CATHOLIC UNITED INVESTMENT TRUST

ANNUAL REPORT

(AUDITED)

DECEMBER 31, 2017 CATHOLIC UNITED INVESTMENT TRUST

TABLE OF CONTENTS

Page REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1-2

Statement of Assets and Liabilities 3-4

Schedule of Investments: Money Market Fund 5-7 Short Bond Fund 8-11 Intermediate Diversified Bond Fund 12-20 Opportunistic Bond Fund 21-26 Balanced Fund 27-36 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 56-62

Statements of Operations 63-65 Statements of Changes in Net Assets 66-68

FINANCIAL HIGHLIGHTS 69-71

NOTES TO FINANCIAL STATEMENTS 72-89

Grant Thornton LLP Grant Thornton Tower 171 N. Clark Street, Suite 200 Chicago, IL 60601-3370

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS T 312.865.0200 F 312.565.4719 www.GrantThornton.com

To the Members of the Board of Trustees and Unitholders of the Catholic United Investment Trust

We have audited the accompanying financial statements of the Catholic United Investment Trust, including the Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund, (collectively, the Funds), which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2017, and the related statements of operations, changes in net assets, and financial highlights for the years ended December 31, 2017 and 2016, and the related notes to the financial statements. The accompanying financial highlights for the years ended December 31, 2015, 2014, and 2013, were audited by other auditors whose report thereon dated March 8, 2016, expressed an unqualified opinion on those financial highlights.

Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements and financial highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial highlights that are free from material misstatement, whether due to fraud or error.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers

Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd 2

internal control relevant to the Funds’ preparation and fair presentation of the financial statements and financial highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.

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

Opinion In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund, as of December 31, 2017, and the results of their operations, changes in net assets and financial highlights for the years ended December 31, 2017 and 2016, in accordance with accounting principles generally accepted in the United States of America.

Chicago, Illinois April 11, 2018

Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2017

(Amounts in thousands, except per trust unit amounts)

Intermediate Diversified Bond Opportunistic Bond ASSETS: Money Market Fund Short Bond Fund Fund Fund Investments, at amortized cost $ 63,491 $ 385,089 $ 1,335,230 $ 467,718 Investments, at fair value$ 63,491 $ 382,327 $ 1,347,845 $ 465,325 Cash 20 408 247 17,470 Cash Collateral - - - 175 Receivables: Investment securities sold - 222 75,451 5 Interest 98 2,073 7,230 2,738 Tax reclaims dividends - - - 3 Trust units sold 284 239 1,938 1,584 Other assets - - 56 63 Total assets 63,893 385,269 1,432,767 487,363

LIABILITIES: Payables: Securities sold short at fair value (proceeds $1,550) - - - 1,734 Distribution payable - 9 152 41 Investment securities purchased - - 153,065 10,296 Interest purchased - - 56 59 Investment advisory and administrative fees 14 98 385 146 Other fees 10 46 85 58 Securities lending collateral 213 1,243 42,784 4,106 Variation margin - - 56 1 Trust units redeemed 110 - 34 14 Total liabilities 347 1,396 196,617 16,455

NET ASSETS$ 63,546 $ 383,873 $ 1,236,150 $ 470,908

NET ASSETS CONSIST OF: Paid-in capital$ 63,560 $ 382,283 $ 1,062,554 $ 469,500 Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (14) 4,351 161,646 3,934 Net unrealized appreciation (depreciation) on investments and future contracts - (2,762) 11,950 (2,526) Net unrealized gain (loss) on forward foreign currency contracts - - - - NET ASSETS$ 63,546 $ 383,872 $ 1,236,150 $ 470,908

TRUST UNITS OUTSTANDING 63,560 34,668 N/A N/A

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 1.00 $ 11.07 N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 142,639 $ 74,564 Trust Units Outstanding N/A N/A 10,187 7,460 Net Asset Value Per Trust Unit Outstanding N/A N/A$ 14.00 $ 9.99

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 1,093,511 $ 396,344 Trust Units Outstanding N/A N/A 78,150 39,661 Net Asset Value Per Trust Unit Outstanding N/A N/A$ 13.99 $ 9.99

See notes to financial statements. 3 CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2017

(Amounts in thousands, except per trust unit amounts) Small Capitalization Value Equity Core Equity International Equity Index ASSETS: Balanced Fund Fund Index Fund Growth Fund Equity Fund Fund Investments, at amortized cost $ 186,467 $ 258,429 $ 1,284,957 $ 247,236 $ 686,759 $ 329,584 Investments, at fair value$ 238,692 $ 361,820 $ 1,867,727 $ 321,116 $ 866,448 $ 372,520 Cash 86 - 2,539 62 146 5 Cash Collateral ------Receivables: Investment securities sold 4,985 428 - - - - Interest 449 5 5 1 20 1 Dividends 134 286 1,712 92 753 452 Tax reclaims dividends - 1 - - 973 - Trust units sold 100 97 18,022 97 164 2,252 Other assets 4 - - - - - Total assets 244,450 362,637 1,890,005 321,368 868,504 375,230

LIABILITIES: Payables: Securities sold short at fair value ------Distribution payable 4 35 206 - - - Investment securities purchased 10,385 515 - - - - Interest purchased 4 - - - - - Investment advisory and administrative fees 156 234 200 250 709 90 Other fees 47 51 90 48 149 63 Securities lending collateral 3,681 3,394 7,869 2,435 13,673 19,555 Variation margin 8 - 20 - - - Trust units redeemed 21 606 4,749 651 932 2,336 Total liabilities 14,306 4,835 13,134 3,384 15,463 22,044

NET ASSETS$ 230,144 $ 357,802 $ 1,876,871 $ 317,984 $ 853,041 $ 353,186

NET ASSETS CONSIST OF: Paid-in capital$ (68,985) $ (60,808) $ 651,806 $ (54,977) $ 316,866 $ 92,178 Accumulated undistributed net investment income (loss) (4) - - 2,122 100,660 35,861 Accumulated net realized gain (loss) 246,959 315,218 642,326 296,960 255,826 182,211 Net unrealized appreciation (depreciation) on investments and future contracts 52,174 103,392 582,739 73,879 179,688 42,936 Net unrealized gain (loss) on forward foreign currency contracts - - - - 1 - NET ASSETS$ 230,144 $ 357,802 $ 1,876,871 $ 317,984 $ 853,041 $ 353,186

TRUST UNITS OUTSTANDING 2,605 N/A N/A N/A N/A N/A

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 88.35 N/A N/A N/A N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 127,390 $ 143,019 $ 130,160 $ 189,607 $ 115,615 Trust Units Outstanding N/A 1,861 2,329 1,372 4,632 5,360 Net Asset Value Per Trust Unit Outstanding N/A$ 68.47 $ 61.40 $ 94.89 $ 40.93 $ 21.57

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 230,412 $ 1,238,806 $ 187,824 $ 663,434 $ 237,571 Trust Units Outstanding N/A 3,374 20,181 1,891 15,068 10,677 Net Asset Value Per Trust Unit Outstanding N/A$ 68.29 $ 61.38 $ 99.31 $ 44.03 $ 22.25

CLASS C SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 495,046 N/A N/A N/A Trust Units Outstanding N/A N/A 8,068 N/A N/A N/A Net Asset Value Per Trust Unit Outstanding N/A N/A$ 61.36 N/A N/A N/A

See notes to financial statements. 4 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 29.67% Corporate Obligations 41.37% Municipal 0.99% Sovereign 7.59% U.S. Government Obligations 19.28% Short-Term Investments 0.67% Short-Term Investments-Repurchase Agreements 0.34% Other Assets, Less Liabilities 0.09%

5 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2017

Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Net Assets Cost (000's) Asset Backed Securities Asset Backed Securities (continued) 4,323 Ally Auto Receivables Trust 2017-3, 1.100%, due 6/15/18$ 4 475,000 Westlake Automobile Receivables Tr 2017-2, 1.827%, due 7/15/20$ 475 136,162 Ally Auto Receivables Trust 2017-4, 1.350%, due 9/17/18 136 86,349 Wheels SPV 2 LLC, 1.270%, due 4/22/14 86 260,177 Ally Auto Receivables Trust 2017-5, 1.400%, due 12/17/18 260 244,776 Wheels SPV 2 LLC, 1.400%, due 7/20/18 245 135,000 Ally Auto Receivables Trust 2014-2, 2.350%, due 6/15/20 136 500,000 World Financial Network Credit Card Tr, 1.957%, due 2/15/22 501 79,731 American Credit Acceptance Rec Tr 2017-1, 1.720%, due 6/15/20 80 162,265 World Omni Auto Receivables Trust 2017-B, 1.280%, due 8/15/18 162 281,615 American Credit Acceptance Rec Tr 2017-3, 1.820%, due 3/10/20 282 410,349 World Omni Automobile Lease Sec Tr 2016-A, 1.887%, due 2/15/19 411 235,000 American Credit Acceptance Rec Tr 2017-4, 2.000%, due 7/10/20 235 TOTAL ASSET BACKED SECURITIES 29.67% 18,855 280,000 American Express Credit Acct Master Trust, 1.597%, due 5/16/22 280 600,000 American Honda Finance Corp., 0.000%, due 1/10/18 600 Corporate Obligations 114,000 AmeriCredit Automobile Receivables Trust , 1.690%, due 12/18/20 114 Consumer Discretionary 0.55% 550,000 AmeriCredit Automobile Receivables Trust , 1.880%, due 3/9/20 551 350,000 Toyota Motor Credit Corp., 0.000%, due 3/22/18 349 168,073 AmeriCredit Automobile Receivables Trust , 1.920%, due 11/8/19 168 169,879 ARI Fleet Lease Trust 2017-A, 1.250%, due 6/15/18 170 Consumer Staples 0.94% 350,000 BMW Vehicle Lease Trust 2017-2, 1.681%, due 2/20/20 350 600,000 Sysco Corp., 0.000%, due 1/2/18 600 500,000 Cabela's Credit Card Master Note Trust, 2.127%, due 8/16/21 502 350,000 Canadian Pacer Auto Rec Tr 2017-1, 1.694%, due 12/19/19 350 Energy 0.94% 20,229 Capital Auto Receivables Asset Trust, 1.921%, due 4/22/19 20 600,000 Chevron Corp., 0.000%, due 1/18/18 600 89,674 CarMax Auto Owner Trust 2017-3, 1.350%, due 8/15/18 90 350,000 CarMax Auto Owner Trust 2017-4, 1.607%, due 4/15/21 350 Financial Services 36.38% 775,000 Chase Issuance Trust, 1.797%, due 2/18/20 776 400,000 Abbey National North America Corp., 0.000%, due 2/20/18 399 325,000 Chesapeake Funding II LLC, 1.817%, due 8/15/29 325 400,000 ABN AMRO Funding USA LLC, 0.000%, due 1/8/18 400 250,000 Chesapeake Funding II LLC, 1.817%, due 11/15/29 250 300,000 ABN AMRO Funding USA LLC, 0.000%, due 3/8/18 299 750,000 Citibank Credit Card Issuance Trust, 2.702%, due 1/23/20 756 555,000 Asian Development Bank, 1.632%, due 1/26/18 555 180,783 CNH Equipment Trust 2017-B, 1.300%, due 8/15/18 181 650,000 Australia & New Zealand Banking Group Ltd, 0.000%, due 1/4/18 650 213,093 CNH Equipment Trust 2017-C, 1.540%, due 12/14/18 213 300,000 Bank of Montreal, 1.990%, due 7/31/18 301 77,539 CPS Auto Receivables Trust 2017-C, 1.780%, due 9/15/20 78 250,000 Bank of Montreal, 1.501%, due 1/5/18 250 92,316 CPS Auto Trust, 1.870%, due 3/15/21 92 500,000 Bank of Nova Scotia, 0.000%, due 1/16/18 500 590,000 Discover Card Execution Note Trust, 1.777%, due 8/17/20 591 500,000 Bank of Tokyo-Mitsubishi UFJ Ltd, 0.000%, due 1/18/18 500 775,000 Discover Card Execution Note Trust, 1.827%, due 8/17/20 776 300,000 BPCE SA, 0.000%, due 3/1/18 299 302,852 DLL Securitization Trust 2017-A, 1.500%, due 11/15/18 303 650,000 Canadian Imperial Bank of Commerce, 1.280%, due 1/18/18 650 230,372 Enterprise Fleet Financing LLC, 1.500%, due 7/20/18 230 300,000 Commonwealth Bank of Australia, 2.010%, due 1/12/18 300 263,592 Enterprise Fleet Financing LLC, 1.500%, due 10/22/18 264 600,000 Cooperatieve Rabobank UA, 1.651%, due 5/21/18 600 423,944 Enterprise Fleet Financing LLC, 1.590%, due 2/22/21 424 600,000 Credit Agricole Corporate and Investment Bank, 0.000%, due 3/12/18 598 481,937 Enterprise Fleet Financing LLC, 1.830%, due 9/20/21 482 2,200,000 Deutsche Bank Trust Co Americas, 1.410%, due 1/2/18 2,200 500,000 Evergreen Credit Card Trust Series 2016-1, 1.737%, due 10/15/21 500 500,000 DNB Bank ASA, 0.000%, due 1/29/18 499 93,873 First Investors Auto Owner Trust 2017-2, 1.860%, due 10/15/21 94 400,000 Export Development Canada, 0.000%, due 4/2/18 398 153,549 Flagship Credit Auto Trust 2017-3, 1.880%, due 10/15/21 154 650,000 Goldman Sachs Group Inc., 2.577%, due 4/30/18 652 230,979 Ford Credit Auto Owner Trust 2017-C, 1.470%, due 11/15/18 231 500,000 Gotham Funding Corp., 0.000%, due 3/22/18 498 625,000 Ford Credit Auto Owner Trust 2013-D, 1.720%, due 7/15/19 626 500,000 HSBC Bank PLC, 2.055%, due 5/15/18 501 775,000 Ford Credit Floorplan Master Owner Trust A, 1.877%, due 1/15/20 776 500,000 Intrnl Bank for Reconstruction & Development, 1.600%, due 12/17/18 500 425,000 GM Fin Consumer Automobile Rec Tr 2017-3, 1.600%, due 9/16/20 425 600,000 International Finance Corp., 1.441%, due 3/6/18 600 397,512 Hyundai Auto Lease Sec Trust 2017-C, 1.420%, due 11/15/18 398 625,000 Jackson National Life Global Funding, 1.924%, due 12/27/18 625 175,000 Hyundai Auto Receivables Trust 2017-B, 1.570%, due 8/17/20 175 600,000 JPMorgan Chase & Co., 6.000%, due 1/15/18 601 220,000 John Deere Owner Trust 2017-B, 1.587%, due 4/15/20 220 700,000 Kreditanstalt fuer Wiederaufbau, 0.000%, due 1/3/18 700 23,041 MMAF Equipment Finance LLC 2014-A, 0.870%, due 1/8/19 23 600,000 Macquarie Bank Ltd, 0.000%, due 3/23/18 598 103,902 MMAF Equipment Finance LLC 2015-A, 1.390%, due 10/16/19 104 300,000 MetLife Short Term Funding LLC, 0.000%, due 2/12/18 299 252,004 MMAF Equipment Finance LLC 2017-B, 1.500%, due 12/14/18 252 250,000 MetLife Short Term Funding LLC, 0.000%, due 5/7/18 249 1,491 Nissan Auto Lease Trust 2016-A, 1.220%, due 8/15/18 1 350,000 MUFG Union Bank NA, 2.625%, due 9/26/18 352 280,686 Nissan Auto Lease Trust 2016-B, 1.757%, due 12/17/18 281 600,000 National Rural Utilities Coop Finance Corp., 0.000%, due 1/22/18 599 250,000 Nissan Auto Lease Trust 2017-B, 1.687%, due 12/16/19 250 550,000 New York Life Global Funding, 1.526%, due 7/6/18 550 52,386 Prestige Auto Receivables Trust 2017-1, 1.430%, due 8/15/18 52 600,000 Nordea Bank AB, 0.000%, due 1/5/18 600 134,804 Santander Drive Auto Rec Trust 2017-2, 1.600%, due 3/16/20 135 650,000 Old Line Funding LLC, 0.000%, due 1/11/18 650 300,000 Santander Drive Auto Rec Trust 2017-2, 1.870%, due 12/15/20 300 325,000 PNC Bank NA, 1.900%, due 6/1/18 326 99,735 Securitized Term Auto Rec Trust 2017-1, 1.510%, due 4/25/19 100 300,000 PSP Capital Inc., 0.000%, due 3/14/18 299 160,000 Securitized Term Auto Rec Trust 2017-2, 1.775%, due 1/27/20 160 600,000 Skandinaviska Enskilda Banken AB, 1.644%, due 1/12/18 600 84,049 SLM Student Loan Trust 2013-1, 1.577%, due 9/25/19 84 600,000 Societe Generale SA, 0.000%, due 3/5/18 598 141,899 SLM Student Loan Trust 2014-2, 1.677%, due 10/25/21 142 500,000 Sumitomo Mitsui Trust Bank Limited, 1.660%, due 2/16/18 500 474,394 SLM Student Loan Trust 2004-10, 1.917%, due 4/27/26 477 600,000 Svenska Handelsbanken AB, 0.000%, due 1/12/18 600 157,942 United Auto Credit Securitization Tr 2017-1, 1.890%, due 5/10/19 158 250,000 Toronto-Dominion Bank, 1.514%, due 10/24/19 250 22,746 Volvo Financial Equipment LLC Series 2017-1, 0.900%,due 3/15/18 23 400,000 Toronto-Dominion Bank, 1.927%, due 4/30/18 400 225,000 Volvo Financial Equipment LLC Series 2017-1, 1.550%, due10/15/19 225 470,000 UBS AG, 2.374%, due 3/26/18 471 190,323 Westlake Automobile Receivables Trust 2016-2, 1.570%, due 6/17/19 190 350,000 US Bank NA, 1.532%, due 3/14/19 350

6 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2017

Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Net Assets Cost (000's) Financial Services (continued) Short-Term Investments 750,000 Wells Fargo Bank NA, 2.102%, due 1/22/18$ 750 427,299 Dreyfus Government Cash Management Fund 0.67%$ 426 23,116 Collateral for Securities Loaned Health Care 0.42% Short-Term Investments-Repurchase Agreements 266,000 Medtronic Inc., 1.500%, due 3/15/18 266 213,463 SwibRepo 1.63%, due 1/2/18 213 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 0.34% 213 Materials & Processing 0.55% 350,000 Caterpillar Financial Services Corp., 1.607%, due 11/29/19 350 TOTAL INVESTMENTS 99.91% 63,491 Utilities 1.59% (Cost $63,941 ) 610,000 AT&T Inc., 1.750%, due 1/15/18 * 610 400,000 Cisco Systems Inc., 0.000%, due 3/6/18 399 Other Assets, Less Liabilities 0.09% 55 1,009 TOTAL CORPORATE OBLIGATIONS 41.37% 26,290 NET ASSETS 100.00%$ 63,546

Municipals 85,000 City of Houston TX, 2.203%, due 3/1/19 85 295,000 San Jose Redevelopment Agency Succ Agency, 1.898%, due 8/1/18 295 250,000 State of Connecticut, 2.300%, due 1/15/19 250 TOTAL MUNICIPALS 0.99% 630

Sovereign 425,000 Federal Farm Credit Banks, 1.419%, due 8/8/19 425 2,000,000 Federal Farm Credit Banks, 1.476%, due 4/9/18 2,000 600,000 Federal Farm Credit Banks, 1.545%, due 9/20/19 600 1,200,000 Federal Farm Credit Banks, 1.590%, due 4/12/19 1,201 600,000 Province of British Columbia Canada, 0.000%, due 2/2/18 599 TOTAL SOVEREIGN ISSUES 7.59% 4,825

U.S. Government Obligations U.S Treasury Note/Bonds 650,000 0.000%, due 2/8/18 * 649 700,000 1.407%, due 10/31/19 700 1,250,000 1.429%, due 4/30/19 1,250 400,000 1.510%, due 7/31/19 400 2,500,000 1.533%, due 7/31/18 2,502 4,500,000 1.549%, due 4/30/18 * 4,501 2,250,000 1.631%, due 1/31/18 * 2,250 TOTAL U.S. GOVERNMENT OBLIGATIONS 19.28% 12,252

* All or a portion of this security is on loan. The market value of loaned securities is $3,513,803.

7 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 16.84% Collateralized Mortgage Obligation 0.93% Commercial Mortgage Backed Securities 6.55% Corporate Obligations 40.25% Municipals 3.28% Sovereign Issues 1.59% U.S. Agency Obligations 6.79% U.S. Government Obligations 21.48% Short-Term Investments 1.57% Short-Term Investments-Repurchase Agreements 0.32% Other Assets, Less Liabilities 0.40%

8 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities Commercial Mortgage Backed Securities (continued) 705,395 ARI Fleet Lease Trust 2016-A,1.820%, due 7/15/24$ 705 2,391,824 Motel 6 Trust 2017-MTL6, 2.667%, due 8/15/34$ 2,392 1,750,000 ARI Fleet Lease Trust 2017-A, 1.910%, due 4/15/26 1,746 417,646 Wells Fargo Commercial Mrtg Tr 2014-LC16, 1.294%, due 8/15/50 417 2,950,000 BA Credit Card Trust, 1.360%, due 9/15/20 2,947 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 6.55% 25,157 1,897,712 BCC Funding XIII LLC, 1.893%, due 12/20/21 1,893 (Cost $25,488) 3,475,000 Capital Auto Receivables Asset Trust 2015-4, 1.830%, due 3/20/20 3,475 2,675,000 Chase Issuance Trust, 1.360%, due 4/15/20 2,672 Corporate Obligations 1,679,542 CLI Funding V LLC, 3.380%, due 10/18/29 1,675 Consumer Discretionary 3.44% 1,719,036 CNH Equipment Trust 2015-C, 1.660%, due 11/16/20 1,717 2,000,000 Daimler Finance North America LLC, 1.500%, due 7/5/19 1,977 2,050,000 CNH Equipment Trust 2016-B, 1.630%, due 8/15/21 2,039 1,825,000 Discovery Communications LLC, 2.200%, due 9/20/19 1,817 42,912 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 43 1,950,000 Ford Motor Credit Co. LLC, 5.000%, due 5/15/18 1,970 1,314,815 Cronos Containers Program I Ltd, 3.270%, due 11/18/29 1,306 1,750,000 General Motors Financial Co. Inc., 2.400%, due 5/09/19 1,750 2,674,375 DB Master Finance LLC, 3.980%, due 2/20/45 2,730 1,850,000 Lennar Corp., 4.125%, due 1/15/22 1,887 3,000,000 Discover Card Execution Note Trust, 1.967%, due 7/15/24 3,023 2,000,000 Sysco. Corp., 2.600%, due 10/1/20 2,009 1,850,000 Element Rail Leasing II LLC, 3.585%, due 2/19/45 1,857 1,492,000 Toyota Motor Credit Corp., 2.250%, due 3/20/24 1,486 188,125 Enterprise Fleet Financing LLC, 1.300%, due 9/20/20 188 312,000 WestRock MWV LLC, 7.650%, due 3/15/27 320 1,538,935 Enterprise Fleet Financing LLC, 1.740%, due 2/22/22 1,536 13,216 2,500,000 Enterprise Fleet Financing LLC, 1.970%, due 1/20/23 2,495 1,256,271 Flagship Credit Auto Trust 2014-2, 2.840%, due 11/16/20 1,260 Consumer Staples 0.45% 212,199 FNA 2015-1 Trust, 3.240%, due 12/10/23 211 1,250,000 Smithfield Foods Inc., 2.700%, due 1/31/20 1,242 2,000,000 Ford Credit Auto Owner Trust, 2.260%, due 11/15/25 2,004 463,111 Smith's Food & Drug Centers Inc., 9.200%, due 7/2/18 475 1,500,000 GreatAmerica Leasing Rec Fund LLC, 2017-1, 2.060%,due 6/22/20 1,496 1,717 2,300,000 Kubota Credit Owner Trust 2015-1, 1.790%, due 8/16/21 2,298 2,200,000 MMAF Equipment Finance LLC 2016-A, 1.480%, due 6/15/20 2,188 Energy 2.44% 2,144,129 MMAF Equipment Finance LLC 2017-A, 1.730%, due 5/18/20 2,141 1,100,000 Alta Mesa Holdings LP , 7.875%, due 12/15/24 * 1,206 2,900,000 PFS Financing Corp., 2.057%, due 3/15/21 2,906 750,000 Andeavor, 5.375%, due 10/01/22 774 2,000,000 SBA Tower Trust, 2.877%, due 7/10/46 1,985 1,945,000 Petroleos Mexicanos, 1.700 %, due 12/20/22 1,910 2,000,000 Synchrony Credit Card Master Note Tr 2015-2, 1.600%, due 4/15/21 1,999 2,795,000 Petroleos Mexicanos, 1.950%, due 12/20/22 2,763 2,493,438 Taco Bell Funding LLC, 3.832%, due 5/25/46 2,527 1,199,250 Petroleos Mexicanos, 2.830%, due 2/15/24 1,213 2,158,333 TAL Advantage V LLC, 3.510%, due 2/22/39 2,156 1,500,000 Range Resources Corp., 5.000%, due 8/15/22 1,493 883,973 Tax Ease Funding 2016-1 LLC, 3.131%, due 6/15/28 885 9,359 2,936,784 TCF Auto Receivables Owner Trust 2016-PT1, 1.930%, due 6/15/22 2,926 1,417,880 TRIP Rail Master Funding LLC, 2.709%, due 8/15/47 1,412 Financial Services 23.59% 185,901 United States Small Business Administration, 4.570%, due 6/1/25 192 301,367 Ahold Lease Series 2001-A-1 Pass Through Tr, 7.820%, due 1/2/20 311 9,691 United States Small Business Administration, 4.580%, due 3/1/18 10 940,987 Ahold Lease Series 2001-A-2 Pass Through Tr, 8.619%, due 1/2/25 1,127 2,000,000 Verizon Owner Trust 2016-2, 2.150%, due 5/20/21 1,989 1,850,091 Amal Ltd/Cayman Islands, 3.465%, due 8/21/21 1,890 548,455 Volvo Financial Equipment LLC, 1.510%, due 6/17/19 548 2,000,000 ANZ New Zealand Int'l Ltd, 2.250%, due 2/1/19 2,000 1,441,813 Wendys Funding LLC 2015-1, 3.371%, due 6/15/45 1,446 2,000,000 BanCo. Bilbao Vizcaya Argentaria SA, 8.999%, due 8/9/2165 2,045 TOTAL ASSET BACKED SECURITIES 16.84% 64,626 1,825,000 Bank One Corp., 8.530%, due 3/1/19 1,951 (Cost $64,649) 2,000,000 Barclays PLC, 8.250%, due 3/15/2166 2,097 1,950,000 Broadridge Financial Solutions Inc., 3.950%, due 9/1/20 2,021 Collateralized Mortgage Obligation 1,175,000 Capital One NA, 2.350%, due 8/17/18 1,177 31,622 CHL Mortgage Pass-Through Trust 2004-29, 2.092%, due 2/25/35 30 2,225,000 Citigroup Inc., 8.500%, due 5/22/19 2,410 123,567 Community Program Loan Trust 1987 A, 4.500%, due 10/1/29 118 2,350,000 Cloverie PLC for Zurich Insurance Co. Ltd, 8.250%, due 4/18/2166 2,355 391,242 FDIC 2013-R1 Trust, 1.150%, due 3/25/33 383 1,825,000 Cooperatieve Rabobank UA, 10.999%, due 12/31/2165 2,039 236,194 FDIC Guaranteed Notes Trust 2010-S3, 2.740%, due 12/3/20 235 1,825,000 Depository Trust & Clearing Corp., 4.875%, due 12/15/2165 1,898 47,075 GSR Mortgage Loan Trust 2004-9, 3.573%, due 8/25/34 47 4,003,214 Durrah MSN 35603, 1.684%, due 1/22/25 3,891 335,708 Impac Secured Assets Trust 2006-2, 1.902%, due 8/25/36 329 1,270,144 DY9 Leasing LLC, 2.372%, due 3/19/27 1,259 64,331 JP Morgan Mortgage Trust 2006-A2, 3.726%, due 8/25/34 65 1,775,000 First Horizon National Corp., 3.500%, due 12/15/20 1,813 1,512,883 La Hipotecaria Panamanian Mrtg Tr 2014-1, 3.007%, due 11/24/42 1,517 1,140,000 FMR LLC, 5.350%, due 11/15/21 1,244 370,853 Sequoia Mortgage Trust 2013-1, 1.855%, due 2/25/43 354 863,317 Gate Capital Cayman Two Ltd, 3.550%, due 6/11/21 882 528,052 Sequoia Mortgage Trust 2013-2, 1.874%, due 2/25/43 499 2,000,000 GFI Group Inc., 8.375%, due 7/19/18 2,050 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 0.93% 3,577 2,700,000 Goldman Sachs Group Inc., 2.300%, due 12/13/19 2,698 (Cost $3,675) 1,626,740 Grain Spectrum Funding II LLC, 3.290%, due 10/10/19 1,618 2,250,000 HSBC Bank PLC, 4.125%, due 8/12/20 2,345 Commercial Mortgage Backed Securities 2,200,000 International Lease Finance Corp., 3.875%, due 4/15/18 2,210 1,575,516 Bear Stearns Deutsche Bank Trust, 5.008%, due 9/15/27 1,645 1,400,000 Jefferies Group LLC, 5.125%, due 4/13/18 1,411 1,500,000 BHMS 2014-ATLS Mortgage Trust, 2.861%, due 7/5/33 1,507 1,800,000 KBC Bank NV, 7.999%, due 1/25/23 1,808 2,400,000 CGDB Commercial Mortgage Trust 2017-BIO, 2.227%, 5/15/30 2,401 2,000,000 Lloyds Bank PLC, 2.050%, due 1/22/19 1,998 3,050,000 Chicago Skyscraper Trust 2017 SKY, 2.277%, due 2/15/30 3,055 2,500,000 Manufacturers & Traders Tr Co., 2.121%, due 12/1/21 2,481 3,750,000 Cold Storage Trust 2017-ICE3, 2.727%, due 4/15/36 3,757 2,500,000 Manulife Financial Corp., 4.900%, due 9/17/20 2,646 242,769 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46 242 2,300,000 Morgan Stanley, 2.213%, due 2/14/20 2,309 2,600,000 DBCG 2017-BBG Mortgage Trust, 2.177%, due 6/15/34 2,600 1,925,000 MUFG Union Bank NA, 2.625%, due 9/26/18 1,932 1,650,000 GS Mortgage Securities Corp. Trust 2017-500K, 2.177%, due 7/15/32 1,652 2,000,000 National Rural Utilities Cooperative Fin Corp., 10.375%, due 11/1/18 2,137 2,800,000 GSCCRE Commercial Mortgage Tr 2015-HULA, 4.227%, due 8/15/32 2,809 2,400,000 Nordea Bank AB, 2.313%, due 9/30/19 2,417 1,232,226 LB-UBS Commercial Mortgage Trust 2006-C6, 5.452%, due 9/15/39 979 2,250,000 Nuveen Finance LLC, 2.950%, due 11/1/19 2,272 1,700,000 Morgan Stanley Capital I Trust 2017-CLS, 2.099%, due 11/15/34 1,701 1,500,000 OMX Timber Finance Investments I LLC, 5.420%, due 10/31/19 1,577

9 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corporate Obligations (continued) Municipals (continued) Financial Services (continued) 1,290,000 Vermont Educational & Health Bldg Fin Agency, 2.877%, due 10/15/19$ 1,301 1,576,385 Premier Aircraft Leasing EXIM 1 DAC, 3.576%, due 2/6/22$ 1,615 TOTAL MUNICIPALS 3.28% 12,578 673,732 Premier Aircraft Leasing EXIM 1 DAC, 3.547%, due 4/10/22 688 (Cost $12,585) 1,750,000 Prudential Financial Inc., 8.875%, due 6/15/68 1,798 2,232,580 Safina Ltd, 1.550%, due 1/15/22 2,199 Sovereign Issues 1.59% 2,251,136 San Clemente Leasing LLC, 3.585%, due 8/27/21 2,305 2,000,000 Residual Funding Corp. PrIncipal Strip, 0.000%, due 10/15/19 1,931 1,750,000 Societe General FRN 11/65, 8.250%, due 11/29/2165 1,831 3,680,000 United States Department of Transportation, 6.000%, due 12/7/21 4,158 1,349,391 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 1,613 TOTAL SOVEREIGN ISSUES 6,089 2,585,000 State Street Corp., 4.956%, due 3/15/18 2,600 (Cost $6,106) 2,789,291 Tagua Leasing LLC, 1.900%, due 7/12/24 2,739 1,500,000 Torchmark Corp., 9.250%, due 6/15/19 1,645 U.S. Agency Obligations 2,359,375 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 2,336 Fannie Mae 1.08% 2,878,030 Washington Aircraft 2 Co. Ltd, 2.105%, due 6/26/24 2,866 1,951,912 2.500%, due 9/1/24 1,963 90,554 650,767 4.000%, due 3/1/31 685 677,044 4.500%, due 8/1/38 722 Materials & Processing 1.80% 122,631 5.000%, due 4/1/24 129 2,000,000 Dow Chemical Co., 8.550%, due 5/15/19 2,166 303,721 5.000%, due 3/1/34 330 1,750,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,858 140,730 5.500%, due 2/1/23 147 2,000,000 TyCo. International Finance SA, 3.750%, due 1/15/18 2,001 47,054 5.500%, due 8/1/37 51 870,000 Williams SCo.tsman International Inc., 7.875%, due 12/15/22 896 97,534 5.572%, due 8/25/39 108 6,921 4,135

Producer Durables 3.26% Freddie Mac 0.63% 2,421,008 Burlington Northern and Santa Fe Railway Co., 5.720%, due 1/15/24 2,652 486,851 2.000%, due 3/15/30 486 2,121,720 Burlington Northern and Santa Fe Railway Co., 6.462%, due 1/15/21 2,226 1,487,542 3.752%, due 2/25/24 1,533 471,868 Burlington Northern and Santa Fe Railway Co., 8.251%, due 1/15/21 501 385,532 5.000%, due 7/1/35 418 512,489 Federal Express Corp 1996 Pass Through Trust, 7.840%, due 1/30/18 517 2,437 2,542,048 Federal Express Corp 1998 Pass Through Trust, 6.720%, due 7/15/23 2,745 559,783 Federal Express Corp 2012 Pass Through Trust, 2.625%, due 1/15/18 560 Ginnie Mae 5.08% 2,103,151 GATX Corp 2005-1 Pass Through Trust, 5.697%, due 1/2/25 2,296 1,281,926 0.514%, due 5/16/35 1,241 1,025,000 TTX Co., 2.250%, due 2/1/19 1,022 839,355 1.614%, due 7/16/39 824 12,519 1,771,856 2.200%, due 10/16/46 1,744 2,213,035 2.200%, due 4/16/57 2,167 Real Estate 1.08% 1,787,551 2.515%, due 6/16/48 1,844 1,870,000 GEO Group Inc., 5.125%, due 4/1/23 1,870 1,884,668 2.800%, due 5/16/39 1,889 2,455,272 Pershing Road Development Co. LLC, 1.880%, due 9/1/26 2,283 2,100,036 2.918%, due 6/16/40 2,114 4,153 219,857 3.000%, due 5/20/40 221 1,292,477 3.000%, due 11/16/44 1,286 Technology 1.15% 419,904 3.114%, due 6/20/61 439 1,822,000 International Business Machines Corp, 7.625%, due 10/15/18 1,903 234,779 3.619%, due 9/16/41 235 2,000,000 Xilinx Inc., 2.125%, due 3/15/19 1,994 2,380,519 4.396%, due 5/16/51 2,438 500,000 Xilinx Inc., 3.000%, due 3/15/21 504 2,922,559 4.681%, due 12/20/32 3,065 4,401 19,507 TOTAL U.S. AGENCY OBLIGATIONS 6.79% 26,079 Utilities 3.04% (Cost $26,371) 2,000,000 AT&T Inc., 0.000 %, due 11/27/22 1,706 2,000,000 Consolidated Edison Co. of New York Inc., 7.125, 12/1/18 2,085 U.S. Government Obligations 1,225,000 Fortive Corp., 2.350%, due 6/15/21 1,214 Government Backed Agency 0.56% 1,400,000 Public Service Electric & Gas Co., 9.250%, due 6/1/21 1,689 263,694 Small Business Administration Pools, 1.625%, due 11/25/29 262 739,286 Southern California Edison Co., 1.845%, due 2/1/22 732 953,678 Small Business Administration Pools, 1.639%, due 5/25/39 950 2,695,313 Sprint Spectrum Co. LLC, 3.360%, due 9/20/21 2,712 450,114 Small Business Administration Pools, 1.649%, due 1/25/26 444 1,500,000 T-Mobile USA Inc., 6.125%, due 1/15/22 1,547 22,133 Small Business Administration Pools, 1.749%, due 6/25/20 22 11,685 97,373 Small Business Administration Pools, 1.999%, due 4/25/19 97 TOTAL CORPORATE OBLIGATIONS 40.25% 154,525 36,228 Small Business Administration Pools, 1.999%, due 1/25/28 36 (Cost $155,633) 336,752 Small Business Administration Pools, 1.999%, due 9/25/28 338 2,149 Municipals 1,695,000 Atlanta Downtown Development Authority, 6.875%, due 2/1/21 1,819 U.S. Treasury Note/Bonds 20.92% 1,825,000 California Housing Finance Agency, 1.796%, due 2/1/19 1,822 28,300,000 1.250%, due 3/31/21 27,601 2,325,000 Met Gov Nshvlle & Davidson Cty Hlth & Ed Facs Bd, 3.879%,due 7/1/46 2,440 25,250,000 1.500%, due 2/28/19 25,149 2,325,000 New Jersey Economic Development Authority, 0.000%, due 2/15/18 2,320 27,750,000 1.625%, due 6/30/20 * 27,545 1,875,000 San Francisco City & Cnty Redevelopment Agncy, 2.570%, due 8/1/19 1,889 80,295 980,000 State of Illinois, 4.350%, due 6/1/18 987 TOTAL U.S. GOVERNMENT OBLIGATIONS 21.5% 82,444 (Cost $83,330)

10 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Amount Net Assets Value (000's) Short-Term Investments 5,950,457 Dreyfus Government Cash Management 1.57%$ 6,009 (Cost $6,009)

Short-Term Investments-Repurchase Agreements 1,000,000 SwibRepo 1.63%, due 1/2/18 1,000 243,143 Cantor Fitzgerald Securities 1.43%, due 1/2/18 243 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 0.32% 1,243 (Cost $1,243)

TOTAL INVESTMENTS 99.60% 382,327 (Cost $385,089)

Other Assets, Less Liabilities 0.40% 1,546

NET ASSETS 100.0%$ 383,873

* All or a portion of this security is on loan. The market value of loaned securities is $8,614,385.

11 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 1.95% Collateralized Mortgage Obligation 0.01% Commercial Mortgage Backed Securities 0.70% Corporate Obligations 32.69% Municipals 1.39% Sovereign 0.03% U.S. Agency Obligations 23.12% U.S. Government Obligations 40.07% Short-Term Investments 5.62% Short-Term Investments-Repurchase Agreements 3.46% Liabilities, Less Other Assets -9.04%

12 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities Corporate Obligations (continued) 70,997 AEP Texas Central Transition Funding II LLC, 5.170%, due 1/1/18$ 71 Consumer Discretionary (continued) 130,000 AEP Texas Central Transition Funding III LLC, 2.844%, due 3/1/26 131 1,430,000 Ford Motor Credit Co. LLC, 8.125%, due 1/15/20$ 1,584 329,110 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19 329 425,000 Macy's Retail Holdings Inc., 4.500%, due 12/15/34 361 1,500,000 American Express Credit Account Master Trust, 1.164%, due 11/15/22 1,487 1,025,000 Macy's Retail Holdings Inc.,6.650%, due 7/15/24 1,124 3,934,000 American Express Credit Account Master Trust, 1.640%, due 12/15/21 3,914 1,425,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34 1,491 115,000 Chase Issuance Trust, 1.100%, due 1/15/20 115 780,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 823 1,310,000 Ford Credit Auto Owner Trust 2014-REV1, 2.260%, due 11/15/25 1,313 820,000 McDonald's Corp., 2.100%, due 12/7/18 821 3,360,000 Ford Credit Auto Owner Trust 2015-REV1, 2.120%, due 7/15/26 3,353 850,000 Myriad International Holdings BV, 4.850%, due 7/6/27 881 1,610,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 1,607 3,075,000 Myriad International Holdings BV, 5.500%, due 7/21/25 3,349 3,005,000 Mercedes-Benz Auto Lease Trust 2017-A, 1.790%, due 4/15/20 2,999 850,000 Myriad International Holdings BV, 6.000%, due 7/18/20 913 481,393 Mercedes-Benz Auto Receivables Trust 2016-1, 1.110%, due 3/15/19 481 1,165,000 Nordstrom Inc., 6.950%, due 3/15/28 1,320 177,497 Nissan Auto Receivables 2016-C Owner Trust, 1.070%, due 5/15/19 177 1,580,000 RELX Capital Inc., 3.125%, due 10/15/22 1,592 582,063 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 585 345,000 RELX Capital Inc., 8.625%, due 1/15/19 366 2,409,857 SLM Private Education Loan Trust 2013-C, 2.940%, due 10/15/31 2,426 950,000 Time Warner Cable LLC, 4.000%, due 9/1/21 978 129,742 USAA Auto Owner Trust 2016-1, 1.070%, due 3/15/19 130 1,354,000 Time Warner Cable LLC, 4.125%, due 2/15/21 1,394 1,410,000 Verizon Owner Trust 2016-1, 1.420%, due 1/20/21 1,401 1,700,000 Time Warner Cable LLC, 6.750%, due 6/15/39 2,040 685,000 Verizon Owner Trust 2016-2, 1.680%, due 5/20/21 680 870,000 Time Warner Cable LLC, 8.250%, due 4/1/19 930 1,405,000 Verizon Owner Trust 2017-1, 2.060%, due 9/20/21 1,401 660,000 Time Warner Cable LLC, 8.750%, due 2/14/19 704 1,490,000 Verizon Owner Trust 2017-2, 1.920%, due 12,20,21 1,480 780,000 Time Warner Inc., 5.375%, due 10/15/41 863 TOTAL ASSET BACKED SECURITIES 1.95% 24,080 3,540,000 Toyota Motor Credit Corp., 1.825%, due 12/24/18 3,540 (Cost $24,173) 1,165,000 Toyota Motor Credit Corp., 2.600%, due 1/11/22 1,171 1,975,000 Walgreens Boots Alliance Inc., 3.300%, due 11/18/21 2,008 Collateralized Mortgage Obligation 95,000 Walgreens Boots Alliance Inc., 4.800%, due 11/18/44 102 60,642 Vendee Mortgage Trust 1993-1, 7.250%, due 2/15/23 66 58,071 24,391 Vendee Mortgage Trust 1995-1, 7.792%, due 2/15/25 26 8,580 Vendee Mortgage Trust 1995-2, 8.792%, due 6/15/25 10 Consumer Staples 0.86% 4,032 Vendee Mortgage Trust 1998-2, 8.838%, due 8/15/27 5 2,150,000 Anheuser-Busch InBev Finance Inc., 3.300%,due 2/1/23 2,200 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 0.01% 107 240,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 241 (Cost $101) 165,000 Kraft Heinz Foods Co., 3.500%, due 6/6/22 169 2,095,000 Kraft Heinz Foods Co., 3.500%, 7/15/22 2,143 Commercial Mortgage Backed Securities 480,000 Kraft Heinz Foods Co. , 4.375%, due 6/1/46 475 2,040,000 CFCRE Commercial Mortgage Trust 2016-C3, 3.865%,due 1/10/48 2,138 295,000 Kraft Heinz Foods Co. ,6.500%, due 2/9/40 374 1,595,000 COMM 2013-CCRE9 Mortgage Trust, 3.834%, due 7/10/45 1,657 1,530,000 Kroger Co.,2.950%, due 11/1/21 1,545 2,300,430 GS Mortgage Securities Trust 2012-GCJ7, 3.377%, due 5/10/45 2,353 3,530,000 Mondelez International Hldgs Netherlands BV, 2.000%, due 10/28/21 3,434 900,000 GS Mortgage Securities Trust 2013-GCJ14, 3.817%, due 8/10/46 935 10,581 1,530,000 Morgan Stanley Bank of America M L Trust, 3.211%, due 10/15/48 1,537 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 0.70% 8,620 Energy 5.27% (Cost $8,610) 1,550,000 Alabama Power Co.,3.700%, due 12/1/47 1,582 55,000 Berkshire Hathaway Energy Co., 6.125%, due 4/1/36 74 Corporate Obligations 445,000 Berkshire Hathaway Energy Co., 6.500%, due 9/15/37 624 Consumer Discretionary 4.70% 1,215,000 BG Energy Capital PLC, 4.000%, due 10/15/21 1,274 25,000 21st Century Fox America Inc., 5.650%, due 8/15/20 27 1,830,000 BP Capital Markets PLC, 3.216%, due 11/28/23 1,869 675,000 21st Century Fox America Inc., 6.150%, due 3/1/37 884 1,995,000 Chevron Corp., 2.895%, due 3/3/24 2,013 325,000 21st Century Fox America Inc., 6.400%, due 12/15/35 432 2,875,000 ConocoPhillips Co., 3.350%, due 11/15/24 2,960 810,000 21st Century Fox America Inc., 6.650%, due 11/15/37 1,114 1,505,000 ConocoPhillips Co., 4.150%, due 11/15/34 1,599 775,000 Amazon.com Inc., 2.800%, due 8/22/24 773 2,010,000 Consolidated Edison Co of New York Inc., 4.450%, due 3/15/44 2,290 1,110,000 American Honda Finance Corp.,3.875%, due 9/21/20 1,152 865,000 Dominion Energy Inc., 2.500%, due 12/1/19 866 785,000 AutoZone Inc., 3.750%, due 6/1/27 797 425,000 Dominion Energy Inc.,2.962%, due 7/1/19 428 995,000 BMW US Capital LLC, 2.150%, due 4/6/20 992 600,000 Dominion Energy Inc., 4.104%, due 4/1/21 624 1,010,000 Charter Communications Operating LLC, 4.908%, due 7/23/25 1,074 2,100,000 Dominion Energy Inc., 5.749%, due 10/1/54 2,268 1,175,000 Charter Communications Operating LLC , 5.375%, due 5/1/47 1,205 850,000 DTE Energy Co., 1.500%, due 10/1/19 837 2,150,000 Charter Communications Operating LLC , 6.484%, due 10/23/45 2,507 330,000 Duke Energy Progress LLC, 3.000%, due 9/15/21 336 175,000 Comcast Corp., 3.125%, due 7/15/22 179 655,000 Duke Energy Florida LLC, 3.200%, due 1/15/27 663 2,055,000 Comcast Corp., 4.400%, due 8/15/35 2,247 385,000 Duke Energy Florida LLC, 3.850%, due 11/15/42 403 3,125,000 Cox Communications Inc., 3.250%, due 12/15/22 3,131 1,050,000 Enel Finance International NV, 6.000%, due 10/7/39 1,306 2,800,000 Cox Communications Inc., 3.850%, due 2/1/25 * 2,865 1,325,000 Enel Finance International NV, 6.800%, due 9/15/37 1,772 2,170,000 CVS Health Corp., 3.500%, due 7/20/22 2,210 810,000 Energy Transfer LP, 4.050%, due 3/15/25 809 125,000 Dillard's Inc., 7.130%, due 8/1/18 128 1,850,000 Eversource Energy, 2.900%, due 10/1/24 1,836 1,655,000 Ford Motor Credit Co. LLC, 2.145%, due 1/19/18 1,655 1,120,000 Exelon Corp., 3.950%, due 6/15/25 1,167 1,090,000 Ford Motor Credit Co. LLC, 2.551%, due 10/5/18 1,093 2,330,000 Kinder Morgan Inc., 4.300%, due 6/1/25 2,427 1,090,000 Ford Motor Credit Co. LLC, 2.597%, due 11/4/19 1,091 3,825,000 Kinder Morgan Inc., 5.550%, due 6/1/45 4,186 550,000 Ford Motor Credit Co. LLC, 2.681%, due 1/9/20 551 950,000 Kinder Morgan Inc., 5.625%, 11/15/23 1,049 405,000 Ford Motor Credit Co. LLC, 3.810%, due 1/9/24 413 320,000 MidAmerican Energy Co., 5.800%, due 10/15/36 412 780,000 Ford Motor Credit Co. LLC, 5.000%, due 5/15/18 788 1,200,000 Motiva Enterprises LLC, 5.750%, due 1/15/20 1,267 600,000 Ford Motor Credit Co. LLC, 5.750%, due 2/1/21 651 202,000 Pacific Gas & Electric Co., 4.450%, due 4/15/42 216 1,600,000 Ford Motor Credit Co. LLC, 5.875%, due 8/2/21 1,757 690,000 PacifiCorp, 6.350%, due 7/15/38 952

13 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corporate Obligations (continued) Corporate Obligations (continued) Energy (continued) Financial Services (continued) 825,000 PECO Energy Co., 4.150%, due 10/1/44$ 902 1,650,000 Citibank NA, 2.100%, due 6/12/20$ 1,639 525,000 Petrobras Global Finance BV, 4.375%, due 5/20/23 519 156,815 Citigroup Capital XIII, 0.000%, due 10/30/40 4,309 140,000 Petrobras Global Finance BV, 5.375%, due 1/27/21 146 2,085,000 Citigroup Inc., 1.800%, due 2/15/18 2,085 400,000 Petrobras Global Finance BV, 6.250%, due 3/17/24 424 1,950,000 Citigroup Inc., 2.150%, due 7/30/18 1,951 1,350,000 Petroleos Mexicanos, 4.875%, due 1/18/24 1,399 900,000 Citigroup Inc., 3.200%, due 10/21/26 893 700,000 Petroleos Mexicanos, 5.625%, due 1/23/46 648 675,000 Citigroup Inc., 3.400%, due 5/1/26 679 1,925,000 Petroleos Mexicanos, 6.375%, due 1/23/45 1,935 2,480,000 Citigroup Inc., 4.500%, due 1/14/22 2,638 800,000 Petroleos Mexicanos, 6.500%, due 3/13/27 874 640,000 Citigroup Inc., 8.125%, due 7/15/39 1,023 1,750,000 Petroleos Mexicanos, 6.625%, due 6/15/35 1,870 1,820,000 Credit Suisse AG, 1.750%, due 1/29/18 1,820 1,025,000 Petroleos Mexicanos, 6.875%, due 8/4/26 1,162 1,050,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 1,037 395,000 Public Service Co. of New Hampshire, 3.500%, due 11/1/23 407 1,770,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 1,770 2,175,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 2,203 1,875,000 Daimler Finance North America LLC, 2.300%, due 1/6/20 1,871 850,000 Shell International Finance BV, 3.400%, due 8/12/23 883 2,365,000 Daimler Finance North America LLC, 2.375%, due 8/1/18 2,370 1,645,000 Shell International Finance BV, 4.125%, due 5/11/35 1,794 2,000,000 ERP Operating LP, 3.000%, due 4/15/23 2,024 810,000 Southern Co., 2.150%, due 9/1/19 808 589,000 ERP Operating LP, 4.625%, due 12/15/21 631 455,000 Statoil ASA, 3.700%, due 3/1/24 478 845,000 Goldman Sachs Group Inc., 3.272%, due 9/29/25 842 315,000 Suncor Energy Inc., 6.500%, due 6/15/38 426 760,000 Goldman Sachs Group Inc., 3.750%, due 2/25/26 780 520,000 Suncor Energy Inc., 6.850%, due 6/1/39 724 1,150,000 Goldman Sachs Group Inc., 4.000%, due 3/3/24 1,207 2,230,000 Total Capital International SA, 2.875%, due 2/17/22 2,261 2,525,000 Goldman Sachs Group Inc., 5.250%, due 7/27/21 2,737 1,010,000 TransCanada PipeLines Ltd, 4.625%, due 3/1/34 1,128 1,310,000 Guardian Life Global Funding, 1.950%, due 10/27/21 1,278 4,200,000 Transcanada Trust, 5.299%, due 3/15/77 4,331 313,000 HSBC Finance Corp., 6.676%, due 1/15/21 348 1,075,000 Ultrapar International SA, 5.250%, due 10/6/26 1,095 410,000 HSBC Holdings PLC, 4.000%, due 3/30/22 428 580,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 676 2,500,000 HSBC Holdings PLC, 4.300%, due 3/8/26 2,658 65,202 420,000 HSBC Holdings PLC, 4.375%, due 11/23/26 438 800,000 HSBC Holdings PLC, 5.100%, due 4/5/21 860 Financial Services 13.56% 1,160,000 HSBC Holdings PLC, 6.500%, due 5/2/36 1,514 930,000 Ally Financial Inc., 3.250%, due 11/5/18 932 2,275,000 HSBC Holdings PLC, 6.500%, due 9/15/37 2,992 1,465,000 American Express Co., 2.200%, due 10/30/20 1,453 125,000 HSBC Holdings PLC, 6.800%, due 6/1/38 170 1,040,000 American Express Co., 2.500%, due 8/1/22 1,027 100,000 HSBC USA Inc., 9.125%, due 5/15/21 119 1,080,000 American Express Credit Corp., 1,069 2,840,000 JPMorgan Chase & Co., 2.086%, due 3/9/21 2,847 680,000 American Express Credit Corp.,1.875%,due 5/3/19 677 1,490,000 JPMorgan Chase & Co., 2.250%, due 1/23/20 1,489 2,345,000 American Express Credit Corp., 2.250%, due 8/15/19 2,350 1,630,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 1,631 1,820,000 American Express Credit Corp.,2.600%, due 9/14/20 1,829 1,000,000 JPMorgan Chase & Co., 2.700%, due 5/18/23 993 980,000 American International Group Inc., 3.900%, due 4/1/26 1,016 790,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 797 1,125,000 American International Group Inc., 6.400%, due 12/15/20 1,247 715,000 JPMorgan Chase & Co., 2.775%, due 4/25/23 716 1,595,000 BAC Capital Trust XI, 6.625%, due 5/23/36 2,066 2,145,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 2,196 1,210,000 Bank of America Corp., 3.300%, due 1/11/23 1,238 1,265,000 JPMorgan Chase & Co., 4.031%, due 7/24/48 1,319 775,000 Bank of America Corp. , 2.625%, due 4/19/21 779 500,000 JPMorgan Chase & Co., 4.125%, due 12/15/26 527 3,708,000 Bank of America Corp., 3.004%, due 12/20/23 3,718 1,199,000 JPMorgan Chase & Co., 4.250%, due 10/1/27 1,274 1,330,000 Bank of America Corp., 3.093%, due 10/1/25 1,327 1,750,000 JPMorgan Chase & Co., 6.000%, due 1/15/18 1,752 875,000 Bank of America Corp., 3.500%, due 4/19/26 895 1,850,000 Kaupthing ehf, 0.000%, due 5/19/16 0 695,000 Bank of America Corp. , 4.000%, due 1/22/25 723 525,000 Lloyds Banking Group PLC, 4.500%, due 11/4/24 551 1,930,000 Bank of America Corp., 4.200%, due 8/26/24 2,032 1,478,000 Lloyds Banking Group PLC, 4.582%, due 12/10/25 1,550 1,050,000 Bank of America Corp., 4.250%, due 10/22/26 1,107 1,050,000 Lloyds Banking Group PLC, 4.650%, due 3/24/26 1,109 560,000 Bank of America Corp., 4.450%, due 3/3/26 598 172,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39 285 2,000,000 Bank of America NA, 1.750%, due 6/5/18 1,999 2,265,000 MassMutual Global Funding II, 1.950%, due 9/22/20 2,239 1,445,000 Bank of America NA, 2.050%, due 12/7/18 1,445 2,940,000 Metropolitan Life Global Funding I, 1.350%, due 9/14/18 2,929 1,525,000 Bank of New York Mellon Corp., 2.200%, due 3/4/19 1,529 1,970,000 Metropolitan Life Global Funding I, 3.450%, due 12/18/26 2,024 1,000,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 1,038 990,000 Morgan Stanley, 2.500%, due 4/21/21 988 1,095,000 Bank One Capital III, 8.750%, due 9/1/30 1,610 1,720,000 Morgan Stanley, 2.625%, due 11/17/21 1,712 100,000 Bank One Corp.,7.625%, due 10/15/26 129 115,000 Morgan Stanley, 3.125%, due 7/27/26 113 1,425,000 Barclays PLC, 4.375%, due 9/11/24 1,460 1,485,000 Morgan Stanley, 3.875%, due 4/29/24 1,550 650,000 Barclays PLC, 4.836%, due 5/9/28 677 20,000 Navient Corp., 8.450%, due 6/15/18 21 2,700,000 BNP Paribas SA, 4.250%, due 10/15/24 2,850 2,860,000 New York Life Global Funding, 1.476%, due 4/12/19 2,861 2,425,000 BNP Paribas SA, 4.375%, due 9/28/25 2,534 655,000 New York Life Global Funding, 2.100%, due 1/2/19 656 2,050,000 Boston Properties LP, 3.125%, due 9/1/23 2,066 565,000 New York Life Insurance Co., 6.750%, due 11/15/39 817 725,000 Boston Properties LP, 3.850%, due 2/1/23 755 975,000 Northwestern Mutual Life Insurance Co., 6.063%, due 3/3/40 1,309 375,000 Boston Properties LP, 4.125%, due 5/15/21 392 690,000 PNC Bank NA, 2.250%, due 7/2/19 690 125,000 Boston Properties LP, 5.625%, due 11/15/20 135 855,000 PNC Bank NA, 2.400%, due 10/18/19 856 500,000 Boston Properties LP, 5.875%, due 10/15/19 527 940,000 PNC Bank NA, 2.550%, due 12/9/21 940 778,000 Capital One Financial Corp., 3.500%, due 6/15/23 792 100,000 Provident Cos Inc. , 7.250%, due 3/15/28 126 1,375,000 Capital One Financial Corp., 3.750%, due 4/24/24 1,413 850,000 Reliance Standard Life Global Funding II, 2.500%, due 1/15/20 850 1,000,000 Capital One Financial Corp., 4.200%, due 10/29/25 1,029 4,498,413 Rio Oil Finance Trust Series 2014-1, 9.249%, due 7/6/24 4,858 1,135,000 Capital One NA, 1.650%, due 2/5/18 1,135 1,187,150 Rio Oil Finance Trust Series 2014-3, 9.749%, due 1/6/27 1,282 995,000 Capital One NA, 2.350%, due 8/17/18 997 4,525,000 Royal Bank of Scotland Group PLC, 6.000%, due 12/19/23 4,984

14 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corporate Obligations (continued) Corporate Obligations (continued) Financial Services (continued) Producer Durables (continued) 360,000 Royal Bank of Scotland Group PLC, 6.125%, due 12/15/22$ 395 32,993 BNSF Railway Co 2007-1 Pass Through Trust, 5.996%, due 4/1/24$ 37 2,620,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 2,620 Burlington Northern and Santa Fe Railway Co 1,060,000 UBS AG/London, 2.450%, due 12/1/20 1,057 545,082 4.967%, due 4/1/23 586 615,000 Unum Group, 6.750%, due 12/15/28 753 70,613 5.720%, due 1/15/24 77 540,000 US Bank NA, 2.125%, due 10/28/19 540 11,487 5.943%, due 1/15/23 12 240,000 Visa Inc., 2.800%, due 12/14/22 244 323,510 6.462&, due 1/15/21 339 750,000 Visa Inc., 3.650%, due 9/15/47 769 499,802 6.727%, due 7/15/22 534 1,670,000 Wells Fargo & Co., 2.100%, due 7/26/21 1,642 41,315 7.570%, due 1/2/21 43 2,000,000 Wells Fargo & Co., 2.600%, due 7/22/20 2,012 337,048 8.251%, due 1/15/21 358 2,580,000 Wells Fargo & Co., 2.610%, due 10/31/23 2,649 275,000 Burlington Northern Santa Fe LLC, 3.050%, due 9/1/22 280 3,070,000 Wells Fargo & Co., 2.625%, due 7/22/22 3,053 1,750,000 Burlington Northern Santa Fe LLC, 3.750%, due 4/1/24 1,852 1,240,000 Wells Fargo & Co., 3.000%, due 1/22/21 1,258 1,615,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 2,104 1,950,000 Wells Fargo & Co., 4.300%, due 7/22/27 2,076 47,678 CSX Transportation Inc., 6.251%, due 1/15/23 54 125,000 Wells Fargo & Co., 4.600%, due 4/1/21 133 1,041,000 CSX Transportation Inc, 9.750%, due 6/15/20 1,216 2,600,000 Wells Fargo Bank NA, 2.150%, due 12/6/19 2,596 624,719 Delta Air Lines 2007-1 Class A Pass Through Tr, 6.821%, due 2/10/24 711 1,325,000 Wells Fargo Bank NA, 2.158%, due 12/6/19 1,337 198,598 Federal Express Corp.1998 Pass Through Trust, 6.720%, due 7/15/23 214 167,681 1,075,207 Federal Express Corp.1999 Pass Through Trust, 7.650%, due 7/15/24 1,199 75,000 FedEx Corp., 8.000%, due 1/15/19 79 Health Care 1.74% 82,000 Norfolk Southern Railway Co., 9.750%, due 6/15/20 96 1,240,000 Abbott Laboratories, 2.350%, due 11/22/19 1,241 742,795 Northwest Airlines 2007-1 Class, 7.027%, due 5/1/21 799 3,635,000 Abbott Laboratories, 3.400%, due 11/30/23 3,698 1,325,000 Pitney Bowes Inc., 6.250%, due 3/15/29 1,365 380,000 Aetna Inc., 2.200%, due 3/15/19 380 1,975,000 Union Pacific Corp., 2.950%, due 1/15/23 2,008 2,040,000 Aetna Inc., 2.800%, due 6/15/23 2,008 775,000 Union Pacific Corp., 3.000%, due 4/15/27 779 1,199,000 Amgen Inc., 4.663%, due 6/15/51 1,341 375,000 Union Pacific Corp., 4.163%, due 7/15/22 402 1,685,000 Amgen Inc., 5.150%, due 11/15/41 2,022 50,402 Union Pacific Railroad Co Pass Through Trust, 4.698%, due 1/2/24 53 2,100,000 Anthem Inc., 3.350%, due 12/1/24 2,130 146,921 Union Pacific Railroad Co Pass Through Trust, 5.082%, due 1/2/29 158 225,000 Anthem Inc., 4.350%, due 8/15/20 236 139,281 Union Pacific Railroad Co Pass Through Trust, 6.061%, due 1/17/23 150 225,000 Cigna Corp., 4.000%, due 2/15/22 235 26,218 Union Pacific Railroad Co Pass Through Trust, 6.176%, due 1/2/31 30 370,000 Cigna Corp., 7.650%, due 3/1/23 447 210,695 Union Pacific Railroad Co Pass Through Trust, 6.630%, due 1/27/22 234 764,000 Cigna Corp., 7.875%, due 5/15/27 1,031 9,705 Union Pacific Railroad Co Pass Through Trust, 7.600%, due 1/2/20 11 695,000 Gilead Sciences Inc., 3.250%,due 9/1/22 715 803,178 US Airways 2012-1 Class A Pass Through Trust, 5.900%, due 4/1/26 891 335,000 Gilead Sciences Inc., 3.700%, due 4/1/24 350 434,186 US Airways 2011-1 Class A Pass Through Tr, 7.125%, due 4/22/25 498 440,000 Gilead Sciences Inc., 4.150%, due 3/1/47 468 2,940,000 Xerox Corp., 4.500%, due 5/15/21 3,072 1,740,000 Humana Inc., 3.850%, due 10/1/24 1,810 25,000 Xerox Corp., 5.625%, due 12/15/19 26 1,535,000 Medtronic Inc., 3.625%, due 3/15/24 1,608 21,465 650,000 Zoetis Inc., 3.450%, due 11/13/20 665 1,000,000 Zoetis Inc., 4.500%, due 11/13/25 1,090 Technology 0.78% 21,475 1,655,000 Apple Inc., 3.850%, due 5/4/43 1,719 375,000 Apple Inc., 4.375%, due 5/13/45 422 Materials & Processing 1.64% 825,000 Dell International LLC / EMC Corp., 4.420%, due 6/15/21 860 565,000 Air Liquide Finance SA, 2.250%, due 9/27/23$ 547 1,275,000 Dell International LLC / EMC Corp., 5.450%, due 6/15/23 1,378 730,000 Caterpillar Financial Services Corp., 2.100%, due 1/10/20 728 1,810,000 Microsoft Corp., 3.500%, due 2/12/35 1,883 810,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 820 2,005,000 Oracle Corp., 3.900%, due 5/15/35 2,124 3,750,000 Cemex SAB de CV, 7.750%, due 4/16/26 * 4,247 1,300,000 TSMC Global Ltd, 1.625%, due 4/3/18 1,298 1,950,000 CRH America Inc., 3.875%, due 5/18/25 2,036 9,684 2,895,000 Dow Chemical Co., 3.000%, due 11/15/22 2,910 1,490,000 Dow Chemical Co., 7.375%, due 11/1/39 1,987 Utilities 2.40% 365,000 Dow Chemical Co., 9.400%, due 5/1/39 624 1,840,000 AT&T Inc., 3.400%, due 8/14/24 1,849 775,000 Eastman Chemical Co., 2.700%, due 1/15/20 780 1,630,000 AT&T Inc., 3.400%, due 5/15/25 1,603 505,000 EI du Pont de Nemours & Co., 2.200%, due 5/1/20 505 485,000 AT&T Inc., 3.800%, due 3/1/24 497 200,000 Illinois Tool Works Inc., 2.650%, due 11/15/26 195 725,000 AT&T Inc., 4.250%, due 3/1/27 739 575,000 International Paper Co., 5.000%, due 9/15/35 650 1,782,000 AT&T Inc., 4.350%, due 6/15/45 1,644 690,000 Sherwin-Williams Co., 2.250%, due 5/15/20 688 2,005,000 AT&T Inc., 4.500%, due 3/9/48 1,879 1,225,000 Siemens Financieringsmaatschappij NV, 2.200%, due 3/16/20 1,223 1,275,000 AT&T Inc., 4.750%, due 5/15/46 1,247 2,320,000 Siemens Financieringsmaatschappij NV, 2.900%, due 5/27/22 2,346 625,000 AT&T Inc., 5.350%, due 9/1/40 660 20,286 875,000 AT&T Inc., 5.650%, due 2/15/47 958 1,200,000 AT&T Inc., 6.000%, due 8/15/40 1,358 Producer Durables 1.74% 790,000 AT&T Inc., 8.250%, due 11/15/31 1,096 530,019 American Airlines 2011-1 Clqss A Pass Thrgh Tr, 5.250%, due 7/31/22 558 475,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 484 601,821 American Airlines 2013-2 Class A Pass Thrgh Tr, 4.950%, due 1/15/23 640 1,705,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 1,809

15 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corporate Obligations (continued) Sovereign (continued) Utilities (continued) 523 7.000%, due 7/1/19 1 300,000 Telecom Italia Capital SA, 7.200%, due 7/18/36 373 4,977 7.210%, due 9/1/20 5 1,125,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 1,451 577 7.300%, due 8/1/19 1 1,000,000 Telecom Italia SpA/Milano, 5.303%, due 5/30/24 1,068 385 7.300%, due 9/1/19 0 845,000 Verizon Communications Inc., 3.850%, due 11/1/42 764 5,826 7.590%, due 1/1/20 6 4,517,000 Verizon Communications Inc., 4.272%, due 1/15/36 4,494 4,825 7.625%, due 3/1/20 5 1,065,000 Verizon Communications Inc., 4.400%, due 11/1/34 1,085 TOTAL SOVEREIGN 0.03% 327 680,000 Verizon Communications Inc., 4.500%, due 8/10/33 713 (Cost $324) 1,030,000 Verizon Communications Inc., 4.522%, due 9/15/48 1,014 2,175,000 Verizon Communications Inc., 5.012%, due 4/15/49 2,281 U.S. Agency Obligations 630,000 Vodafone Group PLC, 2.950%, due 2/19/23 633 Fannie Mae 16.43% 29,699 326,979 1.550%, due 4/25/18 327 TOTAL CORPORATE OBLIGATIONS 32.69% 404,144 1,195,127 1.700%, due 8/25/18 1,193 (Cost $392,303) 550,075 2.000%, due 1/1/23 547 230,553 2.000%, due 3/1/23 229 Municipals 226,177 2.000%, due 4/1/23 225 150,000 Los Angeles Unified School District, 6.758%, due 7/1/34 207 643,099 2.000%, due 5/1/23 639 1,350,000 New Jersey Turnpike Authority, 7.102%, due 1/1/41 2,017 375,872 2.000%, due 7/1/23 373 25,000 State of California, 5.700%, due 11/1/21 28 32,396 2.070%, due 8/1/43 33 1,075,000 State of California, 7.300%, due 10/1/39 1,604 766,568 2.097%, due 4/25/25 761 1,150,000 State of California, 7.500%, due 4/1/34 1,703 1,088,448 2.100%, due 12/1/27 1,050 1,100,000 State of California, 7.550%, due 4/1/39 1,731 1,039,715 2.131%, due 1/25/23 1,025 1,325,000 State of California, 7.625%, due 3/1/40 2,073 1,224,822 2.152%, due 2/25/44 1,216 1,050,000 State of Illinois, 5.000%, due 11/1/20 1,106 3,720,000 2.156%, due 10/25/23 3,651 1,050,000 State of Illinois, 5.000%, due 11/1/21 1,115 3,618,211 2.160%, due 1/1/23 3,567 2,275,000 State of Illinois, 5.100%, due 6/1/33 2,271 1,570,000 2.263%, due 2/25/23 1,557 1,715,000 State of Illinois, 5.665%, due 3/1/18 1,724 536,188 2.325%, due 7/25/23 537 1,520,000 State of Illinois, 5.877%, due 3/1/19 1,567 1,720,000 2.395%, due 5/25/26 1,657 TOTAL MUNICIPALS 1.39% 17,146 17,986 2.414%, due 2/1/44 18 (Cost $15,308) 681,336 2.466%, due 5/1/44 698 566,193 2.500%, due 9/1/22 568 Sovereign 683,477 2.500%, due 7/1/25 687 68,957 New Valley Generation V, 4.929%, due 1/15/21 73 338,152 2.500%, due 3/1/26 341 United States Small Business Administration 2,675,000 2.500%, due 2/1/48 2,578 16,412 4.750%, due 7/1/25 17 71,718 2.610%, due 2/1/44 75 15,979 4.840%, due 2/1/23 17 2,081,452 2.670%, due 5/1/45 2,106 3,154 4.840%, due 5/1/25 3 2,489,954 2.705%, due 12/1/44 2,526 5,210 4.860%, due 1/1/25 5 791,786 2.754%, due 10/1/44 805 12,020 4.870%, due 12/1/24 13 571,491 2.807%, due 4/1/44 589 10,100 4.880%, due 11/1/24 11 201,781 2.812%, due 12/1/44 206 9,283 4.920%, due 10/1/23 10 1,458,014 2.847%, due 7/1/44 1,485 15,552 4.980%, due 11/1/23 16 20,094 2.865%, due 9/1/44 20 34,190 5.110%, due 8/1/25 36 367,764 2.894%, due 4/1/44 375 7,010 5.230%, due 3/1/27 7 966,853 2.951%, due 8/25/24 973 11,066 5.310%, due 5/1/27 12 45,356 2.966%, due 2/1/44 46 8,781 5.350%, due 2/1/26 9 318,800 2.967%, due 1/1/44 325 8,578 5.570%, due 3/1/26 9 31,395,000 3.000%, due 2/1/46 31,354 7,579 5.700%, due 8/1/26 8 2,483,158 3.021%, due 9/1/47 2,527 20,175 5.710%, due 6/1/27 22 2,651,703 3.093%, due 10/1/47 2,692 3,380 5.800%, due 12/1/18 3 2,023,729 3.170%, due 8/1/18 2,025 4,543 5.820%, due 6/1/26 5 2,787 3.177%, due 9/1/34 3 1,232 6.000%, due 9/1/18 1 1,875,892 3.230%, due 11/1/20 1,917 15,225 6.070%, due 7/1/26 16 19,233 3.242%, due 8/1/34 20 2,556 6.120%, due 9/1/21 3 8,861 3.297%, due 6/1/35 9 416 6.125%, due 1/1/18 0 1,879,335 3.330%, due 10/1/20 1,925 702 6.150%, due 2/1/18 1 47,613 3.500%, due 8/1/26 49 1,279 6.150%, due 8/1/18 1 265,709 3.500%, due 9/1/28 274 234 6.300%, due 6/1/18 0 1,376,701 3.500%, due 12/1/29 1,422 5,424 6.300%, due 5/1/19 5 730,528 3.500%, due 12/25/30 756 1,510 6.625%, due 7/1/21 2 3,230,235 3.500%, due 2/1/31 3,337 3,483 6.800%, due 6/1/19 4 2,268,139 3.500%, due 4/1/37 2,352

16 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) U.S. Agency Obligations (continued) U.S. Agency Obligations (continued) Fannie Mae (continued) Fannie Mae (continued) 15,240,000 3.500%, due 2/1/45$ 15,623 77,656 5.500%, due 1/1/25$ 82 16,173 3.515%, due 6/1/38 17 38,395 5.500%, due 11/1/29 42 271 4.000%, due 6/1/18 0 31,398 5.500%, due 6/1/33 35 1,316 4.000%, due 9/1/18 1 19,244 5.500%, due 11/1/33 21 397,809 4.000%, due 4/1/24 413 518,353 5.500%, due 4/1/35 574 350,763 4.000%, due 2/1/27 365 161,267 5.500%, due 10/1/35 178 2,879,004 4.000%, due 5/1/27 2,999 29,921 5.500%, due 9/1/36 33 612,353 4.000%, due 11/1/30 645 49,839 5.500%, due 4/1/37 55 690,304 4.000%, due 12/1/30 727 208,110 5.500%, due 4/1/37 232 593,037 4.000%, due 9/1/31 626 8,317 5.500%, due 2/1/38 9 75,654 4.000%, due 10/1/32 80 23,184 5.750%, due 3/25/37 25 2,044,371 4.000%, due 11/1/33 2,161 1 6.000%, due 5/1/18 0 1,436,512 4.000%, due 3/1/34 1,516 24 6.000%, due 8/1/18 0 3,479,846 4.000%, due 6/1/34 3,679 0 6.000%, due 12/1/18 0 17,376 4.000%, due 6/1/34 18 8 6.000%, due 1/1/19 0 3,238,144 4.000%, due 10/1/34 3,416 28 6.000%, due 2/1/19 0 6,499,913 4.000%, due 1/1/35 6,861 266 6.000%, due 8/1/19 0 1,886,555 4.000%, due 1/1/37 1,993 29 6.000%, due 9/1/19 0 11,435,000 4.000%, due 1/1/46 11,958 949 6.000%, due 9/1/19 1 16,636,076 4.000%, due 3/1/46 17,409 91,149 6.000%, due 8/1/21 96 83,678 4.088%, due 12/1/39 87 13,307 6.000%, due 11/1/21 14 252,436 4.265%, due 7/1/21 264 19,531 6.000%, due 10/1/22 21 183,980 4.500%, due 10/1/24 194 34,042 6.000%, due 6/1/23 36 518,673 4.500%, due 8/1/26 547 14,313 6.000%, due 12/1/32 16 159,082 4.500%, due 1/1/27 162 11,135 6.000%, due 11/1/33 13 117,940 4.500%, due 1/1/31 126 9,378 6.000%, due 12/1/33 11 32,953 4.500%, due 1/1/31 35 526,936 6.000%, due 3/1/34 599 31,648 4.500%, due 1/1/31 34 35,188 6.000%, due 4/1/34 40 47,075 4.500%, due 6/1/31 50 20,691 6.000%, due 4/1/35 24 56,660 4.500%, due 9/1/31 60 30,843 6.000%, due 4/1/35 35 70,169 4.500%, due 6/1/36 75 6,497 6.000%, due 7/1/35 7 6,454,002 4.500%, due 5/1/41 6,919 37,406 6.000%, due 11/1/35 43 57,125 4.500%, due 8/1/41 62 525 6.000%, due 3/1/36 1 43,459 4.500%, due 9/1/41 47 30,610 6.000%, due 3/1/36 35 82,994 4.500%, due 11/1/41 90 210,115 6.000%, due 9/1/36 238 75,212 4.500%, due 12/1/41 80 31,536 6.000%, due 3/1/37 36 695,997 4.500%, due 7/1/42 746 35,674 6.000%, due 8/1/37 41 2,944,072 4.500%, due 1/1/43 3,154 103,751 6.000%, due 5/1/38 118 39,901 4.500%, due 9/1/43 42 4 6.500%, due 2/1/18 0 53,785 4.500%, due 11/1/43 57 378 6.5000%, due 9/1/19 0 86,188 4.500%, due 10/1/44 92 75 6.500%, due 12/1/19 0 1,588,493 4.500%, due 2/1/45 1,693 27,229 6.500%, due 2/25/31 30 15,570,000 4.500%, due 2/1/46 16,546 46,446 6.500%, due 8/1/32 53 235,934 4.500%, due 2/1/46 253 11,421 6.500%, due 8/1/32 13 3,050,739 4.500%, due 2/1/46 3,269 27,910 6.500%, due 12/1/32 32 2,039,818 4.500%, due 4/1/46 2,172 7,638 6.500%, due 5/1/33 9 2,131,274 4.500%, due 3/1/47 2,270 432,607 6.500%, due 3/1/35 491 2,935,533 4.500%, due 3/1/52 3,137 3,611 6.500%, due 11/1/37 4 2,221 5.000%, due 5/1/18 2 3,267 6.500%, due 12/1/37 4 25,442 5.000%, due 4/1/25 26 2,244 6.500%, due 2/1/38 3 331,985 5.000%, due 9/1/25 350 16,869 6.500%, due 3/1/38 19 145,868 5.000%, due 9/1/39 158 42,648 6.500%, due 10/1/38 48 51,655 5.000%, due 8/1/40 56 30,254 6.500%, due 8/1/39 34 109,294 5.500%, due 11/1/23 113 142,614 6.500%, due 10/1/39 160 7,697 5.500%, due 1/1/24 8 8,189 6.500%, due 8/25/41 9 94,830 5.500%, due 1/1/24 98 4,553 6.500%, due 1/25/44 5 11,042 5.500%, due 1/1/24 11 3,433 6.500%, due 1/1/49 4 18,236 5.500%, due 3/1/24 19 194,647 6.999%, due 9/25/41 209 9,591 5.500%, due 5/1/24 10 13,213 6.999%, due 6/25/42 15 6,422 5.500%, due 1/1/25 7 130,797 6.999%, due 10/25/42 148

17 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Amount Net Assets Value (000's) Principal Percent of Fair U.S. Agency Obligations (continued) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Fannie Mae (continued) Freddie Mac (continued) 18 7.000%, due 11/1/18 $ - 193,108 4.500%, due 8/1/18$ 196 139,153 7.000%, due 11/1/29 157 301,799 4.500%, due 8/1/18 306 83,717 7.000%, due 6/25/32 98 1,598,331 4.500%, due 8/1/20 1,621 145,905 7.000%, due 8/1/32 168 32,274 4.500%, due 2/1/26 34 163,901 7.000%, due 8/1/32 190 43,732 4.500%, due 6/1/26 46 159,144 7.000%, due 3/1/37 183 66,302 4.500%, due 6/1/31 71 13,756 7.000%, due 3/1/37 16 79,043 4.500%, due 12/1/33 85 21,576 7.000%, due 4/1/37 25 36,388 4.500%, due 7/1/41 39 976 7.000%, due 12/1/37 1 1,146,886 4.500%, due 9/1/41 1,224 223,232 7.000%, due 12/25/41 259 30,339 4.500%, due 11/1/43 33 43,723 7.000%, due 2/25/44 50 340,940 4.500%, due 12/1/43 363 38,339 7.000%, due 3/25/45 44 332,417 4.500%, due 1/1/44 354 16,290 7.000%, due 3/25/49 19 29,603 4.500%, due 3/1/44 32 13,213 7.499%, due 6/25/42 15 791,323 4.500%, due 5/1/44 842 280,222 7.500%, due 10/25/40 318 911,693 4.500%, due 7/1/44 970 36,501 7.500%, due 11/25/40 41 3,337,277 4.500%, due 8/1/44 3,551 20,052 7.500%, due 11/25/40 23 3,577,918 4.500%, due 2/1/45 3,810 3,476 7.500%, due 2/25/41 4 2,842,742 4.500%, due 11/1/45 3,021 82,549 7.500%, due 7/25/41 96 1,315,209 4.500%, due 11/1/45 1,399 12,131 7.500%, due 7/25/41 14 2,110,731 4.500%, due 3/1/47 2,244 16,325 7.500%, due 7/25/42 19 2,082,878 4.500%, due 3/1/47 2,216 18,859 7.500%, due 3/25/44 21 11,053,462 4.500%, due 7/1/47 11,749 203,060 20,008 5.000%, due 4/1/34 22 130,384 5.000%, due 2/15/35 140 Freddie Mac 5.76% 347,131 5.086%, due 7/25/33 375 174,496 1.750%, due 3/15/25 174 355 5.500%, due 1/1/18 0 1,829,674 1.793%, due 3/25/23 1,835 2,521 5.500%, due 6/1/20 3 488,062 1.808%, due 4/1/43 505 5,302 5.500%, due 10/1/20 5 780,574 1.977%, due 1/15/43 788 132,719 5.500%, due 9/15/33 147 2,963,465 2.000%, due 1/1/28 2,901 188,546 5.500%, due 1/1/35 210 3,048,709 2.041%, due 2/25/23 3,062 431,587 5.500%, due 3/15/35 468 412,603 2.541%, due 1/1/42 429 361,359 5.500%, due 2/15/36 394 31,752 2.555%, due 8/1/42 33 3,820 5.500%, due 6/1/37 4 3,119,692 2.681%, due 1/1/45 3,157 12,078 5.500%, due 6/15/37 13 109,806 2.728%, due 2/1/45 111 42,226 5.507%, due 7/25/32 46 176,535 2.805%, due 12/1/44 180 1 6.000%, due 3/1/18 0 214,251 2.851%, due 10/1/44 218 5 6.000%, due 2/1/19 0 948,293 2.854%, due 2/1/45 963 156,120 6.000%, due 1/1/24 167 1,816,379 2.859%, due 12/1/45 1,839 193,754 6.000%, due 7/15/26 217 4,776,265 2.924%, due 11/1/44 4,864 39,662 6.000%, due 3/15/31 45 97,335 2.962%, due 1/1/44 99 28,845 6.000%, due 12/1/33 33 63,497 3.032%, due 5/1/44 65 16,034 6.000%, due 11/1/36 18 338,229 3.064%, due7/1/44 345 33,724 6.000%, due 6/1/38 36 2,849,925 3.081%, due 8/1/44 2,910 20,091 6.000%, due 9/1/38 23 255,373 3.480%, due 4/1/38 267 50,034 6.000%, due 2/1/39 56 2,640,250 3.500%, due 4/1/37 2,737 107,895 6.000%, due 5/1/39 122 50,588 3.595%, due 10/1/41 52 1,629 6.500%, due 5/15/21 2 102,519 4.000%, due 12/15/24 103 167,355 6.500%, due 8/15/28 183 15,151 4.000%, due 4/1/25 16 6,102 6.500%, due 12/1/31 7 394,729 4.000%, due 9/1/25 411 149,797 6.500%, due 12/1/32 171 191,360 4.000%, due 11/1/26 200 14,824 6.500%, due 8/1/37 16 536,261 4.000%, due 5/1/27 558 32,215 6.500%, due 9/1/37 35 1,302,677 4.000%, due 5/1/27 1,356 5,033 6.500%, due 9/1/37 5 132,951 4.000%, due 10/1/31 140 6,428 6.500%, due 9/1/37 7 214,952 4.000%, due 7/1/34 227 2,898 6.500%, due 1/1/38 3 383,939 4.078%, due 11/1/39 402 108,591 6.500%, due 9/25/43 124 443,227 4.499%, due 12/15/43 472 135,530 7.000%, due 6/1/32 156 806,797 4.499%, due 3/15/44 865 7,483 7.000%, due 7/1/32 8 3,804 4.500%, due 6/15/18 4 18,888 7.000%, due 10/1/32 21

18 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Government Obligations (continued) Net Assets Value (000's) Freddie Mac (continued) U,S. Treasury Notes/ Bonds (continued) 671,074 7.000%, due 11/1/32 761 15,480,000 2.250%, due 8/15/46 * 13,964 563,046 7.000%, due 2/25/43 653 40,280,000 2.500%, due 2/15/45 38,400 37,168 7.000%, due 7/25/43 44 19,260,000 2.500%, due 2/15/46 18,328 6,119 7.499%, due 8/25/42 7 10,125,000 2.500%, due 5/15/46 9,631 2,363 7.750%, due 12/25/21 2 17,565,000 2.750%, due 8/15/47 17,587 71,243 1,330,000 2.875%, due 5/15/43 1,368 6,120,000 2.875%, due 8/15/45 6,276 Ginnie Mae 0.93% 6,220,000 3.000%, due 5/15/45 6,536 4,844,831 2.020%, due 9/20/67 4,854 TOTAL U.S. GOVERNMENT OBLIGATIONS 40.07% 495,353 1,111,801 2.140%, due 8/15/23 1,081 (Cost $494,724) 4,117,148 2.730%, due 6/15/32 3,952 459,816 4.811%, due 8/20/42 482 Short-Term Investments 2,572 6.000%, due 3/15/19 3 69,495,269 Dreyfus Government Cash Management 5.62%$ 69,495 1,066,501 6.000%, due 7/20/32 1,101 (Cost $69,495) 4,544 6.500%, due 5/15/29 5 2,229 7.000%, due 12/15/29 3 Collateral for Securities Loaned 2,669 8.250%, due 4/15/20 3 Short-Term Investments-Repurchase Agreements 2,323 8.350%, due 3/15/19 2 10,166,877 SwibRepo 1.63%, due 1/2/18 10,167 11,486 10,166,877 Cantor Fitzgerald Securities 1.41%, due 1/2/18 10,167 TOTAL U.S. AGENCY OBLIGATIONS 23.12% 285,789 10,166,877 Daiwa Capital Markets 1.43%, due 1/2/18 10,166 (Cost $287,408) 10,166,877 NBC 1.50%, due 1/2/18 10,166 2,127,749 RBC Domininion Securities Inc 1.40% due 1/2/18 2,118 U.S. Government Obligations TOTAL SHORT TERM INVESTMENTS-COLLATERAL 3.46% 42,784 U,S. Treasury Notes/ Bonds (Cost $42,784) 6,655,000 0.000%, due 2/15/45 3,129 4,015,000 0.000%, due 8/15/45 * 1,862 TOTAL INVESTMENTS 109.04% 1,347,845 4,240,000 0.125%, due 4/15/20 4,457 (Cost $1,335,230) 3,125,000 0.125%, due 4/15/21 3,239 7,075,000 0.750%, due 2/28/18 * 7,068 Liabilities, Less Other Assets -9.04% (111,695) 11,045,000 0.875%, due 3/31/18 11,031 9,010,000 0.875%, due 4/15/19 8,898 NET ASSETS 100.00%$ 1,236,150 6,000,000 1.000%, due 11/30/18 * 5,957 13,565,000 1.000%, due 3/15/19 13,429 11,620,000 1.125%, due 1/15/19 11,536 38,440,000 1.125%, due 1/31/19 * 38,147 3,810,000 1.125%, due 2/28/19 3,779 14,170,000 1.125%, due 2/28/21 13,780 6,105,000 1.250%, due 11/15/18 6,077 3,315,000 1.250%, due 1/31/19 3,294 29,995,000 1.250%, due 10/31/21 * 29,058 6,705,000 1.375%, due 2/28/19 6,669 20,160,000 1.375%, due 9/30/20 * 19,853 9,860,000 1.375%, due 5/31/21 9,638 7,825,000 1.500%, due 12/31/18 * 7,800 6,885,000 1.500%, due 1/31/19 6,860 13,600,000 1.500%, due 10/31/19 * 13,507 10,815,000 1.625%, due 3/31/19 10,783 10,000,000 1.625%, due 6/30/20 9,926 26,305,000 1.625%, due 10/31/23 25,396 4,690,000 1.750%, due 1/31/23 4,584 3,860,000 1.875%, due 2/28/22 3,818 12,550,000 1.875%, due 4/30/22 12,400 10,000,000 1.875%, due 9/30/22 9,855 9,645,000 2.000%, due 8/31/21 9,613 8,755,000 2.000%, due 12/31/21 8,711 24,375,000 2.000%, due 2/15/25 * 23,828 1,890,000 2.125%, due 12/31/22 * 1,882 6,700,000 2.125%, due 11/30/24 6,612 13,005,000 2.250%, due 8/15/27 * 12,822 14,165,000 2.250%, due 11/15/27 * 13,965

* All or a portion of this security is on loan. The market value of loaned securities is $128,700,744.

19 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2017

(A) $1,125,000 of US Treasury Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2017:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2017 5 Year U.S. Treasury Notes 326 100,000 Long March 2018 ($184,143) 10 Year U.S. Treasury Notes 317 100,000 Long March 2018 (253,125) U.S. Treasury Bonds 258 100,000 Short March 2018 47,728 2 Year U.S. Treasury Notes 34 200,000 Long March 2018 (13,961) U.S. Treasury Notes Ultra 10 Year 68 100,000 Long March 2018 (36,954) U.S. Ultra Bonds 228 100,000 Short March 2018 (232,996) ($673,451)

20 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets) Equities 5.39% Number of Stocks 61 Top Ten Stocks 1.75%

Fixed Income Securities: Asset Backed Securities 8.38% Collateralized Mortgage Obligation 0.35% Commercial Mortgage Backed Securities 6.92% Corporate Obligations 45.60% Municipals 3.87% Sovereign 0.46% U.S. Agency Obligations 7.87% U.S. Government Obligations 16.16% Short-Term Investments 2.94% Rights 0.00% Short-Term Investments-Repurchase Agreements 0.87% Other Assets, Less Liabilities 1.19%

Top Ten Equity Holdings (% of Net Assets) Tribune Media Co 0.22% NXP Semiconductors NV 0.19% Amplify Snack Brands Inc 0.18% Time Inc 0.18% TPG Pace Holdings Corp 0.17% Legacy Acquisition Corp 0.17% Akorn Inc 0.17% Mosaic Acquisition Corp 0.16% Federal Street Acquisition Corp 0.16% Time Warner Inc 0.15%

Top 5 Sectors (Equity Securities only) (% of Net Assets) Financial Services 3.28% Consumer Discretionary 0.94% Health Care 0.40% Technology 0.36% Consumer Staples 0.18%

21 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2017

Fair Principal Fair Shares Value (000's) Amount Value (000's) Common Stocks Common Stocks (continued) Consumer Discretionary 0.94% Health Care 0.40% 8,100 CalAtlantic Group Inc$ 457 24,615 Akorn Inc $ 793 3,170 Lennar Corp 164 17,211 Avista Healthcare Public Acquisition Corp 171 26,670 Regal Entertainment Group 614 25,506 Ignyta Inc 681 102,056 Rite Aid Corp 201 14,600 Sucampo Pharmaceuticals Inc 262 4,630 Scripps Networks Interactive Inc 395 1,907 46,160 Time Inc 852 7,800 Time Warner Inc 713 Technology 0.36% 24,290 Tribune Media Co 1,032 72,500 Bazaarvoice Inc 395 4,428 5,000 Dell Technologies Inc Class V 406 7,580 NXP Semiconductors NV 888 Consumer Staples 0.18% 1 Pensare Acquisition Corp 0 72,470 Amplify Snack Brands Inc 870 1,689

Energy 0.15% Utilities 0.08% 26,400 Calpine Corp 399 2,132 Straight Path Communications Inc 388 13,600 Sparton Corp 314 TOTAL COMMON STOCK 5.39% 25,456 713 (Cost $25,981)

Financial Services 3.28% Asset Backed Securities 24,000 Big Rock Partners Acquisition Corp 247 1,845,000 AmeriCredit Automobile Receivables Trust, 1.830%, due 5/18/21 1,843 25,000 Black Ridge Acquisition Corp 241 1,090,000 Bank of The West Auto Trust 2017-1, 1.780%, due 2/15/21 1,087 27,440 Capitol Investment Corp IV 266 1,041,708 BCC Funding XIII LLC, 2.200%, due 12/20/21 1,039 27,712 Capitol Investment Corp IV 277 550,000 Cabela's Credit Card Master Note Trust, 2.127%, due 8/16/21 552 25,500 CM Seven Star Acquisition Corp 254 735,000 Cabela's Credit Card Master Note Trust, 1.927%, due 7/15/22 738 62,000 Constellation Alpha Capital Corp 603 855,000 Canadian Pacer Auto Receivables Trust, 2.286%, due 1/19/22 849 10,923 Draper Oakwood Technology Acquisition Inc 115 1,650,000 CarMax Auto Owner Trust 2016-1, 2.220%, due 8/16/21 1,644 16,000 Draper Oakwood Technology Acquisition Inc 157 470,000 Chase Issuance Trust, 2.008%, due 7/15/20 471 75,754 Federal Street Acquisition Corp 736 1,017,803 CLI Funding V LLC, 3.380%, due 10/18/29 1,015 54,342 FinTech Acquisition Corp II 539 1,225,000 CNH Equipment Trust 2016-B, 2.200%, due 10/15/23 1,218 45,000 GigCapital Inc 450 20,338 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 20 52,929 Gores Holdings II Inc 526 1,274,056 Cronos Containers Program I Ltd, 3.270%, due 11/18/29 1,266 43,524 GTY Technology Holdings Inc 432 1,945,000 DB Master Finance LLC 2015-1, 3.980%, due 2/20/45 1,985 3,195 GTY Technology Holdings Inc 33 1,196,775 Domino's Pizza Master Issuer LLC, 4.474%, due 10/25/45 1,223 70,000 Haymaker Acquisition Corp 693 900,000 Element Rail Leasing II LLC, 3.585%, due 2/19/45 904 14,846 Hennessy Capital Acquisition Corp III 145 1,413,147 Enterprise Fleet Financing LLC, 1.590%, due 2/22/21 1,412 26,742 Hennessy Capital Acquisition Corp III 277 1,985,000 Enterprise Fleet Financing LLC, 1.970%, due 1/20/23 1,981 15,136 Industrea Acquisition Corp 147 955,000 Fifth Third Auto Trust 2017-1, 1.590%, due 7/24/22 953 21,000 Industrea Acquisition Corp 211 647,765 Flagship Credit Auto Trust 2014-2, 2.840%, due 11/16/20 650 1,235 Kayne Anderson Acquisition Corp 12 114,261 FNA 2015-1 Trust, 3.240%, due 12/10/23 114 66,754 Kayne Anderson Acquisition Corp 648 1,975,000 Ford Credit Auto Owner Trust 2015-REV2, 2.440%, due 1/15/27 1,983 56,087 Landcadia Holdings Inc 558 1,600,000 GM Financial Automobile Leasing Tr 2017, 2.120%, due 9/20/21 1,592 80,000 Legacy Acquisition Corp 795 66,953 GMACM Home Equity Loan Trust 2003-HE1, 2.052%, due 4/25/33 64 37,000 Leisure Acquisition Corp 369 23,195 Home Equity Loan Trust 2003-HS3, 1.832%, due 8/25/33 23 47,998 M III Acquisition Corp 476 71,948 Home Equity Loan Trust 2006-HSA2, 5.549%, due 3/25/36 42 61,078 Matlin and Partners Acquisition Corp 597 1,250,000 PFS Financing Corp., 2.097%, due 4/15/20 1,251 22,886 Modern Media Acquisition Corp 238 1,400,000 PFS Financing Corp., 2.057%, due 3/15/21 1,403 72,600 Mosaic Acquisition Corp 737 730,000 Santander Drive Auto Rec Trust 2017-3, 1.850%, due 6/15/20 729 15,500 Nets A/S 408 2,000,000 SBA Small Business Investment Cos, 2.518%, due 9/10/27 2,002 45,540 Pensare Acquisition Corp 440 1,352,875 Taco Bell Funding LLC, 3.832%, due 5/25/46 1,371 36,000 Regalwood Global Energy Ltd 358 863,333 TAL Advantage V LLC, 3.510%, due 2/22/39 862 33,508 Saban Capital Acquisition Corp 353 467,457 Tax Ease Funding 2016-1 LLC, 3.131%, due 6/15/28 468 39,144 Saban Capital Acquisition Corp 388 586,719 Textainer Marine Containers V Ltd, 3.720%, due 5/20/42 590 25,432 Sentinel Energy Services Inc 254 550,526 United States Small Business Administration, 4.050%, due 12/1/29 577 39,868 Silver Run Acquisition Corp II 395 1,633,826 United States Small Business Administration, 4.050%, due 4/1/33 1,721 4,589 TPG Pace Energy Holdings Corp 46 479,717 United States Small Business Administration, 2.080%, due 4/1/33 469 62,172 TPG Pace Energy Holdings Corp 606 1,300,000 Verizon Owner Trust 2016-2, 2.150%, due 5/20/21 1,293 1 TPG Pace Holdings Corp 0 286,507 Volvo Financial Equipment LLC, 1.510%, due 6/17/19 286 84,115 TPG Pace Holdings Corp 820 1,392,938 Wendys Funding LLC 2015-1, 3.371%, due 6/15/45 1,397 2 Vantage Energy Acquisition Corp 0 377,559 Westlake Automobile Receivables Trust 2016-2, 1.570%, due 6/17/19 377 63,158 Vantage Energy Acquisition Corp 614 TOTAL ASSET BACKED SECURITIES 8.38% 39,464 15,461 (Cost $39,506)

22 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2017

Principal Fair Principal Fair Amount Value (000's) Amount Corporate Obligations (continued) Value (000's) Collateralized Mortgage Obligation 0.35% Consumer Discretionary (continued) 92,293 Adjustable Rate Mortgage Trust, 1.792%, due 7/25/35$ 92 1,140,000 CVS Health Corp., 2.800%, due 7/20/20$ 1,145 401,240 FDIC Guaranteed Notes Trust 2010-S1, 3.250%, due 4/25/38 402 1,248,314 CVS Pass-Through Trust, 6.036%, due 12/10/28 1,388 113,030 Impac Secured Assets Trust 2006-2, 1.902%, due 8/25/36 111 1,050,000 Daimler Finance North America LLC, 1.500%, due 7/5/19 1,038 770,714 La Hipotecaria Panamanian Mrtge Trust 2014-1,3.008%, due 11/24/42 773 350,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 346 274,989 NCUA Guaranteed Notes Trust 2010-R1, 1.778%, due 10/7/20 275 2,000,000 Daimler Finance North America LLC, 2.200%, due 5/5/20 1,989 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 1,653 1,365,665 Delta Air Lines 2007-1 Class A Trust, 6.821%, due 2/10/24 1,553 (Cost $1,686) 1,085,000 Discovery Communications LLC, 2.950%, due 3/20/23 1,074 525,000 Downstream Development Auth of the Quapaw, 10.500%, due 7/1/19 515 Commercial Mortgage Backed Securities 6.92% 580,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21 637 1,075,715 BANK 2017-BNK7, 1.984%, due 9/15/60 1,066 500,000 Ford Motor Credit Co LLC, 2.459%, due 3/27/20 498 1,525,000 BHMS 2014-ATLS Mortgage Trust, 2.860%, due 7/5/33 1,532 755,000 Ford Motor Credit Co LLC, 3.200%, due 3/15/21 766 1,105,000 CFCRE Commercial Mortgage Trust 2011-C2, 3.834%, due 12/15/47 1,141 614,000 Ford Motor Credit Co LLC, 2.021%, due 5/3/19 611 1,250,000 CGDB Commercial Mortgage Trust 2017-BIO, 2.227%, due 5/15/30 1,251 2,360,000 Ford Motor Credit Co LLC, 1.897%, due 8/12/19 2,342 1,313,000 Chicago Skyscraper Trust 2017 SKY,2.277%, due 2/15/30 1,315 1,510,000 Ford Motor Credit Co LLC, 2.681%, due 1/9/20 1,514 9,171 Citigroup Commercial Mortgage Trust 2014-GC19, 1.199%, due 3/10/47 9 1,090,000 General Motors Financial Co. Inc.,3.200%, due7/13/20 1,105 471,268 Citigroup Commercial Mortgage Trust 2016-C1, 1.506%, due 5/10/49 466 3,115,000 General Motors Financial Co Inc., 2.400%, due 5/9/19 3,116 635,383 Citigroup Commercial Mortgage Trust 2017-C4, 2.121%, due 10/12/50 631 1,064,000 LIN Television Corp., 5.875%, due 11/15/22 1,107 1,098,714 Citigroup Commercial Mortgage Trust 2017-P8, 2.065%, due 9/15/22 1,088 1,250,000 Macy's Retail Holdings Inc, 8.500%, due 6/1/19 1,311 1,950,000 Cold Storage Trust 2017-ICE3, 2.727%, due 4/15/36 1,954 1,090,000 McDonald's Corp., 2.7500%, due 12/9/20 1,101 682,018 COMM 2012-CCRE3 Mortgage Trust, 2.372%, due 10/15/45 680 845,000 Nissan Motor Acceptance Corp., 1.550%, due 9/13/19 834 46,435 COMM 2013-CCRE6 Mortgage Trust, 2.122%, due 3/10/46 46 820,000 Packaging Corp of America, 2.450%, due 12/15/20 821 55,635 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46 56 960,000 Time Warner Cable LLC, 8.750%, due 2/14/19 1,024 71,479 COMM 2013-LC13 Mortgage Trust, 1.309%, due 8/10/46 71 595,000 Time Warner Cable LLC, 8.250%, due 4/1/19 636 109,868 COMM 2014-CCRE16 Mortgage Trust, 1.445%, due 4/10/47 110 750,000 Toyota Motor Credit Corp., 2.250%, due 3/20/24 747 1,481,334 COMM 2016-COR1 Mortgage Trust, 1.516%, due 10/10/49 1,459 2,165,000 Toyota Motor Credit Corp., 2.150%, due 9/8/22 2,130 1,235,000 DBCG 2017-BBG Mortgage Trust, 2.177%, due 6/15/34 1,235 39,914 328,931 DBJPM 16-C1 Mortgage Trust, 1.676%, due 5/10/49 326 97,010 FDIC Guaranteed Notes Trust 2010-C1, 2.980%, due 12/6/20 97 Consumer Staples 1.61% 1,540,000 FREMF 2010-K7 Mortgage Trust, 5.685%, due 4/25/20 1,626 1,390,000 Danone SA, 1.691%, due 10/30/19 1,373 239,124 GS Mortgage Securities Trust 2014-GC22, 1.290%, due 6/10/47 238 1,000,000 Kraft Heinz Foods Co., 4.875%, due 2/15/25 1,060 1,460,000 GSCCRE Comm Mortgage Trust 2015-HULA, 4.227%, due 8/15/32 1,465 1,270,000 Kraft Heinz Foods Co., 2.800%, due 7/2/20 1,277 1,825,000 JP Morgan Chase Comm Mrtg Sec Tr 2014-CBM, 2.377%, due 10/15/29 1,825 825,000 Pinnacle Foods Finance LLC, 4.875%, due 5/1/21 839 220,526 JP Morgan Tax-Emept Pass-Thrgh Tr Series 2012-4,3.500%, due 7/27/38 218 650,000 Smithfield Foods Inc., 2.700%, due 1/31/20 646 1,191,269 JPMBB Commercial Mortgage Sec Tr 2015-C30, 1.738%, due 7/15/48 1,186 195,375 Smith's Food & Drug Centers In Trust, 9.200%, due 7/2/18 200 1,127,593 JPMBB Commercial Mortgage Sec Tr 2016-C1, 1.694%, due 3/15/49 1,119 1,430,000 Sysco Corp., 2.600%, due 10/1/20 1,436 1,215,452 JPMDB Commercial Mortgage Sec Tr 2017-C7, 2.080%, due 10/15/50 1,206 375,000 Tyson Foods Inc., 2.650%, due 8/15/19 377 604,561 LB-UBS Commercial Mortgage Trust 2006-C6, 5.451%, due 9/15/39 480 380,000 Tyson Foods Inc., 2.250%, due 8/23/21 375 723,003 Morgan Stanley Bank of America Merrill Lynch, 1.591%, due 10/15/48 712 7,583 1,100,000 Morgan Stanley Capital I Trust 2014-MP, 3.693%, due 8/11/29 1,127 640,000 Morgan Stanley Capital I Trust 2017-CLS, 2.099%, due 11/15/34 640 Energy 1.62% 1,260,422 Motel 6 Trust 2017-MTL6, 2.667%, due 8/15/34 1,260 930,000 Alta Mesa Finance Services Corp., 7.875%, due 12/15/24 * 1,020 276,471 UBS-Barclays Commercial Mrtg Trust 2013-C6, 2.066%, due 4/10/46 277 650,000 BP Capital Markets PLC, 4.500%, due 10/1/20 688 1,575,738 Wells Fargo Commercial Mrtg Trust 2015-C26, 1.454%, due 2/15/48 1,565 600,000 BP Capital Markets PLC, 2.520%, due 9/19/22 597 735,755 Wells Fargo Commercial Mrtg Trust 2015-C31, 1.679%, due 11/15/48 731 1,560,000 ConocoPhillips Co., 4.200%, due 3/15/21 1,640 1,130,235 Wells Fargo Commercial Mrtg Trust 2016-C32, 1.577%, due 1/15/59 1,120 520,000 Ecopetrol SA, 7.625%, due 7/23/19 558 721,071 Wells Fargo Commercial Mrtg Trust 2017-C40, 2.110%, due 10/15/50 717 350,000 Kinder Morgan Inc/DE, 7.000%, due 2/1/18 351 545,000 WFRBS Commercial Mortgage Trust 2013-UBS1, 2.927%, 3/15/46 548 1,000,000 Range Resources Corp., 5.000%, due 8/15/22 995 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 32,593 1,000,000 Schlumberger Holdings Corp., 2.350%, due 12/21/18 1,002 (Cost $32,889) 750,000 Sunoco LP / Sunoco Finance Corp, 6.375%, due 4/1/23 790 7,641 Corporate Obligations Consumer Discretionary 8.48% Financial Services 21.62% 1,595,000 21st Century Fox America Inc., 4.500%, due 2/15/21 1,686 729,265 Ahold Lease Series 2001-A-2 Pass Through Tr, 8.619%, due 1/2/25 874 2,105,000 American Honda Finance Corp., 1.700%, due 9/9/21 2,050 2,350,000 AIG Global Funding, 1.900%, due 10/6/21 2,288 525,000 American Honda Finance Corp., 1.950%, due 7.20.20 521 1,480,000 Air Lease Corp., 3.875%, due 4/1/21 1,533 1,640,000 Anheuser-Busch InBev Finance Inc, 2.650%, due 2/1/21 1,648 730,000 Air Lease Corp., 3.375%, due 6/1/21 746 1,000,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, due 5/1/23 1,020 1,275,000 Alibaba Group Holding Ltd,2.500%, due 11/28/19 1,279 1,060,000 Constellation Brands Inc., 3.750%, due 5/1/21 1,096 995,000 Ally Financial Inc., 3.750%, due 11/18/19 1,008 1,445,000 Constellation Brands Inc., 2.250%, due 11/6/20 * 1,432 855,000 American Express Co., 2.200%, due 10/30/20 848 1,020,902 Continental Airlines 2007-1 Class A Trust, 5.983%, due 10/19/23 1,113 790,000 American Express Credit Corp., 2.600%, due 9/14/20 794

23 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corporate Obligations (continued) Corporate Obligations (continued) Financial Services (continued) Financial Services (continued) 510,000 American Express Credit Corp., 2.700%, due 3/3/22$ 512 1,000,000 OMX Timber Finance Investments I LLC, 5.420%, due 10/31/19$ 1,052 475,000 American International Group Inc., 6.400%, due 12/15/20 527 16,270 Pensare Acquisition Corp., 0.000%, due 8/8/22 9 500,000 American International Group Inc., 3.300%, due 3/1/21 510 32,540 Pensare Acquisition Corp. , 0.000%, due 2/15/18 14 465,000 Andeavor Log LP/Tesoro Logistics Fin Corp, 4.250%, due 12/1/27 469 1,549,615 Pershing Road Development Co LLC, 1.880%, due 9/1/26 1,441 525,000 AvalonBay Communities Inc., 3.625%, due 10/1/20 540 930,000 Pricoa Global Funding I, 2.550%, due 11/24/20 933 800,000 Bank of America Corp., 6.499%, due 4/23/2166 909 635,000 Pricoa Global Funding I, 2.450%, due 9/21/22 * 629 990,000 Bank of America Corp., 5.625%, due 7/1/20 1,070 1,110,000 Principal Life Global Funding II, 2.200%, due 4/8/20 1,106 740,000 Bank of America Corp., 2.625%, due 10/19/20 746 1,000,000 Principal Life Global Funding II, 2.150%, due 1/10/20 996 2,200,000 Bank of America Corp., 2.364%, due 4/24/23 2,235 880,000 Prudential Financial Inc., 8.875%, due 6/15/68 904 875,000 Bank One Corp., 8.530%, due 3/1/19 935 33,184 Silver Run Acquisition Corp. II, 0.000%, due 4/27/22 49 1,000,000 Barclays PLC, 8.250%, due 3/15/2166 1,048 1,220,000 Simon Property Group LP, 2.750%, due 6/1/23 1,216 25,000 Black Ridge Acquisition Corp., 0.000%, due 10/25/22 8 626,212 Small Business Administration Pools, 1.629%, due 5/25/31 622 25,000 Black Ridge Acquisition Corp., 0.000%, due 12/31/49 7 249,215 Small Business Administration Pools, 1.749%, due 4/25/28 249 815,000 Branch Banking & Trust Co., 2.625%, due 1/15/22 817 733,879 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 877 395,000 Cantor Fitzgerald LP, 7.875%, due 10/15/19 428 850,000 State Street Corp., 4.956%, due 3/15/18 855 550,000 Cantor Fitzgerald LP, 6.500%, due 6/17/22 610 635,000 State Street Corp., 1.975%, due 5/15/28 587 3,600,000 Capital One Financial Corp., 2.500%, due 5/12/20 3,595 1,402,025 Tagua Leasing LLC, 1.900%, due 7/12/24 1,377 1,165,000 Capital One NA/Mclean VA, 2.350%, due 8/17/18 1,167 905,000 Torchmark Corp., 9.250%, due 6/15/19 992 1,060,000 Capital One NA/Mclean VA, 1.850%, due 9/13/19 1,050 20,724 TPG Pace Energy Holdings Corp., 0.000%, due 6/21/22 28 510,000 Capital One NA/Mclean VA, 2.350%, due 1/31/20 508 19,705 TPG Pace Holdings Corp., 0.000%, due 8/18/22 31 1,000,000 Citigroup Inc., 8.500%, due 5/22/19 1,083 700,000 UBS AG/London, 2.450%, due 12/1/20 698 2,185,000 Citigroup Inc., 2.450%, due 1/10/20 2,186 765,625 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 758 2,895,000 Citigroup Inc., 2.750%, due 4/25/22 2,889 1,000,000 United Rentals North America Inc., 5.500%, due 7/15/25 1,060 1,100,000 Citizens Financial Group Inc., 5.158%, due 6/29/23 1,114 350,000 USB Capital IX, 3.499%, due 10/15/2165 317 1,000,000 Cloverie PLC for Zurich Insurance Co. Ltd, 8.250%, due 4/18/2166 1,002 13,161 Vantage Energy Acquisition Corp., 0.000%, due 4/12/24 16 300,000 Cloverie PLC for Zurich Insurance Co. Ltd, 8.250%, due 4/18/2166 301 690,000 Wells Fargo & Co., 6.650%, due 10/15/23 793 112,000 Constellation Alpha Capital Corp. , 0.000%, due 8/9/22 31 800,000 Wells Fargo & Co., 5.899%, due 12/15/2165 856 62,000 Constellation Alpha Capital Corp., 0.000%, due 12/31/49 22 1,365,000 Wells Fargo & Co. , 2.100%, due 7/26/21 1,342 1,121,000 Cooperatieve Rabobank UA, 10.999%, due 12/31/2165 1,253 2,365,000 Wells Fargo & Co., 2.600%, due 7/22/20 2,380 2,190,000 Credit Suisse AG/ NY, 4.375%, due 8/5/20 2,295 1,000,000 Societe Generale SA 1,046 1,500,000 Depository Trust & Clearing Corp., 4.875%, due 12/15/2165 1,560 1,000,000 Banco Bilbao Vizcaya Argentaria SA, 8.999%, due 8/9/65 1,026 3,015,000 ERAC USA Finance LLC, 2.600%, due 12/1/21 2,976 101,827 1,191,000 FMR LLC, 7.490%, due 6/15/19 1,274 925,000 GEO Group Inc., 5.125%, due 4/1/23 925 Health Care 1.25% 1,935,000 Goldman Sachs Group Inc., 2.600%, due 12/27/20 1,935 1,850,000 Amgen Inc. , 4.100%, due 6/15/21 1,932 1,400,000 Goldman Sachs Group Inc., 2.300%, due 12/13/19 1,399 1,085,000 Anthem Inc., 2.500%, due 11/21/20 1,083 2,250,000 Goldman Sachs Group Inc., 2.875%, due 10/31/22 2,244 42,440 Avista Healthcare Public Acquisition Corp., 0.000%, due 12/2/21 12 5,908 Gores Holdings II Inc., 0.000%, due 3/6/22 12 2,182,000 Gilead Sciences Inc., 2.550%, due 9/1/20 2,201 1,410,463 Grain Spectrum Funding II LLC, 3.290%, due 10/10/19 1,403 615,000 Providence Health & Services Obligated Group, 6.250%, due 10/1/19 645 6,543 GTY Technology Holdings Inc., 0.000%, due 11/14/21 9 5,873 1,100,000 Guardian Life Global Funding, 2.500%, due 5/8/22 1,088 289,000 HSBC Finance Corp., 6.676%, due 1/15/21 321 Materials & Processing 3.00% 1,840,000 ING Bank NV, 1.650%, due 8/15/19 1,819 940,000 Anglo American Capital PLC, 9.375%, due 4/8/19 1,019 1,000,000 International Lease Finance Corp., 3.875%, due 4/15/18 1,005 1,000,000 Carlisle Cos Inc., 3.7500%, due 11/15/22 1,025 2,735,000 Jackson National Life Global Funding, 2.100%, due 10/25/21 2,683 600,000 Dow Chemical Co., 7.375%, due 3/1/23 705 920,000 JPMorgan Chase & Co., 4.500%, due 1/24/22 984 575,000 Dow Chemical Co., 8.550%, due 5/15/19 623 3,620,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 3,622 1,330,000 Dow Chemical Co., 4.125%, due 11/15/21 1,395 17,871 Kayne Anderson Acquisition Corp., 0.000%, due 6/30/22 15 1,050,000 IDEX Corp., 4.500%, due 12/15/20 1,094 1,000,000 KBC Bank NV, 7.999%, due 1/25/23 1,005 950,000 John Deere Capital Corp., 2.150%, due 9/8/22 930 10,000 Landcadia Holdings Inc., 0.000%, due 6/1/23 7 1,000,000 Lennar Corp., 4.125%, due 1/15/22 1,020 635,000 Liberty Mutual Group Inc. , 4.950%, due 5/1/22 685 1,000,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,061 620,000 Lloyds Bank PLC, 11.999%, due 6/16/2166 832 1,250,000 SBA Tower Trust, 3.168%, due 4/15/47 1,244 5,260 M III Acquisition Corp., 0.000%, due 8/29/21 4 1,685,000 Sherwin-Williams Co., 2.250%, due 5/15/20 1,679 1,675,000 Manufacturers & Traders Trust Co., 2.050%, due 8/17/20 1,663 900,000 USG Corp., 5.500%, due 3/1/25 956 1,350,000 Manufacturers & Traders Trust Co., 2.120%, due 12/1/21 1,340 470,000 Williams Scotsman International Inc. , 7.875%, due 12/15/22 484 1,275,000 Manulife Financial Corp., 4.900%, due 9/17/20 1,350 805,000 Worthington Industries Inc., 6.500%, due 4/15/20 872 510,000 MassMutual Global Funding II, 2.450%, due 11/23/20 511 14,107 50,235 Matlin and Partners Acquisition Corp., 0.000%, due 5/28/21 21 350,000 Mellon Capital IV, 3.999%, due 12/20/2165 330 Producer Durables 2.02% 845,000 MetLife Inc., 4.750%, due 2/8/21 905 2,100,902 American Airlines 2013-2 Class A Trust, 4.950%, due 1/15/23 2,236 695,000 Metropolitan Life Global Funding I, 3.000%, due 1/10/23 701 33,136 Burlington Northern and Santa Fe Trust, 4.967%, due 4/1/23 36 530,000 Metropolitan Life Global Funding I, 1.550%, due 9/13/19 524 199,871 Federal Express Corp 1996 Pass Through Trust, 7.840%, due 1/30/18 202 1,180,000 Morgan Stanley, 2.800%, due 6/16/20 1,191 600,000 Norfolk Southern Corp., 3.250%, due 12/1/21 615 890,000 Nationwide Financial Services Inc., 5.375%, due 3/25,21 959 1,430,000 Rockwell Collins Inc., 2.800%, due 3/15/22 1,432 1,060,000 New York Life Global Funding, 1.700%, due 9/14/21 1,029 1,130,000 Ryder System Inc., 2.250%, due 9/1/21 1,113 1,000,000 Silgan Holdings Inc., 5.500%, due 2/1/22 1,025

24 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2017

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corporate Obligations (continued) U.S. Agency Obligations Producer Durables (continued) Fannie Mae 4.64% 1,000,000 Tyco International Finance SA, 3.750%, due 1/15/18$ 1,000 27,056 0.000%, due 7/24/22$ 28 1,064,313 Union Pacific Railroad Co. 2005 Pass Through Tr, 5.082%, due 1/2/29 1,148 2,000,000 1.250%, due 8/17/21 * 1,938 625,902 Union Pacific Railroad Co. 2006 Pass Through Tr, 5.866%, due 7/2/30 706 436,430 1.468%, due 2/25/23 433 9,513 769,280 1.500%, due 5/25/29 742 871,272 1.557%, due 10/25/23 857 Technology 1.39% 80,606 1.600%, due 5/25/18 80 975,000 Activision Blizzard Inc., 2.300%, due 9/15/21 962 633,180 1.700%, due 8/25/18 632 1,100,000 Broadridge Financial Solutions Inc., 3.950%, due 9/1/20 1,140 235,248 1.750%, due 4/25/21 234 1,200,000 Fiserv Inc., 2.700%, due 6/1/20 1,207 200,178 1.750%, due 1/25/22 199 1,010,000 IBM Credit LLC, 2.200%, due 9/8/22 * 989 327,864 1.750%, due 6/25/21 326 1,120,000 VMware Inc., 2.300%, due 8/21/20 1,114 177,146 1.824%, due 2/25/22 177 1,150,000 Xilinx Inc., 2.125%, due 3/15/19 1,146 301,430 1.824%, due 6/25/18 301 6,558 1,054,232 1.918%, due 1/25/22 1,048 3,534,793 1.9985, due 10/25/23 3,414 Utilities 4.61% 275,350 2.000%, due 5/25/25 275 915,000 Alabama Power Co., 2.450%, due 3/30/22 909 17,542 2.202%, due 2/25/44 18 2,000,000 AT&T Inc., 0.000%, due 11/27/22 1,706 1,795,000 2.263%, due 2/25/23 1,780 1,735,000 AT&T Inc., 2.450 %, due 6/30/20 1,733 175,918 2.325%, due 7/25/23 176 2,355,000 AT&T Inc., 3.200%, due 3/1/22 2,380 487,769 2.369%, due 7/25/22 485 1,475,000 Broadcom Corp., 2.200%, due 1/15/21 1,442 758,046 2.400%, due 10/1/22 760 2,240,000 Commonwealth Edison Co., 3.400%, due 9/1/21 2,305 2,189,904 2.486%, due 12/25/26 2,173 1,030,000 Deutsche Telekom International Finance BV, 2.225%, due 1/17/20 * 1,025 2,482,880 2.500%, due 5/1/23 2,497 1,050,000 Fortive Corp., 2.350%, due 6/15/21 1,041 102,133 2.500%, due 9/25/26 102 1,000,000 Jabil Inc., 8.250%, due 3/15/18 1,013 980,728 2.500%, due 2/25/44 973 1,000,000 Level 3 Financing Inc., 5.375%, due 5/1/25 999 64,862 3.000%, due 12/25/25 65 610,000 NextEra Energy Capital Holdings Inc., 2.700%, due 9/15/19 614 1,378,050 4.000%, due 2/1/45 1,447 2,035,000 PSEG Power LLC, 3.000%, due 6/15/21 2,053 168,109 4.000%, due 3/1/31 177 1,135,000 Southern Co., 2.750%, due 6/15/20 1,142 256,606 4.500%, due 5/1/31 274 1,429,688 Sprint Spectrum Co LLC, 3.360%, due 9/20/21 1,439 54,205 5.000%, due 2/1/23 56 850,000 T-Mobile USA Inc.,6.125%,due 1/15/22 877 122,731 6.000%, due 10/1/22 129 1,015,000 Verizon Communications Inc., 3.125%, due 3/16/22 1,028 21,796 21,706 TOTAL CORPORATE OBLIGATIONS 45.60% 214,722 Freddie Mac 1.16% (Cost $215,129) 244,861 1.000%, due 8/15/18 244 676,531 1.680%, due 10/25/19 673 Municipals 543,755 1.750%, due 11/15/29 535 560,000 Amarillo Economic Development Corp, 5.143%, due 8/15/19 572 2,003,185 1.780%, due 7/25/19 1,994 1,090,000 Atlanta Downtown Development Authority, 6.875%, due 2/1/21 1,169 21,569 2.000%, due 10/15/19 22 640,000 Chicago Board of Education, 0.000%, due 12/1/19 606 40,323 2.000%, due 5/15/20 40 340,000 City of Chicago Heights IL, 4.750%, due 1/15/20 357 193,238 2.000%, due 5/15/23 193 660,000 City of Chicago Heights IL, 4.750%, due 1/15/20 680 33,745 2.250%, due 11/15/18 34 720,000 City of Miami FL, 6.750%, due 12/1/18 734 658,415 3.000%, due 7/1/24 672 1,000,000 Commonwealth of Puerto Rico, 5.500%, due 7/1/20 1,017 449,324 3.499%, due 6/15/50 459 750,000 County of Clermont OH Sewer System Revenue, 4.000%, due 8/1/20 760 85,510 4.000%, due 9/1/20 88 1,175,000 Industry Public Facilities Authority, 3.139%, due 1/1/20 1,183 24,389 4.000%, due 12/15/24 25 600,000 Kansas Development Finance Authority, 1.877%, due 4/15/18 601 173,837 4.500%, due 4/1/25 182 1,400,000 Met Gov Nshvll & Davidson Cnty Hlth & Ed Facs Bd,3.879%,due 7/1/46 1,470 205,611 4.500%, due 9/1/26 215 1,000,000 Metropolitan Transportation Authority, 7.134%, due 11/15/30 1,129 70,031 6.000%, due 3/1/23 74 750,000 Miami Beach Redevelopment Agency, 2.796%, due 2/1/19 749 5,450 1,500,000 New Jersey Economic Development Authority, 5.500% , due 9/1/23 1,725 1,250,000 North Texas Tollway Authority, 8.910%, due 2/1/30 1,403 Ginnie Mae 2.08% 400,000 Philadelphia Authority for Industrial Development, 0.000%, due 4/15/18 396 867,204 2.140%, due 8/15/23 844 1,000,000 Puerto Rico Electric Power Authority, 5.000%, due 7/1/20 1,006 140,867 3.619%, due 9/16/41 141 1,130,000 State of California, 7.700%, due 11/1/30 1,299 78,437 3.250%, due 3/20/39 79 1,330,000 Vermont Educational & Hlth Bldgs Agency, 3.221%, due 10/15/20 1,353 340,679 1.614%, due 7/16/39 335 TOTAL MUNICIPALS 3.87% 18,209 45,594 1.771%, due 11/16/38 46 (Cost $18,060) 473,326 0.514%, due 5/16/35 458 1,744,195 2.399%, due 11/16/41 1,764 Sovereign 1,583,260 2.515%, due 6/16/48 1,633 1,900,000 United States Department of Transportation, 6.000%, due 12/7/21 2,147 648,685 2.000%, due 3/16/26 640 TOTAL SOVEREIGN 0.46% 2,147 1,830,554 2.350%, due 4/16/57 1,811 (Cost $2,155) 1,910,533 4.806%, due 6/20/36 2,032 9,783 TOTAL U.S. AGENCY OBLIGATIONS 7.88% 37,029 (Cost $37,452)

25 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2017

Shares Fair Shares Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) U.S. Government Obligations Common Stocks- Short U.S. Treasury Notes/Bonds Consumer Discretionary 0.19% 15,250,000 1.250%, due 3/3/21 *$ 14,874 10,338 Lennar Corp 654 10,250,000 1.375%, due 7/31/18 10,236 5,586 Sinclair Broadcast Group Inc 211 3,750,000 1.500%, due 10/31/19 * 3,724 865 7,000,000 1.750%, due 5/15/22 6,887 5,015,000 1.750%, due 5/31/22 4,928 Technology 0.13% 22,585,000 2.250%, due 3/31/21 22,734 5,000 VMware Inc 626 12,500,000 2.625%, due 8/15/20 12,718 TOTAL U.S. GOVERNMENT OBLIGATIONS 16.16% 76,101 Utilities 0.05% (Cost $76,921) 6,240 AT&T Inc 243

Rights 0.00% TOTAL SECURITIES SOLD SHORT 0.37% 1,734 39,120 MEDIA GENERAL CVR 12 (Cost $1,550) (Cost $0) TOTAL INVESTMENTS 98.81% 465,325 Short-Term Investments (Cost $467,718) 13,832,914 Dreyfus Government Cash Management 2.94% 13,833 (Cost $13,833) Other Assets, Less Liabilities 1.19% 5,583

Collateral for Securities Loaned NET ASSETS 100.00%$ 470,908 Short-Term Investments-Repurchase Agreements 1,000,000 SwibRepo 1.63%, due 1/2/18 1,000 1,000,000 Cantor Fitzgerald Securities 1.41%, due 1/2/18 1,000 1,000,000 Daiwa Capital Markets 1.43%, due 1/2/18 1,000 1,000,000 BNP 1.40%, due 1/2/18 1,000 106,953 Jefferies LLC, 1.50%, due 1/2/18 106 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 0.87% 4,106 (Cost $4,106)

* All or a portion of this security is on loan. The market value of loaned securities is $9,664,794.

26 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 65.46% Number of Stocks 473 Top Ten Stocks 17.48%

Fixed Income Securities: Asset Backed Securities 0.72% Commercial Mortgage Backed Securities 0.26% Corporate Obligations 11.14% Municipals 0.42% Sovereign 0.01% U.S. Agency Obligations 8.54% U.S. Government Obligations 11.57% Rights 0.00% Short-Term Investments 3.99% Short-Term Investments-Repurchase Agreements 1.60% Liabilities, Less Other Assets -3.71%

Top 10 Equity Holdings (% of Net Assets) Bank of America Corp. 2.23% Microsoft Corp. 2.12% Wells Fargo & Co. 1.94% Charles Schwab Corp. 1.85% Capital One Financial Corp. 1.78% Alphabet Inc. CL C 1.63% JPMorgan Chase & Co. 1.56% Comcast Corp. 1.51% Goldman Sachs Group Inc. 1.50% Wal-Mart Stores Inc. 1.36%

Top 5 Sectors (Equity Securities only) (% of Net Assets) Financial Services 18.82% Consumer Discretionary 14.05% Technology 11.24% Health Care 6.02% Producer Durables 5.08%

27 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks Common Stocks (continued) Consumer Discretionary 14.05% Consumer Discretionary (continued) 182 Advance Auto Parts Inc.$ 18 133 Ralph Lauren Corp. $ 14 1,019 Amazon.com Inc. 1,192 1,000 Ross Stores Inc. 80 700 Aptiv PLC 59 423 Royal Caribbean Cruises Ltd 50 69 AutoZone Inc. 49 200 Scripps Networks Interactive Inc. 17 625 Best Buy Co. Inc. 43 117 Signet Jewelers Ltd 7 500 BorgWarner Inc. 26 4,200 Starbucks Corp. 241 500 CarMax Inc. 32 742 Tapestry Inc. 33 1,000 Carnival Corp. 66 22,300 Target Corp. 1,455 900 CBS Corp. 53 300 Tiffany & Co. 31 8,995 Charter Communications Inc. 3,022 28,435 Time Warner Inc. 2,601 62 Chipotle Mexican Grill Inc. * 18 1,600 TJX Cos Inc. 122 86,510 Comcast Corp. 3,465 300 Tractor Supply Co. 22 1,149 Costco Wholesale Corp. 214 303 TripAdvisor Inc. * 10 3,200 Coty Inc. 64 21,100 Twenty-First Century Fox Inc 720 300 Darden Restaurants Inc. 29 72,600 Twenty-First Century Fox Inc. 2,507 400 Discovery Communications Inc. * 9 143 Ulta Beauty Inc. 32 500 Discovery Communications Inc. 11 502 Under Armour Inc Class A * 7 18,600 DISH Network Corp. 888 500 Under Armour Inc Class C * 7 600 Dollar General Corp. 56 796 VF Corp. 59 582 Dollar Tree Inc. 62 900 Viacom Inc. 28 800 DR Horton Inc. 41 31,790 Wal-Mart Stores Inc. 3,139 2,420 eBay Inc. 91 4,143 Walt Disney Co. 445 300 Expedia Inc. 36 179 Whirlpool Corp. 30 300 Foot Locker Inc. 14 253 Wyndham Worldwide Corp. 29 9,600 Ford Motor Co. 120 197 Wynn Resorts Ltd 33 400 Fortune Brands Home & Security Inc. 27 880 Yum! Brands Inc. 72 500 Gap Inc. 17 32,341 300 Garmin Ltd 18 3,200 General Motors Co. 131 Consumer Staples 1.74% 323 Genuine Parts Co. 31 1,700 Archer-Daniels-Midland Co. 68 600 Goodyear Tire & Rubber Co. 19 684 Brown-Forman Corp. 47 500 H&R Block Inc. 13 700 Campbell Soup Co. 34 900 Hanesbrands Inc. * 19 968 Clorox Co. 144 11,370 Harley-Davidson Inc. 579 14,400 Coca-Cola Co. 661 272 Hasbro Inc. 25 5,354 Colgate-Palmolive Co. 404 500 Hilton Worldwide Holdings Inc. 40 1,250 Conagra Brands Inc. 47 2,982 Home Depot Inc. 565 557 Constellation Brands Inc. 127 194 International Flavors & Fragrances Inc. 30 2,676 CVS Health Corp. 194 400 Kohl's Corp.* 22 600 Dr Pepper Snapple Group Inc. 58 600 L Brands Inc. * 36 2,100 General Mills Inc. 125 300 Leggett & Platt Inc. 14 493 Hershey Co. 56 500 Lennar Corp. 32 1,000 Hormel Foods Corp. * 36 34,575 Liberty Interactive Corp QVC Group 844 315 JM Smucker Co. * 39 800 LKQ Corp. 33 1,000 Kellogg Co.* 68 2,100 Lowe's Cos Inc. 195 2,267 Kimberly-Clark Corp. 274 760 Macy's Inc. * 19 2,500 Kraft Heinz Co. 194 769 Marriott International Inc. 104 2,200 Kroger Co. 60 28,270 Mattel Inc. * 435 312 McCormick & Co Inc. * 32 2,236 McDonald's Corp. 385 279 Mid-America Apartment Communities Inc. 28 1,300 MGM Resorts International 43 155 Mohawk Industries Inc. 43 56,950 Microsoft Corp. 4,872 5,200 Mondelez International Inc. 223 1,061 Netflix Inc. 204 1,305 Monster Beverage Corp. 83 15,925 News Corp. 258 5,286 PepsiCo Inc. 634 300 News Corp. 5 1,200 Sysco Corp. 73 800 Nielsen Holdings PLC * 29 900 Tyson Foods Inc. 73 3,490 NIKE Inc. 218 2,400 Walgreens Boots Alliance Inc. 174 300 Nordstrom Inc. 14 3,999 453 Norwegian Cruise Line Holdings Ltd 24 600 Omnicom Group Inc. 44 Energy 4.92% 216 O'Reilly Automotive Inc. 52 44,378 Anadarko Petroleum Corp. 2,380 821 Priceline Group Inc. 1,427 355 Andeavor 41 685 PulteGroup Inc. 23 30,928 Apache Corp. 1,306 190 PVH Corp. 26 1,100 Cabot Oil & Gas Corp. 31 2,200 Chesapeake Energy Corp. 9

28 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

Fair Fair Shares Common Stocks (continued) Value (000's) Shares Common Stocks (continued) Value (000's) Energy (continued) Financial Services (continued) 4,659 Chevron Corp. $ 583 1,171 Crown Castle International Corp.$ 130 234 Cimarex Energy Co. 29 503 Digital Realty Trust Inc. 57 6,566 Concho Resources Inc. 986 950 Discover Financial Services 73 2,996 ConocoPhillips 164 900 Duke Realty Corp. 24 1,300 Devon Energy Corp. 54 640 E*TRADE Financial Corp. 32 1,401 EOG Resources Inc. 151 296 Equifax Inc. 35 600 EQT Corp. 34 192 Equinix Inc. 87 11,344 Exxon Mobil Corp. 949 900 Equity Residential 57 2,100 Halliburton Co. 103 162 Essex Property Trust Inc. 39 287 Helmerich & Payne Inc. * 19 101 Everest Re Group Ltd 22 700 Hess Corp. 33 300 Extra Space Storage Inc. 26 4,763 Kinder Morgan Inc. 86 178 Federal Realty Investment Trust 24 2,124 Marathon Oil Corp. 36 800 Fidelity National Information Services Inc. 75 1,224 Marathon Petroleum Corp. 81 1,800 Fifth Third Bancorp 55 32,600 National Oilwell Varco Inc. 1,174 517 Fiserv Inc. 68 500 Newfield Exploration Co. 16 809 Franklin Resources Inc. 35 1,148 Noble Energy Inc. 33 1,500 GGP Inc. 35 4,930 Occidental Petroleum Corp. 363 400 Global Payments Inc. 40 900 ONEOK Inc. 48 13,585 Goldman Sachs Group Inc. 3,461 1,048 Phillips 66 106 900 Hartford Financial Services Group Inc. 51 418 Pioneer Natural Resources Co. 72 1,200 HCP Inc. 31 600 Range Resources Corp. 10 1,859 Host Hotels & Resorts Inc. 37 30,382 Schlumberger Ltd 2,047 2,700 Huntington Bancshares Inc. 39 1,100 TechnipFMC PLC 34 1,445 Intercontinental Exchange Inc. 102 1,030 Valero Energy Corp. 95 1,000 Invesco Ltd 37 45,000 Weatherford International PLC * 188 694 Iron Mountain Inc. 26 2,000 Williams Cos Inc. 61 33,553 JPMorgan Chase & Co. 3,588 11,322 2,680 KeyCorp 54 1,000 Kimco Realty Corp. 18 Financial Services 18.82% 800 Leucadia National Corp. 21 113,000 Aegon NV 712 568 Lincoln National Corp. 44 138 Affiliated Managers Group Inc. 28 700 Loews Corp. 35 1,000 Aflac Inc. 88 374 M&T Bank Corp. 64 230 Alexandria Real Estate Equities Inc. 30 300 Macerich Co. 20 119 Alliance Data Systems Corp 30 1,300 Marsh & McLennan Cos Inc. 106 888 Allstate Corp. 93 2,296 Mastercard Inc. 348 26,740 American Express Co. 2,656 41,100 MetLife Inc. 2,078 2,211 American International Group Inc. 132 2,700 Micron Technology Inc. 111 1,442 American Tower Corp. 206 409 Moody's Corp. 60 369 Ameriprise Financial Inc. 63 3,500 Morgan Stanley 184 625 Aon PLC 84 300 Nasdaq Inc. 23 355 Apartment Investment & Management Co. 16 700 Navient Corp. 9 400 Arthur J Gallagher & Co. 25 550 Northern Trust Corp. 55 132 Assurant Inc. 13 2,820 PayPal Holdings Inc. 208 339 AvalonBay Communities Inc. 60 800 People's United Financial Inc. 15 174,100 Bank of America Corp. 5,139 1,178 PNC Financial Services Group Inc. 170 42,547 Bank of New York Mellon Corp. 2,292 640 Principal Financial Group Inc. 45 24,500 BB&T Corp. 1,218 1,400 Progressive Corp. 79 7,117 Berkshire Hathaway Inc. 1,411 1,292 Prologis Inc. 83 305 BlackRock Inc. 157 1,050 Prudential Financial Inc. 121 379 Boston Properties Inc. 49 562 Public Storage 117 3,735 Brighthouse Financial Inc. 219 300 Raymond James Financial Inc. 27 41,219 Capital One Financial Corp. 4,105 700 Realty Income Corp. 40 277 Cboe Global Markets Inc. 35 400 Regency Centers Corp. 28 700 CBRE Group Inc. 30 2,970 Regions Financial Corp. 51 82,900 Charles Schwab Corp. 4,259 632 S&P Global Inc. 107 1,144 Chubb Ltd 167 296 SBA Communications Corp. 48 361 Cincinnati Financial Corp. 27 1,548 Simon Property Group Inc. 266 11,300 Citigroup Capital XIII 311 243 SL Green Realty Corp. 25 6,511 Citigroup Inc. 484 910 State Street Corp. 89 1,200 Citizens Financial Group Inc. 50 1,200 SunTrust Banks Inc. 78 836 CME Group Inc. 122 1,800 Synchrony Financial 69 410 Comerica Inc. 36 591 T Rowe Price Group Inc. 62

29 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

Common Stocks (continued) Fair Common Stocks (continued) Fair Shares Financial Services (continued) Value (000's) Shares Materials & Processing (continued) Value (000's) 275 Torchmark Corp. $ 25 272 Albemarle Corp. $ 35 425 Total System Services Inc. 34 900 Ball Corp. 34 678 Travelers Cos Inc. 92 13,500 Celanese Corp. 1,446 700 UDR Inc. 27 595 CF Industries Holdings Inc. 25 600 Unum Group 33 7,220 DowDuPont Inc. 514 3,900 US Bancorp 209 404 Eastman Chemical Co. 37 900 Ventas Inc. 54 640 Ecolab Inc. 86 4,498 Visa Inc. 513 1,000 Fastenal Co. 55 406 Vornado Realty Trust 32 300 FMC Corp. 28 73,439 Wells Fargo & Co. 4,456 3,292 Freeport-McMoRan Inc. 62 900 Welltower Inc. 57 1,000 Ingersoll-Rand PLC 89 1,184 Western Union Co. 23 2,131 International Business Machines Corp. 327 1,862 Weyerhaeuser Co. 66 928 Interpublic Group of Cos Inc. 19 330 Willis Towers Watson PLC 50 798 LyondellBasell Industries NV 88 610 XL Group Ltd 21 154 Martin Marietta Materials Inc. 34 500 Zions Bancorporation 25 800 Masco Corp. 35 43,308 537 Molson Coors Brewing Co. 44 1,080 Monsanto Co. 126 Health Care 6.02% 900 Mosaic Co. 23 6,456 Abbott Laboratories 368 1,300 Newmont Mining Corp. 49 1,240 Aetna Inc. 224 800 Nucor Corp. 51 1,302 Alexion Pharmaceuticals Inc. 156 631 PPG Industries Inc. 74 199 Align Technology Inc. 44 703 Praxair Inc. 109 708 AmerisourceBergen Corp. 65 430 Sealed Air Corp. 21 3,625 Amgen Inc. 630 202 Sherwin-Williams Co. 83 999 Anthem Inc. 225 325 Vulcan Materials Co. 42 158 Becton Dickinson and Co. 34 590 WestRock Co. 37 5,687 Boston Scientific Corp. 141 3,683 1,525 Cardinal Health Inc. 93 600 Centene Corp. 61 Producer Durables 5.08% 1,308 Cerner Corp. 88 3,577 3M Co 842 15,010 Cigna Corp. 3,048 1,519 Accenture PLC 233 802 DaVita Inc. 58 300 Alaska Air Group Inc. 22 1,100 Dentsply Sirona Inc. 72 266 Allegion PLC 21 740 Edwards Lifesciences Corp. 83 1,100 American Airlines Group Inc. 57 400 Envision Healthcare Corp. 14 700 AMETEK Inc. 51 33,079 Express Scripts Holding Co. 2,469 400 AO Smith Corp. 25 21,956 Gilead Sciences Inc. 1,573 1,200 Arconic Inc. 33 870 Henry Schein Inc. 61 1,093 Automatic Data Processing Inc. 128 1,400 Hologic Inc. 60 217 Avery Dennison Corp. 25 573 Humana Inc. 142 2,267 Caterpillar Inc. 357 355 IDEXX Laboratories Inc. 56 300 CH Robinson Worldwide Inc. * 27 811 Illumina Inc. 177 210 Cintas Corp. 33 1,189 Incyte Corp. 113 2,200 CSX Corp. 121 470 Intuitive Surgical Inc. 172 625 Cummins Inc. 110 1,869 IQVIA Holdings Inc. 183 1,299 Deere & Co. 203 210 JB Hunt Transport Services Inc. 24 1,600 Delta Air Lines Inc. 90 495 Laboratory Corp. of America Holdings 79 500 Dover Corp. 50 765 McKesson Corp. 119 1,800 Eaton Corp. PLC 142 23,031 Medtronic PLC. 1,860 3,000 Emerson Electric Co. 209 546 Parker-Hannifin Corp. 109 400 Expeditors International of Washington Inc. 26 683 Quest Diagnostics Inc. 67 11,107 FedEx Corp. 2,772 519 Regeneron Pharmaceuticals Inc. 195 300 FLIR Systems Inc. 14 600 ResMed Inc. 51 323 Flowserve Corp. 14 1,621 Stryker Corp. 251 1,300 Fortive Corp. 94 394 Varian Medical Systems Inc. 44 1,663 Illinois Tool Works Inc. 277 1,369 Vertex Pharmaceuticals Inc. 205 43,470 Johnson Controls International plc 1,657 843 Zimmer Biomet Holdings Inc. 102 259 Kansas City Southern 27 4,600 Zoetis Inc. 331 355 Mettler-Toledo International Inc. 220 13,847 709 Norfolk Southern Corp. 103 1,433 PACCAR Inc. 102 Materials & Processing 1.60% 232 Packaging Corp of America 28 127 Acuity Brands Inc. * 22 300 Patterson Cos Inc. 11 536 Air Products & Chemicals Inc. 88 800 Paychex Inc. 54

30 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

Common Stocks (continued) Fair Common Stocks (continued) Fair Shares Producer Durables (continued) Value (000's) Shares Technology (continued) Value (000's) 495 Pentair PLC $ 35 15,700 NetApp Inc. $ 869 400 Quanta Services Inc. 16 1,475 NVIDIA Corp. 285 575 Republic Services Inc. 39 7,438 Oracle Corp. 352 300 Robert Half International Inc. 17 300 Qorvo Inc. * 20 477 Rockwell Automation Inc. 94 3,670 QUALCOMM Inc. 235 518 Rockwell Collins Inc. 70 436 Red Hat Inc. 52 397 Roper Technologies Inc. 103 1,679 salesforce.com Inc. 172 212 Snap-on Inc. * 37 700 Seagate Technology PLC * 29 1,400 Southwest Airlines Co. 92 453 Skyworks Solutions Inc. 43 545 Stanley Black & Decker Inc. 92 1,523 Symantec Corp. 43 202 Stericycle Inc. 14 6,400 Synopsys Inc. 546 138 TransDigm Group Inc. 38 16,950 TE Connectivity Ltd 1,611 16,013 Union Pacific Corp. 2,147 2,434 Texas Instruments Inc. 254 600 United Continental Holdings Inc. 40 211 VeriSign Inc. * 24 1,914 United Parcel Service Inc. 228 750 Western Digital Corp. 59 217 United Rentals Inc. 37 600 Xilinx Inc. 40 400 Verisk Analytics Inc 38 25,860 1,000 Waste Management Inc. 86 1,077 Waters Corp. 208 Utilities 1.99% 194 WW Grainger Inc. * 46 1,600 AES Corp. 17 493 Xerox Corp. 14 600 Alliant Energy Corp. 25 400 Xylem Inc. 27 630 Ameren Corp 37 11,696 1,190 American Electric Power Co. Inc. 87 400 American Water Works Co. Inc. 36 Technology 11.24% 15,915 AT&T Inc. 619 1,900 Activision Blizzard Inc. 120 1,100 CenterPoint Energy Inc. 31 1,213 Adobe Systems Inc. 213 2,388 CenturyLink Inc. 40 2,000 Advanced Micro Devices Inc. * 21 700 CMS Energy Corp. 33 400 Akamai Technologies Inc. 26 800 Consolidated Edison Inc. 68 3,580 Alphabet Inc. CL A 1,194 1,960 Dominion Energy Inc. 159 1,133 Alphabet Inc. CL C 3,746 441 DTE Energy Co. 48 758 Amphenol Corp. 67 1,714 Duke Energy Corp. 144 939 Analog Devices Inc. 84 800 Edison International 50 208 ANSYS Inc. 31 490 Entergy Corp. 40 13,408 Apple Inc. 2,269 800 Eversource Energy 50 2,608 Applied Materials Inc. 133 2,358 Exelon Corp. 93 539 Autodesk Inc. 57 1,100 FirstEnergy Corp. 34 1,000 Broadcom Ltd 257 1,436 NextEra Energy Inc. 224 800 CA Inc. 27 800 NiSource Inc. 20 700 Cadence Design Systems Inc. 29 700 NRG Energy Inc. 20 72,350 Cisco Systems Inc. 2,771 1,300 PG&E Corp. 58 310 Citrix Systems Inc. 27 300 Pinnacle West Capital Corp. 25 1,464 Cognizant Technology Solutions Corp. 104 1,700 PPL Corp. 53 400 CSRA Inc. 12 1,200 Public Service Enterprise Group Inc. 62 10,973 Dell Technologies Inc. Class V 892 400 SCANA Corp. 16 739 DXC Technology Co. 70 617 Sempra Energy 66 759 Electronic Arts Inc. 80 2,500 Southern Co. 120 156 F5 Networks Inc. 20 140,075 Sprint Corp. 825 5,889 Facebook Inc. 1,039 10,700 Verizon Communications Inc. 566 223 Gartner Inc. 27 825 WEC Energy Group Inc. * 55 149,952 Hewlett Packard Enterprise Co. 2,153 1,200 Xcel Energy Inc. 58 109,152 HP Inc. 2,293 22,000 Zayo Group Holdings Inc. 810 900 IHS Markit Ltd 41 4,589 11,520 Intel Corp. 532 TOTAL COMMON STOCK 65.46% 150,645 1,000 International Paper Co. 58 (Cost $99,214) 598 Intuit Inc. 94 27,900 Juniper Networks Inc. 795 386 KLA-Tencor Corp. 41 399 Lam Research Corp. 73 20,000 Maxim Integrated Products Inc. 1,045 400 Michael Kors Holdings Ltd 25 20,035 Micro Focus International PLC 673 600 Microchip Technology Inc. * 53 371 Motorola Solutions Inc. 34

31 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

Principal Fair Principal Fair Amount Value (000's) Amount Value (000's) Asset Backed Securities 0.72% Corporate Obligations (continued) 27,561 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19$ 28 Consumer Staples 0.27% 307,000 American Express Credit Account Master Tr,1.640%, due 12/15/21 305 150,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18$ 150 330,000 Ford Credit Auto Owner Trust 2015-REV1, 2.120%, due 7/15/26 329 95,000 Kraft Heinz Foods Co., 3.500%, due 6/6/22 97 145,000 Ford Credit Auto Owner Trust, 2.260%, due 11/15/25 145 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 25 1,896 Home Equity Loan Trust 2003-HS3, 1.832%, due 8/25/33 2 30,000 Kraft Heinz Foods Co., 6.500%, due 2/9/40 38 225,000 Mercedes-Benz Auto Lease Trust 2017-A, 1.790%, due 4/15/20 225 240,000 Mondelez Intl Hldngs Netherlands BV, 2.000%, due 10/28/21 233 30,444 Mercedes-Benz Auto Receivables Trust 2016-1, 1.110%, due 3/15/19 30 615 12,063 Nissan Auto Receivables 2016-C Owner Trust,1.070%, due 5/15/19 12 20,113 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 20 Energy 1.85% 134,702 SLM Private Education Loan Trust 2014-A, 2.590%, due 1/15/26 135 90,000 Alabama Power Co., 3.700%, due 12/1/47 92 8,470 USAA Auto Owner Trust 2016-1, 1.070%, due 3/15/19 8 125,000 BP Capital Markets PLC, 3.216%, due 11/28/23 128 100,000 Verizon Owner Trust 2016-1, 1.420%, due 1/20/21 99 155,000 Chevron Corp., 2.895%, due 3/3/24 156 100,000 Verizon Owner Trust 2017-1, 2.060%, due 9/20/21 100 300,000 ConocoPhillips Co., 3.350%, due 11/15/24 309 105,000 Verizon Owner Trust 2017-2, 1.920%, due 12/20/21 104 90,000 ConocoPhillips Co., 4.150%, due 11/15/34 96 TOTAL ASSET BACKED SECURITIES 1,667 110,000 Consolidated Edison Co. of New York Inc.,4.450%, due 3/15/44 125 (Cost $1,673) 80,000 Dominion Energy Inc., 2.500%, due 12/1/19 80 25,000 Dominion Energy Inc., 2.961%, due 7/1/19 25 Commercial Mortgage Backed Securities 0.26% 50,000 Dominion Energy Inc., 4.104%, due 4/1/21 52 145,000 CFCRE Commercial Mortgage Trust 2016-C3, 3.865%, due 1/10/48 152 125,000 Dominion Energy Inc., 5.749%, due 10/1/54 135 105,000 COMM 2013-CCRE9 Mortgage Trust, 3.834%, due 7/10/45 109 55,000 DTE Energy Co., 1.500%, due 10/1/19 54 147,038 GS Mortgage Securities Trust 2012-GCJ7, 3.377%, due 5/10/45 150 55,000 Duke Energy Florida LLC, 3.200%, due 1/15/27 56 60,000 GS Mortgage Securities Trust 2013-GCJ14, 3.817%, due 8/10/46 62 20,000 Duke Energy Florida LLC, 3.850%, due 11/15/42 21 125,000 Morgan Stanley Bank of America ML Tr 2015-C26, 3.211%, due 10/15/48 126 30,000 Duke Energy Progress LLC, 3.000%, due 9/15/21 31 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 599 175,000 Enel Finance International NV, 6.000%, due 10/7/39 218 (Cost $599) 50,000 Enel Finance International NV, 6.800%, due 9/15/37 67 55,000 Energy Transfer LP, 4.050%, due 3/15/25 55 Corporate Obligations 11.13% 110,000 Eversource Energy, 2.900%, due 10/1/24 109 Consumer Discretionary 1.88% 150,000 Kinder Morgan Inc., 4.300%, due 6/1/25 156 115,000 21st Century Fox America Inc., 6.650%, due 11/15/37 158 300,000 Kinder Morgan Inc., 5.550%, due 6/1/45 328 50,000 Amazon.com Inc., 2.800%, due 8/22/24 50 75,000 Kinder Morgan Inc., 5.625%, due 11/15/23 83 60,000 AutoZone Inc., 3.750%, due 6/1/27 61 95,000 MidAmerican Energy Co., 5.800%, due 10/15/36 122 75,000 BMW US Capital LLC, 2.150%, due 4/6/20 75 85,000 PECO Energy Co., 4.150%, due 10/1/44 93 75,000 Charter Communications Operating LLC , 4.908%, due 7/23/25 80 60,000 Petrobras Global Finance BV, 4.375%, due 5/20/23 59 80,000 Charter Communications Operating LLC , 5.375%, due 5/1/47 82 150,000 Petroleos Mexicanos, 4.875%, due 1/18/24 155 150,000 Charter Communications Operating LLC , 6.484%, due 10/23/45 175 56,000 Petroleos Mexicanos, 5.500%, due 6/27/44 52 120,000 Comcast Corp., 4.400%, due 8/15/35 131 80,000 Petroleos Mexicanos, 6.375%, due 1/23/45 80 350,000 Cox Communications Inc., 3.250%, due 12/15/22 351 75,000 Petroleos Mexicanos, 6.500%, due 3/13/27 82 50,000 Cox Communications Inc., 3.850%, due 2/1/25 51 111,000 Petroleos Mexicanos, 6.750%, due 9/21/47 116 15,000 CVS Health Corp., 3.500%, due 7/20/22 15 40,000 Public Service Co. of New Hampshire, 3.500%, due 11/1/23 41 70,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 69 140,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 142 145,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 145 120,000 Shell International Finance BV, 4.125%, due 5/1/35 131 320,000 Daimler Finance North America LLC, 2.300%, due 1/6/20 319 50,000 Sherwin-Williams Co., 2.250%, due 5/15/20 50 210,000 Ford Motor Credit Co. LLC, 2.551%, due 10/5/18 211 90,000 Southern Co., 2.150%, due 9/1/19 90 400,000 Ford Motor Credit Co. LLC, 8.125%, due 1/15/20 443 45,000 Statoil ASA, 3.700%, due 3/1/24 47 55,000 Kroger Co., 2.950%, due 11/1/21 56 65,000 Suncor Energy Inc., 6.500%, due 6/15/38 88 1,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34 1 115,000 Total Capital International SA, 2.875%, due 2/17/22 117 285,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 301 75,000 TransCanada PipeLines Ltd, 4.625%, due 3/1/34 84 60,000 McDonald's Corp., 2.100%, due 12/7/18 60 275,000 Transcanada Trust, 5.299%, due 3/15/77 284 325,000 Myriad International Holdings BV, 5.500%, due 7/21/25 354 50,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 58 75,000 Nordstrom Inc. , 6.950%, due 3/15/28 85 4,267 244,000 RELX Capital Inc., 3.125%, due 10/15/22 246 25,000 Time Warner Cable LLC, 4.000%, due 9/1/21 26 Financial Services 4.31% 200,000 Time Warner Cable LLC, 4.125%, due 2/15/21 206 75,000 Ally Financial Inc., 3.250%, due 11/5/18 75 75,000 Time Warner Cable LLC, 6.750%, due 6/15/39 90 90,000 American Express Co., 2.200%, due 10/30/20 89 50,000 Time Warner Cable LLC, 8.250%, due 4/1/19 53 60,000 American Express Co., 2.500%, due 8/1/22 59 245,000 Toyota Motor Credit Corp., 1.824%, due 12/24/18 245 75,000 American Express Credit Corp., 1.700%, due 10/30/19 74 95,000 Toyota Motor Credit Corp., 2.600%, due 1/11/22 96 45,000 American Express Credit Corp., 1.875%, due 5/3/19 45 95,000 Walgreens Boots Alliance Inc., 3.300%, due 11/18/21 97 150,000 American Express Credit Corp., 2.250%, due 8/15/19 150 5,000 Walgreens Boots Alliance Inc., 4.800%, due 11/18/44 5 120,000 American Express Credit Corp., 2.600%, due 9/14/20 121 4,337 65,000 American International Group Inc., 3.900%, due 4/1/26 67 80,000 American International Group Inc., 6.400%, due 12/15/20 89 100,000 BAC Capital Trust XI, 6.625%, due 5/23/36 130 20,000 Bank of America Corp., 2.625%, due 4/19/21 20

32 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

Principal Fair Principal Fair Amount Value (000's) Amount Value (000's) Corporate Obligations (continued) Corporate Obligations (continued) Financial Services (continued) Financial Services (continued) 217,000 Bank of America Corp., 3.004%, due 12/20/23$ 218 65,000 UBS AG/London, 2.450%, due 12/1/20$ 65 85,000 Bank of America Corp., 3.093%, due 10/1/25 85 170,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 170 190,000 Bank of America Corp., 3.300%, due 1/11/23 194 25,000 Unum Group, 6.750%, due 12/15/28 31 70,000 Bank of America Corp., 3.500%, due 4/19/26 72 20,000 Visa Inc., 2.800%, due 12/14/22 20 10,000 Bank of America Corp., 4.000%, due 1/22/25 10 45,000 Visa Inc., 3.650%, due 9/15/47 46 200,000 Bank of America Corp., 4.200%, due 8/26/24 211 170,000 Wells Fargo & Co., 2.100%, due 7/26/21 167 25,000 Bank of America Corp., 4.250%, due 10/22/26 26 130,000 Wells Fargo & Co., 2.600%, due 7/22/20 131 170,000 Bank of America NA, 1.750%, due 6/5/18 170 175,000 Wells Fargo & Co., 2.610%, due 10/31/23 180 40,000 Bank of America NA, 2.050%, due 12/7/18 40 75,000 Wells Fargo & Co., 2.625%, due 7/22/22 75 80,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 83 135,000 Wells Fargo & Co., 3.000%, due 1/22/21 137 75,000 Bank One Capital III, 8.750%, due 9/1/30 110 150,000 Wells Fargo & Co., 4.300%, due 7/22/27 160 200,000 Barclays PLC, 4.375%, due 9/11/24 205 250,000 Wells Fargo Bank NA, 2.150%, due 12/6/19 250 375,000 BNP Paribas SA, 4.250%, due 10/15/24 396 9,930 140,000 Boston Properties LP, 3.125%, due 9/1/23 141 25,000 Boston Properties LP, 3.650%, due 2/1/26 25 Health Care 0.65% 50,000 Boston Properties LP, 5.875%, due 10/15/19 53 85,000 Abbott Laboratories, 2.350%, due 11/22/19 85 115,000 Capital One Financial Corp., 3.500%, due 6/15/23 117 405,000 Abbott Laboratories, 3.400%, due 11/30/23 412 100,000 Capital One Financial Corp., 4.200%, due 10/29/25 103 45,000 Aetna Inc., 2.200%, due 3/15/19 45 100,000 Capital One NA, 1.650%, due 2/5/18 100 135,000 Aetna Inc., 2.800%, due 6/15/23 133 250,000 Citibank NA, 2.100%, due 6/12/20 248 75,000 Amgen Inc., 4.663%, due 6/15/51 84 185,000 Citigroup Inc., 1.800%, due 2/5/18 185 105,000 Amgen Inc., 5.150%, due 11/15/41 126 80,000 Citigroup Inc., 2.150%, due 7/30/18 80 125,000 Anthem Inc., 3.350%, due 12/1/24 127 75,000 Citigroup Inc., 3.400%, due 5/1/26 75 29,000 Cigna Corp., 7.875%, due 5/15/27 39 70,000 Citigroup Inc., 3.700%, due 1/12/26 72 60,000 Gilead Sciences Inc., 3.700%, due 4/1/24 63 35,000 Citigroup Inc., 8.125%, due 7/15/39 56 30,000 Gilead Sciences Inc., 4.150%, due 3/1/47 32 120,000 Credit Suisse AG, 1.750%, due 1/29/18 120 115,000 Humana Inc., 3.850%, due 10/1/24 120 100,000 ERP Operating LP, 3.000%, due 4/15/23 101 65,000 Medtronic Inc., 3.625%, due 3/15/24 68 45,000 ERP Operating LP, 4.625%, due 12/15/21 48 50,000 Zoetis Inc., 3.450%, due 11/13/20 51 140,000 Goldman Sachs Group Inc., 3.271%, due 9/29/25 139 100,000 Zoetis Inc., 4.500%, due 11/13/25 109 50,000 Goldman Sachs Group Inc., 3.750%, due 2/25/26 51 1,494 60,000 Goldman Sachs Group Inc., 4.000%, due 3/3/24 63 70,000 Goldman Sachs Group Inc., 5.750%, due 1/24/22 78 Materials & Processing 0.45% 85,000 Guardian Life Global Funding, 1.950%, due 10/27/21 83 30,000 Caterpillar Financial Services Corp., 2.100%, due 1/10/20 30 215,000 JPMorgan Chase & Co., 2.086%, due 3/9/21 216 90,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 91 150,000 JPMorgan Chase & Co., 2.250%, due 1/23/20 150 250,000 Cemex SAB de CV, 7.750%, due 4/16/26 * 283 70,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 70 135,000 Dow Chemical Co., 3.000%, due 11/15/22 136 90,000 JPMorgan Chase & Co., 2.700%, due 5/18/23 89 125,000 Dow Chemical Co., 7.375%, due 11/1/29 167 65,000 JPMorgan Chase & Co. , 2.750%, due 6/23/20 66 50,000 Dow Chemical Co., 9.400%, due 5/15/39 85 30,000 JPMorgan Chase & Co., 2.775%, due 4/25/23 30 85,000 Eastman Chemical Co., 2.700%, due 1/15/20 86 310,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 317 35,000 EI du Pont de Nemours & Co.,2.200%, due 5/1/20 35 80,000 JPMorgan Chase & Co., 4.031%, due 7/24/48 83 60,000 Illinois Tool Works Inc., 2.650%, due 11/15/26 59 50,000 JPMorgan Chase & Co., 4.125%, due 12/15/26 53 55,000 International Paper Co., 5.000%, due 9/15/35 62 50,000 JPMorgan Chase & Co., 4.250%, due 10/1/27 53 1,034 75,000 HSBC Holdings PLC, 5.100%, due 4/5/21 81 240,000 HSBC Holdings PLC, 6.500%, due 5/2/36 313 Producer Durables 0.68% 275,000 Kaupthing ehf, 0.000%, due 5/19/16 0 45,867 American Airlines 2011-1 Class A Trust, 5.250%, due 7/31/22 48 233,000 Lloyds Banking Group PLC, 4.582%, due 12/10/25 244 36,474 American Airlines 2013-2 Class A Trust, 4.950%, due 1/15/23 39 7,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39 12 105,000 Anheuser-Busch InBev Finance Inc., 3.300%, due 2/1/23 107 145,000 MassMutual Global Funding II, 1.950%, due 9/22/20 143 45,298 BNSF Railway Co 2015-1 Pass Through Trust,3.442%,due6/16/28 46 190,000 Metropolitan Life Global Funding I, 1.350%, due 9/14/18 189 Burlington Northern and Santa Fe Railway Co. 0 150,000 Metropolitan Life Global Funding I, 3.450%, due 12/18/26 154 56,331 4.967%, due 4/1/23 61 75,000 Morgan Stanley, 2.500%, due 4/21/21 75 28,009 6.462%, due 1/15/21 29 165,000 Morgan Stanley, 2.625%, due 11/17/21 164 47,926 6.727%, due 7/15/22 51 100,000 Morgan Stanley, 7.300%, due 5/13/19 107 65,000 6.875%, due 12/1/27 85 50,000 Navient Corp., 8.450%, due 6/15/18 51 20,223 8.251%, due 1/15/21 21 190,000 New York Life Global Funding, 1.476%, due 4/12/19 190 105,000 CSX Transportation Inc., 9.750%, due 6/15/20 123 50,000 New York Life Insurance Co., 6.750%, due 11/15/39 72 43,585 Delta Air Lines 2007-1 Class A Trust, 6.821%, due 2/10/24 50 95,000 Northwestern Mutual Life Insurance Co., 6.063%, due 3/3/40 128 64,873 Northwest Airlines 2007-1 Class A Trust, 7.027%, due 5/1/21 70 75,000 Reliance Standard Life Global Funding II, 2.500%, due 1/15/20 75 250,000 Siemens Financieringsmaatschappij NV, 2.900%, due 5/27/22 253 389,626 Rio Oil Finance Trust Series 2014-1, 9.249%, due 7/6/24 421 60,000 Union Pacific Corp., 3.000%, due 4/15/27 60 250,000 Royal Bank of Scotland Group PLC, 6.000%, due 12/19/23 275 26,608 Union Pacific Railroad Co 2005 Pass Thrgh Trust, 5.082%, due 1/2/29 29

33 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

Principal Fair Principal Fair Amount Value (000's) Amount Value (000's) Corporate Obligations (continued) U.S. Agency Obligations (continued) Producer Durables (continued) Fannie Mae (continued) 137,493 Union Pacific Railroad Co 2007 Pass Thrgh Tr, 6.176%, due 1/2/31$ 159 44,660 2.000%, due 5/1/23 $ 44 69,051 US Airways 2012-1 Class A Pass Through Tr, 5.900%, due 4/1/26 77 24,930 2.000%, due 7/1/23 25 37,484 US Airways 2011-1 Class A Pass Through Tr, 7.125%, due 4/22/25 43 29,956 2.070%, due 8/1/43 31 175,000 Xerox Corp., 4.500%, due 5/15/21 183 63,421 2.097%, due 4/25/25 63 25,000 Xerox Corp., 5.625%, due 12/15/19 26 90,403 2.100%, due 12/1/27 87 1,560 75,535 2.131%, due 1/25/23 74 245,000 2.156%, due 10/25/23 240 Technology 0.22% 269,680 2.160%, due 1/1/23 266 120,000 Apple Inc., 3.850%, due 5/4/43 125 138,367 2.236%, due 3/1/43 138 25,000 Dell International LLC / EMC Corp., 4.420%, due 6/15/21 26 110,000 2.263%, due 2/25/23 109 100,000 Dell International LLC / EMC Corp., 5.450%, due 6/15/23 108 56,631 2.325%, due 7/25/23 57 100,000 Microsoft Corp., 3.500%, due 2/12/35 104 125,000 2.395%, due 5/25/26 120 145,000 Oracle Corp., 3.900%, due 5/15/35 154 80,315 2.466%, due 5/1/44 82 517 67,492 2.495%, due 8/1/42 68 39,048 2.500%, due 9/1/22 39 Utilities 0.82% 48,028 2.500%, due 7/1/25 48 125,000 AT&T Inc., 3.400%, due 8/14/24 125 27,746 2.500%, due 3/1/26 28 75,000 AT&T Inc., 3.400%, due 5/15/25 74 200,000 2.500%, due 2/1/48 193 35,000 AT&T Inc., 3.800%, due 3/1/24 36 99,877 2.537%, due 9/1/46 100 55,000 AT&T Inc., 4.250%, due 3/1/27 56 44,463 2.735%, due 11/1/21 44 59,000 AT&T Inc., 4.350%, due 6/15/45 54 58,479 2.951%, due 8/25/24 59 141,000 AT&T Inc., 4.500%, due 3/9/48 132 1,925,000 3.000%, due 2/1/46 1,922 50,000 AT&T Inc., 5.450%, due 3/1/47 53 282,603 3.164%, due 7/1/47 288 125,000 AT&T Inc., 5.650%, due 2/15/47 137 129,554 3.170%, due 8/1/18 130 115,000 AT&T Inc., 6.000%, due 8/15/40 130 156,687 3.230%, due 11/1/20 160 80,000 AT&T Inc., 8.250%, due 11/15/31 111 158,445 3.330%, due 10/1/20 162 25,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 25 15,000 3.399%, due 9/1/38 16 100,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 106 18,496 3.500%, due 9/1/28 19 100,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 129 970,660 3.500%, due 8/1/30 1,002 462,000 Verizon Communications Inc., 4.272%, due 1/15/36 459 960,000 3.500%, due 2/1/45 984 100,000 Verizon Communications Inc., 4.400%, due 11/1/34 102 28,598 4.000%, due 4/1/24 30 15,000 Verizon Communications Inc., 4.500%, due 8/10/33 16 39,068 4.000%, due 2/1/27 41 80,000 Verizon Communications Inc., 4.522%, due 9/15/48 79 95,897 4.000%, due 5/1/27 100 65,000 Vodafone Group PLC, 2.950%, due 2/19/23 65 8,697 4.000%, due 11/1/30 9 1,889 90,249 4.000%, due 10/1/33 95 TOTAL CORPORATE OBLIGATIONS 11.14% 25,643 462,091 4.000%, due 12/1/34 488 (Cost $24,955) 105,828 4.000%, due 8/1/35 112 666,846 4.000%, due 1/1/36 704 Municipals 0.42% 1,095,000 4.000%, due 1/1/46 1,145 125,000 New Jersey Turnpike Authority, 7.102%, due 1/1/41 187 1,108,022 4.000%, due 3/1/46 1,159 100,000 State of California, 7.500%, due 4/1/34 148 7,923 4.500%, due 3/1/25 8 100,000 State of California, 7.625%, due 3/1/40 156 41,394 4.500%, due 8/1/26 44 75,000 State of Illinois, 5.000%, due 11/1/21 80 10,375 4.500%, due 1/1/27 11 175,000 State of Illinois, 5.100%, due 6/1/33 175 59,589 4.500%, due 5/25/40 63 220,000 State of Illinois, 5.665%, due 3/1/18 221 78,500 4.500%, due 7/1/42 84 TOTAL MUNICIPALS 967 143,533 4.500%, due 10/1/42 155 (Cost $859) 69,435 4.500%, due 11/1/43 74 1,115,000 4.500%, due 2/1/46 1,185 Sovereign 0.01% 27,498 4.500%, due 2/1/46 30 Small Business Administration Participation Certificates 334,679 4.500%, due 2/1/46 359 2,072 6.100%, due 7/1/18 2 138,935 4.500%, due 3/1/47 148 10,225 6.120%, due 9/1/21 11 8,950 5.500%, due 1/1/24 9 TOTAL SOVEREIGN 13 81,464 6.000%, due 3/1/34 93 (Cost $12) 49,700 6.000%, due 8/1/37 57 58,154 6.000%, due 7/1/39 66 U.S. Agency Obligations 8.54% 849 6.500%, due 12/1/19 1 Fannie Mae 5.85% 38,171 6.500%, due 9/25/28 42 27,401 1.550%, due 4/25/18 27 9,446 6.500%, due 1/1/39 11 94,977 1.700%, due 8/25/18 95 113,365 6.999%, due 6/19/41 122 36,189 2.000%, due 1/1/23 36 18,267 7.000%, due 11/1/29 21 14,995 2.000%, due 3/1/23 15 13,574 7.000%, due 8/1/32 16 14,247 2.000%, due 4/1/23 14 24,064 7.000%, due 8/1/32 28 6,090 7.000%, due 8/1/37 7

34 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2017

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) TOTAL U.S. AGENCY OBLIGATIONS 8.54% 19,665 45,565 7.500%, due 10/25/40$ 52 (Cost $19,710) 34,661 7.500%, due 7/25/41 40 59,365 7.500%, due 7/25/42 70 U.S. Government Obligations 13,464 U.S Treasury Notes/Bonds 11.57% 530,000 0.000%, due 2/15/45 249 Freddie Mac 2.42% 255,000 0.000%, due 8/15/45 118 15,192 1.750%, due 3/15/25 15 270,000 0.125%, due 4/15/20 284 119,698 1.793%, due 3/25/23 120 205,000 0.125%, due 4/15/21 212 188,608 2.000%, due 1/1/28 185 100,000 0.750%, due 2/28/18* 100 211,767 2.041%, due 2/25/23 213 890,000 0.875%, due 3/31/18 889 33,890 2.555%, due 8/1/42 35 200,000 0.875%, due 4/15/19 198 706,573 2.924%, due 11/1/44 720 380,000 1.000%, due 9/15/18 378 70,574 3.027%, due 4/1/44 72 515,000 1.000%, due 3/15/19 510 22,078 3.066%, due 5/1/44 23 665,000 1.125%, due 1/15/19 660 336,443 3.081%, due 8/1/44 344 965,000 1.125%, due 1/31/19 958 2,594 3.342%, due 12/25/19 3 170,000 1.125%, due 2/28/19 169 10,917 3.520%, due12/1/37 11 700,000 1.250%, due 12/31/18* 696 2,819 3.606%, due 11/01/37 3 195,000 1.250%, due 1/31/19 194 23,261 4.000%, due 5/1/21 24 1,715,000 1.250%, due 10/31/21 1,661 10,347 4.000%, due 12/15/24 10 85,000 1.375%, due 2/28/19 84 31,176 4.000%, due 8/1/25 32 1,285,000 1.375%, due 9/30/20 1,265 12,413 4.000%, due 7/1/26 13 15,000 1.375%, due 5/31/21 15 58,417 4.000%, due 12/1/26 61 360,000 1.500%, due 1/31/19 359 64,220 4000%, due 5/1/27 67 1,220,000 1.500%, due 10/31/19 * 1,212 67,637 4.000%, due 10/1/31 71 495,000 1.625%, due 3/31/19 494 20,026 4.078%, due 11/1/39 21 1,670,000 1.625%, due 10/31/23 1,612 161,764 4.499%, due 12/15/43 172 960,000 1.750%, due 11/30/21 946 23,172 4.499%, due 3/15/44 25 565,000 1.750%, due 1/31/23 552 12,489 4.500%, due 8/1/18 13 815,000 1.875%, due 9/30/22 803 19,485 4.500%, due8/1/18 20 1,145,000 2.000%, due 2/15/25 1,119 103,001 4.500%, due 8/1/20 104 1,005,000 2.125%, due 12/31/22 * 1,001 17,430 4.500%, due 6/1/25 18 845,000 2.250%, due 8/15/27 833 44,321 4.500%, due 3/1/31 47 905,000 2.250%, due 11/15/27* 892 71,609 4.500%, due 3/1/31 76 900,000 2.250%, due 8/15/46* 812 210,936 4.500%, due 12/1/33 225 2,170,000 2.500%, due 2/15/45 2,069 112,326 4.500%, due 7/1/40 121 2,215,000 2.500%, due 2/15/46 2,108 40,909 4.500%, due 9/1/40 44 760,000 2.500%, due 5/15/46 723 505,710 4.500%, due 10/1/42 539 1,225,000 2.750%, due 8/15/47 1,226 74,113 4.500%, due 1/1/44 79 95,000 2.875%, due 5/15/43 98 195,046 4.500%, due 4/1/44 207 1,110,000 2.875%, due 8/15/45 1,138 173,337 4.500%, due 7/1/44 184 TOTAL U.S. GOVERNMENT OBLIGATIONS 26,637 70,400 4.500%, due 2/1/45 75 (Cost $26,590) 324,736 4.500%, due 4/1/47 345 451,907 4.500%, due 6/1/47 480 114,132 5.000%, due 11/15/34 123 Rights 0.00% 162,846 5.500%, due 9/15/33 181 690 SAFEWAY SCRP CUSIP 1 84,538 5.500%, due 7/15/38 93 690 SAFEWAY PDC LLC CVR 0 28,421 5.507%, due 7/25/32 31 Total Rights 1 32,761 6.000%, due 12/1/23 35 (Cost $1) 8,027 6.000%, due 2/1/39 9 7 6.500%, due 4/1/18 0 Short-Term Investments 12,228 6.500%, due 12/1/32 14 9,172,251 Dreyfus Government Cash Management 3.99% 9,174 14,863 6.500%, due 8/1/37 17 (Cost $9,174) 5,457 6.500%, due 9/1/37 6 2,342 6.500%, due 10/1/38 3 Collateral for Securities Loaned 1.60% 8,552 7.000%, due 7/1/32 10 Short-Term Investments-Repurchase Agreements 28,003 7.000%, due 9/1/32 31 1,000,000 SwibRepo 1.63%, due 1/2/18 1,000 21,388 7.000%, due 10/1/32 24 1,000,000 Cantor Fitzgerald Securities 1.41%, due 1/2/18 1,000 89,421 7.000%, due 11/1/32 101 1,000,000 Daiwa Capital Markets, 1.43%, due 1/2/18 1,000 69,690 7.000%, due 7/25/43 82 683,120 Jefferies LLC 1.50%, due 1/2/18 681 5,577 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 3,681 (Cost $3,681) Ginnie Mae 0.27% 66,708 2.140%, due 8/15/23 65 TOTAL INVESTMENTS 291,193 2.730%, due 6/15/32 280 (Cost $186,467) 103.71% 238,692 110,573 4.500%, due 3/20/44 117 157,386 6.000%, due 7/20/32 162 Liabilities, Less Other Assets -3.71% (8,548) 624 TOTAL NET ASSETS 100.00%$ 230,144

* All or a portion of this security is on loan. The market value of loaned securities is $5,753,661.

35 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS BALANCED FUND DECEMBER 31, 2017

(A) $145,000 of US Treasury Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2017:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2017 5 Year U.S. Treasury Notes 26 100,000 Long March 2018 ($14,422) 10 Year U.S. Treasury Notes 16 100,000 Long March 2018 (13,500) U.S. Treasury Bonds 17 100,000 Short March 2018 2,539 2 Year U.S. Treasury Notes 4 200,000 Long March 2018 (1,653) U.S. Treasury Notes Ultra 10 Year 1 100,000 Short March 2018 (156) U.S. Ultra Bonds 23 100,000 Short March 2018 (23,331) ($50,523)

36 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 97.31% Number of Stocks 171 Top Ten Stocks (% of Net Assets) 23.44%

Fixed Income Securities: Short-Term Investments 2.86% Short-Term Investments-Repurchase Agreements 0.95% Liabilities, Less Other Assets -1.12%

Top Ten Equity Holdings (% of Net Assets) Bank of America Corp 3.94% JPMorgan Chase & Co 3.48% Cigna Corp 2.28% Microsoft Corp 2.25% Charles Schwab Corp 2.20% Capital One Financial Corp 2.13% Wells Fargo & Co 2.02% Express Scripts Holding Co 1.88% Wal-Mart Stores Inc 1.67% Goldman Sachs Group Inc 1.59%

Top 5 Sectors (% of Net Assets) Financial Services 30.41% Technology 14.51% Consumer Discretionary 14.26% Health Care 10.69% Energy 9.60%

37 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2017

Shares Fair Shares Fair Value (000's) Value (000's) Common Stocks Common Stocks (continued) Consumer Discretionary 14.26% Energy (continued) 10,789 Aaron's Inc$ 430 30,738 Valero Energy Corp$ 2,825 7,073 AMC Networks Inc * 383 93,700 Weatherford International PLC * 391 29,026 American Eagle Outfitters Inc 546 34,352 5,793 Brunswick Corp 320 16,257 Charter Communications Inc 5,462 Financial Services 30.41% 141,470 Comcast Corp 5,666 215,529 Aegon NV 1,358 40,488 Dana Inc 1,296 25,421 Allstate Corp 2,662 32,000 DISH Network Corp 1,528 26,613 Ally Financial Inc 776 28,162 Fiat Chrysler Automobiles NV 502 46,000 American Express Co 4,568 58,722 General Motors Co 2,407 2,679 Ameriprise Financial Inc 454 22,500 Harley-Davidson Inc 1,145 27,620 Assured Guaranty Ltd 935 9,904 John Wiley & Sons Inc 651 477,978 Bank of America Corp 14,110 9,308 Lear Corp 1,644 75,000 Bank of New York Mellon Corp 4,040 66,000 Liberty Interactive Corp QVC Group 1,612 42,000 BB&T Corp 2,088 12,001 Magna International Inc 680 6,818 Brighthouse Financial Inc 400 48,600 Mattel Inc 747 76,500 Capital One Financial Corp 7,618 13,306 Michael Kors Holdings Ltd 838 53,498 CBRE Group Inc 2,317 90,362 News Corp 1,465 153,000 Charles Schwab Corp 7,860 73,970 Office Depot Inc 262 4,081 Citigroup Inc 304 1,500 Priceline Group Inc 2,607 22,879 Citizens Financial Group Inc 960 36,792 PulteGroup Inc 1,223 52,094 CNO Financial Group Inc 1,286 36,000 Target Corp 2,349 14,356 Discover Financial Services 1,104 15,450 Tenneco Inc 904 664 First Citizens BancShares Inc 268 51,000 Time Warner Inc 4,665 40,785 Gaming and Leisure Properties 1,509 126,800 Twenty-First Century Fox Inc 4,378 22,300 Goldman Sachs Group Inc 5,681 33,500 Twenty-First Century Fox Inc 1,143 41,566 Hospitality Properties Trust 1,241 1,446 Visteon Corp 181 8,029 Jones Lang LaSalle Inc 1,196 60,680 Wal-Mart Stores Inc 5,992 116,538 JPMorgan Chase & Co 12,463 51,026 27,434 Lazard Ltd 1,440 37,824 Leucadia National Corp 1,002 Consumer Staples 2.88% 25,554 Lincoln National Corp 1,964 4,271 Bunge Ltd 286 73,000 MetLife Inc 3,691 22,297 Coca-Cola Co 1,023 44,260 MGIC Investment Corp 625 16,285 Hershey Co 1,849 38,464 Morgan Stanley 2,018 16,996 Ingredion Inc 2,376 45,982 Navient Corp 612 15,596 Nu Skin Enterprises Inc 1,064 56,663 Old Republic International Corp 1,211 20,901 PepsiCo Inc 2,506 24,361 Prudential Financial Inc 2,801 11,484 Pilgrim's Pride Corp 357 13,667 Reinsurance Group of America Inc 2,131 6,118 Sanderson Farms Inc 849 11,347 Ryman Hospitality Properties Inc 783 10,310 12,941 S&P Global Inc 2,192 37,151 Synovus Financial Corp 1,781 Energy 9.60% 41,061 Unum Group 2,254 77,025 Anadarko Petroleum Corp 4,132 38,207 Voya Financial Inc 1,890 12,193 Andeavor 1,394 119,006 Wells Fargo & Co 7,220 57,000 Apache Corp 2,407 108,813 23,744 Chevron Corp 2,973 12,600 Concho Resources Inc 1,893 Health Care 10.69% 32,812 ConocoPhillips 1,801 12,153 Anthem Inc 2,735 66,170 Exxon Mobil Corp 5,534 26,346 Bruker Corp 904 3,610 HollyFrontier Corp * 185 7,362 Centene Corp 743 35,674 Marathon Petroleum Corp 2,354 40,107 Cigna Corp 8,145 63,900 National Oilwell Varco Inc 2,302 90,241 Express Scripts Holding Co 6,736 4,900 Occidental Petroleum Corp 361 44,367 Gilead Sciences Inc 3,178 16,348 PBF Energy Inc 580 9,369 Haemonetics Corp 544 12,232 Phillips 66 1,237 6,606 Humana Inc 1,639 51,500 Schlumberger Ltd 3,471 6,728 ICON PLC 755 91,670 Southwestern Energy Co 512 3,848 Jazz Pharmaceuticals PLC 518 9,410 Laboratory Corp of America Holdings 1,501 4,368 Ligand Pharmaceuticals Inc * 598

38 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2017

Shares Fair Value (000's) Shares Fair Common Stocks (continued) Common Stocks (continued) Value (000's) Health Care (continued) Technology (continued) 21,984 Mallinckrodt PLC$ 496 38,500 Maxim Integrated Products Inc$ 2,013 6,100 McKesson Corp 951 38,003 Micro Focus International PLC 1,277 33,500 Medtronic PLC 2,705 16,863 Micron Technology Inc 693 9,523 Nektar Therapeutics 569 94,054 Microsoft Corp 8,045 7,301 Neurocrine Biosciences Inc 566 29,000 NetApp Inc 1,604 15,257 Prestige Brands Holdings Inc 678 33,535 Synopsys Inc 2,859 15,785 Quest Diagnostics Inc 1,555 30,000 TE Connectivity Ltd 2,851 3,799 Vertex Pharmaceuticals Inc 569 17,623 VeriSign Inc * 2,017 30,015 Zoetis Inc 2,162 66,616 Vishay Intertechnology Inc * 1,382 38,247 51,901

Materials & Processing 3.24% Utilities 4.51% 13,280 Alcoa Corp 715 132,505 AES Corp 1,435 14,356 Cabot Corp 884 31,374 American Electric Power Co Inc 2,308 32,463 Celanese Corp 3,476 11,504 Edison International 728 12,227 Chemours Co 612 27,769 Entergy Corp 2,260 21,506 Louisiana-Pacific Corp 565 23,223 Portland General Electric Co 1,059 16,246 LyondellBasell Industries NV 1,792 14,400 Southwest Gas Holdings Inc 1,159 13,236 Masco Corp 582 270,714 Sprint Corp 1,595 14,399 Norbord Inc 487 35,847 Telephone & Data Systems Inc 997 17,034 Owens Corning 1,566 57,486 Verizon Communications Inc 3,043 12,739 Trinseo SA 925 42,000 Zayo Group Holdings Inc 1,541 11,604 16,125 TOTAL COMMON STOCKS 97.31% 348,185 Producer Durables 7.21% (Cost $244,794) 10,608 Cummins Inc 1,874 30,488 Delta Air Lines Inc 1,707 Short-Term Investments 5,353 EMCOR Group Inc 438 10,240,819 Dreyfus Government Cash Management Fund 2.86% 10,241 20,000 FedEx Corp 4,991 (Cost $10,241) 72,729 Johnson Controls International 2,772 9,752 ManpowerGroup Inc 1,230 2,785 Mettler-Toledo International Inc 1,725 Collateral for Securities Loaned 613 Moog Inc 53 Short-Term Investments-Repurchase Agreements 6,820 Old Dominion Freight Line Inc 897 1,000,000 SwibRepo 1.63%, due 1/2/18 1,000 18,852 PACCAR Inc 1,340 1,000,000 Cantor Fitzgerald Securities 1.41%, due 1/2/18 1,000 22,225 Ryder System Inc 1,871 1,000,000 Daiwa Capital Markets 1.43%, due 1/2/18 1,000 33,968 Southwest Airlines Co 2,223 301,164 Jefferies LLC 1.50%, due 1/2/18 301 13,737 Spirit AeroSystems Holdings Inc 1,199 97,442 RBC Domininion Securities Inc 1.40%, due 1/2/18 93 26,000 Union Pacific Corp 3,487 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 0.95% 3,394 25,807 (Cost $3,394)

Technology 14.51% 5,018 Alphabet Inc Class A 5,251 TOTAL INVESTMENTS 400 Alphabet Inc Class C 421 (Cost $258,429) 101.12% 361,820 37,818 Amkor Technology Inc 380 1,979 Apple Inc 335 Liabilities, Less Other Assets -1.12% (4,018) 26,637 Applied Materials Inc 1,362 19,354 Aspen Technology Inc 1,281 TOTAL NET ASSETS 100.00%$ 357,802 22,368 Cadence Design Systems Inc 935 115,000 Cisco Systems Inc 4,405 5,599 Citrix Systems Inc 493 14,058 Cognizant Technology Solutions Corp 998 22,060 Dell Technologies Inc Class V 1,793 278,000 Hewlett Packard Enterprise Co 3,992 202,877 HP Inc 4,262 6,758 Intuit Inc 1,066 30,075 Jabil Inc 789 49,000 Juniper Networks Inc 1,397

* All or a portion of this security is on loan. The market value of loaned securities is $3,491,261.

39 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 98.68% Number of Stocks 464 Top Ten Stocks (% of Net Assets) 21.33%

Rights 0.00% Fixed Income Securities: Short-Term Investments 0.42% Short-Term Investments-Repurchase Agreements 0.42% Other Assets, Less Liabilities 0.49%

Top Ten Equity Holdings (% of Net Assets) Apple Inc 3.98% Microsoft Corp 3.17% Berkshire Hathaway Inc 2.55% Amazon.com Inc 2.09% Facebook Inc 1.83% Exxon Mobil Corp 1.66% JPMorgan Chase & Co 1.61% Alphabet Inc Class C 1.60% 3M Co 1.48% Alphabet Inc Class A 1.36%

Top 5 Sectors (% of Net Assets) Technology 21.08% Financial Services 21.06% Consumer Discretionary 13.95% Health Care 10.85% Producer Durables 10.08%

40 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2017

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

Consumer Discretionary 13.95% Consumer Discretionary (continued) 6,027 Advance Auto Parts Inc$ 601 18,860 Omnicom Group Inc$ 1,374 33,555 Amazon.com Inc 39,242 6,933 O'Reilly Automotive Inc 1,668 21,556 Aptiv PLC 1,829 3,963 Priceline Group Inc 6,887 2,234 AutoZone Inc 1,589 21,994 PulteGroup Inc 731 20,750 Best Buy Co Inc 1,421 6,318 PVH Corp 867 16,200 BorgWarner Inc 828 4,555 Ralph Lauren Corp * 472 15,000 CarMax Inc 962 31,306 Ross Stores Inc 2,512 33,300 Carnival Corp 2,210 14,040 Royal Caribbean Cruises Ltd 1,675 29,667 CBS Corp 1,750 7,850 Scripps Networks Interactive Inc 670 15,758 Charter Communications Inc 5,294 4,953 Signet Jewelers Ltd * 280 2,047 Chipotle Mexican Grill Inc 592 138,485 Starbucks Corp 7,953 416,782 Comcast Corp 16,692 23,100 Tapestry Inc 1,022 38,096 Costco Wholesale Corp 7,090 44,210 Target Corp 2,885 104,002 Coty Inc 2,069 8,380 Tiffany & Co 871 10,190 Darden Restaurants Inc 978 63,263 Time Warner Inc 5,787 12,600 Discovery Communications Inc * 282 51,942 TJX Cos Inc 3,971 16,600 Discovery Communications Inc * 351 10,300 Tractor Supply Co 770 18,600 DISH Network Corp 888 8,850 TripAdvisor Inc * 305 21,300 Dollar General Corp 1,981 35,800 Twenty-First Century Fox Inc 1,221 19,326 Dollar Tree Inc 2,074 85,900 Twenty-First Century Fox Inc 2,966 27,770 DR Horton Inc 1,418 4,762 Ulta Beauty Inc 1,065 79,229 eBay Inc 2,990 15,091 Under Armour Inc * 218 9,969 Expedia Inc 1,194 15,194 Under Armour Inc * 202 10,100 Foot Locker Inc 473 26,688 VF Corp 1,975 317,039 Ford Motor Co 3,960 28,738 Viacom Inc 885 12,500 Fortune Brands Home & Security Inc 856 142,738 Wal-Mart Stores Inc 14,095 17,905 Gap Inc 610 137,093 Walt Disney Co 14,739 9,100 Garmin Ltd 542 5,840 Whirlpool Corp 985 103,900 General Motors Co 4,259 8,234 Wyndham Worldwide Corp 954 11,974 Genuine Parts Co 1,138 6,528 Wynn Resorts Ltd 1,101 20,000 Goodyear Tire & Rubber Co 646 27,480 Yum! Brands Inc 2,243 17,100 H&R Block Inc 448 261,793 29,700 Hanesbrands Inc * 621 13,895 Harley-Davidson Inc 707 Consumer Staples 6.90% 9,295 Hasbro Inc 845 57,071 Archer-Daniels-Midland Co 2,287 16,400 Hilton Worldwide Holdings Inc 1,310 23,450 Brown-Forman Corp 1,610 98,419 Home Depot Inc 18,653 23,220 Campbell Soup Co 1,117 32,109 Interpublic Group of Cos Inc 647 31,883 Clorox Co 4,742 13,800 Kohl's Corp * 748 470,318 Coca-Cola Co 21,578 20,050 L Brands Inc * 1,207 173,144 Colgate-Palmolive Co 13,064 10,790 Leggett & Platt Inc 515 41,499 Conagra Brands Inc 1,563 16,600 Lennar Corp 1,050 17,655 Constellation Brands Inc 4,035 25,200 LKQ Corp 1,025 87,520 CVS Health Corp 6,345 67,721 Lowe's Cos Inc 6,294 19,700 Dr Pepper Snapple Group Inc 1,912 24,860 Macy's Inc * 626 67,427 General Mills Inc 3,998 24,969 Marriott International Inc 3,389 16,429 Hershey Co 1,865 28,015 Mattel Inc 431 32,700 Hormel Foods Corp * 1,190 73,429 McDonald's Corp 12,639 10,514 JM Smucker Co * 1,306 41,400 MGM Resorts International 1,382 33,810 Kellogg Co * 2,298 12,400 Michael Kors Holdings Ltd 781 74,167 Kimberly-Clark Corp 8,949 5,156 Mohawk Industries Inc 1,423 81,002 Kraft Heinz Co 6,299 35,230 Netflix Inc 6,763 72,260 Kroger Co 1,984 31,150 News Corp 505 10,467 McCormick & Co Inc * 1,067 9,900 News Corp 164 16,211 Molson Coors Brewing Co 1,330 27,400 Nielsen Holdings PLC * 997 170,504 Mondelez International Inc 7,298 115,766 NIKE Inc 7,241 43,258 Monster Beverage Corp 2,738 9,470 Nordstrom Inc * 449 172,689 PepsiCo Inc 20,709 14,552 Norwegian Cruise Line Holdings Ltd 775 38,920 Sysco Corp 2,364

41 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Consumer Staples (continued) Financial Services (continued) 27,800 Tyson Foods Inc$ 2,254 12,592 Boston Properties Inc$ 1,637 78,412 Walgreens Boots Alliance Inc 5,694 7,818 Brighthouse Financial Inc 458 129,596 39,429 Capital One Financial Corp 3,926 9,202 Cboe Global Markets Inc 1,146 Energy 6.08% 24,500 CBRE Group Inc 1,061 44,653 Anadarko Petroleum Corp 2,395 97,232 Charles Schwab Corp 4,995 11,779 Andeavor 1,347 37,867 Chubb Ltd 5,534 31,051 Apache Corp 1,311 12,217 Cincinnati Financial Corp 916 37,700 Cabot Oil & Gas Corp 1,078 214,827 Citigroup Inc 15,985 74,060 Chesapeake Energy Corp * 293 40,000 Citizens Financial Group Inc 1,679 154,342 Chevron Corp 19,322 27,736 CME Group Inc 4,051 7,775 Cimarex Energy Co 949 14,090 Comerica Inc 1,223 12,135 Concho Resources Inc 1,823 36,987 Crown Castle International Corp 4,106 97,182 ConocoPhillips 5,334 16,696 Digital Realty Trust Inc 1,902 42,860 Devon Energy Corp 1,774 29,645 Discover Financial Services 2,280 47,105 EOG Resources Inc 5,083 29,000 Duke Realty Corp 789 19,615 EQT Corp 1,116 21,960 E*TRADE Financial Corp 1,089 373,051 Exxon Mobil Corp 31,202 9,822 Equifax Inc 1,158 70,802 Halliburton Co 3,460 30,000 Equity Residential 1,913 8,835 Helmerich & Payne Inc * 571 5,385 Essex Property Trust Inc 1,300 22,075 Hess Corp 1,048 3,351 Everest Re Group Ltd 741 156,626 Kinder Morgan Inc 2,830 10,300 Extra Space Storage Inc 901 69,328 Marathon Oil Corp 1,174 5,896 Federal Realty Investment Trust 783 39,884 Marathon Petroleum Corp 2,632 27,100 Fidelity National Information Services Inc 2,550 31,038 National Oilwell Varco Inc 1,118 57,531 Fifth Third Bancorp 1,745 16,300 Newfield Exploration Co 514 16,934 Fiserv Inc 2,221 39,686 Noble Energy Inc 1,156 26,895 Franklin Resources Inc 1,165 62,372 Occidental Petroleum Corp 4,594 50,900 GGP Inc 1,191 31,000 ONEOK Inc 1,657 12,400 Global Payments Inc 1,243 34,915 Phillips 66 3,532 28,506 Goldman Sachs Group Inc 7,262 13,879 Pioneer Natural Resources Co 2,399 29,020 Hartford Financial Services Group Inc 1,633 18,400 Range Resources Corp 314 38,250 HCP Inc 998 112,518 Schlumberger Ltd 7,583 60,374 Host Hotels & Resorts Inc 1,198 35,800 TechnipFMC PLC 1,121 87,876 Huntington Bancshares Inc 1,279 35,600 Valero Energy Corp 3,272 47,540 Intercontinental Exchange Inc 3,354 67,418 Williams Cos Inc 2,056 33,200 Invesco Ltd 1,213 114,058 21,585 Iron Mountain Inc 814 281,948 JPMorgan Chase & Co 30,152 Financial Services 21.06% 87,390 KeyCorp 1,763 4,566 Affiliated Managers Group Inc 937 34,700 Kimco Realty Corp 630 31,900 Aflac Inc 2,800 25,800 Leucadia National Corp 683 7,640 Alexandria Real Estate Equities Inc 998 17,795 Lincoln National Corp 1,368 3,939 Alliance Data Systems Corp 998 22,500 Loews Corp 1,126 29,158 Allstate Corp 3,053 12,231 M&T Bank Corp 2,091 58,576 American Express Co 5,817 8,900 Macerich Co 585 73,201 American International Group Inc 4,361 41,430 Marsh & McLennan Cos Inc 3,372 47,514 American Tower Corp 6,779 75,474 Mastercard Inc 11,424 12,021 Ameriprise Financial Inc 2,037 85,499 MetLife Inc 4,323 20,307 Aon PLC 2,721 9,270 Mid-America Apartment Communities Inc 932 12,837 Apartment Investment & Management Co 561 13,559 Moody's Corp 2,001 14,700 Arthur J Gallagher & Co 930 113,151 Morgan Stanley 5,937 4,373 Assurant Inc 441 9,500 Nasdaq Inc 730 11,267 AvalonBay Communities Inc 2,010 22,324 Navient Corp 297 788,271 Bank of America Corp 23,270 17,500 Northern Trust Corp 1,748 83,183 Bank of New York Mellon Corp 4,480 91,830 PayPal Holdings Inc 6,761 64,380 BB&T Corp 3,201 28,100 People's United Financial Inc 525 241,752 Berkshire Hathaway Inc 47,920 38,663 PNC Financial Services Group Inc 5,579 10,032 BlackRock Inc 5,154 21,960 Principal Financial Group Inc 1,549

42 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Financial Services (continued) Health Care (continued) 47,510 Progressive Corp$ 2,676 26,380 Illumina Inc$ 5,764 43,427 Prologis Inc 2,801 38,566 Incyte Corp 3,653 34,454 Prudential Financial Inc 3,962 14,995 Intuitive Surgical Inc 5,472 18,821 Public Storage 3,934 61,474 IQVIA Holdings Inc 6,018 10,500 Raymond James Financial Inc 938 16,491 Laboratory Corp of America Holdings 2,630 22,400 Realty Income Corp 1,277 25,368 McKesson Corp 3,956 12,100 Regency Centers Corp 837 182,162 Medtronic PLC 14,710 94,532 Regions Financial Corp 1,634 11,263 Patterson Cos Inc * 407 20,721 S&P Global Inc 3,510 22,333 Quest Diagnostics Inc 2,200 9,552 SBA Communications Corp 1,560 17,163 Regeneron Pharmaceuticals Inc 6,453 51,499 Simon Property Group Inc 8,844 20,700 ResMed Inc 1,753 8,076 SL Green Realty Corp 815 53,161 Stryker Corp 8,231 30,170 State Street Corp 2,945 12,982 Varian Medical Systems Inc 1,443 38,640 SunTrust Banks Inc 2,496 44,603 Vertex Pharmaceuticals Inc 6,684 59,800 Synchrony Financial 2,309 27,661 Zimmer Biomet Holdings Inc 3,338 19,613 T Rowe Price Group Inc 2,058 149,104 Zoetis Inc 10,741 8,780 Torchmark Corp 796 203,586 13,723 Total System Services Inc 1,085 22,240 Travelers Cos Inc 3,017 Materials & Processing 3.46% 21,800 UDR Inc 840 4,256 Acuity Brands Inc * 749 18,398 Unum Group 1,010 17,785 Air Products & Chemicals Inc 2,918 128,129 US Bancorp 6,865 9,014 Albemarle Corp 1,153 29,100 Ventas Inc 1,746 28,672 Ball Corp 1,085 147,361 Visa Inc 16,802 19,065 CF Industries Holdings Inc 811 14,100 Vornado Realty Trust 1,102 236,148 DowDuPont Inc 16,818 360,147 Wells Fargo & Co 21,850 11,642 Eastman Chemical Co 1,079 30,100 Welltower Inc 1,919 21,129 Ecolab Inc 2,835 37,812 Western Union Co 719 35,002 Fastenal Co 1,914 61,450 Weyerhaeuser Co 2,167 10,900 FMC Corp 1,032 10,729 Willis Towers Watson PLC 1,617 109,761 Freeport-McMoRan Inc 2,081 21,050 XL Group Ltd 740 34,200 Ingersoll-Rand PLC 3,050 16,500 Zions Bancorporation 839 6,444 International Flavors & Fragrances Inc 983 395,193 33,643 International Paper Co 1,949 26,284 LyondellBasell Industries NV 2,900 Health Care 10.85% 5,128 Martin Marietta Materials Inc 1,133 210,193 Abbott Laboratories 11,996 27,296 Masco Corp 1,199 40,250 Aetna Inc 7,261 35,699 Monsanto Co 4,169 42,089 Alexion Pharmaceuticals Inc 5,033 28,600 Mosaic Co 734 6,008 Align Technology Inc 1,335 43,473 Newmont Mining Corp 1,631 25,030 AmerisourceBergen Corp 2,298 26,070 Nucor Corp 1,658 118,913 Amgen Inc 20,679 7,699 Packaging Corp of America 928 32,522 Anthem Inc 7,318 20,679 PPG Industries Inc 2,416 5,177 Becton Dickinson and Co 1,108 23,342 Praxair Inc 3,611 188,807 Boston Scientific Corp 4,681 14,700 Sealed Air Corp 725 52,177 Cardinal Health Inc 3,197 6,707 Sherwin-Williams Co 2,750 19,295 Centene Corp 1,946 10,793 Vulcan Materials Co 1,385 44,100 Cerner Corp 2,972 20,703 WestRock Co 1,309 32,929 Cigna Corp 6,688 65,005 27,454 DaVita Inc 1,984 34,300 DENTSPLY SIRONA Inc 2,258 Producer Durables 10.08% 24,585 Edwards Lifesciences Corp 2,771 117,898 3M Co 27,750 14,400 Envision Healthcare Corp 498 50,217 Accenture PLC 7,688 83,214 Express Scripts Holding Co 6,211 10,100 Alaska Air Group Inc 742 270,492 Gilead Sciences Inc 19,378 7,733 Allegion PLC 615 28,601 Henry Schein Inc 1,999 34,600 American Airlines Group Inc 1,800 47,100 Hologic Inc 2,014 21,302 AMETEK Inc 1,544 19,023 Humana Inc 4,719 12,200 AO Smith Corp 748 11,443 IDEXX Laboratories Inc 1,789 38,406 Arconic Inc 1,047

43 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Producer Durables (continued) Technology (continued) 36,038 Automatic Data Processing Inc$ 4,223 30,008 Analog Devices Inc$ 2,672 7,212 Avery Dennison Corp 828 6,916 ANSYS Inc 1,021 74,053 Caterpillar Inc 11,669 441,750 Apple Inc 74,757 11,300 CH Robinson Worldwide Inc 1,007 86,621 Applied Materials Inc 4,428 6,969 Cintas Corp 1,086 17,886 Autodesk Inc 1,875 72,650 CSX Corp 3,996 33,040 Broadcom Ltd 8,488 20,834 Cummins Inc 3,680 25,735 CA Inc 856 42,500 Deere & Co 6,652 22,900 Cadence Design Systems Inc 958 53,300 Delta Air Lines Inc 2,985 403,749 Cisco Systems Inc 15,464 16,502 Dover Corp 1,667 11,700 Citrix Systems Inc 1,030 60,900 Eaton Corp PLC 4,812 47,900 Cognizant Technology Solutions Corp 3,402 100,207 Emerson Electric Co 6,983 13,300 CSRA Inc 398 14,400 Expeditors International of Washington Inc 932 23,235 DXC Technology Co 2,205 20,046 FedEx Corp 5,002 25,022 Electronic Arts Inc 2,629 11,200 FLIR Systems Inc 522 6,358 Equinix Inc 2,882 10,650 Flowserve Corp 449 5,185 F5 Networks Inc 680 41,800 Fortive Corp 3,024 194,563 Facebook Inc 34,333 54,570 Illinois Tool Works Inc 9,105 7,393 Gartner Inc 910 6,965 JB Hunt Transport Services Inc 801 130,012 Hewlett Packard Enterprise Co 1,867 97,737 Johnson Controls International 3,725 136,312 HP Inc 2,864 8,414 Kansas City Southern 885 29,600 IHS Markit Ltd 1,336 11,604 Mettler-Toledo International Inc 7,189 380,289 Intel Corp 17,554 23,252 Norfolk Southern Corp 3,369 69,963 International Business Machines Corp 10,734 47,402 PACCAR Inc 3,369 19,735 Intuit Inc 3,114 18,224 Parker-Hannifin Corp 3,637 31,000 Juniper Networks Inc 884 26,075 Paychex Inc 1,775 12,798 KLA-Tencor Corp 1,345 14,891 Pentair PLC 1,052 13,160 Lam Research Corp 2,422 12,300 Quanta Services Inc 481 19,000 Microchip Technology Inc * 1,670 18,645 Republic Services Inc 1,261 90,932 Micron Technology Inc 3,739 10,300 Robert Half International Inc 572 696,165 Microsoft Corp 59,550 15,360 Rockwell Automation Inc 3,016 13,230 Motorola Solutions Inc 1,195 17,319 Rockwell Collins Inc 2,349 22,000 NetApp Inc 1,217 12,833 Roper Technologies Inc 3,324 48,959 NVIDIA Corp 9,474 7,154 Snap-on Inc * 1,247 246,422 Oracle Corp 11,651 44,325 Southwest Airlines Co 2,901 10,400 Qorvo Inc * 693 17,883 Stanley Black & Decker Inc 3,035 119,832 QUALCOMM Inc 7,672 7,007 Stericycle Inc 476 14,480 Red Hat Inc 1,739 4,625 TransDigm Group Inc * 1,270 55,712 Salesforce.com Inc 5,695 66,469 Union Pacific Corp 8,913 23,500 Seagate Technology PLC * 983 20,500 United Continental Holdings Inc 1,382 14,993 Skyworks Solutions Inc 1,424 62,928 United Parcel Service Inc 7,498 50,135 Symantec Corp 1,407 7,240 United Rentals Inc 1,245 12,300 Synopsys Inc 1,048 12,700 Verisk Analytics Inc 1,219 28,600 TE Connectivity Ltd 2,718 32,420 Waste Management Inc 2,798 80,086 Texas Instruments Inc 8,364 35,383 Waters Corp 6,836 7,012 VeriSign Inc * 802 6,467 WW Grainger Inc 1,528 24,047 Western Digital Corp 1,912 17,465 Xerox Corp 509 20,240 Xilinx Inc 1,365 14,600 Xylem Inc 996 395,673 189,214 Utilities 5.22% Technology 21.08% 53,900 AES Corp 584 61,600 Activision Blizzard Inc 3,901 18,900 Alliant Energy Corp 805 40,056 Adobe Systems Inc 7,019 19,800 Ameren Corp 1,168 65,700 Advanced Micro Devices Inc * 675 40,160 American Electric Power Co Inc 2,955 13,700 Akamai Technologies Inc 891 14,500 American Water Works Co Inc 1,327 24,219 Alphabet Inc Class A 25,512 523,584 AT&T Inc 20,357 28,730 Alphabet Inc Class C 30,063 35,122 CenterPoint Energy Inc 996 24,900 Amphenol Corp 2,186 79,302 CenturyLink Inc 1,323

44 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2017

Fair Principal Fair Shares Value (000's) Amount Value (000's) Common Stocks (continued) Short-Term Investments Utilities (continued) 7,806,199 Dreyfus Government Cash Management Fund 0.42%$ 7,808 23,000 CMS Energy Corp$ 1,088 (Cost $7,808) 25,300 Consolidated Edison Inc 2,149 67,494 Dominion Energy Inc 5,471 Collateral for Securities Loaned 14,638 DTE Energy Co 1,602 Short-Term Investments-Repurchase Agreements 56,869 Duke Energy Corp 4,783 1,871,790 SwibRepo 1.63%, due 1/2/18 1,872 26,607 Edison International 1,683 1,871,790 Cantor Fitzgerald Securities 1.41%, due 1/2/18 1,872 14,600 Entergy Corp 1,188 1,871,790 Daiwa Capital Markets, 1.43%, due 1/2/18 1,871 25,900 Eversource Energy 1,636 1,871,790 RBC Domininion Securities Inc 1.40%, due 1/2/18 1,871 78,311 Exelon Corp 3,086 393,721 Jefferies LLC 1.50%, due 1/2/18 383 36,256 FirstEnergy Corp 1,110 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 0.42% 7,869 48,629 NextEra Energy Inc 7,595 (Cost $7,869) 26,584 NiSource Inc 682 24,500 NRG Energy Inc 698 TOTAL INVESTMENTS 41,802 PG&E Corp 1,874 (Cost $1,284,957) 99.51% 1,867,727 9,100 Pinnacle West Capital Corp 775 55,737 PPL Corp 1,725 Other Assets, Less Liabilities 0.49% 9,144 41,300 Public Service Enterprise Group Inc 2,127 11,700 SCANA Corp 465 20,488 Sempra Energy 2,191 TOTAL NET ASSETS 100.00%$ 1,876,871 83,969 Southern Co 4,038 353,845 Verizon Communications Inc 18,729 25,773 WEC Energy Group Inc * 1,712 41,405 Xcel Energy Inc 1,992 97,914 TOTAL COMMON STOCKS 98.68% 1,852,032 (Cost $1,269,262)

Rights 0.00% 16,830 Safeway PDC 1 Originally Acquired: 1/30/2015 16,830 Safeway SCRP 17 Originally Acquired: 1/30/2015 TOTAL RIGHTS 18 (Cost $12)

* All or a portion of this security is on loan. The market value of loaned securities is $21,016,524.

45 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS CORE EQUITY INDEX FUND DECEMBER 31, 2017

$193,500 of cash pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2017:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2017 S&P 500 43 100,000 Long Mar-18 ($36,703)

46 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 98.88% Number of Stocks 249 Top Ten Stocks (% of Net Assets) 34.51%

Rights 0.00% Fixed Income Securities: Short-Term Investments 1.34% Short-Term Investments-Repurchase Agreements 0.77% Liabilities, Less Other Assets -0.98%

Top Ten Equity Holdings (% of Net Assets) Apple Inc 7.76% Microsoft Corp 5.90% Alphabet Inc Class C 4.71% Facebook Inc 3.98% Amazon.com Inc 3.18% Home Depot Inc 2.16% Visa Inc 2.10% Mastercard Inc 1.64% Texas Instruments Inc 1.63% Caterpillar Inc 1.46%

Top 5 Sectors (% of Net Assets) Technology 41.28% Financial Services 15.45% Consumer Discretionary 15.13% Producer Durables 11.03% Health Care 8.30%

47 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks Common Stocks (continued) Consumer Discretionary 15.13% Financial Services 15.45% 8,647 Amazon.com Inc$ 10,112 4,508 Alliance Data Systems Corp$ 1,143 7,068 AMC Networks Inc * 382 1,580 Allstate Corp 165 1,780 Aptiv PLC 151 26,762 American Express Co 2,658 1,722 BorgWarner Inc 88 24,604 American Tower Corp 3,510 3,350 CBS Corp 198 370 Ameriprise Financial Inc 63 7,150 Choice Hotels International Inc 555 450 Arch Capital Group Ltd 41 16,320 Comcast Corp 654 6,777 Artisan Partners Asset Management Inc 268 1,700 Costco Wholesale Corp 316 21,150 Aspen Insurance Holdings Ltd 859 2,250 Dick's Sporting Goods Inc * 65 260 Assurant Inc 26 5,254 Domino's Pizza Inc 993 60,953 Bank of America Corp 1,799 53,240 eBay Inc 2,009 19,897 Capital One Financial Corp 1,981 14,670 Foot Locker Inc 688 1,200 Cboe Global Markets Inc 150 1,080 H&R Block Inc 28 25,912 Citigroup Inc 1,928 36,253 Home Depot Inc 6,871 1,960 Dun & Bradstreet Corp 232 32,843 Las Vegas Sands Corp 2,282 8,810 Eaton Vance Corp 497 580 Leggett & Platt Inc 28 7,410 Equity LifeStyle Properties Inc 660 15,770 Lowe's Cos Inc 1,466 14,542 Erie Indemnity Co 1,772 5,270 Lululemon Athletica Inc 414 8,660 Euronet Worldwide Inc 730 3,160 Madison Square Garden Co 666 35,023 Experian PLC * 768 17,278 McDonald's Corp 2,974 5,536 FactSet Research Systems Inc * 1,067 1,640 Michael Kors Holdings Ltd 103 10,810 First Hawaiian Inc * 315 24,810 Michaels Cos Inc * 600 6,813 Fiserv Inc 893 1,380 Mohawk Industries Inc 381 17,025 Global Payments Inc 1,707 3,292 Netflix Inc 632 1,557 Hanover Insurance Group Inc 168 1,420 Norwegian Cruise Line Holdings Ltd 76 27,600 Intercontinental Exchange Inc 1,947 507 NVR Inc 1,779 8,039 Jack Henry & Associates Inc 940 2,326 O'Reilly Automotive Inc 559 11,985 JPMorgan Chase & Co 1,282 9,301 Pool Corp 1,206 34,496 Mastercard Inc 5,221 2,133 Priceline Group Inc 3,707 19,159 MetLife Inc 969 2,670 Ross Stores Inc 214 42,596 PayPal Holdings Inc 3,136 12,690 Skechers U.S.A. Inc 480 10,490 Progressive Corp 591 3,790 Thor Industries Inc 571 4,480 S&P Global Inc 759 31,742 TJX Cos Inc 2,427 35,745 Sabra Health Care REIT Inc 671 8,780 Tupperware Brands Corp 551 1,470 SBA Communications Corp 240 4,440 Vail Resorts Inc 943 1,030 Senior Housing Properties Trust 20 6,940 WABCO Holdings Inc 996 100 Signature Bank 14 80 Wyndham Worldwide Corp 9 1,880 Square Inc 65 18,140 Yum China Holdings Inc 726 1,400 T Rowe Price Group Inc 147 14,957 Yum! Brands Inc 1,221 26,678 Vantiv Inc * 1,962 48,121 58,471 Visa Inc 6,667 12,960 Western Alliance Bancorp 734 Consumer Staples 1.25% 10,350 XL Group Ltd 364 2,707 Clorox Co 403 49,129 23,765 Coca-Cola Co 1,090 130 Constellation Brands Inc 30 Health Care 8.30% 1,560 Energizer Holdings Inc * 75 12,942 Aetna Inc 2,335 95 Hershey Co 11 1,550 Alexion Pharmaceuticals Inc 185 3,624 Kimberly-Clark Corp 437 1,251 Align Technology Inc 278 2,888 Lamb Weston Holdings Inc 163 100 AmerisourceBergen Corp 9 7,570 PepsiCo Inc 908 11,337 Amgen Inc 1,972 100 Pilgrim's Pride Corp 3 11,617 Anthem Inc 2,614 14,304 Sprouts Farmers Market Inc 348 109 Becton Dickinson and Co 23 6,850 Walgreens Boots Alliance Inc 497 860 BioMarin Pharmaceutical Inc 77 3,965 17,254 Bioverativ Inc 930 34,390 Boston Scientific Corp 853 Energy 1.93% 19,100 Bruker Corp 656 49,066 BP PLC 2,062 2,699 Centene Corp 272 970 Cabot Oil & Gas Corp 28 1,100 Cerner Corp 74 9,431 Chevron Corp 1,181 5,615 Cigna Corp 1,140 390 Cimarex Energy Co 48 14,572 Edwards Lifesciences Corp 1,642 4,552 Diamondback Energy Inc 575 8,836 Express Scripts Holding Co 660 22,490 Gulfport Energy Corp 287 40,625 Gilead Sciences Inc 2,910 1,120 Laredo Petroleum Inc 12 10,126 ICON PLC 1,136 6,243 Pioneer Natural Resources Co 1,079 3,560 IDEXX Laboratories Inc 557 12,770 Schlumberger Ltd 861 6,133

48 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Health Care- Continued Producer Durables-Continued 2,080 Illumina Inc $ 454 4,346 Landstar System Inc$ 452 1,950 Incyte Corp 185 550 Lincoln Electric Holdings Inc 50 3,057 Intuitive Surgical Inc 1,116 1,034 Mettler-Toledo International Inc 641 6,401 McKesson Corp 998 1,180 Middleby Corp * 159 9,744 Premier Inc 284 5,524 MSC Industrial Direct Co Inc 534 8,952 QIAGEN NV 277 10,613 Parker-Hannifin Corp 2,118 1,924 Regeneron Pharmaceuticals Inc 723 6,935 Paychex Inc 472 8,785 Stryker Corp 1,360 17,650 Rockwell Automation Inc 3,466 1,990 Teleflex Inc 495 4,373 Roper Technologies Inc 1,133 3,000 Varian Medical Systems Inc 333 5,018 Southwest Airlines Co 328 5,233 Veeva Systems Inc 289 600 Stanley Black & Decker Inc 102 4,720 Vertex Pharmaceuticals Inc 707 4,150 Toro Co * 271 1,200 WellCare Health Plans Inc 241 8,050 Trimble Inc 327 8,530 Zoetis Inc 615 5,133 Waste Management Inc 443 26,400 5,577 Waters Corp 1,077 35,077 Materials & Processing 4.41% 1,670 Albemarle Corp 214 Technology 41.28% 11,241 AptarGroup Inc 970 4,920 Activision Blizzard Inc 312 19,480 Bemis Co Inc 931 13,292 Adobe Systems Inc 2,329 320 Celanese Corp 34 5,183 Alibaba Group Holding Ltd * 894 17,297 Chemours Co 866 4,248 Alphabet Inc Class A 4,475 64,268 Cleveland-Cliffs Inc * 463 14,316 Alphabet Inc Class C 14,980 630 Eagle Materials Inc 71 8,230 Amphenol Corp 723 4,250 Ecolab Inc 570 14,645 Analog Devices Inc 1,304 19,733 FMC Corp 1,868 145,726 Apple Inc 24,661 51,290 Freeport-McMoRan Inc 972 52,341 Applied Materials Inc 2,676 4,051 GCP Applied Technologies Inc 129 390 Arista Networks Inc 92 63,250 Graphic Packaging Holding Co 977 8,930 Atlassian Corp PLC 406 1,020 Hexcel Corp 63 8,432 Autodesk Inc 884 5,350 Ingersoll-Rand PLC 477 6,138 Broadcom Ltd 1,577 4,528 Masco Corp 199 3,084 CDK Global Inc 220 290 Packaging Corp of America 35 10,298 Check Point Software Technologies Ltd 1,067 8,023 PPG Industries Inc 937 5,290 Citrix Systems Inc 466 2,610 Praxair Inc 404 7,120 Cognizant Technology Solutions Corp 506 53,594 Rio Tinto PLC 2,837 110 Coherent Inc 31 70 Sherwin-Williams Co 29 593 Delphi Technologies PLC 31 10,100 Silgan Holdings Inc 297 17,400 DST Systems Inc 1,080 710 Southern Copper Corp * 34 12,591 Electronic Arts Inc 1,323 2,980 Watsco Inc * 507 1,017 Equinix Inc 461 1,320 Westlake Chemical Corp 141 71,764 Facebook Inc 12,663 14,025 9,212 Gartner Inc 1,134 4,526 Guidewire Software Inc 336 Producer Durables 11.03% 4,700 IAC/InterActiveCorp 575 8,823 3M Co 2,077 29,891 IHS Markit Ltd 1,350 7,836 Accenture PLC 1,200 5,490 Intel Corp 253 2,700 Allegion PLC 215 16,283 International Business Machines Corp 2,498 790 Allison Transmission Holdings Inc 34 13,808 Intuit Inc 2,179 6,570 AMETEK Inc 476 430 IPG Photonics Corp 92 29,166 Caterpillar Inc 4,596 16,820 Juniper Networks Inc 479 3,680 Copa Holdings SA 493 13,789 KLA-Tencor Corp 1,449 22,689 Cummins Inc 4,008 1,460 Lam Research Corp 269 9,090 Deere & Co 1,423 33,284 Maxim Integrated Products Inc 1,740 6,716 Donaldson Co Inc 329 31,720 Micron Technology Inc 1,304 20,528 Dover Corp 2,073 219,237 Microsoft Corp 18,754 29,256 Emerson Electric Co 2,039 10,872 Motorola Solutions Inc 982 510 Expeditors International of Washington Inc 33 29,622 NetApp Inc 1,639 29,077 Fortive Corp 2,104 3,383 NVIDIA Corp 655 27,600 Graco Inc 1,248 9,355 Okta Inc * 240 2,860 HD Supply Holdings Inc 114 73,693 Oracle Corp 3,484 100 IDEX Corp 13 22,781 QUALCOMM Inc 1,458 6,170 Illinois Tool Works Inc 1,029 18,417 salesforce.com Inc 1,883

49 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Short-Term Investments Technology- Continued 4,258,662 Dreyfus Government Cash Management Fund 1.34%$ 4,258 8,484 ServiceNow Inc$ 1,106 (Cost $4,258) 3,470 Skyworks Solutions Inc 329 31,991 SS&C Technologies Holdings Inc 1,295 Collateral for Securities Loaned 580 Synopsys Inc 49 1,000,000 SwibRepo 1.63%, due 1/2/18 1,000 1,890 Take-Two Interactive Software Inc 207 1,000,000 Cantor Fitzgerald Securities 1.41%, due 1/2/18 1,000 26,278 Teradyne Inc 1,100 438,839 Daiwa Capital Markets, 1.43%, due 1/2/18 435 49,514 Texas Instruments Inc 5,171 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 0.77% 2,435 17,705 VeriSign Inc * 2,026 (Cost $2,435) 4,780 Western Digital Corp 380 10,299 Workday Inc 1,048 TOTAL INVESTMENTS 27,047 Xilinx Inc 1,824 (Cost $247,236) 100.98% 321,116 25,156 Yandex NV 824 131,273 Liabilities, Less Other Assets -0.98% (3,132)

Utilities 0.09% TOTAL NET ASSETS 100.00%$ 317,984 1,380 NRG Energy Inc 39 4,938 Verizon Communications Inc 261 300 TOTAL COMMON STOCKS 98.88% 314,423 (Cost $240,543)

* All or a portion of this security is on loan. The market value of loaned securities is $7,158,602.

50 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED) Summary of Investments by Country*

Portfolio Asset Mix (% of Net Assets) % of Fair Equities 98.53% Investments Value (000's) Number of Stocks 349 Australia 1.51%$ 13,106 Top Ten Stocks (% of Net Assets) 18.25% Austria 0.29%$ 2,513 Brazil 2.15%$ 18,595 Rights 0.00% Canada 5.81%$ 50,327 Fixed Income Securities: Cayman Islands 0.03%$ 289 Short-Term Investments 1.44% China 0.00%$ 12 Short-Term Investments-Repurchase Agreements 1.60% Denmark 1.48%$ 12,848 Liabilities, Less Other Assets -1.57% Finland 0.23%$ 2,030 France 6.50%$ 56,283 Top Ten Equity Holdings (% of Net Assets) Germany 6.74%$ 58,366 Tencent Holdings Ltd 3.41% Greece 0.02%$ 204 Taiwan Semiconductor Manufacturing Co. Ltd 2.29% Hong Kong 8.42%$ 72,952 Nestle SA 2.01% Indonesia 0.12%$ 1,028 Volkswagen AG 1.77% Italy 3.76%$ 32,579 LVMH Moet Hennessy Louis Vuitton SE 1.63% Japan 11.91%$ 103,165 Keyence Corp. 1.47% Luxembourg 0.12%$ 1,074 Barclays PLC 1.44% Malaysia 0.19%$ 1,689 HDFC Bank Ltd 1.43% Mexico 1.00%$ 8,658 Accenture PLC 1.41% Netherlands 2.43%$ 21,046 Chubb Ltd 1.38% Norway 0.31%$ 2,680 Philippines 0.01%$ 120 Poland 0.09%$ 813 Top 5 Sectors (% of Net Assets) Portugal 0.16%$ 1,355 Financial Services 18.91% Qatar 0.02%$ 164 Producer Durables 17.55% Russia 0.03%$ 223 Consumer Discretionary 15.61% South Africa 0.80%$ 6,960 Technology 13.30% South Korea 3.65%$ 31,609 Consumer Staples 8.87% Spain 1.34%$ 11,612 Sweden 1.84%$ 15,949 Switzerland 5.47%$ 47,378 Taiwan 0.80%$ 6,934 Thailand 0.62%$ 5,382 Turkey 0.35%$ 2,993 United Arab Emirates 0.08%$ 691 United Kingdom 15.33%$ 132,845 United States 16.39%$ 141,976

100.00% $ 866,448

* Excludes the Collateral for Securities Loaned -Short Term Investments- Repurchase Agreements.

51 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks Common Stocks (continued) Consumer Discretionary 15.61% Consumer Staples 30,625 Adidas AG $ 6,147 71,530 Koninklijke Ahold Delhaize NV$ 1,575 22,900 Aisin Seiki Co Ltd 1,287 202,992 Leroy Seafood Group ASA 1,091 39,795 Alimentation Couche-Tard Inc 2,083 182 LG Household & Health Care Ltd 202 94,546 Aristocrat Leisure Ltd 1,753 604,878 Metcash Ltd * 1,476 121,600 Astra International Tbk PT 74 196,639 Nestle SA 16,910 93,797 Carnival PLC 6,207 46,200 Nichirei Corp. 1,278 4,600 China Lodging Group Ltd 664 22,197 Premium Brands Holdings Corp. 1,828 65,179 Dollarama Inc. 8,170 190,000 Prima Meat Packers Ltd 1,395 238,000 Dongfeng Motor Group Co Ltd 288 249,400 Raia Drogasil SA 6,902 72,410 Ferrari NV 7,604 370,500 Thai Union Group PCL 226 8,921 FF Group 204 175,190 Treasury Wine Estates Ltd 2,187 477,000 Geely Automobile Holdings Ltd 1,654 81,935 Unilever NV 4,620 148,601 Gildan Activewear Inc. 4,816 24,063 Unilever PLC 1,343 41,500 Great Wall Motor Co. Ltd * 48 39,560 Universal Robina Corp. 120 994,000 Guangzhou Automobile Group Co. Ltd 2,355 1,758,560 WH Group Ltd 1,984 514,133 Hays PLC 1,272 36,291 X5 Retail Group NV 1,371 12,227 Henkel AG & Co. KGAA 1,620 75,676 12,575 Hermes International 6,738 Energy 6.66% 52,600 Honda Motor Co. Ltd 1,803 64,369 Aker BP ASA 1,589 761 Hyundai Mobis Co. Ltd 187 262,000 Bangchak Corp. PCL 328 99,425 Industria de Diseno Textil SA 3,468 1,479,730 BP PLC 10,463 5,105 Kering 2,409 11,540 China Petroleum & Chemical Corp. * 847 10,561 Kia Motors Corp. 330 1,835,142 China Petroleum & Chemical Corp. * 1,345 271,148 Kroton Educacional SA 1,504 182,500 China Shenhua Energy Co Ltd 473 18,863 LG Electronics Inc 1,868 143,869 CNOOC Ltd 206 133,402 Lojas Renner SA 1,427 63,440 Core Laboratories NV 6,950 90,005 Luxottica Group SPA 5,528 646,151 Encana Corp. 8,648 46,586 LVMH Moet Hennessy Louis Vuitton SE 13,728 73,622 Galp Energia SGPS SA 1,355 26,500 Magna International Inc 1,507 51,330 Gazprom PJSC 226 34,200 Matsumotokiyoshi Holdings Co. Ltd 1,409 45,000 JA Solar Holdings Co. Ltd * 336 408,000 Melcpo International Development Ltd 1,200 5,189 KOC Holding AS * 127 17,194 Naspers Ltd 4,793 12,924 Lukoil PJSC 745 22,818 New Oriental Education & Technology Group Inc. 2,145 3,407 PetroChina Co. Ltd * 238 6,100 Nintendo Co. Ltd 2,230 2,640 Polski Koncern Naftowy ORLEN SA 81 32,179 Philips Lighting NV * 1,182 200,492 PTT Global Chemical PCL 523 43,620 Prysmian SpA 1,424 118,500 PTT PCL 1,600 282,365 Qantas Airways Ltd 1,113 85,487 Repsol SA * 1,514 10,127 Red Electrica Corp. SA 228 85,487 Repsol SA-RTS * 39 33,543 Restaurant Brands International Inc. 2,069 293,857 Royal Dutch Shell PLC 9,972 48,734 Sekisui House Ltd 881 45,925 Ryanair Holdings PLC 4,785 283,210 Skyworth Digital Holdings Ltd 122 475,782 Saras SpA 1,145 72,754 Smiles SA 1,665 1,599 SK Innovation Co. Ltd 305 32,200 Suzuki Motor Corp. 1,868 26,959 Surgutneftegas OJSC 127 27,303 Tata Motors Ltd 903 3,550 Tatneft PJSC 176 74,416 Volkswagen AG 14,874 119,900 Thai Oil PCL 381 3,378,320 Wal-Mart de Mexico SAB de CV 8,326 22,302 Tupras Turkiye Petrol Rafinerileri AS 715 133,175 2,153 Wacker Chemie AG 419 958,000 Yanzhou Coal Mining Co. Ltd * 1,120 Consumer Staples 8.87% 56,778 24,000 Arca Continental SAB de CV 167 119,391 Aryzta AG * 4,735 Financial Services 18.91% 36,182 Associated British Foods PLC 1,380 136,922 3i Group PLC 1,692 301,400 Charoen Pokphand Foods PCL 222 1,955,000 Agricultural Bank of China Ltd 910 737 CJ CheilJedang Corp. 252 1,147,800 AIA Group Ltd 9,786 30,500 Coca-Cola Bottlers Japan Inc. 1,114 14,648 Amundi SA 1,243 43,029 Coca-Cola HBC AG 1,409 142,437 Anima Holding SpA 1,019 477,986 Compass Group PLC 10,346 30,820 ASR Nederland NV 1,270 252,255 Diageo PLC 9,299 1,023,876 Aviva PLC 7,015 63,956 Empire Co Ltd 1,250 25,088 Banco BTG Pactual SA 144 3,605 Gruma SAB de CV 46 27,670 Banco do Brasil SA 265 876,600 Indofood Sukses Makmur TBK PT 493 1,421,000 Bank of China Ltd 698 138,717 JBS SA 410 34,561 Barclays Africa Group Ltd 508 25,700 Kimberly-Clark de Mexico SAB de CV 45

52 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Financial Services (continued) Financial Services (continued) 4,414,932 Barclays PLC$ 12,130 384,100 Thanachart Capital PCL$ 663 18,597 Barwa Real Estate Co. 164 149,687 Turkiye Is Bankasi 423 4,647 BNK Financial Group Inc 41 346,340 UniCredit SPA 6,479 46,750 BNP Paribas SA 3,495 74,962 Woori Bank 1,103 414,639 CaixaBank SA 1,936 510,000 Yuanta Financial Holding Co. Ltd 237 12,124 Canadian Imperial Bank of Commerce 1,186 17,319 Zurich Insurance Group AG 5,271 331,000 Cathay Financial Holding Co. Ltd 595 161,339 4,488,066 China Construction Bank Corp. 4,134 79,280 Chubb Ltd 11,585 Health Care 6.38% 2,778,000 CIFI Holdings Group Co. Ltd 1,674 105,053 Amplifon SPA 1,620 141,400 CIMB Group Holdings Bhd 229 34,101 Carl Zeiss Meditec AG 2,119 209,000 CK Asset Holdings Ltd 1,826 5,744 Chong Kun Dang Pharmaceutical Corp. 743 678,000 CTBC Financial Holding Co Ltd 467 94,453 CHR Hansen Holding A/S 8,866 11,752 Daishin Securities Co. Ltd 158 50,030 Coloplast A/S 3,982 369,522 DAMAC Properties Dubai Co. PJSC 332 22,331 DiaSorin SPA 1,984 3,819 DB Insurance Co Ltd 254 50,740 Essilor International SA 7,004 128,459 Dubai Islamic Bank PJSC 217 116,600 Hypermarcas SA 1,265 27,202 Erste Group Bank AG 1,179 77,285 Icon PLC 8,668 142,600 Even Construtora E Incorporadora SA 247 18,152 Ipsen SA 2,170 472,810 Experian PLC 10,464 2,868,800 Kalbe Farma TBK PT 357 51,163 First Abu Dhabi Bank PJSC 143 16,350 Orpea 1,930 28,211 FirstRand Ltd 153 68,323 ReCordati SPA 3,040 234,000 Fubon Financial Holding Co. Ltd 399 2,800 Sinopharm Group Co. Ltd 12 352,400 Guangzhou R&F Properties Co. Ltd * 794 105,935 Smith & Nephew PLC 1,846 145,534 Haci Omer Sabanci Holding AS 427 7,313 Sonova Holding AG 1,142 53,680 Hana Financial Group Inc. 2,497 80,345 Sysmex Corp. 6,326 118,366 HDFC Bank Ltd 12,034 22,000 TTY Biopharm Co. Ltd 76 96,476 Hemfosa Fastigheter AB 1,295 113,438 UDG Healthcare PLC 1,297 7,297 Hyundai Marine & Fire Insurance Co. Ltd 320 54,447 136,820 ICICI Bank Ltd 1,331 1,414,000 Industrial & Commercial Bank of China Ltd 1,138 Materials & Processing 6.86% 103,528 ING Groep NV 1,905 84,837 Akzo Nobel NV 7,439 84,903 Intermediate Capital Group PLC 1,316 66,100 Alfa SAB de CV * 73 331,243 Itausa - Investimentos Itau SA 1,080 141,141 Anhui Conch Cement Co Ltd 664 11,420 KB Financial Group Inc. 676 32,975 ArcelorMittal 1,074 133,000 Kiatnakin Bank PCL 323 13,729 Aurubis AG 1,279 355,500 KWG Property Holding Ltd 415 80,614 BASF SE 8,881 10,666 Liberty Holdings Ltd 107 134,745 BHP Billiton PLC 2,775 6,948,079 Lloyds Banking Group PLC 6,397 50,610 Boliden AB 1,734 115,004 Malayan Banking BHD 278 49,000 Catcher Technology Co. Ltd 540 309,029 Manulife Financial Corp. 6,467 614,000 China Lumena New Materials Corp 0 116,217 Mediobanca SpA 1,320 25,253 Evonik Industries AG 951 12,356 Meritz Fire & Marine Insurance Co. Ltd 271 143,500 Fosun International Ltd * 318 566,011 Mirvac Group 1,040 635,438 Glencore PLC 3,352 189,337 MMI Holdings Ltd/South Africa 321 42,689 Hanwha Chemical Corp 1,260 40,356 NN Group NV 1,750 1,124 Hyosung Corp. 146 73,979 ORIX Corp. 1,251 295,500 Kingboard Chemical Holdings Ltd 1,597 2,002 Partners Group Holding AG 1,372 4,063 LG Chem Ltd 1,537 358,000 PICC Property & Casualty Co. Ltd 688 3,302 LG Chem Ltd- Preference 768 110,500 Ping An Insurance Group Co. of China Ltd 1,150 37,484 Linde AG 8,761 38,194 Powszechny Zaklad Ubezpieczen SA 463 3,440 Lotte Chemical Corp. 1,182 2,787 PPLA Participations Ltd 1 90,412 Mineral Resources Ltd 1,495 231,585 Prudential PLC 5,969 187,000 Nine Dragons Paper Holdings Ltd 299 36,785 Raiffeisen Bank International AG 1,334 35,400 Nippon Electric Glass Co. Ltd 1,351 5,556,100 Sansiri PCL 372 10,179 PhosAgro PJSC 156 132,493 Sberbank of Russia PJSC 2,256 5,297 POSCO 1,645 466,357 Shenzhen Investment Ltd 193 4,700 POSCO Spon-ADR 367 208,000 Shimao Property Holdings Ltd 452 23,048 Rio Tinto Ltd 1,367 13,330 Shinhan Financial Group Co. Ltd 615 47,906 Sibanye Gold Ltd 61 46,600 Sompo Holdings Inc 1,805 71,100 Suzano Papel e Celulose SA 401 135,700 Sumitomo Mitsui Financial Group Inc. 5,864 62,837 Teck Resources Ltd 1,648 71,000 Sun Hung Kai Properties Ltd 1,184 65,241 UPM-Kymmene OYJ 2,030 3,202 Swiss Life Holding AG 1,134 114,383 Vale SA 1,388

53 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Materials & Processing (continued) Technology (continued) 30,548 Vale SA $ 374 12,304 Atos SE $ 1,793 63,075 Vedanta Ltd 1,314 32,397 Autohome Inc. 2,095 222,000 Xinyi Glass Holdings Ltd 289 1,600 Baidu Inc. 375 58,516 286,000 Compeq Manufacturing Co. Ltd 369 330,650 Delta Electronics Thailand PCL 743 Producer Durables 17.55% 34,300 DTS Corp. 1,117 25,635 Aalberts Industries NV 1,305 46,357 FLEXium InterCo.nnect Inc. 166 422,831 ABB Ltd 11,333 238,000 Fujitsu Ltd 1,696 77,955 Accenture PLC 11,934 623,000 Hitachi Ltd 4,855 32,618 ACS Actividades de Construccion y Servicios SA 1,278 167,873 Hon Hai Precision Industry Co. Ltd 1,063 743,400 Adhi Karya Persero Tbk PT 103 546,590 Hon Hai Precision Industry Co. Ltd 1,749 426,700 AirAsia Bhd 353 32,300 Hoya Corp. 1,614 117,409 Alfa Laval AB 2,779 86,752 Infineon Technologies AG 2,379 26,972 Amadeus IT Group SA 1,947 94,800 Infosys Ltd * 1,538 32,300 ANA Holdings Inc 1,349 188,000 Inventec Corp. 150 62,692 Ashtead Group PLC 1,689 649 LG Display Co. Ltd 18 209,260 Atlas Copco AB 9,053 200,998 Lite-On Technology Corp. 274 1,149,132 Balfour Beatty PLC 4,617 36,000 Micro-Star International Co. Ltd 93 4,723 Bangkok Expressway & Metro PCL 1 1,000 NetEase Inc. 345 76,200 Barloworld Ltd * 982 250,000 Pegatron Corp. 605 35,797 Canadian National Railway Co. 2,961 166,000 Powertech Technology Inc. 491 62,250 Canadian Pacific Railway Ltd 11,377 112,000 Radiant Opto-Electronics Corp. 266 41,974 Canadian Pacific Railway Ltd 7,694 17,500 Rohm Co. Ltd 1,939 434,000 China Communications Construction Co. Ltd 493 4,810 Samsung Electronics Co. Ltd 11,448 156,000 China Everbright International Ltd * 223 63,010 SAP SE 7,071 389,500 China Railway Construction Corp. Ltd 451 24,626 SK Hynix Inc. 1,760 519,000 China Railway Group Ltd 384 6,918 Sopra Steria Group 1,295 33,833 CIMIC Group Ltd 1,361 485,504 Taiwan Semiconductor Manufacturing Co. Ltd 19,250 47,861 Deutsche Post AG 2,284 552,419 Tencent Holdings Ltd 28,690 242,413 Downer EDI Ltd 1,314 14,700 Tokyo Electron Ltd 2,662 96,907 East Japan Railway Co. 9,458 14,152 Weibo Corp * 1,464 12,196 Eiffage SA 1,338 89,100 Wipro Ltd * 487 96,700 Haseko Corp. 1,503 14,096 Wirecard AG 1,575 11,653 Hyundai Development Co-Engineering & Construction 420 120,000 WPG Holdings Ltd 159 71,800 ITOCHU Corp. 1,340 242,995 Yandex NV 7,958 257,134 Japan Airlines Co. Ltd 10,062 7,300 YY Inc. 825 128,000 Kajima Corp 1,232 113,491 22,060 Keyence Corp. 12,361 113,100 Komatsu Ltd 4,094 Utilities 4.39% 8,047 LG Corp. 684 9,558 CEZ AS 223 25,838 Loomis AB 1,087 281,442 China Mobile Ltd 2,853 62,277 Micro Focus International PLC 2,126 1,572,425 China Telecom Corp. Ltd 748 47,000 Mitsubishi Corp. 1,299 32 Cia Energetica de Minas Gerais 0 51,372 Multiplus SA 542 27,300 Cia Paranaense de Energia 205 154,500 Obayashi Corp. 1,871 229,547 Enel SpA 1,414 122,767 Qualicorp SA 1,147 186,872 Engie SA 3,217 95,100 Schneider Electric SE 8,092 155,147 Iberdrola SA 1,204 37 Siemens AG 5 370,800 KDDI Corp. 9,231 690 Sika AG 5,480 12,195 Korea Electric Power Corp. 435 57,201 Smiths Group PLC 1,153 29,400 Mobile TeleSystems PJSC 300 85,600 Sumitomo Corp. 1,455 77,651 PGE Polska Grupa Energetyczna SA 269 31,774 Sumitomo Heavy Industries Ltd 1,345 1,932 SK Telecom Co. Ltd 482 26,444 TAV Havalimanlari Holding AS 157 35,600 SoftBank Group Corp. 2,819 465,957 Taylor Wimpey PLC 1,301 268,281 SSE PLC 4,791 130,689 Tekfen Holding AS 586 219,900 Tenaga Nasional Bhd 829 2,331 Turk Traktor ve Ziraat Makineleri AS 47 156,534 Turkcell Iletisim Hizmetleri AS 639 17,921 VInci SA 1,832 2,912 Vodacom Group Ltd 34 358,000 Zhejiang Expressway Co. Ltd 393 2,426,949 Vodafone Group PLC 7,715 149,675 37,408 TOTAL COMMON STOCKS 98.53% 840,505 Technology 13.30% (Cost $660,816) 16,318 Alibaba Group Holding Ltd * 2,814 172,000 Arcadyan Technology Corp. 300

54 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2017

Shares Fair Shares Fair Short-Term Investments Value (000's) Value (000's) 12,266,461 Dreyfus Government Cash Management 1.44%$ 12,270 Collateral for Securities Loaned 1.60% (Cost $12,270) Short-Term Investments-Repurchase Agreements 3,250,745 SwibRepo 1.63%, due 1/2/18$ 3,251 3,250,745 Cantor Fitzgerald Securities 1.41%, due 1/2/18 3,251 Rights 3,250,745 Daiwa Capital Markets 1.43%, due 1/2/18 3,250 9,286 CTBC FIN RTS 12/15/17 0.00 3,250,745 RBC Domininion Securities Inc 1.40%, due 1/2/18 3,250 301 CHINA LITERATURE LTD-RTS 0.00 683,845 Jefferies LLC 1.50%, due 1/2/18 671 TOTAL RIGHTS 0.00% 0 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 13,673 (Cost $0) (Cost $13,673)

TOTAL INVESTMENTS 101.57% 866,448 (Cost $686,759)

Liabilities, Less Other Assets -1.57% (13,407)

TOTAL NET ASSETS 100.00%$ 853,041

* All or a portion of this security is on loan. The market value of loaned securities is $16,264,067.

55 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2017

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 98.71% Number of Stocks 596 Top Ten Stocks (% of Net Assets) 5.46%

Rights 0.00% Fixed Income Securities: Short-Term Investments 1.23% Short-Term Investments-Repurchase Agreements 5.53% Liabilities, Less Other Assets -5.47%

Top Ten Equity Holdings (% of Net Assets) Nektar Therapeutics 1.19% Interactive Brokers Group Inc 0.53% Chemed Corp 0.49% Healthcare Services Group Inc 0.49% ALLETE Inc 0.48% Cantel Medical Corp 0.47% Five Below Inc 0.46% Spire Inc 0.46% John Bean Technologies Corp 0.45% Evercore Inc 0.44%

Top 5 Sectors (% of Net Assets) Financial Services 22.49% Producer Durables 18.10% Consumer Discretionary 16.24% Health Care 12.75% Technology 10.91%

56 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks Common Stocks (continued) Consumer Discretionary 16.24% Consumer Discretionary (continued) 30,387 Abercrombie & Fitch Co$ 530 8,855 Marcus Corp $ 242 44,174 American Axle & Manufacturing Holdings Inc 752 10,777 MarineMax Inc 204 7,333 American Public Education Inc 184 10,539 Marriott Vacations Worldwide Corp 1,425 6,475 American Woodmark Corp 843 14,492 Matthews International Corp 765 8,306 Asbury Automotive Group Inc 532 21,006 MDC Holdings Inc 670 78,381 Ascena Retail Group Inc 184 17,570 Meritage Homes Corp 900 16,856 Barnes & Noble Education Inc 139 5,133 Monarch Casino & Resort Inc 230 25,680 Barnes & Noble Inc 172 14,671 Monro Inc 836 38,149 Belmond Ltd 467 8,617 Motorcar Parts of America Inc 215 9,296 Big 5 Sporting Goods Corp * 71 7,412 Movado Group Inc * 239 464 Biglari Holdings Inc 192 14,496 Nautilus Inc * 194 8,165 BJ's Restaurants Inc 297 23,973 New Media Investment Group Inc * 402 9,259 Bob Evans Farms Inc 730 13,393 Nutrisystem Inc * 704 36,780 Boyd Gaming Corp 1,289 21,941 Ollie's Bargain Outlet Holdings Inc 1,168 12,773 Buckle Inc * 303 7,792 Oxford Industries Inc 586 19,232 Caleres Inc 644 100 Papa John's International Inc 6 44,332 Callaway Golf Co 618 37,428 Penn National Gaming Inc 1,173 5,272 Capella Education Co 408 6,305 Perry Ellis International Inc 158 29,424 Career Education Corp 355 15,987 QuinStreet Inc 134 10,690 Cato Corp 170 5,843 Red Robin Gourmet Burgers Inc * 330 3,944 Cavco Industries Inc 602 16,076 Regis Corp 247 4,872 Central Garden & Pet Co * 190 23,922 Rent-A-Center Inc * 266 15,949 Central Garden & Pet Co * 601 8,372 RH 722 57,237 Chico's FAS Inc 505 13,232 Ruth's Hospitality Group Inc 286 7,767 Children's Place Inc * 1,129 12,540 Scholastic Corp 503 7,703 Chuy's Holdings Inc 216 23,575 Scientific Games Corp 1,209 7,051 Cooper-Standard Holdings Inc 864 8,307 Shake Shack Inc 359 32,172 Crocs Inc 407 5,193 Shoe Carnival Inc 139 18,422 Dave & Buster's Entertainment Inc 1,016 14,721 Shutterfly Inc 732 8,079 DineEquity Inc * 410 8,214 Shutterstock Inc 353 13,426 Dorman Products Inc 821 17,743 Sleep Number Corp 667 32,363 DSW Inc 693 11,172 Sonic Automotive Inc 206 10,163 El Pollo Loco Holdings Inc * 101 18,157 Sonic Corp 499 11,975 Ethan Allen Interiors Inc 342 7,245 Stamps.com Inc * 1,362 24,874 EW Scripps Co * 389 9,136 Standard Motor Products Inc 410 35,518 Express Inc 361 24,558 Steven Madden Ltd 1,147 12,345 Fiesta Restaurant Group Inc * 235 4,772 Strayer Education Inc * 427 18,248 Finish Line Inc 265 10,594 Superior Industries International Inc 157 24,640 Five Below Inc * 1,634 22,050 Tailored Brands Inc * 481 20,785 Fossil Group Inc * 161 15,370 Tile Shop Holdings Inc 148 16,761 Fox Factory Holding Corp 651 44,461 Time Inc 820 16,521 Francesca's Holdings Corp 121 6,847 Universal Electronics Inc 324 16,665 Fred's Inc * 67 7,183 US Concrete Inc * 601 8,051 FTD Cos Inc 58 9,354 Vera Bradley Inc 114 49,816 Gannett Co Inc 577 9,191 Viad Corp 509 9,047 Genesco Inc 294 11,210 Vitamin Shoppe Inc 49 16,393 Gentherm Inc 520 11,068 William Lyon Homes 322 18,790 G-III Apparel Group Ltd 693 13,166 Wingstop Inc 513 8,758 Group 1 Automotive Inc 622 12,883 Winnebago Industries Inc * 716 26,980 Guess? Inc 455 43,616 Wolverine World Wide Inc 1,390 8,817 Haverty Furniture Cos Inc 200 17,472 World Wrestling Entertainment Inc * 534 11,714 HealthStream Inc 271 10,846 XO Group Inc 200 9,315 Hibbett Sports Inc * 190 8,168 Zumiez Inc * 170 7,910 Inter Parfums Inc 344 57,364 140,359 JC Penney Co Inc * 444 7,378 Kirkland's Inc 88 Consumer Staples 2.26% 21,904 La-Z-Boy Inc 683 12,051 Andersons Inc 375 11,130 LCI Industries 1,447 30,311 B&G Foods Inc * 1,065 7,900 LGI Homes Inc 593 7,318 Calavo Growers Inc * 618 10,727 Lithia Motors Inc * 1,218 13,793 Cal-Maine Foods Inc 613 12,721 Lumber Liquidators Holdings Inc * 399 2,164 Coca-Cola Bottling Co Consolidated 466 12,900 M/I Homes Inc 444 20,749 Core-Mark Holding Co Inc 655

57 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Consumer Staples (continued) Financial Services (continued) 21,707 Diplomat Pharmacy Inc$ 436 20,395 Chatham Lodging Trust$ 464 6,923 J&J Snack Foods Corp 1,051 26,876 Chesapeake Lodging Trust 728 4,088 John B Sanfilippo & Son Inc * 259 6,981 City Holding Co 471 4,819 Medifast Inc 336 32,545 Columbia Banking System Inc 1,414 9,200 PetMed Express Inc * 419 22,557 Community Bank System Inc 1,212 100 Sanderson Farms Inc 14 13,120 Customers Bancorp Inc 341 3,518 Seneca Foods Corp 108 45,656 CVB Financial Corp 1,076 16,710 SpartanNash Co 446 89,614 DiamondRock Hospitality Co 1,012 17,312 SUPERVALU Inc 374 13,694 Dime Community Bancshares Inc 287 6,378 WD-40 Co * 753 15,053 Donnelley Financial Solutions Inc 293 7,988 19,915 Easterly Government Properties Inc * 425 15,343 EastGroup Properties Inc 1,356 Energy 3.16% 7,322 eHealth Inc 127 31,808 Archrock Inc 334 14,478 Employers Holdings Inc 643 34,818 Bill Barrett Corp 179 10,584 Encore Capital Group Inc * 446 10,157 CARBO Ceramics Inc * 103 14,959 Enova International Inc 227 34,439 Carrizo Oil & Gas Inc * 733 17,227 Evercore Inc 1,550 34,390 Cloud Peak Energy Inc 153 23,090 EZCORP Inc 282 11,628 CONSOL Energy Inc 459 9,838 Fidelity Southern Corp 214 181,880 Denbury Resources Inc 402 28,385 Financial Engines Inc 860 9,339 Era Group Inc 100 82,649 First BanCorp/Puerto Rico 422 14,253 Exterran Corp 448 43,360 First Commonwealth Financial Corp 621 26,915 Flotek Industries Inc 125 27,631 First Financial Bancorp 728 6,227 Geospace Technologies Corp 81 29,516 First Financial Bankshares Inc * 1,330 17,558 Green Plains Inc * 296 45,805 First Midwest Bancorp Inc 1,100 6,409 Gulf Island Fabrication Inc 86 21,083 FirstCash Inc 1,422 62,633 Helix Energy Solutions Group Inc 472 27,237 Four Corners Property Trust Inc 700 11,971 Matrix Service Co 213 48,674 Franklin Street Properties Corp 523 126,808 McDermott International Inc 834 14,653 Getty Realty Corp 398 38,420 Newpark Resources Inc 330 34,765 Glacier Bancorp Inc 1,369 110,206 Noble Corp * 498 44,285 Government Properties Income Trust * 821 22,909 Oil States International Inc 648 26,245 Great Western Bancorp Inc 1,045 11,178 Par Pacific Holdings Inc 216 20,385 Green Dot Corp 1,228 29,456 PDC Energy Inc 1,518 11,073 Greenhill & Co Inc * 216 36,347 Pioneer Energy Services Corp 111 14,486 Hanmi Financial Corp 440 2,594 REX American Resources Corp 215 3,689 HCI Group Inc * 110 16,069 SolarEdge Technologies Inc 603 17,508 Hersha Hospitality Trust 305 107,589 SRC Energy Inc 918 16,313 HFF Inc 793 29,501 SunCoke Energy Inc 354 12,148 HomeStreet Inc 352 52,270 TETRA Technologies Inc 223 57,491 Hope Bancorp Inc 1,049 23,778 Unit Corp 523 18,267 Horace Mann Educators Corp 806 11,175 37,542 Independence Realty Trust Inc 379 12,225 Independent Bank Corp/Rockland MA 854 Financial Services 22.49% 4,909 Infinity Property & Casualty Corp 520 37,604 Acadia Realty Trust 1,029 31,866 Interactive Brokers Group Inc * 1,887 13,001 Agree Realty Corp 669 7,005 INTL. FCStone Inc 298 18,611 American Assets Trust Inc 712 50,631 Invesco Mortgage Capital Inc 903 39,769 American Equity Investment Life Holding Co 1,222 14,892 Investment Technology Group Inc 287 16,580 Ameris Bancorp 799 37,758 Kite Realty Group Trust 740 8,603 AMERISAFE Inc 530 18,826 LegacyTexas Financial Group Inc 795 44,480 Apollo Commercial Real Estate Finance Inc * 821 3,361 LendingTree Inc * 1,144 20,194 Armada Hoffler Properties Inc 314 96,787 Lexington Realty Trust 934 19,118 ARMOUR Residential REIT Inc 492 17,619 LTC Properties Inc 767 19,038 Banc of California Inc * 393 31,548 Maiden Holdings Ltd 208 18,926 Bank Mutual Corp 202 4,036 Meta Financial Group Inc 374 14,664 Banner Corp 808 11,942 National Bank Holdings Corp 387 24,936 BofI Holding Inc * 746 19,865 National Storage Affiliates Trust 542 37,467 Boston Private Financial Holdings Inc 579 10,161 Navigators Group Inc 495 34,304 Brookline Bancorp Inc 539 19,382 NBT Bancorp Inc 713 44,597 Capstead Mortgage Corp 386 23,833 NMI Holdings Inc 405 20,631 Cardtronics PLC 382 20,910 Northfield Bancorp Inc 357 33,754 CareTrust REIT Inc 566 45,799 Northwest Bancshares Inc 766 76,865 CBL & Associates Properties Inc * 435 20,022 OFG Bancorp 188 36,904 Cedar Realty Trust Inc 224 59,741 Old National Bancorp 1,042 13,433 Central Pacific Financial Corp 401 7,790 Opus Bank 213

58 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Financial Services (continued) Health Care (continued) 17,627 Oritani Financial Corp$ 289 15,680 Emergent BioSolutions Inc$ 729 17,265 Pacific Premier Bancorp Inc 691 6,361 Enanta Pharmaceuticals Inc 373 31,363 Pennsylvania Real Estate Investment Trust * 373 21,816 Ensign Group Inc 484 6,386 Piper Jaffray Cos 551 23,647 Haemonetics Corp 1,373 20,158 PRA Group Inc * 669 22,978 HealthEquity Inc 1,072 23,911 ProAssurance Corp 1,367 2,939 Heska Corp 236 26,986 Provident Financial Services Inc 728 37,941 HMS Holdings Corp 643 8,866 PS Business Parks Inc 1,109 6,769 ICU Medical Inc 1,462 35,731 Ramco-Gershenson Properties Trust 526 33,194 Impax Laboratories Inc 553 7,884 RE/MAX Holdings Inc 382 32,826 Innoviva Inc 466 49,165 Retail Opportunity Investments Corp * 981 7,642 Inogen Inc 910 17,331 RLI Corp 1,051 12,668 Integer Holdings Corp 574 15,562 S&T Bancorp Inc 620 28,561 Integra LifeSciences Holdings Corp 1,367 6,864 Safety Insurance Group Inc 552 14,829 Invacare Corp 250 5,365 Saul Centers Inc 331 39,419 Kindred Healthcare Inc 382 26,043 Selective Insurance Group Inc 1,529 13,462 Lannett Co Inc * 312 20,056 ServisFirst Bancshares Inc * 832 13,184 Lantheus Holdings Inc 270 17,404 Simmons First National Corp 994 6,872 LeMaitre Vascular Inc 219 12,303 Southside Bancshares Inc 414 7,334 LHC Group Inc 449 10,736 Stewart Information Services Corp 454 9,412 Ligand Pharmaceuticals Inc 1,289 46,604 Summit Hotel Properties Inc 710 18,397 Luminex Corp 362 39,040 Third Point Reinsurance Ltd 572 10,773 Magellan Health Inc 1,040 5,506 Tompkins Financial Corp * 448 28,612 Medicines Co * 782 42,957 TrustCo Bank Corp NY 395 19,254 Meridian Bioscience Inc 270 31,983 United Community Banks Inc 900 22,474 Merit Medical Systems Inc 971 9,578 United Fire Group Inc 437 45,640 MiMedx Group Inc * 576 9,287 United Insurance Holdings Corp 160 34,177 Momenta Pharmaceuticals Inc 477 5,613 Universal Health Realty Income Trust 422 30,860 Myriad Genetics Inc 1,060 14,293 Universal Insurance Holdings Inc 391 14,050 Natus Medical Inc 537 13,269 Urstadt Biddle Properties Inc 288 70,181 Nektar Therapeutics 4,191 3,211 Virtus Investment Partners Inc 369 17,140 Neogen Corp 1,409 37,377 Waddell & Reed Financial Inc * 835 17,029 Omnicell Inc 826 12,567 Walker & Dunlop Inc 597 27,210 OraSure Technologies Inc 513 11,727 Westamerica Bancorporation 698 8,196 Orthofix International NV 448 17,244 Whitestone REIT * 248 8,703 Phibro Animal Health Corp 292 51,464 WisdomTree Investments Inc * 646 31,563 Progenics Pharmaceuticals Inc 188 2,645 World Acceptance Corp 214 5,117 Providence Service Corp 304 79,426 21,426 Quality Systems Inc 291 16,749 Repligen Corp 608 Health Care 12.75% 48,075 Select Medical Holdings Corp 849 10,265 Abaxis Inc * 508 40,316 Spectrum Pharmaceuticals Inc 764 20,944 Acorda Therapeutics Inc * 449 11,267 Sucampo Pharmaceuticals Inc 202 5,664 Almost Family Inc 314 22,847 Supernus Pharmaceuticals Inc * 910 15,906 AMAG Pharmaceuticals Inc * 211 6,009 Surmodics Inc 168 12,819 Amedisys Inc 676 6,514 Tactile Systems Technology Inc 189 21,402 AMN Healthcare Services Inc * 1,054 15,278 Tivity Health Inc * 558 15,907 Amphastar Pharmaceuticals Inc 306 5,744 US Physical Therapy Inc 415 5,683 Analogic Corp 476 16,873 Varex Imaging Corp 678 16,855 AngioDynamics Inc 280 45,032 3,992 ANI Pharmaceuticals Inc * 257 6,699 Anika Therapeutics Inc * 361 Materials & Processing 8.75% 13,793 BioTelemetry Inc 412 13,479 A Schulman Inc 502 14,611 Cambrex Corp 701 18,690 AAON Inc * 686 15,970 Cantel Medical Corp 1,643 13,937 Aceto Corp 144 7,155 Chemed Corp 1,739 13,913 AdvanSix Inc 585 5,055 Computer Programs & Systems Inc 152 141,771 AK Steel Holding Corp * 802 11,243 CONMED Corp 573 12,274 American Vanguard Corp 241 4,384 CorVel Corp 232 13,114 Apogee Enterprises Inc 600 16,746 Cross Country Healthcare Inc 214 14,691 Balchem Corp 1,184 15,164 CryoLife Inc 290 17,372 Boise Cascade Co 693 6,158 Cutera Inc 279 11,301 Cabot Microelectronics Corp 1,063 22,671 Cytokinetics Inc 185 23,057 Calgon Carbon Corp * 491 28,374 Depomed Inc 228 22,593 Century Aluminum Co 444 3,764 Eagle Pharmaceuticals Inc * 201 7,635 Clearwater Paper Corp 347

59 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Materials and Processing (continued) Producer Durables (continued) 16,936 Comfort Systems USA Inc$ 739 21,572 Brady Corp $ 818 5,019 Deltic Timber Corp 459 19,814 Briggs & Stratton Corp 503 12,435 FutureFuel Corp 175 14,555 Bristow Group Inc * 196 14,548 Gibraltar Industries Inc 480 13,953 Chart Industries Inc 654 13,974 Griffon Corp 284 7,595 CIRCOR International Inc 370 4,626 Hawkins Inc 163 8,736 Control4 Corp 260 5,822 Haynes International Inc 187 11,405 Cubic Corp 672 23,194 HB Fuller Co 1,249 74,510 Darling Ingredients Inc 1,351 18,973 Ingevity Corp 1,337 20,616 DHI Group Inc 39 9,057 Innophos Holdings Inc 423 7,343 DXP Enterprises Inc 217 11,129 Innospec Inc 786 11,753 Echo Global Logistics Inc 329 9,595 Installed Building Products Inc 729 20,451 Electronics For Imaging Inc * 604 8,300 Insteel Industries Inc 235 9,742 Encore Wire Corp 474 26,862 Interface Inc 676 8,150 Engility Holdings Inc 231 7,775 Kaiser Aluminum Corp 831 9,700 EnPro Industries Inc 907 39,292 KapStone Paper and Packaging Corp 892 11,841 ESCO Technologies Inc 713 9,476 Koppers Holdings Inc 482 17,445 Essendant Inc 162 14,132 Kraton Corp 681 15,128 ExlService Holdings Inc 913 9,941 LSB Industries Inc 87 11,544 Exponent Inc 821 9,249 Materion Corp 450 7,430 FARO Technologies Inc 349 26,300 Mueller Industries Inc 932 27,355 Federal Signal Corp 550 10,650 Myers Industries Inc 208 4,449 Forrester Research Inc 197 7,923 Neenah Inc 718 13,342 Forward Air Corp 766 4,451 Olympic Steel Inc 96 17,710 Franklin Electric Co Inc 813 10,803 Patrick Industries Inc 750 17,066 FTI Consulting Inc 733 22,967 PGT Innovations Inc 387 22,448 General Cable Corp 664 20,224 PH Glatfelter Co 434 13,211 Greenbrier Cos Inc * 704 6,147 Quaker Chemical Corp 927 701 Hamilton Beach Brands Holding Co 18 16,147 Quanex Building Products Corp 378 36,149 Harsco Corp 674 23,553 Rayonier Advanced Materials Inc 482 23,463 Hawaiian Holdings Inc 935 19,282 Simpson Manufacturing Co Inc 1,107 32,724 Healthcare Services Group Inc 1,725 9,187 Stepan Co 725 22,482 Heartland Express Inc 525 18,043 TimkenSteel Corp * 274 8,491 Heidrick & Struggles International Inc 208 12,348 Tredegar Corp 237 28,780 Hillenbrand Inc 1,286 13,223 Trex Co Inc 1,433 14,961 Hub Group Inc 717 8,185 Unifi Inc 294 16,533 Insperity Inc 948 27,755 Universal Forest Products Inc 1,044 15,188 Itron Inc 1,036 36,275 US Silica Holdings Inc * 1,181 14,268 John Bean Technologies Corp * 1,581 5,355 Veritiv Corp 155 12,884 Kaman Corp 758 30,889 13,830 Kelly Services Inc 377 25,220 Korn/Ferry International 1,044 Producer Durables 18.10% 4,997 Lindsay Corp 441 14,818 AAR Corp 582 11,691 Liquidity Services Inc 57 24,941 ABM Industries Inc 941 15,712 LSC Communications Inc 238 27,605 Actuant Corp * 698 7,924 Lydall Inc 402 17,675 Advanced Energy Industries Inc 1,193 17,374 Marten Transport Ltd 353 15,021 Aegion Corp 382 19,178 Matson Inc 572 9,648 Aerovironment Inc * 542 20,366 MEDIA GENERAL CVR 6 4,461 Alamo Group Inc 504 19,868 Mobile Mini Inc 685 13,397 Albany International Corp 823 14,693 Moog Inc 1,276 5,614 Allegiant Travel Co * 869 7,843 MTS Systems Corp 421 17,756 Applied Industrial Technologies Inc 1,209 6,250 Multi-Color Corp 468 11,493 ArcBest Corp 411 7,631 MYR Group Inc 273 8,885 Astec Industries Inc 520 20,812 Navigant Consulting Inc 404 11,350 Atlas Air Worldwide Holdings Inc 666 21,816 On Assignment Inc 1,402 23,952 Axon Enterprise Inc * 635 13,448 Orion Group Holdings Inc 105 12,013 AZZ Inc 614 7,926 OSI Systems Inc 510 13,003 Badger Meter Inc 622 4,317 Powell Industries Inc 124 22,458 Barnes Group Inc 1,421 11,127 Proto Labs Inc 1,146

60 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2017

Fair Fair Shares Value (000's) Shares Value (000's) Common Stocks (continued) Common Stocks (continued) Producer Durables (continued) Technology (continued) 16,312 Raven Industries Inc$ 560 31,438 Kulicke & Soffa Industries Inc$ 765 12,849 Resources Connection Inc 199 24,300 LivePerson Inc 279 14,319 Roadrunner Transportation Systems Inc 110 27,610 Lumentum Holdings Inc * 1,350 31,520 RR Donnelley & Sons Co 293 11,540 ManTech International Corp 579 11,389 Saia Inc 806 27,119 MaxLinear Inc * 716 7,593 SEACOR Holdings Inc 351 21,803 Mercury Systems Inc 1,120 23,166 SkyWest Inc 1,230 16,455 Methode Electronics Inc 660 19,293 SPX Corp 606 4,208 MicroStrategy Inc 553 19,008 SPX FLOW Inc 904 18,655 Monotype Imaging Holdings Inc 450 5,861 Standex International Corp 597 11,378 Nanometrics Inc 284 17,821 Sykes Enterprises Inc 560 14,015 NETGEAR Inc 823 13,639 Team Inc * 203 29,649 NIC Inc * 492 6,340 TeleTech Holdings Inc 255 75,224 Oclaro Inc * 507 8,167 Tennant Co 593 8,509 Park Electrochemical Corp * 167 24,977 Tetra Tech Inc 1,203 12,362 PDF Solutions Inc 194 22,541 Titan International Inc 290 15,632 Perficient Inc 298 16,182 TopBuild Corp 1,226 31,237 Photronics Inc 266 22,479 Triumph Group Inc * 611 14,964 Plexus Corp 909 18,518 TrueBlue Inc 509 13,243 Power Integrations Inc 974 6,945 UniFirst Corp 1,145 21,299 Progress Software Corp 907 9,821 US Ecology Inc 501 14,179 Qualys Inc 842 7,829 Vicor Corp 164 48,977 Rambus Inc 696 26,861 Wabash National Corp 583 8,131 Rogers Corp 1,317 17,796 WageWorks Inc 1,103 14,119 Rudolph Technologies Inc 337 12,772 Watts Water Technologies Inc 970 32,123 Sanmina Corp 1,060 63,929 11,413 ScanSource Inc 409 29,503 Semtech Corp 1,009 Technology 10.91% 7,668 SPS Commerce Inc 373 21,440 ADTRAN Inc 415 17,028 Super Micro Computer Inc 356 6,870 Agilysys Inc 84 19,938 Synchronoss Technologies Inc 178 12,900 Anixter International Inc 980 54,553 TiVo Corp 851 8,648 Applied Optoelectronics Inc * 327 40,777 TTM Technologies Inc 639 14,028 Axcelis Technologies Inc 403 13,465 VASCO Data Security International Inc 187 18,120 Barracuda Networks Inc 498 21,705 Veeco Instruments Inc 322 4,379 Bel Fuse Inc 110 101,317 Viavi Solutions Inc * 886 22,314 Benchmark Electronics Inc 649 12,140 Virtusa Corp 535 20,608 Blucora Inc 455 22,147 Xperi Corp * 540 15,689 Bottomline Technologies de Inc 544 38,543 31,306 Brooks Automation Inc 747 10,981 CACI International Inc 1,453 Utilities 4.05% 15,849 CalAmp Corp 340 41,032 8x8 Inc 579 9,782 CEVA Inc 451 22,809 ALLETE Inc 1,696 12,612 Cohu Inc 277 16,341 American States Water Co 946 10,603 Comtech Telecommunications Corp 235 4,951 ATN International Inc 274 18,076 Cray Inc 437 28,786 Avista Corp 1,482 14,917 CSG Systems International Inc 654 21,374 California Water Service Group 969 14,716 CTS Corp 379 19,059 Cincinnati Bell Inc 397 17,429 Daktronics Inc 159 18,509 Cogent Communications Holdings Inc 838 12,092 Digi International Inc 115 28,948 Consolidated Communications Holdings Inc 353 17,195 Diodes Inc 493 18,171 El Paso Electric Co 1,006 9,942 DSP Group Inc 124 35,994 Frontier Communications Corp 243 27,230 DYAX Enterprise Inc. 30 11,778 General Communication Inc 460 9,805 Ebix Inc 777 37,749 Iridium Communications Inc * 445 14,954 Electro Scientific Industries Inc 320 12,895 Northwest Natural Gas Co 769 6,335 ePlus Inc 476 35,767 South Jersey Industries Inc 1,117 16,725 Fabrinet 480 21,634 Spire Inc 1,626 36,885 Harmonic Inc * 155 9,191 Spok Holdings Inc 144 24,462 II-VI Inc 1,148 92,898 Vonage Holdings Corp 945 15,990 Insight Enterprises Inc 612 14,289 12,617 iRobot Corp * 968 TOTAL COMMON STOCKS 98.71% 348,635 21,901 KEMET Corp * 330 (Cost $305,702) 27,654 Kopin Corp * 88

61 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2017

Shares Fair Shares Fair Value (000's) Value (000's) Rights Collateral for Securities Loaned 16,440 Chelsea Therapeutic CVR$ - Short-Term Investments-Repurchase Agreements Orignally Acquired: 6/24/2014 4,649,871 SwibRepo 1.63%, due 1/2/18$ 4,650 4,649,871 Cantor Fitzgerald Securities 1.41%, due 1/2/18 4,650 3,060 Clinical Data "Dummy" - 4,649,871 Daiwa Capital Markets 1.43%, due 1/2/18 4,649 Orignally Acquired: 4/13/2011 4,649,871 HSBC Securities USA Inc., 1.38%, due 1/2/18 4,649 978,152 Jefferies LLC 1.50%, due 1/2/18 957 3,550 Durata Therapeutic CVR - TOTAL SHORT TERM INVESTMENTS-COLLATERAL 5.53% 19,555 Orignally Acquired: 11/18/2014 (Cost $19,555)

5,440 Gerber Scientific Escrow - TOTAL INVESTMENTS Orignally Acquired: 8/22/2011 (Cost $329,584) 105.47% 372,520

1,230 Omthera Pharmaceuticals - Liabilities, Less Other Assets -5.47% (19,334) Orignally Acquired: 7/19/2013 TOTAL NET ASSETS 100.00%$ 353,186 2,044 Tobira Therapeutics Inc C - Orignally Acquired: 11/3/2016

TOTAL RIGHTS 0 (Cost $0)

Short-Term Investments 4,326,954 Dreyfus Government Cash Management 1.23% 4,330 (Cost $4,330)

* All or a portion of this security is on loan. The market value of loaned securities is $33,780.966.

62 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED DECEMBER 31, 2017 AND DECEMBER 31, 2016 (AMOUNTS IN THOUSANDS)

Money Market Fund Short Bond Fund Intermediate Diversified Bond Fund Opportunistic Bond Fund

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended

12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16

INVESTMENT INCOME: Interest income $ 835 $ 472 $ 7,858 $ 6,594 $ 31,362 $ 29,582 $ 9,504 $ 7,476 Dividend income ------310 201 Total investment income 835 472 7,858 6,594 31,362 29,582 9,814 7,677

EXPENSES: Investment advisory and administrative fees 166 180 1,154 1,008 - - - - Class A ----695 727 357 347 Class B - - - - 3,781 3,669 1,273 1,174 Dividend expense ------310 216 Other expenses 46 70 154 131 420 425 257 158 Gross expenses 212 250 1,308 1,139 4,896 4,821 2,197 1,895 Fee waiver ------Net expenses 212 250 1,308 1,139 4,896 4,821 2,197 1,895 Net investment income 623 222 6,550 5,455 26,466 24,761 7,617 5,782

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions (9) - (42) (946) (1,003) 9,228 893 1,909

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts - - (3) 2,423 16,573 9,256 (740) 2,303 Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) (9) - (45) 1,477 15,570 18,484 153 4,212

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 614 $ 222 $ 6,505 $ 6,932 $ 42,036 $ 43,245 $ 7,770 $ 9,994

See notes to financial statements. 63 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED DECEMBER 31, 2017 AND DECEMBER 31, 2016 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended

12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16

INVESTMENT INCOME: Interest income $ 2,289 $ 2,196 $ 76 $ 107 $ 162 $ 97 Dividend income 2,835 2,796 7,296 8,463 34,102 31,011 Total investment income 5,124 4,992 7,372 8,570 34,264 31,108

EXPENSES: Investment advisory and administrative fees 1,808 1,678 - - - - Class A - - 1,297 1,344 469 437 Class B - - 1,504 1,491 1,750 1,806 Dividend expense ------Other expenses 198 215 182 178 571 470 Gross expenses 2,006 1,893 2,983 3,013 2,790 2,713 Fee waiver - - (27) (7) - - Net expenses 2,006 1,893 2,956 3,006 2,790 2,713 Net investment income 3,118 3,099 4,416 5,564 31,474 28,395

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 9,494 13,441 39,922 19,276 123,656 81,593

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts 15,157 7,899 11,659 23,164 208,364 52,162 Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) 24,651 21,340 51,581 42,440 332,020 133,755

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 27,769 $ 24,439 $ 55,997 $ 48,004 $ 363,494 $ 162,150

See notes to financial statements. 64 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED DECEMBER 31, 2017 AND DECEMBER 31, 2016 (AMOUNTS IN THOUSANDS)

Growth Fund International Equity Fund Small Capitalization Equity Index Fund

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended

12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16

INVESTMENT INCOME: Interest income $ 26 $ 24 $ 436 $ 454 $ 511 $ 583 Dividend income 4,896 5,173 18,186 * 14,464 * 4,993 5,447 Total investment income 4,922 5,197 18,622 14,918 5,504 6,030

EXPENSES: Investment advisory and administrative fees ------Class A 1,437 1,368 2,496 2,252 575 507 Class B 1,387 1,381 5,012 3,916 473 442 Dividend expense ------Other expenses 177 202 659 495 202 160 Gross expenses 3,001 2,951 8,167 6,663 1,250 1,109 Fee waiver - - - - - Net expenses 3,001 2,951 8,167 6,663 1,250 1,109 Net investment income 1,921 2,246 10,455 8,255 4,254 4,921

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 30,283 37,028 30,561 (5,167) 97,622 17,756

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts 36,775 (23,115) 157,285 18,187 (53,964) 42,269 Forward foreign currency contracts and foreign currency transactions - - - 11 - -

Net realized and unrealized gain (loss) 67,058 13,913 187,846 13,031 43,658 60,025

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 68,979 $ 16,159 $ 198,301 $ 21,286 $ 47,912 $ 64,946

*Net of foreign withholding tax of $1,492 and $1,286 respectively.

See notes to financial statements. 65 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS PERIODS ENDED DECEMBER 31, 2017 AND DECEMBER 31, 2016 (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 Period Ended Year Ended 12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16 OPERATIONS: Net investment income $ 623 $ 222 $ 6,550 $ 5,455 $ 26,466 $ 24,761 $ 7,617 $ 5,782 Net realized gain (loss) (9) - (42) (946) (1,003) 9,228 893 1,909 Change in net unrealized appreciation or (depreciation) - - (3) 2,423 16,573 9,256 (740) 2,303

Net increase (decrease) in net assets resulting from operations 614 222 6,505 6,932 42,036 43,245 7,770 9,994

Distributions to participants from net investment income (623) (222) (6,550) (5,455) (26,466) (24,761) (7,617) (5,782)

TRUST UNIT TRANSACTIONS: Sale of trust units 138,669 142,869 95,846 132,456 173,530 142,658 88,729 85,697 Trust units redeemed (138,478) (155,053) (95,229) (95,360) (132,984) (197,783) (33,912) (62,963) Reinvestment of dividends 612 219 6,473 5,352 25,065 23,569 7,178 5,527

Net increase (decrease) in net assets resulting from trust unit transactions 803 (11,965) 7,090 42,448 65,611 (31,556) 61,995 28,261

Net increase (decrease) in net assets 794 (11,965) 7,045 43,925 81,181 (13,072) 62,148 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 $ 63,546 $ 62,752 $ 383,873 $ 376,828 $ 1,236,150 $ 1,154,969 $ 470,908 $ 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 138,669 142,869 8,625 11,948 12,421 10,221 8,853 8,553 Trust units redeemed (138,478) (155,053) (8,570) (8,570) (9,505) (14,176) (3,381) (6,298) Units issued in reinvestment of dividends 612 219 583 482 1,796 1,684 716 552

TRUST UNITS AT END OF PERIOD 63,560 62,757 34,669 34,031 88,337 83,625 47,121 40,933

See notes to financial statements. 66 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS PERIODS ENDED DECEMBER 31, 2017 AND DECEMBER 31, 2016 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund

Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended 12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16 OPERATIONS: Net investment income$ 3,118 $ 3,099 $ 4,416 $ 5,564 $ 31,474 $ 28,395 Net realized gain (loss) 9,494 13,441 39,922 19,276 123,656 81,593 Change in net unrealized appreciation or (depreciation) 15,157 7,899 11,659 23,164 208,364 52,162

Net increase (decrease) in net assets resulting from operations 27,769 24,439 55,997 48,004 363,494 162,150

Distributions to participants from net investment income (3,118) (3,099) (4,416) (5,564) (31,474) (28,395)

TRUST UNIT TRANSACTIONS: Sale of trust units 21,662 53,901 31,080 26,659 190,459 588,553 Trust units redeemed (44,966) (50,975) (90,710) (114,636) (261,242) (534,670) Reinvestment of dividends 3,080 3,034 4,233 5,381 30,665 27,254

Net increase (decrease) in net assets resulting from trust unit transactions (20,224) 5,960 (55,397) (82,596) (40,118) 81,137

Net increase (decrease) in net assets 4,427 27,300 (3,816) (40,156) 291,902 214,892

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 $ 230,144 $ 225,717 $ 357,802 $ 361,618 $ 1,876,871 $ 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 261 738 485 499 3,437 12,014 Trust units redeemed (542) (696) (1,421) (2,130) (4,583) (10,876) Units issued in reinvestment of dividends 37 41 67 101 539 560

TRUST UNITS AT END OF PERIOD 2,605 2,849 5,235 6,104 30,578 31,185

See notes to financial statements. 67 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS PERIODS ENDED DECEMBER 31, 2017 AND DECEMBER 31, 2016 (AMOUNTS IN THOUSANDS)

Growth Fund International Equity Fund Small Capitalization Equity Index Fund

Period Ended Year Ended Period Ended Year Ended Period Ended Year Ended 12/31/17 12/31/16 12/31/17 12/31/16 12/31/17 12/31/16 OPERATIONS: Net investment income $ 1,921 $ 2,246 $ 10,455 $ 8,255 $ 4,254 $ 4,921 Net realized gain (loss) 30,283 37,028 30,561 (5,167) 97,622 17,756 Change in net unrealized appreciation or (depreciation) 36,775 (23,115) 157,285 18,198 (53,964) 42,269

Net increase (decrease) in net assets resulting from operations 68,979 16,159 198,301 21,286 47,912 64,946

Distributions to participants from net investment income ------

TRUST UNIT TRANSACTIONS: Sale of trust units 22,351 16,120 110,035 145,677 53,619 23,081 Trust units redeemed (55,161) (59,674) (100,390) (63,304) (90,281) (60,353) Reinvestment of dividends ------

Net increase (decrease) in net assets resulting from trust unit transactions (32,810) (43,554) 9,645 82,373 (36,662) (37,272)

Net increase (decrease) in net assets 36,169 (27,395) 207,946 103,659 11,250 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 $ 317,984 $ 281,815 $ 853,041 $ 645,095 $ 353,186 $ 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 244 218 2,745 4,606 2,680 1,454 Trust units redeemed (617) (791) (2,611) (1,953) (4,450) (3,415) Units issued in reinvestment of dividends ------

TRUST UNITS AT END OF PERIOD 3,263 3,636 19,700 19,566 16,037 17,807

See notes to financial statements. 68 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Per share data and ratios for a trust unit outstanding throughout each period is presented below:

Income (loss) from investment Less Ratios to average net operations Distributions assets: Net asset value, beginning of period (loss) income investment Net Net realized and unrealized gain investments on (loss) Total from investment operations Distributions from net investment income Net asset value, end of period Total return Expenses, net of waivers Expenses, before waivers income investment Net Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % % $ Money Market Fund 12-31-17 1.00 * * * * 1.00 0.93 0.32 0.32 0.94 63.5 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 Fund 12-31-17 11.07 0.19 0.00 0.19 (0.19) 11.07 1.71 0.34 0.34 1.70 383.9 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 Fund Class A 12-31-17 13.82 0.28 0.18 0.46 (0.28) 14.00 3.38 0.53 0.53 2.04 142.6 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 B 12-31-17 13.81 0.30 0.18 0.48 (0.30) 13.99 3.54 0.38 0.38 2.19 1,093.5 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 A 12-31-17 9.99 0.16 0.00 0.16 (0.16) 9.99 1.63 0.63 0.63 1.63 74.6 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 B 12-31-17 9.99 0.18 0.00 0.18 (0.18) 9.99 1.78 0.48 0.48 1.77 396.3 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 Fund 12-31-17 79.22 1.15 9.13 10.28 (1.15) 88.35 13.08 0.89 0.89 1.38 230.1 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

See notes to financial statements. 69 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Per share data and ratios for a trust unit outstanding throughout each period is presented below:

Income (loss) from investment Less Ratios to average operations Distributions net assets: Net asset value, beginning of period (loss) income investment Net Net realized and unrealized gain investments on (loss) Total from investment operations Distributions from net investment income Net asset value, end of period Total return Expenses, net of waivers Expenses, before waivers income investment Net Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % % $ Value Equity Fund Class A 12-31-17 59.34 0.63 9.13 9.76 (0.63) 68.47 16.53 1.05 1.05 1.00 127.4 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 B 12-31-17 59.18 0.86 9.11 9.97 (0.86) 68.29 16.96 0.70 0.70 1.35 230.4 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 Index Class A 12-31-17 50.84 0.88 10.56 11.44 (0.88) 61.40 22.64 0.38 0.38 1.56 143.0 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 B 12-31-17 50.83 0.99 10.55 11.54 (0.99) 61.38 22.87 0.18 0.18 1.76 1,238.8 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 ) 12-31-17 50.81 1.07 10.55 11.62 (1.07) 61.36 23.06 0.03 0.03 1.91 495.0 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 Fund Class A 12-31-17 75.68 0.40 ** 18.81 19.21 - 94.89 25.38 1.16 1.16 0.47 130.2 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 B 12-31-17 78.96 0.68 ** 19.67 20.35 - 99.31 25.77 0.86 0.86 0.76 187.8 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

See notes to financial statements. 70 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Per share data and ratios for a trust unit outstanding throughout each period is presented below:

Income (loss) from Ratios to investment Less average net operations distributions assets: Net asset value, beginning of period (loss) income investment Net Net realized and unrealized gain investments on (loss) Total from investment operations Distributions from net investment income Net asset value, end of period Total return Expenses, net of waivers Expenses, before waivers income investment Net Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % % $ International Equity Fund Class A 12-31-17 31.37 1.76 7.80 9.56 - 40.93 30.47 1.40 1.40 1.12 189.6 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 B 12-31-17 33.60 0.29 10.14 10.43 44.03 31.04 0.99 0.98 1.49 663.4 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 Fund Class A 12-31-17 18.85 0.46 2.26 2.72 - 21.57 14.43 0.55 0.55 1.01 115.6 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 B 12-31-17 19.38 0.46 2.41 2.87 - 22.25 14.81 0.26 0.26 1.31 237.6 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.

See notes to financial statements. 71 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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 investors 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 investors 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 U.S. Treasury 1-3 Index, generally one to three years.

Intermediate Diversified Bond Fund The Intermediate Diversified Bond Fund’s objective is to provide investors 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 investors 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.

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NOTES TO FINANCIAL STATEMENTS

Note 1- Nature of Organization and Summary of Significant Accounting Policies (continued)

Value Equity Fund The Value Equity Fund’s objective is to provide investors 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 Christian Brothers Investment Services (“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 investors 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 investors 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 Cap Index Fund’s investment objective is to replicate the price and yield performance of the S&P SmallCap 600 Index, an index which emphasizes small-capitalization companies. The S&P SmallCap 600 Index is designed to track the small-cap segment of the U.S. equity market. The S&P SmallCap 600 Index was created to be an efficient benchmark composed of small cap companies that meet investability and financial viability criteria.

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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NOTES TO FINANCIAL STATEMENTS

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 year ended December 31, 2017, excluding short-term investments, were as follows (amounts in thousands):

Funds Purchases Sales Money Market Fund $898,813 $898,292 Short Bond Fund 239,279 208,035 Intermediate Diversified Bond Fund 2,384,158 2,309,693 Opportunistic Bond Fund 389,267 327,926 Balanced Fund 171,771 195,360 Value Equity Fund 164,013 225,353 Core Equity Index Fund 325,335 375,879 Growth Fund 200,672 232,943 International Equity Fund 311,240 286,195 Small Capitalization Equity Index Fund 307,157 344,492

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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NOTES TO FINANCIAL STATEMENTS

Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued)

Sector Risk

At times, certain funds may have increased exposure to risks of a particular sector. A negative development in a particular sector may adversely impact fund performance. See the accompanying schedules of investments for disclosure of exposure levels to specific sectors.

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

Investors 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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NOTES TO FINANCIAL STATEMENTS

Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued)

Income Taxes

CUIT is a not-for-profit organization as described in Section 501(c) (3) of the Internal Revenue Code, as amended (the Code), and is generally exempt from income taxes pursuant to Section 501(a) of the Code. CUIT is required to assess uncertain tax positions and has determined that there were no such positions that are material to the financial statements.

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 Events

CUIT has evaluated subsequent events for recognition and disclosure through April 11, 2018 which is the date the annual financial statements were available to be issued.

76

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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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NOTES TO FINANCIAL STATEMENTS

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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NOTES TO FINANCIAL STATEMENTS

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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NOTES TO FINANCIAL STATEMENTS

Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value as December 31, 2017 (amounts in thousands): Investments in Securities Level 1 Level 2 Level 3 Total Money Market Fund: Asset Backed Securities $ - $18,855 $ - $18,855 Corporate Obligations - 26,290 - 26,290 Sovereign - 4,825 - 4,825 Municipals - 630 - 630 U.S. Government Obligations - 12,252 - 12,252 Money Market 426 - - 426 Short Term Investments-Repurchase Agreements - 213 - 213 Total $426 $63,065 $ - $63,491

Short Bond Fund: Asset Backed Securities $ - $64,626 $ - $64,626 Collateralized Mortgage Obligations - 3,577 - 3,577 Mortgage Backed Securities- Commercial - 25,157 - 25,157 Corporate Obligations - 154,525 - 154,525 Municipals - 12,578 - 12,578 Sovereign - 6,089 - 6,089 U.S. Agency Obligations - 26,079 - 26,079 U.S. Government Obligations - 82,444 - 82,444 Money Market 6,009 - - 6,009 Short Term Investments-Repurchase Agreements - 1,243 - 1,243 Total $6,009 $376,318 $ - $382,327

Intermediate Diversified Bond Fund: Asset Backed Securities $ - $24,080 $ - $24,080 Collateralized Mortgage Obligations - 107 - 107 Mortgage Backed Securities- Commercial - 8,620 - 8,620 Corporate Obligations - 404,144 - 404,144 Municipals - 17,146 - 17,146 Sovereign - 327 - 327 U.S. Agency Obligations - 285,789 - 285,789 U.S. Government Obligations - 495,353 - 495,353 Money Market 69,495 - - 69,495 Short Term Investments-Repurchase Agreements - 42,784 - 42,784 Total $69,495 $1,278,350 $ - $1,347,845

Opportunistic Bond Fund: Equity Securities $25,456 $ - $ - $25,456 Asset Backed Securities - 39,464 - 39,464 Collateralized Mortgage Obligation - 1,653 - 1,653 Mortgage Backed Securities- Commercial - 32,593 - 32,593 Corporate Obligations - 214,722 - 214,722 Municipals - 18,209 - 18,209 Sovereign - 2,147 - 2,417 U.S. Agency Obligations - 37,029 - 37,029 U.S. Government Obligations - 76,101 - 76,101 Money Market 13,833 - - 13,833 Rights - 12 - 12 Short Term Investments-Repurchase Agreements - 4,106 - 4,106 Total $39,289 $426,036 $ - $465,325 Equity Securities (Sold Short) (1,734) - - ($1,734) Total $(1,734) $ - $ - $(1,734)

Balanced Fund: Equity Securities $150,645 $ - $ - $150,645 Asset Backed Securities - 1,667 - 1,667 Mortgage Backed Securities- Commercial - 599 - 599 Corporate Obligations - 25,643 - 25,643 Municipals - 967 - 967 Sovereign - 13 - 13 U.S. Agency Obligations - 19,665 - 19,665 U.S. Government Obligations - 26,637 - 26,637 Money Market 9,174 - - 9,174 Short Term Investments-Repurchase Agreements - 3,681 - 3,681 Rights - 1 - 1 Total $159,819 $78,873 $ - $238,692 80

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued)

Fair Value as December 31, 2017 (amounts in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Value Equity Fund: Equity Securities $348,185 $ - $ - $348,185 Money Market 10,241 - - 10,241 Short Term Investments-Repurchase Agreements - 3,394 - 3,394 Total $358,426 $3,394 $ - $361,820

Core Equity Index Fund: Equity Securities $1,852,032 $ - $ - $1,852,032 Rights 18 - - 18 Money Market 7,808 - - 7,808 Short Term Investments-Repurchase Agreements - 7,869 - 7,869 Total $1,859,858 $7,869 $ - $1,867,727

Growth Fund: Equity Securities $314,423 $ - $ - $314,423 Rights - - - - Money Market 4,258 - - 4,258 Short Term Investments-Repurchase Agreements - 2,435 - 2,435 Total $318,681 $2,435 $ - $321,116

International Equity Fund: Equity Securities $840,505 $ - $ - $840,505 Money Market 12,270 - - 12,270 Short Term Investments-Repurchase Agreements - 13,673 - 13,673 Total $852,775 $13,673 $ - $866,448

Small Capitalization Equity Index Fund: Equity Securities $348,635 $ - $ - $348,635 Rights - - - - Money Market 4,330 - - 4,330 Short Term Investments-Repurchase Agreements - 19,555 - 19,555 Total $352,965 $19,555 $ - $372,520

(Amounts in thousands): Level 1 Level 2 Level 3 Other Financial Asset Liability Asset Liability Asset Liability Total Instruments Intermediate Diversified Bond Fund: Futures - ($673) - - - - ($673)

Balanced Fund: Futures - ($51) - - - - ($51)

Core Equity Fund: Futures - ($37) - - - - ($37)

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CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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 - Related Party Transactions

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. 82

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 3 - Related Party Transactions (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 six-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, 2023- $ 0 December 31, 2022 - $ 2,691 December 31, 2021- $ 199 December 31, 2020 -$ 65,634 December 31, 2019 -$ 56,269 December 31, 2018 -$629,317

For the years ended December 31, 2017 and 2016 the total amount of the waived management fee for the International Equity Fund – Class B was $0.00. 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 – Contingencies and Financial Guarantees

Contingencies

CUIT may from time to time, be involved in various legal and administrative proceedings and claims arising in the ordinary course of its business. The ultimate resolution of such claims would not, in the opinion of management, have a material effect on CUIT’s statements of assets and liabilities and statements of operations, changes in net assets or financial highlights.

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.

Funds that invest in foreign securities are subject to foreign taxes that may be imposed by certain countries in which the Funds invest. The Funds generally record foreign taxes based on applicable foreign tax law. The Funds incur withholding taxes on certain foreign dividends and interest, and those taxes are accrued at the time the associated income is recorded. The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds record a reclaim receivable based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. In consideration of recent decisions rendered by European courts, the International Equity Funds have filed for additional reclaims related to prior years in accordance with European Union law. However, consistent with U.S. GAAP accrual requirements, the International Equity Funds have not recorded a corresponding receivable amount because there is limited historical precedent for U.S. funds collecting reclaims of this magnitude and the amount of the reclaims that these funds may receive in the future, if any, is uncertain. Any amounts to which the International Equity Funds may be entitled, if and when recorded, likely would result in an increase in the net asset value per share of each fund at that time. As of December 31, 2017, the total amount of reclaims filed for the International Equity Funds in the countries that may be affected by the European courts’ decisions (namely, France and Sweden) represents approximately 0.07% of the net asset value per share for each of the International Equity Funds; however, the recovery of any or all of this amount and timing of recovery, if any, is uncertain.

83

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 5 - Capital Share Transactions

Trust unit activity for the Funds is presented below: (Multiple class funds only) Capital Share Transactions for the Year Ended December 31, 2017 (000s)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR NET INCREASE (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES (DECREASE) IN FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS Intermediate Diversified 1,964 $27,432 187 $2,613 (1,652) ($23,075) 499 $6,970 Bond Fund Class A Intermediate Diversified 10,457 $146,098 1,609 $22,452 (7,853) ($109,910) 4,213 $58,640 Bond Fund Class B Opportunistic Bond Fund 2,332 $23,398 108 $1,087 (1,722) ($17,276) 718 $7,209 Class A Opportunistic Bond Fund 6,521 $65,330 607 $6,091 (1,659) ($16,636) 5,469 $54,785 Class B Value Equity Class A 184 $11,700 19 $1,189 (548) ($35,021) (345) ($22,132)

Value Equity Class B 301 $19,379 48 $3,046 (873) ($55,689) (524) ($33,264)

Core Equity Index Class A 663 $36,841 34 $1,918 (860) ($47,770) (163) ($9,011)

Core Equity Index Class B 2,172 $120,912 353 $20,093 (3,064) ($175,103) (539) ($34,098)

Core Equity Index Class C 602 $32,707 152 $8,653 (659) ($38,368) 95 2,992

Growth Class A 124 $10875 -- -- (379) ($33,393) (255) ($22,518)

Growth Class B 120 $11,476 -- -- (238) ($21,768) (118) ($10,292) International Equity Fund 789 $29,426 -- -- (1,687) ($63,837) (898) ($34,414) Class A International Equity Fund 1,955 $80,612 -- -- (923) ($36,553) 1,032 $44,059 Class B Small Capitalization Equity 931 $18,444 -- -- (1,625) ($32,365) (694) ($13,921) Index Class A Small Capitalization Equity 1,748 $35,176 -- -- (2,825) ($57,916) (1,077) ($22,740) Index Class B

84

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES NET INCREASE IN FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS Intermediate Diversified 1,121 $15,609 183 $2,569 (2,984) ($41,633) (1,680) ($23,455) Bond Fund Class A Intermediate Diversified 9,100 127,049 1,501 21,000 (11,193) (156,149) (591) (8,101) Bond Fund Class B Opportunistic Bond Fund 748 7,471 85 854 (956) (9,570) (122) (1245) Class A Opportunistic Bond Fund 7,805 78,225 467 4,673 (5,342) (53,392) 2,930 29,506 Class B 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 647 19,494 -- -- (747) (23,026) (100) (3,532) Class A International Equity Fund 3,959 126,183 -- -- (1,205) (40,277) 2,753 85,906 Class B Small Capitalization Equity 716 11,362 -- -- (963) (15,945) (247) (4,583) Index Class A Small Capitalization Equity 738 11,719 -- -- (2,451) (44,407) (1,713) (32,688) Index Class B

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CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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 are 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 December 31, 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 December 31, 2017. The non-cash collateral includes U.S. Treasury Notes/Bonds and Corporate Bonds and U.S. Agencies Obligations.

As of December 31, 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 Market Value Market Value Market Value Loaned Securities of Collateral of Cash of Non-Cash Collateral Collateral Money Market Fund $3,513,803 $3,589,506 $213,210 $3,376,296 Short Bond Fund 8,614,385 8,800,598 1,243,000 7,557,598 Intermediate Diversified Bond Fund 128,700,744 132,383,310 42,783,738 89,599,572 Opportunistic Bond Fund 9,664,794 9,950,226 4,106,017 5,844,209 Balanced Fund 5,753,661 5,898,862 3,680,802 2,218,060 Value Equity Fund 3,491,261 3,586,415 3,393,662 192,753 Core Equity Index Fund 21,016,524 21,473,689 7,869,401 13,604,288 Growth Fund 7,158,602 7,318,598 2,434,969 4,883,629 International Equity Fund 16,264,067 16,973,195 13,672,601 3,300,594 Small Capitalization Equity Index Fund 33,780,966 34,605,090 19,555,064 15,050,026 Totals $237,958,809 $244,579,489 $98,952,464 $145,627,025

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NOTES TO FINANCIAL STATEMENTS

Note 6-Securities Lending (continued)

As of December 31, 2017 the collateral by cash equivalents pledged and remaining time to maturity were as follows:

Fund Overnight Up to 30 Total and Days Continuous Money Market Fund Fixed Income $213,210 - $213,210

Short Bond Fund Fixed Income 1,234,000 - 1,234,000

Intermediate Diversified Bond Fund Fixed Income 42,783,738 - 42,783,738

Opportunistic Bond Fund Fixed Income 4,106,017 4,106,017 - Balanced Fund Equity 3,385,515 - 3,385,515 Fixed Income 295,287 -295,287 3,680,802 3,680,802 Value Equity Fund Equity 3,393,662 - 3,393,662

Core Equity Index Fund Equity 7,869,401 - 7,869,401

Growth Fund Equity 2,434,969 - 2,434,969

International Equity Fund Equity 13,672,601 - 13,672,601

Small Capitalization Equity Index Fund Equity 19,555,064 - 19,555,064

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CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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 years ending December 31, 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 Year Ended Year Ended December 31, 2017 December 31, 2016 Money Market Fund $1,942 $ 951 Short Bond Fund 3,108 10,802 Intermediate Diversified Bond Fund 106,738 192,649 Opportunistic Bond Fund 26,221 35,796 Balanced Fund 16,226 26,239 Value Equity Fund 24,597 85,218 Core Equity Index Fund 66,888 77,338 Growth Fund 12,189 18,108 International Equity Fund 85,242 94,228 Small Capitalization Equity Index Fund 486,837 584,571 Total Income $829,988 $1,125,900

Note 7- Investments in Derivatives

The Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, and 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. For the year ended December 31, 2017, the average number of outstanding long futures contracts were 581, 44, and 99 for the Intermediate Diversified Bond Fund, Balanced Fund, and Core Equity Index Fund, respectively. The average number of outstanding short futures contracts were (588), (45), and (0) for the Intermediate Diversified Bond Fund, Balanced Fund, and Core Equity Index Fund, respectively.

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NOTES TO FINANCIAL STATEMENTS

The following table sets forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of December 31, 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 Derivative Statement of Assets Derivative and Liabilities Assets and Liabilities Liabilities Location Location Intermediate Diversified Bond Interest rate Variation Margin $ - Variation Margin $56 Fund Opportunistic Bond Fund Interest rate Variation Margin $ - Variation Margin $1

Balanced Fund Interest rate Variation Margin $ - Variation Margin $8

Core Equity Index Securities Fund Variation Margin $ - Variation Margin $20 price

The following table sets forth by certain risk types the Funds’ gains (losses) related to derivative activities and their indicative volumes for the year ended December 31, 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 Net Change in (Loss) Unrealized Appreciation (Depreciation) Net realized gain on investments, futures Intermediate contracts and foreign currency transactions. Diversified Bond Interest rate ($3,822) ($1,080) Change in net unrealized appreciation or Fund (depreciation) on: investments and futures contracts Net realized gain on investments, futures Opportunistic Bond contracts and foreign currency Interest rate $ - $ - Fund transactions.

Net realized gain on investments, futures contracts and foreign currency transactions. Balanced Fund Interest rate ($372) ($82) Change in net unrealized appreciation or (depreciation) on: investments and futures contracts Net realized gain on investments, futures contracts and foreign currency Core Equity Index Securities transactions. $1,975 $30 Fund price Change in net unrealized appreciation or (depreciation) on: investments and futures contracts

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