KeyBank Multiple Investment Trust for Employee Benefit ......KeyBank National Association Annual...

KeyBank Multiple Investment Trust for Employee Benefit Trusts

KeyBank National Association Annual Report December 31, 2017

TABLE OF CONTENTSKEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTSKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

PageREPORT OF INDEPENDENT AUDITORS .......................................................................................... 1

EB CONVERTIBLE SECURITIES FUND

Financial Statements

Statement of Net Assets ..................................................................................................... 2

Statement of Operations .................................................................................................... 3

Statements of Changes in Net Assets ................................................................................ 4

Supplementary Information

Investments Purchased ...................................................................................................... 5

Investments Sold or Matured ............................................................................................ 6

EB CORE BOND INDEX FUND





Schedule of Investments Held ........................................................................................... 10




EB EQUITY INDEX FUND








Other Investment Changes ................................................................................................ 25

TABLE OF CONTENTS--continuedKEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTSKEYBANK NATIONAL ASSOCIATION

PageEB SHORT TERM INVESTMENT FUND



Statements of Operations and Changes in Net Assets ....................................................... 28

Schedule of Investments Held ........................................................................................... 29




EB SMALL CAP VALUE EQUITY FUND








Other Investment Change .................................................................................................. 41

NOTES TO FINANCIAL STATEMENTS ............................................................................................. 42

1

Ernst & Young LLP Suite 1800 950 Main Avenue Cleveland, OH 44113-7214

Tel: +1 216 861 5000 Fax: +1 216 583 2013 ey.com

Report of Independent Auditors

The Board of Directors and Participants KeyBank National Association

We have audited (1) the accompanying financial statements of the EB Convertible Securities Fund, EB Core Bond Index Fund, EB Equity Index Fund, and the EB Small Cap Value Equity Fund of KeyBank National Association, which comprise the statements of net assets, including the schedules of investments held, if applicable, as of December 31, 2017, the related statements of operations for the year then ended, the statements of changes in net assets for the years ended December 31, 2017 and 2016, and the related notes to the financial statements, and (2) the accompanying financial statements of the EB Short Term Investment Fund of KeyBank National Association, which comprise the statement of net assets, including the schedule of investments held, as of December 31, 2017, the related statements of operations and changes in net assets for the years ended December 31, 2017 and 2016, and the related notes to the financial statements. The aforementioned funds are hereinafter collectively referred to as the Funds.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Funds’ preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the EB Convertible Securities Fund, EB Core Bond Index Fund, EB Equity Index Fund, EB Short Term Investment Fund, and the EB Small Cap Value Equity Fund of KeyBank National Association at December 31, 2017, and the results of their operations and changes in their net assets for the years indicated in conformity with U.S. generally accepted accounting principles.


Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying schedules of investments purchased, investments sold or matured, and other investment changes are presented for purposes of additional analysis and are not a required part of financial statements, but are supplementary information required by Regulation 9 of the Comptroller of the Currency. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

EY March 29, 2018

STATEMENT OF NET ASSETSEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2017 (a)

FairValue

ASSETAccrued income receivable $15,045

LIABILITYOther payable-overdraft 15,045

NET ASSETS $0

(a) Liquidation to participants occurred on October 5, 2017

See notes to financial statements.

2

STATEMENT OF OPERATIONSEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

NET INVESTMENT INCOMEConvertible preferred stock dividends $387,615Convertible bond interest 341,191Short-term investment interest* 12,412

741,218Less audit expense (9,817)Less administrative expenses (4,254)

NET INVESTMENT INCOME $727,147

NET REALIZED GAIN AND UNREALIZED DEPRECIATIONON INVESTMENTS

Net realized gain from investment transactions:Proceeds from investments sold or matured $108,969,418Cost of investments sold or matured 98,633,225

Net realized gain $10,336,193

Unrealized appreciation (depreciation) on investments:Beginning of year 4,997,546End of year 0

Unrealized depreciation on investments (4,997,546)

NET REALIZED GAIN AND UNREALIZEDDEPRECIATION ON INVESTMENTS $5,338,647

*Represents income from KeyBank collective investment fund(s).


3

STATEMENTS OF CHANGES IN NET ASSETSEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATION

Year Ended December 312017 2016

FROM INVESTMENT ACTIVITIESNet investment income $727,147 $1,021,993Net realized gain from investment transactions 10,336,193 1,613,677Unrealized (depreciation) appreciation on investments (4,997,546) 268,491

INCREASE IN NET ASSETS DERIVEDFROM INVESTMENT ACTIVITIES 6,065,794 2,904,161

FROM PARTICIPANT TRANSACTIONSCost of units redeemed (2017--283,566 units;

2016--7,250 units) (50,190,706) (1,095,127)

DECREASE IN NET ASSETS DERIVEDFROM PARTICIPANT TRANSACTIONS (50,190,706) (1,095,127)

DECREASE (INCREASE) IN NET ASSETS (44,124,912) 1,809,034

NET ASSETSBeginning of year (2017--283,566 units;

2016--290,816 units) 44,124,912 42,315,878

End of year (2017--0 units;2016--283,566 units) $0 $44,124,912


4

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Cost

Convertible preferred stock(s) $3,737,842Convertible bond(s) 5,111,570Short-term investment(s) 50,896,219

TOTAL INVESTMENTS PURCHASED $59,745,631

5

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

NetProceeds Gain

Convertible preferred stock(s) $13,807,609 $562,290Convertible bond(s) 44,013,616 9,773,903Short-term investment(s) 51,148,193 0

TOTAL INVESTMENTS SOLD OR MATURED $108,969,418 $10,336,193

6

STATEMENT OF NET ASSETSEB CORE BOND INDEX FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2017

CostFair

Value

ASSETSInvestments:

U.S. Government and agency obligation(s) $22,567,155 $22,145,630Corporate bond(s) 15,544,693 15,587,426Mutual fund(s) 6,170,812 6,246,418Exchange traded fund(s) 5,540,081 5,558,640State and municipal bond(s) 307,911 335,892Short-term investment(s) 350,578 350,578

$50,481,230 50,224,584

Accrued income receivable 344,997Receivable for investments sold 129,286

TOTAL ASSETS 50,698,867

LIABILITIESAccrued audit expense 715Accrued administrative expense 666

TOTAL LIABILITIES 1,381

NET ASSETS (equivalent to $227.03per unit based on 223,307 units) $50,697,486


7

STATEMENT OF OPERATIONSEB CORE BOND INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

NET INVESTMENT INCOMEU.S. Government and agency obligation interest $720,004Corporate bond interest 716,842Time deposit interest 1,918Mutual fund dividends 186,932Exchange traded fund dividends 104,805State and municipal bond interest 16,469Short-term investment interest* 32,348

1,779,318Less audit expense (8,583)Less administrative expense (7,878)

NET INVESTMENT INCOME $1,762,857

NET REALIZED GAIN AND UNREALIZED APPRECIATIONON INVESTMENTS


Net realized gain $67,631

Unrealized (depreciation) appreciation on investments:Beginning of year (677,096)End of year (256,646)

Unrealized appreciation on investments 420,450

NET REALIZED GAIN AND UNREALIZEDAPPRECIATION ON INVESTMENTS $488,081



8

STATEMENTS OF CHANGES IN NET ASSETSEB CORE BOND INDEX FUNDKEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIESNet investment income $1,762,857 $1,684,126Net realized gain (loss) from investment transactions 67,631 (231,318)Unrealized appreciation (depreciation) on investments 420,450 (62,843)


FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2017--4,470 units;

2016--11,259 units) 993,846 2,472,656Cost of units redeemed (2017--44,782 units;

2016--37,645 units) (10,010,915) (8,237,093)


DECREASE IN NET ASSETS (6,766,131) (4,374,472)


2016--290,005 units) 57,463,617 61,838,089

End of year (2017--223,307 units;2016--263,619 units) $50,697,486 $57,463,617


9

SCHEDULE OF INVESTMENTS HELDEB CORE BOND INDEX FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2017

Par Value CostFair

Value

U.S. GOVERNMENT AND AGENCY OBLIGATION(S)(43.68% of net assets)

$337 Fannie Mae 5.00% 05/01/18 $315 $344239 Fannie Mae 4.50% 07/01/18 237 243286 Fannie Mae 4.50% 10/01/18 335 290

1,494 Fannie Mae 5.00% 02/01/20 1,411 1,5211,038 Fannie Mae 6.50% 12/01/25 1,109 1,150

528 Fannie Mae 6.00% 09/01/28 595 5901,137 Fannie Mae 6.50% 09/01/28 29 1,273


959 Fannie Mae 7.50% 10/01/29 1,094 970110,000 Fannie Mae 7.25% 05/15/30 172,388 160,918

294 Fannie Mae 7.50% 10/01/30 366 342155,000 Fannie Mae 6.625% 11/15/30 210,683 217,978

580 Fannie Mae 7.50% 12/01/30 749 677697 Fannie Mae 7.00% 01/01/31 790 804714 Fannie Mae 6.50% 09/01/31 1,000 792

8,880 Fannie Mae 6.50% 07/01/32 10,992 9,9292,093 Fannie Mae 6.00% 09/01/32 2,488 2,3442,008 Fannie Mae 7.00% 09/01/32 2,753 2,0791,915 Fannie Mae 5.50% 01/01/33 2,167 2,097

55,082 Fannie Mae 5.00% 06/01/33 33,558 59,8596,314 Fannie Mae 5.50% 07/01/33 8,333 6,9961,044 Fannie Mae 5.00% 08/01/33 940 1,1344,887 Fannie Mae 5.00% 09/01/33 2,836 5,3103,153 Fannie Mae 4.50% 10/01/33 2,631 3,370




1,347 Fannie Mae 6.00% 12/01/35 1,660 1,51521,412 Fannie Mae 5.00% 02/01/36 25,160 23,2581,262 Fannie Mae 6.00% 12/01/36 1,234 1,427



156,455 Fannie Mae 3.50% 05/01/42 171,110 161,564

10

SCHEDULE OF INVESTMENTS HELD--continuedEB CORE BOND INDEX FUNDKEYBANK NATIONAL ASSOCIATION

Par Value CostFair

Value

U.S. GOVERNMENT AND AGENCY OBLIGATION(S)--continued470,000 Freddie Mac 3.75% 03/27/19 520,144 480,989625,000 Freddie Mac 2.375% 01/13/22 609,831 630,619

1,057 Freddie Mac 8.50% 06/01/25 1,323 1,1661,416 Freddie Mac 6.50% 05/01/26 20 1,569

730 Freddie Mac 7.00% 09/01/27 827 782243 Freddie Mac 6.00% 04/01/28 281 274

8,520 Freddie Mac 6.50% 07/01/28 42 9,4382,594 Freddie Mac 6.50% 01/01/29 3,847 2,8811,434 Freddie Mac 6.00% 03/01/29 517 1,623

65,000 Freddie Mac 6.75% 09/15/29 98,601 90,466110,000 Freddie Mac 6.75% 03/15/31 167,009 157,304

1,352 Freddie Mac 7.00% 04/01/32 1,685 1,468115,000 Freddie Mac 6.25% 07/15/32 169,862 161,320

2,242 Freddie Mac 5.00% 05/01/34 2,124 2,42617,520 Freddie Mac 5.00% 06/01/34 5,398 18,9058,570 Freddie Mac 6.50% 11/01/34 9,920 9,4931,241 Freddie Mac 5.50% 10/01/36 1,566 1,3723,165 Freddie Mac 6.50% 05/01/37 4,053 3,5064,069 Freddie Mac Gold 4.50% 03/01/20 4,681 4,1342,647 Freddie Mac Gold 6.50% 08/01/29 3,395 2,932

33,857 Freddie Mac Gold 5.50% 05/01/33 35,575 37,53366,560 Freddie Mac Gold 5.00% 08/01/33 55,051 72,7517,024 Freddie Mac Gold 5.50% 10/01/33 7,555 7,789

12,317 Freddie Mac Gold 6.50% 11/01/34 12,732 13,691371,800 Freddie Mac Gold 4.50% 12/01/39 379,799 401,660

988 Government Nat’l Mtg. Assn. 7.00% 12/15/23 1,137 1,0685,009 Government Nat’l Mtg. Assn. 7.00% 03/15/28 5,767 5,1255,853 Government Nat’l Mtg. Assn. 6.50% 06/15/28 6,224 6,4931,855 Government Nat’l Mtg. Assn. 6.50% 07/15/28 2,061 2,058

103 Government Nat’l Mtg. Assn. 7.00% 09/15/28 112 11122,866 Government Nat’l Mtg. Assn. 5.00% 07/15/33 27,739 24,80613,468 Government Nat’l Mtg. Assn. 5.50% 07/15/34 16,217 14,954

141,113 Government Nat’l Mtg. Assn. II 5.00% 05/20/40 159,177 153,417150,514 Government Nat’l Mtg. Assn. II 3.50% 08/20/42 167,123 156,440260,000 U.S. Treasury Bond 2.50% 05/15/24 267,780 262,935210,000 U.S. Treasury Bond 2.375% 08/15/24 214,492 210,672165,000 U.S. Treasury Bond 2.00% 02/15/25 166,895 161,294220,000 U.S. Treasury Bond 2.125% 05/15/25 215,081 216,641

1,421,000 U.S. Treasury Bond 6.125% 11/15/27 1,961,382 1,883,3791,400,000 U.S. Treasury Bond 4.375% 05/15/40 1,673,576 1,805,132

165,000 U.S. Treasury Bond 2.75% 11/15/42 169,995 166,044233,000 U.S. Treasury Bond 3.375% 05/15/44 264,965 261,461120,000 U.S. Treasury Bond 3.125% 08/15/44 135,412 128,977200,000 U.S. Treasury Bond 3.00% 11/15/45 201,273 210,040500,000 U.S. Treasury Bond 2.50% 02/15/46 488,779 475,800

2,391,000 U.S. Treasury Note 3.125% 05/15/19 2,632,425 2,431,910

11


Par Value CostFair

ValueU.S. GOVERNMENT AND AGENCY OBLIGATION(S)--continued

170,000 U.S. Treasury Note 1.625% 06/30/19 171,441 169,408165,000 U.S. Treasury Note 1.625% 08/31/19 167,784 164,330155,000 U.S. Treasury Note 3.375% 11/15/19 168,405 159,262150,000 U.S. Treasury Note 1.50% 11/30/19 152,725 148,915150,000 U.S. Treasury Note 1.625% 12/31/19 153,322 149,215150,000 U.S. Treasury Note 1.25% 01/31/20 151,482 148,014150,000 U.S. Treasury Note 3.625% 02/15/20 163,734 155,373150,000 U.S. Treasury Note 1.375% 02/29/20 152,103 148,306150,000 U.S. Treasury Note 1.375% 03/31/20 152,068 148,242

1,716,000 U.S. Treasury Note 2.625% 08/15/20 1,822,565 1,745,961155,000 U.S. Treasury Note 2.625% 11/15/20 164,488 157,798500,000 U.S. Treasury Note 1.25% 03/31/21 489,863 487,655500,000 U.S. Treasury Note 2.25% 07/31/21 526,582 502,910160,000 U.S. Treasury Note 2.125% 08/15/21 162,769 160,232120,000 U.S. Treasury Note 2.00% 11/15/21 119,681 119,644300,000 U.S. Treasury Note 2.00% 12/31/21 301,699 298,476500,000 U.S. Treasury Note 2.125% 06/30/22 504,102 499,080724,000 U.S. Treasury Note 1.625% 11/15/22 706,558 705,560832,000 U.S. Treasury Note 2.00% 02/15/23 790,617 823,455500,000 U.S. Treasury Note 1.375% 06/30/23 499,492 477,655210,000 U.S. Treasury Note 2.50% 08/15/23 222,220 212,848155,000 U.S. Treasury Note 2.75% 11/15/23 164,130 159,196155,000 U.S. Treasury Note 2.75% 02/15/24 166,952 159,069260,000 U.S. Treasury Note 2.25% 11/15/24 261,927 258,658150,000 U.S. Treasury Note 2.00% 08/15/25 153,363 146,232150,000 U.S. Treasury Note 2.25% 11/15/25 156,539 148,682500,000 U.S. Treasury Note 1.50% 08/15/26 497,383 465,195750,000 U.S. Treasury Note 2.25% 08/15/27 743,730 739,455

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION(S) 22,567,155 22,145,630

CORPORATE BOND(S) (30.75% of net assets)

CORPORATE ASSET/MORTGAGE BACKED (0.07%)33,591 Continental Airlines, Inc. 4.75% 07/12/22 35,888 35,176

FINANCE (8.37%)200,000 American Express Co. 3.625% 12/05/24 209,700 205,79065,000 Bank of New York Co., Inc. 3.55% 09/23/21 70,777 67,441

382,000 Berkshire Hathaway Finance Corp. 4.25% 01/15/21 421,144 403,96165,000 Berkshire Hathaway Finance Corp. 4.40% 05/15/42 67,868 73,24790,000 BlackRock, Inc. 5.00% 12/10/19 100,452 94,64355,000 Boston Properties LP 3.85% 02/01/23 58,668 57,29765,000 Capital One Financial Corp. 4.75% 07/15/21 69,868 69,451

250,000 Capital One Financial Corp. 3.75% 07/28/26 252,253 248,95065,000 Citigroup, Inc. 8.125% 07/15/39 101,456 103,93040,000 Fifth Third Bancorp 3.50% 03/15/22 42,509 41,180

12


Par Value CostFair

ValueCORPORATE BOND(S)--continued

FINANCE--continued250,000 GATX Corp. 2.50% 03/15/19 252,117 249,913170,000 General Electric Capital Corp. 4.65% 10/17/21 187,137 183,02978,000 General Electric Capital Corp. 6.15% 08/07/37 81,832 103,010

150,000 Goldman Sachs Group, Inc. 5.25% 07/27/21 170,415 162,569190,000 Goldman Sachs Group, Inc. 5.75% 01/24/22 218,211 210,678105,000 Goldman Sachs Group, Inc. 6.25% 02/01/41 106,895 141,49855,000 John Deere Capital Corp. 2.25% 04/17/19 56,736 55,066

125,000 JP Morgan Chase & Co. 6.40% 05/15/38 142,077 171,993200,000 MetLife, Inc. 3.60% 11/13/25 202,998 208,05441,000 MetLife, Inc. 5.70% 06/15/35 42,666 51,938

270,000 Morgan Stanley 3.875% 04/29/24 283,638 281,90255,000 National Rural Utilities Cooperative 3.05% 02/15/22 58,670 55,953

500,000 PNC Bank 3.10% 10/25/27 499,060 499,25574,000 PNC Funding Corp. 5.125% 02/08/20 83,198 78,101

115,000 Simon Property Group LP 4.375% 03/01/21 127,385 121,36573,000 Simon Property Group LP 6.75% 02/01/40 91,525 101,81675,000 Toyota Motor Credit Corp. 4.25% 01/11/21 82,803 79,05135,000 Trustees of Princeton University 5.70% 03/01/39 46,594 47,69470,000 Wells Fargo & Co. 4.30% 07/22/27 74,989 74,537

TOTAL FINANCE 4,203,641 4,243,312

FOREIGN (4.77%)300,000 Actavis Funding Services 3.45% 03/15/22 308,265 304,81550,000 America Movil 5.00% 03/30/20 57,556 52,697

100,000 Astrazeneca PLC 6.45% 09/15/37 135,371 135,87550,000 Bank of Montreal 2.55% 11/06/22 50,261 49,55765,000 Bank of Nova Scotia 4.375% 01/13/21 72,625 68,58755,000 BP Capital Markets PLC 3.245% 05/06/22 58,566 56,37475,000 British Columbia 2.65% 09/22/21 80,022 75,76550,000 Corporacion Andina de Fomento 4.375% 06/15/22 54,791 53,27081,000 Deutsche Telekom International Finance 8.25% 06/15/30 111,539 119,84765,000 European Investment Bank 2.875% 09/15/20 70,236 66,266

155,000 HSBC Holdings PLC 4.875% 01/14/22 174,754 166,769200,000 International Finance Corp. 2.125% 04/07/26 204,190 193,760123,000 KfW Bankengruppe 4.00% 01/27/20 128,363 127,825117,000 Koninklijke Philips Electronics, Inc. 3.75% 03/15/22 117,462 121,820107,000 Ontario Province 4.00% 10/07/19 109,959 110,32928,000 Petroleos Mexicanos 4.625% 09/21/23 28,158 28,80530,000 Republic of Chile 3.625% 10/30/42 28,975 30,13530,000 Republic of Colombia 7.375% 03/18/19 39,896 31,77030,000 Republic of Italy 6.875% 09/27/23 35,219 35,46375,000 Republic of Poland 5.00% 03/23/22 83,804 82,12582,000 Shell International Finance BV 4.30% 09/22/19 86,833 84,94470,000 Statoil ASA 3.15% 01/23/22 72,631 71,592

13


Par Value CostFair


FOREIGN--continued35,000 Sumitomo Mitsui Banking Corp. 3.00% 01/18/23 34,645 34,94355,000 Suncor Energy, Inc. 6.50% 06/15/38 74,446 74,30576,000 TransCanada PipeLines Ltd. 3.80% 10/01/20 75,793 78,80185,000 United Mexican States 6.05% 01/11/40 95,865 100,13049,000 Vodafone Group PLC 6.15% 02/27/37 46,705 61,461

TOTAL FOREIGN 2,436,930 2,418,030

INDUSTRIALS (9.58%)93,000 Abbott Laboratories 5.30% 05/27/40 101,651 107,56892,000 Altria Group, Inc. 4.75% 05/05/21 106,854 98,659

135,000 Amgen, Inc. 4.10% 06/15/21 143,808 141,01364,000 Anadarko Petroleum Corp. 6.45% 09/15/36 65,446 78,38880,000 Anheuser-Busch Cos., Inc. 4.375% 02/15/21 92,355 84,47435,000 Anheuser-Busch Cos., Inc. 2.50% 07/15/22 34,459 34,73565,000 Apache Corp. 3.625% 02/01/21 71,094 66,544

135,000 Apple, Inc. 2.40% 05/03/23 128,949 133,611170,000 Apple, Inc. 3.85% 05/04/43 172,016 176,62312,000 Barrick North America Finance LLC 4.40% 05/30/21 13,142 12,70260,000 Berkshire Hathaway, Inc. 3.75% 08/15/21 63,818 62,99450,000 Boston Scientific Corp. 7.375% 01/15/40 67,185 69,05639,000 Caterpillar, Inc. 6.05% 08/15/36 45,033 52,110

250,000 Chevron Corp. 3.191% 06/24/23 264,278 256,90845,000 Cisco Systems, Inc. 4.45% 01/15/20 52,863 47,059

160,000 Coca-Cola Co. 3.20% 11/01/23 168,538 166,13944,000 Comcast Corp. 5.15% 03/01/20 50,393 46,63270,000 Comcast Corp. 6.45% 03/15/37 69,574 94,45167,000 Conoco, Inc. 6.95% 04/15/29 85,397 87,998

230,000 ConocoPhillips 6.50% 02/01/39 298,519 321,86985,000 Dow Chemical Co. 4.125% 11/15/21 94,046 89,12561,000 Dow Chemical Co. 7.375% 11/01/29 76,882 81,35062,000 Enterprise Products Operating LLC 6.50% 01/31/19 71,735 64,78845,000 Fiserv, Inc. 3.50% 10/01/22 45,187 46,317

450,000 Ford Motor Co. 4.346% 12/08/26 466,367 469,16130,000 Ford Motor Co. 7.45% 07/16/31 37,463 39,21645,000 Hess Corp. 5.60% 02/15/41 48,844 48,52675,000 Honeywell International, Inc. 4.25% 03/01/21 87,644 79,225

200,000 Intel Corp. 3.70% 07/29/25 208,680 211,148108,000 International Business Machines Corp. 5.60% 11/30/39 121,214 141,11535,000 Lowe’s Cos., Inc. 4.65% 04/15/42 39,066 39,99765,000 McDonald’s Corp. 3.625% 05/20/21 71,371 67,43595,000 Microsoft Corp. 4.20% 06/01/19 107,766 97,89245,000 NBC Universal Media LLC 2.875% 01/15/23 45,361 45,45735,000 NVR, Inc. 3.95% 09/15/22 36,269 36,53750,000 Occidental Petroleum Corp. 2.70% 02/15/23 51,630 50,031

14


Par Value CostFair


INDUSTRIALS--continued35,000 Oracle Corp. 2.50% 10/15/22 35,576 34,952

102,000 Pepsi Bottling Group, Inc. 7.00% 03/01/29 137,684 137,636117,000 PepsiCo, Inc. 5.50% 01/15/40 129,745 150,03830,000 Philip Morris International, Inc. 3.875% 08/21/42 30,614 29,91850,000 Thermo Fisher Scientific, Inc. 3.60% 08/15/21 52,786 51,61180,000 United Parcel Service, Inc. 5.125% 04/01/19 97,607 82,97455,000 United Technologies Corp. 3.10% 06/01/22 59,041 56,02175,000 United Technologies Corp. 6.125% 07/15/38 91,750 99,42860,000 UnitedHealth Group, Inc. 3.875% 10/15/20 65,795 62,29090,000 Valero Energy Corp. 6.125% 02/01/20 104,480 96,93037,000 Viacom, Inc. 7.875% 07/30/30 45,120 50,50445,000 Walt Disney Co. 2.75% 08/16/21 46,190 45,67865,000 Waste Management, Inc. 4.60% 03/01/21 72,258 69,025

101,000 Wyeth 6.50% 02/01/34 117,434 138,124

TOTAL INDUSTRIALS 4,790,977 4,851,982

MISCELLANEOUS (3.49%)25,000 American Water Capital Corp. 6.593% 10/15/37 32,935 34,705

250,000 Anheuser-Busch InBev Finance, Inc. 3.65% 02/01/26 258,843 257,995140,000 AutoZone, Inc. 3.125% 04/01/26 144,613 136,36055,000 Burlington Northern/Santa Fe Corp. 3.45% 09/15/21 58,512 56,82774,000 CSX Corp. 6.15% 05/01/37 81,695 97,096

133,000 CVS Health Corp. 3.875% 07/20/25 138,988 136,973200,000 Gilead Sciences, Inc. 3.65% 03/01/26 216,914 207,480325,000 Goldman Sachs Group, Inc. 4.00% 03/03/24 336,203 340,971135,000 Home Depot, Inc. 5.875% 12/16/36 177,414 182,683100,000 Morgan Stanley 4.00% 07/23/25 104,815 104,70575,000 Rio Tinto Finance USA, Ltd. 4.75% 03/22/42 77,656 87,79065,000 21st Century Fox America, Inc. 4.50% 02/15/21 73,468 68,70045,000 21st Century Fox America, Inc. 6.20% 12/15/34 44,375 58,111

TOTAL MISCELLANEOUS 1,746,431 1,770,396

UTILITIES (3.82%)59,000 AT&T, Inc. 5.80% 02/15/19 68,298 61,22630,000 AT&T, Inc. 2.625% 12/01/22 29,203 29,53332,000 AT&T, Inc. 5.35% 09/01/40 31,114 33,76940,000 AT&T, Inc. 6.375% 03/01/41 47,880 47,18479,000 AT&T, Inc. 4.50% 03/09/48 80,100 74,021

328,000 AT&T, Inc. 4.55% 03/09/49 333,566 308,707140,000 Dominion Resources, Inc. 2.50% 12/01/19 141,739 140,21650,000 Dominion Resources, Inc. 4.45% 03/15/21 56,001 52,79755,000 Duke Energy Carolinas LLC 4.25% 12/15/41 60,807 60,53585,000 Duke Energy Corp. 3.90% 06/15/21 92,203 88,811

15


Par Value CostFair

Value

CORPORATE BOND(S)--continued

UTILITIES--continued30,000 EOG Resources, Inc. 5.625% 06/01/19 37,229 31,389

185,000 Florida Power & Light Co. 2.75% 06/01/23 189,039 185,45150,000 Plains All American Pipeline LP 3.65% 06/01/22 53,922 50,29178,000 Progress Energy, Inc. 4.40% 01/15/21 81,306 81,763

100,000 Progress Energy, Inc. 3.15% 04/01/22 103,768 101,29177,000 Southern California Edison Co. 5.625% 02/01/36 78,019 97,225

300,000 Southern Co. 3.25% 07/01/26 317,091 294,216199,000 Verizon Communications, Inc. 3.376% 02/15/25 199,617 199,752

TOTAL UTILITIES 2,000,902 1,938,177

YANKEE (0.65%)49,000 Hydro-Quebec 8.40% 01/15/22 67,106 58,646

191,000 Quebec Province 7.50% 09/15/29 262,818 271,707

TOTAL YANKEE 329,924 330,353

TOTAL CORPORATE BOND(S) 15,544,693 15,587,426

Shares

MUTUAL FUND(S) (12.32% of net assets)563,756 PIMCO Mortgage Opportunities Fund 6,170,812 6,246,418

EXCHANGE TRADED FUND(S) (10.96% of net assets)106,000 Vanguard Mortgage-Backed Securities Fund 5,540,081 5,558,640

Par Value

STATE AND MUNICIPAL BOND(S) (0.66% of net assets)85,000 California State 7.55% 04/01/39 111,198 133,75786,000 Illinois State Pension 5.10% 06/01/33 85,039 85,85735,000 Metropolitan Transit Authority NY 6.814% 11/15/40 46,897 50,02250,000 New Jersey State Transportation Trust Fund 6.561% 12/15/40 64,777 66,256

TOTAL STATE AND MUNICIPAL BOND(S) 307,911 335,892

Units

SHORT-TERM INVESTMENT(S) (0.69% of net assets)350,578 EB Short Term Investment Fund of KeyBank National Association 350,578 350,578

TOTAL INVESTMENTS HELD $50,481,230 $50,224,584

16


Other InformationThe following is a summary of investments by fair value level based upon the inputs used to determine the fairvalues as of December 31, 2017. The inputs and methodology used for valuing securities may not be anindication of the risk associated with investing in those securities. For more information on valuation inputs, andtheir impact on investments aggregated into the levels used in the table below, please refer to Note A, InvestmentValuation, in the accompanying Notes to Financial Statements.

Investments Level 1 Level 2 Level 3 Total

U.S. GOVERNMENT AND AGENCYOBLIGATION(S) $ - $22,145,630 $ - $22,145,630

CORPORATE BOND(S) - 15,587,426 - 15,587,426MUTUAL FUND(S) - 6,246,418 - 6,246,418EXCHANGE TRADED FUND(S) 5,558,640 - - 5,558,640STATE AND MUNICIPAL BOND(S) - 335,892 - 335,892SHORT-TERM INVESTMENT(S)* - - - 350,578

$5,558,640 $44,315,366 $ - $50,224,584

*In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value pershare (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair valueamounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amountspresented in the Statement of Net Assets.


17

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB CORE BOND INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Cost

U.S. Government and agency obligation(s) $2,039,394Corporate bond(s) 2,873,022Time deposit(s) 250,155Other mortgage related security(ies) 26,561,653Mutual fund(s) 6,917,802Exchange traded fund(s) 6,637,644Short-term investment(s) 9,869,029


18

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB CORE BOND INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Net Gain orProceeds (Loss)

U.S. Government and agency obligation(s) $4,799,997 ($127,454)Corporate bond(s) 5,360,288 278,046Time deposit(s) 249,625 (530)Other mortgage related security(ies) 39,786,593 (92,013)Mutual fund(s) 750,000 3,010Exchange traded fund(s) 1,104,135 6,572Short-term investment(s) 23,753,893 0

TOTAL INVESTMENTS SOLD OR MATURED $75,804,531 $67,631

19

STATEMENT OF NET ASSETSEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2017 (a)

FairValue



NET ASSETS $0

(a) Liquidation to participants occurred on November 3, 2017


20

STATEMENT OF OPERATIONSEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

NET INVESTMENT INCOMECommon stock dividends $2,558,986Exchange traded fund dividends 12,085Short-term investment interest* 3,749

2,574,820Less audit expense (9,333)Less administrative expense (18,211)

NET INVESTMENT INCOME $2,547,276



Net realized gain $90,701,911

Unrealized appreciation (depreciation) on investments:Beginning of year 69,006,465End of year 0

Unrealized depreciation on investments (69,006,465)

NET REALIZED GAIN AND UNREALIZEDDEPRECIATION ON INVESTMENTS $21,695,446



21

STATEMENTS OF CHANGES IN NET ASSETSEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIESNet investment income $2,547,276 $3,549,638Net realized gain from investment transactions 90,701,911 8,084,381Unrealized (depreciation) appreciation on investments (69,006,465) 6,742,243


FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2017--681 units;

2016--55,315 units) 150,578 10,274,344Cost of units redeemed (2017--773,124 units;

2016--123,991 units) (186,723,441) (24,326,674)


(DECREASE) INCREASE IN NET ASSETS (162,330,141) 4,323,932


2016--841,119 units) 162,330,141 158,006,209



22

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Cost

Common stock(s) $3,351,972Exchange traded fund(s) 6,204,046Short-term investment(s) 12,658,071


23

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

NetProceeds Gain

Common stock(s) $185,622,481 $90,555,132Exchange traded fund(s) 7,389,678 146,779Short-term investment(s) 12,658,071 0

TOTAL INVESTMENTS SOLD OR MATURED $205,670,230 $90,701,911

24

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGESEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Shares

STOCK SPLITS1,291 BALL CORP.

Received as a 2 for 1 stock split on 1,291 shares

19,587 COMCAST CORP.Received as a 2 for 1 stock split on 19,587 shares

541 HENRY SCHEIN, INC.Received as a 2 for 1 stock split on 541 shares

462 INTUITIVE SURGICAL, INC.Received as a 3 for 1 stock split on 231 shares

REVERSE STOCK SPLIT1,544 XEROX CORP.

Received as a 1 for 4 stock split on 6,229 shares

NON-TAXABLE MERGERS2,078 ABBOT LABORATORIES

Received .8708 share for every 1 share of St. Jude Medical, Inc.

2,577 CENTURYLINK, INC.Received 1.4286 shares for every 1 share of Level 3 Communications, Inc.

7,636 DOWDUPONT, INC.Received 1 share for every 1 share of Dow Chemical, Co.

7,552 DOWDUPONT, INC.Received 1.282 shares for every 1 share of EI Du Pont de Nemours & Co.

5,674 ENBRIDGE, INC.Received .984 share for every 1 share of Spectra Energy Corp.

1,553 MICRO FOCUS INTERNATIONAL PLCReceived .137326 share for every 1 share of Hewlett Packard Enterprise

NON-TAXABLE SPINOFFS

902 BIOVERATIV, INC.Received .5 share for every 1 share of Biogen, Inc.

667 BRIGHTHOUSE FINANCIAL, INC.Received .090909 share for every 1 share of MetLife, Inc.

25

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGES--continuedEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATION

Shares

NON-TAXABLE SPINOFFS--continued523 CARS.COM, INC.

Received .333333 share for every 1 share of TEGNA, Inc.

1,422 CONDUENT, INC.Received .2 share for every 1 share of Xerox Corp.

1,149 DXC TECHNOLOGY CO.Received .0859 share for every 1 share of Hewlett Packard Enterprise Co.

609 JBG SMITH PROPERTIESReceived .5 share for every 1 share of Vornado Realty Trust

222 LOGMEIN, INC.Received .1718 share for every 1 share of Citrix Systems, Inc.

310 VAREX IMAGING CORP.Received .4 share for every 1 share of Varian Medical Systems, Inc.

NAME CHANGESANDEAVORChanged from Tesoro Corp.

GGP, INC.Changed from General Growth Properties, Inc.

TAPESTRY, INC.Changed from Coach, Inc.

26

STATEMENT OF NET ASSETSEB SHORT TERM INVESTMENT FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2017

AmortizedCost

FairValue

ASSETSInvestments:

Commercial paper $122,603,236 $122,603,236Corporate bond(s) 42,067,369 42,067,369Time deposit(s) 56,896,487 56,896,487Repurchase agreement(s) 25,000,000 25,000,000Mutual fund(s) 27,937,475 27,937,475

$274,504,567 274,504,567

Accrued income receivable 295,170

TOTAL ASSETS 274,799,737

LIABILITIESIncome distribution payable 320,270Accrued administrative expense 3,647Accrued audit expense 842

TOTAL LIABILITIES 324,759

NET ASSETS (equivalent to $1.00per unit based on 274,474,978 units) $274,474,978


27

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETSEB SHORT TERM INVESTMENT FUNDKEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIESCommercial paper interest income $1,678,153 $758,620U.S. Government and agency obligation interest income 66,581 59,474Corporate bond interest income 638,546 760,848Time deposit interest income 800,041 254,369Repurchase agreement interest income 220,900 77,451Mutual fund dividend income 31,163 49,875

3,435,385 1,960,637Less audit expense (8,710) (8,400)Less administrative expense (42,944) (39,315)

NET INVESTMENT INCOME 3,383,731 1,912,922

Investment income distributed or due participants (3,383,731) (1,912,922)

0 0

FROM PARTICIPANT TRANSACTIONSProceeds from sales of units (2017--747,499,649 units;

2016--340,907,208 units) 747,499,649 340,907,208Cost of units redeemed (2017--814,305,700 units;

2016--312,204,582 units) (814,305,700) (312,204,582)

(DECREASE) INCREASE IN NET ASSETS DERIVEDFROM PARTICIPANT TRANSACTIONS (66,806,051) 28,702,626

NET ASSETSBeginning of year (2017--341,281,029 units;

2016--312,578,403 units) 341,281,029 312,578,403

End of year (2017--274,474,978 units;2016--341,281,029 units) $274,474,978 $341,281,029


28

SCHEDULE OF INVESTMENTS HELDEB SHORT TERM INVESTMENT FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2017

Par ValueAmortized

CostFair

ValueCOMMERCIAL PAPER (44.67% of net assets)

$2,500,000 ABB Treasury Center USA 01/19/18 $2,498,025 $2,498,0255,000,000 Abbey National Treasury Services PLC 01/02/18 4,999,812 4,999,8122,500,000 Alberta Province 01/03/18 2,499,826 2,499,8262,500,000 Arkansas Electric Cooperative Corp. 01/12/18 2,499,022 2,499,0221,000,000 AXA Financial, Inc. 01/18/18 999,268 999,2682,000,000 AXA Financial, Inc. 02/06/18 1,997,100 1,997,1001,000,000 Bank of Nova Scotia Fl. Rt. 02/05/18 1,000,176 1,000,1765,000,000 Bank of Tokyo Mitsubishi 01/04/18 4,999,421 4,999,4212,500,000 Bank of Tokyo Mitsubishi 02/13/18 2,495,730 2,495,7302,500,000 Banque et Caisse Epargne 01/10/18 2,499,156 2,499,1561,000,000 Banque et Caisse Epargne 01/16/18 999,417 999,4171,100,000 Banque et Caisse Epargne 02/01/18 1,098,627 1,098,6271,500,000 Collateralized Commercial Paper 01/26/18 1,498,542 1,498,5422,000,000 Collateralized Commercial Paper 03/12/18 1,994,439 1,994,4391,000,000 Commonwealth Bank of Australia Fl. Rt. 05/11/18 999,999 999,9991,000,000 Commonwealth Bank of Australia Fl. Rt. 06/15/18 1,000,184 1,000,1842,200,000 CRC Funding LLC 01/19/18 2,199,208 2,199,2089,000,000 Credit Agricole 01/02/18 8,999,667 8,999,6672,975,000 DBS Bank, Ltd. 02/02/18 2,971,245 2,971,2452,525,000 DBS Bank, Ltd. 02/15/18 2,520,392 2,520,3922,800,000 First Abu Dhabi Bank 01/02/18 2,799,873 2,799,8735,000,000 First Abu Dhabi Bank 01/03/18 4,999,583 4,999,5833,000,000 First Abu Dhabi Bank 01/05/18 2,999,500 2,999,5002,500,000 ING U.S. Funding LLC 01/03/18 2,499,771 2,499,7711,000,000 ING U.S. Funding LLC 05/11/18 1,000,038 1,000,0381,500,000 ING U.S. Funding LLC 07/17/18 1,500,455 1,500,4551,000,000 Institutional Secured Funding LLC 01/10/18 999,650 999,6502,000,000 Institutional Secured Funding LLC 02/01/18 1,997,399 1,997,3992,500,000 MacQuarie Bank, Ltd. 01/17/18 2,498,444 2,498,444

400,000 MacQuarie Bank, Ltd. 02/20/18 399,128 399,1281,500,000 Manhattan Asset Funding Co. 01/05/18 1,499,767 1,499,7672,770,000 Manhattan Asset Funding Co. 01/10/18 2,768,961 2,768,9612,000,000 Massachusetts Mutual Life Insurance Co. 01/12/18 1,999,163 1,999,1632,000,000 National Rural Utilities Cooperative 01/04/18 1,999,757 1,999,7576,000,000 Natixis 01/04/18 5,999,325 5,999,3252,000,000 NRW Bank 01/10/18 1,999,315 1,999,3151,350,000 NRW Bank 01/19/18 1,349,082 1,349,0822,000,000 Old Line Funding LLC 02/12/18 1,996,687 1,996,687

10,000,000 Prudential Funding LLC 01/02/18 9,999,625 9,999,6258,000,000 Ridgefield Funding Co. LLC Fl. Rt. 03/15/18 8,000,000 8,000,0002,384,000 Societe Generale 01/31/18 2,381,179 2,381,1791,750,000 Toronto Dominion Bank Fl. Rt. 09/25/18 1,751,232 1,751,2322,000,000 USAA Capital Corp. 01/17/18 1,998,818 1,998,8181,000,000 Washington Gas 01/05/18 999,806 999,806

29

SCHEDULE OF INVESTMENTS HELD--continuedEB SHORT TERM INVESTMENT FUNDKEYBANK NATIONAL ASSOCIATION

Par ValueAmortized

CostFair

ValueCOMMERCIAL PAPER--continued

3,400,000 Washington Gas 01/11/18 3,398,631 3,398,6312,000,000 Washington Gas 01/16/18 1,998,791 1,998,791

TOTAL COMMERCIAL PAPER 122,603,236 122,603,236

CORPORATE BOND(S) (15.33% of net assets)1,033,000 American Honda Finance Corp. Fl. Rt. 07/13/18 1,035,549 1,035,5491,250,000 American Honda Finance Corp. Fl. Rt. 01/22/19 1,251,562 1,251,5621,000,000 Bank of America 1.65% 03/26/18 1,000,427 1,000,4271,100,000 Bank of America 1.75% 06/05/18 1,101,072 1,101,0721,445,000 Bank of New York, Inc. Fl. Rt. 08/01/18 1,449,657 1,449,6571,420,000 Bank of New York Mellon 1.30% 01/25/18 1,420,000 1,420,0002,500,000 Berkshire Hathaway Fl. Rt. 01/12/18 2,500,213 2,500,2133,000,000 Berkshire Hathaway Fl. Rt. 01/11/19 3,007,516 3,007,5161,087,000 Chevron Corp. 1.365% 03/02/18 1,086,895 1,086,8951,500,000 Chevron Corp. Fl. Rt. 05/16/18 1,502,734 1,502,7342,000,000 Chevron Corp. Fl. Rt. 11/16/18 2,008,586 2,008,5861,000,000 Citibank Fl. Rt. 11/09/18 1,001,373 1,001,3731,000,000 Exxon Mobil Corp. 1.305% 03/06/18 999,985 999,9851,000,000 HSBC Bank 1.70% 03/05/18 1,000,189 1,000,1891,000,000 HSBC USA, Inc. 1.625% 01/16/18 1,000,062 1,000,0621,000,000 HSBC USA, Inc. Fl. Rt. 08/07/18 1,004,090 1,004,0901,000,000 HSBC USA, Inc. Fl. Rt. 09/24/18 1,005,760 1,005,7601,000,000 John Deere Capital Corp. Fl. Rt. 10/15/18 1,002,101 1,002,1011,500,000 JP Morgan Chase & Co. Fl. Rt. 09/21/18 1,504,114 1,504,1141,000,000 Merck & Co., Inc. Fl. Rt. 05/18/18 1,001,301 1,001,3011,000,000 Paccar Financial Corp. Fl. Rt. 12/06/18 1,005,584 1,005,5841,153,000 Pfizer, Inc. Fl. Rt. 06/15/18 1,154,613 1,154,6131,000,000 PNC Bank 1.50% 02/23/18 1,000,049 1,000,0491,000,000 PNC Bank Fl. Rt. 06/01/18 1,001,715 1,001,7151,500,000 PNC Bank Fl. Rt. 12/07/18 1,505,553 1,505,5531,000,000 Pricoa Global Funding Fl. Rt. 06/27/18 1,002,161 1,002,1611,500,000 Toyota Motor Credit Corp. Fl. Rt. 04/06/18 1,501,433 1,501,4331,500,000 Toyota Motor Credit Corp. Fl. Rt. 12/24/18 1,502,082 1,502,0821,500,000 United Parcel Service 5.50% 01/15/18 1,502,420 1,502,4201,000,000 Wells Fargo & Co. Fl. Rt. 04/23/18 1,001,614 1,001,6141,000,000 Wells Fargo & Co. Fl. Rt. 09/14/18 1,002,403 1,002,4031,000,000 Wells Fargo & Co. Fl. Rt. 11/28/18 1,004,242 1,004,2421,000,000 Wells Fargo Bank NA Fl. Rt. 01/22/18 1,000,314 1,000,314

TOTAL CORPORATE BONDS 42,067,369 42,067,369

TIME DEPOSIT(S) (20.73% of net assets)2,500,000 Abbey National Treasury Services PLC Fl. Rt. 02/07/18 2,500,000 2,500,0002,500,000 Abbey National Treasury Services PLC Fl. Rt. 04/25/18 2,500,000 2,500,0001,000,000 Bank of Montreal Fl. Rt. 04/17/18 1,000,958 1,000,9581,000,000 Bank of Montreal Fl. Rt. 06/18/18 1,001,629 1,001,629

30


Par ValueAmortized

CostFair

ValueTIME DEPOSITS--continued

1,500,000 Bank of Montreal Fl. Rt. 09/11/18 1,502,193 1,502,1931,500,000 Bank of Montreal Fl. Rt. 10/01/18 1,502,086 1,502,0861,000,000 Bank of Montreal 1.506% 10/17/18 1,000,312 1,000,3121,000,000 Bank of Nova Scotia Fl. Rt. 07/18/18 1,001,376 1,001,3761,000,000 Bank of Nova Scotia Fl. Rt. 10/12/18 1,001,368 1,001,3681,000,000 Bank of Nova Scotia Fl. Rt. 11/01/18 1,003,143 1,003,1431,000,000 Canadian Imperial Bank Fl. Rt. 07/13/18 1,001,553 1,001,5531,500,000 Canadian Imperial Bank Fl. Rt. 09/13/18 1,501,446 1,501,4461,000,000 Canadian Imperial Bank Fl. Rt. 10/26/18 1,000,008 1,000,0081,000,000 Canadian Imperial Bank Fl. Rt. 01/03/19 1,001,337 1,001,3371,500,000 Commonwealth Bank of Australia Fl. Rt. 08/15/18 1,500,094 1,500,0941,500,000 Credit Agricole Fl. Rt. 05/01/18 1,500,502 1,500,5021,000,000 Credit Agricole Fl. Rt. 07/13/18 1,001,793 1,001,7932,000,000 Goldman Sachs Fl. Rt. 05/18/18 2,000,485 2,000,4851,000,000 National Bank of Canada Fl. Rt. 03/21/18 1,000,327 1,000,3271,000,000 Natixis Fl. Rt. 05/08/18 1,000,903 1,000,9031,000,000 Natixis Fl. Rt. 11/14/18 1,000,577 1,000,5771,000,000 Nordea Bank Finland PLC Fl. Rt. 11/07/18 1,003,543 1,003,5431,000,000 Nordea Bank Finland PLC Fl. Rt. 01/25/19 1,003,705 1,003,7052,500,000 Oversea-Chinese Banking Co., Ltd. Fl. Rt. 02/23/18 2,500,045 2,500,0452,000,000 Oversea-Chinese Banking Co., Ltd. Fl. Rt. 07/18/18 2,001,221 2,001,2211,000,000 Royal Bank of Canada Fl. Rt. 03/22/18 1,001,283 1,001,2831,500,000 Royal Bank of Canada Fl. Rt. 03/27/18 1,500,000 1,500,0001,000,000 Royal Bank of Canada Fl. Rt. 07/18/18 1,000,226 1,000,2261,000,000 Royal Bank of Canada Fl. Rt. 10/04/18 1,000,000 1,000,0001,500,000 Societe Generale 05/11/18 1,500,970 1,500,9701,250,000 Sumitomo Mitsui Banking Corp. Fl. Rt. 08/03/18 1,253,140 1,253,1401,000,000 Sumitomo Mitsui Trust Bank Fl. Rt. 12/07/18 1,002,576 1,002,5761,000,000 Svenska Handelsbanken Fl. Rt. 07/30/18 1,001,655 1,001,6552,500,000 Svenska Handelsbanken Fl. Rt. 01/03/19 2,503,328 2,503,3281,500,000 Swedbank Fl. Rt. 06/04/18 1,500,000 1,500,0001,000,000 Swedbank 1.735% 12/19/18 1,000,000 1,000,0001,000,000 Toronto Dominion Bank Fl. Rt. 04/27/18 1,000,165 1,000,1651,100,000 Toronto Dominion Bank Fl. Rt. 06/20/18 1,100,422 1,100,4221,000,000 Toronto Dominion Bank Fl. Rt. 08/17/18 1,000,471 1,000,4711,000,000 UBS AG Fl. Rt. 06/01/18 1,000,717 1,000,7171,000,000 Wells Fargo & Co. Fl. Rt. 02/27/18 1,000,413 1,000,4131,000,000 Wells Fargo & Co. Fl. Rt. 03/29/18 1,000,253 1,000,2531,000,000 Wells Fargo & Co. Fl. Rt. 06/07/18 1,000,264 1,000,2641,500,000 Westpac Banking Corp. 03/18/18 1,500,000 1,500,000

TOTAL TIME DEPOSIT(S) 56,896,487 56,896,487

REPURCHASE AGREEMENT(S) (9.11% of net assets)25,000,000 Bank of America Merril Lynch Repurchase Agreement 25,000,000 25,000,000

31


SharesAmortized

CostFair

Value

MUTUAL FUND(S) (10.18% of net assets)7,937,475 Invesco Premier U.S. Government Money 7,937,475 7,937,475

20,000,000 Morgan Stanley Institutional Liquidity Funds 20,000,000 20,000,000

TOTAL MUTUAL FUND(S) 27,937,475 27,937,475

TOTAL INVESTMENTS HELD $274,504,567 $274,504,567

32


Other InformationThe following is a summary of investments by fair value level based upon the inputs used to determine the fairvalues as of December 31, 2017. The inputs and methodology used for valuing securities may not be anindication of the risk associated with investing in those securities. For more information on valuation inputs, andtheir impact on investments aggregated into the levels used in the table below, please refer to Note A, InvestmentValuation, in the accompanying Notes to Financial Statements.

Investments Level 1 Level 2 Level 3 Total

COMMERCIAL PAPER $ - $122,603,236 $ - $122,603,236CORPORATE BOND(S) - 42,067,369 - 42,067,369TIME DEPOSIT(S) - 56,896,487 - 56,896,487REPURCHASE AGREEMENT(S) - 25,000,000 - 25,000,000MUTUAL FUND(S) - 27,937,475 - 27,937,475

$ - $274,504,567 $ - $274,504,567


33

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB SHORT TERM INVESTMENT FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Cost

Commercial paper $8,126,315,120U.S. Government and agency obligation(s) 346,069,739Corporate bond(s) 73,012,915Time deposit(s) 175,138,435Repurchase agreement(s) 10,000,000Mutual fund(s) 279,228,447

TOTAL INVESTMENTS PURCHASED $9,009,764,656

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SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB SHORT TERM INVESTMENT FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Amortized Costand Net Proceeds

Commercial paper $8,152,412,395U.S. Government and agency obligation(s) 359,018,000Corporate bond(s) 75,545,390Time deposit(s) 191,115,000Repurchase agreement(s) 10,000,000Mutual fund(s) 289,301,257

TOTAL INVESTMENTS SOLD OR MATURED $9,077,392,042

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STATEMENT OF NET ASSETSEB SMALL CAP VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2017 (a)

FairValue



NET ASSETS $0

(a) Liquidation to participants occurred on April 20, 2017


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STATEMENT OF OPERATIONSEB SMALL CAP VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

NET INVESTMENT INCOMECommon stock dividends $26,802Corporate bond interest 8Exchange traded fund dividends 116Short-term investment interest* 364

27,290Less audit expense (8,583)Less administrative expense (216)

NET INVESTMENT INCOME $18,491



Net realized gain $875,605

Unrealized appreciation (depreciation) on investments:Beginning of year 966,534End of year 0

Unrealized depreciation on investments (966,534)

NET REALIZED GAIN AND UNREALIZEDDEPRECIATION ON INVESTMENTS ($90,929)



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STATEMENTS OF CHANGES IN NET ASSETSEB SMALL CAP VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIESNet investment income $18,491 $75,593Net realized gain from investment transactions 875,605 375,679Unrealized (depreciation) appreciation on investments (966,534) 1,038,259

(DECREASE) INCREASE IN NET ASSETS DERIVEDFROM INVESTMENT ACTIVITIES (72,438) 1,489,531

FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2017--0 units;

2016--3,975 units) 0 79,216Cost of units redeemed (2017--208,522 units;

2016--53,740 units) (5,995,572) (1,207,915)


(DECREASE) INCREASE IN NET ASSETS (6,068,010) 360,832


2016--258,287 units) 6,068,010 5,707,178



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SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB SMALL CAP VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Cost

Common stock(s) $410,068Corporate bond(s) 4,955Short-term investment(s) 287,022

TOTAL INVESTMENTS PURCHASED $702,045

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SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB SMALL CAP VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

Net GainProceeds or (Loss)

Common stock(s) $6,209,720 $870,318Corporate bond(s) 4,620 (335)Exchange traded fund(s) 32,322 5,622Short-term investment(s) 452,426 0

TOTAL INVESTMENTS SOLD OR MATURED $6,699,088 $875,605

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SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGEEB SMALL CAP VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2017

NAME CHANGESRC ENERGY, INC.Changed from Synergy Resources Corp.

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NOTES TO FINANCIAL STATEMENTSKEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTSKEYBANK NATIONAL ASSOCIATIONYears Ended December 31, 2017 and 2016

NOTE A—SIGNIFICANT ACCOUNTING POLICIES

Organization: KeyCorp, through its wholly-owned subsidiary, KeyBank National Association (“KeyBank”),which has a “full” charter for banking and trust activities, is a trust service provider operating in fourteen states.

The EB Convertible Securities, EB Core Bond Index, EB Equity Index, EB Short Term Investment and EB SmallCap Value Equity Funds (the “Funds”) of the KeyBank Multiple Investment Trust for Employee Benefit Trusts(the “MIT”) were established under a Consolidated Declaration of Trust (”Declaration”) which sets forth eachfund’s investment objectives and restrictions.

The Funds are managed under the Declaration for the investment and reinvestment of individual accounts havingcommon investment objectives for which KeyBank (the “Trustee”), serves in a fiduciary capacity.

Victory Capital Management Inc. (“Victory”) provides investment management services for certain fundspursuant to sub-advisory agreements with KeyBank.

The Funds are operated in accordance with 12 CFR 9.18.

The financial statements of the Funds have been prepared in accordance with accounting principles generallyaccepted in the United States (“GAAP”) as promulgated by the Financial Accounting Standards Board (“FASB”)through the Accounting Standards Codification (“ASC”) as the authoritative source in the preparation offinancial statements. The Funds meet the definition of an investment company under ASC 946, FinancialServices – Investment Companies, and therefore apply the accounting and reporting guidance discussed in ASC946 to their financial statements.

Investment Valuation: Investments are stated at fair value. Fair value is the price to sell an asset or transfer aliability in an orderly transaction between market participants. It represents an exit price at the measurement date.Market participants are buyers and sellers who are independent, knowledgeable, and willing and able to transactin the principal (or most advantageous) market for the asset or liability being measured. Current marketconditions, including imbalances between supply and demand, are considered in determining fair value.

Investments in securities traded on a national securities exchange are valued at the last reported sales price eachday as reported by a recognized pricing service. Securities traded on the over-the-counter market, listedsecurities, and zero coupon, state, county, and municipal bonds for which no sale was reported on that date arevalued at fair value as determined by the Trustee, based on the mean of the most recent bid and ask price andother market information available.

As allowed through the fulfillment of the provisions within 12 CFR 9.18(b)(4)(iii)(B), investments held by theEB Short Term Investment Fund of KeyBank are valued at amortized cost which approximates fair value.

The Funds’ assets are valued in the principal market where it sells the particular asset or transfers the liabilitywith the greatest volume and level of activity. In the absence of a principal market, the valuation is based on themost advantageous market for the asset (i.e., the market where the asset could be sold at a price that maximizesthe amount to be received.)

Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability.Inputs can be observable or unobservable. Observable inputs are assumptions that are based on market data andobtained from a source independent of the Funds. Unobservable inputs are assumptions based on the Trustee’sown information or assessment of assumptions used by other market participants in pricing the asset or liability.Unobservable inputs are based on the best and most current information available on the measurement date.

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NOTES TO FINANCIAL STATEMENTS--continuedKEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTSKEYBANK NATIONAL ASSOCIATION

NOTE A—SIGNIFICANT ACCOUNTING POLICIES--continued

All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchythat gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and thelowest ranking to unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair valuemeasurement in its entirety falls is determined based on the lowest level input that is significant to the fair valuemeasurement in its entirety.

The inputs used in determining fair value in each of the three levels of the hierarchy are as follows:

/ Level 1 - quoted prices in active markets for identical assets./ Level 2 - either: (i) quoted market prices for similar assets; (ii) observable inputs, such as interest rates or

yield curves; or (iii) inputs derived principally from or corroborated by observable market data./ Level 3 - unobservable inputs.

The following is a description of the valuation methodologies used to measure fair value of assets held in theFunds:

Exchange Traded Funds. Securities listed or traded on securities exchanges are valued at the closing price onthe exchange or system where the security is principally traded or at the Nasdaq Official Closing Price.Generally, these securities are classified as Level 1 because quoted prices in active markets are available.

Debt Securities. Debt securities (other than short-term investments maturing in 60 days or less) include U.S. andforeign-issued corporate notes and bonds, convertible bonds, asset-backed securities, government agencyobligations, government obligations, variable rate demand notes and interest-bearing commercial paper. Thesesecurities are valued using evaluated prices provided by a recognized pricing service. Because the evaluated pricesare based on observable inputs, such as available trade information, spreads, bids and offers, prepayment speeds,U.S. Treasury curves and interest rate movements, securities in this category are generally classified as Level 2.

Time Deposits and Repurchase Agreements. Time deposits and repurchase agreements held by the EB ShortTerm Investment Fund are short-term in nature and are therefore, valued at amortized cost, which approximates fairvalue. Generally, these investments are classified as Level 2 because the valuations are based on observable inputs.

Mutual Funds. Investments in equity and fixed income open-end investment funds are valued at their closingnet asset value (“NAV”), which is equal to the fair value of each mutual fund’s investments and other assets, lessliabilities, divided by the number of fund shares. Pricing for these securities is typically provided by a recognizedpricing service. Because the NAVs are based primarily on observable inputs, most notably quoted prices for theunderlying assets, these nonexchange-traded investments are classified as Level 2 and are not likely to be sold atamounts different from NAV per share.

State and Municipal Bonds. This category includes various types of state and municipal bonds, includingpension and transportation revenue bonds. These securities are valued using evaluated prices provided by arecognized pricing service. Because the evaluated prices are based on observable inputs, such as available tradeinformation, spreads, bids and offers, prepayment speeds and interest rate movements, securities in this categoryare generally classified as Level 2.

Short-Term Investments. This category includes investments in short term collective investment funds, thevaluations for which are based on NAV, as a practical expedient. NAV is equal to the fair value of each short terminvestment fund’s investments and other assets, less liabilities, divided by the number of fund shares. These short-term investments are composed of highly liquid investments with maturities of three months or less and are not likelyto be sold at amounts different from net asset value per share. There are no withdrawal restrictions on redeeming theinvestments. The investment objective of the EB Short Term Investment Fund is stability and liquidity.

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Assets are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly,monthly or quarterly). The aggregate fair value by input level, as of December 31, 2017, for each fund’sinvestments is included in each fund’s Schedule of Investments Held.

Tri-Party Repurchase Agreements: The EB Short Term Investment Fund may enter into tri-party repurchaseagreements with government securities dealers recognized by the Federal Reserve Board and/or member banks ofthe Federal Reserve System. In a tri-party repurchase agreement, the EB Short Term Investment Fund purchasesa U.S. Government security from a dealer or bank subject to an agreement to resell it at a mutually agreed uponprice and date. Such a transaction is accounted for as a loan by the EB Short Term Investment Fund to the seller,collateralized by the underlying security held by the third party custodian. The transaction requires the initialcollateralization of the seller’s obligation by U.S. Government securities with market value, including accruedinterest of at least 102% of the dollar amount invested by the EB Short Term Investment Fund, with the value ofthe underlying securities marked to market daily to maintain coverage of at least 102%. The collateral is held bya third party custodian and held until resold to the dealer.

Tri-party repurchase agreements contain an element of credit risk. To mitigate and manage credit risk exposure,the Trustee generally enters into agreements and other collateral arrangements that give it the right, in the eventof default, to liquidate collateral held and to offset receivables with the same counterparty. Additionally, theTrustee establishes and monitors limits on counterparty credit risk exposure by product type and monitors thevalue of the underlying securities held by a third party custodian to ensure 102% collateralization. The third partycustodian holds collateral in the form of highly rated securities issued by the U. S. Treasury and fixed incomesecurities.

Dollar Roll Transactions: Certain Funds may enter into dollar roll transactions with financial institutions to takeadvantage of opportunities in the mortgage market. A dollar roll transaction involves selling securities fordelivery in the current month and simultaneously contracting to repurchase substantially similar (same type,coupon and maturity) securities on a specified future date. During the period between the sale and the repurchase,the Funds will not be entitled to receive interest and principal payments on the securities sold. The Funds will becompensated by the interest earned on the cash proceeds of the initial sale and/or by the lower repurchase price atthe future date. Dollar roll transactions, like all forward settlement trades, involve counterparty risk if the securityprice changes and the buyer of the securities sold by the Funds becomes insolvent and unable to settle thetransaction on settlement date.

Investment Transactions: Purchases and sales of securities are accounted for on trade date. The cost ofinvestments sold is determined by the average cost method with the corresponding gain or loss included in “Netrealized gain (loss)” on the Statement of Operations.

Mutual fund capital gains are recorded on the ex-dividend date. A capital gain distribution from investments inmutual funds is recognized on an accrual basis and recorded as earned. Capital gains from investments in mutualfunds are included in “Proceeds from investments sold or matured” and “Net realized gain” on the Statement ofOperations.

Income Recognition: Interest income is recorded as earned. Dividend income is recorded on the ex-dividenddate. Interest income in the EB Short Term Investment Fund is recognized on the accrual basis and includeswhere applicable the straight line amortization or accretion of the premium or discount. For the other Funds,bond premiums and bond discounts are not amortized or accreted into income, in accordance with theDeclaration of Trust. Premium and discount income or expense is indirectly reflected as unrealized appreciationor depreciation when the bonds are valued at fair value; non-amortization or accretion does not have a significantimpact on the participants of the Funds and is not materially different from GAAP.

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Federal Income Taxes: The Funds were established under Section 401(a) of the Internal Revenue Code and areexempt from Federal income taxes under Section 501(a).

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management tomake estimates and assumptions that affect the amounts reported in the financial statements and accompanyingnotes. Actual results could differ from those estimates.

Accounting Guidance Pending Adoption at December 31, 2017:

ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities – The ASU amends ASC Topic310-20, Receivables – Nonrefundable Fees and Other Costs, and shortens the amortization period to the earliestcall date for certain callable debt securities held at a premium. Securities held at a discount will continue to beamortized to maturity. This accounting guidance will be effective January 1, 2019 for the Funds. Management ofthe Funds is currently evaluating the impact that this accounting guidance may have on the Funds’ financialcondition or results of operations.

NOTE B—FUND LIQUIDATIONS

The EB Convertible Securities Fund was liquidated on October 5, 2017, the EB Equity Index Fund wasliquidated on November 3, 2017 and the EB Small Cap Value Equity Fund was liquidated on April 20, 2017. Theassets of the Funds were sold and proceeds were distributed to participants on the respective liquidation dates.Residual cash balances were disbursed on various dates subsequent to the liquidation dates. The Funds continueto be part of the MIT and may be funded again at a future date if conditions warrant.

NOTE C—SALES AND REDEMPTIONS OF UNITS

In accordance with the terms of the Declaration, the net asset values of the Funds are determined at the end ofeach day. Sales and redemptions of participant units are transacted at that time.

NOTE D—INCOME DISTRIBUTION AND REINVESTMENT

Net investment income of the EB Convertible Securities, EB Core Bond Index, EB Equity Index and EB SmallCap Value Equity Funds is reinvested in the respective fund as earned and is reflected in the fair value per unit.Net investment income is distributed to participants as earned on a monthly basis for the EB Short TermInvestment Fund. In accordance with the regulations governing the operation of the EB Short Term InvestmentFund, sufficient cash is retained to fund the distribution of income prior to the actual receipt of the income.

NOTE E—RELATED PARTIES

The KeyBank EB Managed Guaranteed Investment Contract Fund, a fund administered by KeyCorp, held13.48% of the EB Short Term Investment Fund as of December 31, 2017.

Administrative Expenses: In accordance with the terms of the Declaration, reasonable expenses incurred by theTrustee in its administration of the Funds were charged to the Funds in the form of a daily basis point fund levelassessment. Reasonable expenses include personnel expense for valuation services, performed either by theTrustee or an agent appointed by the Trustee, software expenses and expenses for computer-based services, fundcompliance expenses and costs of extraordinary services. The basis point assessment takes into considerationpersonnel expense and cost of software and computer-based services based on a historic twelve-month average ofactual costs and a pro-rata allocation routine based on each fund’s fair value. Basis point assessments arere-evaluated quarterly and charged to each Fund as a daily accrual factor. The expenses are included in“administrative expense” on the Statement of Operations.

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NOTE F—SUBSEQUENT EVENTS

Events and transactions from January 1, 2018 through March 29, 2018, the date the financial statements wereavailable to be issued, have been evaluated by management for subsequent events. Management has determinedthat there were no material events that would require disclosure in the Funds’ financial statements through thedate the financial statements were available to be issued.

NOTE G—FINANCIAL HIGHLIGHTS

The following table includes per unit data and other performance information for the years ended December 31,2017 and 2016. This information was derived from the financial statements.

EBConvertibleSecurities

Fund2017 (a)

EBConvertibleSecurities

Fund2016

EB CoreBond Index

Fund2017

EB CoreBond Index

Fund2016

Per Unit Operating PerformanceNet asset value, beginning of year $ 155.61 $145.51 $217.98 $213.23Income from investment operations:

Net investment income 3.09 3.54 7.22 6.01Net realized and unrealized gain (loss) on investments 22.55 6.56 1.83 (1.26)

Total from investment operations 25.64 10.10 9.05 4.75Less distribution of fund assets at liquidation (181.25) (0.00) (0.00) (0.00)

Net asset value, end of year $ 0.00 $155.61 $227.03 $217.98

Total Return 19.62%** 6.94% 4.15% 2.23%

RatiosRatio of expenses to average net assets .039%* .032% .030% .025%

Ratio of net investment income to average net assets 2.41%* 2.40% 3.23% 2.72%

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NOTE G—FINANCIAL HIGHLIGHTS--continued

EB EquityIndexFund

2017 (b)

EB EquityIndexFund2016

EB ShortTerm

InvestmentFund2017

EB ShortTerm

InvestmentFund2016

Per Unit Operating PerformanceNet asset value, beginning of year $ 210.15 $ 187.85 $ 1.00 $ 1.00Income from investment operations:

Net investment income 3.77 4.30 .01 .01Net realized and unrealized gain on investments 32.06 18.00 .00 .00

Total from investment operations 35.83 22.30 .01 .01Less distributions of net investment income (0.00) (0.00) (.01) (.01)Less distribution of fund assets at liquidation (245.98) (0.00) (.00) (.00)

Net asset value, end of year $ 0.00 $ 210.15 $ 1.00 $ 1.00

Total Return 18.98%** 11.87% 1.17% 0.60%

RatiosRatio of expenses to average net assets .020%* .017% .017% .014%

Ratio of net investment income to average net assets 1.98%* 2.21% 1.13% .58%

EB Small CapValue Equity

Fund2017 (c)

EB Small CapValue Equity

Fund2016

Per Unit Operating PerformanceNet asset value, beginning of year $ 29.10 $ 22.10

Income from investment operations:Net investment income .09 .34Net realized and unrealized (loss) gain on investments (.50) 6.66

Total from investment operations (.41) 7.00

Less distribution of fund assets at liquidation (28.69) (.00)

Net asset value, end of year $ 0.00 $ 29.10

Total Return (1.10)%** 31.70%

RatiosRatio of expenses to average net assets .160%* .170%

Ratio of net investment income to average net assets 1.06%* 1.42%

* Annualized ratio.** Not annualized.(a) Liquidation to participants occurred on October 5, 2017.(b) Liquidation to participants occurred on November 3, 2017.(c) Liquidation to participants occurred on April 20, 2017.

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