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Catholic United Investment Trust Annual Report

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Catholic United Investment Trust Annual Report CATHOLIC UNITED INVESTMENT TRUST ANNUAL REPORT (AUDITED) December 31, 2015 CATHOLIC UNITED INVESTMENT TRUST TABLE OF CONTENTS Page REPORT OF INDEPENDENT AUDITORS 1-2 Statement of Assets and Liabilities 3-4 Schedule of Investments: Money Market Fund 5-7 Short Bond Fund 8-11 Intermediate Diversified Bond Fund 12-21 Opportunistic Bond Fund 22-27 Balanced Fund 28-38 Value Equity Fund 39-41 Core Equity Index Fund 42-48 Growth Fund 49-52 International Equity Fund 53-56 Small Capitalization Equity Index Fund 57-73 Statements of Operations 74-76 Statements of Changes in Net Assets 77-79 NOTES TO FINANCIAL STATEMENTS 80-92 FINANCIAL HIGHLIGHTS 93-95 Crowe Horwath LLP Independent Member Crowe Horwath International INDEPENDENT AUDITOR'S REPORT To the Members of the Board of Trustees and Unit-holders of Catholic United Investment Trust Report on the Financial Statements We have audited the accompanying financial statements of Catholic United Investment Trust – Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund (the “Trust”), which comprise the statement of assets and liabilities as of December 31, 2015, the schedule of investments as of December 31, 2015, the related statements of operations and statements of changes in net assets for the periods ended December 31, 2015 and 2014, and the financial highlights for the periods ended December 31, 2015 and 2014, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from 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 of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 entity’s 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 entity’s 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. (Continued) 1. Opinion In our opinion, the financial statements, the schedule of investments and financial highlights referred to above present fairly, in all material respects, the assets and liabilities of Catholic United Investment Trust – Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Balanced Fund, Opportunistic Bond Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund as of December 31, 2015, the results of its operations and changes in its net assets for the periods ended December 31, 2015 and 2014, and the financial highlights for the periods ended December 31, 2015 and 2014, in accordance with accounting principles generally accepted in the United States of America. Crowe Horwath LLP South Bend, Indiana March 8, 2016 2. CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2015 (Amounts in thousands, except per trust unit amounts) Intermediate Diversified Bond Opportunistic ASSETS: Money Market Fund Short Bond Fund Fund Bond Fund Investments, at amortized cost $ 74,663 $ 335,966 $ 1,221,426 $ 378,111 Investments, at fair value$ 74,663 $ 330,784 $ 1,207,842 $ 374,127 Cash 1 - - 4,370 Receivables: Investment securities sold - 27 10,362 409 Interest 84 2,205 7,257 2,104 Dividends - - - - Tax Reclaims Dividends - - - - Trust units sold - 6 8 1,008 Unrealized gain on forward foreign currency contracts - - 70 46 Prepaid Expenses - - - - Total assets 74,748 333,022 1,225,539 382,064 LIABILITIES: Payables: Cash Overdraft - 13 265 ` - Interest Payable - 5 123 20 Investment securities purchased - - 54,797 638 Investment advisory and administrative fees 15 85 367 120 Other fees 16 16 44 72 Unrealized loss on forward foreign currency contracts - - - - Securities sold short at fair value (proceeds $3,815) - - - 3,932 Trust units redeemed - - 1,902 995 Total liabilities 31 119 57,498 5,777 NET ASSETS$ 74,717 $ 332,903 $ 1,168,041 $ 376,287 NET ASSETS CONSIST OF: Paid-in capital$ 74,722 $ 332,746 $ 1,028,500 $ 379,245 Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (5) 5,339 153,421 1,131 Net unrealized appreciation (depreciation) on investments and future contracts - (5,182) (13,880) (4,089) Net unrealized gain (loss) on forward foreign currency contracts - - - - NET ASSETS$ 74,717 $ 332,903 $ 1,168,041 $ 376,287 TRUST UNITS OUTSTANDING 74,722 30,171 85,896 38,126 NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 1.00 $ 11.03 N/A N/A CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 154,668 $ 67,753 Trust Units Outstanding N/A N/A 11,368 6,864 Net Asset Value Per Trust Unit Outstanding N/A N/A$ 13.61 $ 9.87 CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 1,013,373 $ 308,534 Trust Units Outstanding N/A N/A 74,528 31,262 Net Asset Value Per Trust Unit Outstanding N/A N/A$ 13.60 $ 9.87 See notes to financial statements. 3 CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2015 (Amounts in thousands, except per trust unit amounts) Small Capitalization Value Equity Core Equity International Equity Index ASSETS: Balanced Fund Fund Index Fund Growth Fund Equity Fund Fund Investments, at amortized cost $ 171,737 $ 333,160 $ 1,047,551 $ 249,297 $ 539,218 $ 259,257 Investments, at fair value$ 200,878 $ 401,728 $ 1,369,745 $ 309,515 $ 543,425 $ 313,889 Cash - - 204 - 21 1 Receivables: Investment securities sold 1,219 363 - 163 4 - Interest 531 - - - - - Dividends 130 352 1,445 187 530 471 Tax Reclaims Dividends - - - - 477 - Trust units sold - 5 5 5 6 6 Prepaid Expenses 5 - - - - - Total assets 202,763 402,448 1,371,399 309,870 544,463 314,367 LIABILITIES: Payables: Cash Overdraft 23 3 - - - - Interest and Dividend Payable 8 32 181 - - - Investment securities purchased 4,154 346 - 387 2,484 - Investment advisory and administrative fees 138 266 196 245 465 79 Other fees 23 25 42 26 71 23 Unrealized loss on forward foreign - - - - - - currency contracts - - - - 6 - Trust units redeemed - 2 903 2 1 3 Total liabilities 4,346 674 1,322 660 3,027 105 NET ASSETS$ 198,417 $ 401,774 $ 1,370,077 $ 309,210 $ 541,436 $ 314,262 NET ASSETS CONSIST OF: Paid-in capital$ (54,721) $ 77,183 $ 610,787 $ 21,388 $ 224,848 $ 166,111 Accumulated undistributed net investment income (loss) (4) - - (2,046) 81,950 26,686 Accumulated net realized gain (loss) 224,023 256,023 437,076 229,650 230,431 66,833 Net unrealized appreciation (depreciation) on investments and future contracts 29,119 68,568 322,214 60,218 4,218 54,632 Net unrealized gain (loss) on forward foreign currency contracts - - - - (11) - NET ASSETS$ 198,417 $ 401,774 $ 1,370,077 $ 309,210 $ 541,436 $ 314,262 TRUST UNITS OUTSTANDING 2,766 7,634 29,487 4,209 16,913 19,768 NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 71.74 N/A N/A N/A N/A N/A CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 140,866 $ 122,014 $ 129,566 $ 172,535 $ 98,457 Trust Units Outstanding N/A 2,672 2,625 1,804 5,630 6,300 Net Asset Value Per Trust Unit Outstanding N/A$ 52.73 $ 46.48 $ 71.82 $ 30.65 $ 15.63 CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 260,908 $ 1,248,063 $ 179,644 $ 368,901 $ 215,805 Trust Units Outstanding N/A 4,962 26,862 2,405 11,283 13,468 Net Asset Value Per Trust Unit Outstanding N/A$ 52.58 $ 46.46 $ 74.71 $ 32.70 $ 16.02 See notes to financial statements. 4 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2015 The Portfolio Portfolio Asset Mix (% of Net Assets) Fixed Income Securities Asset Backed Securities 8.00% Corporate Obligations 27.61% U.S. Agency Obligations 45.23% U.S. Government Obligations 5.55% 5 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2015 Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Net Assets Cost (000's) Asset Backed Securities 8.00% Corporate Obligations (continued) 446,954 Ally
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