catholic united investment trust annual report … · 2017-08-28 · catholic united investment...

CATHOLIC UNITED INVESTMENT TRUST

ANNUAL REPORT

(UNAUDITED)

June 30, 2017

Page Statement of Assets and Liabilities 1-2

Schedule of Investments: Money Market Fund 3-5 Short Bond Fund 6-9 Intermediate Diversified Bond Fund 10-19 Opportunistic Bond Fund 20-25 Balanced Fund 26-36 Value Equity Fund 37-39 Core Equity Index Fund 40-46 Growth Fund 47-50 International Equity Fund 51-55 Small Capitalization Equity Index Fund 56-72

Statements of Operations 73-75 Statements of Changes in Net Assets 76-78

FINANCIAL HIGHLIGHTS 79-81

NOTES TO FINANCIAL STATEMENTS 82-97


TABLE OF CONTENTS

See notes to financial statements.1

(Amounts in thousands, except per trust unit amounts)

ASSETS: Money Market Fund Short Bond Fund

Intermediate Diversified Bond

Fund Opportunistic

Bond Fund Investments, at amortized cost 60,184$ 388,853$ 1,282,749$ 434,015$ Investments, at fair value 60,184$ 387,680$ 1,295,389$ 434,044$ Cash 312 2,014 - 8,312 Receivables: Investment securities sold - 110 57,813 158 Interest 111 2,191 7,037 2,602 Tax reclaims dividends - - - 2 Trust units sold 161 91 3,134 5,841 Variation margin - - 164 - Unrealized gain on forward foreign currency contracts - - - - Other assets - - 70 11 Total assets 60,768 392,086 1,363,607 450,970

LIABILITIES: Payables: Cash overdraft - - 317 - Securities sold short at fair value (proceeds $3,575) - - - 3,777 Distribution payable 3 5 145 38 Investment securities purchased - - 115,699 3,067 Interest purchased - - 70 11 Dividends payable - - - - Investment advisory and administrative fees 14 96 368 134 Other fees 17 35 61 36 Securities short sale - - - 218 Securities lending collateral 140 2,745 16,723 2,049 Trust units redeemed 46 132 1,115 4,994 Total liabilities 220 3,013 134,498 14,324

NET ASSETS 60,548$ 389,073$ 1,229,109$ 436,646$

NET ASSETS CONSIST OF: Paid-in capital 60,556$ 385,931$ 1,057,595$ 433,471$ Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (8) 4,315 159,999 3,348 Net unrealized appreciation (depreciation) on investments and future contracts - (1,173) 11,515 (173) Net unrealized gain (loss) on forward foreign currency contracts - - - - NET ASSETS 60,548$ 389,073$ 1,229,109$ 436,646$

TRUST UNITS OUTSTANDING 60,556 34,998 N/A N/A

NET ASSET VALUE PER TRUST UNIT OUTSTANDING 1.00$ 11.12$ N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A 139,506$ 71,740$ Trust Units Outstanding N/A N/A 9,981 7,151 Net Asset Value Per Trust Unit Outstanding N/A N/A 13.98$ 10.03$

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A 1,089,603$ 364,906$ Trust Units Outstanding N/A N/A 78,005 36,378 Net Asset Value Per Trust Unit Outstanding N/A N/A 13.97$ 10.03$

CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

See notes to financial statements.2

(Amounts in thousands, except per trust unit amounts)

ASSETS: Balanced FundValue Equity

Fund Core Equity Index Fund Growth Fund

International Equity Fund

Small Capitalization Equity Index

Fund Investments, at amortized cost 185,300$ 270,579$ 1,304,633$ 241,204$ 637,299$ 304,324$ Investments, at fair value 227,120$ 358,385$ 1,780,452$ 299,215$ 741,745$ 393,533$ Cash - 25 706 - 1,941 81 Receivables: Investment securities sold 4,203 4,750 - 344 1,157 - Interest 465 3 10 1 12 - Dividends 107 236 1,359 161 2,084 384 Tax reclaims dividends - - - - 928 - Trust units sold - 286 1,226 34 419 324 Variation margin 17 - 4 - - - Unrealized gains on forward foreign currency contracts - - - - - - Other assets 5 - 9 - - - Total assets 231,917 363,685 1,783,766 299,755 748,286 394,322

LIABILITIES: Payables: Cash overdraft 80 - - 66 - - Securities sold short at fair value - - - - - - Distribution payable 5 37 196 - - - Investment securities purchased 8,350 4,741 - 76 899 - Interest purchased 5 - - - - - Investment advisory and administrative fees 147 225 181 230 615 85 Other fees 34 38 66 38 44 34 Securities lending collateral 3,114 5,802 13,610 2,073 9,549 47,392 Trust units redeemed - 7 533 810 1,356 65 Total liabilities 11,735 10,850 14,586 3,293 12,463 47,576

NET ASSETS 220,182$ 352,835$ 1,769,180$ 296,462$ 735,823$ 346,746$

NET ASSETS CONSIST OF: Paid-in capital (63,462)$ (28,078)$ 735,615$ (40,669)$ 296,407$ 117,467$ Accumulated undistributed net investment income (loss) (3) - - 1,285 97,410 33,771 Accumulated net realized gain (loss) 241,818 293,107 557,812 277,835 237,559 106,300 Net unrealized appreciation (depreciation) on investments and future contracts 41,829 87,806 475,753 58,011 104,446 89,208 Net unrealized gain (loss) on forward foreign currency contracts - - - - 1 - NET ASSETS 220,182$ 352,835$ 1,769,180$ 296,462$ 735,823$ 346,746$

TRUST UNITS OUTSTANDING 2,669 N/A N/A N/A N/A N/A

NET ASSET VALUE PER TRUST UNIT OUTSTANDING 82.48$ N/A N/A N/A N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A 126,911$ 130,813$ 126,000$ 197,600$ 114,763$ Trust Units Outstanding N/A 2,059 2,365 1,489 5,447 5,818 Net Asset Value Per Trust Unit Outstanding N/A 61.65$ 55.31$ 84.58$ 36.28$ 19.73$

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A 225,924$ 1,175,561$ 170,462$ 538,223$ 231,983$ Trust Units Outstanding N/A 3,674 21,261 1,929 13,822 11,417 Net Asset Value Per Trust Unit Outstanding N/A 61.49$ 55.29$ 88.38$ 38.94$ 20.32$

CLASS C SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A 462,806$ N/A N/A N/A Trust Units Outstanding N/A N/A 8,374 N/A N/A N/A Net Asset Value Per Trust Unit Outstanding N/A N/A 55.27$ N/A N/A N/A

CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

3

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 39.64% Corporate Obligations 34.79% Sovereign 0.99% U.S. Agency Obligations 3.30% U.S. Government Obligations 17.07% Repurchase Agreements 2.81% Short-Term Investments 0.57% Short-Term Investments-Repurchase Agreements 0.23%Other Assets, Less Liabilities 0.60%

CATHOLIC UNITED INVESTMENT TRUSTSCHEDULE OF INVESTMENTS

MONEY MARKET FUND JUNE 30, 2017



4

Principal Percent of Amortized Principal Percent of AmortizedAmount Net Assets Cost (000's) Amount Net Assets Cost (000's)

Asset Backed Securities 39.64% Asset Backed Securities (continued)

113,080 Ally Auto Receivables Trust 2015-SN1, 0.830%, due 2/15/18 113$ 282,320 Wheels SPV 2 LLC, 1.270%, due 4/22/24 282$ 339,811 Ally Auto Receivables Trust 2015-SN1, 1.050%, due 4/16/18 340 500,000 World Financial Network Credit Card Tr, 1.540%, due 8/16/21 501 436,938 Ally Auto Receivables Trust 2015-SN1, 1.100%, due 6/15/18 437 500,000 World Financial Network Credit Card Tr, 1.639%, due 2/15/22 501 350,000 Ally Master Owner Trust, 1.600%, due 10/15/19 350 47,982 World Omni Automobile Lease Trust, 1.060%, due 5/15/18 48

500,000 Ally Master Owner Trust, 1.649%, due 10/15/19 500 TOTAL ASSET BACKED SECURITIES 23,993 500,000 Ally Master Owner Trust, 1.720%, due 7/15/19 501

200,387 American Credit Acceptance Rec Tr 2017-1, 1.720%, due 6/15/20 200 621,000 American Honda Finance Corp., 0.000%, due 7/18/17 621 Corporate Obligations 34.79%77,343 AmeriCredit Automobile Receivables Trust, 1.150%, due 6/10/19 77 Energy 0.66%

508,178 AmeriCredit Automobile Receivables Trust , 1.200%, due 5/18/18 508 400,000 Pacific Gas & Electric Co., 1.402%, due 11/30/17 400 650,000 ARI Fleet Lease Trust 2017-A, 1.250%, due 6/15/18 650 182,594 BMW Vehicle Lease Trust, 1.000%, due 3/20/18 183 Financial Services 26.08%124,369 Capital Auto Receivables Asset Trust, 1.632%, due 4/22/19 120 600,000 Abbey National Treasury Services PLC, 1.316%, due 10/25/17 600 318,168 Capital Auto Receivables Asset Trust, 1.802%, 1/22/19 319 625,000 American Express Centurion Bank, 6.000%, due 9/13/17 631 143,951 Capital Auto Receivables Asset Trust, 1.912%, due 11/20/18 144 555,000 Asian Development Bank, 1.296%, due 1/26/18 555 775,000 Capital One Multi-Asset Execution Trust, 1.529%, due 6/15/20 776 600,000 BNP Paribas SA/NY, 1.321%, due 12/18/17 600 373,484 CarMax Auto Owner Trust 2016-4, 1.100%, due 4/16/18 373 600,000 BPCE SA, 0.000%, due 9/21/17 598 155,111 Carmax Auto Owner Trust 2013-2, 0.840%, due 11/15/18 155 600,000 Canadian Imperial Bank of Commerce/ NY, 1.150%, due 8/18/17 600 152,065 CarMax Auto Owner Trust 2015-4, 1.759%, due 4/15/19 152 650,000 Coca-Cola Co., 0.000%, due 7/12/17 650 775,000 Chase Issuance Trust, 1.479%, due 2/18/20 776 300,000 Commonwealth Bank of Australia, 1.729%, due 1/12/18 300 750,000 Citibank Credit Card Issuance Trust, 2.366%, due 1/23/20 758 600,000 Cooperatieve Rabobank UA/NY, 0.00%, due 9/5/17 599 313,361 CNH Equipment Trust 2016-C, 1.000%, due 4/13/18 313 600,000 DNB Bank ASA, 0.000%, due 7/21/17 600 590,000 Discover Card Execution Note Trust, 1.459%, due 8/17/20 591 650,000 Goldman Sachs Group Inc., 2.372%, due 4/30/18 656 775,000 Discover Card Execution Note Trust, 1.509%, due 8/17/20 777 600,000 International Finance Corp., 1.136%, due 3/6/18 600 173,959 Enterprise Fleet Financing LLC, 1.050%, due 2/20/18 174 625,000 Jackson National Life Global Funding, 1.543%, due 12/27/18 625 600,000 Enterprise Fleet Financing LLC, 1.500%, due 7/20/18 600 600,000 JPMorgan Chase & Co, 6.000%, due 1/15/18 614 717,610 Ford Credit Auto Lease Trust, 1.310%, due 8/15/18 718 320,000 Macquarie Bank Ltd., 1.797%, due 10/27/17 320 625,000 Ford Credit Auto Owner Trust 2013-D, 1.720%, due 7/15/19 626 500,000 Manufacturers & Traders Trust Co, 1.456%, due 7/25/17 500 450,000 Ford Credit Floorplan Master Owner Trust A, 1.400%. 8/15/19 451 550,000 New York Life Global Funding, 1.330%, due 7/6/18 550 775,000 Ford Credit Floorplan Master Owner Trust A, 1.559%, due 1/15/20 776 600,000 Nordea Bank Finland Abp, 0.000%, due 9/21/17 598 161,249 GM Financial Automobile Leasing Trust, 1.000%, due 3/20/18 161 600,000 Old Line Funding LLC, 0.000%, due 9/18/17 598 566,522 GM Financial Automobile Leasing Trust, 1.530%, due 9/20/20108 567 600,000 Pricoa Global Funding I, 1.350%, due 8/18/17 600

200,211 GM Financial Consumer Automobile 2017-1, 1.100%, due 4/16/18 200 650,000 Skandinaviska Enskilda Banken , 1.316%, due 10/26/17 650 500,000 Golden Credit Card Trust, 1.390%, due 7/15/19 500 650,000 Societe Generale/NY, 1.309%, due 11/17/17 650 800,000 Golden Credit Card Trust, 1.579%, due 7/15/19 800 600,000 Svenska Handelsbanken AB, 0.000, due 1/12/18 596 186,830 GreatAmerica Leasing Receivables Funding LLC , 1.000%, due 2/20/18 187 650,000 Swedbank AB, 0.000%, due 8/7/17 649 257,853 Honda Auto Receivables 2017-1 Owner Trust, 1.050%, due 12/21/17 258 250,000 Toronto-Dominion Bank/NY, 1.307%, due 1/12/18 250 299,479 Hyundai Auto Lease Trust 2016-A, 1.100%, due 4/16/18 299 400,000 Toronto-Dominion Bank, 1.721%, due 4/30/18 * 401 321,658 Hyundai Auto Lease Trust 2016-A, 1.708%, due 7/16/18 322 750,000 Wells Fargo Bank NA, 1.893%, 1/22/18 752 181,941 John Deere Owner Trust 2016-B, 0.880%, due 3/15/18 182 450,000 Westpac Banking Corp., 2.000%, due 8/14/17 450

231,149 Mercedes-Benz Auto Receivables Trust, 1.150%, due 4/16/18 231 15,792 107,475 MMAF Equipment Finance LLC 2014-A, 0.870%, due 1/8/19 107 373,550 MMAF Equipment Finance LLC 2014-A, 1.170%, due 5/16/18 374 Health Care 3.13%316,659 MMAF Equipment Finance LLC 2014-A, 1.390%, due 10/16/19 316 400,000 Allergan Funding SCS, 2.308%, due 3/12/18 402 250,000 Nissan Auto Lease Trust, 1.580%, due 5/17/21 250 625,000 Bayer US Finance LLC, 1.430%, due 10/6/17 625 174,588 Nissan Auto Lease Trust 2015-B, 1.540%, due 4/16/18 175 266,000 Medtronic Inc., 1.500%, due 3/15/18 266 222,267 Nissan Auto Lease Trust 2016-A, 1.220%, due 8/15/18 219 600,000 Novartis Finance Corp., 0.000%, due 7/10/17 600

539,743 Nissan Auto Lease Trust 2016-B, 1.439%, due 12/17/18 540 1,893 380,504 Nissan Auto Receivables 2017-A Owner Trust, 1.000%, due 4/16/18 381 70,615 Santander Drive Auto Rec.Trust 2013-3, 0.950%, due 3/15/18 71 Materials & Processing 2.07%

175,000 Santander Drive Auto Rec.Trust 2013-3, 1.600%, due 3/16/20 175 650,000 Enterprise Products Operating LLC, 6.300%, due 9/15/17 656 78,782 Santander Drive Auto Rec.Trust 2013-3, 1.810%, due 4/15/19 79 600,000 John Deere Capital Corp., 1.607%, due 7/11/17 600

185,000 Securitized Term Auto Receivables Trust 2017-1, 1.510%, due 4/25/19 185 1,256 406,965 SLM Student Loan Trust 2013-1, 1.466%, due 9/25/19 407 73,228 SLM Student Loan Trust 2014-2, 1.566%, due 10/25/21 73 Producer Durables 1.32%

500,000 Synchrony Credit Card Master Note Trust, 1.360%, due 8/17/20 501 800,000 Canadian National Railway Co., 1.352%, due 11/14/17 800 320,000 United Auto Credit Securitization Trust 2017-1, 1.890%, due 5/10/19 320 500,000 Volkswagen Group of America Finance LLC, 1.611%, due 11/20/17 500 Utilities 1.53%350,191 Volvo Financial Equipment LLC Series 2017-1, 0.900%, due 3/15/18 350 610,000 AT&T Inc., 1.750%, due 1/15/18 611 225,000 Volvo Financial Equipment LLC Series 2017-1, 1.550%, due 10/15/19 225 315,000 Oracle Corp., 1.200%, due 10/15/17 315

105,000 Wells Fargo Dealer Floorplan Master Note Trust, 1.662%, due 10/20/19 105 926 244,711 Westlake Automobile Receivables Trust 2016-2, 1.570%, due 6/17/19 245 274,030 Westlake Automobile Receivables Trust 2017-1, 1.100%, due 3/15/18 274 TOTAL CORPORATE OBLIGATIONS 21,067



5

Principal Percent of AmortizedPrincipal Percent of Amortized Amount Net Assets Cost (000's)Amount Net Assets Cost (000's) Short Term Investments 0.57%

Sovereign Issues 0.99% 347,773 Dreyfus Government Cash Management Fund, 0.457% 348$ 600,000 Province of Ontario Canada, 0.000, due 7/21/17 600$ TOTAL SHORT-TERM INVESTMENTS 348

TOTAL SOVEREIGN ISSUES

U.S. Agency Obligations 3.30% Repurchase Agreements 2.81%Federal Farm Credit Banks 3.30% 1,700,000 Trvo Barclays Capital, 1.050%, due 7/3/17 1,700

2,000,000 1.140%, due 4/9/18 2,001 TOTAL U.S. AGENCY OBLIGATIONS

Collateral for Securities Loaned 0.23%Short-Term Investments-Repurchase Agreements

U.S. Government Obligations 17.07% 5,901 BNP Parabis, 1.10%, due 7/3/2017 6 U.S Treasury Note/Bonds 17.07% 123,636 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 124

325,000 1.000%, due 12/15/17 325 7,183 HSBC Holdings PLC, 1.05%, due 7/3/2017 7 750,000 1.171'%, due 10/31/17 750 3,528 Leucadia National Corp, 1.22%, due 7/3/2017 3

2,500,000 1.176%, due 7/31/18 2,503 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 140 4,500,000 1.192%, due 4/30/18 4,503 2,250,000 1.274%, due 1/31/18 2,254

TOTAL U.S. GOVERNMENT OBLIGATIONS 10,335 TOTAL INVESTMENTS 99.40% 60,184(Cost $60,184)

Other Assets, Less Liabilities 0.60% 364

NET ASSETS 100.00% 60,548$

* All or a portion of this security is on loan.The market value of loaned securities is $136,444

6



Fixed Income Securities: Asset Backed Securities 16.27% Collateralized Mortgage Obligation 1.03% Commercial Mortgage Backed Securities 6.14% Corporate Obligations 36.91% Municipals 4.86% Sovereign Issues 1.57% U.S. Agency Obligations 5.55% U.S. Government Obligations 22.27% Short-Term Investments 4.32% Short-Term Investments-Repurchase Agreements 0.72%Other Assets, Liabilities Less 0.36%


SHORT BOND FUNDJUNE 30, 2017


SHORT BOND FUND JUNE 30, 2017

7

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's)

Asset Backed Securities 16.27% Commercial Mortgage Backed Securities (continued)1,185,332 ARI Fleet Lease Trust 2016-A, 1.820%, due 7/15/24 1,186$ 2,800,000 GSCCRE Commercial Mortgage Trust 2015-HULA, 3.877%, due 8/15/32 2,810$ 1,750,000 ARI Fleet Lease Trust 2017-A, 1.910%, due 4/15/26 1,749 1,233,470 LB-UBS Commercial Mortgage Trust 2006-C6, 5.451%, due 9/15/39 1,074 2,950,000 BA Credit Card Trust, 1.360%, due 9/15/20 2,948 879,777 Morgan Stanley Capital I Trust 2007-IQ16, 5.809%, due 12/12/49 882

3,475,000 Capital Auto Receivables Asset Trust 2015-4, 1.830%, due 3/20/20 3,481 2,850,000 Motel 6 Trust 2015-MTL, 3.298%, due 2/5/30 2,846 2,675,000 Chase Issuance Trust, 1.360%, due 4/15/20 2,673 833,449 Wells Fargo Commercial Mortgage Trust 2014-LC16, 1.294%, due 8/15/50 832

1,815,906 CLI Funding V LLC, 3.380%, due 10/18/29 1,814 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 23,902 2,425,000 CNH Equipment Trust 2015-C. 1.660%, due 11/16/20 2,426 (Cost $24,295)2,050,000 CNH Equipment Trust 2016-B, 1.630%, due 8/15/21 2,046

163,691 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 164 Corporate Obligations 36.91%1,420,537 Cronos Containers Program I Ltd, 3.270%, due 11/18/29 1,418 Consumer Discretionary 3.27%2,140,725 DB Master Finance LLC 2015-1, 3.262%, due 2/20/45 2,154 2,000,000 Daimler Finance North America LLC, 1.500%, due 7/5/19 1,981 3,000,000 Discover Card Execution Note Trust, 1.649%, due 7/15/24 3,016 1,950,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18 2,000 2,308,860 Domino's Pizza Master Issuer LLC, 5.216%, due 1/25/42 2,310 1,750,000 General Motors Financial Co Inc, 2.400%, due 5/9/19 1,755 1,850,000 Element Rail Leasing II LLC, 3.585%, due 2/19/45 1,836 1,575,000 Johnson Controls Inc, 7.125%, due 7/15/17 1,577 1,788,103 Enterprise Fleet Financing LLC, 1.300%, due 9/20/20 1,787 1,850,000 Lennar Corp., 4.125%, due 1/15/22 1,912 1,600,000 Flagship Credit Auto Trust 2014-2, 2.840%, due 11/16/20 1,610 1,700,000 Macy's Retail Holdings Inc., 7.450%, due 7/15/17 1,702

335,757 FNA 2015-1 Trust, 3.240%, due 12/10/23 334 1,492,000 Toyota Motor Credit Corp., 2.249%, due 3/20/24 1,490 Ford Credit Auto Owner Trust/Ford Credit 2014-REV1 312,000 WestRock MWV LLC, 7.650%, due 3/15/27 320

2,000,000 2.260%, due 11/15/25 2,018 12,737 2,600,000 Ford Credit Floorplan Master Owner Trust A,1.490% due 9/15/19 2,600 1,500,000 GreatAmerica Leasing Rec Funding LLC Series 2017-1, 2.060%, due 6/22/20 1,502 Consumer Staples 0.47%2,200,000 MMAF Equipment Finance LLC 2016-A, 1.480%, due 6/15/20 2,192 1,250,000 Smithfield Foods Inc., 2.700%, due 1/31/20 1,257 2,500,000 MMAF Equipment Finance LLC 2017-A, 1.730%, due 5/18/20 2,500 548,244 Smith's Food & Drug Centers Inc, 9.199%, due 7/2/18 574

471,415 NYCTL 2015-A Trust, 1.340%, due 11/10/28 469 1,831 2,900,000 PFS Financing Corp., 1.739%, due 3/15/21 2,905

2,581 SBA Small Business Investment Cos., 5.788%, due 8/10/17 3 Energy 2.15%2,000,000 Synchrony Credit Card Master Note Trust 2015-2, 1.600%, due 4/15/21 2,000 1,190,750 Petroleos Mexicanos, 1.950%, due 12/20/22 1,183 1,414,313 Taco Bell Funding LLC, 3.832%, due 5/25/46 1,446 2,139,500 Petroleos Mexicanos, 1.700%, due 12/20/22 2,104 2,333,333 TAL Advantage V LLC, 3.510%, due 2/22/39 2,330 1,291,500 Petroleos Mexicanos, 2.830%, due 2/15/24 1,315 1,036,875 Tax Ease Funding 2016-1 LLC, 3.131%, due 6/15/28 1,036 1,500,000 Range Resources Corp., 5.000%, due 8/15/22 1,474

205,577 United States Small Business Administration, 4.570%, due 6/1/25 215 1,440,000 Tesoro Corp., 4.250%, due 10/01/17 1,444 19,165 United States Small Business Administration, 4.580%, due 3/1/18 19 750,000 Tesoro Corp., 5.375%, due 10/1/22 * 771

5,919 United States Small Business Administration, 5.250%, due 9/1/17 8 8,291 2,000,000 Verizon Owner Trust 2016-2, 2.150%, due 5/20/21 2,000 1,106,453 Volvo Financial Equipment LLC, 1.510%, due 6/17/19 1,107 Financial Services 21.11%3,000,000 Wells Fargo Dealer Floorplan Master Note Trust, 1.592%, due 7/20/19 3,000 1,096,398 AA Aircraft Financing 2013-1 LLC, 3.596%, due 11/1/19 1,091 3,000,000 World Financial Network Credit Card Master Trust, 1.760%, due 5/17/21 3,000 301,367 Ahold Lease Series 2001-A-1 PA 7.820%, due 1/2/20 318

TOTAL ASSET BACKED SECURITIES 63,302 940,987 Ahold Lease Series 2001-A-2 PA 8.619%, due 1/2/25 1,152 (Cost $63,321) 2,079,987 Amal Ltd., 3.465%, due 8/21/21 2,139

2,000,000 ANZ New Zealand Int'l Ltd., 2.250%, due 2/1/19 2,007 2,000,000 Banco Bilbao Vizcaya Argentaria SA, 8.999%, due 8/9/2165 2,090

Collateralized Mortgage Obligation 1.03% 1,825,000 Bank One Corp., 8.530%, due 3/1/19 2,010 34,489 CHL Mortgage Pass-Through Trust 2004-29, 1.756%, due 2/25/35 33 2,000,000 Barclays PLC, 8.250%, due 3/15/66 2,120

191,613 Community Program Loan Trust 1987 A, 4.500%, due 10/1/29 177 1,950,000 Broadridge Financial Solutions Inc., 3.950%, due 9/1/20 2,042 507,456 FDIC 2013-R1 Trust, 1.150%, due 3/25/33 497 1,175,000 Capital One NA, 2.350%, due 8/17/18 1,180 287,460 FDIC Guaranteed Notes Trust 2010-S3, 2.740%, due 12/3/20 288 2,225,000 Citigroup Inc., 8.500%, due 5/22/19 2,485

53,389 GSR Mortgage Loan Trust 2004-9, 3.461%, due 8/25/34 53 2,400,000 Citizens Bank NA, 1.600%, 12/4/17 2,399 335,708 Impac Secured Assets Trust 2006-2, 1.566%, due 8/25/36 328 2,350,000 Cloverie PLC for Zurich Insurance Co Ltd., 8.250%, due 4/18/2165 2,415

74,731 JP Morgan Mortgage Trust 2006-A2, 3.556%, due 8/25/34 75 1,825,000 Cooperatieve Rabobank UA, 10.999%, due 12/31/2165 2,120 1,619,971 La Hipotecaria Panamanian Mortgage Trust, 3.008%, due 11/24/42 1,631 1,825,000 Depository Trust & Clearing Corp., 4.874%, due 12/15/2165 1,900

404,364 Sequoia Mortgage Trust 2013-1, 1.855%, due 2/25/43 381 978,407 Gate Capital Cayman Two Ltd., 3.550%, due 6/11/21 1,007 571,778 Sequoia Mortgage Trust 2013-2, 1.874%, due 2/25/43 548 2,000,000 GFI Group Inc., 8.375%, due 7/19/18 2,110

TOTAL COLLATERALIZED MORTGAGE OBLIGATION 4,011 1,850,000 HD Supply Inc., 5.250%, due 12/15/21 1,941 (Cost $4,114) 2,250,000 HSBC Bank PLC, 4.125%, due 8/12/20 2,376

2,200,000 International Lease Finance Corp., 3.875%, due 4/15/18 2,233 Commercial Mortgage Backed Securities 6.14% 1,400,000 Jefferies Group LLC, 5.125%, due 4/13/18 1,436

398,571 Bear Stearns Commercial Mortgage Sec. Trust, 5.694, due 6/11/50 400 1,800,000 KBC Bank NV, 8.000%, due 1/25/23 1,854 1,500,000 BHMS 2014-ATLS Mortgage Trust, 2.491%, due 7/5/33 1,500 2,000,000 Lloyds Bank PLC, 2.050%, due 1/22/19 2,004 1,750,000 CFCRE 2015-RUM Mortgage Trust, 3.908%, due 7/15/30 1,728 2,500,000 Manufacturers & Traders Trust Co., 1.841%, due 12/1/21 2,466 2,400,000 CGDB Commercial Mortgage Trust 2017-BIO, 0.000%, due 5/15/30 2,404 2,000,000 Manulife Financial Corp., 4.900%, due 9/17/20 2,150 2,400,000 Chicago Skyscraper Trust 2017 SKY, 1.958%, due 4/15/30 2,404 1,925,000 MUFG Union Bank NA, 2.625%, due 9/26/18 1,944 3,750,000 Cold Storage Trust 2017-ICE3, 2.408%, due 4/15/24 3,756 2,000,000 National Rural Utilities Cooperative Fin. Corp, 10.375%, due 11/1/18 2,224

540,032 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46 539 2,400,000 Nordea Bank AB, 1.916%, due 9/30/19 2,416 125,276 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 125 2,250,000 NUVEEN Finance LLC, 2.950%, due 11/1/19 2,282

2,600,000 DBCG 2017-BBG Mortgage Trust, 1.800%, due 6/15/34 2,602 1,753,871 Premier Aircraft Leasing EXIM 1 DAC, 3.576%, due 2/6/22 1,811



8

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's)

Financial Services (contnued) Sovereign Issues 1.57%2,397,407 Premier Aircraft Leasing EXIM 1 DAC, 3.547%, due 4/10/22 2,466$ 2,000,000 Residual Funding Corp Principal Strip, 0.000%, due 10/15/19 * 1,927$ 1,750,000 Prudential Financial Inc., 8.874%, due 6/15/68 1,860 3,680,000 United States Dept. of Transportation, 6.000%, due 12/7/21 4,195

2,493,586 Safina Ltd., 1.550%, due 1/15/22 2,462 TOTAL SOVEREIGN ISSUES 6,122 500,000 Santander Bank NA, 8.750%, due 5/30/18 530 (Cost $6,148)

1,475,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 1,675 1,750,000 Societe Generale SA, 8.250%, due 11/29/2165 1,858 U.S. Agency Obligations 5.55%1,398,975 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 1,739 Fannie Mae 1.23%2,335,000 State Street Corp., 4.956%, due 3/15/18 2,387 2,290,751 2.500%, due 9/1/24 2,318 2,000,000 Synovus Financial Corp., 7.875, due 2/15/19 2,170 722,012 4.000%, due 3/1/31 766 2,982,055 Tagua Leasing LLC, 1.900%, due 7/12/24 2,943 761,606 4.500%, due 8/1/38 819 2,516,667 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 2,505 145,641 5.000%, due 4/1/24 154 1,800,000 Wells Fargo Bank NA, 6.000%, due 11/15/17 1,828 338,858 5.000%, due 3/1/34 372

82,145 172,966 5.500%, due 2/1/23 183 47,669 5.500%, due 8/1/37 52

Materials & Processing 2.17% 107,418 5.569%, due 8/25/39 120

2,000,000 Dow Chemical Co., 8.550%, due 5/15/19 2,240 4,784 2,250,000 Rockwell Automation Inc., 5.650%, due 12/1/17 2,286 1,750,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,899 Freddie Mac 0.73%2,000,000 Tyco International Finance SA, 3.750%, due 1/15/18 2,016 576,633 2.000%, due 3/15/30 577

8,441 1,746,067 3.416%, due 2/25/24 1,795 434,357 5.000%, due 7/1/35 476

Producer Durables 2.32% 2,848 2,422,202 Burlington Northern and Santa Fe Railway Co, 5.720%, due 1/15/24 2,672

2,123,579 Burlington Northern and Santa Fe Railway Co, 6.462%, due 1/15/24 2,278 Ginnie Mae 3.59%472,687 Burlington Northern and Santa Fe Railway Co, 8.251%, due 1/15/21 510 1,370,627 0.514%, due 5/16/35 1,344 530,201 Federal Express Corp 1996 Pass Through Trust, 7.840%, due 1/30/18 546 933,198 1.614%, due 7/16/39 919 570,311 Federal Express Corp 2012 Pass Through Trust, 2.625%, due 1/15/18 573 25,784 1.738%, due 1/16/34 26

2,263,112 GATX Corp 2005-1 Pass Through Trust, 5.697%, due 1/2/25 2,437 1,844,706 2.200%, due 10/16/46 1,833

9,016 2,229,296 2.800%, due 5/16/39 2,252 452,012 2.858%, due 6/20/61 471

Real Estate 1.54% 2,140,271 2.917%, due 6/16/40 2,161 1,870,000 GEO Group Inc., 5.125%, due 4/1/23 1,879 246,994 3.000%, due 5/20/40 250 1,800,000 iStar Inc., 4.000%, due 11/1/17 1,800 1,469,730 3.000%, due 11/16/44 1,475 2,563,056 Pershing Road Development Co. LLC, 1.601%, due 9/1/26 2,307 486,038 3.619%, due 9/16/41 488

5,986 2,653,293 4.397%, due 5/16/51 2,753

13,972 Technology 1.62%

2,350,000 Alibaba Group Holding Ltd., 1.625%, due 11/28/17 2,348 TOTAL U.S. AGENCY OBLIGATIONS 21,604

1,822,000 International Business Machines Corp., 7.625%, due 10/15/18 1,958 (Cost $21,708)2,000,000 Xilinx Inc., 2.125%, due 3/15/19 2,009

6,315 U.S. Government Obligations 22.27%Government Backed Agency 0.76%

Utilities 2.28% 273,786 Small Business Administration Pools, 1.374%, due 11/25/29 271 1,000,000 AT&T Inc., 0.000%, due 11/27/22 842 1,605,972 Small Business Administration Pools, 1.389%, due 5/25/39 1,599

624,732 Great River Energy, 5.829%, due 7/1/17 625 476,371 Small Business Administration Pools, 1.400%, due 1/25/26 473 1,400,000 Public Service Electric & Gas Co., 9.250%, due 6/1/21 1,726 88,331 Small Business Administration Pools, 1.500%, due 6/25/20 88

821,429 Southern California Edison Co., 1.845%, due 2/1/22 811 135,660 Small Business Administration Pools, 1.749%, due 4/25/19 136 2,875,000 Sprint Spectrum Co. LLC , 3.360%, due 9/20/21 2,900 37,860 Small Business Administration Pools, 1.749%, due 1/25/28 38 1,825,000 Verizon Communications Inc., 4.500%, due 9/15/20 1,950 353,414 Small Business Administration Pools, 1.749%, due 9/25/28 355

8,854 2,960 TOTAL CORPORATE OBLIGATIONS 143,616 (Cost $143,869) U.S. Treasury Notes/Bonds 21.51%Municipals 4.86% 28,300,000 1.250%, due 3/31/21 27,831

2,600,000 Alaska Housing Finance Corp., 1.850%, due 6/1/43 2,601 28,000,000 1.500%, due 2/28/19 28,058 935,000 Arizona Water Infrastructure Finance Authority, 1.413%, due 10/1/17 936 27,750,000 1.625%, due 6/30/20 27,799

1,695,000 Atlanta Downtown Development Authority, 6.875%, due 2/1/21 1,865 83,688 1,825,000 California Housing Finance Agency, 1.796%, due 2/1/19 1,823

790,000 City of Redlands CA., 5.650%, due 8/1/17 791 TOTAL U.S. GOVERNMENT OBLIGATIONS 86,648 2,325,000 Met Gov Nashville & Davidson Cty Health & Ed Facs Bd., 3.575%, due 7/1/46 2,451 (Cost $86,932)2,325,000 New Jersey Economic Development Authority, 0.000%, due 2/15/18 2,290 2,000,000 Pittsburg Successor Agency Redevelopment Agency, 2.123%, due 9/1/17 2,001 1,875,000 San Francisco City & County Redevelopment Agency, 2.570%, due 8/1/19 1,894 Short-Term Investments 4.32%

980,000 State of Illinois, 4.350%, due 6/1/18 983 16,804,099 Dreyfus Government Cash Management Fund 16,804 1,290,000 Vermont Educational & Health Buildings Fin Agency, 2.877% due 10/15/19 1,291 (Cost $16,804)

TOTAL MUNICIPALS 18,926 (Cost $18,917)



9

Principal Percent of Fair Amount Net Assets Value (000's)

Short-Term Investments-Repurchase Agreements 0.72%734,766 BNP Parabis, 1.11%, due 7/3/2017 73$

1,000,000 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 1,000 89,424 HSBC Holdings PLC, 1.06%, due 7/3/2017 89 43,921 Leucadia National Corp, 1.25%, due 7/3/2017 44

734,766 Nomura Holdings Inc., 1.13, due 7/3/2017 539 1,000,000 State of Wisconsin Investment BO, 1.30%, due 7/3/17 1,000

TOTAL SHORT TERM INVESTMENTS-COLLATERAL 2,745 (Cost $2,745)

TOTAL INVESTMENTS 99.64% 387,680 (Cost $388,853)

Other Assets, Liabilities Less 0.36% 1,393

NET ASSETS 100.0% 389,073$

* All or a portion of this security is on loan.The market value of loaned securities is $2,689,602

10



Fixed Income Securities: Asset Backed Securities 3.32% Collateralized Mortgage Obligation 0.01% Commercial Mortgage Backed Securities 0.34% Corporate Obligations 32.73% Municipals 1.19% Sovereign 0.15% U.S. Agency Obligations 21.93% U.S. Government Obligations 38.58% Short-Term Investments 5.78% Short-Term Investments-Repurchase Agreements 1.36%Less Liabilities, Other Assets -5.39%


INTERMEDIATE DIVERSIFIED BOND FUNDJUNE 30, 2017


INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2017

11

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's)

Asset Backed Securities 3.32% Consumer Discretionary (continued)130,000 AEP Texas Central Transition Funding III LLC, 2.844%, due 3/1/26 133$ 50,000 Comcast Corp., 6.300%, due 11/15/17 51$ 692,835 Ally Auto Receivables Trust 2015-1, 1.390, due 9/16/19 693 3,125,000 Cox Communications Inc., 3.250%, due 12/15/22 3,118 48,211 Ally Auto Receivables Trust 2016-1, 1.2000, due 8/15/18 48 2,800,000 Cox Communications Inc., 3.850%, due 2/1/25 * 2,821

419,096 Ally Auto Receivables Trust 2016-3, 1.190%, due 12/17/18 419 300,000 Cox Communications Inc., 9.375%, due 1/15/19 330 1,420,000 Ally Master Owner Trust, 1.540%, due 9/15/19 1,420 2,170,000 CVS Health Corp., 3.500%, due 7/20/22 2,250

American Express Credit Account Master Trust 125,000 Dillard's Inc., 7.130%, due 8/1/18 131 3,934,000 1.164%, due 12/15/21 3,931 1,655,000 Ford Motor Credit Co LLC, 2.145%, due 1/9/18 1,661 1,500,000 1.164%, due 11/15/22 1,498 1,090,000 Ford Motor Credit Co LLC, 2.551%, due 10/5/18 1,097 7,085,000 Capital One Multi-Asset Execution Trust, 1.480%, due 7/15/20 7,087 1,090,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19 1,097

835,000 Capital One Multi-Asset Execution Trust, 5.750%, due 7/15/20 842 550,000 Ford Motor Credit Co LLC, 2.681%, due 1/9/20 554 115,000 Chase Issuance Trust, 1.100%, due 1/15/20 115 405,000 Ford Motor Credit Co LLC, 3.810%, due 1/9/24 410 655,000 Chase Issuance Trust, 1.260%, due 7/15/19 655 500,000 Ford Motor Credit Co LLC, 4.250%, due 9/20/22 525

1,235,000 Chase Issuance Trust, 1.380%, due 11/15/19 1,235 975,000 Ford Motor Credit Co LLC, 4.375%, due 8/6/23 1,026 885,000 Citibank Credit Card Issuance Trust, 5.650%, due 9/20/19 893 780,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18 800

1,310,000 Ford Credit Auto Owner Trust 2014-REV1, 2.260%, due 11/15/25 1,322 600,000 Ford Motor Credit Co LLC, 5.750%, due 2/1/21 660 3,360,000 Ford Credit Auto Owner Trust 2015-REV1, 2.120%, due 7/15/26 3,373 1,600,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21 1,784 3,515,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, due 8/15/19 3,515 1,430,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20 1,624 1,740,000 Ford Credit Floorplan Master Owner Trust A, 2.070%, due 5/15/22 1,740 425,000 Macy's Retail Holdings Inc., 4.500%, due 12/15/34 * 352 1,610,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 1,604 1,025,000 Macy's Retail Holdings Inc., 6.650%, due 7/15/24 * 1,117

33,816 Honda Auto Receivables 2016-1 Owner Trust, 1.010%, due 6/18/18 34 2,475,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34 * 2,563 753,732 Honda Auto Receivables 2016-2 Owner Trust, 1.130%, due 9/15/18 753 780,000 Macy's Retail Holdings Inc,. 6.900%, due 4/1/29 * 833

3,005,000 Mercedes-Benz Auto Lease Trust 2017-A, 1.790%, due 4/15/20 3,008 820,000 McDonald's Corp., 2.100%, due 12/7/18 825 1,736,029 Mercedes-Benz Auto Receivables Trust 2016-1, 1.110%, due 3/15/19 1,734 850,000 Myriad International Holdings BV, 4.850%, due 7/6/27 854

411,006 Nissan Auto Receivables 2016-C Owner Trust, 1.070%, due 5/15/19 410 3,075,000 Myriad International Holdings BV, 5.500%, due 7/21/25 3,289 1,104,420 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 1,116 850,000 Myriad International Holdings BV, 6.000%, due 7/18/20 918 1,215,029 USAA Auto Owner Trust 2016-1, 1.070%, due 3/15/19 1,214 1,165,000 Nordstrom Inc., 6.950%, due 3/15/28 1,259

565,000 Verizon Owner Trust 2016-1, 1.420%, due 1/20/21 562 1,580,000 RELX Capital Inc., 3.125%, due 10/15/22 1,584 1,490,000 Verizon Owner Trust 2017-2, 1.920%, due 12/20/21 1,490 345,000 RELX Capital Inc., 8.625%, due 1/15/19 377

TOTAL ASSET BACKED SECURITIES 40,844 950,000 Time Warner Cable LLC, 4.000%, due 9/1/21 993 (Cost $40,910) 1,354,000 Time Warner Cable LLC, 4.125%, due 2/15/21 1,416

1,100,000 Time Warner Cable LLC, 6.750%, due 6/15/39 1,346 870,000 Time Warner Cable LLC, 8.250%, due 4/1/19 960

Collateralized Mortgage Obligation 0.01% 660,000 Time Warner Cable LLC, 8.750%, due 2/14/19 726 71,692 Vendee Mortgage Trust 1993-1, 7.250%, due 2/15/23 79 1,040,000 Time Warner Cos Inc., 6.950%, due 1/15/28 1,306 27,729 Vendee Mortgage Trust 1995-1, 7.792%, due 2/15/25 30 780,000 Time Warner Inc., 5.375%, due 10/15/41 853 9,806 Vendee Mortgage Trust 1995-2, 8.792%, due 6/15/25 12 400,000 Time Warner Inc., 6.250%, due 3/29/41 489 5,562 Vendee Mortgage Trust 1998-2, 8.637%, due 8/15/27 6 1,300,000 Time Warner Inc., 7.625%, due 4/15/31 1,773

TOTAL COLLATERALIZED MORTGAGE OBLIGATION 127 1,750,000 Time Warner Inc., 7.700%, due 5/1/32 2,436 (Cost $119) 3,540,000 Toyota Motor Credit Corp, 1.439%, due 12/24/18 3,539

1,705,000 Toyota Motor Credit Corp, 2.600%, due 1/11/22 1,723 Commercial Mortgage Backed Securities 0.34% 1,975,000 Walgreens Boots Alliance Inc., 3.300%, due 11/18/21 2,036

447,648 Bear Stearns Commercial Mrtg Sec Tr 2007, 5.694%, due 6/11/50 449 95,000 Walgreens Boots Alliance Inc., 4.800%, due 11/18/44 101 2,040,000 CFCRE Commercial Mortgage Trust 2016-C3, 3.865%, due 1/10/48 2,142 2,045,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 * 2,265

1,530,000 Morgan Stanley Bank of America ML Tr, 3.211%, due 10/15/48 1,552 66,619 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 4,143 (Cost $4,106) Consumer Staples 0.95%

2,585,000 Anheuser-Busch InBev Finance Inc., 3.300%, due 2/1/23 2,662 Corporate Obligations 32.73% 840,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 844 Consumer Discretionary 5.42% 165,000 Kraft Heinz Foods Co., 3.500%, due 6/6/22 170

25,000 21st Century Fox America Inc., 5.650%, due 8/15/20 28 2,095,000 Kraft Heinz Foods Co., 3.500%, due 7/15/22 2,160 675,000 21st Century Fox America Inc., 6.150%, due 3/1/37 843 480,000 Kraft Heinz Foods Co., 4.375%, due 6/1/46 470 325,000 21st Century Fox America Inc., 6.400%, due 12/15/35 412 295,000 Kraft Heinz Foods Co., 6.500%, due 2/9/40 369 810,000 21st Century Fox America Inc., 6.650%, due 11/15/37 1,069 1,530,000 Kroger Co., 2.950%, due 11/1/21 1,543

1,110,000 American Honda Finance Corp, 3.875%, due 9/21/20 1,167 3,530,000 Mondelez International Hldgs Netherlands BV, 2.000%, due 10/28/21 3,439

785,000 AutoZone Inc., 3.750%, due 6/1/27 785 11,657 995,000 BMW US Capital LLC, 2.150%, due 4/6/20 * 1,000

1,010,000 Charter Communications Operating LLC , 4.908%, due 7/23/25 1,091 Energy 5.14%550,000 Charter Communications Operating LLC , 5.375%, due 5/1/47 582 55,000 Berkshire Hathaway Energy Co., 6.125%, due 4/1/36 71

1,150,000 Charter Communications Operating LLC , 6.484%, due 10/23/45 1,380 445,000 Berkshire Hathaway Energy Co., 6.500%, due 9/15/37 598 175,000 Comcast Corp., 3.125%, due 7/15/22 181 1,215,000 BG Energy Capital PLC, 4.000%, due 10/15/21 1,289

2,055,000 Comcast Corp., 4.400%, due 8/15/35 2,209



12

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's)

Energy (continued) Financial Services (continued)1,830,000 BP Capital Markets PLC, 3.216%, due 11/28/23 1,858$ 3,430,000 Bank of America Corp, 4.200%, due 8/26/24 3,561$ 1,995,000 Chevron Corp., 2.895%, due 3/3/24 2,011 1,050,000 Bank of America Corp, 4.250%, due 10/22/26 1,081 2,875,000 ConocoPhillips Co., 3.350%, due 11/15/24 2,931 560,000 Bank of America Corp, 4.450%, due 3/3/26 583 1,505,000 ConocoPhillips Co., 4.150%, due 11/15/34 1,512 2,025,000 Bank of America Corp, 5.625%, due 7/1/20 2,218

281,000 ConocoPhillips Co., 5.750%, due 2/1/19 297 380,000 Bank of America Corp, 5.650%, due 5/1/18 392 2,010,000 Consolidated Edison Co of New York Inc., 4.450%, due 3/15/44 2,201 1,400,000 Bank of America Corp, 7.625%, due 6/1/19 1,544

865,000 Dominion Energy Inc., 2.500%, due 12/1/19 872 2,000,000 Bank of America NA, 1.750%, due 6/5/18 2,003 425,000 Dominion Energy Inc., 2.961%, due 7/1/19 431 1,445,000 Bank of America NA, 2.050%, due 12/07/18 1,452 600,000 Dominion Energy Inc., 4.104%, due 4/1/21 630 1,525,000 Bank of New York Mellon Corp, 2.200%, due 3/4/19 * 1,535 850,000 DTE Energy Co., 1.500%, due 10/1/19 837 1,000,000 Bank of New York Mellon Corp, 3.400%, due 5/15/24 * 1,031 655,000 Duke Energy Florida LLC, 3.200%, due 1/15/27 663 1,095,000 Bank One Capital III, 8.750%, due 9/1/30 1,638 385,000 Duke Energy Florida LLC, 3.850%, due 11/15/42 386 100,000 Bank One Corp, 7.625%, due 10/15/26 129 330,000 Duke Energy Progress LLC, 3.000%, due 9/15/21 339 1,425,000 Barclays PLC, 4.375%, due 9/11/24 1,442

1,050,000 Enel Finance International NV, 6.000%, due 10/7/39 1,249 650,000 Barclays PLC, 4.836%, due 5/9/28 664 1,325,000 Enel Finance International NV, 6.800%, due 9/15/37 1,698 2,700,000 BNP Paribas SA, 4.250%, due 10/15/24 2,816

810,000 Energy Transfer LP, 4.050%, due 3/15/25 813 2,425,000 BNP Paribas SA, 4.375%, due 9/28/25 2,514 1,120,000 Exelon Corp., 3.950%, due 6/15/25 1,159 33,039 BNSF Railway Co 2007-1 Pass Through Trust, 5.996%, due 4/1/24 37 2,330,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25 * 2,422 2,050,000 Boston Properties LP, 3.125%, due 9/1/23 2,075 3,825,000 Kinder Morgan Inc/DE, 5.550%, due 6/1/45 4,053 50,000 Boston Properties LP, 3.700%, due 11/15/18 51

950,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23 1,051 725,000 Boston Properties LP, 3.850%, due 2/1/23 763 320,000 MidAmerican Energy Co., 5.800%, due 10/15/36 402 375,000 Boston Properties LP, 4.125%, due 5/15/21 395

1,200,000 Motiva Enterprises LLC, 5.750%, due 1/15/20 1,284 125,000 Boston Properties LP, 5.625%, due 11/15/20 137 1,250,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17 1,271 500,000 Boston Properties LP, 5.875%, due 10/15/19 536

690,000 PacifiCorp, 6.350%, due 7/15/38 923 778,000 Capital One Financial Corp, 3.500%, due 6/15/23 794 825,000 PECO Energy Co., 4.150%, due 10/1/44 861 1,375,000 Capital One Financial Corp, 3.750%, due 4/24/24 1,405 525,000 Petrobras Global Finance BV, 4.375%, due 5/20/23 495 1,000,000 Capital One Financial Corp, 4.200%, due 10/29/25 1,008

1,315,000 Petrobras Global Finance BV, 5.375%, due 1/27/21 * 1,337 1,135,000 Capital One NA/Mclean VA, 1.650%, due 2/5/18 1,135 400,000 Petrobras Global Finance BV, 6.250%, due 3/17/24 408 995,000 Capital One NA/Mclean VA, 2.350%, due 8/17/18 999 750,000 Petroleos Mexicanos, 4.250%, due 1/15/25 729 1,650,000 Citibank NA, 2.100%, due 6/12/20 1,651

1,350,000 Petroleos Mexicanos, 4.875%, due 1/18/24 1,367 156,815 Citigroup Capital XIII, 0.000%, due 10/30/40 4,074 700,000 Petroleos Mexicanos, 5.625%, due 1/23/46 621 2,085,000 Citigroup Inc, 1.800%, due 2/5/18 2,087

1,925,000 Petroleos Mexicanos, 6.375%, due 1/23/45 1,877 1,950,000 Citigroup Inc, 2.150%, due 7/30/18 1,956 800,000 Petroleos Mexicanos, 6.500%, due 3/13/27 859 900,000 Citigroup Inc, 3.200%, due 10/21/26 875

1,750,000 Petroleos Mexicanos, 6.625%, due 6/15/35 1,809 675,000 Citigroup Inc, 3.400%, due 5/1/26 668 1,025,000 Petroleos Mexicanos, 6.875%, due 8/4/26 1,136 2,480,000 Citigroup Inc, 4.500%, due 1/14/22 2,667

395,000 Public Service Co. of New Hampshire, 3.500%, due 11/1/23 412 175,000 Citigroup Inc, 6.625%, due 6/15/32 219 2,175,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 2,215 345,000 Citigroup Inc, 8.125%, due 7/15/39 530

850,000 Shell International Finance BV, 3.400%, due 8/12/23 883 1,820,000 Credit Suisse AG/New York NY, 1.750%, due 1/29/18 1,821

3,010,000 Shell International Finance BV, 4.125%, due 5/11/35 3,134 1,050,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 1,043 810,000 Southern Co., 2.150%, due 9/1/19 810 1,770,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 1,775 455,000 Statoil ASA, 3.700%, due 3/1/24 478 1,875,000 Daimler Finance North America LLC, 2.300%, due 1/6/20 1,881 315,000 Suncor Energy Inc., 6.500%, due 6/15/38 403 2,365,000 Daimler Finance North America LLC, 2.675%, due 8/1/18 2,380 520,000 Suncor Energy Inc., 6.850%, due 6/1/39 693 2,000,000 ERP Operating LP, 3.000%, due 4/15/23 2,008

2,230,000 Total Capital International SA, 2.875%, due 2/17/22 2,272 589,000 ERP Operating LP, 4.625%, due 12/15/21 636

1,010,000 TransCanada PipeLines Ltd, 4.625%, due 3/1/34 1,108 760,000 Goldman Sachs Group Inc, 3.750%, due 2/25/26 774

4,200,000 Transcanada Trust, 5.299%, due 3/15/77 4,318 1,150,000 Goldman Sachs Group Inc, 4.000%, due 3/3/24 1,204

1,075,000 Ultrapar International SA, 5.250%, due 10/6/26 1,073 2,525,000 Goldman Sachs Group Inc, 5.250%, due 7/27/21 2,768 580,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 654 55,000 Goldman Sachs Group Inc, 7.500%, due 2/15/19 60

63,203 1,310,000 Guardian Life Global Funding, 1.950%, due 10/27/21 * 1,282

410,000 HSBC Holdings PLC, 4.000%, due 3/30/20 432

Financial Services 12.71% 660,000 HSBC Holdings PLC, 4.250%, due 3/14/24 683

143,871 AEP Texas Central Transition Funding II LLC, 5.170%, due 1/1/18 145 1,985,000 HSBC Holdings PLC, 4.300%, due 3/8/26 2,104

930,000 Ally Financial Inc., 3.250%, due 11/5/18 941 420,000 HSBC Holdings PLC, 4.375%, due 11/23/26 436

1,080,000 American Express Credit Corp., 1.700%, due 10/30/19 1,074 800,000 HSBC Holdings PLC, 5.100%, due 4/5/21 870

680,000 American Express Credit Corp., 1.875%, due 5/3/19 680 1,160,000 HSBC Holdings PLC, 6.500%, due 5/2/36 1,485

2,345,000 American Express Credit Corp., 2.250%, due 8/15/19 2,365 2,275,000 HSBC Holdings PLC, 6.500%, due 9/15/37 2,942

1,820,000 American Express Credit Corp., 2.600%, due 9/14/20 1,847 1,325,000 HSBC Holdings PLC, 6.800%, due 6/1/38 1,772

980,000 American International Group Inc., 3.900%, due 4/1/26 1,003 100,000 HSBC USA Inc., 9.125%, due 5/15/21 121

1,125,000 American International Group Inc., 6.400%, due 12/15/20 1,273 2,840,000 JPMorgan Chase & Co, 1.771%, due 3/9/21 2,840

775,000 Bank of America Corp, 2.625%, due 4/19/21 778 1,490,000 JPMorgan Chase & Co, 2.250%, due 1/23/20 1,495

875,000 Bank of America Corp, 3.500%, due 4/19/26 878 1,630,000 JPMorgan Chase & Co, 2.550%, due 3/1/21 1,638

695,000 Bank of America Corp, 4.000%, due 1/22/25 707 1,000,000 JPMorgan Chase & Co, 2.700%, due 5/18/23 989



13


Financial Services (continued) Health Care (continued)790,000 JPMorgan Chase & Co, 2.750%, due 6/23/20 803$ 225,000 Cigna Corp., 4.000%, due 2/15/22 238$

715,000 JPMorgan Chase & Co, 2.776%, due 4/25/23 716 1,110,000 Cigna Corp. 5.375%, due 2/15/42 1,335

2,145,000 JPMorgan Chase & Co, 3.250%, due 9/23/22 2,198 370,000 Cigna Corp., 7.650%, due 3/1/23 456

50,000 JPMorgan Chase & Co, 3.375%, due 5/1/23 51 950,000 Cigna Corp. 7.875%, due 5/15/27 1,275

50,000 JPMorgan Chase & Co, 4.950%, due 3/25/20 54 200,000 Cigna Corp., 8.300%, due 1/15/33 278

1,750,000 JPMorgan Chase & Co, 6.000%, due 1/15/18 1,789 695,000 Gilead Sciences Inc, 3.250%, due 9/1/22 719

885,000 JPMorgan Chase Bank NA,6.000%, due 10/1/17 894 335,000 Gilead Sciences Inc, 3.700%, due 4/1/24 348

1,850,000 Kaupthing ehf, 0.000%, due 5/19/16 - 440,000 Gilead Sciences Inc, 4.150%, due 3/1/47 442

525,000 Lloyds Banking Group PLC, 4.500%, due 11/4/24 547 1,740,000 Humana Inc., 3.850%, due 10/1/24 1,808

1,478,000 Lloyds Banking Group PLC, 4.582%, due 12/10/25 1,532 1,535,000 Medtronic Inc., 3.625%, due 3/15/24 1,616

1,050,000 Lloyds Banking Group PLC, 4.650%, due 3/24/26 1,094 785,000 UnitedHealth Group Inc., 2.875%, due 12/15/21 802

172,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39 282 650,000 Zoetis Inc., 3.450%, due 11/13/20 672 2,940,000 Metropolitan Life Global Funding I, 1.350%, due 9/14/18 2,929 1,000,000 Zoetis Inc., 4.500%, due 11/13/25 1,092

1,970,000 Metropolitan Life Global Funding I, 3.450%, due 12/18/26 2,019 22,958 990,000 Morgan Stanley, 2.500%, due 4/21/21 989

1,720,000 Morgan Stanley, 2.625%, due 11/17/21 1,717 Materials & Processing 1.55%115,000 Morgan Stanley, 3.125%, due 7/27/26 112 565,000 Air Liquide Finance SA, 2.250%, due 9/27/23 546

1,485,000 Morgan Stanley, 3.875%, due 4/29/24 1,543 1,900,000 BHP Billiton Finance USA Ltd, 6.749%, due 10/19/75 2,171

200,000 Navient Corp., 4.625%, due 9/25/17 201 730,000 Caterpillar Financial Services Corp., 2.100%, due 1/10/20 735

20,000 Navient Corp., 8.450%, due 6/15/18 21 810,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 820

1,515,000 New York Life Global Funding, 1.450%, due 12/15/17 1,514 1,950,000 CRH America Inc, 3.875%, due 5/18/25 2,026

655,000 New York Life Global Funding, 2.100%, due 1/2/19 658 2,895,000 Dow Chemical Co., 3.000%, due 11/15/22 2,951

565,000 New York Life Insurance Co., 6.750%, due 11/15/39 794 1,490,000 Dow Chemical Co., 7.375%, due 11/1/29 2,001

975,000 Northwestern Mutual Life Insurance Co.,6.063%, due 3/30/40 1,268 365,000 Dow Chemical Co., 9.400%, due 5/15/39 613

690,000 PNC Bank NA, 2.250%, due 7/2/19 695 965,000 Eastman Chemical Co., 2.700%, due 1/15/20 978

855,000 PNC Bank NA, 2.400%, due 10/18/19 863 505,000 EI du Pont de Nemours & Co., 2.200%, due 5/1/20 508

940,000 PNC Bank NA, 2.550%, due 12/09/21 946 475,000 Illinois Tool Works Inc., 2.650%, due 11/15/26 464

100,000 Provident Cos Inc., 7.250%, due 3/15/28 127 575,000 International Paper Co., 5.000%, due 9/15/35 629

850,000 Reliance Standard Life Global Funding II, 2.500%, due 1/15/20 851 690,000 Sherwin-Williams Co. , 2.250%, due 5/15/20 692

5,092,787 Rio Oil Finance Trust Series 2014-1, 9.249%, due 7/6/24 5,169 1,225,000 Siemens Financieringsmaatschappij NV, 2.200%, due 3/16/20 1,234

1,297,897 Rio Oil Finance Trust Series 2014-3, 9.749%, due 1/6/27 1,324 2,320,000 Siemens Financieringsmaatschappij NV, 2.900%, due 5/27/22 2,367 4,525,000 Royal Bank of Scotland Group PLC, 6.000%, due 12/19/23 4,984 250,000 Vulcan Materials Co, 7.500%, due 6/15/21 295

360,000 Royal Bank of Scotland Group PLC, 6.125%, due 12/15/22 394 19,030 2,620,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 2,624

615,000 Unum Group, 6.750%, due 12/15/28 750 Producer Durables 1.76%540,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19 544 572,539 American Airlines Class A Pass Through Trust, 5.250%, due 7/31/22 605

460,000 Visa Inc., 2.800%, due 12/14/22 468 Burlington Northern and Santa Fe Railway Co

1,670,000 Wells Fargo & Co, 2.100%, due 7/26/21 1,648 547,237 4.967%, due 4/1/23 582






125,000 Wells Fargo & Co, 4.600%, due 4/1/21 135 337,633 8.251%, due 1/15/21 364

1,325,000 Wells Fargo Bank NA, 1.872%, due 12/6/19 1,340 275,000 Burlington Northern Santa Fe LLC, 3.050%, due 9/1/22 284 4,060,000 Wells Fargo Bank NA, 2.150%, due 12/6/19 4,079 1,750,000 Burlington Northern Santa Fe LLC, 3.750%, due 4/1/24 1,855

156,242 1,615,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 2,107

51,939 CSX Transportation Inc, 6.251%, due 1/15/23 60

Health Care 1.87% 1,041,000 CSX Transportation Inc., 9.750%, due 6/15/20 1,255

1,240,000 Abbott Laboratories, 2.350%, due 11/22/19 1,249 512,868 Delta Air Lines Class A Pass Through Trust, 6.821%,due 2/10/24 589

3,635,000 Abbott Laboratories, 3.400%, due 11/30/23 3,721 198,598 Federal Express Corp 1998 Pass Through Trust, 6.720%, due 7/15/23 218

765,000 Abbott Laboratories, 3.750%, due 11/30/26 781 1,077,535 Federal Express Corp 1999 Pass Through Trust, 7.650%, due 7/15/24 1,237

380,000 Aetna Inc., 2.200%, due 3/15/19 382 75,000 FedEx Corp., 8.000%, due 1/15/19 82

2,040,000 Aetna Inc., 2.800%, due 6/15/23 2,036 82,000 Norfolk Southern Railway Co., 9.750%, due 6/15/20 99

1,502,000 Amgen Inc, 4.663%, due 6/15/51 1,591 766,041 Northwest Airlines 2007-1 Class , 7.027%, due 5/1/21 848

1,685,000 Amgen Inc, 5.150%, due 11/15/41 1,878 1,325,000 Pitney Bowes Inc., 6.250%, due 3/15/19 1,411

225,000 Anthem Inc., 4.350%, due 8/15/20 239 1,975,000 Union Pacific Corp., 2.950%, due 1/15/23 2,022



14

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's)

Producer Durables (continued) Municipals 1.19%1,000,000 Union Pacific Corp., 3.000%, due 4/15/27 1,003$ 150,000 Los Angeles Unified School District, 6.758%, due 7/1/34 207$

375,000 Union Pacific Corp., 4.163%, due 7/15/22 406 1,350,000 New Jersey Turnpike Authority, 7.102%, due 1/1/41 1,981

341,276 Union Pacific Railroad Co Pass Through Trust, 4.698%, due 1/2/24 363 25,000 State of California, 5.700%, due 11/1/21 28

147,372 Union Pacific Railroad Co Pass Through Trust, 5.082%, due 1/2/29 160 1,075,000 State of California, 7.300%, due 10/1/39 1,570




7,622 Union Pacific Railroad Co Pass Through Trust, 7.600%, due 1/2/20 8 2,275,000 State of Illinois, 5.100%, due 6/1/33 2,130

458,657 US Airways 2011-1 Class A Pass Through Trust, 7125%, due 4/22/25 529 1,715,000 State of Illinois, 5.665%, due 3/1/18 1,743 829,368 US Airways 2012-1 Class A Pass Through Trust, 5.900%, due 4/1/26 929 1,520,000 State of Illinois, 5.877%, due 3/1/19 1,573

2,940,000 Xerox Corp., 4.500%, due 5/15/21 3,080 TOTAL MUNICIPALS 14,609 25,000 Xerox Corp., 5.625%, due 12/15/19 27 (Cost $13,116)

21,580 Sovereign 0.15%

Technology 1.15% 1,259,000 Financing Corp, 0.000%, due 10/5/17 1,255

1,655,000 Apple Inc. , 3.850%, due 5/4/43 1,655 195,000 Financing Corp, 10.700%, due 10/6/17 200

375,000 Apple Inc. , 4.375%, due 5/13/45 405 68,957 New Valley Generation V, 4.929%, due 1/15/21 74

2,800,000 Dell International LLC / EMC Corp.,4.420%, due 6/15/21 2,952 Small Business Administration Participation Certificates

1,275,000 Dell International LLC / EMC Corp., 5.450%, due 6/15/23 1,384 1,490 6.800%, due 8/1/17 1

1,525,000 Maxim Integrated Products Inc., 2.500%, due 11/15/18 1,537 834 6.900%, due 9/1/17 1

1,810,000 Microsoft Corp., 3.500%, due 2/12/35 1,825 2,190 6.550%, due 12/1/17 2

2,005,000 Oracle Corp., 3.900%, due 5/15/35 2,066 891 6.125%, due 1/1/18 1

1,010,000 QUALCOMM Inc., 1.850%, due 5/20/19 1,012 1,607 6.150%, due 2/1/18 2 1,300,000 TSMC Global Ltd, 1.625%, due 4/3/18 1,297 467 6.300%, due 6/1/18 -

14,133 1,924 6.150%, due 8/1/18 2

2,074 6.000%, due 9/1/18 2

Utilities 2.18% 5,086 5.800%, due 12/1/18 5

1,630,000 AT&T Inc., 3.400%, due 5/15/25 1,602 8,482 6.300%, due 5/1/19 9

485,000 AT&T Inc., 3.800%, due 3/1/24 496 4,711 6.800%, due 6/1/19 5

725,000 AT&T Inc., 4.250%, due 3/1/27 750 761 7.000%, due 7/1/19 1

1,782,000 AT&T Inc., 4.350%, due 6/15/45 1,654 746 7.300%, due 8/1/19 1

2,005,000 AT&T Inc., 4.500%, due 3/9/48 1,876 569 7.300%, due 9/1/19 1

1,275,000 AT&T Inc., 4.750%, due 5/15/46 1,250 8,374 7.590%, due 1/1/20 9

625,000 AT&T Inc., 5.350%, due 9/1/40 662 6,136 7.625%, due 3/1/20 6

875,000 AT&T Inc., 5.650%, due 2/15/47 964 7,837 7.210%, due 9/1/20 8

1,200,000 AT&T Inc., 6.000%, due 8/15/40 1,355 1,840 6.625%, due 7/1/21 2

790,000 AT&T Inc., 8.250%, due 11.15.34 1,097 2,921 6.120%, due 9/1/21 3

475,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 496 18,346 4.840%, due 2/1/23 19

1,705,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 1,861 10,693 4.920%, due 10/1/23 11

300,000 Telecom Italia Capital SA, 7.200%, due 7/18/36 348 17,865 4.980%, due 11/1/23 19

1,125,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 1,361 11,512 4.880%, due 11/1/24 12

1,000,000 Telecom Italia SpA/Milano, 5.303%, due 5/30/24 1,073 13,458 4.870%, due 12/1/24 14

845,000 Verizon Communications Inc., 3.850%, due 11/1/42 737 5,711 4.860%, due 1/1/25 6

4,517,000 Verizon Communications Inc., 4.272%, due 1/15/36 4,360 3,676 4.840%, due 5/1/25 4

1,065,000 Verizon Communications Inc., 4.400%, due 11/1/34 1,055 17,998 4.750%, due 7/1/25 19

1,030,000 Verizon Communications Inc., 4.522%, due 9/15/48 974 39,242 5.110%, due 8/1/25 42

2,175,000 Verizon Communications Inc., 5.012%, due 4/15/49 2,197 10,263 5.350%, due 2/1/26 11 630,000 Vodafone Group PLC, 2.950%, due 2/19/23 634 10,129 5.570%, due 3/1/26 11

26,802 5,402 5.820%, due 6/1/26 6

18,105 6.070%, due 7/1/26 20

TOTAL CORPORATE OBLIGATIONS 402,224 8,933 5.700%, due 8/1/26 10

(Cost $391,607) 8,312 5.230%, due 3/1/27 9

13,740 5.310%, due 5/1/27 15 25,282 5.710%, due 6/1/27 27

TOTAL SOVEREIGN 1,845 (Cost $1,822)



15

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's)

U.S. Agency Obligations 21.93% Fannie Mae (continued)Fannie Mae 16.13% 395,943 5.000%, due 9/1/25 420$

4 7.000%, due 9/1/17 -$ 369,669 2.500%, due 3/1/26 376

321 5.500%, due 10/1/17 - 1,720,000 2.395%, due 5/25/26 1,669

30,576 1.637%, due 11/25/17 31 54,425 3.500%, due 8/1/26 57

58 5.500%, due 12/1/17 - 599,518 4.500%, due 8/1/26 633

4,848 5.500%, due 1/1/18 5 796,370 2.500%, due 12/1/26 806

285 6.500%, due 2/1/18 - 388,748 4.500%, due 1/1/27 398

3 6.500%, due 4/1/18 - 407,321 4.000%, due 2/1/27 429

832,209 1.550%, due 4/25/18 831 3,297,505 4.000%, due 5/1/27 3,470

5,972 5.000%, due 5/1/18 6 1,133,331 2.100%, due 12/1/27 1,099

24 6.000%, due 5/1/18 - 300,489 3.500%, due 9/1/28 313

764 4.000%, due 6/1/18 1 45,687 5.500%, due 11/1/29 51

2,048,299 3.170%, due 8/1/18 2,066 157,562 7.000%, due 11/1/29 181

262 6.000%, due 8/1/18 - 1,557,466 3.500%, due 12/1/29 1,622

1,512,104 1.700%, due 8/25/18 1,513 2,561 7.500%, due 6/25/30 3

3,088 4.000%, due 9/1/18 3 684,989 4.000%, due 11/1/30 726

33 7.000%, due 11/1/18 - 762,556 4.000%, due 12/1/30 809

33 6.000%, due 12/1/18 - 810,976 3.500%, due 12/25/30 847

90 6.000%, due 1/1/19 - 133,842 4.500%, due 1/1/31 144

62,774 0.848%, due 1/25/19 63 36,921 4.500%, due 1/1/31 40

110 6.000%, due 2/1/19 - 35,440 4.500%, due 1/1/31 38

532 6.000%, due 8/1/19 1 3,625,414 3.500%, due 2/1/31 3,775

167 6.000%, due 9/1/19 - 29,772 6.500%, due 2/25/31 33

1,668 6.000%, due 9/1/19 2 52,942 4.500%, due 6/1/31 57

803 6.500%, due 9/1/19 1 650,877 4.000%, due 9/1/31 692

195 6.500%, due 12/1/19 - 62,595 4.500%,due 9/1/31 67

1,900,187 3.330%, due 10/1/20 1,976 91,398 7.000%, due 6/25/32 106

1,898,485 3.230%, due 11/1/20 1,969 52,446 6.500%, due 8/1/32 60

254,811 4.265%, due 7/1/21 270 11,677 6.500%, due 8/1/32 13

111,769 6.000%, due 8/1/21 119 159,873 7.000%, due 8/1/32 190

16,593 6.000%, due 11/1/21 18 184,752 7.000%, due 8/1/32 216

712,894 2.500%, due 9/1/22 721 84,555 4.000%, due 10/1/32 90

23,576 6.000%, due 10/1/22 25 15,823 6.000%, due 12/1/32 18

3,662,586 2.160%, due 1/1/23 3,664 30,963 6.500%, due 12/1/32 35

653,951 2.000%, due 1/1/23 653 8,495 6.500%, due 5/1/33 10

1,129,815 2.131%, due 1/25/23 1,116 35,193 5.500%, due 6/1/23 40

1,570,000 2.262%, due 2/25/23 1,570 2,260,171 4.000%, due 11/1/33 2,398

272,508 2.000%, due 3/1/23 272 21,791 5.500%, due 11/1/33 24

264,721 2.000%, due 4/1/23 264 12,176 6.000%, due 11/1/33 14

739,163 2.000%, due 5/1/23 738 10,426 6.000%, due 12/1/33 12

39,965 6.000%, due 6/1/23 43 1,614,458 4.000%, due 3/1/34 1,713

437,024 2.000%, due 7/1/23 436 588,994 6.000%, due 3/1/34 672

844,584 2.349%, due 7/25/23 849 38,459 6.000%, due 4/1/34 44

3,720,000 2.156%, due 10/25/23 3,648 3,833,636 4.000%, due 6/1/34 4,073

138,817 5.500%, due 11/1/23 145 19,580 4.000%, due 6/1/34 21

9,982 5.500%, due 1/1/24 10 19,779 2.693%, due 8/1/34 21

124,566 5.500%, due 1/1/24 130 3,309 2.514%, due 9/1/34 3

13,812 5.500%, due 1/1/24 15 3,588,792 4.000%, due 10/1/34 3,805

22,001 5.500%, due 3/1/24 23 7,093,887 4.000%, due 1/1/35 7,527

447,482 4.000%, due 4/1/24 469 475,841 6.500%, due 3/1/35 541

11,264 5.500%, due 5/1/24 12 23,010 6.000%, due 4/1/35 26

1,211,243 2.950%,, due 8/25/24 1,208 587,265 5.500%, due 4/1/35 657

212,223 4.500%, due 10/1/24 224 34,019 6.000%, due 4/1/35 39

7,464 5.500%, due 1/1/25 8 10,417 2.967%, due 6/1/35 11

92,495 5.500%, due 1/1/25 98 7,268 6.000%, due 7/1/35 8

31,972 5.000%, due 4/1/25 33 180,630 5.500%, due 10/1/35 201

938,783 2.097%, due 4/25/25 938 41,422 6.000%, due 11/1/35 47



16

Principal Percent of Fair Principal Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's)

Fannie Mae (continued) Fannie Mae (continued)617 6.000%, due 3/1/36 1$ 371,018 3.016%, due 1/1/44 381$

34,209 6.000%, due 3/1/36 39 4,775 6.500%, due 1/25/44 5

76,087 4.500%, due 6/1/36 82 19,110 2.379%, due 2/1/44 20

33,448 5.500%, due 9/1/36 38 78,796 2.616%, due 2/1/44 81

232,054 6.000%, due 9/1/36 264 51,401 2.977%, due 2/1/44 53

2,019,282 4.000%, due 1/1/37 2,146 1,335,544 1.816%, due 2/25/44 1,325

36,004 6.000%, due 3/1/37 41 49,204 7.000%, due 2/25/44 57

181,975 7.000%, due 3/1/37 209 21,482 7.500%, due 3/25/44 25

15,323 7.000%, due 3/1/37 18 829,395 2.335%, due 4/1/44 859

25,883 5.750%, due 3/25/37 28 372,618 2.545%, due 4/1/44 383

2,419,503 3.500%, due 4/1/37 2,510 758,105 2.475%, due 5/1/44 780

55,558 5.500%, due 4/1/37 62 1,662,383 2.866%, due 7/1/44 1,711

232,747 5.500%, due 4/1/37 262 23,279 2.857%, due 9/1/44 24

24,170 7.000%, due 4/1/37 28 873,766 2.783%, due 10/1/44 896

40,024 6.000%, due 8/1/37 46 94,427 4.500%, due 10/1/44 101

4,124 6.500%, due 11/1/37 5 2,838,482 2.712%, due 12/1/44 2,908

3,759 6.500%, due 12/1/37 4 220,535 2.815%, due 12/1/44 227

1,201 7.000%, due 12/1/37 1 1,824,467 4.500%, due 2/1/45 1,960

10,132 5.500%, due 2/1/38 11 41,719 7.000%, due 3/25/45 49

2,540 6.500%, due 2/1/38 3 2,363,433 2.698%, due 5/1/45 2,415

18,062 6.500%, due 3/1/38 20 263,326 4.500%, due 2/1/46 285

118,056 6.000%, due 5/1/38 135 3,387,915 4.500%, due 2/1/46 3,659

22,149 3.314%, due 6/1/38 23 26,322,769 4.000%, due 3/1/46 27,684

49,536 6.500%, due 10/1/38 56 2,313,074 4.500%, due 4/1/46 2,482

29,376 6.500%, due 4/25/39 30 4,490,000 4.000%, due 7/1/46 4,720

33,672 6.500%, due 8/1/39 38 30,915,000 3.000%, due 8/1/46 30,826

164,462 5.000%, due 9/1/39 180 15,570,000 4.500%, due 8/1/46 16,681

164,518 6.500%, due 10/1/39 188 4,188 6.500%, due 1/1/49 5

95,716 4.106%, due 12/1/39 101 19,061 7.000%, due 3/25/49 22 477,450 5.970%, due 1/1/40 562 3,288,979 4.500%, due 3/1/52 3,542

368,319 5.970%, due 1/1/40 433 198,221 58,385 5.000%, due 8/1/40 65

302,246 7.500%, due 10/25/40 348 Freddie Mac 5.22%21,333 7.500%, due 11/25/40 25 87 6.500%, due 7/1/17 -

360,228 5.100%, due 12/1/40 399 203 6.500%, due 8/1/17 -

3,838 7.500%, due 2/25/41 4 1,113 5.500%, due 11/1/17 1

7,194,893 4.500%, due 5/1/41 7,782 1,624 5.500%, due 1/1/18 2

88,281 7.500%, due 7/25/41 103 1,736 5.500%, due 1/1/18 2

12,942 7.500%, due 7/25/41 15 11 7.000%, due 2/1/18 -

63,828 4.500%, due 8/1/41 69 19 6.00%, due 3/1/18 -

8,601 6.500%, due 8/25/41 10 9 6.00%, due 3/1/18 -

47,939 4.500%, due 9/1/41 52 8 6.500%, due 4/1/18 -

210,759 6.424%, due 9/25/41 230 10,088 4.500%, due 6/15/18 10

94,406 4.500%, due 11/1/41 103 473,113 4.500%, due 8/1/18 484

84,992 4.500%, due 12/1/41 92 703,902 4.500%, due 8/1/18 720

241,278 7.000%, due 12/25/41 283 35 6.000%, due 2/1/19 -

14,199 6.083%, due 6/25/42 16 3,832 5.500%, due 6/1/20 4

14,199 6.517%, due 6/25/42 16 3,384,583 4.500%, due 8/1/20 3,460

769,712 4.500%, due 7/1/42 833 7,167 5.500%, due 10/1/20 7

17,545 7.500%, due 7/25/42 21 2,159 6.500%, due 5/15/21 2

138,934 6.164%, due 10/25/42 160 3,311 7.750%, due 12/25/21 3

2,020,361 1.566%, due 12/25/42 2,016 3,721,697 1.665%, due 2/25/23 3,738

3,276,000 4.500%, due 1/1/43 3,544 2,361,885 1.573%, due 3/25/23 2,368

2,675,000 2.500%, due 8/1/43 2,576 179,206 6.000%, due 1/1/24 195

38,241 1.961%, due 8/1/43 39 167,451 4.000%, due 12/15/24 170

46,777 4.500%, due 9/1/43 50 278,136 1.750%, due 3/15/25 278

58,833 4.500%, due 11/1/43 63



17

Principal Percent of Fair Principal Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's)

Freddie Mac (continued) Freddie Mac (continued)17,567 4.000%, due 4/1/25 18$ 114,168 2.988%, due 1/1/44 117$

444,600 4.000%, due 9/1/25 467 370,106 4.500%, due 1/1/44 396

35,960 4.500%, due 2/1/26 38 32,137 4.500%, due 3/1/44 34

51,379 4.500%, due 6/1/26 55 892,917 4.500%, due 3/15/44 966

219,172 6.000%, due 7/15/26 247 74,401 3.052%, due 5/1/44 76

216,060 4.000%, due 11/1/26 227 882,324 4.500%, due 5/1/44 945

613,273 4.000%, due 5/1/27 644 407,551 3.052%, due 7/1/44 420

1,485,705 4.000%, due 5/1/27 1,559 1,043,551 4.500%, due 7/1/44 1,118

182,168 6.500%, due 8/15/28 202 3,246,190 3.097%, due 8/1/44 3,349

44,993 6.000%, due 3/15/31 51 3,789,804 4.500%, due 8/1/44 4,060

73,359 4.500%, due 6/1/31 79 240,587 2.847%, due 10/1/44 247

146,990 4.000%, due 10/1/31 156 5,499,027 2.930%, due 11/1/44 5,653

6,741 6.500%, due 12/1/31 8 212,934 2.799%, due 12/1/44 218

148,662 7.000%, due 6/1/32 173 3,283,243 2.694%, due 1/1/45 3,349

7,753 7.000%, due 7/1/32 9 122,710 2.747%, due 2/1/45 125

47,484 5.480%, due 7/25/32 52 1,082,383 2.853%, due 2/1/45 1,110

25,213 7.000%, due 10/1/32 29 3,917,255 4.500%, due 2/1/45 4,204

744,355 7.000%, due 11/1/32 853 3,114,378 4.500%, due 11/1/45 3,336

163,881 6.500%, due 12/1/32 189 1,477,249 4.500%, due 11/1/45 1,582

365,510 5.197%, due 7/25/33 401 1,862,956 2.855%, due 12/1/45 1,905 145,622 5.500%, due 9/15/33 163 2,226,000 4.500%, due 3/1/47 2,385

86,479 4.500%, due 12/1/33 94 64,182 32,118 6.000%, due 12/1/33 36

23,977 5.000%, due 4/1/34 26 Ginnie Mae 0.58%238,531 4.000%, due 7/1/34 254 3,704 6.000%, due 3/15/19 4

211,448 5.500%, due 1/1/35 237 3,550 8.350%, due 3/15/19 4

149,404 5.000%, due 2/15/35 163 4,305 8.250%, due 4/15/20 4

538,287 5.500%, due 3/15/35 577 1,202,726 2.140%, due 8/15/23 1,183

407,373 5.500%, due 2/15/36 449 4,947 6.500%, due 5/15/29 6

18,096 6.000%, due 11/1/36 20 2,470 7.000%, due 12/15/29 3

2,806,494 3.500%, due 4/1/37 2,915 4,229,840 2.730%, due 6/15/32 4,110

5,369 5.500%, due 6/1/37 6 1,187,257 6.000%, due 7/20/32 1,343 24,493 5.500%, due 6/15/37 27 466,983 4.820%, due 8/20/42 495

16,811 6.500%, due 8/1/37 19 7,152 48,009 6.500%, due 9/1/37 53

7,493 6.500%, due 9/1/37 8 TOTAL U.S. AGENCY OBLIGATIONS 269,555 11,641 6.500%, due 9/1/37 13 (Cost $270,100)3,202 6.500%, due 1/1/38 4

365,494 3.387%, due 4/1/38 389 U.S Treasury Notes/Bonds 38.58%46,498 6.000%, due 6/1/38 51 12,600,000 0.625%, due 9/30/17 12,586

23,958 6.000%, due 9/1/38 27 7,270,000 0.750%, due 12/31/17 7,255 59,939 6.000%, due 2/1/39 68 11,045,000 0.875%, due 3/31/18 11,013

119,946 6.000%, due 5/1/39 136 11,190,000 0.750%, due 4/15/18 11,144

499,184 4.614%, due 11/1/39 529 10,675,000 0.625%, due 4/30/18 10,618

40,069 4.500%, due 7/1/41 43 8,235,000 1.000%, due 5/15/18 * 8,215 1,313,350 4.500%, due 9/1/41 1,411 1,005,000 0.875%, due 5/31/18 * 1,001

65,408 3.594%, due 10/1/41 68 7,340,000 2.375%, due 6/30/18 7,417

489,820 2.5475, due 1/1/42 512 7,100,000 0.750%, due 9/30/18 7,050

38,046 2.580%, due 8/1/42 39 9,000,000 1.250%, due 11/15/18 8,989

6,469 7.499%, due 8/25/42 8 6,000,000 1.000%, due 11/30/18 * 5,971

839,251 1.658%, due 1/15/43 844 10,225,000 1.375%, due 12/31/18 * 10,229

589,358 7.000%, due 2/25/43 689 8,250,000 1.125%, due 1/31/19 8,220

611,421 1.770%, due 4/1/43 632 12,085,000 0.875%, due 4/15/19 * 11,979

39,151 7.000%, due 7/25/43 47 10,000,000 1.625%, due 6/30/20 * 10,018

114,935 6.500%, due 9/25/43 134 20,160,000 1.375%, due 9/30/20 * 20,010

32,196 4.500%, due 11/1/43 35 11,505,000 1.750%, due 12/31/20 * 11,538

393,983 4.500%, due 12/1/43 422 27,565,000 1.375%, due 1/31/21 * 27,276

499,340 4.500%, due 12/1/43 538 13,555,000 2.125%, due 1/31/21 13,764



18

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's)

U.S. Government Obligations Short-Term Investments 5.78%U.S Treasury Notes/Bonds 71,128,848 Dreyfus Government Cash Management Fund 71,129$

29,995,000 1.250%, due 10/31/21 * 29,299$ (Cost $71,129)8,755,000 2.000%, due 12/31/21 8,818 3,860,000 1.875%, due 2/28/22 3,865 7,550,000 1.875%, due 4/30/22 * 7,549 5,650,000 2.000%, due 11/30/22 5,662 8,250,000 2.125%, due 12/31/22 * 8,316

20,000,000 1.625%, due 10/31/23 * 19,480 Collateral for Securities Loaned 1.36%3,545,000 2.000%, due 2/15/25 3,496 Short-Term Investments-Repurchase Agreements

19,890,000 2.000%, due 11/15/26 19,394 536,675 BNP Parabis, 1.11%, due 7/3/2017 536 30,215,000 2.250%, due 2/15/27 30,075 2,293,710 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 2,291 13,250,000 5.250%, due 11/15/28 17,057 1,004,110 CitiGroup Inc., 1.10%, due 7/3/17 1,004 6,655,000 0.000%, due 2/15/45 2,970 653,252 HSBC Holdings PLC, 1.06%, due 7/3/2017 653

40,280,000 2.500%, due 2/15/45 * 37,591 320,848 Leucadia National Corp, 1.25%, due 7/3/2017 320 13,970,000 3.000%, due 5/15/45 (A) 14,395 3,973,319 Nomura Holdings Inc., 1.13, due 7/3/2017 3,973 4,015,000 0.000%, due 8/15/45 1,765 3,973,319 Royal Bank of Canada, 1.08%, due 7/3/17 3,973 6,120,000 2.875%, due 8/15/45 6,154 3,973,300 State of Wisconsin Investment BO, 1.30%, due 7/3/17 3,973

12,635,000 2.500%, due 2/15/46 11,760 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 16,723 8,310,000 2.500%, due 5/15/46 7,731 (Cost $16,723)

18,670,000 2.250%, due 8/15/46 * 16,437 17,530,000 3.000%, due 2/15/47 * 18,083 TOTAL INVESTMENTS

TOTAL U.S. GOVERNMENT OBLIGATIONS 474,190 (Cost $1,282,749) 105.39% 1,295,389 (Cost $473,117)

Liabilities Less, Other Assets -5.39% (66,280)

NET ASSETS 100.00% 1,229,109$


(A) $1,653,840, principal amount of United States Treasury Bond pledged as margin for open futures contracts at June 30, 2017.

19

CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTSINTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2017

(A) $1,653,840 of US Treasury Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at June 30, 2017:

OPEN FUTURES CONTRACTS:

UnrealizedNumber of Principal Gains (Losses) at

Type Contracts Amount Position Expiration June 30, 20175 Year U.S. Treasury Notes 264 100,000 Long September 2017 (99,418) 10 Year U.S. Treasury Notes 307 100,000 Long September 2017 (6,266) 2 Year U.S. Treasury Note 52 200,000 Long September 2017 (18,678) U.S. Treasury Bond 254 100,000 Short September 2017 (293,688) U.S. Treasury Notes Ultra 10 Year 27 100,000 Long September 2017 (75,753) US Ultra Bond 244 100,000 Short September 2017 (655,446)

(1,149,248)

20


Portfolio Asset Mix (% of Net Assets)Equities 4.99%Number of Stocks 56Top Ten Stocks 2.13%

Fixed Income Securities: Asset Backed Securities 5.48% Collateralized Mortgage Obligation 0.52% Commercial Mortgage Backed Securities 7.35% Corporate Obligations 47.94% Municipals 4.38% Sovereign 0.50% U.S. Agency Obligations 10.10% U.S. Government Obligations 13.69% Short-Term Investments 3.98% Rights 0.00% Short-Term Investments-Repurchase Agreements 0.47%Other Assets, Less Liabilities 0.60%

Top Ten Equity Holdings (% of Net Assets)Alere Inc 0.28%Brocade Communications Systems Inc 0.27%Tribune Media Co 0.23%Swift Transportation Co 0.22%Level 3 Communications Inc 0.20%VCA Inc 0.19%NXP Semiconductors NV 0.19%Akorn Inc 0.19%Care Capital Properties Inc 0.19%Kate Spade & Co 0.18%

Top 5 Sectors (Equity Securities only) (% of Net Assets)Financial Services 1.90%Health Care 0.98%Consumer Discretionary 0.70%Technology 0.46%Utilities 0.41%

CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND

JUNE 30, 2017

CATHOLIC UNITED INVESTMENT TRUSTSCHEDULE OF INVESTMENTSOPPORTUNISTIC BOND FUND

JUNE 30, 2017

21

Shares Fair Principal Fair Common Stocks 4.99% Value (000's) Amount Common Stocks (continued) Value (000's)Consumer Discretionary 0.70% Producer Durables 0.22%

61,800 GP Investments Acquisition Corp 619$ 35,871.00 Swift Transportation Co 951$ 42,150 Kate Spade & Co 779

1,174 Lennar Corp 53 Technology 0.46%

6,798 Lions Gate Entertainment Corp 179 94,860.00 Brocade Communications Systems Inc 1,196 12,950 Nord Anglia Education Inc 422 7,580.00 NXP Semiconductors NV 830 24,290 Tribune Media Co 990 2,026

3,042 Utilities 0.41%

Consumer Staples 0.07% 38,174.00 FairPoint Communications Inc 597 102,056 Rite Aid Corp 301 14,420.00 Level 3 Communications Inc 855

2,000.00 Straight Path Communications Inc 359

Energy 0.26% 1,811 35,284 Alon USA Energy Inc 470

302 Easterly Acquisition Corp 3 TOTAL COMMON STOCK 21,813 21,884 Easterly Acquisition Corp 220 (Cost $21,874)55,000 EnerNOC Inc 426

1,119 Asset Backed Securities 5.48%

Financial Services 1.90% 735,000 Cabela's Credit Card Master Note Trust, 1.608%, due 7/15/22 737 3,500 Boulevard Acquisition Corp II 36 550,000 Cabela's Credit Card Master Note Trust, 1.808%, due 8/16/21 553

23,826 Boulevard Acquisition Corp II 239 2,000,000 CarMax Auto Owner Trust 2013-3, 2.150%, due 5/15/19 2,002 30,340 Care Capital Properties Inc 810 1,650,000 CarMax Auto Owner Trust 2016-1, 2.220%, due 8/16/19 1,654

1,799 CF Corp 20 470,000 Chase Issuance Trust, 1.578%, due 7/15/20 471 73,970 Constellation Alpha Capital Corp 751 1,100,439 CLI Funding V LLC, 3.380%, due 10/18/29 1,099 12,442 FinTech Acquisition Corp II 129 1,225,000 CNH Equipment Trust 2016-B, 2.200%, due 10/15/23 1,220 34,668 FinTech Acquisition Corp II 340 77,580 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 78 10,119 Forestar Group Inc 174 936,120 Cronos Containers Program I Ltd, 3.270%, due 11/18/29 935 14,123 Gores Holdings II Inc 147 610,938 DB Master Finance LLC 2015-1, 3.262%, due 2/20/45 615 24,061 Gores Holdings II Inc 241 1,199,813 Domino's Pizza Master Issuer LLC, 4.474%, due 10/25/45 1,238 35,079 GTY Technology Holdings Inc 355 1,320,587 Domino's Pizza Master Issuer LLC, 5.216%, due 1/25/42 1,321

3,195 GTY Technology Holdings Inc 34 900,000 Element Rail Leasing II LLC, 3.585%, due 2/19/45 893

4,383 Harmony Merger Corp 45 1,250,000 Enterprise Fleet Financing LLC, 1.970%, due 1/20/23 1,250 27,000 Hennessy Capital Acquisition Corp III 271 825,000 Flagship Credit Auto Trust 2014-2, 2.840%, due 11/16/20 830

9,099 Kayne Anderson Acquisition Corp 89 94,850 GMACM Home Equity Loan Trust 2003-HE1, 1.716%, due 4/25/33 90 45,489 Kayne Anderson Acquisition Corp 455 33,106 Home Equity Loan Trust 2003-HS3, 1.496%, due 8/25/33 33 29,500 KCG Holdings Inc 588 77,006 Home Equity Loan Trust 2006-HSA2, 5.550%, due 3/25/36 43 30,687 Landcadia Holdings Inc 311 7,946 Nissan Auto Receivables 2014-A Owner Trust, 0.720%, due 8/15/18 8 14,900 M III Acquisition Corp 153 266,121 NYCTL 2015-A Trust, 1.340%, due 11/10/28 265 23,900 M III Acquisition Corp - CW21 234 1,400,000 PFS Financing Corp, 1.738%, due 3/15/21 1,403 40,235 Matlin and Partners Acquisition Corp 404 417,334 SMART ABS Series 2015-1US Trust, 1.500%, due 9/14/18 417 10,843 Matlin and Partners Acquisition Corp Class A 105 689,788 Taco Bell Funding LLC, 3.832%, due 5/25/46 705 31,250 Modern Media Acquisition Corp 321 548,313 Tax Ease Funding 2016-1 LLC, 3.131%, due 6/15/28 548

7,570 Quinpario Acquisition Corp 2 75 613,865 Textainer Marine Containers V Ltd, 3.720%, due 5/20/42 619 18,453 Saban Capital Acquisition Corp 185 511,358 United States Small Business Administration, 2.080%, due 4/1/33 498

5,472 Silver Run Acquisition Corp II 56 1,300,000 Verizon Owner Trust 2016-2, 2.150%, due 5/20/21 1,300 30,167 Silver Run Acquisition Corp II 324 591,979 Volvo Financial Equipment LLC, 1.510%, due 6/17/19 592 46,364 TPG Pace Energy Holdings Corp 484 1,465,000 Wells Fargo Dealer Floorplan Master Note Trust, 1.592%, due 7/20/19 1,465 35,870 TPG Pace Holdings Corp 368 1,056,576 Westlake Automobile Receivables Trust 2016-2, 1.570%, due 6/17/19 1,057 54,042 Vantage Energy Acquisition Corp 547 TOTAL ASSET BACKED SECURITIES 23,939

8,291 (Cost $23,936)Health Care 0.98%

24,615 Akorn Inc 826 Collateralized Mortgage Obligation 0.52%18,770 Albany Molecular Research Inc 407 158,193 Adjustable Rate Mortgage Trust 2005-3, 1.456% , due 7/25/35 157 24,535 Alere Inc 1,231 474,107 FDIC Guaranteed Notes Trust 2010-S1, 3.250%, due 4/25/38 477 40,744 Avista Healthcare Public Acquisition Corp 401 113,030 Impac Secured Assets Trust 2006-2, 1.566%, due 8/25/36 110

6,714 Novadaq Technologies Inc 79 254,233 JP Morgan Tax-Emept Pass-Through Tr Series 2012-4,3.500%, due 7/27/38 254 3,500 PAREXEL International Corp 304 825,268 La Hipotecaria Panamanian Mortgage Trust 2014-1,3.008%, due 11/24/42 831 3,913 Patheon NV 136 329,752 NCUA Guaranteed Notes Trust 2010-R1, 1.534%, due 10/7/20 330 1,389 Spectranetics Corp 53 125,271 NCUA Guaranteed Notes Trust 2011-R4, 1.464%, due 3/6/20 125

9,050 VCA Inc 835 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 2,284 4,272 (Cost $2,323)


JUNE 30, 2017

22

Principal Principal Commercial Mortgage Backed Securities Fair Amount Value (000's) Amount Value (000's)

Commercial Mortgage Backed Securities 7.35% Consumer Discretionary (continued)1,750,000 BAMLL Comm Mortgage Sec Tr 2014-ICTS, 2.089%, due 6/15/28 1,738$ 1,064,000 LIN Television Corp., 5.875%, due 11/15/22 1,115$

285,665 Bear Stearns Comm Mrtg Sec Tr 2007-PWR18, 5.602%, due 6/11/50 288 900,000 Macy's Retail Holdings Inc, 7.450%, due 7/15/17 901 1,525,000 BHMS 2014-ATLS Mortgage Trust, 2.491%, due 7/5/33 1,525 1,250,000 Macy's Retail Holdings Inc, 8.500%, due 6/1/19 1,338 1,000,000 CFCRE 2015-RUM Mortgage Trust, 3.908%, due 7/15/30 987 1,090,000 McDonald's Corp., 2.7500%, due 12/9/20 1,110 1,105,000 CFCRE Commercial Mortgage Trust 2011-C2, 3.834%, due 12/15/47 1,159 760,000 NCL Corp Ltd, 4.625%, due 11/15/20 780 1,250,000 CGDB Commercial Mortgage Trust 2017-BIO, 0.000%, due 5/15/30 1,252 845,000 Nissan Motor Acceptance Corp., 1.500%, due 9/13/19 835 1,313,000 Chicago Skyscraper Trust 2017 SKY, 1.958%, due 4/15/30 1,315 960,000 Time Warner Cable LLC, 8.750%, due 2/14/19 1,056

83,223 Citigroup Commercial Mortgage Trust 2014-GC19, 1.199%, due 3/10/47 83 4,150,000 Toyota Motor Credit Corp., 1.429%, due 12/24/18 4,149 527,672 Citigroup Commercial Mortgage Trust 2016-C1, 1.506%, due 5/10/49 522 510,000 Toyota Motor Credit Corp., 1.950%, due 4/17/20 510

1,950,000 Cold Storage Trust 2017-ICE3, 2.408%, due 4/15/24 1,953 750,000 Toyota Motor Credit Corp., 2.249%, due 3/20/24 749

320,889 COMM 2013-CCRE6 Mortgage Trust, 2.122%, due 3/10/46 321 36,455 123,757 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46 123 130,115 COMM 2013-LC13 Mortgage Trust, 1.309%, due 8/10/46 130 Consumer Staples 1.67%169,210 COMM 2014-CCRE15 Mortgage Trust, 1.218%, due 2/10/47 169 1,390,000 Danone SA, 1.691%, due 10/30/19 1,379 159,970 COMM 2014-CCRE16 Mortgage Trust, 1.445%, due 4/10/47 160 1,270,000 Kraft Heinz Foods Co., 2.800%, due 7/2/20 1,289

1,627,011 COMM 2016-COR1 Mortgage Trust, 1.516%, due 10/10/49 1,610 1,000,000 Kraft Heinz Foods Co., 4.875%, due 2/15/25 1,072 30,555 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 31 825,000 Pinnacle Foods Finance LLC, 4.875%, due 5/1/21 842

1,235,000 DBCG 2017-BBG Mortgage Trust, 1.800%, due 6/15/34 1,236 650,000 Smithfield Foods Inc., 2.700%, due 1/31/20 653 352,290 DBJPM 16-C1 Mortgage Trust, 1.676%, due 5/10/49 350 231,290 Smith's Food & Drug Centers In Trust, 9.199%, due 7/2/18 242 254,706 FDIC Guaranteed Notes Trust 2010-C1, 2.980%, due 12/6/20 256 1,430,000 Sysco Corp., 2.600%, due 10/1/20 1,448

1,540,000 FREMF 2010-K7 Mortgage Trust, 5.685%, due 4/25/20 1,663 375,000 Tyson Foods Inc., 2.650%, due 8/15/19 380

317,131 GS Mortgage Securities Trust 2014-GC22, 1.290%, due 6/10/47 316 7,305 1,460,000 GSCCRE Comm Mortgage Trust 2015-HULA, 3.877%, due 8/15/32 1,465 1,825,000 JP Morgan Chase Comm Mrtg Sec Tr 2014-CBM, 2.058%, due 10/15/29 1,825 Energy 1.41%1,383,546 JPMBB Commercial Mortgage Sec Trust 2015-C30, 1.738%, due 7/15/48 1,383 650,000 BP Capital Markets PLC, 4.500%, due 10/1/20 698 1,231,058 JPMBB Commercial Mortgage Sec Trust 2016-C1, 1.694%, due 3/15/49 1,227 1,950,000 ConocoPhillips Co., 4.200%, due 3/15/21 * 2,067

605,171 LB-UBS Commercial Mortgage Trust 2006-C6, 5.451%, due 9/15/39 527 350,000 Kinder Morgan Inc/DE, 7.000%, due 2/1/18 360 801,995 Morgan Stanley Bank of America Merrill Lynch, 1.591%, due 10/15/48 792 1,000,000 Range Resources Corp., 5.000%, due 8/15/22 983

45,638 Morgan Stanley Capital I Trust 2003-IQ4, 5.500%, due 5/15/40 46 1,000,000 Schlumberger Holdings Corp., 2.350%, due 12/21/18 1,006 1,100,000 Morgan Stanley Capital I Trust 2014-MP, 3.693%, due 8/11/29 1,143 1,000,000 Tesoro Corp., 5.375%, due 10/1/22 1,035

1,685,000 Motel 6 Trust 2015-MTL, 3.298%, due 2/5/30 1,683 6,149 300,000 UBS-Barclays Commercial Mortgage Trust 2013-C6, 2.066%, due 4/10/46 300

1,893,117 Wells Fargo Commercial Mortgage Trust 2015-C26, 1.454%, due 2/15/48 1,885 Financial Services 23.97%839,437 Wells Fargo Commercial Mortgage Trust 2015-C31, 1.679%, due 11/15/48 837 664,417 AA Aircraft Financing 2013-1 LLC, 3.596% , due 11/1/19 661

1,256,381 Wells Fargo Commercial Mortgage Trust 2016-C32, 1.577%, due 1/15/59 1,250 729,265 Ahold Lease Series 2001-A-2 Pass Through Trust, 8.619%, due 1/2/25 892 2,273 WFRBS Commercial Mortgage Trust 2013-C14, 0.836%, due 6/15/46 2 2,350,000 AIG Global Funding, 1.900%, due 10/6/21 2,294

545,000 WFRBS Commercial Mortgage Trust 2013-UBS1, 2.927%, 3/15/46 552 450,000 Air Lease Corp., 3.375%, due 6/1/21 462

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 32,104 1,480,000 Air Lease Corp., 3.875%, due 4/1/21 * 1,544 (Cost $32,277) 995,000 Ally Financial Inc., 3.750%, due 11/18/19 1,017

2,060,000 American Express Credit Corp., 1.875%, due 5/3/19 2,060 Corporate Obligations 47.94% 1,070,000 American Express Credit Corp., 2.125%, due 3/18/19 1,075 Consumer Discretionary 8.35% 790,000 American Express Credit Corp., 2.600%, due 9/14/20 802

1,595,000 21st Century Fox America Inc., 4.500%, due 2/15/21 1,709 500,000 American International Group Inc., 3.300%, due 3/1/21 514 2,105,000 American Honda Finance Corp., 1.700%, due 9/9/21 2,062 475,000 American International Group Inc., 6.400%, due 12/15/20 538 1,640,000 Anheuser-Busch InBev Finance Inc, 2.650%, due 2/1/21 1,662 1,000,000 Banco Bilbao Vizcaya Argentaria SA, 8.999%, due 8/9/2165 1,047 1,000,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, due 5/1/23 1,050 2,200,000 Bank of America Corp., 2.153%, due 4/24/23 2,208 1,140,000 CVS Health Corp., 2.800%, due 7/20/20 1,161 740,000 Bank of America Corp., 2.625%, due 10/19/20 747

844,437 CVS Pass-Through Trust, 6.036%, due 12/10/28 953 990,000 Bank of America Corp., 5.625%, due 7/1/20 1,084 1,050,000 Daimler Finance North America LLC, 1.500%, due 7/5/19 1,040 800,000 Bank of America Corp., 6.499%, due 4/23/2165 890

350,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 348 875,000 Bank One Corp., 8.530%, due 3/1/19 963 2,000,000 Daimler Finance North America LLC, 2.200%, due 5/5/20 2,000 1,000,000 Barclays PLC, 8.250%, due 3/15/2166 1,060 1,000,000 Downstream Development Auth of the Quapaw, 10.500%, due 7/1/19 973 1,020,000 BB&T Corp., 2.250%, due 2/1/19 1,026 2,360,000 Ford Motor Credit Co LLC, 1.897%, due 8/12/19 2,342 815,000 Branch Banking & Trust Co., 2.625%, due 1/15/22 824

614,000 Ford Motor Credit Co LLC, 2.021%, due 5/3/19 613 1,235,000 Caisse Centrale Desjardins, 1.550%, due 9/12/17 1,235 500,000 Ford Motor Credit Co LLC, 2.459%, due 3/27/20 500 500,000 Cantor Fitzgerald LP, 6.500%, due 6/17/22 560

1,510,000 Ford Motor Credit Co LLC, 2.681%, due 1/9/20 1,520 445,000 Cantor Fitzgerald LP, 7.875%, due 10/15/19 490 755,000 Ford Motor Credit Co LLC, 3.200%, due 3/15/21 766 3,600,000 Capital One Financial Corp., 2.500%, due 5/12/20 3,616 580,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21 647 1,060,000 Capital One NA/Mclean VA, 1.850%, due 9/13/19 1,051

3,115,000 General Motors Financial Co Inc., 2.400%, due 5/9/19 3,123 1,165,000 Capital One NA/Mclean VA, 2.350%, due 8/17/18 1,170 1,375,000 HD Supply Inc., 5.250%, due 12/12/21 1,443 510,000 Capital One NA/Mclean VA, 2.350%, due 1/31/20 510


JUNE 30, 2017

23


Financial Services (continued) Health Care 1.42%2,185,000 Citigroup Inc., 2.450%, due 1/10/20 2,198$ 1,350,000 Abbott Laboratories, 2.900%, due 11/30/21 1,365$ 2,895,000 Citigroup Inc., 2.750%, due 4/25/22 2,890 1,850,000 Amgen Inc. , 4.100%, due 6/15/21 1,962 1,000,000 Citigroup Inc., 8.500%, due 5/22/19 1,117 12,440 Avista Healthcare Public Acquisition Corp., 0.000%, due 12/2/21 6 1,100,000 Citizens Financial Group Inc., 5.158%, due 6/29/23 1,133 2,182,000 Gilead Sciences Inc., 2.550%, due 9/1/20 2,213

300,000 Cloverie PLC for Zurich Insurance Co. Ltd, 8.250%, due 4/18/2165 308 615,000 Providence Health & Services Obligated Group, 6.250%, due 10/1/19 660

1,000,000 Cloverie PLC for Zurich Insurance Co. Ltd, 8.250%, due 4/18/2166 1,028 6,206 1,121,000 Cooperatieve Rabobank UA, 10.999%, due 12/31/2165 1,302 2,190,000 Credit Suisse AG/ NY, 4.375%, due 8/5/20 2,324 Materials & Processing 2.82%1,500,000 Depository Trust & Clearing Corp., 4.874%, due 12/15/2165 1,562 495,000 Caterpillar Financial Services Corp., 2.100%, due 1/10/20 498 1,000,000 Equifax Inc., 6.300%, due 7/1/17 1,000 1,370,000 Caterpillar Financial Services Corp., 2.250%, due 12/1/19 1,384 3,015,000 ERAC USA Finance LLC, 2.600%, due 12/1/21 3,003 1,330,000 Dow Chemical Co., 4.125%, due 11/15/21 1,413

925,000 GEO Group Inc., 5.125%, due 4/1/23 930 600,000 Dow Chemical Co., 7.375%, due 3/1/23 716 1,400,000 Goldman Sachs Group Inc., 2.300%, due 12/13/19 1,404 575,000 Dow Chemical Co., 8.550%, due 5/15/19 644 1,935,000 Goldman Sachs Group Inc., 2.600%, due 12/27/20 1,945 1,050,000 IDEX Corp., 4.500%, due 12/15/20 1,111

5,908 Gores Holdings II Inc., 0.000%, due 3/6/22 9 1,000,000 Lennar Corp., 4.125%, due 1/15/22 1,034 16,235 GP Investments Acquisition Corp ., 0.000%, due 5/26/22 12 1,000,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,085

6,543 GTY Technology Holdings Inc., 0.000%, due 11/14/21 12 1,250,000 SBA Tower Trust, 3.168%, due 4/15/47 1,255 1,100,000 Guardian Life Global Funding, 2.500%, due 5/8/22 1,098 1,335,000 Sherwin-Williams Co., 2.250%, due 5/15/20 1,338 1,000,000 HSBC Finance Corp., 6.676%, due 1/15/21 1,127 900,000 USG Corp., 5.500%, due 3/1/25 956 1,840,000 ING Bank NV, 1.650%, due 8/15/19 1,822 805,000 Worthington Industries Inc., 6.500%, due 4/15/20 884

1,000,000 International Lease Finance Corp., 3.875%, due 4/15/18 1,015 12,318 925,000 iStar Inc., 4.000%, due 11/1/17 925

2,735,000 Jackson National Life Global Funding, 2.100%, due 10/25/21 2,682 Producer Durables 1.78%3,620,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 3,638 551,853 American Airlines 2013-2 Class A Trust, 4.950%, due 1/15/23 588

920,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 935 950,000 Avery Dennison Corp., 6.625%, due 10/1/17 962 920,000 JPMorgan Chase & Co., 4.500%, due 1/24/22 996 33,267 Burlington Northern and Santa Fe Trust, 4.967%, due 4/1/23 35

1,000,000 KBC Bank NV, 8.000%, due 1/25/23 1,030 206,778 Federal Express Corp 1996 Pass Through Trust, 7.840%, due 1/30/18 213 635,000 Liberty Mutual Group Inc. , 4.950%, due 5/1/22 696 600,000 Norfolk Southern Corp., 3.250%, due 12/1/21 620 620,000 Lloyds Bank PLC, 12.000%, due 6/16/2165 842 1,430,000 Rockwell Collins Inc., 2.800%, due 3/15/22 1,443

18,000 M III Acquisition Corp., 0.000%, due 8/29/21 8 1,000,000 Silgan Holdings Inc., 5.500%, due 2/1/22 1,028 1,350,000 Manufacturers & Traders Trust Co., 1.841%, due 12/1/21 1,331 1,000,000 Tyco International Finance SA, 3.750%, due 1/15/18 1,008 1,000,000 Manulife Financial Corp., 4.900%, due 9/17/20 1,075 1,064,281 Union Pacific Railroad Co. 2005 Pass Through Trust, 5.082%, due 1/2/29 1,158

990,000 MassMutual Global Funding II, 1.550%, due 10/11/19 979 644,060 Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, due 7/2/30 734

510,000 MassMutual Global Funding II, 2.450%, due 11/23/20 514 7,789 350,000 Mellon Capital IV, 3.999%, due 12/20/2165 313 845,000 MetLife Inc., 4.750%, due 2/8/21 919 Technology 1.21%530,000 Metropolitan Life Global Funding I, 1.550%, due 9/13/19 525 725,000 Activision Blizzard Inc., 2.300%, due 9/15/21 720 695,000 Metropolitan Life Global Funding I, 3.000%, due 1/10/23 707 1,275,000 Alibaba Group Holding Ltd,2.500%, due 11/28/19 1,285

1,180,000 Morgan Stanley, 2.800%, due 6/16/20 1,197 1,100,000 Broadridge Financial Solutions Inc., 3.950%, due 9/1/20 1,152 1,195,000 Morgan Stanley, 6.250%, due 8/28/17 1,203 905,000 Dell International LLC / EMC Corp., 5.450%, due 6/15/23 982

890,000 Nationwide Financial Services Inc., 5.375%, due 3/25,21 976 1,150,000 Xilinx Inc., 2.125%, due 3/15/19 1,155

1,060,000 New York Life Global Funding, 1.700%, due 9/14/21 1,033 5,294 1,617,641 Pershing Road Development Co LLC, 1.601%, due 9/1/26 1,456

930,000 Pricoa Global Funding I, 2.550%, due 11/24/20 936 Utilities 5.29%1,000,000 Principal Life Global Funding II, 2.150%, due 1/10/20 1,001 915,000 Alabama Power Co., 2.450%, due 3/30/22 918 1,110,000 Principal Life Global Funding II, 2.200%, due 4/8/20 1,107 2,000,000 AT&T Inc., 0.000%, due 11/27/22 1,684 2,120,000 Protective Life Global Funding, 1.555%, due 9/13/19 2,089 1,735,000 AT&T Inc., 2.450 %, due 6/30/20 1,744

880,000 Prudential Financial Inc., 8.874%, due 6/15/68 935 2,355,000 AT&T Inc., 3.200%, due 3/1/22 2,384 2,374 Saban Capital Acquisition Corp., 0.000%, due 9/21/21 3 2,240,000 Commonwealth Edison Co., 3.400%, due 9/1/21 2,331

427,410 Salton Sea Funding Corp., 7.475%, due 11/30/18 423 1,030,000 Deutsche Telekom International Finance BV, 2.225%, due 1/17/20 1,032 900,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 1,022 318,203 Great River Energy, 5.829%, due 7/1/17 318 647,214 Small Business Administration Pools, 1.379%, due 5/25/31 641 1,000,000 Level 3 Financing Inc., 5.375%, due 5/1/25 1,053 260,292 Small Business Administration Pools, 1.500%, due 4/25/28 260 610,000 NextEra Energy Capital Holdings Inc., 2.700%, due 9/15/19 618

1,000,000 Societe Generale SA, 8.250%, due 11/29/2165 1,062 1,150,000 Oncor Electric Delivery Co. LLC, 5.000%, due 9/30/17 1,159 760,846 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 946 2,035,000 PSEG Power LLC, 3.000%, due 6/15/21 2,066 635,000 State Street Corp., 1.741%, due 5/15/28 593 1,135,000 Southern Co., 2.750%, due 6/15/20 1,148 850,000 State Street Corp., 4.956%, due 3/15/18 869 885,000 Sprint Corp., 7.125%, due 6/15/24 * 985

1,000,000 Synovus Financial Corp., 7.875%, due 2/15/19 1,085 1,525,000 Sprint Spectrum Co LLC, 3.360%, due 9/20/21 1,538 905,000 Torchmark Corp., 9.250%, due 6/15/19 1,026 1,015,000 Verizon Communications Inc., 3.125%, due 3/16/22 1,030 816,667 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 813 2,905,000 Verizon Communications Inc., 4.500%, due 9/15/20 3,103

1,000,000 United Rentals North America Inc., 5.500%, due 7/15/25 1,048 23,111 350,000 USB Capital IX, 3.499%, due 10/15/2165 311

1,365,000 Wells Fargo & Co., 2.100%, due 7/26/21 1,347 TOTAL CORPORATE OBLIGATIONS 209,3073,450,000 Wells Fargo & Co., 2.600%, due 7/22/20 3,499 (Cost $208,647)

800,000 Wells Fargo & Co., 5.900%, due 12/15/2165 857 1,250,000 Wells Fargo Bank NA, 1.750%, due 5/24/19 1,248

104,680


JUNE 30, 2017

24

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's)

Municipals 4.38% Fannie Mae (continued)820,000 Amarillo Economic Development Corp, 5.143%, due 8/15/19 839$ 765,653 2.400%, due 10/1/22 777$

1,090,000 Atlanta Downtown Development Authority, 6.875%, due 2/1/21 1,199 148,147 6.000%, due 10/1/22 158 640,000 Chicago Board of Education, 0.000%, due 12/1/19 590 72,718 5.000%, due 2/1/23 75

1,000,000 City of Chicago Heights IL, 4.750%, due 1/15/20 1,038 884,853 1.468%, due 2/25/23 878 1,350,000 City of Miami FL, 6.750%, due 12/1/18 1,408 1,655,000 2.262%, due 2/25/23 1,655 1,000,000 Commonwealth of Puerto Rico, 5.500%, due 7/1/20 1,071 2,960,486 2.500%, due 5/1/23 2,995

750,000 County of Clermont OH Sewer System Revenue, 4.000%, due 8/1/20 772 277,099 2.324%, due 7/25/23 278 305,000 County of Wayne MI, 4.250%, due 12/1/18 308 40,436 1.866%, due 9/25/23 40

1,175,000 Industry Public Facilities Authority, 3.139%, due 1/1/20 1,189 1,052,442 1.557%, due 10/25/23 1,037 600,000 Kansas Development Finance Authority, 1.877%, due 4/15/18 601 3,613,185 1.998%, due 10/25/23 3,526

1,400,000 Met Gov Nashvlle & Davidson Cnty Hlth & Ed Facs Bd, 3.575%, due 7/1/46 1,476 180,792 3.240%, due 12/10/23 180 1,000,000 Metropolitan Transportation Authority, 7.134%, due 11/15/30 1,150 512,819 2.000%, due 5/25/25 513

750,000 Miami Beach Redevelopment Agency, 2.796%, due 2/1/19 753 81,142 3.000%, due 12/25/25 82 1,500,000 New Jersey Economic Development Authority, 5.500% , due 9/1/23 1,693 210,909 2.500%, due 9/25/26 212 1,250,000 North Texas Tollway Authority, 8.910%, due 2/1/30 1,432 2,223,844 2.569%, due 12/25/26 2,234

400,000 Philadelphia Authority for Industrial Development, 0.000%, due 4/15/18 394 845,892 1.500%, due 5/25/29 824 1,130,000 State of California, 7.700%, due 11/1/30 1,324 186,513 4.000%, due 3/1/31 198

550,000 Tulsa Public Facilities Authority, 6.600%, due 11/15/29 559 285,592 4.500%, due 5/1/31 307 1,330,000 Vermont Educational & Health Buildings Agency, 3.221%, due 10/15/20 1,333 1,503,051 4.000%, due 2/1/45 1,585

TOTAL MUNICIPALS 19,129 27,306 (Cost $18,934)

Ginnie Mae 0.70%Sovereign 0.50% 938,126 2.140%, due 8/15/23 923

1,900,000 United States Department of Transportation, 6.000%, due 12/7/21 2,166 749,033 2.000%, due 3/16/26 747 506,078 0.514%, due 5/16/35 496

TOTAL SOVEREIGN 2,166 31,472 3.000%, due 7/20/36 32

(Cost $2,185) 92,431 1.771%, due 11/16/38 92 102,095 3.250%, due 3/20/39 104

U.S. Agency Obligations 10.10% 378,768 1.614%, due 7/16/39 373 Freddie Mac 3.14% 291,623 3.619%, due 9/16/41 293

574,808 1.000%, due 8/15/18 572 3,060 616,000 7.490%, due 6/15/19 679

7,110,376 1.780%, due 7/25/19 7,114 TOTAL U.S. AGENCY OBLIGATIONS 44,089 125,198 2.000%, due 10/15/19 126 (Cost $44,363)720,673 1.680%, due 10/25/19 721

84,291 2.000%, due 5/15/20 84 U.S. Government Obligations 13.69%119,405 4.000%, due 9/1/20 124 U.S. Treasury Notes/Bonds 13.69%

86,264 6.000%, due 3/1/23 92 5,275,000 1.000% ,due 12/3/17 5,271 353,894 2.000%, due 5/15/23 354 2,000,000 0.875%, due 1/15/18 1,997 786,916 3.000%, due 7/1/24 810 3,000,000 2.375%, due 5/31/18 3,029

39,836 4.000%, due 12/15/24 40 2,000,000 1.500%, due 10/31/19 * 2,003 200,711 4.500%, due 4/1/25 213 12,500,000 2.625%, due 8/15/20 12,892 245,923 4.500%, due 9/1/26 260 11,750,000 1.250%, due 3/31/21 11,555

53,662 2.250%, due 11/15/28 54 22,585,000 2.250%, due 3/31/21 * 23,034

1,237,953 3.000%, due 8/1/29 1,273 TOTAL U.S. GOVERNMENT OBLIGATIONS 59,781 638,053 1.750%, due 11/15/29 634 (Cost $60,056)562,879 3.139%, due 6/15/50 573

13,723 Rights 0.00%

Fannie Mae 6.25% 39,120 Media General CVR 1260,340 1.266%, due 12/25/17 60 Originally Acquired: 1/18/17

1,264,857 3.860%, due 3/1/18 1,271 (Cost $0)410,670 1.600%, due 5/25/18 410 458,889 1.824%, due 6/25/18 459 801,115 1.700%, due 8/25/18 802

40,020 0.848%, due 1/25/19 40 214,343 1.520%, due 12/25/19 214 344,074 1.374%, due 2/25/21 342 Short-Term Investments 3.98%414,729 1.750%, due 4/25/21 414 17,370,776 Dreyfus Government Cash Management Fund 17,371 483,941 1.750%, due 6/25/21 484 (Cost $17,371)

2,000,000 1.250%, due 8/17/21 1,955 263,237 1.750%, due 1/25/22 263

1,200,618 1.918%, due 1/25/22 1,194 267,818 1.824%, due 2/25/22 268

1,566,320 2.369%, due 7/25/22 1,576


JUNE 30, 2017

25

Shares Fair Shares Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's)

Collateral for Securities Loaned 0.47% TOTAL INVESTMENTS 434,044$ Short-Term Investments-Repurchase Agreements (Cost $434,015) 99.40%

44,225 BNP Parabis, 1.11%, due 7/3/2017 44$ 926,617 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 926 Other Assets, Less Liabilities 0.60% 2,602

53,832 HSBC Holdings PLC, 1.06%, due 7/3/2017 53 26,440 Leucadia National Corp, 1.25%, due 7/3/2017 26 NET ASSETS 100.00% 436,646$

1,000,000 State of Wisconsin Investment BO, 1.30%, due 7/3/17 1,000


Common Stocks- ShortConsumer Discretionary 0.10%

1,174 Lennar Corp (63) 6,798 Lions Gate Entertainment Corp (192) 5,586 Sinclair Broadcast Group Inc (184)

(439)

Energy 0.11%17,780 Delek US Energy Inc (470)

Financial Services34,071 Sabra Health Care REIT Inc (821)

Producer Durables 0.22%25,829 Knight Transportation Inc (957)

Utilities 0.25%20,598 CenturyLink Inc (492) 27,866 Consolidated Communications Holdings Inc (598)

(1,090)

TOTAL SECURITIES SOLD SHORT (3,777)

* All or a portion of this security is on loan. The market value of loaned securities is $30,159,753

26



Equities 62.95%Number of Stocks 473 Top Ten Stocks 16.33%

Fixed Income Securities: Asset Backed Securities 1.33% Commercial Mortgage Backed Securities 0.13% Corporate Obligations 12.10% Municipals 0.39% Sovereign 0.30% U.S. Agency Obligations 8.90% U.S. Government Obligations 13.01% Rights 0.00% Short-Term Investments 2.63% Short-Term Investments-Repurchase Agreements 1.41%Less Liabilities, Other Assets -3.15%

Top 10 Equity Holdings (% of Net Assets)Bank of America Corp. 2.03%Wells Fargo & Co. 1.91%Microsoft Corp. 1.79%Charles Schwab Corp. 1.77%Capital One Financial Corp. 1.58%UnitedHealth Group Inc. 1.54%Charter Communications Inc. Class A 1.46%Comcast Corp. Class A 1.43%JPMorgan Chase & Co. 1.41%Time Warner Inc. 1.41%

Top 5 Sectors (Equity Securities only) (% of Net Assets)Financial Services 17.50%Technology 12.27%Consumer Discretionary 11.54%Health Care 6.88%Energy 4.88%

JUNE 30, 2017


BALANCED FUND


BALANCED FUND JUNE 30, 2017

27

Shares Fair Shares Fair Common Stocks 62.95% Value (000's) Common Stocks (continued) Value (000's)Consumer Discretionary 11.54% Consumer Discretionary (continued)

174 Advance Auto Parts Inc. 20$ 685 PulteGroup Inc. 17$ 1,000 Amazon.com Inc. 968 189 PVH Corp. 22

200 AutoNation Inc. * 8 133 Ralph Lauren Corp. 10 68 AutoZone Inc. 39 900 Ross Stores Inc. 52

300 Bed Bath & Beyond Inc. 9 400 Royal Caribbean Cruises Ltd 44 625 Best Buy Co Inc. 36 200 Scripps Networks Interactive Inc. 14 500 BorgWarner Inc. 21 117 Signet Jewelers Ltd * 7 400 CarMax Inc. * 25 1,550 Staples Inc. 16

1,000 Carnival Corp. 66 3,700 Starbucks Corp. 216 900 CBS Corp. 57 17,800 Target Corp. 931

9,522 Charter Communications Inc. Class A 3,207 300 Tiffany & Co. * 28 68 Chipotle Mexican Grill Inc. 28 30,866 Time Warner Inc. 3,099

17,642 Coach Inc. 835 1,600 TJX Cos Inc. 115 80,910 Comcast Corp. Class A 3,149 300 Tractor Supply Co. 16

1,288 Costco Wholesale Corp. 206 303 TripAdvisor Inc. 12 2,300 Coty Inc. 43 66,200 Twenty-First Century Fox Inc. Class A 1,876

300 Darden Restaurants Inc. 27 18,700 Twenty-First Century Fox Inc. Class B 521 600 Delphi Automotive PLC 53 138 Ulta Beauty Inc. 40 400 Discovery Communications Inc. Class A * 10 400 Under Armour Inc. Class A * 9 500 Discovery Communications Inc. Class C * 13 402 Under Armour Inc. Class C * 8

16,500 DISH Network Corp. 1,036 796 VF Corp. 46 600 Dollar General Corp. 43 800 Viacom Inc. 27 592 Dollar Tree Inc. 41 29,990 Wal-Mart Stores Inc. 2,270 800 DR Horton Inc. 28 3,748 Walt Disney Co. 398

2,420 eBay Inc. 85 177 Whirlpool Corp. 34 285 Expedia Inc. 42 250 Wyndham Worldwide Corp. 25 300 Foot Locker Inc. 15 187 Wynn Resorts Ltd 25

9,200 Ford Motor Co. 103 780 Yum! Brands Inc. 58

500 Fortune Brands Home & Security Inc. 33 25,418 500 Gap Inc. * 11 300 Garmin Ltd 15 Consumer Staples 1.80%

3,300 General Motors Co. 115 1,700 Archer-Daniels-Midland Co. 70 323 Genuine Parts Co. 30 884 Brown-Forman Corp. 43 600 Goodyear Tire & Rubber Co. 21 1,000 Campbell Soup Co. 52 500 H&R Block Inc. 15 953 Clorox Co. 127 900 Hanesbrands Inc. * 21 13,700 Coca-Cola Co. 614

10,470 Harley-Davidson Inc. * 566 5,254 Colgate-Palmolive Co. 389 270 Hasbro Inc. 30 1,650 Conagra Brands Inc. 59 100 Hilton Worldwide Holdings Inc. 6 656 Constellation Brands Inc. 127

3,235 Home Depot Inc. 496 2,876 CVS Health Corp. 231 187 International Flavors & Fragrances Inc. 25 700 Dr Pepper Snapple Group Inc. 64 400 Kohl's Corp. * 15 2,100 General Mills Inc. 116 600 L Brands Inc. * 32 538 Hershey Co. 58 300 Leggett & Platt Inc. 16 1,200 Hormel Foods Corp. 41 500 Lennar Corp. 27 359 JM Smucker Co. 42

32,075 Liberty Interactive Corp. QVC Group 787 1,200 Kellogg Co. 83 700 LKQ Corp. 23 2,055 Kimberly-Clark Corp. 265

2,200 Lowe's Cos Inc. 171 2,300 Kraft Heinz Co. 197 760 Macy's Inc. 18 2,200 Kroger Co. 51 731 Marriott International Inc./MD 73 441 McCormick & Co. Inc./MD 43 770 Mattel Inc. 17 537 Molson Coors Brewing Co 46

2,085 McDonald's Corp. 319 5,200 Mondelez International Inc. 225 400 Michael Kors Holdings Ltd 15 1,505 Monster Beverage Corp. 75 149 Mohawk Industries Inc. 36 5,071 PepsiCo Inc. 586

1,045 Netflix Inc. 156 1,300 Sysco Corp. 65 13,325 News Corp. Class A 183 900 Tyson Foods Inc. 56

300 News Corp. Class B 4 2,500 Walgreens Boots Alliance Inc. 196 800 Nielsen Holdings PLC 31 800 Whole Foods Market Inc. * 34

3,690 NIKE Inc. 218 3,955 300 Nordstrom Inc. * 14 600 Omnicom Group Inc. 50 Energy 4.88%223 O'Reilly Automotive Inc. * 49 28,378 Anadarko Petroleum Corp. 1,287 872 Priceline Group Inc. 1,631 30,928 Apache Corp. 1,482



28

Shares Common Stocks (continued) Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's)

Energy (continued) Financial Services (continued)26,980 Baker Hughes Inc. 1,471$ 361 Cincinnati Financial Corp. 26$

1,100 Cabot Oil & Gas Corp. 28 11,300 Citigroup Capital XIII 294 1,800 Chesapeake Energy Corp. * 9 6,611 Citigroup Inc. 442 4,547 Chevron Corp. 474 1,200 Citizens Financial Group Inc. 43

224 Cimarex Energy Co. 21 801 CME Group Inc. 100 6,145 Concho Resources Inc. 747 410 Comerica Inc. 30 2,996 ConocoPhillips 132 1,200 Crown Castle International Corp. 120 1,300 Devon Energy Corp. 42 375 Digital Realty Trust Inc. 42 1,401 EOG Resources Inc. 127 950 Discover Financial Services 59

400 EQT Corp. * 23 640 E*TRADE Financial Corp. 24 11,644 Exxon Mobil Corp. 940 283 Equifax Inc. 39

2,100 Halliburton Co. 90 230 Equinix Inc. 99 287 Helmerich & Payne Inc. * 16 900 Equity Residential 59 600 Hess Corp. 26 155 Essex Property Trust Inc. 40

4,563 Kinder Morgan Inc. 87 300 Extra Space Storage Inc. 23 2,024 Marathon Oil Corp. 24 169 Federal Realty Investment Trust 21 1,224 Marathon Petroleum Corp. 64 800 Fidelity National Information Services Inc. 68

400 Murphy Oil Corp. * 10 1,800 Fifth Third BanCorp. 47 32,600 National Oilwell Varco Inc. 1,074 512 Fiserv Inc. 63

500 Newfield Exploration Co 14 809 Franklin Resources Inc. 36 1,048 Noble Energy Inc. 30 1,400 GGP Inc. 33 1,830 Occidental Petroleum Corp. 110 400 Global Payments Inc. 36

500 ONEOK Inc. * 26 13,578 Goldman Sachs Group Inc. 3,013 1,048 Phillips 66 87 900 Hartford Financial Services Group Inc. 47

400 Pioneer Natural Resources Co 64 1,100 HCP Inc. 35 400 Range Resources Corp. 9 1,759 Host Hotels & Resorts Inc. 32

28,382 Schlumberger Ltd 1,869 2,600 Huntington Bancshares Inc./OH 35 1,100 TechnipFMC PLC 30 1,445 Intercontinental Exchange Inc. 95

326 Tesoro Corp. 31 1,000 Invesco Ltd 35 900 Transocean Ltd 7 594 Iron Mountain Inc. 20

1,030 Valero Energy Corp. 69 33,977 JPMorgan Chase & Co. 3,105 45,000 Weatherford International PLC * 174 2,580 KeyCorp. 48

1,900 Williams Cos Inc. 58 1,000 Kimco Realty Corp. 18

10,752 800 Leucadia National Corp. 21 568 LIncoln National Corp. 38

Financial Services 17.50% 700 Loews Corp. 33 113,000 Aegon NV * 577 366 M&T Bank Corp. 59

129 Affiliated Managers Group Inc. 21 300 Macerich Co. 17 1,000 Aflac Inc. 78 1,500 Marsh & McLennan Cos Inc. 117

216 Alexandria Real Estate Equities Inc. 26 2,251 Mastercard Inc. 273 136 Alliance Data Systems Corp. 35 41,100 MetLife Inc. 2,258 900 Allstate Corp. 80 268 Mid-America Apartment Communities Inc. 28

27,840 American Express Co. 2,345 392 Moody's Corp. 48 2,211 American International Group Inc. 138 3,400 Morgan Stanley 152 1,383 American Tower Corp. 183 300 Nasdaq Inc. 21

373 Ameriprise Financial Inc. 47 700 Navient Corp. 12 702 Aon PLC 93 550 Northern Trust Corp. 53 355 Apartment Investment & Management Co. 15 2,720 PayPal Holdings Inc. 146 400 Arthur J Gallagher & Co. 23 700 People's United Financial Inc. 12 100 Assurant Inc. 10 1,180 PNC Financial Services Group Inc. 147 324 AvalonBay Communities Inc. 62 640 PrInc.ipal Financial Group Inc. 41

183,900 Bank of America Corp. 4,461 1,400 Progressive Corp. 62 44,447 Bank of New York Mellon Corp. 2,268 1,292 Prologis Inc. 76 24,400 BB&T Corp. 1,108 1,015 Prudential Financial Inc. 110

6,531 Berkshire Hathaway Inc. 1,106 479 Public Storage 100 287 BlackRock Inc. 121 300 Raymond James Financial Inc. 24 363 Boston Properties Inc. 45 700 Realty Income Corp. * 39

42,119 Capital One Financial Corp. 3,480 400 Regency Centers Corp. 25 200 CBOE Holdings Inc. 18 2,870 Regions Financial Corp. 42 700 CBRE Group Inc. 25 611 S&P Global Inc. 89

90,900 Charles Schwab Corp. 3,905 1,055 Simon Property Group Inc. 171 1,345 Chubb Ltd 196 239 SL Green Realty Corp. 25



29


Financial Services (continued) Materials & Processing 1.43%810 State Street Corp. 73$ 104 Acuity Brands Inc. * 21$

1,200 SunTrust Banks Inc. 68 513 Air Products & Chemicals Inc. 73 1,800 Synchrony Financial 54 265 Albemarle Corp. 28

600 T Rowe Price Group Inc. 45 800 Ball Corp. 34 275 Torchmark Corp. 21 13,500 Celanese Corp. 1,282 425 Total System Services Inc. 25 595 CF Industries Holdings Inc. 17 670 Travelers Cos Inc. 85 2,800 Dow Chemical Co. 177 600 UDR Inc. 23 304 Eastman Chemical Co. 26 500 Unum Group 23 719 Ecolab Inc. 95

3,800 US BanCorp 197 2,200 EI du Pont de Nemours & Co. 178 900 Ventas Inc. 63 1,000 Fastenal Co. 44

4,640 Visa Inc. 435 300 FMC Corp. 22 406 Vornado Realty Trust 38 3,092 Freeport-McMoRan Inc. 37

75,839 Wells Fargo & Co. 4,202 900 Ingersoll-Rand PLC 82 900 Welltower Inc. 67 2,051 International Business Machines Corp. 316

1,184 Western Union Co. 23 928 Interpublic Group of Cos Inc. 23 1,762 Weyerhaeuser Co. 59 837 LyondellBasell Industries NV 71

303 Willis Towers Watson PLC 44 150 Martin Marietta Materials Inc. 33 610 XL Group Ltd 27 800 Masco Corp. 31 500 Zions BanCorporation 22 1,126 Monsanto Co 133

38,526 800 Mosaic Co 18 1,300 Newmont Mining Corp. 42

Health Care 6.88% 800 Nucor Corp. 46 5,256 Abbott Laboratories 255 623 PPG Industries Inc. 69 1,011 Aetna Inc. 154 732 Praxair Inc. 97 1,202 Alexion Pharmaceuticals Inc. 146 430 Sealed Air Corp. 19

220 Align Technology Inc. 33 194 Sherwin-Williams Co. 68 608 AmerisourceBergen Corp. 57 312 Vulcan Materials Co. 40

2,896 Amgen Inc. 499 590 WestRock Co. 33

6,873 Anthem Inc. 1,293 3,155 4,687 Boston Scientific Corp. 130 1,125 Cardinal Health Inc. 88 Producer Durables 4.62%3,248 Celgene Corp. 422 3,886 3M Co. 809

500 Centene Corp. 40 1,488 Accenture PLC 184 1,008 Cerner Corp. 67 300 Alaska Air Group Inc. 27

14,803 Cigna Corp. 2,478 366 Allegion PLC 30 251 CR Bard Inc. 79 1,200 American Airlines Group Inc. 60 502 DaVita Inc. 33 900 AMETEK Inc. 55 800 DENTSPLY SIRONA Inc. 52 1,000 Arconic Inc. 23 632 Edwards Lifesciences Corp. 75 1,065 Automatic Data Processing Inc. 109 300 Envision Healthcare Corp. 19 200 Avery Dennison Corp. 18

32,479 Express Scripts Holding Co. 2,073 2,102 Caterpillar Inc. 226 7,356 Gilead Sciences Inc. 521 300 CH Robinson Worldwide Inc. 21

276 Henry Schein Inc. 51 203 Cintas Corp. 26 900 Hologic Inc. 41 2,200 CSX Corp. 120 465 Humana Inc. 112 621 Cummins Inc. 101 244 IDEXX Laboratories Inc. 39 1,364 Deere & Co. 169 647 Illumina Inc. 112 1,800 Delta Air Lines Inc. 97 927 Incyte Corp. 117 500 Dover Corp. 40 132 Intuitive Surgical Inc. 123 1,700 Eaton Corp. PLC 132 342 Laboratory Corp. of America Holdings 53 2,700 Emerson Electric Co. 161

1,234 MallInckrodt PLC 55 400 Expeditors International of Washington Inc. 23 596 McKesson Corp. 98 10,827 FedEx Corp. 2,353

16,931 Medtronic PLC 1,503 300 FLIR Systems Inc. 10 200 Patterson Cos Inc. * 9 323 Flowserve Corp. * 15 459 Quest Diagnostics Inc. 51 1,500 Fortive Corp. 95 389 Regeneron Pharmaceuticals Inc. 191 1,900 Illinois Tool Works Inc. 272

1,311 Stryker Corp. 182 200 JB Hunt Transport Services Inc. 18 18,299 UnitedHealth Group Inc. 3,393 33,470 Johnson Controls International plc 1,451

300 Varian Medical Systems Inc. 31 258 Kansas City Southern 27 1,152 Vertex Pharmaceuticals Inc. 148 312 Mettler-Toledo International Inc. 184

624 Zimmer Biomet Holdings Inc. 80 689 Norfolk Southern Corp. 84 4,100 Zoetis Inc. 256 1,333 PACCAR Inc. 88

15,159



30


Producer Durables (continued) Technology (continued)580 Parker-Hannifin Corp. 93$ 15,700 NetApp Inc. 629$ 800 Paychex Inc. 46 1,430 NVIDIA Corp. 207 495 Pentair PLC 33 7,438 Oracle Corp. 373 400 Quanta Services Inc. 13 300 Qorvo Inc. 19 575 Republic Services Inc. 37 3,570 QUALCOMM Inc. 197 300 Robert Half International Inc. 14 400 Red Hat Inc. 38 592 Rockwell Automation Inc. 96 1,588 salesforce.com Inc. 138 668 Rockwell Collins Inc. 70 700 Seagate Technology PLC 27 447 Roper Technologies Inc. 103 437 Skyworks Solutions Inc. 42 174 Snap-on Inc. 27 1,423 Symantec Corp. 40

1,500 Southwest Airlines Co. 93 6,400 Synopsys Inc. 467 638 Stanley Black & Decker Inc. 90 16,950 TE Connectivity Ltd 1,334 202 Stericycle Inc. 15 2,400 Texas Instruments Inc. 185 142 TransDigm Group Inc. * 38 200 VeriSign Inc. 19

15,945 Union Pacific Corp. 1,737 10,000 VMware Inc. * 874 700 United Continental Holdings Inc. 53 650 Western Digital Corp. 58

1,717 United Parcel Service Inc. 190 600 Xilinx Inc. 39

199 United Rentals Inc. 22 27,018 400 Verisk Analytics Inc. 34

1,000 Waste Management Inc. 73 Utilities 2.03%952 Waters Corp. 175 1,600 AES Corp. 18 205 WW Grainger Inc. 37 500 Alliant Energy Corp. 20 493 Xerox Corp. 14 630 Ameren Corp. 34 700 Xylem Inc./NY 39 1,190 American Electric Power Co Inc. 83

10,170 400 American Water Works Co. Inc. 31 15,515 AT&T Inc. 585

Technology 12.27% 1,000 CenterPoint Energy Inc. 27 1,700 Activision Blizzard Inc. 98 1,280 CenturyLink Inc. * 31 1,203 Adobe Systems Inc. 170 700 CMS Energy Corp. 32 1,900 Advanced Micro Devices Inc. * 24 700 Consolidated Edison Inc. 57

400 Akamai Technologies Inc. 20 1,960 Dominion Energy Inc. 150 1,125 Alphabet Inc. 1,046 423 DTE Energy Co. 45 3,394 Alphabet Inc. 3,084 1,914 Duke Energy Corp. 160

758 Amphenol Corp. 56 800 Edison International 63 839 Analog Devices Inc. 65 390 Entergy Corp. 30

13,423 Apple Inc. 1,933 800 Eversource Energy 49 2,600 Applied Materials Inc. 107 2,158 Exelon Corp. 78

465 Autodesk Inc. 47 1,000 FirstEnergy Corp. 29 973 Broadcom Ltd 227 700 Level 3 Communications Inc. 42 700 CA Inc. 24 1,595 NextEra Energy Inc. 224

71,950 Cisco Systems Inc. 2,252 800 NiSource Inc. 20 410 Citrix Systems Inc. 33 700 NRG Energy Inc. 12

1,364 Cognizant Technology Solutions Corp. 91 1,200 PG&E Corp. 80 300 CSRA Inc. 10 300 Pinnacle West Capital Corp. 26

8,173 Dell Technologies Inc. Class V 499 1,600 PPL Corp. 62 12,236 DXC Technology Co. 939 1,200 Public Service Enterprise Group Inc. 52

700 Electronic Arts Inc. 74 300 SCANA Corp. * 20 154 F5 Networks Inc. 20 590 Sempra Energy 67

6,156 Facebook Inc. 929 2,500 Southern Co. 120 213 Gartner Inc. 26 140,075 Sprint Corp. 1,150

149,852 Hewlett Packard Enterprise Co. 2,486 10,300 Verizon Communications Inc. 460 114,052 HP Inc. 1,994 725 WEC Energy Group Inc. 45

800 IHS Markit Ltd 35 1,200 Xcel Energy Inc. 55 11,320 Intel Corp. 382 16,500 Zayo Group Holdings Inc. 510

1,000 International Paper Co. 57 4,463 575 Intuit Inc. 76

15,900 Juniper Networks Inc. 443 TOTAL COMMON STOCK400 KLA-Tencor Corp. 37 (Cost $97,677) 138,616 384 Lam Research Corp. 54

20,000 Maxim Integrated Products Inc. 898

600 Microchip Technology Inc. * 46 2,400 Micron Technology Inc. 72

57,250 Microsoft Corp. 3,946 371 Motorola Solutions Inc. 32



31

Principal Fair Principal Fair Amount Value (000's) Amount Corporate Obligations (continued) Value (000's)

Asset Backed Securities 1.33% Consumer Discretionary (continued)58,021 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19 58$ 150,000 Time Warner Inc., 7.625%, due 4/15/31 205$

3,214 Ally Auto Receivables Trust 2016-1, 1.200%, due 8/15/18 3 85,000 Time Warner Inc., 7.700%, due 5/1/32, 118 110,000 Ally Master Owner Trust, 1.540%, due 9/15/19 110 245,000 Toyota Motor Credit Corp., 1.439%, due 12/24/18 245 307,000 American Express Credit Account Master Tr, 1.640%, due 12/15/21 307 135,000 Toyota Motor Credit Corp., 2.600%, due 1/11/22 136 395,000 Capital One Multi-Asset Execution Trust, 1.480%, due 7/15/20 395 95,000 Walgreens Boots Alliance Inc., 3.300%, due 11/18/21 98

2,537 Centerpoint Energy Transition Bond Co II LLC, 5.170%, due 8/1/19 3 5,000 Walgreens Boots Alliance Inc., 4.800%, due 11/18/44 5 100,000 Chase Issuance Trust, 1.260%, due 7/15/19 100 150,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 166

100,000 Chase Issuance Trust, 1.380%, due 11/15/19 100 4,973 100,000 Citibank Credit Card Issuance Trust, 5.650%, due 9/20/19 101 330,000 Ford Credit Auto Owner Trust 2015-REV1, 2.120%, due 7/15/26 331 Consumer Staples 0.28%145,000 Ford Credit Auto Owner Trust 2014-REV1, 2.260%, due 11/15/25 146 150,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 151 215,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, due 8/15/19 215 95,000 Kraft Heinz Foods Co., 3.500%, due 6/6/22 98 120,000 Ford Credit Floorplan Master Owner Trust A, 2.070%, due 5/15/22 120 70,000 Kraft Heinz Foods Co., 3.500%, due 7/15/22 72 125,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 125 25,000 Kraft Heinz Foods Co., 4.375%, due 6/1/46 24

2,706 Home Equity Loan Trust 2003-HS3, 1.496%, due 8/25/33 3 30,000 Kraft Heinz Foods Co., 6.500%, due 2/9/40 38 2,332 Honda Auto Receivables 2016-1 Owner Trust, 1.010%, due 6/18/18 2 240,000 Mondelez Intl Hldngs Netherlands BV, 2.000%, due 10/28/21 234

51,887 Honda Auto Receivables 2016-2 Owner Trust, 1.130%, due 9/15/18 52 617 225,000 Mercedes-Benz Auto Lease Trust 2017-A, 1.790%, due 4/15/20 225 109,788 Mercedes-Benz Auto Rec Trust 2016-1, 1.110%, due 3/15/19 110 Energy 2.08%

27,932 Nissan Auto Rec 2016-C Owner Trust, 1.070%, due 5/15/19 28 125,000 BP Capital Markets PLC, 3.216%, due 11/28/23 127 38,162 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 39 155,000 Chevron Corp., 2.895%, due 3/3/24 156

171,000 SLM Private Education Loan Trust 2014-A, 2.590%, due 1/15/26 172 300,000 ConocoPhillips Co., 3.350%, due 11/15/24 306 79,319 USAA Auto Owner Trust 2016-1, 1.070%, due 3/15/19 79 90,000 ConocoPhillips Co., 4.150%, due 11/15/34 90

105,000 Verizon Owner Trust 2017-2, 1.920%, due 12/20/21 105 110,000 Consolidated Edison Co. of NY Inc., 4.450%, due 3/15/44 120

TOTAL ASSET BACKED SECURITIES 2,929 80,000 Dominion Energy Inc., 2.500%, due 12/1/19 81 (Cost $2,927) 25,000 Dominion Energy Inc., 2.961%, due 7/1/19 25

50,000 Dominion Energy Inc., 4.103%, due 4/1/21 52 Commercial Mortgage Backed Securities 0.13% 55,000 DTE Energy Co., 1.500% , due 10/1/19 54

145,000 CFCRE Commercial Mortgage Trust 2016-C3, 3.865%, due 1/10/48 152 55,000 Duke Energy Florida LLC, 3.200%, due 1/15/27 56 125,000 Morgan Stanley Bank of America ML Tr 2015-C26, 3.211%, due 10/15/48 127 20,000 Duke Energy Florida LLC, 3.850%, due 11/15/42 20

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 279 30,000 Duke Energy Progress LLC, 3.000%, due 9/15/21 31 (Cost $275) 175,000 Enel Finance International NV, 6.000%, due 10/7/39 208

50,000 Enel Finance International NV, 6.800%, due 9/15/37 64 Corporate Obligations 12.10% 55,000 Energy Transfer LP, 4.050%, due 3/15/25 55 Consumer Discretionary 2.26% 150,000 Kinder Morgan Inc., 4.300%, due 6/1/25 156

115,000 21st Century Fox America Inc, 6.650%, due 11/15/37 152 300,000 Kinder Morgan Inc., 5.550%, due 6/1/45 318 60,000 AutoZone Inc, 3.750%, due 6/1/27 60 75,000 Kinder Morgan Inc., 5.625%, due 11/15/23 83 75,000 BMW US Capital LLC, 2.150%, due 4/6/20 75 175,000 Maxim Integrated Products Inc., 2.500%, due 11/15/18 176 75,000 Charter Communications Operating LLC, 4.908%, due 7/23/25 81 95,000 MidAmerican Energy Co., 5.800%, due 10/15/36 119 30,000 Charter Communications Operating LLC, 5.375%, due 5/1/47 32 115,000 Pacific Gas & Electric Co., 5.625%, due11/30/17 117 75,000 Charter Communications Operating LLC, 6.484%, due 10/23/45 90 85,000 PECO Energy Co., 4.150%, due 10/1/44 89

120,000 Comcast Corp., 4.400%, due 8/15/35 129 60,000 Petrobras Global Finance BV, 4.375%, due 5/20/23 57 350,000 Cox Communications Inc., 3.250%, due 12/15/22 349 90,000 Petrobras Global Finance BV, 5.375%, due 1/27/21 92

50,000 Cox Communications Inc., 3.850%, due 2/1/25 50 100,000 Petroleos Mexicanos, 4.250%, due 1/15/25 97 45,000 Cox Communications Inc., 9.375%, due 1/15/19 50 150,000 Petroleos Mexicanos, 4.875%, due 1/18/24 152 15,000 CVS Health Corp., 3.500%, due 7/20/22 16 56,000 Petroleos Mexicanos, 5.500%, due 6/27/44 50 70,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 70 80,000 Petroleos Mexicanos, 6.375%, due 1/23/45 78

145,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 145 75,000 Petroleos Mexicanos, 6.500%, due 3/13/27 81 320,000 Daimler Finance North America LLC, 2.300%, due 1/6/20 321 111,000 Petroleos Mexicanos, 6.750%, due 9/21/47 112 210,000 Ford Motor Credit Co. LLC, 2.551%, due 10/5/18 211 40,000 Public Service Co. of New Hampshire, 3.500%, due 11/1/23 42 400,000 Ford Motor Credit Co. LLC, 8.125%, due 1/15/20 454 70,000 QUALCOMM Inc., 1.850%, due 5/20/19 70

55,000 Kroger Co., 2.950%, due 11/1/21 55 140,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 143 1,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34 1 220,000 Shell International Finance BV, 4.125%, due 5/11/35 229

285,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 304 50,000 Sherwin-Williams Co., 2.250%, due 5/15/20 50 60,000 McDonald's Corp., 2.100%, due 12/7/18 60 90,000 Southern Co., 2.150%, due 9/1/19 90

325,000 Myriad International Holdings BV, 5.500%, due 7/21/25 348 45,000 Statoil ASA, 3.700%, due 3/1/24 47 75,000 Nordstrom Inc., 6.950%, due 3/15/28 81 90,000 Suncor Energy Inc., 6.500%, due 6/15/38 115

244,000 RELX Capital Inc., 3.125%, due 10/15/22 245 115,000 Total Capital International SA, 2.875%, due 2/17/22 117 25,000 Time Warner Cable LLC, 4.000%, due 9/1/21 26 110,000 TransCanada PipeLines Ltd, 4.625%, due 3/1/34 121

200,000 Time Warner Cable LLC, 4.125%, due 2/15/21 209 275,000 Transcanada Trust, 5.299%, due 3/15/77 283 75,000 Time Warner Cable LLC, 6.750%, due 6/15/39 92 50,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 56

50,000 Time Warner Cable LLC, 8.250%, due 4/1/19 55 4,585 190,000 Time Warner Cos Inc, 6.950%, due 1/15/28 239



32

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's)

Financial Services 4.26% Financial Services (continued)75,000 Ally Financial Inc., 3.250%, due 11/5/18 76$ 50,000 New York Life Insurance Co., 6.750%, due 11/15/39 70$ 75,000 American Express Credit Corp., 1.700%, due 10/30/19 75 95,000 Northwestern Mutual Life Insurance Co., 6.063%, due 3/3/40 124 45,000 American Express Credit Corp., 1.875%, due 5/3/19 45 75,000 Reliance Standard Life Global Funding II, 2.500%, due 1/15/20 75

150,000 American Express Credit Corp., 2.250%, due 8/15/19 151 441,108 Rio Oil Finance Trust Series 2014-1, 9.249%, due 7/6/24 448 120,000 American Express Credit Corp., 2.600%, due 9/14/20 122 325,000 Royal Bank of Scotland Group PLC, 6.000%, due 12/19/23 358

65,000 American International Group Inc., 3.900%, due 4/1/26 66 170,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 170 80,000 American International Group Inc., 6.400%, due 12/15/20 91 25,000 Unum Group, 6.750%, due 12/15/28 31 40,000 Bank of America NA, 2.050%, due 12/7/18 41 30,000 Visa Inc., 2.800%, due 12/14/22 31 20,000 Bank of America Corp., 2.625%, due 4/19/21 20 170,000 Wells Fargo & Co., 2.100%, due 7/26/21 168

190,000 Bank of America Corp., 3.300%, due 1/11/23 194 175,000 Wells Fargo & Co., 2.401%, due 10/31/23 178 70,000 Bank of America Corp., 3.500%, due 4/19/26 70 130,000 Wells Fargo & Co., 2.600%, due 7/22/20 132 10,000 Bank of America Corp., 4.000%, due 1/22/25 10 135,000 Wells Fargo & Co., 3.000%, due 1/22/21 138

350,000 Bank of America Corp., 4.200%, due 8/26/24 363 150,000 Wells Fargo & Co., 4.300%, due 7/22/27 157 25,000 Bank of America Corp., 4.250%, due 10/22/26 26 250,000 Wells Fargo Bank NA, 2.150%, due 12/6/19 251

200,000 Bank of America Corp., 5.625%, due 7/1/20 219 9,390 170,000 Bank of America NA, 1.750%, due 6/15/18 170

40,000 Bank of America NA, 2.050%, due 12/7/18 40 Health Care 0.83%80,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 82 85,000 Abbott Laboratories, 2.350%, due 11/22/19 86 75,000 Bank One Capital III, 8.750%, due 9/1/30 112 405,000 Abbott Laboratories, 3.400%, due 11/30/23 415

200,000 Barclays PLC, 4.375%, due 9/11/24 202 55,000 Abbott Laboratories, 3.750%, due 11/30/26 56 375,000 BNP Paribas SA, 4.250%, due 10/15/24 391 45,000 Aetna Inc., 2.200%, due 3/15/19 45 140,000 Boston Properties LP, 3.125%, due 9/1/23 142 135,000 Aetna Inc., 2.800%, due 6/15/23 135

50,000 Boston Properties LP, 5.875%, due 10/15/19 54 119,000 Amgen Inc., 4.663%, due 6/15/51 126 115,000 Capital One Financial Corp., 3.500%, due 6/15/23 117 105,000 Amgen Inc., 5.150%, due 11/15/41 117 100,000 Capital One Financial Corp., 4.200%, due 10/29/25 101 100,000 Cigna Corp., 5.375%, due 2/15/42 120 100,000 Capital One NA/Mclean VA, 1.650%, due 2/5/18 100 35,000 Cigna Corp., 7.875%, due 5/15/27 47 250,000 Citibank NA, 2.100%, due 6/12/20 250 110,000 Cigna Corp., 8.300%, due 1/15/33 153 185,000 Citigroup Inc., 1.800%, due 2/15/18 185 60,000 Gilead Sciences Inc., 3.700%, due 4/1/24 62

80,000 Citigroup Inc., 2.150%, due 7/30/18 80 30,000 Gilead Sciences Inc., 4.150%, due 3/1/47 30 75,000 Citigroup Inc., 3.400%, due 5/1/26 74 115,000 Humana Inc., 3.850%, due 10/1/24 120 70,000 Citigroup Inc., 3.700%, due 1/12/26 71 65,000 Medtronic Inc., 3.625%, due 3/15/24 68 35,000 Citigroup Inc., 8.125%, due 7/15/39 54 85,000 UnitedHealth Group Inc., 2.875%, due 12/15/21 87

120,000 Credit Suisse AG/NY, 1.750%, due 1/29/18 120 50,000 Zoetis Inc., 3.450%, due 11/13/20 52 100,000 ERP Operating LP, 3.000%, due 4/15/23 100 100,000 Zoetis Inc., 4.500%, due 11/13/25 109

45,000 ERP Operating LP, 4.625%, due 12/15/21 49 1,828 50,000 Goldman Sachs Group Inc., 3.750%, due 2/25/26 51 60,000 Goldman Sachs Group Inc., 4.000%, due 3/3/24 63 Materials & Processing 0.51%70,000 Goldman Sachs Group Inc., 5.750%, due 1/24/22 79 200,000 BHP Billiton Finance USA Ltd, 6.749%, due 10/19/75 229 75,000 Goldman Sachs Group Inc., 7.500%, due 2/15/19 81 30,000 Caterpillar Financial Services Corp., 2.100%, due 1/10/20 30 85,000 Guardian Life Global Funding, 1.950%, due 10/27/21 83 90,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 91 75,000 HSBC Holdings PLC, 5.100%, due 4/5/21 82 135,000 Dow Chemical Co., 3.000%, due 11/15/22 138

240,000 HSBC Holdings PLC, 6.500%, due 5/2/36 307 125,000 Dow Chemical Co., 7.375%, due 11/1/29 168 125,000 HSBC Holdings PLC, 6.500%, due 9/15/37 162 50,000 Dow Chemical Co., 9.400%, due 5/15/39 84 215,000 JPMorgan Chase & Co., 1.771%, due 3/9/21 215 105,000 Eastman Chemical Co., 2.700%, due 1/15/20 106 150,000 JPMorgan Chase & Co., 2.250%, due 1/23/20 150 35,000 EI du Pont de Nemours & Co., 2.200%, due 5/1/20 35

70,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 70 190,000 Illinois Tool Works Inc. , 2.650%, due 11/15/26 186 90,000 JPMorgan Chase & Co., 2.700%, due 5/18/23 89 55,000 International Paper Co., 5.000%, due 9/15/35 60

65,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 66 1,127 30,000 JPMorgan Chase & Co., 2.776%, due 4/25/23 30

310,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 318 Producer Durables 0.73%50,000 JPMorgan Chase & Co., 4.125%, due 12/15/26 52 49,410 American Airlines 2011-1 Class A Trust, 5.250%, due 7/31/22 52

275,000 Kaupthing ehf, 0.000%, due 5/19/16 - 125,000 Anheuser-Busch InBev Finance Inc., 3.300%, due 2/1/23 129 233,000 Lloyds Banking Group PLC, 4.582%, due 12/10/25 242 46,239 BNSF Railway Co 2015-1 Trust, 3.442%, due 6/16/28 47

7,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39 11 Burlington Northern and Santa Fe Railway Co.190,000 Metropolitan Life Global Funding I, 1.350%, due 9/14/18 189 56,553 4.967%, due 4/1/23 60 150,000 Metropolitan Life Global Funding I, 3.450%, due 12/18/26 154 28,034 6.462%, due 1/15/21 30

75,000 Morgan Stanley, 2.500%, due 4/21/21 75 48,446 6.727%, due 7/15/22 53 165,000 Morgan Stanley, 2.625%, due 11/17/21 165 65,000 6.875%, due 12/1/27 85 100,000 Morgan Stanley, 7.300%, due 5/13/19 109 20,258 8.251%, due 1/15/21 22

50,000 Navient Corp., 8.450%, due 6/15/18 53 105,000 CSX Transportation Inc., 9.750%, due 6/15/20 127 100,000 New York Life Global Funding, 1.450%, due 12/15/17 100 45,253 Delta Air Lines 2007-1 Class A Trust, 6.821%, due 2/10/24 52

66,903 Northwest Airlines 2007-1 Class A Trust, 7.027%, due 5/1/21 74



33

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Value (000's)

Producer Durables (continued) U.S. Agency Obligations 8.90%250,000 Siemens Financieringsmaatschappij NV, 2.900%, due 5/27/22 255$ Fannie Mae 6.12%

70,000 Union Pacific Corp., 3.000%, due 4/15/27 70 21 7.000%, due 8/25/17 -$ 24,193 Union Pacific Railroad Co 2003 Pass Thrgh Tr, 4.698%, due 1/2/24 26 15,288 1.637%, due 11/25/17 15 26,708 Union Pacific Railroad Co 2005 Pass Thrgh Tr, 5.082%, due 1/2/29 29 647 5.500%, due 1/1/18 1

141,878 Union Pacific Railroad Co 2007 Pass Thrgh Tr, 6.176%, due 1/2/31 165 69,738 1.550%, due 4/25/18 70 39,596 US Airways 2011-1 Class A Pass Thrgh Tr, 7.125%, due 4/22/25 46 131,127 3.170%, due 8/1/18 132 71,303 US Airways 2012-1 Class A Pass Thrgh Tr, 5.900%, due 4/1/26 80 120,167 1.700%, due 8/25/18 120

175,000 Xerox Corp., 4.500%, due 5/15/21 183 4,516 0.848%, due 1/25/19 5 25,000 Xerox Corp., 5.625%, due 12/15/19 27 1,561 6.500%, due 12/1/19 2

1,612 160,203 3.330%, due 10/1/20 167 158,574 3.230%, due 11/1/20 164

Technology 0.33% 44,935 2.735%, due 11/1/21 45 120,000 Apple Inc., 3.850%, due 5/4/43 120 49,165 2.500%, due 9/1/22 50

30,000 Apple Inc., 4.375%, due 5/13/45 32 43,023 2.000%, due 1/1/23 43 175,000 Dell International LLC / EMC Corp, 4.420%, due 6/15/21 184 272,988 2.160%, due 1/1/23 273

100,000 Dell International LLC / EMC Corp, 5.450%, due 6/15/23 109 82,081 2.131%, due 1/25/23 81 100,000 Microsoft Corp., 3.500%, due 2/12/35 101 110,000 2.262%, due 2/25/23 110 175,000 Oracle Corp., 3.900%, due 5/15/35 180 17,724 2.000%, due 3/1/23 18

726 16,675 2.000%, due 4/1/23 17 51,331 2.000%, due 5/1/23 51

Utilities 0.81% 28,986 2.000%, due 7/1/23 29 80,000 AT&T Corp., 8.250%, due 11/15/31 111 89,203 2.324%, due 7/25/23 90 75,000 AT&T Inc., 3.400%, due 5/15/25 74 245,000 2.156%, due 10/25/23 240 35,000 AT&T Inc., 3.800%, due 3/1/24 36 11,606 5.500%, due 1/1/24 12 55,000 AT&T Inc., 4.250%, due 3/1/27 57 32,169 4.000%, due 4/1/24 34 84,000 AT&T Inc., 4.350%, due 6/15/45 78 131,869 2.950%, due 8/25/24 132

141,000 AT&T Inc., 4.500%, due 3/9/48 132 8,963 4.500%, due 3/1/25 9 50,000 AT&T Inc., 5.450%, due 3/1/47 54 77,669 2.097%, due 4/25/25 78

125,000 AT&T Inc., 5.650%, due 2/15/47 138 30,332 2.500%, due 3/1/26 31 115,000 AT&T Inc., 6.000%, due 8/15/40 130 125,000 2.395%, due 5/25/26 121

25,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 26 47,846 4.500%, due 8/1/26 50 100,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 109 55,961 2.500%, due 12/1/26 57 100,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 121 25,353 4.500%, due 1/1/27 26 462,000 Verizon Communications Inc., 4.272%, due 1/15/36 446 45,367 4.000%, due 2/1/27 48 100,000 Verizon Communications Inc., 4.400%, due 11/1/34 99 109,837 4.000%, due 5/1/27 116 110,000 Verizon Communications Inc., 4.522%, due 9/15/48 104 94,131 2.100%, due 12/1/27 91

65,000 Vodafone Group PLC, 2.950%, due 2/19/23 65 20,917 3.500%, due 9/1/28 22

1,780 42,027 6.500%, due 9/25/28 47 20,684 7.000%, due 11/1/29 24

TOTAL CORPORATE OBLIGATIONS 26,638 1,105,699 3.500%, due 8/1/30 1,151 (Cost $25,908) 9,729 4.000%, due 11/1/30 10

14,873 7.000%, due 8/1/32 18 27,126 7.000%, due 8/1/32 32

Municipals 0.39% 98,672 4.000%, due 10/1/33 105 125,000 New Jersey Turnpike Authority, 7.102%, due 1/1/41 183 91,058 6.000%, due 3/1/34 104 100,000 State of California, 7.500%, due 4/1/34 146 514,056 4.000%, due 12/1/34 545 100,000 State of California, 7.625%, due 3/1/40 153 115,747 4.000%, due 8/1/35 123 175,000 State of Illinois, 5.100%, due 6/1/33 164 754,586 4.000%, due 1/1/36 802 220,000 State of Illinois, 5.665%, due 3/1/18 224 55,760 6.000%, due 8/1/37 64

TOTAL MUNICIPALS 870 7,343 7.000%, due 8/1/37 9 (Cost $783) 17,290 3.233%, due 9/1/38 18

10,340 6.500%, due 1/1/39 12 Sovereign 0.30% 64,015 6.000%, due 7/1/39 73

625,000 Financing Corp., 0.000%, due 11/30/17 622 50,019 5.970%, due 1/1/40 59 15,000 Financing Corp., 10.700%, due 10/6/17 15 40,924 5.970%, due 1/1/40 48

Small Business Administration Participation Certificates 66,579 4.500%, due 5/25/40 71 3,515 6.100%, due 7/1/18 4 49,146 7.500%, due 10/25/40 57

11,685 6.120%, due 9/1/21 12 45,599 5.100%, due 12/1/40 51

TOTAL SOVEREIGN 653 121,059 6.985%, due 6/19/41 140 (Cost $644) 37,768 7.500%, due 7/25/41 44

86,814 4.500%, due 7/1/42 94 63,799 7.500%, due 7/25/42 76 90,562 2.490%, due 8/1/42 93

147,426 2.230%, due 3/1/43 149



34

Principal Fair Principal Fair Amount Value (000's) Amount Value (000's)

U.S. Agency Obligations (continued) U.S. Agency Obligations (continued)Fannie Mae (continued) Ginnie Mae 0.32%

35,360 1.960%, due 8/1/43 36$ 72,164 2.140%, due 8/15/23 71$ 200,000 2.500%, due 8/1/43 193 299,164 2.730%, due 6/15/32 291

79,177 4.500%, due 11/1/43 85 175,207 6.000%, due 7/20/32 198 89,365 2.475%, due 5/1/44 92 125,306 4.500%, due 3/20/44 135

30,691 4.500%, due 2/1/46 33 695 375,980 4.500%, due 2/1/46 406 TOTAL U.S. AGENCY OBLIGATIONS 19,595

1,754,145 4.000%, due 3/1/46 1,845 (Cost $19,525)630,000 4.000%, due 7/1/46 662

2,090,000 3.000%, due 8/1/46 2,084 U.S. Government Obligations 13.01%1,115,000 4.500%, due 8/1/46 1,195 U.S Treasury Notes/Bonds 13.01%

104,399 2.535%, due 9/1/46 106 250,000 0.500%, due 7/31/17 * 250 159,901 4.500%, due 10/1/46 173 1,575,000 0.875%, due 11/30/17 1,573

13,479 485,000 0.750%, due 12/31/17 484 890,000 0.875%, due 3/31/18 887

Freddie Mac 2.46% 745,000 0.750%, due 4/15/18 742 62 6.500%, due 4/1/18 - 435,000 0.625%, due 4/30/18 433

30,597 4.500%, due 8/1/18 31 570,000 1.000%, due 5/15/18 569 45,445 4.500%, due 8/1/18 46 700,000 1.250% , due 12/31/18 699

121 8.500%, due 12/17/18 - 375,000 1.375%, due 12/31/18 375 11,609 3.342%, due 12/25/19 12 850,000 0.875%, due 4/15/19 843

218,112 4.500%, due 8/1/20 223 550,000 1.500%, due 10/31/19 * 551 31,755 4.000%, due 5/1/21 33 1,365,000 1.375%, due 9/30/20 1,355

258,513 1.665%, due 2/25/23 260 1,145,000 1.375%, due 1/31/21 1,133 154,516 1.573%, due 3/25/23 155 2,030,000 1.250%, due 10/31/21 1,983

39,087 6.000%, due 12/1/23 42 460,000 1.750%, due 11/30/21 * 459 16,900 4.000%, due 12/15/24 17 1,440,000 2.000%, due 11/30/22 1,443 24,216 1.750%, due 3/15/25 24 905,000 2.125%, due 12/31/22 912 20,688 4.500%, due 6/1/25 22 1,355,000 1.625%, due 10/31/23 * 1,320 35,361 4.000%, due 8/1/25 37 1,085,000 2.000%, due 11/15/26 1,058 14,279 4.000%, due 7/1/26 15 2,030,000 2.250%, due 2/15/27 2,021 66,476 4.000%, due 12/1/26 70 680,000 5.250%, due 11/15/28 875 73,243 4.000%, due 5/1/27 77 530,000 0.000%, due 2/15/45 237 47,379 4.500%, due 3/1/31 51 2,435,000 2.500%, due 2/15/45 2,272 80,039 4.500%, due 3/1/31 86 475,000 3.000%, due 5/15/45 (A) 489 74,779 4.000%, due 10/1/31 79 255,000 0.000%, due 8/15/45 112

8,861 7.000%, due 7/1/32 10 1,135,000 2.875%, due 8/15/45 1,141 31,957 5.480%, due 7/25/32 35 1,830,000 2.500%, due 2/15/46 1,703 31,845 7.000%, due 9/1/32 36 730,000 2.500%, due 5/15/46 679 28,550 7.000%, due 10/1/32 32 865,000 2.250%, due 8/15/46 * 762 99,186 7.000%, due 11/1/32 114 1,250,000 3.000%, due 2/15/47 * 1,289

13,378 6.500%, due 12/1/32 15 TOTAL U.S. GOVERNMENT OBLIGATIONS 28,645 178,677 5.500%, due 9/15/33 200 (Cost $28,665)237,019 4.500%, due 12/1/33 255 129,804 5.000%, due 11/15/34 142 Rights 0.00%

16,635 6.500%, due 8/1/37 18 690 Safeway PDC 1 8,132 6.500%, due 9/1/37 9 Originally Acquired: 1/30/20154,536 3.578%, due 11/1/37 5

11,820 3.476%, due 12/1/37 13 690 Safeway SCRP 1

93,915 5.500%, due 7/15/38 105 Originally Acquired: 1/30/20152,867 6.500%, due 10/1/38 3 TOTAL RIGHTS 2 9,616 6.000%, due 2/1/39 11 (Cost $1)

26,416 4.614%, due 11/1/39 28 126,924 4.500%, due 7/1/40 137 Short-Term Investments 2.63%

45,973 4.500%, due 9/1/40 49 5,781,353 Dreyfus Government Cash Management Fund 5,781 41,007 2.580%, due 8/1/42 42 (Cost $5,781)73,408 7.000%, due 7/25/43 88

182,243 4.500%, due 12/15/43 196 82,476 4.500%, due 1/1/44 88 25,645 4.500%, due 3/15/44 28 83,499 3.309%, due 4/1/44 86

225,691 4.500%, due 4/1/44 242 25,037 3.075%, due 5/1/44 26

198,407 4.500%, due 7/1/44 212 383,224 3.097%, due 8/1/44 395 813,494 2.930%, due 11/1/44 836

77,077 4.500%, due 2/1/45 83 559,608 4.500%, due 10/1/46 602

5,421



35

Principal Fair Amount Value (000's)


46,138 BNP Parabis, 1.11%, due 7/3/2017 46$ 983,515 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 983

57,138 HSBC Holdings PLC, 1.06%, due 7/3/2017 57

28,064 Leucadia National Corp, 1.24%, due 7/3/2017 28 1,000,000 National Bank of Canada, 1.20%, due 7/3/17 1,000 1,000,000 State of Wisconsin Investment BO, 1.30%, due 7/3/17 1,000


TOTAL INVESTMENTS (Cost $185,300) 103.15% 227,120


TOTAL NET ASSETS 100.00% 220,182$


(A) $175,173 principal amount of United States Treasury Bond pledged as margin for open futures contracts at June 30, 2017.

36

CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS BALANCED FUND JUNE 30, 2017

(A) $175,173 of US Treasury Notes/Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at June 30, 2017:



Type Contracts Amount Position Expiration June 30, 20175 Year U.S. Treasury Notes 24 100,000 Long September 2017 (7,095) 10 Year U.S. Treasury Notes 19 100,000 Long September 2017 297 2 Year U.S. Treasury Note 4 200,000 Long September 2017 (1,094) U.S. Treasury Notes Ultra 10 Year 19 100,000 Short September 2017 (27,781) US Ultra Bond 23 100,000 Short September 2017 41,688

6,014

37



Equities 98.96%Number of Stocks 177Top Ten Stocks (% of Net Assets) 22.84%

Fixed Income Securities: Short-Term Investments 0.97% Short-Term Investments-Repurchase Agreements 1.64%Liabilities Less, Other Assets -1.57%

Top Ten Equity Holdings (% of Net Assets)Bank of America Corp. 3.85%JPMorgan Chase & Co. 3.27%Wal-Mart Stores, Inc. 2.15%Microsoft Corp. 2.08%Charles Schwab Corp. 2.07%Wells Fargo & Co. 2.02%UnitedHealth Group Inc. 1.98%Capital One Financial Corp. 1.87%Exxon Mobil Corp. 1.81%Charter Communications Inc. Class A 1.74%

Top 5 Sectors (% of Net Assets)Financial Services 29.77%Consumer Discretionary 15.18%Technology 14.12%Health Care 12.42%Energy 9.19%


VALUE EQUITY FUNDJUNE 30, 2017



38

Shares Fair Shares Fair Value (000's) Common Stocks (continued) Value (000's)

Common Stocks 98.96% Financial Services 29.77%Consumer Discretionary 15.18% 240,529 Aegon NV 1,229$

11,665 Aaron's Inc. 454$ 34,094 Aflac Inc. 2,648 6,309 Bed Bath & Beyond Inc. 192 28,916 Allstate Corp. 2,557 9,372 Big Lots Inc.* 453 24,770 Ally Financial Inc. 518

14,968 Brunswick Corp. 939 51,000 American Express Co. 4,296 18,257 Charter Communications Inc. Class A 6,150 24,886 Assured Guaranty Ltd 1,039 36,500 Coach Inc. 1,728 10,588 Axis Capital Holdings Ltd 685

132,470 Comcast Corp. 5,156 559,969 Bank of America Corp. 13,585 32,904 Dana Inc. 735 85,000 Bank of New York Mellon Corp. 4,337 30,500 DISH Network Corp. 1,914 46,000 BB&T Corp. 2,089 29,491 eBay Inc. 1,030 80,000 Capital One Financial Corp. 6,610 57,680 General Motors Co. 2,015 22,784 CBRE Group Inc. 829 20,000 Harley-Davidson Inc. * 1,080 170,000 Charles Schwab Corp. 7,303 10,708 John Wiley & Sons Inc. 565 61,819 Citizens Financial Group Inc. 2,206 13,391 Lear Corp. 1,903 36,318 Discover Financial Services 2,259 69,000 Liberty Interactive Corp. QVC Group 1,693 5,418 Everest Re Group Ltd 1,379 25,800 News Corp. 353 718 First Citizens BancShares Inc. 268 79,978 Office Depot Inc. 451 44,097 Gaming and Leisure Properties Inc. 1,661

1,500 Priceline Group Inc. 2,806 25,000 Goldman Sachs Group Inc. 5,548 33,000 Target Corp. 1,726 46,577 Hospitality Properties Trust 1,358 17,030 Tenneco Inc. 985 34,506 Host Hotels & Resorts Inc. 630 58,000 Time Warner Inc. 5,824 13,500 Hudson Pacific Properties Inc. 462 33,500 Twenty-First Century Fox Inc. Class B 934 126,138 JPMorgan Chase & Co. 11,529

126,800 Twenty-First Century Fox Inc. Class A 3,594 35,458 LaSalle Hotel Properties 1,057 3,862 Visteon Corp. 394 14,977 Lazard Ltd 694

100,336 Wal-Mart Stores Inc. 7,593 7,141 Leucadia National Corp. 187 27,097 Walt Disney Co. 2,879 20,008 LIncoln National Corp. 1,352

53,546 24,180 Mack-Cali Realty Corp. 656 75,000 MetLife Inc. 4,121

Consumer Staples 2.95% 47,855 MGIC Investment Corp. 536 13,388 Bunge Ltd 999 15,460 Popular Inc. 645 16,132 Coca-Cola Co. 724 26,550 Prudential Financial Inc. 2,871 41,393 Conagra Brands Inc. 1,480 15,922 Reinsurance Group of America Inc. 2,044 45,021 Dean Foods Co.* 765 12,269 Ryman Hospitality Properties Inc. 785

5,781 Hershey Co. 621 13,992 S&P Global Inc. 2,043 10,338 Ingredion Inc. 1,232 40,168 Synovus Financial Corp. 1,777 16,863 Nu Skin Enterprises Inc. 1,060 15,861 Travelers Cos Inc. 2,007 21,829 PepsiCo Inc. 2,521 4,889 Unum Group 228

8,792 Sanderson Farms Inc. * 1,017 51,542 Voya Financial Inc. 1,901 10,419 128,506 Wells Fargo & Co. 7,121

105,050 Energy 9.19%

76,154 Anadarko Petroleum Corp. 3,453 Health Care 12.42%61,000 Apache Corp. 2,924 25,560 Anthem Inc. 4,809 54,000 Baker Hughes Inc. 2,944 23,063 Bruker Corp. 665 27,552 Chevron Corp. 2,875 12,253 Centene Corp. 979 12,600 Concho Resources Inc. 1,531 1,041 Chemed Corp. 213 18,088 ConocoPhillips 795 29,500 Cigna Corp. 4,938 79,239 Exxon Mobil Corp. 6,397 80,122 Express Scripts Holding Co. 5,115 37,871 Marathon Petroleum Corp. 1,982 17,400 Gilead Sciences Inc. 1,232 63,900 National Oilwell Varco Inc. 2,105 16,910 Globus Medical Inc. 561 50,000 Schlumberger Ltd 3,292 3,775 Henry Schein Inc. 691 58,393 Southwestern Energy Co. 355 27,309 Hologic Inc. 1,239 13,183 Tesoro Corp. 1,234 7,274 ICON PLC 711 27,751 Valero Energy Corp. 1,872 3,320 Jazz Pharmaceuticals PLC 516 93,700 Weatherford International PLC * 363 12,638 Laboratory Corp. of America Holdings 1,948

7,536 World Fuel Services Corp. 290 8,363 LivaNova PLC * 512

32,412 24,276 MallInc.krodt PLC 1,088 5,966 McKesson Corp. 982



39

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's)

Health Care (continued) Technology (continued)24,000 Medtronic PLC 2,130$ 42,500 Maxim Integrated Products Inc. 1,908$ 16,496 Prestige Brands Holdings Inc. 871 106,701 Microsoft Corp. 7,355 22,276 Quest Diagnostics Inc. 2,476 35,000 NetApp Inc. 1,402 19,513 STERIS PLC 1,590 22,325 ON Semiconductor Corp. 313

8,478 United Therapeutics Corp. 1,100 29,166 Synopsys Inc. 2,127 37,635 UnitedHealth Group Inc. 6,978 34,000 TE Connectivity Ltd 2,675

4,108 Vertex Pharmaceuticals Inc. 529 20,967 VeriSign Inc. * 1,949 4,912 WellCare Health Plans Inc. 882 20,000 VMware Inc. Class A * 1,749

17,108 Zoetis Inc. 1,067 49,827 43,822

Utilities 5.08%Materials & Processing 3.44% 150,752 AES Corp. 1,675

14,126 Cabot Corp. 755 35,898 American Electric Power Co. Inc. 2,494 31,744 Celanese Corp. 3,014 40,739 AT&T Inc. 1,537

7,668 Chemours Co. 291 18,144 Edison International 1,419 18,829 Louisiana-Pacific Corp. 454 30,306 Entergy Corp. 2,327 22,933 LyondellBasell Industries NV 1,935 12,801 Exelon Corp. 462 14,311 Masco Corp. 547 4,328 PG&E Corp. 287 26,484 Owens Corning 1,772 9,403 Public Service Enterprise Group Inc. 404 18,106 Timken Co. 837 9,589 Southwest Gas Holdings Inc. 701 15,650 Trinseo SA 1,075 310,714 Sprint Corp. 2,551 25,510 WestRock Co. 1,445 16,763 Telephone & Data Systems Inc. 465

12,125 62,155 Verizon Communications Inc. 2,776 27,000 Zayo Group Holdings Inc. 830

Producer Durables 6.81% 17,928 3,272 AerCap Holdings NV 152 TOTAL COMMON STOCKS

11,808 Cummins Inc. 1,915 (Cost $261,363) 349,169 48,306 Delta Air Lines Inc. 2,596 22,000 FedEx Corp. 4,781 Short-Term Investments 0.97%18,306 Hawaiian Holdings Inc. 859 3,413,827 Dreyfus Government Cash Management Fund 3,414 43,929 Johnson Controls International plc 1,905 (Cost $3,414)17,214 ManpowerGroup Inc. 1,922

2,393 Mettler-Toledo International Inc. 1,408 55,025 Quanta Services Inc. 1,811 Collateral for Securities Loaned 1.64%19,058 Spirit AeroSystems Holdings Inc. 1,104 Short-Term Investments-Repurchase Agreements10,801 Spirit Airlines Inc. 558 128,238 BNP Parabis, 1.11%, due 7/3/2017 128 26,000 Union Pacific Corp. 2,832 1,378,877 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 1,378 24,016 United Continental Holdings Inc. 1,807 156,093 HSBC Holdings PLC, 1.06%, due 7/3/2017 156

3,458 United Rentals Inc. 390 76,666 Leucadia National Corp, 1.25%, due 7/3/2017 76

24,040 1,378,877 National Bank of Canada, 1.20%, due 7/3/17 1,378 1,307,968 Nomura Holdings Inc., 1.13, due 7/3/2017 1,308

Technology 14.12% 1,378,000 State of Wisconsin Investment BO, 1.30%, due 7/3/17 1,378 400 Alphabet Inc. Class A 372 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 5,802

5,218 Alphabet Inc. Class C 4,742 (Cost $5,802)40,889 Amkor Technology Inc. 399 51,662 Applied Materials Inc. 2,134 20,926 Aspen Technology Inc. 1,156 TOTAL INVESTMENTS

7,183 Cadence Design Systems Inc. 241 (Cost $270,579) 101.57% 358,385 120,000 Cisco Systems Inc. 3,756

6,054 Citrix Systems Inc. 482 Liabilities Less, Other Assets -1.57% (5,550) 16,060 Dell Technologies Inc. Class V 981 23,623 DXC Technology Co. 1,812 TOTAL NET ASSETS 100.00% 352,835$

296,400 Hewlett Packard Enterprise Co. 4,917 273,580 HP Inc. 4,782

67,378 Intel Corp. 2,273 7,307 Intuit Inc. 970

24,151 Jabil Inc. 705 22,500 Juniper Networks Inc. 627


40



Equities 99.26%Number of Stocks 466 Top Ten Stocks (% of Net Assets) 20.33%

Rights 0.00%

Fixed Income Securities: Short-Term Investments 0.61% Short-Term Investments-Repurchase Agreements 0.77%Less Liabilities, Other Assets -0.64%

Top Ten Equity Holdings (% of Net Assets)Apple Inc. 3.84%Microsoft Corp. 2.71%Berkshire Hathaway Inc. Class B 2.20%Amazon.com Inc. 1.92%Exxon Mobil Corp. 1.88%Facebook Inc. Class A 1.85%3M Co. 1.61%JPMorgan Chase & Co. 1.56%Alphabet Inc. Class C 1.42%Alphabet Inc. Class A 1.34%

Top 5 Sectors (% of Net Assets)Financial Services 20.75%Technology 19.64%Consumer Discretionary 14.05%Health Care 11.65%Producer Durables 10.21%


CORE EQUITY INDEX FUNDJUNE 30, 2017



41

Shares Fair Shares Fair Common Stocks 99.26% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.05% Consumer Discretionary (continued)

6,183 Advance Auto Parts Inc. 721$ 19,660 Omnicom Group Inc. 1,630$ 35,146 Amazon.com Inc. 34,021 7,682 O'Reilly Automotive Inc. * 1,680

5,500 AutoNation Inc. * 232 4,252 Priceline Group Inc. 7,953 2,387 AutoZone Inc. 1,362 23,994 PulteGroup Inc. 589

12,640 Bed Bath & Beyond Inc. 384 6,645 PVH Corp. 761 22,750 Best Buy Co. Inc. 1,304 4,755 Ralph Lauren Corp. 351 16,800 BorgWarner Inc. 712 33,006 Ross Stores Inc. 1,905 15,700 CarMax Inc. * 990 14,045 Royal Caribbean Cruises Ltd 1,534 35,000 Carnival Corp. 2,295 16,830 Safeway PDC LLC CVR 1 31,167 CBS Corp. 1,988 16,830 Safeway SCRP CUSIP 17 18,033 Charter Communications Inc. 6,074 8,050 Scripps Networks Interactive Inc. 550

2,412 Chipotle Mexican Grill Inc. * 1,004 5,853 Signet Jewelers Ltd * 370 23,500 Coach Inc. 1,112 54,490 Staples Inc. 549

418,582 Comcast Corp. 16,291 132,985 Starbucks Corp. 7,754 44,421 Costco Wholesale Corp. 7,104 46,610 Target Corp. 2,437 79,302 Coty Inc. 1,488 8,980 Tiffany & Co. * 843 10,390 Darden Restaurants Inc. 940 64,923 Time Warner Inc. 6,519 22,600 Delphi Automotive PLC 1,981 57,142 TJX Cos Inc. 4,124 12,800 Discovery Communications Inc. A * 331 11,000 Tractor Supply Co. 596 18,100 Discovery Communications Inc. C * 456 9,450 TripAdvisor Inc. 361 19,000 DISH Network Corp. 1,192 88,200 Twenty-First Century Fox Inc. 2,500 21,300 Dollar General Corp. 1,536 40,800 Twenty-First Century Fox Inc. 1,137 19,838 Dollar Tree Inc. 1,387 4,904 Ulta Beauty Inc. 1,409 28,470 DR Horton Inc. 984 15,391 Under Armour Inc. CL A * 335 84,729 eBay Inc. 2,959 15,494 Under Armour Inc. CL C * 312 10,107 Expedia Inc. 1,505 27,788 VF Corp. 1,601 11,100 Foot Locker Inc. 547 29,138 Viacom Inc. 978

327,239 Ford Motor Co. 3,662 177,138 Wal-Mart Stores Inc. 13,406 19,800 Fortune Brands Home & Security Inc. 1,292 131,916 Walt Disney Co. 14,016 18,405 Gap Inc. 405 6,244 Whirlpool Corp. 1,196

9,600 Garmin Ltd 490 8,800 Wyndham Worldwide Corp. 884 114,300 General Motors Co. 3,992 6,665 Wynn Resorts Ltd 894

12,474 Genuine Parts Co. 1,157 28,180 Yum! Brands Inc. 2,079

21,100 Goodyear Tire & Rubber Co. 738 248,613 17,400 H&R Block Inc. 538 31,700 Hanesbrands Inc. * 734 Consumer Staples 7.94%14,795 Harley-Davidson Inc. * 799 61,471 Archer-Daniels-Midland Co. 2,544

9,378 Hasbro Inc. 1,046 31,950 Brown-Forman Corp. 1,553 17,300 Hilton Worldwide Holdings Inc. 1,070 33,720 Campbell Soup Co. 1,758

113,145 Home Depot Inc. 17,356 34,634 Clorox Co. 4,615 32,909 Interpublic Group of Cos Inc. 810 483,018 Coca-Cola Co. 21,663 14,800 Kohl's Corp. * 572 186,644 Colgate-Palmolive Co. 13,836 20,150 L Brands Inc. * 1,086 56,899 Conagra Brands Inc. 2,035 11,190 Leggett & Platt Inc. 588 23,123 Constellation Brands Inc. 4,480 17,000 Lennar Corp. 906 104,420 CVS Health Corp. 8,402 25,800 LKQ Corp. 850 24,600 Dr Pepper Snapple Group Inc. 2,241 76,621 Lowe's Cos Inc. 5,940 78,127 General Mills Inc. 4,328 25,460 Macy's Inc. 592 20,127 Hershey Co. 2,161 26,366 Marriott International Inc./MD 2,645 43,300 Hormel Foods Corp. * 1,477 28,715 Mattel Inc. 618 14,018 JM Smucker Co. 1,659 74,875 McDonald's Corp. 11,468 43,810 Kellogg Co. 3,043 13,600 Michael Kors Holdings Ltd 493 71,840 Kimberly-Clark Corp. 9,275

5,286 Mohawk Industries Inc. 1,278 81,202 Kraft Heinz Co. 6,954 36,081 Netflix Inc. 5,391 77,760 Kroger Co. 1,813 31,950 News Corp. Class A 438 16,876 McCormick & Co Inc./MD 1,646 10,000 News Corp. Class B 142 19,811 Molson Coors Brewing Co. 1,710 28,200 Nielsen Holdings PLC 1,090 182,104 Mondelez International Inc. 7,865

132,166 NIKE Inc. 7,798 51,858 Monster Beverage Corp. 2,576 9,570 Nordstrom Inc. * 458 178,695 PepsiCo Inc. 20,637



42


Consumer Staples (continued) Financial Services (continued)44,320 Sysco Corp. 2,231$ 86,983 Bank of New York Mellon Corp. 4,438$ 30,800 Tyson Foods Inc. 1,929 67,780 BB&T Corp. 3,07889,412 Walgreens Boots Alliance Inc. 7,002 230,291 Berkshire Hathaway Inc. Class B 39,00426,662 Whole Foods Market Inc. 1,123 10,397 BlackRock Inc. 4,392

140,556 12,896 Boston Properties Inc. 1,58640,329 Capital One Financial Corp. 3,332

Energy 6.18% 7,700 CBOE Holdings Inc. 70446,853 Anadarko Petroleum Corp. 2,124 25,200 CBRE Group Inc. 91731,851 Apache Corp. 1,527 101,832 Charles Schwab Corp. 4,37535,686 Baker Hughes Inc. 1,945 48,295 Chubb Ltd 7,02139,800 Cabot Oil & Gas Corp. 998 12,517 CIncinnati Financial Corp. 90763,860 Chesapeake Energy Corp. * 317 232,227 Citigroup Inc. 15,531

160,181 Chevron Corp. 16,712 42,700 Citizens Financial Group Inc. 1,5247,985 Cimarex Energy Co. 751 28,472 CME Group Inc. 3,566

12,420 Concho Resources Inc. 1,509 14,790 Comerica Inc. 1,083103,582 ConocoPhillips 4,553 43,476 Crown Castle International Corp. 4,355

43,960 Devon Energy Corp. 1,405 13,351 Digital Realty Trust Inc. 1,50848,345 EOG Resources Inc. 4,376 32,345 Discover Financial Services 2,01214,515 EQT Corp. * 850 23,060 E*TRADE Financial Corp. 877

411,651 Exxon Mobil Corp. 33,233 10,051 Equifax Inc. 1,38172,702 Halliburton Co. 3,105 8,283 Equinix Inc. 3,555

9,135 Helmerich & Payne Inc. * 496 30,800 Equity Residential 2,02822,575 Hess Corp. 990 5,495 Essex Property Trust Inc. 1,414

160,926 Kinder Morgan Inc./DE 3,083 3,472 Everest Re Group Ltd 88471,028 Marathon Oil Corp. 842 10,600 Extra Space Storage Inc. 82744,284 Marathon Petroleum Corp. 2,317 6,045 Federal Realty Investment Trust 76413,550 Murphy Oil Corp. * 347 27,600 Fidelity National Information Services Inc. 2,35731,738 National Oilwell Varco Inc. 1,045 62,931 Fifth Third BanCorp. 1,63416,700 Newfield Exploration Co. 475 17,987 Fiserv Inc. 2,20138,186 Noble Energy Inc. 1,081 28,895 Franklin Resources Inc. 1,29464,072 Occidental Petroleum Corp. 3,836 49,000 GGP Inc. 1,15417,700 ONEOK Inc. * 923 12,800 Global Payments Inc. 1,15636,990 Phillips 66 3,059 31,058 Goldman Sachs Group Inc. 6,89214,234 Pioneer Natural Resources Co. 2,271 31,320 Hartford Financial Services Group Inc. 1,64615,800 Range Resources Corp. 366 39,250 HCP Inc. 1,254

116,818 Schlumberger Ltd 7,691 61,974 Host Hotels & Resorts Inc. 1,13239,100 TechnipFMC PLC 1,064 91,076 Huntington Bancshares Inc./OH 1,23112,700 Tesoro Corp. 1,189 49,940 Intercontinental Exchange Inc. 3,29232,600 Transocean Ltd 268 33,800 Invesco Ltd 1,18937,800 Valero Energy Corp. 2,550 20,585 Iron Mountain Inc. 70769,218 Williams Cos Inc. 2,096 302,349 JPMorgan Chase & Co. 27,635

109,394 89,890 KeyCorp. 1,68535,700 Kimco Realty Corp. 655

Financial Services 20.75% 27,100 Leucadia National Corp. 7094,753 Affiliated Managers Group Inc. 788 18,895 Lincoln National Corp. 1,277

33,700 Aflac Inc. 2,618 23,100 Loews Corp. 1,0817,450 Alexandria Real Estate Equities Inc. 898 12,924 M&T Bank Corp. 2,0934,688 Alliance Data Systems Corp. 1,203 10,100 Macerich Co. 586

30,602 Allstate Corp. 2,706 52,330 Marsh & McLennan Cos Inc. 4,08063,476 American Express Co. 5,347 78,980 Mastercard Inc. 9,59281,301 American International Group Inc. 5,083 94,599 MetLife Inc. 5,19749,031 American Tower Corp. 6,488 9,518 Mid-America Apartment Communities Inc. 1,00312,914 Ameriprise Financial Inc. 1,644 13,915 Moody's Corp. 1,69325,001 Aon PLC 3,324 120,451 Morgan Stanley 5,36713,137 Apartment Investment & Management Co. 564 9,600 Nasdaq Inc. 68615,000 Arthur J Gallagher & Co. 859 24,424 Navient Corp. 407

4,664 Assurant Inc. 484 18,000 Northern Trust Corp. 1,75011,512 AvalonBay Communities Inc. 2,212 94,130 PayPal Holdings Inc. 5,052

840,371 Bank of America Corp. 20,387 28,800 People's United Financial Inc. 509



43


Financial Services (continued) Health Care (continued)40,754 PNC Financial Services Group Inc. 5,089$ 8,573 IDEXX Laboratories Inc. 1,384$ 22,460 Principal Financial Group Inc. 1,439 23,211 Illumina Inc. 4,028 48,710 Progressive Corp. 2,148 34,118 Incyte Corp. 4,296 44,327 Prologis Inc. 2,599 4,674 Intuitive Surgical Inc. 4,372 36,046 Prudential Financial Inc. 3,898 12,524 Laboratory Corp. of America Holdings 1,930 16,738 Public Storage 3,490 42,643 Mallinckrodt PLC 1,911 10,700 Raymond James Financial Inc. 858 20,689 McKesson Corp. 3,404 22,700 Realty Income Corp. * 1,253 154,962 Medtronic PLC 13,753 12,200 Regency Centers Corp. 764 7,763 Patterson Cos Inc. * 364

101,032 Regions Financial Corp. 1,479 15,930 Quest Diagnostics Inc. 1,771 21,661 S&P Global Inc. 3,162 13,554 Regeneron Pharmaceuticals Inc. 6,657 38,497 Simon Property Group Inc. 6,227 45,933 Stryker Corp. 6,375

8,432 SL Green Realty Corp. 892 115,915 UnitedHealth Group Inc. 21,493 30,070 State Street Corp. 2,698 10,613 Varian Medical Systems Inc. 1,095 41,240 SunTrust Banks Inc. 2,339 40,179 Vertex Pharmaceuticals Inc. 5,178 64,600 Synchrony Financial 1,926 23,119 Zimmer Biomet Holdings Inc. 2,968 20,400 T Rowe Price Group Inc. 1,514 146,504 Zoetis Inc. 9,139

9,180 Torchmark Corp. 702 206,070 13,823 Total System Services Inc. 80523,446 Travelers Cos Inc. 2,967 Materials & Processing 3.24%22,400 UDR Inc. 873 4,308 Acuity Brands Inc.* 876 19,198 Unum Group 895 18,240 Air Products & Chemicals Inc. 2,609

133,529 US BanCorp. 6,933 9,436 Albemarle Corp. 996 29,700 Ventas Inc. 2,064 29,372 Ball Corp. 1,240

164,685 Visa Inc. 15,444 19,565 CF Industries Holdings Inc. 547 14,400 Vornado Realty Trust 1,352 98,968 Dow Chemical Co. 6,242

380,247 Wells Fargo & Co. 21,069 12,242 Eastman Chemical Co. 1,028 30,400 Welltower Inc. 2,275 25,685 Ecolab Inc. 3,410 40,312 Western Union Co. 768 75,406 EI du Pont de Nemours & Co. 6,086 62,750 Weyerhaeuser Co. 2,102 36,602 Fastenal Co 1,593 10,680 Willis Towers Watson PLC 1,554 11,200 FMC Corp. 818 22,250 XL Group Ltd 975 111,461 Freeport-McMoRan Inc. 1,339 17,000 Zions BanCorporation 746 31,400 Ingersoll-Rand PLC 2,870

367,163 6,626 International Flavors & Fragrances Inc. 895 34,443 International Paper Co. 1,950

Health Care 11.65% 27,675 LyondellBasell Industries NV 2,335 184,493 Abbott Laboratories 8,968 5,287 Martin Marietta Materials Inc. 1,177

35,938 Aetna Inc. 5,456 31,996 Masco Corp. 1,223 42,428 Alexion Pharmaceuticals Inc. 5,162 40,462 Monsanto Co. 4,789

7,643 Align Technology Inc. 1,147 29,400 Mosaic Co. 671 20,230 AmerisourceBergen Corp. 1,912 44,573 Newmont Mining Corp. 1,444

101,585 Amgen Inc. 17,496 26,770 Nucor Corp. 1,549 30,018 Anthem Inc. 5,647 21,931 PPG Industries Inc. 2,412

166,307 Boston Scientific Corp. 4,610 25,572 Praxair Inc. 3,390 39,977 Cardinal Health Inc. 3,115 16,200 Sealed Air Corp. 725

113,819 Celgene Corp. 14,782 7,105 Sherwin-Williams Co. 2,494 17,000 Centene Corp. 1,358 11,095 Vulcan Materials Co. 1,406 34,200 Cerner Corp. 2,273 21,003 WestRock Co. 1,190

28,808 Cigna Corp. 4,822 57,304 8,799 CR Bard Inc. 2,781

18,354 DaVita Inc. 1,189 Producer Durables 10.21%28,200 DENTSPLY SIRONA Inc. 1,828 136,477 3M Co. 28,413 21,939 Edwards Lifesciences Corp. 2,594 52,194 Accenture PLC 6,455 11,200 Envision Healthcare Corp. 702 10,400 Alaska Air Group Inc. 934 69,614 Express Scripts Holding Co. 4,444 12,633 Allegion PLC 1,025

258,692 Gilead Sciences Inc. 18,310 42,300 American Airlines Group Inc. 2,129 10,475 Henry Schein Inc. 1,917 35,202 AMETEK Inc. 2,132 33,000 Hologic Inc. 1,498 38,006 Arconic Inc. 861 16,378 Humana Inc. 3,941 37,631 Automatic Data Processing Inc. 3,856



44


Producer Durables (continued) Technology (continued)7,534 Avery Dennison Corp. 666$ 471,892 Apple Inc. 67,962$

73,024 Caterpillar Inc. 7,847 90,521 Applied Materials Inc. 3,739 11,900 CH Robinson Worldwide Inc. * 817 16,418 Autodesk Inc. 1,655

7,220 Cintas Corp. 910 33,934 Broadcom Ltd 7,908 77,650 CSX Corp. 4,237 26,235 CA Inc. 904 21,664 Cummins Inc. 3,514 422,749 Cisco Systems Inc. 13,232 47,336 Deere & Co. 5,850 13,100 Citrix Systems Inc. 1,042 61,300 Delta Air Lines Inc. 3,294 51,000 Cognizant Technology Solutions Corp. 3,386 20,602 Dover Corp. 1,653 12,200 CSRA Inc. 387 61,700 Eaton Corp. PLC 4,802 23,835 DXC Technology Co 1,829 98,507 Emerson Electric Co. 5,873 25,841 Electronic Arts Inc. 2,732 15,100 Expeditors International of Washington Inc. 853 5,431 F5 Networks Inc. 690 20,554 FedEx Corp. 4,467 216,655 Facebook Inc. Class A 32,711 11,400 FLIR Systems Inc. 395 7,547 Gartner Inc. 932 12,350 Flowserve Corp. * 573 139,512 Hewlett Packard Enterprise Co. 2,315 53,700 Fortive Corp. 3,402 141,912 HP Inc. 2,481 65,923 Illinois Tool Works Inc. 9,443 26,600 IHS Markit Ltd 1,171

7,300 JB Hunt Transport Services Inc. 667 396,389 Intel Corp. 13,374 113,037 Johnson Controls International plc 4,901 71,952 International Business Machines Corp. 11,068

8,940 Kansas City Southern 936 20,370 Intuit Inc. 2,705 11,042 Mettler-Toledo International Inc. 6,499 32,000 Juniper Networks Inc. 892 24,357 Norfolk Southern Corp. 2,964 13,100 KLA-Tencor Corp. 1,199 47,202 PACCAR Inc. 3,117 13,651 Lam Research Corp. 1,931 20,181 Parker-Hannifin Corp. 3,225 19,200 Microchip Technology Inc. * 1,482 26,775 Paychex Inc. 1,525 86,932 Micron Technology Inc. 2,596 18,891 Pentair PLC 1,257 696,165 Microsoft Corp. 47,987 12,700 Quanta Services Inc. 418 13,830 Motorola Solutions Inc. 1,200 19,345 Republic Services Inc. 1,233 22,700 NetApp Inc. 909 10,700 Robert Half International Inc. 513 50,306 NVIDIA Corp. 7,272 20,556 Rockwell Automation Inc. 3,329 267,922 Oracle Corp. 13,434 24,748 Rockwell Collins Inc. 2,601 10,600 Qorvo Inc. 671 15,516 Roper Technologies Inc. 3,592 123,832 QUALCOMM Inc. 6,838

6,416 Snap-on Inc. 1,014 14,900 Red Hat Inc. 1,427 51,625 Southwest Airlines Co. 3,208 56,532 salesforce.com Inc. 4,896 23,122 Stanley Black & Decker Inc. 3,254 24,700 Seagate Technology PLC * 957

7,107 Stericycle Inc. 542 15,501 Skyworks Solutions Inc. 1,487 5,644 TransDigm Group Inc. * 1,518 51,835 Symantec Corp. 1,464

68,219 Union Pacific Corp. 7,430 12,600 Synopsys Inc. 919 24,000 United Continental Holdings Inc. 1,806 29,800 TE Connectivity Ltd 2,345 61,986 United Parcel Service Inc. 6,855 83,800 Texas Instruments Inc. 6,447

7,068 United Rentals Inc. 797 7,500 VeriSign Inc. * 697 13,000 Verisk Analytics Inc. 1,097 24,147 Western Digital Corp. 2,139 33,920 Waste Management Inc. 2,488 20,840 Xilinx Inc. 1,340

33,552 Waters Corp. 6,168 347,531 7,571 WW Grainger Inc. 1,367

17,465 Xerox Corp. 502 Utilities 5.60%26,000 Xylem Inc./NY 1,441 55,300 AES Corp. 614

180,665 19,100 Alliant Energy Corp. 767 20,300 Ameren Corp. 1,110

Technology 19.64% 41,260 American Electric Power Co. Inc. 2,866 58,000 Activision Blizzard Inc. 3,339 14,900 American Water Works Co. Inc. 1,161 41,552 Adobe Systems Inc. 5,877 546,384 AT&T Inc. 20,615 64,700 Advanced Micro Devices Inc. * 807 36,122 CenterPoint Energy Inc. 989 14,500 Akamai Technologies Inc. 722 45,829 CenturyLink Inc. * 1,094 27,633 Alphabet Inc. Class C 25,111 23,500 CMS Energy Corp. 1,087 25,562 Alphabet Inc. Class A 23,764 25,600 Consolidated Edison Inc. 2,069 25,800 Amphenol Corp. 1,905 67,094 Dominion Energy Inc. 5,141 30,508 Analog Devices Inc. 2,374 15,042 DTE Energy Co. 1,591

7,229 ANSYS Inc. 880 66,369 Duke Energy Corp. 5,548



45

Shares Fair Principal Fair Common Stocks (continued) Value (000's) Amount Value (000's)

Utilities (continued) Short-Term Investments 0.61%27,307 Edison International 2,135$ 10,739,703 Dreyfus Government Cash Management Fund 10,740$ 15,000 Entergy Corp. 1,152 (Cost $10,740)26,600 Eversource Energy 1,615 77,711 Exelon Corp. 2,803 Collateral for Securities Loaned 0.77%37,056 FirstEnergy Corp. 1,081 Short-Term Investments-Repurchase Agreements24,500 Level 3 Communications Inc. 1,453 437,010 BNP Parabis, 1.11%, due 7/3/2017 437 55,826 NextEra Energy Inc. 7,823 3,235,242 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 3,226 27,084 NiSource Inc. 687 531,937 HSBC Holdings PLC, 1.06%, due 7/3/2017 531 26,500 NRG Energy Inc. 456 261,264 Leucadia National Corp, 1.25%, due 7/3/2017 261 42,502 PG&E Corp. 2,821 3,235,242 Nomura Holdings Inc., 1.13, due 7/3/2017 3,235

9,300 Pinnacle West Capital Corp. 792 2,685,787 Royal Bank of Canada, 1.08%, due 7/3/17 2,685 56,937 PPL Corp. 2,201 3,235,200 State of Wisconsin Investment BO, 1.30%, due 7/3/17 3,235

42,400 Public Service Enterprise Group Inc. 1,824 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 13,610 12,000 SCANA Corp. 804 (Cost $13,610)21,003 Sempra Energy 2,368 88,669 Southern Co. 4,245 TOTAL INVESTMENTS

365,245 Verizon Communications Inc. 16,312 (Cost $1,304,633) 100.64% 1,780,452 26,473 WEC Energy Group Inc. 1,625 42,505 Xcel Energy Inc. 1,957 Liabilities Less, Other Assets -0.64% (11,272)

98,788 TOTAL COMMON STOCKS (Cost $261,363) 1,756,084 TOTAL NET ASSETS 100.00% 1,769,180$

Rights 0.00%16,830 Safeway PDC 1

Originally Acquired: 1/30/201516,830 Safeway SCRP 17

Originally Acquired: 1/30/2015

TOTAL RIGHTS 18 (Cost $12)


46

CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS CORE EQUITY INDEX FUND JUNE 30, 2017

$344,400 of cash pledged as margin for futures contracts. The Portfolio had the following openfutures contracts at June 30, 2017:



Type Contracts Amount Position Expiration June 30, 2017S&P 500 77 100,000 Long September 2017 (59,923)

47



Equities 99.89%Number of Stocks 238Top Ten Stocks (% of Net Assets) 31.72%

Rights 0.00%


Top Ten Equity Holdings (% of Net Assets)Apple Inc. 7.40%Microsoft Corp. 4.92%Alphabet Inc. Class C 4.02%Facebook Inc. Class A 3.95%Amazon.com Inc. 3.16%PepsiCo Inc. 1.82%Amgen Inc. 1.70%Oracle Corp. 1.68%Home Depot Inc. 1.62%Mastercard Inc. Class A 1.45%

Top 5 Sectors (% of Net Assets)Technology 37.55%Consumer Discretionary 16.77%Financial Services 14.81%Health Care 11.97%Producer Durables 9.34%


GROWTH FUNDJUNE 30, 2017

CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS


48

Shares Fair Shares Fair Common Stocks 99.89% Value (000's) Common Stocks (continued) Value (000's)

Consumer Discretionary 16.77% Financial Services 14.81%9,686 Amazon.com Inc. 9,376$ 5,395 Alliance Data Systems Corp. 1,385$ 7,941 AMC Networks Inc. 424 19,491 American Express Co. 1,642 6,451 Aramark 264 24,258 American International Group Inc. 1,517

11,510 Carter's Inc. 1,024 11,055 American Tower Corp. 1,463 1,370 CBS Corp. 87 15,250 Aon PLC 2,027 7,150 Choice Hotels International Inc. 459 270 Arthur J Gallagher & Co. 15

10,260 Coach Inc. 486 18,320 Artisan Partners Asset Management Inc. 562 69,703 Comcast Corp. 2,713 76,791 Bank of America Corp. 1,863 4,970 Costco Wholesale Corp. 795 31,830 Care Capital Properties Inc. 850

30,997 Discovery Communications Inc. * 801 3,792 CBOE Holdings Inc. 347 2,110 Domino's Pizza Inc. 446 28,357 Citigroup Inc. 1,897

75,201 eBay Inc. 2,626 5,130 CubeSmart 123 2,290 Hilton Worldwide Holdings Inc. 142 4,780 Dun & Bradstreet Corp. 517

31,402 Home Depot Inc. 4,817 8,810 Eaton Vance Corp. 417 21,130 KAR Auction Services Inc. 887 3,520 Empire State Realty Trust Inc. * 73 29,993 Las Vegas Sands Corp. 1,916 2,470 Equinix Inc. 1,060 5,210 Leggett & Platt Inc. 274 7,410 Equity LifeStyle Properties Inc. 640 4,844 Lions Gate Entertainment Corp. 127 14,542 Erie Indemnity Co. 1,819 5,146 Lowe's Cos Inc. 399 8,660 Euronet Worldwide Inc. 757 5,340 Madison Square Garden Co. 1,051 35,023 Experian PLC * 721

14,350 Marriott International Inc. 1,439 2,993 FactSet Research Systems Inc. * 497 18,448 McDonald's Corp. 2,825 590 Federal Realty Investment Trust 75 15,077 Netflix Inc. 2,253 10,200 Federated Investors Inc. 288 1,420 Norwegian Cruise Line Holdings Ltd 77 10,810 First Hawaiian Inc. 331

14,631 Pool Corp. 1,720 7,826 Fiserv Inc. 957 1,487 Priceline Group Inc. 2,781 11,761 Global Payments Inc. 1,062

11,819 Ross Stores Inc. 682 1,557 Hanover Insurance Group Inc. 138 16,911 Scripps Networks Interactive Inc. 1,155 23,510 Healthcare Trust of America Inc. 731 16,460 Service Corp International 551 26,430 Intercontinental Exchange Inc. 1,742 21,061 TJX Cos Inc. 1,520 16,334 Jack Henry & Associates Inc. 1,697 8,780 Tupperware Brands Corp. 617 18,622 JPMorgan Chase & Co. 1,702 6,700 Vail Resorts Inc. 1,359 1,188 Lamar Advertising Co. 87

19,787 Viacom Inc. 664 2,120 Life Storage Inc. * 157 8,581 Walt Disney Co. 912 35,388 Mastercard Inc. 4,298 9,100 Wyndham Worldwide Corp. 914 17,519 MetLife Inc. 962

15,387 Yum! Brands Inc. 1,135 53,968 PayPal Holdings Inc. 2,896

49,720 2,710 Senior Housing Properties Trust 55 11,430 Tanger Factory Outlet Centers Inc. 297

Consumer Staples 3.48% 25,721 Vantiv Inc. 1,629 3,440 Blue Buffalo Pet Products Inc. 78 40,829 Visa Inc. 3,829 2,040 Campbell Soup Co. 106 40,335 Western Union Co. 768

2,707 Clorox Co. 361 43,893 54,065 Coca-Cola Co. 2,425

110 Constellation Brands Inc. 21 Health Care 11.97%8,130 Energizer Holdings Inc. 390 19,937 Aetna Inc. 3,027 6,444 General Mills Inc. 357 410 Alexion Pharmaceuticals Inc. 50 3,674 Hershey Co. 394 930 Alkermes PLC 54 2,964 Kimberly-Clark Corp. 383 9,330 AmerisourceBergen Corp. 882 2,888 Lamb Weston Holdings Inc. 127 29,312 Amgen Inc. 5,048 1,380 McCormick & Co. Inc. 135 12,565 Anthem Inc. 2,364

46,618 PepsiCo Inc. 5,384 2,630 Bioverativ Inc. 158 1,910 Post Holdings Inc. 148 52,950 Boston Scientific Corp. 1,468

10,309 19,200 Bruker Corp. 554 26,436 Cardinal Health Inc. 2,060

Energy 1.90% 31,145 Celgene Corp. 4,045 23,353 Baker Hughes Inc. 1,273 17,500 Centene Corp. 1,398 35,068 BP PLC 1,215 1,100 Cerner Corp. 73 9,431 Chevron Corp. 984 5,615 Cigna Corp. 940 8,318 Pioneer Natural Resources Co. 1,327 3,195 CR Bard Inc. 1,010

12,770 Schlumberger Ltd 841 3,330 DaVita Inc. 216

5,640 9,037 Edwards Lifesciences Corp. 1,069 26,371 Gilead Sciences Inc. 1,867 8,715 ICON PLC 852



49


Health Care (continued) Producer Durables (continued)790 IDEXX Laboratories Inc. 128$ 32,380 HD Supply Holdings Inc. 992$

1,590 Incyte Corp. 200 4,170 Illinois Tool Works Inc. 597 1,019 Intuitive Surgical Inc. 953 650 Keysight Technologies Inc. 25 2,090 Ionis Pharmaceuticals Inc. * 106 4,346 Landstar System Inc. 372 2,747 McKesson Corp. 452 1,564 Mettler-Toledo International Inc. 920

920 Medtronic PLC 82 1,180 Middleby Corp. 143 14,742 Qiagen NV 494 6,274 MSC Industrial Direct Co. Inc. 539 9,170 Quintiles IMS Holdings Inc. 821 5,180 National Instruments Corp. 208

340 Regeneron Pharmaceuticals Inc. 167 9,314 Parker-Hannifin Corp. 1,489 7,707 Stryker Corp. 1,070 24,272 Paychex Inc. 1,382 2,090 Teleflex Inc. 434 14,892 Rockwell Automation Inc. 2,412

10,594 UnitedHealth Group Inc. 1,964 16,206 Southwest Airlines Co. 1,007 1,276 Varex Imaging Corp. 43 1,940 Toro Co. 134 3,000 Varian Medical Systems Inc. 310 7,339 United Parcel Service Inc. 812 1,980 VCA Inc. 183 5,763 Waste Management Inc. 423 3,003 Veeva Systems Inc. 184 3,097 Waters Corp. 569

1,200 WellCare Health Plans Inc. 215 27,689 8,530 Zoetis Inc. 532

35,473 Technology 37.55%2,960 Activision Blizzard Inc. 170

Materials & Processing 4.06% 1,500 Adobe Systems Inc. 212 13,655 AptarGroup Inc. 1,186 420 Advanced Micro Devices Inc. * 5 22,560 Bemis Co. Inc. 1,043 12,152 Alibaba Group Holding Ltd * 1,712

100 Celanese Corp. 9 3,198 Alphabet Inc. Class A 2,973 77,058 Cliffs Natural Resources Inc. * 533 13,114 Alphabet Inc. Class C 11,917 1,738 Crown Holdings Inc. 104 9,089 Amdocs Ltd 586

630 Eagle Materials Inc. 58 13,030 Analog Devices Inc. 1,014 3,070 Eastman Chemical Co. 258 152,343 Apple Inc. 21,940 6,020 FMC Corp. 440 35,950 Applied Materials Inc. 1,485 4,051 GCP Applied Technologies Inc. 124 2,050 Autodesk Inc. 207

64,120 Graphic Packaging Holding Co. 884 12,758 Broadcom Ltd 2,973 1,020 Hexcel Corp. 54 3,084 CDK Global Inc. 191 4,600 Ingersoll-Rand PLC 420 21,505 Check Point Software Technologies Ltd 2,346 5,230 International Business Machines Corp. 805 8,105 Cirrus Logic Inc. 508 4,528 Masco Corp. 173 5,290 Citrix Systems Inc. 421

13,351 Nucor Corp. 773 3,870 Dell Technologies Inc. Class V 236 9,445 PPG Industries Inc. 1,039 17,400 DST Systems Inc. 1,074 2,610 Praxair Inc. 346 14,923 Electronic Arts Inc. 1,578

43,536 Rio Tinto PLC 1,842 8,208 F5 Networks Inc. 1,043 11,430 Scotts Miracle-Gro Co. 1,023 77,464 Facebook Inc. Class A 11,696 2,287 Sealed Air Corp. 102 11,849 Gartner Inc. 1,463

70 Sherwin-Williams Co. 25 59,963 IHS Markit Ltd 2,641 10,200 Silgan Holdings Inc. 324 10,230 Intel Corp. 345 2,980 Watsco Inc. 460 3,600 International Paper Co. 204

12,025 8,311 Intuit Inc. 1,104 18,940 Juniper Networks Inc. 528

Producer Durables 9.34% 4,560 KLA-Tencor Corp. 417 6,613 3M Co 1,377 410 Lam Research Corp. 58 8,146 Accenture PLC 1,007 1,216 LogMeIn Inc. 127 2,700 Allegion PLC 219 480 Manhattan Associates Inc. 23 9,252 Automatic Data Processing Inc. 948 40,447 Maxim Integrated Products Inc. 1,816 4,380 Avery Dennison Corp. 387 211,695 Microsoft Corp. 14,592

22,280 Booz Allen Hamilton Holding Corp. 725 11,842 Motorola Solutions Inc. 1,027 14,943 Caterpillar Inc. 1,606 4,500 NCR Corp. 184 12,322 Cummins Inc. 1,999 20,719 NetApp Inc. 830 23,780 Deere & Co. 2,939 10,135 Nuance Communications Inc. 176 15,063 Dover Corp. 1,208 17,666 NVIDIA Corp. 2,554 25,164 Emerson Electric Co. 1,500 99,418 Oracle Corp. 4,985 16,348 Fortive Corp. 1,036 37,736 QualComm Inc. 2,084 6,530 Graco Inc. 714 14,580 Sabre Corp. 317



50


Technology (continued) Short-Term Investments 0.34%240 ServiceNow Inc. 25$ 1,015,889 Dreyfus Government Cash Management Fund 1,016$

3,210 Skyworks Solutions Inc. 308 (Cost $1,016)21,475 SS&C Technologies Holdings Inc. 825 61,358 Symantec Corp. 1,733 Collateral for Securities Loaned 0.70%4,650 Take-Two Interactive Software Inc. 341 Short-Term Investments-Repurchase Agreements

33,790 Teradata Corp. * 996 45,188 BNP Parabis, 1.11%, due 7/3/2017 45 44,441 Texas Instruments Inc. 3,419 946,779 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 946 14,508 VeriSign Inc. * 1,349 55,003 HSBC Holdings PLC, 1.06%, due 7/3/2017 55 25,139 Xilinx Inc. 1,617 27,015 Leucadia National Corp, 1.25%, due 7/3/2017 27 36,135 Yandex NV 948 1,000,000 State of Wisconsin Investment BO, 1.30%, due 7/3/17 1,000

111,323 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 2,073 (Cost $2,073)

Utilities 0.01%330 Dominion Energy Inc. 25 TOTAL INVESTMENTS810 Zayo Group Holdings Inc. 29 (Cost $241,204) 100.93% 299,215

54 Liabilities Less, Other Assets -0.93% (2,753)

TOTAL COMMON STOCKS 296,124 (Cost $238,114) TOTAL NET ASSETS 100.00% 296,462$

Rights 0.00%630 Safeway PDC 1

Originally Acquired: 1/30/2015630 Safeway SCRP 1

Originally Acquired: 1/30/2015TOTAL RIGHTS 2 (Cost $1)


51

The Portfolio (UNAUDITED) Summary of Investments by Country*

Portfolio Asset Mix (% of Net Assets) % of Fair Equities 97.16% Investments Value (000's)Number of Stocks 336 Australia 1.77% 12,960$ Top Ten Stocks (% of Net Assets) 17.37% Austria 0.19% 1,391$

Brazil 1.60% 11,715$ Rights 0.01% Canada 5.89% 43,126$

China 7.61% 55,720$ Fixed Income Securities: Denmark 1.98% 14,497$ Short-Term Investments 2.34% Finland 0.40% 2,929$ Short-Term Investments-Repurchase Agreements 1.30% France 7.51% 54,988$ Less Liabilities, Other Assets -0.80% Germany 6.95% 50,888$

Hong Kong 2.02% 14,790$ Top Ten Equity Holdings (% of Net Assets) India 1.84% 13,472$ Tencent Holdings Ltd 2.62% Indonesia 0.36% 2,636$ Taiwan Semiconductor Manufacturing Co. Ltd 2.21% Ireland 1.31% 9,592$ Nestle SA 2.14% Italy 3.06% 22,405$ Volkswagen AG 1.67% Japan 12.55% 91,891$ Compass Group PLC 1.66% Korea 4.29% 31,411$ Chubb Ltd 1.54% Malaysia 0.25% 1,830$ LVMH Moet Hennessy Louis Vuitton SE 1.51% Mexico 1.11% 8,127$ HDFC Bank Limited Sponsor ADR 1.38% Netherlands 2.25% 16,474$ Canadian Pacific Railway Limited 1.34% New Zealand 0.25% 1,830$ Keyence Corp. 1.30% Norway 0.13% 952$

Poland 0.09% 659$ Portugal 0.37% 2,709$

Top 5 Sectors (% of Net Assets) Russia 1.50% 10,983$ Financial Services 18.00% South Africa 0.45% 3,295$ Producer Durables 17.56% Spain 1.78% 13,033$ Consumer Discretionary 14.27% Sweden 1.28% 9,372$ Technology 12.72% Switzerland 6.24% 45,689$ Consumer Staples 9.34% Taiwan 3.25% 23,796$

Thailand 0.63% 4,613$ Turkey 0.26% 1,904$ United Arab Emirates 0.80% 5,858$ United Kingdom 14.03% 102,727$ United States 3.66% 26,798$ Short Term Investments 2.34% 17,253$

100.00% 732,316$

* Excludes the Collateral for Securities Loaned -Short Term Investments- Repurchase Agreements.


INTERNATIONAL EQUITY FUNDJUNE 30, 2017



52


Consumer Discretionary 14.27% Consumer Staples (continued)41,776 Adidas AG 7,993$ 216,100 Raia Drogasil SA 4,598$ 24,305 Amorepacific Corp. 6,458 107,363 Tate & Lyle PLC 923 94,546 Aristocrat Leisure Ltd 1,636 370,500 Thai Union Group PCL 230

121,600 Astra International Tbk PT 81 175,190 Treasury Wine Estates Ltd 1,768 79,649 Carnival PLC 5,256 81,935 Unilever NV 4,516 5,547 Christian Dior SE 1,584 24,063 Unilever PLC 1,299

154,065 Ctrip.Com International Ltd 8,298 39,560 Universal Robina Corp. 128 22,079 Dollarama Inc. 2,107 1,758,560 WH Group Ltd 1,775

400,000 Dongfeng Motor Group Co. Ltd 473 38,858 X5 Retail Group NV 1,346

14,890 Ferrari NV 1,276 68,713 8,921 FF Group 218

120,101 Gildan Activewear Inc. 3,685 Energy 5.57%41,500 Great Wall Motor Co. Ltd 51 64,369 Aker BP ASA 949

896,000 Guangzhou Automobile Group Co. Ltd 1,572 262,000 Bangchak Corp. PCL 258 12,227 Henkel AG & Co. KGAA 1,680 140,927 Birchcliff Energy Ltd 663 12,400 Hermes International 6,119 950,771 BP PLC 5,469 52,600 Honda Motor Co. Ltd 1,434 11,540 China Petroleum & Chemical Corp. 907

761 Hyundai Mobis Co. Ltd 166 1,631,142 China Petroleum & Chemical Corp. 1,272 98,040 Industria de Diseno Textil SA 3,758 586,869 CNOOC Ltd 643 9,900 JD.Com Inc. 388 62,560 Core Laboratories NV * 6,335 7,017 Kia Motors Corp. 234 614,139 Encana Corp. 5,396

271,148 Kroton Educacional SA 1,214 73,622 Galp Energia SGPS SA 1,113 133,402 Lojas Renner SA 1,107 41,916 Gazprom PJSC 167 88,750 Luxottica Group SPA 5,127 122,443 Gazprom PJSC 488 44,744 LVMH Moet Hennessy Louis Vuitton SE 11,140 45,000 JA Solar Holdings Co. Ltd * 286

408,000 MelCo. International Development Ltd 1,092 5,189 KOC Holding AS 120 2,167 Naspers Ltd 421 17,230 Lukoil PJSC 841 6,000 New Oriental Education & Technology Group Inc. 423 42,260 Pembina Pipeline Corp. 1,398

109,500 Nikon Corp. 1,750 3,407 PetroChina Co. Ltd * 209 33,543 Restaurant Brands International Inc. 2,096 5,996 Polski Koncern Naftowy ORLEN SA 181

117,529 Sanoma OYJ 1,097 200,492 PTT Global Chemical PCL 404 48,734 Sekisui House Ltd 859 114,000 PTT PCL 1,242

283,210 Skyworth Digital Holdings Ltd 176 83,045 Repsol SA 1,269 72,754 Smiles SA 1,315 83,045 Repsol SA-RTS 38 32,200 Suzuki Motor Corp. 1,527 320,795 Royal Dutch Shell PLC 8,594 3,800 TAL Education Group 465 3,368 SK Innovation Co. Ltd 467

20,303 Tata Motors Ltd 670 29,154 Suncor Energy Inc. 851 80,657 Volkswagen AG 12,267 26,959 Surgutneftegas OJSC 116

3,337,920 Wal-Mart de Mexico SAB de CV 7,760 3,550 Tatneft PJSC 134

104,973 88,600 Thai Oil PCL 206 3,482 Tupras Turkiye Petrol Rafinerileri AS 100

Consumer Staples 9.34% 958,000 Yanzhou Coal Mining Co. Ltd * 859

24,000 Arca Continental SAB de CV 181 40,975 119,391 Aryzta AG 3,931

1,752,600 Charoen Pokphand Foods PCL 1,279 Financial Services 18.00%737 CJ CheilJedang Corp. 233 136,922 3i Group PLC 1,605

30,500 Coca-Cola Bottlers Japan Inc. 882 874,600 AIA Group Ltd 6,392 43,029 Coca-Cola HBC AG 1,262 155,617 Allied Irish Banks PLC 879

581,394 Compass Group PLC 12,234 14,648 Amundi SA 1,058 248,829 Diageo PLC 7,332 874,794 Aviva PLC 5,977

3,605 Gruma SAB de CV 47 15,670 BanCo. do Brasil SA 127 876,600 Indofood Sukses Makmur TBK PT 566 203,000 Bank of China Ltd 100 138,717 JBS SA 276 2,615,382 Barclays PLC 6,888 80,389 Jeronimo Martins SGPS SA 1,567 18,597 Barwa Real Estate Co. 164 25,700 Kimberly-Clark de Mexico SAB de CV 55 17,611 BNK Financial Group Inc. 169 71,530 Koninklijke Ahold Delhaize NV 1,366 42,400 BNP Paribas SA 3,050

182 LG Household & Health Care Ltd 158 25,088 BTG Pactual Group 113 604,878 Metcash Ltd * 1,114 675,762 CaixaBank SA 3,222 131,000 Morinaga Milk Industry Co. Ltd 998 311,000 Cathay Financial Holding Co. Ltd 512 180,906 Nestle SA 15,764 13,613 Cembra Money Bank AG 1,289 46,200 Nichirei Corp. 1,295 179,675 Challenger Ltd/Australia 1,839 22,197 Premium Brands Holdings Corp. 1,590 209,000 Cheung Kong Property Holdings Ltd 1,637



53


Financial Services (continued) Health Care (continued)3,887,000 China Construction Bank Corp. 3,012$ 11,445 Draegerwerk AG & Co. KGAA 1,202$

78,175 Chubb Ltd 11,365 50,035 Essilor International SA 6,357 2,778,000 CIFI Holdings Group Co. Ltd 1,235 220,132 Fisher & Paykel Healthcare Corp. Ltd 1,846

11,752 Daishin Securities Co. Ltd 159 308 Hugel Inc. 151 293,887 DAMAC Properties Dubai Co. PJSC 253 76,410 Icon PLC * 7,472

3,819 Dongbu Insurance Co. Ltd 227 18,152 Ipsen SA 2,481 128,459 Dubai Islamic Bank PJSC 199 2,868,800 Kalbe Farma TBK PT 350 142,600 Even Construtora E Incorporadora SA 169 35,900 KYORIN Holdings Inc. 796 466,220 Experian PLC 9,538 16,350 Orpea 1,820 51,163 First Abu Dhabi Bank PJSC 146 89,707 ReCordati SPA 3,634 81,153 FirstRand Ltd 292 2,800 Sinopharm Group Co. Ltd 13

234,000 Fubon Financial Holding Co. Ltd 373 7,313 Sonova Holding AG 1,189 270,400 Guangzhou R&F Properties Co. Ltd 421 16,762 STADA Arzneimittel AG * 1,187 51,029 Hana Financial Group Inc. 2,018 79,145 Sysmex Corp. 4,726

116,921 HDFC Bank Ltd 10,169 22,000 TTY Biopharm Co. Ltd 73 8,156 Hyundai Marine & Fire Insurance Co. Ltd 281 113,438 UDG Healthcare PLC 1,276

116,820 ICICI Bank Ltd 1,048 56,884 1,200 Indiabulls Housing Finance Ltd 20

1,781,000 Industrial & Co.mmercial Bank of China Ltd 1,202 Materials & Processing 6.11%180,618 ING Groep NV 3,111 69,763 Akzo Nobel NV 6,054 207,043 Itausa - Investimentos Itau SA 564 66,100 Alfa SAB de CV 94 11,420 KB Financial Group Inc. 576 97,031 ArcelorMittal 2,198

590,800 Krung Thai Bank PCL 327 29,800 Asahi Glass Co. Ltd 1,254 355,500 KWG Property Holding Ltd 238 80,732 BASF SE 7,467 10,666 Liberty Holdings Ltd 92 160,532 BHP Billiton PLC 2,452

5,834,914 Lloyds Banking Group PLC 5,014 111,028 Bluescope Steel Ltd 1,125 244,200 Malayan Banking BHD 548 50,610 Boliden AB 1,379 249,029 Manulife Financial Corp. 4,662 27,000 Catcher Technology Co. Ltd 323 12,356 Meritz Fire & Marine Insurance Co. Ltd 217 944,465 China Hongqiao Group Ltd * 853

566,011 Mirvac Group 925 614,000 China Lumena New Materials Corp. - 465,400 Mizuho Financial Group Inc. 851 35,406 CRH PLC 1,251 189,337 MMI Holdings Ltd/South Africa 292 25,253 Evonik Industries AG 806 13,077 Nedbank Group Ltd 208 226,214 Fortescue Metals Group Ltd 906 40,356 NN Group NV 1,432 202,500 Fosun International Ltd 316 73,979 ORIX Corp. 1,146 1,124 Hyosung Corp. 165 2,002 Partners Group Holding AG 1,243 295,500 Kingboard Chemical Holdings Ltd 1,177

18,605 Powszechny Zaklad Ubezpieczen SA 224 7,858 Lenzing AG 1,406 355,780 Prudential PLC 8,138 4,063 LG Chem Ltd 1,033 248,442 Sanlam Ltd 1,229 3,302 LG Chem Ltd- Preference 583

3,198,500 Sansiri PCL 213 15,486 Linde AG 2,928 112,191 Sberbank of Russia PJSC 1,166 3,440 Lotte Chemical Corp. 1,034 20,093 Sberbank of Russia PJSC 208 35,400 Nippon Electric Glass Co. Ltd 1,287

814,357 Shenzhen Investment Ltd 360 10,179 PhosAgro PJSC 135 208,000 Shimao Property Holdings Ltd 356 5,300 POSCO 1,329 110,043 Sumitomo Mitsui Financial Group Inc. 4,289 4,700 POSCO Spon-ADR 294 71,000 Sun Hung Kai Properties Ltd 1,043 23,048 Rio Tinto Ltd 1,119

384,100 Thanachart Capital PCL 520 20,100 Siam Cement PCL 297 309,424 Turkiye Is Bankasi 654 47,906 Sibanye Gold Ltd 55 429,575 UniCredit SPA 8,011 62,837 Teck Resources Ltd 1,088 184,000 Wharf Holdings Ltd 1,525 65,241 UPM-Kymmene OYJ 1,857 74,962 Woori Bank 1,209 34,600 Vale SA 282

510,000 Yuanta Financial Holding Co. Ltd 225 49,075 Vedanta Ltd 762 15,309 Zurich Insurance Group AG 4,462 23,101 Wolseley PLC 1,414

132,426 222,000 Xinyi Glass Holdings Ltd 220

44,943 Health Care 7.73%

105,053 Amplifon SPA 1,385 Producer Durables 17.56%10,130 Boiron SA 998 382,491 ABB Ltd 9,458 34,101 Carl Zeiss Meditec AG 1,767 76,870 Accenture PLC 9,507 5,744 Chong Kun Dang Pharmaceutical Corp. 612 32,618 ACS Actividades de Construccion y Servicios SA 1,258

93,138 CHR Hansen Holding A/S 6,765 32,618 ACS Actividades de Construccion y Servicios SA 26 11,433 Cochlear Ltd 1,363 13,008 Adecco Group AG 990 92,360 Coloplast A/S 7,708 743,400 Adhi Karya Persero Tbk PT 120 22,331 DiaSorin SPA 1,713 11,770 Aena SA 2,294



54


Producer Durables (continued) Technology (continued)426,700 AirAsia Bhd 323$ 86,752 Infineon Technologies AG 1,829$ 114,657 Alfa Laval AB 2,344 40,500 Infosys Ltd 608 62,692 Ashtead Group PLC 1,294 366,000 Inventec Corp. 298

123,960 Atlas Copco AB 4,747 12,932 LG Display Co. Ltd 419 1,149,132 Balfour Beatty PLC 4,039 200,998 Lite-On Technology Corp. 330

4,723 Bangkok Expressway & Metro PCL 1 36,000 Micro-Star International Co. Ltd 84 76,200 Barloworld Ltd 633 2,700 NetEase Inc. 812

936 Brookfield Business Partners LP 25 250,000 Pegatron Corp. 783 26,395 Canadian National Railway Co. 2,139 166,000 Powertech Technology Inc. 512 61,385 Canadian Pacific Railway Ltd 9,871 4,408 Samsung Electronics Co. Ltd 9,158 34,474 Canadian Pacific Railway Ltd 5,539 83,071 SAP SE 8,665

434,000 China Communications Construction Co. Ltd 559 22,528 SK Hynix Inc. 1,327 124,000 China Everbright International Ltd 155 464,334 Taiwan Semiconductor Manufacturing Co. Ltd 16,233 389,500 China Railway Construction Corp. Ltd 508 539,820 Tencent Holdings Ltd 19,307 455,000 China Railway Group Ltd 358 14,700 Tokyo Electron Ltd 1,983 47,861 Deutsche Post AG 1,792 14,152 Weibo Corp. * 941

242,413 Downer EDI Ltd 1,192 42,200 Wipro Ltd * 219 99,107 East Japan Railway Co. 9,478 160,000 WPG Holdings Ltd 214 38,800 Furukawa Electric Co. Ltd 1,727 239,605 Yandex NV 6,287 96,700 Haseko Corp. 1,174 7,300 YY Inc. 424

23,500 Hitachi High-Technologies Corp. 912 93,571 11,653 Hyundai Development Co-Engineering & Construction 478 71,800 ITOCHU Corp. 1,067 Utilities 5.86%

246,934 Japan Airlines Co. Ltd 7,635 9,558 CEZ AS 166 21,760 Keyence Corp. 9,555 385,679 China Mobile Ltd 4,093

211,200 Komatsu Ltd 5,366 1,572,425 China Telecom Corp. Ltd 747 8,047 LG Corp. 544 32 Cia Energetica de Minas Gerais 1

25,838 Loomis AB 925 27,300 Cia Paranaense de Energia 202 47,000 Mitsubishi Corp. 986 229,547 Enel SpA 1,229 51,372 Multiplus SA 594 424,575 Engie SA 6,399

154,500 Obayashi Corp. 1,816 151,915 Iberdrola SA 1,201 136,967 QualiCo.rp SA 1,193 358,100 KDDI Corp. 9,482 194,891 Royal Mail PLC 1,066 39,239 Korea Electric Power Corp. 1,399 114,847 Schneider Electric SE 8,812 19,300 Mobile TeleSystems PJSC 162

3,030 SGS SA 7,347 32,539 Nippon Telegraph & Telephone Corp. 1,538 9,896 Siemens AG 1,358 77,651 PGE Polska Grupa Energetyczna SA 254

57,201 Smiths Group PLC 1,187 2,567 SK Telecom Co. Ltd 597 10,231 Sodexo SA 1,321 29,900 SoftBank Group Corp. 2,421 85,600 Sumitomo Corp. 1,114 217,861 SSE PLC 4,112

158,873 Sumitomo Heavy Industries Ltd 1,048 4,391,400 Telekomunikasi Indonesia Persero Tbk PT 1,489 26,444 TAV Havalimanlari Holding AS 142 280,400 Tenaga Nasional Bhd 924

130,689 Tekfen Holding AS 324 156,534 Turkcell Iletisim Hizmetleri AS 515 38,100 TFI International Inc. 821 6,659 Vodacom Group Ltd 83$ 2,331 Turk Traktor ve Ziraat Makineleri AS 52 2,207,230 Vodafone Group PLC 6,235

17,921 VInci SA 1,527 43,249 358,000 Zhejiang Expressway Co. Ltd 468 TOTAL COMMON STOCKS 714,943

129,209 (Cost $238,114)

Technology 12.72%16,300 Alibaba Group Holding Ltd 2,297

172,000 Arcadyan Technology Corp. 291 Short-Term Investments 2.34%12,304 Atos SE 1,725 17,252,520 Dreyfus Government Cash Management Fund 17,253 31,603 Autohome Inc. * 1,434 (Cost $17,253)1,600 Baidu Inc. 286

23,143 CGI Group Inc. 1,181 324,000 Compeq Manufacturing Co. Ltd 264 330,650 Delta Electronics Thailand PCL 844 34,300 DTS Corp. 1,052 88,000 FLEXium InterCo.nnect Inc. 331

238,000 Fujitsu Ltd 1,753 1,146,000 Hitachi Ltd 7,031

436,590 Hon Hai Precision Industry Co. Ltd 1,679 167,873 Hon Hai Precision Industry Co. Ltd 1,293 32,300 Hoya Corp. 1,677



55

Shares Fair Common Stocks (continued) Value (000's)


306,725 BNP Parabis, 1.11%, due 7/3/2017 306$ 2,270,907 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 2,270 2,270,907 Daiwa Securities Group Inc, 1.15, due 7/3/2017 2,270

373,352 HSBC Holdings PLC, 1.06%, due 7/3/2017 373 183,374 Leucadia National Corp, 1.25%, due 7/3/2017 183

1,884,713 Nomura Holdings Inc., 1.13, due 7/3/2017 1,884 2,270,900 State of Wisconsin Investment BO, 1.30%, due 7/3/17 2,263


TOTAL INVESTMENTS (Cost $637,299) 100.80% 741,745


TOTAL NET ASSETS 100.00% 735,823$


56



Equities 99.57%Number of Stocks 1,952 Top Ten Stocks (% of Net Assets) 2.35%

Rights 0.01%


Top Ten Equity Holdings (% of Net Assets)Core-Mark Holding Co. Inc. 0.27%Kite Pharma Inc. 0.26%HealthSouth Corp. 0.24%Gramercy Property Trust 0.23%Medidata Solutions Inc. 0.23%Fair Isaac Corp. 0.23%PAREXEL International Corp. 0.23%bluebird Bio Inc. 0.22%IDACorp. Inc. 0.22%WGL Holdings Inc. 0.22%

Top 5 Sectors (% of Net Assets)Consumer Discretionary 13.42%Financial Services 26.20%Health Care 14.85%Technology 14.00%Producer Durables 13.43%


SMALL CAPITALIZATION EQUITY INDEX FUNDJUNE 30, 2017



57


Consumer Discretionary 13.42% Consumer Discretionary (continued)4,480 1-800-Flowers.com Inc. 44$ 2,800 Citi Trends Inc. 59$ 7,825 2U Inc. 367 6,383 Clear Channel Outdoor Holdings Inc. 31

11,327 Aaron's Inc.* 441 13,941 ClubCorp. Holdings Inc. 183 12,437 Abercrombie & Fitch Co. 155 1,438 Cogint Inc.* 7 5,812 Acushnet Holdings Corp. 115 1,535 Collectors Universe Inc. 38

10,785 Adtalem Global Education Inc.* 409 5,217 Columbia Sportswear Co. 303 9,861 AMC Entertainment Holdings Inc.* 224 3,456 Conn's Inc.* 66

14,494 American Axle & Man Holdings Inc. 226 9,492 Cooper Tire & Rubber Co.* 343 28,598 American Eagle Outfitters Inc.* 345 3,135 Cooper-Standard Holdings Inc. 316 2,801 American Public Education Inc. 66 3,370 Cracker Barrel Old Country Store Inc.* 564 2,501 American Woodmark Corp. 239 13,285 Crocs Inc. 102 1,550 America's Car-Mart Inc. 60 1,530 CSS Industries Inc. 40 7,211 Angie's List Inc.* 92 195 Daily Journal Corp.* 40 3,437 Asbury Automotive Group Inc. 194 25,992 Dana Inc. 580

31,184 Ascena Retail Group Inc. 67 7,520 Dave & Buster's Entertainment Inc. 500 866 At Home Group Inc. 20 5,815 Deckers Outdoor Corp. 397

13,385 Avis Budget Group Inc. 365 4,239 Del Frisco's Restaurant Group Inc. 68 7,485 Barnes & Noble Education Inc. 80 5,893 Del Taco Restaurants Inc. 81

11,392 Barnes & Noble Inc. 87 1,329 Delta Apparel Inc. 29 1,922 Bassett Furniture Industries Inc. 73 12,628 Denny's Corp. 149 5,928 Beazer Homes USA Inc.* 81 2,708 Dillard's Inc.* 156

15,623 Belmond Ltd. 208 2,874 DineEquity Inc.* 127 3,497 Big 5 Sporting Goods Corp.* 46 4,896 Dorman Products Inc. 405 7,983 Big Lots Inc.* 386 11,106 Drive Shack Inc. 35

190 Biglari Holdings Inc. 76 12,171 DSW Inc.* 215 3,649 BJ's Restaurants Inc. 136 1,778 Duluth Holdings Inc.* 32 8,663 Black Diamond Inc. 58 3,100 Eastman Kodak Co.* 28

17,781 Bloomin' Brands Inc. 377 3,819 El Pollo Loco Holdings Inc.* 53 3,590 Bob Evans Farms Inc. 258 7,937 Eldorado Resorts Inc. 159 3,098 Bojangles' Inc. 50 3,700 elf Beauty Inc.* 101

14,928 Boyd Gaming Corp. 370 2,798 Emerald Expositions Events Inc. 61 2,950 Bridgepoint Education Inc. 44 4,490 Entercom Communications Corp.* 46 8,795 Brinker International Inc. 335 13,964 Entravision Communications Corp. 92 5,315 Buckle Inc.* 95 5,258 Eros International PLC* 60 2,803 Buffalo Wild Wings Inc. 355 4,422 Escalade Inc. 58 2,523 Build-A-Bear Workshop Inc. 26 4,172 Ethan Allen Interiors Inc. 135 8,960 Caesars Acquisition Co.* 171 20,680 Etsy Inc.* 310

10,170 Caesars Entertainment Corp.* 122 10,692 EW Scripps Co. 190 7,257 Caleres Inc. 202 13,404 Express Inc. 90

18,727 Callaway Golf Co. 239 4,202 Fiesta Restaurant Group Inc. 87 2,241 Camping World Holdings Inc. 69 6,438 Finish Line Inc. 91 2,056 Capella Education Co. 176 31,216 Fitbit Inc.* 166 2,623 Care.com Inc. 40 9,690 Five Below Inc.* 478

12,190 Career Education Corp. 117 1,212 Flexsteel Industries Inc. 66 2,910 Carriage Services Inc.* 78 1,256 Fogo De Chao Inc. 17 6,186 Carrols Restaurant Group Inc. 76 7,620 Fossil Group Inc.* 79

12,867 Cars.com Inc.* 343 7,246 Fox Factory Holding Corp. 258 2,708 Carvana Co. 55 7,041 Francesca's Holdings Corp. 77 4,565 Cato Corp. 80 2,039 Franklin Covey Co. 39 1,549 Cavco Industries Inc. 201 6,059 Fred's Inc.* 56

13,260 Central European Media Enterprises Ltd.* 53 3,284 FTD Cos Inc. 66 1,953 Central Garden & Pet Co. 62 923 Gaia Inc. 10 6,306 Central Garden & Pet Co. 189 21,189 Gannett Co. Inc.* 185 3,843 Century Casinos Inc. 28 3,282 Genesco Inc. 111 3,089 Century Communities Inc. 77 6,386 Gentherm Inc. 248 7,874 Cheesecake Factory Inc. 396 8,120 G-III Apparel Group Ltd. 203

14,557 Chegg Inc.* 179 1,978 Golden Entertainment Inc. 41 22,347 Chico's FAS Inc. 211 19,104 GoPro Inc.* 155 3,148 Children's Place Inc.* 321 8,385 Grand Canyon Education Inc. 657 2,550 Churchill Downs Inc. 467 11,690 Gray Television Inc. 160 3,120 Chuy's Holdings Inc. 73 3,607 Group 1 Automotive Inc. 228 4,489 Cimpress NV* 424 10,231 Guess? Inc.* 131



58


Consumer Discretionary (continued) Consumer Discretionary (continued)3,608 Habit Restaurants Inc.* 57$ 9,139 New Media Investment Group Inc. 123$ 3,665 Haverty Furniture Cos. Inc. 92 22,267 New York Times Co.* 394 4,620 HealthStream Inc. 122 8,121 Nexstar Media Group Inc. 486 4,862 Helen of Troy Ltd. 458 5,163 Nutrisystem Inc.* 269 2,787 Hemisphere Media Group Inc. 33 90,177 Office Depot Inc. 509 9,779 Hertz Global Holdings Inc. 112 8,508 Ollie's Bargain Outlet Holdings Inc. 362 4,114 Hibbett Sports Inc.* 85 2,999 Overstock.com Inc. 49 2,151 Hooker Furniture Corp. 89 2,943 Oxford Industries Inc. 184 4,082 Horizon Global Corp. 59 4,859 Papa John's International Inc. 349

18,482 Houghton Mifflin Harcourt Co. 227 4,675 Party City Holdco Inc.* 73 21,964 Hovnanian Enterprises Inc. 61 14,825 Penn National Gaming Inc. 317 5,842 HSN Inc. 186 2,220 Perry Ellis International Inc. 43 7,721 Iconix Brand Group Inc.* 53 14,593 Pier 1 Imports Inc. 76

20,172 ILG Inc. 555 10,158 Pinnacle Entertainment Inc. 201 10,470 IMAX Corp. 230 16,427 Planet Fitness Inc. 383 3,798 Instructure Inc. 112 4,396 Potbelly Corp. 51 3,255 Inter Parfums Inc. 119 3,949 PriceSmart Inc. 346 5,422 International Speedway Corp. 204 7,069 QuinStreet Inc. 29 3,131 Intrawest Resorts Holdings Inc. 74 13,165 Quotient Technology Inc.* 151 2,562 J Alexander's Holdings Inc. 31 2,950 Reading International Inc. 48 2,106 J. Jill Inc. 26 2,726 Red Lion Hotels Corp. 20 5,658 Jack in the Box Inc. 557 2,342 Red Robin Gourmet Burgers Inc. 153

55,442 JC Penney Co. Inc.* 258 12,144 Red Rock Resorts Inc. 286 1,454 Johnson Outdoors Inc. 70 6,846 Regis Corp. 70 6,311 K12 Inc. 113 7,654 Rent-A-Center Inc.* 90

15,089 KB Home* 362 2,120 Revlon Inc.* 50 2,305 Kirkland's Inc. 24 6,188 RH* 399

15,342 La Quinta Holdings Inc. 227 3,510 Rosetta Stone Inc. 38 3,000 Lands' End Inc.* 45 10,708 Ruby Tuesday Inc. 22 6,670 Laureate Education Inc. 117 5,577 Ruth's Hospitality Group Inc. 121 8,542 La-Z-Boy Inc. 278 693 Saga Communications Inc. 32 4,279 LCI Industries 438 1,389 Salem Media Group Inc. 10 3,000 LGI Homes Inc.* 121 5,008 Scholastic Corp. 218 3,956 Libbey Inc. 32 9,618 Scientific Games Corp. 251 3,179 Liberty Media Corp.-Liberty Braves Class A* 76 2,511 Sears Holdings Corp.* 22 7,536 Liberty Media Corp.-Liberty Braves Class C* 181 14,289 SeaWorld Entertainment Inc.* 232 1,278 Liberty Tax Inc. 17 7,529 Select Comfort Corp. 267

15,991 Liberty TripAdvisor Holdings Inc. 185 7,074 Sequential Brands Group Inc.* 28 2,063 Lifetime Brands Inc. 37 3,922 Shake Shack Inc. 137 6,856 Lindblad Expeditions Holdings Inc. 72 1,748 Shoe Carnival Inc. 36 4,045 Lithia Motors Inc. 381 6,113 Shutterfly Inc. 290 4,878 Lumber Liquidators Holdings Inc.* 122 3,429 Shutterstock Inc. 151 4,440 M/I Homes Inc. 127 13,297 SInclair Broadcast Group Inc. 437 3,192 Malibu Boats Inc. 83 6,067 SiteOne Landscape Supply Inc. 316 3,365 Marcus Corp. 102 4,777 Sonic Automotive Inc. 93 1,850 Marine Products Corp. 29 7,211 Sonic Corp.* 191 4,580 MarineMax Inc. 90 6,809 Sotheby's* 365 4,092 Marriott Vacations Worldwide Corp. 482 3,833 Speedway Motorsports Inc. 70 5,434 Matthews International Corp. 333 6,467 Sportsman's Warehouse Holdings Inc.* 35 3,287 MCBC Holdings Inc. 64 2,882 Stamps.com Inc.* 446 7,330 MDC Holdings Inc.* 259 3,805 Standard Motor Products Inc. 199

10,142 MDC Partners Inc. 100 10,564 Steven Madden Ltd. 422 7,073 Meredith Corp.* 420 4,950 Stoneridge Inc. 76 6,725 Meritage Homes Corp. 284 1,907 Strayer Education Inc. 178

14,879 Meritor Inc. 247 4,450 Superior Industries International Inc. 91 1,952 Monarch Casino & Resort Inc. 59 1,300 Superior Uniform Group Inc. 29 5,679 Monro Muffler Brake Inc. 237 7,867 Tailored Brands Inc.* 88 3,600 Motorcar Parts of America Inc. 102 10,928 Taylor Morrison Home Corp. 262 2,910 Movado Group Inc. 73 9,668 Tenneco Inc. 559

10,449 MSG Networks Inc. 235 11,986 Texas Roadhouse Inc. 611 562 Nathan's Famous Inc. 35 6,057 Tile Shop Holdings Inc. 125

11,440 National CineMedia Inc. 85 2,020 Tilly's Inc. 21 924 National Presto Industries Inc.* 102 17,304 Time Inc. 248

6,818 Nautilus Inc. 131 3,720 Tower International Inc. 84 2,000 New Home Co. Inc. 23 612 Townsquare Media Inc. 6



59


Consumer Discretionary (continued) Consumer Staples (continued)3,098 Trade Desk Inc. 155$ 15,380 Snyder's-Lance Inc.* 532$

24,613 Travelport Worldwide Ltd 339 6,966 SpartanNash Co. 181 28,127 TRI Pointe Group Inc.* 371 48,091 SUPERVALU Inc. 158 3,462 Tronc Inc. 45 2,784 Tootsie Roll Industries Inc.* 97 2,552 Universal Electronics Inc. 171 8,894 United Natural Foods Inc. 326 3,610 Vera Bradley Inc. 35 2,073 USANA Health Sciences Inc. 133 3,355 Viad Corp. 159 1,290 Village Super Market Inc. 33 3,110 Vitamin Shoppe Inc. 36 2,391 WD-40 Co.* 264 3,583 VOXX International Corp.* 29 1,752 Weis Markets Inc.* 85

4,900 Weight Watchers International Inc.* 164 8,213 6,703 West Marine Inc. 86 1,230 Weyco Group Inc. 34 Energy 3.50%4,417 William Lyon Homes 107 31,231 Abraxas Petroleum Corp. 51 5,192 Wingstop Inc.* 160 188 Adams Resources & Energy Inc. 8

428 Winmark Corp. 55 5,560 Alon USA Energy Inc.* 74 5,630 Winnebago Industries Inc. 197 3,600 Ameresco Inc.* 28

16,728 Wolverine World Wide Inc. 469 7,688 Approach Resources Inc.* 26 6,657 World Wrestling Entertainment Inc.* 136 3,917 Arch Coal Inc.* 268 4,077 XO Group Inc. 72 11,257 Archrock Inc. 128 5,300 ZAGG Inc. 46 14,112 Atwood Oceanics Inc.* 115 2,500 Zoe's Kitchen Inc.* 30 3,111 Basic Energy Services Inc. 77 3,335 Zumiez Inc. 41 11,112 Bill Barrett Corp. 34

46,532 3,631 Bonanza Creek Energy Inc. 115 8,293 C&J Energy Services Inc. 284

Consumer Staples 2.37% 7,618 California Resources Corp.* 65 602 Alico Inc. 19 36,029 Callon Petroleum Co. 382

5,793 Amplify Snack Brands Inc.* 56 4,201 CARBO Ceramics Inc.* 29 4,793 Andersons Inc. 164 10,824 Carrizo Oil & Gas Inc.* 189

11,851 B&G Foods Inc.* 422 24,392 Clean Energy Fuels Corp. 62 1,647 Boston Beer Co. Inc.* 218 13,214 Cloud Peak Energy Inc. 47 3,734 Cadiz Inc.* 50 4,190 Contango Oil & Gas Co. 28 2,799 Calavo Growers Inc. 193 3,059 CVR Energy Inc.* 67 5,429 Cal-Maine Foods Inc.* 215 10,914 Delek US Energy Inc. 289

15,510 Castle Brands Inc. 27 68,711 Denbury Resources Inc.* 105 3,437 Chefs' Warehouse Inc. 45 11,560 Diamond Offshore Drilling Inc.* 125

879 Coca-Cola Bottling Co. Consolidated 201 6,771 Dril-Quip Inc. 330 28,441 Core-Mark Holding Co. Inc. 940 200 Earthstone Energy Inc.* 2 1,776 Craft Brew Alliance Inc. 30 15,614 Eclipse Resources Corp. 45

16,165 Dean Foods Co. 275 5,284 Energy XXI Gulf Coast Inc.* 98 8,536 Diplomat Pharmacy Inc.* 126 4,870 EnerNOC Inc.* 38 1,410 Farmer Brothers Co. 43 54,472 Ensco PLC* 281 5,905 Fresh Del Monte Produce Inc. 301 7,899 EP Energy Corp.* 29 4,380 Freshpet Inc.* 73 3,720 Era Group Inc. 35

12,883 GNC Holdings Inc.* 109 4,850 Evolution Petroleum Corp. 39 14,303 Hostess Brands Inc.* 230 5,729 Exterran Corp. 153 2,580 Ingles Markets Inc. 86 27,722 Fairmount Santrol Holdings Inc.* 108 2,698 J&J Snack Foods Corp. 356 10,360 Flotek Industries Inc.* 93 1,570 John B Sanfilippo & Son Inc. 99 12,331 Forum Energy Technologies Inc. 192 3,396 Lancaster Colony Corp. 416 8,904 Frank's International NV* 74 2,050 Limoneira Co. 48 31,192 Gastar Exploration Inc. 29 1,920 Medifast Inc. 80 2,340 Geospace Technologies Corp.* 32 2,308 MGP Ingredients Inc.* 118 16,575 Golar LNG Ltd.* 369 2,028 National Beverage Corp.* 190 3,900 Green Brick Partners Inc. 45 1,500 Natural Health Trends Corp.* 42 6,758 Green Plains Inc. 139 1,918 Nature's Sunshine Products Inc. 25 2,441 Gulf Island Fabrication Inc. 28 1,450 Nutraceutical International Corp. 60 10,922 Halcon Resources Corp.* 50 3,471 Omega Protein Corp. 62 2,866 Hallador Energy Co.* 22 1,640 Orchids Paper Products Co.* 21 25,810 Helix Energy Solutions Group Inc. 146

12,706 Performance Food Group Co. 348 5,573 Independence Contract Drilling Inc. 22 3,610 PetMed Express Inc.* 147 141 Isramco Inc.* 16 4,171 Primo Water Corp. 53 6,020 Jagged Peak Energy Inc.* 80 3,732 Sanderson Farms Inc.* 432 11,668 Jones Energy Inc.* 19 1,470 Seneca Foods Corp. 46 5,860 Keane Group Inc. 94 4,181 Smart & Final Stores Inc.* 38 1,843 Key Energy Services Inc.* 35



60


Energy (continued) Financial Services 26.20%7,643 Lilis Energy Inc. 37$ 2,921 1st Source Corp. 140$ 1,463 Mammoth Energy Services Inc. 27 15,014 Acadia Realty Trust 417

15,834 Matador Resources Co.* 338 2,513 Access National Corp. 67 4,830 Matrix Service Co. 45 1,096 ACNB Corp. 33

50,614 McDermott International Inc. 363 5,080 AG Mortgage Investment Trust Inc. 93 2,000 Midstates Petroleum Co. Inc.* 25 4,697 Agree Realty Corp. 215 2,230 Natural Gas Services Group Inc. 55 8,298 Alexander & Baldwin Inc. 343 1,972 NCS Multistage Holdings Inc. 50 393 Alexander's Inc. 166

14,999 Newpark Resources Inc. 110 1,980 Allegiance Bancshares Inc. 76 43,643 Noble Corp. plc 158 1,787 Altisource Portfolio Solutions SA* 39 19,315 NOW Inc. 311 8,437 Altisource Residential Corp. 109 42,176 Oasis Petroleum Inc. 340 7,620 Ambac Financial Group Inc. 132 9,260 Oil States International Inc.* 251 7,217 American Assets Trust Inc. 284 7,345 Pacific Ethanol Inc.* 46 15,396 American Equity Investment Life Holding Co. 405 2,849 Panhandle Oil and Gas Inc. 66 1,510 American National Bankshares Inc.* 56 6,039 Par Pacific Holdings Inc.* 109 6,564 Ameris BanCorp 316

22,582 Parker Drilling Co. 30 3,426 AMERISAFE Inc. 195 11,815 PDC Energy Inc. 509 1,701 Ames National Corp. 52 8,780 Peabody Energy Corp.* 215 15,239 AmTrust Financial Services Inc.* 231 2,550 Penn Virginia Corp. 94 17,255 Anworth Mortgage Asset Corp. 104

13,904 Pioneer Energy Services Corp. 29 16,439 Apollo Commercial Real Estate Finance Inc. 305 4,513 ProPetro Holding Corp.* 63 5,037 Ares Commercial Real Estate Corp. 66 7,151 Renewable Energy Group Inc. 93 5,110 Argo Group International Holdings Ltd. 310 3,879 Resolute Energy Corp.* 115 4,210 Arlington Asset Investment Corp.* 58 1,042 REX American Resources Corp. 101 7,990 Armada Hoffler Properties Inc. 103 2,220 RigNet Inc. 36 6,272 ARMOUR Residential REIT Inc. 157 7,712 Ring Energy Inc. 100 2,121 Arrow Financial Corp.* 67

20,849 Rowan Cos. Plc* 213 7,960 Artisan Partners Asset Management Inc. 244 12,657 Sanchez Energy Corp.* 91 502 ASB BanCorp. Inc. 22 6,240 SandRidge Energy Inc.* 107 5,170 Ashford Hospitality Prime Inc. 53 2,712 SEACOR Holdings Inc. 93 14,089 Ashford Hospitality Trust Inc. 86 2,726 SEACOR Marine Holdings Inc. 56 898 Associated Capital Group Inc. 31

11,966 SemGroup Corp.* 323 16,383 Astoria Financial Corp. 330 1,246 SilverBow Resources Inc.* 33 3,730 Atlantic Capital Bancshares Inc. 71 3,907 Smart Sand Inc.* 35 2,031 Atlas Financial Holdings Inc. 30 1,807 Solaris Oilfield Infrastructure Inc.* 21 2,230 AV Homes Inc.* 45

35,904 SRC Energy Inc.* 242 2,577 B. Riley Financial Inc. 48 3,487 Stone Energy Corp. 64 1,690 Baldwin & Lyons Inc. 41

12,036 SunCoke Energy Inc. 131 7,768 Banc of California Inc.* 167 10,679 SunPower Corp.* 100 1,501 BancFirst Corp. 145 15,187 Sunrun Inc.* 108 5,392 Banco Latinoamericano de Comercio Exterior SA* 148 27,213 Superior Energy Services Inc. 284 9,053 BanCorp. Inc.* 69 9,908 Tellurian Inc.* 99 15,064 BanCorpSouth Inc.* 459

13,568 TerraForm Global Inc. 69 7,506 Bank Mutual Corp. 69 14,411 TerraForm Power Inc. 173 2,767 Bank of Commerce Holdings 31 8,636 Tesco Corp. 38 1,110 Bank of Marin BanCorp 68

21,188 TETRA Technologies Inc. 59 9,613 Bank of NT Butterfield & Son Ltd. 328 1,909 TPI Composites Inc. 35 2,990 BankFinancial Corp. 45 3,570 Trecora Resources 40 1,132 Bankwell Financial Group Inc. 35

34,871 Ultra Petroleum Corp. 378 5,889 Banner Corp. 333 9,565 Unit Corp. 179 2,724 Bar Harbor Bankshares 84 4,653 Vivint Solar Inc.* 27 1,693 BCB BanCorp Inc. 26

16,757 W&T Offshore Inc. 33 3,301 Bear State Financial Inc. 31 3,009 Warrior Met Coal Inc. 52 12,697 Beneficial BanCorp Inc. 190 3,639 Westmoreland Coal Co. 18 6,352 Berkshire Hills BanCorp. Inc. 223 3,770 WildHorse Resource Development Corp.* 47 9,839 Blackhawk Network Holdings Inc. 429 7,802 Willbros Group Inc. 19 1,149 Blue Capital Reinsurance Holdings Ltd. 21

12,122 4,466 Blue Hills BanCorp. Inc. 80 3,746 Bluerock Residential Growth REIT Inc. 48



61


Financial Services (continued) Financial Services (continued)10,624 BofI Holding Inc.* 252$ 4,931 Customers BanCorp. Inc. 139$ 14,900 Boston Private Financial Holdings Inc. 229 18,296 CVB Financial Corp. 410 3,412 Bridge BanCorp Inc.* 114 25,410 CYS Investments Inc. 214

13,419 Brookline BanCorp. Inc. 196 540 Diamond Hill Investment Group Inc. 108 3,104 Bryn Mawr Bank Corp. 132 36,047 DiamondRock Hospitality Co.* 395 1,526 BSB BanCorp. Inc. 45 5,823 Dime Community Bancshares Inc. 114

592 C&F Financial Corp. 28 554 DNB Financial Corp.* 19 1,557 Cadence BanCorp. 34 1,520 Donegal Group Inc. 24 2,808 Camden National Corp. 120 4,715 Donnelley Financial Solutions Inc. 108 5,197 Capital Bank Financial Corp. 198 7,692 Dynex Capital Inc. 55 1,850 Capital City Bank Group Inc. 38 5,530 Eagle BanCorp. Inc. 350

23,064 Capitol Federal Financial Inc. 328 6,645 Easterly Government Properties Inc. 139 1,539 Capstar Financial Holdings Inc. 27 5,934 EastGroup Properties Inc. 497

17,929 Capstead Mortgage Corp. 187 13,296 Education Realty Trust Inc. 515 2,738 CardConnect Corp.* 41 3,180 eHealth Inc. 60 7,893 Cardtronics PLC 259 2,574 Elevate Credit Inc. 20

15,057 Care Capital Properties Inc. 402 1,485 Ellington Residential Mortgage REIT* 22 12,882 CareTrust REIT Inc. 239 1,380 EMC Insurance Group Inc. 38 2,572 Carolina Financial Corp. 83 5,570 Employers Holdings Inc. 236 1,968 Cass Information Systems Inc. 129 4,002 Encore Capital Group Inc.* 161 7,264 CatchMark Timber Trust Inc. 83 5,908 Enova International Inc. 88

13,431 Cathay General BanCorp. 510 1,949 Enstar Group Ltd 387 29,716 CBL & Associates Properties Inc.* 251 1,129 Entegra Financial Corp. 26 14,877 Cedar Realty Trust Inc. 72 1,682 Enterprise BanCorp. Inc. 60 9,638 CenterState Banks Inc. 240 4,026 Enterprise Financial Services Corp. 164 5,475 Central Pacific Financial Corp. 172 1,904 Equity Bancshares Inc. 58 1,610 Central Valley Community BanCorp. 36 1,572 ESSA BanCorp. Inc. 23

600 Century BanCorp Inc. 38 13,803 Essent Group Ltd. 513 2,599 Charter Financial Corp. 47 826 Evans BanCorp Inc. 33 6,826 Chatham Lodging Trust 137 7,309 Evercore Partners Inc. 515

12,670 Chemical Financial Corp. 613 11,379 Everi Holdings Inc. 83 577 Chemung Financial Corp. 24 10,810 EVERTEC Inc. 187

2,096 Cherry Hill Mortgage Investment Corp. 39 9,125 EZCorp Inc. 70 10,051 Chesapeake Lodging Trust 246 5,605 Fair Isaac Corp. 781 2,220 Citizens & Northern Corp.* 52 792 Farmers & Merchants BanCorp Inc. 49 7,485 Citizens Inc.* 55 1,300 Farmers Capital Bank Corp. 50 2,638 City Holding Co. 174 4,301 Farmers National Banc Corp. 62 4,982 City Office REIT Inc. 63 4,894 Farmland Partners Inc.* 44 1,773 Civista Bancshares Inc. 37 1,255 FB Financial Corp.* 45 3,788 Clifton BanCorp. Inc. 63 1,820 FBL Financial Group Inc.* 112 2,672 Clipper Realty Inc.* 33 6,291 FCB Financial Holdings Inc. 300 2,560 CNB Financial Corp.* 61 1,562 Federal Agricultural Mortgage Corp. 101

30,592 CNO Financial Group Inc. 639 2,338 Federated National Holding Co.* 37 6,703 CoBiz Financial Inc. 117 22,260 FelCor Lodging Trust Inc. 160 1,490 Codorus Valley BanCorp Inc. 42 2,095 Fidelity & Guaranty Life 65 3,850 Cohen & Steers Inc. 156 3,886 Fidelity Southern Corp. 89

18,067 Colony Starwood Homes 620 10,463 Financial Engines Inc. 383 10,502 Columbia Banking System Inc. 419 2,555 Financial Institutions Inc. 76 1,239 Commerce Union Bancshares Inc.* 30 1,950 First BanCorp. Inc. 53 8,774 Community Bank System Inc.* 489 4,163 First BanCorp.-Southern Pines NC 130 3,835 Community Bankers Trust Corp.* 32 29,299 First BanCorp-Puerto Rico 170

707 Community Financial Corp. 27 1,517 First Bancshares Inc.* 42 2,438 Community Healthcare Trust Inc. 62 5,599 First Busey Corp. 164 2,758 Community Trust BanCorp. Inc. 121 1,600 First Business Financial Services Inc. 37 5,220 ConnectOne BanCorp. Inc. 118 1,324 First Citizens BancShares Inc. 493

752 Consolidated-Tomoka Land Co. 43 17,294 First Commonwealth Financial Corp. 219 2,281 CorEnergy Infrastructure Trust Inc.* 77 2,967 First Community Bancshares Inc. 81

884 County BanCorp. Inc.* 21 2,499 First Community Financial Partners Inc. 32 74,734 Cousins Properties Inc. 657 2,196 First Connecticut BanCorp. Inc. 56 5,024 Cowen Inc.* 82 1,732 First Defiance Financial Corp. 91 2,237 Crawford & Co. 21 10,783 First Financial BanCorp. 299 3,040 CU BanCorp 110 11,144 First Financial Bankshares Inc.* 493



62


Financial Services (continued) Financial Services (continued)1,800 First Financial Corp. 85$ 5,179 HomeStreet Inc. 143$

998 First Financial Northwest Inc. 16 3,026 HomeTrust Bancshares Inc. 74 4,756 First Foundation Inc. 78 23,209 Hope BanCorp Inc. 433

696 First Guaranty Bancshares Inc. 19 7,332 Horace Mann Educators Corp. 277 21,012 First Industrial Realty Trust Inc. 601 3,606 Horizon BanCorp. 95 1,027 First Internet BanCorp 29 3,960 Houlihan Lokey Inc. 138 4,588 First Interstate BancSystem Inc. 171 1,573 Howard BanCorp. Inc.* 30 7,369 First Merchants Corp. 296 21,460 HRG Group Inc. 380 1,796 First Mid-Illinois Bancshares Inc. 61 9,116 IBERIABANK Corp. 743

18,250 First Midwest BanCorp. Inc. 425 1,500 Impac Mortgage Holdings Inc. 23 1,581 First Northwest BanCorp 25 1,210 Independence Holding Co. 25 3,929 First of Long Island Corp. 112 12,406 Independence Realty Trust Inc.* 122 9,373 First Potomac Realty Trust 104 3,400 Independent Bank Corp. 74 8,271 FirstCash Inc. 482 4,766 Independent Bank Corp. 318 3,697 Flagstar BanCorp. Inc. 114 3,155 Independent Bank Group Inc. 188 5,158 Flushing Financial Corp. 145 1,952 Infinity Property & Casualty Corp. 183

948 FNB BanCorp* 26 7,439 InfraREIT Inc. 142 11,020 FNFV Group 174 9,902 International Bancshares Corp. 347 7,982 Forestar Group Inc. 137 2,715 INTL. FCStone Inc. 103

10,635 Four Corners Property Trust Inc. 267 20,065 Invesco Mortgage Capital Inc. 335 2,153 Franklin Financial Network Inc. 89 1,460 Investar Holding Corp. 33

18,123 Franklin Street Properties Corp. 201 5,347 Investment Technology Group Inc. 114 1,240 FRP Holdings Inc. 57 46,346 Investors BanCorp. Inc. 619

30,212 Fulton Financial Corp.* 574 21,911 Investors Real Estate Trust 136 7,014 GAIN Capital Holdings Inc. 44 272 Investors Title Co. 53 1,130 GAMCO Investors Inc. 33 11,404 iStar Inc. 137

90,727 Genworth Financial Inc. 342 3,220 James River Group Holdings Ltd. 128 22,045 GEO Group Inc. 652 1,654 Jernigan Capital Inc. 36 3,569 German American BanCorp Inc.* 122 7,985 KCG Holdings Inc. 159 4,620 Getty Realty Corp. 116 15,308 Kearny Financial Corp. 227

13,787 Glacier BanCorp. Inc. 505 6,969 Kemper Corp. 269 4,575 Gladstone Commercial Corp.* 100 14,807 Kennedy-Wilson Holdings Inc. 282 1,520 Global Indemnity Ltd. 59 1,621 Kingstone Cos Inc. 25 2,532 Global Medical REIT Inc.* 23 2,585 Kinsale Capital Group Inc. 96

11,709 Global Net Lease Inc.* 260 14,498 Kite Realty Group Trust 274 12,307 Government Properties Inc.ome Trust* 225 1,850 KKR Real Estate Finance Trust Inc. 40 27,043 Gramercy Property Trust 803 12,614 Ladder Capital Corp. 169 2,932 Great Ajax Corp. 41 15,835 Ladenburg Thalmann Financial Services Inc. 39 1,910 Great Southern BanCorp Inc. 102 8,020 Lakeland BanCorp. Inc. 151

10,682 Great Western BanCorp Inc. 436 4,360 Lakeland Financial Corp. 200 3,803 Green BanCorp Inc. 74 20,345 LaSalle Hotel Properties 606 8,169 Green Dot Corp. 315 1,619 LCNB Corp. 32

786 Greene County BanCorp Inc.* 21 8,447 LegacyTexas Financial Group Inc. 322 5,186 Greenhill & Co. Inc. 104 56,399 LendingClub Corp. 311 5,139 Greenlight Capital Re Ltd.* 107 1,108 LendingTree Inc.* 191 4,196 Guaranty BanCorp. 114 38,719 Lexington Realty Trust 384 2,605 Hallmark Financial Services Inc. 29 3,597 Live Oak Bancshares Inc.* 87 2,465 Hamilton Lane Inc. 54 7,034 LTC Properties Inc. 361

15,195 Hancock Holding Co. 745 4,583 Macatawa Bank Corp. 44 5,856 Hanmi Financial Corp. 167 16,139 Mack-Cali Realty Corp. 438 8,830 Hannon Armstrong Sustainable Infrastructure Cap Inc.* 202 12,403 Maiden Holdings Ltd. 138 2,075 HarborOne BanCorp Inc. 41 4,172 MainSource Financial Group Inc. 140 1,186 HCI Group Inc. 56 1,148 Malvern BanCorp. Inc.* 27 2,000 Health Insurance Innovations Inc. 47 2,865 Marcus & Millichap Inc. 76

20,581 Healthcare Realty Trust Inc. 703 1,199 Maui Land & Pineapple Co. Inc.* 24 4,220 Heartland Financial USA Inc. 199 14,482 MB Financial Inc. 638 6,469 Heritage Commerce Corp. 89 21,717 MBIA Inc. 205 5,505 Heritage Financial Corp. 146 2,672 MBT Financial Corp. 26 4,966 Heritage Insurance Holdings Inc. 65 5,121 MedEquities Realty Trust Inc. 65 6,838 Hersha Hospitality Trust 127 3,033 Mercantile Bank Corp. 95 6,700 HFF Inc. 233 8,695 Meridian BanCorp Inc. 147

13,570 Hilltop Holdings Inc. 356 1,514 Meta Financial Group Inc. 135 238 Hingham Institution for Savings 43 66,186 MGIC Investment Corp. 741

1,092 Home BanCorp. Inc. 46 468 Middlefield Banc Corp.* 24 23,103 Home BancShares Inc. 575 2,739 Midland States BanCorp Inc. 92



63


Financial Services (continued) Financial Services (continued)1,588 MidSouth BanCorp Inc.* 19$ 2,330 PennyMac Financial Services Inc. 39$ 1,994 MidWestOne Financial Group Inc. 68 11,842 PennyMac Mortgage Investment Trust 217 4,391 Moelis & Co. 171 2,821 Peoples BanCorp Inc. 91 5,302 MoneyGram International Inc.* 91 755 Peoples BanCorp of North Carolina Inc. 24

12,071 Monmouth Real Estate Investment Corp. 182 1,400 Peoples Financial Services Corp. 61 29,975 Monogram Residential Trust Inc. 291 2,553 People's Utah BanCorp 68 8,540 MTGE Investment Corp. 161 27,170 Physicians Realty Trust 547 1,047 MutualFirst Financial Inc. 37 4,302 PICO Holdings Inc. 75 4,479 National Bank Holdings Corp. 148 2,382 Piper Jaffray Co. 143 1,220 National Bankshares Inc.* 50 3,233 PJT Partners Inc.* 130 1,881 National Commerce Corp. 74 7,686 Planet Payment Inc. 25 8,427 National General Holdings Corp. 178 7,293 Potlatch Corp. 333 7,101 National Health Investors Inc. 562 8,119 PRA Group Inc. 308 7,820 National Storage Affiliates Trust 181 5,040 Preferred Apartment Communities Inc. 79

406 National Western Life Group Inc. 130 2,279 Preferred Bank/Los Angeles CA 122 6,040 Nationstar Mortgage Holdings Inc.* 108 1,707 Premier Financial BanCorp. Inc. 35 3,680 Navigators Group Inc. 202 8,144 Primerica Inc.* 617 7,450 NBT BanCorp. Inc. 275 480 Provident BanCorp Inc. 11 3,585 Nelnet Inc. 169 1,280 Provident Financial Holdings Inc. 25

14,671 New Senior Investment Group Inc. 147 10,696 Provident Financial Services Inc. 271 19,832 New York Mortgage Trust Inc. 123 1,451 Prudential BanCorp. Inc. 26 5,513 NewStar Financial Inc. 58 3,565 PS Business Parks Inc. 472 2,963 NexPoint Residential Trust Inc. 74 2,220 Pzena Investment Management Inc. 23 1,838 NI Holdings Inc.* 33 2,121 QCR Holdings Inc. 101 1,599 Nicolet Bankshares Inc.* 87 8,469 QTS Realty Trust Inc. 443

10,185 NMI Holdings Inc. 117 16,897 Quality Care Properties Inc. 309 1,296 Northeast BanCorp 26 38,952 Radian Group Inc. 637 7,785 Northfield BanCorp Inc. 134 16,049 RAIT Financial Trust 35 1,283 Northrim BanCorp Inc. 39 13,485 Ramco-Gershenson Properties Trust 174

10,015 NorthStar Realty Europe Corp. 127 3,085 RE/MAX Holdings Inc. 173 16,831 Northwest Bancshares Inc.* 263 13,219 Redwood Trust Inc. 225

683 Norwood Financial Corp.* 29 1,900 Regional Management Corp. 45 5,632 OceanFirst Financial Corp. 153 7,789 Renasant Corp. 341

17,877 Ocwen Financial Corp. 48 1,785 Republic BanCorp. Inc. 64 7,798 OFG BanCorp 78 8,766 Republic First BanCorp. Inc.* 81

729 Ohio Valley Banc Corp.* 26 5,655 Resource Capital Corp. 58 1,538 Old Line Bancshares Inc. 43 19,458 Retail Opportunity Investments Corp. 373

23,900 Old National BanCorp 412 11,713 Rexford Industrial Realty Inc. 321 648 Old Point Financial Corp.* 21 3,438 Riverview BanCorp. Inc. 23

5,300 Old Second BanCorp Inc. 61 6,879 RLI Corp. 376 9,876 OM Asset Management Plc 147 22,058 RLJ Lodging Trust 438 9,500 On Deck Capital Inc.* 44 1,235 RMR Group Inc. 60 2,483 One Liberty Properties Inc. 58 7,860 Ryman Hospitality Properties Inc. 503 3,604 OneBeacon Insurance Group Ltd. 66 6,017 S&T BanCorp Inc. 216 1,883 Oppenheimer Holdings Inc. 31 11,684 Sabra Health Care REIT Inc.* 282 3,705 Opus Bank 90 3,353 Safeguard Scientifics Inc. 40 5,777 Orchid Island Capital Inc.* 57 2,581 Safety Insurance Group Inc. 176 7,198 Oritani Financial Corp. 123 4,256 Sandy Spring BanCorp Inc. 173 1,360 Orrstown Financial Services Inc. 31 1,991 Saul Centers Inc. 115 1,920 Owens Realty Mortgage Inc. 33 7,143 Seacoast Banking Corp. of Florida 172 3,902 Pacific Continental Corp. 100 11,331 Select Income REIT 272 2,513 Pacific Mercantile BanCorp 22 10,282 Selective Insurance Group Inc. 515 7,003 Pacific Premier BanCorp Inc. 258 4,487 Seritage Growth Properties* 188

752 Paragon Commercial Corp. 39 8,120 ServisFirst Bancshares Inc.* 300 2,406 Park National Corp.* 250 2,306 Shore Bancshares Inc. 38 8,923 Park Sterling Corp. 106 2,140 SI Financial Group Inc. 34 1,022 Parke BanCorp Inc.* 23 2,090 Sierra BanCorp 51 7,653 Parkway Inc. 175 5,301 Simmons First National Corp. 280 3,234 PCSB Financial Corp. 55 1,280 SmartFinancial Inc.* 31 2,892 Peapack Gladstone Financial Corp. 90 5,163 South State Corp. 442

12,308 Pebblebrook Hotel Trust* 397 1,054 Southern First Bancshares Inc. 39 890 Penns Woods BanCorp Inc. 37 1,075 Southern Missouri BanCorp Inc. 35

12,313 Pennsylvania Real Estate Investment Trust 139 2,059 Southern National BanCorp of Virginia Inc. 36



64


Financial Services (continued) Financial Services (continued)5,048 Southside Bancshares Inc. 176$ 15,920 Washington Federal Inc. 529$ 3,375 Southwest BanCorp Inc. 86 33,610 Washington Prime Group Inc. 281 9,276 St. Joe Co.* 174 13,803 Washington Real Estate Investment Trust 440

15,970 STAG Industrial Inc. 441 2,726 Washington Trust BanCorp. Inc. 141 2,660 State Auto Financial Corp. 68 1,585 WashingtonFirst Bankshares Inc. 55 6,705 State Bank Financial Corp. 182 4,586 Waterstone Financial Inc. 86 5,600 State National Cos Inc. 103 7,524 WesBanco Inc. 297

23,560 Sterling BanCorp. 548 2,897 West BanCorporation Inc.* 69 3,767 Stewart Information Services Corp. 171 4,465 Westamerica BanCorporation* 250

11,913 Stifel Financial Corp. 548 7,460 Western Asset Mortgage Capital Corp. 77 3,967 Stock Yards BanCorp. Inc. 154 4,759 Western New England BanCorp Inc. 48 2,505 Stonegate Bank 116 1,489 Westwood Holdings Group Inc. 84 1,000 Stratus Properties Inc. 29 6,576 Whitestone REIT* 81 1,943 Summit Financial Group Inc. 43 260 Wins Finance Holdings Inc.* 55

18,283 Summit Hotel Properties Inc. 341 9,915 Wintrust Financial Corp. 758 1,686 Sun BanCorp Inc. 42 21,460 WisdomTree Investments Inc.* 218 1,317 Sunshine BanCorp. Inc.* 28 36,593 WMIH Corp. 46

39,324 Sunstone Hotel Investors Inc.* 634 1,105 World Acceptance Corp.* 83 3,024 Sutherland Asset Management Corp.* 45 5,400 WSFS Financial Corp. 245 2,420 Tejon Ranch Co.* 50 19,275 Xenia Hotels & Resorts Inc. 373 8,754 Terreno Realty Corp. 295 772 Xenith Bankshares Inc. 24

1,491 Territorial BanCorp Inc. 47 90,861 9,001 Texas Capital Bancshares Inc. 697

13,721 Third Point Reinsurance Ltd.* 191 Health Care 14.85%8,918 Tier REIT Inc. 165 10,591 AAC Holdings Inc.* 73 1,112 Timberland BanCorp. Inc. 28 3,966 Abaxis Inc. 210 4,076 Tiptree Inc. 29 7,535 Abeona Therapeutics Inc.* 48 2,623 Tompkins Financial Corp. 206 4,792 Accelerate Diagnostics Inc.* 131 9,868 Towne Bank 304 5,851 Acceleron Pharma Inc. 178 3,732 TriCo Bancshares 131 13,066 Accuray Inc. 62 4,052 Trinity Place Holdings Inc.* 29 5,355 Achaogen Inc.* 116 3,933 TriState Capital Holdings Inc. 99 28,008 Achillion Pharmaceuticals Inc.* 129 2,752 Triumph BanCorp Inc. 68 3,755 Aclaris Therapeutics Inc. 102 4,012 Trupanion Inc.* 90 7,887 Acorda Therapeutics Inc. 155

16,458 TrustCo Bank Corp. 128 2,855 Adamas Pharmaceuticals Inc.* 50 12,198 Trustmark Corp.* 392 1,480 Addus HomeCare Corp. 55 1,287 Two River BanCorp* 24 7,242 Aduro Biotech Inc.* 83 8,121 UMB Financial Corp. 608 7,291 Advaxis Inc.* 47 4,819 UMH Properties Inc.* 82 5,981 Aerie Pharmaceuticals Inc.* 314

39,841 Umpqua Holdings Corp. 731 14,887 Agenus Inc.* 58 7,604 Union Bankshares Corp.* 258 6,498 Aimmune Therapeutics Inc.* 134

740 Union Bankshares Inc. 35 6,868 Akebia Therapeutics Inc. 99 17,880 United Bankshares Inc.* 701 5,005 Albany Molecular Research Inc. 109 12,461 United Community Banks Inc. 346 9,063 Alder Biopharmaceuticals Inc.* 104 8,554 United Community Financial Corp. 71 32,465 Allscripts Healthcare Solutions Inc. 414 9,038 United Financial BanCorp. Inc. 151 2,282 Almost Family Inc. 141 3,907 United Fire Group Inc. 172 6,880 AMAG Pharmaceuticals Inc.* 127 3,000 United Insurance Holdings Corp. 47 5,091 Amedisys Inc. 320 2,327 United Security Bancshares* 22 4,573 American Renal Associates Holdings Inc.* 85 1,378 Unity BanCorp Inc. 24 8,437 AMN Healthcare Services Inc.* 329 2,247 Universal Health Realty Income Trust 179 8,202 Amphastar Pharmaceuticals Inc. 146 5,214 Universal Insurance Holdings Inc. 131 2,365 Analogic Corp. 172 4,559 Univest Corp. of Pennsylvania 137 1,189 AnaptysBio Inc.* 28

17,460 Urban Edge Properties 414 7,390 Anavex Life Sciences Corp.* 39 5,302 Urstadt Biddle Properties Inc. 105 6,526 AngioDynamics Inc. 106

46,171 Valley National BanCorp.* 545 1,600 ANI Pharmaceuticals Inc. 75 2,557 Veritex Holdings Inc. 67 2,563 Anika Therapeutics Inc. 126 4,727 Virtu Financial Inc. 83 25,672 Antares Pharma Inc.* 83 1,200 Virtus Investment Partners Inc. 133 11,514 Aratana Therapeutics Inc.* 83

14,181 Waddell & Reed Financial Inc.* 268 6,575 Ardelyx Inc. 34 4,978 Walker & Dunlop Inc. 243 5,960 Arena Pharmaceuticals Inc. 101



65


Health Care (continued) Health Care (continued)30,904 Array BioPharma Inc.* 259$ 8,913 Ensign Group Inc. 194$ 2,691 Assembly Biosciences Inc. 56 1,604 Entellus Medical Inc.* 27 4,496 Atara Biotherapeutics Inc.* 63 8,446 Enzo Biochem Inc. 93

20,932 Athersys Inc. 32 8,020 Epizyme Inc.* 121 5,868 AtriCure Inc. 142 3,241 Esperion Therapeutics Inc. 150

254 Atrion Corp. 163 19,737 Exact Sciences Corp. 698 3,701 Avexis Inc.* 304 1,810 Exactech Inc. 54 4,907 AxoGen Inc. 82 8,087 Fate Therapeutics Inc. 26 5,514 Axovant Sciences Ltd. 128 10,685 FibroGen Inc. 345 5,175 Bellicum Pharmaceuticals Inc.* 60 5,200 Five Prime Therapeutics Inc. 157

15,563 BioCryst Pharmaceuticals Inc.* 87 5,725 Flexion Therapeutics Inc.* 116 1,787 Biohaven Pharmaceutical Holding Co. Ltd. 45 3,248 Fluidigm Corp. 13

20,266 BioScrip Inc. 55 1,090 FONAR Corp. 30 1,619 BioSpecifics Technologies Corp. 80 9,460 Fortress Biotech Inc.* 45 4,919 BioTelemetry Inc. 165 2,709 Foundation Medicine Inc.* 108 7,424 Bluebird Bio Inc. 780 28,983 Genesis Healthcare Inc. 50 7,028 Blueprint Medicines Corp. 356 7,768 GenMark Diagnostics Inc. 92 5,736 Calithera Biosciences Inc. 85 5,886 Genocea Biosciences Inc. 31 6,254 Cambrex Corp. 374 3,511 Genomic Health Inc. 114 6,479 Cantel Medical Corp. 505 29,036 Geron Corp.* 80 7,472 Capital Senior Living Corp. 114 5,117 Glaukos Corp.* 212 4,891 Cara Therapeutics Inc.* 75 6,728 Global Blood Therapeutics Inc.* 184 5,742 Cardiovascular Systems Inc. 185 12,618 Globus Medical Inc. 418 7,254 Cascadian Therapeutics Inc. 27 9,254 Haemonetics Corp. 365

11,432 Castlight Health Inc.* 47 20,126 Halozyme Therapeutics Inc.* 258 14,279 Catalyst Pharmaceuticals Inc.* 39 8,275 Halyard Health Inc. 325 23,219 Celldex Therapeutics Inc.* 57 8,905 HealthEquity Inc.* 444 15,628 Cempra Inc.* 72 17,076 HealthSouth Corp. 826 18,314 Cerus Corp.* 46 8,214 Heron Therapeutics Inc.* 114 2,811 Chemed Corp. 575 1,458 Heska Corp. 149 5,970 ChemoCentryx Inc. 56 15,065 HMS Holdings Corp. 279 2,846 Civitas Solutions Inc. 50 31,667 Horizon Pharma Plc 376 4,165 Clearside Biomedical Inc.* 38 2,642 ICU Medical Inc. 456 7,075 Clovis Oncology Inc. 662 22,048 Idera Pharmaceuticals Inc. 38 7,529 Codexis Inc.* 41 9,334 Ignyta Inc. 97 6,595 Coherus Biosciences Inc. 95 3,471 Immune Design Corp. 34 4,390 Collegium Pharmaceutical Inc.* 55 15,607 ImmunoGen Inc.* 111 2,092 Computer Programs & Systems Inc.* 69 18,815 Immunomedics Inc.* 166 5,365 Conatus Pharmaceuticals Inc.* 31 15,046 Impax Laboratories Inc. 242 3,200 Concert Pharmaceuticals Inc. 45 9,826 Inc. Research Holdings Inc. 575 5,917 ConforMIS Inc. 25 15,191 Innoviva Inc. 194 4,834 CONMED Corp. 246 3,042 Inogen Inc. 290 8,595 Corbus Pharmaceuticals Holdings Inc.* 54 12,541 Inovio Pharmaceuticals Inc.* 98

13,752 Corindus Vascular Robotics Inc. 26 11,283 Insmed Inc. 194 1,544 CorVel Corp. 73 10,432 Insulet Corp.* 535 1,205 Corvus Pharmaceuticals Inc.* 15 6,640 Insys Therapeutics Inc.* 84 4,754 Cotiviti Holdings Inc.* 177 5,634 Integer Holdings Corp. 244 6,187 Cross Country Healthcare Inc. 80 10,933 Integra LifeSciences Holdings Corp. 596 6,026 CryoLife Inc. 120 2,806 Intellia Therapeutics Inc. 45

23,580 Curis Inc. 45 4,763 Intersect ENT Inc. 133 2,311 Cutera Inc. 60 8,389 Intra-Cellular Therapies Inc.* 104 7,707 Cytokinetics Inc.* 93 5,764 Invacare Corp.* 76 5,475 CytomX Therapeutics Inc. 85 7,378 Invitae Corp.* 71

12,845 Depomed Inc.* 138 10,052 Iovance Biotherapeutics Inc.* 74 6,943 Dermira Inc. 202 2,465 iRhythm Technologies Inc. 105

45,214 Durect Corp. 71 25,198 Ironwood Pharmaceuticals Inc.* 476 9,617 Dynavax Technologies Corp.* 93 1,452 Jounce Therapeutics Inc.* 20 1,489 Eagle Pharmaceuticals Inc.* 117 7,248 K2M Group Holdings Inc. 177 3,353 Edge Therapeutics Inc.* 34 5,622 Karyopharm Therapeutics Inc. 51 6,287 Emergent BioSolutions Inc. 213 15,635 Keryx Biopharmaceuticals Inc.* 113 3,085 Enanta Pharmaceuticals Inc. 111 4,279 Kindred Biosciences Inc. 37

14,608 Endologix Inc.* 71 20,069 Kindred Healthcare Inc. 234



66


Health Care (continued) Health Care (continued)8,779 Kite Pharma Inc. 910$ 8,988 PAREXEL International Corp. 781$ 3,119 Kura Oncology Inc. 29 34,930 PDL BioPharma Inc. 86 4,157 La Jolla Pharmaceutical Co.* 124 5,238 Penumbra Inc.* 460 1,641 Landauer Inc. 86 5,150 PharMerica Corp. 135 6,538 Lannett Co. Inc.* 133 4,090 Phibro Animal Health Corp. 152 4,656 Lantheus Holdings Inc. 82 7,030 Pieris Pharmaceuticals Inc.* 36 2,434 LeMaitre Vascular Inc. 76 9,369 Portola Pharmaceuticals Inc. 526 8,455 Lexicon Pharmaceuticals Inc.* 139 6,981 PRA Health Sciences Inc. 524 2,813 LHC Group Inc. 191 10,028 Prestige Brands Holdings Inc. 530 3,696 Ligand Pharmaceuticals Inc.* 449 14,460 Progenics Pharmaceuticals Inc. 98 8,675 LivaNova PLC* 531 1,707 Protagonist Therapeutics Inc. 19 3,630 Loxo Oncology Inc. 291 7,029 Prothena Corp. PLC* 380 7,129 Luminex Corp. 151 2,058 Providence Service Corp. 104 6,400 MacroGenics Inc. 112 6,132 PTC Therapeutics Inc.* 112 4,132 Magellan Health Inc. 301 1,745 Pulse Biosciences Inc.* 60 8,015 Masimo Corp. 731 5,197 Puma Biotechnology Inc.* 454 9,432 Matinas BioPharma Holdings Inc. 16 9,340 Quality Systems Inc. 161

13,104 Medicines Co.* 498 5,040 Quidel Corp. 137 7,033 MediciNova Inc. 37 4,777 Quotient Ltd.* 35

10,075 Medidata Solutions Inc. 788 17,920 R1 RCM Inc. 67 1,000 Medpace Holdings Inc. 29 2,280 Ra Pharmaceuticals Inc. 43 7,515 Meridian Bioscience Inc. 118 7,327 Radius Health Inc.* 331 8,737 Merit Medical Systems Inc. 333 6,100 RadNet Inc. 47

24,820 Merrimack Pharmaceuticals Inc.* 31 1,662 Reata Pharmaceuticals Inc.* 53 18,428 MiMedx Group Inc.* 276 6,244 Repligen Corp. 259 4,630 Minerva Neurosciences Inc. 41 7,490 Retrophin Inc.* 145 2,257 Miragen Therapeutics Inc. 29 4,527 Revance Therapeutics Inc.* 120 7,826 Molina Healthcare Inc. 541 25,429 Rigel Pharmaceuticals Inc. 69

13,349 Momenta Pharmaceuticals Inc. 226 8,561 Rockwell Medical Inc.* 68 3,383 MyoKardia Inc.* 44 10,239 RTI Surgical Inc. 60

11,630 Myriad Genetics Inc. 301 6,224 Sage Therapeutics Inc.* 496 3,782 NanoString Technologies Inc.* 63 13,234 Sangamo Therapeutics Inc. 116

676 NantHealth Inc. 3 9,221 Sarepta Therapeutics Inc.* 311 5,491 NantKwest Inc.* 42 12,188 SciClone Pharmaceuticals Inc. 134 5,549 Natera Inc. 60 22,915 Select Medical Holdings Corp. 352 2,742 National HealthCare Corp. 192 2,335 Selecta Biosciences Inc.* 46 1,743 National Research Corp. 47 3,681 Seres Therapeutics Inc.* 42 5,680 Natus Medical Inc.* 212 2,553 Sientra Inc. 25

26,696 Nektar Therapeutics 522 4,216 Spark Therapeutics Inc.* 252 6,526 Neogen Corp. 451 8,120 Spectranetics Corp. 312 9,400 NeoGenomics Inc.* 84 17,839 Spectrum Pharmaceuticals Inc.* 133 3,899 Neos Therapeutics Inc.* 28 7,086 STAAR Surgical Co.* 77 4,951 Nevro Corp.* 369 4,707 Stemline Therapeutics Inc.* 43 4,429 NewLink Genetics Corp.* 33 4,771 Strongbridge Biopharma PLC 34

53,300 Novavax Inc. 61 4,900 Sucampo Pharmaceuticals Inc.* 51 2,703 Novelion Therapeutics Inc.* 25 9,077 Supernus Pharmaceuticals Inc. 391

10,319 Novocure Ltd. 179 2,550 Surmodics Inc. 72 8,962 NuVasive Inc.* 689 2,186 Syndax Pharmaceuticals Inc. 31

11,514 NxStage Medical Inc. 289 41,415 Synergy Pharmaceuticals Inc.* 184 6,172 Nymox Pharmaceutical Corp.* 27 2,471 Syros Pharmaceuticals Inc.* 40 6,749 Ocular Therapeutix Inc.* 63 1,665 Tabula Rasa HealthCare Inc. 25 7,592 Omeros Corp.* 151 1,633 Tactile Systems Technology Inc.* 47 6,436 Omnicell Inc. 277 9,615 Teladoc Inc.* 334 9,801 OraSure Technologies Inc. 169 10,000 Teligent Inc.* 92

22,335 Organovo Holdings Inc.* 59 8,081 Tetraphase Pharmaceuticals Inc. 58 3,268 Orthofix International NV 152 8,620 TG Therapeutics Inc.* 87 5,269 Otonomy Inc. 99 33,067 TherapeuticsMD Inc.* 174

11,130 Owens & Minor Inc. 358 7,664 Theravance Biopharma Inc.* 305 4,879 Oxford Immunotec Global PLC* 82 6,528 Tivity Health Inc. 260

15,249 Pacific Biosciences of California Inc. 54 1,501 Tocagen Inc.* 18 7,661 Pacira Pharmaceuticals Inc. 365 9,101 Trevena Inc. 21 4,787 Paratek Pharmaceuticals Inc.* 115 4,337 Triple-S Management Corp. 73



67


Health Care (continued) Materials & Processing (continued)7,007 Ultragenyx Pharmaceutical Inc.* 435$ 4,630 Greif Inc. CL A* 258$ 3,013 US Physical Therapy Inc. 182 1,019 Greif Inc. CL B* 62

694 Utah Medical Products Inc. 50 5,167 Griffon Corp. 113 8,125 Vanda Pharmaceuticals Inc. 132 1,019 Handy & Harman Ltd. 32 6,733 Varex Imaging Corp. 228 1,723 Hawkins Inc. 80 4,752 Veracyte Inc. 40 2,220 Haynes International Inc. 81 6,078 Versartis Inc. 106 9,068 HB Fuller Co.* 463 5,228 ViewRay Inc. 34 70,442 Hecla Mining Co. 359 2,677 Viveve Medical Inc.* 19 4,256 Huttig Building Products Inc. 30 2,398 Voyager Therapeutics Inc. 21 7,603 Ingevity Corp. 436 2,316 WaVe Life Sciences Ltd 43 3,458 Innophos Holdings Inc. 152 6,705 WebMD Health Corp. 393 4,270 Innospec Inc. 280

18,659 Wright Medical Group NV 513 3,855 Installed Building Products Inc. 204 6,958 Xencor Inc. 147 3,350 Insteel Industries Inc. 110

23,472 ZIOPHARM Oncology Inc.* 146 10,826 Interface Inc. 213 6,645 Zogenix Inc. 96 16,921 Intrepid Potash Inc.* 38 3,676 Zynerba Pharmaceuticals Inc.* 62 4,023 JELD-WEN Holding Inc. 131

51,478 3,005 Kaiser Aluminum Corp. 266 17,972 KapStone Paper and Packaging Corp. 371

Materials & Processing 7.05% 31,435 Klondex Mines Ltd. 106 5,229 A Schulman Inc. 167 1,649 KMG Chemicals Inc. 80 7,305 AAON Inc. 269 3,699 Koppers Holdings Inc. 134 5,249 Aceto Corp. 81 5,373 Kraton Corp. 185 6,048 Advanced Drainage Systems Inc.* 122 4,002 Kronos Worldwide Inc. 73 5,354 AdvanSix Inc. 167 4,801 Landec Corp. 71 2,828 AgroFresh Solutions Inc.* 20 1,034 Lawson Products Inc. 23

55,489 AK Steel Holding Corp. 365 1,487 LB Foster Co. 32 19,434 Allegheny Technologies Inc.* 331 26,082 Louisiana-Pacific Corp. 629 5,131 American Vanguard Corp. 89 3,885 LSB Industries Inc.* 40 1,657 Ampco-Pittsburgh Corp. 24 3,870 LSI Industries Inc. 35 4,975 Apogee Enterprises Inc. 283 5,259 Masonite International Corp. 397 4,524 Armstrong Flooring Inc. 81 3,216 Materion Corp. 120 5,651 Balchem Corp. 439 6,270 Minerals Technologies Inc. 459

10,816 Beacon Roofing Supply Inc. 530 15,858 MRC Global Inc. 262 7,584 Belden Inc. 572 9,990 Mueller Industries Inc. 304

11,700 BMC Stock Holdings Inc. 256 28,194 Mueller Water Products Inc. 329 7,060 Boise Cascade Co. 215 4,043 Myers Industries Inc. 73

17,291 Builders FirstSource Inc. 265 7,145 NCI Building Systems Inc. 119 4,449 Cabot Microelectronics Corp. 328 2,878 Neenah Paper Inc. 231 4,182 Caesarstone Ltd. 147 4,693 Nexeo Solutions Inc.* 39 9,162 Calgon Carbon Corp. 138 791 NL Industries Inc. 6 8,211 Carpenter Technology Corp. 307 4,768 NN Inc. 131 8,750 Century Aluminum Co. 136 1,704 Northwest Pipe Co. 28 1,273 Chase Corp. 136 907 Oil-Dri Corp. of America 38 4,017 Clearwater Paper Corp. 188 1,650 Olympic Steel Inc. 32

53,261 Cliffs Natural Resources Inc. 369 500 Omega Flex Inc. 32 31,797 Coeur Mining Inc. 273 7,725 OMNOVA Solutions Inc. 75 6,557 Comfort Systems USA Inc. 243 2,892 Patrick Industries Inc. 211

20,780 Commercial Metals Co. 404 8,490 PGT Innovations Inc. 109 6,058 Compass Minerals International Inc.* 396 10,303 PH Glatfelter Co. 201 7,061 Continental Building Products Inc. 165 3,714 Ply Gem Holdings Inc. 67 1,312 Core Molding Technologies Inc. 28 14,551 PolyOne Corp. 564 1,820 Culp Inc. 59 2,338 Quaker Chemical Corp. 340 1,982 Deltic Timber Corp. 148 6,170 Quanex Building Products Corp. 130 3,049 DMC Global Inc. 40 7,661 Rayonier Advanced Materials Inc.* 120

997 Eastern Co.* 30 4,102 RBC Bearings Inc. 417 15,052 Ferro Corp. 275 18,608 Rexnord Corp. 433 3,477 Forterra Inc.* 29 2,900 Ryerson Holding Corp. 29 2,440 Foundation Building Materials Inc. 31 4,873 Schnitzer Steel Industries Inc. 123 4,350 FutureFuel Corp. 66 7,915 Sensient Technologies Corp. 637

12,828 GCP Applied Technologies Inc. 391 1,555 Shiloh Industries Inc. 18 5,780 Gibraltar Industries Inc. 206 7,359 Simpson Manufacturing Co. Inc. 322 3,897 Global Brass & Copper Holdings Inc. 119 3,551 Stepan Co. 309 4,209 GMS Inc. 118 18,765 Summit Materials Inc. 542 9,334 Gold Resource Corp. 38 7,200 TimkenSteel Corp.* 111



68


Materials & Processing (continued) Producer Durables (continued)4,623 Tredegar Corp. 71$ 6,967 Casella Waste Systems Inc. 114$ 5,271 Trex Co Inc. 357 8,894 CBIZ Inc. 133 7,934 Trinseo SA 545 5,443 CECO Environmental Corp. 50

11,662 Tronox Ltd. 176 5,296 Chart Industries Inc. 184 1,165 UFP Technologies Inc. 33 18,011 Chicago Bridge & Iron Co.* 355 2,974 Unifi Inc. 92 2,877 CIRCOR International Inc. 171

400 United States Lime & Minerals Inc. 31 3,511 Columbus McKinnon Corp. 89 3,504 Universal Forest Products Inc. 306 4,497 Commercial Vehicle Group Inc. 38

24,386 Uranium Energy Corp.* 39 4,362 Control4 Corp. 86 2,673 US Concrete Inc.* 210 16,795 Convergys Corp. 399

14,598 US Silica Holdings Inc.* 518 6,530 Costamare Inc. 48 1,200 Valhi Inc. 4 20,948 Covanta Holding Corp.* 277 2,052 Veritiv Corp. 92 2,100 Covenant Transportation Group Inc. 37 6,024 Verso Corp. 28 1,571 CRA International Inc. 57 8,010 Worthington Industries Inc. 402 2,319 CSW Industrials Inc. 90

24,433 6,126 Cubic Corp. 284 29,709 Darling Ingredients Inc. 468

Producer Durables 13.43% 3,660 Daseke Inc.* 41 8,046 AAR Corp. 280 8,597 Deluxe Corp. 595

10,085 ABM Industries Inc. 419 9,041 DHI Group Inc. 26 20,108 ACCO Brands Corp. 234 16,700 DHT Holdings Inc. 69 10,185 Actuant Corp. 251 4,500 Dorian LPG Ltd* 37 4,459 Advanced Disposal Services Inc. 101 4,152 Douglas Dynamics Inc. 137 3,767 Advanced Emissions Solutions Inc.* 35 4,098 Ducommun Inc. 129 7,120 Advanced Energy Industries Inc. 461 2,903 DXP Enterprises Inc. 100 7,360 Advisory Board Co. 379 5,327 Dycom Industries Inc.* 477 6,524 Aegion Corp. 143 6,866 Eagle Bulk Shipping Inc.* 32 6,000 Aerovironment Inc. 229 4,458 Echo Global Logistics Inc. 89 9,153 Air Transport Services Group Inc. 199 8,158 Electronics For Imaging Inc. 387 8,286 Aircastle Ltd 180 10,537 EMCOR Group Inc. 689 1,649 Alamo Group Inc. 150 3,774 Encore Wire Corp. 161 5,169 Albany International Corp. 276 3,364 Energous Corp.* 55 2,365 Allegiant Travel Co. 321 6,205 Energy Recovery Inc.* 51

984 Allied Motion Technologies Inc. 27 7,854 EnerSys 569 5,122 Altra Industrial Motion Corp. 204 3,366 Engility Holdings Inc. 96 1,340 American Railcar Industries Inc. 51 4,332 Ennis Inc. 83 6,845 Applied Industrial Technologies Inc. 404 3,781 EnPro Industries Inc. 270 2,972 Aqua Metals Inc.* 37 627 EnviroStar Inc. 17 4,595 ArcBest Corp. 95 4,520 ESCO Technologies Inc. 270 5,371 Ardmore Shipping Corp.* 44 6,354 Essendant Inc. 94 2,597 Argan Inc. 156 5,454 Esterline Technologies Corp. 517 1,990 Ascent Capital Group Inc. 31 5,885 ExlService Holdings Inc. 327 3,807 Astec Industries Inc. 211 1,777 ExOne Co.* 20 6,313 Astronics Corp. 192 4,578 Exponent Inc. 267 5,863 Atkore International Group Inc. 132 3,096 FARO Technologies Inc. 117 4,161 Atlas Air Worldwide Holdings Inc. 217 10,850 Federal Signal Corp. 188

12,427 Axon Enterprise Inc.* 312 1,749 Forrester Research Inc. 68 4,601 AZZ Inc. 257 5,559 Forward Air Corp. 296 8,240 Babcock & Wilcox Enterprises Inc. 97 8,157 Franklin Electric Co. Inc. 338 5,074 Badger Meter Inc. 202 2,160 FreightCar America Inc. 38 8,790 Barnes Group Inc. 514 12,283 Frontline Ltd/Bermuda* 70 1,354 Barrett Business Services Inc. 78 7,303 FTI Consulting Inc. 255 1,237 BG Staffing Inc. 21 7,520 GasLog Ltd.* 115 1,000 Blue Bird Corp.* 17 6,977 GATX Corp.* 448 8,161 Brady Corp. 277 1,433 Gencor Industries Inc. 23 7,627 Briggs & Stratton Corp. 184 7,562 Gener8 Maritime Inc.* 43 8,128 Brink's Co. 545 11,145 Generac Holdings Inc. 403 6,186 Bristow Group Inc.* 47 8,880 General Cable Corp. 145 3,010 CAI International Inc. 71 1,336 Global Sources Ltd. 27



69


Producer Durables (continued) Producer Durables (continued)3,451 Gorman-Rupp Co. 88$ 8,488 Modine Manufacturing Co. 140$ 2,507 GP Strategies Corp. 66 6,816 Moog Inc. 489 1,985 Graham Corp. 39 5,956 MSA Safety Inc. 483 7,079 Granite Construction Inc. 341 3,082 MTS Systems Corp. 160 8,320 Great Lakes Dredge & Dock Corp. 36 2,544 Multi-Color Corp. 208 4,898 Greenbrier Cos. Inc.* 227 2,856 MYR Group Inc. 89 5,680 H&E Equipment Services Inc. 116 701 NACCO Industries Inc. 50 4,230 Hackett Group Inc. 66 2,127 Napco Security Technologies Inc. 20 1,571 Hardinge Inc. 20 8,154 Navigant Consulting Inc. 161

14,527 Harsco Corp. 234 10,608 Navios Maritime Acquisition Corp. 16 9,539 Hawaiian Holdings Inc. 448 9,072 Navistar International Corp.* 238 7,283 HC2 Holdings Inc. 43 1,276 Neff Corp. 24

12,690 Healthcare Services Group Inc. 594 18,228 Nordic American Tankers Ltd.* 116 8,599 Heartland Express Inc.* 179 1,387 NV5 Global Inc.* 59 3,517 Heidrick & Struggles International Inc. 76 9,200 On Assignment Inc. 498 4,328 Herc Holdings Inc. 170 3,906 Orion Group Holdings Inc. 29 2,210 Heritage-Crystal Clean Inc. 35 3,051 OSI Systems Inc. 229

10,611 Herman Miller Inc. 323 6,962 Overseas Shipholding Group Inc. 19 5,823 Hill International Inc. 30 1,461 Park-Ohio Holdings Corp. 56

11,318 Hillenbrand Inc. 409 4,645 Paylocity Holding Corp. 210 8,106 HNI Corp. 323 9,548 PHH Corp. 131 5,818 Hub Group Inc. 223 1,369 PHI Inc. 13 6,553 Hudson Technologies Inc. 55 39,928 Plug Power Inc.* 81

926 Hurco Cos Inc. 32 1,680 Powell Industries Inc. 54 4,060 Huron Consulting Group Inc. 175 530 Preformed Line Products Co. 25 1,845 Hyster-Yale Materials Handling Inc. 130 7,131 Primoris Services Corp. 178 2,994 ICF International Inc. 141 4,461 Proto Labs Inc. 300 1,460 IES Holdings Inc. 26 5,310 Quad/Graphics Inc. 122 4,311 Information Services Group Inc. 18 6,804 Radiant Logistics Inc. 37 8,086 InnerWorkings Inc. 94 6,562 Raven Industries Inc. 219 3,274 Insperity Inc. 232 5,414 Resources Connection Inc. 74 5,257 International Seaways Inc. 114 2,380 REV Group Inc. 66 6,049 Itron Inc. 410 5,110 Roadrunner Transportation Systems Inc. 37 5,473 John Bean Technologies Corp. 536 7,995 RPX Corp. 112 2,002 Kadant Inc. 151 12,537 RR Donnelley & Sons Co.* 157 4,728 Kaman Corp. 236 5,501 Rush Enterprises Inc. 205

25,726 KBR Inc. 392 1,238 Rush Enterprises Inc. 45 5,310 Kelly Services Inc. 119 8,599 Safe Bulkers Inc. 20

14,290 Kennametal Inc. 535 4,485 Saia Inc. 230 4,578 Kforce Inc. 90 5,822 Schneider National Inc.* 130 6,381 Kimball International Inc. 106 10,476 SCorpio Bulkers Inc. 74

11,000 KLX Inc. 550 29,463 SCorpio Tankers Inc.* 117 13,072 Knight Transportation Inc.* 484 13,541 ServiceSource International Inc. 53 8,692 Knoll Inc. 174 10,915 Ship Finance International Ltd.* 148 9,148 Korn/Ferry International 316 8,898 SkyWest Inc. 312

19,432 Kratos Defense & Security Solutions Inc. 231 3,198 SP Plus Corp. 98 3,652 Layne Christensen Co.* 32 5,390 Spartan Motors Inc. 48 1,981 Lindsay Corp.* 177 7,399 SPX Corp. 186 4,533 Liquidity Services Inc. 29 7,404 SPX FLOW Inc. 273 4,003 Littelfuse Inc. 660 2,206 Standex International Corp. 200 5,975 LSC Communications Inc. 128 1,816 StarTek Inc. 22 3,101 Lydall Inc. 160 15,215 Steelcase Inc.* 213

23,000 Manitowoc Co. Inc. 138 4,617 Sterling Construction Co. Inc. 60 1,591 Marlin Business Services Corp. 40 4,024 Sun Hydraulics Corp. 172 4,290 Marten Transport Ltd. 118 1,984 Supreme Industries Inc. 33

11,976 MasTec Inc. 541 12,997 Swift Transportation Co.* 344 7,630 Matson Inc. 229 7,132 Sykes Enterprises Inc. 239

11,340 MAXIMUS Inc. 710 5,095 Team Inc. 119 5,676 Maxwell Technologies Inc. 34 10,259 Teekay Corp.* 68 4,284 McGrath RentCorp. 148 20,998 Teekay Tankers Ltd 39

560 Mesa Laboratories Inc. 80 2,481 TeleTech Holdings Inc. 101 8,018 Milacron Holdings Corp. 141 3,154 Tennant Co. 233 2,200 Miller Industries Inc. 55 10,003 Tetra Tech Inc. 458 2,996 Mistras Group Inc. 66 4,847 Textainer Group Holdings Ltd.* 70 7,985 Mobile Mini Inc. 238 5,784 Thermon Group Holdings Inc. 111



70


Producer Durables (continued) Technology (continued)8,901 Titan International Inc.* 107$ 7,503 Bottomline Technologies de Inc. 193$ 3,120 Titan Machinery Inc. 56 14,036 Box Inc. 256 6,597 TopBuild Corp. 350 6,060 Brightcove Inc. 38 8,136 TriMas Corp. 170 5,489 BroadSoft Inc.* 236 7,089 TriNet Group Inc. 232 12,287 Brooks Automation Inc. 267 7,763 Triton International Ltd.* 260 4,401 CACI International Inc. 550

11,098 Triumph Group Inc.* 351 5,886 CalAmp Corp. 120 7,476 TrueBlue Inc. 198 7,439 Calix Inc. 51 6,495 Tutor Perini Corp. 187 11,522 Callidus Software Inc. 279 1,525 Twin Disc Inc. 25 4,415 Carbonite Inc.* 96 2,705 UniFirst Corp. 381 3,831 CEVA Inc. 174 1,500 Universal Logistics Holdings Inc. 23 4,499 ChannelAdvisor Corp. 52 3,936 US Ecology Inc. 199 25,217 Ciena Corp. 631 2,014 Vectrus Inc. 65 11,530 Cirrus Logic Inc. 723 2,920 Vicor Corp. 52 2,000 Clearfield Inc. 26 2,042 Vishay Precision Group Inc.* 35 2,491 Cloudera Inc.* 40 1,375 VSE Corp. 62 4,862 Cohu Inc. 77

10,539 Wabash National Corp.* 232 2,453 CommerceHub Inc. 43 6,602 WageWorks Inc. 444 5,195 CommerceHub Inc. 91 4,975 Watts Water Technologies Inc. 314 7,001 CommVault Systems Inc. 395 8,522 Werner Enterprises Inc. 250 4,214 Comtech Telecommunications Corp. 80

17,162 Wesco Aircraft Holdings Inc. 186 9,306 Cornerstone OnDemand Inc. 333 1,348 Willdan Group Inc. 41 5,327 Coupa Software Inc.* 154

727 Willis Lease Finance Corp. 19 7,211 Cray Inc. 133 9,577 Woodward Inc. 647 17,457 Cree Inc. 430 5,820 YRC Worldwide Inc. 65 5,961 CSG Systems International Inc. 242

46,569 5,711 CTS Corp. 123 1,228 CyberOptics Corp. 25

Technology 14.00% 6,760 Daktronics Inc. 65 19,405 3D Systems Corp.* 363 13,508 Diebold Nixdorf Inc.* 378 7,943 A10 Networks Inc. 67 4,795 Digi International Inc. 49 3,303 Acacia Communications Inc. 137 1,888 Digimarc Corp.* 76 9,000 Acacia Research Corp. 37 10,922 DigitalGlobe Inc. 364

20,867 ACI Worldwide Inc. 467 7,040 Diodes Inc. 169 5,613 Actua Corp. 79 3,979 DSP Group Inc. 46

13,825 Acxiom Corp. 359 4,390 Ebix Inc. 237 8,751 ADTRAN Inc. 181 5,637 Electro Scientific Industries Inc. 46 4,566 Aerohive Networks Inc. 23 6,050 Ellie Mae Inc. 665 2,709 Agilysys Inc. 27 4,827 EMCORE Corp. 51 3,630 Alarm.com Holdings Inc. 137 10,814 Endurance International Group Hldngs Inc.* 90 3,247 Alpha & Omega Semiconductor Ltd. 54 24,782 Entegris Inc. 544 1,588 Alteryx Inc.* 31 7,698 Envestnet Inc. 305 5,743 Ambarella Inc.* 279 8,691 EPAM Systems Inc. 731 3,100 Amber Road Inc. 27 2,278 ePlus Inc. 169 4,782 American Software Inc. 49 3,029 Everbridge Inc. 74

18,107 Amkor Technology Inc. 177 6,894 Evolent Health Inc.* 175 5,245 Anixter International Inc. 410 2,145 Exa Corp. 30 1,551 Appfolio Inc. 51 19,202 Extreme Networks Inc. 177 3,281 Applied Optoelectronics Inc.* 203 6,305 Fabrinet 269 3,171 Apptio Inc.* 55 19,937 Finisar Corp.* 518 7,144 ARC Document Solutions Inc. 30 9,314 Five9 Inc. 200

13,419 Aspen Technology Inc. 742 12,902 FormFactor Inc. 160 5,795 Avid Technology Inc.* 30 6,457 Gigamon Inc. 254 8,389 AVX Corp. 137 8,437 Global Eagle Entertainment Inc.* 30 5,337 Axcelis Technologies Inc. 112 19,443 Glu Mobile Inc. 49 6,649 AXT Inc. 42 60,706 Groupon Inc.* 233 8,830 Bankrate Inc. 113 15,354 GrubHub Inc.* 669 4,497 Barracuda Networks Inc. 104 2,549 GSI Technology Inc. 20

14,030 Bazaarvoice Inc. 69 5,534 GTT Communications Inc. 175 1,707 Bel Fuse Inc. 42 3,430 Guidance Software Inc. 23 8,790 Benchmark Electronics Inc. 284 13,783 Harmonic Inc.* 72 2,839 Benefitfocus Inc.* 103 8,551 Hortonworks Inc.* 110 8,538 Blackbaud Inc. 732 6,015 HubSpot Inc. 395 1,867 Blackline Inc.* 67 2,092 Ichor Holdings Ltd. 42 7,377 Blucora Inc. 156 10,764 II-VI Inc. 369



71


Technology (continued) Technology (continued)5,403 Immersion Corp.* 49$ 6,650 Perficient Inc. 124$ 5,983 Imperva Inc. 286 11,535 Photronics Inc. 108 3,219 Impinj Inc.* 157 5,095 Pixelworks Inc. 23

25,414 Infinera Corp.* 271 5,910 Plantronics Inc. 309 11,203 Inovalon Holdings Inc.* 147 6,011 Plexus Corp. 316 7,509 Inphi Corp.* 258 5,127 Power Integrations Inc. 374 6,201 Insight Enterprises Inc. 248 3,395 Presidio Inc.* 49

23,686 Integrated Device Technology Inc. 611 8,459 Progress Software Corp. 261 6,267 InterDigital Inc.* 484 7,676 Proofpoint Inc.* 667

14,274 Internap Corp.* 52 4,683 PROS Holdings Inc. 128 3,473 Intevac Inc. 39 16,631 Pure Storage Inc.* 213 4,686 iRobot Corp.* 394 5,600 Q2 Holdings Inc. 207 4,212 Iteris Inc. 26 1,862 QAD Inc. 60 4,630 IXYS Corp. 76 5,612 Qualys Inc. 229 8,166 KEMET Corp. 105 3,774 Quantenna Communications Inc.* 72 8,003 KeyW Holding Corp.* 75 5,001 Quantum Corp. 39 5,230 Kimball Electronics Inc. 94 5,535 Radisys Corp.* 21

15,970 Knowles Corp.* 270 19,814 Rambus Inc. 226 9,210 Kopin Corp. 34 3,920 Rapid7 Inc. 66 2,745 KVH Industries Inc. 26 3,628 RealNetworks Inc. 16

21,940 Lattice Semiconductor Corp. 146 10,488 RealPage Inc. 377 12,787 Limelight Networks Inc. 37 1,667 Reis Inc. 35 9,685 LivePerson Inc. 107 2,169 Rightside Group Ltd 23 2,360 Loral Space & Communications Inc. 98 11,155 RingCentral Inc. 408

10,894 Lumentum Holdings Inc. 622 6,320 Rocket Fuel Inc. 17 7,247 MACOM Technology Solutions Holdings Inc.* 404 3,227 Rogers Corp. 351

551 Majesco 3 6,709 Rubicon Project Inc. 34 4,580 ManTech International Corp. 190 5,591 Rudolph Technologies Inc. 128

10,754 MaxLinear Inc. 300 13,258 Sanmina Corp. 505 11,965 Meet Group Inc.* 60 4,689 ScanSource Inc. 189 8,336 Mercury Systems Inc. 351 7,828 Science Applications International Corp. 543 6,390 Methode Electronics Inc. 263 11,692 Semtech Corp. 418 1,680 MicroStrategy Inc. 322 12,126 ShoreTel Inc. 70

12,188 MicroVision Inc.* 26 6,461 Sigma Designs Inc. 38 6,584 MINDBODY Inc. 179 7,467 Silicon Laboratories Inc. 510 5,511 Mitek Systems Inc. 46 6,979 Silver Spring Networks Inc. 79 9,596 MKS Instruments Inc. 646 1,954 Simulations Plus Inc. 24 9,797 MobileIron Inc. 59 8,430 Sonus Networks Inc. 63 3,700 Model N Inc. 49 1,844 Sparton Corp. 41 7,136 Monolithic Power Systems Inc. 688 3,016 SPS Commerce Inc. 192 7,347 Monotype Imaging Holdings Inc. 134 8,715 Stratasys Ltd. 203 2,699 MuleSoft Inc. 67 6,914 Super Micro Computer Inc. 170 4,418 Nanometrics Inc. 112 6,247 Synaptics Inc.* 323 1,200 NCI Inc. 25 7,755 Synchronoss Technologies Inc. 128 5,344 NeoPhotonics Corp.* 41 5,147 SYNNEX Corp. 617 5,748 NETGEAR Inc. 248 5,925 Syntel Inc.* 100

16,208 NetScout Systems Inc. 558 2,172 Systemax Inc.* 41 9,794 NeuStar Inc. 327 6,330 Tech Data Corp. 639 5,238 New Relic Inc. 225 3,500 TechTarget Inc. 36

11,037 NIC Inc. 209 6,013 Telenav Inc. 49 5,700 Novanta Inc. 205 21,177 TiVo Corp. 395 6,219 Nutanix Inc.* 125 11,185 TrueCar Inc.* 223

928 NVE Corp. 71 16,512 TTM Technologies Inc.* 287 29,599 Oclaro Inc.* 276 1,609 Tucows Inc.* 86 1,986 Okta Inc.* 45 11,111 Twilio Inc.* 323 2,535 Ominto Inc.* 39 4,133 Ubiquiti Networks Inc.* 215 3,028 Ooma Inc.* 24 5,916 Ultra Clean Holdings Inc. 111 1,900 Park City Group Inc.* 23 9,091 Unisys Corp.* 116 3,561 Park Electrochemical Corp. 66 1,299 Upland Software Inc. 29 8,811 Paycom Software Inc.* 603 6,960 USA Technologies Inc. 36 1,910 PC Connection Inc. 52 3,419 Varonis Systems Inc. 127 1,794 PCM Inc. 34 5,316 VASCO Data Security International Inc. 76 5,046 PDF Solutions Inc. 83 8,431 Veeco Instruments Inc. 235 1,863 pdvWireless Inc.* 43 19,907 VeriFone Systems Inc. 360 6,425 Pegasystems Inc. 375 11,233 Verint Systems Inc. 457



72


Technology (continued) Utilities (continued)9,518 ViaSat Inc.* 630$ 14,468 PNM Resources Inc. 553$

40,856 Viavi Solutions Inc. 430 15,834 Portland General Electric Co. 723 8,750 VirnetX Holding Corp.* 40 3,057 Pure Cycle Corp. 24 5,044 Virtusa Corp. 148 1,194 RGC Resources Inc.* 34

23,677 Vishay Intertechnology Inc. 393 8,037 Shenandoah Telecommunications Co. 247 4,997 Vocera Communications Inc. 132 2,892 SJW Group 142 6,858 Web.com Group Inc. 174 13,947 South Jersey Industries Inc. 477 4,353 Workiva Inc. 83 8,537 Southwest Gas Holdings Inc. 624 4,487 Xactly Corp. 70 2,061 Spark Energy Inc.* 39 9,791 Xcerra Corp. 96 8,442 Spire Inc. 589 8,661 Xperi Corp. 258 3,930 Spok Holdings Inc. 70

13,882 Yelp Inc.* 417 1,535 Straight Path Communications Inc. 276 2,166 Yext Inc. 29 2,558 Unitil Corp. 124

17,368 Zendesk Inc. 482 34,557 Vonage Holdings Corp. 226 9,594 Zix Corp. 55 8,067 West Corp. 188

48,543 9,102 WGL Holdings Inc. 759 34,063 Windstream Holdings Inc.* 132

Utilities 4.75% 1,979 York Water Co.* 67 15,449 8x8 Inc. 225 16,506 9,146 ALLETE Inc. 656 TOTAL COMMON STOCKS 345,257 6,418 American States Water Co. 304 (Cost $)2,069 AquaVenture Holdings Ltd. 32

1,444 Artesian Resources Corp. 54 Rights 0.01%17,756 Atlantic Power Corp. 43 16,440 Chelsea Therapeutic CVR - 1,980 ATN International Inc.* 136 Originally Acquired: 6/24/2014

11,454 Avista Corp. 486 9,562 Black Hills Corp.* 645 3,550 Durata Therapeutics CVR - 6,600 Boingo Wireless Inc. 99 Originally Acquired: 11/18/20148,636 California Water Service Group 318 2,822 Chesapeake Utilities Corp. 212 27,230 Dyax Corp. CVR 30 7,586 CInc.innati Bell Inc. 148 Originally Acquired: 6/24/20147,518 Cogent Communications Holdings Inc. 301 2,010 Connecticut Water Service Inc. 112 5,440 Gerber Scientic Escrow - 8,985 Consolidated Communications Holdings Inc.* 193 Originally Acquired: 8/22/20112,767 Consolidated Water Co. Ltd. 34 1,280 Delta Natural Gas Co. Inc. 39 20,366 Media General 6

19,750 Dynegy Inc. 163 Originally Acquired: 01/18/177,264 El Paso Electric Co. 376 3,740 FairPoint Communications Inc.* 59 1,230 Omithera Pharmaceuticals -

210,849 Frontier Communications Corp.* 245 Originally Acquired: 9/16/134,868 General Communication Inc. 178 2,178 Genie Energy Ltd. 17 2,044 Tobira Therapeutica Inc. - 1,813 Global Water Resources Inc.* 18 Originally Acquired: 11/2/16 36

79,366 Globalstar Inc.* 169 (Cost $4)9,684 Gogo Inc.* 112 1,145 Hawaiian Telcom Holdco Inc. 29 Short-Term Investments 0.24%8,950 IDACorp. Inc. 764 848,469 Dreyfus Government Cash Management Fund 848 2,950 IDT Corp. 42 (Cost $848)5,695 Intelsat SA 17

15,290 Iridium Communications Inc.* 169 Collateral for Securities Loaned 13.67%8,305 j2 Global Inc. 707 Short-Term Investments-Repurchase Agreements3,574 Lumos Networks Corp. 64 1,046,711 BNP Parabis, 1.11%, due 7/3/2017 1,046 6,320 MGE Energy Inc. 407 11,263,868 Cantor Fitzgerald L.P., 1.15%, due 7/3/17 11,234 2,940 Middlesex Water Co. 116 10,666,918 Daiwa Securities Group Inc, 1.15, due 7/3/2017 10,666

15,116 New Jersey Resources Corp. 600 1,274,078 HSBC Holdings PLC, 1.06%, due 7/3/2017 1,274 5,080 Northwest Natural Gas Co. 304 625,770 Leucadia National Corp, 1.25%, due 7/3/2017 625 8,805 NorthWestern Corp. 537 11,263,868 National Bank of Canada, 1.20%, due 7/3/17 11,263 6,304 NRG Yield Inc. 108 11,284,100 State of Wisconsin Investment BO, 1.30%, due 7/3/17 11,284

11,082 NRG Yield Inc. 195 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 47,392 9,394 ONE Gas Inc. 656 (Cost $47,392)

12,025 ORBCOMM Inc. 136 TOTAL INVESTMENTS6,966 Ormat Technologies Inc. 409 (Cost $304,324) 113.48% 393,533 7,020 Otter Tail Corp. 278

12,577 Pattern Energy Group Inc. 300 Liabilities Less, Other Assets -13.48% (46,787)

TOTAL NET ASSETS 100.00% 346,746$ * All or a portion of this security is on loan.The market value of loaned securities is $59,368,426

See notes to financial statements. 73

Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended

06/30/17 12/31/16 06/30/17 12/31/16 06/30/17 12/31/16 06/30/17 12/31/16

INVESTMENT INCOME:

Interest income 367$ 472$ 3,279$ 6,594$ 15,071$ 29,582$ 4,197$ 7,476$

Dividend income - - - - - - 198 201

Total investment income 367 472 3,279 6,594 15,071 29,582 4,395 7,677

EXPENSES:

Investment advisory and

administrative fees 83 180 570 1,008 - - - -

Class A - - - - 337 727 172 347

Class B - - - - 1,825 3,669 614 1,174

Dividend expense - - - - - - 45 216

Other expenses 32 70 79 131 216 425 146 158

Gross expenses 115 250 649 1,139 2,378 4,821 977 1,895

Fee waiver (3) - - - - - -

Net expenses 112 250 649 1,139 2,378 4,821 977 1,895

Net investment income 255 222 2,630 5,455 12,693 24,761 3,418 5,782

NET REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on investments,

futures contracts and

foreign currency transactions (3) - (77) (946) (2,650) 9,228 308 1,909

Change in net unrealized appreciation or

(depreciation) on:

Investments and futures contracts - - 1,586 2,423 16,139 9,256 1,613 2,303

Forward foreign currency contracts

and foreign currency transactions - - - - - - - -

Net realized and unrealized gain (loss) (3) - 1,509 1,477 13,489 18,484 1,921 4,212

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS 252$ 222$ 4,139$ 6,932$ 26,182$ 43,245$ 5,339$ 9,994$


PERIODS ENDED JUNE 30, 2017 AND DECEMBER 31, 2016 STATEMENTS OF OPERATIONS

(AMOUNTS IN THOUSANDS)

Money Market Fund Short Bond Fund Intermediate Diversified Bond Fund Opportunistic Bond Fund


Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended

06/30/17 12/31/16 06/30/17 12/31/16 06/30/17 12/31/16

INVESTMENT INCOME:

Interest income 1,145$ 2,196$ 31$ 107$ 75$ 97$

Dividend income 1,157 2,796 3,201 8,463 16,323 31,011

Total investment income 2,302 4,992 3,232 8,570 16,398 31,108

EXPENSES:


administrative fees 903 1,678 - - - -

Class A - - 646 1,344 228 437

Class B - - 752 1,491 837 1,806

Dividend expense - - - - - -

Other expenses 96 215 97 178 277 470

Gross expenses 999 1,893 1,495 3,013 1,342 2,713

Fee waiver - - (14) (7) - -

Net expenses 999 1,893 1,481 3,006 1,342 2,713

Net investment income 1,303 3,099 1,751 5,564 15,056 28,395


Net realized gain on investments,


foreign currency transactions 4,353 13,441 17,809 19,276 39,142 81,593


(depreciation) on:

Investments and futures contracts 4,812 7,899 (3,926) 23,164 101,377 52,162


and foreign currency transactions - - - - - -

Net realized and unrealized gain (loss) 9,165 21,340 13,883 42,440 140,519 133,755


RESULTING FROM OPERATIONS 10,468$ 24,439$ 15,634$ 48,004$ 155,575$ 162,150$


Balanced Fund Value Equity Fund Core Equity Index Fund

CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED JUNE 30, 2017 AND DECEMBER 31, 2016


Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended

06/30/17 12/31/16 06/30/17 12/31/16 06/30/17 12/31/16

INVESTMENT INCOME:

Interest income 10$ 24$ 175$ 454$ 294$ 583$

Dividend income 2,545 5,173 10,854 * 14,464 * 2,490 5,447

Total investment income 2,555 5,197 11,029 14,918 2,784 6,030

EXPENSES:


administrative fees - - - - - -

Class A 707 1,368 1,216 2,252 284 507

Class B 668 1,381 2,280 3,916 236 442

Dividend expense - - - - -

Other expenses 95 202 356 495 100 160

Gross expenses 1,470 2,951 3,852 6,663 620 1,109

Fee expense waiver - - (29) - - -

Net expenses 1,470 2,951 3,823 6,663 620 1,109

Net investment income 1,085 2,246 7,206 8,255 2,164 4,921


Net realized gain on investments,


foreign currency transactions 11,157 37,028 12,294 (5,167) 21,711 17,756


(depreciation) on:

Investments and futures contracts 20,908 (23,115) 82,042 18,187 (7,693) 42,269


and foreign currency transactions - - - 11 - -

Net realized and unrealized gain (loss) 32,065 13,913 94,336 13,031 14,018 60,025


RESULTING FROM OPERATIONS 33,150$ 16,159$ 101,542$ 21,286$ 16,182$ 64,946$

*Net of foreign withholding tax of $1,286 and $1,275 respectively

CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED JUNE 30, 2017 AND DECEMBER 31, 2016 (AMOUNTS IN THOUSANDS)

Growth Fund International Equity Fund Small Capitalization Equity Index Fund

See notes to financial statements 76

Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended06/30/17 12/31/2016 06/30/17 12/31/2016 06/30/17 12/31/2016 06/30/17 12/31/2016

OPERATIONS: Net investment income 255$ 222$ 2,630$ 5,455$ 12,693$ 24,761$ 3,418$ 5,782$ Net realized gain (loss) (3) - (77) (946) (2,650) 9,228 308 1,909 Change in net unrealized appreciation or (depreciation) - - 1,586 2,423 16,139 9,256 1,613 2,303

Net increase (decrease) in net assets resulting from operations 252 222 4,139 6,932 26,182 43,245 5,339 9,994

Distributions to participants from net investment income (255) (222) (2,630) (5,455) (12,693) (24,761) (3,418) (5,782)

TRUST UNIT TRANSACTIONS: Sale of trust units 67,341 142,869 51,086 132,456 79,507 142,658 41,069 85,697 Trust units redeemed (69,791) (155,053) (42,949) (95,360) (30,877) (197,783) (18,326) (62,963) Reinvestment of dividends 249 219 2,599 5,352 12,021 23,569 3,222 5,527

Net increase (decrease) in net assets resulting from trust unit transactions (2,201) (11,965) 10,736 42,448 60,651 (31,556) 25,965 28,261

Net increase (decrease) in net assets (2,204) (11,965) 12,245 43,925 74,140 (13,072) 27,886 32,473

NET ASSETS AT BEGINNING OF PERIOD 62,752 74,717 376,828 332,903 1,154,969 1,168,041 408,760 376,287

NET ASSETS AT END OF PERIOD 60,548$ 62,752$ 389,073$ 376,828$ 1,229,109$ 1,154,969$ 436,646$ 408,760$

TRUST UNIT ACTIVITY: Trust units at beginning of year 62,757 74,722 34,031 30,171 83,625 85,896 40,933 38,126 Sale of trust units 67,341 142,869 4,600 11,948 5,719 10,221 4,103 8,553 Trust units redeemed (69,791) (155,053) (3,867) (8,570) (2,222) (14,176) (1,830) (6,298) Units issued in reinvestment of dividends 249 219 234 482 864 1,684 323 552

TRUST UNITS AT END OF PERIOD 60,556 62,757 34,998 34,031 87,986 83,625 43,529 40,933

CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS

PERIODS ENDED JUNE 30, 2017 AND DECEMBER 31, 2016

Money Market Fund Short Bond Fund Intermediate Diversified Bond Fund


Opportunistic Bond Fund


Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended06/30/17 12/31/16 06/30/17 12/31/16 06/30/17 12/31/16

OPERATIONS: Net investment income 1,303$ 3,099$ 1,751$ 5,564$ 15,056$ 28,395$ Net realized gain (loss) 4,353 13,441 17,809 19,276 39,142 81,593 Change in net unrealized appreciation or (depreciation) 4,812 7,899 (3,926) 23,164 101,377 52,162

Net increase (decrease) in net assets resulting from operations 10,468 24,439 15,634 48,004 155,575 162,150

Distributions to participants from net investment income (1,303) (3,099) (1,751) (5,564) (15,056) (28,395)

TRUST UNIT TRANSACTIONS: Sale of trust units 9,072 53,901 5,585 26,659 130,565 588,553 Trust units redeemed (25,057) (50,975) (29,930) (114,636) (101,547) (534,670) Reinvestment of dividends 1,285 3,034 1,679 5,381 14,674 27,254

Net increase (decrease) in net assets resulting from trust unit transactions (14,700) 5,960 (22,666) (82,596) 43,692 81,137

Net increase (decrease) in net assets (5,535) 27,300 (8,783) (40,156) 184,211 214,892

NET ASSETS AT BEGINNING OF PERIOD 225,717 198,417 361,618 401,774 1,584,969 1,370,077

NET ASSETS AT END OF PERIOD 220,182$ 225,717$ 352,835$ 361,618$ 1,769,180$ 1,584,969$

TRUST UNIT ACTIVITY: Trust units at beginning of year 2,849 2,766 6,104 7,634 31,185 29,487 Sale of trust units 111 738 92 499 2,423 12,014 Trust units redeemed (307) (696) (490) (2,130) (1,877) (10,876) Units issued in reinvestment of dividends 16 41 27 101 269 560

TRUST UNITS AT END OF PERIOD 2,669 2,849 5,733 6,104 32,000 31,185



Balanced Fund Value Equity Fund

PERIODS ENDED JUNE 30, 2017 AND DECEMBER 31, 2016

Core Equity Index Fund

STATEMENTS OF CHANGES IN NET ASSETS


Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended06/30/17 12/31/16 06/30/17 12/31/16 06/30/17 12/31/16

OPERATIONS: Net investment income 1,085$ 2,246$ 7,206$ 8,255$ 2,164$ 4,921$ Net realized gain (loss) 11,157 37,028 12,294 (5,167) 21,711 17,756 Change in net unrealized appreciation or (depreciation) 20,908 (23,115) 82,042 18,198 (7,693) 42,269

Net increase (decrease) in net assets resulting from operations 33,150 16,159 101,542 21,286 16,182 64,946

Distributions to participants from net investment income - - - - - -

TRUST UNIT TRANSACTIONS: Sale of trust units 3,780 16,120 19,678 145,677 30,436 23,081 Trust units redeemed (22,283) (59,674) (30,492) (63,304) (41,808) (60,353) Reinvestment of dividends - - - - - -

Net increase (decrease) in net assets resulting from trust unit transactions (18,503) (43,554) (10,814) 82,373 (11,372) (37,272)

Net increase (decrease) in net assets 14,647 (27,395) 90,728 103,659 4,810 27,674

NET ASSETS AT BEGINNING OF PERIOD 281,815 309,210 645,095 541,436 341,936 314,262

NET ASSETS AT END OF PERIOD 296,462$ 281,815$ 735,823$ 645,095$ 346,746$ 341,936$

TRUST UNIT ACTIVITY: Trust units at beginning of year 3,636 4,209 19,566 16,913 17,807 19,768 Sale of trust units 45 218 550 4,606 1,566 1,454 Trust units redeemed (263) (791) (847) (1,953) (2,138) (3,415) Units issued in reinvestment of dividends - - - - - -

TRUST UNITS AT END OF PERIOD 3,418 3,636 19,269 19,566 17,235 17,807

International Equity FundGrowth Fund

CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS

PERIODS ENDED JUNE 30, 2017 AND DECEMBER 31, 2016 (AMOUNTS IN THOUSANDS)

Small Capitalization Equity Index Fund


Per share data and ratios for a trust unit outstanding throughout each period is presented below:

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Money Market Fund06-30-17 1.00 * * * * 1.00 0.37 0.34 0.35 0.77 60.5 12-31-16 1.00 * * * * 1.00 0.31 0.35 0.35 0.31 62.8 12-31-15 1.00 * * * * 1.00 0.02 0.24 0.33 0.02 74.7 12-31-14 1.00 * * * * 1.00 0.05 0.32 0.40 0.05 61.3 12-31-13 1.00 * * * * 1.00 0.00 0.30 0.67 0.00 95.0

Short Bond Fund06-30-17 11.07 0.08 0.05 0.13 (0.08) 11.12 1.14 0.34 0.34 1.38 389.1 12-31-16 11.03 0.18 0.04 0.22 (0.18) 11.07 1.99 0.34 0.34 1.62 376.8 12-31-15 11.13 0.19 (0.10) 0.09 (0.19) 11.03 0.81 0.33 0.33 1.72 332.9 12-31-14 11.18 0.20 (0.05) 0.15 (0.20) 11.13 1.37 0.33 0.33 1.83 315.6 12-31-13 11.27 0.18 (0.09) 0.09 (0.18) 11.18 0.84 0.34 0.34 1.65 263.9

Intermediate Diversified Bond FundClass A06-30-17 13.82 0.14 0.16 0.30 (0.14) 13.98 2.17 0.54 0.54 2.02 139.5 12-31-16 13.61 0.27 0.21 0.48 (0.27) 13.82 3.53 0.54 0.54 1.95 133.9 12-31-15 13.90 0.27 (0.29) (0.02) (0.27) 13.61 (0.13) 0.53 0.53 1.97 154.7 12-31-14 13.44 0.29 0.46 0.75 (0.29) 13.90 5.65 0.53 0.53 2.15 259.3 12-31-13 13.94 0.26 (0.50) (0.24) (0.26) 13.44 (1.73) 0.54 0.54 1.88 305.7

Class B06-30-17 13.81 0.15 0.16 0.31 (0.15) 13.97 2.25 0.39 0.39 2.17 1,089.6 12-31-16 13.60 0.29 0.21 0.50 (0.29) 13.81 3.69 0.39 0.39 2.09 1,021.1 12-31-15 13.90 0.30 (0.30) - (0.30) 13.60 (0.05) 0.38 0.38 2.15 1,013.4 12-31-14 13.44 0.31 0.46 0.77 (0.31) 13.90 5.81 0.38 0.38 2.30 757.3 12-31-13 13.93 0.28 (0.49) (0.21) (0.28) 13.44 (1.51) 0.39 0.39 2.03 522.9

Opportunistic Bond Fund (a)Class A06-30-17 9.99 0.07 0.04 0.11 (0.07) 10.03 1.15 0.57 0.57 1.51 71.7 12-31-16 9.87 0.13 0.12 0.25 (0.13) 9.99 2.54 0.54 0.54 1.30 67.3 12-31-15 9.91 0.14 (0.04) 0.10 (0.14) 9.87 0.98 0.56 0.56 1.36 67.8 12-31-14 9.92 0.13 (0.01) 0.12 (0.13) 9.91 1.23 0.57 0.57 1.35 98.8 12-31-13 ( b) 10.00 0.05 (0.08) (0.03) (0.05) 9.92 (0.25) 0.56 0.56 0.93 74.4

Class B06-30-17 9.99 0.08 0.04 0.12 (0.08) 10.03 1.22 0.42 0.42 1.66 364.9 12-31-16 9.87 0.14 0.12 0.26 (0.14) 9.99 2.69 0.39 0.39 1.45 341.5 12-31-15 9.90 0.15 (0.03) 0.12 (0.15) 9.87 1.23 0.41 0.41 1.53 308.5 12-31-14 9.92 0.15 (0.02) 0.13 (0.15) 9.90 1.27 0.42 0.42 1.50 256.5 12-31-13 ( b) 10.00 0.06 (0.08) (0.02) (0.06) 9.92 (0.16) 0.42 0.42 1.07 179.0

Balanced Fund06-30-17 79.22 0.47 3.26 3.73 (0.47) 82.48 4.72 0.89 0.89 1.15 220.2 12-31-16 71.74 1.08 7.48 8.56 (1.08) 79.22 12.05 0.90 0.90 1.48 225.7 12-31-15 74.40 0.94 (2.66) (1.72) (0.94) 71.74 (2.33) 0.88 0.88 1.26 198.4 12-31-14 69.38 1.03 5.02 6.05 (1.03) 74.40 8.80 0.88 0.88 1.44 244.1 12-31-13 57.84 0.71 11.54 12.25 (0.71) 69.38 21.29 0.89 0.89 1.12 223.6

CATHOLIC UNITED INVESTMENT TRUSTFINANCIAL HIGHLIGHTS

Income (loss) from investment

operations Ratios to average net

assets:



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Period Ended $ $ $ $ $ $ % % % % $

Value Equity FundClass A06-30-17 59.34 0.24 2.31 2.55 (0.24) 61.65 4.28 1.05 1.05 0.74 126.9 12-31-16 52.73 0.68 6.61 7.29 (0.68) 59.34 13.98 1.05 1.05 1.29 130.9 12-31-15 55.11 0.41 (2.38) (1.97) (0.41) 52.73 (3.58) 1.04 1.04 0.64 140.9 12-31-14 50.74 0.46 4.37 4.83 (0.46) 55.11 9.57 1.04 1.04 0.91 199.0 12-31-13 36.96 0.34 13.78 14.12 (0.34) 50.74 38.32 1.05 1.05 0.78 202.9

Class B06-30-17 59.18 0.33 2.31 2.64 (0.33) 61.49 4.48 0.70 0.70 1.10 225.9 12-31-16 52.58 0.87 6.60 7.47 (0.87) 59.18 14.41 0.70 0.70 1.67 230.7 12-31-15 55.01 0.64 (2.43) (1.79) (0.64) 52.58 (3.26) 0.69 0.69 1.38 260.9 12-31-14 50.65 0.66 4.36 5.02 (0.66) 55.01 9.97 0.69 0.69 1.22 228.9 12-31-13 36.91 0.51 13.74 14.25 (0.51) 50.65 38.80 0.70 0.70 1.15 198.0

Core Equity IndexClass A06-30-17 50.84 0.44 4.47 4.91 (0.44) 55.31 9.62 0.38 0.38 1.57 130.8 12-31-16 46.48 0.85 4.34 5.19 (0.83) 50.84 11.27 0.38 0.38 1.77 126.7 12-31-15 47.14 0.79 (0.66) 0.13 (0.79) 46.48 0.29 0.38 0.38 1.67 122.0 12-31-14 42.00 0.71 5.14 5.85 (0.71) 47.14 13.99 0.38 0.38 1.58 140.1 12-31-13 32.31 0.58 9.69 10.27 (0.58) 42.00 32.03 0.38 0.38 1.57 143.8

Class B06-30-17 50.83 0.47 4.46 4.93 (0.47) 55.29 9.71 0.18 0.18 1.76 1,175.6 12-31-16 46.46 0.97 4.33 5.30 (0.93) 50.83 11.51 0.18 0.18 1.96 1,053.2 12-31-15 47.12 0.88 (0.66) 0.22 (0.88) 46.46 0.50 0.18 0.18 1.87 1,248.1 12-31-14 42.00 0.79 5.12 5.91 (0.79) 47.12 14.19 0.18 0.18 1.78 1,209.2 12-31-13 32.30 0.66 9.70 10.36 (0.66) 42.00 32.31 0.18 0.18 1.78 1,167.7

Class C (d )06-30-17 50.81 0.51 4.46 4.97 (0.51) 55.27 9.79 0.03 0.03 1.92 462.8 12-31-16(c ) 49.47 0.39 1.47 1.86 (0.52) 50.81 3.78 0.03 0.03 2.12 405.1

Growth FundClass A06-30-17 75.68 0.23 8.67 8.90 ** - 84.58 11.76 1.17 1.17 0.56 126.0 12-31-16 71.82 0.11 3.75 3.86 - 75.68 5.37 1.17 1.17 0.58 123.1 12-31-15 68.21 0.24 3.37 3.61 - 71.82 5.29 1.16 1.16 0.34 129.6 12-31-14 61.09 0.26 6.86 7.12 - 68.21 11.65 1.16 1.16 0.41 176.8 12-31-13 45.96 0.20 14.93 15.13 - 61.09 32.92 1.18 1.18 0.39 185.4

Class B06-30-17 78.96 0.48 8.94 9.42 88.38 11.93 0.86 0.86 0.86 170.5 12-31-16 74.71 1.04 3.21 4.25 - 78.96 5.69 0.87 0.87 0.88 158.7 12-31-15 70.73 0.46 3.52 3.98 - 74.71 5.63 0.86 0.86 0.62 179.6 12-31-14 63.12 0.49 7.12 7.61 - 70.73 12.06 0.86 0.86 0.73 142.4 12-31-13 47.35 0.38 15.39 15.77 - 63.12 33.31 0.87 0.87 0.68 118.9


Income (loss) from investment

operations Ratios to average

net assets:Less

Distributions



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Period Ended $ $ $ $ $ $ % % % % $

International Equity Fund Class A06-30-17 31.37 0.41 4.50 4.91 - 36.28 15.65 1.40 1.40 1.77 197.6 12-31-16 30.65 0.33 ** 0.39 0.72 - 31.37 2.35 1.39 1.39 1.10 173.5 12-31-15 31.54 0.42 (1.31) (0.89) - 30.65 (2.82) 1.43 1.43 1.20 172.5 12-31-14 33.24 0.58 (2.28) (1.70) - 31.54 (5.11) 1.50 1.50 1.68 170.5 12-31-13 27.24 0.34 5.66 6.00 - 33.24 22.03 1.51 1.51 1.14 181.6

Class B06-30-17 33.60 0.46 4.88 5.34 38.94 15.89 0.99 0.99 2.19 538.2 12-31-16 32.70 0.48 ** 0.42 0.90 - 33.60 2.75 0.98 0.98 1.46 471.6 12-31-15 33.52 0.54 (1.36) (0.82) - 32.70 (2.45) 1.03 1.03 1.59 368.9 12-31-14 35.18 0.60 (2.26) (1.66) - 33.52 (4.72) 1.09 1.09 2.12 335.1 12-31-13 28.72 0.43 6.03 6.46 - 35.18 22.49 1.11 1.11 1.43 333.4

Small Capitalization Equity Index FundClass A06-30-17 18.85 0.18 0.70 0.88 - 19.73 4.67 0.56 0.56 1.03 114.8 12-31-16 15.63 0.28 2.94 3.22 - 18.85 20.60 0.55 0.55 1.33 114.1 12-31-15 16.41 0.19 (0.97) (0.78) - 15.63 (4.75) 0.54 0.54 1.14 98.5 12-31-14 15.71 0.23 0.47 0.70 - 16.41 4.46 0.55 0.55 0.93 111.8 12-31-13 11.38 0.12 4.21 4.33 - 15.71 38.05 0.55 0.55 0.91 115.0

Class B06-30-17 19.38 0.19 0.75 0.94 - 20.32 4.85 0.26 0.26 1.34 232.0 12-31-16 16.02 0.49 2.87 3.36 - 19.38 20.97 0.25 0.25 1.62 227.8 12-31-15 16.78 0.23 (0.99) (0.76) - 16.02 (4.53) 0.24 0.24 1.44 215.8 12-31-14 16.01 0.23 0.54 0.77 - 16.78 4.81 0.25 0.25 1.24 223.2 12-31-13 11.57 0.14 4.30 4.44 - 16.01 38.38 0.25 0.25 1.22 221.5

*Amounts are less than $0.005 ** Calculated using average shares outstanding

(a) Start date for the CUIT Opportunistic Bond Fund was May 1, 2013.(b) Net investment income and expense ratios are annualized for CUIT Opportunistic Bond Fund for the period December 31, 2013.(c) Start date for the CUIT Core Equity Class C Fund was October 1, 2016.(d ) Net investment income and expense ratios are annualized for CUIT Core Equity Index Fund for the period December 31, 2016.

Income (loss) from investment operations

Ratios to average net

assets:



NOTES TO FINANCIAL STATEMENTS

82

Note 1- Nature of Organization and Summary of Significant Accounting Policies Catholic United Investment Trust (CUIT) is an investment company and follows accounting and reporting guidance under

Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946, “Financial Services – Investment Companies”.

Nature of Organization

CUIT is comprised of ten professionally managed, no-load, open-end, pooled investment funds (CUIT Funds) for the exclusive benefit of religious organizations that are listed, or eligible for listing, in the Kenedy Official Catholic Directory of the Roman Catholic Church in the United States. CUIT is exempt from registration under the Investment Company Act of 1940 and the Trust Units issued by CUIT are exempt from registration under the Securities Act of 1933. Class A for the CUIT Funds (whether one class or multiclass) do not have a minimum initial investment requirement. Initial investment for Class B units for the CUIT Intermediate Diversified Bond, Opportunistic Bond, Value Equity, Growth, and International Equity Funds is $5.0 million. Initial investment for Class B units for the CUIT Core Equity Index Fund and Small Capitalization Equity Index Fund is $3.0 million. Initial investment for Class C units for the CUIT Core Equity Index Fund is $50.0 million

The specific investment objectives of the CUIT Funds are as follows:

Money Market Fund The Money Market Fund’s objective is to provide participating organizations investments in high quality short-term money market instruments in a portfolio with a weighted average maturity of less than 90 days consistent with its specific objective of seeking optimal current income to the extent consistent with preservation of capital.

Short Bond Fund The Short Bond Fund’s objective is to provide participating organizations maximum current income to the extent consistent with preservation of capital by investing primarily in fixed income obligations issued by the U.S. Government or its agencies, fixed income obligations issued by corporations, mortgage-backed and asset backed securities. The Short Bond Fund’s portfolio effective duration will be similar to that of its benchmark, the Bloomberg Barclays US Treasury 1-3 Index, generally one to three years. Intermediate Diversified Bond Fund The Intermediate Diversified Bond Fund’s objective is to provide participating organizations current income and long-term capital appreciation through investments primarily in fixed income obligations issued by the U.S. Government or its agencies, obligations issued by corporations, mortgage-backed and asset-backed securities. The Intermediate Diversified Bond Fund’s portfolio effective duration will be similar to that of its benchmark, the Bloomberg Barclays Capital Aggregate Bond Index, generally four to six years.

Opportunistic Bond Fund

The Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets. While it will generally offer short duration bond exposure similar to its benchmark, the Bloomberg Barclays 1-5 Year Government Credit Index, its sub-advisers will have substantial discretion to modify effective duration (one-half to five years) and to implement strategies utilizing a wide range of physical bond, equity and derivative strategies.

Balanced Fund

The Balanced Fund’s objective is to provide participating organizations current income and long-term appreciation through investments in equity securities primarily issued by companies with large market capitalizations, as well as U.S. Government securities (and securities of its agencies and instrumentalities) and other fixed income securities. The assets of the Balanced Fund are generally allocated 60% to equity securities and 40% to fixed income securities.



83

Note 1- Nature of Organization and Summary of Significant Accounting Policies (continued)

Value Equity Fund The Value Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing

primarily in a broadly diversified portfolio of equity securities of large and established companies that are believed to be undervalued. Core Equity Index Fund

The Core Equity Index Fund’s objective is to replicate the aggregate price and yield performance of the Standard & Poor’s Composite Stock Price Index (the S&P 500® Index), an index that emphasizes large capitalization companies, while adhering to the CBIS Commitment to Catholic Responsible Investing. “S&P 500®” is a registered trademark of McGraw-Hill. Neither McGraw-Hill nor Standard & Poor’s is a sponsor of, or affiliated in any way with, the Core Equity Index Fund and neither endorses the Core Equity Index Fund.

Growth Fund The Growth Fund’s objective is to provide participating organizations long-term capital appreciation through investing

primarily in equity securities of well-established, medium to large companies that are believed to have above-average market appreciation potential.

International Equity Fund

The International Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of well-established companies based in those countries included in the Morgan Stanley Capital International All Country World Ex-USA Index that are believed to have above-average market appreciation potential. The International Equity Fund will adhere to the CBIS Commitment to Catholic Responsible Investing, to the extent reasonably feasible and practicable given the different legal standards that may prevail in foreign countries or the degree of information that may be available to CBIS regarding foreign securities.

Small Capitalization Equity Index Fund

The Small Capitalization Equity Index Fund’s objective is to replicate the total return of the Russell 2000 ® Index, an index which emphasizes small capitalization common stocks, while incorporating the CBIS Commitment to Catholic Responsible Investing. It is designed for long-term investors seeking the advantages of a low-cost, “passive” approach for investing in a diversified portfolio of common stocks. The Russell 2000 ® Index is an index of 2,000 small company stocks that is created by taking the largest 3,000 companies in the United States and eliminating the largest 1,000 of those companies.

Net Asset Value and Valuation of Securities

Each CUIT Fund calculates its net asset value (NAV) per share each business day as of the close of trading on the New York Stock Exchange (NYSE) (normally 4:00 p.m. Eastern time). The CUIT Funds do not calculate NAV on days the NYSE is closed for trading, which include New Year’s Day, Martin Luther King Jr. Day, President’s Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. All Funds other than the Money Market Fund The net asset value (NAV) of each CUIT Fund is determined by the fair value of each Fund’s securities and other assets, less any liabilities. The net asset value per trust unit is obtained by dividing the total NAV of each class of the respective CUIT Fund by the number of trust units outstanding. For this purpose, securities listed or traded on a national or foreign securities exchange are valued at their last sale price or, if there have been no sales on that day, at the most recent bid price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (NOCP). Securities traded in the over-the-counter market not covered by the NASDAQ are valued at the latest bid price. Debt securities are valued at the most recent bid price by using market quotations or independent pricing services. Foreign currency forward contracts are valued daily using quoted forward exchange rates. If no quotations are readily available, securities and other assets are valued as the Board of Trustees, or their designees, in good faith deem appropriate to reflect the fair value thereof. See more information about valuing securities under “Fair Value” heading below.



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Note 1- Nature of Organization and Summary of Significant Accounting Policies (continued) Net Asset Value and Valuation of Securities (continued) Money Market Fund The Money Market Fund seeks to maintain a net asset value of $1.00 per trust unit. The securities of the Money Market Fund are priced on an amortized cost basis (a security is valued at its original cost basis plus the constant amortization of premium or discount to its maturity). The impact of price changes due to changes in interest rates is not reflected by this pricing method. Periodically, the trust administrator verifies this valuation by calculating the market value of the Money Market Fund’s securities and compares this to their amortized cost values. There can be no guarantee that it will achieve its objective or that it will maintain a net asset value of $1.00 per trust unit, but the Money Market Fund has maintained a $1.00 net asset value per trust unit since its inception.

Investment Transactions

Investment transactions are accounted for on trade date +1, except for financial reporting purposes where investment transactions are accounted for on a trade date basis. Realized gains and losses on investments are determined on an identified cost basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities net of foreign withholdings are recorded as the information becomes available. Discounts and premiums on securities are amortized over the contractual life of the respective securities using the effective interest method.

Investment transactions for the period ended June 30, 2017, excluding short-term investments, were as follows (amounts in thousands):

Funds Purchases Sales

Money Market Fund $465,196 $467,811 Short Bond Fund 143,670 122,425 Intermediate Diversified Bond Fund 970,985 922,162 Opportunistic Bond Fund 227,944 236,365 Balanced Fund 76,395 92,144 Value Equity Fund 87,663 110,322 Core Equity Index Fund 176,391 132,402 Growth Fund 94,274 109,850 International Equity Fund 141,785 148,739 Small Capitalization Equity Index Fund 62,190 73,231

Foreign Currency Translation

Investment securities and all other assets and liabilities of the International Equity Fund denominated in a foreign currency

are translated into U.S. dollars at the exchange rates based on the Reuters London close on the date of valuation. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. Realized and unrealized foreign exchange gains or losses on investments are included as a component of net realized and unrealized gain or loss in the statements of operations. Foreign Security Risk The International Equity Fund invests a substantial percentage of its assets in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. In addition, changes in currency exchange rates will affect the value of investments denominated in a foreign currency, as well as investment income derived from those securities.



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Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Futures

A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Balanced, Core Equity Index, Intermediate Diversified Bond Funds and Opportunistic Bond Fund generally invest in exchange traded futures. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund’s overall exposure to the market risk of the fixed income and equity markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin).

Redemption of Trust Units

Participating Organizations may redeem an amount equal to the value of their account plus any accrued income, in whole or

in part, by means of a request to withdraw in proper form. Withdrawals from all Funds may be made by written request. The sale price will be the next net asset value for the particular CUIT Fund determined after a valid written redemption request is received. Generally, redemption proceeds will be sent within seven days after receipt of a valid redemption request. Redemption requests for significant amounts may take longer to process. Under unusual circumstances, in order to protect the interests of remaining Participating Organizations, or to accommodate a request by a particular Participating Organization that does not adversely affect the interests of the remaining Participating Organizations, CUIT reserves the right to pay part or all the redemption proceeds in marketable securities instead of cash. In such cases, CBIS, in its discretion, would determine the securities to be delivered in the redemption. If the Participating Organization later wishes to convert the securities to cash, it might incur brokerage or other transaction costs.

The CUIT Funds may suspend the right of redemption during any period when (i) trading on the New York Stock Exchange

is restricted or such Exchange is closed, other than customary weekend and holiday closing; or (ii) the Securities and Exchange Commission has by order permitted such suspension, making disposal of portfolio securities or determination of the value of net assets of a particular CUIT Fund not reasonably practicable.

The CUIT Funds have the right, upon thirty (30) days written notice, to redeem involuntarily in cash at net asset value any

Participating Organization’s investment in trust units of a given CUIT Fund. Notice of redemption by a CUIT Fund does not preclude a Participating Organization from exercising its right of redemption prior to the expiration of the thirty-day notice period.

The value of trust units on redemption may be more or less than the investor’s cost, depending on the net asset value of a

particular CUIT Fund’s trust units at the time of redemption.



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Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Income Taxes

CUIT is exempt from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code and,

accordingly, no provision for income taxes has been made in the financial statements. CUIT is also exempt from state income taxes.

A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

CUIT recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. CUIT has no amounts accrued for interest or penalties as of June 30, 2017.

CUIT is no longer subject to examination by U.S. federal taxing authorities for years before December 31, 2012. CUIT does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

Distributions to Participants Certain Funds distribute their net investment income to the participants in the form of additional units on a reinvestment

basis. Participants, at their discretion, may redeem such units or retain the units in their accounts. Distributions to participants are recorded on the ex-dividend date.

Income and Other Expense Allocation Income, fees, realized and unrealized gains (losses) and non-class specific expenses are allocated on a daily basis to each of the classes based on relative net assets of that class to the entire Fund. Class specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective class share. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosure in the accompanying notes. Actual results may differ from those estimates. Subsequent Event CUIT has evaluated subsequent events for the recognition and disclosure through March 17, 2017 which is the date the annual financial statements were available to be issued.



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Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value

Any securities for which market quotations are not readily available or are believed to be incorrect are valued at fair value as

determined in good faith by the investment advisers under the supervision of the Board of Trustees. The Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance. This may occur particularly with respect to certain foreign securities held by a Fund, in which case the Trust may use adjustment factors obtained from an independent valuation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

Accounting standards establish a fair value hierarchy and specify that a valuation technique used to measure fair value shall

maximize the use of observable inputs and minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of the fair value hierarchy are described below:

• Level 1-Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the

Fund has the ability to access at the measurement date; • Level 2-Quoted prices that are not active, quoted prices for similar assets or liabilities in active markets or

inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3-Significant unobservable prices or inputs (including the Fund’s own assumptions in determining

the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.



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Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value (continued) A description of the valuation techniques applied to CUIT’s major categories of assets and liabilities measured at fair value on a recurring basis follows. Equity securities (common & preferred stock): Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would be categorized in level 2 of the fair value hierarchy. Corporate obligations: The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. These have been classified as level 2 of the fair value hierarchy. U.S. government obligations: These securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These are categorized in level 1 and level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. U.S. agency obligations: U.S. agency obligations are comprised of agency issued debt. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Depending on market activity levels, these securities are typically categorized in level 1 or level 2 of the fair value hierarchy. These have been classified in level 1and 2 of the fair value hierarchy.

Collateralized mortgage obligations: Collateralized mortgage obligations are comprised of mortgage pass-throughs. Mortgage pass-throughs include to-be-announced (TBA) securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized level 2 of the fair value hierarchy Certificates of Deposit: Fair values are estimated to approximate deposit account balances, payable on demand, as no

discounts for credit quality or liquidity were determined to be applicable. These have been classified in level 2 of the fair value hierarchy.

Short term repurchase agreements: Short-term repurchase agreements are recorded at fair value, which is determined to be amortized cost. To the extent the inputs are observable and timely, the values have been categorized in level 2 of the fair value hierarchy. Money Market: The fair values of money market mutual fund investments are carried at NAV of $1 per share; the values have been categorized in level 1 of the fair value hierarchy.



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Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value (continued)

U.S. Treasury bills: U.S. Treasury bills are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. Treasury bills are typically categorized in level 1 or level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. These have been classified in level 2 of the fair value hierarchy. Derivative instruments: Listed derivatives such as futures that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Over the counter (OTC) derivative contracts include forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products can be modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the CUIT using pricing models fall into this category and are categorized within the level 2 of the fair value hierarchy.

Municipals: Municipals are normally valued based on quotes and active trades of similar securities as well as reviews of current economic conditions, market psychology, trading levels, spread relationships and the slope of the yield curve. These have been classified as level 2 investments. Mortgage backed securities-commercial: The fair value of commercial mortgage backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would be categorized in level 2 of the fair value hierarchy; otherwise they would be categorized as level 3. These have been classified in level 2 of the fair value hierarchy.



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Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value as June 30, 2017 (amounts in thousands): Investments in Securities Level 1 Level 2 Level 3 Total Money Market Fund: Asset Backed Securities $ - $23,993 $ - $23,993 Corporate Obligations - 21,067 - 21,067 Sovereign - 600 - 600 U.S. Agency Obligations - 2,001 - 2,001 U.S. Government Obligations - 10,335 - 10,335 Repurchase Agreements - 1,700 - 1,700 Money Market 348 - - 348 Short Term Investments-Repurchase Agreements - 140 - 140 Total $348 $59,836 $ - $60,184 Short Bond Fund: Asset Backed Securities $ - $63,302 $ - $63,302 Collateralized Mortgage Obligations - 4,011 - 4,011 Mortgage Backed Securities- Commercial - 23,902 - 23,902 Corporate Obligations - 143,616 - 143,616 Municipals - 18,926 - 18,926 Sovereign - 6,122 - 6,122 U.S. Agency Obligations - 24,564 - 24,564 U.S. Government Obligations - 83,688 - 83,688 Money Market 16,804 - - 16,804 Short Term Investments-Repurchase Agreements - 2,745 - 2,745 Total $16,804 $370,876 $ - $387,680 Intermediate Diversified Bond Fund: Asset Backed Securities $ - $40,844 $ - $40,844 Collateralized Mortgage Obligations - 127 - 127 Mortgage Backed Securities- Commercial - 4,143 - 4,143 Corporate Obligations - 402,225 - 402,225 Municipals - 14,609 - 14,609 Sovereign - 1,845 - 1,845 U.S. Agency Obligations - 269,555 - 269,555 U.S. Government Obligations - 474,190 - 474,190 Money Market 71,128 - - 71,128 Short Term Investments-Repurchase Agreements - 16,723 - 16,723 Total $71,128 $1,224,261 $ - $1,295,389 Opportunistic Bond Fund: Equity Securities $21,813 $ - $ - $21,813 Asset Backed Securities - 23,939 - 23,939 Collateralized Mortgage Obligation - 2,284 - 2,284 Mortgage Backed Securities- Commercial - 32,104 32,104 Corporate Obligations - 209,307 - 209,307 Municipals - 19,129 - 19,129 Sovereign - 2,166 - 2,166 U.S. Agency Obligations - 44,089 - 44,089 U.S. Government Obligations - 59,781 - 59,781 Money Market 17,371 - - 17,371 Rights 12 - - 12 Short Term Investments-Repurchase Agreements - 2,049 - 2,049 Total $39,196 $394,848 $ - $434,044 Equity Securities (Sold Short) ($3,777) $ - $ - ($3,777) Total ($3,777) $ - $ - ($3,777) Balanced Fund: Equity Securities $138,616 $ - $ - $138,616 Asset Backed Securities - 2,929 - 2,929 Mortgage Backed Securities- Commercial - 279 - 279 Corporate Obligations - 26,638 - 26,638 Municipals - 870 - 870 Sovereign - 653 - 653 U.S. Agency Obligations - 19,595 - 19,595 U.S. Government Obligations - 28,645 - 28,645 Money Market 5,781 - - 5,781 Short Term Investments-Repurchase Agreements - 3,114 - 3,114 Total $144,397 $82,723 $ - $227,120



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Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value as June 30, 2017 (amounts in thousands): Investments in Securities Level 1 Level 2 Level 3 Total Value Equity Fund: Equity Securities $349,169 $ - $ - $349,169 Money Market 3,414 - - 3,414 Short Term Investments-Repurchase Agreements - 5,802 - 5,802 Total $352,583 $5,802 $ - $358,385 Core Equity Index Fund: Equity Securities $1,756,084 $ - $ - $1,756,084 Rights 18 - - 18 Money Market 10,740 0 - 10,740 Short Term Investments-Repurchase Agreements - 13,610 - 13,610 Total $1,766,842 $13,610 $ - $1,780,452 Growth Fund: Equity Securities $296,124 $ - $ - $296,124 Rights 2 - - 2 Money Market 1,016 - - 1,016 Short Term Investments-Repurchase Agreements - 2,073 - 2,073 Total $297,142 $2,073 $ - $299,215 International Equity Fund: Equity Securities $714,943 $ - $ - $714,943 Money Market 17,253 - - 17,253 Short Term Investments-Repurchase Agreements - 9,549 - 9,549 Total $732,196 $9,549 $ - $741,745 Small Capitalization Equity Index Fund: Equity Securities $345,257 $ - $ - $345,257 Rights 36 - - 36 Money Market 848 0 - 848 Short Term Investments-Repurchase Agreements - 47,392 - 47,392 Total $346,141 $47,392 $ - $393,533

(Amounts in thousands):

Level 1 Level 2 Level 3 Other Financial Instruments

Asset Liability Asset Liability Asset Liability Total

Intermediate Diversified Bond Fund:

Futures $ ($1,149) - - - - ($1,149) Balanced Fund: Futures $6 - - - - - $6 Core Equity Fund: Futures - ($59) - - - - ($59)



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Note 2 - Forward Foreign Currency Contracts

The International Equity Fund engages in portfolio hedging with respect to changes in foreign currency exchange rates by entering into foreign currency forward contracts to purchase or sell foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The unrealized gain, if any, represents the credit risk to the Fund on a foreign currency forward contract. Fluctuations in the value of the foreign currency forward contracts are recorded daily as net unrealized gains or losses. The Fund realizes a gain or loss upon settlement of the contracts. The statements of operations reflect net realized and net unrealized gains and losses on these contracts. Foreign currency at a fixed price on a future date is used as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates.

Note 3 - Investment Advisory and Administrative Fee

CUIT has contracted with Christian Brothers Investment Services, Inc. (CBIS) to provide investment advisory and administrative services. For providing these services, each Fund is charged an annual fee (see schedule below) based on the average daily net assets of the participating investment account as defined in the management contract. This fee is accrued daily and paid on a monthly basis. Under the management contract, the CUIT Funds bear the following fees and expenses: Trustee compensation; Trustee costs and expenses associated with the holding of Board meetings; expenses relating to the issuance, registration, and qualification of shares of the CUIT Funds in appropriate states (so-called blue sky registrations); fees and expenses of the custodian; auditing fees; fees and expenses of legal counsel; license fees paid to providers of investment indices; expenses related to transfer agency, shareholder servicing and fund accounting; fees associated with the benchmark index and performance analytics software used to assess CUIT Funds performance. The CUIT Funds may also pay fees to consultants based on cost savings achieved by the CUIT Funds attributable to the services of such consultants. Under the management contract, CBIS bears all costs of its operations of the CUIT Funds, excluding those aforementioned fees and expenses borne by the CUIT Funds. The costs borne by CBIS include interest charges; incidental and operational costs associated with the holding of Board meetings; costs associated with holding Participating Organization meetings; costs associated with preparing reports and notices; costs associated with maintaining trade association memberships; record keeping expenses; and any extraordinary expenses.

Fund Annual Fee Money Market Fund 0.25% Short Bond Fund 0.30% Intermediate Diversified Bond Fund Class A 0.50% Intermediate Diversified Bond Fund Class B 0.35% Opportunistic Bond Fund Class A 0.50% Opportunistic Bond Fund Class B 0.35% Balanced Fund 0.80% Value Equity Fund - Class A 1.00% Value Equity Fund - Class B 0.65%

Core Equity Index Fund - Class A 0.35% Core Equity Index Fund - Class B 0.15% Core Equity Index Fund – Class C 0.00%* Growth Fund - Class A 1.10% Growth Fund - Class B 0.80% International Equity Fund - Class A 1.30% International Equity Fund - Class B 0.90% Small Capitalization Equity Index Fund - Class A 0.50% Small Capitalization Equity Index Fund - Class B 0.20%

* No management fee exists for the CUIT Core Equity Index Fund – Class C Shares pursuant to the Investment Management Agreement between CUIT and CBIS. Rather, investors that hold Class C Shares are billed and pay directly to CBIS a separate investment management fee, as set forth in the CUIT Offering Memorandum, pursuant to an Investment Management Fee Agreement by and between CBIS and the investor.



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Note 3 - Investment Advisory and Administrative Fee (continued) Expense Waiver

CBIS has agreed to voluntarily waive its fees or reimbursement expenses, or both, for the following funds: the Money Market Fund so that the total annual fund operating expenses will not exceed 0.35% and the International Equity Fund – Class B so the total annual fund operating expense will not exceed 0.99%. As provided in the Investment Management Agreement between CUIT and CBIS, to the extent that CBIS voluntarily agrees to waive fees and/or reimburse expenses, CUIT, on behalf of such Series, may reimburse CBIS for any of its fee waivers and/or expense reimbursements up to the amount waived or reimbursed during the preceding five-year period. The total amount of the waived management fees that are subject to recapture by the Money Market Fund by the following dates are:

December 31, 2022 - $ 2,691 December 31, 2021- $ 199 December 31, 2020 -$ 65,634 December 31, 2019 -$ 56,269 December 31, 2018 -$629,317 December 31, 2017 -$587,533 For the period ended June 30, 2017 the total amount of the waived management fee for the International Equity Fund – Class

B was $28,884. One sub-adviser to the Value Equity Fund has voluntarily reduced its fee to CBIS for an indefinite period of time; this temporary concession of a portion of the investment management fee paid by CBIS has been passed on to the Value Equity Fund as a fee waiver, and will continue to be passed on as a fee waiver so long as the temporary concession remains in place. This fee waiver is reflected in the Financial Statements of the Value Equity Fund.

Note 4 – Financial Guarantees

The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is not known. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Note 5 - Capital Share Transactions Trust unit activity for the Funds is presented below: (Multiple class funds only) Capital Share Transactions for the Period Ended June 30, 2017 (000s)

FUND NAME SHARES

SOLD

PROCEEDS FROM

SHARES SOLD

SHARES FROM

REINVESTED DIVIDENDS

REINVESTMENT OF

DIVIDENDS SHARES

REDEEMED

PAYMENTS FOR

SHARES REDEEMED

NET INCREASE IN SHARES

INCREASE (DECREASE)

IN NET ASSETS

Intermediate Diversified Bond Fund Class A 1,075 $14,959 90 $1,255 (873) ($12,129) 292 4,085

Intermediate Diversified Bond Fund Class B 4,642 64,547 774 10,765 (1,348) (18,747) 4,068 56,565

Opportunistic Bond Fund Class A 1,326 13,295 49 489 (966) (9,678) 409 4,106

Opportunistic Bond Fund Class B 2,776 27,773 273 2,732 (863) (8,647) 2,186 21,858

Value Equity Class A 56 3,393 7 445 (210) (12,868) (147) (9,030)

Value Equity Class B 36 2,192 20 1,234 (280) (17,061) (224) (13,635)

Core Equity Index Class A 445 24,023 17 916 (589) (31,854) (127) (6,915)

Core Equity Index Class B 1,499 80,835 177 9,640 (1,135) (61,222) 541 29,253

Core Equity Index Class C 479 25,706 75 4,116 (154) (8,470) 400 21,352

Growth Class A 37 3,018 -- -- (174) (14,506) (137) (11,488)

Growth Class B 9 762 -- -- (89) (7,775) (80) (7,013)

International Equity Fund Class A 323 11,234 -- -- (406) (14,211) (83) (2,977)

International Equity Fund Class B 227 8,443 -- -- (440) (16,278) (213) (7,835)

Small Capitalization Equity Index Class A 527 10,137 -- -- (762) (14,627) (235) (4,490)

Small Capitalization Equity Index Class B 1,040 20,298 -- -- (1,376) (27,180) (336) (6,882)



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Note 5 - Capital Share Transactions (continued) Trust unit activity for the Funds is presented below: (Multiple class funds only)

Capital Share Transactions for the Year Ended December 31, 2016 (000s)

FUND NAME SHARES

SOLD

PROCEEDS FROM

SHARES SOLD

SHARES FROM

REINVESTED DIVIDENDS

REINVESTMENT OF

DIVIDENDS SHARES

REDEEMED

PAYMENTS FOR

SHARES REDEEMED

NET INCREASE IN SHARES

INCREASE (DECREASE)

IN NET ASSETS

Intermediate Diversified Bond Fund Class A 1,121 $15,609 183 $2,569 (2,984) ($41,633) (1,680) ($23,455)

Intermediate Diversified Bond Fund Class B 9,100 127,049 1,501 21,000 (11,193) (156,149) (591) (8,101)

Opportunistic Bond Fund Class A 748 7,471 85 854 (956) (9,570) (122) (1245)

Opportunistic Bond Fund Class B 7,805 78,225 467 4,673 (5,342) (53,392) 2,930 29,506

Value Equity Class A 168 8,625 31 1,635 (664) (36,024) (466) (25,763)

Value Equity Class B 332 18,036 71 3,746 (1,466) (78,613) (1,063) (56,831)

Core Equity Index Class A 332 15,559 41 2,000 (506) (24,355) (133) (6,796)

Core Equity Index Class B 3,756 181,216 450 21,781 (10,348) (509,182) (6,142) (306,185)

Core Equity Index Class C 7,927 391,777 69 3,473 (23) (1,132) 7,973 394,117

Growth Class A 92 6,632 -- -- (270) (19,728) (177) 13,096

Growth Class B 126 9,487 -- -- (520) (39,945) (395) (30,459)

International Equity Fund Class A 647 19,494 -- -- (747) (23,026) (100) (3,532)

International Equity Fund Class B 3,959 126,183 -- -- (1,205) (40,277) 2,753 85,906

Small Capitalization Equity Index Class A 716 11,362 -- -- (963) (15,945) (247) (4,583)

Small Capitalization Equity Index Class B 738 11,719 -- -- (2,451) (44,407) (1,713) (32,688)



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Note 6-Securities Lending

All of the CUIT Funds may lend their securities through a security lending program administered by Bank of New York Mellon to earn additional income. The Bank of New York Mellon invests cash received as collateral for the securities loaned in fixed income and equity securities. The value of the cash collateral obtained at the inception of the security loan is at least 102% of the market value of the loaned securities. The securities loaned and the collateral is marked to market daily. The collateral is maintained at not less than 100% of the market value of the loaned securities during the period of the loan. Counter party risk, the risk that the Borrower fails to return the loaned security, is mitigated by the collateral held against the loaned security. This collateral is 102% at inception and is monitored by the bank on a daily basis, and maintained at no less than 100% of the market value of the security loaned.

The CUIT Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

As of June 30, 2017, the CUIT Funds had loaned securities that were collateralized by cash equivalents and forms of non-

cash collateral assets. The cash collateral is invested by the custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. A Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. The schedules of investments for the Funds include the particular cash collateral holdings as of June 30, 2017. The non-cash collateral includes U.S. Treasury Notes/Bonds and Corporate Bonds and U.S Agencies Obligations.

As of June 30, 2017, the market value of the securities on loan and payable on collateral (cash and non-cash) due to broker

were as follows:

Fund Market Value of Loaned Securities

Market Value of Collateral

Market Value of Cash

Collateral

Market Value of Non-Cash

Collateral Money Market Fund $136,444 $140,080 $140,080 $ - Short Bond Fund 2,689,603 2,745,406 2,745,406 - Intermediate Diversified Bond Fund 101,072,465 103,810,740 16,723,387 87,087,353 Opportunistic Bond Fund 30,159,753 30,788,339 2,049,267 28,739,072 Balanced Fund 7,743,524 7,958,233 3,114,137 4,844,096 Value Equity Fund 5,667,901 5,802,437 5,802,437 - Core Equity Index Fund 20,839,618 21,312,704 13,610,450 7,702,254 Growth Fund 4,400,037 4,501,789 2,072,657 2,429,132 International Equity Fund 14,051,178 14,475,648 9,548,729 4,926,919 Small Capitalization Equity Index Fund 59,368,426 61,114,461 47,392,286 13,722,175 Totals $246,128,949 $252,649,837 $103,198,836 $149,451,001



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Note 6-Securities Lending (continued)

As of June 30, 2017 the collateral by cash equivalents pledged and remaining time to maturity were as follows:

Fund Overnight and

Continuous

Up to 30 Days

Total

Money Market Fund Fixed Income $140,080 - $140,080 Short Bond Fund Fixed Income 2,745,406 - 2,745,406 Intermediate Diversified Bond Fund Fixed Income 16,723,387 - 16,723,387 Opportunistic Bond Fund Fixed Income 2,049,266 - 2,049,266 Balanced Fund Equity 1,554,528 - 1,554,528 Fixed Income 1,559,609 - 1,559,609 3,114,137 3,114,137 Value Equity Fund Equity 5,802,437 - 5,802,437 Core Equity Index Fund Equity 13,610,450 - 13,610,450 Growth Fund Equity 2,072,657 - 2,072,657 International Equity Fund Equity 9,548,729 - 9,548,729 Small Capitalization Equity Index Fund Equity 47,392,286 - 47,392,286

Interest Income: The interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them (“securities lending income”) is reflected in the Funds’ statement of operations. During periods ending June 30, 2017 and December 31, 2016, the Funds listed below generated interest income, net of fees paid to Bank of New York Mellon, from the lending of securities as follows:

Fund Period Ended June 30, 2017

Year Ended December 31, 2016

Money Market Fund $1,155 $ 951 Short Bond Fund 562 10,802 Intermediate Diversified Bond Fund 50,817 192,649 Opportunistic Bond Fund 14,630 35,796 Balanced Fund 9,115 26,239 Value Equity Fund 15,836 85,218 Core Equity Index Fund 23,527 77,338 Growth Fund 5,235 18,108 International Equity Fund 41,915 94,228 Small Capitalization Equity Index Fund 285,299 584,571 Total Income $448,091 $1,125,900



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Note 7- Investments in Derivatives The CUIT Intermediate Diversified Bond Fund, CUIT Balanced Fund, and CUIT Core Equity Index Fund made investments

in derivative instruments which included futures transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specific date, or to exchange interest payment streams or currencies based on a notional or contractual amount.

Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the

investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

The following table sets forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as

of June 30, 2017. The values in the table below exclude the effects of cash collateral received or posted pursuant to derivative contracts, and therefore are not representative of the Fund’s net exposure. (amounts in thousands)

Fund Risk Statements of Assets

and Liabilities Location

Derivative Assets

Statement of Assets and Liabilities

Location

Derivative Liabilities

Intermediate Diversified Bond Fund

Interest rate Variation Margin $164 Variation Margin $-

Balanced Fund Interest rate Variation Margin $17 Variation Margin $-

Core Equity Index Fund

Securities

price Variation Margin $4 Variation Margin $-

The following table sets forth by certain risk types the Funds’ gains (losses) related to derivative activities and their

indicative volumes for the period ended June 30, 2017. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains or losses on derivative contracts may offset losses or gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations (amounts in thousands):

Fund Risk Statement of Operations Location Net Realized

Gain (Loss) Net Change in Unrealized

Appreciation (Depreciation)

Intermediate Diversified Bond Fund

Interest rate

Net realized gain on investments, futures contracts and foreign currency transactions. Change in net unrealized appreciation or (depreciation) on: investments and futures contracts

($1,337) ($2,251)

Balanced Fund Interest rate


($267) ($75)

Core Equity Index Fund Securities price


$991 $75

catholic united investment trust annual report … · 2017-08-28 · catholic united investment...

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