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ACERS Custodial Services RFP

Contents

Introduction 2

General Background 4

Account Servicing 5

Investment Manager Servicing 6

Domestic and Global Asset Custody 7

Accounting and Reporting 8

Asset Pricing 9

Income Collection and Cash Management 10

Systems and On-Line Capabilities 11

Performance, Analytics and Reporting Services 12

Securities Lending 13

Foreign Exchange Transactions 14

Transition and Conversion Management 15

Fees and Billing 16

Appendices

5/9/2023 1


Introduction

The Arlington County Employees’ Retirement System (ACERS) is soliciting proposals from qualified vendors to serve as global custodian of its assets.

Scope of Work

The custodian’s services will include asset safe keeping, accounting for all portfolio transactions, reporting monthly on all transactions, asset values and performance, managing a securities lending program, providing short-term cash management, daily wire transfers and any other services required by ACERS.

ACERS Structure and Assets

The following attachments provide insight into ACERS assets and structure:

Fiscal 2017 Consolidated Annual Financial Report List of Investment Managers detailing product, account structure and assets International Market Listing List of securities held, including CUSIP #

Proposal Requirements

The following sets forth the minimum requirements for respondents. Proposals from firms failing to meet these minimum requirements will not be considered.

1. Statement of Understanding. In addition to responding fully to the attached RFP, candidate firms must include a brief statement that demonstrates they understand the scope of services and are capable of providing the quality of work necessary for ACERS to achieve its objectives.

2. Financial Statements. Candidate firms must demonstrate financial stability by providing copies of audited financial statements for the prior three fiscal years. ACERS shall exercise its sole discretion in evaluation of such information.

3. Experience. Candidate firms must have performed services described in this RFP for institutional clients for a minimum of five years.

4. References. Candidate firms must provide reference and contact information for three current and three former clients, for whom the firm has provided services similar to those described in this RFP.

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Evaluation Selection and Criteria

The extent to which the proposal meets the requirements of the RFP. Overall organization and staff capabilities including experience and reputation, financial

strength, and the depth, continuity and credentials of client services team. Accounting, Reporting and Analytics capabilities. Systems capabilities and limitations. Asset custody capabilities. Fees. Interviews of candidate firms selected as finalists.

Submission Details and Schedule of Events

Five copies of responses to this RFP should be sent to:

Randee Stenroos Arlington County Employees Retirement System2100 Clarendon Blvd., Suite 504Arlington, VA 22201

To be considered, proposals must be received by 5:00 p.m. on March 16, 2018.

All proposals should have the words “RFP Response” on the front of the envelope.

Questions or requests for clarification should be forwarded to:

Randee StenroosArlington County Employees’ Retirement System 2100 Clarendon Blvd., Suite 504Arlington, VA 22201Email: [email protected]

Trade Secrets or Proprietary Information

Trade secrets or proprietary information submitted by an offeror in connection with a procurement transaction shall not be subject to public disclosure under the Virginia Freedom of Information Act. However, the offeror must invoke the protection of this section prior to or upon submission of the data or other materials, and must identify the data or other materials to be protected and state the reasons why protection is necessary.

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mailto:[email protected]


I. General Background

A. Please comment on your organization’s overall financial strength and credit quality. Please include most recent S&P, Moody’s and Fitch bank watch ratings.

B. Please provide a brief history of the firm, including its year of organization and the ownership structure of the firm, including any parent, affiliated companies or subsidiaries.

C. What is the total number of Master Trust/Custody accounts? Please breakout by Public, Corporate, Endowment/Foundations, Taft-Hartley and Other.

D. What is the total asset value of all Master Trust/Custody accounts? Please breakout by Public, Corporate, Endowment/Foundations, Taft-Hartley and Other.

E. Detail the growth of Master Trust/Custody relationships during the past five years in terms of clients and asset values.

F. Discuss the profitability of the Trust and Custody business using appropriate metrics.

G. List any substantive issues raised by your independent auditors in your SOC1, 10-Q, 10-K or any other documents filed with the SEC or any other regulatory body. Please provide a copy of your most recent SOC1, 10-Q and 10-K reports.

H. Describe your insurance, bonding, indemnification and risk management program provided to protect clients of trust and custody services. Each description should include: risk coverage, carriers, levels, limits, deductibles, policy expiration if applicable.

I. Is your firm currently involved in pending litigation? If so, please explain.

J. Please provide a summary of the finding of any examination or audit by any regulatory authority, governmental or SRO, of the firm over the last five years.

K. Does your firm have a dedicated public funds group?

L. Describe your strengths, highlighting the aspects of your service that make you unique.

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II. Account Servicing

A. Please provide a biographical sketch of all individuals who will be assigned to the account. Identify who would be responsible for the day-to-day servicing of the account. Please indicate specific duties and number of accounts for which they have current responsibilities.

B. How do you determine the number of accounts assigned to each administrator?

C. Describe the procedures that you use to assure continuity of services during vacations or other absences occurring within your account administration area.

D. Describe your approach to staff hiring, education and training. Is there a minimum level if education and/or experience required for professional employees in the Trust group? If so, please explain.

E. What level of turnover have you experienced in the last three years?

F. Describe your approach to client servicing and product familiarization. How do you monitor client satisfaction?

G. Please discuss how the following functional areas interact with one another in servicing the custody/trust clients: Investment managers, Accounting, Audit, and Report Generation.

H. Please provide a standard custody contract for review.

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III. Investment Manager Servicing

A. Describe how your organization interacts with investment managers. Is there a separate manager liaison function? If so, please describe the structure of the group and how they communicate with the client service group. If not, please describe how your organization interacts and communicates with investment managers.

B. How many investment managers do you work with?

C. How do you monitor investment manager satisfaction?

D. What are your capabilities for transitioning terminated manager portfolios? Can you manage liquidation programs, cross trading etc.?

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IV. Domestic and Global Asset Custody

A. Describe your trade settlement organization and process. Please include a flowchart illustrating how transactions post to your system.

B. Describe your systems for registration and custody of domestic and foreign assets, including depositories used and level of interface with depository.

C. Describe your sub-custodian selection criteria. Please provide a list of your sub-custodial relationships including length of time they have served in this capacity and the markets covered by each.

D. Describe your systems for custody of depository-ineligible securities. List investments that require non-standard processing.

E. What means of communication do you utilize to communicate with your sub-custodians for instructing trades?

F. Discuss your procedures for tracking failed trades and reporting failed trades to clients and investment managers. How quickly are failed trades reported? Do you guarantee proceeds? In which markets?

G. Describe your physical securities safekeeping facilities?

H. How do you handle information on corporate activities such as tender offers, exchange offers, etc.?

I. How do you provide for prompt delivery and reporting of domestic and foreign proxies and proxy statements to clients and investment managers?

J. Describe your process for handling class action suits. How do you track, file, monitor and report on these actions? Is there an additional charge for this service? How do you handle foreign class actions claims? Do you handle anti-trust claims?

K. Do you process tax reclaims?

L. Does your insurance cover all of your global custody activities including those of your sub-custodians?

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V. Accounting and Reporting

A. Describe your accounting system (trade date or settlement date, accrual, or cash basis). Can you provide reports on any of these accounting bases?

B. Please provide a list of each standard report and indicate how many days after period end the report is available. Are reports reviewed and audited prior to release?

C. How far back in time can statements of assets and transactions “as of” a certain date be run?

D. Do you have the capacity to capture and report brokerage commissions generated by an account? Explain.

E. Do asset valuations and transaction statements reflect pending transactions?

F. How do you handle corrections/reversals (i.e. as adjustments or as offsetting purchases and sales)?

G. Describe your reporting capabilities for derivatives, options and futures.

H. Is there a general audit system in place for Master Custody/Master Trust? Is it certified by a major accounting firm? Please provide a copy of your most recent audit report from an independent accounting firm.

I. Describe your procedures to verify that transactions and holdings statements balance with those of investment managers. How do you resolve differences?

J. Do you support automated journal entry posting? If so, what are the monthly close timelines? Can you interact with Oracle Prism? Please identify any related special and ongoing costs associate with this service.

K. Describe your quality control procedures to ensure reporting accuracy. Are reports audited before they are delivered to clients? Who audits and corrects reports. How are incorrect reports restated and reissued?

L. Describe your organization’s process for evaluating the effectiveness of internal controls.

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VI. Asset Pricing

A. What sources do you use for pricing each category of securities and when are prices available?

B. Describe the procedures for identifying unusual or significant pricing changes from the prior period. What procedure and control points are in place to ensure pricing accuracy?

C. How do you detect, investigate and resolve pricing differences with investment managers, particularly as it relates to less frequently traded securities? How are these issues communicated?

D. How often are public markets securities priced? Please indicate all securities types, the source of pricing and frequency of updates.

E. How do you value difficult-to-price assets such as private placement, and derivatives?

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VII. Income Collection & Cash Management

A. Describe your policies concerning the collection and crediting of interest and dividend income and the automatic investment of cash balances.

B. When does income become available for investment?

C. Describe your cash management services used for short-term cash reserves.

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VIII. Systems and On-Line Capabilities

General

A. Is the system dedicated to custody or shared with other units in your organization

B. Please describe your systems security to protect against unauthorized access to the custody system

C. How many months of holdings and transactions data are available (past three months, year, etc.)?

D. Does your on-line system provide the client and/or investment manager with investable cash balances each morning? If not, how is this information conveyed?

E. Describe your documented disaster recovery plan and procedure.

F. Describe your routine maintenance and back-up procedures.

G. Describe plans for future enhancements including capital commitments as percentage of revenue over the last three years.

On-Line

A. Describe your on-line system capabilities including design, inquiry features, and reporting flexibility.

B. What is the time lag between trade execution, availability of on-line transaction data to the client and posting to the accounting system?

C. Do you provide on-line services to your clients, investment managers and consultants? How long has it been offered?

D. How many clients are currently using on-line service?

E. What provisions are made for training of client personnel on the on-line system?

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IX. Performance, Analytics and Reporting Services

A. What distinguishes your performance and analytics system from the competition? Describe any elements of your package that you believe to be unique.

B. Please list all performance measurement/analytic and comparison reports available as part of your standard offering. How soon after period end are preliminary and final reports available?

C. Describe your process and systems for performance measurement and calculation. Is the data separate or linked directly with your accounting system?

D. Describe your systems and processes for reporting limited partnerships, alternative investments and real estate. Is the performance for these asset classes reported differently than for domestic equities?

E. Can you compare rates of return of our managers versus a substantial universe of similar funds?

F. Are you willing and able to backload data?

G. Can you produce custom benchmarks? Explain.

H. Can different accounts be combined on-line for performance reporting and analysis?

I. Can reports be tailored to meet individualized client needs? Explain.

J. Please provide pricing for a reporting package that includes the following minimum requirements: 1) general fund and manager monthly performance, 2) access to relevant benchmark history, 3) portfolio and manager compliance reporting, 4) attribution analysis at both fund and manager level and 5) relative peer comparisons. Please note additional costs for daily access to the above data, where applicable.

K. Please provide a la carte pricing for additional reporting services that are available, but not listed above.

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X. Securities Lending

A. Please describe your securities lending program.

B. What are the risks in securities lending and how do you manage these risks?

C. Do you act as a fiduciary on ACERS behalf?

D. With how many borrowers do you have business relationships? How are these brokers selected? How often is creditworthiness reviewed?

E. What types and percentage of collateral do you require? Describe your mark-to-market procedures.

F. Discuss collateral reinvestment options. Discuss procedures and controls that ensure cash collateral is managed to conform to investment policy.

G. How do you coordinate your securities lending activities with the client’s investment manager(s)?

H. Have any of your clients experienced any negative loans? What is your policy for minimizing the risk of negative loans?

I. Have any of your borrowers defaulted? If yes, were you able to make a full recovery?

J. Have any of your clients ever lost money in your securities lending program?

K. To what degree are your securities lending clients insured against losses from participation in your program? What indemnifications do you provide?

L. Explain your security loan allocation system and the basis on which you make such allocations to all clients. How do you provide equal opportunity to all participating clients to lend their securities?

M. How is the income generated from securities lending split between the client and you?

N. Please describe the securities lending reports you provide.

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XI. Foreign Exchange

A. Describe your process for handling foreign exchange transactions, including a description of services offered and pricing methodologies.

B. How are non-negotiated standing instruction foreign exchange transactions priced?

C. Do you act as a fiduciary in these transactions?

D. Please provide a sample report on foreign exchange activity.

E. Does your foreign exchange reporting include time of day stamp?

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XII. Transition and Conversion Management

A. Please describe the conversion process (who is responsible for coordinating activities, who participates, what activities must occur, lead time, etc.).

B. Please provide a sample timetable including the type and amount of resources to be provided by your organization and required of the client.

C. Do you have a dedicated conversion team? Who would be on our conversion team (names, positions, experience and current workload)? How would they interact with ACERS?

D. Describe in detail your conversion testing procedures.

E. How do you handle transactions which are in process during the transition process?

F. Do you have a conversion manual?

G. At what point in the process does the ongoing client team become involved and how is the hand-off completed?

H. Please describe in detail any expenses which may be incurred by the client in the process of transition.

I. How many conversions have you completed over the last twelve months? How many are currently scheduled for the remainder of the year?

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XIII. Fees and Billing

A. Please provide your best fee schedule for the ACERS relationship and list all charges. Please quote with and without securities lending in the following format:

Account Fees # of Accounts Fees Pro-Forma CostDomestic Separate Accounts 2International Separate Accounts 2Commingled/Single Line Item Accounts 22Cash Accounts 1

Transactions Annual Volume Fees Pro-Forma CostUS Depository Transaction 7,000US Mutual Fund Transaction 29Non-US Transaction 2,500Wires Out 200FX Transactions 200

Asset BasedMarket Values

($ millions) Fees Pro-Forma CostDomestic Equity 859.8$ International Equity 637.7$ Fixed Income 689.1$ Private Equity 69.0$ Alternatives (real estate, hedge funds, etc.) 7.3$ Cash 40.6$

Performance Reporting Fees Pro-Forma CostPortfolio Accounts - monthly performance 27Portfolio Accounts - monthly analytics 5TUCS 27Custom Benchmarks 2

Other (please describe)




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B. For how long will you commit to providing the services for the fees indicated above?

C. What has been the history of fee increases? Are any increases anticipated in the next three years? If so, please explain.

D. Do you offer a flat annual fee option?

E. If based on assets, describe the balance calculation methodology (i.e. beginning, ending, average or other).

F. What is the billing frequency? Please include an actual bill for a similar account in terms of size and complexity.

5/9/2023 17


Market ValueAccount December 31, 2017 Structure Product Style

AJO 153,385,315.84Separate Account

Large Cap Core Active

Northern Trust R1000 Value 184,838,122.63Co-mingled

Large Cap Value Passive

Vanguard Dividend Growth 171,958,125.88Mutual Fund

Large Cap Growth Active

Vanguard S&P 500 319,274,172.54Co-mingled

Large Cap Core Passive

Baillie Gifford 105,643,931.32Separate Account

Global Equity Active

Kiltearn 105,532,141.14Co-mingled


T. Rowe Price Global Growth 194,822,467.61Separate Account


DFA World ex US Core 81,768,848.55Mutual Fund

International Equity Active

Sanderson 96,065,386.26Co-mingled

International Equity Active

Vanguard Int'l Stock Index 53,854,498.03Mutual Fund

International Equity Passive

Northern Trust Cash 40,562,960.18Co-mingled

US Fixed Income Active

Loomis Sayles 166,496,442.21Separate Account

Global Fixed Income Active

Northern Trust Agg Bond Index 431,564,338.22Co-mingled

US Fixed Income Passive

T. Rowe Price Floating Rate Fund 90,980,294.29Mutual Fund

Global Fixed Income Active

Abbott IV 7,602,705.04Partnership

Private Equity FOF Active

Abbott V 2,191,153.14Partnership


Abbott VI 18,859,552.11Partnership


Altaris III 12,162,711.00Partnership

Private Equity Buyout Active

Altaris IV 0.00Partnership


Bison V 2,963,360.62Partnership

Private Equity Hybrid Debt/Equity Active

BVIP VIII 11,216,943.00Partnership


BVIP IX 651,226.00Partnership


Franklin Park Series 2015 7,303,430.00Partnership


Franklin Park Series 2017 351,744.00Partnership


JFL IV 5,699,421.00Partnership


Arsenal 7,052,343.00Partnership

Real Estate Active

Liquid Realty 225,220.00Partnership

Real Estate Active

Transition 30,458,569.83Other

Other OtherTotal Portfolio 2,303,485,423.44

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Global Market Registered NameAUSTRALIA Arlington County Employees' Retirement SystemAUSTRIA Arlington County Employees' Retirement SystemBELGIUM Arlington County Employees' Retirement SystemBERMUDA Arlington County Employees' Retirement SystemBRAZIL Arlington County Employees' Retirement SystemCANADA Arlington County Employees' Retirement SystemCHINA Arlington County Employees' Retirement SystemDENMARK Arlington County Employees' Retirement SystemEURO CURRENCY Arlington County Employees' Retirement SystemFRANCE Arlington County Employees' Retirement SystemGERMANY Arlington County Employees' Retirement SystemHONG KONG Arlington County Employees' Retirement SystemINDIA Arlington County Employees' Retirement SystemINDONESIA Arlington County Employees' Retirement SystemISRAEL Arlington County Employees' Retirement SystemITALY Arlington County Employees' Retirement SystemJAPAN Arlington County Employees' Retirement SystemMEXICO Arlington County Employees' Retirement SystemNETHERLANDS Arlington County Employees' Retirement SystemNEW ZEALAND Arlington County Employees' Retirement SystemNIGERIA Arlington County Employees' Retirement SystemPERU Arlington County Employees' Retirement SystemPHILIPPINES Arlington County Employees' Retirement SystemSINGAPORE Arlington County Employees' Retirement SystemSOUTH AFRICA Arlington County Employees' Retirement SystemSOUTH KOREA Arlington County Employees' Retirement SystemSPAIN Arlington County Employees' Retirement SystemSWEDEN Arlington County Employees' Retirement SystemSWITZERLAND Arlington County Employees' Retirement SystemTHAILAND Arlington County Employees' Retirement SystemTURKEY Arlington County Employees' Retirement SystemUNITED KINGDOM Arlington County Employees' Retirement SystemUNITED STATES Arlington County Employees' Retirement System

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5/9/2023 20


Asset DescriptionMarket Value

as of 12/31/17CUSIP number

SEDOL number

1ST QUANTUM MINLS COM NPV 1,381,589.85 335934105 23476085TH 3RD BANCORP COM 1,532,170.00 316773100 2336747AARON'S INC CLASS A 553,875.15 2535300 2002918ABBOTT CAPITAL PE FUND IV 7,602,664.00 991KYE992 ABBOTT CAPITAL PE FUND V 2,123,166.00 991KYF999 ABBOTT CAPITAL PE FUND VI 17,884,673.00 991KYG997 ADOBE SYS INC COM 297,382.28 00724F101 2008154AES CORP COM 939,513.33 00130H105 2002479AFLAC INC COM 609,895.44 1055102 2026361AGILENT TECHNOLOGIES INC COM 1,257,696.60 00846U101 2520153AIA GROUP LTD NPV 1,845,018.10 B4TX8S1AIA GROUP LTD NPV 1,817,735.02 B4TX8S1AIG GLOBAL FDG SR 2.15% DUE 07-02-2020 564,952.08 00138CAD0 BF4LSX2ALBERTSONS INC 7.45% DUE 08-01-2029 2,512,400.00 013104AF1 2447337ALBERTSONS INC 7.75% DUE 06-15-2026 481,500.00 013104AC8 2825643ALBERTSONS INC 8% DUE 05-01-2031 1,064,950.00 013104AL8 2759775ALBERTSONS INC MEDIUM TERM NTS BOOK ENTRY 6.625 576,700.00 01310QDB8 BG493S3ALIBABA GROUP HOLDING LTD SPONSORED ADS 7,546,054.09 01609W102 BP41ZD1ALIBABA GROUP HOLDING LTD SPONSORED ADS 4,103,834.00 01609W102 BP41ZD1ALIMENTATION COUCH CLASS'B'S/VTG COM NPV 570,598.19 01626P403 2011646ALLEGHENY TECHNOLOGIES INC SR STEP UP 08-15-2023 975,799.86 01741RAF9 BC9XYM3ALLSTATE CORP COM 2,015,458.08 20002101 2019952ALPHABET INC CAP STK USD0.001 CL C 4,176,182.40 02079K107 BYY88Y7ALPHABET INC CAP STK USD0.001 CL C 5,046,787.20 02079K107 BYY88Y7ALPHABET INC CAPITAL STOCK USD0.001 CL A 1,098,696.20 02079K305 BYVY8G0ALSEA SAB DE CV COM NPV 2,035,507.35 2563017ALTABA INC COM 3,331,845.00 21346101 BF6V3T1ALTARIS HEALTH PARTNERS III, L.P. 12,162,711.00 991PHC994 ALTRIA GROUP INC COM 862,204.34 02209S103 2692632AMAZON COM INC COM 9,708,939.94 23135106 2000019AMAZON COM INC COM 6,242,630.86 23135106 2000019AMC NETWORKS INC CL A 499,591.04 00164V103 B4MG4Z6AMDOCS ORD GBP0.01 1,681,068.04 G02602103 2256908AMER ELEC PWR CO INC COM 1,680,559.51 25537101 2026242AMER MOVIL SAB DE CV 6.45% BDS 05/12/22 214,711.10 AMER PRESIDENT COS LTD SR 8.0 DEB DUE 1-15-2024 488,750.00 029103AD0 2973672AMERICAN AIRLINES INC COM USD1 1,504,707.60 02376R102 BCV7KT2AMERN AIRLS INC 5.25% DUE 07-15-2025 1,500,244.53 02376YAA5 BYXFPY8AMKOR TECHNOLOGY INC COM 457,958.40 31652100 2242929AMS AG COM 1,054,501.90 BPF0548ANADARKO PETE CORP 3.45% DUE 07-15-2024 114,524.13 032511BJ5 BTN1VJ8

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ANADARKO PETE CORP 4.5% DUE 07-15-2044 184,355.09 032511BK2 BNYJ9Z1ANDEAVOR COM USD0.1666 921,694.74 03349M105 BF0G7N4ANTHEM INC COM 433,144.25 36752103 BSPHGL4APPLE INC 1.1% DUE 08-02-2019 3,165,846.45 037833CB4 BYWJVX2APPLE INC 1.55% DUE 02-07-2020 113,738.57 037833AX8 BVVHNS5APPLE INC COM STK 543,397.53 37833100 2046251ARCELORMITTAL STEP CPN 7.75% DUE 10-15-2039 787,200.00 03938LAP9 BFLRCV9ARCONIC INC COM USD1.00 352,724.00 03965L100 BD3D9G5ARSENAL REAL ESTATE FUND IA LP 7,052,343.00 991KYH995 ASML HLDG NV NY REG 2012 (POST REV SPLIT) 973,392.00 N07059210 B908F01ASML HOLDING NV EUR0.09 2,990,573.00 B929F46ASOS PLC ORD GBP0.035 774,477.74 3092725ASPEN TECHNOLOGY INC COM 1,656,456.40 45327103 2051868ASSA ABLOY SER'B'NPV (POST SPLIT) 1,299,639.50 BYPC1T4ASSURED GUARANTY LTD COMMON STK 459,852.99 G0585R106 B00V7H8ATLAS COPCO AB SER'A'NPV (POST SPLIT) 1,451,971.25 BXC8BS7ATLASSIAN CORPORATION PLC COM USD0.1 CL A 1,233,637.52 G06242104 BZ09BD1AVON PRODS INC STEP CPN 7.7% DUE 03-15-2043 79,668.75 054303AZ5 B8YPH38AYALA LAND INC PHP1 1,343,717.95 6055112BAIDU INC SPONS REPR 0.10 ORD CLS'A' 5,459,200.89 56752108 B0FXT17BALL CORP COM 585,539.50 58498106 2073022BANCA MEDIOLANUM BANCA MEDIOLANUM SPA 876,444.55 BYWP840BANCO SANTANDER S FIXED 5.179% DUE 11-19-2025 2,159,992.00 80281TAE8 BZ02419BANK RAKYAT INDONESIA PERSER 479,430.99 6709099BAXTER INTL INC COM 1,896,085.12 71813109 2085102BCO NAC MEX SA INT CBFI (CONCEN FIBRA DANHOS) 1,383,139.26 BFN0V08BDO UNIBANK INC PHP10 1,541,097.36 B5VJH76BEAZER HOMES USA INC 7.25 DUE 02-01-2023 5,200.00 07556QBD6 BCZQSZ7BECTON DICKINSON & CO COM 2,262,186.08 75887109 2087807BEST BUY INC COM STK 494,627.28 86516101 2094670BIG LOTS INC COM 882,284.95 89302103 2218447BIM BIRLESIK MAGAZ TRY1 567,355.84 B0D0006BIOGEN INC COMMON STOCK 1,144,303.44 09062X103 2455965BISON CAPITAL PARTNERS V LP 2,953,963.00 992LXF997 BK CENTRAL ASIA IDR62.50 2,538,576.01 B01C1P6BK NOVA SCOTIA B C FIXED 2.15% DUE 07-14-2020 3,373,222.89 064159JX5 BLUEBIRD BIO INC COM 2,222,688.00 09609G100 BBFL7S1BOEING CO COM 1,680,987.00 97023105 2108601BOMBARDIER INC 144 7.45 DUE 05-01-2034 BEO 393,000.00 097751AL5 B00SJF1BOMBARDIER INC 144A 6% DUE 10-15-2022/04-15-2017 265,275.00 097751BJ9 BL9FKQ8BOMBARDIER INC 7.35% DEB 22/12/26 CAD1000 581,527.59 097751AE1 2400987BRAZIL FEDERATIVE REP GLOBAL BRL BD 10.25% 1,909,320.72 105756BN9 B8K9VW1BRISTOL MYERS SQUIBB CO COM 1,813,152.64 110122108 2126335

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BRITISH AMERICAN TOBACCO ORD GBP0.25 1,469,895.25 287580BRUKER CORP 179,390.64 116794108 2616137BRUNSWICK CORP COM 636,244.84 117043109 2149309BVIP FUND IX, L.P. 651,226.00 992M97990 BVIP FUND VIII, LP 11,216,943.00 991SK3994 CA INC COM 466,385.92 12673P105 2214832CABOT CORP COM 759,219.93 127055101 2162500CADENCE DESIGN SYS INC COM 1,815,071.64 127387108 2302232CALAMP CORP SR NT CONV 1.625% DUE 05-15-2020 REG 63,450.00 128126AB5 BD4F573CALBEE INC 133,391.03 B3TBRZ8CALIFORNIA RES CORP 8.0% DUE 12-15-2022 903,375.00 13057QAG2 BD0DPY8CANADIAN GOVERNMENT 0.75% 01/09/20 CAD 8,963,018.80 1.35E+64 BWVY6K6CARNIVAL CORP COM PAIRED 603,303.30 143658300 2523044CASH AWAITING EQTY INVESTMENT 28,420,498.85 14699QCF4 CATALENT INC COM 1,305,522.40 148806102 BP96PQ4CB ESCROW CORP 8% DUE 10-15-2025 350,175.00 14987RAA6 BDFGGV6CBRE GROUP INC CL A CL A 1,897,497.72 12504L109 B6WVMH3CELANESE CORP DEL COM SER A STK 1,397,822.32 150870103 B05MZT4CENT PATTANA PUB THB0.5(NVDR) 527,875.12 B013L15CENTENE CORP DEL COM 633,324.64 15135B101 2807061CENTENE CORP DEL COM 480,087.92 15135B101 2807061CENTERPOINT ENERGY INC COM 1,711,469.28 15189T107 2440637CENTURYLINK INC 7.6% DUE 09-15-2039 1,861,900.00 156700AM8 B4MDZS7CENTY TEL 6.875% DUE 01-15-2028 135,750.00 156686AM9 2148005CF KILTEARN GLOBAL EQUITY FUND 104,614,241.78 ALA991481 CF SANDERSON INTL VALUE GROUP TR 94,562,306.20 800990996 CF VANGUARD INSTITUTIONAL 500 INDEX TRUST 287,785,329.77 1WI999Y63 CG & U FAC LN TR II SEQUENTIAL PAY CL D 4.00 BD 6,503.36 193906AD6 CHEMED CORP NEW COM 476,562.22 16359R103 2190084CHEMOURS CO 6.625% DUE 05-15-2023 26,437.50 163851AB4 BDB7NR8CHES ENERGY CORP 5.75% DUE 03-15-2023 37,000.00 165167CL9 B93V574CHES ENERGY CORP 6.125% DUE 02-15-2021 177,187.50 165167CG0 B3X59Q1CHES ENERGY CORP CUM PFD 5.75% CONV SER A 11,187.50 165167750 BFV4MN2CHES ENERGY CORP PFD 5.75 144A 23,493.75 165167784 B45HD71CHES ENERGY SR NT 6.625 DUE 08-15-2020 78,000.00 165167CF2 B8MG722CHESAPEAKE ENERGY CORP 4.875 DUE 04-15-2022 1,478,100.00 165167CN5 BLNPC35CHESAPEAKE ENERGY CORP COM 5,353.92 165167107 2182779CHESAPEAKE ENERGY CORP PFD 5.75 286,038.75 165167768 B6Q9433CHESAPEAKE ENERGY CORP PFD CONV CONV PFDSTK 80,281.88 165167826 B1277S2CHESAPEAKE MANDATORY EXCHANGE CHESAPEAKE 787,690.63 165167CR6 BYYHM20CHOICE HOTELS INTL INC COM 161,408.00 169905106 2106780CHR. HANSEN HLDG DKK10 1,339,827.75 B573M11CHS / CMNTY HLTH 5.125% DUE 08-01-2021 18,000.00 12543DAU4 BRJT5J0

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CHUBB LTD ORD CHF24.15 1,150,627.62 H1467J104 B3BQMF6CHUGAI PHARMACY CO. LTD NPV 1,639,059.03 6196408CHURCH & DWIGHT INC COM 642,176.00 171340102 2195841CHURCHILL DOWNS INC COM 584,775.10 171484108 2194105CIGNA CORPORATION 1,505,709.26 125509109 2196479CIGNA CORPORATION 520,113.49 125509109 2196479CINCINNATI BELL INC NEW DEPOSITARY SH REPSTG PFD 103,989.00 171871403 2422022CITIGROUP INC COM NEW COM NEW 1,227,765.00 172967424 2297907CITIZENS FINL GROUP INC COM 847,996.00 174610105 BQRX1X3CITRIX SYS INC COM 1,939,608.00 177376100 2182553CLEAR CHANNEL 7.625% DUE 03-15-2020 298,900.00 18451QAH1 B88NJ09CMS ENERGY CORP COM 1,647,648.20 125896100 2219224CNO FINL GROUP INC COM 127,276.95 1.26E+107 2657750COGNIZANT TECH SOLUTIONS CORP CL A 1,690,347.02 192446102 2257019COHERENT INC COM 366,886.00 192479103 2208374COLTV SHORT TERM INVT FD 30,372,770.00 195998AC3 COLTV SHORT TERM INVT FD 40,528,754.77 195997KU4 COLTV SHORT TERM INVT FD 9,387.21 195998AC3 COLTV SHORT TERM INVT FD 1,425.99 195998AC3 COLTV SHORT TERM INVT FD 511,206.77 195998AC3 COLUMBIA / HCA HEALTHCARE CORP MEDIUM TERM NTS 124,300.00 19767QAS4 2595203COM ALCOA CORPORATION COM USD0.01 364,053.46 13872106 BYNF418CONCHO RES INC COM STK 555,814.00 20605P101 B1YWRK7CONOCOPHILLIPS COM 251,780.43 20825C104 2685717CONTL RES INC 4.5 DUE 04-15-2023 81,600.00 212015AL5 BCCWFC4CONTL RES INC FIXED 3.8% DUE 06-01-2024 1,240,881.25 212015AN1 BZ02873CORP OFFICE PPTYS TR COM 578,247.60 22002T108 2756152COSTAR GROUP INC COM 564,205.00 22160N109 2262864COX COMMUNICATIONS INC NEW NT 4.8% DUE 02-01-2035 229,287.60 224044CF2 BTKHKS1CP ALL PCL THB1(ALIEN MKT) 1,210,168.76 B08YDF9CREDICORP LTD COM STK 2,063,928.50 G2519Y108 2232878CTRIP COM INTL LTD ADS 2,045,181.60 22943F100 2208987CTRIP COM INTL LTD ADS 1,698,555.60 22943F100 2208987CUMMINS ENGINE INC 5.65 DUE 03-01-2098 REG PUT 597,973.53 231021AK2 2156796CVS HEALTH CORP COM 877,250.00 126650100 2577609DANA INC COM 1,656,677.55 235825205 B2PFJR3DANAHER CORP COM 1,188,096.00 235851102 2250870DANAHER CORP COM 131,154.66 235851102 2250870DASSAULT SYSTEMES EUR0.50 1,361,330.50 5330047DEFAULTED PVTPL TRU TAJ LLC/TRU TAJ FIN INC SR SECD NT 281,200.00 87266LAA7 BZCPVZ9DELL INC 6.5% DUE 04-15-2038 1,836,587.50 24702RAF8 BF3NP38DEVON ENERGY CORP 3.25% DUE 05-15-2022 727,294.43 25179MAP8 B76V362DEXCOM INC COM 915,370.50 252131107 B0796X4

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DIAGEO ORD PLC 1,505,425.27 237400DIAMOND 1 FIN CORP 8.1% DUE 07-15-2036 492,488.49 25272KAN3 BD96MJ2DIAMOND 1 FIN CORP/DIAMOND 2 BNDS 144A 8.35% 360,792.04 25272KAR4 BD96MK3DIAMOND 1 FIN CORP/DIAMOND 2 FIN CORP 1ST LIEN NT 336,298.49 25272KAK9 BD96MH0DKSH HOLDING LTD CHF0.1 494,703.69 B71QPM2DONNELLEY R R & 6% DUE 04-01-2024 106,447.50 257867BB6 BKL5683DYNEGY INC. FIXED 8.125% DUE 01-30-2026 196,650.00 26817RBA5 BDF0M21EBAY INC COM USD0.001 1,852,505.64 278642103 2293819EDISON INTL COM 457,351.68 281020107 2829515EISAI CO NPV 398,686.20 6307200EL PASO ENERGY CAP TR I PFD CONV TR SECS4.75% 622,869.08 283678209 2208910ELECTR ARTS COM 808,962.00 285512109 2310194ELI LILLY & CO COM 1,822,984.64 532457108 2516152EMBARQ CORP 7.995% DUE 06-01-2036 520,287.50 29078EAA3 B156W36EMBRAER NETH FIN B 5.4% DUE 02-01-2027 356,400.00 29082HAB8 BYQFJG5ENBRIDGE ENERGY 7.375% DUE 10-15-2045 498,286.50 29250RAX4 BZ2ZMT0ENLINK MIDSTREAM 4.15% DUE 06-01-2025 1,909,714.59 29336UAE7 BXNT1C3ENTERGY CORP NEW COM 1,813,369.20 29364G103 2317087EOG RESOURCES INC COM 863,280.00 26875P101 2318024ERSTE GROUP BANK AG NPV 644,036.84 5289837ESTEE LAUDER COMPANIES INC CL A USD0.01 890,680.00 518439104 2320524EVOLENT HEALTH INC 2% DUE 12-01-2021 75,000.00 30050BAB7 BDRX0Q8EXELON CORP COM 1,506,841.35 30161N101 2670519EXPRESS SCRIPTS HLDG CO COM 1,100,940.00 30219G108 B7QQYV9EXXON MOBIL CORP COM 1,692,455.40 30231G102 2326618F5 NETWORKS INC COM STK 229,372.56 315616102 2427599FACEBOOK INC COM USD0.000006 CL 'A' 7,908,584.28 30303M102 B7TL820FACEBOOK INC COM USD0.000006 CL 'A' 2,717,484.00 30303M102 B7TL820FANUC CORP NPV 1,465,299.60 6356934FIAT INVESTMENTS NV NPV 232,633.60 N31738102 BRJ2W98FIRST REP BK SAN FRANCISCO CALIF NEW COM 1,255,673.52 33616C100 B4WHY15FISERV INC COM 1,232,622.00 337738108 2342034FORD MTR CO DEL COM PAR $0.01 COM PAR $0.01 1,326,238.16 345370860 2615468FORTUNE BRANDS HOME & SEC INC COM 431,172.00 34964C106 B3MC7D6FRANKLIN PARK VENTURE FUND SERIES 2015 LP 7,336,193.00 991XU4990 FRANKLIN PARK VENTURE FUND SERIES 2017 358,407.00 992KV9995 FREEPORT-MCMORAN 5.45% DUE 03-15-2043 1,478,150.00 35671DBC8 BFPC4S1FREEPORT-MCMORAN INC 5.4% DUE 11-14-2034 137,362.50 35671DBJ3 BSN4Q39FRESENIUS MEDICAL CARE NPV 1,033,508.09 5129074FRONTIER 11% DUE 09-15-2025 69,825.00 35906AAZ1 BDC5R35GAMING & LEISURE PPTYS INC COM 1,586,967.00 36467J108 BFPK4S5GATES GLOBAL LLC / 6% DUE 07-15-2022 168,712.50 36740PAA1 BNBRD56GEN ELEC CAP CORP TRANCHE # 4.25% 17/01/2018 996,407.87 U36996AY9 BYY28G1

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GEN MTRS CO COM 560,743.20 37045V100 B665KZ5GENERAL MTRS CO 5.2% DUE 04-01-2045 3,365,395.22 37045VAJ9 BV54K36GILEAD SCIENCES INC 1,200,471.48 375558103 2369174GLOBAL MARINE INC 7% DUE 06-01-2028 40,800.00 379352AL1 BG492R5GOLDMAN SACHS 6.75% DUE 10-01-2037 729,560.44 38141GFD1 B9CMD63GRAHAM HLDGS CO COM 389,728.30 384637104 BGM1B98GREE ELEC APPLICAN 'A'CNY1 (STOCK CONNECT) 695,221.93 BD5CPN9GRIFOLS S A SPONSORED ADR REPSTG 1/2CL B NON VTG NEW 1,061,196.00 398438408 B8K7T65GRUPO STOCK MERGER BANCO 2K1TA82 01-29-2018 422,401.04 40053C105 B84CZX5HAEMONETICS CORP MASS COM 461,445.60 405024100 2401195HANGZHOU HIKVISION DIGITAL TECHNOLO 'A'CNY1 739,029.95 BD5CPQ2HANGZHOU ROBAM APPLIANCES CO LTD 'A'CNY1 404,769.62 BD5CGX6HCA HEALTHCARE INC COM 615,407.04 40412C101 B4MGBG6HCA INC 4.5% DUE 02-15-2027 793,950.00 404119BU2 BYXYJS7HDFC BK LTD ADR REPSTG 3 SHS 6,471,295.50 40415F101 2781648HEINEKEN NV EUR1.60 858,049.22 N39427211 7792559HERMES INTL NPV 1,681,519.36 5253973HERSHEY COMPANY COM STK USD1 289,223.48 427866108 2422806HEWLETT PACKARD STEP CPN 6.35% DUE 10-15-2045 317,599.20 42824CAY5 BDCT8F6HEXAGON AB SER'B'NPV 1,384,739.27 B1XFTL2HILTON GRAND VACATIONS INC COM 140,113.00 43283X105 BYSLHX4HILTON WORLDWIDE HLDGS INC COM NEW COM NEW 668,108.76 43300A203 BYVMW06HONEYWELL INTL INC COM STK 247,216.32 438516106 2020459HOSPITALITY PPTYS TR COM SH BEN INT COM SH BEN INT 577,388.55 44106M102 2438966HOST HOTELS & RESORTS INC REIT 581,664.55 44107P104 2567503HP INC COM 567,312.02 40434L105 BYX4D52HUMANA INC COM 1,830,012.39 444859102 2445063HUNTINGTON INGALLS INDS INC COM 258,091.50 446413106 B40SSC9IDACORP INC COM 255,808.00 451107106 2296937ILL TOOL WKS INC COM 1,034,470.00 452308109 2457552ILLUMINA INC COM 7,362,894.51 452327109 2613990INDITEX (IND.DE DISENO TEXTIL SA) EUR0.03 (POST SUBD) 3,329,206.76 BP9DL90INGREDION INC COM 1,980,267.00 457187102 B7K24P7INRETAIL PERU CORP COM REG S 3,517,584.00 P56242202 INTERNATIONAL BUSINESS MACHS CORP 1.625 488,931.80 459200HM6 B98WJ92INTUIT COM 1,941,167.34 461202103 2459020INTUIT COM 1,951,265.26 461202103 2459020INTUITIVE SURGICAL INC COM NEW STK 3,315,114.96 46120E602 2871301INTUITIVE SURGICAL INC COM NEW STK 1,340,424.62 46120E602 2871301INVISTA FIN LLC 4.25% DUE 10-15-2019 835,395.00 46186RAA7 BTLX1V8IONIS PHARMACEUTICALS INC COM 1,024,057.70 462222100 BDJ0LS6JABIL INC 1,560,011.25 466313103 2471789

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JAMES HARDIE INDUSTRIES PLC 832,968.05 B60QWJ2JAZZ PHARMACEUTICALS PLC COM USD0.0001 1,129,444.20 G50871105 B4Q5ZN4JEFFERIES GROUP INC NEW SR DEB CONV 3.875% 110,000.00 472319AG7 B58QYH9JFL EQUITY INVESTORS IV, LP 5,699,421.00 9925Q8996 JIANGSU HENGRUI 'A'CNH1 STOCK CONNECT 1,062,063.52 BP3R369JOHNSON & JOHNSON COM USD1 1,876,719.04 478160104 2475833JOLLIBEE FOODS PHP1 914,540.26 6474494JONES LANG LASALLE INC COM STK 544,785.94 48020Q107 2040640JP MORGAN CHASE BK NA 1.65% 09-23-2019 991,555.00 48125LRG9 BDCN739JPMORGAN CHASE & 2.95% DUE 10-01-2026 3,663,755.20 46625HRV4 BDHBPY5JPMORGAN CHASE & CO 4.25% 02/11/2018 414,648.41 46625HJK7 JPMORGAN CHASE & CO COM 2,374,068.00 46625H100 2190385JULIUS BAER GRUPPE CHF0.02 (REGD) 1,097,386.15 B4R2R50JUNO THERAPEUTICS INC COM 1,099,782.60 48205A109 BTF8LD1KALBE FARMA IDR10 1,009,802.25 B7311V6KANSAI PAINT CO NPV 979,898.80 6483746KB HOME SR NT CONV 1.375% DUE 02-01-2019/11-06-2018 250,868.75 48666KAS8 B8QXSN7KERING 4,830,987.99 F5433L103 5505072KEYENCE CORP NPV 1,512,862.85 J32491102 6490995KINDRED HEALTHCARE 8.75% DUE 01-15-2023 169,600.00 494580AF0 BYZX4L0KONINKLIJKE DSM NV EUR1.50 839,962.77 B0HZL93L BRANDS INC COM 1,071,916.00 501797104 B9M2WX3LAB CORP AMER HLDGS COM NEW 1,845,690.21 50540R409 2586122LEAR CORP COM NEW COM NEW 1,825,604.44 521865204 B570P91LEGRAND SA EUR4 1,199,817.26 B11ZRK9LENNAR CORP CL A CL A 935,952.00 526057104 2511920LEUCADIA NATL CORP COM 235,734.51 527288104 2513012LIBERTY GLOBAL PLC -SERIES C COM 724,176.00 G5480U120 B8W67B1LIBERTY PPTY TR SH BEN INT 1,275,805.63 531172104 2513681LIGAND PHARMACEUTICALS INCORPORATED CL BCOMMON 137,066.93 53220K504 2501578LIQUID REALTY PARTNERS II 71,300.00 991KYJ991 L'OREAL EUR0.20 1,217,708.35 F58149133 4057808LOUISIANA-PACIFIC CORP COM 641,899.44 546347105 2535243LOWES COS INC COM 156,418.02 548661107 2536763LPL FINL HLDGS INC COM 689,908.36 50212V100 B75JX34LRP II TAX EXEMPT AIV LP 153,920.00 991KYK998 LYONDELLBASELL IND N V COM USD0.01 CL 'A' 1,993,261.76 N53745100 B3SPXZ3MACK CALI RLTY CORP COM REIT 229,786.48 554489104 2192314MACYS RETAIL HLDGS 4.5% DUE 12-15-2034 8,502.50 55616XAM9 BSNMB72MAGNA INTERNATIONAL INC COMMON STOCK 177,773.79 559222401 2554549MALLINCKRODT PLC COMMON STOCK 196,768.32 G5785G107 BBJTYC4MANPOWERGROUP INC 991,224.60 56418H100 2562490MARATHON PETE CORP COM 1,967,721.54 56585A102 B3K3L40

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MARRIOTT INTL INC NEW COM STK CL A 1,167,278.00 571903202 2210614MARSH & MCLENNAN CO'S INC COM 846,456.00 571748102 2567741MASCO CORP 6.5% DUE 08-15-2032 3,662.32 574599AY2 BJ2RXX5MASCO CORP NT 7.75 DUE 08-01-2029 BEO 364,627.48 574599AT3 2486073MC DONALDS CORP COM 1,185,906.80 580135101 2550707MCKESSON CORP 1,354,113.85 58155Q103 2378534MEAD CORP 7.55% DUE 03-01-2047 1,311,849.80 582834AP2 B2QY2V4MEG ENERGY CORP SR 144A 7% DUE 03-31-2024/10-01-2013 772,031.25 552704AC2 BF7ZP74MERCADOLIBRE INC COM STK 933,596.22 58733R102 B23X1H3MERCK & CO INC NEW COM 1,024,114.00 58933Y105 2778844MERCK & CO INC NEW COM 1,823,598.16 58933Y105 2778844METTLER-TOLEDO INTL INC COM 752,097.28 592688105 2126249MEX BONOS DESARR FIX RT 8.0% 07/12/23 1,336,076.87 P9767GWU1 B00L4V1MEXICO(UNITED MEXICAN STATES) 10% 05/12/24 980,248.91 B05QN14MEXICO(UNITED MEXICAN STATES) BDS 8% DUE12-07-2023 1,038,726.32 P9767GWU1 MEXICO(UTD MEX ST) 7.5% MBONOS 03/06/27 MXN100 379,203.19 P4R086AF1 B1QGYR3MFB NT COLLECTIVE AGGREGATE BOND INDEX FUND-NON 431,564,338.22 COB9989C3 MFB NT COLLECTIVE RUSSELL 1000 VALUE INDEX FUND - 184,838,122.63 658991369 MFO DFA WORLD EX US CORE EQUITY PORTFOLIO 81,768,848.55 25239Y592 B9FLYV9MFO ROWE T PRICE INSTL INC FDS INC FLTG RATE 90,637,778.73 77958B402 B95N8M4MFO VANGUARD SPECIALIZED FUNDS DIVIDEND GROWTH FD 171,958,125.88 921908604 B01HBQ2MFO VANGUARD STAR FDS VANGUARD TOTAL INTL STOCK 53,854,498.03 921909784 B3VMJ53MI TOB SETTLEMENT FIN AUTH TOB SET SER A0 06-01-34 REG 1,107,691.20 594751AB5 B158F55MICHAEL KORS HOLDINGS LTD COM NPV 468,788.65 G60754101 B7341C6MICRON TECH INC COM 472,468.80 595112103 2588184MICROSOFT CORP COM 2,523,430.00 594918104 2588173MICROSOFT CORP COM 1,934,914.80 594918104 2588173MLP LAZARD LTD CL A 255,517.50 G54050102 B081VQ7MOOG INC CL A 488,270.70 615394202 2601218MORGAN STANLEY 1% MTN 16/11/2018 AUD 355,418.33 U61778K28 B9764C3MORGAN STANLEY 3.125% DUE 07-27-2026 3,703,669.15 61761J3R8 BYV6G28MORGAN STANLEY CAD SR NT 3.125% 05/08/2021 393,455.99 61746BDT0 MORGAN STANLEY COM STK USD0.01 1,285,515.00 617446448 2262314MYLAN NV 190,014.21 N59465109 BVFMFG8N V R INC COM 1,743,585.34 62944T105 2637785NAVIENT CORP 5.875% DUE 10-25-2024 89,325.00 63938CAB4 BSHZY90NESTLE NIGERIA PLC NGN0.50 452,430.03 6627759NESTLE SA CHF0.10(REGD) 1,298,233.56 H57312649 7123870NETEASE INC SPONSORED ADR ADR EACH REPR 25 COM STK 2,662,560.12 64110W102 2606440NETEASE INC SPONSORED ADR ADR EACH REPR 25 COM STK 859,914.44 64110W102 2606440NETFLIX INC COM STK 3,038,918.76 64110L106 2857817NETFLIX INC COM STK 1,458,896.00 64110L106 2857817NEW ZEALAND(GOVT) 3% SNR 15/04/2020 NZD1000 3,247,653.52 B90RPY2

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NEWELL BRANDS INC 4% DUE 12-01-2024 415,380.00 651229AQ9 BSTLKM1NEWFIELD EXPL CO 5.625% DUE 07-01-2024 43,000.00 651290AQ1 B8HLLX1NEWS CORP COM CL A 1,071,367.53 65249B109 BBGVT40NGL ENERGY 6.875% DUE 10-15-2021 30,600.00 62913TAC6 BW0FQG6NGL ENERGY FIXED 6.125% DUE 03-01-2025 497,250.00 62913TAM4 BF81RC0NGL ENERGY PARTNERS LP/NGL ENERGY 7.5% 11-01-2023 242,637.50 62913TAJ1 BF2QCD7NOBLE HLDG INTL 7.75% DUE 01-15-2024 318,200.00 65504LAP2 BYQ6H42NORTHROP GRUMMAN CORP COM 1,884,427.40 666807102 2648806NU SKIN ENTERPRISES INC CL A CL A 174,600.57 67018T105 2616870NUANCE 1% DUE 12-15-2035 668,062.50 67020YAK6 BYZN5X9NUANCE 1.25% DUE 04-01-2025 76,593.75 67020YAM2 BF1T8P1NUANCE 1.5% DUE 11-01-2035 5,150.00 67020YAG5 BZ0Y7B6NVIDIA CORP COM 4,109,359.50 67066G104 2379504OASIS PETE INC NEW SR NT 6.875 DUE 01-15-2023 30,675.00 674215AE8 B7QFG09OFFICE DEPOT INC COM 270,933.90 676220106 2655981OLD DOMINION FGHT LINE INC COM 191,273.70 679580100 2656423OLD REP INTL CORP SR NT CONV 3.75% DUE 03-15-2018 REG 616,881.25 680223AH7 B51DCN9ONEOK PARTNERS L P 4.9% DUE 03-15-2025 53,611.20 68268NAP8 BZ028D9ONEOK PARTNERS L P 6.2% DUE 09-15-2043 17,818.58 68268NAM5 BDS54B6ORACLE CORP COM 963,708.24 68389X105 2661568OWENS & MINOR INC NEW COM 433,314.88 690732102 2665128OWENS CORNING NEW 7% DUE 12-01-2036 463,385.99 690742AB7 B1YY1F6OWENS CORNING NEW COM STK 1,992,339.80 690742101 B1FW7Q2PACCAR INC COM 703,692.00 693718108 2665861PARK HOTELS & RESORTS INC COM 241,730.00 700517105 BYVMVV0PAYPAL HLDGS INC COM 876,078.00 70450Y103 BYW36M8PENNEY J C CORP 7.625% DUE 03-01-2097 44,437.50 708160BL9 BG48XD5PENNEY J C INC 6.375% DUE 10-15-2036 431,375.00 708130AC3 B89QLL2PEPSICO INC COM 1,925,675.36 713448108 2681511PERSOL HOLDINGS CO NPV 1,050,382.60 B3CY709PETROBRAS GLOBAL 5.625% DUE 05-20-2043 214,473.60 71647NAA7 B99K1W2PFIZER INC COM 1,867,032.34 717081103 2684703PHILIP MORRIS INTL COM STK NPV 892,742.50 718172109 B2PKRQ3PHILIP MORRIS INTL COM STK NPV 1,255,227.65 718172109 B2PKRQ3PINNACLE W. CAP CORP COM 1,859,479.40 723484101 2048804PLAINS ALL AMERN 4.3% DUE 01-31-2043 128,052.98 72650RBC5 B92Y2L7PORTLAND GENERAL ELECTRIC CO COM NEW COMNEW 1,203,403.16 736508847 B125XQ6PRESTIGE BRANDS HLDGS INC COM 224,181.68 74112D101 B0650P3PRICELINE GROUP .9% DUE 09-15-2021 578,840.63 741503AX4 BZBX0Z7PROGRESSIVE CORP OH COM 215,592.96 743315103 2705024PRUDENTIAL FINL INC COM 1,673,648.88 744320102 2819118PRUDENTIAL GBP0.05 1,247,770.52 709954PT MATAHARI DEPT STORE TBK 1,008,070.76 6665878

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PUB SERVICE ENTERPRISE GROUP INC COM 1,782,106.00 744573106 2707677PULTE HOMES INC 6% DUE 02-15-2035 3,945,250.00 745867AT8 BG491Z6PULTE HOMES INC 6.375% DUE 05-15-2033 1,590,400.00 745867AP6 B3TBZW1QEP RES INC 5.375 DUE 10-01-2022 REG 76,687.50 74733VAB6 B7JVMK6QEP RESOURCES INC 5.25 DUE 05-01-2023 172,016.20 74733VAC4 B8P5L79QUEST DIAGNOSTICS INC COM 1,622,327.28 74834L100 2702791QUICKEN LOANS INC 5.75% DUE 05-01-2025 BEO 243,227.35 74840LAA0 BXB3Y84QWEST CAP FDG INC 7.75% DUE 02-15-2031 220,000.00 74913EAJ9 2799317RAIA DROGASIL SA COM NPV 1,440,361.40 B7FQV64RECRUIT HLDGS CO L NPV 802,840.66 BQRRZ00RED HAT INC COM 1,020,850.00 756577102 2447218REINSURANCE GROUP AMER INC COM NEW STK 1,883,478.47 759351604 2731193RIO TINTO FIN USA 4.125 DUE 08-21-2042 133,764.00 76720AAG1 B8NWTL2ROCKET INTERNET SE NPV 985,681.70 BR17150ROGERS COMMUNICATIONS INC CL B NON VTG CL B 293,866.10 775109200 2125268ROLLS ROYCE HLDGS ORD GBP0.20 563,207.86 B63H849ROLLS ROYCE HOLDINGS C SHS ENTITLEMENT (JAN 2018) 4,240.18 G76312209 BDFB6Q6ROPER TECHNOLOGIES , INC 2,571,870.00 776696106 2749602ROVI CORP 0.5% CNV SNR 01/03/2020 USD .5% 687,112.50 779376AD4 BYXV8T2ROYAL BK CDA 1.625% DUE 04-15-2019 3,207,360.93 78012KNL7 BYYZZ70ROYAL BK SCOTLAND 6.125% DUE 12-15-2022 1,260,494.30 780099CE5 B9052M3ROYAL CARIBBEAN CRUISES COM STK 127,152.48 V7780T103 2754907RPM INTL INC 2.25% DUE 12-15-2020 60,027.50 749685AT0 BH4WB85RYDER SYS INC COM 1,905,187.95 783549108 2760669RYMAN HOSPITALITY PPTYS INC COM 137,349.80 78377T107 B8QV5C9S.W. AIRL CO COM 754,114.90 844741108 2831543SALESFORCE COM INC COM STK 1,659,397.36 79466L302 2310525SALESFORCE COM INC COM STK 1,727,687.00 79466L302 2310525SAMSUNG ELECTRONIC KRW5000 1,520,874.32 6771720SAMSUNG ELECTRS LTD DEB 144A 7.7 DUE 10-01-2027 REG 955,216.36 796050AE2 SANDERSON FARMS INC COM 1,319,520.24 800013104 2774336SCHWAB CHARLES CORP COM NEW 1,596,425.49 808513105 2779397SEA LTD ADR 594,518.00 81141R100 BYWD7L4SEATTLE GENETICS INC COM 1,280,683.00 812578102 2738127SEMPRA ENERGY INC COM STK 641,520.00 816851109 2138158SENIOR HSG PPTYS TR SH BEN INT SH BEN INT 636,699.20 81721M109 2501631SENSATA TECHNOLOGIES HLDG NV 787,094.00 N7902X106 B62S207SERVICEMASTER CO 7.45% DUE 08-15-2027 276,037.50 817609AB6 B4QZX30SERVICENOW INC COM USD0.001 756,262.00 81762P102 B80NXX8SEVEN GENERATIONS COM NPV 1,207,612.43 81783Q105 BRK0MM4SHELL INTL FIN B V 2.5% DUE 09-12-2026 1,627,313.52 822582BX9 BD5NF98SHIRE PLC ORD GBP0.05 689,906.64 B2QKY05SHOPIFY INC CL A SHOPIFY INC 1,458,137.00 82509L107 BXDZ9Z0

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SLM CORP MEDIUM 5.5% DUE 01-25-2023 862,837.50 78442FEQ7 B93LNF8SM INVEST CORP PHP10 3,011,725.96 B068DB9SMITH A O CORP COM 998,864.00 831865209 2816023SOCIETE GENERALE SUB NT 144A 4.75%DUE 11-24-2025 BEO 1,141,723.80 83367TBR9 SOFTBANK GROUP CORP 1,163,994.67 J75963108 6770620SOUTHWEST GAS HLDGS INC COM 336,325.92 844895102 2831888SPIRIT AEROSYSTEMS HLDGS INC CL A 1,384,483.00 848574109 B1HMMS7SPLUNK INC COMSTK COM USD0.001 720,708.00 848637104 B424494SPRINGLEAF FIN 8.25 DUE 10-01-2023 597,862.50 85172FAF6 BH86CJ1SPRINGLEAF FIN CORP 7.75 DUE 10-01-2021 396,000.00 85172FAD1 BH89CB2SPRINT CAP CORP 6.875% DUE 11-15-2028 1,544,593.75 852060AD4 2327354STATE STR CORP COM 667,066.74 857477103 2842040STRYKER CORP 1,734,208.00 863667101 2853688SUMBER ALFARIA IDR10 1,513,263.09 BCDBLJ9SUMITOMO METAL MINING CO LTD NPV 983,659.12 6858849SUOFEIYA HOME COLLECTION CO LTD A'CNY1 831,836.36 BD5CFM8SVENSKA HANDELSBANKEN SER'A'NPV (P/S) 835,795.79 BXDZ9Q1SYNOPSYS INC COM 1,881,843.48 871607107 2867719TAPESTRY INC COM USD0.01 942,099.00 876030107 BF09HX3TARO PHARMACEUTICAL INDUSTRIES ORD ILS1 460,200.45 M8737E108 2872423TD AMERITRADE HLDG CORP COM STK 2,367,319.00 87236Y108 2983154TE CONNECTIVITY LTD 1,671,468.48 H84989104 B62B7C3TELECOM ITALIA CAP 6% DUE 09-30-2034 1,133,725.00 87927VAM0 B80LG33TELECOM ITALIA CAP 6.375% DUE 11-15-2033 488,250.00 87927VAF5 B2NTFL3TELEPHONE & DATA SYS INC COM STK 126,795.80 879433829 B6YR5K3TELUS CORP COM 968,108.68 87971M103 B06MH64TENCENT HLDGS LIMITED COMMON STOCK 9,940,567.72 BMMV2K8TENCENT HLDGS LIMITED COMMON STOCK 2,259,219.94 BMMV2K8TENET HEALTHCARE 4.375% DUE 10-01-2021 1,521,187.50 88033GCA6 BHB92M0TENET HEALTHCARE 6.75% DUE 06-15-2023 179,450.00 88033GCN8 BYX7PW2TENET HEALTHCARE 6.875% DUE 11-15-2031 582,200.00 88033GAV2 2842749TERADYNE INC COM 569,264.52 880770102 2884183TESLA INC COM USD0.001 6,681,259.65 88160R101 B616C79TESLA INC COM USD0.001 3,488,988.10 88160R101 B616C79TEXTRON INC 6.625% SNR 07/04/2020 GBP 425,069.52 5937062THC ESCROW CORP III 5.125% DUE 05-01-2025 97,500.00 87248NAC2 BF4SNY9THE PRICELINE GROUP INC 1,968,859.42 741503403 2779063TOBACCO SETTLEMENT FING CORP VA 6.706% 06-01-2046 1,803,480.00 88880NAT6 B1WT5T5TOTAL EUR2.5 1,009,168.40 B15C557TRANSCANADA CORP COM STK 680,960.00 89353D107 2665203TRANSOCEAN INC 5.55% DUE 10-15-2022 398,925.00 893830BC2 B8J6KF9TRANSOCEAN INC 6.8% DUE 03-15-2038 36,112.50 893830AT6 B29V1L5TRANSOCEAN PROTEUS 6.25% DUE 12-01-2024 250,126.88 893829AA9 BYMJDY7

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TRIMBLE INC COM TRIMBLE INC 800,608.00 896239100 2903958TRINSEO S A COMMON STOCK 1,159,930.20 L9340P101 BN65SJ4TRU TAJ LLC / TRU 11% DUE 01-22-2019 314,772.20 87266LAB5 U S W CAP FDG INC 6.875% DUE 07-15-2028 3,014,300.00 912912AQ5 2259587UGI CORP NEW COM 111,553.20 902681105 2910118ULKER BISKUVI SANA TRY1 594,006.40 B03MYX3UMICORE NPV 359,074.58 BF44466UNDER ARMOR INC CL A 920,937.03 904311107 B0PZN11UNILEVER PLC ORD GBP0.031111 736,271.10 B10RZP7UNITED MEXICAN STATES 7.75% 29/05/31 153,568.78 B6TC406UNITED MEXICAN STATES 8.5 DUE 05-31-2029 108,257.90 P9767G6N6 UNITED RENTALS NORTH AMER INC 4.875% DUE01-15-2028 65,325.00 911365BG8 BDGSYG2UNITED STATES OF AMER TREAS NOTES 1.75% 05-31-2022 4,421,601.00 912828XR6 BDZZ3H8UNITED STATES OF AMER TREAS NOTES .75% 4,904,926.11 9128282C3 BD2BRT9UNITED STATES OF AMER TREAS NOTES 0.75% TB 09-30-2018 1,305,651.67 912828T42 BYYB5Z6UNITED STATES TREAS BDS DTD 2.75% 11-15-2047 3,505,743.50 912810RZ3 BF92XY6UNITED STATES TREAS NTS 1.375% 09-30-2019 2,974,101.00 9128282X7 BYN94Y3UNITED STATES TREAS NTS DTD 05/15/2015 1% 8,173,491.89 912828XA3 BZ56SL4UNITED STATES TREAS NTS DTD 05/31/2016 .875% 6,565,089.72 912828R51 BD2BWP0UNITED STATES TREAS NTS US TREASURY N/B 1.75 9,811,247.25 912828U65 BYYRSM2UNITEDHEALTH GROUP INC COM 2,347,899.00 91324P102 2917766UNITEDHEALTH GROUP INC COM 883,383.22 91324P102 2917766UNUM GROUP 1,651,091.20 91529Y106 2433842US AIRWAYS GROUP FIXED 4.625% DUE 12-03-2026 390,514.18 90345WAD6 B9581H5US AIRWAYS GROUP INC 5.9 DUE 10-01-2024 641,357.65 90345WAA2 B82LWF5UTD AIRLS 2014-1 4% DUE 10-11-2027 202,696.52 90932PAA6 BL2FPD7UTD STS STL CORP 6.65% DUE 06-01-2037 186,200.00 912909AD0 BG49781VALERO ENERGY CORP COM STK NEW 1,994,447.00 91913Y100 2041364VECTREN CORP COM 660,928.30 92240G101 2572949VERISIGN INC COM 1,919,273.24 9.23E+106 2142922VERIZON COMMUNICATIONS COM 1,676,028.45 92343V104 2090571VERTEX PHARMACEUTICALS INC COM 1,140,734.32 92532F100 2931034VERTEX PHARMACEUTICALS INC COM 1,050,069.02 92532F100 2931034VIACOM INC NEW 4.375% DUE 03-15-2043 12,985.29 92553PAP7 BCHWWF1VIACOM INC NEW 5.25% DUE 04-01-2044 239,353.49 92553PAW2 VIACOM INC NEW 5.85% DUE 09-01-2043 93,124.53 92553PAU6 VISA INC COM CL A STK 1,402,446.00 92826C839 B2PZN04VISHAY INTERTECHNOLOGY INC COM STK 859,589.50 928298108 2930149VISTEON CORP COM NEW COM NEW 438,865.98 92839U206 B4N0JJ6VODAFONE GROUP PLC NEW SPONSORED ADRNO PAR 638,000.00 92857W308 BK019T4VOYA FINL INC COM 1,933,980.18 929089100 BKWQ2N2VULCAN MATERIALS CO COM 1,643,136.00 929160109 2931205WALMART INC COM 1,241,978.75 931142103 2936921

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WALT DISNEY CO 1,747,145.01 254687106 2270726WASTE CONNECTIONS INC COM 1,071,194.00 94106B101 BYVG1F6WATERS CORP COM 1,059,453.96 941848103 2937689WELLCARE HLTH PLANS INC COM 548,628.08 94946T106 B01R258WEYERHAEUSER CO 6.875% DUE 12-15-2033 1,893,673.44 962166BT0 2337461WEYERHAEUSER CO DEB 7.375 DUE 03-15-2032 BEO 890,925.60 962166BR4 BB0RG32WHITING PETE CORP 5% DUE 03-15-2019 20,510.00 966387AG7 BDS54J4WHITING PETE CORP 5.75% DUE 03-15-2021 1,113,481.25 966387AH5 BDS54H2WHITING PETE CORP 6.25% DUE 04-01-2023 246,300.00 966387AP7 BYX21P2WHITING PETE CORP 6.625% 01-15-2026 10,200.00 966387BE1 BZ7MM74WILEY JOHN & SONS INC CL A 515,808.75 968223206 2965668WINDSTREAM CORP 7.5 DUE 04-01-2023 6,650.00 97381WAU8 B54PQL8WINDSTREAM SVCS LLC/WINDSTREAM FIN COR 8.75% 203,336.25 97381LAD0 BF4NJ79WIRECARD AG NPV 1,348,142.33 7508927WOOLWORTH CORP 8.50 DEB DUE 1-15-2022 REG 1,228,500.00 980883AC6 2978354WORKDAY INC CL A COM USD0.001 1,982,607.38 98138H101 B8K6ZD1WORKDAY INC CL A COM USD0.001 1,969,584.66 98138H101 B8K6ZD1XCEL ENERGY INC COM 740,990.22 98389B100 2614807XILINX INC COM 579,812.00 983919101 2985677XL CAP LTD 6.25% DUE 05-15-2027 1,680,727.62 98372PAK4 B1WZJG8YUM CHINA HLDGS INC COM 2,573,366.04 98850P109 BYW4289YUNNAN BAIYAO GROUP CO 'A'CNY1 STOCK CONNECT 900,706.41 BD5CP95ZOETIS INC COM USD0.01 CL 'A' 1,981,244.08 98978V103 B95WG16

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