THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. · 2019-09-10 · THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS March 31, 2016 ... 1,000,000 Carmax

Unaudited - for information purposes only.

15,773,135$ 15,773,135$

38,362,118 38,362,118

132,300,083 132,300,083

186,435,336$ 186,435,336$

181,992,734$ 181,992,734$

TOTAL SHORT-TERM INVESTMENTS 181,992,734$ 181,992,734$

887,621,372$ 925,733,522$

Bond funds 256,983,048 247,921,779

22,300,054 21,891,279

1,166,904,474$ 1,195,546,580$

861,079,765$ 1,084,198,100$

225,855,721 203,949,455

Emerging Markets Discounted Assets 38,902,568 33,896,304

1,125,838,054$ 1,322,043,859$

117,261,607$ 119,966,192$

Real Assets 86,344,606 79,798,313

31,590,121 41,258,460

235,196,334$ 241,022,965$

2,896,366,932$ 3,127,041,474$

THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC.

SCHEDULE OF INVESTMENTS

March 31, 2016

SUMMARY OF INVESTMENTS

TOTAL INVESTMENTS

TOTAL FIXED-INCOME INVESTMENTS

EQUITY INVESTMENTS

Common stocks and equivalents

Hedge funds

TOTAL OTHER INVESTMENTS

OTHER INVESTMENTS

Bonds

TOTAL EQUITY INVESTMENTS

Asset-backed & Mortgage-backed Securities

Equity funds

Participation in the United Church Funds, Inc.

VALUESTABLE VALUE INVESTMENTS

Short-Term Investments

FIXED-INCOME INVESTMENTS

COST

Short-term Investments

TOTAL STABLE VALUE INVESTMENTS

SHORT-TERM INVESTMENTS

Fixed Maturity Synthetic Guaranteed Investment Contracts

Constant Duration Synthetic Guaranteed Investment Contracts

PRINCIPAL

AMOUNT DESCRIPTION SERIES

INTEREST

RATE %MATURITY COST VALUE

MFB NI Treasury Money Market Fund 15,773,135$ 15,773,135$

15,773,135$ 15,773,135$

308,622 Aep Texas Central Transition Funding III LLC 2012-1 CL A-1 0.88 12/1/2018 310,913$ 308,239$

1,650,000 AEP Texas Central Company BD CL A2 1.9764 1.98 6/1/2021 1,664,695 1,682,399

397,389 California Republic Auto Receivables Trust 0 0.85 5/15/2018 397,323 397,066

1,000,000 Carmax Auto Owner Trust 2016-1 2012-1 A2 2.1606 1.61 11/16/2020 999,758 1,003,583

940,000 CenterPoint Energy, Inc. 2013-A3 CL A3 2.16 10/15/2021 959,351 959,529

1,250,000 Citibank Credit Card Issuance Trust 2013 1.11 7/23/2018 1,249,748 1,251,331

1,250,000 Discover Card Execution Note Trust 2013-BNT CL A 1.04 4/15/2019 1,249,864 1,251,399

68,721 Hyundai Auto Receivables Owner Trust 2018-1 CL A-1 0.71 9/15/2017 68,707 68,709

383,419 Nissan Auto Receivables Owner Trust 0 0.67 8/15/2018 383,339 382,861

800,000 Toyota Auto Receivables 2012-A Owner Trust 0 1.34 6/17/2019 799,883 802,105

1,000,000 Chase Issuance Trust 0 1.26 7/15/2019 998,477 1,002,450

700,000 GM Financial Automoble 0 1.69 3/20/2019 699,950 701,009

Total Asset-Backed Securities 9,782,008$ 9,810,680$

824,891 Federal Home Loan Mortgage Corporation 0 3.00 6/15/2039 858,917$ 852,242$

330,195 Federal Home Loan Mortgage Corporation 0 2.75 7/15/2038 341,082 335,236

1,081,969 Federal Home Loan Mortgage Corporation SER 3749 CL EG 4.00 12/15/2021 1,171,908 1,157,084

706,002 Federal Home Loan Mortgage Corporation SER 3893 CL HC 3.00 3/15/2025 734,242 726,164


565,112 Federal Home Loan Mortgage Corporation SER 4200 CL LM 3.00 8/15/2025 584,980 579,249

1,026,050 Federal Home Loan Mortgage Corp SER 2003-15 CL 3.00 12/15/2025 1,066,772 1,067,294


237,085 Federal National Mortgage Association 0 5.00 3/25/2018 254,015 243,953

753,255 Federal National Mortgage Association 0 3.50 1/25/2023 800,627 800,148

800,414 Federal National Mortgage Association 2012-49 CL 3.00 2/25/2038 835,182 826,235

1,052,918 Federal National Mortgage Association 2012-2 CL 3.00 8/25/2038 1,096,639 1,092,044

577,049 Federal National Mortgage Association SER 2011-24 CL-AB 2.00 1/25/2041 586,606 581,103

432,976 Federal National Mortgage Association TR 2010-120 CL-GA 1.75 2/25/2022 440,688 436,204

455,406 Federal National Mortgage Association 2012-GNMA 4.00 11/25/2037 481,307 470,751

818,406 Federal National Mortgage Association GNMA-2010-115 CL GH 3.50 10/25/2020 863,162 849,819

527,987 Government National Mortgage Association GNMA-2010-101 CLMO1 2.83 9/16/2040 550,364 533,290

342,549 Government National Mortgage Association GNMA 2010-117 2.25 2/20/2037 348,329 344,676

268,860 Government National Mortgage Association GNMA 2010-092 2.50 2/20/2038 274,910 272,110

357,267 Government National Mortgage Association 0 3.00 3/20/2038 372,004 364,258


633,447 Government National Mortgage Association 2012-058 REMIC 3.00 4/20/2039 655,222 651,666



1,223,177 Government National Mortgage Association CTF CL A-3 2.50 11/16/2037 1,259,107 1,257,269

1,200,000 Government National Mortgage Association TR2006-2 4.00 7/20/2034 1,257,000 1,256,676


1,359,466 LB-UBS Commercial Mortgage Trust 0 5.87 9/15/2045 1,544,906 1,429,661

115,728 ML-CFC Commercial Mortgage Trust 0 5.95 6/12/2046 125,312 115,550

1,125,000 Morgan Stanley Bank 0 2.98 4/15/2047 1,177,031 1,170,176

1,150,000 Morgan Stanley Bank of America Merrill Lynch 0 2.92 2/15/2047 1,188,992 1,193,904

1,290,781 Morgan Stanley Bank of America Merrill Lynch 0 1.59 10/15/2048 1,290,749 1,294,650

Total Mortgage-Backed Securities 23,129,820$ 22,808,676$

Bonds

800,000 Procter & Gamble Company, (The) 1.45 8/15/2016 821,528 802,724

4,642,000 United States Department of Treasury 0.88 1/15/2018 4,628,763 4,653,786

Total Bonds 5,450,291$ 5,456,510$

Adjustment to Contract Value - 286,252

38,362,118$ 38,362,118$

96,000 Agilent Technologies, Inc. 6.50 11/1/2017 110,773$ 101,761$

800,000 America Movil, S.A.B. de C.V. 2.38 9/8/2016 790,429 803,346

700,000 American Express Bank, FSB. 0.74 6/12/2017 694,883 695,790

500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 559,628

1,500,000 Apple Inc. 0.87 5/3/2018 1,500,000 1,497,308

700,000 Apple Inc. 2.85 2/23/2023 713,356 725,591

1,000,000 AT&T Inc. 3.40 5/15/2025 997,040 1,002,343

700,000 Atlas Copco Aktiebolag 5.60 5/22/2017 793,933 726,627

700,000 AutoZone, Inc. 2.50 4/15/2021 702,549 701,952

600,000 Bank of America Corporation 3.30 1/11/2023 596,664 605,041

600,000 Bank of America Corporation 1.95 5/12/2018 601,774 600,885

500,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 1.65 2/26/2018 499,265 498,741

700,000 Becton, Dickinson and Company 1.75 11/8/2016 717,080 702,328

1,100,000 BlackRock, Inc. 4.25 5/24/2021 1,185,811 1,217,304

589,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 590,095 672,650

650,000 Boston Scientific Corporation 2.65 10/1/2018 649,701 661,517

278,000 CBS Corporation 6.25 4/30/2016 326,636 279,058

500,000 CF Industries, Inc. 6.88 5/1/2018 561,250 544,016

850,000 Chevron Corporation 1.16 3/3/2022 852,904 795,525

TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:

CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:

Bonds

Asset-Backed Securities

Mortgage-Backed Securities

FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:


TOTAL SHORT-TERM INVESTMENT

STABLE VALUE INVESTMENTS

PRINCIPAL

AMOUNT DESCRIPTION SERIES

INTEREST


702,000 Citigroup Inc. 2.32 5/15/2018 720,105 712,013

500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 565,172

600,000 CVS Caremark Corporation 6.60 3/15/2019 716,418 681,251

800,000 Daimler Finance North America LLC 1.88 1/11/2018 806,400 804,148

800,000 Detroit Edison Company, (The) 2.65 6/15/2022 808,080 813,995

1,300,000 Duke Energy Ohio, Inc. 5.45 4/1/2019 1,569,932 1,445,803

1,000,000 Eversource Energy 2.50 3/15/2021 997,890 1,013,295

600,000 Dollar General Corporation 4.13 7/15/2017 613,500 619,375

3,600,000 Federal Home Loan Mortgage Corporation 0.88 5/21/2018 3,475,080 3,604,424

1,200,000 Federal National Mortgage Association 5.38 6/12/2017 1,417,896 1,267,243

5,000,000 Federal National Mortgage Association 1.00 9/27/2017 4,982,510 5,018,825

1,100,000 Fifth Third Bank 1.15 11/18/2016 1,103,652 1,101,773

500,000 Ford Motor Credit Company LLC 5.88 8/2/2021 572,330 573,071

600,000 Franklin Resources, Inc. 4.63 5/20/2020 618,708 659,212

559,000 GE Capital International Funding Company 2.34 11/15/2020 556,575 572,662

1,500,000 General Electric Capital Corporation 1.63 3/15/2023 1,500,000 1,486,986

198,000 General Electric Capital Corporation 4.63 1/7/2021 224,209 223,883

800,000 Goldman Sachs Group, Inc., (The) 1.82 4/30/2018 806,216 803,384

1,114,000 Hartford Financial Services Group, I, (The) 5.50 10/15/2016 1,187,457 1,138,563

900,000 HSBC Bank PLC 1.26 5/15/2018 903,582 895,247

700,000 Hyundai Capital Service, Inc. 2.88 3/16/2021 698,705 703,966

700,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 701,015 707,363

1,000,000 Intercontinental Exchange, Inc. 2.50 10/15/2018 999,110 1,018,172

800,000 JPMorgan Chase & Co. 6.30 4/23/2019 878,548 904,759

1,500,000 JPMorgan Chase & Co. 1.52 1/25/2018 1,500,000 1,504,638

1,000,000 KeyBank National Association 1.65 2/1/2018 970,960 1,000,616

1,300,000 Kfw - Kreditanstalt Fur Wiederaufbau A.D 1.75 10/15/2019 1,320,397 1,321,432

400,000 Kohl's Corporation 4.00 11/1/2021 427,968 418,384

600,000 Lowe's Companies, Inc. 1.06 9/10/2019 600,000 598,990

2,000,000 Lubrizol Corporation, (The) 8.88 2/1/2019 2,767,540 2,381,644

1,000,000 Marriott International, Inc. 3.00 3/1/2019 1,016,820 1,021,463

900,000 Merck & Co., Inc. 0.98 5/18/2018 901,827 902,307

750,000 MetLife, Inc. 1.76 12/15/2017 740,220 754,140

500,000 Mizuho Bank, Ltd. 1.55 10/17/2017 499,385 498,938

500,000 Morgan Stanley 2.20 12/7/2018 500,570 503,680

650,000 National Bank of Canada 1.45 11/7/2017 636,019 649,968

800,000 National Rural Utilities Cooperative Finance 10.38 11/1/2018 1,077,560 975,606

500,000 Nissan Motor Acceptance Corporation 1.80 3/15/2018 505,230 500,592

1,300,000 Nordic Investment Bank 2.25 9/30/2021 1,295,216 1,348,708

800,000 Norsk Hydro ASA 6.70 1/15/2018 933,096 867,274

740,000 Northern Trust Company, (The) 6.50 8/15/2018 832,056 824,063

700,000 Omnicom Group Inc. 5.90 4/15/2016 715,612 700,942

1,400,000 Ontario, Government of 1.65 9/27/2019 1,404,284 1,403,310

300,000 Pentair Finance S.A. 2.65 12/1/2019 289,845 294,692

600,000 PNC Bank, National Association 0.98 12/15/2016 591,288 598,492

1,000,000 Principal Life Global Funding II 1.20 5/19/2017 1,000,500 1,000,872

1,000,000 Procter & Gamble Company, (The) 8.00 9/1/2024 1,502,460 1,369,668

1,200,000 Royal Bank of Canada 1.50 1/16/2018 1,205,148 1,203,185

600,000 Ryder System Inc 2.35 2/26/2019 599,334 599,397

600,000 SCANA Corporation 4.75 5/15/2021 656,202 626,982

1,100,000 Shell International Finance B.V. 5.20 3/22/2017 1,194,127 1,144,917

1,000,000 Sumitomo Mitsui Trust Bank, Limited 2.95 9/14/2018 997,980 1,019,041

500,000 Time Warner Inc 6.88 6/15/2018 455,905 555,475

900,000 Toronto-Dominion Bank, (The) 1.17 4/30/2018 901,488 897,885

1,000,000 Total Capital International 3.70 1/15/2024 988,380 1,059,766

26,250,000 United States Treasury Notes 1.00 12/15/2017 26,314,452 26,366,891

700,000 United States Treasury Notes 1.38 2/29/2020 693,219 707,684



700,000 United States Treasury Notes 1.13 2/28/2021 692,016 697,129



750,000 Union Bank, National Association 2.13 6/16/2017 751,605 753,808

1,000,000 VW Credit Inc Corp 2.25 3/23/2018 1,020,330 994,248

900,000 Wells Fargo & Company 1.25 4/23/2018 900,000 899,862

700,000 Wm. Wrigley Jr. Company 2.90 10/21/2019 698,320 718,968

750,000 Zions Bancorporation 4.50 3/27/2017 796,508 765,122

Total Bonds 130,886,643$ 130,670,449$

146,488 M&T Bank Auto Receivables Trust 1.06 11/15/2017 146,831 146,546

257,170 Volkswagen Auto Loan Enhanced Trust 0.53 7/20/2017 257,039 256,916

Total Asset-Backed Securities 403,870$ 403,462$

71,945 Federal National Mortgage Association Pass-Through Trust 2.88 2/1/2034 72,198 76,252

900,000 WFRBS Commercial Mortgage Trust 2.86 3/15/2047 937,371 927,176

Total Mortgage-Backed Securities 1,009,569$ 1,003,428$

Adjustment to Contract Value - 222,743

132,300,083$ 132,300,083$

186,435,336$ 186,435,336$ TOTAL STABLE VALUE INVESTMENTS

TOTAL CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:

Mortgage-Backed Securities

Asset-Backed Securities

Bonds, continued

STABLE VALUE INVESTMENTS

PRINCIPAL

AMOUNTDESCRIPTION SERIES

INTEREST


MFB NI Treasury Money Market Fund 181,992,734$ 181,992,734$

181,992,734$ 181,992,734$

2,800,000 21St Century Fox America, Inc. 7.43 10/1/2026 2,874,088$ 3,536,646$

4,000,000 Actavis Funding SCS 3.80 3/15/2025 4,129,560 4,162,972

3,700,000 Affiliated Managers Group, Inc. 4.25 2/15/2024 3,680,546 3,810,364

734,000 Agilent Technologies, Inc. 6.50 11/1/2017 837,234 778,047

4,100,000 Ally Financial Inc. 2.75 1/30/2017 4,116,800 4,079,500

4,000,000 Altera Corporation 2.50 11/15/2018 3,980,160 4,113,916

1,600,000 American Tower Corporation 7.25 5/15/2019 1,989,248 1,826,394

3,400,000 Ameriprise Financial, Inc. 5.30 3/15/2020 3,440,555 3,805,467

500,000 Apple Inc. 0.87 5/3/2018 500,000 499,103

4,400,000 Apple Inc. 2.85 2/23/2023 4,483,952 4,560,860

2,400,000 AstraZeneca PLC 6.45 9/15/2037 3,281,952 3,190,546

4,100,000 AT&T Inc. 5.65 2/15/2047 4,143,583 4,525,232

3,500,000 Atlas Copco Aktiebolag 5.60 5/22/2017 3,969,665 3,633,137

1,500,000 AutoZone, Inc. 2.50 4/15/2021 1,504,256 1,504,184

3,650,000 Bank of America Corporation 1.95 5/12/2018 3,661,155 3,655,384



5,400,000 Bank of Nova Scotia, (The) 1.45 4/25/2018 5,388,336 5,401,269

4,000,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 1.65 2/26/2018 3,994,120 3,989,928

7,100,000 Banque Europeenne D'investissement (BEI) 2.50 10/15/2024 7,041,567 7,404,796

1,650,000 Baxalta Incorporated 4.00 6/23/2025 1,638,846 1,676,760

3,100,000 BB&T Corporation 1.49 6/15/2018 3,100,000 3,098,779

5,200,000 Berkshire Hathaway Energy Company 6.13 4/1/2036 5,833,672 6,437,740

1,650,000 Berkshire Hathaway Inc. 3.13 3/15/2026 1,648,449 1,691,821

3,900,000 Bestfoods 6.63 4/15/2028 5,224,791 5,300,744

7,000,000 BlackRock, Inc. 4.25 5/24/2021 7,546,070 7,746,480

4,200,000 Blackstone Group L.P., (The) 6.63 8/15/2019 4,214,662 4,796,488

3,500,000 Boston Scientific Corporation 2.65 10/1/2018 3,498,390 3,562,017

4,300,000 Burlington Northern Santa FE, LLC 6.75 3/15/2029 5,312,005 5,784,141

4,000,000 Cardinal Health, Inc. 4.63 12/15/2020 3,984,840 4,442,496

2,800,000 CF Industries, Inc. 6.88 5/1/2018 3,143,000 3,046,490

5,800,000 Chevron Corporation 1.16 3/3/2022 5,821,296 5,428,290

5,700,000 Cisco Systems, Inc. 1.14 3/1/2019 5,725,593 5,698,193

4,050,000 CIT Group Inc. 5.00 5/15/2017 4,227,960 4,120,875

4,200,000 Citigroup Inc. 4.65 7/30/2045 4,254,558 4,398,383

4,100,000 Citigroup Inc. 5.30 5/6/2044 4,186,264 4,289,842

3,200,000 CMS Energy Corporation 6.55 7/17/2017 3,648,448 3,396,563

4,000,000 Comcast Corporation 9.46 11/15/2022 5,700,880 5,655,364

3,500,000 Coventry Health Care, Inc. 5.45 6/15/2021 3,514,756 3,956,204

4,000,000 CVS Health Corporation 6.60 3/15/2019 4,821,536 4,541,672

4,300,000 Daimler Finance North America LLC 1.88 1/11/2018 4,334,400 4,322,296

3,900,000 Deutsche Telekom International Finance B 6.75 8/20/2018 4,653,675 4,368,172

2,800,000 Diamond Offshore Drilling, Inc. 5.88 5/1/2019 2,795,828 2,643,612

1,600,000 Discover Financial Services 3.75 3/4/2025 1,598,144 1,557,341

3,500,000 Discover Financial Services 6.45 6/12/2017 3,502,170 3,668,802

3,500,000 Dollar General Corporation 4.13 7/15/2017 3,578,750 3,613,022

4,100,000 DTE Electric Company 2.65 6/15/2022 4,141,410 4,171,725

4,500,000 Duke Energy Ohio, Inc. 5.45 4/1/2019 5,434,380 5,004,702

3,900,000 Eaton Vance Corp. 3.63 6/15/2023 3,881,280 4,077,590

1,000,000 Ensco PLC 5.20 3/15/2025 667,500 560,000

1,650,000 Ensco PLC 5.75 10/1/2044 1,614,529 816,750

3,200,000 Enterprise Products Operating LLC 4.90 5/15/2046 2,877,640 3,075,811

4,100,000 Eversource Energy 3.35 3/15/2026 4,101,972 4,164,366

3,800,000 Exelon Generation Company, LLC 6.20 10/1/2017 3,790,728 4,040,513

1,600,000 Exxon Mobil Corporation 3.57 3/6/2045 1,486,128 1,555,720

3,900,000 Federal Home Loan Mortgage Corp 6.25 7/15/2032 5,172,514 5,702,557

4,100,000 Ford Motor Company 4.75 1/15/2043 3,755,067 4,113,423

3,400,000 Franklin Resources, Inc. 4.63 5/20/2020 3,506,012 3,735,532

2,012,000 Freeport-McMoRan Inc. 6.50 11/15/2020 2,238,350 1,609,600

9,000,000 General Electric Capital Corporation 1.63 3/15/2023 9,000,000 8,921,916

4,000,000 General Electric Company 4.50 3/11/2044 4,362,080 4,465,008

4,100,000 General Motors Financial Company, Inc. 5.25 3/1/2026 4,137,228 4,288,297

4,000,000 Gilead Sciences, Inc. 4.75 3/1/2046 4,027,400 4,378,368

5,700,000 Gobierno Federal de los Estados Unidos M 4.13 1/21/2026 5,887,050 5,976,450

4,800,000 Goldman Sachs Group, Inc., (The) 1.82 4/30/2018 4,837,296 4,820,304

4,100,000 Goldman Sachs Group, Inc., (The) 4.75 10/21/2045 4,220,007 4,285,398

4,800,000 GTE Corporation 6.94 4/15/2028 5,443,296 5,987,405

4,000,000 Harley-Davidson Financial Services, Inc. 2.40 9/15/2019 4,018,640 4,074,224

4,100,000 Hess Corporation 7.30 8/15/2031 5,166,451 4,359,510


TOTAL SHORT-TERM INVESTMENTS

CORPORATE BONDS

FIXED-INCOME INVESTMENTS

FIXED INCOME INVESTMENTS

PRINCIPAL


INTEREST


5,000,000 Home Depot, Inc., (The) 4.25 4/1/2046 4,872,700$ 5,503,955$

4,800,000 HSBC Bank PLC 1.26 5/15/2018 4,819,104 4,774,651

4,400,000 Hyundai Capital Service, Inc. 2.88 3/16/2021 4,391,860 4,424,926

5,000,000 International Business Machines Corporation 3.45 2/19/2026 5,011,300 5,248,465

3,900,000 Interpublic Group of Companies, Inc., (The) 4.20 4/15/2024 3,916,058 4,019,664

4,000,000 John Deere Capital Corporation 2.55 1/8/2021 4,057,920 4,100,920

6,300,000 Johnson & Johnson 4.38 12/5/2033 6,718,824 7,176,796



4,100,000 Kellogg Company 4.50 4/1/2046 4,059,123 4,197,629

7,200,000 Kfw 1.75 10/15/2019 7,312,968 7,318,699

4,100,000 Kinder Morgan, Inc. 4.30 6/1/2025 3,774,255 3,899,859

2,100,000 Kohl's Corporation 4.00 11/1/2021 2,246,832 2,196,514

3,000,000 Kroger Co., (The) 6.15 1/15/2020 3,163,510 3,461,790

1,750,000 Kroger Co., (The) 6.40 8/15/2017 1,752,070 1,870,306

3,180,000 Loews Corporation 4.13 5/15/2043 3,133,856 3,029,278

3,500,000 Lowe's Companies, Inc. 1.06 9/10/2019 3,500,000 3,494,110

6,500,000 Lubrizol Corporation, (The) 8.88 2/1/2019 8,994,505 7,740,343

4,000,000 Marriott International, Inc. 3.00 3/1/2019 4,067,280 4,085,852

5,000,000 Marsh & McLennan Companies, Inc. 2.55 10/15/2018 5,081,600 5,092,300

1,250,000 Masco Corporation 5.95 3/15/2022 1,409,780 1,375,000

2,100,000 McKesson Corporation 5.70 3/1/2017 2,371,467 2,185,294

4,800,000 Merck Sharp & Dohme Corp. 0.98 5/18/2018 4,809,744 4,812,302

1,010,000 MetLife, Inc. 1.76 12/15/2017 996,830 1,015,575

4,100,000 Morgan Stanley 3.88 1/27/2026 4,163,509 4,277,157

4,100,000 Morgan Stanley 3.95 4/23/2027 4,006,438 4,104,334

5,600,000 Nacional Financiera, S.N.C., Institucion 3.38 11/5/2020 5,590,032 5,642,000

4,300,000 National Rural Utilities Cooperative Finance 10.38 11/1/2018 5,791,885 5,243,880

2,300,000 NBCUniversal Enterprise, Inc. 1.31 4/15/2018 2,301,725 2,296,644

3,720,000 New York Life Insurance Company 5.88 5/15/2033 3,662,281 4,451,664

3,500,000 Nissan Motor Acceptance Corporation 1.80 3/15/2018 3,536,610 3,504,144

4,200,000 Norsk Hydro ASA 6.70 1/15/2018 4,898,754 4,553,191

4,000,000 Northern Trust Company, (The) 6.50 8/15/2018 4,497,600 4,454,392

3,750,000 Owens Corning 4.20 12/15/2022 3,766,673 3,800,355

1,400,000 Pentair Finance S.A. 2.65 12/1/2019 1,352,610 1,375,228

3,700,000 Pepsi Bottling Group, Inc., (The) 7.00 3/1/2029 5,171,591 5,152,106

1,600,000 Petroleos Mexicanos 3.13 1/23/2019 1,600,000 1,585,600

1,600,000 PNC Financial Services Group, Inc., (The) 2.85 11/9/2022 1,676,793 1,616,312

7,100,000 Pohjoismaiden Investointipankki,Nordiska 2.25 9/30/2021 7,073,872 7,366,023



3,900,000 Regions Financial Corporation 2.00 5/15/2018 3,887,316 3,875,235

3,800,000 Roper Technologies, Inc. 2.05 10/1/2018 3,792,058 3,836,415

8,500,000 Royal Bank of Canada 1.50 1/16/2018 8,536,465 8,522,559

3,400,000 Ryder System, Inc. 2.35 2/26/2019 3,396,226 3,396,583

3,400,000 SCANA Corporation 4.75 5/15/2021 3,718,478 3,552,898

1,700,000 Seagate HDD Cayman 4.75 6/1/2023 1,738,472 1,408,198

3,000,000 Sumitomo Mitsui Trust Bank Ltd. 2.95 9/14/2018 2,993,940 3,057,123

4,100,000 Target Corporation 4.00 7/1/2042 3,991,760 4,389,542

4,000,000 Time Warner Inc. 4.85 7/15/2045 3,847,240 4,069,088

4,100,000 Toll Brothers Finance Corp. 8.91 10/15/2017 4,744,100 4,489,500

3,700,000 Toronto-Dominion Bank, (The) 1.17 4/30/2018 3,701,736 3,691,305

5,000,000 Total Capital International 3.70 1/15/2024 4,941,900 5,298,830

2,400,000 United Parcel Service of America, Inc. 8.38 4/1/2020 3,203,256 3,010,231

4,100,000 Vodafone Group Public Limited Company 7.88 2/15/2030 5,381,373 5,185,385

5,200,000 VW Credit, Inc. 2.25 3/23/2018 5,305,716 5,170,090

2,500,000 W. W. Grainger, Inc. 4.60 6/15/2045 2,497,975 2,796,208

3,000,000 Wal-Mart Stores, Inc. 5.25 9/1/2035 3,534,240 3,715,944

1,900,000 Walt Disney Company, (The) 7.00 3/1/2032 2,456,244 2,684,909

4,100,000 Wells Fargo & Company 4.90 11/17/2045 4,334,889 4,400,702

4,300,000 WM. Wrigley Jr. Company 2.90 10/21/2019 4,289,680 4,416,517

522,442,051$ 528,058,355$

CORPORATE BONDS, continued

TOTAL CORPORATE BONDS


PRINCIPAL


INTEREST


650,000 United States Treasury Bills 0.01 10/9/2014 648,516$ 649,179$

20,110,000 United States Treasury Bond 3.50 2/15/2039 22,440,008 23,930,116


800,000 United States Treasury Bond 2.88 5/15/2043 693,432 842,969



5,000,000 United States Treasury Note 0.75 2/28/2018 4,988,281 5,001,170







18,300,000 United States Treasury Inflation Linked Notes 0.38 7/15/2025 18,078,398 18,680,712

10,000,000 United States Treasury Inflation Linked Notes 0.70 7/15/2025 9,851,440 10,208,039

4,900,000 United States Treasury - STRIPS 4.83 5/15/2016 4,872,122 4,898,579














































UNITED STATES GOVERNMENT BONDS


PRINCIPAL


INTEREST



200,000 United States Treasury - STRIPS 4.84 2/15/2028 113,924 155,149






















150,000 United States Treasury - STRIPS 4.84 11/15/2033 66,853$ 97,556$















365,179,321$ 397,675,167$

TOTAL BONDS 887,621,372$ 925,733,522$

BOND FUNDS

5,506,557 Ashmore Emerging Markets Total Return Fund 49,161,651$ 41,794,765$

372,875 Investec Emerging Markets Local Currency Dynamic Debt Fund LLC 35,000,000 34,435,037

5,783,707 Neuberger Berman High Income Bond Fund 51,962,092 47,536,371

638,412 Neuberger Berman High Income Fund LLC 25,000,000 24,383,836

5,446,355 Western Asset Floating Rate High Income Fund, LLC 95,859,305 99,771,770

256,983,048$ 247,921,779$

ASSET-BACKED SECURITIES

830,096 M&T Bank 1.06 11/15/2017 832,042 830,429

1,332,608 Volkswagen Auto Loan Enhanced Trust 2014 0.53 7/20/2017 1,331,931 1,331,293

2,163,973$ 2,161,722$

2,332,922 Bank of America Mortgage Securities Inc 2.68 12/25/2034 2,327,947$ 2,282,626$

475,919 Federal Nat'l Mtge Assn Pool # 769518 2.38 2/1/2034 477,592 504,411

2,677,263 First Horizon Mtg Passthru Tr V/R 2.71 6/25/2035 2,674,549 2,524,723

5,171,486 J P Morgan Mortgage Trust 2.86 8/25/2035 5,175,773 5,100,585

4,122,027 Structured Adjustable Rate Mortgage Loan Trust 2.60 2/25/2035 4,168,451 4,063,218

5,100,000 WFRBS Commercial Mortgage 2.86 3/15/2047 5,311,770 5,253,995

20,136,081$ 19,729,557$

1,166,904,474$ 1,195,546,580$

TOTAL UNITED STATES GOVERNMENT BONDS

US GOVERNMENT BONDS, continued

TOTAL FIXED-INCOME INVESTMENTS

MORTGAGE-BACKED SECURITIES

TOTAL MORTGAGE-BACKED SECURITIES

TOTAL BOND FUNDS

TOTAL ASSET-BACKED SECURITIES


SHARES COST VALUE

24,852 2U Inc. 469,749$ 561,655$

24,200 3M Company 2,372,097 4,032,446

87,100 Ab Volvo 898,684 957,308

31,750 Abbott Laboratories 994,633 1,328,103

36,250 AbbVie Inc. 1,413,100 2,070,600

8,368 ABIOMED, Inc. 295,414 793,370

48,950 Accenture Public Limited Company 3,348,539 5,648,830

32,000 Activision Blizzard, Inc. 982,460 1,082,880

56,070 Adecco S.A. 3,653,250 3,668,131

31,900 Adidas AG 2,354,754 3,744,219

13,200 Adobe Systems Incorporated 712,365 1,238,160

3,150 ADT Corp. 98,634 129,969

3,400 Advance Auto Parts, Inc. 529,988 545,156

18,200 Aena SA. 2,088,948 2,352,931

12,500 AES Corporation, (The) 146,156 147,500

17,208 Aetna Inc. 1,025,015 1,933,319

8,814 Affiliated Managers Group, Inc. 1,369,759 1,431,394

9,100 AFLAC Incorporated 502,798 574,574

203,600 Agfa-Gevaert N.V. 600,842 909,953

55,300 Aggreko PLC 1,373,140 856,029

6,000 Agilent Technologies, Inc. 159,794 239,100

2,200 AGL Resources Inc. 87,971 143,308

397,600 AIA Group Limited 1,781,391 2,252,873

18,700 Air Liquide Finance 2,345,903 2,107,305

3,450 Air Products and Chemicals, Inc. 319,083 496,973

1,100 Airgas, Inc. 76,939 155,804

47,710 Akamai Technologies, Inc. 2,846,990 2,651,245

316,060 Alcoa Inc. 2,973,094 3,027,855

15,057 Alexion Pharmaceuticals, Inc. 2,231,489 2,096,236

17,596 Align Technology, Inc. 731,130 1,279,053

147,080 Allegheny Technologies Incorporated 3,646,748 2,397,404

6,466 Allegion Public Limited Company 341,988 411,949

12,415 Allergan Public Limited Company 1,887,514 3,327,592

1,200 Alliance Data Systems Corporation 314,668 264,000

26,400 Allstate Corporation, (The) 1,099,699 1,778,568

16,322 Alphabet Inc. 5,943,990 12,302,835

35,600 Altria Group, Inc. 1,108,797 2,230,696

14,773 Amazon.com, Inc. 4,725,730 8,769,844

10,400 Ambarella, Inc. 434,995 464,880

11,200 AMC Networks Inc. 567,772 727,328

7,200 Amedisys, Inc. 278,772 348,048

7,300 Ameren Corporation 262,108 365,730

11,250 American Airlines, Inc. 626,367 461,363

11,400 American Electric Power Company, Inc. 503,906 756,960

49,275 American Express Company 2,614,431 3,025,485

32,750 American International Group, Inc. 1,417,339 1,770,138

9,700 American Tower Corporation 663,957 992,989

4,700 American Water Works Company, Inc. 319,481 323,971

3,300 Ameriprise Financial, Inc. 181,310 310,233

31,050 AmerisourceBergen Corporation 1,507,726 2,687,378

10,100 AMETEK, Inc. 492,824 504,798

16,305 Amgen Inc. 1,295,845 2,444,609

46,990 Amphenol Corporation 1,366,197 2,716,962

9,200 Anadarko Petroleum Corporation 641,549 428,444

6,200 Analog Devices, Inc. 226,962 366,978

14,704 ANSYS, Inc. 871,840 1,315,420

14,900 Anthem, Inc. 1,326,906 2,070,951

6,000 Aon PLC 315,297 626,700

6,800 Apache Corporation 685,334 331,908

9,800 Apartment Investment and Management Company 320,571 409,836

COMMON STOCKS

DESCRIPTION

EQUITY INVESTMENTS

SHARES COST VALUEDESCRIPTION

149,942 Apple Inc. 6,359,756$ 16,342,179$

21,100 Applied Materials, Inc. 270,065 446,898

75,400 Applied Micro Circuits Corporation 631,567 487,084

11,900 Archer-Daniels-Midland Company 404,654 432,089

69,900 ARM Holdings PLC 1,146,409 1,018,738

75,800 Array BioPharma Inc. 408,674 223,610

54,400 Arris International PLC 901,457 1,246,848

5,300 Assurant, Inc. 365,525 408,895

126,093 AT&T Inc. 3,550,330 4,939,063

167,300 Atmel Corporation 1,845,441 1,358,476

20,524 Aurubis AG 1,280,380 1,022,763

4,100 Autodesk, Inc. 144,517 239,071

17,200 Automatic Data Processing, Inc. 894,725 1,543,012

3,300 Autonation, Inc. 172,319 154,044

1,460 AutoZone, Inc. 778,148 1,163,167

5,000 AvalonBay Communities, Inc. 735,711 951,000

6,550 Avery Dennison Corporation 370,736 472,321

19,800 Avnet, Inc. 579,617 877,140

8,100 Baker Hughes Incorporated 419,189 355,023

54,240 Ball Corporation 2,141,024 3,866,770

233,100 Bank of America Corporation 3,231,100 3,151,512

117,575 Bank of New York Mellon Corporation, (The) 3,205,322 4,330,287

109,400 Barratt Developments P L C 807,369 881,334

13,294 BASF SE 1,110,889 1,004,390

12,430 Baxalta Incorporated 357,551 502,172

9,750 Baxter International Inc. 293,924 400,530

17,000 Bayerische Motoren Werke Aktiengesellsch 1,975,030 1,563,349

18,200 BB&T Corporation 523,512 605,514

7,965 Becton, Dickinson and Company 742,288 1,209,246

3,200 Bed Bath & Beyond Inc. 157,167 158,848

73,100 Belmond Ltd. 725,381 693,719

70,125 Berkshire Hathaway Inc. 6,219,595 9,949,335

6,300 Best Buy Co., Inc. 244,572 204,372

78,270 Big Lots, Inc. 2,088,158 3,544,848

4,000 Biogen Inc. 493,805 1,041,280

2,471 BlackRock, Inc. 590,150 841,548

13,450 Boeing Company, (The) 1,144,169 1,707,343

64,100 Boliden AB 1,291,467 1,027,124

38,542 Booz Allen Hamilton Holding Corporation 953,526 1,167,052

4,100 BorgWarner Inc. 135,787 157,440

2,800 Boston Properties, Inc. 257,507 355,824

41,800 Boston Scientific Corporation 444,107 786,258

19,000 Boyd Group Income Fund 945,941 1,121,535

27,500 Bridgestone Corporation 1,025,337 1,028,849

66,709 Bristol-Myers Squibb Company 3,228,123 4,261,371

154,100 British Land Company Public Limited, (The) 1,746,154 1,551,523

102,200 Britvic PLC 1,048,637 1,043,668

15,677 Broadcom Limited 1,393,114 2,422,097

1,800 Brown-Forman Corporation 92,725 177,246

12,207 Brunswick Corporation 649,506 585,692

188,100 BT Group PLC 709,469 1,190,919

98,500 Burberry Group PLC 2,754,243 1,932,486

3,100 C.H. Robinson Worldwide, Inc. 209,618 230,113

2,600 C.R. Bard, Inc. 316,761 526,942

5,150 CA, Inc. 109,452 158,569

59,800 Cablevision Systems Corporation 1,388,226 1,973,400

8,580 Cabot Oil & Gas Corporation 158,538 194,852

170,123 CAE Inc. 1,940,526 1,973,325

918 California Resources Corporation 291 945

20,160 Cambrex Corporation 937,888 887,040

54,700 Cameco Corporation 1,318,427 702,348

COMMON STOCKS, continued

EQUITY INVESTMENTS


9,600 Cameron International Corporation 581,962 643,680

7,300 Campbell Soup Company 368,851 465,667

47,900 Canadian Solar Inc. 1,153,207 923,512

57,900 Capita PLC 1,130,186 867,149

15,800 Capital One Financial Corporation 933,737 1,095,098

13,500 Cardinal Health, Inc. 735,583 1,106,325

3,600 CarMax, Inc. 125,683 183,960

14,800 Carnival Corporation 663,448 780,996

12,780 Carrizo Oil & Gas, Inc. 585,807 395,158

10,500 Caterpillar Inc. 768,645 803,670

19,270 CBOE Holdings, Inc. 813,852 1,258,909

8,100 CBRE Group, Inc. 202,690 233,442

7,872 CBS Corporation 160,161 433,668

14,692 CEB Inc. 841,818 951,013

12,040 Celanese Corporation 697,349 788,620

19,150 Celgene Corporation 1,157,364 1,916,724

21,249 Centene Corporation 1,288,832 1,308,301

7,700 CenterPoint Energy, Inc. 131,222 161,084

159,300 Centerra Gold Inc. 927,725 742,649

9,987 CenturyLink, Inc. 387,469 319,185

5,900 Cerner Corporation 205,186 312,464

4,900 CF Industries Holdings, Inc. 171,254 153,566

115,864 Charles Schwab Corporation, (The) 2,179,184 3,246,509

342,900 Charter Hall Limited 1,065,005 1,223,920

10,000 Chesapeake Energy Corporation 219,769 41,200

34,000 Chevron Corporation 2,809,056 3,243,600

193,000 China Mobile Limited 1,544,449 2,151,066

550 Chipotle Mexican Grill, Inc. 224,878 259,034

12,534 Choice Hotels International, Inc. 671,841 677,463

19,332 Chr. Hansen Holding A/S 803,673 1,299,849

9,218 Chubb Limited 566,519 1,098,325

3,300 Church & Dwight Co., Inc. 277,618 304,194

36,900 CI Financial Corp. 1,148,075 818,764

13,600 Cigna Corporation 1,007,280 1,866,464

4,300 Cimarex Energy Co. 513,041 418,261

248,900 Cincinnati Bell Inc. 867,763 963,243

6,900 Cincinnati Financial Corporation 359,356 450,984

7,700 Cintas Corporation 380,707 691,537

100,100 Cisco Systems, Inc. 2,289,152 2,849,847

63,200 Citigroup Inc. 2,802,193 2,638,600

13,600 Citizens Financial Group, Inc. 282,912 284,920

4,500 Citrix Systems, Inc. 318,581 353,610

9,700 Clorox Company, (The) 873,820 1,222,782

293,000 CLP Holdings Limited 1,900,218 2,649,883

14,500 CME Group Inc. 1,111,181 1,392,725

14,900 CMS Energy Corporation 389,117 632,356

2,246,000 CNOOC Limited 2,472,900 2,652,385

5,200 Coach, Inc. 226,464 208,468

77,600 Coca-Cola Company, (The) 2,599,074 3,599,864

8,150 Coca-Cola Enterprises, Inc. 340,843 413,531

101,500 Coca-Cola HBC AG 2,102,149 2,159,112

17,600 Cochlear Limited 1,116,894 1,385,019

27,000 Cognex Corporation 743,412 1,051,650

45,750 Cognizant Technology Solutions Corporation 1,831,157 2,868,525

18,050 Colgate-Palmolive Company 825,938 1,275,233

6,800 Columbia Pipeline Group, Inc. 92,559 170,680

134,725 Comcast Corporation 5,720,260 8,229,003

65,175 Comerica Incorporated 1,989,837 2,468,177

201,900 Compass Group PLC 3,161,443 3,563,544

126,340 ConAgra Foods, Inc. 4,124,562 5,637,291

3,600 Concho Resources Inc. 331,197 363,744


EQUITY INVESTMENTS


22,700 ConocoPhillips 1,137,584 914,129

7,200 Consolidated Edison, Inc. 407,936 551,664

3,200 Constellation Brands, Inc. 81,864 483,488

6,361 Continental Aktiengesellschaft 1,029,023 1,449,735

21,700 Corning Incorporated 389,627 453,313

7,464 CoStar Group, Inc. 949,236 1,404,501

28,614 Costco Wholesale Corporation 2,752,734 4,508,994

7,500 Crown Castle International Corp. 464,112 648,750

82,230 Crown Holdings, Inc. 1,734,243 4,077,786

34,800 CSL Limited 1,388,593 2,715,539

24,540 CSRA Inc. 679,043 660,126

18,000 CSX Corporation 360,829 463,500

14,400 Cummins Inc. 1,514,567 1,583,136

36,800 CVS Health Corporation 1,828,594 3,817,264

11,900 CyrusOne Inc. 237,156 543,235

17,600 D.R. Horton, Inc. 427,042 532,048

184,000 Dai-Ichi Life Insurance Company, Limited, (The) 2,183,224 2,230,526

41,900 Daikin Industries, Ltd. 1,576,677 3,135,930

31,800 Daito Trust Construction Co., Ltd. 2,325,646 4,521,233

39,751 Danaher Corporation 2,136,453 3,770,780

278,125 Danone 5,535,047 6,016,399

2,200 Darden Restaurants, Inc. 90,873 145,860

24,943 DaVita HealthCare Partners Inc. 1,134,251 1,830,317

5,550 Deere & Company 438,887 427,295

18,100 Delphi Automotive PLC 941,760 1,357,862

21,500 Delta Air Lines, Inc. 580,720 1,046,620

51,300 DENSO Corporation 1,712,045 2,064,871

24,967 Dentsply Sirona Inc. 1,124,205 1,538,695

15,800 Derwent London PLC 709,729 715,798

54,967 Deutsche Lufthansa Aktiengesellschaft 883,659 889,768

184,810 Devon Energy Corporation 10,205,016 5,071,186

169,800 DEXUS Funds Management Limited 986,762 1,037,112

1,600 Diamond Offshore Drilling, Inc. 111,780 34,768

9,770 Diamondback Energy, Inc. 658,046 754,049

62,300 Diana Shipping Inc. 382,435 166,341

20,500 Discover Financial Services 675,736 1,043,860

66,200 Discovery Communications, Inc. 1,429,064 1,791,475

53,700 Dollar General Corporation 3,840,748 4,596,720

4,696 Dollar Tree, Inc. 228,332 387,232

84,070 Dominion Resources, Inc. 4,005,157 6,315,338

14,589 Dongbu Insurance Co. Ltd. 638,091 968,263

2,700 Dover Corporation 131,001 173,691

101,390 Dow Chemical Company, (The) 3,398,685 5,156,695

13,900 Dr Pepper Snapple Group, Inc. 899,079 1,242,938

8,000 DTE Energy Company 495,217 725,280

12,985 Duke Energy Corporation 757,245 1,047,630

900 Dun & Bradstreet Corporation, (The) 77,241 92,772

16,000 E. I. du Pont de Nemours and Company 665,949 1,013,120

23,300 E.W. Scripps Company, (The) 410,308 363,247

3,700 Eastman Chemical Company 208,586 267,251

8,321 Eaton Corporation Public Limited Company 405,199 520,562

141,375 eBay Inc. 3,363,981 3,373,208

32,924 Ecolab Inc. 2,436,274 3,671,684

10,000 Edison International 464,041 718,900

12,500 Edwards Lifesciences Corporation 748,992 1,102,625

23,500 Electronic Arts Inc. 1,220,225 1,553,585

27,600 Eli Lilly and Company 1,517,874 1,987,476

37,700 EMC Corporation 733,309 1,004,705

76,810 Emerson Electric Co. 3,577,383 4,176,928

20,138 Encore Capital Group, Inc. 754,685 518,352

55,300 Endesa, S.A. 1,227,463 1,063,099


EQUITY INVESTMENTS


3,700 Endo International Public Limited Company 292,109 104,155

18,900 Endocyte, Inc. 314,955 58,590

3,250 Entergy Corporation 241,966 257,660

10,000 EOG Resources, Inc. 545,359 725,800

2,900 EQT Corporation 153,841 195,054

9,500 Equifax Inc. 691,708 1,085,755

3,075 Equinix, Inc. 811,961 1,016,933

12,900 Equity Residential 801,395 967,887

3,600 Essex Property Trust, Inc. 698,800 841,896

20,500 Essilor International (Compagnie General) 1,514,779 2,535,812

35,615 Estee Lauder Companies Inc., (The) 2,249,901 3,358,851

22,900 ETRADE Financial Corporation 550,766 560,821

6,973 Eversource Energy 270,349 406,805

23,218 ExamWorks Group, Inc. 734,030 686,324

17,015 Exelon Corporation 625,280 610,158

5,450 Expedia, Inc. 485,339 587,619

66,575 Expeditors International of Washington 2,627,236 3,249,526

128,800 Experian Group Limited 2,095,221 2,304,797

42,674 Express Scripts Holding Company 2,378,947 2,931,277

7,600 Extra Space Storage Inc. 670,915 710,296

93,150 Exxon Mobil Corporation 6,518,751 7,786,409

3,000 F5 Networks, Inc. 356,336 317,550

85,724 Facebook, Inc. 6,176,322 9,781,108

4,772 FactSet Research Systems Inc. 555,152 723,101

15,400 FANUC Corporation 1,440,336 2,395,738

38,403 Fastenal Company 1,672,461 1,881,747

2,300 Federal Realty Investment Trust 347,075 358,915

5,700 Fedex Corporation 631,784 927,504

15,000 FibroGen, Inc. 353,111 319,350

16,900 Fidelity National Information Services 711,625 1,069,939

1,749 Fiesta Restaurant Group, Inc. 55,641 57,332

27,500 Fifth Third Bancorp 440,237 458,975

15,200 FireEye, Inc. 264,076 273,448

15,303 First Cash Financial Services, Inc. 781,917 704,856

1,300 First Solar, Inc. 96,126 89,011

7,670 FirstEnergy Corp. 285,176 275,890

38,961 FirstService Corporation 981,673 1,560,678

17,600 Fiserv, Inc. 899,089 1,805,408

11,204 FleetCor Technologies, Inc. 1,735,500 1,666,595

88,700 Flextronics International Ltd. 906,218 1,069,722

2,500 Flir Systems, Inc. 68,495 82,375

2,200 Flowserve Corporation 86,611 97,702

2,700 Fluor Corporation 160,411 144,990

70,380 FMC Corporation 2,927,843 2,841,241

4,100 FMC Technologies, Inc. 180,310 112,176

71,200 Ford Motor Company 912,946 961,200

7,100 Franklin Resources, Inc. 289,344 277,255

22,200 Freeport-McMoRan Inc. 691,404 229,548

1,068,314 Fortress Worldwide Transportation And Infrastructure Common Stock 16,984,343 10,629,724

12,566 Fresenius Medical Care AG & Co. KGaA 1,061,757 1,114,636

17,968 Fresenius SE & Co. KGaA 1,003,584 1,314,728

22,300 Frontier Communications Corporation 133,271 124,657

988 Galenica AG 1,288,919 1,491,827

63,800 Gamesa Corporacion Tecnologica, S.A. 856,811 1,262,493

9,300 Gamestop Corp. 321,103 295,089

29,950 Gannett Co., Inc. 186,413 453,443

4,400 Gap, Inc., (The) 110,307 129,360

2,300 Garmin Ltd. 93,815 91,908

11,700 Gartner, Inc. 792,121 1,045,395

12,300 General Dynamics Corporation 1,228,219 1,615,851

207,503 General Electric Company 4,894,324 6,596,520

10,700 General Growth Properties, Inc. 232,553 318,111

20,200 General Mills, Inc. 921,057 1,279,670


EQUITY INVESTMENTS


25,500 General Motors Company 901,944$ 801,465$

70,538 Genpact Limited 1,131,174 1,917,928

2,800 Genuine Parts Company 141,207 278,208

33,500 Gilead Sciences, Inc. 1,129,876 3,077,310

1,350 Givaudan SA 2,503,436 2,658,696

54,000 GlaxoSmithKline PLC 1,177,053 1,095,912

10,300 Goldman Sachs Group, Inc., (The) 1,717,952 1,616,894

18,100 Goodyear Tire & Rubber Company, (The) 479,069 596,938

2,451,400 Governor and Company of the Bank, (The) 996,551 712,341

91,200 Great Portland Estates P L C 947,534 954,275

29,785 Guidewire Software, Inc. 1,276,887 1,622,687

62,400 H & M Hennes & Mauritz AB 1,526,219 2,083,669

6,600 H & R Block, Inc. 145,110 174,372

16,100 Halliburton Company 604,712 575,092

95,300 Hammerson PLC 818,021 792,399

8,800 Hanesbrands Inc. 294,097 249,392

851,000 Hang Lung Properties Limited 2,729,511 1,625,957

3,400 Harley-Davidson, Inc. 114,168 174,522

1,400 Harman International Industries, Incorporated 60,367 124,656

104,700 Harmonic, Inc. 671,810 342,369

3,000 Harris Corporation 171,032 233,580

21,300 Hartford Financial Services Group, I, (The) 790,952 981,504

307,100 Harvey Norman Holdings Ltd. 1,057,654 1,110,312

8,400 Hasbro, Inc. 556,226 672,840

9,200 HCA Holdings, Inc. 671,017 718,060

8,600 HCP, Inc. 319,760 280,188

136,850 HD Supply Holdings, Inc 3,759,479 4,525,630

22,875 Healthcare Services Group, Inc. 548,816 842,029

18,686 Healthsouth Corporation 617,600 703,154

6,900 Helmerich & Payne, Inc. 434,676 405,168

3,600 Henry Schein, Inc. 526,439 621,468

2,600 Hershey Company, (The) 158,930 239,434

304,890 Hertz Global Holdings, Inc. 5,420,225 3,210,492

4,860 Hess Corporation 286,561 255,879

32,600 Hewlett Packard Enterprise Company 652,582 577,998

40,010 Hexcel Corporation 1,271,245 1,748,837

98,000 Hexpol AB 642,716 1,091,011

8,341 HOCHTIEF Aktiengesellschaft 950,027 1,022,261

6,600 Hologic, Inc. 227,868 227,700

35,200 Home Depot, Inc., (The) 1,851,340 4,696,736

76,700 Honda Motor Co., Ltd. 2,266,683 2,105,932

33,900 Honeywell International Inc. 2,686,919 3,798,495

1,195,178 Hong Kong And China Gas Company Limited 1,765,023 2,234,251

41,000 Hong Kong Exchanges and Clearing Limited 1,269,472 987,398

826,000 Hong Kong Telecommunications (HKT) Limited 1,035,582 1,137,320

21,200 Hormel Foods Corporation 588,845 916,688

13,700 Host Hotels & Resorts, L.P. 231,029 228,790

32,100 HP Inc. 534,313 395,472

184,800 HSBC Holdings PLC 1,488,533 1,152,495

31,900 Huhtamaki Oyj 653,298 1,186,154

3,400 Humana Inc. 212,999 622,030

60,600 Huntington Bancshares Incorporated 562,784 578,124

11,194 Huron Consulting Group Inc. 673,407 651,379

24,939 Hyundai Marine & Fire Insurance Co., Ltd 688,568 724,007

8,000 IAC/InterActiveCorp 305,804 376,640

19,400 Icon Public Limited Company 1,176,055 1,456,940

17,262 IDEXX Laboratories, Inc. 1,111,740 1,351,960

6,100 Illinois Tool Works Inc. 322,329 624,884

2,700 Illumina, Inc. 476,526 437,697

25,835 IMAX Corporation 807,658 803,210

37,300 ImmunoGen, Inc. 489,859 317,796


EQUITY INVESTMENTS


99,400 Inchcape PLC 1,124,418$ 1,033,647$

71,500 Industria de Diseno Textil, S.A. 607,865 2,408,892

30,700 Infinity Pharmaceuticals, Inc. 267,007 161,789

4,700 Ingersoll-Rand Public Limited Company 186,352 291,447

226,500 Inpex Corp 3,416,007 1,719,985

102,800 Intel Corporation 2,551,529 3,325,580

3,851 Intercontinental Exchange, Inc. 649,939 905,524

16,200 International Business Machines Corporat 1,827,930 2,453,490

12,890 International Flavors & Fragrances Inc. 1,235,479 1,466,495

100,690 International Paper Company 3,555,526 4,132,318

8,800 International Speedway Corporation 300,111 324,808

13,200 Interpublic Group of Companies, Inc., (The) 172,728 302,940

33,800 Intertek Group Plc 1,498,142 1,538,552

40,100 InterXion Holding N.V. 905,088 1,386,658

10,600 Intuit Inc. 695,131 1,102,506

4,760 Intuitive Surgical, Inc. 1,928,576 2,860,998

7,800 Invesco Ltd. 174,536 240,006

44,200 INVISTA CAPITAL MANAGEMENT, LLC 399,282 646,646

30,400 Ionis Pharmaceuticals Inc. 256,789 1,231,200

15,400 IPSEN 841,325 885,702

52,200 Iridium Communications Inc. 427,939 410,814

3,601 Iron Mountain Incorporated 98,735 122,110

1,700 J. B. Hunt Transport Services, Inc. 139,557 143,208

2,700 J. M. Smucker Company, (The) 252,073 350,568

18,140 j2 Cloud Services, Inc. 917,333 1,117,061

2,400 Jacobs Engineering Group Inc. 106,695 104,520

28,800 Japan Airlines Co., Ltd 858,248 1,056,218

22,490 Jarden Corporation 763,744 1,325,786

41,500 Jardine Matheson Holdings Limited 2,405,458 2,368,820

83,500 JB Hi-Fi Limited 1,363,445 1,514,599

60,500 Johnson & Johnson 4,339,195 6,546,100

11,900 Johnson Controls, Inc. 405,624 463,743

5,655 Jones Lang LaSalle Incorporated 661,794 663,445

82,900 JPMorgan Chase & Co. 3,750,326 4,909,338

28,500 Juniper Networks, Inc. 816,472 727,035

337,200 JVC KENWOOD Holdings, Inc. 931,527 873,039

14,300 Kansas City Southern 1,043,348 1,221,935

45,200 KDDI Corporation 1,150,305 1,208,872

7,400 Kellogg Company 458,956 566,470

19,800 KeyCorp 191,974 218,592

5,390 Keyence Corporation 942,163 2,944,011

12,900 Kimberly-Clark Corporation 1,071,437 1,735,179

10,100 KiMcO Realty Corporation 205,927 290,678

32,762 Kinder Morgan, Inc. 1,158,758 585,129

2,800 KLA-Tencor Corporation 116,242 203,868

991,100 Kobe Steel, Ltd. 1,513,431 872,983

3,400 Kohl's Corporation 184,864 158,474

88,100 Komatsu Ltd. 1,845,441 1,501,843

58,400 KONE Oyj 2,234,170 2,819,046

186,023 Koninklijke Ahold N.V. 2,035,862 4,174,356

32,931 Korea Electric Power Corp. 1,395,299 1,733,514

11,348 Korea Gas Corporation 635,887 380,549

11,633 Kraft Heinz Company, (The) 426,689 913,888

54,700 Kroger Co., (The) 1,043,867 2,092,275

43,633 Kudelski S.A. 582,792 747,226

18,100 Kuehne + Nagel International AG 2,489,291 2,583,689

62,500 Kuroda Electric Co., Ltd. 790,077 936,986

70,000 Kyowa Exeo Corporation 781,935 778,504

14,900 L Brands, Inc. 1,009,381 1,308,369

1,350 L-3 Communications Holdings, Inc. 99,955 159,975

2,600 Laboratory Corporation of America Holdin 252,801 304,538


EQUITY INVESTMENTS


35,612 Lam Research Corporation 1,347,765$ 2,941,551$

16,600 Lazard Ltd 650,904 644,080

2,200 Legg Mason, Inc. 78,707 76,296

9,000 Leggett & Platt, Incorporated 344,069 435,600

8,100 Lennar Corporation 291,642 391,716

5,900 Leucadia National Corporation 160,894 95,403

37,563 Level 3 Communications, Inc. 1,047,445 1,985,205

41,155 LG Display Co., Ltd. 929,157 957,260

17,793 LG Electronics Inc. 1,028,894 958,420

17,500 Liberty Media Corporation 321,030 669,707

12,815 Ligand Pharmaceuticals Incorporated 749,514 1,372,358

6,600 Lincoln National Corporation 233,888 258,720

4,200 Linear Technology Corporation 143,480 187,152

177,000 Link Real Estate Investment Trust, (The) 1,064,362 1,049,693

11,900 Lockheed Martin Corporation 1,535,871 2,635,850

5,300 Loews Corporation 210,253 202,778

6,655 Lonza Group AG 806,434 1,130,652

19,100 L'Oreal 2,519,378 3,426,963

5,467 Lotte Chemical Corporation 1,194,587 1,632,547

24,200 Lowe's Companies, Inc. 970,649 1,833,150

8,680 Lumentum Holdings Inc. 245,497 234,100

18,700 LyondellBasell Industries N.V. 1,276,776 1,600,346

5,759 M&T Bank Corporation 587,328 639,249

4,600 Macerich Company, (The) 335,251 364,504

14,800 MacroGenics, Inc. 427,681 277,500

5,600 Macy's, Inc. 148,509 246,904

2,200 Mallinckrodt Public Limited Company 156,544 134,816

281,100 Man Group PLC 751,013 616,138

9,600 Manpowergroup Inc. 640,398 781,632

15,470 Marathon Oil Corporation 316,113 172,336

19,500 Marathon Petroleum Corporation 655,590 725,010

12,600 Marriott International, Inc. 783,570 896,868

23,700 Marsh & McLennan Companies, Inc. 811,417 1,440,723

4,461 Martin Marietta Materials, Inc. 630,834 711,574

18,200 Masco Corporation 383,774 572,390

25,450 MasterCard Incorporated 1,244,494 2,405,025

49,240 Mattel, Inc. 1,311,823 1,655,449

24,410 MAXIMUS, Inc. 1,345,918 1,284,942

56,700 Mazda Motor Corporation 964,303 881,058

6,900 McCormick & Company, Incorporated 540,198 686,412

19,150 McDonald's Corporation 1,625,787 2,406,772

13,200 Mcgraw Hill Financial Inc. 734,524 1,306,536

7,800 McKesson Corporation 1,002,821 1,226,550

28,426 Mead Johnson Nutrition Company 2,059,615 2,415,357

19,700 Medicines Company, (The) 549,912 625,869

64,500 Medipal Holdings Corporation 896,530 1,022,634

19,250 MEDNAX, Inc. 1,139,995 1,243,935

29,168 Medtronic Public Limited Company 1,255,011 2,187,600

9,771 MERCK Kommanditgesellschaft auf Aktien 805,186 816,273

52,300 Merck Sharp & Dohme Corp. 2,024,554 2,767,193

23,600 MetLife, Inc. 1,006,929 1,036,984

4,150 Mettler-Toledo International Inc. 1,058,643 1,430,754

38,800 MGOC, Inc. 657,012 632,828

3,200 Michael Kors Holdings Limited 260,081 182,272

3,550 Microchip Technology Incorporated 123,511 171,110

20,100 Micron Technology, Inc. 225,840 210,447

248,125 Microsoft Corporation 7,584,556 13,703,944

8,416 Middleby Corporation, (The) 745,085 898,576

124,600 Mitsubishi Motors Corporation 1,065,113 934,542

3,800 Mohawk Industries, Inc. 657,472 725,420

3,360 Molson Coors Brewing Company 162,450 323,165


EQUITY INVESTMENTS


42,400 Mondelez International, Inc. 1,228,290$ 1,701,088$

42,400 Mondi plc 831,802 814,179

7,900 Monsanto Company 563,916 693,146

5,000 Monster Beverage 1990 Corporation 506,460 666,900

9,700 Moody's Corporation 628,332 936,632

40,800 Morgan Stanley 1,205,158 1,020,408

5,900 Mosaic Company, (The) 315,126 159,300

4,589 Motorola Solutions, Inc. 244,271 347,387

48,800 MS&AD Insurance Group Holdings, Inc. 1,294,707 1,361,598

15,466 MSG Networks Inc. 504,882 843,712

8,900 Murata Manufacturing Co., Ltd. 1,020,001 1,074,541

3,300 Murphy Oil Corporation 175,122 83,127

7,350 Mylan B.V. 234,210 340,673

20,600 Myriad Genetics, Inc. 459,031 771,058

218,380 Nabors Industries Ltd 3,818,937 2,009,096

9,500 Nasdaq, Inc. 376,274 630,610

34,174 National Instruments Corporation 946,341 1,028,979

6,700 National Oilwell Varco, Inc. 380,599 208,370

7,200 Navient Corporation 63,251 86,184

68,450 Nestle S.A. 3,488,493 5,120,579

5,500 NetApp, Inc. 278,536 150,095

23,100 Netflix, Inc. 1,705,286 2,361,513

19,606 NetSuite Inc. 1,596,669 1,342,815

23,385 NeuStar, Inc. 702,515 575,271

20,700 Newell Brands Inc. 655,502 916,803

12,200 Newfield Exploration Company 518,671 405,650

9,350 Newmont Mining Corporation 508,445 248,523

9,125 News Corporation 87,514 117,774

13,700 NextEra Energy, Inc. 946,127 1,621,258

8,100 Nielsen Holdings PLC 333,281 426,546

37,700 NIKE, Inc. 1,385,244 2,317,419

42,970 Nippon Telegraph and Telephone Corporation 1,106,262 1,853,450

285,500 Nippon Yusen Kabushiki Kaisha 832,457 551,212

29,600 NiSource Inc. 417,857 697,376

7,500 Noble Energy, Inc. 338,755 235,575

2,350 Nordstrom, Inc. 107,286 134,444

5,300 Norfolk Southern Corporation 319,484 441,225

392,000 Northern Star Resources Ltd. 661,937 1,034,303

8,350 Northern Trust Corporation 521,034 544,170

10,300 Northrop Grumman Corporation 1,071,460 2,038,370

26,500 Novartis AG 1,399,044 1,928,732

39,800 Novo Nordisk A/S 471,360 2,162,292

26,700 Novozymes A/S 1,085,480 1,202,285

6,500 NRG Energy, Inc. 150,501 84,565

20,549 Nu Skin Enterprises, Inc. 865,870 785,999

5,800 Nucor Corporation 239,079 274,340

20,000 NVIDIA Corporation 410,880 712,600

24,127 NXP Semiconductors N.V. 1,965,683 1,955,976

66,160 Occidental Petroleum Corporation 5,544,150 4,527,329

21,212 Old Dominion Freight Line, Inc. 1,190,825 1,476,779

32,318 OM Asset Management PLC 563,416 431,445

48,575 Omnicom Group Inc. 3,286,965 4,042,897

152,450 ONEOK, Inc. 3,487,306 4,552,157

58,100 Oracle Corporation 1,621,173 2,376,871

6,900 O'Reilly Automotive, Inc. 952,326 1,888,254

78,700 ORIX Corporation. 1,050,801 1,124,186

71,540 Owens Corning 2,394,261 3,382,411

215,650 Owens-Illinois, Inc. 5,416,890 3,441,774

55,075 PACCAR Inc 2,672,675 3,012,052

31,774 Pandora Media, Inc. 542,134 284,377

2,400 Parker-Hannifin Corporation 208,444 266,592


EQUITY INVESTMENTS


2,500 Patterson Companies, Inc. 88,610$ 116,325$

9,600 Paychex, Inc. 360,270 518,496

25,800 PayPal, Inc. 622,906 995,880

3,363 Pentair Public Limited Company 135,422 182,476

25,100 People's United Financial, Inc. 378,955 399,843

33,000 PepsiCo, Inc. 2,423,092 3,381,840

8,100 PerkinElmer, Inc. 351,420 400,626

2,700 Perrigo Company Public Limited Company 340,306 345,411

54,800 Peugeot SA 1,014,706 940,457

135,187 Pfizer Inc. 3,046,638 4,006,943

10,800 PG&E Corporation 526,854 644,976

28,100 Philip Morris International Inc. 1,971,517 2,756,891

12,750 Phillips 66 711,521 1,104,023

2,700 Pinnacle West Capital Corporation 136,484 202,689

2,970 Pioneer Natural Resources Company 294,445 417,998

3,300 Pitney Bowes Inc. 69,183 71,082

12,000 PNC Financial Services Group, Inc., (The) 808,319 1,014,840

24,000 Polycom, Inc. 306,168 267,600

170,100 Potash Corporation of Saskatchewan Inc. 5,807,486 2,895,102

6,500 Ppg Industries, Inc. 315,495 724,685

22,700 PPL Corporation 671,957 864,189

5,200 Praxair, Inc. 510,868 595,140

1,096 Priceline Group Inc., (The) 824,946 1,412,700

9,700 Principal Financial Group, Inc. 368,230 382,665

54,450 Procter & Gamble Company, (The) 3,586,983 4,481,780

129,400 Progressive Corporation, (The) 3,377,775 4,547,116

9,350 ProLogis 312,207 413,083

9,100 Prothena Corporation Public Limited Company 389,536 374,556

9,550 Prudential Financial, Inc. 618,475 689,701

8,200 PTC Therapeutics, Inc. 419,548 52,808

12,900 Public Service Enterprise Group Incorporated 445,138 608,106

3,800 Public Storage 541,721 1,048,154

6,100 PulteGroup, Inc. 63,976 114,131

1,600 PVH Corp. 190,634 158,496

359,200 QinetiQ Group PLC 1,252,276 1,177,114

44,331 Qorvo, Inc. 1,233,999 2,234,726

27,100 QUALCOMM Incorporated 1,432,010 1,385,894

2,800 Quanta Services, Inc. 56,531 63,168

3,000 Quest Diagnostics Incorporated 164,938 214,350

16,120 Quintiles Transnational Holdings Inc. 998,540 1,049,412

147,400 Rakuten, Inc. 2,366,829 1,423,575

1,000 Ralph Lauren Corporation 125,208 96,260

3,200 Range Resources Corporation 157,775 103,616

15,500 Raymond James Financial, Inc. 560,194 737,955

55,010 Raytheon Company 2,704,345 6,745,876

4,400 Realty Income Corporation 221,993 275,044

27,000 Reckitt Benckiser Group PLC 749,933 2,611,718

8,500 Red Hat, Inc. 523,442 633,335

8,740 Regeneron Pharmaceuticals, Inc. 1,722,519 3,150,246

35,500 Regions Financial Corporation 255,637 278,675

11,900 Renault 1,156,704 1,184,115

128,022 Republic Services, Inc. 3,465,736 6,100,248

15,062 Reynolds American Inc. 315,227 757,769

14,400 Robert Half International Inc. 403,431 670,752

8,400 Roche Holding Ag 1,729,053 2,076,207

10,250 Rockwell Automation, Inc. 1,005,811 1,165,938

2,900 Rockwell Collins, Inc. 187,034 267,409

4,700 Roper Technologies, Inc. 524,375 859,019

55,200 Ross Stores, Inc. 1,815,290 3,196,080

18,400 Rowan Companies PLC 685,872 296,240

38,400 Royal Caribbean Cruises Ltd 1,667,119 3,154,560


EQUITY INVESTMENTS


143,800 Royal Mail PLC 979,686$ 993,529$

87,281 RWE Aktiengesellschaft 1,039,845 1,131,370

1,100 Ryder System, Inc. 55,276 71,258

44,985 Salesforce.com, Inc. 1,733,746 3,321,243

29,520 Sally Beauty Holdings, Inc. 850,648 955,858

3,550 SanDisk Corporation 155,541 270,084

12,000 Sanofi 1,297,961 968,982

31,600 SAP Deutschland SE & Co. KG 1,634,836 2,560,295

24,411 SBA Communications Corporation 2,067,104 2,445,250

5,100 SCANA Corporation 279,420 357,765

67,275 Schlumberger Limited 4,666,036 4,961,531

1,800 Scripps Networks Interactive, Inc. 111,094 117,900

55,900 SeaChange International, Inc. 509,761 308,568

5,600 Seagate Technology Public Limited Company 146,619 192,920

57,470 Sealed Air Corporation 1,158,764 2,759,135

23,300 Seattle Genetics, Inc. 407,381 817,597

179,200 SEGRO Public Limited Company 1,295,900 1,056,786

48,600 Seiko Epson Corporation 530,939 786,110

336,500 SEMAFO Inc. 828,172 1,204,527

13,800 Sempra Energy 1,007,796 1,435,890

19,481 ServiceMaster Global Holdings, Inc. 570,279 734,044

1,230 SGS SA 1,991,867 2,609,889

2,100 Sherwin-Williams Company, (The) 336,820 597,807

40,700 Shin-Etsu Chemical Co., Ltd. 2,105,819 2,108,962

76,700 SHOWA Corporation 941,300 670,131

6,840 Signature Bank 740,032 931,061

1,600 Signet Jewelers Limited 193,468 198,448

6,500 Simon Property Group, Inc. 819,509 1,349,985

39,700 Sinclair Broadcast Group, Inc. 389,373 1,220,775

130,800 Singapore Airlines Limited 1,177,602 1,109,265

158,800 Singapore Exchange Limited 981,083 937,517

656,000 Sino Land Company Limited 1,062,187 1,038,565

28,343 Six Flags Operations Inc. 1,138,751 1,572,753

11,065 SK Innovation Co., Ltd. 912,155 1,664,201

138,800 Sky Uk Limited 2,192,618 2,042,852

10,500 Skyworks Solutions, Inc. 923,841 817,950

1,900 SL Green Realty Corp. 254,614 184,072

4,900 SMC Corporation 1,073,696 1,139,606

62,800 Smith & Nephew PLC 767,669 1,036,213

38,400 Smurfit Kappa Group Public Limited Company 670,753 990,739

4,600 Snap-on Incorporated 566,358 722,154

35,600 Sompo Japan Nipponkoa Holdings, Inc. 1,122,634 1,009,767

10,800 Sopra Steria Group 1,176,903 1,278,096

17,500 Sotheby's 581,291 467,775

18,300 Southern Company, (The) 760,325 946,659

24,600 Southwest Airlines Co. 426,115 1,102,080

7,600 Southwestern Energy Company 274,108 61,332

12,100 Spectra Energy Corp. 311,087 370,260

79,250 SPX Flow, Inc. 4,327,884 1,987,590

5,100 St. Jude Medical, Inc. 218,319 280,500

214,900 Stagecoach Group PLC 1,161,932 778,985

31,200 Stanley Black & Decker, Inc. 3,003,222 3,282,552

11,500 Staples, Inc. 227,671 126,845

94,772 Starbucks Corporation 2,762,455 5,657,888

3,100 Starwood Hotels & Resorts Worldwide, Inc. 135,483 258,633

28,500 Starz 816,306 750,405

9,300 State Street Corporation 479,185 544,236

24,099 Stericycle, Inc. 2,308,580 3,041,053

9,557 Steven Madden, Ltd. 312,735 353,991

26,400 Stillwater Mining Company 400,193 281,160

337,500 STMicroelectronics N.V. 2,112,707 1,873,762


EQUITY INVESTMENTS


7,100 Stryker Corporation 488,434$ 761,759$

48,200 Suncor Energy Inc. 1,469,013 1,347,863

15,600 SunTrust Banks, Inc. 509,411 562,848

3,700 Swatch Group AG, (The) 2,083,144 1,286,973

11,166 Swiss Re AG 1,008,699 1,036,556

12,100 Symantec Corporation 219,856 222,398

21,731 Synchrony Financial 558,737 622,810

3,860 Syngenta AG 1,386,118 1,612,280

11,900 Sysco Corporation 388,365 556,087

82,000 T&D Holdings, Inc. 978,484 765,684

4,500 T. Rowe Price Group, Inc. 275,223 330,570

103,500 Taiwan Semiconductor Manufacturing Company 1,392,134 2,711,700

130,900 TalkTalk Telecom Holdings Limited 916,307 802,052

73,750 Target Corporation 4,476,842 6,068,150

54,025 TE Connectivity Ltd. 2,126,007 3,345,228

20,600 Technip 1,174,640 1,143,454

9,400 TECO Energy, Inc. 214,470 258,782

64,200 Tegna Inc. 795,175 1,506,132

22,200 Telephone and Data Systems, Inc. 570,922 667,998

242,300 Telstra Corporation Limited 1,136,463 993,455

1,950 Tenet Healthcare Corporation 54,928 56,414

2,600 Teradata Corporation 114,284 68,224

10,900 Tesoro Corporation 845,114 937,509

19,100 Texas Instruments Incorporated 666,297 1,096,722

5,100 Textron Inc. 116,515 185,946

13,200 Thermo Fisher Scientific Inc. 1,104,010 1,868,988

2,000 Tiffany & Co. 125,255 146,760

10,100 Time Warner Cable Inc. 1,007,863 2,066,662

22,400 Time Warner Inc. 991,995 1,625,120

71,670 TJX Companies, Inc., (The) 1,637,636 5,615,345

37,500 Tokai Rika Co., Ltd. 666,402 706,660

31,300 Tokio Marine Holdings, Inc. 1,088,323 1,058,232

9,675 Torchmark Corporation 438,610 523,998

7,346 Toro Company, (The) 484,352 632,638

45,893 Total SA 2,319,218 2,095,033

12,200 Total System Services, Inc. 547,889 580,476

18,700 Toyota Motor Corporation 1,262,747 990,279

15,970 Tractor Supply Company 1,070,923 1,444,646

3,585 TransDigm Group Incorporated 604,943 789,919

23,500 Transocean Ltd. 469,322 214,790

11,150 Travelers Companies, Inc., (The) 809,908 1,301,317

57,600 Trimble Navigation Limited 1,131,433 1,428,480

34,498 TripAdvisor LLC 2,415,063 2,294,117

105,650 Twenty-First Century Fox, Inc. 2,499,110 2,958,306

7,600 Tyco International Public Limited Company 173,770 278,996

14,200 Tyson Foods, Inc. 562,945 946,572

41,300 U.S. Bancorp 1,230,834 1,676,367

38,600 Ubisoft Entertainment 700,515 1,214,031

6,800 UDR, Inc. 239,528 262,004

6,080 Ulta Salon, Cosmetics & Fragrance, Inc. 964,517 1,177,939

30,536 Under Armour, Inc. 2,439,913 2,590,369

18,600 Unifi, Inc. 227,309 426,126

45,875 Unilever PLC 1,839,487 2,072,633

18,800 Union Pacific Corporation 1,106,046 1,495,540

6,650 United Continental Holdings, Inc. 380,976 398,069

12,750 United Parcel Service, Inc. 953,388 1,344,743

1,800 United Rentals, Inc. 210,049 111,942

7,800 United States Cellular Corporation 353,898 356,382

14,200 United Technologies Corporation 1,158,821 1,421,420

59,825 UnitedHealth Group Incorporated 3,960,260 7,711,443

8,000 Universal Health Services, Inc. 920,033 997,760


EQUITY INVESTMENTS


9,900 Unum Group 276,992$ 306,108$

1,700 Urban Outfitters, Inc. 63,567 56,253

116,130 USG Corporation 3,500,243 2,881,185

17,000 V.F. Corporation 756,335 1,100,920

11,300 Valeo 1,143,007 1,761,562

17,300 Valero Energy Corporation 803,029 1,109,622

16,100 Valspar Corporation, (The) 547,049 1,723,022

24,682 Vantiv, Inc. 808,443 1,329,866

1,700 Varian Medical Systems, Inc. 113,390 136,034

6,156 Ventas, Inc. 324,420 387,582

7,600 VeriSign, Inc. 546,029 672,904

4,400 Verisk Analytics, Inc. 349,855 351,648

82,700 Verizon Communications, Inc. 3,255,638 4,472,416

8,000 Vertex Pharmaceuticals Incorporated 748,046 635,920

26,787 Vestas Wind Systems A/S 1,410,655 1,892,886

6,200 Viacom Inc. 261,595 255,936

43,400 Viavi Solutions Inc. 323,491 297,724

12,800 VINCI 930,141 954,961

21,163 Virtu Financial, Inc. 469,631 467,914

94,331 Visa Inc. 3,583,467 7,214,435

34,800 Vishay Intertechnology, Inc. 499,135 424,908

29,000 Voestalpine AG 1,228,762 971,746

3,200 Vornado Realty Trust 247,504 302,176

10,900 Vulcan Materials Company 895,297 1,150,713

1,000 W. W. Grainger, Inc. 129,739 233,430

17,000 Waddell & Reed Financial, Inc. 624,180 400,180

26,000 Walgreens Boots Alliance, Inc. 1,394,267 2,190,240

28,300 Wal-Mart Stores, Inc. 1,632,078 1,938,267

38,400 Walt Disney Company, (The) 2,055,064 3,813,504

8,300 Waste Management, Inc. 317,231 489,700

2,600 Waters Corporation 259,179 342,992

9,030 WD 40 Co 770,996 975,330

13,082 WEC Energy Group Inc. 529,107 785,836

112,300 Wells Fargo & Company 3,788,464 5,430,828

6,300 Welltower Inc. 364,485 436,842

9,600 Wendel 1,244,371 1,046,490

4,400 Western Digital Corporation 187,036 207,856

393,000 Western Forest Products Inc. 768,287 701,867

12,200 Western Union Company, (The) 227,409 235,338

20,007 Westinghouse Air Brake Technologies Corporation 1,392,737 1,586,355

4,586 Westrock Company 212,130 178,992

162,399 Weyerhaeuser Company 4,465,214 5,031,121

1,350 Whirlpool Corporation 138,679 243,459

6,100 Whole Foods Market, Inc. 202,368 189,771

22,700 Williams Companies, Inc., (The) 730,537 364,789

3,367 Willis Towers Watson Public Limited Company 410,018 399,528

557,600 Wilmar International Limited 1,293,165 1,391,308

20,721 WNS (Holdings) Limited 388,788 634,891

25,400 Wolseley PLC 1,536,181 1,438,027

35,700 World Wrestling Entertainment, Inc. 452,085 630,462

2,200 Wyndham Worldwide Corporation 78,932 168,146

1,400 Wynn Resorts, Limited 169,961 130,802

14,800 Xcel Energy Inc. 426,523 618,936

16,900 Xerox Corporation 177,198 188,604

10,400 Xilinx, Inc. 417,002 493,272

15,000 Xl Group Public Limited Company 485,406 552,000

5,700 Xylem Inc. 185,258 233,130

15,800 Yahoo! Inc. 292,153 581,598

25,600 Yara International ASA 1,182,857 963,801

248,000 Yue Yuen Industrial (Holdings) Limited 904,828 852,080

10,200 Yum! Brands, Inc. 613,107 834,870


EQUITY INVESTMENTS


3,100 Zimmer Biomet Holdings, Inc. 194,829 330,553

13,700 Zions Bancorporation 370,120 331,677

21,465 Zoetis Inc. 817,598 951,543

861,079,765$ 1,084,178,847$

COMMON STOCK EQUIVALENTS (Rights, Warrants, Convertible Bonds)

18,100 Safeway Casa Ley NPV Rights -$ 19,253$

-$ 19,253$

861,079,765$ 1,084,198,100$

317,561 Dimensional Fund Advisors - U.S. Small Capitalization Value Portfolio 7,975,329$ 9,866,633$

2,171,283 Dodge & Cox - International Stock Fund 83,379,469 76,233,750

394,016 Laudus Mondrian Institutional Emerging Markets Fund 3,329,772 2,769,937

5,387,426 Mondrian Focused Emerging Markets Equity Fund, L.P. 85,977,309 72,424,786

592,872 Northern Trust Global Sustainability Index Fund 6,707,687 6,800,247

3,184,200 William Blair Emerging Markets Growth Fund 38,486,155 35,854,102

225,855,721$ 203,949,455$

EMERGING MARKETS DISCOUNTED ASSETS

13,028,989 Lazard Emerging Markets Discounted Assets 38,902,568$ 33,896,304$

38,902,568$ 33,896,304$

TOTAL EQUITY INVESTMENTS 1,125,838,054$ 1,322,043,859$

TOTAL EQUITY FUNDS

TOTAL COMMON STOCKS

EQUITY FUNDS


TOTAL COMMON STOCK EQUIVALENTS

TOTAL COMMON STOCKS & COMMON STOCK EQUIVALENTS

EQUITY INVESTMENTS

PRINCIPAL

AMOUNTDESCRIPTION COST VALUE

475 Fund, Ltd. 117,261,607$ 119,966,192$

117,261,607$ 119,966,192$

AG Realty Fund Vlll, L.P. 6,359,446$ 7,027,988$

Brookfield Infrastructure Offshore 20,000,000 14,725,842

Contrarian Distressed Real Estate Debt Fund II, L.P. 1,932,731 3,240,158

Contrarian Distressed Real Estate Debt Fund III, L.P. 3,123,994 3,630,164

Fundamental Partners III, LP 17,689,382 17,689,382

J.P. Morgan U.S. Real Estate Income and Growth Domestic, L.P. 12,500,000 12,500,000

Principal Real Estate Debt Fund LP 9,084,102 8,993,728

Retrofit Feeder I, LP 345,421 17,710

Wells Street Offshore 10,000,000 6,092,091

Western Technology Investment-Venture Lending VI & Leasing 2,213,310 2,681,926

Western Technology Investment-Venture Lending VII & Leasing 3,096,220 3,199,324

86,344,606$ 79,798,313$

Moderate Balanced Fund 10,450$ 17,682$

Alternative Balanced Fund 31,579,671 41,240,778

31,590,121$ 41,258,460$

235,196,334$ 241,022,965$

TOTAL INVESTMENTS 2,896,366,932$ 3,127,041,474$

TOTAL OTHER INVESTMENTS

TOTAL REAL ASSETS

HEDGE FUNDS

REAL ASSETS

TOTAL HEDGE FUNDS

PARTICIPATION IN THE UNITED CHURCH FUNDS, INC.

TOTAL PARTICIPATION IN THE UNITED CHURCH FUNDS, INC.

OTHER INVESTMENTS

Documents

THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. · 2019-09-10 · THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS March 31, 2016 ... 1,000,000 Carmax