CATHOLIC UNITED INVESTMENT TRUST

ANNUAL REPORT

(AUDITED)

December 31, 2014 CATHOLIC UNITED INVESTMENT TRUST

TABLE OF CONTENTS

Page REPORT OF INDEPENDENT AUDITORS 1-2

Statements 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 27-37 Value Equity Fund 38-40 Core Equity Index Fund 41-47 Growth Fund 48-51 International Equity Fund 52-55 Small Capitalization Equity Index Fund 56-72

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

NOTES TO FINANCIAL STATEMENTS 79-90

FINANCIAL HIGHLIGHTS 91-93 Crowe Horwath LLP Independent Member Crowe Horwath International

INDEPENDENT AUDITOR'S REPORT

To the Members of the Board of Trustees and Unit-holders of Catholic United Investment Trust

Report on the Financial Statements

We have audited the accompanying financial statements of Catholic United Investment Trust – Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund (the “Trust”), which comprise the statement of assets and liabilities as of December 31, 2014, the schedule of investments as of December 31, 2014, the related statements of operations and statements of changes in net assets for the periods ended December 31, 2014 and 2013, and the financial highlights for the periods ended December 31, 2014 and 2013, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

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

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

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

(Continued) 1. Opinion

In our opinion, the financial statements, the schedule of investments and financial highlights referred to above present fairly, in all material respects, the assets and liabilities of Catholic United Investment Trust – Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Balanced Fund, Opportunistic Bond Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund as of December 31, 2014, the results of its operations and changes in its net assets for the periods ended December 31, 2014 and 2013, and the financial highlights for the periods ended December 31, 2014 and 2013, in accordance with accounting principles generally accepted in the United States of America.

Crowe Horwath LLP

South Bend, Indiana March 11, 2015

2. CATHOLIC UNITED INVESTMENT TRUST

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014

(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 $ 61,290 $ 315,918 $ 1,037,583 $ 353,094 Investments, at fair value$ 61,290 $ 313,770 $ 1,066,047 $ 352,199 Cash 4 - - 7,135 Receivables: Investment securities sold - 28 137 7 Interest 30 1,901 5,542 1,812 Dividends - - - - Tax Reclaims Dividends - - - - Trust units sold - 8 11,722 250 Unrealized gain on forward foreign currency contracts - - - 52 Prepaid Expenses - - - - Total assets 61,324 315,707 1,083,448 361,455

LIABILITIES: Payables: Cash Overdraft - - 36 - Interest Payable - 9 94 18 Investment securities purchased - - 53,673 144 Investment advisory and administrative fees 8 82 316 118 Other fees 6 11 29 19 Unrealized loss on forward foreign currency contracts - - - 13 Securities sold short at fair value (proceeds $3,860) - - - 4,542 Trust units redeemed - 12,749 1,235 Total liabilities 14 102 66,897 6,089

NET ASSETS$ 61,310 $ 315,605 $ 1,016,551 $ 355,366

NET ASSETS CONSIST OF: Paid-in capital$ 61,315 $ 312,398 $ 850,963 $ 356,902 Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (5) 5,355 138,970 41 Net unrealized appreciation (depreciation) on investments and future contracts - (2,148) 26,618 (1,577) Net unrealized gain (loss) on forward foreign currency contracts - - - - NET ASSETS$ 61,310 $ 315,605 $ 1,016,551 $ 355,366

TRUST UNITS OUTSTANDING 61,315 28,345 73,150 35,878

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 1.00 $ 11.13 N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 259,255 $ 98,821 Trust Units Outstanding N/A N/A 18,649 9,976 Net Asset Value Per Trust Unit Outstanding N/A N/A$ 13.90 $ 9.91

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 757,296 $ 256,545 Trust Units Outstanding N/A N/A 54,501 25,902 Net Asset Value Per Trust Unit Outstanding N/A N/A$ 13.90 $ 9.90

See notes to financial statements. 2 CATHOLIC UNITED INVESTMENT TRUST

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2014

(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 $ 195,500 $ 316,223 $ 929,815 $ 244,106 $ 476,607 $ 238,262 Investments, at fair value$ 247,510 $ 428,352 $ 1,349,647 $ 319,848 $ 505,531 $ 334,901 Cash - - 122 - 78 1 Receivables: Investment securities sold 9 284 - 158 - - Interest 567 - - - - - Dividends 110 283 1,450 166 315 405 Tax Reclaims Dividends - 1 - - 700 - Trust units sold 11 27 3,070 - 6,150 213 Other Receivables 5 - - - - 3 Prepaid Expenses ------Total assets 248,212 428,947 1,354,289 320,172 512,774 335,523

LIABILITIES: Payables: Cash Overdraft 7 - - - - - Interest Payable 18 43 212 - - - Investment securities purchased 3,901 84 - 159 - - Investment advisory and administrative fees 165 297 196 263 496 84 Other fees 8 26 51 18 47 13 Unrealized loss on forward foreign currency contracts ------Trust units redeemed - 526 4,465 526 6,674 405 Total liabilities 4,099 976 4,924 966 7,217 502

NET ASSETS$ 244,113 $ 427,971 $ 1,349,365 $ 319,206 $ 505,557 $ 335,021

NET ASSETS CONSIST OF: Paid-in capital$ (16,790) $ 85,189 $ 571,638 $ 48,519 $ 173,422 $ 172,023 Accumulated undistributed net investment income (loss) (4) - - (3,586) 74,163 22,228 Accumulated net realized gain (loss) 209,104 230,652 357,859 198,531 229,048 44,132 Net unrealized appreciation (depreciation) on investments and future contracts 51,803 112,130 419,868 75,742 28,935 96,638 Net unrealized gain (loss) on forward foreign currency contracts - - - - (11) - NET ASSETS$ 244,113 $ 427,971 $ 1,349,365 $ 319,206 $ 505,557 $ 335,021

TRUST UNITS OUTSTANDING 3,281 7,774 28,634 4,605 15,401 20,113

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 74.40 N/A N/A N/A N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 199,034 $ 140,143 $ 176,799 $ 170,460 $ 111,799 Trust Units Outstanding N/A 3,612 2,973 2,592 5,404 6,811 Net Asset Value Per Trust Unit Outstanding N/A$ 55.11 $ 47.14 $ 68.21 $ 31.54 $ 16.41

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 228,937 $ 1,209,222 $ 142,407 $ 335,097 $ 223,222 Trust Units Outstanding N/A 4,162 25,661 2,013 9,997 13,302 Net Asset Value Per Trust Unit Outstanding N/A$ 55.01 $ 47.12 $ 70.73 $ 33.52 $ 16.78

See notes to financial statements. 3 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities Asset Backed Securities 13.90% Corporate Obligations 45.22% U.S. Agency Obligations 32.34%

5 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2014

Principal Amortized Principal Amortized Amount Cost (000's) Amount Corporate Obligations Cost (000's) Asset Backed Securities 13.90% Financial Services 28.95% 27,739 Ally Auto Receivable Trust, 2.230%, due 3/15/16$ 28 Abbey National Treasury Services PLC/Stamford CT 300,000 Ally Master Owner Trust, 0.610%, due 4/15/18 301 600,000 0.368%, due 9/04/15$ 600 220,732 ARI Fleet Lease Trust, 0.711%, due 3/15/20 221 350,000 ABN AMRO Bank NV 0.645%, due 6/6/16 350

430,000 Barclays Dryrock Issuance Trust, 0.500%, due 7/16/18 430 650,000 American Honda Finance Corp., 0.359%, due 9/02/16 650 300,000 Capital One Multi-Asset Execution Trust 0.340%, due 2/15/19 300 900,000 Australia & New Zealand Bank, 0.432%, due 5/7/15 900 310,000 CarMax Auto Owner Trust, 0.550%, due 8/15/17 310 500,000 Bank of Nova Scotia/Houston, 0.229%, due 10/30/15 500 480,304 Chesapeake Funding LLC, 0.607%, due 1/7/25 480 600,000 BARCLAYS BK NY FRN, 0.304, due 3/19/15 600 160,807 Chesapeake Funding LLC, 0.907%, due 11/7/23 161 500,000 BNP Paribas/New York NY, 0.289%, due 4/30/15 500 137,132 Chrysler Capital Auto Receivables Trust 2013-A, 0.610%, due 11/15/16 137 500,000 BPCE DN, 0.000%, due 05/20/15 500 102,607 CNH Equipment Trust, 0.440%, due 10/17/16 103 Cooperatieve Centrale Raiffeisen-Boerenleenbank 300,000 Discover Card Execution Note Trust,0.341%, due 10/15/18 300 450,000 0.233%, due 2/23/15 450 74,396 Fifth Third Auto 2013-A, 0.590%, due 3/15/2016 74 500,000 Credit Suisse/New York NY, 0.320%, due 5/13/15 500 51,768 Fifth Third Auto Trust 2013-A, 0.450%, due 1/15/16 52 500,000 Deutsche Bank AG/New York NY, 0.398%, due 1/30/15 500 644,973 First Investors Auto Owner Trust 2012-2, 0.800%, due 2/15/18 645 1,000,000 JP Morgan Chase & Co., 0.681%, due 4/23/15 1,000 265,672 First Investors Auto Owner Trust 2012-2,1.470%, due 5/15/18 267 500,000 Metropolitan Life Global, 0.382%, due 6/23/16 500 193,399 Ford Credit Auto Lease Trust, 0.431%, due 1/15/16 193 1,000,000 National Australia Bank Ltd., 0.436%, due 5/28/15 1,000 27,111 Ford Credit Auto Owner Trust, 0.550%, due 4/15/15 27 300,000 Natixis NY Inst., 0.270%, due 4/16/15 300 335,000 Ford Credit Auto Owner Trust, 1.150%, due 6/15/17 337 600,000 New York Life Global Funding, 0.233%, due 10/29/15 600 525,000 Ford Credit Floorplan Master Owner Trust, 0.461%, due 6/15/17 525 500,000 Noreda Bank Finland , 0.190%, due 1/12/15 500 285,000 GE Equipment Mid-Ticket LLC Series 2013-1, 0.640%, 4/24/17 285 300,000 Pricoa Global Funding I, 0.382%, due 5/16/16 300 95,461 GE Equipment Small Ticket LLC Series 2013-1, 0.730%, 1/25/16 95 1,500,000 Royal Bank of Canada, 0.442%, due 4/29/15 1,500 277,285 GE Equipment Transportation LLC., 0.610%, due 6/24/16 277 500,000 Skandinaviska ENS Discount Note, 0.000%, due 2/6/15 500 630,000 Hyundai Auto Lease Securitization Trust 2012-A, 0.610%, due 2/15/17 630 500,000 Societe Generale/New York NY,0.241%, due 1/9/15 500 94,964 M&T Bank Auto Receivables Trust 2013-1, 0.660%, due 2/16/16 95 500,000 Svenska HandelBank Instl., 0.000%, due 4/15/15 500 305,000 MMAF Equipment Finance, 0.5200%, due 4/10/17 305 1,500,000 Toronto-Dominion Bank, 0.411%, due 5/1/15 1,500 390,905 MMAF Equipment Finance, 0.690%, due 5/9/16 391 850,000 Toyota Motor Credit Corp., 0.401%, due 1/23/15 850 174,440 Nissan Auto Lease Trust, 0.291%, due 9/15/15 174 600,000 UBS AG STAM, 0 .245, due 3/04/15 600 177,736 Nissan Auto Lease Trust, 0.431%, due 1/15/16 178 550,000 Wells Fargo Bank NA, 0.384%, due 6/2/16 550 169,562 Nissan Auto Lease Trust, 0.730 due 5/16/16 170 1,000,000 Westpac Banking Corp., 0.482%, due 1/29/15 1,000

108,628 Nissan Auto Receivables Owners Trust, 0.520%, due 4/15/16 109 17,750 57,470 NYCTL 2013-A Trust, 1.190%, due 11/10/26 57 Health Care 0.82%

84,837 Toyota Auto Receivables Owners Trust, 0.480%, due 2/15/16 85 500,000 Bayer US Finance LLC, 0.481%, due 10/7/16 500 144,920 Volkswagen Auto Lease Trust 2013-A, 0.415%, due 12/21/15 145 19,013 Volvo Financial Equipment LLC Series 2013-1, 0.530%, due 11/16/15 19 Industrial 2.04% 16,560 World Omni Auto Receivables Trust, 0.430%, due 5/16/16 17 1,250,000 Kellogg Co., 0.463%, due 2/13/15 1,250 World Omni Automobile Lease Securitization Trust 2012-A,

198,214 0.481%, due 5/16/16 198 Producer Durables 1.46% 400,000 0.710%, due 3/15/17 400 545,000 Canadian National Railway Co, 0.432%, due 11/6/15 545 TOTAL ASSET BACKED SECURITIES 8,521 350,000 John Deere Capital Corp., 0.330% , due 4/12/2016 350

895 Corporate Obligations 45.22% Technology 2.45% Consumer Staples 4.97% 1,500,000 International Business Machines Corp, 0.263%, due 7/29/15 1,500 1,650,000 Coca-Cola Enterprises Inc, 0.215%, due 3/5/15 1,650 1,400,000 PepsiCo Inc, 0.433%, due 7/30/15 1,400 Utilities 2.41%

3,050 230,000 Duke Energy Ohio Inc, 0.375%, due 3/6/2015 230 1,250,000 Verizon Communications Inc. , 0.435%, due 3/6/15 1,249

Energy 2.12% 1,479 1,300,000 BP Capital Markets PLC, 0.462%, due 5/7/15 1,300 TOTAL CORPORATE OBLIGATIONS 27,724

5 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2014

Principal Amortized Principal Amortized Amount U.S. Agency Obligations 32.34% Cost (000's) Amount Short-Term Investments Cost (000's) Federal National Mortgage Association 2.64% Repurchase Agreements 7.67% 1,600,000 1.625%, due 10/26/15 $ 1,617 2,700,000 Barclays Repo, 0.050%, due 1/2/15$ 2,700 2,000,000 Deutsche Bank Repo, 0.120%, due 1/2/15 2,000

Fannie Mae Discount Notes 1.63% 4,700 1,000,000 0.000%, due 1/9/15 1,000 Short Term Investments 0.84% Federal Farm Credit Banks 3.26% 515,941 Dreyfus Government Cash Management Fund 516 2,000,000 0.230%, due 11/2/15 2,000 TOTAL SHORT-TERM INVESTMENTS 5,216

Federal Home Loan Bank Discount Notes 9.38% 1,000,000 0.000%, due 2/11/15 1,000 TOTAL INVESTMENTS 99.97%$ 61,290 750,000 0.000%, due 2/4/15 750 (Cost $61,290,179) 2,000,000 0.000%, due 3/20/15 1,999 2,000,000 0.000%, due 3/25/15 1,999 Other Assets, Less Liabilities 0.03% 20

5,748 NET ASSETS 100.00%$ 61,310 Federal Home Loan Banks 10.11% 700,000 0.070%, due 4/22/15 700 2,000,000 0.110%, due 5/1/15 2,000 1,000,000 0.113%, due 5/21/15 1,000 1,000,000 0.120%, due 5/8/15 1,000 500,000 0.125%, due 3/20/15 500 1,000,000 0.200%, due 9/17/15 1,000

6,200

Federal Home Loan Mortgage Corp 5.32% 2,000,000 0.151%, due 7/16/15 2,000 1,250,000 1.750%, due 9/10/15 1,264

3,264

TOTAL U.S. AGENCY OBLIGATIONS 19,829

6 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities Asset Backed Securities 16.33% Collateralized Mortgage Obligation 3.02% Commercial Mortgage Backed Securities 17.74% Corporate Obligations 33.23% Municipals 3.22% U.S. Agency Obligations 12.03% U.S. Government Obligations 12.89%

7 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount Value (000's) Amount Value (000's) Asset Backed Securities 16.33% Commercial Mortgage Backed Securities 17.74% 834,032 AmeriCredit Automobile Receivable Trust, 1.730%, due 2/8/17$ 835 1,282,898 BAMLL_DB Trust, 2.343%, due 4/13/29$ 1,295 1,975,000 AmeriCredit Automobile Receivable Trust, 1.780%, due 3/8/17 1,981 2,421,000 Bank of America Commercial Mortage Tr, 5.547%, due 6/10/49 2,597 669,170 ARI Fleet Lease Trust 2013-A, 0.700%, due 12/15/15 669 1,854,036 Bank of America Commercial Mortage Tr, 5.634%, due 7/10/46 1,940 2,850,000 Capital Auto Receivables Asset Trust, 0.790%, due 6/20/17 2,852 Bank of America Corp Merrill Lynch.Commercial Mortgage Inc. 1,639,196 Capital Auto Receivables Asset Trust, 0.920%, due 9/20/16 1,641 1,229,223 5.152%, due 9/10/47 1,255 93,038 Carnow Auto Receivable Trust 1A A 144A, 1.160%, due 10/16/17 93 Bear Stearns Commercial Mortgage Securities Trust 1,172,152 CCG Receivables Trust, 1.050%, due 8/14/20 1,174 1,566,000 4.985%, due 9/11/42 1,603 2,458,333 CLI Funding V LLC, 3.380%, due 10/18/29 2,443 1,340,000 5.694%, due 6/11/50 1,453 1,500,000 CNH Equipment Trust, 1.160%, due 6/15/20 1,505 3,000,000 Citigroup Commercial Mortgage Trust, 5.431%, due 10/15/49 3,177 571,249 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 576 862,664 COMM 2012 Mortgae Trust, 0.704%, due 10/15//45 860 2,015,000 Cronos Containers Program, 3.810%, due 9/18/27 2,016 1,842,846 COMM 2012 Mortgae Trust, 1.024%, due 6/10/46 1,835 859,767 Direct Capital Funding, 1.730%, due 8/20/18 862 2,900,000 COMM 2012 Mortgae Trust, 2.365%, due 2/10/29 2,956 2,265,856 Dominos Pizza Master Issuer, 5.216%, due 1/25/42* 2,375 2,340,000 COMM 2014 Mortgae Trust, 0.961%, due 3/15/29 2,330 962,800 DT Auto Owener Trust, 0.680%, due 8/15/17 962 2,150,000 COMM 2014 Mortgae Trust, 1.911%, due 6/15/34 2,143 2,330,000 Ford Credit Floorplan Master Owner Trust A, 0.850% due 1/15/18 2,330 1,845,000 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 1,998 3,000,000 GE Dealer Floorplan Master Note Trust, 0.545%, due 7/20/19 2,997 Credit Suisse Commercial Mortgage Trust Series 2,325,000 GE Equipment Midticket LLC Series 2014-1, 1.140%, due 5/22/18 2,324 2,225,000 2006-C1, 5.467%, due 2/15/39 2,314 GE Equipment Transportation LLC Series 2013-1 2,274,268 2006-C3, 5.806%, due 6/15/38 2,376 1,540,000 0.900%, due 3/24/21 1,540 Credit Suisse First Boston Mortgage Securities Corp 1,810,000 Golden Credit Card Trust, 1.770%, due 1/15/19 1,827 1,282,225 4.830%, due 4/15/37 1,284 1,196,083 Great American Leasing, 0.780%, due 6/15/16 1,197 1,650,000 Del Coronado Trust 2013-DEL, 1.460%, due 3/15/26 1,650 837,289 MMAF Equipment Finance Trust, .940%, due 8/10/16 838 1,900,000 GE Capital Commercial Mortgage Corp, 5.312%, due 11/10/45 1,956 1,520,000 MMAF Equipment Finance Trust, 1.350%, due 10/10/18 1,529 1,900,000 JP Morgan Chase & Co., 1.661%, due 12/15/28 1,901 1,188,629 MMAF Equipment Finance Trust, 2.100%, due 7/15/17 1,200 2,338,426 JP Morgan Chase & Co., 4.917%, due 10/15/42 2,370 1,128,252 New York City Tax, 1.030%, due 11/10/27 1,128 1,967,398 JP Morgan Chase & Co., 5.336%, due 5/15/47 2,089 226,854 New York City Tax, 1.190%, due 11/10/26 227 1,444,831 JP Morgan Chase & Co., 5.440%, due 6/12/47 1,536 74,453 New York City Tax, 1.230%, due 11/10/25 74 725,000 JP Morgan Chase & Co., 5.479%, due 5/15/45 760 2,375,000 PFS Financing Corp, 0.760% due 2/15/19 2,380 2,000,000 JP Morgan Chase & Co., 5.697%, due 2/12/49 2,146 963,494 Santander Drive Auto Receivable Trust, 1.940%, due12/15/16 965 147,739 JP Morgan Mortgage Trust, 2.503%, due 8/25/34 148 152,514 Santander Drive Auto Receivable Trust, 2.090%, due 8/15/16 153 1,424,060 LB-UBS Commercial Mortgage Trust, 5.156%, due 2/15/31 1,458 453,086 Small Business Administration Participation, 4.570%, due 6/1/25 486 946,000 LB-UBS Commercial Mortgage Trust, 5.216%, due 2/15/31 980 94,609 Small Business Administration Participation, 4.580%, due 3/1/18 98 1,600,000 LB-UBS Commercial Mortgage Trust, 5.451%, due 9/15/39 1,682 220,898 Small Business Administration Participation, 4.750%, due 7/1/25 236 1,840,000 Morgan Stanley Capital, 5.792%, due 7/12/44 1,940 77,102 Small Business Administration Participation, 5.250%, due 9/1/17 80 640,379 NCUA Guaranteed Notes Trust 2010-C1, 1.600%, due 10/29/20 641 993,140 Smart Trust/AUST 2USA A4A 144A, 2.310%, due 4/14/17* 997 1,683,749 Wachovia Bank Commercial Mortage Trust, 5.118%, due 7/15/42 1,698 1,771,571 Sonic Capital LLC, 5.438%, due 5/20/41 1,875 1,589,634 Wachovia Bank Commercial Mortage Trust, 5.242%, due 10/15/44 1,619 2,440,000 Springleaf Funding Trust, 2.580%, due 9/15/21 2,447 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 55,990 79,308 United States Small Business Administration, 4.638%, due 2/10/15 80 (Cost $57,569,600) 273,206 United States Small Business Administration, 4.941%, due 9/10/15 278 79,050 United States Small Business Administration, 5.788%, due 8/10/17 84 Corporate Obligations 33.23% 884,195 Westlake Automobile Receivables Trust, 1.120%, due 1/15/18 885 Consumer Discretionary 0.84% 1,400,000 World Financial Network Credit Crad, 0.910%, due 3/16/20 1,398 1,000,000 AmeriGas Finance LLC 7.000%, due 5/20/22 1,035 1,865,000 World Financial Network Credit Crad, 3.960%, due 4/15/19 1,893 1,525,000 Wynn Las Vegas LLC,7.875%, due 5/1/20 1,601 TOTAL ASSET BACKED SECURITIES 51,530 2,636 (Cost $51,621,408) Consumer Staples 1.89% Collateralized Mortgage Obligation 3.02% 1,450,000 Bunge NA Finance LP, 5.9000%, due 04/01/2017 1,577 52,326 CHL Mortgage Pass-Throu 29 1A1, 0.709%, due 2/25/35 49 1,552,319 Smith's Food & Drug Center Inc., 9.200%, due 7/2/18 1,768 300,224 Community Program Loan Trust 1987 A, 4.500%, due 10/01/29 272 300,000 Tyson Foods Inc., 6.600%, due 4/1/16 320 619,444 FDIC Guaranteed Notes Trust 2010-S3, 2.740%, due 12/3/20 629 2,175,000 US Foods Inc, 8.500%, due 6/30/19 2,306 1,020,422 FDIC Trust 2013-R1, 1.150%, due 3/25/33 1,003 5,971 Freddie Mac Structured Agency Credit Risk Debt Notes 1,476,404 1.019%, due 4/25/24 1,465 Energy 3.68% 119,061 GSR Mortgage Loan Trust, 2.525%, due 8/25/34 117 1,800,000 CNOOC Nexen Finance 2014- ULC, 1.625%, due 4/30/17 1,791 789,281 Impac Secured Assets Trust, 0.519%, due 8/25/36 775 Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas Inc La Hipotecaria Panamanian Mortgage Trust 2014-1 1,124,000 6.125%, due 6/15/19 1,217 2,060,216 3.257%, due 11/24/42 2,122 1,000,000 Kodiak Oil & Gas Corp, 8.125%, due 12/1/19 1,018 1,334,713 MASTR Adjustable Rate, 0.329%, due 1/25/47 1,315 3,112,000 Petroleos Mexicanos, 1.700%, due 12/20/22 3,033 805,592 Sequoia Mortgage Trust 1.855%, due 02/25/43 733 1,732,000 Petroleos Mexicanos, 1.950%, due 12/20/22 1,705 902,804 Sequoia Mortgage Trust 1.873%, due 02/25/43 835 1,752,750 Petroleos Mexicanos, 2.830%, due 2/15/24 1,783 221,910 Structured Adjustable, 2.397%, due 3/25/34 224 1,000,000 Sunoco Inc., 5.750%, due 1/15/17 1,081 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 9,539 11,628 (Cost $9,731,567)

8 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Financial Services 18.65% Technology 0.36% 949,756 Ahold Lease Series 2001-A-1 PA 7.820%, due 1/2/20$ 1,057 1,100,000 Hewlett-Packard Co, 3.000%, due 9/15/16 $ 1,129 1,390,000 American Express Co., 6.800%, due 09/01/66 1,456 1,350,000 BBVA US Senior SAU, 4.664%, due 10/9/15 1,386 Utilities 1.55% 1,400,000 BPCE SA, 1.625%, due 2/10/17 1,403 1,500,000 AES Corp., 8.000%, due 6/1/20 1,714 1,500,000 Cantor Fitzgerald LP, 6.375%, due 6/26/15 1,537 72,773 BellSouth Telecommunications LLC, 6.300%, due 12/15/15 75 1,750,000 Citigroup Inc, 6.000%, due 8/15/17 1,936 1,914,129 Great River Energy, 5.829%, due 7/1/17 2,036 1,500,000 Corrections Corp of America, 4.125%, due 4/1/20 1,459 1,050,000 Verizon Communications Inc.,1.770%, 9/15/16 1,069 1,485,000 Countrywide Financial Corp, 6.250%, due 5/15/16 1,576 4,894 1,360,000 Eaton Vance Corp., 6.500%, due 10/2/17 1,526 1,225,000 Ford Motor Credit Co LLC., 5.000%, due 5/15/18 1,331 TOTAL CORPORATE OBLIGATIONS 104,882 2,200,000 Forest City Southern Group LLC, 3.187%, due 4/1/16 2,248 (Cost $105,374,035) 50,110 GMAC Capital Trust I 1,322 1,220,000 Goldman Sachs Group Inc., 5.625%, due 1/15/17 1,309 Municipals 3.22% 1,011,000 HCP Inc., 6.000%, due 1/30/17 1,103 2,600,000 Alaska Housing Finacial Corp.. 0.954%, due 6/1/43 2,597 1,891,000 HSBC Finance Corp, 5.500%, 1/19/16 1,977 California State Pollution Control Financing Authority 1,400,000 International Lease Finance Co., 3.875%, due 4/15/18 1,400 1,500,000 7.500%, due 4/1/25 1,505 1,800,000 IStar Finacial Inc., 4.000%, due 11/1/17 1,751 499,837 Louisana Local Government Environmental, 1.520%, due 2/1/18 502 1,000,000 Jefferies Group LLC,8.500%, due 7/15/19 1,198 1,054,426 Louisana Local Government Environmental, 2.470%, due 2/1/19 1,073 2,000,000 JP Morgan Chase, 0.571%, due 6/13/16 1,992 1,880,000 New Jersey Economic Development Authority, 1.802%, due 6/15/17 1,867 1,290,000 KeyBank NA, 7.413%, due10/15/27 1,319 1,600,000 South Carolina State Public Service, 1.255%, due 6/1/16 1,604 1,200,000 Metropolitan Life Insurance Co, 7.700%, due 11/1/15 1,265 1,000,000 State of Connecticut, 0.990%, due 3/1/17 1,002 1,700,000 Morgan Stanley, 6.250%, due 8/28/17 1,888 TOTAL MUNICIPALS 10,150 1,200,000 Omega Healthcare Investorrs Inc., 6.750%, due 10/15/22 1,272 (Cost $10,150,077) 1,870,000 PNC Preferred Funding Trust, 1.463% due 3/29/49 1,758 2,830,366 Premier Aircraft Leasing EXIM 1 Ltd, 3.547%, due 4/10/22 2,985 U.S. Agency Obligations 12.03% 1,218,750 Prudential Covered Trust 2012-1, 2.997%, due 9/30/15 1,236 Federal Home Loan Banks 62.00% 1,330,000 Royal Bank of Scotland, 9.499%, due 3/16/22 1,511 1,970,000 0.980%, due 9/11/17 1,954 2,667,122 Safina Ltd, 1.550%, due 1/15/22 2,633 1,475,000 Santander Issuances SAU, 5.911%, due 6/20/16 1,537 Federal Home Loan Mortgage Corporation 79.00% 1,350,000 Skyway Concession Co LLC, 0.536%, due 6/30/17 1,283 840,945 5.000%, due 7/1/35 932 1,650,000 Standard Chartered Bank, 6.400% due 9/26/17 1,841 1,513,211 3.000%, due 2/1/22 1,577 1,800,000 State Street Corp, 4.956%, due 3/15/18 1,949 2,509 625,000 UBS AG/Stamford CT, 3.875%, due 1/15/15 626 1,250,000 UniCredit Bank Austria AG, 7.250%, due 2/15/17 1,351 Federal National Mortgage Association 2.83% 1,261,005 Utility Contract Funding LLC, 7.940%, due 10/1/16 1,335 1,410,884 2.000%, due 3/15/30 1,428 2,000,000 Vornado Realty LP, 4.250%, due 4/1/15 2,000 208,061 5.000%, due 6/1/24 230 2,000,000 Wachovia Corp., 0.573%, due 10/28/15 2,000 89,541 5.500%, due 6/1/26 100 109,331 WHC-IRS Trust, 6.980%, due 5/15/15 112 622,219 5.000%, due 3/1/34 689 58,868 219,502 5.500%, due 1/1/37 238 1,615,127 4.500%, due 8/1/38 1,758 Materials & Processing 3.62% 419,225 5.500%, due 2/1/23 461 2,250,000 Carlisle Cos Inc, 6.125%, due 8/15/16 2,409 76,191 5.500%, due 8/1/37 83 1,700,000 Copano Energy LLC, 7.125%, due 4/1/21 1,846 327,189 5.000%, due 4/1/24 357 1,500,000 El PasoLLC, 7.000%, due 6/15/17 1,654 1,286,293 4.000%, due 3/1/31 1,387 1,500,000 Huntsman International LLC, 4.875%, due 11/15/20 1,489 1,932,900 3.000%, due 12/1/22 2,018 186,303 Petrodrill Five Ltd., 4.240%, due 1/15/16 189 16,123 3.310%, due 2/25/32 16 93,777 Petrodrill Four Ltd., 4.390%, due 4/15/16 96 167,846 5.560%, due 8/25/39 179

1,950,000 SBA Tower Trust, 5.101%, due 4/15/42 2,053 8,944 1,500,000 Sealed Air Corp, 8.375% due 9/15/21 1,676

11,412 Government National Mortgage Association 2.92% 1,556,256 1.738%, due 1/16/34 1,557 Producer Durables 2.64% 547,987 3.000%, due 5/20/40 563 1,284,031 Canadian National Railway Co., 7.195%, due 1/2/16 1,371 1,442,432 1.614%, due 7/16/39 1,422 624,396 Federal Express Corp., 2.625%, due 1/15/18 634 2,443,031 0.514%, due 05/16/35 2,376 1,727,399 Federal Express Corp., 7.840%, due 1/30/18 1,943 2,668,117 2.799%, due 5/16/39 2,710 767,646 General American Railcar Corp., 7.760%, due 8/20/21 880 568,657 2.034%, due 6/20/61 598

876,000 Ryder System Inc., 7.200%, due 9/1/15 913 9,226 1,600,000 Steel Dynamics, Inc. 7.625%, due 3/15/20 1,668 856,000 Westvaco Corp, 7.650%, due 3/15/2027 935 8,344

9 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount U.s. Agency Obligations (continued) Value (000's) Amount Value (000's) Government Backed Agency 4.86% Short Term Investments 0.97% 2,235,000 Government Trust Certificate, 0.000%, due 5/15/15$ 2,227 3,056,349 Dreyfus Government Cash Management Fund $ 3,056 526,316 Overseas Private Investment Corp, 0.570%, due 6/15/17 524 TOTAL SHORT TERM INVESTMENTS 3,185,000 Overseas Private Investment. Corp, 0.000%, due 11/17/17 3,204 (Cost $3,056,349) 2,200,000 Overseas Private Investment. Corp, 0.000%, due 7/12/16 2,201 2,000,000 Overseas Private Investment. Corp, 0.000%, due 7/7/19 2,260 TOTAL INVESTMENTS 99.42% 313,770 120,254 Small Business Administration Participation, 5.800%, due 12/1/18 128 (Cost $315,918,330) 386,724 Small Business Administration Pools, 0.625%, due 11/25/29 386 1,771,785 Small Business Administration Pools, 0.639%, due 5/25/39 1,761 Other Assets, Less Liabilities 0.58% 1,835

671,840 Small Business Administration Pools, 0.649%, due 1/25/26 672 238,464 Small Business Administration Pools, 0.750%, due 6/25/20 238 NET ASSETS 100.0%$ 315,605 100,244 Small Business Administration Pools, 0.999%, due 1/25/28 101 424,074 Small Business Administration Pools, 0.999%, due 4/25/19 424 477,581 Small Business Administration Pools, 0.999%, due 9/25/28 482 732,000 Tennessee Valley Authority Strip, 0.000%, due 6/15/17 709

15,317

TOTAL U.S. AGENCY OBLIGATIONS 37,950 (Cost $37,713,291)

U.S. Treasury Notes 12.89% 14,200,000 0.625%, due 4/30/18 13,912 6,000,000 1.000%, due 3/31/17 6,025 2,500,000 1.750%, due 5/31/16 2,546 13,000,000 3.250%, due 3/31/17 13,712 3,690,000 United States Treasury Inflation Indexed Bonds, 2.000%, due 1/15/1 4,478

TOTAL U.S. GOVERNMENT OBLIGATIONS 40,673 (Cost $40,702,003)

10 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities Asset Backed Securities 3.19% Collateralized Mortgage Obligation 0.02% Commercial Mortgage Backed Securities 1.88% Corporate Obligations 28.72% Municipals 1.00% U.S. Agency Obligations 19.28% U.S. Government Obligations 42.63%

11 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

Par Fair Par Fair Amount Value (000's) Amount Corporate Obligations 28.72% Value (000's) Asset Backed Securities 3.19% Consumer Discretionary 2.49% 130,000 AEP Texas Central Transition Funding III LLC, 2.845%, due 3/1/26$ 131 25,000 21st Century Fox America Inc, 5.650%, due 8/15/20$ 29 36,928 Ally Auto Receivables Trust 2010-5, 1.750%, due 3/15/16 37 325,000 21st Century Fox America Inc, 6.400%, due 12/15/35 424 860,000 Ally Auto Receivables Trust 2014-1, 0.480%, due 2/15/17 859 410,000 21st Century Fox America Inc, 6.650%, due 11/15/37 547 1,710,000 Ally Master Owner Trust, 1.430%, due 6/17/19 1,706 2,315,000 Amazon.com Inc, 3.800% , due 12/5/24 2,372 1,420,000 Ally Master Owner Trust, 1.540%, due 9/15/19 1,409 50,000 Comcast Corp, 6.300%, due 11/15/17 57 1,080,000 American Express Credit Account Master Tr, 1.430%, due 6/15/20 1,078 520,000 Comcast Corp, 6.500%, due 1/15/17 574 700,000 American Express Credit Account Master Tr, 1.490%, due 4/15/20 701 1,925,000 Cox Communications Inc, 2.950%, due 6/30/23 1,846 674,083 Centerpoint Energy Transition Bond Co III LLC, 4.192%, due 2/1/20 693 975,000 Cox Communications Inc, 3.250%, due 12/15/22 957 2,740,000 Chase Issuance Trust, 0.540%, due 10/16/17 2,739 1,000,000 Cox Communications Inc, 3.850%, due 2/1/25 1,009 805,000 Chase Issuance Trust, 0.590%, due 8/15/17 805 700,000 Cox Communications Inc, 5.875%, due 12/1/16 757 1,865,000 Chase Issuance Trust, 0.790%, due 6/15/17 1,867 300,000 Cox Communications Inc, 9.375%, due 1/15/19 378 2,250,000 Chase Issuance Trust, 1.150%, due 1/15/19 2,249 1,200,000 DIRECTV Hldng LLC / DIRECTV Fin Co Inc, 6.000%, due 8/15/40 1,345 1,051,000 Chase Issuance Trust, 1.260%, due 7/15/19 1,048 850,000 Myriad International Holdings BV, 6.000%, due 7/18/20 929 1,090,000 Chase Issuance Trust, 1.380%, due 11/15/19 1,086 1,530,000 Reed Elsevier Capital Inc, 3.125%, due 10/15/22 1,514 266,428 CNH Equipment Trust 2013-C, 0.630%, due 1/17/17 266 296,000 Reed Elsevier Capital Inc, 8.625%, due 1/15/19 362 328,464 CNH Equipment Trust 2014-A, 0.490%, due 6/15/17 328 650,000 Time Warner Cable Inc, 4.000%, due 9/1/21 692 406,559 Countrywide Asset-Backed Certificates, 0.389%, due 10/25/36 397 854,000 Time Warner Cable Inc, 4.125%, due 2/15/21 914 1,310,000 Ford Cred Auto Own Tr/Ford Cred 2014-REV1, 2.260%, due 11/15/25 1,317 445,000 Time Warner Cable Inc, 5.500%, due 9/1/41 517 1,590,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, due 8/15/19 1,587 900,000 Time Warner Cable Inc, 5.875%, due 11/15/40 1,073 370,000 Ford Credit Floorplan Master Owner Trust A, 1.500%, due 9/15/18 373 1,040,000 Time Warner Cable Inc, 6.950%, due 1/15/28 1,331 360,513 GMACM Home Equity Loan Trust 2006-HE3, 5.805%, due 10/25/36 344 50,000 Time Warner Cable Inc, 7.300%, due 7/1/38 69 2,540,000 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17 2,534 775,000 Time Warner Cable Inc, 8.250%, due 4/1/19 949 1,370,000 Hertz Vehicle Financing LLC, 2.200%, due 3/25/16 1,373 1,410,000 Time Warner Cable Inc, 8.750%, due 2/14/19 1,745 1,608,589 Home Equity Loan Trust 2006-HSA2, 5.549%, due 3/25/36 1,088 400,000 Time Warner Inc, 6.250%, due 3/29/41 497 2,540,000 Home Equity Loan Trust 2006-HSA2, 5.810%, due 3/26/36 1,079 2,340,000 Time Warner Inc, 7.625%, due 4/15/31 3,262 687,331 Home Equity Mortgage Trust 2006-1, 5.800%, due 5/25/36 564 810,000 Time Warner Inc, 7.700%, due 5/1/32 1,144 1,704,155 MSCC Heloc Trust 2007-1, 0.269%, due 12/25/31 1,609 25,293 1,045,000 RSB Bondco LLC, 5.820%, due 6/28/19 1,130 1,574,000 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 1,635 Consumer Staples 1.82% 13,384 SLM Student Loan Trust 2007-2, 0.234%, due 7/25/17 13 750,000 Anheuser-Busch InBev Finance Inc, 4.000%, due 1/17/43 744 348,827 Struct Asset Sec Corp Mort Loan Tr 2005-S7, 0.469%, due 12/25/36 339 505,000 Anheuser-Busch InBev Worldwide Inc, 2.500%, due 7/15/22 491 TOTAL ASSET BACKED SECURITIES 32,384 440,000 Anheuser-Busch InBev Worldwide Inc, 3.750%, due 7/15/42 414 (Cost $30,477,838) 840,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 855 710,000 ConAgra Foods Inc, 1.900%, due 1/25/18 705 Collateralized Mortgage Obligations 0.02% 710,000 CVS Health Corp, 2.250%, due 12/5/18 716 129,735 Vendee Mortgage Trust 1993-1, 7.250%, due 02/15/23 148 125,000 Dillard's Inc, 7.130%, due 8/1/18 140 49,311 Vendee Mortgage Trust 1995-1, 7.792%, due 02/15/25 55 165,000 Kraft Foods Group Inc, 3.500%, due 6/6/22 169 15,670 Vendee Mortgage Trust 1995-2, 8.792%, due 6/15/25 19 295,000 Kraft Foods Group Inc, 6.500%, due 2/9/40 379 7,714 Vendee Mortgage Trust 1998-2, 8.727%, due 8/15/27 9 530,000 Kroger Co/The, 2.950%, due 11/1/21 526 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 231 425,000 Macy's Retail Holdings Inc, 4.500%, due 12/15/34 428 (Cost $212,029) 15,000 Macy's Retail Holdings Inc, 6.375%, due 3/15/37 19 1,025,000 Macy's Retail Holdings Inc, 6.650%, due 7/15/24 1,271 Commercial Mortgage Backed Securities 1.88% 1,125,000 Macy's Retail Holdings Inc, 6.700%, due 7/15/34 1,438 1,408,554 CD 2005-CD1 Commercial Mortgage Trust, 5.226%, due 7/15/44 1,431 90,000 Macy's Retail Holdings Inc, 6.700%, due 9/15/28 110 1,057,416 Citigroup Comm Mort Tr 2012-GC8, 0.685%, due 9/10/45 1,056 145,000 Macy's Retail Holdings Inc, 6.900%, due 1/15/32 189 1,139,448 Commercial Mort Pass Through Certificates, 0.666%, due 10/15/45 1,134 705,000 Macy's Retail Holdings Inc, 6.900%, due 4/1/29 897 735,000 Commercial Mortgage Trust 2007-GG9, 5.444%, due 3/10/39 784 25,000 Macy's Retail Holdings Inc, 7.000%, due 2/15/28 31 218,045 Credit Suisse Mortgage Capital Certificates, 5.106%, due 3/27/37 224 1,233,000 Mondelez International Inc, 6.500%, due 2/9/40 1,643 2,424,069 GE Capital Commercial Mort Series 2005-C2, 4.977%, due 5/10/43 2,429 1,165,000 Nordstrom Inc, 6.950%, due 3/15/28 1,535 2,145,525 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 2,134 1,045,000 PepsiCo Inc, 4.250%, due 10/22/44 1,091 1,089,033 JP Morgan Chase Comm Mort Sec Tr 2012-C8, 0.705%, due 10/15/45 1,089 245,000 SABMiller Holdings Inc, 3.750%, due 1/15/22 256 1,634,952 JPMBB Commercial MortSec Tr 2013-C14, 1.260%, due 8/15/46 1,638 1,135,000 Sysco Corp, 2.350%, due 10/2/19 1,141 Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 810,000 Sysco Corp, 3.000%, due 10/2/21 822 1,219,291 0.664%, due 11/15/45 1,212 1,030,000 Walgreens Boots Alliance Inc/old, 3.300%, due 11/18/21 1,037 1,110,460 NCUA Guaranteed Notes Trust 2010-C1, 2.650%, due 10/29/20 1,136 1,300,000 Wal-Mart Stores Inc, 4.300%, due 4/22/44 1,419 1,212,170 Struct Asset Sec Corp Mort Loan Tr 2006-S2, 5.500%, due 6/25/36 797 18,466 1,512,962 UBS-Barclays Commercial Mort Tr 2012-C3, 0.726%, due 8/10/49 1,500 Energy 2.83% 1,319,413 Wells Fargo Commercial Mort Tr2012-LC5, 0.687%, due 10/15/45 1,317 655,000 Anadarko Petroleum Corp, 4.500%, due 7/15/44 636 1,229,089 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 1,226 220,000 Apache Corp, 4.250%, due 1/15/44 192 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 19,107 1,215,000 BG Energy Capital PLC, 4.000% , due 10/15/21 1,250 (Cost $19,108,483)

12 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Energy (continued) Financial Services (continued) 760,000 BP Capital Markets PLC, 3.535%, due 11/4/21$ 756 1,675,000 Boston Properties LP, 3.125%, due 9/1/23$ 1,636 2,875,000 ConocoPhillips Co, 3.350%, due 11/15/24 2,905 50,000 Boston Properties LP, 3.700%, due 11/15/18 53 890,000 ConocoPhillips Co, 4.150%, due 11/15/34 913 725,000 Boston Properties LP, 3.850%, due 2/1/23 753 1,275,000 ConocoPhillips, 5.750%, due 2/1/19 1,449 75,000 Boston Properties LP, 5.625%, due 11/15/20 86 655,000 Devon Energy Corp, 3.250%, due 5/15/22 643 500,000 Boston Properties LP, 5.875%, due 10/15/19 573 1,095,000 Devon Energy Corp, 4.750%, due 5/15/42 1,102 1,090,000 Branch Banking & Trust Co, 1.350%, due 10/1/17 1,084 425,000 Devon Energy Corp, 5.600%, due 7/15/41 472 1,653,000 Capital One Financial Corp, 3.500%, due 6/15/23 1,671 1,040,000 Encana Corp, 6.500%, due 2/1/38 1,112 1,180,000 Capital One Financial Corp, 4.750%, due 7/15/21 1,301 830,000 Ensco PLC, 5.750%, due 10/1/44 833 1,160,000 Citigroup Inc, 1.350%, due 3/10/17 1,155 2,730,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25 2,731 1,545,000 Citigroup Inc, 1.850%, due 11/24/17 1,543 1,675,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23 1,793 740,000 Citigroup Inc, 1.932%, due 5/15/18 764 1,205,000 Petrobras Global Finance BV, 2.371%, due 1/15/19 1,069 520,000 Citigroup Inc, 2.500%, due 9/26/18 526 200,000 Petrobras Global Finance BV, 4.375%, due 5/20/23 172 1,200,000 Citigroup Inc, 3.500%, due 5/15/23 1,168 300,000 Petrobras Global Finance BV, 6.250%, due 3/17/24 285 1,500,000 Citigroup Inc, 4.050%, due 7/30/22 1,552 1,190,000 Petrobras International Finance Co SA, 5.375%, due 1/27/21 1,103 1,480,000 Citigroup Inc, 4.500%, due 1/14/22 1,617 995,000 Petroleos Mexicanos, 3.500% ,due 7/18/18 1,007 5,455,000 Citigroup Inc, 4.587%, due 12/15/15 5,637 750,000 Petroleos Mexicanos, 4.250%, due 1/15/25 745 650,000 Citigroup Inc, 6.125%, due 11/21/17 725 1,150,000 Petroleos Mexicanos, 4.875%, due 1/18/24 1,195 175,000 Citigroup Inc, 6.625%, due 6/15/32 218 800,000 Petroleos Mexicanos, 6.375 , due 1/23/45 906 345,000 Citigroup Inc, 8.125%, due 7/15/39 528 850,000 Shell International Finance BV, 3.400%, due 8/12/23 877 985,000 Deutsche Bank AG/London, 1.350%, due 5/30/17 977 910,000 Statoil ASA, 2.900%, due 11/8/20 931 775,000 ERP Operating LP, 3.000%, due 4/15/23 756 315,000 Suncor Energy Inc, 6.500%, due 6/15/38 388 460,000 ERP Operating LP, 4.625%, due 12/15/21 503 910,000 Suncor Energy Inc, 6.850%, due 6/1/39 1,162 1,090,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19 1,084 1,075,000 Total Capital International SA, 2.750%, due 6/19/21 1,079 1,185,000 Ford Motor Credit Co LLC, 3.984%, due 6/15/16 1,227 1,010,000 TransCanada PipeLines Ltd, 4.625%, due 3/1/34 1,025 2,095,000 Ford Motor Credit Co LLC, 4.207%, due 4/15/16 2,168 28,731 500,000 Ford Motor Credit Co LLC, 4.250%, due 9/20/22 531 1,565,000 Ford Motor Credit Co LLC, 4.375%, due 8/6/23 1,673 Financial Services 12.89% 780,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18 848 940,000 ABB Treasury Center USA Inc, 2.500%, due 6/15/16 959 400,000 Ford Motor Credit Co LLC, 5.750%, due 2/1/21 458 640,000 AIG Global Funding, 1.650%, due 12/15/17 640 1,205,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20 1,493 300,000 Allstate Corp/The, 3.150%, due 6/15/23 301 2,509,000 Goldman Sachs Group Inc/The, 1.432%, due 4/30/18 2,538 560,000 Ally Financial Inc, 3.125%, due 1/15/16 561 2,310,000 Goldman Sachs Group Inc/The, 1.600%, due 11/23/15 2,322 1,055,000 Ally Financial Inc, 5.500%, due 2/15/17 1,108 1,150,000 Goldman Sachs Group Inc/The, 3.700%, due 8/1/15 1,169 715,000 Ally Financial Inc, 8.300%, due 2/12/15 719 2,525,000 Goldman Sachs Group Inc/The, 5.250%, due 7/27/21 2,850 1,345,000 American Express Credit Corp, 2.250%, due 8/15/19 1,345 55,000 Goldman Sachs Group Inc/The, 7.500%, due 2/15/19 65 2,525,000 American Honda Finance Corp, 1.125%,due 10/7/16 2,537 410,000 HSBC Holdings PLC, 4.000%, due 3/30/22 436 1,600,000 American International Group Inc, 5.050%, due 10/01/15 1,649 1,195,000 HSBC Holdings PLC, 4.250%, due 3/14/24 1,243 945,000 American International Group Inc, 6.400%, due 12/15/20 1,127 525,000 HSBC Holdings PLC, 5.100%, due 4/5/21 593 2,025,000 Bank of America Corp, 1.250%, due 1/11/16 2,029 450,000 HSBC Holdings PLC, 6.500%, due 5/2/36 578 1,820,000 Bank of America Corp, 1.500%, due 10/9/15 1,827 1,850,000 HSBC Holdings PLC, 6.500%, due 9/15/37 2,377 2,725,000 Bank of America Corp, 4.200%, due 8/26/24 2,776 220,000 HSBC Holdings PLC, 6.800%, due 6/1/38 292 600,000 Bank of America Corp, 4.250%, due 10/22/26 599 100,000 HSBC USA Inc, 9.125%, due 5/15/21 133 3,880,000 Bank of America Corp, 4.500%, due 4/1/15 3,916 2,810,000 ING Bank NV, 3.750%, due 3/7/17 2,941 1,400,000 Bank of America Corp, 5.420%, due 3/15/17 1,501 1,950,000 JPMorgan Chase & Co, 0.854%, due 2/26/16 1,954 750,000 Bank of America Corp, 5.625%, due 7/1/20 854 2,410,000 JPMorgan Chase & Co, 1.100%, due 10/15/15 2,414 380,000 Bank of America Corp, 5.650%, due 5/1/18 422 1,145,000 JPMorgan Chase & Co, 3.250%, due 9/23/22 1,152 1,065,000 Bank of America Corp, 6.500%, due 8/1/16 1,147 295,000 JPMorgan Chase & Co, 3.450%, due 3/1/16 303 1,250,000 Bank of America Corp, 7.625%, due 6/1/19 1,511 1,750,000 JPMorgan Chase & Co, 6.000%, due 1/15/18 1,958 865,000 Bank of America NA, 6.100%, due 6/15/17 951 885,000 JPMorgan Chase Bank NA, 6.000%, due 10/1/17 982 775,000 Bank of New York Mellon Corp/The, 2.200%, due 3/4/19 778 430,000 Liberty Mutual Group Inc, 6.700%, due 8/15/16 466 2,310,000 Bank of New York Mellon Corp/The, 3.400%, due 5/15/24 2,352 1,265,000 Lloyds Bank PLC, 6.500%, due 9/14/20 1,471 1,095,000 Bank One Capital III, 8.750%, due 9/1/30 1,582 1,140,000 Manufacturers & Traders Trust Co, 1.400%, due 7/25/17 1,138 100,000 Bank One Corp, 7.625%, due 10/15/26 133 570,000 Massachusetts Mutual Life Insurance Co, 8.875%, due 6/1/39 920 975,000 Barclays PLC, 2.750%, due 11/8/19 969 920,000 MetLife Inc, 6.750%, due 6/1/16 992 875,000 Barclays PLC, 4.375%, due 9/11/24 843 440,000 Metropolitan Life Global Funding I, 2.500%, due 9/29/15 446 55,000 Berkshire Hathaway Energy Co, 6.125%, due 4/1/36 69 1,050,000 Morgan Stanley, 1.483%, due 2/25/16 1,058 445,000 Berkshire Hathaway Energy Co, 6.500%, due 9/15/37 582 985,000 Morgan Stanley, 3.875%, due 4/29/24 1,011 610,000 BHP Billiton Finance USA Ltd, 3.850%, due 9/30/23 642 280,000 Morgan Stanley, 5.450%, due 1/9/17 301 2,150,000 BNP Paribas SA, 4.250%, due 10/15/24 2,172 200,000 Navient Corp, 3.875%, due 9/10/15 202 43,716 BNSF Railway Co 2007-1 Pass Through Trust, 5.996%, due 4/1/24 49 995,000 Navient Corp, 6.000%, due 1/25/17 1,042

13 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Financial Services (continued) Producer Durables 2.34% 350,000 Navient Corp, 6.250%, due 1/25/16$ 364 797,728 American Airlines 2011-1 Pass Through Tr, 5.250%, due 7/31/22$ 860 1,580,000 New York Life Global Funding, 1.450%, due 12/15/17 1,576 Burlington Northern and Santa Fe Railway Co : 655,000 New York Life Global Funding, 2.100%, due 1/2/19 657 95,649 1999-2 Pass Through Tr, 7.570%, due 1/2/21 108

565,000 New York Life Insurance Co, 6.750%, due 11/15/39 786 609,768 2000-1 Pass Through Trust, 8.251%, due 1/15/21 710 975,000 Northwestern Mutual Life Insurance Co/The, 6.63%, due 3/30/40 1,260 882,412 2001-1 Pass Through Trust, 6.727%, Due 7/15/22 999 690,000 PNC Bank NA, 2.250%, due 7/2/19 689 638,223 2001-2 Pass Through Trust, 6.462%, due 1/15/21 709 855,000 PNC Bank NA, 2.400%, due 10/18/19 859 23,517 2002-1 Pass Through Trust, 5.943%, due 1/15/23 25 50,000 Provident Cos Inc, 7.250%, due 3/15/28 63 794,331 2005-4 Pass Through Trust, 4.967%, due 4/1/23 864 3,875,000 Rio Oil Finance Trust Series 2014-1, 6.250%, due 7/6/24 3,706 1,620,000 Burlington Northern Santa Fe LLC, 3.400%, due 9/1/24 1,650 2,350,000 Rio Oil Finance Trust Series 2014-3, 6.750 %, due 1/6/27 2,230 1,615,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 2,058 385,000 Rio Tinto Finance USA PLC, 2.875%, due 8/21/22 370 810,000 Caterpillar Financial Services Corp, 2.750%, due 8/20/21 817 200,000 Royal Bank of Scotland PLC/The, 5.625%, due 8/24/20 228 59,916 CSX Transportation Inc, 6.251%, due 1/15/23 72 2,835,000 Royal Bank of Scotland PLC/The, 6.125%, due 1/11/21 3,341 1,041,000 CSX Transportation Inc, 9.750%, due 6/15/20 1,378 1,125,000 Toyota Motor Credit Corp, 3.400%, due 9/15/21 1,183 641,622 Delta Air Lines 2007-1 Class A Pass Thru, 6.821%, due 2/10/24 744 1,725,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19 1,719 129,908 FedEx Corp. 1998 Pass Through, 6.720%, due 7/15/23 152 695,000 Volkswagen Group of America Finance LLC, 2.450%, due 11/20/19 700 1,282,179 FedEx Corp. 1999 Pass Through, 7.650%, due 7/15/24 1,539 1,360,000 Wells Fargo & Co, 1.400%, due 9/8/17 1,359 25,000 FedEx Corp, 8.000%, due 1/15/19 30 510,000 Wells Fargo & Co, 2.125%, due 4/22/19 510 893,708 Northwest Airlines 2007-1 Psss Thru Tr, 7.027%, due 5/1/21 1,014 1,240,000 Wells Fargo & Co, 3.000%, due 1/22/21 1,263 605,000 Parker-Hannifin Corp, 3.300%, due 11/21/24 617

131,168 1,325,000 Pitney Bowes Inc, 6.250%, due 3/15/19 1,506 82,000 Southern Railway Co, 9.750%, due 6/15/20 109 Health Care 1.87% 570,000 Union Pacific Corp, 3.250%, due 1/15/25 585 585,000 AbbVie Inc, 2.900%, due 11/6/22 576 46,000 Union Pacific Corp, 3.646%, due 2/15/24 49 995,000 AbbVie Inc, 4.400%, due 11/6/42 1,027 Union Pacific Railroad Co: 380,000 Aetna Inc, 2.200%, due 3/15/19 377 14,403 1998 Pass Through Tr, 6.330%, due 1/2/20 16 1,450,000 Amgen Inc, 5.150%, due 11/15/41 1,634 43,376 1998 Pass Through Tr, 6.700%,due 2/23/19 47 1,255,000 Amgen Inc, 5.650%, due 6/15/42 1,493 40,419 1998 Pass Through Tr, 6.850%,due 1/2/19 45 225,000 Anthem Inc, 4.350%, due 8/15/20 244 33,346 1999 Pass Through Tr, 7.600%, due 1/2/20 39 1,125,000 Anthem Inc, 5.875%, due 6/15/17 1,237 606,795 2001 Pass Through Tr, 6.630%,due 1/27/22 678 750,000 Boston Scientific Corp, 6.000%, due 1/15/20 845 294,728 2002 Pass Through Tr, 6.061%,due 1/17/23 326 710,000 Boston Scientific Corp, 6.400%, due 6/15/16 760 511,861 2003 Pass Through Tr, 4.698%, due 1/2/24 559 225,000 Cigna Corp, 4.000% ,due 2/15/22 237 36,667 2005 Pass Through Tr, 5.082%, due 1/2/29 41 600,000 Cigna Corp, 5.375%, due 2/15/42 710 61,672 2007-3 Pass Through Tr,6.176%, due 1/2/31 74 370,000 Cigna Corp, 7.650%, due 3/1/23 473 566,496 US Airways 2011-1 Class A Pass Through, 7.125%, due 4/22/25 660 795,000 Cigna Corp, 7.875%, due 5/15/27 1,086 988,217 US Airways 2012-1 Class A Pass Through, 5.900%, due 4/1/26 1,102 200,000 Cigna Corp, 8.300%, due 1/15/33 266 1,350,000 Xerox Corp, 4.500%, due 5/15/21 1,443 55,000 Cigna Corp, 8.500%, due 5/1/19 68 1,945,000 Xerox Corp, 6.750% , due 2/1/17 2,144

765,000 Gilead Sciences Inc, 2.350%, due 2/1/20 769 23,769 1,005,000 Gilead Sciences Inc, 3.700%, due 4/1/24 1,054 Technology 0.55% 1,045,000 Humana Inc, 3.850%, due 10/1/24 1,059 235,000 Apple Inc, 2.850%, due 5/6/21 240 2,855,000 Medtronic Inc, 2.500%, due 3/15/20 2,862 785,000 Apple Inc, 3.850%, due 5/4/43 786 1,165,000 Medtronic Inc, 3.625%, due 3/15/24 1,209 845,000 Hewlett-Packard Co, 3.300%, due 12/9/16 873 995,000 UnitedHealth Group Inc, 2.875%, due 12/15/21 1,006 1,815,000 Oracle Corp, 2.250%, due 10/8/19 1,828

18,992 580,000 Texas Instruments Inc, 2.750%, due 3/12/21 583 1,300,000 TSMC Global Ltd, 1.625%, due 4/3/18 1,276

Materials & Processing 0.92% 5,586 2,700,000 Dow Chemical Co, 3.000%, due 11/15/22 2,638 1,365,000 Dow Chemical Co, 7.375%, due 11/1/29 1,817 Utilities 3.01% 1,065,000 Dow Chemical Co, 8.550%, due 5/15/19 1,324 865,000 AT&T Corp, 8.000%, due 11/15/31 1,275 315,000 Dow Chemical Co, 9.400%, due 5/15/39 511 1,782,000 AT&T Inc, 4.350%, due 6/15/45 1,680 1,160,000 Eastman Chemical Co, 2.700%, due 1/15/20 1,167 1,005,000 Consolidated Edison Co of New York Inc, 4.450%, due 3/15/44 1,087 575,000 Lafarge SA, 6.200%, due 7/9/15 588 1,275,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17 1,295 1,215,000 Lafarge SA, 6.500%, due 7/15/16 1,294 375,000 Dominion Resources Inc/VA, 1.950%, due 8/15/16 379

9,339 865,000 Dominion Resources Inc/VA, 2.500%, due 12/1/19 868 385,000 Duke Energy Florida Inc, 3.850%, due 11/15/42 388 330,000 Duke Energy Progress Inc, 3.000%, due 9/15/21 339

14 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

Par Fair Par Fair Amount Corporate Obligations (continued) Value (000's) Amount U.S. Agency Obligations (continued) Value (000's) Utilities (Continued) Government Backed Agency (continued) 1,050,000 Enel Finance International NV, 6.000%, due 10/07/39$ 1,234 1,570,000 Residual Funding Corp Principal Strip, 0.000%, due 7/15/20$ 1,394 775,000 Enel Finance International NV, 6.800%, due 9/15/37 991 2,698 Small Business Admin Participation Certificates, 7.550%, due 6/1/16 3 320,000 MidAmerican Energy Co, 5.800%, due 10/15/36 412 6,358 Small Business Admin Participation Certificates, 7.150%, due 1/1/17 7 1,250,000 Pacific Gas & Electric Co, 5.625%, due 11/30/17 1,389 7,382 Small Business Admin Participation Certificates, 7.300%, due 5/1/17 8 690,000 PacifiCorp, 6.350%, due 7/15/38 944 4,247 Small Business Admin Participation Certificates, 7.200%, due 6/1/17 4 825,000 PECO Energy Co, 4.150%, due 10/1/44 877 12,070 Small Business Admin Participation Certificates, 6.800%, due 8/1/17 13 445,000 PSEG Power LLC, 2.750%, due 9/15/16 456 7,655 Small Business Admin Participation Certificates, 6.900%, due 9/1/17 8 395,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23 408 15,573 Small Business Admin Participation Certificates, 6.550%, due 12/1/1 16 810,000 Southern Co/The, 2.150%, due 9/1/19 805 5,607 Small Business AdminParticipation Certificates, 6.125%, due 1/1/18 6 875,000 Sprint Communications Inc, 6.000%, due 12/1/16 915 10,332 Small Business Admin Participation Certificates, 6.150%, due 2/1/18 11 400,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 444 2,139 Small Business Admin Participation Certificates, 6.300%, due 6/1/18 2 1,355,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 1,551 7,883 Small Business Admin Participation Certificates, 6.150%, due 8/1/18 8 275,000 Telecom Italia Capital SA, 7.200%, due 7/18/36 296 7,731 Small Business Admin Participation Certificates, 6.000%, due 9/1/18 8 2,215,000 Verizon Communications Inc, 1.350%, due 6/9/17 2,205 18,867 Small Business AdminParticipation Certificates, 5.800%, due 12/1/18 20 425,000 Verizon Communications Inc, 3.500%, due 11/1/24 418 28,886 Small Business Admin Participation Certificates, 6.300%, due 5/1/19 31 585,000 Verizon Communications Inc, 3.850%, due 11/1/42 522 14,079 Small Business Admin Participation Certificates, 6.800%, due 6/1/19 15 375,000 Verizon Communications Inc, 4.150%, due 3/15/24 388 2,303 Small Business Admin Participation Certificates, 7.000%, due 7/1/19 2 595,000 Verizon Communications Inc, 4.400%, due 11/1/34 591 2,110 Small Business Admin Participation Certificates, 7.300%, due 8/1/19 2 3,000,000 Verizon Communications Inc, 5.150%, due 9/15/23 3,313 1,419 Small Business Admin Participation Certificates, 7.300%, due 9/1/19 2 145,000 Verizon Communications Inc, 5.850%, due 9/15/35 170 18,015 Small Business Admin Participation Certificates, 7.590%, due 1/1/20 20 2,105,000 Verizon Communications Inc, 6.400%, due 9/15/33 2,593 19,597 Small Business Admin Participation Certificates, 7.625%, due 3/1/20 21 325,000 Verizon Communications Inc, 6.550%, due 9/15/43 416 26,513 Small Business Admin Participation Certificates, 7.210%, due 9/1/20 29 580,000 Virginia Electric & Power Co, 4.650%, due 8/15/43 650 5,021 Small Business Admin Participation Certificates, 6.625%, due 7/1/21 5 1,350,000 Vodafone Group PLC, 2.950%, due 2/19/23 1,301 7,299 Small Business Admin Participation Certificates, 6.120%, due 9/1/21 8

30,600 43,591 Small Business Admin Participation Certificates, 4.840%, due 2/1/23 47 25,700 Small Business Admin Participation Certificates, 4.920%, due 10/1/2 28 TOTAL CORPORATE OBLIGATIONS 291,944 41,068 Small Business Admin Participation Certificates, 4.980%, due 11/1/2 45 (Cost $280,131,000) 23,052 Small Business Admin Participation Certificates, 4.880%, due 11/1/2 25 34,121 Small Business Admin Participation Certificates, 4.870%, due 12/1/2 37 Municipals 1.00% 13,911 Small Business Admin Participation Certificates, 4.860%, due 1/1/25 15 900,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41 1,305 8,752 Small Business Admin Participation Certificates, 4.840%, due 5/1/25 9 850,000 State of California, 7.500%, due 4/1/34 1,264 40,656 Small Business Admin Participation Certificates, 4.750%, due 7/1/25 43 1,100,000 State of California, 7.550%, due 4/1/39 1,698 25,478 Small Business Admin Participation Certificates, 5.350%, due 2/1/26 28 700,000 State of California, 7.300%, due 10/1/39 1,031 22,834 Small Business Admin Participation Certificates, 5.570%, due 3/1/26 25 1,325,000 State of California, 7.625%, due 3/1/40 2,034 13,397 Small Business Admin Participation Certificates, 5.820%, due 6/1/26 15 25,000 State of California, 5.700%, due 11/1/21 30 46,612 Small Business Admin Participation Certificates, 6.070%, due 7/1/26 52 415,000 State of Illinois, 4.961%, due 3/1/16 432 22,641 Small Business Admin Participation Certificates, 5.700%, due 8/1/26 25 1,010,000 State of Illinois, 5.365%, due 3/1/17 1,081 16,004 Small Business Admin Participation Certificates, 5.230%, due 3/1/27 18 1,215,000 State of Illinois, 5.665%, due 3/1/18 1,330 27,766 Small Business Admin Participation Certificates, 5.310%, due 5/1/27 31 TOTAL MUNICIPALS 10,205 50,029 Small Business Admin Participation Certificates, 5.710%, due 6/1/27 56

(Cost $8,577,969) 20,071 Federal National Mortgage Association 11.72% U.S. Agency Obligations 19.28% 2,850,330 0.519%, due 12/25/42 2,872 Government Backed Agency 1.97% 1,917,623 0.569%, due 2/25/43 1,936 200,000 Export-Import Bank of Korea, 4.000%, due 1/11/17 210 1,751,118 0.594%, due 8/25/15 1,751 415,000 Financing Corp Fico, 10.700%, due 10/6/17 520 1,712,470 0.769%, due 2/25/44 1,730 1,910,000 Financing Corp Fico, 9.800%, due 11/30/17 2,371 2,973,074 0.986%, due 3/25/19 2,958 450,000 Financing Corp Fico, 0.000%, due 5/11/17 438 1,800,000 1.462%, due 4/25/17 1,813 2,665,000 Financing Corp Fico, 0.000%, due 10/5/17 2,571 2,230,783 1.700%, due 8/25/18 2,235 2,400,000 Financing Corp Fico, 0.000%, due 12/6/18 2,242 89,681 1.950%, due 8/1/43 92 6,390,000 Financing Corp Fico, 0.000%, due 10/6/17 6,165 1,256,014 2.000%, due 7/1/28 1,243 110,000 Financing Corp Fico, 0.000%, due 4/15/19 102 24,190 2.025%, due 6/1/35 26 1,060,000 Financing Corp Fico, 0.000%, due 4/5/19 983 1,346,806 2.100%, due 12/1/27 1,305 1,305,000 Financing Corp Fico, 0.000%, due 9/26/19 1,190 6,393 2.119%, due 9/1/34 7 106,765 New Valley Generation V, 4.929%, due 1/15/21 119 3,874,159 2.160%, due 1/1/23 3,813 1,120,000 Residual Funding Corp Principal Strip, 0.000%, due 10/15/19 1,018 32,162 2.268%, due 8/1/34 34

15 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

Par Fair Par Fair Amount U.S. Agency Obligations (continued) Value (000's) Amount U.S. Agency Obligations (continued) Value (000's) Federal National Mortgage Association (continued) Federal National Mortgage Association (continued) 1,905,142 2.325%, due 7/25/23$ 1,930 24,158 5.500%, due 2/1/38$ 26 42,956 2.347%, due 6/1/38 46 619,205 5.500%, due 3/1/40 698 1,488,840 2.494%, due 5/1/44 1,533 291,299 5.500%, due 8/1/37 328 590,236 2.500%, due 3/1/26 603 29,962 5.538%, due 11/1/16 32 5,597,000 2.726%, due 12/1/44 5,763 496,422 5.970%, due 1/1/40 621 1,714,969 2.803%, due 10/1/44 1,769 382,954 5.970%, due 1/1/40 457 3,025,894 2.917%, due 7/1/44 3,132 6,925 6.000%, due 10/1/16 7 1,240,000 2.951%, due 8/25/24 1,253 12,142 6.000%, due 5/1/18 13 1,044,440 2.989%, due 4/1/44 1,083 6,909 6.000%, due 8/1/18 7 1,030,006 3.082%, due 1/1/44 1,070 12,826 6.000%, due 12/1/18 13 2,004,714 3.230%, due 11/1/20 2,120 4,992 6.000%, due 1/1/19 5 1,997,502 3.330%, due 10/1/20 2,126 13,492 6.000%, due 2/1/19 14 493,239 3.500%, due 9/1/28 522 6,520 6.000%, due 8/1/19 7 1,446,276 3.500%, due 12/25/30 1,510 6,028 6.000%, due 9/1/19 6 5,699 4.000%, due 6/1/18 6 22,228 6.000%, due 9/1/19 23 20,925 4.000%, due 9/1/18 22 277,684 6.000%, due 8/1/21 302 978,988 4.000%, due 4/1/24 1,043 39,549 6.000%, due 11/1/21 43 801,550 4.000%, due 2/1/27 857 54,276 6.000%, due 10/1/22 60 6,130,551 4.000%, due 5/1/27 6,558 83,185 6.000%, due 6/1/23 92 786,118 4.000%, due 11/1/30 847 44,554 6.000%, due 12/1/27 50 1,270,219 4.000%, due 12/1/30 1,368 378,211 6.000%, due 2/1/28 429 1,212,528 4.000%, due 9/1/31 1,307 28,640 6.000%, due 12/1/32 33 3,450,127 4.000%, due 11/1/33 3,715 22,524 6.000%, due 11/1/33 26 1,075,455 4.500%, due 8/1/26 1,163 18,428 6.000%, due 12/1/33 21 982,830 4.500%, due 2/1/41 1,068 1,076,041 6.000%, due 3/1/34 1,236 1,324,754 4.500%, due 7/1/42 1,439 62,145 6.000%, due 4/1/34 71 618,781 4.500%, due 10/1/43 673 41,010 6.000%, due 4/1/35 47 23,380,000 4.500%, due 1/1/45 25,378 59,485 6.000%, due 4/1/35 68 7,795 4.877%, due 4/1/15 8 12,897 6.000%, due 7/1/35 15 715,000 4.887%, due 7/1/21 755 72,812 6.000%, due 11/1/35 83 871,942 5.000%, due 9/1/25 952 1,134 6.000%, due 3/1/36 1 375,250 5.100%, due 12/1/40 440 61,628 6.000%, due 3/1/36 71 581,145 5.275%, due 11/1/15 588 70,754 6.000%, due 8/1/37 81 36,380 5.433%, due 2/1/16 37 250,219 6.000%, due 6/1/38 274 82,906 5.500%, due 1/1/18 88 14,953 6.000%, due 7/1/38 16 385,484 5.500%, due 11/1/23 422 22,679 6.000%, due 9/1/38 25 27,228 5.500%, due 1/1/24 30 1,475,109 6.000%, due 11/1/38 1,618 335,042 5.500%, due 1/1/24 366 19,654 6.450%, due 6/25/42 23 34,958 5.500%, due 1/1/24 38 1 6.500%, due 12/1/15 - 51,075 5.500%, due 3/1/24 56 67,449 6.500%, due 9/1/16 69 23,128 5.500%, due 5/1/24 25 22,181 6.500%, due 5/1/17 23 206,821 5.500%, due 1/1/25 227 4,804 6.500%, due 7/1/17 5 16,281 5.500%, due 1/1/25 18 7 6.500%, due 7/1/17 - 804,212 5.500%, due 12/1/32 906 3,197 6.500%, due 10/1/17 3 66,698 5.500%, due 6/1/33 75 33,721 6.500%, due 2/1/18 35 188,340 5.500%, due 7/1/33 214 3,819 6.500%, due 4/1/18 4 739,651 5.500%, due 11/1/33 834 8,906 6.500%, due 9/1/19 9 40,156 5.500%, due 11/1/33 45 6,812 6.500%, due 12/1/19 7 890,424 5.500%, due 9/1/34 1,002 446,182 6.500%, due 10/1/24 508 1,164,418 5.500%, due 4/1/35 1,312 51,215 6.500%, due 2/25/31 56 61,881 5.500%, due 9/1/36 70 89,371 6.500%, due 8/1/32 103 101,012 5.500%, due 4/1/37 114 53,022 6.500%, due 12/1/32 61 432,577 5.500%, due 4/1/37 490 14,676 6.500%, due 5/1/33 17 2,270,913 5.500%, due 8/1/37 2,559 778,930 6.500%, due 3/1/35 914 680,475 5.500%, due 1/1/38 766 17,908 6.500%, due 8/1/37 20 1,130,105 5.500%, due 2/1/38 1,272 32,481 6.500%, due 9/1/37 36

16 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

Par Fair Par Fair Amount U.S. Agency Obligations (continued) Value (000's) Amount U.S. Agency Obligations (continued) Value (000's) Federal National Mortgage Association (continued) Federal Home Loan Mortgage Corporation (continuied) 7,753 6.500%, due 10/1/37$ 8 2,694,656 4.500%, due 9/1/41 2,921 8,992 6.500%, due 11/1/37 10 769,421 4.500%, due 1/1/44 834 7,856 6.500%, due 12/1/37 9 2,342,258 4.500%, due 7/1/44 2,551 27,000 6.500%, due 12/1/37 31 14,809 5.500%, due 6/1/20 16 225,614 6.500%, due 1/1/38 255 20,600 5.500%, due 10/1/20 22 6,712 6.500%, due 2/1/38 8 1,401,066 5.500%, due 6/1/34 1,583 46,429 6.500%, due 3/1/38 53 405,553 5.500%, due 1/1/35 458 44,166 6.500%, due 3/1/38 51 1,202,432 5.500%, due 3/15/35 1,335 105,345 6.500%, due 10/1/38 120 792,227 5.500%, due 11/1/35 893 148,879 6.500%, due 11/1/38 163 773,532 5.500%, due 2/15/36 855 71,936 6.500%, due 8/1/39 82 454,585 5.500%, due 7/1/36 513 381,532 6.500%, due 10/1/39 434 14,240 5.500%, due 6/1/37 16 12,535 6.500%, due 8/25/41 14 616,748 5.500%, due 8/1/38 695 6,866 6.500%, due 1/25/44 8 1,356,462 5.500%, due 1/1/39 1,532 9,462 6.500%, due 1/1/49 11 481,051 5.652%, due 7/25/33 544 202,677 6.574%, due 10/25/42 230 1,299,774 5.569%, due 11/1/39 1,382 19,653 6.911%, due 6/25/42 22 240,078 6.000%, due 2/1/17 250 335,270 6.918%, due 9/25/41 383 7,960 6.000%, due 4/1/17 8 5,012 7.000%, due 9/1/17 5 12,008 6.000%, due 5/1/17 12 6,143 7.000%, due 11/1/18 6 976 6.000%, due 6/1/17 1 303,058 7.000%, due 11/1/29 359 719 6.000%, due 10/1/17 1 120,883 7.000%, due 6/25/32 138 3,322 6.000%, due 3/1/18 3 262,220 7.000%, due 8/1/32 297 1,604 6.000%, due 3/1/18 2 313,059 7.000%, due 8/1/32 367 5,485 6.000%, due 2/1/19 6 359,603 7.000%, due 3/1/37 402 339,740 6.000%, due 1/1/24 378 29,511 7.000%, due 3/1/37 33 32,869 6.000%, due 1/1/27 37 46,241 7.000%, due 4/1/37 52 70,817 6.000%, due 3/15/31 78 2,568 7.000%, due 12/1/37 3 55,821 6.000%, due 12/1/33 64 329,630 7.000%, due 12/25/41 385 41,695 6.000%, due 11/1/36 47 20,714 7.000%, due 2/25/44 24 117,949 6.000%, due 6/1/38 130 58,863 7.000%, due 3/25/45 69 138,782 6.000%, due 2/1/39 158 41,265 7.000%, due 3/25/49 47 64,920 6.088%, due 7/25/32 75 56,686 7.500%, due 6/25/30 65 1,149,000 6.173%, due 3/15/44 1,280 409,322 7.500%, due 10/25/40 479 3,389 6.500%, due 9/1/16 3 28,209 7.500%, due 11/25/40 33 90,260 6.500%, due 7/1/17 94 5,632 7.500%, due 2/25/41 6 253,639 6.500%, due 8/1/17 265 106,321 7.500%, due 7/25/41 126 3,883 6.500%, due 4/1/18 4 17,477 7.500%, due 7/25/41 20 5,960 6.500%, due 5/15/21 6 41,382 7.500%, due 5/25/42 48 5,995 6.500%, due 6/1/22 7 22,385 7.500%, due 7/25/42 26 312,022 6.500%, due 8/15/28 351 38,250 7.500%, due 3/25/44 44 12,482 6.500%, due 12/1/31 15

119,166 281,397 6.500%, due 12/1/32 329 67,249 6.500%, due 8/1/37 78 Federal Home Loan Mortgage Corporation 4.83% 14,140 6.500%, due 9/1/37 15 1,204,062 0.661%, due 1/15/43 1,219 130,126 6.500%, due 9/1/37 139 518,829 2.347%, due 4/1/38 556 26,625 6.500%, due 9/1/37 30 863,120 2.530%, due 1/1/42 894 8,211 6.500%, due 1/1/38 9 11,101,391 2.971%, due 11/1/44 11,488 151,404 6.500%, due 9/25/43 173 180,125 3.000%, due 7/15/27 184 2,932 7.000%, due 5/1/16 3 939,800 3.045%, due 7/1/44 974 4,676 7.000%, due 2/1/18 5 6,702,914 3.114%, due 8/1/44 6,948 243,640 7.000%, due 6/1/32 285 731,503 3.500%, due 12/15/24 765 13,294 7.000%, due 7/1/32 16 1,244,650 4.000%, due 5/1/27 1,329 35,621 7.000%, due 10/01/32 43 370,033 4.000%, due 7/1/34 398 1,176,649 7.000%, due 11/1/32 1,369 1,282,168 4.500%, due 7/1/26 1,384 794,000 7.000%, due 2/25/43 967

17 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014

Par Fair Par Fair Amount U.S. Agency Obligations (continued) Value (000's) Amount U.S. Government Obligations (continued) Value (000's) Federal Home Loan Mortgage Corporation (continuied) U.S Treasury Notes (continued) 49,900 7.000%, due 7/25/43$ 58 12,695,000 3.625%, due 2/15/44$ 14,939 8,048 7.499%, due 8/25/42 10 8,360,000 3.750%, due 11/15/43 10,050 8,365 7.750%, due 12/25/21 9 9,240,000 4.250%, due 11/15/17 10,077 4,037 8.000%, due 12/1/22 4 TOTAL U.S. GOVERNMENT OBLIGATIONS 433,322

49,106 (Cost $424,804,364)

Government National Mortgage Association 0.76% 1,641,097 2.140%, due 8/15/23 1,629 Short Term Investments 8.15% 5,972,733 2.730%, due 6/15/32 6,010 82,822,633 Dreyfus Government Cash Management Fund 82,822 7,691 6.500%, due 5/15/29 9 TOTAL SHORT TERM INVESTMENTS 14,161 8.250%, due 4/15/20 16 (Cost $82,822,633) 15,615 8.350%, due 12/15/18 16 8,932 8.350%, due 3/15/19 9

7,689 TOTAL INVESTMENTS TOTAL U.S. AGENCY OBLIGATIONS 196,032 (Cost $1,037,582,536) 104.87% 1,066,047

(Cost $191,448,220) Liabilities Less, Other Assets -4.87% (49,496)

U.S. Government Obligations U.S Treasury Notes 42.63% NET ASSETS 100.00%$ 1,016,551 2,470,000 0.000%, due 5/15/43 1,098 6,350,000 0.250%, due 10/15/15 6,350

22,775,000 0.500%, due 11/30/16 22,718 7,850,000 0.500%, due 7/31/17 7,761 20,075,000 0.625%, due 8/31/17 19,884 19,180,000 0.750%, due 2/28/18 18,916 10,650,000 0.750%, due 3/15/17 10,646 10,080,000 0.875%, due 11/15/17 10,032 11,550,000 0.875%, due 5/15/17 11,556 25,560,000 1.375%, due 2/28/19 25,422 3,750,000 1.500%, due 1/31/19 3,751 5,000,000 1.500%, due 11/30/19 4,968 46,415,000 1.500%, due 2/28/19 46,448 3,800,000 1.625%, due 3/31/19 3,817 12,660,000 1.625%, due 4/30/19 12,704 7,765,000 1.625%, due 6/30/19 7,784 2,500,000 1.625%, due 7/31/19 2,504 5,415,000 1.750%, due 5/15/23 5,272 1,080,000 1.750%, due 9/30/19 1,086 26,710,000 2.125%, due 1/31/21 27,111 4,790,000 2.125%, due 6/30/21 4,848 62,545,000 2.250%, due 11/15/24 62,965 13,690,000 2.250%, due 11/30/17 14,157 8,950,000 2.750%, due 8/15/42 8,947 9,765,000 2.750%, due 11/15/42 9,755 22,515,000 2.875%, due 5/15/43 23,029 4,675,000 3.125%, due 2/15/42 (A) 5,033 16,455,000 3.125%, due 5/15/19 17,541 2,000,000 3.125%, due 8/15/44 2,153

(A) $4,675,000 principal amount of United States Treasury Bond pledged as margin for open futures contracts at December 31, 2014.

18 CATHOLIC UNITED INVESTMENT TRUST INTERMEDIATE DIVERSIFIED BOND FUND FUTURES CONTRACTS DECEMBER 31, 2014

(A) $4,675,000 of US Treasury Notes pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2014:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2014 US 5YR NOTE (CBT) Mar15 492 100,000 Long March 2015 66,848 US 2YR NOTE (CBT) Mar15 (759) 200,000 Short March 2015 181,937 US 10YR NOTE (CBT)Mar15 143 100,000 Long March 2015 87,525 US LONG BOND (CBT) Mar15 (89) 100,000 Short March 2015 (394,938) US ULTRA BOND (CBT) Mar15 (239) 100,000 Short March 2015 (1,788,813) (1,847,441)

19 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities Asset Backed Securities 13.91% Collateralized Mortgage Back Securities 15.54% Corporate Obligations 36.60% Municipals 1.41% U.S. Agency Obligations 18.61% U.S. Government Obligations 7.76%

Equities 3.33% Number of Stocks 50 Top Ten Stocks 1.81%

Top Ten Equity Holdings (% of Net Assets) GMAC Capital Trust I 0.36% RF Micro Devices Inc. 0.21% TriQuint Semiconductor Inc. 0.21% Protective Life Corp. 0.16% American Realty Capital Holdings 0.15% M&T Bank Corp. 0.15% Applied Materials Inc. 0.15% Hudson City Bancorp Inc. 0.14% Ventas Inc. 0.14% Tokyo Electron Ltd. 0.14%

Top 5 Industries (% of Net Assets) Financial Services 1.20% Technology 0.62% Consumer Discretionary 0.46% Health Care 0.45% Utilities 0.25%

20 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014

Shares Common Stocks Fair Principal Fair Value (000's) Amount Value (000's) Consumer Discretionary 3.33% Asset Backed Securities 13.91% 2,845 Brookfield Residential Properties Inc. 0.46% $ 68 173,101 AmeriCredit Automobile Rec Tr 2012-1, 1.730%, due 2/8/17$ 173 4,130 DirecTV Group Inc. 358 895,000 AmeriCredit Automobile Rec Tr2012-3, 1.590%, due 7/10/17 899 3,865 Family Dollar Stores Inc. 306 263,485 AmeriCredit Automobile Rec Tr 2012-4, 0.670%, due 6/8/17 263 3,480 Liberty Interactive Corp. 102 735,000 AmeriCredit Automobile Rec Tr 2013-5, 1.520%, due 1/8/19 736 2,800 Time Warner Cable Inc. 426 735,000 Cabela's Master Credit Card Trust, 0.611%, due 7/15/22 732 3,670 TRW Automotive Holdings Co. 377 550,000 Cabela's Master Credit Card Trust, 0.811%, due 8/16/21 554 1,637 700,000 Capital Auto Rec Asset Tr 2013-3, 0.960%, due 4/20/17 701 951,000 Capital Auto Rec Asset Tr2013-3, 1.680%, due 4/20/18 960 Consumer Staples 0.16% 500,000 CarMax Auto Owner Trust 2011-3, 2.170%, due 7/17/17 505 26,415 Chiquita Brands International 382 59,131 Carnow Auto Rec Tr 2013-1, 1.160%, due 10/16/17 59 5,115 Safeway Inc. 180 937,722 CCG Receivables Truste 2013-1, 1.050%, due 8/14/20 939 562 470,000 Chase Issuance Trust, 0.581%, due 7/15/20 471 920,000 Chase Issuance Trust, 0.590%, due 8/15/17 920 Energy 0.06% 1,204,583 CLI Funding LLC, 3.380%, due 10/18/29 1,197 15,669 Amec Foster Wheeler PLC-ADR 203 475,000 CNH Equipment Trust 2012-B, 1.160%, due 6/15/20 476

270,740 College & University Facility Loan Tr Two, 4.000%, due 6/1/18 273 941,204 Cronos Containers Program Ltd, 3.270%, due 11/18/29 941 Financial Services 1.20% 794,375 Cronos Containers Program Ltd, 3.810%, due 9/18/27 795 45,206 American Realty Capital Holdings 538 352,239 Direct Capital Funding V LLC, 1.730%, due 8/20/18 353 28,385 Glimcher Realty Trust 390 816,481 Domino's Pizza Master Issuer LLC, 5.216%, due 1/25/42 856 47,847 GMAC Capital Trust I 1,262 333,077 DT Auto Owner Trust 2012-2, 0.680%, due 8/15/17 333 50,200 Hudson City Bancorp Inc. 508 776,172 Fifth Third Auto Trust 2014-1, 0.460%, due 8/15/16 776 6,645 National Interstate Corp. 198 663,630 Ford Credit Auto Owner Tr 2014-A, 0.480%, due 11/15/16 664 4,049 Platinum Underwriters Holdings Ltd. 297 1,465,000 GE Dealer Floorplan Master Note Tr, 0.545%, due 7/20/19 1,464 8,320 Protective Life Corp. 579 174,745 GE Equipment Tran LLC Series 2012-1, 1.230%, due 1/22/20 175 25,801 Susquehanna Bancshares Inc. 347 381,167 GMACM Home Equity Loan Tr 2003-HE1, 0.449%, due 4/25/33 353 22,545 SWS Group Inc. 156 176,141 GMACM Home Equity Loan Tr 2006-HE1, 5.805%, due 10/25/36 168 4,275 516,295 GreatAmerica Leasing RecFunding LLC, 0.780%, due 6/15/16 517 200,458 GreenPoint Mortgage Funding Tr 2005-HE1, 0.844%, due 9/25/34 200 Health Care 0.45% 2,130,000 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17 2,125 1,027 Auxilium Pharmaceuticals Inc. 35 780,000 Hertz Vehicle Financing LLC, 2.200%, due 3/25/16 782 23,062 Avanir Pharmaceuticals 391 133,797 Home Equity Loan Trust 2003-HS3, 0.449%, due 8/25/33 125 4,300 Covidien Ltd. 440 122,171 Home Equity Loan Trust 2006-HSA2, 5.550%, due3/25/36 83 3,475 Cubist Pharmaceuticals Inc. 350 184,766 Home Equity Mortgage Trust 2006-1, 5.800%, due 5/25/36 152 21,790 Volcano Corp. 390 10,929 Home Loan Trust 2006-HI4, 5.440%, due 9/25/36 11 1,606 1,810,000 Honda Auto Rec 2014-4 Owner Tr, 0.990%, due 9/17/18 1,806 1,275,172 Huntington Auto Trust, 0.510%, due 4/17/17 1,275 Materials & Processing 0.10% 1,650,000 Hyundai Auto Lease Sec Tr 2014-A, 0.750%, due 4/17/17 1,648 4,700 Rockwood Holdings Inc. 370 1,610,000 Hyundai Auto Receivables Tr 2013-B, 0.710%, due 9/15/17 1,611 605,124 IndyMac Home Equity Loan Tr 2004-2, 0.276%, due 9/28/36 593 103,846 M&T Bank Auto Receivables Tr2013-1, 0.660%, due 2/16/16 104 Producer Durables 0.03% 352,186 MMAF Equipment Finance LLC 2011-A, 2.100%, due 7/15/17 356

9,415 MicroFinancial Inc. 96 885,000 MMAF Equipment Finance LLC 2012-A, 1.350%, due 10/10/18 890 748,165 MSCC Heloc Trust 2007-1, 0.269%, due 12/25/31 706 3,633,215 NCUA Guaranteed Notes Tr 2010-A1, 0.511%, due 12/07/20 3,637 Technology 0.62% 950,000 Nissan Auto Rec 2014-A Owner Tr, 0.720%, due 8/15/18 948 550 Actuate Corp. 4 56,713 NYCTL 2013-A Trust, 1.190%, due 11/10/26 57 2,244 Covisint Corp. 6 567,175 NYCTL 2014-A Trust, 1.030%, due 11/10/27 567 8,360 International Rectifier Corp. 334 1,212,000 PFS Financing Corp, 0.761%, due 2/15/19 1,215 10,135 Riverbed Technology Inc 207 Santander Drive Auto Receivables Trust 16,700 Sapient Corp. 415 1,275,000 2012-2, 3.200%, due 2/15/18 1,289 25,493 Tokyo Electron Ltd. 486 498,608 2012-3, 1.940%, due 12/15/16 499 27,180 TriQuint Semiconductor Inc. 749 481,787 2012-4, 1.830%, due 3/15/17 483 2,201 1,000,000 2012-5, 2.700%, due 8/15/18 1,017

678,648 Small Business Admin Participation Certs, 2.080%, due 4/1/33 663 Utilities 0.25% 289,009 SMART Trust/Australia, 2.310%, due 4/14/17 290 6,105 Integrys Energy Group Inc. 475 990,406 Sonic Capital LLC, 5.440%, due 5/20/41 1,048 15,540 Pepco Holdings Inc. 418 1,320,000 Springleaf Funding Tr 2013-A, 2.580%, due 9/15/21 1,324 893 Structured Asset Securities Corp Mortgage Loan Tr 2005-S7 89,300 0.469%, due 12/25/35 87 TOTAL COMMON STOCKS 11,843 1,070,000 Synchrony Credit Card Master Note Tr, 1.510%, due 6/15/18 1,075 (Cost $11,101,809) 805,000 Synchrony Credit Card Master Note Tr, 3.690%, due 3/15/18 810

21 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Commercial Mortgage Backed Securities Amount Asset Backed Securities (continued) Value (000's) Amount (continued) Value (000's) 709,259 Taxable Newman Capital Trust Series 2000-1, 7.000%, due 7/5/17 $ 726 868,000 Lightship Tankers V LLC, 6.500%, 6/14/24 $ 1,013 786,66 7 Textainer Marine Containers Ltd, 3.270%, due 10/20/39 786 625,820 MASTR Adjustable Rate Mort Tr 2007-1, 0.329%, due 1/25/47 616 875,000 Textainer Marine Containers Ltd, 3.900%, due 9/20/38 893 Merrill Lynch Mortgage Trust: 900,000 United Auto Credit Securitization Trust 2013-1, 2.220%, due 12/15/17 902 1,371,566 2006-C2, 5.291%, due 1/12/44 1,409 299,072 United States Small Business Administration, 5.038%, due 3/10/15 302 550,566 2006-C2, 5.742%, due 8/12/43 581 134,860 Volvo Financial Equipment LLC Series 2012-1, 1.090%, due 8/15/17 135 502,406 2012-C6, 0.664%, due 11/15/45 500 485,000 World Financial Network Credit Card Master Tr, 0.910%, due 3/16/20 484 530,997 2013-C9, 0.825%, due 5/15/46 529 450,000 World Financial Network Credit Card Master Tr, 3.960%, due 4/15/19 457 493,000 Morgan Stanley Capital I Trust 2003-IQ4, 5.500%, due 5/15/40 509 TOTAL ASSET BACKED SECURITIES 49,414 780,000 Morgan Stanley Capital I Trust 2006-HQ9, 5.793%, due 7/12/44 823 (Cost $49,521,904) 1,100,000 Morgan Stanley Capital I Trust 2014-MP,3.693%, due 8/11/29 1,138 300,700 NCUA Guaranteed Notes Trust 2010-C1, 1.600%, 10/29/20 301 Commercial Mortgage Backed Securities 15.54% 566,704 NCUA Guaranteed Notes Trust 2010-R1, 0.607%, due 10/7/20 570 450,565 Adjustable Rate Mortgage Trust 2005-3, 0.410%, due 7/25/35 438 602,837 NCUA Guaranteed Notes Trust 2010-R1, 1.840%, due 10/7/20 606 426,01 9 BAMLL-DB Trust, 2.343%, due 4/13/29 430 979,045 NCUA Guaranteed Notes Trust 2011-R4, 0.537%, due 3/6/20 982 741,614 Banc of America Commercial Mortgage Tr 2006-4, 5.634%, due 7/10/46 776 305,533 NCUA Guaranteed Notes Trust 2011-R6, 0.537%, due 5/7/20 306 1,250,000 Banc of America Commercial Mortgage Tr 2007-3, 5.547%, due 6/10/49 1,341 717,000 President and Fellows of Harvard College, 6.300%, due 10/1/37 763 1,465,000 Banc of America Merrill Lynch Comm Mort Inc., 4.997%, due 7/10/45 1,491 249,447 Structured Adjustable Rate Mort Loan Tr, 0.399%, due 5/25/35 248

291,327 Banc of America Re-REMIC Trust 2009-UBER1, 5.588%, due 6/24/50 304 333,273 Struct Asset Sec Corp Mort Loan Tr2006-S2, 5.500%, due 6/25/36 219 Bear Stearns Commercial Mortgage Securities Trust: 223,847 TIAA Seasoned Comm Mort Tr 2007-C4, 5.559%, due 8/15/39 224 739,882 2005-PWR8, 4.674%, due 6/11/41 743 1,130,925 Wells Fargo Commercial Mort Tr 2012-LC5, 0.687%, due 10/15/45 1,129 735,000 2005-PWR8, 4.985%, due 9/11/42 752 1,620,000 WF-RBS Commercial Mort Tr 2011-C2, 3.791%, due 2/15/44 1,655 1,525,000 BHMS 2014-ATLS Mortgage Trust, 1.657%, due 7/5/33 1,518 1,076,974 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 1,075 2,026,259 CD 2005-CD1 Commercial Mortgage Tr, 5.226%, due 7/15/44 2,059 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 55,227 50,858 Citigroup Commercial Mortgage Tr 2005-C3, 4.860%, due 5/15/43 51 (Cost $56,057,713) 694,380 Citigroup Commercial Mortgage Tr 2012-GC8, 0.685%, due 9/10/45 694 873,008 COMM 2012-CCRE2 Mortgage Trust, 0.824%, due 8/15/45 871 Corporate Obligations 36.60% 422,319 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46 420 Consumer Discretionary 1.22% 585,000 COMM 2014-BBG Mortgage Trust, 0.961%, 3/15/29 582 800,000 21st Century Fox America Inc., 8.000%, 10/17/26 893 1,050,000 COMM 2014-SAVA Mortgage Trust, 1.911%, due 6/15/34 1,047 350,000 American Honda Finance Corp, 1.500%, due 9/11/17 350 450,000 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 487 315,000 American Honda Finance Corp, 2.125%, due 10/10/18 317 1,162,92 5 Credit Suisse Comm Mortgage Tr Series 2006-C3, 5.806%, due 6/15/38 1,215 1,040,000 Daimler Finance North America LLC, 1.375%, due 8/1/17 1,035 1,049,581 Credit Suisse First Boston Mort Securities Corp, 5.230%, due 12/15/40 1,069 565,000 DISH DBS Corp, 7.750%, due 5/31/15 580 1,110,000 Credit Suisse First Boston Mort Securities Corp, 5.467%, due 2/15/39 1,154 1,130,000 General Motors Co, 3.500%, due 10/2/18 1,153 1,293,843 DBUBS 2011-LC1 Mortgage Trust, 3.742%, due 11/13/46 1,326 4,328 500,000 Del Coronado Trust 2013-DEL, 1.461%, due 3/15/26 500 Consumer Staples 1.99% 780,000 ERAC USA Finance LLC, 5.900%, due 11/15/15 814 1,000,000 Ball Corp, 6.75%, due 9/15/20 1,040 740,000 ERAC USA Finance LLC,6.375%, due 10/15/17 831 580,000 General Mills Inc., 1.400%, due 10/20/17 578 525,951 FDIC Guaranteed Notes Trust 2010-S1, 2.980%, due 12/6/20 541 825,000 Pinnacle Foods Finance LLC, 4.875%, due 5/1/21 804 938,231 FDIC Guaranteed Notes Trust 2010-S1, 3.250%, due 4/25/38 960 800,000 Sealed Air Corp, 8.375%, due 9/15/21 894 657,757 Freddie Mac Struct Agency Cred Risk Debt Notes, 1.019%, due 4/25/24 653 Smith's Food & Drug Centers Inc 1994-A3 Pass Through Tr 943,825 GE Capital Commercial Mortgage Corp, 4.978%, due 5/10/43 946 654,885 9.200%, due 7/2/18 746 1,050,000 GE Capital Commercial Mortgage Corp, 5.312%, due 11/10/45 1,081 375,000 Tyson Foods Inc., 2.650%, due 8/15/19 378 293,907 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 292 1,500,000 US Foods Inc, 8.500%, due 6/30/19 1,590 1,360,000 GSMS Trust 2009-RR1, 5.794%, due 7/12/38 1,438 1,000,000 Wynn Las Vegas LLC, 7.875%, due 5/1/20 1,050 265,743 Impac Secured Assets Trust 2006-2, 0.519%, due 8/25/36 261 7,080 684,950 JP Morgan Chase Comm Mort Sec Tr 2005-LDP4,4.918%,due 10/15/42 694 1,082,069 JP Morgan Chase Comm Mort Sec Tr 2006-LDP9, 5.336%, due 5/15/47 1,149 Energy 3.30% 712,783 JP Morgan Chase Comm Mort Sec Tr 2007-CIBC18, 5.440%, due 6/12/47 758 1,280,000 Anadarko Petroleum Corp, 5.950%, due 9/15/16 1,369 875,000 JP Morgan Chase Comm Mort Sec Tr 2007-CIBC19,5.698%, due 2/12/49 939 130,000 Anadarko Petroleum Corp, 6.375%, due 9/15/17 145 396,618 JP Morgan Chase Comm Mort Sec Tr 2007-CIBC19, 5.335%,due 8/12/37 397 835,000 BP Capital Markets PLC, 2.237%, due 5/10/19 834 1,250,000 JP Morgan Chase Comm Mort Sec Tr 2007-LDP12, 5.480%, due 5/15/45 1,310 505,000 CNOOC Nexen Finance 2014 ULC, 1.625%, due 4/30/17 503 312,709 JP Morgan Chase Comm Mort Sec Tr 2007-LDP12, 5.833%, due 2/15/51 326 1,133,000 Copano Energy LLC, 7.125%, due 4/1/21 1,231 575,790 JP Morgan Chase Comm Mort Sec Tr 2012-C8, 0.705%, due 10/15/45 576 1,745,000 Devon Energy Corp, 2.250%, due 12/15/18 1,739 1,320,000 JP Morgan Chase Comm Mort Sec Tr 2014 CBM, 1.061%, due 10/15/29 1,321 339,000 Freeport-McMoran Oil & Gas LLC, 6.125%, due 6/15/19 367 800,000 JP Morgan Chase Comm Mort Sec Tr 2014 FBLU, 1.661%, due 12/15/28 800 350,000 Kinder Morgan Inc/DE, 7.000%, due 2/1/18 387 478,101 JP Morgan Tax-Emept Pass-Through Tr Ser 2012-4 3.500%, due 7/27/38 491 350,000 Kinder Morgan Inc/DE, 7.000%, due 6/15/17 386 225,243 JPMBB Commercial Mortgage Sec Tr 2013-C14, 1.260 %, due 8/15/46 226 665,000 Kodiak Oil & Gas Corp., 8.125%, due 12/1/19 677 1,049,544 La Hipotecaria Panamanian Mortgage Tr 2014-1, 3.258%, due 11/24/42 1,081 450,000 Nexen Energy ULC, 5.200%, due 3/10/15 453 1,469,906 LB-UBS Commercial Mortgage Trust 2006-C1, 4.954%, due 9/15/30 1,477 670,000 Petrobras Global Finance BV, 1.852%, due 5/20/16 635 649,520 LB-UBS Commercial Mortgage Trust 2006-C1, 5.156%, due 2/15/31 665 920,000 Statoil ASA, 2.250%, due 11/8/19 921 700,000 LB-UBS Commercial Mortgage Trust 2006-C1, 5.452%, due 9/15/39 736 1,550,000 Transocean Inc, 5.050%, due 12/15/16 1,557 475,000 Ultramar Diamond Shamrock Corp, 7.200%, due 10/15/17 534 11,738

22 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Financial Services 24.46% Financial Services (continued) 705,000 Aflac Inc, 8.500%, due 5/15/19$ 881 330,000 Liberty Property LP, 5.500%, due 12/15/16$ 354 729,265 Ahold Lease Series 2001-A-2 Pass Through Tr, 8.620%, due 1/2/25 936 350,000 Mellon Capital IV, 4.000%, due 6/29/49 277 50,000 Ally Financial Inc, 3.125%, due 1/15/16 50 1,990,000 MetLife Inc, 1.760%, due 12/15/17 1,997 1,075,000 Ally Financial Inc, 5.500%, due 2/15/17 1,129 960,000 MetLife Inc, 3.650%, due 6/14/18 1,017 1,290,000 Ally Financial Inc, 8.300%, due 2/12/15 1,296 465,000 MetLife Inc, 6.750%, due 6/1/16 501 1,130,000 American Express Co, 6.800%, due 9/1/66 1,184 1,665,000 Morgan Stanley, 3.800%, due 4/29/16 1,720 795,000 American Express Credit Corp, 1.125%, due 6/5/17 792 800,000 Morgan Stanley, 6.250%, due 8/28/17 889 330,000 American Express Credit Corp, 2.125%, due 3/18/19 330 400,000 National Austral Bank Loan, 8.000%, due 9/29/49 431 635,000 American Express Credit Corp, 2.800%, due 9/19/16 654 1,345,000 New York Life Global Funding, 2.150%, 6/18/19 1,342 735,000 American International Group Inc, 5.850%, due 1/16/18 822 400,000 Nordea Bank, 8.375%, 9/29/49 405 470,000 AmeriGas Finance LLC, 7.000%, due 5/20/22 486 850,000 Omega Healthcare Investors Inc., 6.750%, due 10/15/22 901 450,000 ANZ New Zealand Int'l Ltd/London, 1.850%, due 10/15/15 454 1,927,976 Pershing Road Development Co LLC, 0.634%, due 9/1/26 1,639 2,820,000 Bank of America Corp,1.700%, due 8/25/17 2,821 1,275,000 PNC Preferred Funding Trust II, 1.463%, due 3/29/49 1,199 300,000 Bank of America Corp,8.125%, due 12/29/49 324 228,338 Postal Square LP, 8.950%, due 6/15/22 278 420,000 Bank of America NA, 0.541%, due 6/15/17 414 1,190,000 Principal Life Global Funding II, 1.500%, due 9/11/17 1,187 700,000 Bank of New York Mellon Corp/The, 2.100%, due 1/15/19 702 990,000 Prudential Financial Inc, 4.750%, due 9/17/15 1,016 1,540,000 Barclays Bank PLC, 2.750%, due 11/8/19 1,531 880,000 Prudential Financial Inc, 8.875%, due 6/15/68 1,027 970,000 BB&T Corp, 1.600%, due 8/15/17 969 1,435,000 Reliance Standard Life Global Funding II, 2.500%, due 4/24/19 1,442 565,000 BB&T Corp, 3.200%, due 3/15/16 578 940,000 Royal Bank of Scotland Group PLC, 9.500%, due 3/16/22 1,068 1,000,000 BBVA US Senior SAU, 4.664%, due 10/9/15 1,027 692,499 Salton Sea Funding Corp., 7.475%, due 11/30/18 717 1,000,000 Cantor Fitzgerald LP, 6.375%, due 6/26/15 1,025 325,000 Santander Issuances SAU, 5.911%, due 6/20/16 339 445,000 Cantor Fitzgerald LP, 7.875%, due 10/15/19 486 830,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 889 850,000 Capital One NA/Mclean VA, 1.500%, due 9/5/17 843 500,000 Simon Property Group LP, 1.500%, due 2/1/18 497 840,000 Citigroup Inc, 1.850%, due 11/24/17 839 1,075,000 Simon Property Group LP, 2.200%, due 2/1/19 1,081 2,500,000 Citigroup Inc, 4.450%, due 1/10/17 2,643 700,000 Skyway Concession Co LLC, 0.537, due 6/30/17 665 880,000 Citigroup Inc, 5.350%, due 4/29/49 812 700,000 Standard Chartered Bank, 6.400%, due 9/26/17 781 800,000 Citigroup Inc, 6.000%, due 8/15/17 885 635,000 State Street Capital Trust I, 0.792%, due 5/15/28 540 450,000 Commonwealth Bank of Australia/New York NY, 1.250%, due 9/18/15 452 670,000 Torchmark Corp, 9.250%, due 6/15/19 848 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 830,000 UBS AG/Stamford CT, 5.875%, due 12/20/17 927 921,000 11.000%, due 12/29/49 1,185 1,071,875 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 1,054 835,000 Corrections Corp of America, 4.125%, due 4/1/20 812 350,000 USB Capital IX, 3.500%, due 10/29/49 282 1,240,00 0 Credit Suisse/New York NY, 1.375%, due 5/26/17 1,236 1,465,771 Utility Contract Funding LLC, 7.944%, due 10/1/16 1,552 950,000 Crown Castle International Corp., 5.250%, due 1/15/23 969 2,545,000 Wells Fargo & Co, 2.100%, due 5/8/17 2,588 527,718 CVS Pass-Through Trust, 5.789%, due 1/10/26 595 800,000 Wells Fargo & Co, 5.899%, due 12/29/49 806 755,000 Deutsche Bank AG/London, 6.000%, due 9/1/17 839 650,000 ZFS Finance USA Trust II, 6.450%, due 12/15/65 685 650,000 Dresdner Bank AG, 7.250%, due 9/15/15 672 86,950 832,000 Eaton Vance Corp, 6.500%, due 10/2/17 933 Health Care 0.20% 616,000 FMR LLC, 7.490%, due 6/15/19 741 615,000 Providence Health & Serv Obligated Grp, 6.250%, due 10/1/19 705 605,000 Ford Motor Credit Co LLC, 1.7240%, due 12/6/17 599 600,000 Ford Motor Credit Co LLC, 2.375%, due 3/12/19 596 Materials & Processing 1.42% 665,000 Ford Motor Credit Co LLC, 4.207%, due 4/15/16 688 835,000 Bunge NA Finance LP, 5.900%, due 4/1/17 908 2,620,000 Ford Motor Credit Co LLC, 4.250%, due 2/3/17 2,751 1,370,000 Caterpillar Financial Services Corp, 2.250%, due 12/1/19 1,372 580,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21 672 565,000 Caterpillar Financial Services Corp, 1.250%, due 8/18/17 563 620,000 Genworth Holdings Inc., 7.625%, due 9/24/21 606 1,000,000 SBA Tower Trust, 5.101%, due 4/15/42 1,053 400,000 Goldman Sachs Capital II, 4.000%, due 12/29/49 294 145,667 Petrodrill Five Ltd, 4.390%, due 4/15/16 149 415,000 Goldman Sachs Group Inc/The, 1.433%, due 4/30/18 420 1,000,000 Huntsman International LLC, 4.875%, due 11/15/20 993 200,000 Goldman Sachs Group Inc/The, 1.600%, due 11/23/15 201 5,038 1,830,000 Goldman Sachs Group Inc/The, 3.625%, due 2/7/16 1,878 530,000 Hartford Financial Services Group Inc, 4.000%, due 10/15/17 564 Producer Durables 1.01% 875,000 Hartford Financial Services Group Inc, 5.375%, due 3/15/17 945 Burlington Northern and Santa Fe Railway Co. 1,365,000 Hartford Financial Services Group Inc,5.500%, due 10/15/16 1,464 329,233 2002-1 Pass Through Trust, 5.943%, due 1/15/23 357 1,630,000 ING Bank NV, 3.750%, due 3/7/17 1,706 48,288 2005-4 Pass Through Trust, 4.967%, due 4/1/23 53 1,000,000 International Lease Finance Corp, 3.875%, due 4/15/18 1,000 345,972 1999-2 Pass Through Trust, 7.570%, due 1/2/21 390

925,000 iStar Financial Inc, 4.000%, due 11/1/17 900 753,041 Canadian National Railway Co Financing Tr, 7.195%, due 1/2/16 804 820,000 Jefferies Group LLC, 6.875%, due 4/15/21 932 Federal Express Corp 675,000 JPMorgan Chase & Co, 1.350%, due 2/15/17 675 57,672 Pass Through Trust, 8.760%, due 5/22/15 60 1,890,00 0 JPMorgan Chase & Co, 2.600%, due 1/15/16 1,922 673,686 Pass Through Trust, 7.840%, due 1/30/18 758 350,000 JPMorgan Chase & Co, 7.900%, due 4/29/49 377 735,884 Union Pacific Railroad Co 2006 Trust, 5.866%, due 7/2/30 876

760,000 Leucadia National Corp, 8.125%, due 9/15/15 794 184,473 General American Railcar Corp III 1999-1 Tr, 7.760%, due 8/20/21 211 625,000 Liberty Mutual Group Inc, 6.700%, due 8/15/16 678 75,528 TTX Co, 6.610%, due 1/15/15 76 3,585

23 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount U.S. Agency Obligations (continued) Value (000's) Technology 0.60% Federal National Mortgage Association (continued) 1,000,000 Samsung Electronics America Inc, 1.750%, due 4/10/17$ 1,003 2,011,935 0.595%, due 8/25/15$ 2,012 1,060,00 0 Fidelity National Information Services Inc, 5.000%, due 3/15/22 1,124 1,930,000 0.626% , due 11/1/20 1,927 2,127 2,822,761 0.678%, due 4/25/17 2,816 281,245 0.819%, due 9/25/23 283 Utilities 2.41% 876,655 0.953%, due 11/25/15 878 660,000 AES Corp., 8.000%, due 6/1/20 754 263,458 0.982%, due 6/25/18 264 1,730,000 AT&T Inc, 1.700%, due 6/1/17 1,737 628,280 1.074%, due 11/25/16 630 845,000 British Telecommunications PLC, 1.250%, due 2/14/17 841 365,006 1.114%, due 2/25/17 366 100,000 British Telecommunications PLC, 2.000%, due 6/22/15 101 1,213,258 1.246%, due 8/25/17 1,212 140,000 Deutsche Telekom International Finance BV, 3.125%, due 4/11/16 143 363,603 1.315%, due 12/27/22 359 230,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17 234 3,246,212 1.451%, due 2/25/18 3,243 142,000 DPL Inc, 6.500%, due 10/15/16 150 1,675,000 1.462%, due4/25/17 1,687 974,947 Great River Energy, 5.829%, due 7/1/17 1,037 1,214,380 1.500%, due 7/1/17 1,224 699,619 Kansas Gas & Electric Co, 5.647%, due 3/29/21 741 1,000,000 1.520%, due 12/25/19 1,001 610,000 NextEra Energy Capital Holdings Inc, 2.700%, due 9/15/19 616 710,208 1.600%, due 5/25/18 712 305,000 PSEG Power LLC, 5.320%, due 9/15/16 326 1,181,872 1.700%, due 8/25/18 1,184 310,000 Public Service Electric & Gas Co, 2.300%, due 9/15/18 314 1,380,000 1.730%, due 1/1/17 1,399 785,000 Steel Dynamics, 7.625%, due 3/15/20 818 1,654,708 1.750%, due 4/25/21 1,671 455,000 Verizon Communications Inc, 1.350%, due 6/9/17 453 1,670,993 1.750%, due 6/25/21 1,687 270,000 Verizon Communications Inc, 4.500%, due 9/15/20 293 738,600 1.750%, due 1/25/22 745 8,558 799,632 1.824%, due 2/25/22 797 TOTAL CORPORATE OBLIGATIONS 4,621,932 1.940%, due 1/1/17 4,641 (Cost $130,765,693) 130,109 2,136,452 2.000%, due 5/25/25 2,167 1,381,250 2.101%, due 10/25/23 1,373 1,834,205 2.140%, due 12/25/23 1,826 Municipals 1.41% 285,000 2.970%, due 3/1/15 285 550,000 California Pollution Control Financing Authority, 7.500%, due 4/1/25 552 224,005 3.000%, due 12/25/25 230 500,000 Commonwealth of Puerto Rico, 5.500%, due 7/1/20 526 332,281 4.000%, due 3/1/31 358 750,000 County of Clermont OH Sewer System Revenue, 4.000%, due 8/1/20 799 496,312 4.500%, due 5/1/31 542 223,841 Louisiana Public Facilities Authority, 5.750%, due 2/1/19 234 218,497 5.000%, due 2/1/23 236 505,000 New Jersey Economic Development Authority, 0.000%, due 2/15/16 497 341,065 6.000%, due 10/1/22 374 585,000 Philadelphia Authority for Industrial Development, 0.000%, due 4/15/15 584 137,063 6.500%, due 5/1/17 143 430,000 South Carolina State Public Service Authority, 1.254%, due 6/1/16 431 263,786 7.000%, due 4/1/37 296 775,000 Skagit County Public Hospital District No 2.000%, due 12/1/15 770 45,084 550,000 Tulsa Public Facilities Authority, 6.600%, due 11/15/29 621 TOTAL MUNICIPALS 5,014 Government National Mortgage Association 1.53% (Cost $4,956,453) 902,042 0.514%, due 5/16/35 877 585,458 1.614%, due 7/16/39 577 U.S. Agency Obligations 18.61% 507,535 1.771%, due 11/16/38 502 Federal Home Loan Mortgage Corporation 3.99% 507,429 2.000%, due 11/20/36 511 FHLMC Multifamily Structured Pass Through Certificates: 1,280,056 2.140%, due 8/15/23 1,270 1,000,000 0.500%, due 5/13/16 1,000 1,329,427 3.000%, due 7/20/36 1,366 1,680,711 1.000%, due 8/15/18 1,659 318,858 3.250%, due 3/20/39 328 2,049,285 1.383%, due 3/25/18 2,004 5,431 4,155,000 1.655%, due 11/25/16 4,199 1,271,540 1.750%, due 11/15/29 1,275 Government Backed Agency 0.40% 454,980 2.000%, due 5/15/20 460 1,103,652 Small Business Administration Pools, 0.630%, due 5/25/31 1,099 213,93 8 2.250%, due 11/15/28 216 317,109 Small Business Administration Pools, 0.750%, due 4/25/28 318 1,402,338 3.000%, due 7/1/24 1,465 1,417 46,210 3.000%, due 7/15/27 47 316,109 4.000%, due 9/1/20 335 TOTAL U.S. AGENCY OBLIGATIONS 174,024 4.000%, due12/15/24 182 (Cost $66,284,234) 66,111 436,647 4.500%, due 4/1/25 472 602,406 4.500%, due 9/1/26 647 U.S. Government Obligations 7.76% 197,93 6 6.000%, due 3/1/23 218 U.S Treasury Notes 14,179 1,765,000 0.875%, due 7/31/15 1,772 9,500,000 2.375%, due 2/15/16 9,847 Federal National Mortgage Association 12.69% 5,300,000 1.000%, due 5/31/18 5,249 700,095 0.447%, due 12/25/17 699 4,375,000 1.500%, due 12/31/18 4,381 1,133,341 0.478%, due 9/25/15 1,133 6,000,000 3.250%, due 3/31/17 6,329 4,697,099 0.558%, due 3/25/16 4,684 TOTAL U.S. GOVERNMENT OBLIGATIONS 27,578 (Cost $27,502,599)

24 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014

Principal Fair Principal Fair Amount Value (000's) Amount Value (000's) Shares Shares Securities Sold Short (continued) Short Term Investments 1.94% 6,903,461 Dreyfus Government Cash Management Fund$ 6,903 Materials & Processing 0.04% TOTAL SHIORT TERM INVESTMENTS 2,257 Albemarle Corp.$ 136 (Cost $6,903,461)

TOTAL INVESTMENTS 99.11% 352,199 Technology 0.36% (Cost $353,093,866) 20,707 Applied Materials Inc. 516 45,526 RF Micro Devices Inc. 755 Securities Sold Short 1,271 Consumer Discretionary 0.13% 8,049 Comcast Corp. 467 Utilities 0.15% Energy 0.06% 5,369 AT&T Inc. 180 15,669 Amec Foster Wheeler PLC-ADR 208 6,886 Wisconsin Energy Corp. 363 543 Financial Services 0.45% 6,525 BB&T Corporation 254 TOTAL COMMON STOCKS 1.28%$ 4,542 5,627 Hilltop Holdings Inc. 112 (Cost $3,860,336) 4,217 M&T Bank Corp. 530 1,198 RenaissanceRe Holdings Ltd. 116 TOTAL SECURITIES SOLD SHORT -1.28% (4,542) 1 Southside Bancshares Inc. 1 (Proceeds $3,860,336) 6,866 Ventas Inc. 492 5,644 Washington Prime Group Inc. 97 Other Assets, Less Liabilities 2.17% 7,709 1,602 NET ASSETS 100.00%$ 355,366 Health Care 0.09% 251 Endo International PLC 18 4,110 Medtronic Inc. 297 315

25 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 57.42% Number of Stocks 483 Top Ten Stocks 15.39%

Fixed Income Securities Asset Backed Securities 1.49% Commercial Mortgage Obligations 0.04% Commercial Mortgage Backed Securities 0.75% Corporate Obligations 12.44% Municipals 0.53% U.S. Agency Obligations 8.27% U.S. Government Obligations 16.11%

Top 10 Equity Holdings (% of Net Assets) Wells Fargo & Co. 2.01% Microsoft Corp. 1.96% Hewlett-Packard Co. 1.89% Time Warner Inc. 1.48% Capital One Financial Corp. 1.47% Google Class A & C 1.42% Comcast Corp. 1.32% Wal-Mart Stores Inc. 1.32% Bank of America Corp. 1.28% FedEx Corp. 1.23%

Top 5 Industries (Equity Securities only) (% of Net Assets) Financial Services 13.53% Technology 12.69% Consumer Discretionary 12.02% Energy 5.27% Health Care 4.88%

26 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks 57.42% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 12.02% Consumer Discretionary (continued) 1,068 Amazon.com Inc.$ 331 300 PetSmart Inc.$ 24 200 AutoNation Inc. 12 145 priceline.com Incorporated 165 90 AutoZone Inc. 56 985 Pulte Group Inc. 21 1,200 Avon Products Inc. 11 224 PVH Corp. 29 500 Bed Bath & Beyond Inc. 38 164 Ralph Lauren Corp. 30 825 Best Buy Co. Inc. 32 600 Ross Stores Inc. 57 600 BorgWarner Inc. 33 500 Royal Caribbean Cruises Ltd. 41 600 Cablevision Systems Corp. 12 300 Scripps Networks Interactive Inc. 23 12,100 CarMax Inc. 806 1,750 Staples Inc. 32 1,300 Carnival Corp. 59 2,050 Starbucks Corp. 168 1,300 CBS Corp. 72 500 Starwood Hotels & Resorts Worldwide Inc. 41 85 Chipotle Mexican Grill Inc. 58 20,800 Target Corp. 1,579 19,742 Coach Inc. 742 1,128 The Interpublic Group of Cos Inc. 23 55,655 Comcast Corp. 3,229 4,400 The Walt Disney Co. 414 1,518 Costco Wholesale Corp 215 300 Tiffany & Co. 32 400 Darden Restaurants Inc. 23 7,504 Time Inc. 185 800 Delphi Automotive PLC 58 18,270 Time Warner Cable Inc. 2,778 1,400 DirecTV Group Inc. 121 42,366 Time Warner Inc. 3,619 1,200 Discovery Communications Inc. 41 1,900 TJX Companies Inc. 130 15,500 Dish Network Corp. 1,130 400 Tractor Supply Co. 32 800 Dollar General Corporation 57 303 TripAdvisor Inc. 23 618 Dollar Tree Inc. 43 77,700 Twenty-First Century-Class A 2,984 900 DR Horton Inc. 23 500 Under Armour Inc. 34 36,120 eBay Inc. 2,027 300 Urban Outfitters Inc. 11 900 Estee Lauder Companies Inc. 69 996 VF Corp. 75 250 Expedia Inc. 21 1,000 Viacom Inc. 75 300 Family Dollar Stores Inc. 24 37,490 Wal-Mart Stores Inc. 3,220 10,800 Ford Motor Co. 167 216 Whirlpool Corp. 42 135 Fossil Inc. 15 380 Wyndham Worldwide Corp. 33 300 GameStop Corp. 10 222 Wynn Resorts Ltd. 33 600 Gannett Co. Inc. 19 1,180 Yum! Brands Inc. 85 800 Gap Inc. 34 29,335 300 Garmin Ltd. 16 3,800 General Motors Co. 133 Consumer Staples 1.87% 423 Genuine Parts Co. 45 1,800 Archer-Daniels-Midland Co. 94 800 Goodyear Tire & Rubber Co. 23 475 Brown-Forman Corp. 42 800 H&R Block Inc. 27 500 Campbell Soup Co. 22 570 Harley-Davidson Inc. 38 357 Clorox Co. 37 184 Harman International Industries Inc. 20 16,900 Coca-Cola Co. 714 300 Hasbro Inc. 16 660 Coca-Cola Enterprises Inc. 29 3,700 Home Depot Inc. 388 3,054 Colgate-Palmolive Co. 211 1,900 Johnson Controls Inc. 92 1,150 ConAgra Foods Inc. 42 600 Kohl's Corp. 37 450 Constellation Brands Inc. 44 700 L Brands Inc. 61 3,509 CVS Caremark Corp. 338 400 Leggett & Platt Inc. 17 500 Dr Pepper Snapple Group Inc. 36 500 Lennar Corp. 22 2,400 General Mills Inc. 128 30,075 Liberty Interactive Corp. 885 719 Hershey Co. 75 4,275 Liberty Ventures 161 400 Hormel Foods Corp. 21 2,700 Lowe's Companies Inc. 186 900 Kellogg Co. 59 960 Macy's Inc. 63 353 Keurig Green Mountain Inc 47 611 Marriott International Inc. 48 1,177 Kimberly-Clark Corp. 136 970 Mattel Inc. 30 2,200 Kraft Foods Inc. 138 2,914 McDonald's Corp. 273 1,400 Kroger Co. 90 600 Michael Kors Holdings Ltd. 45 400 McCormick & Co. Inc. 30 168 Mohawk Industries Inc. 26 559 Mead Johnson Nutrition Company 56 164 Netflix Inc. 56 480 Molson Coors Brewing Co. 36 800 Newell Rubbermaid Inc. 30 6,000 Mondelez International Inc. 218 21,425 News Corp. 336 400 Monster Beverage Corp. 43 1,200 Nielsen Holdings Nv 54 7,095 Pepsico Inc. 671 1,920 Nike Inc. 185 9,040 Procter & Gamble Co. 823 400 Nordstrom Inc. 32 690 Safeway Inc. 24 200 NVR Inc. 255 1,900 Systemax Inc. 75 700 Omnicom Group Inc. 54 315 The J.M. Smucker Co. 32 284 O'Reilly Automotive Inc. 55 800 Tyson Foods Inc. 32

27 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Staples (continued) Financial Services (continued) 2,400 Walgreens Boots Alliance Inc.$ 183 800 Aon Corp. $ 76 1,000 Whole Foods Market Inc. 50 455 Apartment Investment & Management Co. 17 4,576 200 Assurant Inc. 14 361 Avalonbay Communities Inc. 59 Energy 5.27% 175,300 Bank of America Corp. 3,136 1,378 Anadarko Petroleum Corp. 114 64,647 Bank of New York Mellon Corp. 2,623 28,828 Apache Corp. 1,807 31,000 BB&T Corporation 1,206 27,180 Baker Hughes Inc. 1,524 5,483 Berkshire Hathaway Inc. 823 1,200 Cabot Oil & Gas Corp. 36 349 BlackRock Inc. 125 600 Cameron International Corp. 30 420 Boston Properties Inc. 54 1,400 Chesapeake Energy Corp. 27 43,519 Capital One Financial Corp. 3,592 17,762 Chevron Corp. 1,993 800 CBRE Group Inc. 27 232 Cimarex Energy Co. 25 98,200 Charles Schwab Corp. 2,965 3,396 ConocoPhillips Co. 235 666 Chubb Corporation 69 620 Consol Energy Inc. 21 361 Cincinnati Financial Corp. 19 1,000 Denbury Resources Inc. 8 8,411 Citigroup Inc. 455 1,100 Devon Energy Corporation 67 905 CME Group Inc. 80 200 Diamond Offshore Drilling Inc. 7 510 Comerica Inc. 24 600 Ensco plc. 18 900 Crown Castle International Corp. 71 1,513 EOG Resources Inc. 139 1,250 Discover Financial Services LLC 82 400 EQT Corporation 30 105 Dun & Bradstreet Corp. 13 11,844 Exxon Mobil Corp. 1,095 840 E* TRADE Financial Corp. 20 191 First Solar Inc. 9 300 Equifax Inc. 24 700 FMC Technologies Inc. 33 1,000 Equity Residential 72 2,400 Halliburton Co. 94 175 Essex Property Trust Inc. 36 287 Helmerich & Payne Inc. 19 800 Fidelity National Information 50 700 Hess Corp. 52 2,300 Fifth Third Bancorp 47 4,763 Kinder Morgan Inc. 202 640 Fiserv Inc. 45 1,824 Marathon Oil Corp. 52 1,109 Franklin Resources Inc. 61 762 Marathon Petroleum Corp. 69 1,700 General Growth Properties 48 500 Murphy Oil Corp. 25 1,400 Genworth Financial Inc. 12 760 Nabors Industries Ltd. 10 12,636 Goldman Sachs Group Inc. 2,449 13,200 National Oilwell Varco Inc. 865 1,200 Hartford Financial Services Group Inc. 50 400 Newfield Exploration Company 11 1,300 HCP Inc. 57 700 Noble Corp. 12 900 Health Care REIT Inc. 68 1,048 Noble Energy Inc. 50 2,059 Host Hotels & Resorts Inc. 49 2,750 NOW Inc. 71 1,300 Hudson City Bancorp Inc. 13 2,130 Occidental Petroleum Corp. 172 2,300 Huntington Bancshares Inc. 24 600 ONEOK Inc. 30 314 InterContinental Exchange Inc. 69 1,548 Phillips 66 111 1,200 Invesco Ltd. 47 415 Pioneer Natural Resources Co. 62 34,177 JP Morgan Chase & Co. 2,139 500 QEP Resources Inc. 10 2,480 KeyCorp. 34 500 Range Resources Corp. 27 1,100 Kimco Realty Corp. 28 34,553 Schlumberger Limited 2,951 300 Legg Mason Inc. 16 1,000 Southwestern Energy Co. 27 900 Leucadia National Corp. 20 1,896 Spectra Energy Corp. 69 768 Lincoln National Corp. 44 400 Tesoro Corp. 30 1,400 Loews Corp. 59 900 Transocean Ltd. 16 358 M&T Bank Corp. 45 1,430 Valero Energy Corp. 71 1,500 Marsh & McLennan Companies Inc. 86 40,000 Weatherford International Ltd. 458 2,750 Mastercard Inc. 237 1,900 Williams Cos. Inc. 85 800 McGraw-Hill Companies Inc. 71 12,869 24,200 MetLife Inc. 1,309 514 Moody's Corp. 49 Financial Services 13.54% 4,300 Morgan Stanley 167 925 ACE Limited 106 300 NASDAQ OMX Group 14 110,000 AEGON N.V. 825 1,200 Navient Corp. 26 148 Affiliated Managers Group Inc. 31 650 Northern Trust Corp. 44 1,400 Aflac Inc. 86 900 People's United Financial Inc. 14 178 Alliance Data Systems Corporation 51 500 Plum Creek Timber Co. Inc. 21 1,200 Allstate Corp. 84 1,516 PNC Financial Services Group Inc. 138 2,440 American Express Co. 227 740 Principal Financial Group Inc. 38 8,311 American International Group Inc. 465 1,500 Progressive Corp. 40 1,100 American Tower Corp. 109 1,392 ProLogis Inc. 60 511 Ameriprise Financial Inc. 68 1,440 Prudential Financial Inc. 130

28 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Materials & Processing 1.15% 396 Public Storage Inc.$ 73 523 Air Products & Chemicals Inc.$ 75 3,770 Regions Financial Corp. 40 182 Airgas Inc. 21 1,066 Simon Property Group Inc. 194 3,300 Alcoa Inc. 52 1,210 State Street Corp. 95 260 Allegheny Technologies Inc. 9 24,000 SunTrust Banks Inc. 1,006 400 Ball Corp. 27 700 T. Rowe Price Group Inc. 60 17,000 Celanese Corp. 1,019 400 The Macerich Co. 33 139 CF Industries Holdings Inc. 38 375 Torchmark Corp. 20 404 Eastman Chemical Co. 31 425 Total System Services Inc. 14 776 Ecolab Inc. 81 938 Travelers Companies Inc. 99 2,500 EI DuPont de Nemours & Co. 185 700 Unum Group 24 1,200 Fastenal Co. 57 5,000 Us Bancorp 225 400 FMC Corp. 23 800 Ventas Inc. 57 2,892 Freeport-McMoran Copper & Gold Inc. 68 1,360 Visa Inc. 357 1,300 Ingersoll-Rand Public Ltd. 82 476 Vornado Realty Trust 56 224 International Flavors & Fragrances Inc. 23 89,439 Wells Fargo & Co. 4,903 1,200 International Paper Co. 64 1,484 Western Union Co. 27 1,137 LyondellBasell Industries 90 1,462 Weyerhaeuser Co. 52 164 Martin Marietta Materials Inc. 18 710 XL Group plc 24 1,000 Masco Corp. 25 600 Zions Bancorporation 17 500 MeadWestvaco Corp. 22 33,028 1,471 Monsanto Co. 176 1,400 Newmont Mining Corp. 26 Health Care 4.88% 900 Nucor Corp. 44 6,760 Abbott Laboratories 304 500 Owens-Illinois Inc. 13 7,760 AbbVie Inc. 508 378 PPG Industries Inc. 87 1,235 Aetna Inc. 110 1,163 Praxair Inc. 151 904 Alexion Pharmaceuticals Inc. 167 630 Sealed Air Corp. 27 1,059 Allergan Inc. 225 228 Sherwin-Williams Co. 60 700 Amerisourcebergen Corp. 63 3,100 The Dow Chemical Co. 141 3,523 Amgen Inc. 561 900 The Mosaic Company 41 900 Anthem Inc. 113 330 Vulcan Materials Co. 22 1,034 Biogen Idec Inc. 351 2,798 3,587 Boston Scientific Corp. 48 1,425 Cardinal Health Inc. 115 Producer Durables 4.62% 612 CareFusion Corp. 36 3,558 3M Co. 585 2,972 Celgene Corporation 332 1,800 Accenture plc. 161 1,108 Cerner Corp. 72 266 Allegion Plc. 15 12,913 CIGNA Corp. 1,329 1,400 Ametek Inc. 74 1,288 Covidien, Ltd. 132 1,300 Automatic Data Processing Inc. 108 207 CR Bard Inc. 34 300 Avery Dennison Corp. 16 802 DaVita Inc. 61 400 C.H. Robinson Worldwide Inc. 30 400 Dentsply International Inc. 21 2,891 Caterpillar Inc. 265 293 Edwards Lifesciences Corp. 37 300 Cintas Corp. 24 23,079 Express Scripts Holding Co. 1,954 2,800 CSX Corp. 101 5,747 Gilead Sciences Inc. 542 543 Cummins Inc. 78 2,020 Hospira Inc. 124 14,100 Danaher Corp. 1,209 422 Humana Inc. 61 3,060 Deere & Co. 271 98 Intuitive Surgical Inc. 52 2,300 Delta Air Lines Inc. 113 316 Laboratory Corp. of America Holdings 34 700 Dover Corp. 50 700 Mallinckrodt PLC 69 5,100 Emerson Electric Co. 315 799 McKesson Corp. 166 500 Expeditors International of Washington Inc. 22 19,100 Medtronic Inc. 1,379 17,234 FedEx Corp. 2,993 200 Patterson Companies Inc. 10 400 FLIR Systems Inc. 13 400 Quest Diagnostics Inc. 27 523 Flowserve Corp. 31 316 Regeneron Pharmaceuticals Inc. 130 2,100 Illinois Tool Works Inc. 199 900 St. Jude Medical Inc. 59 594 Iron Mountain Inc. 23 1,200 Stryker Corp. 113 300 Joy Global Inc. 14 21,600 UnitedHealth Group Inc. 2,184 303 Kansas City Southern 37 300 Varian Medical Systems Inc. 26 26,551 Koninklijke Philips Electronics 770 874 Vertex Pharmaceuticals Incorporated 104 855 Norfolk Southern Corp. 94 635 Zimmer Holdings Inc. 72 1,333 Paccar Inc. 91 4,300 Zoetis Inc. 185 400 Pall Corp. 40 11,910 595 Parker-Hannifin Corp. 77 900 Paychex Inc. 42

29 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Technology (continued) 1,195 Pentair Ltd.$ 79 1,550 NVIDIA Corp. $ 31 600 Pitney Bowes Inc. 15 9,038 Oracle Corp. 406 800 Quanta Services Inc. 23 4,670 Qualcomm Inc. 347 675 Republic Services Inc. 27 500 Red Hat Inc. 35 400 Robert Half International Inc. 23 1,588 Salesforce.com Inc. 94 692 Rockwell Automation Inc. 77 630 SanDisk Corp. 62 700 Rockwell Collins Inc. 59 900 Seagate Technology 60 615 Roper Industries Inc. 96 83,923 Symantec Corporation 2,153 100 Ryder System Inc. 9 22,000 Synopsys Inc. 956 188 Snap-on Inc. 26 30,100 TE Connectivity Ltd. 1,904 1,900 Southwest Airlines Co. 80 400 Teradata Corp. 17 655 Stanley Black & Decker Inc. 63 2,900 Texas Instruments Inc. 155 236 Stericycle Inc. 31 300 VeriSign Inc. 17 20,487 The ADT Corp. 742 600 Western Digital Corp. 66 24,075 Tyco International Ltd. 1,056 700 Xilinx Inc. 30 2,487 Union Pacific Corp. 296 2,600 Yahoo! Inc. 131 2,218 United Parcel Service Inc. 247 30,970 262 United Rentals Inc. 27 2,000 Waste Management Inc. 103 Utilities 1.38% 1,550 Waters Corp. 175 1,800 AES Corp. 25 424 WW Grainger Inc. 108 367 AGL Resources Inc. 20 2,974 Xerox Corp. 41 630 Ameren Corp. 29 500 Xylem Inc. 19 1,390 American Electric Power Co. Inc. 84 11,283 16,267 AT&T Inc. 546 1,200 CenterPoint Energy Inc. 28 Technology 12.69% 1,580 CenturyLink Inc. 63 1,340 Adobe Systems Inc. 97 800 CMS Energy Corp. 28 500 Akamai Technologies Inc. 31 800 Consolidated Edison Inc. 53 900 Altera Corp. 33 2,460 Dominion Resources Inc. 189 858 Amphenol Corp. 46 490 DTE Energy Co. 42 900 Analog Devices Inc. 50 2,714 Duke Energy Corp. 227 15,675 AOL Inc. 724 900 Edison International 59 16,361 Apple Inc. 1,806 490 Entergy Corp. 43 3,400 Applied Materials Inc. 85 2,358 Exelon Corp. 87 600 Autodesk Inc. 36 1,200 Firstenergy Corp. 47 700 Avago Technologies Ltd. 70 2,716 Frontier Communications Corp. 18 1,500 Broadcom Corp. 65 200 Integrys Energy Group Inc. 16 900 CA Inc. 27 800 Level 3 Communications Inc. 40 30,000 Cadence Design Systems Inc. 569 1,301 NextEra Energy Inc. 138 33,450 Cisco Systems Inc. 930 900 NiSource Inc. 38 410 Citrix Systems Inc. 26 900 Northeast Utilities 48 1,664 Cognizant Technology Solutions Corp. 88 900 NRG Energy Inc. 24 400 Computer Sciences Corp. 25 700 Pepco Holdings Inc. 19 900 Electronic Arts Inc. 42 1,300 PG&E Corp. 69 47,600 EMC Corp. 1,416 300 Pinnacle West Capital Corp. 20 207 F5 Networks Inc. 27 1,900 PPL Corporation 69 5,800 Facebook Inc. 453 1,400 Public Service Enterprise Group 58 2,310 Google Inc. Class A 1,226 400 SCANA Corp. 24 4,271 Google Inc. Class C 2,248 692 Sempra Energy 77 300 Harris Corp. 22 70,075 Sprint Nextel Corp. 291 115,252 Hewlett-Packard Co. 4,625 600 TECO Energy Inc. 12 13,520 Intel Corp. 491 3,800 The Southern Co. 187 2,744 International Business Machines Corp. 440 11,900 Verizon Communications Inc. 557 800 Intuit Inc. 74 1,600 Windstream Holdings Corp. 13 15,500 Juniper Networks Inc. 346 600 Wisconsin Energy Corp. 32 500 KLA-Tencor Corp 35 1,400 Xcel Energy Inc. 50 492 Lam Research Corp. 39 3,370 700 Linear Technology Corp. 32 33,000 Maxim Integrated Products Inc. 1,052 TOTAL COMMON STOCK 140,139 600 Microchip Technology Inc. 27 (Cost $90,886,114) 3,000 Micron Technology Inc. 105 102,950 Microsoft Corp. 4,782 571 Motorola Solutions Inc. 38 32,900 NetApp Inc. 1,364 116,300 Nokia Corp. 914

30 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Par Fair Par Fair Amount Value (000's) Amount Corporate Obligations 12.44% Value (000's) Asset Backed Securities 1.49% Consumer Discretionary 1.71% 305,000 Ally Auto Receivables Trust 2014-1+C295, 0.480%, due 2/15/17$ 305 245,000 American Honda Finance Corp., 1.125%, due 10/7/16$ 246 110,000 Ally Master Owner Trust, 1.540%, due 9/15/19 109 150,000 American Honda Finance Corp., 3.875%, due 9/21/20 160 190,000 Ally Master Owner Trust, 1.430%, due 6/17/19 190 95,000 Toyota Motor Credit Corp., 3.400%, due 9/15/21 100 100,000 Chase Issuance Trust, 5.160%, due 4/16/18 105 25,000 21st Century Fox America Inc., 6.400%, due 12/15/35 33 195,000 Chase Issuance Trust, 0.790%, due 6/15/17 195 165,000 21st Century Fox America Inc., 6.650%, 11/15/37 220 320,000 Chase Issuance Trust, 0.540%, due 10/16/17 320 90,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 91 590,000 Chase Issuance Trust, 1.260%, due 7/15/19 588 75,000 Comcast Corp., 3.125%, due 7/15/22 76 150,000 Chase Issuance Trust, 1.380%, due 11/15/19 149 125,000 Cox Communications Inc., 2.950%, due 6/30/23 120 24,499 CNH Equipment Trust 2013-C, 0.630%, due 1/17/17 25 275,000 Cox Communications Inc., 3.250%, due 12/15/22 270 47,541 CNH Equipment Trust 2014-A, 0.490%, due 6/15/17 48 75,000 Cox Communications Inc., 3.850%, due 2/1/25 76 33,531 Countrywide Asset-Backed Certificates, 0.389%, due 10/25/36 33 50,000 Cox Communications Inc., 5.875%, due 12/1/16 54 Ford Credit Auto Owner Trust/Ford Credit 2014-REV1 45,000 Cox Communications Inc., 9.375%, due 1/15/19 57 145,000 2.260%, due 11/15/25 146 70,000 CVS Health Corp., 2.250%, due 12/5/18 71 50,000 Ford Credit Floorplan Master Owner Trust A, 1.500%, due 9/15/18 50 DIRECTV Holdings LLC / DIRECTV Financing Co Inc. 165,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, 8/15/19 165 115,000 6.000%, due 8/15/40 129 39,312 GMACM Home Equity Loan Trust 2006-HE3, 5.805%, 10/25/36 37 50,000 Macy's Retail Holdings Inc., 6.375%, due 3/15/37 63 117,500 Hertz Vehicle Financing LLC, 2.200%, due 3/25/16 118 76,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34 97 205,000 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17 205 100,000 Macy's Retail Holdings Inc., 6.700%, due 9/15/28 122 11,593 Home Equity Loan Trust 2003-HS3, 0.449%, due 8/25/33 11 50,000 Macy's Retail Holdings Inc., 6.900%, due 1/15/32 65 186,166 Home Equity Loan Trust 2006-HSA2, 5.550%, due 3/25/36 126 135,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 172 275,000 Home Equity Loan Trust 2006-HSA2, 5.810%, 3/25/36 117 75,000 Nordstrom Inc., 6.950%, due 3/15/28 99 54,715 Home Equity Mortgage Trust 2006-1, 5.800%, due 5/25/36 45 244,000 Reed Elsevier Capital Inc., 3.125%, due 10/15/22 242 181,222 MSCC Heloc Trust 2007-1, 0.269%, due 12/25/31 171 25,000 Time Warner Cable Inc., 4.000%, due 9/1/21 27 100,000 RSB Bondco LLC, 5.820%, due 6/28/19 108 200,000 Time Warner Cable Inc., 4.125%, due 2/15/21 214 100,000 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 104 15,000 Time Warner Cable Inc., 5.500%, due 9/1/41 17 145,000 SLM Private Education Loan Trust 2012-C, 3.310%, due 10/15/46 150 90,000 Time Warner Cable Inc., 5.875%, due 11/15/40 107 Structured Asset Securities Corp Mortgage Loan Trust 2005-S7 100,000 Time Warner Cable Inc., 8.250%, due 4/1/19 122 28,604 0.470%, due 12/25/35 28 95,000 Time Warner Cable Inc., 8.750%, due 2/14/19 118 TOTAL ASSET BACKED SECURITIES 3,648 190,000 Time Warner Cos Inc., 6.950%, due 1/15/28 243 (Cost $3,485,161) 225,000 Time Warner Inc., 7.625%, due 4/15/31 314 135,000 Time Warner Inc., 7.700%, due 5/1/32 191 105,000 Walgreens Boots Alliance Inc/old, 3.300%, due 11/18/21 106 Collateralized Mortgage Obligations 0.04% 150,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 164 25,399 Credit Suisse Mortgage Capital Certificates, 5.106%, due 3/27/37 26 4,186 Structured Asset Securities Corp Mortgage Loan Trust 2006-S2 109,125 5.500%, due 6/25/36 72 TOTAL COLLATERALIZED MORTGAGE OBLIGATION SECURITIES 98 Consumer Staples 0.39% (Cost $87,829) 60,000 Anheuser-Busch InBev Finance Inc., 4.000%, due 1/17/43 60 55,000 Anheuser-Busch InBev Worldwide Inc., 2.500%, due 7/15/22 53 Commercial Mortgage Backed Securities 0.75% 150,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 153 154,426 CD 2005-CD1 Commercial Mortgage Trust, 5.226%, due 7/15/44 157 55,000 ConAgra Foods Inc., 1.900%, due 1/25/18 55 Citigroup Commercial Mortgage Trust 2012-GC8 95,000 Kraft Foods Group Inc., 3.500%, due 6/6/22 97 77,794 0.685%, due 9/10/45 78 30,000 Kraft Foods Group Inc., 6.500%, due 2/9/40 39 Commercial Mortgage Pass Through Certificates 55,000 Kroger Co/The, 2.950%, due 11/1/21 55 42,192 0.666%, due 10/15/45 42 80,000 Mondelez International Inc., 6.500%, due 2/9/40 107 55,000 Commercial Mortgage Trust 2007-GG9, 5.444%, due 3/10/39 59 110,000 PepsiCo Inc., 4.250%, due 10/22/44 115 GE Capital Commercial Mortgage Series 2005-C2 125,000 Sysco Corp., 2.350%, due 10/2/19 126 258,024 4.978%, due 5/10/43 258 90,000 Sysco Corp., 3.000%, due 10/2/21 91 170,466 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 170 951 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 51,508 0.705%, due 10/15/45 52 Energy 1.74% JPMBB Commercial Mortgage Securities Trust 2013-C14 55,000 Anadarko Petroleum Corp., 4.500%, 7/15/44 53 318,447 1.260%, due 8/15/46 319 20,000 Apache Corp., 4.250%, due 1/15/44 17 Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 200,000 BG Energy Capital PLC, 4.000%, due 10/15/21 206 111,646 0.664%, due 11/15/45 111 65,000 BP Capital Markets PLC, 3.535%, due 11/4/24 65 104,609 NCUA Guaranteed Notes Trust 2010-C1, 2.650%, due 10/29/20 107 350,000 ConocoPhillips Co., 3.350%, due 11/15/24 354 UBS-Barclays Commercial Mortgage Trust 2012-C3 90,000 ConocoPhillips Co., 4.150%, due 11/15/34 92 219,857 0.7260%, due 8/10/49 218 150,000 ConocoPhillips, 5.750%, due 2/1/19 171 Wells Fargo Commercial Mortgage Trust 2012-LC5 110,000 Consolidated Edison Co of New York Inc., 4.450%, due 3/15/44 119 107,293 0.687%, due 10/15/45 107 50,000 Devon Energy Corp., 3.250%, due 5/15/22 49 161,242 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 161 95,000 Devon Energy Corp., 4.750%, due 5/15/42 96 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 1,839 35,000 Devon Energy Corp., 5.600%, due 7/15/41 39 (Cost $1,850,002)

31 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Par Fair Par Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Energy (continued) Financial Services (continued) 35,000 Dominion Resources Inc/VA, 1.950%, due 8/15/16$ 35 50,000 Boston Properties LP, 5.875% due 10/15/19$ 57 80,000 Dominion Resources Inc/VA, 2.500%, due 12/1/19 80 95,000 Branch Banking & Trust Co., 1.350%, due 10/1/17 94 20,000 Duke Energy Florida Inc., 3.850%, due 11/15/42 20 190,000 Capital One Financial Corp., 3.500%, due 6/15/23 192 30,000 Duke Energy Progress Inc., 3.000%, due 9/15/21 31 150,000 Capital One Financial Corp., 4.750%, due 7/15/21 165 55,000 Encana Corp., 6.500%, due 2/1/38 59 100,000 Citigroup Inc., 1.350%, due 3/10/17 100 175,000 Enel Finance International NV, 6.000%, due 10/7/39 206 135,000 Citigroup Inc., 1.850%, due 11/24/17 135 50,000 Enel Finance International NV, 6.800%, due 9/15/37 64 80,000 Citigroup Inc., 1.932%, due 5/15/18 83 75,000 Ensco PLC, 5.750%, due 10/1/44 75 105,000 Citigroup Inc., 2.500%, due 9/26/18 106 275,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25 275 215,000 Citigroup Inc., 3.500%, due 5/15/23 209 200,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23 214 130,000 Citigroup Inc., 4.050%, due 7/30/22 135 95,000 MidAmerican Energy Co., 5.800%, due 10/15/36 122 80,000 Citigroup Inc., 4.500%, due 1/14/22 87 115,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17 128 475,000 Citigroup Inc., 4.587%, due 12/15/15 491 35,000 PacifiCorp., 6.2350%, due 7/15/38 48 35,000 Citigroup Inc., 8.125%, due 7/15/39 54 85,000 PECO Energy Co., 4.150%, due 10/1/44 90 110,000 Deutsche Bank AG/London, 1.350%, due 5/30/17 109 105,000 Petrobras Global Finance BV, 2.370%, due 1/15/19 93 100,000 ERP Operating LP, 3.000%, due 4/15/23 98 60,000 Petrobras Global Finance BV, 4.375%, due 5./20/23 52 75,000 ERP Operating LP, 4.625%, due 12/15/21 82 50,000 Petrobras Global Finance BV, 6.250%, due 3/17/24 48 200,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19 199 65,000 Petrobras International Finance Co SA, 5.375%, due 1/27/21 60 105,000 Ford Motor Credit Co LLC, 3.984%, due 6/15/16 109 90,000 Petroleos Mexicanos, 3.500%, due 7/18/18 91 150,000 Ford Motor Credit Co LLC, 4.207%, due 4/15/16 155 100,000 Petroleos Mexicanos, 4.250%, due 1/15/25 99 135,000 Ford Motor Credit Co LLC, 4.375%, due 8/6/23 144 150,000 Petroleos Mexicanos, 4.875%, due 1/18/24 156 70,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18 76 80,000 Petroleos Mexicanos, 6.375%, due 1/23/45 91 300,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20 372 35,000 PSEG Power LLC, 2.750%, due 9/15/16 36 220,000 Goldman Sachs Group Inc/The, 1.433%, due 4/30/18 223 40,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23 41 200,000 Goldman Sachs Group Inc/The, 1.600%, due 11/23/15 201 75,000 Shell International Finance BV, 3.400%, due 8/12/23 77 100,000 Goldman Sachs Group Inc/The, 3.700%, due 8/1/15 102 50,000 Southern California Edison Co., 3.500%, due 10/1/23 53 60,000 Goldman Sachs Group Inc/The, 4.000%, due 3/3/24 62 90,000 Southern Co/The, 2.150%, due 9/1/19 89 70,000 Goldman Sachs Group Inc/The, 5.750%, due 1/24/22 81 90,000 Statoil ASA, 2.900%, due 11/8/20 92 70,000 Goldman Sachs Group Inc/The, 6.150%, due 4/1/18 79 140,000 Suncor Energy Inc., 6.500%, due 6/15/38 172 75,000 Goldman Sachs Group Inc/The, 7.500%, due 2/15/19 89 120,000 Total Capital International SA, 2.750%, due 6/19/21 120 205,000 HSBC Holdings PLC, 4.250%, due 3/14/24 213 110,000 TransCanada PipeLines Ltd., 4.625%, due 3/1/34 112 75,000 HSBC Holdings PLC, 5.100%, due 4/5/21 85 50,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 56 165,000 HSBC Holdings PLC, 6.500%, due 5/2/36 212 4,246 125,000 HSBC Holdings PLC, 6.500%, due 9/15/37 161 245,000 ING Bank NV, 3.750%, due 3/7/17 256 Financial Services 5.30% 170,000 JPMorgan Chase & Co., 0.854%, due 2/26/16 170 55,000 AIG Global Funding, 1.650%, due 12/15/17 55 210,000 JPMorgan Chase & Co., 1.100%, due 10/15/15 210 30,000 Allstate Corp/The, 3.150%, due 6/15/23 30 310,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 312 50,000 Ally Financial Inc., 3.125%, due 1/15/16 50 75,000 JPMorgan Chase & Co., 4.125, due 12/15/26 75 90,000 Ally Financial Inc., 5.500%, due 2/15/17 95 100,000 JPMorgan Chase & Co., 6.000%, due 1/15/18 112 60,000 Ally Financial Inc., 8.300%, due 2/12/15 60 200,000 Lloyds Bank PLC,6.500%, due 9/14/20 232 255,000 Amazon.com Inc., 3.800%, due 12/5/24 261 175,000 Manufacturers & Traders Trust Co., 1.400%, due 7/25/17 175 150,000 American Express Credit Corp., 2.250%, due 8/15/19 150 20,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39 32 140,000 American International Group Inc., 5.050%, due 10/1/15 144 40,000 Metropolitan Life Global Funding I, 2.500%, due 9/29/15 41 80,000 American International Group Inc., 6.400%, due 12/15/20 95 90,000 Morgan Stanley, 1.483%, due 2/25/16 91 175,000 Bank of America Corp., 1.250%, due 1/11/16 175 100,000 Morgan Stanley, 7.300%, due 5/13/19 119 155,000 Bank of America Corp., 1.500%, due 10/9/15 156 25,000 Navient Corp., 3.875%, due 9/10/15 25 190,000 Bank of America Corp., 3.300%, due 1/11/23 190 35,000 Navient Corp., 6.000%, due 1/25/17 37 350,000 Bank of America Corp., 4.200%, due 8/26/24 357 25,000 Navient Corp., 6.250%, due 1/25/16 26 25,000 Bank of America Corp., 4.250%, due 10/22/26 25 50,000 Navient Corp., 8.450%, due 6/15/18 56 340,000 Bank of America Corp., 4.500%, due 4/1/15 343 140,000 New York Life Global Funding, 1.450%, due 12/15/17 140 175,000 Bank of America Corp., 5.625%, due 7/1/20 199 80,000 New York Life Global Funding, 2.100%, due 1/2/19 80 40,000 Bank of America Corp., 5.650%, due 5/1/18 44 50,000 New York Life Insurance Co., 6.750%, due 11/15/39 70 85,000 Bank of America Corp., 6.500%, due 8/1/16 92 95,000 Northwestern Mutual Life Insurance Co/The, 6.063%, due 3/30/4 123 75,000 Bank of America Corp., 7.625%, due 6/1/19 91 250,000 PNC Bank NA, 2.400%, due 10/18/19 251 90,000 Bank of New York Mellon Corp/The, 2.200%, due 3/4/19 90 650,000 Rio Oil Finance Trust Series 2014-1, 6.250%, due 7/6/24 622 260,000 Bank of New York Mellon Corp/The, 3.400%, due 5/15/24 265 40,000 Royal Bank of Scotland PLC/The, 5.625%, due 8/24/20 46 75,000 Bank One Capital III, 8.750%, due 9/1/30 108 310,000 Royal Bank of Scotland PLC/The, 6.125%, due 1/11/21 365 85,000 Barclays PLC, 2.750%, due 11/8/19 84 25,000 Unum Group, 6.750%, due 12/15/28 31 250,000 BNP Paribas SA, 4.250%, due 10/15/24 253 250,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19 249 190,000 Boston Properties LP, 3.125%, due 9/1/23 186 120,000 Wells Fargo & Co., 1.400%, due 9/8/17 120 60,000 Boston Properties LP, 3.850%, due 2/1/23 62 135,000 Wells Fargo & Co., 3.000%, due 1/22/21 138 25,000 Boston Properties LP, 4.125%, due 5/15/21 27 250,000 Wells Fargo Bank NA, 6.000%, due 11/15/17 280 12,931

32 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Par Fair Par Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Health Care 0.85% Technology 0.33% 60,000 AbbVie Inc., 2.900%, due 11/6/22$ 59 120,000 Apple Inc., 3.850%, due 5/4/43$ 120 95,000 AbbVie Inc., 4.400%, due 11/6/42 98 50,000 Hewlett-Packard Co., 2.600%, due 9/15/17 51 45,000 Aetna Inc., 2.200%, due 3/15/19 45 50,000 Hewlett-Packard Co., 3.300%, 12/9/16 52 100,000 Amgen Inc., 5.150%, due 11/15/41 113 100,000 Koninklijke Philips NV, 5.750%, due 3/11/18 111 135,000 Amgen Inc., 5.650%, due 6/15/42 161 200,000 Oracle Corp., 2.250%, due 10/8/19 201 125,000 Anthem Inc., 3.700%, due 8/15/21 131 65,000 Texas Instruments Inc., 2.750%, due 3/12/21 65 100,000 Anthem Inc., 7.000%, due 2/15/19 118 200,000 TSMC Global Ltd., 1.625%, due 4/3/18 196 100,000 Boston Scientific Corp., 6.000%, due 1/15/20 113 796 50,000 Boston Scientific Corp., 6.400%, due 6/15/16 53 100,000 Cigna Corp., 5.375%, due 2/15/42 118 Utilities 0.76% 35,000 Cigna Corp., 7.875%, due 5/15/27 48 75,000 AT&T Corp., 8.000%, due 11/15/31 111 110,000 Cigna Corp., 8.300%, due 1/15/33 147 84,000 AT&T Inc., 4.350%, due 6/15/45 79 75,000 Gilead Sciences Inc., 2.350%, due 2/1/20 75 25,000 AT&T Inc., 6.550%, due 2/15/39 31 110,000 Gilead Sciences Inc., 3.700%, due 4/1/24 115 150,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/1 152 115,000 Humana Inc., 3.850%, due 10/1/24 117 50,000 Sprint Communications Inc., 6.000%, due 12/1/16 52 315,000 Medtronic Inc., 2.500%, due 3/15/20 316 25,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 28 125,000 Medtronic Inc., 3.625%, due 3/15/24 130 100,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 115 110,000 UnitedHealth Group Inc., 2.875%, due 12/15/21 111 25,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 28 2,068 195,000 Verizon Communications Inc., 1.350%, due 6/9/17 194 45,000 Verizon Communications Inc., 3.850%, due 11/1/42 40 Materials & Processing 0.39% 70,000 Verizon Communications Inc., 4.150%, due 3/15/24 72 325,000 Dow Chemical Co/The, 3.000%, due 11/15/22 318 100,000 Verizon Communications Inc., 4.400%, due 11/1/34 99 125,000 Dow Chemical Co/The, 7.375%, due 11/1/29 166 400,000 Verizon Communications Inc., 5.150%, due 9/15/23 442 93,000 Dow Chemical Co/The, 8.550%, due 5/15/19 116 15,000 Verizon Communications Inc., 5.850%, due 9/15/35 18 50,000 Dow Chemical Co/The, 9.400%, due 5/15/39 81 200,000 Verizon Communications Inc., 6.400%, due 9/15/33 246 120,000 Eastman Chemical Co., 2.700%, due 1/15/20 121 30,000 Verizon Communications Inc., 6.550%, due 9/15/43 38 150,000 Lafarge SA, 6.500%, due 7/15/16 160 130,000 Vodafone Group PLC, 2.950%, due 2/19/23 112 962 1,857 TOTAL CORPORATE OBLIGATIONS 30,373 Producer Durables 0.97% (Cost $29,357,826) American Airlines 2011-1 Class A Pass Through Trust 69,034 5.250%, due 7/31/22 74 50,000 BHP Billiton Finance USA Ltd., 3.850%, due 9/30/23 53 Municipals 0.53% Burlington Northern and Santa Fe Railway Co 100,000 State of California, 7.500%, due 4/01/34 149 36,586 2000-1 Pass Through Trust, 8.251%, due 1/15/21 43 80,000 State of California, 7.300%, due 10/01/39 118 84,615 2001-1 Pass Through Trust, 6.727%, due 7/15/22 96 275,000 State of California, 7.625%, 3/01/40 422 55,257 2001-2 Pass Through Trust, 6.462%, due 1/15/21 61 100,000 State of Illinois, 4.961%, due 3/01/16 104 82,089 2005-4 Pass Through Trust, 4.967%, due 4/1/23 89 100,000 State of Illinois, 5.365%, due 3/01/17 107 140,000 Burlington Northern Santa Fe LLC, 3.400%, due 9/1/24 143 110,000 State of Illinois, 5.665%, due 3/01/18 120 150,000 Burlington Northern Santa Fe LLC, 3.750%, due 4/1/24 156 75,000 Los Angeles Unified School District/CA, 6.758%, due 7/01/34 105 170,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 217 125,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41 181 105,000 CSX Transportation Inc., 9.750%, due 6/15/20 139 TOTAL MUNICIPALS 1,306 Delta Air Lines 2007-1 Class A Pass Through Trust (Cost $1,152,051) 56,614 6.821%, 2/10/24 66 Northwest Airlines 2007-1 Class A Pass Through Trust U.S. Agency Obligations 8.27% 78,053 7.027%, 5/1/21 89 Federal National Mortgage Association 4.34% 65,000 Parker-Hannifin Corp., 3.300%, due 11/21/24 66 14,237 0.595%, due 8/25/15 14 75,000 Rio Tinto Finance USA PLC, 1.375%, due 6/17/16 75 325,252 0.986%, due 3/25/19 324 60,000 Rio Tinto Finance USA PLC, 2.250%, due 12/14/18 60 75,000 1.462%, due 4/25/17 76 35,000 Rio Tinto Finance USA PLC, 2.875%, due 8/21/22 34 100,000 1.637%, due 11/25/17 101 65,000 Union Pacific Corp., 3.250%, due 1/15/25 67 177,281 1.700%, due 8/25/18 178 Union Pacific Railroad Co 2003 Pass Through Trust 82,924 1.950%, due 8/1/43 85 37,683 4.698%, due 1/2/24 41 90,037 2.000%, due 7/1/28 89 Union Pacific Railroad Co 2005 Pass Through Trust 111,861 2.100%, due 12/1/27 108 36,667 5.082%, due 1/2/29 41 288,757 2.160%, due 1/1/23 284 Union Pacific Railroad Co 2007-3 Pass Through Trust 201,217 2.325%, due 7/25/23 204 164,458 6.176%, due 1/2/31 196 175,503 2.494%, due 5/1/44 181 US Airways 2011-1 Class A Pass Through Trust 48,430 2.500%, due 3/1/26 49 48,906 7.125%, due 4/22/25 57 142,271 2.501%, due 8/1/42 146 84,960 5.900%, due 4/1/26 95 660,000 2.726%, due 12/1/44 680 200,000 Xerox Corp., 4.500%, due 5/15/21 214 426,507 2.864%, due11/1/44 441 25,000 Xerox Corp., 5.625%, due 12/15/19 28 135,000 2.951%, due 8/25/24 136 135,000 Xerox Corp., 6.750%, due 2/1/17 149 167,447 3.230%, due 11/1/20 177 25,000 Xerox Corp., 7.200%, due 4/1/16 27 2,376

33 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Par Fair Par Fair Amount U.S. Agency Obligations (continued) Value (000's) Amount U.S. Agency Obligations (continued) Value (000's) Federal National Mortgage Association (continued) Federal Home Loan Mortgage Corporation (continued) 168,408 3.330%, due 10/1/20$ 179 117,347 4.000%, due 5/1/21$ 124 33,118 3.333%, due 9/1/38 35 28,663 4.000%, due 7/1/26 31 39,575 3.500%, due 9/1/28 42 77,536 4.000%, due 8/1/25 83 70,378 4.000%, due 4/1/24 75 44,702 4.500%, due 6/1/25 48 89,277 4.000%, due 2/1/27 95 158,853 4.500%, due 7/1/26 172 219,840 4.000%, due 5/1/27 235 154,147 4.500%, due 3/1/31 168 16,710 4.000%, due 11/1/30 18 91,981 4.500%, due 3/1/31 100 183,727 4.000%, due 10/1/33 198 430,979 4.500%, due 12/1/33 470 785,852 4.000%, due 12/1/34 846 89,659 4.500%, due 9/1/40 97 17,080 4.500%, due 3/1/25 18 151,459 4.500%, due 1/1/44 165 97,686 4.500%, due 8/1/26 106 445,325 4.500%, due 7/1/44 485 129,537 4.500%, due 5/25/40 139 263,132 5.000%, due 11/15/34 287 75,345 4.500%, due 2/1/41 82 325,953 5.500%, due 9/15/33 361 149,416 4.500%, due 7/1/42 162 76,491 5.500%, due 11/1/35 86 72,119 4.500%, due 10/1/43 78 43,384 5.500%, due 7/1/36 49 2,630,000 4.500%, due 1/1/45 2,855 218,614 5.500%, due 7/15/38 242 47,500 5.100%, due 12/1/40 56 60,754 5.500%, due 8/1/38 68 11,071 5.500%, due 1/1/18 12 66,575 5.500%, due 1/1/39 75 31,661 5.500%, due 1/1/24 35 67,396 5.569%, due 11/1/39 72 84,971 5.500%, due 12/1/32 96 270,895 5.928%, due 12/15/43 298 33,540 5.500%, due 4/1/33 38 89,535 6.000%, due 12/1/23 98 63,677 5.500%, due 9/1/33 72 22,265 6.000%, due 2/1/39 25 28,247 5.500%, due 8/1/37 32 43,696 6.088%, due 7/25/32 51 162,984 5.500%, due 8/1/37 184 33,000 6.174%, due 3/15/44 37 49,791 5.500%, due 1/1/38 56 51,972 6.500%, due 10/1/22 59 95,167 5.500, due 2/1/38 107 22,971 6.500%, due 12/1/32 27 49,641 5.500%, due 3/1/40 56 14,663 6.500%, due 12/1/32 15 42,550 5.970%, due 1/1/40 51 37,961 6.500%, due 8/1/37 45 52,006 5.970, due 1/1/40 65 22,042 6.500%, due 9/1/37 24 166,356 6.000%, due 3/1/34 191 5,644 6.500%, due 10/1/38 6 98,572 6.000%. Due 8/1/37 113 3,903 7.000%, due 5/1/26 4 16,962 6.000%, due 7/1/38 19 15,193 7.000%, due 7/1/32 18 117,409 6.000%, due 7/1/39 134 45,102 7.000%, due 9/1/32 54 28,049 6.500%, due 5/1/17 29 40,335 7.000%, due 10/1/32 49 24,759 6.500%, due 12/1/19 26 156,789 7.000%, due 11/1/32 182 75,469 6.500%, due 9/25/28 84 93,562 7.000%, due 7/25/43 108 23,727 6.500%, due 12/1/37 27 16,396 8.500%, due 12/17/18 17 25,023 6.500%, due 1/1/38 28 7,403 20,796 6.500%, due 1/1/39 24 165,589 6.990%, due 6/19/41 187 Government National Mortgage Association 0.31% 50,041 7.000%, due 8/25/17 53 98,466 2.140%, due 8/15/23 98 39,784 7.000%, due 11/1/29 47 651,145 2.730%, due 6/15/32 655 24,395 7.000%, due 8/1/32 28 753 45,964 7.000%, due 8/1/32 54 16,449 7.000%, due 8/1/37 18 66,557 7.500%, due 10/25/40 78 Government Backed Agency 0.59% 49,933 7.500%, due 7/25/41 56 35,000 Financing Corp Fico, 10.700%, due 10/6/17 44 81,400 7.500%, due 7/25/42 96 45,000 Financing Corp Fico, 0.000%, due 10/6/17 43 10,588 90,000 Financing Corp Fico, 0.000%, due 12/27/18 84 60,000 Financing Corp Fico, 0.000%, due 10/6/17 58 120,000 Financing Corp Fico, 0.000%, due 9/26/19 109 Federal Home Loan Mortgage Corporation 3.03% 625,000 Financing Corp Fico, 0.000%, 11/30/17 602 21,167 2.4223%, due 11/1/37 22 180,000 Residual Funding Corp Principal Strip, 0.000%, due 10/15/19 164 77,532 2.637%, due 8/1/42 80 330,000 Residual Funding Corp Principal Strip, 0.000%, due 7/15/20 293 1,640,459 2.971%, due 11/1/44 1,698 Small Business Administration Participation Certificates 17,918 3.000%, due 7/15/27 18 614 8.100%, due 3/1/15 1 23,225 3.027%, due 12/1/37 25 3,515 7.300%, due 5/1/17 4 789,717 3.114%, due 8/1/44 819 13,480 6.100%, due 7/1/18 14 67,867 3.136 %, due 5/1/44 71 29,197 6120%, due 9/1/21 32 142,685 4.000%, due 10/1/31 154 1,448 129,935 4.000%, due 12/1/26 139 TOTAL U.S. AGENCY OBLIGATIONS 20,192 73,828 4.000%, due 12/15/24 77 (Cost $19,728,596)

34 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014

Par Fair Shares Fair Amount U.S. Government Obligations 16.11% Value (000's) Value (000's) U.S Treasury Notes 16.11% Short Term Investments 4.33% 265,000 0.000%, due 5/15/43$ 118 10,580,898 Dreyfus Government Cash Management Fund $ 10,581 900,000 0.250%, due 10/15/15 900 TOTAL SHORT TERM INVESTMENTS 525,000 0.250%, due 2/28/15 525 (Cost $10,580,898) 475,000 0.375%, due 4/15/15 475 1,030,000 0.500%, due 11/30/16 1,027 TOTAL INVESTMENTS 101.39% 247,510 200,000 0.500%, due 6/15/16 200 (Cost $195,500,194) 2,310,000 0.625%, due 8/31/17 2,288 1,500,000 0.750%, due 2/28/18 1,479 Liabilities Less, Other Assets -1.39% (3,397) 1,600,000 0.750%, due 3/15/17 1,599 1,920,000 0.875%, due 11/15/17 1,911 TOTAL NET ASSETS 100.00%$ 244,113 5,900,000 1.375%, due 2/28/19 5,867 430,000 1.500%, due 1/31/19 430 320,000 1.500%, due 11/30/19 318 3,495,000 1.500%, due 2/28/19 3,497 140,000 1.625%, due 4/30/19 140 20,000 1.750%, due 5/15/23 19 2,315,000 2.125%, due 1/31/21 2,350 215,000 2.125%, due 6/30/21 218 5,150,000 2.250%, due 11/15/24 5,185 770,000 2.250%, due 11/30/17 796 1,175,000 2.750%, due 11/15/42 1,174 725,000 2.750%, due 8/15/42 725 2,330,000 2.875%, due 5/15/43 2,383 1,230,000 3.125%, due 2/15/42 (A) 1,324 855,000 3.125%, due 5/15/19 911 1,140,000 3.625%, due 2/15/44 1,342 885,000 3.750%, due 11/15/43 1,064 980,000 4.250%, due 11/15/17 1,069 TOTAL U.S. GOVERNMENT OBLIGATIONS 39,334 (Cost $38,371,717)

(A) $1,230,000 principal amount of United States Treasury Bond pledged as margin for open futures contracts at December 31, 2014.

35 CATHOLIC UNITED INVESTMENT TRUST BALANCED FUND FUTURES CONTRACTS DECEMBER 31, 2014

(A) $1,230,000 of US Treasury Notes pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2014:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) Type Contracts Amount Position Expiration December 31, 2014 US 5YR NOTE (CBT) Mar15 45 $100,000 Long March 2015 5,747 US 2YR NOTE (CBT) Mar15 (76) $200,000 Short March 2015 19,016 US 10YR NOTE (CBT)Mar15 19 $100,000 Long March 2015 10,484 US LONG BOND (CBT) Mar15 (9) $100,000 Short March 2015 (39,938) US ULTRA BOND (CBT) Mar15 (27) $100,000 Short March 2015 (202,500) (207,191)

36 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 96.97% Number of Stocks 153 Top Ten Stocks (% of Net Assets) 21.73%

Top Ten Equity Holdings (% of Net Assets) Capital One Financial Corp. 2.85% JP Morgan Chase & Co. 2.61% FedEx Corp. 2.34% Hewlett-Packard Co. 2.28% Wells Fargo & Co. 2.28% Wal-Mart Stores Inc. 2.10% Microsoft Corp. 2.02% Time Warner Inc. 1.92% Goldman Sachs Group Inc. 1.70% Charles Schwab Corp. 1.63%

Top 5 Industries (% of Net Assets) Financial Services 27.48% Consumer Discretionary 16.13% Technology 15.71% Energy 10.04% Health Care 9.97%

37 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2014

Shares 96.97% Fair Shares Fair Common Stocks Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 16.13% Financial Services (continued) 41,300 Avis Budget Group Inc.$ 2,739 76,900 American International Group Inc. $ 4,307 34,200 Cablevision Systems Corp. 706 7,500 Ameriprise Financial Inc. 992 26,000 CarMax Inc. 1,731 18,820 Assurant Inc. 1,288 42,000 Coach Inc. 1,578 25,540 AXIS Capital Holdings Limited 1,305 111,985 Comcast Corp. 6,496 339,000 Bank of America Corp. 6,065 35,000 Dish Network Corp. 2,551 145,000 Bank of New York Mellon Corp. 5,883 82,642 eBay Inc. 4,638 63,000 BB&T Corp. 2,450 48,400 Foot Locker Inc. 2,719 13,900 Berkshire Hathaway Inc. 2,087 28,100 Lear Corp. 2,756 147,897 Capital One Financial Corp. 12,209 78,200 Liberty Interactive Corp. 2,301 21,900 CBOE Holdings, Inc. 1,389 11,117 Liberty Ventures 419 51,440 CBRE Group Inc. 1,762 27,900 Macy's Inc. 1,834 230,600 Charles Schwab Corp. 6,962 23,300 Magna International Inc. 2,532 18,500 Chubb Corporation 1,914 51,250 News Corp 804 99,400 Citigroup Inc. 5,379 300 NVR Inc. 383 51,700 Discover Financial Services LLC 3,386 38,700 Target Corp. 2,938 9,510 Everest RE Group Inc. 1,620 18,750 Time Inc. 461 37,500 Goldman Sachs Group Inc. 7,269 40,448 Time Warner Cable Inc. 6,151 99,430 Huntington Bancshares Inc. 1,046 96,000 Time Warner Inc. 8,200 178,500 JP Morgan Chase & Co. 11,171 130,000 Twenty-First Century-Class A 4,993 22,800 Lincoln National Corp. 1,315 104,800 Wal-Mart Stores Inc. 9,000 22,400 McGraw-Hill Companies Inc. 1,993 15,900 Whirlpool Corp. 3,080 48,000 MetLife Inc. 2,596 69,011 23,350 Moody's Corp. 2,237 14,200 Morgan Stanley 551 Consumer Staples 2.91% 11,200 Partnerre Ltd. 1,278 26,300 Bunge Ltd 2,391 65,600 Radian Group Inc. 1,097 31,300 Dr Pepper Snapple Group Inc. 2,244 14,800 Reinsurance Group Amer Inc. 1,297 8,610 Herbalife Ltb. 325 16,500 RenaissanceRe Holdings Ltd. 1,604 43,400 Kroger Co. 2,787 18,100 RLJ Lodging Trust 607 54,400 Pilgrim's Pride Corp 1,784 54,000 SunTrust Banks Inc. 2,263 72,500 Tyson Foods Inc. 2,907 34,100 Travelers Companies Inc. 3,609 12,438 27,600 Unum Group 963 11,200 Voya Financial Inc. 475 Energy 10.04% 177,806 Wells Fargo & Co. 9,747 67,000 Apache Corp. 4,199 91,100 Western Union Co. 1,632 83,100 Baker Hughes Inc. 4,659 117,594 52,700 Cameron International Corp. 2,632 32,332 Chevron Corp. 3,627 47,800 Exxon Mobil Corp. 4,419 Health Care 9.97% 35,600 Halliburton Co. 1,400 23,600 Aetna Inc. 2,096 28,300 Marathon Petroleum Corp. 2,554 31,500 Amerisourcebergen Corp. 2,840 28,900 Nabors Industries Ltd. 375 24,900 Anthem Inc. 3,129 33,000 National Oilwell Varco Inc. 2,162 5,900 Biogen Idec Inc. 2,003 8,250 NOW Inc. 212 39,100 Cardinal Health Inc. 3,157 39,800 Oil States International 1,946 37,620 CIGNA Corp. 3,871 50,300 Patterson-Uti Energy Inc. 834 79,800 Express Scripts Holding Co. 6,757 63,500 Schlumberger Limited 5,424 6,200 Gilead Sciences Inc. 584 24,600 SM Energy Co. 949 27,600 Health Net, Inc. 1,477 16,800 Superior Energy Services 339 16,200 Humana Inc. 2,327 41,300 Tesoro Corp. 3,071 13,600 McKesson Corp. 2,823 61,800 Valero Energy Corp. 3,059 36,500 Medtronic Inc. 2,635 96,700 Weatherford International Ltd. 1,107 32,700 Omnicare Inc. 2,385 42,968 18,900 United Therapeutics Corp. 2,447 41,000 UnitedHealth Group Inc. 4,145 Financial Services 27.48% 42,676 247,529 AEGON N.V. 1,856 44,800 Allstate Corp. 3,147 35,700 Ally Financial Inc 843

38 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Materials & Processing 2.20% Utilities 4.46% 49,000 Alcoa Inc.$ 774 158,600 AES Corp.$ 2,184 44,500 Celanese Corp. 2,668 49,400 American Electric Power Co. Inc. 3,000 6,100 CF Industries Holdings Inc. 1,662 91,600 AT&T Inc. 3,077 25,700 LyondellBasell Industries 2,040 82,800 Calpine Corp. 1,832 84,700 United States Steel Corporation 2,265 44,300 CenturyLink Inc. 1,753 9,409 46,400 Edison International 3,038 33,600 Entergy Corp. 2,939 Producer Durables 8.08% 13,400 NRG Energy Inc. 361 49,400 Alaska Air Group Inc. 2,952 213,714 Sprint Nextel Corp. 887 14,700 Caterpillar Inc. 1,345 19,071 20,663 Danaher Corp. 1,771 57,500 Delta Air Lines Inc. 2,828 TOTAL COMMON STOCKS 414,995 57,700 FedEx Corp. 10,020 (Cost $302,866,010) 67,639 Koninklijke Philips Electronics 1,962 42,500 Lexmark International Inc. 1,754 66,500 Southwest Airlines Co. 2,814 Shares Short-Term Investments 3.12% 41,800 Spirit AeroSystems Holdings Inc. 1,799 13,356,825 Dreyfus Government Cash Management Fund 13,357 44,732 The ADT Corp. 1,621 (Cost $13,356,825) 53,800 Trinity Industries Inc. 1,507 50,465 Tyco International Ltd. 2,213 TOTAL INVESTMENTS 100.09% 428,352 11,400 Union Pacific Corp. 1,358 (Cost $316,222,835) 6,200 United Rentals Inc. 632 34,576 Liabilities Less, Other Assets -0.09% (381) Technology 15.71% 25,030 Amdocs Ltd . 1,168 TOTAL NET ASSETS 100.00%$ 427,971 43,123 AOL Inc. 1,991 23,300 Apple Inc. 2,572 10,860 Arrow Electronics Inc. 629 1,450 Avnet, Inc. 62 70,000 Cadence Design Systems Inc. 1,328 41,700 Cisco Systems Inc. 1,160 10,240 Computer Sciences Corp. 646 88,000 EMC Corp. 2,617 148,500 Flextronics Intl. Ltd. 1,660 3,200 Google Inc. Class A 1,698 6,800 Google Inc. Class C 3,580 243,077 Hewlett-Packard Co. 9,755 114,930 Intel Corp. 4,171 36,160 Jabil Circuit Inc. 789 35,100 Juniper Networks Inc. 783 80,500 Maxim Integrated Products Inc. 2,566 42,300 Micron Technology Inc. 1,481 186,521 Microsoft Corp. 8,664 72,900 NetApp Inc. 3,022 283,500 Nokia Corp. 2,228 200,000 Symantec Corporation 5,131 53,800 Synopsys Inc. 2,339 60,851 TE Connectivity Ltd. 3,849 5,600 VeriSign Inc. 319 27,500 Western Digital Corp. 3,044 67,252

39 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 99.65% Number of Stocks 467 Top Ten Stocks (% of Net Assets) 18.92%

Top Ten Equity Holdings (% of Net Assets) Apple Inc. 3.53% Exxon Mobil Corp. 2.14% Microsoft Corp. 2.09% Google Inc. Class A & C 2.04% Wells Fargo & Co. 1.83% Berkshire Hathaway Inc. 1.61% Procter & Gamble Co. 1.61% Coca-Cola Co. 1.40% JP Morgan Chase & Co. 1.36% PepsiCo Inc. 1.32%

Top 5 Industries (% of Net Assets) Financial Services 19.43% Technology 17.24% Consumer Discretionary 14.26% Health Care 11.77% Producer Durables 10.03%

40 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks 99.65% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.26% Consumer Discretionary (continued) 28,215 Amazon.com Inc.$ 8,757 18,460 Omnicom Group Inc.$ 1,430 5,000 AutoNation Inc. 302 7,467 O'Reilly Automotive Inc. 1,438 2,401 AutoZone Inc. 1,486 7,500 PetSmart Inc. 610 33,730 Avon Products Inc. 317 3,861 priceline.com Incorporated 4,402 13,940 Bed Bath & Beyond Inc. 1,062 24,894 Pulte Group Inc. 534 20,750 Best Buy Co. Inc. 809 6,087 PVH Corp. 780 17,200 BorgWarner Inc. 945 4,527 Ralph Lauren Corp. 838 16,300 Cablevision Systems Corp. 336 15,400 Ross Stores Inc. 1,452 16,100 CarMax Inc. 1,072 12,300 Royal Caribbean Cruises Ltd. 1,014 33,200 Carnival Corp. 1,505 7,850 Scripps Networks Interactive Inc. 591 35,067 CBS Corp. 1,941 47,490 Staples Inc. 861 2,284 Chipotle Mexican Grill Inc. 1,563 55,340 Starbucks Corp. 4,541 20,200 Coach Inc. 759 13,200 Starwood Hotels & Resorts Worldwide Inc. 1,070 189,584 Comcast Corp. 10,998 46,710 Target Corp. 3,546 40,023 Costco Wholesale Corp. 5,673 32,209 The Interpublic Group of Cos Inc. 669 10,090 Darden Restaurants Inc. 592 114,859 The Walt Disney Co. 10,819 20,800 Delphi Automotive PLC 1,513 8,380 Tiffany & Co. 895 37,034 DirecTV Group Inc. 3,211 20,518 Time Warner Cable Inc. 3,120 11,200 Discovery Communications Inc. 386 61,723 Time Warner Inc. 5,272 20,700 Discovery Communications Inc. 698 51,040 TJX Companies Inc. 3,500 22,300 Dollar General Corporation 1,577 10,100 Tractor Supply Co. 796 15,100 Dollar Tree Inc. 1,063 8,450 TripAdvisor Inc. 631 24,270 DR Horton Inc. 614 136,500 Twenty-First Century-Class A 5,242 83,229 eBay Inc. 4,671 12,200 Under Armour Inc. 828 22,080 Estee Lauder Companies Inc. 1,682 7,700 Urban Outfitters Inc. 271 7,450 Expedia Inc. 636 25,388 VF Corp. 1,902 7,000 Family Dollar Stores Inc. 554 27,238 Viacom Inc. 2,050 283,231 Ford Motor Co. 4,390 170,538 Wal-Mart Stores Inc. 14,646 3,309 Fossil Inc. 366 5,744 Whirlpool Corp. 1,113 8,500 GameStop Corp. 287 9,206 Wyndham Worldwide Corp. 790 16,600 Gannett Co. Inc. 530 6,125 Wynn Resorts Ltd. 911 20,005 Gap Inc. 842 32,380 Yum! Brands Inc. 2,359 8,900 Garmin Ltd. 470 192,353 99,500 General Motors Co. 3,474 11,274 Genuine Parts Co. 1,201 Consumer Staples 8.95% 19,100 Goodyear Tire & Rubber Co. 546 47,571 Archer-Daniels-Midland Co. 2,474 20,900 H&R Block Inc. 704 11,586 Brown-Forman Corp. 1,018 15,995 Harley-Davidson Inc. 1,054 13,520 Campbell Soup Co. 595 5,200 Harman International Industries Inc. 555 9,488 Clorox Co. 989 8,775 Hasbro Inc. 483 446,110 Coca-Cola Co. 18,835 96,995 Home Depot Inc. 10,182 17,040 Coca-Cola Enterprises Inc. 754 49,020 Johnson Controls Inc. 2,370 81,242 Colgate-Palmolive Co. 5,621 15,200 Kohl's Corp. 928 31,799 ConAgra Foods Inc. 1,154 18,050 L Brands Inc. 1,562 12,343 Constellation Brands Inc. 1,212 10,090 Leggett & Platt Inc. 430 93,646 CVS Caremark Corp. 9,019 12,700 Lennar Corp. 569 14,700 Dr Pepper Snapple Group Inc. 1,054 71,619 Lowe's Companies Inc. 4,927 63,640 General Mills Inc. 3,394 25,960 Macy's Inc. 1,707 19,157 Hershey Co. 1,991 16,001 Marriott International Inc. 1,249 9,900 Hormel Foods Corp. 516 24,915 Mattel Inc. 771 23,210 Kellogg Co. 1,519 77,104 McDonald's Corp. 7,225 8,971 Keurig Green Mountain Inc 1,188 15,100 Michael Kors Holdings Ltd. 1,134 30,991 Kimberly-Clark Corp. 3,581 4,730 Mohawk Industries Inc. 735 57,800 Kraft Foods Inc. 3,622 4,425 Netflix Inc. 1,512 36,030 Kroger Co. 2,313 20,183 Newell Rubbermaid Inc. 769 9,510 McCormick & Co. Inc. 707 37,650 News Corp. 591 14,888 Mead Johnson Nutrition Company 1,497 30,100 Nielsen Holdings Nv 1,346 12,000 Molson Coors Brewing Co. 894 51,402 Nike Inc. 4,942 157,800 Mondelez International Inc. 5,732 10,570 Nordstrom Inc. 839 10,200 Monster Beverage Corp. 1,105

41 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Staples (continued) Financial Services 19.43% 188,712 PepsiCo Inc.$ 17,845 24,417 ACE Limited$ 2,805 237,961 Procter & Gamble Co. 21,676 4,176 Affiliated Managers Group Inc. 886 17,630 Safeway Inc. 619 38,700 Aflac Inc. 2,364 50,720 Sysco Corp. 2,013 4,705 Alliance Data Systems Corporation 1,346 7,498 The J.M. Smucker Co. 757 30,902 Allstate Corp. 2,171 21,600 Tyson Foods Inc. 866 65,476 American Express Co. 6,092 64,010 Walgreens Boots Alliance Inc. 4,878 219,801 American International Group Inc. 12,311 26,562 Whole Foods Market Inc. 1,339 29,173 American Tower Corp. 2,884 120,777 13,786 Ameriprise Financial Inc. 1,823 21,000 Aon Corp. 1,991 Energy 8.44% 11,237 Apartment Investment & Management Co. 417 37,251 Anadarko Petroleum Corp. 3,073 5,400 Assurant Inc. 370 28,151 Apache Corp. 1,764 9,237 Avalonbay Communities Inc. 1,509 32,086 Baker Hughes Inc. 1,799 774,365 Bank of America Corp. 13,853 30,700 Cabot Oil & Gas Corp. 909 83,383 Bank of New York Mellon Corp. 3,383 14,900 Cameron International Corp. 744 52,980 BB&T Corporation 2,060 38,260 Chesapeake Energy Corp. 749 144,457 Berkshire Hathaway Inc. 21,690 139,139 Chevron Corp. 15,609 9,290 BlackRock Inc. 3,322 6,555 Cimarex Energy Co. 695 11,275 Boston Properties Inc. 1,451 90,580 ConocoPhillips Co. 6,255 40,929 Capital One Financial Corp. 3,379 17,600 Consol Energy Inc. 595 20,500 CBRE Group Inc. 702 27,300 Denbury Resources Inc. 222 84,430 Charles Schwab Corp. 2,549 28,360 Devon Energy Corp. 1,736 17,356 Chubb Corporation 1,796 5,400 Diamond Offshore Drilling Inc. 198 11,317 Cincinnati Financial Corp. 587 17,700 Ensco plc. 530 223,227 Citigroup Inc. 12,079 40,362 EOG Resources Inc. 3,716 23,265 CME Group Inc. 2,062 11,415 EQT Corporation 864 13,290 Comerica Inc. 623 311,649 Exxon Mobil Corp. 28,812 24,600 Crown Castle International Corp. 1,936 4,706 First Solar Inc. 210 33,345 Discover Financial Services LLC 2,184 17,300 FMC Technologies Inc. 810 2,844 Dun & Bradstreet Corp. 344 62,600 Halliburton Co. 2,462 21,860 E* TRADE Financial Corp. 530 8,135 Helmerich & Payne Inc 548 9,000 Equifax Inc. 728 18,675 Hess Corp. 1,379 26,600 Equity Residential 1,911 125,124 Kinder Morgan Inc. 5,294 4,658 Essex Property Trust Inc. 962 49,628 Marathon Oil Corp. 1,404 21,000 Fidelity National Information 1,306 20,864 Marathon Petroleum Corp. 1,883 61,431 Fifth Third Bancorp 1,252 12,250 Murphy Oil Corp. 619 18,400 Fiserv Inc. 1,306 20,100 Nabors Industries Ltd. 261 28,995 Franklin Resources Inc. 1,605 31,638 National Oilwell Varco Inc. 2,073 46,200 General Growth Properties 1,300 10,100 Newfield Exploration Company 274 37,700 Genworth Financial Inc. 320 19,700 Noble Corp. 326 29,813 Goldman Sachs Group Inc. 5,779 26,486 Noble Energy Inc. 1,256 31,720 Hartford Financial Services Group Inc. 1,322 57,372 Occidental Petroleum Corp. 4,625 33,750 HCP Inc. 1,486 15,700 ONEOK Inc. 782 23,100 Health Care REIT Inc. 1,748 40,690 Phillips 66 2,917 56,674 Host Hotels & Resorts Inc. 1,347 10,538 Pioneer Natural Resources Co. 1,569 36,200 Hudson City Bancorp Inc. 366 12,500 QEP Resources Inc. 253 62,876 Huntington Bancshares Inc. 661 12,400 Range Resources Corp. 663 8,354 InterContinental Exchange Inc. 1,832 94,680 Schlumberger Limited 8,087 31,900 Invesco Ltd. 1,261 26,700 Southwestern Energy Co. 729 294,144 JP Morgan Chase & Co. 18,408 49,397 Spectra Energy Corp. 1,793 64,590 KeyCorp. 898 9,700 Tesoro Corp. 721 31,000 Kimco Realty Corp. 779 25,700 Transocean Ltd. 471 7,500 Legg Mason Inc. 400 38,900 Valero Energy Corp. 1,926 22,900 Leucadia National Corp. 513 49,518 Williams Cos. Inc. 2,225 19,195 Lincoln National Corp. 1,107 113,830 34,500 Loews Corp. 1,450 9,912 M&T Bank Corp. 1,245 40,130 Marsh & McLennan Companies Inc. 2,297 72,130 Mastercard Inc. 6,215

42 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Health Care (continued) 19,978 McGraw-Hill Companies Inc.$ 1,778 53,840 Hospira Inc.$ 3,298 82,797 MetLife Inc. 4,478 11,360 Humana Inc. 1,632 13,660 Moody's Corp. 1,309 2,648 Intuitive Surgical Inc. 1,401 112,751 Morgan Stanley 4,375 8,070 Laboratory Corp. of America Holdings 871 8,900 NASDAQ OMX Group 427 16,700 Mallinckrodt PLC 1,654 30,924 Navient Corp. 668 20,781 McKesson Corp. 4,314 16,300 Northern Trust Corp. 1,099 95,600 Medtronic Inc. 6,902 23,800 People's United Financial Inc. 361 6,463 Patterson Companies Inc. 311 13,400 Plum Creek Timber Co. Inc. 573 10,626 Quest Diagnostics Inc. 713 38,732 PNC Financial Services Group Inc. 3,534 8,101 Regeneron Pharmaceuticals Inc. 3,323 20,160 Principal Financial Group Inc. 1,047 23,936 St. Jude Medical Inc. 1,557 40,610 Progressive Corp. 1,096 32,730 Stryker Corp. 3,087 36,827 ProLogis Inc. 1,585 94,989 UnitedHealth Group Inc. 9,602 37,160 Prudential Financial Inc. 3,361 7,400 Varian Medical Systems Inc. 640 10,679 Public Storage Inc. 1,974 22,441 Vertex Pharmaceuticals Incorporated 2,666 101,532 Regions Financial Corp. 1,072 16,905 Zimmer Holdings Inc. 1,917 28,375 Simon Property Group Inc. 5,167 111,500 Zoetis Inc. 4,798 31,170 State Street Corp. 2,447 158,838 38,340 SunTrust Banks Inc. 1,606 19,400 T. Rowe Price Group Inc. 1,666 Materials & Processing 3.51% 10,700 The Macerich Co. 892 14,118 Air Products & Chemicals Inc. 2,036 9,580 Torchmark Corp. 519 5,036 Airgas Inc. 580 12,023 Total System Services Inc. 408 86,616 Alcoa Inc. 1,368 24,391 Travelers Companies Inc. 2,582 8,250 Allegheny Technologies Inc. 287 19,198 Unum Group 670 10,186 Ball Corp. 694 131,729 Us Bancorp 5,921 3,750 CF Industries Holdings Inc. 1,022 21,700 Ventas Inc. 1,556 10,942 Eastman Chemical Co. 830 35,949 Visa Inc. 9,426 20,775 Ecolab Inc. 2,171 12,853 Vornado Realty Trust 1,513 67,304 EI DuPont de Nemours & Co. 4,976 450,018 Wells Fargo & Co. 24,670 27,700 Fastenal Co. 1,317 40,012 Western Union Co. 717 10,200 FMC Corp. 582 38,870 Weyerhaeuser Co. 1,395 76,558 Freeport-McMoran Copper & Gold Inc. 1,788 18,950 XL Group plc 651 35,400 Ingersoll-Rand Public Ltd. 2,244 14,100 Zions Bancorporation 402 6,100 International Flavors & Fragrances Inc. 618 262,248 31,443 International Paper Co. 1,685 30,575 LyondellBasell Industries 2,427 Health Care 11.77% 4,589 Martin Marietta Materials Inc. 506 175,062 Abbott Laboratories 7,881 26,290 Masco Corp. 663 204,062 AbbVie Inc. 13,354 12,684 MeadWestvaco Corp. 563 33,450 Aetna Inc. 2,971 39,019 Monsanto Co. 4,662 23,823 Alexion Pharmaceuticals Inc. 4,408 37,673 Newmont Mining Corp. 712 27,991 Allergan Inc. 5,951 23,470 Nucor Corp. 1,151 18,800 Amerisourcebergen Corp. 1,695 12,600 Owens-Illinois Inc. 340 92,905 Amgen Inc. 14,799 10,151 PPG Industries Inc. 2,346 22,921 Anthem Inc. 2,880 31,157 Praxair Inc. 4,037 27,244 Biogen Idec Inc. 9,248 15,000 Sealed Air Corp. 636 97,603 Boston Scientific Corp. 1,293 6,121 Sherwin-Williams Co. 1,610 36,675 Cardinal Health Inc. 2,961 81,566 The Dow Chemical Co. 3,720 15,337 CareFusion Corp. 910 23,500 The Mosaic Company 1,073 78,369 Celgene Corporation 8,766 10,000 Vulcan Materials Co. 657 28,100 Cerner Corp. 1,817 47,301 24,169 CIGNA Corp. 2,487 33,326 Covidien, Ltd. 3,409 Producer Durables 10.03% 5,635 CR Bard Inc. 939 93,846 3M Co. 15,421 21,554 DaVita Inc. 1,632 46,500 Accenture plc. 4,153 10,900 Dentsply International Inc. 581 6,933 Allegion Plc. 385 8,005 Edwards Lifesciences Corp. 1,020 35,500 Ametek Inc. 1,868 82,114 Express Scripts Holding Co. 6,953 35,378 Automatic Data Processing Inc. 2,949 150,618 Gilead Sciences Inc. 14,197 7,234 Avery Dennison Corp. 375 10,800 C.H. Robinson Worldwide Inc. 809

43 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Technology (continued) 76,505 Caterpillar Inc. $ 7,003 375,541 Cisco Systems Inc.$ 10,446 7,300 Cintas Corp. 573 11,800 Citrix Systems Inc. 753 73,650 CSX Corp. 2,668 44,800 Cognizant Technology Solutions Corp. 2,359 14,323 Cummins Inc. 2,065 10,300 Computer Sciences Corp. 649 123,400 Danaher Corp. 10,577 23,127 Electronic Arts Inc. 1,087 81,620 Deere & Co. 7,221 149,384 EMC Corp. 4,443 62,100 Delta Air Lines Inc. 3,055 5,456 F5 Networks Inc. 712 18,200 Dover Corp. 1,305 153,400 Facebook Inc. 11,968 132,010 Emerson Electric Co. 8,149 21,315 Google Inc. Class A 11,311 14,700 Expeditors International of Washington Inc. 656 30,735 Google Inc. Class C 16,179 19,548 FedEx Corp. 3,395 7,758 Harris Corp. 557 10,900 FLIR Systems Inc. 352 137,410 Hewlett-Packard Co. 5,514 11,850 Flowserve Corp. 709 355,879 Intel Corp. 12,915 55,799 Illinois Tool Works Inc. 5,284 72,181 International Business Machines Corp. 11,581 13,785 Iron Mountain Inc. 533 20,900 Intuit Inc. 1,927 7,700 Joy Global Inc. 358 28,300 Juniper Networks Inc. 632 8,340 Kansas City Southern 1,018 12,100 KLA-Tencor Corp 851 22,793 Norfolk Southern Corp. 2,498 11,661 Lam Research Corp. 925 36,100 Paccar Inc. 2,455 17,800 Linear Technology Corp. 812 11,099 Pall Corp. 1,123 15,000 Microchip Technology Inc. 677 15,890 Parker-Hannifin Corp. 2,049 78,830 Micron Technology Inc. 2,760 24,475 Paychex Inc. 1,130 606,650 Microsoft Corp. 28,179 31,791 Pentair Ltd. 2,112 15,630 Motorola Solutions Inc. 1,048 15,640 Pitney Bowes Inc. 381 22,900 NetApp Inc. 949 17,600 Quanta Services Inc. 500 38,870 NVIDIA Corp. 779 19,045 Republic Services Inc. 767 238,116 Oracle Corp. 10,708 10,100 Robert Half International Inc. 590 122,330 Qualcomm Inc. 9,093 18,129 Rockwell Automation Inc. 2,016 13,900 Red Hat Inc. 961 18,900 Rockwell Collins Inc. 1,597 42,432 Salesforce.com Inc. 2,517 16,381 Roper Industries Inc. 2,561 16,513 SanDisk Corp. 1,618 4,000 Ryder System Inc. 371 24,100 Seagate Technology 1,603 5,408 Snap-on Inc. 739 50,833 Symantec Corporation 1,304 50,425 Southwest Airlines Co. 2,134 30,100 TE Connectivity Ltd. 1,904 18,487 Stanley Black & Decker Inc. 1,776 11,400 Teradata Corp. 498 6,442 Stericycle Inc. 844 77,700 Texas Instruments Inc. 4,154 13,100 The ADT Corp. 475 8,500 VeriSign Inc. 485 39,400 Tyco International Ltd. 1,728 15,768 Western Digital Corp. 1,746 65,439 Union Pacific Corp. 7,796 19,440 Xilinx Inc. 842 58,448 United Parcel Service Inc. 6,498 64,800 Yahoo! Inc. 3,273 7,249 United Rentals Inc. 739 232,656 51,620 Waste Management Inc. 2,649 40,898 Waters Corp. 4,610 Utilities 6.02% 10,705 WW Grainger Inc. 2,729 48,200 AES Corp. 664 79,861 Xerox Corp. 1,107 9,231 AGL Resources Inc. 503 13,500 Xylem Inc. 514 17,900 Ameren Corp. 826 135,369 35,960 American Electric Power Co. Inc. 2,183 429,942 AT&T Inc. 14,442 Technology 17.24% 32,422 CenterPoint Energy Inc. 760 34,890 Adobe Systems Inc. 2,537 42,029 CenturyLink Inc. 1,664 13,500 Akamai Technologies Inc. 850 20,300 CMS Energy Corp. 705 22,800 Altera Corp. 842 21,600 Consolidated Edison Inc. 1,426 22,800 Amphenol Corp. 1,227 64,894 Dominion Resources Inc. 4,990 23,090 Analog Devices Inc. 1,282 13,000 DTE Energy Co. 1,123 431,663 Apple Inc. 47,647 69,669 Duke Energy Corp. 5,820 89,720 Applied Materials Inc. 2,236 24,007 Edison International 1,572 16,770 Autodesk Inc. 1,007 13,500 Entergy Corp. 1,181 18,500 Avago Technologies Ltd. 1,861 63,311 Exelon Corp. 2,348 39,600 Broadcom Corp. 1,716 31,656 Firstenergy Corp. 1,234 24,035 CA Inc. 732 73,820 Frontier Communications Corp. 492

44 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Short-Term Investments 0.37% Value (000's) Utilities (continued) 5,006,230 Dreyfus Government Cash Management Fund $ 5,006 6,128 Integrys Energy Group Inc.$ 477 (Cost $5,006,230) 21,000 Level 3 Communications Inc. 1,037 34,225 NextEra Energy Inc. 3,638 TOTAL INVESTMENTS 100.02% 1,349,647 23,184 NiSource Inc. 983 (Cost $929,815,359) 23,300 Northeast Utilities 1,247 24,800 NRG Energy Inc. 668 Liabilities Less, Other Assets -0.02% (282) 19,300 Pepco Holdings Inc. 520 34,200 PG&E Corp. 1,821 8,100 Pinnacle West Capital Corp. 553 TOTAL NET ASSETS 100.00%$ 1,349,365 49,237 PPL Corporation 1,789 37,300 Public Service Enterprise Group 1,545 10,700 SCANA Corp. 646 17,441 Sempra Energy 1,942 99,069 Southern Co. 4,865 16,000 TECO Energy Inc. 328 313,339 Verizon Communications Inc. 14,658 46,003 Windstream Holdings Corp. 379 17,100 Wisconsin Energy Corp. 902 38,005 Xcel Energy Inc. 1,365 81,269

TOTAL COMMON STOCKS 1,344,641 (Cost $924,809,129)

45 CATHOLIC UNITED INVESTMENT TRUST CORE EQUITY INDEX FUND FUTURES CONTRACTS DECEMBER 31, 2014

$207,000 of cash pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2014:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) Type Contracts Amount Position Expiration December 31, 2014 S&P 500 35 $100,000 Long March 2015 ($36,068)

46 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 99.92% Number of Stocks 278 Top Ten Stocks (% of Net Assets) 28.42%

Top Ten Equity Holdings (% of Net Assets) Apple Inc. 7.17% Microsoft Corp. 4.02% Oracle Corp. 3.06% Google Inc. Class A & C 2.74% Verizon Communications Inc. 2.38% Gilead Sciences Inc. 2.12% Home Depot Inc. 1.98% Qualcomm Inc. 1.70% Amgen Inc. 1.68% Comcast Corp. 1.57%

Top 5 Industries (% of Net Assets) Technology 33.23% Consumer Discretionary 17.57% Health Care 15.98% Financial Services 9.61% Producer Durables 9.03%

47 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks 99.92% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 17.57% Consumer Staples (continued) 4,613 Advance Auto Parts Inc.$ 735 73,365 Coca-Cola Co.$ 3,097 1,454 Amazon.com Inc. 451 18,465 Coca-Cola Enterprises Inc. 817 2,267 Avis Budget Group Inc. 150 7,370 Colgate-Palmolive Co. 510 37,545 Avon Products Inc. 353 10,095 ConAgra Foods Inc. 366 6,922 Brinker International Inc. 406 38,282 CVS Caremark Corp. 3,687 58,273 Cablevision Systems Corp. 1,203 4,865 Dr Pepper Snapple Group Inc. 349 1,197 Chipotle Mexican Grill Inc. 819 10,334 General Mills Inc. 551 4,370 Choice Hotels International Inc. 245 4,495 Health Net, Inc. 241 86,575 Comcast Corp. 5,022 11,569 Hershey Co. 1,202 19,265 Costco Wholesale Corp. 2,731 5,575 Keurig Green Mountain Inc 738 26,581 DirecTV Group Inc. 2,305 2,277 Kimberly-Clark Corp. 263 15,631 Discovery Communications Inc. Class A 538 11,370 Kraft Foods Inc. 712 25,358 Discovery Communications Inc. Class K 855 33,220 Kroger Co. 2,133 5,745 Domino's Pizza Inc. 541 2,040 McCormick & Co. Inc. 152 11,903 eBay Inc. 668 49,792 Mondelez International Inc. 1,809 12,319 Expedia Inc. 1,052 11,475 Monster Beverage Corp. 1,243 5,175 Ford Motor Co. 80 23,750 Pepsico Inc. 2,246 13,080 Gap Inc. 551 3,540 Procter & Gamble Co. 322 21,740 Gentex Corp./MI 785 41,130 Rite Aid Corp. 309 9,770 Genuine Parts Co. 1,041 630 Safeway Inc. 22 60,221 Home Depot Inc. 6,321 16,110 Sysco Corp. 639 5,210 Kohl's Corp. 318 3,160 The J.M. Smucker Co. 319 12,890 Lamar Advertising Co - A 691 16,390 Walgreens Boots Alliance Inc. 1,249 250 Lear Corp. 25 25,497 27,132 Liberty Interactive Corp. 798 3,857 Liberty Ventures 145 Energy 1.42% 1,500 LKQ Corp. 42 8,843 Apache Corp. 554 47,364 Lowe's Companies Inc. 3,259 15,517 Baker Hughes Inc. 870 2,380 Marriott International Inc. 186 30,272 Cabot Oil & Gas Corp. 896 4,658 Mattel Inc. 144 1,158 Cheniere Energy Inc. 82 17,949 McDonald's Corp. 1,682 17,066 Devon Energy Corp. 1,045 4,290 Michael Kors Holdings Ltd. 322 11,381 National Oilwell Varco Inc. 746 2,090 Netflix Inc. 714 3,874 Schlumberger Limited 331 5,182 Nike Inc. 498 4,524 4,610 Nordstrom Inc. 366 630 NVR Inc. 803 Financial Services 9.61% 10,912 Omnicom Group Inc. 845 31,530 Allied World Assurance Company Holdings 1,196 8,229 O'Reilly Automotive Inc. 1,585 39,713 American Express Co. 3,695 1,866 priceline.com Incorporated 2,128 4,439 American Tower Corp. 439 59,215 Pulte Group Inc. 1,271 6,310 Ameriprise Financial Inc. 834 11,349 Scripps Networks Interactive Inc. 856 12,244 Aon Corp. 1,161 1,310 Six Flags Entertainment Corp. 57 100 Artisan Partners Asset Management Inc. 5 8,630 Staples Inc. 156 1,150 Assurant Inc. 79 1,764 Starbucks Corp. 145 96,602 Bank of America Corp. 1,728 950 Starz 28 1,420 BlackRock Inc. 508 3,550 Target Corp. 269 7,220 Broadridge Financial Solutions Inc. 333 11,527 The Walt Disney Co. 1,086 640 CBOE Holdings, Inc. 41 13,308 Time Warner Cable Inc. 2,024 2,176 CBRE Group Inc. 75 33,735 TJX Companies Inc. 2,314 2,530 Dun & Bradstreet Corp. 306 90 Under Armour Inc. 6 8,720 Endurance Specialty Holdings 522 8,605 Viacom Inc. 648 12,000 Equity LifeStyle Properties Inc. 619 13,258 Wal-Mart Stores Inc. 1,139 23,403 Erie Indemnity Co. 2,124 1,930 Whirlpool Corp. 374 8,655 Extra Space Storage Inc. 508 27,962 Wyndham Worldwide Corp. 2,398 4,650 Fidelity National Information 289 8,027 Wynn Resorts Ltd. 1,194 1,140 Gaming and Leisure Properties Inc 33 9,637 Yum! Brands Inc. 702 10,207 Global Payments Inc. 824 56,070 284 Halyard Health Inc. 13 3,381 InterContinental Exchange Inc. 741 Consumer Staples 7.99% 43,414 Itau Unibanco H-Spon Prf 565 13,964 Anheuser-Busch InBev SA/NV 1,568 2,180 Jones Lang Lasalle Inc. 327 10,690 Archer-Daniels-Midland Co. 556 4,532 JP Morgan Chase & Co. 284 5,850 Campbell Soup Co. 257 11,128 Legg Mason Inc. 594 1,340 Clorox Co. 140 2,590 Marsh & McLennan Companies Inc. 148

48 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Materials & Processing 2.42% 20,510 Mastercard Inc.$ 1,767 12,758 Ball Corp.$ 870 3,033 Plum Creek Timber Co. Inc. 130 6,831 Compass Minerals International Inc. 593 6,333 Public Storage Inc. 1,171 5,550 EI DuPont de Nemours & Co. 410 2,840 Rayonier Inc. 79 5,640 Ingersoll-Rand Public Ltd. 358 4,860 Simon Property Group Inc. 885 870 International Paper Co. 47 5,840 StanCorp Financial Group Inc. 408 1,620 LyondellBasell Industries 129 1,720 The Howard Hughes Corp. 224 3,517 Monsanto Co. 420 1,610 Travelers Companies Inc. 170 8,252 PPG Industries Inc. 1,907 21,670 Validus Holdings Ltd. 901 8,607 Sherwin-Williams Co. 2,264 15,460 Vantiv Inc. 524 7,680 The Dow Chemical Co. 350 6,110 Ventas Inc. 438 2,700 The Mosaic Company 123 16,042 Visa Inc. 4,206 1,870 TimkenSteel Corp. 69 14,143 Waddell Reed Financial 705 2,110 Vulcan Materials Co. 139 43,325 Western Union Co. 776 956 Westlake Chemical Corp. 58 8,305 Weyerhaeuser Co. 298 7,737 30,673 Producer Durables 9.03% 21,392 3M Co. 3,515 Health Care 15.98% 10,110 A.O. Smith Corp. 570 28,405 Abbott Laboratories 1,279 8,136 Accenture plc. 727 29,515 AbbVie Inc. 1,931 3,900 Alaska Air Group Inc. 233 23,257 Aetna Inc. 2,066 9,252 Automatic Data Processing Inc. 771 6,950 Amerisourcebergen Corp. 627 19,760 Booz Allen Hamilton Holding Corp. 524 33,698 Amgen Inc. 5,368 6,800 C.H. Robinson Worldwide Inc. 509 2,040 Anthem Inc. 256 6,198 Caterpillar Inc. 567 8,896 Biogen Idec Inc. 3,020 5,055 CSX Corp. 183 60,800 Boston Scientific Corp. 806 27,912 Danaher Corp. 2,392 4,980 Cardinal Health Inc. 402 2,360 Deere & Co. 209 42,835 Celgene Corporation 4,792 16,557 Emerson Electric Co. 1,022 3,050 Charles River Laboratories International Inc. 194 1,380 FedEx Corp. 240 6,820 CIGNA Corp. 702 10,167 Hanover Insurance Group Inc./The 725 18,215 CR Bard Inc. 3,035 20,203 Illinois Tool Works Inc. 1,913 5,100 DaVita Inc. 386 11,850 Landstar System Inc. 859 730 Envision Healthcare Holdings Inc. 25 730 Mettler-Toledo International Inc. 221 33,885 Express Scripts Holding Co. 2,869 1,830 Norfolk Southern Corp. 201 71,663 Gilead Sciences Inc. 6,755 35,169 Paychex Inc. 1,624 2,580 Graco Inc. 207 29,071 Pitney Bowes Inc. 708 5,005 Harsco Corporation 95 9,612 Rockwell Automation Inc. 1,069 55,635 Hologic Inc. 1,488 11,791 Rollins Inc. 390 9,435 Hospira Inc. 578 1,730 Southwest Airlines Co. 73 700 Humana Inc. 101 11,840 Spirit AeroSystems Holdings Inc. 510 4,953 Illumina Inc. 914 3,960 Spirit Airlines Inc. 299 670 Incyte Corp. 49 2,780 Toro Co. 177 40 Intercept Pharmaceuticals, Inc. 6 1,920 Triumph Group, Inc. 129 5,659 Laboratory Corp. of America Holdings 611 19,180 Union Pacific Corp. 2,285 5,500 McKesson Corp. 1,142 43,100 United Parcel Service Inc. 4,791 70 Medivation Inc 7 910 United Rentals Inc. 93 30,459 Medtronic Inc 2,199 9,520 Waste Management Inc. 489 640 Patterson Companies Inc. 31 2,347 Waters Corp. 265 5,290 Pharmacyclics Inc. 647 34,000 Xerox Corp. 471 11,435 Premier Inc. 383 729 Zebra Technologies Corp 56 6,830 Quest Diagnostics Inc. 458 28,810 2,650 Quintiles Transnational Holdings Inc. 156 2,090 Regeneron Pharmaceuticals Inc. 857 Technology 33.23% 9,504 Salix Pharmaceuticals Ltd 1,092 57,204 Activision Blizzard Inc 1,153 2,787 Seattle Generics Inc. 90 11,600 Alibaba Group Holding Ltd. 1,206 13,724 St. Jude Medical Inc. 892 2,172 Alliance Data Systems Corporation 621 3,860 Stryker Corp. 364 75,744 Altera Corp. 2,798 2,190 Teleflex Inc. 251 207,406 Apple Inc. 22,893 19,295 Vertex Pharmaceuticals Incorporated 2,292 9,830 ARRIS Group Inc. 297 13,893 Zimmer Holdings Inc. 1,576 22,745 Atmel Corp. 191 50,999 34,886 Broadcom Corp. 1,512

49 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology (continued) Utilities 2.69% 47,534 Brocade Communications Systems Inc.$ 563 24,970 CenturyLink Inc.$ 988 3,084 CDK Global Inc. 126 162,092 Verizon Communications Inc. 7,583 1,000 CDW Corp./DE 35 8,571 20,728 Check Point Software Technologies Ltd. 1,629 126,343 Cisco Systems Inc. 3,514 8,070 Citrix Systems Inc. 515 TOTAL COMMON STOCKS 318,957 6,799 CommScope Holding Co. Inc. 155 (Cost $243,214,627) 8,460 Computer Sciences Corp. 533 4,740 Diebold Inc. 164 5,200 DST Systems Inc. 490 Shares Short-Term Investments 0.28% 13,055 EMC Corp. 388 891,153 Dreyfus Government Cash Management Fund 891 17,895 F5 Networks Inc. 2,335 (Cost $891,154) 64,000 Facebook Inc. 4,993 5,657 Google Inc. Class A 3,002 TOTAL INVESTMENTS 100.20% 319,848 10,906 Google Inc.Class C 5,741 (Cost $244,105,781) 10,505 Hewlett-Packard Co. 422 4,537 IAC/InterActiveCorp. 276 Liabilities Less, Other Assets -0.20% (642) 8,800 Informatica Corp. 336 6,615 Ingram Micro Inc. 183 TOTAL NET ASSETS 100.00%$ 319,206 35,992 Intel Corp. 1,306 19,673 International Business Machines Corp. 3,156 16,931 Intuit Inc. 1,561 13,596 KLA-Tencor Corp. 956 23,127 Linear Technology Corp. 1,055 26,750 Marvell Technology Group Ltd. 388 52,774 Maxim Integrated Products Inc. 1,682 19,071 Microchip Technology Inc. 860 13,600 Micron Technology Inc. 476 276,405 Microsoft Corp. 12,839 1,760 Motorola Solutions Inc. 118 58,561 NetApp Inc. 2,427 217,251 Oracle Corp. 9,770 10,895 PMC-Sierra Inc. 100 72,835 Qualcomm Inc. 5,414 15,976 SanDisk Corp. 1,565 1,890 SBA Communications Corp. 209 13,245 Skyworks Solutions Inc. 963 2,185 Solera Holdings Inc 112 2,470 SunEdison Inc. 48 3,069 Tech Data Corp. 194 15,190 Texas Instruments Inc. 812 1,531 VMware Inc. 126 18,859 Western Digital Corp. 2,088 23,047 Xilinx Inc. 998 14,839 Yahoo! Inc. 750 590 Yelp Inc. 32 106,076

50 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014

The Portfolio Summary of Investments by Country

Portfolio Asset Mix (% of Net Assets) % of Fair Equities 99.82% Investments Value (000's) Number of Stocks 263 Australia 3.18%$ 16,076 Top Ten Stocks (% of Net Assets) 16.30% Austria 0.31%$ 1,567 Belgium 1.43%$ 7,229 Brazil 1.12%$ 5,662 Canada 6.31%$ 31,899 Top Ten Equity Holdings (% of Net Assets) China 2.07%$ 10,464 Toyota Motor Corp 2.33% Denmark 1.55%$ 7,836 KDDI Corp 2.33% Finland 0.57%$ 2,882 Reed Elsevier NV 1.98% France 10.95%$ 55,356 Akzo Nobel NV 1.88% Germany 5.22%$ 26,389 Total SA 1.46% Greece 0.03%$ 152 Barclays PLC 1.35% Hong Kong 1.66%$ 8,392 Nestle SA 1.29% India 0.55%$ 2,780 UBS Group AG 1.25% Indonesia 0.31%$ 1,567 Linde AG 1.23% Ireland 1.35%$ 6,825 Sumitomo Mitsui Financial Group Inc 1.21% Italy 1.02%$ 5,156 Japan 18.79%$ 94,989 Kazakhstan 0.01%$ 51 Luxembourg 0.23%$ 1,163 Malaysia 0.48%$ 2,427 Top 5 Industries (% of Net Assets) Mexico 0.05%$ 253 Financial Services 20.63% Netherlands 5.58%$ 28,209 Producer Durables 16.19% New Zealand 0.39%$ 1,972 Consumer Discretionary 14.76% Norway 1.18%$ 5,965 Materials & Processing 11.04% Philippines 0.01%$ 51 Utilities 9.39% Poland 0.14%$ 708 Qatar 0.02%$ 101 Russia 0.08%$ 404 Singapore 0.69%$ 3,488 South Africa 0.65%$ 3,286 South Korea 1.37%$ 6,926 Spain 1.20%$ 6,066 Sweden 2.09%$ 10,566 Switzerland 7.81%$ 39,482 Taiwan 0.89%$ 4,499 Thailand 0.23%$ 1,163 Turkey 0.10%$ 506 Unitied Arab Kingdom 0.06%$ 303 United Kingdom 19.14%$ 96,759 United States 1.18%$ 5,965 Total 100.00%$ 505,531

51 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks 98.82% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.76% Energy (continued) 475,000 ANTA Sports Products Ltd$ 839 29,030 Gazprom OAO$ 135 59,318 Bellway PLC 1,793 64,600 Imperial Oil Ltd 2,791 74,600 Bridgestone Corp 2,613 20,900 JA Solar Holdings Co Ltd 171 20,000 Canadian Tire Corp Ltd 2,119 5,730 KazMunaiGas Exploration Production JSC 83 119,186 Carnival PLC 5,425 1,545 Lukoil OAO 61 11,142 Continental AG 2,367 1,607 PetroChina Co Ltd-ADR 178 59,800 East Japan Railway Co 4,550 604,000 PetroChina Co Ltd 670 4,142 FF Group 132 63,341 Petrofac Ltd 694 76,500 Fuji Heavy Industries Ltd 2,744 9,500 Petroleo Brasileiro SA 72 43,400 FUJIFILM Holdings Corp 1,340 307,900 PTT Global Chemical PCL 480 106,223 Inchcape PLC 1,201 38,700 PTT PCL 381 717,766 ITV PLC 2,408 54,883 Royal Dutch Shell PLC Class A 1,843 69,300 JTEKT Corp 1,187 45,865 Royal Dutch Shell PLC Class B 1,597 7,454 KIA Motors Corp 355 23,635 Sasol Ltd 881 757,504 Kingfisher PLC 4,022 71,373 Statoil ASA 1,249 27,874 Magna International Inc 3,030 8,317 Tatneft OAO 204 2,550 Naspers Ltd 334 80,440 Technip SA 4,810 17,206 Next PLC 1,830 143,249 Total SA 7,370 420,000 Nikon Corp 5,619 33,913 21,648 Pandora A/S 1,775 96,337 Persimmon PLC 2,370 Financial Services 20.63% 416,849 Reed Elsevier NV 10,011 709,214 Aviva PLC 5,358 80,600 Sekisui House Ltd 1,067 206,370 AXA SA 4,796 380,000 Skyworth Digital Holdings Ltd 207 6,870 Banco do Brasil SA 61 35,331 Tata Motors Ltd 1,494 843,800 Bank Negara Indonesia Persero Tbk PT 416 186,800 Toyota Motor Corp 11,776 4,164,000 Bank of China Ltd 2,346 16,034 Valeo SA 2,010 1,792,576 Barclays PLC 6,806 74,618 8,634 Barwa Real Estate Co 99 99,284 BNP Paribas SA 5,918 Consumer Staples 8.10% 452,500 BOC Hong Kong Holdings Ltd 1,514 80,498 Alimentation Couche Tard Inc 3,384 74,407 Brookfield Asset Management Inc 3,740 144,867 AMBEV SA 891 406,000 China Communications Construction Co Ltd 488 35,637 Anheuser-Busch InBev NV 4,047 343,000 China Everbright Bank Co Ltd 187 21,500 Arca Continental SAB de CV 136 1,474,500 China Hongqiao Group Ltd 994 19,008 Aryzta AG 1,472 59,904 Cielo SA 939 47,385 Associated British Foods PLC 2,330 57,565 Commonwealth Bank of Australia 4,035 415,100 Astra Agro Lestari Tbk PT 813 157,224 Credit Suisse Group AG 3,968 182,779 Britvic PLC 1,922 11,630 Daishin Securities Co Ltd 100 342 CJ CheilJedang Corp 95 290,810 Direct Line Insurance Group PLC 1,321 7,700 Daesang Corp 234 82,343 DNB ASA 1,216 9,489 Diageo PLC 273 95,881 Dubai Islamic Bank PJSC 181 30,563 Heineken NV 2,180 66,200 Even Construtora e Incorporadora SA 135 341,000 Industrial & Commercial Bank of China Ltd 249 23,640 First Gulf Bank PJSC 109 359,801 JBS SA 1,516 107,460 FirstRand Ltd 470 27,500 Metro Inc 2,215 125,600 Guangzhou R&F Properties Co Ltd 154 88,820 Nestle SA 6,521 8,416 HDFC Bank Ltd 427 75,000 NH Foods Ltd 1,650 629,557 HSBC Holdings PLC 6,007 11,800 Royal Unibrew A/S 2,084 37,500 ICICI Bank Ltd 433 43,000 Thai Union Frozen Prodcuts 118 297,900 Indofood Sukses Makmur Tbk PT 162 113,700 Unilever NV 4,491 61,917 Industrial Bank of Korea 794 36,194 Unilever PLC 1,483 59,483 Investor AB 2,163 113,001 Woolworths Ltd 2,837 111,321 Itau Unibanco Holding SA 1,449 40,941 75,300 Itausa - Investimentos Itau SA 266 Energy 6.71% 56,629 KBC Groep NV 3,186 207,000 Bangchak Petroleum PCL/The 200 597,000 Kobe Steel Ltd 1,041 329,000 Bankers Petroleum Ltd 926 12,800 Kyongnam Bank 139 266,626 BG Group PLC 3,596 385,151 Legal & General Group PLC 1,493 78,887 Canadian Natural Resources Ltd 2,446 8,104 Liberty Holdings Ltd 86 4,740 China Petroleum & Chemical Corp 384 2,874,678 Lloyds Banking Group PLC 3,399 19,090 DCC PLC 1,058 33,169 Macquarie Group Ltd 1,582 365,202 Enel SpA 1,633 723,290 Man Group PLC 1,810

52 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Materials & Processing (continued) 682,000 Megaworld Corp$ 71 366,228 Rexam PLC$ 2,591 216,000 Mitsubishi UFJ Financial Group Inc 1,197 87,095 Rio Tinto PLC 4,074 87,904 MMI Holdings Ltd/South Africa 228 80,100 Shin-Etsu Chemical Co Ltd 5,255 254,300 Natixis SA 1,688 41,682 Sibanye Gold Ltd 81 77,500 ORIX Corp 985 61,074 Smurfit Kappa Group PLC 1,382 220,283 Paragon Group of Cos PLC/The 1,430 145,959 Stora Enso OYJ 1,313 1,265 Powszechny Zaklad Ubezpieczen SA 173 68,778 Svenska Cellulosa AB SCA 1,484 139,071 Prudential PLC 3,235 38,865 Voestalpine AG 1,542 36,633 Royal Bank of Canada 2,538 18,210 West Fraser Timber Co Ltd 1,045 203,047 Sanlam Ltd 1,229 39,798 Yara International ASA 1,772 438,357 Shenzhen Investment Ltd 126 55,838 76,500 Shimao Property Holdings Ltd 171 167,600 Sumitomo Mitsui Financial Group Inc 6,116 Producer Durables 16.19% 197,600 Thanachart Capital PCL 191 50,129 ACS Actividades de Construccion y Servicios SA 1,757 46,800 Tokio Marine Holdings Inc 1,535 605 AP Moeller - Maersk A/S 1,216 25,794 Toronto-Dominion Bank/The 1,236 481,819 Balfour Beatty PLC 1,593 25,356 Turkiye Garanti Bankasi AS 101 98,000 Brother Industries Ltd 1,802 366,566 UBS Group AG 6,305 48,714 Canadian National Railway Co 3,366 19,006 Zurich Insurance Group AG 5,962 51,800 Canon Marketing Japan Inc 885 104,305 1,996,000 China Construction Bank Corp 1,640 241,500 China Railway Construction Corp Ltd 308 Health Care 6.42% 541,000 China Railway Group Ltd 445 28,777 Actelion Ltd 3,339 73,554 Deutsche Post AG 2,407 14,262 Boiron SA 1,203 14,525 Duerr AG 1,288 2,667 Chong Kun Dang Pharmaceutical Corp 158 337,000 Fuji Electric Co Ltd 1,360 32,477 Coloplast A/S 2,739 31,445 Go-Ahead Group PLC 1,206 14,076 Daewoong Pharmaceutical Co Ltd 861 23,439 HOCHTIEF AG 1,660 12,852 Draegerwerk AG & Co KGaA 1,304 736,169 International Consolidated Airlines Group SA 5,580 60,478 Eni SpA 1,062 50,000 Japan Airlines Co Ltd 1,501 6,453 Eurofins Scientific SE 1,656 168,000 JGC Corp 3,492 406,970 Fisher & Paykel Healthcare Corp Ltd 1,988 226,900 Komatsu Ltd 5,079 1,331,900 Kalbe Farma Tbk PT 197 3,382 Korea Electric Power Corp 131 50,884 Orion Oyj 1,587 110,879 Legrand SA 5,842 20,692 Orpea 1,299 45,926 Loomis AB 1,326 159,377 Recordati SpA 2,478 393,893 Michael Page International PLC 2,530 55,999 Shire PLC 3,958 130,000 Mitsui & Co Ltd 1,758 2,060,967 Sigma Pharmaceuticals Ltd 1,248 799,000 Mitsui Engineering & Shipbuilding Co Ltd 1,419 616,000 Sihuan Pharmaceutical Holdings Group Ltd 412 40,220 NCC AB 1,268 130,900 Smith & Nephew PLC 2,425 84,000 Nippo Corp 1,384 83,976 Sonic Healthcare Ltd 1,271 474,000 Nippon Yusen KK 1,352 13,858 Sonova Holding AG 2,049 542,625 PostNL NV 2,035 29,600 Takeda Pharmaceutical Co Ltd 1,234 61,323 Ryanair Holdings PLC 4,370 32,468 67,849 Schneider Electric SE 4,976 39,000 Seiko Epson Corp 1,656 Materials & Processing 11.04% 434,000 Sembcorp Industries Ltd 1,457 136,100 Akzo Nobel NV 9,494 828,000 Sembcorp Marine Ltd 2,037 44,300 Alfa SAB de CV 99 19,994 Siemens AG 2,268 38,735 APERAM SA 1,152 87,507 Skanska AB 1,877 164,509 BHP Billiton Ltd 3,954 263,000 Sumitomo Heavy Industries Ltd 1,432 75,463 Billerudkorsnas AB 1,084 62,240 Tecnicas Reunidas SA 2,733 83,621 Boliden AB 1,341 36,506 Vinci SA 2,010 614,000 China Lumena New Materials Corp 0 29,500 West Japan Railway Co 1,405 199,877 Clariant AG 3,363 81,851 2,589 Givaudan SA 4,672 2,729 KGHM Polska Miedz SA 84 14,989 KOC Holding AS 396 Technology 5.58% 1,533 LG Chem Ltd 197 60,996 Advanced Semiconductor Engineering Inc 374 33,368 Linde AG 6,226 97,112 AU Optronics Corp 494 93,102 Mondi PLC 1,524 20,325 Cap Gemini SA 1,463 302,687 Norsk Hydro ASA 1,713 4,200 Constellation Software Inc/Canada 1,253

53 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014

Shares Fair Shares Short-Term Investments Fair Common Stocks (continued) Value (000's) 1.17% Value (000's) Technology (continued) 5,905,527 Dreyfus Government Cash Management Fund 5,905 45,502 Dialog Semiconductor PLC$ 1,615 (Cost $5,905,527) 695,000 Hitachi Ltd 5,221 16,386 Ingenico 1,731 TOTAL INVESTMENTS 99.99%$ 505,531 143,000 KWG Property Holding Ltd 98 (Cost $476,607,409) 2,469 LG Display Co Ltd 76 33,200 Omron Corp 1,509 30,420 Open Text Corp 1,776 Other Assets, Less Liabilities 0.01% 26 606 Samsung Electronics Co Ltd 732 59,884 SAP SE 4,222 TOTAL NET ASSETS 100.00%$ 505,557 62,669 Siliconware Precision Industries Co Ltd 473 36,459 SK Hynix Inc 1,584 119,102 Taiwan Semiconductor Manufacturing Co Ltd 2,666 18,000 Tovis Co Ltd 269 50,418 United Internet AG 2,287 120,249 United Microelectronics Corp 273 9,800 Wipro Ltd 111 28,227

Utilities 9.39% 111,000 Cheung Kong Holdings Ltd 1,865  399,942 China Mobile Ltd 4,667 368 Chocoladefabriken Lindt & Sprungli AG 1,827 8,123 Chunghwa Telecom Co Ltd 239 12,632 Cia Energetica de Minas Gerais 62 11,600 Cia Energetica de Sao Paulo 117 12,700 Cia Paranaense de Energia 172 401,890 Drax Group PLC 2,886 371,323 Echo Entertainment Group Ltd 1,152 15,436 Essilor International SA 1,731 61,978 Gas Natural SDG SA 1,561 209,250 GDF Suez 4,920 530,000 Huaneng Power International Inc 716 184,800 KDDI Corp 11,771 80,800 Kuroda Electric Co Ltd 1,123 17,400 Nippon Telegraph & Telephone Corp 901 111,612 Orange SA 1,911 67,181 PGE Polska Grupa Energetyczna SA 357 22,775 Sesa Sterlite Ltd 309 3,317 SK Telecom Co Ltd 809 13,574 SK Telecom Co Ltd- ADR 367 80,210 Tauron Polska Energia SA 114 75,447 Telekom Malaysia Bhd 148 575,900 Tenaga Nasional Bhd 2,273 47,319 TUI AG 761 1,355,498 Vodafone Group PLC 4,706 47,465

TOTAL COMMON STOCKS 499,626 (Cost $470,701,882)

54 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 99.68% Number of Stocks 1,976 Top Ten Stocks (% of Net Assets) 2.72%

Top Ten Equity Holdings (% of Net Assets) ISIS Pharmaceuticals Inc. 0.41% Brunswick Corp. 0.27% TriQuint Semiconductor Inc. 0.27% RF Micro Devices Inc. 0.27% Office Depot Inc. 0.26% LaSalle Hotel Properties 0.26% RLJ Lodging Trust 0.25% Graphic Packaging Corp. 0.25% Puma Biotechnology Inc. 0.25% Core-Mark Holding Company Inc. 0.24%

Top 5 Industries (% of Net Assets) Financial Services 25.29% Technology 14.83% Health Care 14.64% Consumer Discretionary 14.40% Producer Durables 13.29%

55 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks 99.68% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.40% Consumer Discretionary (continued) 4,580 1-800-Flowers.com Inc$ 38 5,090 Conn's Inc. $ 95 1,900 2U Inc. 37 5,980 Constant Contact Inc. 219 14,550 Aeropostale Inc. 34 3,700 Container Store Group Inc. 71 3,860 AH Belo Corp. 40 10,960 Cooper Tire & Rubber Co. 380 4,100 AMC Entertainment Holdings Inc. 107 2,500 Cooper-Standard Holding Inc. 145 12,750 American Axle & Manufacturing Holdings Inc. 288 2,200 Coupons.com Inc. 39 36,400 American Eagle Outfitters Inc. 505 3,586 Cracker Barrel Old Country Store 505 3,600 American Public Education Inc. 133 16,320 CROCS Inc. 204 2,330 American Woodmark Corp. 94 6,390 Crown Media Holdings Inc. 23 1,650 America's Car-Mart Inc. 88 1,730 CSS Industries Inc. 48 8,090 Angie's List Inc. 50 27,100 Cumulus Media Inc. 115 9,050 Ann Inc. 330 187 Daily Journal Corp. 49 2,300 Arctic Cat Inc. 82 32,030 Dana Holding Corp. 696 5,910 Asbury Automotive Group Inc. 449 4,390 Del Frisco's Restaurant Group, Inc. 104 7,660 Barnes & Noble Inc. 178 16,150 Denny's Corp. 167 5,128 Beazer Homes USA Inc. 99 2,770 Destination Maternity Corp. 44 5,800 Bebe Stores Inc. 13 5,660 Destination XL Group, Inc. 31 18,090 Belmond Ltd. 224 3,320 DEX Media Inc. 30 3,440 Big 5 Sporting Goods Corp. 50 7,300 Diamond Resorts International 204 325 Biglari Holdings Inc. 130 3,080 DineEquity Inc. 319 4,540 BJ's Restaurants Inc. 228 5,160 Dorman Products Inc. 249 5,370 Black Diamond Inc. 47 4,390 Drew Industries Inc. 224 14,610 Bloomin' Brands, Inc. 362 3,200 Eastman Kodak Co 69 2,530 Blue Nile Inc. 91 1,500 El Pollo Loco Holdings Inc. 30 4,700 Bob Evans Farms Inc. 241 4,640 Elizabeth Arden Inc. 99 2,760 Bon-Ton Stores Inc. 20 2,800 Empire Resorts Inc. 22 14,250 Boyd Gaming Corp. 182 4,890 Entercom Communications Corp. 59 3,500 Bravo Brio Restaurant Group 49 10,580 Entravision Communications Corp. 69 2,850 Bridgepoint Education Inc. 32 4,200 Eros International Plc 89 5,820 Bright Horizons Family Solutions, Inc. 274 2,900 Escalade Inc. 44 8,150 Brown Shoe Co. Inc. 262 4,780 Ethan Allen Interiors Inc. 148 17,700 Brunswick Corp. 907 7,830 EVINE Live Inc. 52 5,215 Buckle Inc. 274 16,160 Express Inc. 237 3,574 Buffalo Wild Wings Inc. 645 900 Famous Dave's of America Inc. 24 2,300 Build-A-Bear Workshop Inc. 46 5,280 Federal-Mogul Holdings Corp. 85 5,300 Burlington Stores Inc. 250 4,950 Fiesta Restaurant Group Inc. 301 8,400 Caesars Acquisition Co. 87 9,469 Finish Line Inc. 230 9,460 Caesars Entertainment Corp. 148 10,310 Five Below, Inc. 421 16,560 Callaway Golf Co. 128 1,000 Flexsteel Industries 32 1,980 Capella Education Co. 152 3,000 Fox Factory Holding Corp. 49 1,900 Care.com Inc. 16 8,000 Francesca's Holdings Corp. 134 14,190 Career Education Corp. 99 1,860 Franklin Covey Co. 36 4,550 Carmike Cinemas Inc. 120 6,610 Fred's Inc. 115 3,010 Carriage Services Inc. 63 3,784 FTD Cos Inc. 132 6,460 Carrols Restaurant Group Inc. 49 2,870 Fuel Systems Solutions Inc. 31 5,030 Cato Corp. 212 2,800 Gaiam Inc. 20 1,630 Cavco Industries Inc. 129 4,510 Genesco Inc. 346 13,060 Central European Media 42 6,740 Gentherm Incorporated 247 8,560 Central Garden & Pet Company 82 3,610 G-III Apparel Group Ltd. 365 1,000 Century Communities Inc. 17 8,990 Grand Canyon Education Inc. 419 11,020 Cenveo Inc. 23 8,990 Gray Television Inc. 101 9,610 Cheesecake Factory Incorporated 483 4,550 Group 1 Automotive Inc. 408 13,500 Chegg Inc. 93 12,000 Guess? Inc. 253 4,330 Children's Place Retail Stores 247 8,790 Harte-Hanks Inc. 68 6,730 Christopher & Banks Corp. 38 4,000 Haverty Furniture Companies Inc. 88 2,665 Churchill Downs Inc. 254 4,120 Healthstream Inc. 121 3,320 Chuy's Holdings, Inc. 65 5,350 Helen of Troy Ltd. 348 6,280 Cimpress Nv 470 1,780 Hemisphere Media Group Inc. 24 3,100 Citi Trends Inc. 78 2,250 hhgregg Inc. 17 4,600 Cluccorp Holdings Inc. 82 4,920 Hibbett Sports, Inc. 238 1,300 Collectors Universe 27 11,840 Hillenbrand Inc. 408 5,080 Columbia Sportswear Company 226 20,500 Houghton Mifflin Harcourt 425

56 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary (continued) Consumer Discretionary (continued) 21,440 Hovnanian Enterprises Inc.$ 89 1,500 Norcraft Cos Inc.$ 29 6,220 HSN Inc. 473 5,260 NutriSystem Inc. 103 9,060 Iconix Brand Group Inc. 306 101,212 Office Depot Inc. 868 2,300 Ignite Restaurant Group Inc. 18 11,450 Orbitz Worldwide Inc. 94 3,150 Inter Parfums Inc. 86 3,950 Outerwall Inc. 297 5,730 International Speedway Corp. 181 2,290 Overstock.com Inc. 56 8,060 Interval Leisure Group Inc. 168 2,750 Oxford Industries Inc. 152 3,630 Intrawest Resorts Holdings Inc. 43 9,223 Pacific Sunwear Of California 20 4,030 Isle of Capri Casinos Inc. 34 5,720 Papa John's International Inc. 319 4,380 ITT Educational Services Inc. 42 1,700 Papa Murphy's Holdings Inc. 20 7,700 Jack in the Box Inc. 616 15,600 Penn National Gaming 214 3,930 JAKKS Pacific Inc. 27 9,350 Pep Boys - Manny, Moe & Jack 92 3,418 Jamba Inc. 52 2,520 Perry Ellis International Inc. 65 1,330 Johnson Outdoors Inc. 41 17,390 Pier 1 Imports Inc. 268 8,220 Journal Communications Inc. 94 11,140 Pinnacle Entertainment Inc. 248 6,360 K12 Inc. 75 8,920 Pool Corp. 566 15,530 KB Home 257 4,480 Popeyes Louisiana Kitchen Inc. 252 2,850 Kirkland's Inc. 67 2,700 Potbelly Corp. 35 12,790 Krispy Kreme Doughnuts Inc. 252 3,541 PriceSmart Inc. 323 8,900 La Quinta Holdings Inc. 196 25,120 Quicksilver Inc. 56 3,400 Lands' End Inc. 183 6,410 QuinStreet Inc. 39 9,910 La-Z-Boy Inc. 266 4,200 Radio One Inc. 7 12,030 LeapFrog Enterprises Inc. 57 3,350 Reading International Inc. 44 9,800 Lee Enterprises Inc. 36 8,380 Reald Inc. 99 2,600 LGI Homes Inc. 39 2,660 Red Robin Gourmet Burgers Inc. 205 3,990 Libbey Inc. 125 8,520 Regis Corp. 143 960 Liberty Tax Inc. 34 2,880 Remy International Inc 60 7,910 Life Time Fitness Inc. 448 9,910 Rent-A-Center Inc. 360 14,810 LifeLock, Inc. 274 1,840 Rentrak Corp. 134 2,090 Lifetime Brands Inc. 36 5,820 Restoration Hardware Holdings, Inc. 559 4,400 Lithia Motors Inc. 381 2,320 Revlon Inc. 79 5,078 Lumber Liquidators Holdings 337 3,870 Rosetta Stone Inc. 38 5,040 M/I Homes Inc. 116 11,260 Ruby Tuesday Inc. 77 1,600 Malibu Boats Inc. 31 7,330 Ruth's Hospitality Group 110 6,040 Marchex Inc. 28 8,930 Ryland Group Inc. 344 3,290 Marcus Corp. 61 993 Saga Communications Inc. 43 2,150 Marine Products Corp. 18 2,120 Salem Communications Corp. 17 4,780 Marinemax Inc. 96 4,910 Scholastic Corp. 179 5,230 Marriott Vacations Worldwide 390 9,770 Scientific Games Corporation 124 5,460 Martha Stewart Living Ominmedia Inc. 24 2,170 Sears Hometown And Outlet 29 5,618 Matthews International Corp. 273 10,240 Select Comfort Corporation 277 2,750 Mattress Firm Holding Corp. 160 3,100 Sequential Brands Group Inc. 41 12,830 McClatchy Company 43 10,400 SFX Entertainment Inc. 47 7,290 MDC Holdings Inc. 193 3,070 Shoe Carnival Inc. 79 7,840 MDC Partners Inc. 178 7,269 Shutterfly Inc. 303 10,010 Media General Inc. 167 2,820 Shutterstock, Inc. 195 9,140 Men's Wearhouse Inc. 404 12,790 Sinclair Broadcast Group Inc. 350 7,010 Meredith Corp. 381 4,950 Sizmek Inc. 31 7,390 Meritage Homes Corp. 266 7,310 Skechers U.S.A. Inc. 404 19,320 Meritor Inc. 293 3,690 Skullcandy Inc. 34 1,760 Monarch Casino & Resort Inc. 29 7,270 Sonic Automotive Inc. 197 5,895 Monro Muffler Brake Inc. 341 10,290 Sonic Corp. 280 5,450 Morgans Hotel Group Co. 43 11,370 Sotheby's 491 3,400 Motorcar Parts of America Inc. 106 8,590 Speed Commerce Inc. 27 3,410 Movado Group Inc. 97 2,740 Speedway Motorsports Inc. 60 560 Nathan's Famous Inc. 45 2,300 Sportsman's Warehouse Holdings Inc. 17 11,340 National CineMedia Inc. 163 5,790 Stage Stores Inc. 120 989 National Presto Industries Inc. 57 2,670 Stamps.com Inc. 128 6,830 Nautilus Inc 104 3,650 Standard Motor Products Inc. 139 6,900 New Media Investment Group Inc. 163 28,010 Standard Pacific Corp. 204 5,386 New York & Co. Inc. 14 5,059 Stein Mart Inc. 74 27,010 New York Times Co. 357 3,000 Steiner Leisure Ltd. 139 5,800 Nexstar Broadcasting Group Inc. 300 11,017 Steven Madden Ltd. 351 2,000 Noodles & Co. 53 5,228 Stoneridge Inc. 67

57 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary (continued) Consumer Staples (continued) 753 Strattec Security Corp.$ 62 2,880 Inventure Foods Inc.$ 37 2,014 Strayer Education Inc. 150 2,760 J&J Snack Foods Corp. 300 4,450 Superior Industries International Inc. 88 1,670 John B. Sanfilippo & Son Inc. 76 2,230 Systemax Inc 30 3,490 Lancaster Colony Corp. 327 11,470 Tenneco Inc. 649 5,800 Liberator Medical Holdings Inc. 17 13,070 Texas Roadhouse Inc. 441 504 Lifeway Foods Inc. 9 5,600 The EW Scripps Co. 125 2,050 Limoneira Company 51 1,100 The Habit Restaurants Inc. 36 2,320 Medifast Inc. 78 1,600 The New Home Co Inc. 23 2,320 National Beverage Corp. 52 5,190 Tile Shop Holdging Inc. 46 1,810 Natural Grocers by Vitamin Cottage, Inc. 51 2,020 Tilly's Inc. 20 2,230 Nature's Sunshine Products Inc. 33 20,900 Time Inc. 514 1,750 Nutraceutical International Corp. 38 21,690 TiVo Inc. 257 3,870 Omega Protein Corp. 41 3,750 Tower International Inc. 96 1,640 Orchids Paper Products Co. 48 1,700 Townsquare Media Inc. 22 4,220 Pantry Inc. 156 4,600 Travelport Worldwide Ltd. 83 4,110 PetMed Express Inc. 59 27,820 TRI Pointe Homes, Inc. 424 2,360 Photomedex Inc. 4 1,300 TubeMogul Inc. 29 8,380 Post Holdings Inc. 351 8,660 Tuesday Morning Corp. 188 7,250 Roundy's Inc. 35 9,790 Tumi Holdings 232 4,360 Sanderson Farms Inc. 366 2,920 Universal Electronics Inc. 190 54 Seaboard Corp. 227 4,335 Universal Technical Institute Inc. 43 1,670 Seneca Foods Corp. 45 6,920 Vail Resorts Inc. 631 2,500 Smart & Final Stores Inc. 39 4,130 Vera Bradley Inc. 84 9,120 Snyders-Lance Inc. 279 4,160 Viad Corp. 111 7,092 SpartanNash Co. 185 2,300 Vince Holding Corp. 60 37,720 Supervalu Inc. 366 5,710 Vitamin Shoppe Inc. 277 3,130 Synutra International Inc. 19 3,820 Voxx International Corp. 33 8,300 The Fresh Market Inc. 342 2,400 Wayfair Inc 48 3,529 Tootsie Roll Industries Inc. 108 2,200 WCI Communities Inc. 43 8,090 Treehouse Foods Inc. 692 5,100 Weight Watchers Intenational Inc. 127 9,490 United Natural Foods Inc. 734 4,975 West Marine Inc. 64 1,180 USANA Health Sciences Inc. 121 1,330 Weyco Group Inc. 39 1,290 Village Super Market Inc. 35 3,230 William Lyon Homes-Class A 65 2,860 Wd-40 Co. 243 460 Winmark Corp. 40 2,250 Weis Markets Inc. 108 5,040 Winnebago Industries Inc. 110 9,919 19,220 Wolverine World Wide Inc. 566 6,580 World Wrestling Entertainment Inc. 81 Energy 3.21% 4,980 XO Group Inc. 91 17,300 Abraxas Petroleum Corporation 51 1,100 Zoe's Kitchen Inc. 33 430 Adams Resources & Energy Inc. 21 4,220 Zumiez Inc. 163 4,760 Alon USA Energy Inc. 60 48,237 40,960 Alpha Natural Resources 68 4,000 Ameresco Inc. 28 Consumer Staples 2.96% 6,200 American Eagle Energy Cor. 4 590 Alico Inc. 30 4,960 Amyris Inc. 10 5,430 Andersons Inc. 289 1,870 Apco Oil & Gas International 26 10,010 B&G Foods Inc. 299 7,130 Approach Resources Inc. 46 1,577 Boston Beer Co. Inc. 457 39,010 Arch Coal Inc. 69 11,070 Boulder Brands, Inc. 122 6,120 Basic Energy Services Inc. 43 2,500 Calavo Growers Inc. 118 9,370 Bill Barrett Corp. 107 5,880 Cal-Maine Foods Inc. 229 6,320 Bonanza Creek Energy Inc. 152 7,300 Casey's General Stores Inc. 659 21,900 BPZ Resources Inc. 6 3,360 Chefs' Warehouse Inc. 77 8,510 C&J Energy Services Inc. 112 8,800 Chiquita Brands International 127 10,450 Callon Petroleum Co. 57 850 Coca-Cola Bottling Co. 75 62,290 Capstone Turbine Corp. 46 13,028 Core-Mark Holding Company Inc. 807 3,737 Carbo Ceramics Inc. 150 2,160 Craft Brewers Alliance 29 8,540 Carrizo Oil & Gas Inc. 355 17,700 Dean Foods Co. 343 17,800 Civeo Corp. 73 4,050 Diamond Foods Inc. 114 1,082 Clayton Williams Energy Inc. 69 2,600 Diplomat Pharmacy Inc. 71 12,930 Clean Energy Fuels Corp. 65 4,800 Fairway Group Holdings Co. 15 11,540 Cloud Peak Energy Inc. 106 1,210 Farmer Brothers 36 9,180 Comstock Resources Inc. 63 6,640 Fresh Del Monte Produce Inc. 223 3,181 Contango Oil & Gas Co. 93 2,300 Freshpet Inc. 39 1,650 Dawson Geophysical Co. 20 2,380 Ingles Markets Inc. 88 11,190 Delek US Holdings Inc. 305

58 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Energy (continued) Energy (continued) 7,850 Diamondback Energy, Inc.$ 469 3,400 Ring Energy Inc.$ 36 5,700 Eclipse Resources Corp 40 11,490 Rosetta Resources Inc. 256 10,578 Emerald Oil Inc. 13 4,400 RSP Permian Inc. 111 17,384 Energy XXI Bermuda Limited 57 9,520 Sanchez Energy Corp. 88 5,370 EnerNOC Inc. 83 3,510 Seacor Holdings Inc. 259 3,260 Enphase Energy Inc. 47 8,000 Semgroup Corp. 547 4,120 ERA Group Inc. 87 13,980 Solazyme Inc. 36 3,470 Evolution Petroleum Corp. 26 10,821 Stone Energy Corp. 183 27,860 EXCO Resources Inc 60 13,210 Suncoke Energy Inc. 255 11,180 Exterran Holdings Inc. 364 8,870 Swift Energy Co. 36 10,460 Flotek Industries Inc. 196 12,200 Synergy Resources Corp. 153 4,700 FMSA Holdings Inc. 33 4,300 TerraForm Power Inc. 133 11,150 Forum Energy Technologies Inc. 231 6,980 Tesco Corp. 89 47,860 FuelCell Energy Inc. 74 14,710 Tetra Technologies Inc. 98 9,930 FX Energy Inc. 15 4,200 Transatlantic Petroleum 23 13,200 Gastar Exploration Ltd. 32 3,670 Trecora Resources 54 2,340 Geospace Technologies Corporation 62 14,830 Triangle Peteroleum Corp. 71 2,200 Glu Mobile Inc. 9 10,040 Vaalco Energy Inc. 46 6,400 Goodrich Petroleum Corp. 28 37,730 Vantage Drilling Company 18 7,370 Green Plains Inc. 183 3,900 Vivint Solar Inc. 36 2,960 Gulf Island Fabrication Inc. 57 7,110 W&T Offshore Inc. 52 47,930 Halcon Resources Corp. 85 12,800 Walter Energy Inc. 18 1,780 Hallador Energy Co. 20 13,520 Warren Resources Inc. 22 7,700 Harvest Natural Resources 14 10,370 Western Refining Inc. 392 20,270 Helix Energy Solutions Group Inc. 440 2,810 Westmoreland Coal Co. 93 28,120 Hercules Offshore Inc. 28 8,080 Willbros Group Inc. 51 6,820 Hornbeck Offshore Service Inc. 170 10,739 1,323 Independence Contract Drilling Inc. 7 23,040 ION Geophysical Corp. 63 Financial Services 25.29% 184 Isramco Inc. 25 3,090 1st Source Corp. 106 2,200 Jones Energy Inc. 25 10,964 Acadia Realty Trust 351 24,150 Key Energy Services Inc. 40 9,980 Advent Software Inc. 306 36,460 Magnum Hunter Resources Corp. 114 5,710 AG Mortgage Investment Trust Inc. 106 14,030 Matador Resources Co. 284 2,710 Agree Realty Corp. 84 4,830 Matrix Service Co. 108 9,190 Alexander & Baldwin, Inc. 361 43,600 McDermott International Inc. 127 384 Alexander's Inc. 168 6,790 Midstates Petroleum Co. 10 259 Altisource Asset Management Corp. 80 5,540 Miller Energy Resources Inc. 7 2,680 Altisource Portfolio Sol 91 2,630 Mitcham Industries Inc. 16 10,590 Altisource Residential Corp. 205 2,530 Natural Gas Services Group Inc. 58 8,720 Ambac Financial Group Inc. 214 15,720 Newpark Resources Inc. 150 6,670 American Assets Trust Inc. 266 16,510 Nordic American Tanker Shipping Ltd. 166 9,860 American Capital Mortgage Investment Corp. 186 13,100 North Atlantic Drilling L 21 14,100 American Equity Investment Life Holding 412 11,050 Northern Oil and Gas Inc. 62 1,610 American National Bankshares Danville 40 2,867 Nuverra Environmental Solutions, Inc. 16 32,000 American Realty Capital Holdings 381 4,500 Pacific Ethanol Inc. 46 5,920 American Residential Properties 104 2,860 Panhandle Oil and Gas Inc. 67 4,879 Ameris Bancorp 125 21,580 Parker Drilling Co. 66 3,360 Amerisafe Inc. 142 10,000 Parsley Energy Inc. 160 1,901 Ames National Corp. 49 7,010 PDC Energy Inc. 289 4,010 AmREIT, Inc. 106 12,090 Penn Virginia Corp. 81 5,644 Amtrust Financial Services Inc. 317 10,730 PetroQuest Energy Inc. 40 525 Anchor BanCorp Wisconsin Inc. 18 11,420 Pioneer Energy Services Corp. 63 26,030 Anworth Mortgage Asset Corp. 137 3,880 Powersecure International 45 8,440 Apollo Commerical Real Estate 138 4,800 Profire Energy Inc. 11 6,650 Apollo Residential Mortgage Inc. 105 26,000 Quicksilver Resources Inc. 5 5,260 Ares Commercial Real Estate Co. 60 6,330 Renewable Energy Group Inc. 61 5,112 Argo Group International 284 14,350 Resolute Energy Corporation 19 4,170 Arlington Asset Investment Corp. 111 1,120 Rex American Resources Corp. 69 4,720 Armada Hoffler Properties 45 9,250 Rex Energy Corp. 47 66,320 Armour Residential REIT 244 2,120 Rignet Inc. 87 2,220 Arrow Financial Corp. 61

59 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 4,710 Ashford Hospitality Prime Inc.$ 81 3,200 City Holding Co.$ 149 13,250 Ashford Hospitality Trust Inc. 139 4,823 Clifton Savings Bancorp Inc. 66 143 Ashford Inc. 13 2,560 CNB Financial Corp. 47 11,300 Associated Estates Realty Corp. 262 38,840 CNO Financial Group Inc. 669 15,860 Astoria Financial Corp. 212 6,550 Cobiz Inc. 86 2,100 Atlas Financial Holdings 34 3,850 Cohen & Steers Inc. 162 1,930 AV Homes Inc. 28 20,080 Colony Financial Inc. 478 4,070 Aviv REIT INC. 140 9,836 Columbia Banking System Inc. 272 1,890 Baldwin & Lyons Inc. 49 7,660 Community Bank Systems Inc. 292 5,430 Banc of California Inc. 62 2,150 Community One Bancorp 25 1,350 BancFirst Corp. 86 2,857 Community Trust Bancorp Inc. 105 5,890 Banco Latinoamericano de Comercial 177 4,490 ConnectOne Bancorp Inc. 85 5,720 Bancorp Inc. 62 800 Cons Tomoka Land Co-Flori 45 18,170 BancorpSouth Inc. 409 3,470 Consumer Portfolio Services 26 8,590 Bank Mutual Corp. 59 5,894 CorEnergy Infrastructure Trust Inc. 38 1,260 Bank of Kentucky Financial Corp. 61 4,240 CoreSite Realty Corporation 166 1,110 Bank of Marin Bancorp 58 41,368 Cousins Properties Inc. 472 14,900 Bank of the Ozarks Inc. 565 21,160 Cowen Group Inc. 102 3,454 BankFinancial Corp. 41 5,370 Crawford & Co. 55 3,580 Banner Corp. 154 1,339 Credit Acceptance Corp. 183 14,701 BBCN Bancorp Inc. 211 1,940 CU Bancorp 42 1,480 BBX Capital Corp. 24 30,650 CubeSmart 676 5,349 Beneficial Mutual Bancorp Inc. 66 4,521 Customers Bancorp Inc.. 88 4,730 Berkshire Hills Bancorp Inc. 126 20,080 CVB Financial Corp. 322 32,990 BGC Partners Inc. 302 6,120 Cyrusone Inc. 169 10,240 Blackhawk Newtwork Holdings 397 30,380 CYS Investments Inc. 265 5,400 Blue Hills Bancorp Inc. 73 15,865 DCT Industrial Trust Inc. 566 3,750 BNC Bancorp 65 525 Diamond Hill Investment Group Inc. 72 2,670 BOFI Holding Inc. 208 36,879 Diamondrock Hospitality Co. 548 14,800 Boston Private Financial Holdings Inc. 199 6,510 Dime Community Bancorp 106 2,240 Bridge Bancorp Inc. 60 1,520 Donegal Group Inc. 24 1,970 Bridge Capital Holdings 44 11,870 DuPont Fabros Technology Inc. 395 14,238 Brookline Bancorp Inc. 143 11,340 Dynex Capital Inc. 94 2,760 Bryn Mawr Bank Corp. 86 4,560 Eagle Bancorp Inc. 162 900 C1 Financial Inc. 16 6,030 EastGroup Properties Inc. 382 2,860 Calamos Asset Management Inc. 38 8,706 Education Realty Trust Inc. 319 1,560 Camden National Corp. 62 3,180 eHealth Inc. 79 13,140 Campus Crest Communities Inc. 96 920 EMC Insurance Group Inc. 33 4,370 Capital Bank Corp. 117 17,300 Empire State Reality Trust 304 1,950 Capital City Bank Group Inc. 30 5,630 Employers Holdings Inc. 132 27,070 Capitol Federal Financial 346 4,870 Encore Capital Group Inc. 216 17,750 Capstead Mortgage Corp. 218 4,977 Enova International Inc. 111 6,190 Cardinal Financial Corp. 123 1,567 Enstar Group Ltd. 240 8,234 Cardtronics Inc. 318 1,480 Enterprise Bancorp Inc. 37 5,949 CareTrust REIT Inc. 73 3,700 Enterprise Financial Services 73 5,834 Cascade Bancorp 30 11,020 EPR Properties 635 5,440 Cash America International Inc. 123 11,410 Equity One Inc. 289 2,109 Cass Information Systems Inc. 112 2,624 ESB Financial Corp. 50 3,600 CatchMark Timber Trust Inc. 41 7,664 Essent Group Ltd. 197 14,930 Cathay General Bancorp 382 9,700 Euronet Worldwide Inc. 533 14,590 Cedar Realty Trust Inc. 107 17,760 Everbank Financial Corp. 339 6,480 CenterState Banks Inc. 77 6,150 Evercore Partners Inc. 322 3,560 Central Pacific Financial 77 12,750 Evertec Inc. 282 700 Century Bancorp Inc. 28 11,480 Excel Trust Inc. 154 45,150 Chambers Street Properties 364 9,740 EZCorp Inc. 114 4,158 Charter Financial Corp. 48 6,040 Fair Isaac Corporation 437 6,400 Chatham Lodging Trust 185 1,820 FBL Financial Group Inc. 106 3,280 Chemed Corp. 347 1,785 FBR & Co. 44 10,330 Chesapeake Lodging Trust 384 1,600 FCB Financial Holdings Inc. 39 1,200 CIFC Corp. 10 2,110 Federal Agricultural Mortgage Corp. 64 2,520 Citizens & Northern Corp. 52 2,600 Federated National Holding Co. 63 8,080 Citizens Inc. 61 22,990 FelCor Lodging Trust Inc. 249

60 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 2,230 Fidelity & Guaranty Life$ 54 1,900 HCI Group, Inc.$ 82 3,043 Fidelity Southern Corp. 49 17,990 Healthcare Realty Trust Inc. 491 9,640 Financial Engines Inc. 352 3,030 Heartland Financial USA Inc. 82 2,820 Financial Institutions Inc. 71 6,930 Heartland Payment Systems Inc. 374 20,230 First American Financial Corporation 686 3,830 Heritage Commerce Corp. 34 1,750 First Bancorp Inc/Me 32 5,921 Heritage Financial Group Inc. 104 19,180 First BanCorp/Puerto Rico 113 1,300 Heritage Insurance Holdings Inc. 25 4,023 First Bancorp/Troy NC 74 4,130 Heritage Oaks Bancorp 35 13,320 First Busey Corp. 87 39,330 Hersha Hospitality Trust 276 700 First Business Financial Services Inc. 34 6,070 HFF Inc. 218 5,470 First Cash Financial Services Inc. 305 6,210 Higher One Holdings Inc. 26 1,461 First Citizens BancShares Inc./NC 369 16,999 Highwoods Properties Inc. 753 17,380 First Commonwealth Financial Corp. 160 12,790 Hilltop Holdings Inc. 255 2,667 First Community Bancshares Inc. 44 10,248 Home Bancshares Inc. 330 2,970 First Connecticut Bancorp Inc. 48 13,230 Home Loan Servicing Solution 258 1,800 First Defiance Finl.Corp. 61 2,650 Homestreet Inc. 46 10,830 First Financial Bancorp 201 3,860 HomeTrust Bancshares, Inc. 64 11,890 First Financial Bankshares Inc. 355 8,020 Horace Mann Educators Corp. 266 2,300 First Financial Corp. 82 1,780 Horizon Bancorp 47 2,690 First Financial Northwest Inc. 32 10,360 Hudson Pacific Properties Inc. 311 20,880 First Industrial Realty Trust Inc. 429 2,757 Hudson Valley Holding Corp. 75 3,590 First Interstate Bancsystem Inc. 100 5,910 IberiaBank Corp. 383 6,690 First Merchants Corp. 152 1,610 Independence Holding Co. 22 13,950 First Midwest Bancorp Inc. 239 4,200 Independent Bank Corp. 55 2,770 First NBC Bank Holding Co. 98 4,480 Independent Bank Corp./Rockland MA 192 2,430 First of Long Island Corp. 69 1,690 Independent Bank Group Inc. 66 10,810 First Potomac Realty Trust 134 2,160 Infinity Property and Casuality Corp. 167 31,797 FirstMerit Corp. 601 17,449 Inland Real Estate Corp. 191 4,080 Flagstar Bancorp Inc. 64 10,620 International Bancshares Corp. 282 5,510 Flushing Financial Corp. 112 2,883 Intl Fcstone Inc. 59 32,661 FNB Corp. 435 23,060 Invesco Mortgage Capital Inc. 357 6,990 Forestar Group Inc. 108 6,610 Investment Technology Group Inc. 138 2,490 Fox Chase Bancorp Inc. 42 67,773 Investors Bancorp Inc. 761 1,800 Franklin Financial Corp. 38 21,030 Investors Real Estate Trust 172 17,010 Franklin Street Properties Corp. 209 16,100 iStar Financial Inc. 220 8,380 FXCM Inc. 139 27,940 Janus Capital Group Inc. 451 4,290 Gain Capital Holdings Inc. 39 2,000 JG Wentworth Co. 21 4,800 GAMCO Investors Inc. 5 810 Kansas City Life Insurance Co. 39 1,230 GAMCO Investors Inc. 109 8,329 KCG Holdings Inc. 97 13,945 Geo Group Inc. 563 2,930 Kearny Financial Corp. 40 2,590 German American Bancorp Inc. 79 8,700 Kemper Corp. 314 5,340 Getty Realty Corp. 97 13,620 Kennedy Wilson Holdings Inc. 345 14,040 GFI Group Inc. 77 6,177 Kite Realty Group Trust 178 13,930 Glacier Bancorp Inc. 387 2,970 Ladder Capital Corp. 58 3,160 Gladstone Commercial Corp. 54 18,460 Ladenburg Thalmann Financial Services Inc. 73 27,550 Glimcher Realty Trust 379 6,990 Lakeland Bancorp Inc. 82 12,140 Global Cash Access Holdings Inc. 87 2,960 Lakeland Financial Corp. 129 1,720 Global Indemnity Plc. 49 21,140 LaSalle Hotel Properties 856 12,780 Government Properties Income Trust 294 38,516 Lexington Realty Trust 423 35,310 Gramercy Property Trust 244 6,610 LTC Properties Inc. 285 2,110 Great Southern Bancorp Inc. 84 4,850 Macatawa Bank Corp. 26 3,500 Great Western Bancorp Inc. 80 16,800 Mack-Cali Realty Corp. 320 1,300 Green Bancorp Inc. 16 10,190 Maiden Holdings Ltd. 130 5,680 Green Dot Corp. 116 3,765 Mainsource Financial Group 79 5,370 Greenhill & Co. Inc. 234 2,780 Manning & Napier Inc. 38 5,268 Greenlight Capital RE Ltd. 172 1,400 Marcus & Millichap Inc. 47 2,704 Guaranty Bancorp 39 7,253 MarketAxess Holdings Inc. 520 2,700 Hallmark Financial Services Inc. 33 12,730 MB Financial Inc. 418 1,361 Hampton Roads Bankshares Inc. 2 9,200 Meadowbrook Insurance Group Inc. 78 15,866 Hancock Holding Co. 487 32,690 Medical Properties Trust Inc. 450 5,763 Hanmi Financial Corp. 126 3,080 Mercantile Bank Corp. 65 4,040 Hannon Armstrong Sustaina 57 1,150 Merchants Bancshares Inc. 35 15,250 Harbinger Group Inc. 216 4,162 Meridian Bancorp Inc. 47 18,100 Hatteras Financial Corp. 334 1,120 Meta Financial Group Inc. 39

61 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 2,890 Metro Bancorp Inc.$ 75 13,130 Prosperity Bancshares Inc.$ 727 64,000 MGIC Investment Corp. 596 11,310 Provident Financial Services Inc. 204 1,680 Midsouth Bancorp Inc. 29 3,730 PS Business Parks Inc. 297 1,380 Midwestone Financial Group Inc. 40 2,320 Pzena Investment Management 22 1,400 Moelis & Co. 49 2,200 QTS Realty Trust Inc-Class A 74 5,378 Moneygram International Inc. 49 36,310 Radian Group Inc. 607 10,280 Monmouth Real Estate Investment Corp. 114 16,851 RAIT Financial Trust 129 7,360 Montpelier RE Holdings Ltd. 264 14,510 Ramco-Gershenson Properties Trust 272 8,257 N B T Bancorp Inc. 217 1,750 Re/Max Holdings Inc-Class A 21 7,590 National Bank Holdings Corp. 147 2,300 ReachLocal Inc. 79 1,420 National Bankshares Inc. 43 15,840 Redwood Trust Inc. 312 6,500 National General Hldgs. 121 2,000 Regional Management Corp. 32 1,360 National Interstate Corp. 41 6,252 Renasant Corp. 181 23,239 National Penn Bancshares Inc. 245 1,985 Republic Bancorp Inc. 49 417 National Western Life Insurance Co. 112 5,700 Republic First Bancorp Inc. 21 7,130 Natl Health Investors Inc. 499 2,490 Resource America Inc. 23 1,920 Navigators Group Inc. 141 25,470 Resource Capital Corp. 128 4,180 Nelnet Inc. 194 16,890 Retail Opportunity Investments 284 26,700 New Residential Investment 341 8,584 Rexford Industrial Realty Inc. 135 16,640 New York Mortgage Trust Inc. 128 8,224 RLI Corp. 406 30,400 New York REIT Inc. 322 25,100 RLJ Lodging Trust 842 6,170 Newbridge Bancorp 54 6,790 Rouse Properties Inc. 126 5,270 NewStar Financial Inc. 67 8,226 Ryman Hospitality Properties, Inc. 434 2,100 Nicholas Financial Inc. 31 5,380 S&T Bancorp Inc. 160 9,300 NMI Holdings Inc. 85 10,136 Sabra Healthcare REIT Inc. 308 9,602 Northfield Bancorp Inc. 142 4,293 Safeguard Scientifics Inc. 85 1,330 Northrim Bancorp Inc. 35 2,630 Safety Insurance Group Inc. 168 17,875 Northwest Bancshares Inc. 224 4,510 Sandy Spring Bancorp Inc. 118 2,820 OceanFirst Financial Corp. 48 1,810 Saul Centers Inc. 104 8,430 OFG Bancorp 140 4,360 Seacoast Banking Corp. 60 1,500 Old Line Bancshares Inc. 24 7,430 Select Income REIT 181 22,330 Old National Bancorp 332 10,560 Selective Insurance Group Inc. 287 4,600 Om Asset Management Plc 75 500 ServisFirst Bancshares Inc. 16 2,400 One Liberty Properties Inc. 57 2,190 Sierra Bancorp 38 4,230 Onebeacon Insurance Group 69 7,112 Silver Bay Realty Trust Corp. 118 2,030 Oppenheimer Holdings Inc. 47 400 Silvercrest Asset Management 6 900 Opus Bank 26 2,980 Simmons First National Corp. 121 8,280 Oritani Financial Corp. 128 4,552 South State Corp 305 2,000 Owens Realty Mortgage Inc. 29 4,774 Southside Bancshares Inc. 138 3,260 Pacific Continental Corp. 46 3,675 Southwest Bancorp Inc. 64 3,160 Pacific Premier Bancorp 55 6,220 Sovran Self Storage Inc. 543 596 Palmetto Bancshares Inc. 10 4,500 Springleaf Holdings Inc. 163 2,350 Park National Corp. 208 1,100 Square 1 Financial Inc. 27 8,190 Park Sterling Corp. 60 10,560 Stag Industrial Inc. 259 14,811 Parkway Properties Inc. 272 7,800 Starwood Waypoint Reside 206 2,240 Peapack Gladstone Financial Corp 42 3,060 State Auto Financial Corp. 68 13,560 Pebblebrook Hotel Trust 619 5,823 State Bank Financial Corp. 116 13,010 Penn Real Estate Invesment Trust 305 5,000 State National Cos. Inc. 60 990 Penns Woods Bancorp Inc. 49 15,462 Sterling Bancorp 222 2,630 Pennymac Financial Services 45 4,360 Stewart Information Services Corp. 161 14,170 PennyMac Mortgage Investment Trust 299 12,402 Stifel Financial Corp. 633 2,610 Peoples Bancorp Inc. 68 2,854 Stock Yards Bancorp Inc. 95 1,400 Peoples Financial Services Corp 70 1,800 Stonegate Bank 53 1,089 Phoenix Companies Inc. 75 2,600 Stonegate Mortgage Corp. 31 8,900 Physicians Realty Trust 148 6,000 STORE Capital Corp. 130 4,650 PICO Holdings Inc. 88 50,580 Strategic Hotels & Resorts Inc. 669 6,600 Pinnacle Financial Partners Inc. 261 2,370 Suffolk Bancorp 54 2,830 Piper Jaffray Companies 164 15,690 Summit Hotel Properties 195 4,640 Platinum Underwriters Holdings Ltd. 341 1,554 Sun Bancorp Inc. 30 7,580 Potlatch Corp. 317 9,060 Sun Communites Inc. 548 9,392 PRA Group Inc. 544 38,502 Sunstone Hotel Investors Inc. 636 2,390 Preferred Bank Los Angeles 67 35,488 Susquehanna Bancshares Inc. 477 10,260 Primerica Inc. 557 5,920 SWS Group Inc. 41 13,620 Privatebancorp Inc. 455 14,270 Symetra Financial Corp. 329

62 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Health Care 14.64% 3,330 Talmer Bancorp Inc.$ 47 1,300 AAC Holdings Inc.$ 40 2,320 Tejon Ranch Co. 68 4,400 Abaxis Inc. 250 8,130 Terreno Realty Corp. 168 7,520 Abiomed Inc. 286 1,370 Territorial Bancorp Inc. 30 8,090 Acadia Healthcare Co. 495 8,180 Texas Capital BancShares Inc. 444 4,470 Accelerate Diagnostics, Inc. 86 12,500 The St. Joe Co. 230 3,300 Acceleron Pharma Inc. 129 10,400 Third Point Reinsurance 151 14,158 Accuray Incorporated 107 2,100 Tiptree Financial Inc. 17 4,270 Acelrx Pharmaceuticals Inc. 29 2,960 Tompkins Financial Corp. 164 1,400 Achaogen Inc. 18 5,382 TowneBank 81 18,950 Achillion Pharmaceuticals Inc. 232 3,400 Trade Street Residential Inc. 26 8,000 Acorda Therapeutics, Inc. 327 1,310 Tree.com Inc. 63 4,750 Actinium Pharmaceuticals Inc 28 4,180 TriCo Bancshares 103 1,400 Adamas Pharmaceuticals Inc. 24 4,070 Tristate Capital Holdings Inc 42 1,190 Addus HomeCare Corporation 29 2,600 Trupanion Inc. 18 1,100 Adeptus Health Inc 41 17,530 TrustCo Bank Corp. 127 5,790 Aegerion Pharmaceuticals Inc. 121 12,640 Trustmark Corp. 310 1,900 Aerie Pharmaceuticals Inc. 55 1,600 UCP Inc. - Class A 17 13,340 Affymetrix Inc. 132 7,240 UMB Financial Corp. 412 14,000 Agenus Inc. 56 3,090 UMH Properties Inc. 30 2,700 Agios Pharmaceuticals Inc. 303 31,175 Umpqua Holdings Corp. 530 7,680 Air Methods Corp. 338 8,455 Union Bankshares Corp. 204 1,750 Akebia Therapeutics Inc. 20 12,903 United Bankshares Inc. 483 12,000 Akorn Inc. 434 9,314 United Community Banks Inc. 176 4,560 Albany Molecular Research Inc. 74 9,350 United Community Financial 50 2,500 Alder Biopharmaceuticals Inc. 73 9,829 United Financial Bancorp 141 6,340 Alimera Sciences Inc. 35 4,110 United Fire Group 122 1,110 Alliance Healthcare Service 23 3,100 United Incsurance Holdings 68 1,560 Almost Family Inc. 45 2,230 Universal Health Realty Income Trust 107 4,180 AMAG Pharmaceuticals Inc. 178 5,700 Universal Insurance Holdings Inc. 117 5,140 Amedisys Inc. 151 3,410 Univest Corp. of Pennsylvania 69 8,720 AMN Healthcare Services Inc. 171 5,100 Urstadt Biddle Properties Inc. 112 1,700 Amphastar Pharmaceuticals Inc. 20 42,400 Valley National Bancorp 412 7,550 Ampio Pharmaceuticals Inc. 26 7,472 Viewpoint Financial Group 178 8,120 AmSurg Corp. 444 1,314 Virtus Investment Partners Inc. 224 6,590 Anacor Pharmaceuticals Inc. 213 3,370 Walker & Dunlop Inc. 59 2,300 Analogic Corp. 195 6,867 Walter Investment Management Corp. 113 4,540 AngioDynamics Inc. 86 19,300 Washington Federal Inc. 427 1,400 ANI Pharmaceuticals Inc. 79 12,800 Washington Real Estate Investment Trust 354 2,660 Anika Therapeutics Inc. 108 2,660 Washington Trust Bancorp Inc. 107 21,460 Antares Pharma Inc. 55 6,367 Waterstone Financial Inc. 84 1,600 Applied Genetic Technologies Corp./DE 34 17,360 Webster Financial Corp. 565 5,400 Aratana Therapeutics Inc. 96 4,800 Wesbanco Inc. 167 1,100 Ardelyx Inc. 21 2,897 West Bancorporation Inc. 49 42,260 Arena Pharmaceuticals Inc. 147 5,120 Westamerica Bancorporation 251 31,700 ARIAD Pharmaceuticals Inc. 218 14,250 Western Alliance Bancorp 396 25,200 Array Biopharma Inc. 119 7,660 Western Asset Mortgage Capital 113 10,200 Arrowhead Research Corp. 75 1,430 Westwood Holdings Group Inc. 88 1,300 Atara Biotherapeutics Inc. 35 7,281 WEX Inc. 734 5,080 Atricure Inc. 101 4,290 Whitestone REIT 65 271 Atrion Corp. 92 12,670 Wilshire Bancorp Inc. 128 1,740 Auspex Pharmaceuticals Inc. 91 8,780 Wintrust Financial Corp. 411 9,380 Auxilium Pharmaceuticals Inc. 323 20,250 Wisdomtree Investments Inc. 317 1,300 Avalanche Biotechnologies Inc. 70 1,500 World Acceptance Corp. 119 37,190 Avanir Pharmaceuticals 630 1,610 WSFS Financial Corp. 124 13,500 BioCryst Pharmaceuticals Inc. 164 5,700 Xoom Corp. 100 7,720 Biodelivery Sciences International 93 4,158 Yadkin Financial Corp. 82 16,500 Bio-Path Holdings Inc. 44 84,763 4,400 Bio-Reference Laboratories Inc. 141 12,520 BioScrip Inc. 88 700 BioSpecifics Technologies Corp. 27 5,200 BioTelemetry Inc. 52 4,200 Bluebird Bio Inc. 385

63 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) Health Care (continued) 1,700 Calithera Biosciences Inc.$ 34 2,000 HealthEquity Inc$ 51 6,140 Cambrex Corp. 133 16,860 HealthSouth Corp. 648 6,505 Cantel Medical Corp. 281 5,880 Healthways Inc. 117 5,620 Capital Senior Living Corp. 140 3,140 Heartware International Inc. 231 2,300 Cara Therapeutics Inc. 23 5,200 Heron Therapeutics Inc. 52 5,580 Cardiovascular Systems Inc. 168 17,000 HMS Holdings Corp. 359 2,400 Castlight Health Inc. 28 11,940 Horizon Pharma Inc. 154 9,200 Catalent Inc. 256 2,890 Hyperion Therapeutics, Inc. 69 16,940 Celldex Therapeutics Inc. 309 2,650 ICU Medical Inc. 217 3,000 Cellular Dynamics International 19 14,000 Idera Pharmaceuticals Inc. 62 4,030 Cempra Inc. 95 7,000 IGI Laboratories Inc. 62 13,340 Cepheid Inc. 722 1,100 Immune Design Corp. 34 13,360 Cerus Corporation 83 16,450 Immunogen Inc. 100 6,430 Chemical Financial Corp. 197 16,140 Immunomedics Inc. 77 2,200 Civitas Solutions Inc. 37 13,610 Impax Laboratories Inc. 431 4,730 Clovis Oncology Inc. 265 569 Imprivata Inc. 7 2,170 Computer Programs & Systems Inc. 132 1,100 INC Research Holdings Inc. 28 5,070 Conmed Corp. 228 9,790 Infinity Pharmaceuticals Inc. 165 1,980 CorVel Corp. 74 1,000 Inogen Inc. 31 6,020 Cross Country Healthcare Inc. 75 11,900 Inovio Pharmaceuticals Inc. 109 5,120 CryoLife Inc. 58 9,700 Insmed Inc. 150 28,330 CTI BioPharma Corp. 67 10,430 Insulet Corp. 480 4,950 Cyberonics Inc. 276 2,235 Insys Therapeutics Inc. 94 4,215 Cynosure Inc. 116 4,590 Integra Lifesciences Holdings Corp. 249 6,890 Cytokinetics Inc. 55 1,100 Intersect ENT Inc. 20 12,400 CytRx Corp. 34 3,100 Intra-Cellular Therapies Inc. 55 11,560 DepoMed Inc. 186 6,900 Intrexon Corp. 190 3,900 Derma Sciences Inc. 36 5,650 Invacare Corp. 95 14,160 Dexcom Inc. 780 3,257 IPC the Hospitalist Company Inc. 149 1,900 Dicerna Pharmaceuticals Inc. 31 23,030 Ironwood Pharmaceuticals Inc. 353 25,730 Dyax Corp. 362 22,260 ISIS Pharmaceuticals Inc. 1,374 5,657 Dynavax Technologies Corporation 95 1,600 K2M Group Holdings Inc. 33 3,700 Egalet Corp. 21 2,500 Karyopharm Therapeutics I 94 500 Eleven Biotherapeutics Inc. 6 17,330 Keryx Biopharmaceuticals Inc. 245 5,740 Emergent BioSolutions Inc. 156 2,200 Kindred Biosciences Inc. 16 2,120 Enanta Pharmaceuticals Inc. 108 12,500 Kindred Healthcare Inc. 227 6,230 Endocyte Inc. 39 1,600 Kite Pharma Inc 92 12,740 Endologix Inc. 195 3,410 Kythera Biopharmaceuticals, Inc. 118 3,880 Ensign Group Inc. 172 1,950 Landauer Inc. 67 8,200 Enzo Biochem Inc. 36 5,040 Lannett Co. Inc. 216 2,720 Epizyme Inc. 51 3,100 LDR Holding Corp. 102 1,200 Esperion Therapeutics Inc. 49 49,390 Lexicon Pharmaceuticals Inc. 45 16,150 Exact Sciences Corp. 443 2,530 LHC Group Inc. 79 1,910 Exactech Inc. 45 3,908 Ligand Phamaceuticals Inc. 208 6,560 ExamWorks Group Inc. 273 1,500 Loxo Oncology Inc. 18 1,900 FibroGen Inc. 52 7,540 Luminex Corp. 141 3,800 Five Prime Therapeutics Inc. 103 4,100 MacroGenics Inc. 144 11,750 Five Star Quality Care Inc. 49 5,140 Magellan Health Services Inc. 309 1,100 Flexion Therapeutics Inc. 22 44,440 MannKind Corp. 232 5,200 Fluidigm Corp. 175 9,460 Masimo Corp. 249 2,900 Foundation Medicine Inc. 64 11,440 MedAssets Inc. 226 4,000 Galectin Therapeutics Inc. 14 12,650 Medicines Co. 350 27,780 Galena Biopharma Inc. 42 10,238 Medidata Solutions Inc. 489 7,650 Genmark Diagnostics Inc. 104 12,960 Merge Healthcare Inc. 46 2,300 Genocea Biosciences Inc. 16 7,680 Meridian Bioscience Inc. 126 3,610 Genomic Health Inc. 115 8,605 Merit Medical Systems Inc. 149 6,130 Gentiva Health Services Inc. 117 19,520 Merrimack Pharmaceuticals Inc. 221 32,472 Geron Corp. 106 19,270 Mimedx Group Inc. 222 12,170 Globus Medical Inc. - A 289 1,750 Mirati Therapeutics Inc. 32 4,790 Greatbatch Inc. 236 5,595 Molina Healthcare Inc. 300 10,042 Haemonetics Corp. 376 10,070 Momenta Pharmaceuticals Inc. 121 19,930 Halozyme Therapeutics, Inc. 192 2,433 MWI Veterinary Supply Inc. 413 6,940 Hanger Inc. 152 2,500 NanoString Technologies Inc. 35

64 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) Health Care (continued) 9,450 NanoViricides Inc.$ 26 19,660 Rigel Pharmaceuticals Inc.$ 45 2,030 National Healthcare Corp. 128 7,530 Rockwell Medical Inc. 77 2,010 National Research Corp. 28 5,200 Roka Bioscience Inc. 23 6,220 Natus Medical Inc. 224 10,520 RTI Surgical Inc. 55 27,660 Navidea Biopharmaceuticals 52 1,100 Sage Therapeutics Inc. 40 24,150 Nektar Therapeutics 374 4,010 Sagent Pharamaceuticals 101 6,985 Neogen Corp. 346 14,020 Sangamo Biosciences Inc. 213 5,650 NeoStem Inc 21 7,740 Sarepta Therapeutics Inc. 112 14,320 Neurocrine Biosciences Inc. 320 9,460 SciClone Pharmaceuticals Inc. 83 1,500 Nevro Corp. 58 15,380 Select Medical Holdings Corporation 221 3,780 Newlink Genetics Corp. 150 24,970 Sequenom Inc. 92 7,900 Northwest Biotherapeutics Inc. 42 6,660 Skilled Healthcare Group Inc. 57 45,500 Novavax Inc. 270 7,657 Spectranetics Corporation 265 20,120 NPS Pharmaceuticals Inc. 720 12,280 Spectrum Pharmaceuticals Inc. 85 8,980 NuVasive Inc. 423 7,520 Staar Surgical Co. 69 11,220 Nxstage Medical Inc. 201 2,740 Stemline Therapeutics Inc. 47 1,100 Ocular Therapeutix Inc. 26 11,360 Steris Corp. 737 5,700 Ohr Pharmaceutical Inc. 48 3,700 Sucampo Pharmaceuticals Inc. 53 7,320 Omeros Corp. 181 11,600 Sunesis Pharmaceuticals Inc. 30 6,890 Omnicell Inc. 228 5,350 Supernus Pharmaceuticals 44 2,700 Oncomed Pharmaceuticals 59 2,770 SurModics Inc. 61 15,800 Oncothyreon Inc. 30 1,710 Symmetry Surgical Inc. 13 2,800 Ophthotech Corp. 126 4,221 Synageva Biopharma Corp. 392 37,430 Opko Health Inc. 374 22,040 Synergy Pharmaceuticals Inc. 67 10,240 OraSure Technologies Inc. 104 12,880 Synta Pharmaceuticals Corp. 34 22,970 Orexigen Therapeutics Inc. 139 1,100 T2 Biosystems Inc. 21 12,500 Organovo Holdings Inc 91 1,800 Tandem Diabetes Care Inc. 23 3,480 Orthofix International 105 13,280 Team Health Holdings Inc. 764 3,990 Osiris Therapeutics Inc. 64 3,820 Tesaro, Inc. 142 1,400 Otonomy Inc. 47 5,100 Tetraphase Pharmaceutical 203 3,060 Ovascience Inc. 135 5,260 TG Therapeutics Inc. 83 11,850 Owens & Minor Inc. 416 20,270 Therapeuticsmd Inc. 90 2,400 Oxford Immunotec Global P 33 4,600 Theravance Biopharma Inc. 69 11,500 Pacific Biosciences of California 90 16,000 Theravance Inc. 226 6,740 Pacira Pharmaceuticals Inc. 598 10,930 Thoratec Corp. 355 7,000 Pain Therapeutics Inc. 14 10,820 Threshold Pharmaceuticals Inc. 34 10,810 Paraxel International Corp. 601 6,520 Tornier NV 166 30,430 PDL BioPharma Inc. 235 5,300 TransEnterix Inc. 15 6,100 Pernix Therapeutics Holdings 57 4,840 Triple-S Management Corporation 116 5,573 PharMerica Corp. 115 1,400 TriVascular Technologies Inc 18 2,700 Phibro Animal Health Corp. 85 2,350 U.S. Physical Therapy Inc. 99 7,990 Portola Pharmaceuticals 226 1,400 Ultragenyx Pharmaceutical Inc. 61 5,020 Pozen Inc. 40 19,000 Unilife Corporation 64 3,900 PRA Health Sciences Inc. 94 7,760 Universal American Corp. 72 9,760 Prestige Brands Holdings Inc. 339 680 Utah Medical Products Inc. 41 14,980 Progenics Pharmaceuticals Inc. 113 6,540 Vanda Pharmaceuticals Inc. 94 5,160 Prothena Corp. Plc 107 3,380 Vascular Solutions Inc. 92 2,170 Providence Service Corp. 79 1,000 Veracyte Inc 10 4,700 PTC Therapeutics Inc 243 4,900 Verastem Inc. 45 4,413 Puma Biotechnology Inc. 835 1,900 Versartis Inc. 43 9,340 Quality Systems Inc. 146 1,500 Vital Therapies Inc. 37 5,740 Quidel Corp. 166 16,490 Vivus Inc. 47 1,300 Radius Health Inc. 51 9,760 Volcano Corp. 175 6,300 RadNet, Inc. 54 7,330 WebMD Health Corp. 290 11,990 Raptor Pharmaceutical Corp. 126 8,390 Wellcare Health Plans 688 4,192 Receptos Inc 514 13,370 West Pharmaceutical Services Inc. 712 2,790 Regulus Therapeutics Inc 45 9,760 Wright Medical Group Inc. 262 3,100 Relypsa Inc. 95 3,210 Xencor Inc. 51 6,200 Repligen Corp. 123 10,670 Xenoport Inc. 94 4,850 Repros Therapeutics Inc. 48 16,510 Xoma Corp. 59 4,700 Retrophin Inc. 58 1,300 Zafgen Inc. 40 1,870 Revance Therapeutics Inc. 32 5,320 ZELTIQ Aesthetics Inc. 148

65 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) Materials & Processing (continued) 16,390 Ziopharm Oncology Inc.$ 83 17,200 KapStone Paper and Packaging Corp.$ 504 22,570 Zogenix Inc. 31 3,710 KMG Chemicals Inc. 74 1,300 ZS Pharma Inc. 54 3,740 Koppers Holdings Inc. 97 49,044 6,650 Kraton Performance Polymers Inc. 138 3,800 Kronos Worldwide Inc. 49 Materials & Processing 6.53% 7,410 Landec Corp. 102 5,579 A Schulman Inc. 226 26,500 Louisiana-Pacific Corp. 439 8,467 AAON Inc. 190 4,400 LSB Industries Inc. 138 6,840 Aceto Corp. 148 3,970 LSI Corp. 27 2,900 Advanced Drainage Systems Inc. 67 2,100 Marrone Bio Innovations 8 890 AEP Industries Inc. 52 5,600 Masonite International Co. 344 33,380 AK Steel Holding Corp. 198 3,700 Materion Corp. 130 21,250 Allied Nevada Gold Corp. 18 6,630 Minerals Technologies Inc. 460 7,780 American Vanguard Corp. 90 33,460 Molycorp Inc. 29 1,730 Ampco-Pittsburgh Corp. 33 10,760 Mueller Industries Inc. 367 5,380 Apogee Enterprises Inc. 228 29,500 Mueller Water Products Inc. 302 1,500 Aspen Aerogels Inc. 12 5,070 Myers Industries Inc. 89 13,830 Axiall Corporation 587 5,130 NCI Building Systems Inc. 95 5,710 Balchem Corp. 381 3,860 Neenah Paper Inc. 233 9,060 Beacon Roofing Supply Inc. 252 1,400 NL Industries Inc. 12 8,170 Belden, Inc. 644 3,500 NN Inc. 72 17,020 Berry Plastics Group Inc. 537 8,100 Noranda Aluminum Holding Corp. 29 7,270 Boise Cascade Company 270 1,640 Nortek Inc. 133 8,440 Builders FirstSource Inc. 58 1,930 Northwest Pipe Co. 58 4,560 Cabot Microelectronics Corp. 216 990 Oil-Dri Corp. of America 32 10,260 Calgon Carbon Corp. 213 1,850 Olympic Steel Inc. 33 9,720 Century Aluminum Co. 237 7,360 OM Group Inc. 219 1,320 Chase Corp. 48 500 Omega Flex Inc. 19 5,470 Chemocentryx Inc. 37 8,820 Omnova Solutions Inc. 72 17,150 Chemtura Corp. 424 1,560 Patrick Industries Inc. 69 4,412 Clearwater Paper Corp. 302 8,690 PGT Inc. 84 19,160 Coeur d ' Alene Mines Corp. 98 4,850 Ply Gem Holdings Inc. 68 6,610 Comfort Systems USA Inc. 113 18,540 Polyone Corp. 703 22,110 Commercial Metals & Co. 360 8,440 Polypore International Inc. 397 2,630 Continental Building Prod. 47 2,490 Quaker Chemical Corp. 229 1,670 Culp Inc. 36 7,080 Quanex Building Products Corp. 133 2,280 Deltic Timber Corp. 156 4,600 RBC Bearings Inc. 297 2,800 Dynamic Materials Corp. 45 46,800 Rentech Inc. 59 13,620 Ferro Corp. 177 14,870 Resolute Forest Products Inc. 262 1,980 Foster (Lb) Co. 96 14,100 Rexnord Corp. 398 4,050 Futurefuel Corp. 53 5,810 RTI International Metals Inc. 147 6,280 Gibraltar Industries Inc. 102 2,100 Ryerson Holding Corp. 21 10,090 Glatfelter 258 4,860 Schnitzer Steel Industries Inc. 110 3,870 Global Brass & Copper 51 7,800 Senomyx Inc. 47 12,290 Globe Specialty Metals Inc. 212 9,870 Sensient Technologies Corp. 596 6,780 Gold Resource Corp. 23 1,390 Shiloh Industries Inc. 22 61,440 Graphic Packaging Corp. 837 7,690 Simpson Manufacturing Co. 266 7,730 Griffon Corp. 103 3,900 Stepan Co. 156 9,390 H.B. Fuller Company 418 22,850 Stillwater Mining Co. 337 1,020 Handy & Harman Ltd. 47 2,700 Stock Building Supply Hol 41 2,690 Hawkins Inc. 117 2,700 The Dixie Group Inc. 25 2,220 Haynes International Inc. 108 5,030 Tredegar Corp. 113 13,650 Headwaters Inc. 205 6,600 Trex Co. Inc. 281 62,770 Hecla Mining Co. 175 4,100 Trinseo SA 72 9,220 Horsehead Holding Corp. 146 11,600 Tronox Ltd-Cl A 277 4,630 Innophos Holdings Inc. 271 1,140 UFP Technologies Inc. 28 4,510 Innospec Inc. 193 3,056 Unifi Inc. 91 1,600 Installed Building Products Inc. 29 400 United States Lime & Minerals 29 3,690 Insteel Industries Inc. 87 3,760 Universal Forest Products Inc. 200 12,230 Interface Inc. 201 1,320 Universal Stainless & Alloy Products Inc. 33 10,190 Intrepid Potash Inc. 141 2,750 Us Concrete Inc. 78 3,470 Kaiser Aluminum Corp. 248 10,090 Us Silica Holdings Inc. 259

66 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Materials & Processing (continued) Producer Durables (continued) 4,941 Watsco Inc.$ 529 9,400 Curtiss-Wright Corp.$ 664 11,950 Wausau Paper Corp. 136 31,180 Darling International Inc. 566 9,780 Worthington Industries Inc. 294 9,700 Deluxe Corp. 604 4,230 Zep Inc. 64 17,400 DHT Holdings Inc. 127 21,876 7,200 Dice Holdings Inc. 72 1,300 Dorian Lpg Ltd. 18 Producer Durables 13.29% 4,150 Douglas Dynamics Inc. 89 8,110 AAR Corp. 225 2,550 Ducommun Inc. 64 10,580 ABM Industries Inc. 303 2,411 DXP Enterprises Inc. 122 21,620 ACCO Brands Corp. 195 6,680 Dycom Industries Inc. 234 7,100 Accuride Corp. 31 4,340 Echo Global Logistics Inc. 127 12,140 Actuant Corp.- Class A 331 2,840 Electro Rent Corp. 40 4,120 Advanced Emissions Solutions, Inc. 94 8,790 Electronics For Imaging Inc. 376 8,230 Advanced Energy Industries Inc. 195 12,730 Emcor Group Inc. 566 6,860 Advisory Board Co. 336 3,900 Encore Wire Corp. 146 7,300 Aegion Corp. 136 5,935 Energy Recovery Inc. 31 3,950 AeroVironment Inc. 108 8,840 EnerSys 546 9,610 Air Transport Services Group Inc. 82 3,510 Engility Holdings Inc. 150 11,900 Aircastle Ltd. 254 4,850 Ennis Inc. 65 1,450 Alamo Group Inc. 70 4,330 EnPro Industries Inc 272 5,220 Albany International Corp. 198 1,800 Erickson Air-Crane Inc. 15 2,654 Allegiant Travel Company 399 4,910 Esco Technologies Inc. 181 4,950 Altra Holdings Inc. 141 6,090 Esterline Technologies Corp. 668 1,730 American Railcar Industries 89 6,070 Exlservice Holdings Inc. 174 7,920 Applied Industrial Technologies Inc. 361 2,440 Exponent Inc. 201 1,100 ARC Group Worldwide Inc. 11 3,200 FARO Technologies Inc. 201 5,160 ArcBest Corp. 239 11,670 Federal Signal Corp. 180 3,300 Ardmore Shipping Corp. 40 1,970 Forrester Research Inc. 78 2,260 Argan Inc. 76 5,890 Forward Air Corp. 297 2,590 Ascent Capital Group Inc. 137 9,000 Franklin Electric Co. Inc. 338 3,370 Astec Industries Inc. 132 2,460 FreightCar America Inc. 65 3,736 Astronics Corp. 207 12,191 Frontline Ltd. 31 4,780 Atlas Air Worldwide Holdings 236 1,340 Frp Holdings Inc. 53 4,810 AZZ Incorporated 226 7,660 FTI Consulting Inc. 296 2,640 Badger Meter Inc. 157 6,950 Furmanite Corp. 54 9,000 Baltic Trading Ltd. 23 3,700 G&K Services Inc. 262 10,090 Barnes Group Inc. 373 8,420 Gaslog Ltd. 171 1,440 Barrett Business Services Inc. 39 13,040 Generac Holdings Inc. 610 9,070 Blount International Inc. 159 9,480 General Cable Corp. 141 9,450 Brady Corp. 258 2,000 General Finance Corp 20 8,740 Briggs & Stratton Corp. 178 3,480 Global Power Equipment Group 48 9,110 Brink's Co. 222 2,174 Global Sources Ltd. 14 6,690 Bristow Group Inc. 440 3,451 Gorman-Rupp Co. 111 3,510 CAI International Inc. 81 2,500 GP Strategies Corp. 85 7,900 Casella Waste Systems Inc. 32 22,200 Graftech International Ltd. 112 7,580 CBIZ Inc. 65 1,760 Graham Corp. 51 2,890 CDI Corp. 51 7,740 Granite Construction Inc. 294 3,543 CECO Environmental Corp. 55 11,250 Great Lakes Dredge & Dock 96 4,110 Celadon Group Inc. 93 5,100 Greenbrier Companies Inc. 274 5,764 Chart Industries Inc. 197 5,060 Gulfmark Offshore Inc. 124 6,220 Chc Group Ltd. 20 5,780 H&E Equipment Services Inc. 162 3,390 Circor International Inc. 204 4,630 Hackett Group Inc. 41 9,560 Clarcor Inc. 637 15,100 Harsco Corporation 285 3,700 Columbus McKinnon Corp. 104 8,520 Hawaiian Holdings Inc. 222 4,900 Commercial Vehicle Group Inc. 33 13,590 Healthcare Services Group Inc. 420 2,100 Control4 Corp. 32 10,610 Heartland Express Inc. 287 19,390 Convergys Corp. 395 12,810 HEICO Corp. 774 6,440 Corporate Executive Board Co. 467 3,690 Heidrick & Struggles International Inc. 85 900 Corporate Resource Servic 1 1,810 Heritage Crystal Clean Inc. 22 2,080 CRA International Inc. 63 11,270 Herman Miller Inc. 332 4,030 Cubic Corporation 212 4,400 Hill International Inc. 17 3,800 CUI Global Inc. 28 8,500 HNI Corp. 434

67 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Producer Durables (continued) 3,260 Houston Wire & Cable Co.$ 39 1,680 Powell Industries Inc.$ 82 7,020 Hub Group Inc. 267 850 Power Solutions International 44 1,320 Hurco Co. 45 530 Preformed Line Products Co. 29 4,360 Huron Consulting Group Inc. 298 5,480 PRGX Global Inc. 31 1,989 Hyster-Yale Materials Handling, Inc. 146 7,120 Primoris Services Corporation 165 3,630 ICF International Inc. 149 4,230 Proto Labs Inc. 284 6,000 Information Services Group Inc. 25 5,110 Quad/Graphics Inc. 117 6,870 InnerWorkings Inc. 54 5,000 Quality Distribution Inc. 53 4,190 Insperity Inc. 142 6,840 Raven Industries Inc. 171 1,100 International Shipholding Corp. 16 9,350 Republic Airways Holdings Inc. 136 7,690 Itron Inc. 325 7,140 Resources Connection Inc. 117 47,050 JetBlue Airways Corp. 746 5,110 Roadrunner Transportation Systems Inc. 119 5,840 John Bean Technologies Corp. 192 9,730 RPX Corp. 134 2,190 Kadant Inc. 93 6,400 Rush Enterprises Inc. 205 5,200 Kaman Corp. 208 7,100 Safe Bulkers Inc. 28 5,610 Kelly Services Inc. 95 4,670 Saia Inc. 259 5,540 KForce Inc. 134 25,900 Scorpio Bulkers Inc. 51 6,638 Kimball International Inc. 61 32,320 Scorpio Tankers Inc. 281 11,210 Knight Transportation Inc. 377 12,620 Servicesource International 59 6,210 Knightsbridge Shipping Ltd. 28 11,261 Ship Finance International Limited 159 8,850 Knoll Inc. 187 800 SIFCO Industries Inc. 23 9,260 Korn/Ferry International 266 9,710 SkyWest Inc. 129 9,850 Kratos Defense & Security Solutions Inc. 49 2,798 SP Plus Corp. 71 3,150 Layne Christensen Co. 30 6,290 Spartan Motors Inc. 33 2,432 Lindsay Corp. 209 2,400 Standex International Corp. 185 4,880 Liquity Services Inc. 40 15,610 Steelcase Inc. 280 4,420 Littlefuse Inc. 427 3,400 Sterling Construction Co. Inc. 22 2,830 LMI Aerospace Inc. 40 4,385 Sun Hydraulics Corp. 173 3,480 Lydall Inc. 114 15,850 Swift Transportation Co. 454 2,360 Manitex International Inc. 30 7,233 Sykes Enterprises Incorporated 170 1,690 Marlin Business Services Corp. 35 6,670 TAL International Group Inc. 291 4,790 Marten Transport Ltd. 105 10,670 Taser International Inc. 283 12,250 MasTec Inc. 277 3,750 Team Inc. 152 8,030 Matson Inc 277 11,930 Teekay Tankers Ltd. 60 12,780 Maximus Inc. 701 7,202 Teledyne Technologies Inc. 740 5,070 Maxwell Technologies Inc. 46 3,270 TeleTech Holdings Inc. 77 4,850 McGrath Rentcorp 174 3,450 Tennant Co. 249 540 Mesa Laboratories Inc. 42 12,280 Tetra Tech Inc. 328 2,300 Miller Industries Inc. 48 3,960 Textainer Group Hldgs. Ltd. 136 3,250 Mistras Group, Inc. 60 1,800 The Exone Co. 30 8,740 Mobile Mini Inc. 354 5,840 Thermon Group Holdings Inc. 141 9,460 Modine Manufacturing Co. 129 8,050 Titan International Inc. 86 16,860 Monster Worldwide Inc. 78 3,220 Titan Machinery Inc. 45 7,960 Moog Inc. 589 8,519 Trimas Corp. 267 5,590 MSA Safety Inc. 297 2,900 TriNet Group Inc. 91 2,950 MTS Systems Corp. 221 7,720 TrueBlue Inc. 172 2,310 Multi-Color Corp. 128 6,880 Tutor Perini Corp. 166 4,290 MYR Group Inc. 118 1,590 Twin Disc Inc. 32 918 Nacco Industries Inc. 54 8,100 Ultrapetrol (Bahamas) Ltd. 17 9,120 Navigant Consulting Inc. 140 2,749 UniFirst Corp. 334 15,100 Navios Maritime Acquisitions 55 7,600 United Stationers Inc. 320 14,600 Navios Maritime Holdings 60 1,100 Universal Truckload Services Inc. 31 3,400 Nordic American Offshore 42 4,170 US Ecology Inc. 167 10,550 On Assignment Inc. 350 1,200 USA Truck Inc. 34 11,900 Orbital Sciences Corp. 320 16,760 UTI Worldwide Inc. 202 5,574 Orion Marine Group Inc. 62 2,200 Vertex Energy Inc. 9 3,880 OSI Systems Inc. 275 3,020 Vicor Corp. 37 600 P.A.M. Transportation Services Inc. 31 2,900 Virgin America Inc. 125 1,670 Park-Ohio Holdings Corp. 105 2,530 Vishay Precision Group Inc. 43 1,500 Paylocity Holding Corp 39 840 VSE Corp. 55 5,470 Performant Financial Corporation 36 12,610 Wabash National Corp. 156 10,880 PHH Corp. 261 6,600 Wageworks Inc. 426 2,370 PHI Inc. 89 5,440 Watts Water Technologies Inc. 345 30,700 Plug Power Inc. 92 8,450 Werner Enterprises Inc. 263

68 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Technology (continued) 11,130 Wesco Aircraft Holdings$ 156 4,880 Coherent Inc.$ 296 12,690 Woodward Inc. 625 5,050 Cohu Inc. 60 2,230 Xerium Technologies Inc. 35 8,950 CommVault Systems, Inc. 463 10,154 XPO Logistics Inc. 415 3,170 Computer Task Group Inc. 30 5,720 YRC Worldwide Inc. 129 6,500 ComScore Inc. 302 44,532 2,940 Comtech Telecommunications 93 4,540 Comverse, Inc. 85 Technology 14.83% 9,960 Cornerstone Ondemand Inc. 351 3,580 A.M. Castle & Co. 29 7,178 Covisint Corp. 19 6,300 A10 Networks Inc. 27 7,700 Cray Inc. 265 10,060 Acacia Research Corporation 170 6,330 CSG Systems International Inc. 159 21,744 ACI Worldwide Inc. 439 6,860 CTS Corp. 122 7,770 Actua Corp. 144 3,300 CVENT INC. 92 8,510 Actuate Corp. 56 5,070 Cyan Inc. 13 14,420 Acxiom Corp. 292 30,070 Cypress Semiconductor 429 11,120 ADTRAN Inc. 242 6,970 Daktronics Inc. 87 3,200 Aerohive Networks Inc. 15 3,220 Datalink Corp. 42 2,909 Agilysys Inc. 37 10,210 DealerTrack Holdings Inc. 452 2,360 Alliance Fiber Optic Products Inc. 34 4,500 Demand Media Inc. 28 3,950 Alpha & Omega Semiconductor Ltd. 35 5,790 Demandware Inc. 333 5,480 Ambarella, Inc. 278 5,285 Digi International Inc. 49 1,600 Amber Road Inc. 16 1,280 Digimarc Corporation 35 1,430 American Science & Engineering Inc. 74 6,210 Digital River Inc. 154 4,910 American Software Inc. 45 14,234 DigitalGlobe Inc. 441 15,720 Amkor Technology Inc. 112 6,740 Diodes Incorporated 186 5,125 Anixter International Inc. 453 11,000 Dot Hill Systems Corp. 49 14,745 Applied Micro Circuits Corp. 96 4,040 DSP Group Inc. 44 2,700 Applied Optoelectronics Inc. 30 3,132 DTS Inc. 96 7,530 ARC Document Solutions, Inc. 77 4,220 E2open, Inc. 41 20,110 Aruba Networks Inc. 366 18,780 EarthLink Holdings Corp. 82 17,270 Aspen Technology Inc. 605 6,358 Ebix Inc. 108 5,000 Audience Inc. 22 4,570 Electro Scientific Industries Inc. 35 6,400 AVG Technologies. 126 5,380 Ellie Mae Inc. 217 20,450 Axcelis Technologies Inc. 52 13,280 Emulex Corp. 75 12,360 Bankrate Inc. 154 5,500 Endurance Internmational 101 1,500 Barracuda Networks Inc. 54 26,092 Entegris Inc. 345 9,130 Bazaarvoice Inc. 73 16,420 Entropic Communications Inc. 42 2,020 Bel Fuse Inc. 55 6,420 Envestnet Inc. 315 10,420 Benchmark Electronics Inc. 265 6,870 Epam Systems Inc. 328 1,000 BenefitFocus INC. 33 6,430 EPIQ Systems Inc. 110 3,300 Black Box Corp. 79 970 ePlus Inc. 73 8,660 Blackbaud Inc. 375 1,400 Evolution Petroleum Corp. 21 8,380 Blucora Inc. 116 7,828 Exar Corp. 80 1,700 Borderfree Inc. 15 17,870 Extreme Networks Inc. 63 7,240 Bottomline Technologies Inc. 183 6,400 Fabrinet 114 5,850 Brightcove 46 23,400 Fairchild Semiconductor International Inc. 395 5,730 BroadSoft Inc. 166 7,928 FEI Co. 716 13,500 Brooks Automation Inc. 172 18,190 Finisar Corp. 353 4,450 CACI International Inc. 384 2,400 Five9 Inc. 11 7,170 Calamp Corp. 131 7,340 Fleetmatics Group Plc 260 7,588 Calix Inc. 76 10,160 FormFactor Inc. 87 8,480 Callidus Software Inc. 138 4,400 Gigamon Inc. 78 3,280 Carbonite Inc. 47 7,020 Global Eagle Entertainment 96 2,300 Cascade Microtech Inc. 34 1,300 Globant SA 20 10,000 Cavium Inc. 618 16,490 Glu Mobile Inc. 64 4,530 CEVA Inc. 82 1,600 GrubHub Inc. 58 3,850 Channeladvisor Corp. 83 6,100 GSI Group Inc. 90 7,290 Checkpoint Systems Inc. 100 2,600 GTT Communications Inc. 34 14,234 Ciber Inc. 51 3,230 Guidance Software Inc. 23 20,070 Ciena Corp. 390 12,900 Guidewire Software Inc. 653 14,100 Cinedigm Corp 23 17,510 Harmonic Inc. 123 12,260 Cirrus Logic Inc. 289 1,100 HubSpot Inc. 37 2,100 Clearfield Inc. 26 6,824 iGATE Corp. 269 16,480 Cognex Corp. 681 10,340 II-VI Inc. 141

69 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology (continued) Technology (continued) 5,710 Immersion Corp.$ 54 17,200 Oclaro Inc. $ 31 4,130 Imperva Inc. 204 10,440 OmniVision Technologies Inc. 271 22,900 Infinera Corp. 337 1,400 OPOWER Inc. 20 9,940 Infoblox Inc. 201 1,800 Park City Group Inc. 16 5,830 Inphi Corporation 108 4,260 Park Electrochemical Corp. 106 8,200 Insight Enterprises Inc. 212 17,910 Parkervision Inc. 16 25,160 Integrated Device Tech Inc. 493 1,200 Paycom Software Inc 32 5,750 Integrated Silicon Solution Inc. 95 1,910 PC Connection Inc. 47 3,170 Interactive Intelligence Group 152 5,640 PDF Solutions Inc. 84 7,020 Interdigital Inc. 371 6,922 Pegasystems Inc. 144 9,930 Internap Network Services Corp. 79 6,850 Perficient Inc. 128 13,490 International Rectifier Corp. 538 4,090 Pericom Seimconductor Corp. 55 24,310 Intersil Corp. 352 11,487 Photronics Inc. 95 4,400 Intevac Inc. 34 8,050 Plantronics Inc. 427 7,250 IntraLinks Holdings Inc. 86 6,280 Plexus Corp. 259 13,310 InvenSense Inc. 216 33,930 PMC-Sierra Inc. 311 5,680 iRobot Corp. 197 26,100 Polycom Inc. 352 11,550 Ixia 130 5,730 Power Integrations Inc. 296 4,950 IXYS Corp. 62 4,200 Procera Networks Inc. 30 8,000 Jive Software Inc. 48 9,675 Progress Software Corp. 261 8,290 Kemet Corp. 35 6,960 Proofpoint Inc. 336 6,070 KEYW Holding Corporation 63 4,600 PROS Holdings Inc. 126 4,878 Kimball Electronics Inc 59 1,800 Q2 Holdings Inc. 34 13,600 Kofax Ltd. 96 1,262 QAD Inc. 29 12,160 Kopin Corp. 44 17,270 QLIK Technologies Inc. 533 3,170 KVH Industries Inc. 40 16,010 Qlogic Corp. 213 21,650 Lattice Semiconductor Corp. 149 3,650 Qualys, Inc. 138 11,150 Limelight Networks Inc. 31 40,324 Quantum Corp. 71 11,910 Lionbridge Technologies Inc. 68 10,100 Quicklogic Corp. 32 10,870 LivePerson Inc. 153 4,520 Rally Software Develop 51 4,580 Logmein Inc. 226 21,330 Rambus Inc. 237 2,460 Loral Space & Communication Inc. 194 4,247 Real Networks Inc. 30 1,400 Luxoft Holding Inc. 54 9,520 RealPage Inc. 209 2,160 M/A-COM Technology Solutions Holdings Inc. 68 1,700 Reis Inc. 44 14,380 Manhattan Associates Inc. 586 5,700 Retailmenot Inc. 83 4,380 ManTech International Corporation 132 3,750 Revolution Lighting Technology 5 4,810 Marin Software Inc. 41 54,230 RF Micro Devices Inc. 900 4,740 Marketo Inc. 155 1,600 Rightside Group Ltd. 11 1,800 Mavenir Systems Inc. 24 5,100 RingCentral Inc. 76 4,730 MaxLinear Inc. 35 3,400 Rocket Fuel Inc. 55 18,210 Mentor Graphics Corp. 399 5,080 Rofin-Sinar Technologies Inc. 146 6,160 Mercury Computer Systems Inc. 86 3,390 Rogers Corp. 276 6,980 Methode Electronics Inc. 255 4,820 Rubicon Technology Inc. 22 8,220 Micrel Inc. 119 11,900 Ruckus Wireless, Inc. 143 18,000 Microsemi Corp. 511 6,180 Rudolph Technologies Inc. 63 1,771 MicroStrategy Inc. 288 15,430 Sanmina Corp. 363 13,820 Millennial Media Inc. 22 4,470 Sapiens International Corp. 33 10,040 MKS Instruments Inc. 367 22,070 Sapient Corp. 549 2,300 MobileIron Inc. 23 5,300 ScanSource Inc. 213 3,500 Model N Inc. 37 8,100 Science Applications International Corp. 401 6,770 ModusLink Global Solutions Inc. 25 5,560 Sciquest Inc. 80 7,420 Monolithic Power Systems Inc. 369 6,100 SeaChange International Inc. 39 7,820 Monotype Imaging Holdings Inc. 225 12,680 Semtech Corp. 350 1,800 Multi-Fineline Electronix Inc. 20 11,440 ShoreTel Inc. 84 4,730 Nanometrics Inc. 80 6,370 Silicon Graphics International Corp. 72 6,880 Netgear Inc. 245 14,500 Silicon Image Inc. 80 6,940 NetScout Systems Inc. 254 8,400 Silicon Laboratories Inc. 400 10,500 NeuStar Inc. 292 6,420 Silver Spring Networks Inc. 54 7,190 Newport Corp. 137 45,120 Sonus Networks Inc. 179 12,863 NIC Inc. 231 11,870 Spansion Inc. 406 1,700 Nimble Storage Inc. 47 2,090 Sparton Corp. 59 2,860 Numerex Corp. 32 2,970 SPS Commerce Inc. 168 990 NVE Corp. 70 13,040 SS&C Technologies Holdings Inc. 763

70 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology (continued) Utilities (continued) 6,520 Super Micro Computer Inc.$ 227 8,860 Cogent Communications Group Inc.$ 314 6,840 Synaptics Inc. 471 2,010 Connecticut Water Service Inc. 73 6,555 Synchronoss Technologies Inc. 274 9,457 Consolidated Communication Holdings 263 5,370 Synnex Corp. 420 23,270 Dynegy Inc. 706 5,825 Syntel Inc. 262 7,720 El Paso Electric Co. 309 15,660 Take-Two Interactive Software Inc. 439 8,030 Empire District Electric Co. 239 7,140 Tangoe Inc. 93 4,240 Fairpoint Communications 60 4,100 Techtarget 47 6,440 General Communication Inc. 89 8,907 Telecommunication Systems 28 50,400 Globalstar Inc. 139 4,960 TeleNav Inc. 33 10,300 Gogo Inc. 170 1,120 Tessco Technologies Inc. 32 2,110 Hawaiian Telcom Holdco Inc. 58 10,090 Tessera Technologies Inc. 361 9,480 IdaCorp Inc. 627 3,400 Textura Corp. 97 3,150 IDT Corporation 64 1,500 The Rubicon Project Inc. 24 11,110 Incontact Inc. 98 1,620 Travelzoo Inc. 20 6,650 Inteliquent Inc. 131 6,691 Tremor Video Inc. 19 5,000 Intelsat SA 87 32,780 TriQuint Semiconductor Inc. 903 14,830 Iridium Communications Inc. 145 1,400 Truecar Inc. 32 9,040 J2 Global Inc. 560 6,959 Trulia Inc. 320 8,080 Laclede Group Inc. 430 10,030 TTM Technologies Inc. 76 3,160 Lumos Networks Corp. 53 1,800 Turtle Beach Corp. 6 3,790 Magicjack Vocaltec Ltd. 31 6,245 Tyler Technologies Inc. 683 6,595 MGE Energy Inc. 301 5,480 Ubiquiti Networks Inc. 162 3,240 Middlesex Water Co. 75 5,364 Ultimate Software Group Inc. 788 8,010 New Jersey Resources Corp. 490 6,880 Ultra Clean Holdings Inc. 64 5,112 Northwest Natural Gas Co. 255 5,070 Ultratech Inc. 94 8,910 Northwestern Corp. 504 9,830 Unisys Corp. 290 4,500 Nrg Yield Inc. - Class A 212 7,530 Universal Display Corp. 209 3,130 NTELOS Holdings Corp. 13 18,100 Unwired Planet Inc. 18 10,100 ONE Gas Inc. 416 1,000 Varonis Systems Inc. 33 8,210 Orbcomm Inc. 54 5,516 Vasco Data Security International Inc. 156 3,110 Ormat Technologies Inc. 85 7,510 Veeco Instruments Inc. 262 6,820 Otter Tail Corporation 211 11,272 Verint Systems Inc. 657 7,800 Pattern Energy Group Inc 192 7,850 ViaSat Inc. 495 30,090 Pendrell Corporation 42 1,000 Viasystems Group Inc. 16 14,700 Piedmont Natural Gas Co. Inc. 579 14,700 Violin Memory Inc. 70 14,900 PNM Resources Inc. 441 7,530 VirnetX Holding Corp. 41 14,780 Portland General Electric Co. 559 4,787 Virtusa Corp. 199 8,640 Premiere Global Services Inc. 92 8,800 Vitesse Semiconductor Corp. 33 4,406 Shenandoah Telecommunications Co. 138 4,310 Vocera Communications Inc. 45 2,860 SJW Corp. 92 10,251 Vringo Inc 6 6,280 South Jersey Industries Inc. 370 9,470 Web.com Group Inc. 180 8,820 Southwest Gas Corp. 545 2,500 WIX Com Ltd. 53 800 Spark Energy Inc. 11 9,723 Xcerra Corp. 89 4,430 Spok Holdings Inc. 77 3,300 YuMe Inc. 17 10,670 UIL Holdings Corp. 465 2,100 Zendesk Inc. 51 2,830 Unitil Corp. 104 10,960 Zix Corp. 39 32,030 Vonage Holdings Corporation 122 49,671 7,570 West Corp. 250 9,960 WGL Holdings Inc. 544 Utilities 4.53% 2,350 York Water Co. 55 17,650 8X8 Inc. 162 15,190 5,400 Abengoa Yield Plc. 148 TOTAL COMMON STOCKS 7,970 Allete Inc. 439 (Cost $237,331,926) 333,971 7,680 American States Water Co. 289 1,550 Artesian Resources Corp. 35 Short-Term Investments 0.28% 22,310 Atlantic Power Corp. 60 929,705 Dreyfus Government Cash Management Fund 930 1,880 Atlantic Tele-Network Inc. 127 (Cost $929,705) 11,340 Avista Corp. 401 8,630 Black Hills Corp. 458 TOTAL INVESTMENTS 99.96% 334,901 4,300 Boingo Wireless Inc. 33 (Cost $238,261,631) 8,860 California Water Service Group 218 Other Assets, Liabilities Less 0.04% 120 2,650 Chesapeake Utilities Corp. 132 38,670 Cincinnati Bell Inc. 123 TOTAL NET ASSETS 100.00%$ 335,021 11,460 Cleco Corp. 625

71 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (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

12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013

INVESTMENT INCOME: Interest income$ 247 $ 513 $ 6,465 $ 5,089 $ 23,413 $ 22,332 $ 6,058 $ 1,686 Dividend income ------Total investment income 247 513 6,465 5,089 23,413 22,332 6,058 1,686

EXPENSES: Investment advisory and administrative fees 184 842 895 766 3,535 3,755 1,250 442 Other expenses 84 291 101 101 282 367 218 71 Gross expenses 268 1,133 996 867 3,817 4,122 1,468 513 Fee expense waiver (56) (629) ------Net expenses 212 504 996 867 3,817 4,122 1,468 513 Net investment income 35 9 5,469 4,222 19,596 18,210 4,590 1,173

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions 7 - 500 758 4,883 767 (75) 116

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts - - (1,847) (2,937) 23,823 (33,623) (802) (775) Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) 7 - (1,347) (2,179) 28,706 (32,856) (877) (659)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 42 $ 9 $ 4,122 $ 2,043 $ 48,302 $ (14,646) $ 3,713 $ 514

See notes to financial statements. 72 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended

12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013

INVESTMENT INCOME: Interest income$ 2,417 $ 1,842 $ 6 $ - $ 20 $ - Dividend income 2,925 2,258 8,050 6,625 25,790 22,287 Total investment income 5,342 4,100 8,056 6,625 25,810 22,287

EXPENSES: Investment advisory and administrative fees 1,836 1,635 3,416 3,082 2,248 1,988 Other expenses 195 187 181 171 428 372 Gross expenses 2,031 1,822 3,597 3,253 2,676 2,360 Fee expense waiver ------Net expenses 2,031 1,822 3,597 3,253 2,676 2,360 Net investment income 3,311 2,278 4,459 3,372 23,134 19,927

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions 11,344 10,318 34,459 45,028 109,617 58,224

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts 4,667 26,980 496 68,251 43,346 235,945 Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) 16,011 37,298 34,955 113,279 152,963 294,169

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 19,322 $ 39,576 $ 39,414 $ 116,651 $ 176,097 $ 314,096

See notes to financial statements. 73 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED December 31, 2014 AND DECEMBER 31, 2013 (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

12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013

INVESTMENT INCOME: Interest income $ 3 $ - $ 38 $ - $ 198 $ - Dividend income 4,842 4,161 16,739 11,328 4,556 4,354 Total investment income 4,845 4,161 16,777 11,328 4,754 4,354

EXPENSES: Investment advisory and administrative fees 2,987 2,692 5,956 5,091 974 916 Other expenses 180 201 493 491 149 143 Gross expenses 3,167 2,893 6,449 5,582 1,123 1,059 Fee expense waiver ------Net expenses 3,167 2,893 6,449 5,582 1,123 1,059 Net investment income 1,678 1,268 10,328 5,746 3,631 3,295

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions 36,132 30,691 27,470 26,681 21,684 17,868

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts (3,389) 44,445 (63,973) 58,080 (10,699) 74,073 Forward foreign currency contracts and foreign currency transactions - - - 113 - -

Net realized and unrealized gain (loss) 32,743 75,136 (36,503) 84,874 10,985 91,941

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 34,421 $ 76,404 $ (26,175) $ 90,620 $ 14,616 $ 95,236

See notes to financial statements. 74 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (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 12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013 OPERATIONS: Net investment income $ 35 $ 9 $ 5,469 $ 4,222 $ 19,596 $ 18,210 $ 4,590 $ 1,173 Net realized gain (loss) 7 - 500 758 4,883 767 (75) 116 Change in net unrealized appreciation or (depreciation) - - (1,847) (2,937) 23,823 (33,623) (802) (775)

Net increase (decrease) in net assets resulting from operations 42 9 4,122 2,043 48,302 (14,646) 3,713 514

Distributions to participants from net investment income (35) (9) (5,469) (4,222) (19,596) (18,210) (4,590) (1,173)

TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units 200,426 1,209,875 101,913 141,488 360,529 181,403 133,530 261,309 Trust units redeemed (234,104) (1,285,462) (54,280) (98,999) (219,961) (363,547) (35,090) (8,454) Units issued in reinvestment of dividends 34 9 5,408 4,222 18,871 18,210 4,434 1,173

Net increase (decrease) in net assets resulting from trust unit transactions (33,644) (75,578) 53,041 46,711 159,439 (163,934) 102,874 254,028

Net increase (decrease) in net assets (33,637) (75,578) 51,694 44,532 188,145 (196,790) 101,997 253,369

NET ASSETS AT BEGINNING OF YEAR 94,947 170,525 263,911 219,379 828,406 1,025,196 253,369 -

NET ASSETS AT END OF YEAR $ 61,310 $ 94,947 $ 315,605 $ 263,911 $ 1,016,551 $ 828,406 $ 355,366 $ 253,369

TRUST UNIT ACTIVITY: Trust units at beginning of year 94,959 170,537 23,613 19,460 61,644 73,558 25,540 - Sale of trust units 200,426 1,209,875 9,094 12,600 25,843 13,245 13,422 26,274 Trust units redeemed (234,104) (1,285,462) (4,845) (8,823) (15,708) (26,493) (3,530) (852) Units issued in reinvestment of dividends 34 9 483 376 1,371 1,334 446 118

TRUST UNITS AT END OF YEAR 61,315 94,959 28,345 23,613 73,150 61,644 35,878 25,540

See notes to financial statements 75 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013 OPERATIONS: Net investment income$ 3,311 $ 2,278 $ 4,459 $ 3,372 $ 23,134 $ 19,927 Net realized gain (loss) 11,344 10,318 34,459 45,028 109,617 58,224 Change in net unrealized appreciation or (depreciation) 4,667 26,980 496 68,251 43,346 235,945

Net increase (decrease) in net assets resulting from operations 19,322 39,576 39,414 116,651 176,097 314,096

Distributions to participants from net investment income (3,311) (2,278) (4,459) (3,372) (23,134) (19,927)

TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units 26,812 21,443 58,835 70,690 86,313 214,276 Trust units redeemed (25,507) (29,269) (71,112) (105,747) (212,575) (189,806) Units issued in reinvestment of dividends 3,242 2,278 4,373 3,372 22,583 19,927

Net increase (decrease) in net assets resulting from trust unit transactions 4,547 (5,548) (7,904) (31,685) (103,679) 44,397

Net increase (decrease) in net assets 20,558 31,750 27,051 81,594 49,284 338,566

NET ASSETS AT BEGINNING OF YEAR 223,555 191,805 400,920 319,326 1,300,081 961,515

NET ASSETS AT END OF YEAR $ 244,113 $ 223,555 $ 427,971 $ 400,920 $ 1,349,365 $ 1,300,081

TRUST UNIT ACTIVITY: Trust units at beginning of year 3,222 3,316 7,909 8,644 30,955 29,769 Sale of trust units 377 331 1,139 1,578 1,930 5,781 Trust units redeemed (363) (461) (1,357) (2,389) (4,756) (5,118) Units issued in reinvestment of dividends 45 36 83 76 505 523

TRUST UNITS AT END OF YEAR 3,281 3,222 7,774 7,909 28,634 30,955

See notes to financial statements 76 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (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 12/31/2014 12/31/2013 12/31/2014 12/31/2013 12/31/2014 12/31/2013 OPERATIONS: Net investment income $ 1,678 $ 1,268 $ 10,328 $ 5,746 $ 3,631 $ 3,295 Net realized gain (loss) 36,132 30,691 27,470 26,681 21,684 17,868 Change in net unrealized appreciation or (depreciation) (3,389) 44,445 (63,973) 58,193 (10,699) 74,073

Net increase (decrease) in net assets resulting from operations 34,421 76,404 (26,175) 90,620 14,616 95,236

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

TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units 53,445 69,581 65,406 95,839 37,018 40,425 Trust units redeemed (72,886) (77,809) (48,617) (64,467) (53,018) (53,825) Units issued in reinvestment of dividends ------

Net increase (decrease) in net assets resulting from trust unit transactions (19,441) (8,228) 16,789 31,372 (16,000) (13,400)

Net increase (decrease) in net assets 14,980 68,176 (9,386) 121,992 (1,384) 81,836

NET ASSETS AT BEGINNING OF YEAR 304,226 236,050 514,943 392,951 336,405 254,569

NET ASSETS AT END OF YEAR $ 319,206 $ 304,226 $ 505,557 $ 514,943 $ 335,021 $ 336,405

TRUST UNIT ACTIVITY: Trust units at beginning of year 4,918 5,103 14,941 13,992 21,154 22,145 Sale of trust units 825 1,262 1,917 3,079 2,319 2,929 Trust units redeemed (1,138) (1,447) (1,457) (2,130) (3,360) (3,920) Units issued in reinvestment of dividends ------

TRUST UNITS AT END OF YEAR 4,605 4,918 15,401 14,941 20,113 21,154

See notes to financial statements 77 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 1- Nature of Organization and Summary of Significant Accounting Policies

Nature of Organization The Catholic United Investment Trust (CUIT) is an investment company and presents it’s financial statements in accordance with ASC 946. 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 B units are made available to the Intermediate Diversified Bond, Opportunistic Bond, Value Equity, Growth and International Equity Funds and require an initial investment of $10.0 million. Effective April 1, 2008, the Class B units for the CUIT Core Equity Index and Small Capitalization Index Funds initial investment was reduced to $3.0 million. Effective January 1, 2012, the Class B units for the CUIT International Equity Fund was reduced to $5.0 million.

On January 15, 2014, the CUIT Flex Cash Fund discontinued offering banking services. On February 1, 2014, the Flex Cash Fund was renamed the CUIT Money Market Fund and CBIS reduced its management fee to 0.25% from 0.50%.

The specific investment objectives of the CUIT Funds are as follows:

Money Market Fund The Money Market Fund’s objective is to provide participating organizations investments in high quality short-term cash and debt obligations, consistent with its specific objective of seeking optimal current income to the extent consistent with preservation of capital. Effective June 30, 2009, the Flex Cash Fund extended its average maturity to a maximum of 180 days, as a temporary measure to augment yield due to the Federal Reserve’s zero percent Federal Funds targeting. Effective December 31, 2011, the June 30, 2009 maturity extension was rescinded and the portfolio’s weighted average maturity must be 90 days or less.

Short Bond Fund The Short Bond Fund’s objective is to provide participating organizations a high level of current income to the extent consistent with preservation of capital by investing primarily in securities issued by the U.S. Government, its agencies or instrumentalities, investment grade corporate debt obligations, mortgage-backed securities and other asset backed securities. The Short Bond Fund seeks to maintain an effective duration within 20% of the Merrill Lynch 1-3 year Treasury Index.

Intermediate Diversified Bond Fund The Intermediate Diversified Bond Fund’s objective is to provide participating organizations current income and long-term capital appreciation through investments primarily in U.S. Government securities, securities issued by U.S. Government agencies, fixed income obligations of corporations, asset-backed, mortgage-backed and municipal securities. The Intermediate Diversified Bond Fund seeks to maintain an effective duration between 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 Barclays 1-5 Year Government Credit Index, its sub-advisers will have substantial discretion to modify effective duration and to implement strategies utilizing a wide range of physical bond, equity and derivative strategies.

Balanced Fund The Balanced Fund’s objective is to provide participating organizations capital appreciation and current income through investing in equity and fixed income securities.

78 CATHOLIC UNITED INVESTMENT TRUST

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 participating organizations long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of large and established companies that possess valuable assets or that are believed to be undervalued.

Core Equity Index Fund The Core Equity Index Fund’s objective is to replicate the investment performance of the Standard & Poor’s Composite Stock Price Index (the S&P 500® Index), an index that emphasizes large capitalization companies, while incorporating CBIS’ Catholic SRI program. “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 Index Fund and neither endorses the Index Fund.

Growth Fund The Growth Fund’s objective is to provide participating organizations long-term capital appreciation through investing primarily in equity securities of well-established companies demonstrating strong and sustainable earnings growth.

International Equity Fund The International Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing in equity securities of well-established companies based primarily in countries included in the Morgan Stanley Capital International Europe, Australia, the Far East Index (EAFE) and Canada.

Small Capitalization Equity Index Fund The Small Capitalization Equity Fund’s objective is to replicate the price and yield performance of the Russell 2000 ® Index, an index which emphasizes small capitalization companies. The Russell 2000 ® Index is an index of 2,000 small company stocks that is created by taking the largest 3,000 companies in the United States and eliminating the largest 1,000 of those companies.

Net Asset Value and Valuation of Securities

The net asset value (NAV) of each Catholic United Investment Trust (CUIT) Fund is determined by the fair value of each Fund’s securities and other assets, less any liabilities and is calculated as of the close of business on any day the New York Stock Exchange is open. 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 in good faith deem appropriate to reflect the fair value thereof.

The net asset value per trust unit is obtained by dividing the total net asset value of each class of the respective CUIT Fund by the number of trust units outstanding.

Investment Transactions

Investment transactions are accounted for on trade date. 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 are recorded as the information becomes available. Discounts and premiums on securities are amortized over the life of the respective securities.

79 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Investment Transactions (continued)

Investment transactions for the period ended December 31, 2014, excluding short-term investments, were as follows (amounts in thousands):

December 31, 2014 Purchases Proceeds From Sales Money Market Fund $2,052,174,322 $2,085,011,576 Short Bond Fund 189,172,195 87,578,460 Intermediate Diversified Bond Fund 1,607,172,073 1,452,505,100 Opportunistic Bond Fund 312,892,355 198,261,308 Balanced Fund 199,129,943 183,020,488 Value Equity Fund 185,579,225 198,590,125 Core Equity Index Fund 203,089,099 290,661,751 Growth Fund 174,233,406 192,239,259 International Equity Fund 311,934,552 276,982,286 Small Capitalization Equity Index Fund 62,687,245 75,110,630

Forward 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.

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 and Intermediate Diversified Bond Funds generally invest in futures contracts on U.S. Treasuries. 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 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). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.

80 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Redemption of Trust Units

Participating Organizations may redeem an amount equal to the value of their account plus any accrued income, in whole or in part, by means of a request to withdraw in proper form. Withdrawals from the Flex Cash Fund may be made by a Participating Organization negotiating a check payable by the Fund; withdrawal 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.

Income Taxes

CUIT is exempt from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code and, accordingly, no provision for income taxes has been made in the financial statements. CUIT is also exempt from state income taxes.

A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

CUIT recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. CUIT has no amounts accrued for interest or penalties as of December 31, 2014.

CUIT is no longer subject to examination by U.S. federal taxing authorities for years before December 31, 2010. CUIT does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

Distributions to Participants

Certain Funds distribute their net investment income to the participants in the form of additional units on a reinvestment basis. Participants, at their discretion, may redeem such units or retain the units in their accounts. Distributions to participants are recorded on the ex-dividend date.

Income and Other Expense Allocation

Income, 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.

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 accompanying notes. Actual results may differ from those estimates.

Subsequent Events

CUIT has evaluated subsequent events for recognition and disclosure through March 11, 2015 which is the date the financial statements were available to be issued.

81 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:

x 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;

x 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

x 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.

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.

82 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Fair Value (continued)

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 at the close at trading on the New York Stock Exchange (generally 4:00 Eastern Time). 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 in level 1 or level 2 of the fair value hierarchy. These have been classified in 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 1 of the fair value hierarchy.

Money Market. The fair values of mutual fund investments are determined by obtaining quoted prices on nationally recognized securities exchanges, the values would be categorized in level 1 of the fair value hierarchy.

83 CATHOLIC UNITED INVESTMENT TRUST

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 1 and 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.

84 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, 2014 (amounts in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Money Market Fund: Asset Backed Securities $ - $8,521 $ - $8,521 Corporate Obligations - 27,724 - 27,724 U.S. Agency Obligations - 19,829 - 19,829 Short Term Repurchase Agreements 4,700 - - 4,700 Money Market 516 - - 516 Total $5,216 $56,074 $61,290

Short Bond Fund: Asset Backed Securities - 51,530 - 51,530 Collateralized Mortgage Obligations - 9,539 - 9,539 Mortgage Backed Securities- Commercial - 55,990 - 55,990 Corporate Obligations - 104,882 - 104,882 Municipals - 10,150 - 10,150 U.S. Agency Obligations - 37,950 - 37,950 U.S. Government Obligations 40,673 - - 40,673 Money Market 3,056 - - 3,056 Total $43,729 $270,041 - $313,770

Intermediate Diversified Bond Fund: Asset Backed Securities - 32,384 - 32,384 Collateralized Mortgage Obligations - 231 - 231 Mortgage Backed Securities- Commercial - 19,107 - 19,107 Corporate Obligations - 291,944 - 291,944 Municipals - 10,205 - 10,205 U.S. Agency Obligations - 196,032 - 196,032 U.S. Government Obligations 433,322 - - 433,322 Money Market 82,822 -- - 82,822 Total $516,144 $549,903 $1,066,047

Opportunistic Bond Fund: Equity Securities 11,843 - - 11,843 Equity Securities (Sold Short) (4,542) - - (4,542) Asset Backed Securities - 49,414 - 49,414 Mortgage Backed Securities- Commercial - 55,227 - 55,227 Corporate Obligations - 130,109 - 130,109 Municipals - 5,014 - 5,014 U.S. Agency Obligations - 66,111 - 66,111 U.S. Government Obligations 27,578 - - 27,578 Money Market 6,903 - - 6,903 Total $41,782 $305,875 $347,657

Balanced Fund: Equity Securities 140,139 - - 140,139 Asset Backed Securities - 3,648 - 3,648 Collateralized Mortgage Obligations 98 98 Mortgage Backed Securities- Commercial - 1,839 - 1,839 Corporate Obligations - 30,373 - 30,373 Municipals - 1,306 - 1,306 U.S. Agency Obligations - 20,192 - 20,192 U.S. Government Obligations 39,334 - 39,334 Money Market 10,581 - - 10,581 Total $190,055 $57,455 - $247,510

85 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, 2014 (amounts in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Value Equity Fund: Equity Securities $414,995 - - $414,995 Money Market 13,357 - - 13,357 Total $428,352 - - $428,352

Core Equity Index Fund: Equity Securities 1,344,641 - - 1,344,641 Money Market 5,006 - - 5,006 Total $1,349,647 - - $1,349,647

Growth Fund: Equity Securities 318,957 - - 318,957 Money Market 891 - - 891 Total $319,848 - - $319,848

International Equity Fund: Equity Securities 499,626 - - 499,626 Money Market 5,905 - - 5,905 Total $505,531 - - $505,531

Small Capitalization Equity Index Fund: Equity Securities 333,971 - - 333,971 Money Market 930 - - 930 Total $334,901 - - $334,901

Amounts in Thousands Level 1 Level 2 Level 3 Other Financial Asset Liability Asset Liability Asset Liability Total Instruments Intermediate Diversified Bond Fund: Futures - ($1,867) - - - - ($1,867)

Balanced Fund: Futures - ($207) - - - - ($207)

Core Equity Fund: Futures $155 - - - - - $155

86 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 - 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 CUIT Trust Agreement. This fee is accrued daily and paid on a monthly basis. Under the service contract, CBIS bears all costs of each Fund’s operations, except the audit fees, legal fees and expenses of the custodian (which are paid directly by the Fund), investment transaction fees and any license fees paid to providers of investment indices.

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% Growth Fund - Class A 1.10% Growth Fund - Class B 0.80% International Equity Fund - Class A 1.40% International Equity Fund - Class B 1.00% Small Capitalization Equity Index Fund - Class A 0.50% Small Capitalization Equity Index Fund - Class B 0.20%

*On February 1, 2014, the Flex Cash Fund was renamed the CUIT Money Market Fund and CBIS reduced its management fee to 0.25% from 0.50%.

Expense Waiver CBIS has agreed to temporarily and voluntarily waive a portion of the Money Market Funds Management Fee in order for the fund to maintain a positive yield. CBIS may request reimbursement from the Fund to recapture the waived fees. For the periods ended December 31, 2014 and December 31, 2013 the total amount of the waived management fee was $56,269 and $629,317.

87 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 3 - Investment Advisory and Administrative Fee (continued)

Other Expenses The Funds are charged additional fees and expenses for bank fees and related charges, custodian fees, legal fees, transfer agent fees, and other services or costs incurred in administering the Trust.

Note 4 – Financial Guarantees

The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is not known. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Note 5 - Capital Share Transactions

Trust unit activity for the Funds is presented below:

Capital Share Transactions for the Year Ended December 31, 2014 (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 4,338 $59,692 462 $6,362 (8,893) ($123,258) (4,093) ($57,204) Bond Fund Class A Intermediate Diversified 21,505 300,837 909 12,509 (6,815) (96,703) 15,599 216,643 Bond Fund Class B Opportunistic Bond Fund 4,205 41,838 128 1,276 (1,852) (18,399) 2,481 24,715 Class A Opportunistic Bond Fund 9,217 91,692 318 3,158 (1,678) (16,691) 7,857 78,159 Class B

Value Equity Class A 432 22,451 32 1,681 (852) (44,650) (388) (20,518)

Value Equity Class B 707 36,384 51 2,692 (505) (26,462) 253 12,614

Core Equity Index Class A 416 18,584 45 1,998 (639) (28,412) (178) (7,830)

Core Equity Index Class B 1,514 67,729 460 20,585 (4,117) (184,163) (2,143) (95,849)

Growth Class A 305 19,424 -- -- (747) (47,580) (442) (28,156)

Growth Class B 520 34,021 -- -- (391) (25,306) 129 8,715 International Equity Fund 872 29,033 -- -- (933) (30,404) (61) (1,371) Class A International Equity Fund 1,045 36,373 -- -- (524) (18,213) 521 18,160 Class B Small Capitalization Equity 962 15,156 -- -- (1,470) (22,955) (508) (7,799) Index Class A Small Capitalization Equity 1,357 21,862 -- -- (1,890) (30,063) (533) (8,201) Index Class B

88 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 5 - Capital Share Transactions (continued)

Trust unit activity for the Funds is presented below:

Capital Share Transactions for the Period Ended December 31, 2013 (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 4,606 $62,931 487 $6,648 (11,136) ($152,549) (6,043) $(82,968) Bond Fund Class A Intermediate Diversified 8,639 118,471 847 11,562 (15,357) (210,999) (5,871) (80,966) Bond Fund Class B Opportunistic Bond Fund 8,065 80,150 28 275 (598) (5,938) 7,495 74,487 Class A Opportunistic Bond Fund 18,209 181,159 90 898 (254) (2,516) 18,045 179,542 Class B Value Equity Class A 439 19,818 34 1,572 (2,025) (90,042) (1,551) (68,654)

Value Equity Class B 1,139 50,872 42 1,800 (364) (15,706) 816 36,966

Core Equity Index Class A 492 18,302 57 2,137 (1,849) (68,954) (1,300) (48,515)

Core Equity Index Class B 5,289 195,974 466 17,790 (3,269) (120,852) 2,486 92,912

Growth Class A 338 18,467 -- -- (1,315) (70,489) (978) (52,022)

Growth Class B 924 51,114 -- -- (132) (7,320) 793 43,794 International Equity Fund 1,147 33,888 -- -- (1,705) (51,320) (559) (17,432) Class A International Equity Fund 1,932 61,951 -- -- (425) (13,147) 1,508 48,804 Class B Small Capitalization Equity 921 12,910 -- -- (2,387) (32,448) (1,467) (19,538) Index Class A Small Capitalization Equity 2,008 27,515 -- -- (1,533) (21,377) 476 6,138 Index Class B

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 Bank 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 collateral obtained at the inception of the security loan is at least 102% of the market value of the loaned securities. The securities loaned and the collateral is marked to market daily. The collateral is maintained at not less than 100% of the market value of the loaned securities during the period of the loan. For the year ended December 31, 2013, none of the CUIT Funds had any activity from security lending. 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.

During 2014, the Funds listed below generated income, net of fees paid to Bank of New York Mellon Bank, from the lending of securities. Such income is included in interest income in the statements of operations.

Money Market Fund $ 13 Short Bond Fund 3,138 Intermediate Diversified Bond Fund 18,859 Opportunistic Bond Fund 2,976 Balanced Fund 3,796 Value Equity Fund 10,734 Core Equity Fund 22,682 Growth Fund 4,287 International Equity Fund 48,832 Small Capitalization Equity Index Fund 237,968 89 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Condensed financial information 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 (in period of end assets, Net millions) Period Ended $$$$ $ $ %% % % $ Money Market Fund** 12-31-14 1.00 0.00 - 0.00 0.00 1.00 0.05 0.32 0.40 0.05 61.3 12-31-13 1.00 0.00 - 0.00 0.00 1.00 0.00 0.30 0.67 0.00 95.0 12-31-12 1.00 0.00 - 0.00 0.00 1.00 0.00 0.36 0.66 0.00 170.5 12-31-11 1.00 0.00 - 0.00 0.00 1.00 0.00 0.48 0.66 0.00 221.8 12-31-10 1.00 0.01 - 0.01 (0.01) 1.00 0.02 0.49 0.65 0.03 217.6

Short Bond Fund** 12-31-14 11.18 0.20 (0.05) 0.15 (0.20) 11.13 1.37 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 1.65 263.9 12-31-12 11.18 0.24 0.09 0.33 (0.24) 11.27 2.98 0.35 2.15 219.4 12-31-11 11.18 0.26 0.00 0.26 (0.26) 11.18 2.31 0.33 2.30 198.9 12-31-10 11.14 0.33 0.04 0.37 (0.33) 11.18 3.34 0.33 2.94 176.1

Intermediate Diversified Bond Fund** Class A 12-31-14 13.44 0.29 0.46 0.75 (0.29) 13.90 5.65 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 1.88 305.7 12-31-12 13.42 0.29 0.52 0.81 (0.29) 13.94 6.05 0.55 2.08 401.3 12-31-11 12.87 0.37 0.55 0.92 (0.37) 13.42 7.22 0.53 2.80 353.8 12-31-10 12.41 0.42 0.46 0.88 (0.42) 12.87 7.20 0.53 3.32 338.9

Class B 12-31-14 13.44 0.31 0.46 0.77 (0.31) 13.90 5.81 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 2.03 522.9 12-31-12 13.41 0.31 0.52 0.83 (0.31) 13.93 6.21 0.40 2.58 623.9 12-31-11 12.86 0.39 0.55 0.94 (0.39) 13.41 7.39 0.38 2.95 545.9 12-31-10 12.41 0.44 0.45 0.89 (0.44) 12.86 7.27 0.38 3.47 458.4

Opportunistic Bond Fund*** Class A 12-31-14 9.92 0.13 (0.01) 0.12 (0.13) 9.91 1.23 0.57 1.35 98.8 12-31-13 10.00 0.05 (0.08) (0.03) (0.05) 9.92 (0.25) 0.56 0.93 74.4

Class B 12-31-14 9.92 0.15 (0.02) 0.13 (0.15) 9.90 1.27% 0.42 1.50 256.5 12-31-13 10.00 0.06 (0.08) (0.02) (0.06) 9.92 (0.16) 0.42 1.07 179.0

Balanced Fund 12-31-14 69.38 1.03 5.02 6.05 (1.03) 74.40 8.80 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 1.12 223.6 12-31-12 51.17 0.76 6.67 7.43 (0.76) 57.84 14.59 0.92 1.37 191.8 12-31-11 51.61 0.82 (0.44) 0.38 (0.82) 51.17 0.71 0.89 1.55 182.2 12-31-10 46.82 0.77 4.79 5.56 (0.77) 51.61 12.03 0.89 1.60 203.7

*CBIS may request reimbursement from the Fund to recapture the waived fees. For the years ended December 31, 2014 and and December 31, 2013 the total amount of the waived management fee was $56,269 and $629,317. ** Performance shown for the periods 2009-2011 was based on the Religious Communities Trust Funds. *** Start date for the CUIT Opportunistic Bond Fund was May 1, 2013

See notes to financial statements 90 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Condensed financial information 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, before waivers income investment Net (in period of end assets, Net millions) Period Ended $$$$$$% % % $ Value Equity Fund Class A 12-31-14 50.74 0.46 4.37 4.83 (0.46) 55.11 9.57 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 0.78 202.9 12-31-12 31.35 0.38 5.61 5.99 (0.38) 36.96 19.15 1.06 1.11 205.2 12-31-11 32.54 0.28 (1.19) (0.91) (0.28) 31.35 (2.82) 1.04 0.83 177.5 12-31-10 28.38 0.20 4.16 4.36 (0.20) 32.54 15.44 1.04 0.68 224.1

Class B 12-31-14 50.65 0.66 4.36 5.02 (0.66) 55.01 9.97 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 1.15 198.0 12-31-12 31.32 0.51 5.59 6.10 (0.51) 36.91 19.54 0.71 1.46 114.2 12-31-11 32.51 0.40 (1.19) (0.79) (0.40) 31.32 (2.44) 0.69 1.18 83.0 12-31-10 28.36 0.30 4.15 4.45 (0.30) 32.51 15.83 0.69 1.02 81.7

Core Equity Index Class A 12-31-14 42.00 0.71 5.14 5.85 (0.71) 47.14 13.99 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 1.57 143.8 12-31-12 28.41 0.56 3.90 4.46 (0.56) 32.31 15.72 0.39 1.78 122.3 12-31-11 28.59 0.44 (0.18) 0.26 (0.44) 28.41 0.92 0.38 1.54 132.5 12-31-10 25.29 0.40 3.30 3.70 (0.40) 28.59 14.78 0.38 1.54 111.6

Class B 12-31-14 42.00 0.79 5.12 5.91 (0.79) 47.12 14.19 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 1.78 1,167.7 12-31-12 28.40 0.62 3.90 4.52 (0.62) 32.30 15.95 0.19 1.98 817.7 12-31-11 28.58 0.50 (0.18) 0.32 (0.50) 28.40 1.13 0.18 1.75 682.1 12-31-10 25.28 0.46 3.30 3.76 (0.46) 28.58 15.01 0.18 1.74 641.1

Growth Fund Class A 12-31-14 61.09 0.26 6.86 7.12 - 68.21 11.65 1.16 0.41 176.8 12-31-13 45.96 0.20 14.93 15.13 - 61.09 32.92 1.18 0.39 185.4 12-31-12 40.27 0.28 5.41 5.69 - 45.96 14.13 1.20 0.63 184.4 12-31-11 41.06 0.04 (0.83) (0.79) - 40.27 (1.92) 1.17 0.10 176.3 12-31-10 34.71 0.14 6.21 6.35 - 41.06 18.29 1.17 0.44 203.7

Class B 12-31'14 63.12 0.49 7.12 7.61 - 70.73 12.06 0.86 0.73 142.4 12-31-13 47.35 0.38 15.39 15.77 - 63.12 33.31 0.87 0.68 118.9 12-31-12 41.36 0.47 5.52 5.99 - 47.35 14.48 0.90 0.94 51.7 12-31-11 42.04 0.16 (0.84) (0.68) - 41.36 (1.62) 0.87 0.40 47.6 12-31-10 35.43 0.26 6.35 6.61 - 42.04 18.66 0.87 0.74 49.9

See notes to financial statements 91 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Condensed financial information 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, before waivers income investment Net (in period of end assets, Net millions) Period Ended $ $ $ $ $ $ % % % $ International Equity Fund Class A 12'-31'14 33.24 0.58 (2.28) (1.70) - 31.54 (5.11) 1.50 1.68 170.5 12-31-13 27.24 0.34 5.66 6.00 - 33.24 22.03 1.51 1.14 181.6 12-31-12 22.86 0.38 4.00 4.38 - 27.24 19.16 1.52 1.46 164.1 12-31-11 26.56 0.56 (4.26) (3.70) - 22.86 (13.93) 1.50 2.03 153.5 12-31-10 23.38 0.20 2.98 3.18 - 26.56 13.60 1.51 0.88 239.0

Class B 12-31-14 35.18 0.60 (2.26) (1.66) - 33.52 (4.72) 1.09 2.12 335.1 12-31-13 28.72 0.43 6.03 6.46 - 35.18 22.49 1.11 1.43 333.4 12-31-12 24.00 0.46 4.26 4.72 - 28.72 19.67 1.12 1.85 228.8 12-31-11 27.77 0.63 (4.40) (3.77) - 24.00 (13.58) 1.11 2.40 173.7 12-31-10 24.35 0.34 3.08 3.42 - 27.77 14.05 1.11 1.35 127.8

Small Capitalization Equity Fund Class A 12'31'14 15.71 0.23 0.47 0.70 - 16.41 4.46 0.55 0.93 111.8 12-31-13 11.38 0.12 4.21 4.33 - 15.71 38.05 0.55 0.91 115.0 12-31-12 9.86 0.15 1.37 1.52 - 11.38 15.42 0.56 1.52 100.0 12-31-11 10.36 0.11 (0.61) (0.50) - 9.86 (4.83) 0.55 0.81 84.6 12-31-10 8.20 0.11 2.05 2.16 - 10.36 26.34 0.54 0.92 94.4

Class B 12-31-14 16.01 0.23 0.54 0.77 - 16.78 4.81 0.25 1.24 223.2 12-31-13 11.57 0.14 4.30 4.44 - 16.01 38.38 0.25 1.22 221.5 12-31-12 9.99 0.23 1.35 1.58 - 11.57 15.82 0.26 1.77 154.6 12-31-11 10.47 0.11 (0.59) (0.48) - 9.99 (4.58) 0.25 1.11 145.5 12-31-10 8.25 0.11 2.11 2.22 - 10.47 26.91 0.24 1.23 163.0

See notes to financial statements 92