	W Holding Co Inc.	391	821
	Wachovia Corp.	188	8,597
	Waddell & Reed Financial Inc.	53	1,761

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Washington Federal Inc.	185	4,470
	Washington Mutual Inc.	90	2,509
	Webster Financial Corp.	116	4,204
	Weingarten Realty Investors.	50	1,913
	Wells Fargo & Co.	384	13,060
	Wereldhave NV.	1	119
	Westfield Group.	213	4,325
	Westpac Banking Corp.	216	6,144
	Wheelock & Co Ltd.	149	481
	White Mountains Insurance Grou.	4	2,150
	Whitney Holding Corp.	146	3,746
	Willis Group Holdings Ltd.	69	2,921
	Wilmington Trust Corp.	43	1,564
	Wing Hang Bank Ltd.	31	363
	Wing Lung Bank.	37	382
	Wing Tai Holdings Ltd.	157	375
	WR Berkley Corp.	105	3,159
	XL Capital Ltd.	18	1,295
	Yamaguchi Financial Group Inc.	31	361
	Yamanashi Chuo Bank Ltd/The.	62	361
	Yanlord Land Group Ltd.	181	490
	Zenith National Insurance Corp.	80	3,214
	Zurich Financial Services AG.	8	2,408
	Grand Total		1,142,625
	HOLDING COMPANIES (0.1%)
	Ackermans & Van Haaren.	4	416
	Beijing Enterprises Holdings L.	89	548
	China Merchants Holdings Inter.	116	810
	China Resources Enterprise.	126	546
	Citic Pacific Ltd.	88	551
	DCC Plc.	13	356
	First Pacific Co.	531	401
	GEA Group AG.	12	448
	Groupe Bruxelles Lambert SA.	5	638
	Guangdong Investment Ltd.	578	393
	Guangzhou Investment Co Ltd.	1,210	509
	Hutchison Whampoa Ltd.	252	3,141
	IFIL - Investments SpA.	36	410
	Jardine Matheson Holdings Ltd.	52	1,586
	Jardine Strategic Holdings Ltd.	45	747
	LVMH Moet Hennessy Louis Vuitt.	14	1,802
	Melco International Developmen.	267	500
	Noble Group Ltd.	346	564
	NWS Holdings Ltd.	159	597
	Shanghai Industrial Holdings L.	89	521
	Sherritt International Corp.	25	466
	Sofina SA.	3	365
	Solvac SA.	2	360
	Swire Pacific Ltd.	261	1,753
	Washington H Soul Pattinson &.	46	416
	Wendel.	2	343
	Wharf Holdings Ltd.	145	866
			20,055
	HEALTH CARE (0.3%)
	Csl Limited.	66	2,249
	Johnson & Johnson.	265	17,270
	Pfizer Inc.	670	16,489
			36,008
	INDUSTRIAL (4.8%)
	3M Co.	61	5,268
	AAR Corp. (b)	47	1,506
	ABB Ltd.	124	3,729
	Acciona SA.	1	308
	ACS Actividades de Construccio.	11	680
	Actuant Corp.	35	2,414
	Acuity Brands Inc.	56	2,677
	Advantest Corp.	20	574

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Aeroports de Paris.	3	343
	AGFA-Gevaert NV.	18	250
	Agilent Technologies Inc.	55	2,027
	Albany International Corp.	47	1,763
	Alfa Laval AB.	6	475
	Alliant Techsystems Inc.	47	5,188
	Allied Waste Industries Inc.	182	2,300
	Alps Electric Co Ltd.	39	485
	Alstom.	6	1,416
	Amada Co Ltd.	46	460
	Amcor Ltd.	106	693
	Amec PLC.	30	521
	American Commercial Lines Inc.	27	403
	Ametek Inc.	56	2,632
	Amphenol Corp.	94	4,161
	Ansell Ltd.	38	438
	Applera Corp - Applied Biosyst.	129	4,791
	Aptargroup Inc.	83	3,710
	Arkansas Best Corp.	44	1,208
	Arriva Plc.	24	418
	Arrow Electronics Inc. (b)	62	2,479
	Asahi Glass Co Ltd.	138	1,880
	Assa Abloy AB.	18	377
	Astec Industries Inc.	21	952
	Auckland International Airport.	152	336
	Avnet Inc. (b)	75	3,129
	BAE Systems PLC.	185	1,916
	Balfour Beatty PLC.	44	453
	BE Aerospace Inc.	119	5,915
	Belden Inc.	58	3,380
	Bemis Co Inc.	67	1,887
	Benchmark Electronics Inc.	141	2,892
	Bilfinger Berger AG.	4	354
	Boeing Co.	102	10,056
	Bombardier Inc. (b)	79	468
	Boral Ltd.	70	441
	Bouygues.	15	1,440
	Briggs & Stratton Corp.	91	2,048
	Brink's Co/The.	53	3,320
	Brother Industries Ltd.	33	440
	Bucyrus International Inc.	48	3,960
	Burlington Northern Santa Fe C.	29	2,527
	Buzzi Unicem SpA.	12	340
	CAE Inc.	30	405
	Campbell Brothers Ltd.	17	539
	Canadian National Railway Co.	26	1,458
	Canadian Pacific Railway Ltd.	8	563
	Cargotec Corp.	7	433
	Carillion PLC.	48	407
	Carlisle Cos Inc.	79	3,117
	Casio Computer Co Ltd.	31	291
	Central Glass Co Ltd.	69	325
	Ceradyne Inc.	33	2,258
	CH Robinson Worldwide Inc.	92	4,593
	Charter Plc. (b)	16	361
	Checkpoint Systems Inc. (b)	72	2,178
	Cheung Kong Infrastructure Hol.	108	421
	China Grand Forestry Resources. (b)	945	330
	Chiyoda Corp.	21	386
	Cie de Saint-Gobain.	20	2,143
	Cimpor Cimentos de Portugal SG.	39	354
	Cobham PLC.	99	433
	Coherent Inc.	41	1,345
	ComfortDelgro Corp Ltd.	285	380
	Commercial Metals Co.	75	2,354
	COMSYS Holdings Corp.	35	340
	Cookson Group PLC.	27	468
	Cooper Industries Ltd.	111	5,815
	Cosco Corp Singapore Ltd.	114	611
	CRH PLC.	30	1,146

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	CSR Ltd.	135	429
	CTS Corp.	91	1,124
	Cummins Inc.	50	5,998
	Cymer Inc.	46	1,955
	Daifuku Co Ltd.	31	367
	Daiichi Chuo Kisen Kaisha.	53	436
	Daikin Industries Ltd.	31	1,553
	Dainippon Screen Manufacturing.	53	312
	Danaher Corp.	37	3,170
	Deere & Co.	23	3,563
	Deutsche Post AG.	46	1,392
	Dionex Corp.	25	2,200
	Disco Corp.	7	413
	Donaldson Co Inc.	90	3,857
	Downer EDI Ltd.	64	395
	DRS Technologies Inc.	52	2,987
	Dyno Nobel Ltd.	211	483
	EADS.	19	645
	Eagle Materials Inc.	63	2,489
	Eastman Kodak Co.	201	5,761
	Eaton Corp.	94	8,703
	Ebara Corp.	81	379
	Eiffage SA.	3	339
	EMCOR Group Inc.	82	2,823
	Energizer Holdings Inc.	30	3,129
	Energy Conversion Devices Inc.	50	1,365
	ESCO Technologies Inc. (b)	33	1,366
	Esterline Technologies Corp. (b)	32	1,753
	Expeditors International Washi.	113	5,723
	Fanuc Ltd.	23	2,500
	FCC.	4	348
	FedEx Corp.	26	2,687
	Finmeccanica SpA.	16	475
	Finning International Inc.	15	516
	Firstgroup Plc.	30	496
	Fletcher Building Ltd.	56	512
	Flir Systems Inc.	86	5,968
	Florida Rock Industries Inc.	29	1,825
	Flowserve Corp.	30	2,369
	FLSmidth & Co A/S.	4	434
	Fluor Corp.	46	7,268
	Forward Air Corp.	37	1,207
	Foster Wheeler Ltd. (b)	37	5,485
	Fuji Electric Holdings Co Ltd.	93	351
	FUJIFILM Holdings Corp.	61	2,908
	Fujikura Ltd.	62	397
	Fukuyama Transporting Co Ltd.	75	333
	Funai Electric Co Ltd.	7	295
	Furukawa Electric Co Ltd.	83	396
	Futuris Corp Ltd.	188	371
	Gamesa Corp Tecnologica SA.	9	456
	Gardner Denver Inc.	68	2,457
	Garmin Ltd.	66	7,088
	General Cable Corp. (b)	68	4,895
	General Dynamics Corp.	34	3,093
	General Electric Co.	976	40,172
	General Maritime Corp.	67	1,888
	Genlyte Group Inc.	17	1,107
	Gentex Corp.	91	1,891
	Glory Ltd.	14	460
	Go-Ahead Group Plc.	7	393
	GrafTech International Ltd.	225	4,253
	Granite Construction Inc.	45	1,927
	Grupo Ferrovial SA.	4	348
	GWA International Ltd.	102	343
	Hamamatsu Photonics KK.	12	375
	Hankyu Hanshin Holdings Inc.	150	701
	Harsco Corp.	45	2,728
	Heidelberger Druckmaschinen AG.	8	328
	Hirose Electric Co Ltd.	4	476

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Hitachi Cable Ltd.	63	418
	Hitachi Construction Machinery.	11	446
	Hitachi Koki Co Ltd.	22	390
	Hitachi Ltd.	393	2,660
	Hitachi Zosen Corp. (b)	200	331
	Hochtief AG.	4	549
	Holcim Ltd.	11	1,253
	Honeywell International Inc.	66	3,987
	Hong Kong Aircraft Engineerg.	22	557
	Horiba Ltd.	10	442
	Hosiden Corp.	25	437
	HOYA CORP.	51	1,843
	Hubbell Inc.	32	1,760
	Ibiden Co Ltd.	17	1,434
	IDEX Corp.	104	3,684
	Ihi Corp.	173	411
	Iino Kaiun Kaisha Ltd.	30	419
	Imerys SA.	4	389
	IMI Plc.	32	374
	Impregilo SpA. (b)	48	385
	Ingersoll-Rand Co Ltd.	25	1,259
	Insituform Technologies Inc.	52	731
	Intermec Inc.	61	1,551
	Invensys PLC.	50	340
	Itron Inc.	39	4,192
	ITT Corp.	96	6,424
	Jacobs Engineering Group Inc. (b)	62	5,403
	Japan Airport Terminal Co Ltd.	22	427
	Japan Steel Works Ltd/The.	44	709
	JGC Corp.	30	594
	JM AB.	13	288
	Joy Global Inc.	58	3,367
	JS Group Corp.	32	516
	Kaba Holding AG.	1	336
	Kajima Corp.	124	436
	Kawasaki Heavy Industries Ltd.	184	659
	Kawasaki Kisen Kaisha Ltd.	69	946
	Kaydon Corp.	37	1,990
	Keihan Electric Railway Co Ltd.	108	431
	Keihin Electric Express Railwa.	64	391
	Keio Corp.	68	413
	Keisei Electric Railway Co Ltd.	76	416
	Kemet Corp.	204	1,442
	Kennametal Inc.	50	4,561
	Keyence Corp.	4	918
	Kinden Corp.	44	389
	Kingspan Group Plc.	16	381
	Kintetsu Corp.	201	610
	Kirby Corp. (b)	28	1,279
	Kitz Corp.	38	310
	Komatsu Ltd.	110	3,633
	Komori Corp.	17	445
	Kone OYJ.	6	496
	Konecranes Oyj.	9	403
	Konica Minolta Holdings Inc.	63	1,092
	Koninklijke BAM Groep NV.	13	343
	Kubota Corp.	134	1,122
	Kuehne & Nagel International A.	4	429
	Kurita Water Industries Ltd.	13	430
	Kyocera Corp.	22	1,842
	Kyowa Exeo Corp.	34	303
	L-3 Communications Holdings In.	66	7,236
	Lafarge SA.	8	1,301
	Landstar System Inc.	72	3,030
	Leggett & Platt Inc.	112	2,176
	Legrand SA.	11	406
	Leighton Holdings Ltd.	15	869
	Lincoln Electric Holdings Inc.	53	3,829
	Littelfuse Inc.	29	923
	Mabuchi Motor Co Ltd.	6	404

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Macquarie Airports.	192	783
	Makino Milling Machine Co Ltd.	29	300
	Makita Corp.	17	812
	MAN AG.	5	893
	Manitowoc Co Inc/The.	66	3,251
	Martin Marietta Materials Inc.	23	2,975
	Maruichi Steel Tube Ltd.	15	424
	Masco Corp.	33	795
	Matsushita Electric Works Ltd.	42	463
	Matthews International Corp.	41	1,868
	McDermott International Inc. (b)	118	7,205
	Meggitt PLC.	62	440
	Methode Electronics Inc.	71	890
	Metso Oyj.	7	425
	Mettler Toledo International I.	20	2,127
	Mine Safety Appliances Co.	28	1,282
	Minebea Co Ltd.	71	489
	MISUMI Group Inc.	23	387
	Mitsubishi Electric Corp.	253	3,061
	Mitsubishi Heavy Industries Lt.	396	2,279
	Mitsui Engineering & Shipbuild.	91	528
	Mitsui OSK Lines Ltd.	141	2,302
	Mitsumi Electric Co Ltd.	10	455
	Miura Co Ltd.	12	373
	Molex Inc.	50	1,365
	Monadelphous Group Ltd.	28	439
	Moog Inc. (b)	50	2,308
	Mori Seiki Co Ltd.	12	300
	MTR Corp.	154	531
	MTU Aero Engines Holding AG.	6	367
	Mueller Industries Inc.	69	2,481
	Mueller Water Products Inc.	111	1,174
	Multiplex Group.	99	464
	Murata Manufacturing Co Ltd.	26	1,566
	Nabtesco Corp.	26	439
	Nachi-Fujikoshi Corp.	77	378
	Nagoya Railroad Co Ltd.	132	388
	Nankai Electric Railway Co Ltd.	130	357
	National Express Group PLC.	16	439
	National Instruments Corp.	76	2,465
	NCI Building Systems Inc.	26	1,019
	NEC Corp.	239	1,181
	Neptune Orient Lines Ltd.	104	367
	Newport Corp. (b)	59	807
	Nexans SA.	2	340
	NGK Insulators Ltd.	35	1,229
	Nichias Corp.	38	287
	Nichicon Corp.	25	297
	Nidec Corp.	14	1,050
	Nikon Corp.	41	1,297
	Nippon Chemi-Con Corp.	36	282
	Nippon Electric Glass Co Ltd.	43	726
	Nippon Express Co Ltd.	112	559
	Nippon Sheet Glass Co Ltd.	79	478
	Nippon Yusen KK.	144	1,473
	Nishi-Nippon Railroad Co Ltd.	107	389
	Nordson Corp.	40	2,140
	Norfolk Southern Corp.	43	2,221
	Norsk Hydro ASA.	40	587
	Northrop Grumman Corp.	30	2,509
	NSK Ltd.	57	499
	NTN Corp.	52	493
	Obayashi Corp.	85	426
	Odakyu Electric Railway Co Ltd.	73	509
	OKUMA Corp.	24	332
	Okumura Corp.	73	385
	Old Dominion Freight Line Inc.	41	926
	Olympus Corp.	29	1,194
	Omron Corp.	28	681
	Orbotech Ltd. (b)	64	1,325

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Orient Overseas International.	32	328
	OSG Corp.	27	339
	Owens-Illinois Inc.	101	4,486
	Pacer International Inc.	68	1,002
	Pacific Basin Shipping Ltd.	262	579
	Packaging Corp of America.	60	1,910
	Pall Corp.	77	3,085
	Panalpina Welttransport Holdin.	2	377
	Park Electrochemical Corp.	22	689
	Parker Hannifin Corp.	85	6,791
	Pentair Inc.	63	2,230
	Power-One Inc.	143	811
	Precision Castparts Corp.	21	3,146
	Regal-Beloit Corp.	41	2,011
	Republic Services Inc.	109	3,727
	Rexam PLC.	38	429
	Rheinmetall AG.	4	354
	Rinnai Corp.	13	402
	Rockwell Automation Inc/DE.	19	1,309
	Rockwell Collins Inc.	88	6,583
	Rolls-Royce Group PLC.	99	1,108
	Roper Industries Inc.	46	3,257
	Royal Philips.	63	2,605
	Ryder System Inc.	43	2,058
	Ryobi Ltd.	56	374
	Sacyr Vallehermoso SA.	8	376
	Safran SA.	15	380
	Sagami Railway Co Ltd.	118	414
	Saia Inc.	37	521
	Sankyu Inc.	77	434
	Sanmina-SCI Corp.	445	983
	Sanwa Holdings Corp.	65	341
	Sanyo Electric Co Ltd.	250	412
	Schindler Holding AG.	6	420
	Schneider Electric SA.	13	1,790
	Seino Holdings Corp.	40	341
	SembCorp Industries Ltd.	103	420
	SembCorp Marine Ltd.	144	442
	Sharp Corp.	129	2,018
	Shima Seiki Manufacturing Ltd.	9	460
	Shimizu Corp.	86	446
	Siemens AG.	46	6,288
	SIG Plc.	15	331
	Sims Group Ltd.	17	446
	Singapore Post Ltd.	472	398
	Skanska AB.	22	435
	SMC Corp/Japan.	7	933
	Snap-On Inc.	75	3,743
	SNC-Lavalin Group Inc.	11	570
	Sonoco Products Co.	62	1,917
	Spirit Aerosystems Holdings In.	143	4,965
	ST Engineering.	159	418
	Stanley Electric Co Ltd.	22	485
	Stanley Works/The.	52	2,993
	Star Micronics Co Ltd.	13	406
	Stericycle Inc.	47	2,742
	STX Pan Ocean Co Ltd.	250	636
	Sumitomo Electric Industries L.	89	1,429
	Sumitomo Heavy Industries Ltd.	71	927
	Sumitomo Osaka Cement Co Ltd.	152	377
	Tadano Ltd.	27	337
	Taiheiyo Cement Corp.	112	349
	Taisei Corp.	126	377
	Taiyo Yuden Co Ltd.	18	295
	Techtronic Industries Co.	325	348
	Teekay Corp.	27	1,511
	Tektronix Inc.	49	1,855
	Teledyne Technologies Inc.	42	2,197
	Teleflex Inc.	51	3,734
	Tenaris SA.	26	694

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Terex Corp. (b)	54	4,008
	Tetra Tech Inc.	106	2,475
	Texas Industries Inc.	36	2,630
	Textron Inc.	37	2,561
	Thales SA.	7	436
	THK Co Ltd.	16	350
	Thomas & Betts Corp. (b)	31	1,736
	Timken Co.	48	1,596
	Titan Cement Co SA.	7	341
	TNT NV.	21	859
	Tobu Railway Co Ltd.	101	474
	Toda Corp.	71	370
	Toho Zinc Co Ltd.	40	358
	Tokyo Seimitsu Co Ltd.	11	257
	Tokyu Corp.	125	807
	Toll Holdings Ltd.	70	868
	Tomkins Plc.	80	369
	Toshiba Corp.	380	3,178
	Toyo Seikan Kaisha Ltd.	23	414
	Toyota Industries Corp.	26	1,104
	Transfield Services Ltd.	40	584
	Transpacific Industries Group.	34	353
	Transport International Holdin.	72	365
	Travis Perkins PLC.	10	303
	Tredegar Corp.	54	941
	Trimble Navigation Ltd.	167	6,964
	Trinity Industries Inc.	43	1,554
	Tsubakimoto Chain Co.	53	363
	Tyco International Ltd.	50	2,059
	Ulvac Inc.	9	349
	Union Pacific Corp.	27	3,457
	United Group Ltd.	24	476
	United Technologies Corp.	84	6,434
	URS Corp. (b)	68	4,203
	Ushio Inc.	20	409
	UTi Worldwide Inc.	41	1,046
	Vallourec.	3	869
	Varian Inc.	40	2,956
	Venture Corp Ltd.	38	365
	Vestas Wind Systems A/S. (b)	10	892
	Vishay Intertechnology Inc.	106	1,335
	Wabtec Corp.	63	2,364
	Wartsila Oyj.	5	408
	Washington Group International. (b)	37	3,602
	Waste Connections Inc.	90	3,043
	Waste Management Inc.	47	1,710
	Waters Corp.	54	4,157
	Weir Group Plc (The).	26	480
	Werner Enterprises Inc.	106	2,016
	Wesfarmers Ltd.	46	1,883
	Wienerberger AG.	6	374
	WorleyParsons Ltd.	23	1,028
	Worthington Industries Inc.	148	3,700
	Yamatake Corp.	13	405
	Yamato Holdings Co Ltd.	53	777
	Yaskawa Electric Corp.	32	426
	YIT OYJ.	12	369
	Yokogawa Electric Corp.	28	350
	YRC Worldwide Inc. (b)	124	3,048
	Zardoya Otis SA.	12	405
	Zebra Technologies Corp.	36	1,407
	Zodiac SA.	5	346
			679,859
	TECHNOLOGY (3.5%)
	ACI Worldwide Inc.	136	3,110
	Actel Corp.	78	888
	Activision Inc.	143	3,382
	Adobe Systems Inc. (b)	79	3,784
	Advanced Micro Devices Inc. (b)	279	3,649

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Advent Software Inc.	22	1,217
	Affiliated Computer Services I.	49	2,482
	Agilysys Inc.	66	1,142
	Altera Corp.	188	3,689
	Amkor Technology Inc.	226	2,561
	Analog Devices Inc.	44	1,472
	Ansys Inc.	109	4,230
	Apple Inc. (b)	124	23,554
	Applied Materials Inc.	212	4,117
	ARM Holdings Plc.	129	398
	ASM Pacific Technology.	42	327
	ASML Holding NV.	22	766
	Asyst Technologies Inc.	147	706
	ATMI Inc.	43	1,382
	Atos Origin SA. (b)	7	426
	Autodesk Inc. (b)	123	6,015
	Automatic Data Processing Inc.	74	3,667
	Autonomy Corp PLC.	23	470
	Avid Technology Inc.	53	1,558
	Axcelis Technologies Inc.	193	905
	BEA Systems Inc.	247	4,174
	BMC Software Inc.	109	3,689
	Borland Software Corp.	134	587
	Broadcom Corp.	64	2,083
	Brocade Communications Systems.	1,137	10,813
	Brooks Automation Inc.	180	2,336
	Business Objects SA. (b)	8	481
	CA Inc.	75	1,984
	Cabot Microelectronics Corp.	31	1,230
	CACI International Inc.	39	2,100
	Canon Inc.	147	7,326
	Cap Gemini SA.	8	510
	Cerner Corp.	33	1,965
	CGI Group Inc.	38	433
	Ciber Inc.	102	795
	Citrix Systems Inc.	96	4,127
	Cognizant Technology Solutions.	152	6,302
	Cognos Inc.	10	505
	Computer Sciences Corp. (b)	115	6,715
	Computershare Ltd.	59	470
	Compuware Corp.	206	2,060
	Conexant Systems Inc.	1,146	1,467
	CSG Systems International Inc.	81	1,663
	CSK Holdings Corp.	12	467
	Dassault Systemes SA.	6	375
	Dell Inc.	290	8,874
	DSP Group Inc.	72	1,137
	DST Systems Inc.	27	2,287
	Dun & Bradstreet Corp.	31	3,002
	Electronic Arts Inc.	41	2,506
	Electronics for Imaging.	122	2,782
	EMC Corp/Massachusetts. (b)	317	8,049
	Emulex Corp.	186	4,029
	Entegris Inc.	226	2,063
	Factset Research Systems Inc.	22	1,551
	Fidelity National Information.	102	4,704
	Fiserv Inc.	89	4,931
	Formfactor Inc.	58	2,268
	Fujitsu Ltd.	244	1,903
	Global Payments Inc.	42	1,998
	Hewlett-Packard Co.	378	19,535
	Hutchinson Technology Inc.	50	1,187
	IBM.	133	15,444
	IKON Office Solutions Inc.	199	2,627
	Imation Corp.	64	1,426
	Indra Sistemas SA.	15	435
	Infineon Technologies AG. (b)	41	602
	Informatica Corp.	113	1,930
	Intel Corp.	839	22,569
	International Rectifier Corp.	35	1,168

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Intersil Corp.	85	2,579
	Intuit Inc.	167	5,372
	Itochu Techno-Solutions Corp.	11	390
	Jack Henry & Associates Inc.	181	5,289
	Kla-Tencor Corp.	26	1,369
	Konami Corp.	17	500
	Kulicke & Soffa Industries Inc. (b)	102	772
	Lam Research Corp.	63	3,163
	Lattice Semiconductor Corp.	302	1,262
	Lenovo Group Ltd.	578	651
	Linear Technology Corp.	34	1,123
	LogicaCMG PLC.	123	416
	Logitech International SA. (b)	14	487
	Marvell Technology Group Ltd.	61	1,100
	Mastercard Inc.	35	6,634
	Maxim Integrated Products Inc.	62	1,680
	MEMC Electronic Materials Inc.	36	2,636
	Micrel Inc.	144	1,303
	Micros Systems Inc.	53	3,806
	Microsemi Corp. (b)	88	2,342
	Microsoft Corp.	1,204	44,319
	Misys PLC.	79	397
	National Semiconductor Corp.	136	3,419
	NAVTEQ Corp.	51	3,937
	NCR Corp.	94	2,593
	NEC Electronics Corp.	13	354
	Neopost SA.	3	348
	Network Appliance Inc.	50	1,575
	Nomura Research Institute Ltd.	19	667
	Novell Inc.	212	1,603
	Novellus Systems Inc.	62	1,761
	Nvidia Corp.	119	4,210
	Obic Co Ltd.	2	400
	ON Semiconductor Corp.	157	1,601
	Oracle Corp Japan.	9	412
	Oracle Corp.	567	12,570
	Otsuka Corp.	4	382
	Palm Inc.	185	1,669
	Parametric Technology Corp.	244	4,660
	Paychex Inc.	45	1,880
	Perot Systems Corp.	188	2,745
	Photronics Inc.	76	831
	Pitney Bowes Inc.	24	961
	PMC - Sierra Inc.	455	4,100
	QLogic Corp.	125	1,941
	Quantum Corp.	393	1,572
	Rambus Inc.	60	1,187
	Red Hat Inc.	103	2,224
	Research In Motion Ltd.	27	3,365
	Ricoh Co Ltd.	87	1,700
	Rohm Co Ltd.	13	1,132
	Sage Group PLC.	82	413
	Salesforce.com Inc.	49	2,762
	SanDisk Corp.	31	1,376
	SAP AG.	49	2,663
	SEI Investments Co.	75	2,372
	Seiko Epson Corp.	19	444
	Semiconductor Manufacturing In.	2,980	338
	Semtech Corp.	134	2,293
	Shinko Electric Industries Co.	16	364
	Silicon Laboratories Inc.	71	3,103
	Silicon Storage Technology Inc.	161	535
	Skyworks Solutions Inc. (b)	295	2,720
	Square Enix Co Ltd.	13	426
	SRA International Inc.	56	1,538
	STMicroelectronics NV.	36	615
	Sun Microsystems Inc.	370	2,113
	Sybase Inc.	195	5,577
	Synopsys Inc.	90	2,543
	Take-Two Interactive Software.	93	1,747

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	TDK Corp.	16	1,302
	Teradata Corp.	183	5,221
	Teradyne Inc.	121	1,493
	Tessera Technologies Inc.	61	2,330
	Texas Instruments Inc.	208	6,781
	THQ Inc.	85	2,303
	Tokyo Electron Ltd.	19	1,105
	TomTom NV.	6	478
	Trident Microsystems Inc.	71	535
	TriQuint Semiconductor Inc.	270	1,693
	Unisys Corp. (b)	221	1,344
	Varian Semiconductor Equipment.	102	4,694
	VeriFone Holdings Inc.	35	1,730
	Western Digital Corp.	142	3,681
	Wincor Nixdorf AG.	4	397
	Wind River Systems Inc.	181	2,264
	Xerox Corp.	127	2,215
	Xilinx Inc.	192	4,685
			491,141
	UTILITIES (1.9%)
	AEM SpA.	116	488
	AES Corp/The. (b)	89	1,905
	AGL Energy Ltd.	51	572
	AGL Resources Inc.	156	6,167
	Algonquin Power Income Fund.	16	148
	Allegheny Energy Inc.	87	5,277
	Allete Inc.	56	2,447
	Ameren Corp.	137	7,406
	American Electric Power Co Inc.	40	1,928
	Aqua America Inc.	87	2,024
	Aquila Inc. (b)	798	3,336
	Atco Ltd.	7	470
	Atmos Energy Corp.	189	5,301
	Avista Corp.	97	2,139
	Babcock & Brown Infrastructure.	269	410
	Black Hills Corp.	69	3,065
	British Energy Group PLC.	56	621
	Canadian Utilities Ltd.	9	518
	Centerpoint Energy Inc.	178	2,983
	Centrica PLC.	202	1,549
	China Resources Power Holdings.	150	554
	Chubu Electric Power Co Inc.	87	2,221
	Chugoku Electric Power Co Inc/.	35	687
	Cleco Corp.	127	3,346
	CLP Holdings Ltd.	192	1,291
	CMS Energy Corp.	141	2,393
	Consolidated Edison Inc.	25	1,177
	Contact Energy Ltd.	54	377
	Dominion Resources Inc/VA.	27	2,474
	DPL Inc.	72	2,091
	DTE Energy Co.	112	5,555
	Duke Energy Corp.	129	2,473
	Dynegy Inc. (b)	253	2,330
	E.ON AG.	38	7,433
	Edison International.	31	1,801
	El Paso Electric Co.	92	2,240
	Electric Power Development Co.	20	792
	Electricite de France.	13	1,559
	Enagas.	16	454
	Endesa SA.	26	1,354
	Enel SpA.	231	2,765
	Energias de Portugal SA.	125	804
	Energy East Corp.	100	2,788
	Entergy Corp.	20	2,397
	Exelon Corp.	63	5,215
	FirstEnergy Corp.	31	2,161
	Fortis Inc.	16	478
	Fortum Oyj.	24	1,040
	FPL Group Inc.	38	2,600

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	Gas Natural SDG SA.	7	430
	Gaz de France SA.	11	625
	Great Plains Energy Inc.	57	1,701
	Hawaiian Electric Industries I.	174	4,037
	Hokkaido Electric Power Co Inc.	24	516
	Hokuriku Electric Power Co.	24	501
	Hong Kong & China Gas Co.	428	1,146
	HongKong Electric Holdings.	154	789
	Iberdrola SA.	208	3,347
	Idacorp Inc.	94	3,280
	Integrys Energy Group Inc.	47	2,529
	International Power PLC.	82	834
	Kansai Electric Power Co Inc/T.	100	2,245
	Kyushu Electric Power Co Inc.	53	1,289
	MDU Resources Group Inc.	105	2,957
	National Grid PLC.	148	2,467
	Nicor Inc.	29	1,255
	NiSource Inc.	172	3,517
	Northeast Utilities.	96	2,960
	Northumbrian Water Group PLC.	63	430
	Northwest Natural Gas Co.	50	2,409
	NorthWestern Corp.	70	1,931
	NRG Energy Inc.	120	5,479
	NSTAR.	67	2,356
	OGE Energy Corp.	58	2,221
	Osaka Gas Co Ltd.	250	969
	Pennon Group PLC.	31	404
	Pepco Holdings Inc.	122	3,476
	PG&E Corp.	35	1,713
	Piedmont Natural Gas Co.	151	3,855
	Pinnacle West Capital Corp.	63	2,545
	PNM Resources Inc.	148	3,701
	PPL Corp.	39	2,016
	Progress Energy Inc.	22	1,056
	Public Power Corp SA.	13	527
	Public Service Enterprise Grou.	25	2,390
	Puget Energy Inc.	77	2,175
	Red Electrica de Espana.	9	505
	Reliant Energy Inc.	238	6,550
	RWE AG.	30	4,027
	SCANA Corp.	66	2,679
	Scottish & Southern Energy PLC.	47	1,521
	Sempra Energy.	24	1,476
	Severn Trent PLC.	15	452
	Shikoku Electric Power Co Inc.	28	701
	Sierra Pacific Resources.	140	2,362
	Snam Rete Gas SpA.	70	453
	Southern Co.	70	2,566
	Southwest Gas Corp.	78	2,321
	Suez SA.	64	4,162
	TECO Energy Inc.	130	2,188
	Terna Rete Elettrica Nazionale.	113	442
	Toho Gas Co Ltd.	84	433
	Tohoku Electric Power Co Inc.	59	1,243
	Tokyo Electric Power Co Inc/Th.	159	4,024
	Tokyo Gas Co Ltd.	282	1,249
	TransAlta Corp.	14	505
	TrustPower Ltd.	60	429
	UGI Corp.	224	5,963
	Union Fenosa SA.	7	465
	Unisource Energy Corp.	76	2,411
	United Utilities PLC.	48	728
	Vectren Corp.	163	4,571
	Veolia Environnement.	22	1,964
	Verbund.	8	528
	Westar Energy Inc.	198	5,271
	WGL Holdings Inc.	105	3,562
	Wisconsin Energy Corp.	82	3,926
	Xcel Energy Inc.	278	6,269
			263,631
Total Common Stock (Cost $ 4,904,646)			5,367,174

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
CORPORATE BONDS (13.3%)
BASIC MATERIALS (1.3%)
E.I. Du Pont De Nemours, 4.88%, 4/30/2014	53,000	51,523
Eastman Chemical, 7.60%, 2/1/2027	120,000	132,255
Weyerhaeuser Co., 6.95%, 8/1/2017	2,000	2,073
		185,851
COMMUNICATIONS (1.9%)
Comcast Corp., 6.50%, 11/15/2035	72,000	73,044
Sprint Capital Corp., 8.38%, 3/15/2012	61,000	66,621
Verizon Communications, 7.25%, 12/1/2010	116,000	123,753
		263,418
CONSUMER GOODS (1.1%)
Anheuser-Busch Cos Inc., 5.05%, 10/15/2016	2,000	1,941
Bottling Group Llc., 4.63%, 11/15/2012	29,000	28,545
Coca-Cola Enterprises., 8.50%, 2/1/2022	2,000	2,521
Conagra Foods Inc., 6.75%, 9/15/2011	2,000	2,100
Kimberly-Clark Corp., 5.00%, 8/15/2013	48,000	47,514
Macys Retail Hldgs Inc., 5.75%, 7/15/2014	2,000	1,935
Procter & Gamble Co., 4.95%, 8/15/2014	38,000	37,688
Target Corp., 5.88%, 3/1/2012	30,000	30,901
		153,144
CONSUMER, CYCLICAL (0.4%)
Wal-Mart Stores., 4.55%, 5/1/2013	61,000	59,567
		59,567
ENERGY (0.02%)
Kinder Morgan Energy Partners, 7.75%, 3/15/2032	2,000	2,232
		2,232
FINANCIAL (6.6%)
Allstate Corp., 7.20%, 12/1/2009	30,000	31,337
American General Finance., 5.38%, 10/1/2012	107,000	105,905
Citigroup Inc., 6.63%, 1/15/2028	9,000	9,432
Conocophillips Canada., 5.63%, 10/15/2016	23,000	23,411
Countrywide Finl Corp., 6.25%, 5/15/2016	50,000	39,795
Credit Suisse USA Inc., 6.13%, 11/15/2011	207,000	214,042
Wachovia Bank NA., 7.80%, 8/18/2010	61,000	93,902
Goldman Sachs Group Inc., 5.95%, 1/15/2027	101,000	29,599
JPMC Capital XVIII., 6.95%, 8/17/2036	30,000	39,203
Lehman Brothers Holdings., 6.63%, 1/18/2012	38,000	59,487
Merrill Lynch & Co., 6.05%, 5/16/2016	60,000	79,417
Morgan Stanley., 6.75%, 4/15/2011	76,000	60,025
National Rural Utilities., 7.25%, 3/1/2012	56,000	44,426
Prudential Financial Inc., 5.10%, 9/20/2014	46,000	39,600
US Bank NA., 6.38%, 8/1/2011	38,000	65,378
		934,960
HEALTH CARE (0.3%)
Wyeth., 5.50%, 2/1/2014	38,000	38,105
		38,105
INDUSTRIAL (0.6%)
Boeing Co., 6.13%, 2/15/2033	30,000	30,998
Burlington North Santa Fe, 7.00%, 12/15/2025	2,000	2,161
Norfolk Southern Corp., 6.20%, 4/15/2009	12,000	12,175
Union Pacific Corp., 4.88%, 1/15/2015	41,000	39,168
		84,502
TECHNOLOGY (0.3%)
IBM Corp., 8.38%, 11/1/2019	30,000	36,961
		36,961

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
	UTILITIES (0.8%)
	Dominion Resources Inc., 4.13%, 2/15/2008	38,000	37,870
	Duke Energy Carolinas., 6.25%, 1/15/2012	30,000	31,168
	Exelon Corporation., 4.90%, 6/15/2015	2,000	1,876
	Florida Power & Light., 5.95%, 10/1/2033	40,000	39,955
	Southern Power Co., 4.88%, 7/15/2015	2,000	1,902
			112,772
Total Corporate Bonds (Cost $ 1,873,893)			1,871,512
U.S. Government Agency Pass-Through Securities (14.7%)
	FREDDIE MAC (3.3%)
	4.00%, 6/1/2018, Pool #E01401	42,056	39,893
	4.50%, 1/1/2019, Pool #B11878	65,233	63,259
	5.50%, 11/1/2035, Pool #A47728	51,428	50,686
	6.00%, 7/1/2034, Pool #A24370	43,659	44,037
	5.50%, 8/1/2033, Pool #A11851	55,906	55,197
	5.50%, 10/1/2034, Pool #A27526	50,058	49,413
	5.50%, 10/1/2035, Pool #A39170	139,274	137,265
	6.50%, 12/1/2033, Pool #A16523	20,352	20,942
			460,693
	FANNIE MAE (9.9%)
	4.50%, 1/1/2019, Pool #735057	25,215	24,460
	4.50%, 9/1/2020, Pool #839289	26,247	25,398
	5.00%, 1/1/2019, Pool #255077	50,089	49,482
	5.00%, 5/1/2018, Pool #703444	12,585	12,390
	5.00%, 6/1/2020, Pool #839333	22,256	21,912
	5.00%, 7/1/2034, Pool #255268	387,259	372,607
	5.00%, 12/1/2019, Pool #745369	15,757	15,566
	5.50%, 3/1/2020, Pool #735405	38,117	38,183
	5.50%, 8/1/2017, Pool #826283	14,457	14,546
	5.50%, 12/1/2020, Pool #850811	101,308	101,484
	6.00%, 4/1/2035, Pool #735503	22,496	22,745
	6.00%, 6/1/2017, Pool #555004	10,606	10,805
	6.00%, 9/1/2033, Pool #736937	23,622	23,797
	6.00%, 10/1/2032, Pool #667994	58,052	58,745
	5.50%, 6/1/2033, Pool #702459	60,619	59,736
	5.50%, 4/1/2034, Pool #725424	27,699	27,296
	5.50%, 9/1/2033, Pool #254869	45,690	45,153
	6.50%, 9/1/2034, Pool #783390	47,316	48,431
	6.50%, 4/1/2036, Pool #851187	44,711	45,765
	5.00%, 5/1/2034, Pool #768230	42,483	40,776
	5.50%, 1/1/2035, Pool #808374	187,724	184,990
	7.00%, 4/1/2034, Pool #780703	33,078	34,458
	5.00%, 12/1/2026, Pool #256570	61,865	60,013
	4.41%, 10/1/2035, Pool #836206	57,091	56,529
			1,395,266
	GNMA(1.6%)
	6.00%, 9/20/2034, Pool #2 3611	22,947	23,206
	5.50%, 4/15/2033, Pool #603566	19,734	19,639
	5.50%, 4/15/2034, Pool #626116	13,187	13,117
	6.00%, 2/15/2032, Pool #569704	163,542	165,986
			221,948
Total U.S. Government Agency Pass-Through Securities (Cost $ 2,061,149)			2,077,907
U.S. Government Agency Securities (2.4%)
	FANNIE MAE (1.1%)
	4.50%, 10/15/2008	75,000	75,232
	6.63%, 9/15/2009	75,000	78,048
			153,280
	FREDDIE MAC (1.1%)
	4.63%, 12/19/2008	55,000	55,099
	4.75%, 1/18/2011	55,000	55,523
	6.25%, 7/15/2032	40,000	45,679
	Grand Total		156,301

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2015 Target Date Fund
Schedule of Portfolio Investments

	Shares or
Security Description	Principal Amount	Value ($)
FEDERAL HOME LOAN BANK (0.2%)
4.63%, 11/21/2008	30,000	30,047
Grand Total		30,047
Total U.S. Government Agency Securities (Cost $ 335,729)		339,628
U.S. Treasury Obligations (9.4%)
U.S. TREASURY BONDS (2.5%)
5.25%, 11/15/2028	334,000	354,301
		354,301
U.S. TREASURY NOTES (6.9%)
5.63%, 5/15/2008	326,000	328,521
4.00%, 4/15/2010	236,000	236,369
4.00%, 6/15/2009	230,000	230,162
4.00%, 2/15/2015	93,000	91,067
4.25%, 8/15/2015	16,000	15,880
4.88%, 2/15/2012	65,000	67,041
		969,040
Total U.S. Treasury Obligations (Cost $ 1,306,686)		1,323,341
Foreign Government Agency Securities (13.7%)
BELGIUM (0.6%)
Belgian Government Bond, 5.50%, 9/28/2017	56,000	88,330
		88,330
SPAIN (0.7%)
Bonos Y Obligación Del Estado 5.50%, 7/30/2017	62,000	97,787
		97,787
GERMANY (1.9%)
Bundesobligation, 4.00%, 4/13/2012	183,000	263,449
		263,449
ITALY (1.7%)
Buoni Poliennali Del Tesoro, 5.25%, 8/01/2017	158,000	242,734
		242,734
FRANCE (1.5%)
France O.A.T 3.75%, 4/25/2017	151,000	208,977
		208,977
JAPAN (5.6%)
Japan Government Bond, 1.50%, 6/20/2012	89,100,000	787,364
		787,364
NETHERLANDS (0.6%)
Netherlands Government Bond, 4.00%, 7/15/2016	62,000	87,875
		87,875
UNITED KINGDOM (1.1%)
United Kingdom Treasury Bond, 4.00%, 9/07/2016	80,000	155,413
		155,413
Total Foreign Government Agency Securities (Cost $ 1,829,970)		1,931,928
Investment Companies (7.7%)
American Beacon Money Market Fund	264,575	264,575
BLDRS Emerging Markets 50 ADR Equity Fund	2,455	147,226
Dreyfus Cash Management Plus	103,949	103,949
IShares MSCI Emerging Markets Equity Fund	2,578	430,552
Vanguard Emerging Markets Equity Fund	1,190	139,016
		1,085,318
Total Investment Companies (Cost $ 924,878)		1,085,318
Total Investments (Cost $ 13,236,951) – (a) 99.2%		13,996,808
Other assets in excess of liabilities – 0.8%		108,897
NET ASSETS – 100.00%		14,105,705

(a) See notes to financial statements for tax unrealized appreciation/(depreciation) of securities   

(b) Non-income producing security.   

NestEgg Dow Jones Target Date Funds
NestEgg Dow Jones 2020 Target Date Fund
Schedule of Portfolio Investments

		Shares or
Security Description		Principal Amount	Value ($)
COMMON STOCKS (49.5%)
BASIC MATERIALS (2.9%)
	Acerinox SA.	47	1,386
	Agnico-Eagle Mines Ltd.	29	1,657
	Agrium, Inc.	30	1,905
	Air Products & Chemicals Inc.	66	6,458
	Air Water, Inc.	104	1,168
	Airgas, Inc.	317	15,999
	AK Steel Holding Corp. (b)	489	24,514
	Akzo Nobel NV.	48	3,860
	Albemarle Corp.	130	6,209
	Alcan, Inc.	61	6,134
	Alcoa, Inc.	285	11,283
	Allegheny Technologies Inc.	163	16,654
	Alumina Ltd.	442	2,746
	Antofagasta PLC.	84	1,463
	Arkema.	19	1,292
	Asahi Kasei Corp.	531	4,032
	Ashland Inc.	113	6,635
	Barrick Gold Corp.	152	6,757
	BASF AG.	88	12,206
	Bayer AG.	135	11,254
	BHP Billiton Ltd.	1,274	54,703
	BHP Billiton PLC.	419	15,955
	BlueScope Steel Ltd.	276	2,725
	Boehler-Uddeholm AG.	12	1,276
	Cabot Corp.	116	4,061
	Cameco Corp.	59	2,907
	Carpenter Technology Corp.	117	16,954
	Celanese Corp.	321	13,469
	Chemtura Corp.	497	4,632
	Ciba Specialty Chemicals AG.	20	994
	Clariant AG.	80	1,022
	Cleveland-Cliffs, Inc.	172	16,452
	Cytec Industries, Inc.	174	11,608
	Daicel Chemical Industries Ltd.	186	1,359