KeyBank Multiple Investment Trust for Employee Benefit Trusts KeyBank National Association Annual Report December 31, 2016

Transcription

1 KeyBank Multiple Investment Trust for Employee Benefit Trusts KeyBank National Association Annual Report December 31, 2016

2 TABLE OF CONTENTS KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS Year Ended December 31, 2016 Page REPORT OF INDEPENDENT AUDITORS... 1 EB CONVERTIBLE SECURITIES FUND Financial Statements Statement of Net Assets... 2 Statement of Operations... 3 Statements of Changes in Net Assets... 4 Schedule of Investments Held... 5 Supplementary Information Investments Purchased... 9 Investments Sold or Matured Other Investment Changes EB CORE BOND INDEX FUND Financial Statements Statement of Net Assets Statement of Operations Statements of Changes in Net Assets Schedule of Investments Held Supplementary Information Investments Purchased Investments Sold or Matured EB EQUITY INDEX FUND Financial Statements Statement of Net Assets Statement of Operations Statements of Changes in Net Assets Schedule of Investments Held Supplementary Information Investments Purchased Investments Sold or Matured Other Investment Changes... 45

3 TABLE OF CONTENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS EB LARGE CAP CORE EQUITY FUND Page Financial Statements Statement of Net Assets Statement of Operations Statements of Changes in Net Assets Supplementary Information Investments Purchased Investments Sold or Matured Other Investment Changes EB SHORT TERM INVESTMENT FUND Financial Statements Statement of Net Assets Statements of Operations and Changes in Net Assets Schedule of Investments Held Supplementary Information Investments Purchased Investments Sold or Matured EB SMALL CAP VALUE EQUITY FUND Financial Statements Statement of Net Assets Statement of Operations Statements of Changes in Net Assets Schedule of Investments Held Supplementary Information Investments Purchased Investments Sold or Matured Other Investment Changes NOTES TO FINANCIAL STATEMENTS... 73

4 Ernst & Young LLP Suite Main Avenue Cleveland, OH Tel: Fax: ey.com Report of Independent Auditors The Board of Directors and Participants KeyBank National Association We have audited (1) the accompanying financial statements of the EB Convertible Securities Fund, EB Core Bond Index Fund, EB Equity Index Fund, EB Large Cap Core Equity Fund and the EB Small Cap Value Equity Fund of KeyBank National Association, which comprise the statements of net assets, including the schedules of investments held, as of December 31, 2016, the related statements of operations for the year then ended, the statements of changes in net assets for the years ended December 31, 2016 and 2015, and the related notes to the financial statements, and (2) the accompanying financial statements of the EB Short Term Investment Fund of KeyBank National Association, which comprise the statement of net assets, including the schedule of investments held, as of December 31, 2016, the related statements of operations and changes in net assets for the years ended December 31, 2016 and 2015, and the related notes to the financial statements. The aforementioned funds are hereinafter collectively referred to as the Funds. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Funds preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the EB Convertible Securities Fund, EB Core Bond Index Fund, EB Equity Index Fund, EB Large Cap Core Equity Fund, EB Small Cap Value Equity Fund, and the EB Short Term Investment Fund of KeyBank National Association at December 31, 2016, and the results of their operations and changes in their net assets for the years indicated in conformity with U.S. generally accepted accounting principles. Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying schedules of investments purchased, investments sold or matured, and other investment changes are presented for purposes of additional analysis and are not a required part of financial statements, but are supplementary information required by Regulation 9 of the Comptroller of the Currency. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. March 31, 2017 A member firm of Ernst & Young Global Limited 1 ey

5 STATEMENT OF NET ASSETS EB CONVERTIBLE SECURITIES FUND December 31, 2016 Fair Value ASSETS Investments: Convertible preferred stock(s) $9,507,477 $9,439,839 Convertible bond(s) 29,128,143 34,193,327 Short-term investment(s) 251, ,974 $38,887,594 43,885,140 Accrued income receivable 176,794 Receivable from investment sold 64,133 TOTAL ASSETS 44,126,067 LIABILITIES Accrued audit expense 700 Accrued administrative expense 455 TOTAL LIABILITIES 1,155 NET ASSETS (equivalent to $ per unit based on 283,566 units) $44,124,912 See notes to financial statements. 2

6 STATEMENT OF OPERATIONS EB CONVERTIBLE SECURITIES FUND Year Ended December 31, 2016 NET INVESTMENT INCOME Convertible preferred stock dividends $552,437 Convertible bond interest 476,950 Short-term investment interest* 6,086 1,035,473 Less audit expense (8,400) Less administrative expenses (5,080) NET INVESTMENT INCOME $1,021,993 NET REALIZED GAIN AND UNREALIZED APPRECIATION ON INVESTMENTS Net realized gain from investment transactions: Proceeds from investments sold or matured $15,326,161 of investments sold or matured 13,712,484 Net realized gain $1,613,677 Unrealized appreciation on investments: Beginning of year 4,729,055 End of year 4,997,546 Unrealized appreciation on investments 268,491 NET REALIZED GAIN AND UNREALIZED APPRECIATION ON INVESTMENTS $1,882,168 *Represents income from KeyBank collective investment fund(s). See notes to financial statements. 3

7 STATEMENTS OF CHANGES IN NET ASSETS EB CONVERTIBLE SECURITIES FUND Year Ended December FROM INVESTMENT ACTIVITIES Net investment income $1,021,993 $1,103,225 Net realized gain from investment transactions 1,613, ,462 Unrealized appreciation (depreciation) on investments 268,491 (1,587,180) INCREASE IN NET ASSETS DERIVED FROM INVESTMENT ACTIVITIES 2,904,161 79,507 FROM PARTICIPANT TRANSACTIONS Proceeds from sale of units ( units; units) 0 4,995 of units redeemed ( ,250 units; ,674 units) (1,095,127) (4,347,551) DECREASE IN NET ASSETS DERIVED FROM PARTICIPANT TRANSACTIONS (1,095,127) (4,342,556) INCREASE (DECREASE) IN NET ASSETS 1,809,034 (4,263,049) NET ASSETS Beginning of year ( ,816 units; ,457 units) 42,315,878 46,578,927 End of year ( ,566 units; ,816 units) $44,124,912 $42,315,878 See notes to financial statements. 4

8 SCHEDULE OF INVESTMENTS HELD EB CONVERTIBLE SECURITIES FUND December 31, 2016 Shares CONVERTIBLE PREFERRED STOCK(S) (21.39% of net assets) Fair Value CONSUMER STAPLES (0.67%) 4,400 Tyson Foods, Inc. $228,559 $297,660 ENERGY (1.16%) 1,770 CenterPoint Energy, Inc. 112, ,922 5,310 Hess Corp. 303, ,135 TOTAL ENERGY 416, ,057 FINANCIALS (5.09%) 1,886 Wells Fargo & Co. 2,217,720 2,244,340 FOREIGN (1.06%) 615 Allergan PLC 583, ,913 MATERIALS (0.38%) 5,567 Arconic, Inc. 263, ,845 MISCELLANEOUS (4.84%) 20,850 AMG Capital Trust II 1,222,836 1,138,281 20,046 NY Community Capital Trust* 975, ,692 TOTAL MISCELLANEOUS 2,198,675 2,136,973 REAL ESTATE (1.61%) 11,807 Welltower, Inc. 738, ,545 UTILITIES (6.58%) 27,191 Dominion Resources, Inc. 1,374,127 1,364,944 3,210 DTE Energy Co. 162, ,130 25,980 NextEra Energy, Inc. 1,323,317 1,368,432 TOTAL UTILITIES 2,860,160 2,903,506 Par Value TOTAL CONVERTIBLE PREFERRED STOCK(S) 9,507,477 9,439,839 CONVERTIBLE BOND(S) (77.49% of net assets) CONSUMER DISCRETIONARY (4.16%) $1,165,000 Priceline.Com, Inc. 1.00% 03/15/18 1,454,483 1,834,153 5

9 SCHEDULE OF INVESTMENTS HELD--continued EB CONVERTIBLE SECURITIES FUND Par Value CONVERTIBLE BOND(S)--continued Fair Value FINANCIALS (11.86%) 1,045,000 Ares Capital Corp % 03/15/17 1,072,088 1,048, ,000 Ares Capital Corp % 01/15/19 208, , ,000 Blackrock Kelso Capital Corp. 5.50% 02/15/18 474, , ,000 Janus Capital Group, Inc. 0.75% 07/15/18 731, ,669 1,133,000 Jefferies Group, Inc % 11/01/29 1,176,255 1,144, ,000 Old Republic International Corp. 3.75% 03/15/18 1,021,441 1,054, ,000 Prospect Capital Corp % 01/15/19 510, ,637 TOTAL FINANCIALS 5,194,809 5,232,503 HEALTH CARE (17.23%) 795,000 Alza Corp. 0.00% 07/28/20 986,869 1,255, ,000 Bristol-Myers Squibb Co. Fl. Rt. 09/15/23 778, , ,000 Illumina, Inc. 0.00% 06/15/19 750, , ,000 Illumina, Inc. 0.50% 06/15/21 857, , ,000 Medidata Solutions, Inc. 1.00% 08/01/18 194, ,410 1,256,000 Teva Pharmaceutical Finance 0.25% 02/01/26 1,479,012 1,375,320 1,263,000 WellPoint, Inc. 2.75% 10/15/42 1,669,880 2,513,370 TOTAL HEALTH CARE 6,717,397 7,602,400 INDUSTRIALS (8.09%) 405,000 Danaher Corp. 0.00% 01/22/21 862,598 1,204, ,000 Macquarie Infrastructure Co. LLC 2.875% 07/15/19 869, , ,000 Macquarie Infrastructure Corp. 2.00% 10/01/23 537, , ,000 Toll Brothers Finance Corp. 0.50% 09/15/32 979, ,497 TOTAL INDUSTRIALS 3,248,925 3,569,903 INFORMATION TECHNOLOGY (29.95%) 99,000 Citrix Systems, Inc. 0.50% 04/15/19 106, ,592 1,515,000 Intel Corp. 3.25% 08/01/39 1,854,830 2,671, ,000 Lam Research Corp. 1.25% 05/15/18 1,072,017 1,535, ,000 Micron Technology, Inc. 3.00% 11/15/43 660, , ,000 Novellus Systems, Inc % 05/15/41 1,013,996 1,961, ,000 Nvidia Corp. 1.00% 12/01/18 1,202,893 2,045, ,000 Priceline Group, Inc. 0.50% 06/15/21 793, ,825 1,236,000 Red Hat, Inc. 0.25% 10/01/19 1,421,561 1,442, ,000 Teradyne, Inc. 1.25% 12/15/23 115, , ,000 Twitter, Inc. 1.00% 09/15/21 501, , ,000 Xilinx, Inc % 06/15/17 1,034,241 1,323,788 TOTAL INFORMATION TECHNOLOGY 9,776,017 13,221,274 6

10 SCHEDULE OF INVESTMENTS HELD--continued EB CONVERTIBLE SECURITIES FUND Par Value CONVERTIBLE BOND(S)--continued Fair Value MATERIALS (4.60%) 1,110,000 Newmont Mining Corp % 07/15/17 1,168,638 1,131, ,000 RPM International, Inc. 2.25% 12/15/20 840, ,660 TOTAL MATERIALS 2,008,984 2,029,172 REAL ESTATE (1.60%) 670,000 Spirit Realty Capital, Inc. 3.75% 05/15/21 727, ,922 TOTAL CONVERTIBLE BOND(S) 29,128,143 34,193,327 Units SHORT-TERM INVESTMENT(S) (0.57% of net assets) 251,974 EB Short Term Investment Fund of KeyBank National Association 251, ,974 TOTAL INVESTMENTS HELD $38,887,594 $43,885,140 *Contingent payment debt instrument 7

11 SCHEDULE OF INVESTMENTS HELD--continued EB CONVERTIBLE SECURITIES FUND Other Information The following is a summary of investments by fair value level based upon the inputs used to determine the fair values as of December 31, The inputs and methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their impact on investments aggregated into the levels used in the table below, please refer to Note A, Investment Valuation, in the accompanying Notes to Financial Statements. Investments Level 1 Level 2 Level 3 Total CONVERTIBLE PREFERRED STOCK(S) $9,439,839 $ - $ - $ 9,439,839 CONVERTIBLE BOND(S) - 34,193,327-34,193,327 SHORT-TERM INVESTMENT(S)* ,974 $9,439,839 $34,193,327 $ - $43,885,140 *In accordance with ASC , certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Net Assets. See notes to financial statements. 8

12 SUPPLEMENTARY INFORMATION INVESTMENTS PURCHASED EB CONVERTIBLE SECURITIES FUND Year Ended December 31, 2016 Convertible preferred stock(s) $2,910,092 Convertible bond(s) 6,056,131 Short-term investment(s) 6,137,368 TOTAL INVESTMENTS PURCHASED $15,103,591 9

13 SUPPLEMENTARY INFORMATION INVESTMENTS SOLD OR MATURED EB CONVERTIBLE SECURITIES FUND Year Ended December 31, 2016 Net Proceeds Gain Common stock(s) $1,209,778 $116,505 Convertible preferred stock(s) 1,755, ,243 Convertible bond(s) 6,251,404 1,395,929 Short-term investment(s) 6,109,790 0 TOTAL INVESTMENTS SOLD OR MATURED $15,326,161 $1,613,677 10

14 SUPPLEMENTARY INFORMATION OTHER INVESTMENT CHANGES EB CONVERTIBLE SECURITIES FUND Year Ended December 31, 2016 Shares CONVERSIONS 8,119 DOMINION RESOURCES, INC. Received on the conversion of Dominion Resources, Inc. 6.00% 07/01/19 8,128 DOMINION RESOURCES, INC. Received on the conversion of Dominion Resources, Inc % 04/01/21 NAME CHANGE ARCONIC, INC. Changed from Alcoa, Inc. 11

15 STATEMENT OF NET ASSETS EB CORE BOND INDEX FUND December 31, 2016 Fair Value ASSETS Investments: U.S. Government and agency obligation(s) $25,455,212 $25,003,276 Corporate bond(s) 17,753,913 17,553,271 Other mortgage related security(ies) 13,316,953 13,295,504 State and municipal bond(s) 307, ,842 Short-term investment(s) 14,235,442 14,235,442 $71,069,431 70,392,335 Accrued income receivable 389,544 TOTAL ASSETS 70,781,879 LIABILITIES Payable for investments purchased 13,316,953 Accrued audit expense 700 Accrued administrative expense 609 TOTAL LIABILITIES 13,318,262 NET ASSETS (equivalent to $ per unit based on 263,619 units) $57,463,617 See notes to financial statements. 12

16 STATEMENT OF OPERATIONS EB CORE BOND INDEX FUND Year Ended December 31, 2016 NET INVESTMENT INCOME U.S. Government and agency obligation interest $859,704 Corporate bond interest 740,638 State and municipal bond interest 16,482 Short-term investment interest* 83,068 1,699,892 Less audit expense (8,400) Less administrative expense (7,366) NET INVESTMENT INCOME $1,684,126 NET REALIZED LOSS AND UNREALIZED DEPRECIATION ON INVESTMENTS Net realized loss from investment transactions: Proceeds from investments sold or matured $188,946,323 of investments sold or matured 189,177,641 Net realized loss ($231,318) Unrealized depreciation on investments: Beginning of year (614,253) End of year (677,096) Unrealized depreciation on investments (62,843) NET REALIZED LOSS AND UNREALIZED DEPRECIATION ON INVESTMENTS ($294,161) *Represents income from KeyBank collective investment fund(s). See notes to financial statements. 13

17 STATEMENTS OF CHANGES IN NET ASSETS EB CORE BOND INDEX FUND Year Ended December FROM INVESTMENT ACTIVITIES Net investment income $1,684,126 $1,781,971 Net realized loss from investment transactions (231,318) (17,349) Unrealized depreciation on investments (62,843) (1,177,740) INCREASE IN NET ASSETS DERIVED FROM INVESTMENT ACTIVITIES 1,389, ,882 FROM PARTICIPANT TRANSACTIONS Proceeds from sale of units ( ,259 units; ,980 units) 2,472,656 2,341,759 of units redeemed ( ,645 units; ,893 units) (8,237,093) (9,321,735) DECREASE IN NET ASSETS DERIVED FROM PARTICIPANT TRANSACTIONS (5,764,437) (6,979,976) DECREASE IN NET ASSETS (4,374,472) (6,393,094) NET ASSETS Beginning of year ( ,005 units; ,918 units) 61,838,089 68,231,183 End of year ( ,619 units; ,005 units) $57,463,617 $61,838,089 See notes to financial statements. 14

18 SCHEDULE OF INVESTMENTS HELD EB CORE BOND INDEX FUND December 31, 2016 Par Value Fair Value U.S. GOVERNMENT AND AGENCY OBLIGATION(S) (43.51% of net assets) $2,250 Fannie Mae 5.00% 05/01/18 $2,098 $2, ,000 Fannie Mae 0.875% 05/21/18 164, , Fannie Mae 4.50% 07/01/ Fannie Mae 4.50% 10/01/18 1, ,243 Fannie Mae 8.00% 11/01/19 3,155 1,305 2,699 Fannie Mae 5.00% 02/01/20 2,548 2, ,000 Fannie Mae 2.625% 09/06/24 508, ,840 1,131 Fannie Mae 6.50% 12/01/25 1,208 1, ,329 Fannie Mae 4.00% 01/01/26 234, , Fannie Mae 7.00% 12/01/27 1, Fannie Mae 6.00% 09/01/ ,471 Fannie Mae 6.50% 09/01/ ,665 12,163 Fannie Mae 8.00% 11/01/28 31,883 13,584 1,372 Fannie Mae 6.50% 03/01/29 1,568 1,552 95,198 Fannie Mae 6.50% 05/01/29 122, ,708 1,008 Fannie Mae 7.50% 10/01/29 1,149 1,025 2,514 Fannie Mae 8.00% 03/01/30 5,558 2, ,000 Fannie Mae 7.25% 05/15/30 172, , Fannie Mae 7.50% 10/01/ ,000 Fannie Mae 6.625% 11/15/30 210, , Fannie Mae 7.50% 12/01/ Fannie Mae 7.00% 01/01/31 1,014 1, Fannie Mae 6.50% 09/01/31 1,279 1,034 19,476 Fannie Mae 6.50% 07/01/32 28,790 22,309 2,626 Fannie Mae 6.00% 09/01/32 3,117 2,984 2,098 Fannie Mae 7.00% 09/01/32 2,876 2,198 1,991 Fannie Mae 5.50% 01/01/33 2,253 2,212 48,563 Fannie Mae 5.50% 02/01/33 57,828 54,440 30,054 Fannie Mae 5.50% 03/01/33 33,920 33,684 68,133 Fannie Mae 5.00% 06/01/33 41,508 74,702 45,070 Fannie Mae 5.50% 07/01/33 57,048 50,486 1,360 Fannie Mae 5.00% 08/01/33 1,225 1,490 17,511 Fannie Mae 5.50% 08/01/33 19,957 19,459 6,318 Fannie Mae 5.00% 09/01/33 3,666 6,921 4,169 Fannie Mae 4.50% 10/01/33 3,479 4, ,714 Fannie Mae 5.00% 11/01/33 301, ,920 11,672 Fannie Mae 6.00% 12/01/33 19,101 13,362 42,964 Fannie Mae 5.00% 03/01/34 41,018 47,187 7,425 Fannie Mae 5.00% 04/01/34 7,693 8,129 8,068 Fannie Mae 5.00% 07/01/34 9,075 8,852 2,104 Fannie Mae 5.50% 12/01/34 2,288 2,358 92,378 Fannie Mae 4.50% 01/01/35 80,792 99, ,115 Fannie Mae 6.00% 08/01/35 186, ,939 15

19 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Par Value Fair Value U.S. GOVERNMENT AND AGENCY OBLIGATION(S)--continued 1,710 Fannie Mae 6.00% 12/01/35 2,108 1,938 27,610 Fannie Mae 5.00% 02/01/36 32,443 30,151 10,715 Fannie Mae 6.00% 06/01/36 12,041 12,290 20,273 Fannie Mae 6.00% 11/01/36 22,235 22,998 1,704 Fannie Mae 6.00% 12/01/36 1,666 1, ,035 Fannie Mae 6.00% 01/01/37 153, ,097 2,063 Fannie Mae 6.00% 05/01/37 2,613 2,339 25,695 Fannie Mae 5.00% 07/01/37 25,110 28,205 30,792 Fannie Mae 5.50% 08/01/38 39,733 34, ,372 Fannie Mae 4.00% 07/01/40 138, , ,890 Fannie Mae 4.50% 08/01/40 232, , ,089 Fannie Mae 4.00% 10/01/40 190, ,400 48,711 Fannie Mae 7.50% 08/25/41 93,533 58, ,785 Fannie Mae 3.50% 05/01/42 196, , ,000 Freddie Mac 4.875% 06/13/18 425, , ,000 Freddie Mac 3.75% 03/27/19 520, , ,000 Freddie Mac 2.375% 01/13/22 609, ,256 1,227 Freddie Mac 8.50% 06/01/25 1,536 1,392 1,664 Freddie Mac 6.00% 04/01/ ,880 2,001 Freddie Mac 6.50% 05/01/ , Freddie Mac 7.00% 09/01/27 1,130 1, Freddie Mac 6.00% 04/01/ ,496 Freddie Mac 6.50% 07/01/ ,726 3,207 Freddie Mac 6.50% 01/01/29 4,755 3,647 1,763 Freddie Mac 6.00% 03/01/ , Freddie Mac 6.50% 06/01/ ,000 Freddie Mac 6.75% 09/15/29 98,601 89, ,000 Freddie Mac 6.75% 03/15/31 167, ,033 3,901 Freddie Mac 7.00% 04/01/32 4,862 4, ,000 Freddie Mac 6.25% 07/15/32 169, ,256 2,831 Freddie Mac 5.00% 05/01/34 2,682 3,107 22,511 Freddie Mac 5.00% 06/01/34 6,936 24,639 11,250 Freddie Mac 6.50% 11/01/34 13,022 12,707 1,681 Freddie Mac 5.50% 10/01/36 2,122 1,882 4,572 Freddie Mac 6.50% 05/01/37 5,854 5,164 8,148 Freddie Mac Gold 4.50% 03/01/20 9,374 8,504 3,424 Freddie Mac Gold 6.50% 08/01/29 4,392 3,868 42,949 Freddie Mac Gold 5.50% 05/01/33 45,129 48,291 18,428 Freddie Mac Gold 5.00% 06/01/33 12,182 20,257 82,862 Freddie Mac Gold 5.00% 08/01/33 68,842 91,756 8,904 Freddie Mac Gold 5.50% 10/01/33 9,577 10,011 15,298 Freddie Mac Gold 6.50% 11/01/34 15,814 17, ,839 Freddie Mac Gold 4.50% 12/01/39 423, ,221 1,257 Government Nat l Mtg. Assn. 7.00% 12/15/23 1,446 1,394 5,382 Government Nat l Mtg. Assn. 7.00% 03/15/28 6,195 5,558 7,370 Government Nat l Mtg. Assn. 6.50% 06/15/28 7,838 8,419 16

20 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Par Value Fair Value U.S. GOVERNMENT AND AGENCY OBLIGATION(S)--continued 2,344 Government Nat l Mtg. Assn. 6.50% 07/15/28 2,604 2, Government Nat l Mtg. Assn. 7.00% 09/15/ ,249 Government Nat l Mtg. Assn. 5.00% 07/15/33 33,056 30,115 16,084 Government Nat l Mtg. Assn. 5.50% 07/15/34 19,367 18, ,096 Government Nat l Mtg. Assn. 7.50% 02/15/35 196, , ,190 Government Nat l Mtg. Assn. 4.50% 06/15/40 157, , ,481 Government Nat l Mtg. Assn. II 4.50% 02/20/40 193, , ,897 Government Nat l Mtg. Assn. II 5.00% 05/20/40 204, , ,306 Government Nat l Mtg. Assn. II 3.50% 08/20/42 205, , ,000 U.S. Treasury Bond 2.50% 05/15/24 267, , ,000 U.S. Treasury Bond 2.375% 08/15/24 214, , ,000 U.S. Treasury Bond 2.00% 02/15/25 166, , ,000 U.S. Treasury Bond 2.125% 05/15/25 215, ,668 1,421,000 U.S. Treasury Bond 6.125% 11/15/27 1,961,382 1,907,025 1,600,000 U.S. Treasury Bond 4.375% 05/15/40 1,912,658 1,976, ,000 U.S. Treasury Bond 2.75% 11/15/42 169, , ,000 U.S. Treasury Bond 3.375% 05/15/44 264, , ,000 U.S. Treasury Bond 3.125% 08/15/44 135, , ,000 U.S. Treasury Bond 3.00% 11/15/45 201, , ,000 U.S. Treasury Bond 2.50% 02/15/46 488, , ,000 U.S. Treasury Note 2.875% 03/31/18 386, , ,000 U.S. Treasury Note 1.375% 06/30/18 719, , ,000 U.S. Treasury Note 1.375% 09/30/18 170, ,637 2,391,000 U.S. Treasury Note 3.125% 05/15/19 2,632,425 2,492, ,000 U.S. Treasury Note 1.625% 06/30/19 171, , ,000 U.S. Treasury Note 1.625% 08/31/19 167, , ,000 U.S. Treasury Note 3.375% 11/15/19 168, , ,000 U.S. Treasury Note 1.50% 11/30/19 152, , ,000 U.S. Treasury Note 1.625% 12/31/19 153, , ,000 U.S. Treasury Note 1.25% 01/31/20 151, , ,000 U.S. Treasury Note 3.625% 02/15/20 163, , ,000 U.S. Treasury Note 1.375% 02/29/20 152, , ,000 U.S. Treasury Note 1.375% 03/31/20 152, ,216 2,216,000 U.S. Treasury Note 2.625% 08/15/20 2,353,615 2,291, ,000 U.S. Treasury Note 2.625% 11/15/20 164, , ,000 U.S. Treasury Note 2.25% 07/31/21 526, , ,000 U.S. Treasury Note 2.125% 08/15/21 162, , ,000 U.S. Treasury Note 2.00% 11/15/21 119, , ,000 U.S. Treasury Note 1.625% 11/15/22 706, , ,000 U.S. Treasury Note 2.00% 02/15/23 790, , ,000 U.S. Treasury Note 1.375% 06/30/23 499, , ,000 U.S. Treasury Note 2.50% 08/15/23 222, , ,000 U.S. Treasury Note 2.75% 11/15/23 164, , ,000 U.S. Treasury Note 2.75% 02/15/24 166, , ,000 U.S. Treasury Note 2.25% 11/15/24 261, ,406 17

21 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Par Value Fair Value U.S. GOVERNMENT AND AGENCY OBLIGATION(S)--continued 150,000 U.S. Treasury Note 2.00% 08/15/25 153, , ,000 U.S. Treasury Note 2.25% 11/15/25 156, , ,000 U.S. Treasury Note 1.50% 08/15/26 497, ,865 TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION(S) 25,455,212 25,003,276 CORPORATE BOND(S) (30.55% of net assets) CORPORATE ASSET/MORTGAGE BACKED (0.07%) 38,110 Continental Airlines, Inc. 4.75% 07/12/22 40,716 40,206 FINANCE (8.51%) 200,000 American Express Co % 12/05/24 209, , ,000 Bank of America Corp. 5.65% 05/01/18 145, , ,000 Bank of America Corp % 07/01/20 282, ,390 65,000 Bank of New York Co., Inc. 3.55% 09/23/21 70,777 67, ,000 Berkshire Hathaway Finance Corp. 4.25% 01/15/21 421, ,697 65,000 Berkshire Hathaway Finance Corp. 4.40% 05/15/42 67,868 68,429 90,000 BlackRock, Inc. 5.00% 12/10/19 100,452 97, ,000 Boeing Capital Corp. 2.90% 08/15/18 105, ,208 55,000 Boston Properties LP 3.85% 02/01/23 58,668 56,433 65,000 Capital One Financial Corp. 4.75% 07/15/21 69,868 70, ,000 Capital One Financial Corp. 3.75% 07/28/26 252, ,350 65,000 Citigroup, Inc % 07/15/39 101,456 96,585 40,000 Fifth Third Bancorp 3.50% 03/15/22 42,509 40, ,000 Ford Motor Credit Co. 3.20% 01/15/21 307, , ,000 General Electric Capital Corp % 05/01/18 178, , ,000 General Electric Capital Corp. 4.65% 10/17/21 187, ,480 78,000 General Electric Capital Corp. 6.15% 08/07/37 81, , ,000 Goldman Sachs Group, Inc. 5.25% 07/27/21 170, , ,000 Goldman Sachs Group, Inc. 5.75% 01/24/22 218, , ,000 Goldman Sachs Group, Inc. 6.25% 02/01/41 106, ,155 55,000 John Deere Capital Corp. 2.25% 04/17/19 56,736 55, ,000 JP Morgan Chase & Co. 2.55% 10/29/20 300, , ,000 JP Morgan Chase & Co. 6.40% 05/15/38 142, ,972 41,000 MetLife, Inc. 5.70% 06/15/35 42,666 48, ,000 Morgan Stanley 3.875% 04/29/24 283, ,904 55,000 National Rural Utilities Cooperative 3.05% 02/15/22 58,670 56,219 74,000 PNC Funding Corp % 02/08/20 83,198 80,065 55,000 Prudential Financial, Inc % 12/01/37 62,885 69, ,000 Simon Property Group LP 4.375% 03/01/21 127, ,933 73,000 Simon Property Group LP 6.75% 02/01/40 91,525 97,414 75,000 Toyota Motor Credit Corp. 4.25% 01/11/21 82,803 80,548 30,000 Travelers Companies, Inc. 5.80% 05/15/18 36,985 31,648 35,000 Trustees of Princeton University 5.70% 03/01/39 46,594 45,954 70,000 Wells Fargo & Co. 4.30% 07/22/27 74,989 72, ,000 Wells Fargo & Co. 4.90% 11/17/45 253, ,780 TOTAL FINANCE 4,922,082 4,888,773 18

22 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Par Value CORPORATE BOND(S)--continued Fair Value FOREIGN (4.68%) 300,000 Actavis Funding Services 3.45% 03/15/22 308, ,503 50,000 America Movil 5.00% 03/30/20 57,556 53, ,000 Astrazeneca PLC 6.45% 09/15/37 135, ,369 50,000 Bank of Montreal 2.55% 11/06/22 50,261 49,390 65,000 Bank of Nova Scotia 4.375% 01/13/21 72,625 69,379 55,000 BHP Billiton Finance USA, Ltd. 3.25% 11/21/21 57,494 56,665 55,000 BP Capital Markets PLC 3.245% 05/06/22 58,566 56,162 75,000 British Columbia 2.65% 09/22/21 80,022 76,496 50,000 Corporacion Andina de Fomento 4.375% 06/15/22 54,791 53,043 81,000 Deutsche Telekom International Finance 8.25% 06/15/30 111, ,080 65,000 European Investment Bank 2.875% 09/15/20 70,236 67, ,000 HSBC Holdings PLC 4.875% 01/14/22 174, , ,000 International Finance Corp % 04/07/26 204, , ,000 KfW Bankengruppe 4.00% 01/27/20 128, , ,000 Koninklijke Philips Electronics, Inc. 3.75% 03/15/22 117, , ,000 Ontario Province 4.00% 10/07/19 109, ,052 30,000 Republic of Chile 3.625% 10/30/42 28,975 27,912 30,000 Republic of Colombia 7.375% 03/18/19 39,896 33,375 30,000 Republic of Italy 6.875% 09/27/23 35,219 34,930 75,000 Republic of Poland 5.00% 03/23/22 83,804 81,701 82,000 Shell International Finance BV 4.30% 09/22/19 86,833 86,989 70,000 Statoil ASA 3.15% 01/23/22 72,632 71,428 35,000 Sumitomo Mitsui Banking Corp. 3.00% 01/18/23 34,645 34,648 55,000 Suncor Energy, Inc. 6.50% 06/15/38 74,446 70,276 60,000 Toronto Dominion Bank 2.625% 09/10/18 61,706 60,920 76,000 TransCanada PipeLines Ltd. 3.80% 10/01/20 75,793 79, ,000 United Mexican States 5.95% 03/19/19 133, ,418 85,000 United Mexican States 6.05% 01/11/40 95,865 91,927 49,000 Vodafone Group PLC 6.15% 02/27/37 46,705 54,947 70,000 Westpac Banking Corp % 11/19/19 75,062 75,115 TOTAL FOREIGN 2,736,427 2,689,834 INDUSTRIALS (9.92%) 93,000 Abbott Laboratories 5.30% 05/27/40 101,651 99,602 92,000 Altria Group, Inc. 4.75% 05/05/21 106, , ,000 Amgen, Inc. 4.10% 06/15/21 143, ,313 64,000 Anadarko Petroleum Corp. 6.45% 09/15/36 65,446 76,171 80,000 Anheuser-Busch Cos., Inc % 02/15/21 92,355 85,635 35,000 Anheuser-Busch Cos., Inc. 2.50% 07/15/22 34,459 34,447 65,000 Apache Corp % 02/01/21 71,094 67, ,000 Apple, Inc. 2.40% 05/03/23 128, , ,000 Apple, Inc. 3.85% 05/04/43 172, , ,000 AutoZone, Inc % 07/15/23 206, ,040 12,000 Barrick North America Finance LLC 4.40% 05/30/21 13,142 12,610 60,000 Berkshire Hathaway, Inc. 3.75% 08/15/21 63,818 63,542 19

23 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Par Value CORPORATE BOND(S)--continued Fair Value INDUSTRIALS--continued 50,000 Boston Scientific Corp % 01/15/40 67,185 62,187 39,000 Caterpillar, Inc. 6.05% 08/15/36 45,033 48, ,000 Chevron Corp % 06/24/23 264, ,070 45,000 Cisco Systems, Inc. 4.45% 01/15/20 52,863 48, ,000 Coca-Cola Co. 3.20% 11/01/23 168, , ,000 Coca-Cola Enterprises, Inc. 8.50% 02/01/22 204, ,845 44,000 Comcast Corp. 5.15% 03/01/20 50,393 48,029 70,000 Comcast Corp. 6.45% 03/15/37 69,574 90,381 67,000 Conoco, Inc. 6.95% 04/15/29 85,397 84, ,000 ConocoPhillips 6.50% 02/01/39 298, , ,000 CVS Caremark Corp. 2.75% 12/01/22 171, ,472 85,000 Dow Chemical Co % 11/15/21 94,046 89,814 61,000 Dow Chemical Co % 11/01/29 76,882 80,154 65,000 Du Pont E.I. de Nemours & Co. 6.00% 07/15/18 75,668 69,073 62,000 Enterprise Products Operating LLC 6.50% 01/31/19 71,735 67,585 45,000 Fiserv, Inc. 3.50% 10/01/22 45,187 45,828 30,000 Ford Motor Co. 7.45% 07/16/31 37,463 37, ,000 Halliburton Co. 6.15% 09/15/19 130, ,139 45,000 Hess Corp. 5.60% 02/15/41 48,844 45,501 75,000 Honeywell International, Inc. 4.25% 03/01/21 87,644 81, ,000 Intel Corp. 3.70% 07/29/25 208, , ,000 International Business Machines Corp. 5.60% 11/30/39 121, ,652 60,000 Kimberly-Clark Corp. 6.25% 07/15/18 66,195 64,288 55,000 Kroger Co. 6.15% 01/15/20 67,647 60,887 35,000 Lockheed Martin Corp. 5.50% 11/15/39 35,686 41,059 35,000 Lowe s Cos., Inc. 4.65% 04/15/42 39,066 37,404 65,000 McDonald s Corp % 05/20/21 71,371 67,721 95,000 Microsoft Corp. 4.20% 06/01/19 107, ,949 45,000 NBC Universal Media LLC 2.875% 01/15/23 45,361 44,894 35,000 NVR, Inc. 3.95% 09/15/22 36,269 35,670 50,000 Occidental Petroleum Corp. 2.70% 02/15/23 51,630 49,515 93,000 Oracle Corp. 5.75% 04/15/18 99,022 98,251 35,000 Oracle Corp. 2.50% 10/15/22 35,576 34, ,000 Pepsi Bottling Group, Inc. 7.00% 03/01/29 137, , ,000 PepsiCo, Inc. 5.50% 01/15/40 129, ,483 28,000 Petroleos Mexicanos 4.625% 09/21/23 28,158 27,238 30,000 Philip Morris International, Inc % 08/21/42 30,614 27,856 50,000 Thermo Fisher Scientific, Inc. 3.60% 08/15/21 52,787 51,675 45,000 Time Warner Cable, Inc. 4.00% 09/01/21 46,862 46,212 80,000 United Parcel Service, Inc % 04/01/19 97,607 85,912 55,000 United Technologies Corp. 3.10% 06/01/22 59,041 56,531 75,000 United Technologies Corp % 07/15/38 91,750 95,407 60,000 UnitedHealth Group, Inc % 10/15/20 65,795 63,185 90,000 Valero Energy Corp % 02/01/20 104,480 99,336 37,000 Viacom, Inc % 07/30/30 45,120 50,046 90,000 Wal-Mart Stores, Inc % 07/08/20 90,357 95,138 20

24 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Par Value CORPORATE BOND(S)--continued Fair Value INDUSTRIALS--continued 130,000 Wal-Mart Stores, Inc. 5.25% 09/01/35 137, ,484 45,000 Walt Disney Co. 2.75% 08/16/21 46,190 45,809 65,000 Waste Management, Inc. 4.60% 03/01/21 72,258 70,113 71,000 WellPoint, Inc. 5.95% 12/15/34 74,597 81, ,000 Wyeth 6.50% 02/01/34 117, ,518 TOTAL INDUSTRIALS 5,759,731 5,702,894 MISCELLANEOUS (2.64%) 25,000 American Water Capital Corp % 10/15/37 32,935 33, ,000 AutoZone, Inc % 04/01/26 144, ,725 43,000 Burlington Northern/Santa Fe Corp. 5.75% 03/15/18 45,310 45,200 55,000 Burlington Northern/Santa Fe Corp. 3.45% 09/15/21 58,512 57,440 74,000 CSX Corp. 6.15% 05/01/37 81,695 90, ,000 CVS Health Corp % 07/20/25 138, , ,000 Gilead Sciences, Inc. 3.65% 03/01/26 216, , ,000 Goldman Sachs Group, Inc. 4.00% 03/03/24 336, , ,000 Home Depot, Inc % 12/16/36 177, , ,000 Morgan Stanley 4.00% 07/23/25 104, ,502 75,000 Rio Tinto Finance USA, Ltd. 4.75% 03/22/42 77,656 80,444 65,000 21st Century Fox America, Inc. 4.50% 02/15/21 73,468 69,494 45,000 21st Century Fox America, Inc. 6.20% 12/15/34 44,375 52,865 TOTAL MISCELLANEOUS 1,532,898 1,514,634 UTILITIES (4.16%) 59,000 AT&T, Inc. 5.80% 02/15/19 68,298 63,439 30,000 AT&T, Inc % 12/01/22 29,203 28,765 32,000 AT&T, Inc. 5.35% 09/01/40 31,114 32,864 40,000 AT&T, Inc % 03/01/41 47,880 46,065 79,000 AT&T, Inc. 4.50% 03/09/48 80,100 70, ,000 AT&T, Inc. 4.55% 03/09/49 333, , ,000 Dominion Resources, Inc. 2.50% 12/01/19 141, ,497 50,000 Dominion Resources, Inc. 4.45% 03/15/21 56,001 53,424 55,000 Duke Energy Carolinas LLC 4.25% 12/15/41 60,807 56,264 85,000 Duke Energy Corp. 3.90% 06/15/21 92,203 90,222 30,000 EOG Resources, Inc % 06/01/19 37,229 32,419 98,000 Midamerican Energy Holdings Co. 6.50% 09/15/37 107, ,565 10,000 Nisource Finance Corp. 6.40% 03/15/18 12,162 10,532 67,000 Pacific Gas & Electric Co. 6.05% 03/01/34 71,938 83,848 72,000 PacifiCorp 6.00% 01/15/39 81,267 91,613 50,000 Plains All American Pipeline LP 3.65% 06/01/22 53,922 50,276 78,000 Progress Energy, Inc. 4.40% 01/15/21 81,306 82, ,000 Progress Energy, Inc. 3.15% 04/01/22 103, ,904 35,000 Sempra Energy 6.00% 10/15/39 43,568 41,704 77,000 Southern California Edison Co % 02/01/36 78,019 92, ,000 Southern Co. 2.35% 07/01/21 254, ,752 21

25 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Par Value CORPORATE BOND(S)--continued Fair Value UTILITIES--continued 300,000 Southern Co. 3.25% 07/01/26 317, , ,000 Verizon Communications, Inc. 5.15% 09/15/23 214, ,148 31,000 Verizon Global Funding Corp. 5.58% 09/15/35 33,882 35,404 TOTAL UTILITIES 2,432,135 2,388,051 YANKEE (0.57%) 49,000 Hydro-Quebec 8.40% 01/15/22 67,106 61, ,000 Quebec Province 7.50% 09/15/29 262, ,629 TOTAL YANKEE 329, ,879 TOTAL CORPORATE BOND(S) 17,753,913 17,553,271 OTHER MORTGAGE RELATED SECURITY(IES) (23.14% of net assets) 1,050,000 Fannie Mae 3.00% 15 yr. * 1,079,531 1,077,478 1,330,000 Fannie Mae 3.50% 15 yr. * 1,385,278 1,385, ,000 Fannie Mae 4.50% 15 yr. * 858, ,727 2,365,000 Fannie Mae 3.00% 30 yr. * 2,354,653 2,349,415 3,150,000 Fannie Mae 3.50% 30 yr. * 3,230,227 3,228, ,000 Government Nat l Mtg. Assn. I 2.50% 30 yr. * 812, ,008 2,362,000 Government Nat l Mtg. Assn. I 3.00% 30 yr. * 2,394,847 2,387, ,000 Government Nat l Mtg. Assn. II Jumbo 3.00% 30 yr. * 152, ,878 1,009,000 Government Nat l Mtg. Assn. II Jumbo 3.50% 30 yr. * 1,049,833 1,048,865 TOTAL OTHER MORTGAGE RELATED SECURITY(IES) 13,316,953 13,295,504 STATE AND MUNICIPAL BOND(S) (0.53% of net assets) 85,000 California State 7.55% 04/01/39 111, ,226 86,000 Illinois State Pension 5.10% 06/01/33 85,039 76,841 35,000 Metropolitan Transit Authority NY 6.814% 11/15/40 46,897 46,677 50,000 New Jersey State Transportation Trust Fund 6.561% 12/15/40 64,777 55,098 TOTAL STATE AND MUNICIPAL BOND(S) 307, ,842 Units SHORT-TERM INVESTMENT(S) (24.77% of net assets) 14,235,442 EB Short Term Investment Fund of KeyBank National Association 14,235,442 14,235,442 TOTAL INVESTMENTS HELD $71,069,431 $70,392,335 *Securities purchased on a To Be Announced/delayed delivery basis. 22

26 SCHEDULE OF INVESTMENTS HELD--continued EB CORE BOND INDEX FUND Other Information The following is a summary of investments by fair value level based upon the inputs used to determine the fair values as of December 31, The inputs and methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their impact on investments aggregated into the levels used in the table below, please refer to Note A, Investment Valuation, in the accompanying Notes to Financial Statements. Investments Level 1 Level 2 Level 3 Total U.S. GOVERNMENT AND AGENCY OBLIGATION(S) $ - $25,003,276 $ - $25,003,276 CORPORATE BOND(S) - 17,553,271-17,553,271 OTHER MORTGAGE RELATED SECURITY(IES) - 13,295,504-13,295,504 STATE AND MUNICIPAL BOND(S) - 304, ,842 SHORT-TERM INVESTMENT(S)* ,235,442 $ - $56,156,893 $ - $70,392,335 *In accordance with ASC , certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Net Assets. See notes to financial statements. 23

27 SUPPLEMENTARY INFORMATION INVESTMENTS PURCHASED EB CORE BOND INDEX FUND Year Ended December 31, 2016 U.S. Government and agency obligation(s) $3,300,625 Corporate bond(s) 3,822,639 Other mortgage related security(ies) 166,799,142 Short-term investment(s) 11,152,788 TOTAL INVESTMENTS PURCHASED $185,075,194 24

28 SUPPLEMENTARY INFORMATION INVESTMENTS SOLD OR MATURED EB CORE BOND INDEX FUND Year Ended December 31, 2016 Net Proceeds Gain or (Loss) U.S. Government and agency obligation(s) $9,053,907 ($299,365) Corporate bond(s) 3,060,650 (3,521) Other mortgage related security(ies) 166,664,395 71,568 Short-term investment(s) 10,167,371 0 TOTAL INVESTMENTS SOLD OR MATURED $188,946,323 ($231,318) 25

29 STATEMENT OF NET ASSETS EB EQUITY INDEX FUND December 31, 2016 Fair Value ASSETS Investments: Common stock(s) $91,715,377 $160,727,539 Exchange traded fund(s) 1,038,853 1,033,156 $92,754, ,760,695 Accrued income receivable 210,522 Receivable from investments sold 3,328,786 TOTAL ASSETS 165,300,003 LIABILITIES Other payable-overdraft 2,967,454 Accrued audit expense 700 Accrued administrative expense 1,708 TOTAL LIABILITIES 2,969,862 NET ASSETS (equivalent to $ per unit based on 772,443 units) $162,330,141 See notes to financial statements. 26

30 STATEMENT OF OPERATIONS EB EQUITY INDEX FUND Year Ended December 31, 2016 NET INVESTMENT INCOME Common stock dividends $3,539,545 Exchange traded fund dividends 34,609 Short-term investment interest* 3,009 3,577,163 Less audit expense (8,400) Less administrative expense (19,125) NET INVESTMENT INCOME $3,549,638 NET REALIZED GAIN AND UNREALIZED APPRECIATION ON INVESTMENTS Net realized gain from investment transactions: Proceeds from investments sold or matured $57,724,697 of investments sold or matured 49,640,316 Net realized gain $8,084,381 Unrealized appreciation on investments: Beginning of year 62,264,222 End of year 69,006,465 Unrealized appreciation on investments 6,742,243 NET REALIZED GAIN AND UNREALIZED APPRECIATION ON INVESTMENTS $14,826,624 *Represents income from KeyBank collective investment fund(s). See notes to financial statements. 27

31 STATEMENTS OF CHANGES IN NET ASSETS EB EQUITY INDEX FUND Year Ended December FROM INVESTMENT ACTIVITIES Net investment income $3,549,638 $3,436,064 Net realized gain from investment transactions 8,084,381 9,555,028 Unrealized appreciation (depreciation) on investments 6,742,243 (10,537,846) INCREASE IN NET ASSETS DERIVED FROM INVESTMENT ACTIVITIES 18,376,262 2,453,246 FROM PARTICIPANT TRANSACTIONS Proceeds from sale of units ( ,315 units; ,426 units) 10,274,344 6,527,458 of units redeemed ( ,991 units; ,422 units) (24,326,674) (21,940,703) DECREASE IN NET ASSETS DERIVED FROM PARTICIPANT TRANSACTIONS (14,052,330) (15,413,245) INCREASE (DECREASE) IN NET ASSETS 4,323,932 (12,959,999) NET ASSETS Beginning of year ( ,119 units; ,115 units) 158,006, ,966,208 End of year ( ,443 units; ,119 units) $162,330,141 $158,006,209 See notes to financial statements. 28

32 SCHEDULE OF INVESTMENTS HELD EB EQUITY INDEX FUND December 31, 2016 Shares COMMON STOCK(S) (99.01% of net assets) Fair Value CONSUMER DISCRETIONARY (12.00%) 616 Advance Auto Parts, Inc. $98,311 $104,178 3,293 Amazon.Com, Inc. 501,984 2,469, Autonation, Inc. 21,124 26, AutoZone, Inc. 57, ,129 1,270 Bed Bath & Beyond, Inc. 47,713 51,613 2,279 Best Buy Co., Inc. 73,294 97,245 1,672 BorgWarner, Inc. 65,668 65,944 1,590 Carmax, Inc. 43, ,380 3,501 Carnival Corp. 137, ,262 3,273 CBS Corp. 98, ,228 1,808 Charter Communications, Inc. 501, , Chipotle Mexican Grill, Inc. 70,652 91,311 2,341 Coach, Inc. 73,086 81,982 19,901 Comcast Corp., Class A 585,840 1,374,164 2,834 D.R. Horton, Inc. 77,694 77,453 1,027 Darden Restaurants, Inc. 35,490 74,683 2,262 Delphi Automotive PLC 94, ,346 1,268 Discovery Communications, Inc. 25,331 34,756 1,842 Discovery Communications, Inc. Series C 42,001 49,329 2,123 Dollar General Corp. 110, ,251 1,971 Dollar Tree, Inc. 97, ,122 1,130 Foot Locker, Inc. 71,999 80,106 32,589 Ford Motor Co. 376, ,305 1,832 Gap, Inc. 40,803 41, Garmin, Ltd. 40,298 46,550 11,583 General Motors Corp. 406, ,552 1,242 Genuine Parts Co. 52, ,661 2,179 Goodyear Tire & Rubber Co. 45,852 67,266 1,759 H&R Block, Inc. 34,512 40,439 3,156 Hanesbrands, Inc. 106,021 68,075 1,476 Harley-Davidson, Inc. 65,331 86, Harman International Industries, Inc. 44,152 64, Hasbro, Inc. 30,150 72,967 10,172 Home Depot, Inc. 440,948 1,363,862 3,315 Interpublic Group of Cos., Inc. 54,331 77,604 7,822 Johnson Controls International PLC 291, ,188 1,474 Kohl s Corp. 75,267 72,786 2,006 L Brands, Inc. 59, ,075 29

33 SCHEDULE OF INVESTMENTS HELD--continued EB EQUITY INDEX FUND Shares COMMON STOCK(S)--continued Fair Value CONSUMER DISCRETIONARY--continued 1,116 Leggett & Platt, Inc. 27,257 54,550 1,641 Lennar Corp. 70,161 70,448 2,567 LKQ Corp. 80,726 78,679 7,262 Lowe s Cos., Inc. 183, ,473 2,553 Macy s, Inc. 74,143 91,423 2,673 Marriott International, Inc. 94, ,004 2,856 Mattel, Inc. 60,849 78,683 6,934 McDonald s Corp. 317, ,006 1,371 Michael Kors Holdings, Ltd. 107,089 58, Mohawk Industries, Inc. 76, ,231 3,583 Netflix, Inc. 107, ,575 4,028 Newell Rubbermaid, Inc. 139, ,850 4,189 News Corp. 41,100 48,346 11,157 Nike, Inc. 180, , Nordstrom, Inc. 28,884 46,444 1,970 Omnicom Group, Inc. 80, , O Reilly Automotive, Inc. 44, , Priceline.Com, Inc. 146, ,483 2,485 Pulte Homes, Inc. 45,351 45, PVH Corp. 76,886 59, Ralph Lauren Corp. 45,112 42,541 3,311 Ross Stores, Inc. 56, ,202 1,398 Royal Caribbean Cruises, Ltd. 109, , Scripps Networks Interactive Inc. 42,006 56,811 5,432 Staples, Inc. 84,373 49,160 12,153 Starbucks Corp. 189, ,735 4,690 Target Corp. 203, ,759 1,790 Tegna, Inc. 69,157 38, Tiffany & Co. 39,795 69,222 6,439 Time Warner, Inc. 332, ,557 5,444 TJX Cos., Inc. 101, ,008 1,096 Tractor Supply Co. 80,106 83,088 12,907 Twenty-First Century Fox, Inc. 255, , Ulta Salon, Cosmetics & Fragrance, Inc. 99, ,921 1,534 Under Armour, Inc., Class A 44,375 44,563 1,550 Under Armour, Inc., Class C 44,409 39, Urban Outfitters, Inc. 23,955 21,018 2,763 V. F. Corp. 57, ,406 2,900 Viacom, Inc., Class B 130, ,790 12,225 Walt Disney Co. 414,847 1,274, Whirlpool Corp. 53, , Wyndham Worldwide Corp. 34,486 68,733 30

34 SCHEDULE OF INVESTMENTS HELD--continued EB EQUITY INDEX FUND Shares COMMON STOCK(S)--continued Fair Value CONSUMER DISCRETIONARY--continued 663 Wynn Resorts, Ltd. 46,377 57,356 2,911 Yum! Brands, Inc. 58, ,354 TOTAL CONSUMER DISCRETIONARY 9,696,578 19,472,453 CONSUMER STAPLES (9.28%) 16,284 Altria Group, Inc. 301,934 1,101,124 4,805 Archer-Daniels-Midland Co. 106, ,348 1,523 Brown-Forman Corp. 29,499 68,413 1,618 Campbell Soup Co. 59,853 97,840 2,160 Church & Dwight Co., Inc. 92,471 95,450 1,075 Clorox Co. 63, ,022 32,411 Coca-Cola Co. 895,738 1,343,760 7,422 Colgate-Palmolive Co. 250, ,696 3,473 ConAgra Foods, Inc. 75, ,357 1,484 Constellation Brands, Inc. 65, ,512 3,650 co Wholesale Corp. 208, ,402 3,926 Coty, Inc. 92,710 71,885 8,905 CVS Corp. 259, ,694 1,534 Dr Pepper Snapple Group, Inc. 49, ,088 1,856 Estee Lauder Cos., Inc. 66, ,965 4,938 General Mills, Inc. 150, ,020 1,164 Hershey Co. 56, ,393 2,254 Hormel Foods Corp. 25,504 78, J.M. Smucker Co. 64, ,474 2,110 Kellogg Co. 96, ,528 2,991 Kimberly-Clark Corp. 184, ,333 4,980 The Kraft Heinz Company 158, ,854 7,883 Kroger Co. 100, , McCormick & Co., Inc. 36,447 89,317 1,543 Mead Johnson Nutrition Co. 77, ,183 1,539 Molson Coors Brewing Co. 83, ,760 12,895 Mondelez International, Inc. 226, ,635 3,385 Monster Beverage Corp. 87, ,091 11,976 PepsiCo Inc. 648,287 1,253,049 12,953 Philip Morris International Inc. 519,688 1,185,070 22,344 Procter & Gamble Co. 1,127,065 1,878,684 6,905 Reynolds American, Inc. 145, ,956 4,202 Sysco Corp. 118, ,665 2,426 Tyson Foods, Inc. 59, ,636 7,146 Walgreens Boots Alliance, Inc. 263, ,403 12,572 Wal-Mart Stores, Inc. 638, ,977 2,658 Whole Foods Market, Inc. 94,709 81,760 TOTAL CONSUMER STAPLES 7,581,886 15,075,848 31

35 SCHEDULE OF INVESTMENTS HELD--continued EB EQUITY INDEX FUND Shares COMMON STOCK(S)--continued Fair Value ENERGY (7.46%) 4,667 Anadarko Petroleum Corp. 204, ,430 3,168 Apache Corp. 185, ,073 3,530 Baker Hughes, Inc. 155, ,344 3,884 Cabot Oil & Gas Corp. 68,126 90,730 6,224 Chesapeake Energy Corp. 114,794 43,692 15,763 Chevron Corp. 949,450 1,855, Cimarex Energy Co. 107, ,769 1,219 Concho Resources, Inc. 118, ,639 10,345 ConocoPhillips 383, ,698 4,372 Devon Energy Corp. 158, ,669 4,814 EOG Resources, Inc. 177, ,695 1,443 EQT Corp. 65,782 94,372 34,625 Exxon Mobil Corp. 1,769,696 3,125,253 1,884 FMC Technologies, Inc. 49,442 66,939 7,218 Halliburton Co. 183, , Helmerich & Payne, Inc. 41,916 69,970 2,226 Hess Corp. 90, ,658 16,031 Kinder Morgan, Inc. 564, ,002 7,074 Marathon Oil Corp. 101, ,451 4,407 Marathon Petroleum Corp. 59, ,892 1,352 Murphy Oil Corp. 62,381 42,088 3,153 National Oilwell Varco, Inc. 118, ,048 1,647 Newfield Exploration Co. 83,543 66,704 3,579 Noble Energy, Inc. 141, ,217 6,381 Occidental Petroleum Corp. 256, ,519 1,758 ONEOK, Inc. 42, ,927 3,697 Phillips 66 92, ,458 1,417 Pioneer Natural Resources Co. 132, ,159 1,568 Range Resources Corp. 75,413 53,876 11,617 Schlumberger, Ltd. 580, ,247 4,098 Southwestern Energy Co. 126,753 44,340 5,857 Spectra Energy Corp. 143, , Tesoro Corp. 46,575 85,351 3,780 Valero Energy Corp. 108, ,250 5,705 Williams Cos., Inc. 134, ,654 TOTAL ENERGY 7,694,950 12,110,505 FINANCIALS (14.80%) 458 Affiliated Managers Group, Inc. 92,569 66,547 3,408 Aflac, Inc. 129, ,197 3,075 Allstate Corp. 114, ,919 6,420 American Express Co. 256, ,594 32

36 SCHEDULE OF INVESTMENTS HELD--continued EB EQUITY INDEX FUND Shares COMMON STOCK(S)--continued Fair Value FINANCIALS--continued 8,148 American International Group, Inc. 584, ,146 1,320 Ameriprise Financial, Inc. 47, ,441 2,197 Aon PLC 87, ,031 1,486 Arthur J Gallagher & Co. 71,646 77, Assurant, Inc. 25,720 44,294 84,376 Bank of America Corp. 1,904,219 1,864,710 8,829 Bank of New York Mellon Corp. 274, ,318 6,775 BB&T Corp. 226, ,561 15,855 Berkshire Hathaway, Inc. 1,357,430 2,584,048 1,015 BlackRock, Inc. 208, ,248 4,027 Capital One Financial Corp. 224, ,315 10,073 Charles Schwab Corp. 168, ,581 3,885 Chubb, Ltd. 299, ,286 1,252 Cincinnati Financial Corp. 48,623 94,839 23,795 Citigroup, Inc. 1,973,780 1,414,137 4,274 Citizens Financial Group, Inc. 90, ,283 2,834 CME Group, Inc. 251, ,902 1,439 Comerica, Inc. 61,653 98,010 3,293 Discover Financial Services 67, ,392 2,286 E*TRADE Financial Corp. 59,750 79,210 6,309 Fifth Third Bancorp 166, ,154 2,898 Franklin Resources, Inc. 74, ,703 3,088 Goldman Sachs Group, Inc. 352, ,422 3,154 Hartford Financial Services Group, Inc. 126, ,288 9,058 Huntington Bancshares, Inc. 90, ,747 4,974 IntercontinentalExchange Group, Inc. 226, ,633 3,411 Invesco Ltd. 83, ,490 29,878 J.P. Morgan Chase & Co. 1,119,297 2,578,173 2,705 Leucadia National Corp. 83,673 62,891 1,908 Lincoln National Corp. 73, ,443 2,307 Loews Corp. 64, ,037 1,295 M&T Bank Corp. 141, ,577 4,305 Marsh & McLennan Cos., Inc. 158, ,975 9,177 MetLife, Inc. 354, ,549 1,389 Moody s Corp. 46, ,941 12,038 Morgan Stanley 396, , NASDAQ OMX Group, Inc. 28,128 63,898 2,531 Navient Corp. 40,988 41,584 1,778 Northern Trust Corp. 92, ,331 9,370 PayPal Holdings, Inc. 167, ,834 2,600 People s United Financial, Inc. 43,697 50,336 4,062 PNC Financial Services Group, Inc. 346, ,092 2,234 Principal Financial Group, Inc. 69, ,259 33