Catholic United Investment Trust Annual Report

CATHOLIC UNITED INVESTMENT TRUST

ANNUAL REPORT

(AUDITED)

DECEMBER 31, 2016 CATHOLIC UNITED INVESTMENT TRUST

TABLE OF CONTENTS

Page REPORT OF INDEPENDENT AUDITORS 1-2

Statement of Assets and Liabilities 3-4

Schedule of Investments: Money Market Fund 5-7 Short Bond Fund 8-10 Intermediate Diversified Bond Fund 11-20 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 56-71

Statements of Operations 72-74 Statements of Changes in Net Assets 75-77

FINANCIAL HIGHLIGHTS 78-80

NOTES TO FINANCIAL STATEMENTS 81-96

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

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS T +1 312 856 0200 F +1 312 565 4719 grantthornton.com

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

We have audited the accompanying financial statements of the Catholic United Investment Trust, including the Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund, (collectively, the Funds), which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2016, and the related statements of operations, changes in net assets, and financial highlights for the year then ended, and the related notes to the financial statements. The accompanying statements of operations and changes in net assets for the year ended December 31, 2015, and financial highlights for the years ended December 31, 2015, 2014, 2013 and 2012, were audited by other auditors whose report thereon dated March 8, 2016, expressed an unqualified opinion on the financial statements and financial highlights.

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial highlights. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the

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

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

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

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

Chicago, Illinois March 17, 2017

Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016

(Amounts in thousands, except per trust unit amounts) Intermediate Diversified Bond Opportunistic ASSETS: Money Market Fund Short Bond Fund Fund Bond Fund Investments, at amortized cost $ 63,706 $ 378,790 $ 1,220,443 $ 403,149 Investments, at fair value $ 63,706 $ 376,031 $ 1,215,404 $ 401,727 Cash - 312 450 13,570 Receivables: Investment securities sold - 24 2,090 6 Interest 58 2,005 7,033 2,199 Tax reclaims dividends - - - - Trust units sold 295 95 3,167 954 Securities sold short - - - 23 Unrealized gain on forward foreign currency contracts - - - - Other assets - 10 21 5 Total assets 64,059 378,477 1,228,165 418,484

LIABILITIES: Payables: Cash overdraft 1,149 - - - Securities sold short at fair value (proceeds $4,884) - - - 5,248 Distribution payable 2 6 104 28 Investment securities purchased - 1,484 44,859 767 Interest purchased - 10 21 5 Dividends payable - - - 27 Investment advisory and administrative fees 14 86 356 133 Other fees 23 27 75 18 Variation margin - - 342 - Securities lending collateral - - 26,306 3,497 Trust units redeemed 119 36 1,133 1 Total liabilities 1,307 1,649 73,196 9,724

NET ASSETS $ 62,752 $ 376,828 $ 1,154,969 $ 408,760

NET ASSETS CONSIST OF: Paid-in capital $ 62,757 $ 375,195 $ 996,944 $ 407,506 Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (5) 4,392 162,649 3,040 Net unrealized appreciation (depreciation) on investments and future contracts - (2,759) (4,624) (1,785) Net unrealized gain (loss) on forward foreign currency contracts - - - (1) NET ASSETS $ 62,752 $ 376,828 $ 1,154,969 $ 408,760

TRUST UNITS OUTSTANDING 62,757 34,031 N/A N/A

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

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 133,886 $ 67,334 Trust Units Outstanding N/A N/A 9,688 6,742 Net Asset Value Per Trust Unit Outstanding N/A N/A $ 13.82 $ 9.99

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 1,021,083 $ 341,426 Trust Units Outstanding N/A N/A 73,937 34,191 Net Asset Value Per Trust Unit Outstanding N/A N/A $ 13.81 $ 9.99

See notes to financial statements. 3 CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2016

(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 $ 194,104 $ 277,109 $ 1,220,280 $ 250,070 $ 638,950 $ 281,179 Investments, at fair value $ 231,090 $ 368,841 $ 1,594,717 $ 287,173 $ 661,354 $ 378,080 Cash 12 - 214 - 94 107 Receivables: Investment securities sold 54 168 - 127 50 - Interest 526 1 2 1 6 1 Dividends 133 348 1,626 230 837 437 Tax reclaims dividends - - - - 535 - Trust units sold 7 3 2,983 109 284 2 Securities sold short ------Unrealized gains on forward foreign currency contracts - - - - 2 - Other assets 4 - 14 - - - Total assets 231,826 369,361 1,599,556 287,640 663,162 378,627

LIABILITIES: Payables: Cash overdraft ------Securities sold short at fair value ------Distribution payable 4 49 213 - - - Investment securities purchased 4,506 385 - 98 337 - Interest purchased 4 - - - - - Investment advisory and administrative fees 153 243 171 226 552 89 Other fees 57 44 76 57 100 38 Variation margin 32 - 20 - - - Securities lending collateral 1,353 5,509 10,571 5,441 17,058 35,246 Trust units redeemed - 1,513 3,536 3 20 1,318 Total liabilities 6,109 7,743 14,587 5,825 18,067 36,691

NET ASSETS $ 225,717 $ 361,618 $ 1,584,969 $ 281,815 $ 645,095 $ 341,936

NET ASSETS CONSIST OF: Paid-in capital $ (48,761) $ (5,412) $ 691,923 $ (22,167) $ 307,221 $ 128,839 Accumulated undistributed net investment income (loss) (4) - - 201 90,205 31,607 Accumulated net realized gain (loss) 237,465 275,298 518,670 266,678 225,264 84,589 Net unrealized appreciation (depreciation) on investments and future contracts 37,017 91,732 374,376 37,103 22,405 96,901 Net unrealized gain (loss) on forward foreign currency contracts ------NET ASSETS $ 225,717 $ 361,618 $ 1,584,969 $ 281,815 $ 645,095 $ 341,936

TRUST UNITS OUTSTANDING 2,849 N/A N/A N/A N/A N/A

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 79.22 N/A N/A N/A N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 130,900 $ 126,707 $ 123,123 $ 173,457 $ 114,094 Trust Units Outstanding N/A 2,206 2,492 1,627 5,530 6,053 Net Asset Value Per Trust Unit Outstanding N/A $ 59.34 $ 50.84 $ 75.68 $ 31.37 $ 18.85

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 230,718 $ 1,053,162 $ 158,692 $ 471,638 $ 227,842 Trust Units Outstanding N/A 3,898 20,720 2,009 14,036 11,754 Net Asset Value Per Trust Unit Outstanding N/A $ 59.18 $ 50.83 $ 78.96 $ 33.60 $ 19.38

CLASS C SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 405,100 N/A N/A N/A Trust Units Outstanding N/A N/A 7,973 N/A N/A N/A Net Asset Value Per Trust Unit Outstanding N/A N/A $ 50.81 N/A N/A N/A

See notes to financial statements. 4 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 37.94% Corporate Obligations 37.56% Sovereign 1.03% U.S. Agency Obligations 6.78% U.S. Government Obligations 13.56% Repurchase Agreements 2.39% Short-Term Investments 2.26% Less Liabilities, Other Assets -1.52%

5 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2016

Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Net Assets Cost (000's) Asset Backed Securities 37.94% Corporate Obligations 37.56% 74,149 Ally Auto Receivables Trust 2015-SN1, 1.210%, due 12/20/17 $ 74 Consumer Discretionary 3.65% Ally Master Owner Trust 500,000 BAT International Finance PLC, 2.125%, due 6/7/17 502 110,000 1.173%, due 1/15/19 110 500,000 Nissan Motor Acceptance Corp., 1.491%, due 3/03/17 500 500,000 1.193%, due 10/15/19 500 650,000 The Coco-Cola Co, 0.000%, due 7/12/17 647 500,000 1.430%, due 6/17/19 500 650,000 Toyota Motor Credit Corp., 1.101%, due 2/16/2017 650 500,000 1.720%, due 7/15/19 502 2,299 AmeriCredit Automobile Receivables Trust 390,895 1.150%, due 6/10/19 2014-3 391 Energy 1.91% 280,263 0.780%, due 10/10/17 2016-4 280 600,000 ChevronCorp, 0.000%, due 5/8/17 598 500,000 Cabela's Credit Card Master Note Trust, 1.233%, due 2/18/20 500 600,000 Shell International Finance BV, 1.202%, due 5/10/17 600 Capital Auto Receivables Asset Trust 1,198 556,468 1.438%, due 11/20/18, 2016-1 557 700,000 1.329%, due 1/22/19, 2016-2 701 Financial Services 25.46% 775,000 Capital One Multi-Asset Execution Trust, 1.073%, due 6/15/20 777 200,000 ANZ New Zealand Int'l Ltd/London, 1.405%, due 4/27/17 200 365,877 CarMax Auto Owner Trust 2013-2, 0.840%, due 11/15/18 365 600,000 Asian Development Bank, 0.924%, due 1/23/17 600 541,493 CarMax Auto Owner Trust 2015-4, 1.303%, due 4/15/19 542 500,000 Australia & New Zealand Banking Group Ltd, 1.256%, due 1/10/17 500 381,567 CarMax Auto Owner Trust 2016-4, 0.750%, due 11/15/17 382 600,000 Bank of America NA, 1.372%, due 2/14/17 600 775,000 Chase Issuance Trust, 1.023%, due 2/18/20 777 600,000 Bank of Montreal 1.080%, due 3/16/17 600 108,850 Chesapeake Funding LLC, 1.101%, due 1/7/25 109 650,000 Bank of Nova Scotia, 1.186%, due 4/11/17 650 535,113 Chrysler Capital Auto Rec.Trust 2016-B, 0.850%, due 11/15/17 535 500,000 Bank of Tokyo-Mitsubishi UFJ Ltd, 1.363%, due 3/10/17 500 750,000 Citibank Credit Card Issuance Trust, 1.905%, due 1/23/20 759 650,000 Berkshire Hathaway Finance Corp., 1.04%, due 1/13/17 650 312,198 CNH Equipment Trust 2016-C, 0.750%, due 10/10/17 312 600,000 BPCE SA, 0.000%, due 3/1/17 599 590,000 Discover Card Execution Note Trust, 1.003%, due 8/17/20 591 650,000 CAFCO LLC, 0.000%, due 3/7/17 649 775,000 Discover Card Execution Note Trust, 1.053%, due 8/17/20 777 650,000 Canadian Imperial Bank of Commerce NY, 0.800%, due 2/22/17 650 Ford Credit Auto Lease Trust 600,000 Ciesco LLC, 0.000%, due 3/21/17 599 800,000 1.310%, due 8/15/18, 2015-A 801 575,000 Credit Agricole SA, 1.498%, due 6/12/17 575 577,054 1.040%, due 5/15/18, 2015-B, 577 600,000 Credit Suisse AG/New York NY, 1.427%, due 5/26/17 600 435,949 0.720%, due 11/15/17,2016-C, 436 650,000 DNB Bank ASA, 0.000%, due 2/23/17 649 Ford Credit Floorplan Master Owner Trust A, 650,000 Fairway Finance LLC, 0.000%, due 2/24/17 649 775,000 1.103%, due 1/15/20 776 250,000 GE Capital Treasury Services US LLC, 0.000%, due 1/20/17 250 500,000 1.103%, due 2/15/19 500 650,000 International Finance Corp, 0.909%, due 1/20/17 650 500,000 1.200%, due 2/15/19 500 750,000 JPMorgan Chase & Co, 1.425%, due 2/15/17 750 450,000 1.400%, due 8/15/19 451 320,000 Macquarie Bank Ltd, 1.515%, due 10/27/17 320 GM Financial Automobile Leasing Trust 500,000 Manufacturers & Traders Trust Co ,1.181%, due 7/25/17 500 936,000 1.530%, due 9/20/18, 2015-1 938 500,000 MassMutual Global Funding II ,2.000%, due 4/5/17 502 165,149 0.780%, due 9/20/17, 2016-3 165 150,000 Metropolitan Life Global, 1.256%, due 4/10/17 150 800,000 Golden Credit Card Trust, 1.123%, due 7/15/19 801 625,000 Noreda Bank Finland ,0.000%, due 3/20/17 624 500,000 Golden Credit Card Trust, 1.390%, due 7/15/19 500 650,000 Old Line Funding LLC, 0.000%, due 2/21/17 649 333,944 Huntington Auto Trust, 0.850%, due 12/15/17 334 500,000 PNC Bank NA, 1.125%, due 1/27/17 500 693,308 Hyundai Auto Lease Trust 2016-A, 1.253%, due 7/16/18 695 650,000 Sumitomo Mitsui Banking Corp, 0.870%, due 2/22/17 650 230,494 John Deere Owner Trust 2016-B, 0.640%, due 8/15/17 230 400,000 The Toronto-Dominion Bank 1.437%, due 4/30/18 401 Mercedes-Benz Auto Lease Trust 750,000 Wells Fargo Bank NA, 1.621%, due 1/22/18 753 417,297 2016-B, 0.750%, due 11/15/17 417 15,969 Mercedes-Benz Auto Receivables Trust 536,746 0.973%, due 6/15/18, 2015-1 537 245,028 MMAF Equipment Finance LLC 2014-A, 0.870%, due 1/8/19 245 Health Care 1.80% Nissan Auto Lease Trust 625,000 Bayer US Finance LLC, 1.144%, due 10/6/17 625 350,000 1.290%, due 3/16/20, 2014-B, 350 500,000 UnitedHealth Group Inc., 1.329%, due 1/17/17 500 350,000 1.220%, due 8/15/18, 2016-A 343 1,125 650,000 0.983%, due 12/17/18, 2016-B 650 264,926 Santander Drive Auto Rec.Trust 2013-3, 1.810%, due 4/15/19 265 Materials & Processing 1.99% 500,000 Synchrony Credit Card Master Note Trust, 1.360%, due 8/17/20 501 600,000 Caterpillar Financial Services Corp, 1.120%, due 6/9/17 600 183,404 USAA Capital Corp, 0.680%, due 9/15/17 183 Volkswagen Auto Loan Enhanced Trust Producer Durables 1.27% 290,000 1.160%, due 3/20/20, 2013-2 289 800,000 CAFCO LLC, 1.072%, due 11/14/17 800 Wells Fargo Dealer Floorplan Master Note Trust 105,000 1.189%, due 10/20/19 105 1,300,000 1.488%, due 4/22819 1,303 37,178 World Omni Auto Receivables Trust 2013-B, 0.830%, due 8/15/18 37 World Omni Automobile Lease Securitization Trust 631,525 1.060%, due 5/15/18 631 208,361 1.160%, due 9/15/17 208 TOTAL ASSET BACKED SECURITIES 23,809

6 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2016

Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Corporate Obligations (continued) Net Assets Cost (000's) Short Term Investments 2.26% Technology 2.31% 1,416,510 Dreyfus Government Cash Management Fund, 0.457% $ 1,417 800,000 Apple Inc., 0.950%, due 5/5/17 $ 800 TOTAL SHORT-TERM INVESTMENTS 1,417 650,000 Microsoft Corp, 0.000%, due 3/21/17 649 1,449

Utilities 0.20% Repurchase Agreements 2.39% 120,000 Duke Energy Progress LLC, 1.146%, due 3/6/17 124 300,000 Deutsche Bank Repo, 0.510%, due 1/3/17 300 1,200,000 Deutsche Bank Repo, 0.400%, due 1/3/17 1,200 TOTAL CORPORATE OBLIGATIONS 23,564 1,500

Sovereign Issues 1.03% TOTAL INVESTMENTS 101.52% 63,706 650,000 Province of Quebec Canada, 0.000%, due 2/22/17 649 (Cost $63,706) TOTAL SOVEREIGN ISSUES Less Liabilities, Other Assets -1.52% (954)

U.S. Agency Obligations 6.78% NET ASSETS 100.00% $ 62,752 Federal Home Loan Bank 3.59% 1,750,000 0.905%, due 8/25/17 1,754 500,000 0.750%, due 9/8/17 501 2,255 Federal Farm Credit Banks 3.19% 2,000,000 0.699%, due 4/9/18 2,001

TOTAL U.S. AGENCY OBLIGATIONS 4,256

U.S. Government Obligations 13.56% U.S Treasury Notes/Bonds 13.56% 1,000,000 0.632%, due 7/31/17 $ 1,000 750,000 0.723%, due 10/31/17 750 2,250,000 0.827%, due 1/31/18 2,256 4,500,000 0.745%, due 4/30/18 4,505 TOTAL U.S. GOVERNMENT OBLIGATIONS 8,511

7 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 13.98% Collateralized Mortgage Obligation 1.79% Commercial Mortgage Backed Securities 8.01% Corporate Obligations 35.55% Municipals 4.51% Sovereign Issues 1.54% U.S. Agency Obligations 5.89% U.S. Government Obligations 21.03% Short-Term Investments 7.49% Other Assets, Liabilities Less 0.21%

8 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities 13.98% Commercial Mortgage Backed Securities (continued) 1,731,238 AmeriCredit Automobile Rec Trust, 1.520%, due 1/8/19 $ 1,732 299,749 JP Morgan Chase & Co., 5.440%, due 6/12/47 $ 300 1,800,000 ARI Fleet Lease Trust 2016-A, 1.820%, due 7/15/24 1,800 1,785,456 JP Morgan Chase & Co., 5.479%, due 2/12/51 1,813 2,950,000 BA Credit Card Trust, 1.360%, due 9/15/20 2,949 1,142,478 JP Morgan Chase & Co., 5.712%, due 2/12/49 1,149 3,475,000 Capital Auto Receivables Asset Trust, 1.830%, due 3/20/20 3,481 1,353,564 LB-UBS Commercial Mortgage Trust, 5.451%, due 9/15/39 1,215 2,675,000 Chase Issuance Trust, 1.360%, due 4/15/20 2,673 25,466 Morgan Stanley Capital, 5.793%, due 7/12/44 25 1,952,270 CLI Funding V LLC, 3.380%, due 10/18/29 1,877 2,116,703 Morgan Stanley Capital, 5.809%, due 12/12/49 2,148 2,050,000 CNH Equipment Trust, 1.163%, due 8/15/21 2,042 1,648,344 Morgan Stanley Capital, 5.901%, due 6/11/49 1,674 2,425,000 CNH Equipment Trust, 1.660%, due 11/16/20 2,429 2,850,000 Motel 6 Trust 2015-MTL, 3.298%, due 2/5/30 2,860 184,008 College & University Facility Loan , 4.000%, due 6/1/18 184 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 30,186 1,537,037 Cronos Containers Program I Ltd, 3.270%, due 11/18/29 1,487 (Cost $31,356) 1,768,500 DB Master Finance LLC 2015-1, 3.262%, due 2/20/45 1,771 2,325,090 Dominos Pizza Mater Issuer, 5.216%, due 1/25/42 2,372 507,716 FNA 201-1 Trust3.240%, due 12/10/23 505 Corporate Obligations 35.55% Ford Credit Auto Owner Trust/Ford Credit 2014-REV1, Consumer Discretionary 2.95% 2,000,000 2.260%, due 11/15/25 2,017 2,000,000 Daimler Finance North America LLC, 1.500%, due 7/5/19 1,968 2,600,000 Ford Credit Floorplan Master Owner Trust A, 1.490% due 9/15/19 2,604 1,750,000 General Motors Financial Co Inc, 2.400%, due 5/9/19 1,745 1,810,000 Golden Credit Card Trust, 1.770%, due 1/15/19 1,811 1,575,000 Johnson Controls Inc, 7.125%, due 7/15/17 1,618 142,466 Harley-Davidson Motorcycle Trust 2015-1, 0.800%, due 1/15/19 142 1,492,000 Toyota Motor Credit Corp, 2.250%, due 3/20/24 1,473 277,233 MMAF Equipment Finance Trust, 1.350%, due 10/10/18 277 523,000 AmeriGas Finance LLC 7.000%, due 5/20/22 550 824,589 NYCTL 2014-A Trust, 1.340%, due 11/10/28 821 1,950,000 Ford Motor Credit Co LLC., 5.000%, due 5/15/18 2,026 2,775,000 PFS Financing Corp, 1.303% due 2/15/19 2,773 1,700,000 Macy's Retail Holdings Inc, 7.450%, due 7/15/17 1,754 13,445 Small Business Administration Participation, 5.788%, due 8/10/17 14 11,134 2,000,000 Synchrony Credit Card Master Note Trust, 1.600%, due 4/15/21 2,002 1,421,438 Taco Bell Funding LLC, 3.832%, due 5/25/46 1,427 Consumer Staples 0.23% 1,249,997 Tax Ease Funding 2016-1 LLC, 3.131%, due 6/15/28 1,242 797,517 Smith's Food & Drug Center Inc., 9.200%, due 7/2/18 848 2,444,000 Textainer Marine Containers III Ltd., 3.270%, due 10/20/39 2,326 241,130 United States Small Business Administration, 4.570%, due 6/1/25 253 Energy 3.26% 28,427 United States Small Business Administration, 4.580%, due 3/1/18 29 1,800,000 CNOOC Nexen Finance 2014- ULC, 1.625%, due 4/30/17 1,798 11,687 United States Small Business Administration, 5.250%, due 9/1/17 12 1,500,000 Kinder Morgan Inc/DE, 7.000%, due 6/15/17 1,535 2,000,000 Verizon Owner Trust 2016-2, 2.150%, due 5/20/21 1,985 2,334,000 Petroleos Mexicanos, 1.700%, due 12/20/22 2,298 1,675,000 Volvo Financial Equipment LLC Series, 1.510%, due 6/17/19 1,677 1,299,000 Petroleos Mexicanos, 1.950%, due 12/20/22 1,289 Wells Fargo Dealer Floorplan Master Note Trust 1,383,750 Petroleos Mexicanos, 2.830%, due 2/15/24 1,411 3,000,000 1.118%, due 7/20/19 3,000 1,500,000 Range Resources Corp, 5.000%, due 8/15/22 1,491 3,000,000 World Financial Network Credit Crad, 1.760%, due 5/17/21 3,007 1,000,000 Sunoco Inc., 5.750%, due 1/15/17 1,001 TOTAL ASSET BACKED SECURITIES 52,721 1,440,000 Tesoro Corp., 4.250%, due 10/1/17 1,462 (Cost $53,019) 12,285

Collateralized Mortgage Obligation 1.79% Financial Services 20.17% 2,300,000 Bunge NA Finance LP, 5.900%, due 4/01/17 2,320 1,177,118 AA Aircraft Financing 2013-1 LLC, 3.596%, due 11/1/19 1,165 37,505 CHL Mortgage Pass-Throu 29 1A1, 1.296%, due 2/25/35 35 535,460 Ahold Lease Series 2001-A-1 PA 7.820%, due 1/2/20 562 209,407 Community Program Loan Trust 1987 A, 4.500%, due 10/01/29 196 940,987 Ahold Lease Series 2001-A-2 PA 8.619%, due 1/2/25 1,149 343,881 FDIC Guaranteed Notes Trust 2010-S3, 2.740%, due 12/3/20 346 2,250,000 Ally Financial Inc, 4.250%, due 4/15/21 2,271 595,355 FDIC Trust 2013-R1, 1.150%, due 3/25/33 583 2,306,137 Amal Ltd/Cayman Islands, 3.465%, due 8/21/21 2,388 59,751 GSR Mortgage Loan Trust 2004-9 3.150%, due 8/25/34 59 2,000,000 ANZ New Zealand Int'l Ltd/London, 2.250%, due 2/1/19 2,005 394,085 Impac Secured Assets Trust, 1.106%, due 8/25/36 388 1,825,000 Bank One Corp, 8.530%, due 3/1/19 2,053 85,466 JP Morgan Mortgage Trust, 3.810%, due 8/25/34 86 1,400,000 BPCE SA, 1.625%, due 2/10/17 1,400 1,707,272 La Hipotecaria Panamanian Mortgage Trust, 3.007%, due 11/24/42 1,732 1,950,000 Broadridge Financial Solutions Inc, 3.950%, due 9/1/20 2,045 450,476 Sequoia Mortgage Trust 1.855%, due 02/25/43 415 1,175,000 Capital One NA/Mclean VA, 2.350%, due 8/17/18 1,182 615,819 Sequoia Mortgage Trust 1.874%, due 02/25/43 582 1,825,000 Citigroup Inc, 8.500%, due 5/22/19 2,082 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 6,742 2,400,000 Citizens Bank NA/Providence RI, 1.600%, due 12/4/17 2,397 (Cost $6,853) 1,825,000 Cooperatieve Rabobank UA, 10.999%, due 12/29/49 2,145 2,250,000 Credit Suisse AG/New York NY 1.375%, due 5/26/17 2,251 Commercial Mortgage Backed Securities 8.01% 2,585,000 Eaton Vance Corp., 6.500%, due 10/2/17 2,682 158,641 BAMLL-DB Trust 2.343%, due 4/13/29 159 2,000,000 Fidelity National Information Services Inc., 5.000%, due 3/15/22 2,055 1,031,297 Bank of America Commercial Mortage Trust, 5.548%, due 6/10/49 1,037 1,091,541 Gate Capital Cayman Two Ltd., 3.550%, due 6/11/21 1,132 1,123,421 Bear Stearns Commercial Mortgage Sec. Trust, 5.694, due 6/11/50 1,143 2,200,000 International Lease Finance Co., 3.875%, due 4/15/18 2,241 1,500,000 BHMS 2014-ATLS Mortgage Trust, 2.134%, due 7/05/33 1,501 1,800,000 IStar Finacial Inc., 4.000%, due 11/1/17 1,809 1,750,000 CFCRE 2015-RUM Mortgage Trust 3.453%, due 7/15/30 1,722 1,400,000 Jefferies Group LLC, 5.125%, due 4/13/18 1,447 140,471 COMM 2012 Mortgage Trust, 0.704%, due 10/15/45 140 2,000,000 Lloyds Bank PLC, 2.050%, due 1/22/19 1,998 834,203 COMM 2012 Mortgage Trust, 1.024%, due 6/10/46 831 1,925,000 MUFG Union Bank NA 2.625%, due 9/26/18 1,946 2,340,000 COMM 2014 Mortgae Trust, 1.504%, due 3/15/29 2,330 2,000,000 National Rural Utilities Cooperative Fin. Corp, 10.375%, due 11/1/18 2,306 1,448,027 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 1,469 2,000,000 Omega Healthcare Investorrs Inc., 5.875%, due 3/15/24 2,063 2,700,000 Credit Suisse Commercial Mortgage Trust, 2.003%, due 8/15/30 2,696 2,667,563 Pershing Road Development Co LLC, 1.330%, due 9/1/26 2,387 891,801 GE Capital Commercial Mortgage Corp, 5.446%, due 11/10/45 889 1,870,000 PNC Preferred Funding Trust II, 2.185%, due 3/29/49 1,805 2,250,000 GS Mortgage Securities Corp Trust 2016-ICE2, 3.953%, due 2/15/33 2,273 2,663,758 Premier Aircraft Leasing EXIM 1 Ltd, 3.547%, due 4/10/22 2,760 2,800,000 GSCCRE Commercial Mortgage Trust 3.453%, due 8/15/32 2,812 1,928,205 Premier Aircraft Leasing EXIM 1 Ltd, 3.576%, due 2/6/22 2,006

9 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's) Financial Services (continued) Sovereign Issues 1.54% 1,330,000 Royal Bank of Scotland, 9.500%, due 3/16/22 $ 1,351 105,263 Overseas Private Investment. Corp, 0.570%, due 6/15/17 $ 105 2,752,581 Safina Ltd, 1.550%, due 1/15/22 2,719 2,000,000 Residual Funding Corp Principal Strip 0.000%, due 10/15/19 1,918 1,475,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 1,668 732,000 Tennessee Valley Authority Strip, 0.000%, due 6/15/17 729 1,398,975 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 1,760 2,680,000 United States Department of Transportation, 6.000%, due 12/7/21 3,042 2,335,000 State Street Corp, 4.956%, due 3/15/18 2,412 TOTAL SOVEREIGN ISSUES 5,794 3,172,999 Tagua Leasing LLC, 1.900%, due 7/12/24 3,126 (Cost $5,876) 1,150,000 The Depository Trust & Clearing Corp, 4.875%, due 12/29/49 1,170 2,250,000 TIAA Asset Management Finance Co LLC, 2.950%, due 11/1/19 2,289 U.S. Agency Obligations 5.89% 2,673,958 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 2,660 Freddie Mac 0.33% 1,250,000 UniCredit Bank Austria AG, 7.250%, due 2/15/17 1,256 686,665 2.000%, due 3/15/30 688 1,800,000 Wells Fargo Bank NA, 6.000%, due 11/15/17 1,868 493,851 5.000%, due 7/01/35 543 76,011 1,231 Fannie Mae 1.46% Health Care 0.60% 210,117 5.500%, due 2/1/23 224 2,250,000 Aetna Inc, 1.900%, due 6/7/19 2,245 170,277 5.000%, due 4/1/24 182 2,651,829 2.500%, due 9/1/24 2,707 Materials & Processing 2.66% 799,282 4.000%, due 3/1/31 848 1,600,000 HD Supply Inc, 5.250%, due 12/15/21 1,688 2,695 3.310%, due 2/25/32 3 1,822,000 International Business Machines Corp, 7.625%, due 10/15/18 2,012 380,321 5.000%, due 3/1/34 418 1,750,000 Rockwell Automation Inc, 5.650%, due 12/1/17 1,816 48,034 5.500%, due 8/1/37 52 1,750,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,925 873,755 4.500%, due 8/1/38 941 2,000,000 Tyco International Finance SA, 3.750%, due 1/15/18 2,033 117,284 5.569%, due 8/25/39 131 535,000 WestRock MWV LLC, 7.650%, due 3/15/27 541 5,506 10,015 Ginnie Mae 4.10% Producer Durables 3.17% 386,902 1.738%, due 1/16/34 387 2,245,841 Burlington Northern & Santa Fe Railway Co 5.720%, due 1/15/24 2,480 1,610,714 0.514%, due 5/16/35 1,581 610,066 Burlington Northern & Santa Fe Railway Co 8.251%, due 1/15/21 672 2,362,378 2.800%, due 5/16/39 2,383 2,785,805 Burlington Northern & Santa Fe Railway Co6.462%, due 1/15/21 2,983 1,090,828 1.614%, due 7/16/39 1,069 2,259,053 Federal Express Corp., 2.625%, due 1/15/18 2,265 291,906 3.000%, due 5/20/40 296 1,032,404 Federal Express Corp., 7.840%, due 1/30/18 1,061 2,606,807 2.917%, due 6/16/40 2,645 2,450,000 Ryder System Inc., 3.500%, due 6/1/17 2,471 1,781,401 3.619%, due 9/16/41 1,814 11,932 1,721,520 3.000%, due 11/16/44 1,736 2,945,244 4.396%, due 5/16/51 3,067 Technology 0.53% 455,546 2.398%, due 6/20/61 473 2,000,000 Samsung Electronics America Inc., 1.750%, due 4/10/17 2,001 15,451 TOTAL U.S. AGENCY OBLIGATIONS 22,188 Utilities 1.99% (Cost $22,251) 1,000,000 AT&T Inc, 0.000%, due 11/27/22 799 U.S. Government Obligations 21.03% 624,732 Great River Energy, 5.829%, due 7/1/17 634 Government Backed Agency 0.85% 903,571 Southern California Edison Co., 1.845%, due 2/1/22 889 173,448 Small Business Administration Pools, 1.250%, due 4/25/19 173 1,500,000 Sprint Spectrum Co LLC , 3.360%, due 9/20/21 1,503 108,698 Small Business Administration Pools, 0.999%, due 6/25/20 109 1,625,000 T-Mobile USA Inc., 6.625%, due 4/1/23 1,723 502,879 Small Business Administration Pools, 0.899%, due 1/25/26 502 1,825,000 Verizon Communications Inc, 4.500%, due 9/15/20 1,953 85,751 Small Business Administration Pools, 1.250%, due 1/25/28 86 7,501 370,156 Small Business Administration Pools, 1.250%, due 9/25/28 372 337,021 Small Business Administration Pools, 0.874%, due 11/25/29 336 TOTAL CORPORATE OBLIGATIONS 133,972 1,638,102 Small Business Administration Pools, 0.889%, due 5/25/39 1,626 (Cost $134,518) 3,204

Municipals 4.51% U.S. Treasury Notes/Bonds 20.18% 2,600,000 Alaska Housing Finacial Corp., 1.416%, due 6/1/43 2,603 25,000,000 0.625%, due 4/30/18 $ 24,878 935,000 Arizona Water Infrastructure Fin. Authority, 1.413%, due 10/1/17 935 25,000,000 1.500%, due 2/28/19 25,137 2,000,000 Atlanta Downtown Development Authority, 6.875%, due 2/1/21 2,200 26,000,000 1.625%, due 6/30/20 26,012 1,825,000 California Housing Finance Agency, 1.796%, due 2/1/19 1,808 76,027 109,280 Louisana Local Government Environmental, 2.470%, due 2/1/19 109 TOTAL U.S. GOVERNMENT OBLIGATIONS 79,231 1,500,000 New Jersey Economic Development Authority, 0.000%, due 2/15/18 1,462 (Cost $79,694) 1,880,000 New Jersey Economic Development Authority, 1.802%, due 6/15/17 1,882 790,000 City of Redlands CA 5.650%, due 8/1/17 799 Short Term Investments 7.49% 1,875,000 San Francisco City & Cnty Redevelopment Agncy, 2.570%, due 8/1/19 1,893 Dreyfus Government Cash Management Fund $ 28,218 2,000,000 Pittsburg Successor Redevelopment Agency, 2.123%, due 9/1/17 2,005 TOTAL SHORT TERM INVESTMENTS 28,218 1,290,000 Vermont Educational & Health Bldg Fin. Agcy, 2.877%, due 10/15/19 1,283 (Cost $28,218) TOTAL MUNICIPALS 16,979 TOTAL INVESTMENTS 99.79% 376,031 (Cost $17,005) (Cost $378,790)

Other Assets, Liabilities Less 0.21% 797

NET ASSETS 100.0% $ 376,828

10 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 3.70% Collateralized Mortgage Obligation 0.01% Commercial Mortgage Backed Securities 0.63% Corporate Obligations 34.00% Municipals 1.33% Sovereign 0.22% U.S. Agency Obligations 22.02% U.S. Government Obligations 37.17% Short-Term Investments 3.87% Short-Term Investments-Repurchase Agreements 2.28% Less Liabilities, Other Assets -5.23%

11 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Asset Backed Securities 3.70% Consumer Discretionary (continued) 130,000 AEP Texas Central Transition Funding III LLC, 2.844%, due 3/1/26 $ 131 325,000 21st Century Fox America Inc., 6.400%, due 12/15/35 $ 388 235,400 AEP Texas Central Transition Funding III LLC, 5.170%, due 1/1/186 240 810,000 21st Century Fox America Inc., 6.650%, due 11/15/37 997 1,015,000 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19 1,016 1,110,000 American Honda Finance Corp, 3.875%, due 9/21/20 1,169 990,000 Ally Auto Receivables Trust 2016-1, 1.190%, due 12/17/18 990 1,010,000 Charter Communications Operating LLC, 4.908%, due 7/23/25 1,064 360,823 Ally Auto Receivables Trust 2016-1, 1.200%, due 8/15/18 361 800,000 Charter Communications Operating LLC, 6.484%, due 10/23/45 925 1,710,000 Ally Master Owner Trust, 1.430%, due 6/17/19 1,711 175,000 Comcast Corp., 3.125%, due 7/15/22 179 1,420,000 Ally Master Owner Trust, 1.540%, due 9/15/19 1,422 2,055,000 Comcast Corp.,4.400%, due 8/15/35 2,150 410,000 BA Credit Card Trust, 5.170%, due 6/15/19 411 50,000 Comcast Corp.,6.300%, due 11/15/17 52 3,605,000 Capital One Multi-Asset Execution Trust, 1.080%, due 11/15/19 3,605 520,000 Comcast Corp.,6.500%, due 1/15/17 521 1,270,000 Capital One Multi-Asset Execution Trust, 1.260%, due 1/15/20 1,271 2,375,000 Cox Communications Inc., 3.250%, due 12/15/22 2,313 1,605,000 Capital One Multi-Asset Execution Trust, 1.480%, due 7/15/20 1,608 2,800,000 Cox Communications Inc., 3.850%, due 2/1/25 2,746 835,000 Capital One Multi-Asset Execution Trust, 5.750%, due 7/15/20 862 300,000 Cox Communications Inc., 9.375%, due 1/15/19 339 1,591 Centerpoint Energy Transition Bond Co II LLC, 4.192%, due 2/1/20 2 2,170,000 CVS Health Corp., 3.500%, due 7/20/22 2,230 2,815,000 Chase Issuance Trust, 1.060%, due 9/16/19 2,812 1,050,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 1,037 1,870,000 Chase Issuance Trust, 1.150%, due 1/15/19 1,870 1,770,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 1,772 655,000 Chase Issuance Trust, 1.260%, due 7/15/19 655 2,365,000 Daimler Finance North America LLC, 2.375%, due 8/1/18 2,383 1,500,000 Chase Issuance Trust, 1.590%, due 2/18/20 1,504 2,800,000 Diamond 1 Finance Corp, 4.420%,due 6/15/21 2,897 5,160,000 Citibank Credit Card Issuance Trust, 1.020%, due 2/22/19 5,160 1,275,000 Diamond 1 Finance Corp, 5.450%,due 6/15/23 1,352 335,000 Citibank Credit Card Issuance Trust, 1.230%, due 4/24/19 335 125,000 Dillard's Inc, 7.130%, due 8/1/18 134 1,310,000 Ford Credit Auto Owner Trust 2014-REV1, 2.260%, due 11/15/25 1,321 1,655,000 Ford Motor Credit Co LLC, 2.145%, due 1/9/18 1,657 3,360,000 Ford Credit Auto Owner Trust 2015-REV1,2.120%, due 7/15/26 3,367 1,090,000 Ford Motor Credit Co LLC, 2.551%, due 10/5/18 1,096 1,590,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, 8/15/19 1,591 1,090,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19 1,088 1,610,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 1,595 700,000 Ford Motor Credit Co LLC, 3.219%, due 1/9/22 692 114,199 Honda Auto Receivables 2016-2 Owner Trust, 1.010%, due 6/18/18 114 500,000 Ford Motor Credit Co LLC, 4.250%, due 9/20/22 515 1,380,000 Honda Auto Receivables 2016-2 Owner Trust, 1.130%, due 9/15/18 1,380 975,000 Ford Motor Credit Co LLC, 4.375%, due 8/6/23 1,006 2,530,000 Mercedes-Benz Auto Receivables Trust 2016-1, 1.110%, due 3/15/19 2,529 780,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18 811 515,000 Nissan Auto Receivables 2016-C Owner Trust, 1.070%, due 5/15/19 514 600,000 Ford Motor Credit Co LLC, 5.750%, due 2/1/21 658 361,799 RSB Bondco LLC, 5.820%, due 6/28/19 366 550,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21 607 1,677,668 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 1,700 1,430,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20 1,649 1,685,000 USAA Auto Owner Trust 2016-1, 1.070%, due 3/15/19 1,683 425,000 Macy's Retail Holdings Inc., 4.500%, due 12/15/34 380 565,000 Verizon Owner Trust 2016-1, 1.420%, due 1/20/21 561 740,000 Macy's Retail Holdings Inc., 6.375%, due 3/15/37 782 TOTAL ASSET BACKED SECURITIES 42,687 1,025,000 Macy's Retail Holdings Inc., 6.650%, due 7/15/24 1,174 (Cost $42,770) 2,825,000 Macy's Retail Holdings Inc., 6.700%, 7/15/34 3,079 780,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 883 Collateralized Mortgage Obligation 0.01% 820,000 McDonald's Corp., 2.100%, due 12/7/18 825 80,818 Vendee Mortgage Trust 1993-1, 7.250%, due 2/15/23 89 3,075,000 Myriad International Holdings BV, 5.500%, due 7/21/25 3,097 30,044 Vendee Mortgage Trust 1995-1, 7.972%, due 2/15/25 33 850,000 Myriad International Holdings BV, 6.000%, due 7/18/20 920 10,923 Vendee Mortgage Trust 1995-2, 8.792%, due 6/15/25 13 1,165,000 Nordstrom Inc., 6.950%, due 3/15/28 1,410 5,937 Vendee Mortgage Trust 1998-2, 8.654%, due 8/15/27 7 1,580,000 RELX Capital Inc, 3.125%, due 10/15/22 1,566 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 142 345,000 RELX Capital Inc, 8.625%, due 1/15/19 388 (Cost $132) 950,000 Time Warner Cable Inc, 4.000%, due 9/1/21 976 1,354,000 Time Warner Cable Inc, 4.125%, due 2/15/21 1,400 Commercial Mortgage Backed Securities 0.63% 1,100,000 Time Warner Cable Inc, 6.750%, due 6/15/39 1,279 276,426 Bear Stearns Comm Mrtg Sec Tr 2007-PWR15, 5.331%, due 2/11/44 277 50,000 Time Warner Cable Inc, 7.300%, due 7/1/38 62 1,261,753 Bear Stearns Comm Mrtg Sec Tr 2007-PWR15, 5.693%,due 6/11/50 1,284 870,000 Time Warner Cable Inc, 8.250%, due 4/1/19 978 2,040,000 CFCRE Commercial Mortgage Trust, 3.865%, due 1/10/48 2,121 1,510,000 Time Warner Cable Inc, 8.750%, due 2/14/19 1,702 131,099 Citigroup Commercial Mortgage Trust , 0.685%, due 9/10/45 131 1,040,000 Time Warner Cos Inc, 6.950%, due 1/15/28 1,298 94,121 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 94 780,000 Time Warner Inc, 5.375%, due 10/15/41 825 635,288 JPMBB Commercial Mortgage Sec Trust ,1.260%, due 8/15/46 634 400,000 Time Warner Inc, 6.250%, due 3/29/41 467 1,530,000 Morgan Stanley Bank of America ML Tr, 3.211%, due 10/15/48 1,539 1,300,000 Time Warner Inc, 7.625%, due 4/15/31 1,763 551,611 Morgan Stanley Capital I Trust 2007-IQ15, 5.901%, due 6/11/49 560 1,750,000 Time Warner Inc, 7.700%, due 5/1/32 2,372 185,561 UBS-Barclays Commercial Mortgage Tr, 0.726%, due 8/10/49 185 1,975,000 Walgreens Boots Alliance Inc, 3.300%, due 11/18/21 2,012 233,448 Wells Fargo Commercial Mortgage Tr, 0.687%, due 10/15/45 233 95,000 Walgreens Boots Alliance Inc, 4.800%, due 11/18/44 98 172,962 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 173 2,045,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 2,158 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 7,231 67,139 (Cost $7,245) Consumer Staples 1.03% Corporate Obligations 34.00% 2,585,000 Anheuser-Busch InBev Finance Inc.,3.300%, due 2/1/23 2,631 Consumer Discretionary 5.81% 440,000 Anheuser-Busch InBev Finance Inc.,3.750%, due 7/15/42 396 25,000 21st Century Fox America Inc., 5.650%, due 8/15/20 28 840,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 846 675,000 21st Century Fox America Inc., 6.150%, due 3/1/37 790 165,000 Kraft Foods Group Inc., 3.500%, due 6/6/22 168 2,095,000 Kraft Foods Group Inc., 3.500%, due 7/15/22 2,127

12 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Consumer Staples (continued) Financial Services (continued) 480,000 Kraft Foods Group Inc., 4.375%, due 6/1/46 $ 452 2,345,000 American Express Credit Corp., 2.250%, due 8/15/19 $ 2,358 295,000 Kraft Foods Group Inc., 6.500%, due 2/9/40 359 1,820,000 American Express Credit Corp., 2.600%, due 9/14/20 1,835 1,530,000 The Kroger Co, 2.950%, due 11/1/21 1,539 1,125,000 American International Group Inc., 6.400%, due 12/15/20 1,281 3,530,000 Mondelez International Hldngs Netherlands BV, 2.000%, due 10/28/21 3,382 1,250,000 American International Group Inc.,3.900%, due 4/1/26 1,272 11,900 695,000 Bank of America Corp., 4.000%, due 1/22/25 696 Energy 5.24% 3,430,000 Bank of America Corp., 4.200%, due 8/26/24 3,494 55,000 Berkshire Hathaway Inc.,6.125%, due 4/1/36 69 1,050,000 Bank of America Corp., 4.250%, due 10/22/26 1,063 445,000 Berkshire Hathaway Inc.,6.500%, due 9/15/37 579 560,000 Bank of America Corp., 4.450%, due 3/3/26 577 1,215,000 BG Energy Capital PLC, 4.000%, due 10/15/21 1,291 800,000 Bank of America Corp., 5.420%, due 3/15/17 806 1,830,000 BP Capital Markets PLC, 3.216%, due 11/28/23 1,848 1,525,000 Bank of America Corp., 5.625%, due 7/1/20 1,677 2,875,000 ConocoPhillips Co., 3.350%, due 11/15/24* 2,858 380,000 Bank of America Corp., 5.650%, due 5/1/18 398 1,505,000 ConocoPhillips Co., 4.150%, due 11/15/34 1,471 1,400,000 Bank of America Corp., 7.625%, due 6/1/19 1,573 1,275,000 ConocoPhillips Co.,5.750%, due 2/1/19 1,370 2,000,000 Bank of America NA, 1.750%, due 6/5/18 2,000 2,010,000 Consolidated Edison Co of New York Inc.,4.450%, due 3/15/44 2,093 1,445,000 Bank of America NA, 2.050%, due 12/7/18 1,453 865,000 Dominion Resources Inc/VA, 2.500%, due 12/1/19 874 775,000 Bank of America NA, 2.625%, due 4/19/21 770 425,000 Dominion Resources Inc/VA, 2.961%, due 7/1/19 430 875,000 Bank of America NA, 3.500%, due 4/19/26 863 600,000 Dominion Resources Inc/VA,4.104%, due 4/1/21 625 865,000 Bank of America NA, 6.100%, due 6/15/17 883 850,000 DTE Energy Co, 1.500%, due 10/1/19 836 1,525,000 Bank of New York Mellon Corp., 2.200%, due 3/4/19 1,536 385,000 Duke Energy Florida Inc., 3.850%, due 11/15/42 369 2,310,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 2,342 330,000 Duke Energy Progress LLC., 3.000%, due 9/15/21 338 1,095,000 Bank One Capital III, 8.750%, due 9/1/30 1,541 1,050,000 Enel Finance International NV, 6.000%, due 10/7/39 1,173 100,000 Bank One Corp, 7.625%, due 10/15/26 127 1,325,000 Enel Finance International NV, 6.800%, due 9/15/37 1,611 2,025,000 Barclays PLC, 4.375%, due 9/11/24 2,009 810,000 Energy Transfer Partners LP, 4.050%, due 3/15/25 802 2,700,000 BNP Paribas SA, 4.250%, due 10/15/24 2,707 930,000 Ensco PLC, 5.750%, due 10/1/44 674 2,425,000 BNP Paribas SA, 4.375%, due 9/28/25 2,411 1,120,000 Exelon Corp, 3.950%, due 6/15/25 1,151 35,762 BNSF Railway Co Pass Through Trust, 5.996%, due 4/1/24 41 2,875,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25* 2,960 2,050,000 Boston Properties LP, 3.125%, due 9/1/23 2,010 4,275,000 Kinder Morgan Inc/DE, 5.550%, due 6/1/45 4,496 50,000 Boston Properties LP, 3.700%, due 11/15/18 52 2,425,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23 2,662 725,000 Boston Properties LP, 3.850%, due 2/1/23* 744 320,000 MidAmerican Energy Co., 5.800%, due 10/15/36 387 375,000 Boston Properties LP, 4.125%, due 5/15/21 396 1,200,000 Motiva Enterprises LLC, 5.750%, due 1/15/20 1,297 125,000 Boston Properties LP, 5.625% due 11/15/20 138 370,000 Noble Holding International Ltd., 7.200%, due 4/1/25* 347 500,000 Boston Properties LP, 5.875% due 10/15/19 545 1,250,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17 1,296 1,135,000 Capital One Financial Corp., 1.650%, due 2/5/18 1,133 690,000 PacifiCorp., 6.350%, due 7/15/38 903 1,703,000 Capital One Financial Corp., 3.500%, due 6/15/23 1,709 825,000 PECO Energy Co., 4.150%, due 10/1/44 843 1,375,000 Capital One Financial Corp., 3.75%, due 4/24/24 1,393 1,315,000 Petrobras Glibal Finance BV, 5.375%, due 1/27/21 1,286 1,000,000 Capital One Financial Corp., 4.200%, due 10/29/25 1,003 525,000 Petrobras Global Finance BV, 4.375%, due 5./20/23 459 850,000 Capital One Financial Corp., 4.750%, due 7/15/21 919 400,000 Petrobras Global Finance BV, 6.250%, due 3/17/24* 384 995,000 Capital One NA, 2.350%, due 8/17/18 1,001 750,000 Petroleos Mexicanos, 4.250%, due 1/15/25 690 2,085,000 Citigroup Inc., 1.800%, due 2/5/18 2,084 595,000 Petroleos Mexicanos, 4.500%, due 1/23/26* 542 1,950,000 Citigroup Inc., 2.150%, due 7/30/18 1,956 1,350,000 Petroleos Mexicanos, 4.875%, due 1/18/24 1,309 520,000 Citigroup Inc., 2.500%, due 9/26/18 525 700,000 Petroleos Mexicanos, 5.625%, due 1/23/46 581 1,775,000 Citigroup Inc., 3.500%, due 5/15/23 1,769 1,925,000 Petroleos Mexicanos, 6.375%, due 1/23/45 1,752 1,870,000 Citigroup Inc., 4.050%, due 7/30/22 1,935 955,000 Petroleos Mexicanos, 6.500%, due 3/13/27 985 2,480,000 Citigroup Inc., 4.500%, due 1/14/22 2,644 1,750,000 Petroleos Mexicanos, 6.625%, due 6/15/35 1,724 175,000 Citigroup Inc., 6.625%, due 6/15/32 212 1,025,000 Petroleos Mexicanos, 6.875%, due 8/4/26 1,081 345,000 Citigroup Inc., 8.125%, due 7/15/39 513 395,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23 403 740,000 Citigroup Inc.,2.606%, due 5/15/18 752 2,175,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 2,221 900,000 Citigroup Inc.,3.200%, due 10/21/26 861 850,000 Shell International Finance BV, 3.400%, due 8/12/23 872 675,000 Citigroup Inc.,3.400%, due 5/1/26 656 3,760,000 Shell International Finance BV, 4.125%, due 5/11/35 3,839 1,820,000 Credit Suisse/New York NY, 1.750%, due 1/29/18 1,816 455,000 Statoil ASA, 3.700%, due 3/1/24 476 2,000,000 ERP Operating LP, 3.000%, due 4/15/23 1,972 315,000 Suncor Energy Inc., 6.500%, due 6/15/38 402 589,000 ERP Operating LP, 4.625%, due 12/15/21 640 520,000 Suncor Energy Inc., 6.850%, due 6/1/39 689 1,310,000 Guardian Life Global Funding, 1.950%, due 10/27/21 1,273 810,000 The Southern Co, 2.150%, due 9/1/19 810 410,000 HSBC Holdings PLC, 4.000%, due 3/30/22 424 2,230,000 Total Capital International SA, 2.875%, due 2/17/22 2,248 660,000 HSBC Holdings PLC, 4.250%, due 3/14/24 671 1,010,000 TransCanada PipeLines Ltd., 4.625%, due 3/1/34 1,065 1,985,000 HSBC Holdings PLC, 4.300%, due 3/8/26 2,058 470,000 Transocean Inc., 6.800%, due 3/15/38 364 800,000 HSBC Holdings PLC, 5.100%, due 4/5/21 865 580,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 630 1,160,000 HSBC Holdings PLC, 6.500%, due 5/2/36 1,431

60,465 2,495,000 HSBC Holdings PLC, 6.500%, due 9/15/37 3,093 Financial Services 13.31% 1,325,000 HSBC Holdings PLC, 6.800%, due 6/1/38 1,678 300,000 Allstate Corp., 3.150%, due 6/15/23 304 100,000 HSBC USA Inc., 9.125%, due 5/15/21 123 930,000 Ally Financial Inc., 3.250%, due 11/5/18 931 1,080,000 American Express Credit Corp., 1.700%, due 10/30/19 1,069

13 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

20,000 Navient Corp., 8.450%, due 6/15/18 22 24,036 1,515,000 New York Life Global Funding, 1.450%, due 12/15/17 1,516 655,000 New York Life Global Funding, 2.100%, due 1/2/19 658 Materials & Processing 1.13% 565,000 New York Life Insurance Co., 6.750%, due 11/15/39 743 565,000 Air Liquide Finance SA, 2.250%, due 9/27/23 538 975,000 Northwestern Mutual Life Insurance Co, 6.063%, due 3/30/40 1,201 810,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 814 690,000 PNC Bank NA, 2.250%, due 7/2/19 695 1,950,000 CRH America Inc., 3.875%, due 5/18/25 1,986 855,000 PNC Bank NA, 2.400%, due 10/18/19 863 2,895,000 Dow Chemical Co., 3.000%, due 11/15/22 2,896 940,000 PNC Bank NA, 2.550%, due 12/9/21 939 1,490,000 Dow Chemical Co., 7.375%, due 11/1/29 1,958 100,000 Provident Cos Inc, 7.250%, due 3/15/28 118 365,000 Dow Chemical Co., 9.400%, due 5/15/39 566 850,000 Reliance Standard Life Global Funding II,2.500%, due 1/15/20 845 965,000 Eastman Chemical Co., 2.700%, due 1/15/20 971 5,833,312 Rio Oil Finance Trust Series 2014-1, 9.250%, due 7/6/24 5,483 575,000 International Paper Co, 5.000%, due 9/15/35 608 2,205,772 Rio Oil Finance Trust Series 2014-3, 9.750%, due 1/6/27 2,029 2,320,000 Siemens Financieringsmaatschappij NV, 2.900%, due 5/27/22 2,337 3,350,000 Royal Bank of Scotland Group PLC, 4.800%, due 4/5/26 3,354 250,000 Vulcan Materials Co, 7.500%, due 6/15/21 294

125,000 Royal Bank of Scotland Group PLC, 6.000%, due 12/19/23 130 12,968 360,000 Royal Bank of Scotland Group PLC, 6.125%, due 12/15/22 383 Producer Durables 1.99% 760,000 The Goldman Sachs Group Inc, 3.750%, due 2/25/26 762 616,681 American Airlines Class A Pass Through Trust 5.250%, 7/31/22 657 1,150,000 The Goldman Sachs Group Inc, 4.000%, due 3/3/24 1,193 635,777 Burlington Northern and Santa Fe Railway Co, 4.967%, due 4/1/23 682 2,525,000 The Goldman Sachs Group Inc, 5.250%, due 7/27/21 2,767 78,604 Burlington Northern and Santa Fe Railway Co, 5.720%, due 1/15/24 87 55,000 The Goldman Sachs Group Inc, 7.500%, due 2/15/19 61 424,766 Burlington Northern and Santa Fe Railway Co, 6.462%, due 1/15/21 455 2,620,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 2,622 60,032 Burlington Northern and Santa Fe Railway Co, 7.570%, due 1/2/21 65 615,000 Unum Group, 6.750%, due 12/15/28 694 435,761 Burlington Northern and Santa Fe Railway Co, 8.251%, due 1/15/21 480 540,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19 542 15,846 Burlington Northern and Santa Fe Railway Co,5.943%, due 1/15/23 17 2,125,000 Visa Inc., 2.800%, due 12/14/22 2,137 636,480 Burlington Northern and Santa Fe Railway Co,6.727%, due 7/15/22 697 1,325,000 Wells Fargo & Co., 1.600%, due 12/6/19 1,328 275,000 Burlington Northern Santa Fe LLC, 3.050%, due 9/1/22 281 1,670,000 Wells Fargo & Co., 2.100%, due 7/26/41 1,625 1,750,000 Burlington Northern Santa Fe LLC, 3.750%, due 4/1/24 1,840 2,580,000 Wells Fargo & Co., 2.117%, due10/31/23 2,612 1,615,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 2,089 4,060,000 Wells Fargo & Co., 2.150%, due 12/6/19 4,057 51,939 CSX Transportation Inc., 6.251%, due 1/15/23 60 2,000,000 Wells Fargo & Co., 2.600%, due 7/22/20 2,012 1,041,000 CSX Transportation Inc., 9.750%, due 6/15/20 1,282 1,240,000 Wells Fargo & Co., 3.000%, due 1/22/21 1,262 537,950 Delta Air Lines Class A Pass Through Trust, 6.821%, due 2/10/24 619 1,950,000 Wells Fargo & Co., 4.300%, due 7/22/27 2,006 227,105 Federal Express Corp 1998 Pass Through Tr, 6.720%, due 7/15/23 251 1,810,000 Wells Fargo & Co.,2.125%, due 4/22/19* 1,816 1,144,198 Federal Express Corp 1999 Pass Through Trust, 7.650%, due 7/15/24 1,310 125,000 Wells Fargo & Co.,4.600%, due 4/01/21 134 75,000 FedEx Corp, 8.000%, due 1/15/19 84

153,746 475,000 Illinois Tool Works Inc, 2.650%, due 11/15/26 454 82,000 Norfolk Southern Railway Co, 9.750%, due 6/15/20 101 790,011 Northwest Airlines 2007-1 Class, 7.027%, due 05/01/21 882

14 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's) Producer Durables (continued) Municipals 1.33% 1,325,000 Pitney Bowes Inc, 6.250%, due 3/15/19 $ 1,425 150,000 Los Angeles Unified School District, 6.758%, due 7/1/34 $ 201 1,975,000 Union Pacific Corp., 2.950%, due 1/15/23 1,992 1,350,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41 1,889 375,000 Union Pacific Corp., 4.163%, due 7/15/22 404 25,000 State of California, 5.700%,due 11/1/21 29 423,138 Union Pacific Railroad Co Pass Through Trust, 4.698%, due 1/2/24 449 1,075,000 State of California, 7.300%, due 10/1/39 1,521 147,372 Union Pacific Railroad Co Pass Through Trust, 5.082%, due 1/2/29 161 1,150,000 State of California, 7.500%, due 4/1/34 1,626 191,211 Union Pacific Railroad Co Pass Through Trust, 6.061%, due 1/17/23 207 1,100,000 State of California, 7.550%, due 4/1/39 1,628 55,047 Union Pacific Railroad Co Pass Through Trust, 6.176%, due 1/2/31 65 1,325,000 State of California, 7.625%, due 3/1/40 1,960 351,576 Union Pacific Railroad Co Pass Through Trust, 6.630%, due 1/27/22 386 2,275,000 State of Illinois, 5.100%, due 6/1/33 2,011 10,989 Union Pacific Railroad Co Pass Through Trust, 7.600%, due 1/2/20 13 2,035,000 State of Illinois, 5.365%, due 3/1/17 2,047 483,734 US Airways Class A Pass Through Trust, 7.125%, due 4/22/25 556 1,715,000 State of Illinois, 5.665%, due 3/1/18 1,775 855,029 US Airways Class A Pass Through Trust, 5.900%, due 4/1/26 953 600,000 State of Illinois, 5.877%, due 3/1/19 636

2,940,000 Xerox Corp., 4.500%, due 5/15/21 3,057 TOTAL MUNICIPALS 15,323 25,000 Xerox Corp., 5.625%, due 12/15/19 27 (Cost $14,251) 945,000 Xerox Corp., 6.750%, due 2/1/17 948

23,036 Sovereign 0.22% 200,000 Export-Import Bank of Korea, 4.000%, due 1/11/17 200 Technology 1.07% 1,259,000 Financing Corp, 0.000%, due 10/5/17 1,251 1,655,000 Apple Inc., 3.850%, due 5/4/43 1,583 450,000 Financing Corp, 0.000%, due 5/11/17 449 375,000 Apple Inc., 4.375%, due 5/13/45 385 195,000 Financing Corp, 10.700%, due 10/6/17 209 1,695,000 Cisco Systems Inc, 1.850%, due 9/20/21 1,654 82,085 New Valley Generation V, 4.929%, due 1/15/21 88 1,025,000 Hewlett-Packard Co., 3.849%, 10/15/20 1,043 Small Business Administration Participation Certificates 150,000 Koninklijke Philips NV, 5.750%, due 3/11/18 157 1,077 7.150%, due 1/1/17 1 1,525,000 Maxim Integrated Products Inc, 2.500%, due 11/15/18 1,539 1,021 7.300%%, due 5/1/17 1 1,030,000 Microsoft Corp, 2.000%, due 8/8/23 984 625 7.200%, due 6/1/17 1 1,810,000 Microsoft Corp, 3.500%, due 2/12/35 1,742 3,003 6.800%, due 8/1/17 3 2,005,000 Oracle Corp., 3.900%, due 5/15/35 1,978 1,689 6.900%, due 9/1/17 2 1,300,000 TSMC Global Ltd., 1.625%, due 4/3/18 1,295 4,395 6.550%, due 12/1/17 4

12,360 1,735 6.125%, due1/1/18 2 2,523 6.150%, due 2/1/18 3 Utilities 2.35% 690 6.300%, due 6/1/18 1 3,995,000 AT&T Corp., 3.400%, due 5/15/25 3,850 2,678 6.150%, due 8/1/18 3 790,000 AT&T Corp., 8.250%, due 11/15/31 1,098 2,955 6.100%, due 9/1/18 3 1,782,000 AT&T Inc., 4.350%, due 6/15/45 1,588 6,951 5.800%, due 12/1/18 7 625,000 AT&T Inc., 4.750%, due 5/15/46 592 10,750 6.300%, due 5/1/19 11 625,000 AT&T Inc., 5.350%, due 9/1/40 642 6,364 7.000%, due 6/1/19 7 875,000 AT&T Inc., 5.650%, due 2/15/47 938 1,015 7.000%, due 7/1/19 1 1,200,000 AT&T Inc., 6.000%, due 8/15/40 1,319 940 7.300%, due 8/1/19 1 2,005,000 AT&T Inc.,4.500%, due 3/9/48 1,802 692 7.300%, due 9/1/19 1 1,275,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17 1,277 9,218 7.590%, due 1/1/20 10 475,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 506 7,824 7.625%, due 3/1/20 8 1,705,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 1,888 9,820 7.210%, due 9/1/20 10 300,000 Telecom Italia Capital SA, 7.200%, due 7/18/36 296 2,121 6.625%, due 7/1/21 2 115,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 120 3,806 6.120%, due 9/1/21 4 845,000 Verizon Communications Inc., 3.850%, due 11/1/42 732 21,316 4.840%, due 2/1/23 22 4,517,000 Verizon Communications Inc., 4.272%, due 1/15/36 4,323 12,992 4.920%, due 10/1/23 14 1,065,000 Verizon Communications Inc., 4.400%, due 11/1/34 1,051 21,667 4.980%, due 11/1/23 23 1,030,000 Verizon Communications Inc., 4.522%, due 9/15/48 988 12,901 4.880%, due 11/1/24 14 145,000 Verizon Communications Inc., 5.850%, due 9/15/35 166 15,802 4.870%, due 12/1/24 17 155,000 Verizon Communications Inc., 6.400%, due 9/15/33 187 6,869 4.860%, due 1/1/25 7 2,530,000 Verizon Communications Inc., 6.550%, due 9/15/43 3,160 4,491 4.840%, due 5/1/25 5 630,000 Vodafone Group PLC, 2.950%, due 2/19/23 611 21,507 4.750%, due 7/1/25 23

27,134 46,999 4.750%, due 8/1/25 50 11,822 5.350%, due 2/1/26 13 TOTAL CORPORATE OBLIGATIONS 392,784 11,887 5.570%, due 3/1/26 13 (Cost $388,622) 6,547 5.820%, due 6/1/26 7 23,364 6.070%, due 7/1/26 26 11,791 5.700%, due 8/1/26 13 9,958 5.230%, due 3/1/27 11

15 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Sovereign (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Small Business Administration Participation Certificates Fannie Mae (continued) 16,140 5.310%, due 5/1/27 $ 17 3,720,000 2.156%, due 10/25/23 $ 3,630 29,637 5.710%, due 6/1/27 33 174,710 5.500%, due 11/1/23 185

TOTAL SOVEREIGN 2,591 12,621 5.500%, due 1/1/24 13 (Cost $2,527) 155,894 5.500%, due 1/1/24 164 17,116 5.500%, due 1/1/24 18 26,124 5.500%, due 3/1/24 28 512,070 4.000%, due 4/1/24 541 U.S. Agency Obligations 22.02% 13,067 5.500%, due 5/1/24 14 Fannie Mae 15.29% 1,230,866 2.951%, due 8/25/24 1,223 961,646 1.462%, due 4/25/17 961 244,655 4.500%, due 10/1/24 259 741 6.500%, due 5/1/17 1 8,581 5.500%, due 1/1/25 9 122 6.500%, due 7/1/17 - 110,147 5.500%, due 1/1/25 118 89 7.000%, due 9/1/17 - 38,815 5.000%, due 4/1/25 41 17 6.500%, due 10/1/17 - 1,283,140 2.097%, due 4/25/25 1,265 2,101 5.500%, due 10/1/17 2 461,510 5.000%, due 9/1/25 493 122,451 1.637%, due 11/25/17 123 402,278 2.500%, due 3/1/26 404 174 5.500%, due 12/1/17 - 1,490,000 2.395%, due 5/25/26 1,397 13,756 5.500%, due 1/1/18 14 61,943 3.500%, due 8/1/26 65 4,272 6.500% ,due 2/1/18 4 691,795 4.500%, due 8/1/26 729 42 6.500%, due 4/1/18 - 925,000 2.500%, due 12/1/26 945 308,247 0.882%, due 4/25/18 308 703,445 4.500%, due 1/1/27 723 895,000 1.550%, due 4/25/18 896 468,088 4.000%, due 2/1/27 494 11,441 5.000%, due 5/1/18 12 3,796,706 4.000%, due 5/1/27 4,009 569 6.000%, due 5/1/18 1 1,177,561 2.100%, due 12/1/27 1,138 1,574 4.000%, due 6/1/18 2 342,297 3.500%, due 9/1/28 357 2,072,632 3.170%, due 8/1/18 2,110 174,116 7.000%, due 11/1/29 195 1,030 6.000%, due 8/1/18 1 49,707 5.500%, due 11/1/29 55 1,593,810 1.700%, due 8/25/18 1,595 1,750,795 3.500%, due 12/1/29 1,826 5,482 4.000%, due 9/1/18 6 42,969 7.500%, due 6/25/30 48 286 7.000%, due 11/1/18 - 751,521 4.000%, due 11/1/30 797 780 6.000%, due 12/1/18 1 850,038 4.000%, due 12/1/30 900 478 6.000%, due 1/1/19 - 908,758 3.500%, due 12/25/30 949 1,123,777 0.848%, due 1/25/19 1,122 151,298 4.500%, due 1/1/31 163 827 6.000%, due 2/1/19 1 42,416 4.500%, due 1/1/31 46 1,047 6.000%, due 8/1/19 1 40,064 4.500%, due 1/1/31 43 631 6.000%, due 9/1/19 1 3,936,155 3.500%, due 2/1/31 4,107 3,499 6.000%, due 9/1/19 4 34,078 6.500%, due 2/25/31 39 1,550 6.500%, due 9/1/19 2 60,178 4.500%, due 6/1/31 65 666 6.500%, due 12/1/19 1 69,821 4.500%, due 9/1/31 75 1,920,784 3.330%, due 10/1/20 2,004 726,173 4.000%, due 9/1/31 770 1,920,814 3.230%, due 11/1/20 1,999 96,918 7.000%, due 6/25/32 108 318,515 4.265%, due 7/1/21 343 58,232 6.500%, due 8/1/32 67 134,057 6.000%, due 8/1/21 144 12,902 6.500%, due 8/1/32 15 20,108 6.000%, due 11/1/21 22 171,524 7.000%, due 8/1/32 203 841,139 2.500%, due 9/1/22 858 207,462 7.000%, due 8/1/32 242 28,486 6.000%, due 10/1/22 31 94,593 4.000%, due 10/1/32 100 3,706,553 2.160%, due 1/1/23 3,665 34,568 6.500%, due 12/1/32 40 773,809 2.000%, due 1/1/23 782 17,857 6.000%, due 12/1/32 20 1,170,000 2.131%, due 1/25/23. 1,147 9,440 6.500%, due 5/1/33 11 1,570,000 2.262%, due 2/25/23 1,541 39,945 5.500%, due 6/1/33 45 315,150 2.000%, due 3/1/23 318 2,454,542 4.000%, due 11/1/33 2,598 302,092 2.000%, due 4/1/23 305 13,929 6.000%, due 11/1/33 16 840,300 2.000%, due 5/1/23 849 24,346 5.500%, due 11/1/33 27 46,529 6.000%, due 6/1/23 51 11,698 6.000%, due 12/1/33 13 499,549 2.000%, due 7/1/23 505 669,796 6.000%, due 3/1/34 770 953,185 2.325%, due 7/25/23 962 1,763,888 4.000%, due 3/1/34 1,873 42,626 6.000%, due 4/1/34 49 4,208,462 4.000%, due 6/1/34 4,469

16 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Fannie Mae (continued) Fannie Mae (continued) 21,855 4.000%, due 6/1/34 $ 23 15,185 6.135%, due 6/25/42 $ 17 22,670 2.654%, due 8/1/34 24 15,185 6.573%, due 6/25/42 17 3,761 2.513%, due 9/1/34 4 842,487 4.500%, due 7/1/42 910 4,003,653 4.000%, due 10/1/34 4,246 18,430 7.500%, due 7/25/42 21 7,940,015 4.000%, due 1/1/35 8,425 145,454 6.241%, due 10/25/42 163 532,971 6.500%, due 3/1/35 621 2,158,667 1.106%, due 12/25/42 2,136 25,897 6.000%, due 4/1/35 30 49,143 1.956%, due 8/1/43 51 38,094 6.000%, due 4/1/35 44 55,006 4.500%, due 9/1/43 59 666,114 5.500%, due 4/1/35 746 65,677 4.500%, due 11/1/43 71 12,278 2.750%, due 6/1/35 13 449,982 3.040%, due 1/1/44 463 8,171 6.000%, due 7/1/35 9 5,182 6.500%, due 1/25/44 6 203,083 5.500%, due 10/1/35 226 90,494 2.606%, due 2/1/44 93 46,458 6.000%, due 11/1/35 53 61,991 2.989%, due 2/1/44 64 698 6.000%, due 3/1/36 1 22,617 2.386%, due 2/1/44 23 38,833 6.000%, due 3/1/36 44 1,417,671 1.356%, due 2/25/44 1,409 82,247 4.500%, due 6/1/36 89 55,481 7.000%, due 2/25/44 64 37,356 5.500%, due 9/1/36 42 24,557 7.500%, due 3/25/44 28 257,383 6.000%, due 9/1/36 295 1,032,337 2.142%, due 4/1/44 1,071 215,080 7.000%, due 3/1/37 250 452,025 2.952%, due 4/1/44 466 17,437 7.000%, due 3/1/37 21 856,426 2.466%, due 5/1/44 882 41,671 6.000%, due 3/1/37 47 1,840,883 2.879%, due 7/1/44 1,890 34,336 5.750%, due 3/25/37 37 25,080 2.858%, due 9/1/44 26 27,487 7.000%, due 4/1/37 32 101,711 4.500%, due 10/1/44 109 61,905 5.500%, due 4/1/37 69 989,852 2.778%, due 10/1/44 1,013 263,227 5.500%, due 4/1/37 297 3,213,854 2.703%, due 12/1/44 3,287 44,573 6.000%, due 8/1/37 51 236,539 2.816%, due 12/1/44 242 5,013 6.500%, due 11/1/37 6 2,118,461 4.500%, due 2/1/45 2,279 4,414 6.500 %, due 12/1/37 5 44,366 7.000%, due 3/25/45 52 1,420 7.000%, due 12/1/37 2 2,678,355 2.705%, due 5/1/45 2,734 3,162 6.500%, due 2/1/38 4 32,865,000 3.000%, due 1/1/46 32,649 13,839 5.500%, due 2/1/38 15 4,490,000 4.000%, due 1/1/46 4,720 23,101 6.500%, due 3/1/38 26 316,422 4.500%, due 2/1/46 341 136,068 6.000%, due 5/1/38 157 29,406,222 4.000%, due 3/1/46 30,918 26,915 2.957%, due 6/1/38 28 2,573,233 4.500%, due 4/1/46 2,771 58,667 6.500%, due 10/1/38 66 4,846 6.500%, due 1/1/49 5 60,057 6.500%, due 4/25/39 61 21,370 7.000%, due 3/25/49 25 38,280 6.500%, due 8/1/39 43 3,772,908 4.500%, due 3/1/52 4,029

185,163 5.000%, due 9/1/39 203 176,547 201,782 6.500%, due 10/1/39 229 118,624 4.159%, due 12/1/39 124 Freddie Mac 6.07% 481,527 5.970%, due 1/1/40 550 6,164 6.000%, due 2/1/17 6 371,463 5.970%, due 1/1/40 414 501 6.000%, due 4/1/17 1 63,443 5.000%, due 8/1/40 70 416 6.000%, due 5/1/17 - 324,089 7.500%, due 10/25/40 362 92 6.000%, due 6/1/17 - 22,683 7.500%, due 11/25/40 27 4,341 6.500%, due 7/1/17 4 363,453 5.100%, due 12/1/40 403 22,629 6.500%, due 8/1/17 23 4,160 7.500%, due 2/25/41 5 37 6.000%, due 10/1/17 - 158,846 3.312%, due 6/1/41 167 3,259 5.500%, due 11/1/17 3 95,417 7.500%, due 7/25/41 112 2,688 5.500%, due 1/1/18 3 13,812 7.500%, due 7/25/41 16 3,597 5.500%, due 1/1/18 4 72,453 4.500%, due 8/1/41 78 100 7.000%, due 2/1/18 - 10,001 6.500%, due 8/25/41 11 276 6.000%, due 3/1/18 - 52,221 4.500%, due 9/1/41 57 88 6.000%, due 3/1/18 - 225,330 6.515%, due 9/25/41 247 226 6.500%, due 4/1/18 - 106,902 4.500%, due 11/1/41 116 17,852 4.500%, due 6/15/18 18 91,785 4.500%, due 12/1/41 99 845,444 4.500%, due 8/1/18 867 263,797 7.000%, due 12/25/41 300 1,212,638 4.500%, due 8/1/18 1,244

17 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Freddie Mac (continued) Freddie Mac (continued) 445 6.000%, due 2/1/19 - 1,525,500 4.500%, due 9/1/41 $ 1,645 5,509 5.500%, due 6/1/20 6 84,245 3.629%, due 10/1/41 87 5,722,665 4.500%, due 8/1/20 5,871 562,402 2.545%, due 1/1/42 586 9,258 5.500%, due 10/1/20 10 40,837 2.579%, due 8/1/42 42 2,701 6.500%, due 5/15/21 3 6,718 7.499%, due 8/25/42 8 4,491 7.750%, due 12/25/21 5 906,656 1.203%, due 1/15/43 904 4,173,506 1.426%, due 2/25/23 4,179 617,356 7.000%, due 2/25/43 713 2,652,758 1.173%, due 3/25/23 2,654 811,653 1.790%, due 4/1/43 837 200,635 6.000%, due 1/1/24 218 41,068 7.000%, due 7/25/43 48 245,702 4.000%, due 12/15/24 251 119,141 6.500%, due9/25/43 137 419,982 1.750%, due 3/15/25 421 34,615 4.500%, due 11/1/43 38 20,252 4.000%, due 4/1/25 21 442,808 4.500%, due 12/1/43 476 496,516 4.000%, due 9/1/25 522 566,011 4.499%, due 12/15/43 606 41,287 4.500%, due 2/1/26 44 411,053 4.500%, due 1/1/44 441 60,066 4.500%, due 6/1/26 63 136,926 2.957%, due 1/1/44 141 250,548 6.000%, due 7/15/26 284 35,958 4.500%, due 3/1/44 39 251,266 4.000%, due 11/1/26 264 1,004,841 4.499%, due 3/15/44 1,083 700,289 4.000%, due 5/1/27 736 1,005,173 4.500%, due 5/1/44 1,080 1,706,753 4.000%, due 5/1/27 1,796 90,412 3.031%, due 5/1/44 93 203,746 6.500%, due 8/15/28 227 1,181,902 4.500%, due 7/1/44 1,269 49,293 6.000%, due 3/15/31 56 476,282 3.051%, due 7/1/44 490 84,023 4.500%, due 6/1/31 91 4,372,712 4.500%, due 8/1/44 4,695 166,355 4.000%, due 10/1/31 177 3,590,090 3.092%, due 8/1/44 3,697 7,516 6.500%, due 12/1/31 9 265,750 2.848%, due 10/1/44 272 162,569 7.000%, due 6/1/32 192 6,243,260 2.942%, due 11/1/44 6,407 8,585 7.000%, due 7/1/32 10 246,232 2.809%, due 12/1/44 252 51,007 5.701%, due 7/25/32 56 4,160,164 2.708%, due 1/1/45 4,241 28,348 7.000%, due 10/1/32 33 4,329,343 4.500%, due 2/1/45 4,652 802,087 7.000%, due 11/1/32 941 130,300 2.748%, due 2/1/45 133 182,443 6.500%, due 12/1/32 210 1,189,078 2.858%, due 2/1/45 1,214 386,311 5.346%, due 7/25/33 443 3,639,817 4.500%, due 11/1/45 3,912 163,434 5.500%, due 9/15/33 184 1,647,394 4.500%, due 11/1/45 $ 1,769 35,272 6.000%, due 12/1/33 40 2,052,574 2.890%, due 12/1/45 2,093

98,445 4.500%, due 12/1/33 106 70,159 27,049 5.000%, due 4/1/34 29 262,800 4.000%, due 7/1/34 279 240,107 5.500%, due 1/1/35 270 168,781 5.000%, due 2/15/35 183 Ginnie Mae 0.66% 712,507 5.500%, due 3/15/35 793 4,798 6.000%, due 3/15/19 5 459,189 5.500%, due 2/15/36 506 4,724 8.350%, due 3/15/19 5 21,198 6.000%, due 11/1/36 24 6,153 8.250%, due 4/15/20 6 7,301 5.500%, due 6/1/37 8 1,292,550 2.140%, due 8/15/23 1,271 33,065 5.500%, due 6/15/37 36 5,503 6.500%, due 5/15/29 6 29,666 6.500%, due 8/1/37 35 2,672 7.000%, due 12/15/29 3 48,015 6.500%, due 9/1/37 53 4,340,868 2.730%, due 6/15/32 4,213 8,372 6.500%, due 9/1/37 9 1,323,865 6.000%, due 7/20/32 1,502 13,843 6.500% due 9/1/37 15 566,508 4.790%, due 8/20/42 600

3,834 6.500%, due 1/1/38 4 7,611 378,705 2.892%, due 4/1/38 404 53,376 6.000%, due 6/1/38 58 TOTAL U.S. AGENCY OBLIGATIONS 254,317 30,913 6.000%, due 9/1/38 36 (Cost $255,068) 71,468 6.000%, due 2/1/39 81 135,233 6.000%, due 5/1/39 155 696,948 4.955%, due 11/1/39 737 44,342 4.500%, due 7/1/41 48

18 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) U.S. Government Obligations 37.17% Short-Term Investments 3.87% U.S Treasury Notes/Bonds 37.17% 44,705,075 Dreyfus Government Cash Management Fund $ 44,705 9,755,000 0.500%, due 1/31/17* 9,756 TOTAL SHORT TERM INVESTMENTS 3,450,000 0.750%, due 3/15/17 3,452 (Cost $44,705) 2,200,000 0.500%, due 4/30/17 2,200 11,550,000 0.875%, due 5/15/17 11,562 7,000,000 0.625%, due 5/31/17 7,001 15,500,000 0.625%, due 9/30/17 15,478 11,045,000 0.875%, due 3/31/18 11,031 Collateral for Securities Loaned 2.28% 5,000,000 0.875%, due 5/31/18 4,990 Short-Term Investments-Repurchase Agreements 7,100,000 0.750%, due 9/30/18* 7,052 6,249,294 SwibRepo 0.65%, due 1/3/17 6,249 9,000,000 1.250%, due 11/15/18 9,014 6,249,294 Nomura Securities Int Inc, 0.50%, due 1/3/17 6,249 6,000,000 1.000%, due 11/30/18 5,981 1,315,388 Citibank NA, 053%, due 1/3/17 1,315 12,085,000 0.875%, due 4/15/19* 11,976 6,249,294 Cantor Fitzgerald Securities 0.05%, due 1/3/17 6,249 13,915,000 3.500%, due 5/15/20 14,791 6,249,294 Daiwa Capital Markets, 052%, due 1/3/17 6,244 21,915,000 2.125%, due 8/31/20 22,269 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 26,306 20,160,000 1.375%, due 9/30/20* 19,932 (Cost $26,306) 21,600,000 2.625%, due 11/15/20 22,326 14,870,000 1.625%, due 11/30/20 14,810 TOTAL INVESTMENTS 15,020,000 1.750%, due 12/31/20 15,015 (Cost $1,220,443) 105.23% 1,215,404 20,385,000 1.375%, due 1/31/21 20,059 4,990,000 2.125%, due 8/15/21 5,037 Liabilities Less, Other Assets -5.23% (60,435) 29,660,000 1.250%, due 10/31/21* 28,761 6,345,000 2.000%, due 7/31/22 6,322 NET ASSETS 100.00% $ 1,154,969 7,405,000 1.750%, due 9/30/22 7,265 1,565,000 2.000%, due 11/30/22 1,554 6,230,000 1.625%, due 10/31/23* 5,994 940,000 2.000%, due 2/15/25 915 30,300,000 1.500%, due 8/15/26* 27,868 3,815,000 5.250%, due 11/15/28 4,857 1,905,000 3.000%, due 11/15/44 1,882 40,280,000 2.500%, due 2/15/45 35,879 30,070,000 3.000%, due 5/15/45 (A) 29,664 6,295,000 2.875%, due 8/15/45 6,058 10,355,000 2.500%, due 2/15/46 9,201 5,785,000 2.500%, due 5/15/46 5,141 23,610,000 2.250%, due 8/15/46* 19,843 4,015,000 Treasury Strip, 0.000%, due 8/15/45* 1,634 6,655,000 Treasury Strip, 0.000%, due 2/15/45 2,748 TOTAL U.S. GOVERNMENT OBLIGATIONS 429,318 (Cost $438,817)

* All or a portion of this security is on loan.The market value of loaned securities is $95,427,623

(A) $2,446,470 principal amount of United States Treasury Bond pledged as margin for open futures contracts at December 31, 2016.

19 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2016

(A) $2,446,470.00 of US Treasury Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2016:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2016 5 Year U.S. Treasury Notes 118 $ 100,000 Long March 2017 $ (64,789) 10 Year U.S. Treasury Notes 271 100,000 Long March 2017 (245,509) 2 Year U.S. Treasury Note 42 200,000 Short March 2017 (17,484) U.S. Treasury Bond 238 100,000 Short March 2017 227,867 U.S. Treasury Notes Ultra 10 Year 92 100,000 Short March 2017 63,281 US Ultra Bond 227 100,000 Short March 2017 443,854 $ 407,220

20 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets) Equities 4.73% Number of Stocks 43 Top Ten Stocks 2.25%

Fixed Income Securities: Asset Backed Securities 8.29% Collateralized Mortgage Obligation 0.68% Commercial Mortgage Backed Securities 7.17% Corporate Obligations 41.94% Municipals 4.32% Sovereign 0.44% U.S. Agency Obligations 16.26% U.S. Government Obligations 12.21% Mutual Fund 0.01% Short-Term Investments 1.37% Short-Term Investments-Repurchase Agreements 0.86% Other Assets, Less Liabilities 1.72%

Top Ten Equity Holdings (% of Net Assets) St Jude Medical Inc. 0.28% Private Bancorp Inc. 0.25% North Star Asset Management Group Inc. 0.24% Headwaters Inc. 0.23% Cardinal Financial Corp. 0.22% CST Brands Inc. 0.21% The White Wave Foods Co 0.21% American Capital Ltd 0.20% Equity One Inc. 0.20% WCI Communities Inc. 0.20%

Top 5 Sectors (Equity Securities only) (% of Net Assets) Consumer Discretionary 1.49% Financial Services 1.43% Health Care 0.69% Technology 0.42% Consumer Staples 0.30%

21 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2016

Shares Fair Principal Fair Common Stocks 4.73% Value (000's) Amount Value (000's) Consumer Discretionary 1.49% Asset Backed Securities 8.29% 41,680 Apollo Education Group Inc. $ 413 917,378 AmeriCredit Automobile Rec Tr 2013-5, 1.520%, due 1/08/19 $ 918 12,220 Cabela's Inc. 715 2,200,000 AmeriCredit Automobile Rec Tr 2015-3, 1.540%, due 3/9/20 2,202 36,600 Cnova NV 201 590,000 AmeriCredit Automobile Rec Tr 2016-4, 1.340%, due 4/8/20 590 18,195 CST Brands Inc. 876 447,961 Bank of The West Auto Trust 2014-1, 1.090%, due 3/15/19 448 6,880 Harman International Industries Inc. 765 2,480,000 Bank of The West Auto Trust 2015-1, 1.310%, due 10/15/19 2,482 52,500 Hennessy Capital Acquisition Corp II 552 735,000 Cabela's Master Credit Card Trust, 1.153%, due 7/15/22 736 1,174 Lennar Corp. 41 550,000 Cabela's Master Credit Card Trust,1.353%, due 8/16/21 552 32,650 LifeLock Inc. 781 1,650,000 CarMax Auto Owner Trust 2016-1, 2.220%, due 8/16/21 1,643 5,273 Lions Gate Entertainment Corp. 129 2,080,000 CarMax Auto Owner Trust 2016-3, 1.170%, due 8/15/19 2,079 39,120 Media General Inc. 737 470,000 Chase Issuance Trust, 1.123%, due 7/15/20 472 2,000 Twenty-First Century Fox Inc. 54 1,183,075 CLI Funding LLC, 3.380%, due10/18/29 1,137 34,544 WCI Communities Inc. 810 1,225,000 CNH Equipment Trust 2016-B, 2.200%, due 10/15/23 1,216 6,074 87,209 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 87 1,009,065 Cronos Containers Program Ltd, 3.270%, due 11/18/29 976 Consumer Staples 0.30% 614,063 DB Master Finance LLC 2015-1, 3.262%, due 2/20/45 615 45,830 Rite Aid Corp. 378 1,329,870 Domino's Pizza Master Issuer LLC, 5.216%, due 1/25/42 1,356 15,225 The WhiteWave Foods Co. 846 618,057 Ford Credit Auto Owner Trust 2015-A, 1.280%, due 9/15/19 618 1,224 133,665 GMACM Home Equity Loan Trust 2003-HE1, 1.084%, due 4/25/33 127 106,678 GMACM Home Equity Loan Trust 2006-HE3, 5.805%, due 10/25/36 103 Financial Services 1.42% 527,500 Hertz Vehicle Financing LLC, 3.290%, due 3/25/18 529 46,721 American Capital Ltd 837 54,134 Home Equity Loan Trust 2003-HS3, 1.036%, due 8/25/33 53 5,588 Boulevard Acquisition Corp II 57 86,752 Home Equity Loan Trust 2006-HSA2, 5.549%, due 3/25/36 52 356 Capitol Acquisition Corp III 4 1,736,408 Huntington Auto Trust 2015-1, 1.240%, due 9/16/19 1,735 27,380 Cardinal Financial Corp. 898 1,335,707 Hyundai Auto Receivables Trust 2016-A,1.210%, due 6/17/19 1,335 8,960 Cascade Bancorp 73 161,415 MMAF Equipment Finance LLC 2012-A, 1.350%, due 10/10/18 161 2,571 CF Corp. 27 120,759 MSCC Heloc Trust 2007-1, 0.705%, due 12/25/31 120 1,625 Endurance Specialty Holdings Ltd 150 306,704 Nissan Auto Receivables 2014-A Owner Trust, 0.720%, due 8/15/18 306 8,130 Endurance Specialty Holdings Ltd 751 465,494 NYCTL 2014-A Trust, 1.340%, due 11/10/28 463 26,650 Equity One Inc. 818 1,212,000 PFS Financing Corp., 1.303%, due 2/15/19 1,211 2,620 GTY Technology Holdings Inc. 28 860,406 SMART ABS Series 2015-1US Trust, 1.500%, due 9/14/18 859 9,884 Invesco Senior Income Trust 46 120,310 SunTrust Auto Receivables Trust 2015-1, 0.990%, due 6/15/18 120 10,000 M III Acquisition Corp. 99 693,263 Taco Bell Funding LLC, 3.832%, due 5/25/46 696 67,040 NorthStar Asset Management Group Inc. 1,000 661,015 Tax Ease Funding 2016-1 LLC, 3.131%, due 6/15/28 657 18,900 Private Bancorp Inc. 1,024 626,667 Textainer Marine Containers Ltd, 3.270%, due 10/20/39 596 1,714 Saban Capital Acquisition Corp. 18 675,000 Textainer Marine Containers Ltd, 3.900%, due 9/20/38 668 5,830 540,913 United States Small Business Administration, 2.080%, due 4/1/33 524 1,300,000 Verizon Owner Trust 2016-2, 2.150%, due 5/20/21 1,290 Health Care 0.69% 875,000 Volvo Financial Equipment LLC , 1.510%, due 6/17/19 876 15,835 Alere Inc. 617 1,465,000 Wells Fargo Dealer Floorplan Master Note Trust, 1.118%, due 7/20/19 1,465 2 Envision Healthcare Corp. 1 1,835,000 Westlake Automobile Receivables Trust 2016-2, 1.570%, due 6/17/19 1,837 14,316 St Jude Medical Inc. 1,148 TOTAL ASSET BACKED SECURITIES 33,910 9,580 Team Health Holdings Inc. 416 (Cost $34.349) 64,080 Universal American Corp. 637 2,819 Collateralized Mortgage Obligation 0.68% Materials & Processing 0.23% 287,073 JP Morgan Tax-Emept Pass-Through Tr Series 2012-4,3.500%, due 7/27/38 289 40,340 Headwaters Inc. 949 377,734 NCUA Guaranteed Notes Trust 2010-R1, 1.101%, due 10/7/20 378 275,467 NCUA Guaranteed Notes Trust 2011-R4, 0.911%, due 3/6/20 276 Producer Durables 0.14% 254,829 Adjustable Rate Mortgage Trust 2005-3, 0.996%, due 7/25/35 249 7,061 CLARCOR Inc. 582 132,685 Impac Secured Assets Trust 2006-2, 1.106%, due 8/25/36 130 869,742 La Hipotecaria Panamanian Mortgage Trust 2014-1, 3.007%, due 11/24/42 882 Technology 0.42% 557,848 FDIC Guaranteed Notes Trust 2010-S1, 3.250%, due 4/25/38 562 36,310 Applied Micro Circuits Corp. 300 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 2,766 62,910 Brocade Communications Systems Inc. 786 (Cost $2,801) 2,658 Datalink Corp. 30 3,541 Dell Technologies Inc. Class V 195 Commercial Mortgage Backed Securities 7.17% 10,880 Mentor Graphics Corp. 401 532,475 Banc of America Commercial Mrtg Tr 2007-3, 5.548%, due 6/10/49 535 1,712 44,037 Banc of America Re-REMIC Trust 2009-UBER1, 5.855%, due 6/24/50 44 1,525,000 BHMS 2014-ATLS Mortgage Trust, 2.134%, due 7/5/33 1,526 Utilities 0.04% 52,681 BAMLL-DB Trust, 2.343%, due 4/13/29 53 3,100 Level 3 Communications Inc. 175 296,254 Bear Stearns Comm Mrtg Sec Tr 2007-PWR18, 5.602%, due 6/11/50 304 1,000,000 CFCRE 2015-RUM Mortgage Trust, 3.453%, due 7/15/30 984 86,089 Citigroup Commercial Mortgage Trust 2012-GC8, 0.685%, due 9/10/45 86 TOTAL COMMON STOCK 19,365 153,602 Citigroup Commercial Mortgage Trust 2014-GC19, 1.199%, due 3/10/47 154 (Cost $18,588)

22 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2016

Principal Principal Fair Amount Value (000's) Amount Value (000's) Commercial Mortgage Backed Securities (continued) Consumer Discretionary (continued) 574,822 Citigroup Commercial Mortgage Trust 2016-C1, 1.506%, due 5/10/49 $ 570 900,000 LIN Television Corp, 6.375%, due 1/15/21 $ 929 191,171 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46 191 900,000 Macy's Retail Holdings Inc., 7.450%, due 7/15/17 928 187,647 COMM 2013-LC13 Mortgage Trust, 1.309%, due 8/10/46 188 1,250,000 Macy's Retail Holdings Inc., 8.500%, due 6/1/19 1,371 1,595,000 Comm 2014-BBG Mortgage Trust, 1.504%, due 3/15/29 1,588 1,090,000 McDonald's Corp., 2.750%, due 12/9/20 1,102 222,058 COMM 2014-CCRE15 Mortgage Trust, 1.218%, due 2/10/47 222 760,000 NCL Corp Ltd, 4.625%, due 11/15/20 773 233,096 COMM 2014-CCRE16 Mortgage Trust, 1.445%, due 4/10/47 233 845,000 Nissan Motor Acceptance Corp, 1.550%, due 9/13/19 832 1,765,652 COMM 2016-COR1 Mortgage Trust, 1.516%, due 10/10/49 1,749 825,000 PetSmart Inc., 7.125%, due 3/15/23* 842 1,400,000 CSMC Trust 2015-SAND, 2.003%, due 8/15/30 1,398 440,000 Revlon Consumer Products Corp, 5.750%, due 2/15/21 442 375,482 DBJPM 16-C1 Mortgage Trust, 1.676%, due 5/10/49 373 980,000 Toyota Motor Credit Corp.,1.700%, due 2/19/19 977 353,177 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 358 750,000 Toyota Motor Credit Corp, 2.250%, due 3/20/24 740 492,837 GE Capital Commercial Mortgage Corp, 5.446%, due 11/10/45 491 2,080,000 Walgreens Boots Alliance Inc., 1.750%, due 5/30/18 2,082 24,239 GS Mortgage Securities Trust 2012-GCJ9, 0.662%, due 11/10/45 24 31,887 385,817 GS Mortgage Securities Trust 2014-GC22, 1.290%, due 6/10/47 385 87,522 JPMBB Commercial Mortgage Sec Tr 2013-C14, 1.260%, due 8/15/46 87 Consumer Staples 1.54% 1,330,726 JPMBB Commercial Mortgage Sec Tr 2016-C1, 1.694%, due 3/15/49 1,324 374,000 AmeriGas Finance LLC, 7.000%, due 5/20/22 394 JP Morgan Chase Commercial Mortgage Securities Trust 1,390,000 Danone SA, 1.691%, due 10/30/19 1,373 154,486 5.440%, due 6/12/47 154 580,000 General Mills Inc., 1.400%, due 10/20/17 581 591,232 5.712%, due 2/12/49 595 1,000,000 Kraft Heinz Foods Co., 4.875%, due 2/15/25 1,079 1,825,000 1.604%, due 10/15/29 1,810 1,270,000 Kraft Heinz Foods Co., 2.800%, due 7/2/20 1,282 592,184 LB-UBS Commercial Mortgage Trust 2006-C6, 5.451%, due 9/15/39 531 825,000 Pinnacle Foods Finance LLC, 4.875%, due 5/1/21 850 874,199 Morgan Stanley Bank of America Merrill Lynch ,1.591%, due 10/15/48 864 336,453 Smith's Food & Drug Centers In Trust, 9.200%, due 7/2/18 358 10,795 Morgan Stanley Capital I Trust 2006-HQ9, 5.792%, due 7/12/44 11 375,000 Tyson Foods Inc., 2.650%, due 8/15/19 379 299,627 FDIC Guaranteed Notes Trust 2010-C1, 2.980%, due 12/6/20 302 6,296 Wells Fargo Commercial Mortgage Trust 200,098 0.687%, due 10/15/45 200 Energy 2.29% 2,189,142 1.454%, due 2/15/48 2,180 515,000 BP Capital Markets PLC, 1.375%, due 5/10/18 513 932,910 1.679%, due 11/15/48 928 1,160,000 Chevron Corp.,1.561%,due 5/16/19 1,155 1,381,009 1.577%, due 1/15/59 1,371 475,000 Chevron Corp.,1.961%,due 3/3/20 473 WFRBS Commercial Mortgage Trust 980,000 CNOOC Nexen Finance 2014 ULC, 1.625%, due 4/30/17 979 107,418 0.734%, due 12/15/45 107 1,060,000 ConocoPhillips Co., 1.500%, due 5/15/18 1,056 76,262 0.836%, due 6/15/46 76 350,000 Kinder Morgan Inc., 7.000%, due 6/15/17 358 1,750,000 BAMLL Commercial Mrtg Sec Tr 2014-ICTS, 1.803%, due 6/15/28 1,749 350,000 Kinder Morgan Inc., 7.000%, due 2/1/18 364 1,460,000 GSCCRE Commercial Mortgage Trust , 3.453%, due 8/15/32 1,467 540,000 Marathon Oil Corp., 2.700%, due 6/1/20 541 1,000,000 GS Mortgage Securities Corp Trust 2016-ICE2, 3.953%, due 2/15/33 1,010 105,000 Noble Holding International Ltd., 4.900%, due 8/1/20* 107 1,685,000 Motel 6 Trust 2015-MTL, 3.298%, due 2/5/30 1,691 1,000,000 Range Resources Corp., 5.000%, due 8/15/22 994 273,692 Morgan Stanley Capital I Trust 2003-IQ4, 5.500%, due 5/15/40 273 1,000,000 Schlumberger Holdings Corp, 2.350%, due 12/21/18 1,008 1,100,000 Morgan Stanley Capital I Trust 2014-MP, 3.693%, due 8/11/29 1,121 920,000 Statoil ASA, 2.250%, due 11/8/19 928 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 29,307 850,000 Tesoro Corp., 5.375%, due 10/1/22* 882 (Cost $29,669) 9,358

Corporate Obligations 41.94% Financial Services 20.39% Consumer Discretionary 7.80% 775,363 AA Aircraft Financing 2013-1LLC, 3.596%, due 11/1/19 768 315,000 American Honda Finance Corp, 2.125%, due 10/10/18 317 729,265 Ahold Lease Series 2001-A-2 Pass Through Tr, 8.620%, due 1/2/25 891 1,165,000 American Honda Finance Corp., 1.500%, due 7/12/19 1,144 2,350,000 AIG Global Funding, 1.900%, due 10/6/21 2,262 635,000 American Honda Finance Corp, 1.500%, due 3/13/18 635 1,075,000 Ally Financial Inc., 3.250%, due 2/13/18 1,080 530,000 American Honda Finance Corp, 1.700%, due 9/9/21 511 1,165,000 Ally Financial Inc., 4.250%, due 4/15/21 1,176 1,640,000 Anheuser-Busch InBev Finance Inc., 2.650%, due 2/1/21 1,649 1,075,000 Ally Financial Inc., 5.500%, due 2/15/17 1,079 1,000,000 CCO Holdings LLC / CCO Holdings Capital Corp, 5.125%, due 5/1/23 1,030 1,070,000 American Express Credit Corp, 2.125%, due 3/18/19 1,074 1,375,000 Comcast Corp, 6.500%, due 1/15/17 1,377 790,000 American Express Credit Corp., 2.600%, due 9/14/20 797 1,040,000 Daimler Finance North America LLC, 1.375%, due 8/1/17 1,040 460,000 American International Group Inc., 5.850%, due 1/16/18 480 350,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 346 475,000 American International Group Inc., 6.400%, due 12/15/20 541 1,050,000 Daimler Finance North America LLC, 1.500%, due 7/5/19 1,033 800,000 Bank of America Corp, 6.499%, due 10/29/49 836 1,000,000 Downstream Development Auth of the Quapaw, 10.500%, due 7/1/19 1,003 1,885,000 Bank of America Corp, 1.700%, due 8/25/17 1,888 605,000 Ford Motor Credit Co LLC, 1.7240%, due 12/6/17 605 300,000 Bank of America NA, 1.750%, due 6/5/18 300 2,360,000 Ford Motor Credit Co LLC, 1.897%, due 8/12/19 2,322 700,000 Bank of New york Mellon Corp, 2.100%, due 1/15/19 703 475,000 Ford Motor Credit Co LLC, 2.021%, due 5/3/19 471 875,000 Bank One Corp, 8.530%, due 3/1/19 984 580,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21 641 1,800,000 Barclays Bank PLC, 1.486%, due 2/17/17 1,801 755,000 Ford Motor Credit Co LLC, 3.200%, due 1/15/21 756 1,020,000 BB&T Corp,2.250%, due 2/1/19* 1,028 3,115,000 General Motors Co, 2.400%, due 5/9/19 3,107 970,000 BB&T Corp, 1.600%, due 8/15/17 971 560,000 Hanesbrands Inc., 4.625%, due 5/15/24 543 1,235,000 Caisse Centrale Desjardins, 1.550%, due 9/12/17 1,236 1,375,000 HD Supply Inc., 5.250%, due 12/15/21 1,451 875,000 LIN Television Corp, 5.875%, due 11/15/22 888

23 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Financial Services (continued) Health Care 1.38% 445,000 Cantor Fitzgerald LP, 7.875%, due 10/15/29 $ 493 1,350,000 Abbott Laboratories, 2.900%, due 11/30/21 $ 1,346 500,000 Cantor Fitzgerald LP, 6.500%, due 6/17/22 534 2,345,000 Aetna Inc., 1.900%, due 6/7/19 2,340 1,060,000 Capital One NA/Mclean VA, 1.850%, due 9/13/19 1,048 1,270,000 inVentiv Health Inc., 9.000%, due 1/15/18 1,273 1,165,000 Capital One NA/Mclean VA, 2.350%, due 8/17/18 1,172 615,000 Providence Health & Services Obligated Group, 6.250%, due 10/1/19 670 2,270,000 Citigroup Inc., 2.050%, due 12/7/18 2,270 5,629 550,000 Citigroup Inc., 2.500%, due 9/26/18 555 1,000,000 Citigroup Inc., 8.500%, due 5/22/19 1,141 Materials & Processing 2.56% 1,100,000 Citizens Financial Group Inc., 5.158%, due 6/29/23 1,141 1,025,000 Bunge NA Finance LP, 5.900%, due 4/1/17 1,034 1,121,000 Cooperatieve Rabobank UA, 10.999%, due 12/29/49 1,318 1,370,000 Caterpillar Financial Services Corp, 2.250%, due 12/1/19 1,376 1,015,000 Credit Suisse/New York NY, 1.375%, due 5/26/17 1,015 600,000 Dow Chemical Co/The, 7.375%, due 3/1/23 716 1,500,000 Depository Trust & Clearing Corp/The, 4.875%, due 12/29/49 1,526 1,000,000 Flowserve Corp, 4.000%, due 11/15/19 1,013 1,350,000 Deutsche Bank AG/London, 1.350%, due 5/30/17 1,347 1,150,000 Glencore Canada Corp, 5.500%, due 6/15/17 1,168 832,000 Eaton Vance Corp, 6.500%, due 10/2/17 863 1,050,000 IDEX Corp., 4.500%, due 12/15/20 1,088 1,000,000 Equifax Inc., 6.300%, due 7/1/17 1,023 2,120,000 Protective Life Global Funding, 1.555%, due 9/13/19 2,088 1,130,000 ERAC USA Finance LLC, 2.600%, due 12/1/21 1,112 1,000,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,100 616,000 FMR LLC, 7.490%, due 6/15/19 688 805,000 Worthington Industries Inc., 6.500%, due 4/15/20 883 1,855,000 Goldman Sachs Capital II, 2.625%, due 1/31/19 1,875 10,466 1,400,000 Goldman Sachs Capital II, 2.300%, due 4/25/19 1,398 Producer Durables 0.93% 390,000 Goldman Sachs Capital II, 2.000%, due 4/25/19 388 579,358 American Airlines 2013-2 Class A Trust, 4.950%, due 1/15/23 618 320,000 Goldman Sachs Capital II, 2.900%, due 7/19/18 324 950,000 Avery Dennison Corp, 6.625%, due 10/1/17 980 875,000 Hartford Financial Services Group Inc., 5.375%, due 3/15/17 882 38,649 Burlington Northern and Santa Fe Railway Co Trust, 4.967%, due 4/1/23 41 1,840,000 ING Bank NV, 1.650%, due 8/15/19 1,815 402,638 Federal Express Corp 1996 Pass Through Trust, 7.840%, due 1/30/18 414 1,000,000 International Lease Finance Corp, 3.875%, due 4/15/18 1,019 1,000,000 Tyco International Finance SA, 3.750%, due 1/15/18 1,016 925,000 iStar Inc., 4.000%, due 11/1/17 930 662,560 Union Pacific Railroad Co 2006 Pass Through Trust, 5.866%, due 7/2/30 743 2,735,000 Jackson National Life Global Funding, 2.100%, due 10/25/21 2,669 3,812 1,850,000 JPMorgan Chase & Co., 2.350%, due 1/28/19 1,865 620,000 Lloyds Bank PLC, 12.000%, due 12/29/49 826 Technology 1.57% 990,000 MassMutual Global Funding II, 1.550%, due 10/11/19 978 725,000 Activision Blizzard Inc., 2.300%, due 9/15/21 707 350,000 Mellon Capital IV, 4.000%, due 6/29/49 284 1,275,000 Alibaba Group Holding Ltd, 2.500%, due 11/28/19 1,281 1,055,000 MetLife Inc., 1.756%, due 12/15/17 1,057 1,100,000 Broadridge Financial Solutions Inc., 3.950%, due 9/1/20 1,153 530,000 Metropolitan Life Global Funding I, 1.550%, due 9/13/19 522 905,000 Diamond 1 Finance Corp, 5.450%, due 6/15/23 960 300,000 Metropolitan Life Global Funding I, 2.300%, due 4/10/19* 302 1,280,000 Fidelity National Information Services Inc., 5.000%, due 3/15/22 1,315 695,000 Metropolitan Life Global Funding I, 3.000%, due 1/10/23 698 1,000,000 Samsung Electronics America Inc., 1.750%, due 4/10/17 1,000 960,000 Metropolitan Life Global Funding I, 3.650%, due 6/14/18 988 6,416 1,180,000 Morgan Stanley, 2.800%, due 6/16/20 1,190 1,195,000 Morgan Stanley, 6.250%, due 8/28/17 1,231 Utilities 3.48% 1,345,000 New York Life Global Funding, 2.150%, 6/18/19 1,352 2,000,000 AT&T Inc., 0.000%, due 11/27/22 1,597 545,000 New York Life Global Funding, 1.300%, due 4/27/18 543 1,730,000 AT&T Inc., 1.700%, due 6/1/17 1,732 1,060,000 New York Life Global Funding, 1.700%, due 9/14/21 1,022 375,000 AT&T Inc., 2.450%, due 6/30/20 372 1,200,000 Omega Healthcare Investors Inc., 5.875%, due 3/15/24 1,238 845,000 British Telecommunications PLC, 1.250%, due 2/14/17 845 1,683,599 Pershing Road Development Co. LLC, 1.330%, due 9/1/26 1,507 230,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17 230 1,080,000 PNC Bank NA, 1.850%, due 7/20/18 1,082 318,203 Great River Energy, 5.829%, due 7/1/17 323 1,275,000 PNC Preferred Funding Trust II, 2.185%, due 3/29/49 1,230 610,000 NextEra Energy Capital Holdings Inc., 2.700%, due 9/15/19 618 930,000 Pricoa Global Funding I, 2.550%, due 11/24/20 930 450,000 PSEG Power LLC, 2.450%, due 11/15/18 453 1,190,000 Principal Life Global Funding II, 1.500%, due 9/11/17 1,191 310,000 Public Service Electric & Gas Co, 2.300%, due 9/15/18 313 1,110,000 Principal Life Global Funding II, 2.200%, due 4/8/20 1,102 1,325,000 Southern California Edison Co, 1.125%, due 5/1/17 1,325 880,000 Prudential Financial Inc., 8.875%, due 6/15/68 950 1,135,000 The Southern Co., 2.750%, due 6/15/20 1,145 940,000 The Royal Bank of Scotland Group PLC, 9.500%, due 3/16/22 955 845,000 Southern Power Co, 1.500%, due 6/1/18 841 640,735 Salton Sea Funding Corp., 7.475%, due 11/30/18 632 910,000 Sprint Spectrum Co LLC , 3.360%, due 9/20/21 912 900,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 1,018 865,000 T-Mobile USA Inc., 6.625%, due 4/1/23 917 668,705 Small Business Administration Pools, 0.880%, due 5/25/31 664 1,515,000 Verizon Communications Inc., 3.650%, due 9/14/18 1,565 273,445 Small Business Administration Pools, 1.000%, due 4/25/28 273 985,000 Verizon Communications Inc., 4.500%, due 9/15/20 1,054 760,846 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 957 14,242 850,000 State Street Corp, 4.956%, due 3/15/18 878 635,000 State Street Corp, 1.465%, due 5/15/28 584 TOTAL CORPORATE OBLIGATIONS 905,000 Torchmark Corp, 9.250%, due 6/15/19 1,046 (Cost $171,724) 171,425 830,000 UBS AG/Stamford CT, 5.875%, due 12/20/17 864 867,708 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 863 Municipals 4.32% 1,000,000 UniCredit Bank Austria AG, 7.250%, due 2/15/17 1,005 1,300,000 Atlanta Downtown Development Authority, 6.875%, due 2/1/21 1,430 350,000 USB Capital IX, 3.500%, due 10/29/49 287 640,000 Chicago Board of Education, 0.000%, due 12/1/19 570 800,000 Wells Fargo & Co, 5.900%, due 12/29/49 804 1,000,000 City of Chicago Heights IL, 4.750%, due 1/15/20 1,035 1,970,000 Wells Fargo & Co, 1.750%%, due 5/24/19 1,960 1,000,000 Commonwealth of Puerto Rico, 5.500%, due 7/1/20 1,074 83,319 750,000 County of Clermont OH Sewer System Revenue, 4.000%,due 8/1/20 779 510,000 County of Jefferson AL, 4.900%, due 4/1/17 512 390,000 County of Wayne MI, 4.250%, due 12/1/18 392 1,350,000 Hudson County Improvement Authority, 2.500%, due 6/27/17 1,359

24 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2016

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Municipals (continued) Fannie Mae (continued) 1,175,000 Industry Public Facilities Authority, 3.139%, due 1/1/20 $ 1,201 1,275,000 1.918%, due 1/25/22 $ 1,268 600,000 Kansas Development Finance Authority, 1.877%, due 4/15/18 602 336,159 1.750%, due 1/25/22 336 18,196 Louisiana Public Facilities Authority, 5.750%, due 2/1/19 18 401,346 1.824%, due 2/25/22 402 1,000,000 Metropolitan Transportation Authority, 7.134%, due 11/15/30 1,165 1,574,660 2.369%, due 7/25/22 1,568 750,000 Miami Beach Redevelopment Agency, 2.796%, due 2/1/19 755 179,002 6.000%, due 10/1/22 193 1,500,000 New Jersey Economic Development Authority, 5.500%, due 9/1/23 1,667 924,082 2.400%, due 10/1/22 939 1,250,000 North Texas Tollway Authority, 8.910%, due 2/1/30 1,462 94,173 5.000%, due 2/1/23 98 400,000 Philadelphia Authority for Industrial Dev., 0.000%, due 4/15/18 391 1,700,606 1.468%, due 2/25/23 1,673 1,130,000 State of California, 7.700%, due 11/1/30 1,344 3,490,693 2.500%, due 5/1/23 3,566 550,000 Tulsa Public Facilities Authority, 6.600%, due 11/15/29 574 312,730 2.325%, due 7/25/23 316 1,330,000 Vermont Educational & Health Buildings Agency, 3.221%, due 10/15/20 1,322 72,407 1.406%, due 9/25/23 72 TOTAL MUNICIPALS 17,652 3,648,965 1.998%, due 10/25/23 3,543 (Cost $17,507) 1,306,745 1.557%, due10/25/23 1,285 273,386 3.240%, due 12/10/23 272 Sovereign 0.44% 770,458 2.000%, due 5/25/25 774 1,600,000 United States Department of Transportation, 6.000%, due 12/7/21 1,816 98,739 3.000%, due 12/25/25 101 TOTAL SOVEREIGN 348,658 2.500%, due 9/25/26 351 (Cost $1,872) 926,291 1.500%, due 5/25/29 900 206,474 4.000%, due 3/1/31 219 305,853 4.500%, due 5/1/31 329 U.S. Agency Obligations 16.26% 40,987 Freddie Mac 5.16% 318,144 1.426%, due 8/25/17 318 Ginnie Mae 1.08% 1,604,507 1.383%, due 3/25/18 1,605 1,008,189 2.140%, due 8/15/23 992 982,918 1.000%, due 8/15/18 979 859,022 2.000%, due 3/16/26 856 7,545,000 1.780%, due 7/25/19 7,519 594,725 0.514%, due 5/16/35 584 275,693 2.000%, due 10/15/19 278 154,871 3.000%, due 7/20/36 156 757,541 1.680%, due 10/25/19 756 154,903 1.771%, due 11/16/38 154 1,368,505 1.328, due 1/25/20 1,368 129,798 3.250%, due 3/20/39 133 135,392 2.000%, due 5/15/20 136 442,748 1.614%, due 7/16/39 434 159,431 4.000%, due 9/1/20 164 1,068,840 3.619%, due 9/16/41 1,088 103,018 6.000%, due 3/1/23 111 4,397 553,960 2.000%, due 5/15/23 557 896,016 3.000%, due 7/1/24 920 58,452 4.000%, due 12/15/24 60 TOTAL U.S. AGENCY OBLIGATIONS 236,807 4.500%, due 4/1/25 250 (Cost $66,777) 66,463 296,149 4.500%, due 9/1/26 313 2,625,553 1.500%, due 9/15/26 2,573 U.S. Government Obligations 12.21% 73,142 2.250%, due 11/15/28 73 U.S Treasury Notes/Bonds 12.21% 1,353,254 3.000%, due 8/1/29 1,392 2,000,000 0.875%, due 12/31/18 1,999 739,273 1.750%, due 11/15/29 736 3,750,000 2.375%, due 5/31/18 3,820 951,792 2.671%, due 6/15/50 971 2,000,000 1.500%, due 10/31/19 2,005 21,079 12,500,000 2.625%, due 8/15/20 12,925 4,500,000 1.250%, due 3/31/21 4,396 Fannie Mae 10.03% 24,330,000 2.250%, due 3/31/21* 24,770 45,215 1.114%, due 2/25/17 45 TOTAL U.S. GOVERNMENT OBLIGATIONS 49,915 4,580 6.500%, due 5/1/17 5 (Cost $50,754) 1,296,034 1.246%, due 8/25/17 1,295 102,559 0.882%, due 12/25/17 103 Mutual Fund 2,987,853 3.530%, due 1/1/18 3,028 2,001 BlackRock Floating Rate Income Strategies Fund Inc. 0.01% 29 2,135,244 1.451%, due 2/25/18 2,137 (Cost $28) 1,276,340 3.860%, due 3/1/18 1,299 196,077 0.882%, due 4/25/18 196 Short-Term Investments 1.37% 570,000 1.550%, due 4/25/18 570 5,581,824 Dreyfus Government Cash Management Fund 5,582 503,838 1.600%, due 5/25/18 504 TOTAL SHIORT TERM INVESTMENTS 529,733 1.824%, due 2/25/22 531 (Cost $5,582) 844,403 1.700%, due 8/25/18 845 717,002 0.848%, due 1/25/19 716 2,460,000 4.506%, due 6/1/19 2,497 4,525,000 1.785%, due 6/25/19 4,535 237,630 0.856%, due 9/25/19 237 513,911 1.520%, due 12/25/19 515 524,693 1.374%, due 2/25/21 522 607,928 1.750%, due 4/25/21 610 656,358 1.750%, due 6/25/21 659 2,000,000 1.250%, due 8/17/21* 1,933

25 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2016

Shares Fair Shares Fair Collateral for Securities Loaned 0.86% Common Stocks- Short Short-Term Investments-Repurchase Agreements Utilities 0.03% 498,396 HSBC Securities USA Inc., 0.46%, due 1/3/17 497 4,428 Century Link Inc. 105 1,000,000 Nomura Securities Int Inc., 0.50%, due 1/3/17 1,000 1 Fortis Inc./Canada 1 1,000,000 RBC Dominion Securities Inc., 052%, due 1/3/17 1,000 106 1,000,000 Citibank NA, 053%, due 1/3/17 1,000 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 3,497 TOTAL COMMON STOCKS (Cost $3,498) (Cost $4,884) TOTAL SECURITIES SOLD SHORT 5,248 (Cost $4,884) Common Stocks- Short Value (000's) Consumer Discretionary 0.14% TOTAL INVESTMENTS 1,174 Lennar Corp. $ 50 (Cost $403,149) 98.28% 401,727 5,273 Lions Gate Entertainment Corp. 142 4,886 Nexstar Broadcasting Group Inc. 309 Other Assets, Less Liabilities 1.72% 7,033 2,000 Twenty-First Century Fox Inc. Class A 56 557 NET ASSETS 100.00% $ 408,760

Energy 0.00% 1 Range Resources Corp. 1

Financial Services 0.89% 22,565 Ares Capital Corp. 372 6,911 Canadian Imperial Bank of Commerce 564 45,718 Colony Capital Inc. 926 1,330 First Interstate BancSystem Inc. 57 11,991 Regency Centers Corp. 827 19,439 United Bankshares Inc. 899 3,645

Health Care 0.12% 12,466 Abbott Laboratories $ 479

Technology 0.11% 3,952 MACOM Technology Solutions Holdings Inc. 183 3,540 VMware Inc. Class A 278 461

* All or a portion of this security is on loan. The market value of loaned securities is $29,689,914

26 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 59.67% Number of Stocks 478 Top Ten Stocks 16.44%

Rights 0.00%

Fixed Income Securities: Asset Backed Securities 1.32% Commercial Mortgage Backed Securities 0.24% Corporate Obligations 12.47% Municipals 0.43% Sovereign 0.29% U.S. Agency Obligations 8.96% U.S. Government Obligations 16.09% Rights 0.00% Short-Term Investments 2.31% Short-Term Investments-Repurchase Agreements 0.60% Less Liabilities, Other Assets -2.38%

Top 10 Equity Holdings (% of Net Assets) Bank of America Corp. 2.22% Wells Fargo & Co. 1.85% Capital One Financial Corp. 1.79% The Charles Schwab Corp. 1.69% Microsoft Corp. 1.65% The Goldman Sachs Group Inc. 1.53% Time Warner Inc. 1.49% JPMorgan Chase & Co. 1.43% Hewlett Packard Enterprise Co. 1.42% Comcast Corp. Class A 1.37%

Top 5 Sectors (Equity Securities only) (% of Net Assets) Financial Services 17.39% Technology 11.50% Consumer Discretionary 10.65% Energy 5.90% Health Care 5.41%

27 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Shares Common Stocks 59.67% Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Consumer Discretionary 10.65% 1,937 Adient plc. $ 113 400 Royal Caribbean Cruises Ltd $ 33 174 Advance Auto Parts Inc. 29 200 Scripps Networks Interactive Inc. 14 980 Amazon.Com Inc. 735 117 Signet Jewelers Ltd* 11 200 AutoNation Inc.* 10 1,550 Staples Inc. 14 69 AutoZone Inc. 54 3,800 Starbucks Corp. 211 400 Bed Bath & Beyond Inc. 16 13,400 Target Corp. 968 625 Best Buy Co. Inc. 27 500 TEGNA Inc. 11 500 BorgWarner Inc. 20 500 The Gap Inc. 11 500 CarMax Inc.* 32 600 The Goodyear Tire & Rubber Co. 19 1,000 Carnival Corp. 52 3,206 The Home Depot Inc. 430 1,000 CBS Corp. 64 928 The Interpublic Group of Cos Inc. 22 10,340 Charter Communications Inc. 2,977 869 The Priceline Group Inc. 1,274 69 Chipotle Mexican Grill Inc. 26 1,700 The TJX Co.s Inc. 128 18,642 Coach Inc. 653 3,791 The Walt Disney Co. 395 44,755 Comcast Corp. Class A 3,090 300 Tiffany & Co.* 23 1,251 Costco Wholesale Corp. 200 34,866 Time Warner Inc. 3,366 1,600 Coty Inc. Class A 29 300 Tractor Supply Co. 23 300 Darden Restaurants Inc. 22 303 TripAdvisor Inc. 14 600 Delphi Automotive PLC 40 18,800 Twenty-First Century Fox Inc. 512 400 Discovery Communications Inc. Class A* 11 66,200 Twenty-First Century Fox Inc. Class A 1,856 500 Discovery Communications Inc. Class C* 13 138 Ulta Salon Cosmetics & Fragrance Inc. 35 15,000 DISH Network Corp. 869 400 Under Armour Inc. Class A* 12 600 Dollar General Corp. 44 402 Under Armour Inc. Class C* 10 592 Dollar Tree Inc. 46 200 Urban Outfitters Inc. 6 800 DR Horton Inc. 22 796 VF Corp. 42 2,520 eBay Inc. 75 800 Viacom Inc. 28 285 Expedia Inc. 32 32,390 Wal-Mart Stores Inc. 2,239 300 Foot Locker Inc. 21 178 Whirlpool Corp. 32 9,200 Ford Motor Co. 112 280 Wyndham Worldwide Corp. 21 400 Fortune Brands Home & Security Inc. 21 187 Wynn Resorts Ltd 16 300 Garmin Ltd* 15 780 Yum! Brands Inc. 49 3,400 General Motors Co. 118 24,036 323 Genuine Parts Co. 31 500 H&R Block Inc. 11 Consumer Staples 1.67% 900 Hanesbrands Inc. 19 1,800 Archer-Daniels-Midland Co. 82 10,470 Harley-Davidson Inc. 611 484 Brown-Forman Corp. Class B* 22 165 Harman International Industries Inc. 18 1,100 Campbell Soup Co. 67 300 Hasbro Inc.* 23 5,154 Colgate-Palmolive Co. 337 400 Kohl's Corp. 20 1,950 Conagra Brands Inc. 77 600 L Brands Inc. 40 699 Constellation Brands Inc. 107 300 Leggett & Platt Inc. 15 2,776 CVS Health Corp. 219 400 Lennar Corp. 17 600 Dr Pepper Snapple Group Inc. 54 26,475 Liberty Interactive Corp. QVC Group 529 2,300 General Mills Inc. 142 700 LKQ Corp. 21 1,000 Hormel Foods Corp. 35 2,200 Lowe's Co.s Inc. 156 1,200 Kellogg Co. 88 760 Macy's Inc. 27 1,893 Kimberly-Clark Corp. 216 731 Marriott International Inc. 60 500 McCormick & Co. Inc./MD 47 770 Mattel Inc. 21 511 Mead Johnson Nutrition Co. 36 2,291 McDonald's Corp. 279 637 Molson Coors Brewing Co. 62 400 Michael Kors Holdings Ltd 17 5,000 Mondelez International Inc. 222 149 Mohawk Industries Inc. 30 1,205 Monster Beverage Corp. 53 1,013 Netflix Inc. 125 5,070 PepsiCo Inc. 530 10,925 News Corp. Class A 125 1,500 Sysco Corp. 83 300 News Corp. Class B 4 13,300 The Co.ca-Co.la Co. 551 800 Nielsen Holdings PLC 34 984 The Clorox Co. 118 3,190 NIKE Inc. Class B 162 574 The Hershey Co. 59 300 Nordstrom Inc.* 14 369 The JM Smucker Co. 47 600 Omnicom Group Inc. 51 1,800 The Kraft Heinz Co. 157 224 O'Reilly Automotive Inc. 62 2,200 The Kroger Co. 76 685 Pulte Group Inc. 13 900 Tyson Foods Inc. 56 189 PVH Corp. 17 2,400 Walgreens Boots Alliance Inc. 199 133 Ralph Lauren Corp. 12 800 Whole Foods Market Inc. 25 900 Ross Stores Inc. 59 3,767

28 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Shares Common Stocks (continued) Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Energy 5.90% Financial Services (continued) 20,978 Anadarko Petroleum Corp. $ 1,463 1,274 Chubb Ltd $ 168 30,928 Apache Corp. 1,963 361 Cincinnati Financial Corp. 27 32,480 Baker Hughes Inc. 2,110 6,911 Citigroup Inc. 411 1,100 Cabot Oil & Gas Corp. 26 1,200 Citizens Financial Group Inc. 43 1,800 Chesapeake Energy Corp. 13 800 CME Group Inc. 92 4,641 Chevron Corp. 546 410 Comerica Inc. 28 224 Cimarex Energy Co. 30 1,100 Crown Castle International Corp. 95 6,136 Concho Resources Inc. 814 378 Digital Realty Trust Inc.* 37 2,896 ConocoPhillips 145 950 Discover Financial Services 68 1,200 Devon Energy Corp. 55 640 E*TRADE Financial Corp. 22 1,301 EOG Resources Inc. 132 282 Equifax Inc. 33 400 EQT Corp. 26 239 Equinix Inc. 85 10,744 Exxon Mobil Corp. 970 900 Equity Residential 58 191 First Solar Inc.* 6 155 Essex Property Trust Inc. 36 500 FMC Technologies Inc. 18 300 Extra Space Storage Inc. 23 2,000 Halliburton Co. 108 167 Federal Realty Investment Trust 24 287 Helmerich & Payne Inc. 22 800 Fidelity National Information Services Inc. 61 600 Hess Corp. 37 1,800 Fifth Third BanCorp. 49 4,563 Kinder Morgan Inc. 94 519 Fiserv Inc. 55 2,024 Marathon Oil Corp. 35 809 Franklin Resources Inc. 32 1,224 Marathon Petroleum Corp. 62 1,400 General Growth Properties Inc. 35 400 Murphy Oil Corp. 12 400 Global Payments Inc. 28 32,600 National Oilwell VarCo. Inc. 1, 221 1,100 HCP Inc. 33 500 Newfield Exploration Co. 20 1,759 Host Hotels & Resorts Inc. 33 1,048 Noble Energy Inc. 40 2,600 Huntington Bancshares Inc. 34 1,830 Occidental Petroleum Corp. 130 1,445 Intercontinental Exchange Inc. 82 500 ONEOK Inc. 29 1,000 Invesco Ltd 30 1,048 Phillips 66 91 594 Iron Mountain Inc. 19 401 Pioneer Natural Resources Co. 72 37,377 JPMorgan Chase & Co. 3,225 400 Range Resources Corp. 14 2,580 KeyCorp. 47 30,282 Schlumberger Ltd 2,542 1,000 Kimco. Realty Corp. 25 1,200 Southwestern Energy Co.* 13 800 Leucadia National Corp. 19 1,696 Spectra Energy Corp. 70 568 LIncoln National Corp. 38 326 Tesoro Corp. 29 700 Loews Corp. 33 1,600 The Williams Co.s Inc. 50 370 M&T Bank Corp. 58 900 Transocean Ltd* 13 1,200 Marsh & McLennan Co.s Inc. 81 1,130 Valero Energy Corp. 77 2,265 MasterCard Inc. 234 45,000 Weatherford International PLC 225 41,100 MetLife Inc. 2,215 13,323 300 Mid-America Apartment Communities Inc. 29 414 Moody's Corp. 39 Financial Services 17.39% 3,500 Morgan Stanley 148 113,000 AEGON NV 625 300 Nasdaq Inc. 20 127 Affiliated Managers Group Inc. 18 700 Navient Corp. 12 1,000 Aflac Inc. 70 550 Northern Trust Corp. 49 138 Alliance Data Systems Corp. 32 2,620 PayPal Holdings Inc. 103 29,340 American Express Co. 2,174 700 People's United Financial Inc. 14 2,611 American International Group Inc. 171 640 Principal Financial Group Inc. 37 1,462 American Tower Corp. 155 1,292 Prologis Inc. 68 381 Ameriprise Financial Inc. 42 1,032 Prudential Financial Inc. 107 627 Aon PLC 70 417 Public Storage 93 355 Apartment Investment & Management Co. 16 600 Realty Income Corp. 34 400 Arthur J Gallagher & Co. 21 2,970 Regions Financial Corp. 43 100 Assurant Inc. 9 624 S&P Global Inc. 67 324 AvalonBay Communities Inc. 57 1,017 Simon Property Group Inc. 181 226,600 Bank of America Corp. 5,008 237 SL Green Realty Corp. 25 27,400 BB&T Corp. 1,288 910 State Street Corp. 71 5,438 Berkshire Hathaway Inc. 886 1,200 SunTrust Banks Inc. 66 288 BlackRock Inc. 110 1,900 Synchrony Financial 69 363 Boston Properties Inc. 46 600 T. Rowe Price Group Inc. 45 46,219 Capital One Financial Corp. 4,032 14,391 The Goldman Sachs Group Inc. 3,446 700 CBRE Group Inc. 22 54,047 The Bank of New York Mellon Corp. 2,561 96,800 The Charles Schwab Corp. 3,821

29 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Shares Common Stocks (continued) Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Financial Services (continued) Materials & Processing 1.14% 86 The Dun & Bradstreet Corp. $ 10 104 Acuity Brands Inc. $ 24 900 The Hartford Financial Services Group Inc. 43 587 Air Products & Chemicals Inc. 84 300 The Macerich Co. 21 300 Albemarle Corp. 26 1,161 The PNC Financial Services Group Inc. 136 1 Alcoa Corp. - 1,400 The Progressive Corp. 50 400 Ball Corp. 30 681 The Travelers Co.s Inc. 83 13,500 Celanese Corp. 1,063 1,184 The Western Union Co. 26 595 CF Industries Holdings Inc.* 19 900 The Allstate Corp. 67 304 Eastman Chemical Co. 23 275 Torchmark Corp. 20 742 ECo.lab Inc. 87 425 Total System Services Inc. 21 2,100 EI du Pont de Nemours & Co. 154 600 UDR Inc. 22 1,000 Fastenal Co. 47 600 Unum Group* 26 300 FMC Corp. 17 3,800 US BanCorp. 195 2,892 Freeport-McMoRan Inc. 38 800 Ventas Inc. 50 900 Ingersoll-Rand PLC 68 4,740 Visa Inc. 370 188 International Flavors & Fragrances Inc. 22 406 Vornado Realty Trust 42 1,000 International Paper Co. 53 75,739 Wells Fargo & Co. 4,174 837 LyondellBasell Industries NV Class A 72 800 Welltower Inc. 54 150 Martin Marietta Materials Inc. 33 1,762 Weyerhaeuser Co. 53 800 Masco Corp. 25 307 Willis Towers Watson PLC 38 1,164 Monsanto Co. 122 610 XL Group Ltd 23 1,300 Newmont Mining Corp. 44 500 Zion's Bancorporation 22 800 Nucor Corp. 48 39,262 603 PPG Industries Inc. 57 776 Praxair Inc. 91 Health Care 5.41% 430 Sealed Air Corp. 19 4,360 Abbott Laboratories 167 2,700 The Dow Chemical Co. 154 1,060 Aetna Inc. 131 800 The Mosaic Co. 23 1,153 Alexion Pharmaceuticals Inc. 141 190 The Sherwin-Williams Co. 51 408 AmerisourceBergen Corp. 32 314 Vulcan Materials Co. 39 2,886 Amgen Inc. 422 590 WestRock Co. 30 6,795 Anthem Inc. 977 2,563 914 Biogen Inc. 259 4,787 Boston Scientific Corp. 104 1,025 Cardinal Health Inc. 74 Producer Durables 4.07% 3,129 Celgene Corp. 362 3,885 3M Co. 694 400 Centene Corp. 23 1,470 Accenture PLC Class A 172 908 Cerner Corp. 43 300 Alaska Air Group Inc. 27 14,742 Cigna Corp. 1,966 266 Allegion PLC 17 306 CR Bard Inc. 69 1,300 American Airlines Group Inc.* 61 402 DaVita Inc. 26 600 AMETEK Inc. 29 700 DENTSPLY SIRONA Inc. 40 1,100 Arconic Inc. 20 570 Edwards Lifesciences Corp. 53 1,100 Automatic Data Processing Inc. 113 300 Envision Healthcare Corp. 19 200 Avery Dennison Corp. 14 22,879 Express Scripts Holding Co. 1,574 2,191 Caterpillar Inc. 203 5,456 Gilead Sciences Inc. 391 300 CH Robinson Worldwide Inc. 22 264 Henry Schein Inc. 40 202 Cintas Corp. 23 900 Hologic Inc. 36 2,200 CSX Corp. 79 404 Humana Inc. 82 893 Cummins Inc. 122 695 Illumina Inc. 89 1,312 Deere & Co.* 135 154 Intuitive Surgical Inc. 98 1,800 Delta Air Lines Inc. 89 305 Laboratory Corp. of America Holdings 39 500 Dover Corp. 37 834 MallInckrodt PLC 42 1,600 Eaton Corp. PLC 107 586 McKesson Corp. 82 2,800 Emerson Electric Co. 156 14,331 Medtronic PLC 1,021 400 Expeditors International of Washington Inc. 21 200 Patterson Cos Inc.* 8 12,377 FedEx Corp. 2,305 400 Quest Diagnostics Inc. 37 300 FLIR Systems Inc. 11 374 Regeneron Pharmaceuticals Inc. 137 323 Flowserve Corp.* 16 800 St Jude Medical Inc. 64 800 Fortive Corp. 43 1,486 Stryker Corp. 178 2,252 Illinois Tool Works Inc. 276 18,518 UnitedHealth Group Inc. 2,964 200 JB Hunt Transport Services Inc. 19 300 Varian Medical Systems Inc. 27 23,370 Johnson Controls International plc. 963 1,434 Vertex Pharmaceuticals Inc. 106 303 Kansas City Southern 26 628 Zimmer Biomet Holdings Inc. 65 428 Mettler-Toledo International Inc. 179 4,300 Zoetis Inc. 230 693 Norfolk Southern Corp. 75 12,218

30 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Shares Common Stocks (continued) Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Producer Durables (continued) Technology (continued) 1,433 PACCAR Inc. $ 92 60,050 Microsoft Corp. $ 3,732 686 Parker-Hannifin Corp. 96 371 Motorola Solutions Inc. 31 800 Paychex Inc. 49 25,700 NetApp Inc. 906 495 Pentair PLC 28 1,250 NVIDIA Corp. 133 400 Pitney Bowes Inc. 6 7,838 Oracle Corp. 301 400 Quanta Services Inc. 14 300 Qorvo Inc.* 16 575 Republic Services Inc. 33 3,470 QUALCo.MM Inc. 226 300 Robert Half International Inc. 15 400 Red Hat Inc. 28 643 Rockwell Automation Inc. 86 1,488 salesforce.Com Inc. 102 400 Rockwell Collins Inc. 37 700 Seagate Technology PLC 27 375 Roper Technologies Inc. 69 437 Skyworks Solutions Inc. 33 100 Ryder System Inc. 7 30,123 Symantec Corp. 720 148 Snap-on Inc. 25 14,500 Synopsys Inc. 853 1,500 Southwest Airlines Co. 75 17,850 TE Connectivity Ltd 1,237 573 Stanley Black & Decker Inc. 66 300 Teradata Corp.* 8 202 Stericycle Inc. 16 2,400 Texas Instruments Inc. 175 228 TransDigm Group Inc. 57 200 VeriSign Inc. 15 16,467 Union Pacific Corp. 1,707 10,000 VMware Inc. 787 700 United Continental Holdings Inc. 51 650 Western Digital Corp. 44 1,819 United Parcel Service Inc. 209 600 Xilinx Inc. 36 204 United Rentals Inc. 22 2,100 Yahoo! Inc. 81 400 Verisk Analytics Inc. 32 25,963 1,000 Waste Management Inc. 71 1,112 Waters Corp. 149 234 WW Grainger Inc. 54 Utilities 1.94% 1,974 Xerox Corp. 17 1,600 AES Corp. 19 800 Xylem Inc./NY 40 500 Alliant Energy Corp. 19 9,177 530 Ameren Corp. 28 1,290 American Electric Power Co. Inc. 81 400 American Water Works Co. Inc. 29 Technology 11.50% 15,815 AT&T Inc. 673 1,600 Activision Blizzard Inc. 58 1,000 CenterPoint Energy Inc. 25 1,177 Adobe Systems Inc. 121 1,280 CenturyLink Inc. 30 400 Akamai Technologies Inc. 27 700 CMS Energy Corp. 29 1,125 Alphabet Inc. Class A 892 700 Consolidated Edison Inc. 52 3,384 Alphabet Inc. Class C 2,612 1,860 Dominion Resources Inc. 142 758 Amphenol Corp. 51 390 DTE Energy Co. 38 700 Analog Devices Inc. 51 1,814 Duke Energy Corp. 141 13,047 Apple Inc. 1,511 800 Edison International 58 2,600 Applied Materials Inc. 84 390 Entergy Corp. 29 500 Autodesk Inc. 37 700 Eversource Energy 39 934 Broadcom Ltd 165 2,158 Exelon Corp. 77 700 CA Inc. 22 1,000 FirstEnergy Corp. 31 73,350 Cisco. Systems Inc. 2,217 2,816 Frontier Communications Corp.* 10 410 Citrix Systems Inc. 37 700 Level 3 Communications Inc. 39 1,464 Cognizant Technology Solutions Corp. 82 1,492 NextEra Energy Inc. 178 300 CSRA Inc. 10 800 NiSource Inc. 18 8,173 Dell Technologies Inc. Class V 449 700 NRG Energy Inc. 9 700 Electronic Arts Inc. 55 1,200 PG&E Corp. 73 156 F5 Networks Inc. 23 300 Pinnacle West Capital Corp. 23 6,312 Facebook Inc. 726 1,600 PPL Corp. 54 138,952 Hewlett Packard Enterprise Co. 3,215 1,200 Public Service Enterprise Group Inc. 53 133,052 HP Inc. 1,974 300 SCANA Corp. 22 11,220 Intel Corp. 407 590 Sempra Energy 59 2,055 International Business Machines Corp. 341 144,075 Sprint Corp. 1,213 579 Intuit Inc. 66 2,600 The Southern Co. 128 6,900 Juniper Networks Inc. 195 10,400 Verizon Communications Inc. 555 400 KLA-Tencor Corp. 31 725 WEC Energy Group Inc. 43 379 Lam Research Corp. 40 1,200 Xcel Energy Inc. 49 600 Linear Technology Corp. 37 9,600 Zayo Group Holdings Inc. 318 22,000 Maxim Integrated Products Inc. 849 4,384 500 Microchip Technology Inc. 32 2,500 Micron Technology Inc. 55 TOTAL COMMON STOCK (Cost $97,414) 134,693

31 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Principal Fair Principal Fair Amount Value (000's) Amount Corporate Obligations (continued) Value (000's) Asset Backed Securities 1.32% Consumer Discretionary (continued) 85,000 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19 $ 85 235,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 $ 266 24,055 Ally Auto Receivables Trust 2016-1, 1.200%, due 8/15/18 24 60,000 McDonald's Corp., 2.100%, due 12/7/18 60 190,000 Ally Master Owner Trust, 1.430%, due 6/17/19 190 325,000 Myriad International Holdings BV, 5.500%, due 7/21/25 327 110,000 Ally Master Owner Trust, 1.540%, due 9/15/19 110 75,000 Nordstrom Inc., 6.950%, due 3/15/28 91 105,000 American Express Credit Account Master Trust, 1.260%, due 1/15/20 105 244,000 RELX Capital Inc., 3.125%, due 10/15/22 242 25,000 BA Credit Card Trust, 5.170%, due 6/15/19 25 55,000 The Kroger Co, 2.950%, due 11/1/21 55 235,000 Capital One Multi-Asset Execution Trust, 1.080%, due 11/15/19 235 25,000 Time Warner Cable Inc., 4.000%, due 9/1/21 26 195,000 Capital One Multi-Asset Execution Trust, 1.260%, due 1/15/20 195 200,000 Time Warner Cable Inc., 4.125%, due 2/15/21 207 14,016 Centerpoint Energy Transition Bond Co II LLC, 5.170%, due 8/1/19 14 75,000 Time Warner Cable Inc., 6.750%, due 6/15/39 87 180,000 Chase Issuance Trust, 1.060%, due 9/16/19 180 100,000 Time Warner Cable Inc., 8.250%, due 4/1/19 112 100,000 Chase Issuance Trust, 1.260%, due 7/15/19 100 45,000 Time Warner Cable Inc., 8.750%, due 2/14/19 51 225,000 Citibank Credit Card Issuance Trust, 1.020%, due 2/22/19 225 190,000 Time Warner Cos Inc., 6.950%, due 1/15/28 237 210,000 Citibank Credit Card Issuance Trust, 1.230%, due 4/24/19 210 150,000 Time Warner Inc., 7.625%, due 4/15/31 203 330,000 Ford Credit Auto Owner Trust 2015-REV1,2.120%, due 7/15/26 331 60,000 Time Warner Inc., 7.700%, due 5/1/32 81 145,000 Ford Credit Auto Owner Trust/Ford Credit 2014-REV1, 2.260%, due 11/15/2 146 95,000 Walgreens Boots Alliance Inc., 3.300%, due 11/18/21 97 165,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, 8/15/19 165 5,000 Walgreens Boots Alliance Inc., 4.800%, due 11/18/44 5 125,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 124 150,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 158 4,424 Home Equity Loan Trust 2003-HS3, 1.036, due 8/25/33 4 4,641 7,876 Honda Auto Receivables 2016-2 Owner Trust, 1.010%, due 6/18/18 8 95,000 Honda Auto Receivables 2016-2 Owner Trust, 1.130%, due 9/15/18 95 Consumer Staples 0.27% 160,000 Mercedes-Benz Auto Receivables Trust 2016-1, 1.110%, due 3/15/19 160 150,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 151 35,000 Nissan Auto Receivables 2016-C Owner Trust, 1.070%, due 5/15/19 35 95,000 Kraft Foods Group Inc., 3.500%, due 6/6/22 97 34,622 RSB Bondco LLC, 5.820%, due 6/28/19 35 25,000 Kraft Foods Group Inc., 4.375%, due 6/146 24 57,971 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 59 30,000 Kraft Foods Group Inc., 6.500%, due 2/9/40 37 110,000 USAA Auto Owner Trust 2016-1, 1.070%, due 3/15/19 110 70,000 Kraft Heinz Foods Co., 3.500%, due 7/15/22 71 TOTAL ASSET BACKED SECURITIES 2,970 240,000 Mondelez Intl Hldg Netherlands BV, 2.000%, due 1028/21 230 (Cost $2,970) 610

Commercial Mortgage Backed Securities 0.24% Energy 2.02% 17,762 Bear Stearns Comm Mrtg Sec Tr 2007-PWR15, 5.331%, due 2/11/44 18 200,000 BG Energy Capital PLC, 4.000%, due 10/15/21 213 145,000 CFCRE Commercial Mortgage Trust, 3.865%, due 1/10/48 151 125,000 BP Capital Markets PLC, 3.215%, due 11/28/23 126 9,645 Citigroup Commercial Mortgage Trust 2012-GC8, 0.685%, due 9/10/45 10 300,000 ConocoPhillips Co., 3.350%, due 11/15/24 298 7,478 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 7 90,000 ConocoPhillips Co., 4.150%, due 11/15/34 88 123,738 JPMBB Commercial Mrtg Securities Tr 2013-C14,1.260%, due 8/15/46 124 110,000 Consolidated Edison Co of New York Inc., 4.450%, due 3/15/44 115 125,000 Morgan Stanley Bank of America ML Tr , 3.211%, due 10/15/48 126 80,000 Dominion Resources Inc./VA, 2.500%, due 12/1/19 81 35,692 Morgan Stanley Capital I Trust 2007-IQ15, 5.901%, due 6/11/49 36 25,000 Dominion Resources Inc./VA, 2.961%, due 7/1/19 25 26,965 UBS-Barclays Commercial Mrtg Trust 2012-C3, 0.726%, due 8/10/49 27 50,000 Dominion Resources Inc./VA, 4.104%, due 4/1/21 52 18,984 Wells Fargo Commercial Mrtg Tr 2012-LC5, 0.687%, due 10/15/45 19 55,000 DTE Energy Co, 1.500%, due 10/01/19 54 16,082 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 16 20,000 Duke Energy Florida Inc., 3.850%, due 11/15/42 19 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 534 30,000 Duke Energy Progress LLC, 3.00%, due 9/15/21 31 (Cost $534) 175,000 Enel Finance International NV, 6.000%, due 10/7/39 196 50,000 Enel Finance International NV, 6.800%, due 9/15/37 61 Corporate Obligations 12.47% 55,000 Energy Transfer Partners LP, 4.050%, due 3/15/25 54 Consumer Discretionary 2.06% 75,000 Ensco PLC, 5.750%, due 10/1/44 54 115,000 21st Century Fox America Inc., 6.650%, 11/15/37 142 80,000 Exelon Corp, 3.950%, due 6/15/25 82 150,000 American Honda Finance Corp., 3.875%, due 9/21/20 158 240,000 Kinder Morgan Inc., 4.300%, due 6/1/25 247 90,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 90 275,000 Kinder Morgan Inc., 5.550%, due 6/1/45 289 75,000 Charter Communications Operating LLC, 4.908%, due 7/23/25 79 200,000 Kinder Morgan Inc., 5.625%, due 11/15/23 220 75,000 Charter Communications Operating LLC, 6.484%, due 10/23/45 87 95,000 MidAmerican Energy Co., 5.800%, due 10/15/36 115 120,000 Comcast Corp.,4.400%, due 8/15/35 126 30,000 Noble Holding International Ltd., 6.950%, due 4/1/25* 28 275,000 Cox Communications Inc., 3.250%, due 12/15/22 268 115,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17 119 50,000 Cox Communications Inc., 3.850%, due 2/1/25 49 35,000 PacifiCorp., 6.350%, due 7/15/38 46 45,000 Cox Communications Inc., 9.375%, due 1/15/19 51 85,000 PECO Energy Co., 4.150%, due 10/1/44 87 15,000 CVS Health Corp., 3.500%, due 7/20/22 15 60,000 Petrobras Global Finance BV, 4.375%, due 5./20/23 52 70,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 69 90,000 Petrobras Global Finance BV, 5.375%, due 1/27/21 88 145,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 145 100,000 Petroleos Mexicans, 4.250%, due 1/15/25 92 175,000 Diamond 1 Finance Corp, 4.420%,due 6/15/21 181 40,000 Petroleos Mexicanos, 4.500%, due 1/23/26 36 100,000 Diamond 1 Finance Corp, 5.450%,due 6/15/23 106 150,000 Petroleos Mexicanos, 4.875%, due 1/18/24 145 85,000 Ford Motor Credit Co LLC, 2.551%, due 10/5/18 85 56,000 Petroleos Mexicanos, 5.500%, due 6/27/44 47 200,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19 200 80,000 Petroleos Mexicanos, 6.375%, due 1/23/45 73 300,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20 346 115,000 Petroleos Mexicanos, 6.500%, due 3/13/27 119 76,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34 83 111,000 Petroleos Mexicanos, 6.750%, due 9/21/47 105 50,000 Macy's Retail Holdings Inc., 6.900%, due 1/15/32 56 40,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23 41

32 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Energy (continued) Financial Services (continued) 140,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 $ 143 75,000 HSBC Holdings PLC, 5.100%, due 4/5/21 $ 81 285,000 Shell International Finance BV, 4.125%, due 5/11/35 291 240,000 HSBC Holdings PLC, 6.500%, due 5/2/36 296 45,000 Statoil ASA, 3.700%, due 3/1/24 47 125,000 HSBC Holdings PLC, 6.500%, due 9/15/37 155 140,000 Suncor Energy Inc., 6.500%, due 6/15/38 179 205,000 HSBC USA Inc., 4.300%, due 3/8/26 213 90,000 The Southern Co., 2.150%, due 9/1/19 90 245,000 ING Bank NV, 3.750%, due 3/7/17 246 115,000 Total Capital International SA, 2.875%, due 2/17/22 116 150,000 JPMorgan Chase & Co., 2.250%, due 1/23/20 150 110,000 TransCanada PipeLines Ltd., 4.625%, due 3/1/34 116 70,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 70 35,000 Transocean Inc., 6.800%, due 3/15/38 27 90,000 JPMorgan Chase & Co., 2.700%, due 5/18/23 88 50,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 54 65,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 66 4,561 310,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 313 50,000 JPMorgan Chase & Co., 4.125, due 12/15/26 51 Financial Services 4.90% 275,000 Kaupthing Bank Hf, 0.000%, due 5/19/16 1 30,000 Allstate Corp, 3.150%, due 6/15/23 30 233,000 Lloyds Bank PLC,4.582%, due 12/10/25 234 75,000 Ally Financial Inc., 3.125%, due 11/05/18 75 175,000 Manufacturers & Traders Trust Co., 1.400%, due 7/25/17 175 150,000 American Express Credit Corp., 2.250%, due 8/15/19 151 20,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39 30 120,000 American Express Credit Corp., 2.600%, due 9/14/20 121 190,000 Metropolitan Life Global Funding I, 1.350%, due 9/14/18 189 75,000 American Express Credit Corp.,1.700%, due 10/30/19 74 150,000 Metropolitan Life Global Funding I,3.450%, due 12/18/26 151 80,000 American International Group Inc., 6.400%, due 12/15/20 91 75,000 Morgan Stanley, 2.500%, due 4/21/21 74 80,000 American International Group Inc.,3.900%, due 4/1/26 81 165,000 Morgan Stanley, 2.625%, due 11/17/21 163 170,000 Bank of America Corp., 1.750%, due 6/5/18 170 100,000 Morgan Stanley, 7.300%, due 5/13/19 111 40,000 Bank of America Corp., 2.050%, due 12/7/18 40 50,000 Navient Corp., 8.450%, due 6/15/18 54 20,000 Bank of America Corp., 2.625%, due 4/19/21 20 100,000 New York Life Global Funding, 1.450%, due 12/15/17 100 190,000 Bank of America Corp., 3.300%, due 1/11/23 191 80,000 New York Life Global Funding, 2.100%, due 1/2/19 80 10,000 Bank of America Corp., 4.000%, due 1/22/25 10 50,000 New York Life Insurance Co., 6.750%, due 11/15/39 66 350,000 Bank of America Corp., 4.200%, due 8/26/24 357 95,000 Northwestern Mutual Life Insurance Co, 6.063%, due 3/30/40 117 25,000 Bank of America Corp., 4.250%, due 10/22/26 25 250,000 PNC Bank NA, 2.550%, due 12/9/21 250 35,000 Bank of America Corp., 4.450%, due 3/3/26 36 75,000 Reliance Standard Life Global Funding II,2.500%, due 1/15/20 75 175,000 Bank of America Corp., 5.625%, due 7/1/20 192 505,247 Rio Oil Finance Trust Series 2014-1, 9.250%, due 7/6/24 475 40,000 Bank of America Corp., 5.650%, due 5/1/18 42 275,000 Royal Bank of Scotland Group PLC, 4.800%, due 4/5/26 275 70,000 Bank of America Corp.,3.500%, due 4/19/26 69 170,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 170 90,000 Bank of New York Mellon Corp., 2.200%, due 3/4/19 91 25,000 Unum Group, 6.750%, due 12/15/28 28 210,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 213 140,000 Visa Inc., 2.800%, due 12/14/22 141 75,000 Bank One Capital III, 8.750%, due 9/1/30 106 170,000 Wells Fargo & Co., 2.100%, due 7/26/21 165 200,000 Barclays PLC, 4.375%, due 9/11/24 198 175,000 Wells Fargo & Co., 2.117%, due 10/31/23 177 325,000 BNP Paribas SA, 4.250%, due 10/15/24 326 500,000 Wells Fargo & Co., 2.150%, due 12/6/19 500 140,000 Boston Properties LP, 3.125%, due 9/1/23 137 130,000 Wells Fargo & Co., 2.600%, due 7/22/20 131 50,000 Boston Properties LP, 5.875% due 10/15/19 55 135,000 Wells Fargo & Co., 3.000%, due 1/22/21 137 100,000 Capital One Financial Corp., 1.650%, due 2/5/18 100 150,000 Wells Fargo & Co., 4.300%, due 7/22/27 154 190,000 Capital One Financial Corp., 3.500%, due 6/15/23 191 11,056 50,000 Capital One Financial Corp., 4.200%, due 10/29/25 50 25,000 Capital One Financial Corp., 4.750%, due 7/15/21 27 Health Care 0.77% 185,000 Citigroup Inc., 1.800%, due 2/5/18 185 85,000 Abbott Laboratories, 2.350%, due 11/22/19 85 80,000 Citigroup Inc., 2.150%, due 7/30/18 80 405,000 Abbott Laboratories, 3.400%, due 11/30/23 403 105,000 Citigroup Inc., 2.500%, due 9/26/18 106 45,000 Aetna Inc., 2.200%, due 3/15/19 45 40,000 Citigroup Inc., 3.200%, due 10/21/26 38 135,000 Aetna Inc., 2.800%, due 6/15/23 133 75,000 Citigroup Inc., 3.400%, due 5/1/26 73 119,000 Amgen Inc., 4.663%, due 6/15/51 114 215,000 Citigroup Inc., 3.500%, due 5/15/23 214 105,000 Amgen Inc., 5.150%, due 11/15/41 111 70,000 Citigroup Inc., 3.700%, due 1/12/26 70 35,000 Biogen Inc., 3.625%, due 9/15/22 36 80,000 Citigroup Inc., 4.050%, due 7/30/22 83 100,000 Cigna Corp., 5.375%, due 2/15/42 111 80,000 Citigroup Inc., 4.500%, due 1/14/22 85 35,000 Cigna Corp., 7.875%, due 5/15/27 46 35,000 Citigroup Inc., 8.125%, due 7/15/39 52 110,000 Cigna Corp., 8.300%, due 1/15/33 145 120,000 Credit Suisse/New York NY, 1.750%, due 1/29/18 120 60,000 Gilead Sciences Inc., 3.700%, due 4/1/24 62 150,000 Deutsche Telecom International Finance BV, 2.250%, due 3/6/17 150 30,000 Gilead Sciences Inc., 4.150%, due 3/1/47 28 100,000 ERP Operating LP, 3.000%, due 4/15/23 99 115,000 Humana Inc., 3.850%, due 10/1/24 118 45,000 ERP Operating LP,4.625%, due 12/15/21 49 65,000 Medtronic Inc., 3.625, due 3/15/24 68 50,000 Goldman Sachs Group Inc., 3.750%, due 2/25/26 50 85,000 UnitedHealth Group Inc., 2.875%, due 12/15/21 86 60,000 Goldman Sachs Group Inc., 4.000%, due 3/3/24 62 50,000 Zoetis Inc., 3.450%, due 11/13/20 51 70,000 Goldman Sachs Group Inc., 5.750%, due 1/24/22 79 100,000 Zoetis Inc., 4.500%, due 11/13/25 106 70,000 Goldman Sachs Group Inc., 6.150%, due 4/1/18 74 1,748 75,000 Goldman Sachs Group Inc., 7.500%, due 2/15/19 83 Materials & Processing 0.26% 85,000 Guardian Life Global Funding, 1.950%, due 10/27/21 83 175,000 Dow Chemical Co, 3.000%, due 11/15/22 175 125,000 Dow Chemical Co, 7.375%, due 11/1/29 164

33 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Principal Fair Principal Fair Amount Corporate Obligations (continued) Value (000's) Amount Value (000's) Materials & Processing (continued) Municipals 0.43% 50,000 Dow Chemical Co, 9.400%, due 5/15/39 $ 78 125,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41 $ 175 105,000 Eastman Chemical Co., 2.700%, due 1/15/20 106 100,000 State of California, 7.500%, due 4/01/34 141 55,000 International Paper Co, 5.000%, due 9/15/35 58 100,000 State of California, 7.625%, 3/01/40 148 581 175,000 State of Illinois, 5.100%, due 6/1/33 155 125,000 State of Illinois, 5.365%, due 3/1/17 126 Producer Durables 0.91% 220,000 State of Illinois, 5.665%, due 3/1/18 228 53,367 American Airlines 2011-1 Class A Pass Thr Tr, 5.250%, due 7/31/22 57 TOTAL MUNICIPALS 973 125,000 Anheuser-Busch InBev Finance Inc., 3.300%, due 2/1/23 127 (Cost $911) 100,000 Anheuser-Busch InBev Worldwide Inc., 3.750%, due 7/15/42 90 47,179 Burlington Northern and Santa Fe Railway Co, 3.442%, due 6/16/28 47 Sovereign 0.29% 65,703 Burlington Northern and Santa Fe Railway Co, 4.967%, due 4/1/23 70 15,000 Financing Corp, 0.000%, 11/30/17 16 36,776 Burlington Northern and Santa Fe Railway Co, 6.462%, due 1/15/21 39 625,000 Financing Corp, 0.000%, due 10/6/17 620 26,146 Burlington Northern and Santa Fe Railway Co, 8.251%, due 1/15/21 29 Small Business Administration Participation Certificates, 61,032 Burlington Northern and Santa Fe Railway Co,6.727%, due 7/15/22 67 4,957 6.100%, due 7/1/18 5 170,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 220 15,222 6.120%, due 9/1/21 16 105,000 CSX Transportation Inc., 9.750%, due 6/15/20 129 486 7.300%, due 5/1/17 1 47,466 Delta Air Lines 2007-1 Class A Pass Thr Tr, 6.821%, due 2/10/24 55 TOTAL SOVEREIGN 657 190,000 Illinois Tool Works Inc., 2.650%, due 11/15/26 182 (Cost $638) 68,996 Northwest Airlines 2007-1 Class, 7.027%, due 05/01/21 77 250,000 Siemens Financieringsmaatschappij NV, 2.900%, due 5/27/22 252 31,151 Union Pacific Railroad Co 2003, 4.698%, due 1/2/24 33 32,749 Union Pacific Railroad Co 2005, 5.082%, due 1/2/29 36 U.S. Agency Obligations 8.96% 146,793 Union Pacific Railroad Co 2007., 6.176%, due 1/2/31 172 Freddie Mac 2.85% 41,761 US Airways 2011-1 Class A Pass Thr Tr, 7.125%, due 4/22/25 48 799 6.500%, due 4/1/18 1 73,509 US Airways 2012-1 Class A Pass Thr Tr, 5.900%, due 4/1/26 82 54,676 4.500%, due 8/1/18 56 175,000 Xerox Corp., 4.500%, due 5/15/21 182 78,290 4.500%, due 8/1/18 80 25,000 Xerox Corp., 5.625%, due 12/15/19 27 1,581 8.500%, due 12/17/18 2 35,000 Xerox Corp., 6.750%, due 2/1/17 35 112,645 3.342%, due 12/25/19 113 2,056 368,785 4.500%, due 8/1/20 378 42,049 4.000%, due 5/1/21 43 Technology 0.51% 289,896 1.426%, due 2/25/23 290 120,000 Apple Inc., 3.850%, due 5/4/43 115 173,545 1.173%, due 3/25/23 174 30,000 Apple Inc., 4.375%, due 5/13/45 31 45,624 6.000%, due 12/1/23 49 105,000 Cisco Systems Inc., 1.850%, due 9/20/21 102 24,798 4.000%, due 12/15/24 25 75,000 Hewlett-Packard Co., 3.849%, due 10/15/20 76 36,566 1.750%, due 3/15/25 37 100,000 Koninklijke Philips NV, 5.750%, due 3/11/18 105 24,516 4.500%, due 6/1/25 26 175,000 Maxim Integrated Products Inc., 2.500%, due 11/15/18 177 41,069 4.000%, due 8/1/25 43 80,000 Microsoft Corp, 2.000%, due 8/8/23 76 16,199 4.000%, due 7/1/26 17 100,000 Microsoft Corp, 3.500%, due 2/12/35 96 75,091 4.000%, due 12/1/26 79 175,000 Oracle Corp., 3.900%, due 5/15/35 173 84,140 4.000%, due 5/1/27 89 200,000 TSMC Global Ltd., 1.625%, due 4/3/18 199 90,855 4.500%, due 3/1/31 98 1,150 53,778 4.500%, due 3/1/31 58 84,631 4.000%, due 10/1/31 90 Utilities 0.77% 9,812 7.000%, due 7/1/32 11 80,000 AT&T Corp., 8.250%, due 11/15/31 111 34,331 5.701%, due 7/25/32 37 95,000 AT&T Inc., 3.400%, due 5/15/25 92 35,013 7.000%, due 9/1/32 42 84,000 AT&T Inc., 4.350%, due 6/15/45 75 32,100 7.000%, due 10/1/32 38 141,000 AT&T Inc., 4.500%, due 3/9/48 127 106,878 7.000%, due 11/1/32 125 125,000 AT&T Inc., 5.650%, due 2/15/47 134 14,893 6.500%, due 12/1/32 17 115,000 AT&T Inc.,6.000%, due 8/15/40 126 200,533 5.500%, due 9/15/33 226 25,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 27 269,746 4.500%, due 12/1/33 292 100,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 111 147,444 5.000%, due 11/15/34 161 25,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 26 18,485 6.500%, due 8/1/37 21 462,000 Verizon Communications Inc., 4.272%, due 1/15/36 442 8,133 6.500%, due 9/1/37 9 100,000 Verizon Communications Inc., 4.400%, due 11/1/34 99 9,013 3.249%, due 11/1/37 10 110,000 Verizon Communications Inc., 4.522%, due 9/15/48 105 17,761 2.944%, due 12/1/37 19 15,000 Verizon Communications Inc., 5.850%, due 9/15/35 17 111,259 5.500%, due 7/15/38 120 15,000 Verizon Communications Inc., 6.400%, due 9/15/33 18 3,012 6.500%, due 10/1/38 3 130,000 Verizon Communications Inc., 6.550%, due 9/15/43 162 11,466 6.000%, due 2/1/39 13 65,000 Vodafone Group PLC, 2.950%, due 2/19/23 63 36,864 4.956%, due 11/1/39 39 1,735 147,432 4.500%, due 7/1/40 159 51,745 4.500%, due 9/1/40 56 TOTAL CORPORATE OBLIGATIONS 28,138 43,995 2.606%, due 8/1/42 45 (Cost $27,769)

34 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Principal Fair Principal Fair Amount Value (000's) Amount Value (000's) U.S. Agency Obligations (continued) U.S. Agency Obligations (continued) Freddie Mac (continued) Fannie Mae (continued) 77,002 7.000%, due 7/25/43 $ 90 123,480 4.000%, due 8/1/35 $ 131 206,576 4.500%, due 12/15/43 221 817,063 4.000%, due 1/1/36 869 94,876 4.500%, due 1/1/44 102 62,097 6.000%. due 8/1/37 71 28,860 4.500%, due 3/15/44 31 8,033 7.000%, due 8/1/37 9 90,020 3.044%, due 4/1/44 92 19,974 2.750%, due 9/1/38 21 264,182 4.500%, due 4/1/44 284 11,526 6.500%, due 1/1/39 13 28,293 3.071%, due 5/1/44 29 72,332 6.000%, due 7/1/39 83 224,711 4.500%, due 7/1/44 241 50,446 5.970%, due 1/1/40 58 423,796 3.092%, due 8/1/44 436 41,274 5.970%, due 1/1/40 46 923,554 2.943%, due 11/1/44 948 75,447 4.500%, due 5/25/40 80 85,186 4.500%, due 2/1/45 92 52,697 7.500%, due 10/25/40 59 631,517 4.500%, due 10/1/46 683 46,007 5.100%, due 12/1/40 51 6,440 128,056 6.985%, due 6/19/41 143 39,463 7.500%, due 7/25/41 45 Fannie Mae 5.78% 95,022 4.500%, due 7/1/42 103 937 6.500%, due 5/1/17 1 67,019 7.500%, due 7/25/42 77 3,725 7.000%, due 8/25/17 4 97,634 2.502%, due 8/1/42 100 61,226 1.637%, due 11/25/17 61 162,733 2.230%, due 3/1/43 164 1,837 5.500%, due 1/1/18 2 45,440 1.950%, due 8/1/43 47 25,614 0.882%, due 4/25/18 26 94,734 4.500%, due 11/1/43 102 75,000 1.550%, due 4/25/18 75 100,955 2.467%, due 5/1/44 104 132,685 3.170%, due 8/1/18 135 2,465,000 3.000%, due 1/1/46 2,449 126,660 1.700%, due 8/25/18 127 630,000 4.000%, due 1/1/46 662 80,901 0.848%, due 1/25/19 81 35,815 4.500%,due 2/1/46 39 3,947 6.500%, due 12/1/19 4 1,959,626 4.000%, due 3/1/46 2,060 161,940 3.330%, due 10/1/20 169 107,405 2.539%, due 9/1/46 108 160,439 3.230%, due 11/1/20 167 174,917 4.500%, due 10/1/46 189 45,403 2.735%, due 11/1/21 47 13,044 58,010 2.500%, due 9/1/22 59 50,909 2.000%, due 1/1/23 51 Ginnie Mae 0.33% 276,265 2.160%, due 1/1/23 273 77,553 2.140%, due 8/15/23 76 85,000 2.131%, due 1/25/23 83 307,016 2.730%, due 6/15/32 298 110,000 2.263%, due 2/25/23 108 195,366 6.000%, due 7/20/32 222 20,498 2.000%, due 3/1/23 21 142,898 4.500%, due 3/20/44 154 19,029 2.000%, due 4/1/23 19 750 106,159 2.097%, due 4/25/23 105 58,354 2.000%, due 5/1/23 59 TOTAL U.S. AGENCY OBLIGATIONS 33,133 2.000%, due 7/1/23 33 (Cost $20,172) 20,234 100,673 2.325%, due 7/25/23 102 245,000 2.157%, due 10/25/23 239 U.S. Government Obligations 16.09% 14,676 5.500%, due 1/1/24 15 U.S Treasury Notes/Bonds 16.09% 36,812 4.000%, due 4/1/24 39 785,000 0.750%, due 3/15/17 785 134,006 2.951%, due 8/25/24 133 1,360,000 0.500%, due 4/30/17 1,360 10,356 4.500%, due 3/1/25 11 900,000 0.625%, due 5/31/17 900 33,007 2.500%, due 3/1/26 33 950,000 0.500%, due 11/30/17 949 105,000 2.395%, due 5/25/26 98 1,575,000 0.875%, due 11/30/17 1,575 55,210 4.500%, due 8/1/26 58 195,000 0.750%, due 1/31/18* 195 65,000 2.500%, due 12/1/26 66 890,000 0.875%, due 3/31/18* 889 45,877 4.500%, due 1/1/27 47 975,000 0.875%, due 4/15/19* 966 52,136 4.000%, due 2/1/27 55 325,000 3.500%, due 5/15/20 345 126,465 4.000%, due 5/1/27 134 1,340,000 2.125%, due 8/31/20 1,362 97,804 2.100%, due 12/1/27 94 1,600,000 1.375%, due 9/30/20 1,582 23,827 3.500%, due 9/1/28 25 1,545,000 2.625%, due 11/15/20 1,597 48,588 6.500%, due 9/25/28 55 1,040,000 1.625%, due 11/30/20 1,036 22,857 7.000%, due 11/1/29 26 1,145,000 1.750%, due 12/31/20 1,145 1,260,529 3.500%, due 8/1/30 1,315 775,000 1.375%, due 1/31/21 763 10,674 4.000%, due 11/1/30 11 935,000 2.125%, due 8/15/21 944 15,957 7.000%, due 8/1/32 19 2,365,000 1.250%, due 10/31/21* 2,293 30,460 7.000%, due 8/1/32 36 1,500,000 1.750%, due 11/30/21* 1,489 107,442 4.000%, due 10/1/33 114 615,000 1.750%, due 5/15/22 606 103,550 6.000%, due 3/1/34 119 870,000 2.000%, due 7/31/22 867 571,400 4.000%, due 12/1/34 607 600,000 1.750%, due 9/30/22 589 625,000 2.000%, due 11/30/22 621 800,000 1.375%, due 9/30/23 758 515,000 1.625%, due 10/31/23* 495 2,405,000 1.500%, due 8/15/26* 2,212 305,000 5.250%, due 11/15/28 387

35 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2016

Principal Fair Principal Fair Amount U.S. Government Obligations (continued) Value (000's) Amount Value (000's) U.S Treasury Notes/Bonds (continued) Short-Term Investments 2.31% 2,635,000 2.500%, due 2/15/45 $ 2,347 5,203,094 Dreyfus Government Cash Management Fund $ 5,203 1,335,000 3.000%, due 5/15/45 (A) 1,317 (Cost $5,203) 1,580,000 2.875%, due 8/15/45 1,520 525,000 3.000%, due 11/15/45 518 1,765,000 2.500%, due 2/15/46 1,568 Collateral for Securities Loaned 0.60% 530,000 2.500%, due 5/15/46 471 Short-Term Investments-Repurchase Agreements 1,855,000 2.250%, due 8/15/46* 1,560 354,212 HSBC Securities USA Inc., 0.46%, due 1/3/17 353 530,000 Treasury Strip, 0.000%, due 2/15/45 219 1,000,000 Nomura Securities Int Inc., 0.50%, due 1/3/17 1,000 255,000 Treasury Strip, 0.000%, due 8/15/45 104 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 1,353 TOTAL U.S. GOVERNMENT OBLIGATIONS 36,335 (Cost $1,353) (Cost $37,140) TOTAL INVESTMENTS (Cost $194,104) 102.38% 231,090

Rights Liabilities Less, Other Assets -2.38% (5,373) Consumer Discretionary 0.00% 690 Safeway PDC 1 TOTAL NET ASSETS 100.00% $ 225,717 Originally Acquired: 1/30/2015 690 Safeway SCRP 1 Originally Acquired: 1/30/2015 TOTAL RIGHTS 2 (Cost $1) 323 0.14%

(A) $226,890 principal amount of United States Treasury Bond pledged as margin for open futures contracts at December 31, 2016.

* All or a portion of this security is on loan. The market value of loaned securities is $9,918,525

36 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS BALANCED FUND DECEMBER 31, 2016

(A) $226,890 of US Treasury Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2016:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2016 5 Year U.S. Treasury Notes 12 $ 100,000 Long March 2017 $ (6,281) 10 Year U.S. Treasury Notes 20 100,000 Long March 2017 (15,539) 2 Year U.S. Treasury Note 5 200,000 Short March 2017 (1,920) U.S. Treasury Bond 21 100,000 Short March 2017 15,679 U.S. Treasury Notes Ultra 10 Year 6 100,000 Short March 2017 3,875 US Ultra Bond 22 100,000 Short March 2017 35,245 $ 31,059

37 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 98.98% Number of Stocks 152 Top Ten Stocks (% of Net Assets) 23.59%

Fixed Income Securities: Short-Term Investments 1.49% Short-Term Investments-Repurchase Agreements 1.53% Liabilities Less, Other Assets -2.00%

Top Ten Equity Holdings (% of Net Assets) Bank of America Corp. 4.26% JPMorgan Chase & Co. 3.55% Capital One Financial Corp. 2.22% The Charles Schwab Corp. 2.08% Microsoft Corp. 2.08% Wells Fargo & Co. 2.02% Wal-Mart Stores Inc. 1.93% The Goldman Sachs Group Inc. 1.83% Time Warner Inc. 1.82% FedEx Corp. 1.81%

Top 5 Sectors (% of Net Assets) Financial Services 32.02% Technology 14.10% Consumer Discretionary 13.72% Energy 11.89% Health Care 9.39%

38 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2016

Shares Fair Shares Fair Value (000's) Common Stocks (continued) Value (000's) Common Stocks 98.98% Financial Services 32.02% Consumer Discretionary 13.72% 240,529 AEGON NV $ 1,330 4,532 Adient PLC $ 266 35,382 Aflac Inc. 2,463 6,309 Bed Bath & Beyond Inc. 256 86,080 Ally Financial Inc. 1,637 26,376 Best Buy Co. Inc. 1,125 56,700 American Express Co. 4,200 9,372 Big Lots Inc. 471 48,112 American Homes 4 Rent 1,009 20,757 Charter Communications Inc. 5,976 50,717 American International Group Inc. 3,312 36,500 Coach Inc. 1,278 24,886 Assured Guaranty Ltd 940 77,485 Comcast Corp. Class A 5,350 10,588 Axis Capital Holdings Ltd 691 10,876 Cooper Tire & Rubber Co. 423 696,387 Bank of America Corp. 15,390 30,500 DISH Network Corp. 1,767 52,000 BB&T Corp. 2,445 74,929 eBay Inc. 2,225 92,000 Capital One Financial Corp. 8,026 34,192 General Motors Co. 1,191 46,637 CBL & Associates Properties Inc. 536 20,000 Harley-Davidson Inc. 1,167 90,586 Citigroup Inc. 5,384 15,955 Lear Corp. 2,112 59,579 Citizens Financial Group Inc. 2,123 52,500 Liberty Interactive Corp. QVC Group 1,049 27,144 DuPont Fabros Technology Inc. 1,192 26,381 Michael Kors Holdings Ltd 1,134 5,418 Everest Re Group Ltd 1,172 23,000 News Corp. 264 22,159 Genworth Financial Inc. 84 24,200 Target Corp. 1,748 44,123 Hospitality Properties Trust 1,400 41,834 The Goodyear Tire & Rubber Co. 1,291 32,787 Host Hotels & Resorts Inc. 618 1,500 The Priceline Group Inc. 2,199 18,163 Hudson Pacific Properties Inc. 632 68,000 Time Warner Inc. 6,564 148,650 JPMorgan Chase & Co. 12,827 33,500 Twenty-First Century Fox Inc. 913 21,114 Mack-Cali Realty Corp. 613 126,800 Twenty-First Century Fox Inc. Class A 3,555 75,000 MetLife Inc. 4,042 3,862 Visteon Corp. 310 444 Omega Healthcare Investors Inc. 14 100,937 Wal-Mart Stores Inc. 6,977 16,027 Piedmont Office Realty Trust Inc. 335 49,611 11,232 Popular Inc. 492 14,532 Prudential Financial Inc. 1,512 Consumer Staples 2.18% 14,431 Reinsurance Group of America Inc. 1,816 52,661 Dean Foods Co.* 1,147 6,384 Senior Housing Properties Trust 121 12,359 Dr Pepper Snapple Group Inc. 1,121 50,859 SunTrust Banks Inc. 2,790 8,564 Ingredion Inc. 1,070 8,905 Taubman Centers Inc. 658 10,890 Nu Skin Enterprises Inc.* 520 38,284 The Allstate Corp. 2,838 13,123 Sanderson Farms Inc.* 1,237 108,000 The Bank of New York Mellon Corp. 5,117 38,234 Sysco Corp. 2,117 190,900 The Charles Schwab Corp. 7,535 10,833 Tyson Foods Inc. 668 27,600 The Goldman Sachs Group Inc. 6,609 7,880 7,702 The Hartford Financial Services Group Inc. 367 24,075 The Travelers Cos Inc. 2,947 4,889 Unum Group 215 Energy 12.31% 61,207 Voya Financial Inc. 2,401 40,025 Anadarko Petroleum Corp. 2,791 132,506 Wells Fargo & Co. 7,302 61,000 Apache Corp. 3,872 20,400 Zayo Group Holdings Inc. 670 63,900 Baker Hughes Inc. 4,152 115,805 55,083 Canadian Natural Resources Ltd 1,756 27,552 Chevron Corp. 3,243 Health Care 9.39% 12,600 Concho Resources Inc. 1,671 14,295 Amgen Inc. 2,090 32,433 CoNSOL Energy Inc. 591 29,447 Anthem Inc. 4,234 12,515 Dril-Quip Inc.* 752 7,484 Biogen Inc. 2,122 85,264 EnsCo. PLC 829 29,500 Cigna Corp. 3,935 64,371 Exxon Mobil Corp. 5,810 47,500 Express Scripts Holding Co. 3,268 63,461 Nabors Industries Ltd 1,041 29,687 Gilead Sciences Inc. 2,126 63,900 National Oilwell VarCo. Inc. 2,392 20,730 Horizon Pharma Plc. 335 14,557 Oceaneering International Inc. 411 10,061 ICoN PLC 757 56,877 Patterson-UTI Energy Inc.* 1,531 14,575 Laboratory Corp. of America Holdings 1,871 24,231 PG&E Corp. 1,473 17,761 MallInckrodt PLC 885 98,076 Rowan Cos Plc. 1,853 24,000 Medtronic PLC 1,710 54,000 Schlumberger Ltd 4,533 25,646 Quest Diagnostics Inc. 2,357 28,060 Tesoro Corp. 2,454 16,799 United Therapeutics Corp. 2,409 42,680 Valero Energy Corp. 2,916 36,655 UnitedHealth Group Inc. 5,866 93,700 Weatherford International PLC* 468 33,965 44,539

39 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Materials & Processing 2.63% Utilities 5.87% 39,685 Celanese Corp. $ 3,125 144,005 AES Corp. $ 1,673 29,507 LyondellBasell Industries NV 2,531 40,472 American Electric Power Co. Inc. 2,548 44,209 Owens Corning 2,279 87,488 AT&T Inc. 3,721 11,285 Reliance Steel & Aluminum Co. 898 33,418 Edison International 2,406 11,247 Trinseo SA 667 19,729 Entergy Corp. 1,449 9,500 7,219 Exelon Corp. 256 22,785 PepsiCo Inc. 2,384 Producer Durables 6.76% 9,403 Public Service Enterprise Group Inc. 413 21,749 Delta Air Lines Inc. 1,070 310,714 Sprint Corp. 2,616 35,156 FedEx Corp. 6,546 70,174 Verizon Communications Inc. 3,743 34,532 Hawaiian Holdings Inc. 1,968 21,209 43,929 Johnson Controls International plc. 1,809 68,293 Quanta Services Inc. 2,380 TOTAL COMMON STOCKS 357,945 19,932 Southwest Airlines Co. 993 (Cost $266,213) 39,625 Spirit AeroSystems Holdings Inc. 2,312 10,801 Spirit Airlines Inc. 625 Principal 29,600 Union Pacific Corp. 3,069 Amount Short-Term Investments 1.49% 36,623 United Continental Holdings Inc. 2,669 5,386,702 Dreyfus Government Cash Management Fund 5,387 14,138 Waste Management Inc. 1,003 (Cost $5,387) 24,444

Technology 14.10% 400 Alphabet Inc. Class A 317 5,218 Alphabet Inc. Class B 4,027 37,176 Applied Materials Inc. 1,200 Collateral for Securities Loaned 1.53% 12,280 Aspen Technology Inc. 671 Short-Term Investments-Repurchase Agreements 126,000 Cisco Systems Inc. 3,808 275,498 Merrill Lynch Pierce Fenner & Smith 0.50%, due 1/3/17 273 15,747 Citrix Systems Inc. 1,406 1,309,065 Nomura Securities Int Inc., 0.50%, due 1/3/17 1,309 20,060 Dell Technologies Inc. Class 1,103 1,309,065 RBC Dominion Securities Inc., 052%, due 1/3/17 1,309 275,000 Hewlett Packard Enterprise Co. 6,364 1,309,065 HSBC Securities USA Inc., 0.46%, due 1/3/17 1,309 310,580 HP Inc. 4,609 1,309,065 Citibank NA, 053%, due 1/3/17 1,309 118,678 Intel Corp. 4,304 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 5,509 19,249 Intuit Inc. 2,206 (Cost $5,509) 17,300 Juniper Networks Inc. 489 45,000 Maxim Integrated Products Inc. 1,736 TOTAL INVESTMENTS 120,999 Microsoft Corp. 7,519 (Cost $277,109) 102.00% 368,841 50,000 NetApp Inc. 1,764 58,600 Symantec Corp. 1,400 Liabilities Less, Other Assets -2.00% (7,223) 28,500 Synopsys Inc. 1,678 35,400 TE Connectivity Ltd 2,453 TOTAL NET ASSETS 100.00% $ 361,618 27,757 VeriSign Inc.* 2,111 23,200 VMware Inc. Class A* 1,827 50,992

* All or a portion of this security is on loan. The market value of loaned securities is $7,448,077

40 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 99.22% Number of Stocks 467 Top Ten Stocks (% of Net Assets) 19.14%

Rights 0.00%

Fixed Income Securities: Short-Term Investments 0.73% Short-Term Investments-Repurchase Agreements 0.67% Less Liabilities, Other Assets -0.62%

Top Ten Equity Holdings (% of Net Assets) Apple Inc. 3.27% Microsoft Corp. 2.58% Exxon Mobil Corp. 2.11% Berkshire Hathaway Inc. 1.99% JPMorgan Chase & Co. 1.69% Amazon.com Inc. 1.60% Facebook Inc. 1.55% 3M Co. 1.50% AT&T Inc. 1.47% Wells Fargo & Co. 1.36%

Top 5 Sectors (% of Net Assets) Financial Services 20.73% Technology 17.51% Consumer Discretionary 14.15% Health Care 10.71% Producer Durables 10.09%

41 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks 99.22% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.15% 5,951 Advance Auto Parts Inc. $ 1,006 Consumer Discretionary (continued) 33,899 Amazon.com Inc. 25,420 4,555 Ralph Lauren Corp. $ 411 5,400 AutoNation Inc. 263 32,506 Ross Stores Inc. 2,132 2,362 AutoZone Inc. 1,865 13,600 Royal Caribbean Cruises Ltd 1,116 12,440 Bed Bath & Beyond Inc. 506 7,650 Scripps Networks Interactive Inc. 546 22,350 Best Buy Co Inc. 954 5,653 Signet Jewelers Ltd* 533 16,300 BorgWarner Inc.* 643 52,590 Staples Inc. 476 15,500 CarMax Inc.* 998 134,385 Starbucks Corp. 7,461 35,000 Carnival Corp. 1,822 46,410 Target Corp. 3,352 32,867 CBS Corp. 2,091 17,300 TEGNA Inc. 370 17,789 Charter Communications Inc. 5,122 17,705 The Gap Inc.* 397 2,353 Chipotle Mexican Grill Inc.* 888 21,200 The Goodyear Tire & Rubber Co. 654 22,500 Coach Inc. 788 111,510 The Home Depot Inc. 14,951 240,291 Comcast Corp. 16,592 4,142 The Priceline Group Inc. 6,072 46,983 Costco Wholesale Corp. 7,522 60,242 The TJX Cos Inc. 4,526 57,702 Coty Inc. 1,057 133,038 The Walt Disney Co. 13,865 10,190 Darden Restaurants Inc. 741 8,680 Tiffany & Co.* 672 22,000 Delphi Automotive PLC 1,482 59,023 Time Warner Inc. 5,697 12,200 Discovery Communications Inc. Class A* 334 10,800 Tractor Supply Co. 819 18,100 Discovery Communications Inc. Class K* 485 9,250 TripAdvisor Inc. 429 20,900 Dollar General Corp. 1,548 39,400 Twenty-First Century Fox Inc. 1,074 19,338 Dollar Tree Inc. 1,493 86,800 Twenty-First Century Fox Inc. Class A 2,434 27,370 DR Horton Inc. 748 4,738 Ulta Salon Cosmetics & Fragrance Inc. 1,208 84,829 eBay Inc. 2,519 14,791 Under Armour Inc. Class A* 430 9,737 Expedia Inc. 1,103 14,894 Under Armour Inc. Class C* 375 10,900 Foot Locker Inc. 773 7,200 Urban Outfitters Inc. 205 319,839 Ford Motor Co. 3,880 26,788 VF Corp. 1,429 13,200 Fortune Brands Home & Security Inc. 706 28,038 Viacom Inc. Class B 984 9,300 Garmin Ltd* 451 193,438 Wal-Mart Stores Inc. 13,370 114,900 General Motors Co. 4,003 6,097 Whirlpool Corp. 1,108 12,074 Genuine Parts Co. 1,154 8,906 Wyndham Worldwide Corp. 680 17,700 H&R Block Inc. 407 6,415 Wynn Resorts Ltd* 555 30,500 Hanesbrands Inc. 658 28,580 Yum! Brands Inc. 1,810 14,495 Harley-Davidson Inc.* 846 224,333 5,640 Harman International Industries Inc. 627 9,075 Hasbro Inc.* 706 Consumer Staples 8.12% 6,432 International Flavors & Fragrances Inc. 758 61,671 Archer-Daniels-Midland Co. 2,815 14,500 Kohl's Corp. 716 20,150 Brown-Forman Corp. Class B 905 19,450 L Brands Inc. 1,281 36,220 Campbell Soup Co. 2,190 10,790 Leggett & Platt Inc. 527 163,444 Colgate-Palmolive Co. 10,696 16,100 Lennar Corp. 691 65,099 Conagra Brands Inc. 2,575 24,800 LKQ Corp. 760 24,299 Constellation Brands Inc. 3,725 76,321 Lowe's Cos Inc. 5,428 98,620 CVS Health Corp. 7,782 24,960 Macy's Inc. 894 21,700 Dr Pepper Snapple Group Inc. 1,968 26,281 Marriott International Inc. Class A 2,173 78,242 General Mills Inc. 4,833 27,515 Mattel Inc. 758 36,000 Hormel Foods Corp. 1,253 79,019 McDonald's Corp. 9,618 43,210 Kellogg Co. 3,185 13,700 Michael Kors Holdings Ltd 589 65,877 Kimberly-Clark Corp. 7,518 5,094 Mohawk Industries Inc. 1,017 15,822 McCormick & Company Inc. 1,477 35,166 Netflix Inc. 4,354 17,578 Mead Johnson Nutrition Co. 1,244 30,750 News Corp. Class A 352 21,911 Molson Coors Brewing Co. 2,132 9,700 News Corp. Class B 114 173,004 Mondelez International Inc. 7,669 27,100 Nielsen Holdings PLC 1,137 43,658 Monster Beverage Corp. 1,936 109,466 NIKE Inc. Class B 5,564 169,406 PepsiCo Inc. 17,725 9,370 Nordstrom Inc. 449 49,720 Sysco Corp. 2,753 19,160 Omnicom Group Inc. 1,631 34,884 The Clorox Co. 4,187 7,672 O'Reilly Automotive Inc. 2,136 456,718 The Coca-Cola Co. 18,936 24,994 PulteGroup Inc. 459 19,672 The Hershey Co. 2,035 6,482 PVH Corp. 585 12,704 The JM Smucker Co. 1,627

42 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Staples (continued) Financial Services (continued) 62,102 The Kraft Heinz Co. $ 5,423 11,253 AvalonBay Communities Inc. $ 1,993 77,360 The Kroger Co. 2,670 828,071 Bank of America Corp. 18,300 29,900 Tyson Foods Inc. Class A 1,844 66,480 BB&T Corp. 3,126 82,912 Walgreens Boots Alliance Inc. 6,862 193,898 Berkshire Hathaway Inc. 31,601 25,762 Whole Foods Market Inc. 792 9,960 BlackRock Inc. 3,790 128,757 12,600 Boston Properties Inc. 1,585 40,929 Capital One Financial Corp. 3,571 24,100 CBRE Group Inc. Class A 759 Energy 7.75% 45,948 Chubb Ltd 6,071 45,753 Anadarko Petroleum Corp. 3,190 12,117 CInc.innati Financial Corp. 918 31,051 Apache Corp. 1,971 234,827 Citigroup Inc. 13,956 34,586 Baker Hughes Inc. 2,247 42,000 Citizens Financial Group Inc. 1,496 37,600 Cabot Oil & Gas Corp. 878 27,807 CME Group Inc. 3,208 60,260 Chesapeake Energy Corp. 423 14,090 Comerica Inc. 960 160,387 Chevron Corp. 18,878 41,105 Crown Castle International Corp. 3,567 7,676 Cimarex Energy Co. 1,043 12,866 Digital Realty Trust Inc.* 1,264 11,970 Concho Resources Inc. 1,587 32,645 Discover Financial Services 2,353 101,482 ConocoPhillips 5,088 22,160 E*TRADE Financial Corp. 768 42,860 Devon Energy Corp. 1,957 9,644 Equifax Inc. 1,140 47,240 EOG Resources Inc. 4,776 8,194 Equinix Inc. 2,929 13,915 EQT Corp. 910 30,000 Equity Residential 1,931 370,251 Exxon Mobil Corp. 33,419 5,293 Essex Property Trust Inc. 1,231 6,206 First Solar Inc.* 199 10,200 Extra Space Storage Inc. 788 18,200 FMC Technologies Inc. 647 5,882 Federal Realty Investment Trust 836 70,802 Halliburton Co. 3,830 26,900 Fidelity National Information Services Inc. 2,035 8,735 Helmerich & Payne Inc. 676 61,931 Fifth Third BanCorp. 1,670 21,775 Hess Corp. 1,356 17,764 Fiserv Inc. 1,888 157,326 Kinder Morgan Inc. 3,258 28,395 Franklin Resources Inc. 1,124 68,428 Marathon Oil Corp. 1,184 47,200 General Growth Properties Inc. 1,179 43,284 Marathon Petroleum Corp. 2,179 12,400 Global Payments Inc. 861 13,050 Murphy Oil Corp. 406 37,750 HCP Inc. 1,122 30,538 National Oilwell Varco Inc. 1,143 59,974 Host Hotels & Resorts Inc. 1,130 16,100 Newfield Exploration Co. 652 87,676 Huntington Bancshares Inc. 1,159 34,686 Noble Energy Inc. 1,320 48,840 Intercontinental Exchange Inc. 2,756 62,572 Occidental Petroleum Corp. 4,457 33,100 Invesco Ltd 1,004 17,000 ONEOK Inc. 976 19,785 Iron Mountain Inc. 643 36,290 Phillips 66 3,136 310,649 JPMorgan Chase & Co. 26,806 13,907 Pioneer Natural Resources Co. 2,504 87,490 KeyCorp. 1,598 15,200 Range Resources Corp. 522 34,800 Kimco Realty Corp. 876 114,918 Schlumberger Ltd 9,647 26,200 Leucadia National Corp. 609 39,900 Southwestern Energy Co.* 432 18,795 LInc.oln National Corp. 1,246 57,497 Spectra Energy Corp. 2,363 22,300 Loews Corp. 1,044 9,600 Tesoro Corp. 840 12,669 M&T Bank Corp. 1,982 56,018 The Williams Cos Inc. 1,744 41,930 Marsh & McLennan Cos Inc. 2,834 31,400 Transocean Ltd* 463 77,995 MasterCard Inc. 8,053 37,300 Valero Energy Corp. 2,548 90,099 MetLife Inc. 4,855 122,849 9,200 Mid-America Apartment Communities Inc. 901 13,488 Moody's Corp. 1,272 Financial Services 20.73% 118,951 Morgan Stanley 5,026 4,354 Affiliated Managers Group Inc. 633 9,200 Nasdaq Inc. 618 33,400 Aflac Inc. 2,325 25,624 Navient Corp. 421 4,730 Alliance Data Systems Corp. 1,081 17,200 Northern Trust Corp. 1,532 62,976 American Express Co. 4,665 91,930 PayPal Holdings Inc. 3,628 89,201 American International Group Inc. 5,826 25,100 People's United Financial Inc.* 486 45,175 American Tower Corp. 4,774 21,660 Principal Financial Group Inc. 1,253 13,045 Ameriprise Financial Inc. 1,447 43,627 Prologis Inc. 2,303 21,464 Aon PLC 2,394 35,316 Prudential Financial Inc. 3,675 12,637 Apartment Investment & Management Co. 574 16,086 Public Storage 3,595 14,300 Arthur J. Gallagher & Co. 743 20,900 Realty Income Corp. 1,201 4,600 Assurant Inc. 427

43 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) 101,432 Regions Financial Corp. $ 1,457 4,654 Intuitive Surgical Inc. $ 2,951 21,335 S&P Global Inc. 2,294 10,570 Laboratory Corp. of America Holdings 1,357 34,943 Simon Property Group Inc. 6,208 28,443 Mallinckrodt PLC 1,417 8,302 SL Green Realty Corp. 893 20,532 McKesson Corp. 2,884 29,670 State Street Corp. 2,306 150,562 Medtronic PLC 10,725 40,540 SunTrust Banks Inc. 2,224 6,763 Patterson Cos Inc.* 277 64,000 Synchrony Financial 2,321 15,626 Quest Diagnostics Inc. 1,436 20,100 T Rowe Price Group Inc. 1,513 12,999 Regeneron Pharmaceuticals Inc. 4,772 30,002 The Allstate Corp. 2,224 27,936 St Jude Medical Inc. 2,240 86,283 The Bank of New York Mellon Corp. 4,088 45,107 Stryker Corp. 5,404 98,832 The Charles Schwab Corp. 3,901 117,206 UnitedHealth Group Inc. 18,758 2,934 The Dun & Bradstreet Corp. 356 9,300 Varian Medical Systems Inc. 835 30,473 The Goldman Sachs Group Inc. 7,297 48,724 Vertex Pharmaceuticals Inc. 3,589 31,220 The Hartford Financial Services Group Inc. 1,488 21,929 Zimmer Biomet Holdings Inc. 2,263 9,700 The Macerich Co. 687 142,104 Zoetis Inc. 7,607 39,713 The PNC Financial Services Group Inc. 4,645 169,774 47,010 The Progressive Corp. 1,669 23,297 The Travelers Cos Inc. 2,852 39,412 The Western Union Co.* 856 Materials & Processing 3.92% 8,980 Torchmark Corp. 662 3,720 Acuity Brands Inc. 859 13,323 Total System Services Inc. 653 20,398 Air Products & Chemicals Inc. 2,934 21,600 UDR Inc. 788 9,100 Albemarle Corp. 783 18,998 Unum Group 835 14,086 Ball Corp. 1,057 130,929 US BanCorp. 6,726 18,865 CF Industries Holdings Inc. 594 29,000 Ventas Inc. 1,813 11,942 Eastman Chemical Co. 898 163,585 Visa Inc. 12,763 25,899 Ecolab Inc. 3,036 14,092 Vornado Realty Trust 1,471 73,806 EI du Pont de Nemours & Co. 5,417 391,047 Wells Fargo & Co. 21,551 35,402 Fastenal Co. 1,663 29,700 Welltower Inc. 1,988 10,800 FMC Corp. 611 61,250 Weyerhaeuser Co. 1,843 102,661 Freeport-McMoRan Inc. 1,354 10,487 Willis Towers Watson PLC 1,282 32,700 Ingersoll-Rand PLC 2,454 22,250 XL Group Ltd 829 70,904 International Business Machines Corp. 11,769 16,600 Zions BanCorp.oration 714 32,409 Interpublic Group of Cos Inc. 759 328,612 27,575 LyondellBasell Industries NV Class A 2,365 5,127 Martin Marietta Materials Inc. 1,136 Health Care 10.71% 30,896 Masco Corp. 977 153,167 Abbott Laboratories 5,883 40,589 Monsanto Co. 4,270 36,575 Aetna Inc. 4,536 42,873 Newmont Mining Corp. 1,461 40,646 Alexion Pharmaceuticals Inc. 4,973 25,770 Nucor Corp. 1,534 15,230 AmerisourceBergen Corp. 1,191 21,525 PPG Industries Inc. 2,040 100,664 Amgen Inc. 14,718 27,049 Praxair Inc. 3,170 27,281 Anthem Inc. 3,922 15,900 Sealed Air Corp. 721 31,620 Biogen Inc. 8,967 92,868 The Dow Chemical Co. 5,314 165,607 Boston Scientific Corp. 3,582 28,300 The Mosaic Co.* 830 35,577 Cardinal Health Inc. 2,560 6,623 The Sherwin-Williams Co. 1,780 112,337 Celgene Corp. 13,003 10,754 Vulcan Materials Co. 1,346 13,800 Centene Corp. 780 20,303 WestRock Co. 1,031 30,800 Cerner Corp. 1,459 62,163 25,891 Cigna Corp. 3,454 10,557 CR Bard Inc. 2,372 Producer Durables 10.09% 15,554 DaVita Inc. 999 133,281 3M Co. 23,800 25,600 DENTSPLY SIRONA Inc. 1,478 50,830 Accenture PLC Class A 5,954 21,258 Edwards Lifesciences Corp. 1,992 9,900 Alaska Air Group Inc. 878 9,500 Envision Healthcare Corp. 601 7,733 Allegion PLC 495 65,814 Express Scripts Holding Co. 4,527 42,800 American Airlines Group Inc. 1,998 191,092 Gilead Sciences Inc. 13,684 24,202 AMETEK Inc. 1,176 9,110 Henry Schein Inc. 1,382 37,806 Arconic Inc. 701 30,100 Hologic Inc. 1,208 36,878 Automatic Data Processing Inc. 3,790 14,012 Humana Inc. 2,859 7,134 Avery Dennison Corp. 501 24,435 Illumina Inc. 3,129 73,805 Caterpillar Inc. 6,845

44 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) 11,500 CH Robinson Worldwide Inc. $ 842 25,435 CA Inc. $ 808 6,906 Cintas Corp. 798 411,349 Cisco Systems Inc. 12,431 76,450 CSX Corp. 2,747 12,600 Citrix Systems Inc. 1,125 30,879 Cummins Inc. 4,220 49,700 Cognizant Technology Solutions Corp. 2,785 47,657 Deere & Co.* 4,911 11,800 CSRA Inc. 376 60,500 Delta Air Lines Inc. 2,976 24,727 Electronic Arts Inc. 1,947 18,302 Dover Corp. 1,371 5,350 F5 Networks Inc. 774 56,600 Eaton Corp. PLC 3,797 213,924 Facebook Inc. 24,612 93,910 Emerson Electric Co. 5,235 136,512 Hewlett Packard Enterprise Co. 3,159 14,600 Expeditors International of Washington Inc. 773 140,212 HP Inc. 2,081 20,034 FedEx Corp. 3,730 388,289 Intel Corp. 14,083 11,100 FLIR Systems Inc. 402 33,743 International Paper Co. 1,790 10,550 Flowserve Corp.* 507 19,980 Intuit Inc. 2,290 28,300 Fortive Corp. 1,518 30,900 Juniper Networks Inc. 873 77,097 Illinois Tool Works Inc. 9,441 12,600 KLA-Tencor Corp. 991 7,100 JB Hunt Transport Services Inc. 689 13,342 Lam Research Corp. 1,411 139,137 Johnson Controls International plc. 5,731 19,400 Linear Technology Corp. 1,210 8,681 Kansas City Southern 737 17,400 Microchip Technology Inc. 1,116 14,653 Mettler-Toledo International Inc. 6,133 85,332 Micron Technology Inc. 1,870 23,922 Norfolk Southern Corp. 2,585 659,265 Microsoft Corp. 40,967 23,712 Parker-Hannifin Corp. 3,320 13,430 Motorola Solutions Inc. 1,113 26,375 Paychex Inc. 1,606 22,500 NetApp Inc. 794 18,491 Pentair PLC 1,037 44,168 NVIDIA Corp. 4,714 41,402 PG&E Corp. 2,516 272,922 Oracle Corp. 10,494 15,040 Pitney Bowes Inc. 228 10,300 Qorvo Inc.* 543 12,200 Quanta Services Inc. 425 121,032 QUALCOMM Inc. 7,891 18,845 Republic Services Inc. 1,075 14,600 Red Hat Inc. 1,018 10,500 Robert Half International Inc. 512 52,032 salesforce.com Inc. 3,562 22,234 Rockwell Automation Inc. 2,988 24,100 Seagate Technology PLC* 920 14,200 Rockwell Collins Inc. 1,317 15,200 Skyworks Solutions Inc. 1,135 13,465 Roper Technologies Inc. 2,465 51,135 Symantec Corp. 1,222 4,300 Ryder System Inc. 320 29,100 TE Connectivity Ltd 2,016 5,780 Snap-on Inc. 990 10,500 Teradata Corp. 285 50,125 Southwest Airlines Co. 2,498 81,900 Texas Instruments Inc. 5,976 20,937 Stanley Black & Decker Inc. 2,401 7,500 VeriSign Inc.* 571 6,907 Stericycle Inc. 532 23,347 Western Digital Corp. 1,586 6,268 TransDigm Group Inc. 1,560 20,440 Xilinx Inc. 1,234 68,094 Union Pacific Corp. 7,060 71,900 Yahoo! Inc. 2,780 23,700 United Continental Holdings Inc. 1,727 277,593 64,090 United Parcel Service Inc. 7,347 6,963 United Rentals Inc. 735 Utilities 6.23% 12,700 Verisk Analytics Inc. Class A 1,031 53,300 AES Corp. 619 33,320 Waste Management Inc. 2,363 18,400 Alliant Energy Corp. 697 38,104 Waters Corp. 5,121 19,600 Ameren Corp. 1,028 8,264 WW Grainger Inc.* 1,919 41,760 American Electric Power Co Inc. 2,629 68,761 Xerox Corp. 600 14,400 American Water Works Co Inc. 1,042 20,200 Xylem Inc. 1,000 546,784 AT&T Inc. 23,255 159,974 34,822 CenterPoint Energy Inc. 858 44,129 CenturyLink Inc. 1,049 Technology 17.52% 22,500 CMS Energy Corp. 936 56,000 Activision Blizzard Inc. 2,022 25,000 Consolidated Edison Inc. 1,842 40,743 Adobe Systems Inc. 4,194 63,994 Dominion Resources Inc. 4,901 14,100 Akamai Technologies Inc. 940 14,500 DTE Energy Co. 1,428 25,101 Alphabet Inc. Class A 19,891 62,569 Duke Energy Corp. 4,857 26,890 Alphabet Inc. Class C 20,754 26,707 Edison International 1,923 25,300 Amphenol Corp. Class A 1,700 14,500 Entergy Corp. 1,065 25,290 Analog Devices Inc. 1,837 26,000 Eversource Energy 1,436 448,106 Apple Inc. 51,900 75,611 Exelon Corp. 2,683 88,521 Applied Materials Inc. 2,857 16,070 Autodesk Inc. 1,189 32,560 Broadcom Ltd 5,756

45 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Principal Fair Common Stocks (continued) Value (000's) Amount Value (000's) Utilities (continued) Short-Term Investments 0.73% 34,356 FirstEnergy Corp. $ 1,064 11,565,544 Dreyfus Government Cash Management Fund $ 11,566 94,820 Frontier Communications Corp.* 320 (Cost $11,566) 23,900 Level 3 Communications Inc. 1,347 42,040 NextEra Energy Inc. 5,022 26,084 NiSource Inc. 577 25,500 NRG Energy Inc. 313 Collateral for Securities Loaned 0.67% 50,202 PACCAR Inc. 3,208 Short-Term Investments-Repurchase Agreements 9,000 Pinnacle West Capital Corp. 702 528,612 Merrill Lynch Pierce Fenner & Smith 0.50%, due 1/3/17 527 55,737 PPL Corp. 1,898 2,511,640 Nomura Securities Int Inc., 0.50%, due 1/3/17 2,511 41,500 Public Service Enterprise Group Inc. 1,821 2,511,640 RBC Dominion Securities Inc., 052%, due 1/3/17 2,511 11,500 SCANA Corp. 843 2,511,640 Daiwa Capital Markets, 052%, due 1/3/17 2,511 20,490 Sempra Energy 2,062 2,511,640 Citibank NA, 053%, due 1/3/17 2,511 94,369 The Southern Co. 4,642 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 10,571 360,145 Verizon Communications Inc. 19,225 (Cost $10,571) 25,873 WEC Energy Group Inc. 1,517 41,605 Xcel Energy Inc. 1,698 TOTAL INVESTMENTS 98,507 (Cost $1,220,280) 100.62% 1,594,717

TOTAL COMMON STOCKS 1,572,562 Liabilities Less, Other Assets -0.62% (9,748) (Cost $1,198,132) TOTAL NET ASSETS 100.00% $ 1,584,969 Rights Consumer Discretionary 0.00% 16,830 Safeway PDC 1 Originally Acquired: 1/30/2015 16,830 Safeway SCRP 17 Originally Acquired: 1/30/2015 TOTAL RIGHTS 18 (Cost $12)

* All or a portion of this security is on loan. The market value of loaned securities is $17,277,007

46 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS CORE EQUITY INDEX FUND DECEMBER 31, 2016

$456,000 of cash pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2016:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2016 S&P 500 46 $ 100,000 Long March 2017 ($102,293)

47 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 99.23% Number of Stocks 274 Top Ten Stocks (% of Net Assets) 26.41%

Rights 0.01%

Fixed Income Securities: Short-Term Investments 0.74% Short-Term Investments-Repurchase Agreements 1.93% Liabilities Less, Other Assets -1.90%

Top Ten Equity Holdings (% of Net Assets) Apple Inc 6.50% Microsoft Corp 4.40% Alphabet Inc Class C 3.42% Facebook Inc 2.14% Amgen Inc 1.91% Amazon.com Inc 1.83% Gilead Sciences Inc 1.64% PepsiCo Inc 1.61% The Home Depot Inc 1.49% Oracle Corp 1.47%

Top 5 Sectors (% of Net Assets) Technology 31.89% Consumer Discretionary 17.07% Financial Services 14.24% Producer Durables 11.65% Health Care 10.60%

48 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks 99.23% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 17.07% Consumer Staples (continued) 6,887 Amazon.com Inc. $ 5,164 18,664 General Mills Inc. $ 1,153 6,451 Aramark 230 17,482 Kellogg Co. 1,289 510 AutoNation Inc. 25 13,184 Kimberly-Clark Corp. 1,505 13,835 Bed Bath & Beyond Inc. 562 2,888 Lamb Weston Holdings Inc. 109 2,740 BorgWarner Inc. 108 1,380 McCormick & Co Inc. 129 7,510 CalAtlantic Group Inc. 255 11,725 Mondelez International Inc. 520 1,370 CBS Corp. 87 970 Nu Skin Enterprises Inc.* 46 4,370 Choice Hotels International Inc. 245 43,494 PepsiCo Inc. 4,551 31,250 Coach Inc. 1,094 48,604 Rite Aid Corp. 400 42,315 Comcast Corp. Class A 2,922 2,707 The Clorox Co. 325 4,970 Costco Wholesale Corp. 796 28,805 The Coca-Cola Co. 1,194 29,623 Discovery Communications Inc.* 812 11,308 The Hershey Co. 1,170 10,017 Dollar General Corp. 742 1,330 Tyson Foods Inc. Class A 82 8,650 DR Horton Inc. 236 18,580 Whole Foods Market Inc. 572 71,501 eBay Inc. 2,123 15,413 52,430 Gentex Corp. 1,032 3,290 Genuine Parts Co 314 Energy 3.39% 48,600 Harley-Davidson Inc. 2,835 11,206 Apache Corp. 711 21,150 KAR Auction Services Inc. 901 23,748 Baker Hughes Inc. 1,543 580 Kate Spade & Co. 11 42,666 BP PLC 1,595 1,404 L Brands Inc. 92 13,014 Chevron Corp. 1,532 28,881 Las Vegas Sands Corp. 1,543 980 Devon Energy Corp. 45 5,210 Leggett & Platt Inc. 255 12,230 FMC Technologies Inc. 435 13,964 Liberty Expedia Holdings Inc. 554 2,596 HollyFrontier Corp. 85 8,472 Liberty Interactive Corp. QVC Group 169 720 ONEOK Inc. 41 20,946 Liberty Ventures 772 8,459 Pioneer Natural Resources Co. 1,523 9,576 Lowe's Cos Inc. 681 18,269 Schlumberger Ltd 1,534 37,330 Mattel Inc. 1,028 8,110 Southwestern Energy Co. 88 18,638 McDonald's Corp. 2,269 13,210 The Williams Cos Inc. 411 3,190 Michael Kors Holdings Ltd 137 9,543 6,236 Netflix Inc. 772 1,670 Nielsen Holdings PLC 70 Financial Services 14.24% 1,420 Norwegian Cruise Line Holdings Ltd 60 4,746 Alliance Data Systems Corp. 1,084 11,943 Omnicom Group Inc. 1,016 25,429 American International Group Inc. 1,661 2,269 O'Reilly Automotive Inc. 632 4,620 Ameriprise Financial Inc. 513 17,900 PulteGroup Inc. 329 8,321 Arthur J Gallagher & Co. 432 1,760 Ralph Lauren Corp. 159 34,810 Artisan Partners Asset Management Inc. 1,036 6,597 Ross Stores Inc. 433 75,477 Bank of America Corp. 1,668 18,101 Scripps Networks Interactive Inc. 1,292 15,630 Care Capital Properties Inc. 391 16,460 Service Corp. International/US 467 12,452 CBOE Holdings Inc.* 920 6,220 Signet Jewelers Ltd* 586 676 CBRE Group Inc. Class A 21 1,386 Target Corp. 100 18,518 Citigroup Inc. 1,101 45,636 The Gap Inc.* 1,024 9,800 Citizens Financial Group Inc. 349 31,329 The Home Depot Inc. 4,201 2,340 Crown Castle International Corp. 203 1,440 The Priceline Group Inc. 2,111 8,800 CubeSmart 236 19,128 The TJX Cos Inc. 1,437 8,810 Eaton Vance Corp. 369 1,047 Toll Brothers Inc. 32 7,410 Equity LifeStyle Properties Inc. 534 3,040 TripAdvisor Inc. 141 14,542 Erie Indemnity Co 1,635 8,780 Tupperware Brands Corp.* 462 35,615 Experian PLC 688 53,066 Viacom Inc. 1,863 3,140 FactSet Research Systems Inc. 513 6,535 Wal-Mart Stores Inc. 452 1,030 Federal Realty Investment Trust 146 15,950 Williams-Sonoma Inc. 772 10,300 Federated Investors Inc. 291 12,968 Wyndham Worldwide Corp. 990 8,220 Fiserv Inc. 874 7,917 Yum China Holdings Inc. 207 1,470 FleetCor Technologies Inc. 208 7,917 Yum! Brands Inc. 501 38,940 Gaming and Leisure Properties Inc. 1,192 48,103 10,644 Global Payments Inc. 739 26,877 Intercontinental Exchange Inc. 1,516 Consumer Staples 5.47% 8,170 Invesco Ltd 248 20,962 BRF SA 309 1,380 Iron Mountain Inc. 45 5,010 Campbell Soup Co. 303 21,670 Jack Henry & Associates Inc. 1,924 14,582 Colgate-Palmolive Co 954 18,941 JPMorgan Chase & Co. 1,634 5,563 CVS Health Corp. 439 2,028 Lamar Advertising Co. 136 8,130 Energizer Holdings Inc. 363 511 Legg Mason Inc. 15

49 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Materials & Processing (continued) 2,120 Life Storage Inc. $ 181 630 Eagle Materials Inc. $ 62 19,220 LInc.oln National Corp. 1,274 3,070 Eastman Chemical Co. 231 34,673 MasterCard Inc. 3,580 6,020 FMC Corp. 340 9,776 Mid-America Apartment Communities Inc. 957 79,077 Freeport-McMoRan Inc. 1,043 33,306 Omega Healthcare Investors Inc. 1,041 9,934 GCP Applied Technologies Inc. 266 50,676 PayPal Holdings Inc. 2,000 4,600 Ingersoll-Rand PLC 345 7,016 Public Storage 1,568 3,600 International Paper Co. 191 4,990 Regency Centers Corp. 344 4,870 LyondellBasell Industries NV Class A 418 2,200 Simon Property Group Inc. 391 4,528 Masco Corp. 143 650 The Dun & Bradstreet Corp. 79 14,250 Monsanto Co. 1,499 1,557 The Hanover Insurance Group Inc. 142 23,488 Nucor Corp. 1,398 43,325 The Western Union Co.* 941 9,643 PPG Industries Inc. 914 22,859 Vantiv Inc. Class A 1,363 8,790 Praxair Inc. 1,030 39,739 Visa Inc. Class A 3,100 42,487 Rio Tinto PLC* 1,634 27,070 Waddell & Reed Financial Inc.* 528 2,287 Sealed Air Corp. 104 8,559 XL Group Ltd 319 2,193 The Sherwin-Williams Co 589 40,130 9,934 WR Grace & Co 672 11,678 Health Care 10.60% 13,467 Aetna Inc. 1,670 Producer Durables 11.65% 674 Akorn Inc. 15 5,777 3M Co 1,032 8,060 Alexion Pharmaceuticals Inc. 986 8,146 Accenture PLC Class A 954 5,764 Alkermes PLC 320 2,700 Allegion PLC 173 10,410 AmerisourceBergen Corp. 814 9,252 Automatic Data Processing Inc. 951 36,734 Amgen Inc. 5,371 4,140 Avery Dennison Corp. 291 8,367 Anthem Inc. 1,203 19,560 Booz Allen Hamilton Holding Corp. 706 1,680 Biogen Inc. 476 28,690 Caterpillar Inc. 2,661 1,440 BioMarin Pharmaceutical Inc. 119 22,449 CH Robinson Worldwide Inc. 1,645 19,200 Bruker Corp. 407 13,007 Cummins Inc. 1,778 25,694 Cardinal Health Inc. 1,849 28,230 Deere & Co* 2,909 10,896 Celgene Corp. 1,261 29,480 Delta Air Lines Inc. 1,450 6,450 Centene Corp. 364 12,148 Dover Corp. 910 3,050 Charles River Laboratories International Inc. 232 23,332 Emerson Electric Co 1,301 9,415 CR Bard Inc. 2,115 1,800 Flowserve Corp.* 86 3,330 DaVita Inc. 214 15,411 Fortive Corp. 826 64,703 Gilead Sciences Inc. 4,633 2,480 Graco Inc. 206 8,673 ICON PLC 652 8,086 Herc Holdings Inc. 325 490 Illumina Inc. 63 4,270 Illinois Tool Works Inc. 523 1,019 Intuitive Surgical Inc. 646 66,363 JetBlue Airways Corp. 1,488 1,150 MallInckrodt PLC 57 650 Keysight Technologies Inc. 24 10,900 McKesson Corp. 1,531 4,346 Landstar System Inc. 371 14,087 Medtronic PLC 1,003 1,180 Middleby Corp./The 152 1,790 Quintiles IMS Holdings Inc. 136 6,374 MSC Industrial Direct Co Inc. 589 7,756 Stryker Corp. 929 1,370 National Instruments Corp. 42 2,090 Teleflex Inc. 337 10,659 Parker-Hannifin Corp. 1,492 2,288 United Therapeutics Corp. 328 36,400 Paychex Inc. 2,216 5,144 UnitedHealth Group Inc. 823 1,530 Robert Half International Inc. 75 9,982 Varian Medical Systems Inc. 896 14,664 Rockwell Automation Inc. 1,971 1,980 VCA Inc. 136 27,530 RR Donnelley & Sons Co.* 449 4,070 Vertex Pharmaceuticals Inc. 300 3,360 Snap-on Inc. 575 29,886 16,126 Southwest Airlines Co. 804 4,419 Stericycle Inc. 340 14,520 The Toro Co. 812 Materials & Processing 4.14% 21,910 Trimble Inc. 661 560 AptarGroup Inc. 41 760 Union Pacific Corp. 79 4,062 Ashland Global Holdings Inc. 444 7,439 United Parcel Service Inc. 853 5,180 Bemis Co Inc. 248 540 United Rentals Inc. 57 100 Celanese Corp. 8 5,491 Verisk Analytics Inc. Class A 446 1,098 Crown Holdings Inc. 58 4,063 Waste Management Inc. 288 2,447 Waters Corp. 329 32,840

50 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology 31.89% Utilities 0.78% 9,676 Alibaba Group Holding Ltd $ 850 1,020 Dominion Resources Inc. $ 78 2,188 Alphabet Inc. Class A 1,734 39,040 Verizon Communications Inc. 2,089 12,475 Alphabet Inc. Class C 9,628 2,167 13,059 Amdocs Ltd 761 158,169 Apple Inc. 18,319 TOTAL COMMON STOCKS 279,635 620 Applied Materials Inc. 20 (Cost $242,533) 7,330 ARRIS International PLC 221 3,570 Baidu Inc. 587 Rights 0.01% 3,084 CDK Global Inc. 184 Consumer Discretionary 1,100 Cerner Corp. 52 630 Safeway PDC 1 22,996 Check Point Software Technologies Ltd 1,942 Originally Acquired: 1/30/2015 10,630 Cirrus Logic Inc. 601 630 Safeway SCRP 1 39,022 Cisco Systems Inc. 1,179 Originally Acquired: 1/30/2015 7,080 Citrix Systems Inc. 632 TOTAL RIGHTS 2 5,100 DST Systems Inc. 546 (Cost $1) 11,567 Electronic Arts Inc. 911 10,286 F5 Networks Inc. 1,489 Principal 52,452 Facebook Inc. 6,035 Amount Short-Term Investments 0.74% 9,589 Gartner Inc. 969 2,094,769 Dreyfus Government Cash Management Fund 2,095 4,489 GoDaddy Inc. Class A* 157 (Cost $2,095) 40,099 IHS Markit Ltd 1,420 10,230 Intel Corp. 371 23,356 International Business Machines Corp. 3,877 8,517 Intuit Inc. 976 Collateral for Securities Loaned 1.93% 18,940 Juniper Networks Inc. 535 Short-Term Investments-Repurchase Agreements 4,560 KLA-Tencor Corp. 359 271,109 Merrill Lynch Pierce Fenner & Smith 0.50%, due 1/3/17 273 34,031 Linear Technology Corp. 2,122 1,292,919 Nomura Securities Int Inc., 0.50%, due 1/3/17 1,292 13,384 Lions Gate Entertainment Corp. 328 1,292,919 RBC Dominion Securities Inc., 052%, due 1/3/17 1,292 42,774 Maxim Integrated Products Inc. 1,650 1,292,919 Daiwa Capital Markets, 052%, due 1/3/17 1,292 199,455 Microsoft Corp. 12,394 1,292,919 Citibank NA, 053%, due 1/3/17 1,292 12,162 Motorola Solutions Inc. 1,008 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 5,441 22,205 Nuance Communications Inc. 331 (Cost $5,441) 107,707 Oracle Corp. 4,141 2,700 Qorvo Inc.* 142 TOTAL INVESTMENTS 58,652 QUALCOMM Inc. 3,824 (Cost $250,070) 101.90% 287,173 14,580 Sabre Corp.* 364 2,410 Skyworks Solutions Inc. 180 Liabilities Less, Other Assets -1.90% (5,358) 5,719 SS&C Technologies Holdings Inc. 164 55,538 Symantec Corp. 1,327 TOTAL NET ASSETS 100.00% $ 281,815 45,610 Teradata Corp. 1,239 44,386 Texas Instruments Inc. 3,239 20,750 Twitter Inc. 338 22,597 Xilinx Inc. 1,364 46,972 Yandex NV 946 707 Yandex NV Class A 14 10,663 Yelp Inc.* 407 89,877

* All or a portion of this security is on loan. The market value of loaned securities is $9,229,077

51 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED) Summary of Investments by Country

Portfolio Asset Mix (% of Net Assets) % of Fair Equities 97.28% Investments Value (000's) Number of Stocks 331 Australia 1.56% $ 10,051 Top Ten Stocks (% of Net Assets) 17.32% Austria 0.28% $ 1,804 Belgium 0.16% $ 1,031 Rights 0.01% Bermuda 0.81% $ 5,219 Brazil 1.92% $ 12,370 Fixed Income Securities: Canada 5.97% $ 38,464 Short-Term Investments 2.60% Chile 0.14% $ 902 Short-Term Investments-Repurchase Agreements 2.64% China 5.71% $ 36,789 Other Assets, Less Liabilities -2.52% Czech Republic 0.03% $ 193 Denmark 2.30% $ 14,819 Top Ten Equity Holdings (% of Net Assets) Finland 0.25% $ 1,611 Taiwan Semiconductor Manufacturing Co Ltd 2.62% France 8.95% $ 57,664 Tencent Holdings Ltd 2.08% Germany 6.59% $ 42,459 Nestle SA 2.07% Greece 0.03% $ 193 Chubb Ltd 1.67% Hong Kong 1.95% $ 12,564 Volkswagen AG 1.58% India 1.73% $ 11,146 Compass Group PLC 1.48% Indonesia 0.46% $ 2,964 Royal Dutch Shell PLC 1.48% Ireland 3.72% $ 23,968 East Japan Railway Co 1.45% Italy 1.89% $ 12,177 Accenture PLC-Class A 1.45% Japan 13.02% $ 83,887 TOTAL SA 1.42% Luxembourg 0.26% $ 1,675 Malaysia 0.24% $ 1,546 Mexico 0.64% $ 4,123 Top 5 Sectors (% of Net Assets) Netherlands 6.68% $ 43,039 Financial Services 17.77% New Zealand 0.20% $ 1,289 Producer Durables 16.35% Norway 0.17% $ 1,095 Consumer Discretionary 14.57% Philippines 0.02% $ 129 Technology 12.52% Poland 0.12% $ 773 Consumer Staples 9.85% Portugal 0.37% $ 2,384 Qatar 0.03% $ 193 Russia 0.51% $ 3,286 Singapore 0.14% $ 902 South Africa 1.36% $ 8,762 South Korea 2.86% $ 18,427 Spain 1.65% $ 10,631 Sweden 1.02% $ 6,572 Switzerland 9.23% $ 59,469 Taiwan 3.43% $ 22,099 Thailand 0.41% $ 2,676 Turkey 0.14% $ 902 United Arab Emirates 0.08% $ 515 United Kingdom 10.37% $ 66,812 United States 2.60% $ 16,719 100.00% $ 644,296

52 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks 97.28% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.57% Consumer Staples (continued) 43,016 adidas AG $ 6,812 449,917 JBS SA $ 1,576 1,491 Amorepacific Corp. 397 80,389 Jeronimo Martins SGPS SA 1,250 94,546 Aristocrat Leisure Ltd. 1,061 25,700 Kimberly-Clark de Mexico SAB de CV 47 173,900 Astra International Tbk PT 107 71,530 Koninklijke Ahold Delhaize NV 1,511 61,048 Burberry Group PLC 1,129 182 LG Household & Health Care Ltd. 129 101,298 Carnival PLC 5,163 61,006 Marine Harvest ASA* 1,104 5,547 Christian Dior SE 1,166 25,000 Megmilk Snow Brand Co Ltd. 690 515,824 Compass Group PLC 9,567 186,001 Nestle SA 13,369 160,435 Ctrip.com International Ltd. ADR* 6,417 22,197 Premium Brands Holdings Corp. 1,141 22,079 Dollarama Inc. 1,620 32,011 Royal Unibrew A/S 1,238 324,000 Dongfeng Motor Group Co Ltd. 316 49,119 Saputo Inc. 1,740 8,921 FF Group 181 1,340,500 Sheng Siong Group Ltd. 877 49,048 Fuji Heavy Industries Ltd. 2,007 415,881 Shoprite Holdings Ltd. 5,214 20,200 Gildan Activewear Inc. 513 107,363 Tate & Lyle PLC 939 1,902,000 GOME Electrical Appliances Holding Ltd.* 231 370,500 Thai Union Group PCL 217 365,000 Great Wall Motor Co Ltd. 341 175,190 Treasury Wine Estates Ltd. 1,355 960,000 Guangzhou Automobile Group Co Ltd. 1,161 59,667 Unilever NV 2,462 12,920 Hermes International 5,315 24,063 Unilever PLC 979 30,600 Honda Motor Co Ltd. 896 39,560 Universal Robina Corp. 130 761 Hyundai Mobis Co Ltd. 166 1,758,560 WH Group Ltd. 1,422 102,100 Industria de Diseno Textil SA 3,492 38,858 X5 Retail Group NV 1,261 48,308 JB Hi-Fi Ltd. 981 63,544 17,881 Kia Motors Corp. 581 271,148 Kroton Educacional SA 1,111 Energy 6.64% 121,275 Lojas Renner SA 863 140,927 Birchcliff Energy Ltd. 985 92,430 Luxottica Group SpA 4,982 11,540 China Petroleum & Chemical Corp ADR.* 820 35,645 LVMH Moet Hennessy Louis Vuitton SE 6,820 1,313,142 China Petroleum & Chemical Corp.* 932 14,600 New Oriental Education & Technology Group Inc. ADR 615 586,869 CNOOC Ltd. 734 137,400 Nikon Corp. 2,140 65,145 Core Laboratories* 7,820 12,520 Pandora A/S 1,641 224,839 Encana Corp. 2,642 11,900 Pola Orbis Holdings Inc..* 985 73,622 Galp Energia SGPS SA 1,102 80,670 RELX NV 1,361 122,443 Gazprom PAO SPON ADR 623 33,543 Restaurant Brands International Inc. 1,600 41,916 Gazprom OAO SPON ADR 213 48,734 Sekisui House Ltd. 813 45,000 JA Solar Holdings Co Ltd. ADR* 214 387,210 Skyworth Digital Holdings Ltd. 221 5,189 KOC Holding AS 101 26,600 Smiles SA 366 19,153 LUKOIL PJSC ADR 1,075 5,500 TAL Education Group ADR* 386 3,407 PetroChina Co Ltd. ADR 251 20,303 Tata Motors Ltd. SPON ADR 698 37,100 Petroleo Brasileiro SA ADR 327 120,480 Tata Motors Ltd. 838 19,508 Polski Koncern Naftowy ORLEN SA 399 26,628 Toyota Motor Corp. 1,570 200,492 PTT Global Chemical PCL 353 72,602 Volkswagen AG 10,212 112,300 PTT PCL 1,167 2,107,620 Wal-Mart de Mexico SAB de CV 3,795 328,901 Royal Dutch Shell PLC 9,567 82,924 WPP PLC 1,861 46,100 Seven Generations Energy Ltd. 1,076 100,300 Yamada Denki Co Ltd.* 542 2,255 SK Innovation Co Ltd. 274 24,946 Zalando SE 955 29,154 Suncor Energy Inc. 954 93,995 26,959 Surgutneftegas OJSC ADR 135 6,000 Tatneft PJSC ADR 247 Consumer Staples 9.85% 16,404 Technip SA 1,173 35,373 Alimentation Couche-Tard Inc. 1,606 88,600 Thai Oil PCL 179 873,842 Ambev SA-ADR 4,291 262,000 The Bangchak Petroleum PCL 245 9,700 Anheuser-Busch InBev SA/NV 1,029 178,569 TOTAL SA 9,176 24,000 Arca Continental SAB de CV 126 3,482 Tupras Turkiye Petrol Rafinerileri AS 70 119,391 Aryzta AG 5,269 42,854 50,000 Asahi Group Holdings Ltd. 1,582 317,767 Cencosud SA 892 Financial Services 17.77% 1,674,000 Charoen Pokphand Foods PCL 1,379 136,922 3i Group PLC 1,191 737 CJ CheilJedang Corp. 218 1,274,582 Aviva PLC 7,660 30,500 Coca-Cola West Co Ltd. 901 52,070 Banco do Brasil SA 449 213,917 Diageo PLC 5,577 1,916,000 Bank of China Ltd. 850 3,605 Gruma SAB de CV 46 55,366 Barclays Africa Group Ltd. 683 12,227 Henkel AG & Co KGaA 1,461 1,682,824 Barclays PLC 4,646 876,600 Indofood Sukses Makmur Tbk PT 516 18,597 Barwa Real Estate Co 170 17,611 BNK Financial Group Inc. 127 54,595 BNP Paribas SA 3,487

53 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Health Care (continued) 35,988 BTG Pactual Group $ 161 96,983 Chr Hansen Holding A/S $ 5,380 36,005 BUWOG AG 839 11,433 Cochlear Ltd. 1,015 1,652,087 CaixaBank SA 5,472 96,185 Coloplast A/S 6,499 13,613 Cembra Money Bank AG 994 22,331 DiaSorin SpA 1,325 179,675 Challenger Ltd./Australia 1,462 52,100 Essilor International SA 5,899 209,000 Cheung Kong Property Holdings Ltd. 1,282 220,132 Fisher & Paykel Healthcare Corp. Ltd. 1,308 2,399,000 China Construction Bank Corp. 1,847 1,211 Hugel Inc. 322 467,000 China Everbright Bank Co Ltd. 213 78,985 ICON PLC 5,940 81,405 Chubb Ltd. 10,755 306,226 Indivior PLC 1,121 2,778,000 CIFI Holdings Group Co. Ltd. 749 18,152 Ipsen SA 1,315 11,752 Daishin Securities Co. Ltd. 101 2,868,800 Kalbe Farma Tbk PT 323 293,887 DAMAC Properties Dubai Co PJSC 202 35,900 KYORIN Holdings Inc. 772 3,819 Dongbu Insurance Co Ltd. 198 16,350 Orpea 1,324 128,459 Dubai Islamic Bank PJSC 195 27,456 Otsuka Holdings Co Ltd. 1,199 142,600 Even Construtora e Incorporadora SA 162 89,707 Recordati SpA 2,547 375,039 Experian PLC 7,294 1,321,326 Sigma Pharmaceuticals Ltd. 1,234 40,800 First Gulf Bank PJSC 143 278,000 Sinopharm Group Co Ltd. 1,146 100,814 FirstRand Ltd. 392 7,313 Sonova Holding AG 888 234,000 Fubon Financial Holding Co Ltd. 370 82,445 Sysmex Corp. 4,785 270,400 Guangzhou R&F Properties Co Ltd. 327 45,000 TTY Biopharm Co Ltd. 143 11,799 Hana Financial Group Inc.. 305 50,147 121,176 HDFC Bank Ltd. ADR 7,353 8,156 Hyundai Marine & Fire Insurance Co Ltd. 213 Materials & Processing 6.13% 106,200 ICICI Bank Ltd. ADR 795 142,472 Akzo Nobel NV 8,925 1,781,000 Industrial & Commercial Bank of China Ltd. 1,068 66,100 Alfa SAB de CV 82 180,618 ING Groep NV 2,547 70,862 Anglo American PLC 1,016 387,643 Itausa - Investimentos Itau SA 986 229,640 ArcelorMittal 1,699 10,214 KB Financial Group Inc. 362 149,000 Asahi Glass Co Ltd. 1,017 590,800 Krung Thai Bank PCL 292 47,602 BASF SE 4,434 308,000 KWG Property Holding Ltd. 175 45,672 BillerudKorsnas AB 769 122,755 Lazard Ltd.-Class A 5,044 50,610 Boliden AB 1,325 17,456 Liberty Holdings Ltd. 142 9,600 Braskem SA 101 6,511,025 Lloyds Banking Group PLC 5,029 944,465 China Hongqiao Group Ltd.* 831 123,429 Manulife Financial Corp. 2,201 35,406 CRH PLC 1,231 15,692 Meritz Fire & Marine Insurance Co Ltd. 199 25,253 Evonik Industries AG 756 566,011 Mirvac Group 873 107,519 Fibria Celulose SA 1,053 465,400 Mizuho Financial Group Inc. 837 226,214 Fortescue Metals Group Ltd. 965 189,337 MMI Holdings Ltd./South Africa 327 1,124 Hyosung Corp. 135 40,356 NN Group NV 1,370 295,500 Kingboard Chemical Holdings Ltd. 896 73,979 ORIX Corp. 1,157 7,858 Lenzing AG 953 2,002 Partners Group Holding AG 940 4,063 LG Chem Ltd. 878 18,605 Powszechny Zaklad Ubezpieczen SA 148 3,302 LG Chem Ltd. Preference 491 360,084 Prudential PLC 7,241 19,281 Linde AG 3,175 248,442 Sanlam Ltd. 1,143 3,440 Lotte Chemical Corp. 1,051 3,198,500 Sansiri PCL 148 177,000 Nippon Electric Glass Co Ltd. 959 72,275 Sberbank of Russia PJSC ADR 837 10,179 PhosAgro PJSC 155 814,357 Shenzhen Investment Ltd. 327 5,762 POSCO 1,228 208,000 Shimao Property Holdings Ltd. 272 4,700 POSCO SPON ADR 247 165,943 Sumitomo Mitsui Financial Group Inc. 6,345 65,874 Sibanye Gold Ltd. 122 71,000 Sun Hung Kai Properties Ltd. 897 62,837 Teck Resources Ltd. 1,259 425,600 Thanachart Capital PCL 523 65,241 UPM-Kymmene OYJ 1,606 28,368 The Toronto-Dominion Bank 1,401 49,075 Vedanta Ltd. ADR 610 184,000 The Wharf Holdings Ltd. 1,223 23,101 Wolseley PLC 1,416 227,216 Turkiye Is Bankasi 335 222,000 Xinyi Glass Holdings Ltd. 182 132,714 UBS Group AG 2,083 39,567 35,300 Woori Bank 373 24,302 Zurich Insurance Group AG 6,705 Producer Durables 16.35% 114,637 395,337 ABB Ltd. 8,355 80,060 Accenture PLC-Class A 9,377 Health Care 7.77% 743,400 Adhi Karya Persero Tbk PT 115 9,236 Actelion Ltd. 2,004 11,770 Aena SA 1,610 105,053 Amplifon SpA 1,003 602,900 AirAsia Bhd 308 10,130 Boiron SA 899 158,747 Alfa Laval AB 2,635 34,101 Carl Zeiss Meditec AG 1,259 1,149,132 Balfour Beatty PLC 3,818 5,744 Chong Kun Dang Pharmaceutical Corp. 497 4,723 Bangkok Expressway & Metro PCL 1

54 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Technology (continued) 76,200 Barloworld Ltd.* $ 657 94,000 Micro-Star International Co Ltd. $ 215 936 Brookfield Business Partners LP 23 70,082 Mycronic AB 756 26,395 Canadian National Railway Co 1,778 4,700 NetEase Inc.. ADR 1,012 63,930 Canadian Pacific Railway Ltd 9,127 15,900 Open Text Corp. 983 381,000 China Communications Construction Co Ltd 438 259,000 Pegatron Corp. 619 389,500 China Railway Construction Corp. Ltd 501 166,000 Powertech Technology Inc. 448 326,000 China Railway Group Ltd 268 4,188 Samsung Electronics Co Ltd 6,248 260,000 China Southern Airlines Co Ltd 135 89,994 SAP SE 7,860 47,861 Deutsche Post AG 1,577 22,446 SK Hynix Inc. 831 242,413 Downer EDI Ltd 1,069 588,559 Taiwan Semiconductor Manufacturing Co Ltd ADR 16,921 108,307 East Japan Railway Co 9,379 547,520 Tencent Holdings Ltd 13,396 38,800 Furukawa Electric Co Ltd 1,138 14,700 Tokyo Electron Ltd 1,392 96,700 Haseko Corp. 986 21,100 Wipro Ltd ADR* 204 23,500 Hitachi High-Technologies Corp. 950 289,000 WPG Holdings Ltd 341 11,653 Hyundai Development Co-Engineering & Construction 434 249,520 Yandex NV 5,023 20,482 Intertek Group PLC 881 3,500 YY Inc. ADR 138 71,800 ITOCHU Corp. 955 80,795 246,934 Japan Airlines Co Ltd 7,230 11,230 Keyence Corp. 7,722 Utilities 5.68% 148,900 Komatsu Ltd 3,380 9,558 CEZ AS 160 18,454 Legrand SA 1,050 385,679 China Mobile Ltd 4,089 4,001 LG Corp. 199 1,572,425 China Telecom Corp. Ltd 726 47,000 Mitsubishi Corp. 1,003 27,132 Cia Energetica de Minas Gerais 64 51,372 Multiplus SA 533 27,300 Cia Paranaense de Energia 229 154,500 Obayashi Corp. 1,480 229,547 Enel SpA 1,014 19,539 OSRAM Licht AG 1,027 467,262 Engie SA 5,973 230,514 PostNL NV 995 337,800 KDDI Corp. 8,571 49,615 Prysmian SpA 1,277 46,424 Korea Electric Power Corp. 1,693 32,448 Qualicorp SA 192 32,539 Nippon Telegraph & Telephone Corp. 1,370 114,847 Schneider Electric SE 8,008 51,142 Orange SA 779 3,165 SGS SA 6,452 77,651 PGE Polska Grupa Energetyczna SA 194 9,896 Siemens AG 1,219 208,239 SSE PLC 3,996 43,547 Skanska AB 1,031 6,391,800 Telekomunikasi Indonesia Persero Tbk PT 1,888 57,201 Smiths Group PLC 1,001 404,700 Tenaga Nasional Bhd 1,254 10,231 Sodexo SA 1,178 9,332 Vodacom Group Ltd 100 85,600 Sumitomo Corp. 1,009 1,802,348 Vodafone Group PLC 4,451 158,873 Sumitomo Heavy Industries Ltd 1,026 36,551 26,444 TAV Havalimanlari Holding AS 105 TOTAL COMMON STOCKS 627,577 130,689 Tekfen Holding AS 240 (Cost $605,173) 2,331 Turk Traktor ve Ziraat Makineleri AS 50 Principal 17,921 VInci SA 1,223 Amount Short-Term Investments 2.60% 358,000 Zhejiang Expressway Co Ltd. 342 16,718,803 Dreyfus Government Cash Management Fund 16,719 105,487 (Cost $16,719) Technology 12.52% 11,100 Alibaba Group Holding Ltd. ADR 975 Collateral for Securities Loaned 2.64% 208,000 Arcadyan Technology Corp. 368 Short-Term Investments-Repurchase Agreements 12,304 Atos SE 1,301 852,959 Merrill Lynch Pierce Fenner & Smith 0.50%, due 1/3/17 846 1,200 Baidu Inc. ADR 197 4,052,869 Nomura Securities Int Inc, 0.50%, due 1/3/17 4,053 15,783 Capgemini SA 1,334 4,052,869 RBC Dominion Securities Inc, 052%, due 1/3/17 4,053 23,143 CGI Group Inc.-Class A 1,112 4,052,869 Daiwa Capital Markets, 052%, due 1/3/17 4,053 14,422 Constellation Software Inc./Canada 6,561 4,052,869 Citibank NA, 053%, due 1/3/17 4,053 330,650 Delta Electronics Thailand PCL 753 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 17,058 34,300 DTS Corp. 732 (Cost $17,058) 1,105,000 Hitachi Ltd. 5,988 167,873 Hon Hai Precision GDR REG 853 TOTAL INVESTMENTS 436,590 Hon Hai Precision Industry Co Ltd. 1,141 (Cost $638,950) 102.52% 661,354 86,752 Infineon Technologies AG 1,511 40,500 Infosys Ltd.. ADR 601 Liabilities Less, Other Assets -2.52% (16,259) 366,000 Inventec Corp. 251 16,397 LG Display Co Ltd.. 427 TOTAL NET ASSETS 100.00% $ 645,095 200,998 Lite-On Technology Corp. 303

* All or a portion of this security is on loan.The market value of loaned securities is $18,926,141

55 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

The Portfolio (UNAUDITED)

Portfolio Asset Mix (% of Net Assets)

Equities 100.10% Number of Stocks 1,828 Top Ten Stocks (% of Net Assets) 2.71%

Rights 0.01%

Fixed Income Securities: Short-Term Investments 0.15% Short-Term Investments-Repurchase Agreements 10.31% Liabilities Less, Other Assets -10.57%

Top Ten Equity Holdings (% of Net Assets) Advanced Micro Devices Inc. 0.45% Microsemi Corp 0.33% Webster Financial Corp* 0.27% Prosperity Bancshares Inc. 0.26% Bank of the Ozarks Inc. 0.25% Teledyne Technologies Inc. 0.23% RSP Permian Inc. 0.23% EMCOR Group Inc. 0.23% Private Bancorp Inc. 0.23% Aspen Technology Inc. 0.23%

Top 5 Sectors (% of Net Assets) Financial Services 28.73% Technology 14.42% Producer Durables 13.82% Consumer Discretionary 13.33% Health Care 11.84%

56 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks 100.10% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 13.33% Consumer Discretionary (continued) 4,480 1-800-Flowers.com Inc. $ 48 10,339 Cooper Tire & Rubber Co $ 402 7,169 2U Inc. 216 2,753 Cooper-Standard Holdings Inc. 285 12,117 Aaron's Inc.* 388 3,533 Cracker Barrel Old Country Store Inc.* 590 12,437 Abercrombie & Fitch Co* 149 14,320 Crocs Inc. 98 5,791 AMC Entertainment Holdings Inc.* 195 1,730 CSS Industries Inc. 47 14,350 American Axle & Manufacturing Holdings Inc. 277 195 Daily Journal Corp.* 47 31,111 American Eagle Outfitters Inc.* 472 27,835 Dana Inc. 528 3,100 American Public Education Inc. 76 7,010 Dave & Buster's Entertainment Inc. 395 2,548 American Woodmark Corp. 192 6,100 Deckers Outdoor Corp. 338 1,550 America's Car-Mart Inc. 68 4,239 Del Frisco's Restaurant Group Inc. 72 7,890 Angie's List Inc. 65 4,318 Del Taco Restaurants Inc. 61 15,531 Apollo Education Group Inc. 154 1,896 Delta Apparel Inc. 39 2,459 Arctic Cat Inc.* 37 14,250 Denny's Corp. 183 3,730 Asbury Automotive Group Inc. 230 6,777 Destination XL Group Inc. 29 31,881 Ascena Retail Group Inc.* 197 11,377 DeVry Education Group Inc. 355 1,614 At Home Group Inc. 24 3,276 DineEquity Inc. 252 82,107 Avon Products Inc. 414 4,960 Dorman Products Inc. 362 7,485 Barnes & Noble Education Inc. 86 12,347 DSW Inc. 280 11,660 Barnes & Noble Inc. 130 1,778 Duluth Holdings Inc. 45 2,222 Bassett Furniture Industries Inc. 68 3,100 Eastman Kodak Co 48 5,928 Beazer Homes USA Inc. 79 3,819 El Pollo Loco Holdings Inc. 47 15,623 Belmond Ltd 209 5,100 Eldorado Resorts Inc.* 86 3,497 Big 5 Sporting Goods Corp. 61 4,490 Entercom Communications Corp. 69 8,321 Big Lots Inc.* 418 11,080 Entravision Communications Corp. 78 190 Biglari Holdings Inc. 90 5,100 Eros International PLC* 67 4,146 BJ's Restaurants Inc. 163 1,976 Escalade Inc. 26 18,951 Bloomin' Brands Inc. 342 4,780 Ethan Allen Interiors Inc. 176 2,130 Blue Nile Inc. 87 18,909 Etsy Inc. 223 3,616 Bob Evans Farms Inc. 192 13,620 Express Inc. 147 1,500 Bojangles' Inc. 28 5,380 Federal-Mogul Holdings Corp. 55 2,200 Boot Barn Holdings Inc.* 28 5,050 Fiesta Restaurant Group Inc. 151 15,150 Boyd Gaming Corp. 306 10,003 Five Below Inc. 400 2,950 Bridgepoint Education Inc. 30 1,364 Flexsteel Industries Inc. 84 8,200 Bright Horizons Family Solutions Inc. 574 7,620 Fossil Group Inc.* 197 3,433 Buffalo Wild Wings Inc. 530 4,144 Fox Factory Holding Corp. 115 2,523 Build-A-Bear Workshop Inc. 35 7,041 Francesca's Holdings Corp. 127 8,300 Caesars Acquisition Co* 112 2,039 Franklin Covey Co 41 9,960 Caesars Entertainment Corp.* 85 5,997 Fred's Inc.* 111 7,930 Caleres Inc. 260 3,284 FTD Cos Inc. 78 17,430 Callaway Golf Co 191 20,957 Gannett Co Inc. 203 2,030 Capella Education Co 178 3,750 Genesco Inc. 233 3,400 Care.com Inc. 29 6,840 Gentherm Inc. 232 12,190 Career Education Corp. 123 7,720 G-III Apparel Group Ltd 228 2,910 Carriage Services Inc. 83 1,978 Golden Entertainment Inc. 24 6,186 Carrols Restaurant Group Inc. 94 19,540 GoPro Inc.* 170 1,549 Cavco Industries Inc. 155 8,395 Grand Canyon Education Inc. 491 13,260 Central European Media Enterprises Ltd 34 11,690 Gray Television Inc. 127 1,653 Central Garden & Pet Co* 55 3,880 Group 1 Automotive Inc. 302 6,243 Central Garden & Pet Co* 193 11,900 Guess? Inc.* 144 4,068 Century Casinos Inc. 33 3,665 Haverty Furniture Cos Inc. 87 2,700 Century Communities Inc. 57 4,620 HealthStream Inc. 116 15,231 Chegg Inc.* 112 5,222 Helen of Troy Ltd 441 24,363 Chico's FAS Inc. 351 4,114 Hibbett Sports Inc.* 153 2,485 Churchill Downs Inc. 374 2,400 Hooker Furniture Corp. 91 3,120 Chuy's Holdings Inc. 101 3,247 Horizon Global Corp. 78 4,683 Cimpress * 429 22,552 Houghton Mifflin Harcourt Co 245 2,800 Citi Trends Inc. 53 22,581 Hovnanian Enterprises Inc.* 62 11,870 ClubCorp. Holdings Inc.* 170 5,842 HSN Inc. 200 1,535 Collectors Universe Inc. 33 8,460 Iconix Brand Group Inc. 79 5,035 Columbia Sportswear Co 294 20,877 ILG Inc. 379 4,520 Conn's Inc. 57 10,764 IMAX Corp.* 338

57 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary (continued) Consumer Discretionary (continued) 1,991 Instructure Inc.* $ 39 3,997 Planet Fitness Inc. $ 80 3,550 Inter Parfums Inc. 116 3,729 Popeyes Louisiana Kitchen Inc. 226 4,852 International Speedway Corp. 179 4,396 Potbelly Corp. 57 3,036 Intrawest Resorts Holdings Inc. 54 3,741 PriceSmart Inc. 312 4,607 Isle of Capri Casinos Inc. 114 7,069 QuinStreet Inc. 27 2,562 J Alexander's Holdings Inc. 28 11,700 Quotient Technology Inc. 126 6,036 Jack in the Box Inc. 674 2,950 Reading International Inc. 49 3,330 JAKKS Pacific Inc.* 17 2,726 Red Lion Hotels Corp. 23 2,457 Jamba Inc. 25 2,342 Red Robin Gourmet Burgers Inc. 132 926 Johnson Outdoors Inc. 37 5,813 Red Rock Resorts Inc. 135 6,311 K12 Inc. 108 6,846 Regis Corp. 99 15,370 KB Home* 243 9,910 Rent-A-Center Inc. 111 3,150 Kirkland's Inc. 49 7,372 Restoration Hardware Holdings Inc.* 226 1,471 Kona Grill Inc. 18 2,120 Revlon Inc. 62 15,838 La Quinta Holdings Inc. 225 3,510 Rosetta Stone Inc. 31 3,000 Lands' End Inc.* 45 10,989 Ruby Tuesday Inc. 35 9,167 La-Z-Boy Inc. 285 5,577 Ruth's Hospitality Group Inc. 102 4,276 LCI Industries 461 693 Saga Communications Inc. 35 3,000 LGI Homes Inc.* 86 5,010 Scholastic Corp. 238 4,695 Libbey Inc. 91 9,618 Scientific Games Corp. 135 1,726 Liberty Media Corp.-Liberty Braves Class A 35 2,101 Sears Holdings Corp.* 20 5,830 Liberty Media Corp.-Liberty Braves Class C 120 12,360 SeaWorld Entertainment Inc.* 234 4,425 Liberty Media Corp.-Liberty Media Class A* 139 8,840 Select Comfort Corp. 200 8,380 Liberty Media Corp.-Liberty Media Class C* 263 6,799 Sequential Brands Group Inc. 32 13,560 Liberty TripAdvisor Holdings Inc. 204 3,091 Shake Shack Inc.* 111 15,687 LifeLock Inc.* 375 2,670 Shoe Carnival Inc. 72 2,577 Lifetime Brands Inc. 46 6,450 Shutterfly Inc. 324 2,842 Lindblad Expeditions Holdings Inc.* 27 3,356 Shutterstock Inc. 159 4,262 Lithia Motors Inc. 413 12,175 SInc.lair Broadcast Group Inc. 406 4,878 Lumber Liquidators Holdings Inc.* 77 2,250 SiteOne Landscape Supply Inc. 78 4,440 M/I Homes Inc. 112 4,902 Sonic Automotive Inc. 112 3,200 Malibu Boats Inc. 61 8,066 Sonic Corp. 214 1,850 Marine Products Corp. 26 9,197 Sotheby's 367 4,580 MarineMax Inc. 89 2,211 Speedway Motorsports Inc. 48 4,134 Marriott Vacations Worldwide Corp. 351 4,870 Sportsman's Warehouse Holdings Inc. 46 5,741 Matthews International Corp. 441 4,828 Stage Stores Inc.* 21 1,509 MCBC Holdings Inc. 22 3,021 Stamps.com Inc. 346 7,444 MDC Holdings Inc. 191 4,150 Standard Motor Products Inc. 221 10,142 MDC Partners Inc. 66 5,259 Stein Mart Inc. 29 20,366 Media General Inc. 383 11,498 Steven Madden Ltd 411 7,010 Meredith Corp. 415 4,950 Stoneridge Inc. 88 7,140 Meritage Homes Corp. 248 951 Strattec Security Corp. 38 14,966 Meritor Inc. 186 2,114 Strayer Education Inc. 170 3,371 Metaldyne Performance Group Inc. 77 4,450 Superior Industries International Inc. 117 1,760 Monarch Casino & Resort Inc. 45 1,300 Superior Uniform Group Inc. 26 5,802 Monro Muffler Brake Inc. 332 8,801 Tailored Brands Inc. 225 3,600 Motorcar Parts of America Inc. 97 5,674 Taylor Morrison Home Corp. 109 2,910 Movado Group Inc. 84 10,257 Tenneco Inc. 641 11,509 MSG Networks Inc. 247 12,372 Texas Roadhouse Inc. 597 562 Nathan's Famous Inc. 36 5,315 The Buckle Inc.* 121 11,440 National CineMedia Inc. 169 4,565 The Cato Corp. 137 823 National Presto Industries Inc. 88 8,482 The Cheesecake Factory Inc. 508 5,827 Nautilus Inc. 108 3,464 The Children's Place Inc. 350 7,252 New Media Investment Group Inc. 116 4,470 The Container Store Group Inc. 28 5,572 Nexstar Broadcasting Group Inc. 353 10,828 The EW Scripps Co 209 5,760 Nutrisystem Inc. 200 7,804 The Finish Line Inc. 147 99,807 Office Depot Inc. 451 2,100 The Habit Restaurants Inc. 36 4,000 Ollie's Bargain Outlet Holdings Inc.* 114 3,290 The Marcus Corp. 104 2,190 Overstock.com Inc. 38 2,000 The New Home Co Inc.* 23 2,750 Oxford Industries Inc. 165 23,236 The New York Times Co* 309 5,075 Papa John's International Inc. 434 6,057 Tile Shop Holdings Inc. 118 4,500 Party City Holdco Inc.* 64 2,020 Tilly's Inc.. Class A 27 13,915 Penn National Gaming Inc. 192 19,400 Time Inc. 346 2,220 Perry Ellis International Inc. 55 3,720 Tower International Inc. 105 14,964 Pier 1 Imports Inc. 128 10,158 Pinnacle Entertainment Inc. 147

58 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary (continued) Consumer Staples (continued) 22,400 Travelport Worldwide Ltd $ 316 6,730 SpartanNash Co $ 266 27,806 TRI Pointe Group Inc. 319 49,520 SUPERVALU Inc. 231 5,213 tronc Inc.* 72 4,094 Synutra International Inc. 22 7,860 Tuesday Morning Corp. 42 4,814 The Andersons Inc. 215 1,292 Unique Fabricating Inc. 19 1,647 The Boston Beer Co Inc.* 280 2,644 Universal Electronics Inc. 171 3,437 The Chefs' Warehouse Inc.* 54 3,610 Vera Bradley Inc. 42 3,189 Tootsie Roll Industries Inc.* 127 3,755 Viad Corp. 166 9,037 United Natural Foods Inc. 431 4,610 Vitamin Shoppe Inc. 109 1,843 USANA Health Sciences Inc.* 113 6,165 Wayfair Inc.* 216 1,290 Village Super Market Inc. 40 4,267 WCI Communities Inc. 100 2,561 WD-40 Co 299 4,900 Weight Watchers International Inc.* 56 1,752 Weis Markets Inc. 117 2,822 West Marine Inc. 30 8,323 1,230 Weyco Group Inc. 38 4,417 William Lyon Homes* 84 3,100 Wingstop Inc.* 92 Energy 3.51% 353 Winmark Corp. 45 24,331 Abraxas Petroleum Corp. 63 5,005 Winnebago Industries Inc. 158 5,560 Alon USA Energy Inc.* 63 18,093 Wolverine World Wide Inc. 397 3,600 Ameresco Inc.. Class A 20 6,657 World Wrestling Entertainment Inc.* 122 12,991 Archrock Inc. 171 5,055 XO Group Inc. 98 11,800 Atwood Oceanics Inc.* 155 5,300 ZAGG Inc. 38 9,151 Bill Barrett Corp. 64 3,900 Zoe's Kitchen Inc.* 94 6,130 California Resources Corp.* 131 3,335 Zumiez Inc. 73 27,134 Callon Petroleum Co 417 45,563 3,537 CARBO Ceramics Inc.* 37 10,420 Carrizo Oil & Gas Inc. 389 Consumer Staples 2.43% 1,082 Clayton Williams Energy Inc. 129 4,300 AdvancePierre Foods Holdings Inc. 128 16,447 Clean Energy Fuels Corp.* 47 5,793 Amplify Snack Brands Inc.* 51 65,885 Cobalt International Energy Inc. 80 12,274 B&G Foods Inc. 538 4,190 Contango Oil & Gas Co 39 2,800 Calavo Growers Inc. 172 3,059 CVR Energy Inc.* 78 5,646 Cal-Maine Foods Inc. 249 3,750 Dawson Geophysical Co 30 920 Coca-Cola Bottling Co Consolidated 165 11,090 Delek US Holdings Inc. 267 8,413 Core-Mark Holding Co Inc. 362 63,650 Denbury Resources Inc. 234 2,830 Craft Brew Alliance Inc. 48 8,600 Eclipse Resources Corp. 23 17,107 Dean Foods Co 373 4,870 EnerNOC Inc.* 29 9,025 Diplomat Pharmacy Inc.* 114 7,899 EP Energy Corp.* 52 1,410 Farmer Brothers Co 52 3,720 Era Group Inc. 63 6,036 Fresh Del Monte Produce Inc. 366 4,850 Evolution Petroleum Corp. 49 3,700 Freshpet Inc. 38 28,460 EXCO Resources Inc. 25 13,273 GNC Holdings Inc.* 147 6,400 Exterran Corp. 153 2,580 Ingles Markets Inc. 124 15,375 Fairmount Santrol Holdings Inc. 181 3,480 Inventure Foods Inc. 34 10,360 Flotek Industries Inc.* 97 2,750 J&J Snack Foods Corp. 367 11,350 Forum Energy Technologies Inc. 250 1,570 John B Sanfilippo & Son Inc. 111 2,340 Geospace Technologies Corp.* 48 3,462 Lancaster Colony Corp. 489 16,459 Golar LNG Ltd* 378 2,499 Lifevantage Corp. 20 3,900 Green Brick Partners Inc. 39 2,050 Limoneira Co 44 6,758 Green Plains Inc. 188 1,920 Medifast Inc. 80 21,770 Helix Energy Solutions Group Inc. 192 2,308 MGP Ingredients Inc. 115 5,720 Hornbeck Offshore Services Inc.* 41 2,220 National Beverage Corp. 113 5,573 Independence Contract Drilling Inc. 37 1,610 Natural Grocers by Vitamin Cottage Inc.* 19 10,732 Jones Energy Inc.* 54 1,500 Natural Health Trends Corp.* 37 15,630 Matador Resources Co* 403 1,830 Nature's Sunshine Products Inc. 27 4,830 Matrix Service Co 110 1,450 Nutraceutical International Corp. 51 45,500 McDermott International Inc. 336 4,470 Omega Protein Corp. 112 2,230 Natural Gas Services Group Inc. 72 1,640 Orchids Paper Products Co* 43 15,120 Newpark Resources Inc. 113 7,282 Performance Food Group Co 175 9,055 Northern Oil and Gas Inc.* 25 3,610 PetMed Express Inc.* 83 19,733 NOW Inc. 404 3,273 Primo Water Corp. 40 42,410 Oasis Petroleum Inc. 642 3,735 Sanderson Farms Inc.* 352 9,558 Oil States International Inc. 373 50 Seaboard Corp.* 198 5,800 Pacific Ethanol Inc.* 55 1,470 Seneca Foods Corp. 59 2,849 Panhandle Oil and Gas Inc. 67 4,007 Smart & Final Stores Inc.* 56 6,039 Par Pacific Holdings Inc.* 88 15,035 Snyder's-Lance Inc. 576 19,334 Parker Drilling Co 50

59 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Energy (continued) Financial Services (continued) 10,184 PDC Energy Inc. $ 739 2,230 AV Homes Inc. $ 35 11,520 Pioneer Energy Services Corp. 79 1,778 B. Riley Financial Inc. 33 7,151 Renewable Energy Group Inc.* 69 1,690 Baldwin & Lyons Inc. 43 1,042 REX American Resources Corp. 103 8,975 Banc of California Inc.* 156 2,220 RigNet Inc. 51 1,350 BancFirst Corp. 126 6,676 Ring Energy Inc. 87 5,390 Banco Latinoamericano de Comercio Exterior SA* 159 17,869 RSP Permian Inc. 797 9,238 BanCorp. Inc. 73 10,433 Sanchez Energy Corp.* 94 16,170 BanCorp.South Inc. 502 2,977 SEACOR Holdings Inc. 212 7,506 Bank Mutual Corp. 71 69,903 Seadrill Ltd* 238 1,110 Bank of Marin BanCorp. 77 12,352 SemGroup Corp. 516 16,220 Bank of the Ozarks Inc. 853 12,036 SunCoke Energy Inc. 136 2,990 BankFinancial Corp. 44 12,532 Sunrun Inc.* 67 1,132 Bankwell Financial Group Inc. 37 34,309 Synergy Resources Corp.* 306 5,687 Banner Corp. 317 16,968 TerraForm Global Inc. 67 1,100 Bar Harbor Bankshares 52 15,568 TerraForm Power Inc. 199 3,301 Bear State Financial Inc. 34 14,380 TerraVia Holdings Inc. 17 13,107 Beneficial BanCorp. Inc. 241 8,636 Tesco Corp. 71 5,530 Berkshire Hills BanCorp. Inc. 204 17,410 TETRA Technologies Inc. 87 40,649 BGC Partners Inc. 416 2,027 TPI Composites Inc. 33 10,240 Blackhawk Network Holdings Inc. 386 3,570 Trecora Resources 49 1,149 Blue Capital Reinsurance Holdings Ltd 21 9,800 Unit Corp. 263 4,466 Blue Hills BanCorp. Inc. 84 15,063 Western Refining Inc. 570 3,557 Bluerock Residential Growth REIT Inc. 49 3,639 Westmoreland Coal Co 64 7,500 BNC BanCorp. 239 11,678 Willbros Group Inc. 38 11,372 BofI Holding Inc.* 325 12,003 15,300 Boston Private Financial Holdings Inc. 253 3,075 Bridge BanCorp. Inc.* 117 Financial Services 28.73% 12,938 Brookline BanCorp. Inc. 212 2,921 1st Source Corp. 130 2,923 Bryn Mawr Bank Corp. 123 14,925 Acadia Realty Trust 488 1,526 BSB BanCorp. Inc. 44 1,300 Access National Corp.* 36 592 C&F Financial Corp. 30 1,096 ACNB Corp.* 34 3,293 Calamos Asset Management Inc. 28 5,110 AG Mortgage Investment Trust Inc. 87 2,808 Camden National Corp. 125 4,210 Agree Realty Corp. 194 4,494 Capital Bank Financial Corp. 176 8,706 Alexander & Baldwin Inc. 391 1,850 Capital City Bank Group Inc. 38 393 Alexander's Inc. 168 23,809 Capitol Federal Financial Inc. 392 2,179 Allegiance Bancshares Inc.* 79 16,968 Capstead Mortgage Corp. 173 2,580 Altisource Portfolio Solutions* 69 5,867 Cardinal Financial Corp. 192 9,769 Altisource Residential Corp.* 108 8,393 Cardtronics PLC 458 8,620 Ambac Financial Group Inc. 194 10,678 CareTrust REIT Inc. 164 7,070 American Assets Trust Inc. 305 1,865 Carolina Financial Corp. 57 15,603 American Equity Investment Life Holding Co 352 5,534 Cascade BanCorp. 45 1,510 American National Bankshares Inc. 53 1,968 Cass Information Systems Inc. 145 6,279 Ameris BanCorp. 274 7,264 CatchMark Timber Trust Inc. 82 3,560 AMERISAFE Inc. 222 13,864 Cathay General BanCorp. 527 1,701 Ames National Corp.* 56 31,086 CBL & Associates Properties Inc. 357 17,696 Anworth Mortgage Asset Corp. 91 15,090 Cedar Realty Trust Inc. 99 13,466 Apollo Commercial Real Estate Finance Inc. 224 8,528 CenterState Banks Inc. 215 5,037 Ares Commercial Real Estate Corp. 69 5,450 Central Pacific Financial Corp. 171 5,382 Argo Group International Holdings Ltd 355 1,610 Central Valley Community BanCorp. 32 4,210 Arlington Asset Investment Corp.* 62 600 Century BanCorp. Inc./MA 36 6,215 Armada Hoffler Properties Inc. 91 2,599 Charter Financial Corp. 43 6,940 ARMOUR Residential REIT Inc.* 151 6,826 Chatham Lodging Trust 140 2,121 Arrow Financial Corp.* 86 11,982 Chemical Financial Corp. 649 4,424 Ashford Hospitality Prime Inc. 60 577 Chemung Financial Corp. 21 14,556 Ashford Hospitality Trust Inc. 113 10,931 Chesapeake Lodging Trust 283 624 Associated Capital Group Inc. 20 2,220 Citizens & Northern Corp. 58 16,567 Astoria Financial Corp. 309 8,780 Citizens Inc.* 86 3,439 Atlantic Capital Bancshares Inc. 65 2,724 City Holding Co 184 2,031 Atlas Financial Holdings Inc. 37 3,966 City Office REIT Inc. 52

60 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 3,788 Clifton BanCorp. Inc. $ 64 1,950 First BanCorp. Inc. $ 65 2,560 CNB Financial Corp. 68 20,680 First BanCorp.-Puerto Rico 137 32,554 CNO Financial Group Inc. 623 5,440 First Busey Corp. 167 6,950 CoBiz Financial Inc. 117 1,600 First Business Financial Services Inc. 38 1,490 Codorus Valley BanCorp. Inc. 43 1,368 First Citizens BancShares Inc. 486 3,850 Cohen & Steers Inc. 129 16,480 First Commonwealth Financial Corp. 234 20,953 Colony Capital Inc.* 424 2,967 First Community Bancshares Inc. 89 12,074 Colony Starwood Homes 348 2,499 First Community Financial Partners Inc.* 29 10,841 Columbia Banking System Inc. 484 2,870 First Connecticut BanCorp. Inc. 65 8,040 Community Bank System Inc. 497 1,732 First Defiance Financial Corp. 88 2,438 Community Healthcare Trust Inc. 56 11,441 First Financial BanCorp. 325 2,758 Community Trust BanCorp. Inc. 137 11,916 First Financial Bankshares Inc. 539 5,290 ConnectOne BanCorp. Inc. 137 2,000 First Financial Corp. 106 752 Consolidated-Tomoka Land Co 40 1,798 First Financial Northwest Inc. 35 2,356 CorEnergy Infrastructure Trust Inc.* 82 2,552 First Foundation Inc. 73 6,195 CoreSite Realty Corp. 492 21,631 First Industrial Realty Trust Inc. 607 884 County BanCorp. Inc.* 24 1,027 First Internet BanCorp.* 33 61,115 Cousins Properties Inc. 520 3,590 First Interstate BancSystem Inc. 153 5,024 Cowen Group Inc.* 78 7,580 First Merchants Corp. 285 2,237 Crawford & Co 28 1,300 First Mid-Illinois Bancshares Inc.* 44 3,040 CU BanCorp. 109 14,850 First Midwest BanCorp. Inc. 375 4,486 Customers BanCorp. Inc. 161 2,770 First NBC Bank Holding Co* 20 18,887 CVB Financial Corp. 433 2,115 First Northwest BanCorp. 33 28,266 CYS Investments Inc. 218 3,929 First of Long Island Corp. 112 540 Diamond Hill Investment Group Inc. 114 10,873 First Potomac Realty Trust 119 37,494 DiamondRock Hospitality Co 432 8,884 FirstCash Inc. 418 5,823 Dime Community Bancshares Inc. 117 3,680 Flagstar BanCorp. Inc. 99 1,520 Donegal Group Inc. 27 5,158 Flushing Financial Corp. 152 13,931 DuPont Fabros Technology Inc. 612 39,245 FNB Corp. 629 7,540 Dynex Capital Inc. 51 12,133 FNFV Group 166 5,658 Eagle BanCorp. Inc. 345 7,190 Forestar Group Inc. 96 6,360 Easterly Government Properties Inc. 127 10,803 Four Corners Property Trust Inc. 222 5,899 EastGroup Properties Inc. 436 1,847 Franklin Financial Network Inc. 77 13,725 Education Realty Trust Inc. 581 19,610 Franklin Street Properties Corp. 254 3,180 eHealth Inc. 34 1,240 FRP Holdings Inc. 47 1,380 EMC Insurance Group Inc. 41 32,037 Fulton Financial Corp. 602 5,990 Employers Holdings Inc. 237 5,790 GAIN Capital Holdings Inc. 38 4,446 Encore Capital Group Inc.* 127 1,130 GAMCO Investors Inc. 35 4,677 Enova International Inc. 59 93,296 Genworth Financial Inc. 355 2,125 Enstar Group Ltd 420 2,545 German American BanCorp. Inc. 134 1,682 Enterprise BanCorp. Inc. 63 4,597 Getty Realty Corp. 117 3,583 Enterprise Financial Services Corp. 154 14,232 Glacier BanCorp. Inc. 516 998 Equity Bancshares Inc. 34 4,060 Gladstone Commercial Corp. 82 1,572 ESSA BanCorp. Inc. 25 1,520 Global Indemnity Ltd 58 13,945 Essent Group Ltd 451 2,932 Global Medical REIT Inc.* 26 18,942 EverBank Financial Corp. 368 30,779 Global Net Lease Inc. 241 7,289 Evercore Partners Inc. 501 13,070 Government Properties Inc.ome Trust* 249 11,863 EVERTEC Inc. 211 76,844 Gramercy Property Trust 705 9,240 EZCorp. Inc. 98 2,932 Great Ajax Corp. 39 5,703 Fair Isaac Corp. 680 1,910 Great Southern BanCorp. Inc. 104 1,300 Farmers Capital Bank Corp. 55 11,026 Great Western BanCorp. Inc. 481 5,001 Farmers National Banc Corp. 71 3,803 Green BanCorp. Inc. 58 2,173 Farmland Partners Inc.* 24 8,080 Green Dot Corp. 190 1,820 FBL Financial Group Inc.* 142 5,186 Greenhill & Co Inc. 144 5,400 FCB Financial Holdings Inc. 258 5,202 Greenlight Capital Re Ltd 119 1,562 Federal Agricultural Mortgage Corp. 89 2,604 Guaranty BanCorp. 63 2,338 Federated National Holding Co 44 2,605 Hallmark Financial Services Inc. 30 25,190 FelCor Lodging Trust Inc.* 202 14,063 Hancock Holding Co 606 2,030 Fidelity & Guaranty Life 48 5,856 Hanmi Financial Corp. 204 4,103 Fidelity Southern Corp. 97 7,546 Hannon Armstrong Sustainable Infrastructure Capital Inc. 143 10,040 Financial Engines Inc. 369 2,875 HarborOne BanCorp. Inc.* 56 2,555 Financial Institutions Inc. 87 1,699 HCI Group Inc. 67 3,523 First BanCorp. 96

61 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 20,737 Healthcare Realty Trust Inc. $ 629 24,328 MBIA Inc. $ 260 4,099 Heartland Financial USA Inc. 197 3,272 MBT Financial Corp. 37 4,797 Heritage Commerce Corp. 69 53,569 Medical Properties Trust Inc. 659 5,505 Heritage Financial Corp. 142 2,736 Mercantile Bank Corp. 103 4,966 Heritage Insurance Holdings Inc. 78 1,058 Merchants Bancshares Inc. 57 4,130 Heritage Oaks BanCorp. 51 9,006 Meridian BanCorp. Inc. 170 7,730 Hersha Hospitality Trust 166 1,514 Meta Financial Group Inc. 156 6,700 HFF Inc. 203 62,001 MGIC Investment Corp. 632 13,851 Hilltop Holdings Inc. 413 900 Middleburg Financial Corp. 31 238 Hingham Institution for Savings 47 710 Midland States BanCorp. Inc. 26 1,092 Home BanCorp. Inc. 42 1,380 MidWestOne Financial Group Inc. 52 22,596 Home BancShares Inc. 627 3,200 Moelis & Co 108 4,650 HomeStreet Inc. 147 5,178 MoneyGram International Inc. 61 3,560 HomeTrust Bancshares Inc. 92 11,680 Monmouth Real Estate Investment Corp. 178 23,563 Hope BanCorp. Inc. 516 31,700 Monogram Residential Trust Inc. 343 7,468 Horace Mann Educators Corp. 320 8,540 MTGE Investment Corp. 134 3,606 Horizon BanCorp. 101 1,047 MutualFirst Financial Inc. 35 2,200 Houlihan Lokey Inc. 68 4,479 National Bank Holdings Corp. 143 21,825 HRG Group Inc. 340 1,220 National Bankshares Inc. 53 17,468 Hudson Pacific Properties Inc. 608 1,589 National Commerce Corp. 59 7,648 IBERIABANK Corp. 641 9,200 National General Holdings Corp. 230 1,500 Impac Mortgage Holdings Inc. 21 6,958 National Health Investors Inc.* 516 1,210 Independence Holding Co 24 6,171 National Storage Affiliates Trust 136 10,960 Independence Realty Trust Inc. 98 398 National Western Life Group Inc. 124 4,100 Independent Bank Corp.-Michigan 89 6,040 Nationstar Mortgage Holdings Inc. 109 4,831 Independent Bank Corp.-Rockland MA 340 7,917 NBT BanCorp. Inc. 332 2,044 Independent Bank Group Inc. 128 3,648 Nelnet Inc. 185 1,962 Infinity Property & Casualty Corp. 172 44,212 New Residential Investment Corp. 695 7,900 InfraREIT Inc. 141 13,891 New Senior Investment Group Inc. 136 10,120 International Bancshares Corp. 413 20,433 New York Mortgage Trust Inc.* 135 2,802 INTL. FCStone Inc. 111 30,841 New York REIT Inc. 312 20,406 Invesco Mortgage Capital Inc. 298 4,270 NewStar Financial Inc. 39 6,410 Investment Technology Group Inc. 127 3,577 NexPoint Residential Trust Inc. 80 54,119 Investors BanCorp. Inc.* 755 1,300 Nicolet Bankshares Inc. 62 22,930 Investors Real Estate Trust* 163 9,088 NMI Holdings Inc. 97 272 Investors Title Co 43 7,785 Northfield BanCorp. Inc. 155 12,804 iStar Inc. 158 1,283 Northrim BanCorp. Inc. 41 2,700 James River Group Holdings Ltd 112 10,015 NorthStar Realty Europe Corp. 126 26,967 Janus Capital Group Inc. 358 17,938 Northwest Bancshares Inc. 323 10,310 KCG Holdings Inc. 137 4,730 OceanFirst Financial Corp. 142 16,945 Kearny Financial Corp. 263 17,877 Ocwen Financial Corp.* 96 7,407 Kemper Corp. 328 8,030 OFG BanCorp. 105 15,629 Kennedy-Wilson Holdings Inc. 320 1,538 Old Line Bancshares Inc. 37 1,320 Kinsale Capital Group Inc. 45 24,351 Old National BanCorp. 442 15,373 Kite Realty Group Trust 361 5,300 Old Second BanCorp. Inc. 59 7,153 Ladder Capital Corp. 98 7,459 OM Asset Management Plc 108 19,135 Ladenburg Thalmann Financial Services Inc. 47 9,500 On Deck Capital Inc.* 44 1,441 Lake Sunapee Bank Group 34 2,483 One Liberty Properties Inc. 62 6,771 Lakeland BanCorp. Inc. 132 4,030 OneBeacon Insurance Group Ltd 65 4,489 Lakeland Financial Corp. 213 1,883 Oppenheimer Holdings Inc. 35 19,353 LaSalle Hotel Properties 590 3,200 Opus Bank 96 1,619 LCNB Corp. 38 4,557 Orchid Island Capital Inc.* 49 8,282 LegacyTexas Financial Group Inc. 357 7,198 Oritani Financial Corp. 135 60,637 LendingClub Corp.* 318 1,360 Orrstown Financial Services Inc. 30 1,210 LendingTree Inc.* 123 1,920 Owens Realty Mortgage Inc. 36 42,934 Lexington Realty Trust 464 3,460 Pacific Continental Corp. 76 3,597 Live Oak Bancshares Inc.* 67 3,013 Pacific Mercantile BanCorp. 22 6,834 LTC Properties Inc. 321 5,160 Pacific Premier BanCorp. Inc. 182 4,583 Macatawa Bank Corp. 48 2,450 Park National Corp.* 293 16,362 Mack-Cali Realty Corp. 475 8,890 Park Sterling Corp. 96 10,944 Maiden Holdings Ltd 191 7,646 Parkway Inc. 170 4,165 MainSource Financial Group Inc. 143 2,892 Peapack Gladstone Financial Corp. 89 2,655 Manning & Napier Inc. 20 13,181 Pebblebrook Hotel Trust 392 2,500 Marcus & Millichap Inc. 67 890 Penns Woods BanCorp. Inc. 45 14,131 MB Financial Inc. 667 12,810 Pennsylvania Real Estate Investment Trust* 243 2,330 PennyMac Financial Services Inc. 39

62 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 13,170 PennyMac Mortgage Investment Trust $ 216 6,652 State Bank Financial Corp. $ 179 2,740 Peoples BanCorp. Inc. 89 5,600 State National Cos Inc. 78 1,400 Peoples Financial Services Corp. 68 23,668 Sterling BanCorp. 554 2,553 People's Utah BanCorp. 69 4,199 Stewart Information Services Corp. 193 24,649 Physicians Realty Trust 467 11,979 Stifel Financial Corp. 598 4,302 PICO Holdings Inc. 65 3,967 Stock Yards BanCorp. Inc. 186 7,770 Pinnacle Financial Partners Inc. 538 2,273 Stonegate Bank 95 2,682 Piper Jaffray Cos 194 1,000 Stratus Properties Inc. 33 3,427 PJT Partners Inc.* 106 2,070 Suffolk BanCorp. 89 10,286 Planet Payment Inc. 42 1,532 Summit Financial Group Inc.* 42 7,472 Potlatch Corp. 311 15,676 Summit Hotel Properties Inc. 251 8,604 PRA Group Inc.* 336 1,654 Sun BanCorp. Inc.* 43 4,268 Preferred Apartment Communities Inc. 64 40,593 Sunstone Hotel Investors Inc. 619 2,090 Preferred Bank 110 2,420 Tejon Ranch Co 62 2,007 Premier Financial BanCorp. Inc. 40 8,130 Terreno Realty Corp. 232 8,777 Primerica Inc. 607 1,491 Territorial BanCorp. Inc. 49 14,335 PrivateBanCorp. Inc. 777 8,393 Texas Capital Bancshares Inc. 658 12,252 Prosperity Bancshares Inc. 879 13,866 The GEO Group Inc. 498 1,280 Provident Financial Holdings Inc. 26 2,020 The Navigators Group Inc. 238 11,403 Provident Financial Services Inc. 323 1,235 The RMR Group Inc. 49 3,553 PS Business Parks Inc. 414 9,276 The St Joe Co 176 2,220 Pzena Investment Management Inc. 25 12,193 Third Point Reinsurance Ltd* 141 2,100 QCR Holdings Inc. 91 9,236 Tier REIT Inc. 161 8,738 QTS Realty Trust Inc. 434 4,376 Tiptree Financial Inc.* 27 39,169 Radian Group Inc. 704 2,660 Tompkins Financial Corp. 251 17,031 RAIT Financial Trust 57 10,435 Towne Bank 347 14,096 Ramco-Gershenson Properties Trust 234 3,732 TriCo Bancshares 128 3,179 RE/MAX Holdings Inc. 178 3,678 Trinity Place Holdings Inc. 34 4,400 Real Industry Inc. 27 3,770 TriState Capital Holdings Inc. 83 14,239 Redwood Trust Inc. 217 2,600 Triumph BanCorp. Inc. 68 1,900 Regional Management Corp. 50 2,900 Trupanion Inc.* 45 7,527 Renasant Corp. 318 17,130 TrustCo Bank Corp. 150 1,785 Republic BanCorp. Inc. 71 12,592 Trustmark Corp. 449 6,184 Republic First BanCorp. Inc. 52 8,163 UMB Financial Corp. 630 6,042 Resource Capital Corp.* 50 4,090 UMH Properties Inc. 62 20,086 Retail Opportunity Investments Corp. 424 40,360 Umpqua Holdings Corp. 758 12,659 Rexford Industrial Realty Inc. 294 8,099 Union Bankshares Corp. 289 7,043 RLI Corp. 445 740 Union Bankshares Inc.* 34 22,770 RLJ Lodging Trust 558 12,264 United Bankshares Inc.* 567 7,903 Ryman Hospitality Properties Inc. 498 13,102 United Community Banks Inc. 388 6,519 S&T BanCorp. Inc. 255 8,554 United Community Financial Corp. 76 12,236 Sabra Health Care REIT Inc. 299 9,229 United Financial BanCorp. Inc. 168 4,790 Safeguard Scientifics Inc. 64 3,810 United Fire Group Inc. 187 2,590 Safety Insurance Group Inc. 191 3,000 United Insurance Holdings Corp. 45 4,154 Sandy Spring BanCorp. Inc. 166 2,330 Universal Health Realty Inc.ome Trust 153 1,810 Saul Centers Inc. 121 5,920 Universal Insurance Holdings Inc. 168 5,859 Seacoast Banking Corp. of Florida 129 4,559 Univest Corp. of Pennsylvania 141 12,030 Select Inc.ome REIT 303 16,760 Urban Edge Properties 461 10,438 Selective Insurance Group Inc. 449 5,302 Urstadt Biddle Properties Inc. 128 4,466 Seritage Growth Properties* 191 46,255 Valley National BanCorp. 538 8,602 ServisFirst Bancshares Inc.* 322 1,519 Veritex Holdings Inc. 41 2,306 Shore Bancshares Inc. 35 4,727 Virtu Financial Inc. 75 2,140 SI Financial Group Inc. 33 811 Virtus Investment Partners Inc. 96 2,090 Sierra BanCorp. 56 14,499 Waddell & Reed Financial Inc.* 283 6,207 Silver Bay Realty Trust Corp. 106 4,970 Walker & Dunlop Inc. 155 5,390 Simmons First National Corp. 335 3,646 Walter Investment Management Corp.* 17 4,415 South State Corp. 386 16,977 Washington Federal Inc. 583 1,054 Southern First Bancshares Inc. 38 34,272 Washington Prime Group Inc. 357 1,075 Southern Missouri BanCorp. Inc. 38 13,712 Washington Real Estate Investment Trust 448 2,059 Southern National BanCorp. of Virginia Inc. 34 2,726 Washington Trust BanCorp. Inc. 153 4,516 Southside Bancshares Inc. 170 1,896 WashingtonFirst Bankshares Inc. 55 3,375 Southwest BanCorp. Inc. 98 4,935 Waterstone Financial Inc. 91 12,560 STAG Industrial Inc. 300 16,813 Webster Financial Corp.* 913 2,660 State Auto Financial Corp. 71

63 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Health Care (continued) 7,385 WesBanco Inc. $ 318 4,810 Axovant Sciences Ltd $ 60 2,897 West BanCorp.oration Inc.* 72 4,361 Bellicum Pharmaceuticals Inc.* 59 4,538 Westamerica BanCorp.oration 286 15,563 BioCryst Pharmaceuticals Inc.* 99 7,460 Western Asset Mortgage Capital Corp. 75 9,711 Bio-Path Holdings Inc. 13 4,959 Western New England BanCorp. Inc. 46 24,365 BioScrip Inc. 25 1,489 Westwood Holdings Group Inc. 89 1,100 BioSpecifics Technologies Corp. 61 4,898 Whitestone REIT 70 4,919 BioTelemetry Inc. 110 260 Wins Finance Holdings Inc.* 47 6,855 Bluebird Bio Inc.* 423 9,366 Wintrust Financial Corp. 680 4,100 Blueprint Medicines Corp. 115 21,460 WisdomTree Investments Inc.* 239 5,941 Cambrex Corp. 321 35,079 WMIH Corp. 54 6,689 Cantel Medical Corp. 527 1,105 World Acceptance Corp.* 71 5,203 Capital Senior Living Corp. 84 5,221 WSFS Financial Corp. 242 4,891 Cara Therapeutics Inc.* 45 19,314 Xenia Hotels & Resorts Inc. 375 5,947 Cardiovascular Systems Inc. 144 1,372 Xenith Bankshares Inc. 39 8,147 Castlight Health Inc. 40 9,315 Yadkin Financial Corp. 319 19,207 Celldex Therapeutics Inc. 68 98,254 2,324 Cellular Biomedicine Group Inc. 30 9,531 Cempra Inc.* 27 Health Care 11.84% 19,452 Cerus Corp.* 85 4,069 Abaxis Inc. 215 3,020 Chemed Corp. 484 4,970 Accelerate Diagnostics Inc.* 103 5,970 ChemoCentryx Inc. 44 5,400 Acceleron Pharma Inc. 138 2,680 Cidara Therapeutics Inc. 28 14,888 Accuray Inc.* 68 2,846 Civitas Solutions Inc. 57 7,664 AcelRx Pharmaceuticals Inc.* 20 1,815 Clearside Biomedical Inc.* 16 20,766 Achillion Pharmaceuticals Inc.* 86 5,951 Clovis Oncology Inc.* 264 1,883 Aclaris Therapeutics Inc. 51 6,854 Codexis Inc. 32 8,800 Acorda Therapeutics Inc. 165 5,572 Coherus Biosciences Inc. 157 3,000 Adamas Pharmaceuticals Inc.* 51 2,742 Collegium Pharmaceutical Inc.* 43 1,480 Addus HomeCare Corp. 52 2,092 Computer Programs & Systems Inc.* 49 7,242 Aduro Biotech Inc. 83 3,200 Concert Pharmaceuticals Inc.* 33 7,291 Advaxis Inc.* 52 7,000 ConforMIS Inc.* 57 4,474 Aerie Pharmaceuticals Inc.* 169 4,973 CONMED Corp. 220 5,327 Aevi Genomic Medicine Inc.* 28 1,944 CorVel Corp. 71 14,887 Agenus Inc.* 61 2,563 Cotiviti Holdings Inc.* 88 5,507 Aimmune Therapeutics Inc.* 113 6,187 Cross Country Healthcare Inc. 97 6,643 Air Methods Corp. 212 6,026 CryoLife Inc. 115 6,742 Akebia Therapeutics Inc. 70 23,580 Curis Inc. 73 4,860 Albany Molecular Research Inc.* 91 2,311 Cutera Inc. 40 8,559 Alder Biopharmaceuticals Inc. 178 4,415 Cynosure Inc. 201 1,596 Almost Family Inc. 70 6,852 Cytokinetics Inc.* 83 6,880 AMAG Pharmaceuticals Inc.* 239 4,098 CytomX Therapeutics Inc. 45 5,240 Amedisys Inc. 223 11,860 Depomed Inc.* 214 1,778 American Renal Associates Holdings Inc.* 38 5,040 Dermira Inc. 153 8,607 AMN Healthcare Services Inc. 331 24,800 Durect Corp. 33 6,600 Amphastar Pharmaceuticals Inc.* 122 7,657 Dynavax Technologies Corp.* 30 2,400 Analogic Corp. 199 1,700 Eagle Pharmaceuticals Inc. 135 7,390 Anavex Life Sciences Corp.* 29 3,353 Edge Therapeutics Inc. 42 5,215 AngioDynamics Inc. 88 6,310 Egalet Corp.* 48 1,600 ANI Pharmaceuticals Inc. 97 5,940 Emergent BioSolutions Inc. 195 2,563 Anika Therapeutics Inc. 125 3,085 Enanta Pharmaceuticals Inc. 103 2,000 Applied Genetic Technologies Corp. 19 5,230 Endocyte Inc.* 13 5,135 Aratana Therapeutics Inc. 37 15,517 Endologix Inc.* 89 6,575 Ardelyx Inc. 93 1,604 Entellus Medical Inc. 30 51,460 Arena Pharmaceuticals Inc. 73 8,446 Enzo Biochem Inc. 59 33,300 ARIAD Pharmaceuticals Inc.* 414 8,020 Epizyme Inc.* 97 30,550 Array BioPharma Inc.* 269 2,900 Esperion Therapeutics Inc.* 36 4,496 Atara Biotherapeutics Inc.* 64 20,086 Exact Sciences Corp.* 268 25,000 Athersys Inc.* 38 1,810 Exactech Inc. 49 6,188 AtriCure Inc. 121 9,815 FibroGen Inc.* 210 228 Atrion Corp. 116 5,200 Five Prime Therapeutics Inc. 261 1,100 Avexis Inc.* 53 4,819 Flexion Therapeutics Inc. 92 5,337 AxoGen Inc.* 48

64 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) Health Care (continued) 5,366 Fluidigm Corp.* $ 39 66,164 MannKind Corp. $ 42 2,400 Foundation Medicine Inc.* 42 7,629 Masimo Corp. 514 8,039 Genesis Healthcare Inc. 34 7,033 MediciNova Inc.* 42 7,925 GenMark Diagnostics Inc. 97 10,265 Medidata Solutions Inc. 510 3,510 Genomic Health Inc. 103 1,600 Medpace Holdings Inc. 58 35,872 Geron Corp.* 74 7,905 Meridian Bioscience Inc. 140 3,300 Glaukos Corp. 113 8,033 Merit Medical Systems Inc. 213 3,469 Global Blood Therapeutics Inc.* 50 24,820 Merrimack Pharmaceuticals Inc.* 101 13,170 Globus Medical Inc. 327 19,628 MiMedx Group Inc.* 174 9,553 Haemonetics Corp. 384 4,630 Minerva Neurosciences Inc. 54 20,332 Halozyme Therapeutics Inc.* 201 8,078 Molina Healthcare Inc.* 438 8,900 Halyard Health Inc. 329 12,177 Momenta Pharmaceuticals Inc. 183 8,055 HealthEquity Inc.* 326 2,440 MyoKardia Inc.* 32 16,419 HealthSouth Corp.* 677 13,400 Myriad Genetics Inc.* 223 6,042 Healthways Inc. 137 3,782 NanoString Technologies Inc. 84 6,283 Heron Therapeutics Inc.* 82 3,243 NantKwest Inc.* 19 1,300 Heska Corp. 93 5,549 Natera Inc. 65 16,000 HMS Holdings Corp. 291 2,118 National HealthCare Corp. 161 29,877 Horizon Pharma Plc* 483 1,710 National Research Corp. 32 2,745 ICU Medical Inc. 404 6,220 Natus Medical Inc. 216 17,675 Idera Pharmaceuticals Inc. 27 26,981 Nektar Therapeutics* 331 4,500 Ignyta Inc. 24 6,801 Neogen Corp. 449 2,400 Immune Design Corp. 13 9,400 NeoGenomics Inc.* 81 26,244 ImmunoGen Inc.* 54 3,140 Neos Therapeutics Inc.* 18 18,815 Immunomedics Inc.* 69 4,468 Nevro Corp. 325 13,910 Impax Laboratories Inc. 184 4,429 NewLink Genetics Corp.* 46 7,638 Inc.. Research Holdings Inc. 402 53,300 Novavax Inc. 67 15,261 Innoviva Inc.* 163 9,453 Novocure Ltd* 74 3,051 Inogen Inc. 205 9,251 NuVasive Inc.* 623 3,793 Inotek Pharmaceuticals Corp.* 23 11,426 NxStage Medical Inc. 299 12,308 Inovio Pharmaceuticals Inc. 85 3,733 Ocular Therapeutix Inc.* 31 12,300 Insmed Inc.* 163 8,320 Omeros Corp.* 83 10,930 Insulet Corp. 412 6,598 Omnicell Inc. 224 5,970 Insys Therapeutics Inc.* 55 3,400 OncoMed Pharmaceuticals Inc. 26 5,767 Integer Holdings Corp. 170 6,028 Ophthotech Corp. 29 5,643 Integra LifeSciences Holdings Corp. 484 10,450 OraSure Technologies Inc. 92 1,890 Intellia Therapeutics Inc.* 25 17,493 Organovo Holdings Inc.* 59 5,025 Intersect ENT Inc.* 61 3,268 Orthofix International 118 7,107 Intra-Cellular Therapies Inc. 107 3,790 Osiris Therapeutics Inc. 19 5,764 Invacare Corp. 75 4,626 Otonomy Inc. 74 4,786 Invitae Corp.* 38 6,122 OvaScience Inc.* 9 6,165 InVivo Therapeutics Holdings Corp.* 26 11,658 Owens & Minor Inc. 411 1,667 IRIDEX Corp. 23 4,036 Oxford Immunotec Global PLC* 60 23,867 Ironwood Pharmaceuticals Inc.* 365 15,249 Pacific Biosciences of California Inc. 58 5,070 K2M Group Holdings Inc. 102 7,340 Pacira Pharmaceuticals Inc. 237 4,500 Karyopharm Therapeutics Inc. 42 2,900 Paratek Pharmaceuticals Inc.* 45 15,635 Keryx Biopharmaceuticals Inc.* 92 9,804 PAREXEL International Corp.* 644 18,075 Kindred Healthcare Inc. 142 34,930 PDL BioPharma Inc. 74 7,228 Kite Pharma Inc.* 324 4,623 Penumbra Inc.* 295 2,900 La Jolla Pharmaceutical Co* 51 3,300 Pfenex Inc. 30 1,841 Landauer Inc. 89 5,820 PharMerica Corp. 146 5,640 Lannett Co Inc.* 124 3,448 Phibro Animal Health Corp. 101 2,665 LeMaitre Vascular Inc. 68 8,984 Portola Pharmaceuticals Inc. 202 8,455 Lexicon Pharmaceuticals Inc.* 117 4,511 PRA Health Sciences Inc. 249 2,855 LHC Group Inc. 130 9,876 Prestige Brands Holdings Inc. 515 3,607 Ligand Pharmaceuticals Inc. 367 14,460 Progenics Pharmaceuticals Inc. 125 10,552 Lion Biotechnologies Inc.* 73 1,707 Protagonist Therapeutics Inc.* 38 2,612 Loxo Oncology Inc. 84 6,407 Prothena Corp. PLC* 315 8,040 Luminex Corp. 163 7,100 PTC Therapeutics Inc. 77 6,400 MacroGenics Inc. 131 5,167 Puma Biotechnology Inc.* 159 4,243 Magellan Health Inc. 319 9,340 Quality Systems Inc. 123 5,040 Quidel Corp. 108

65 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) Materials & Processing 7.35% 5,868 Radius Health Inc.* $ 223 5,229 A Schulman Inc. $ 175 6,100 RadNet Inc. 39 7,817 AAON Inc. 258 1,184 Reata Pharmaceuticals Inc. 26 6,479 Aceto Corp. 142 5,790 Regulus Therapeutics Inc. 13 6,800 Advanced Drainage Systems Inc.* 140 6,298 Repligen Corp. 194 734 AEP Industries Inc. 85 6,587 Retrophin Inc.* 125 44,286 AK Steel Holding Corp. 452 3,670 Revance Therapeutics Inc. 76 20,023 Allegheny Technologies Inc.* 319 19,553 Rigel Pharmaceuticals Inc. 47 5,928 American Vanguard Corp. 114 9,409 Rockwell Medical Inc.* 62 1,657 Ampco-Pittsburgh Corp. 28 11,840 RTI Surgical Inc. 38 5,301 Apogee Enterprises Inc. 284 5,618 Sage Therapeutics Inc.* 287 4,524 Armstrong Flooring Inc. 90 15,820 Sangamo BioSciences Inc.* 48 5,875 Balchem Corp. 493 9,340 Sarepta Therapeutics Inc.* 256 11,165 Beacon Roofing Supply Inc. 514 10,360 SciClone Pharmaceuticals Inc. 112 7,608 Belden Inc. 569 19,977 Select Medical Holdings Corp. 265 10,009 BMC Stock Holdings Inc. 195 1,266 Selecta Biosciences Inc.* 22 7,170 Boise Cascade Co 161 3,681 Seres Therapeutics Inc.* 36 14,849 Builders FirstSource Inc. 163 7,600 Sorrento Therapeutics Inc.* 37 4,335 Cabot Microelectronics Corp. 274 3,807 Spark Therapeutics Inc.* 190 4,608 Caesarstone Ltd* 132 14,280 Spectrum Pharmaceuticals Inc.* 63 9,162 Calgon Carbon Corp. 156 7,886 STAAR Surgical Co* 86 8,411 Carpenter Technology Corp. 304 3,405 Stemline Therapeutics Inc. 36 8,820 Century Aluminum Co 75 4,900 Sucampo Pharmaceuticals Inc. 66 1,320 Chase Corp. 110 8,810 Supernus Pharmaceuticals Inc. 222 12,426 Chemtura Corp. 413 2,550 Surmodics Inc. 65 3,137 Clearwater Paper Corp. 206 33,569 Synergy Pharmaceuticals Inc.* 204 41,181 Cliffs Natural Resources Inc.* 346 12,670 Team Health Holdings Inc. 551 29,922 Coeur Mining Inc. 272 3,992 Teladoc Inc.* 66 7,210 Comfort Systems USA Inc. 240 9,200 Teligent Inc.* 61 21,451 Commercial Metals Co 467 5,044 TESARO Inc.* 678 6,577 Continental Building Products Inc. 152 8,081 Tetraphase Pharmaceuticals Inc. 33 2,351 Culp Inc. 87 7,760 TG Therapeutics Inc.* 36 1,982 Deltic Timber Corp. 153 8,913 The Ensign Group Inc. 198 3,349 DMC Global Inc. 53 12,504 The Medicines Co* 424 15,136 Ferro Corp. 217 2,570 The Providence Service Corp. 98 11,785 Ferroglobe PLC 128 27,704 TherapeuticsMD Inc.* 160 4,350 FutureFuel Corp. 60 6,708 Theravance Biopharma Inc.* 214 13,059 GCP Applied Technologies Inc. 349 8,157 TheSpectranetics Corp. 200 5,780 Gibraltar Industries Inc. 241 7,300 Trevena Inc.* 43 3,897 Global Brass & Copper Holdings Inc. 134 4,337 Triple-S Management Corp. 90 1,328 GMS Inc. 39 6,790 Ultragenyx Pharmaceutical Inc.* 477 9,334 Gold Resource Corp. 41 8,960 Universal American Corp. 89 4,779 Greif Inc.. Class A* 245 2,289 US Physical Therapy Inc. 161 1,106 Greif Inc.. Class B* 75 694 Utah Medical Products Inc. 50 5,949 Griffon Corp. 156 7,346 Vanda Pharmaceuticals Inc. 117 2,222 Hawkins Inc. 120 3,146 Vascular Solutions Inc. 176 2,220 Haynes International Inc. 95 3,100 Veracyte Inc. 24 9,118 HB Fuller Co 440 6,078 Versartis Inc. 91 13,231 Headwaters Inc. 311 4,574 Vital Therapies Inc. 20 69,480 Hecla Mining Co 364 2,398 Voyager Therapeutics Inc.* 31 8,301 Ingevity Corp. 455 1,451 WaVe Life Sciences Ltd 38 3,577 Innophos Holdings Inc. 187 6,788 WebMD Health Corp.* 336 4,294 Innospec Inc. 294 19,261 Wright Medical Group* 443 3,900 Installed Building Products Inc. 161 3,831 XBiotech Inc.* 39 3,350 Insteel Industries Inc. 119 6,376 Xencor Inc. 168 12,680 Interface Inc. 235 6,593 Zeltiq Aesthetics Inc.* 287 3,220 Kaiser Aluminum Corp. 250 23,472 ZIOPHARM Oncology Inc.* 126 15,937 KapStone Paper and Packaging Corp. 351 4,816 Zogenix Inc.* 59 2,338 KMG Chemicals Inc. 91 40,471 3,699 Koppers Holdings Inc. 149 5,373 Kraton Corp. 153 4,002 Kronos Worldwide Inc.* 48 6,513 Landec Corp.* 90 1,689 Lawson Products Inc. 40

66 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Materials & Processing (continued) Producer Durables (continued) 26,628 Louisiana-Pacific Corp. $ 504 4,889 Altra Industrial Motion Corp. $ 180 5,390 LSB Industries Inc.* 45 1,340 American Railcar Industries Inc. 61 3,870 LSI Industries Inc. 38 6,781 Applied Industrial Technologies Inc. 403 5,638 Masonite International Corp. 371 3,017 Aqua Metals Inc.* 40 3,915 Materion Corp. 155 4,595 ArcBest Corp. 127 6,417 Minerals Technologies Inc. 496 5,371 Ardmore Shipping Corp. 40 17,505 MRC Global Inc. 355 2,653 Argan Inc. 187 10,579 Mueller Industries Inc. 423 2,390 Ascent Capital Group Inc. 39 28,911 Mueller Water Products Inc. 385 3,747 Astec Industries Inc. 253 4,328 Multi Packaging Solutions International Ltd 62 3,555 Astronics Corp. 120 4,043 Myers Industries Inc. 58 2,400 Atkore International Group Inc. 57 4,830 NCI Building Systems Inc. 76 4,580 Atlas Air Worldwide Holdings Inc. 239 3,099 Neenah Paper Inc. 264 4,910 AZZ Inc. 314 5,555 NN Inc. 106 8,841 Babcock & Wilcox Enterprises Inc. 147 907 Oil-Dri Corp. of America 35 5,007 Badger Meter Inc. 185 1,650 Olympic Steel Inc. 40 9,383 Barnes Group Inc. 445 500 Omega Flex Inc. 28 1,354 Barrett Business Services Inc. 87 7,725 OMNOVA Solutions Inc. 77 8,321 Brady Corp. Class A 312 2,675 Patrick Industries Inc. 204 8,340 Briggs & Stratton Corp. 186 8,490 PGT Innovations Inc. 97 6,186 Bristow Group Inc. 127 8,090 PH Glatfelter Co 193 3,010 CAI International Inc. 26 3,800 Ply Gem Holdings Inc. 62 7,372 Casella Waste Systems Inc. 91 16,141 PolyOne Corp. 517 8,894 CBIZ Inc. 122 2,351 Quaker Chemical Corp. 301 6,001 CEB Inc. 364 6,880 Quanex Building Products Corp. 140 5,443 CECO Environmental Corp. 76 7,996 Rayonier Advanced Materials Inc.* 124 4,910 Celadon Group Inc. 35 4,234 RBC Bearings Inc. 393 5,764 Chart Industries Inc. 208 15,079 Rexnord Corp. 295 3,229 CIRCOR International Inc. 209 2,900 Ryerson Holding Corp. 39 8,661 CLARCOR Inc. 714 4,873 Schnitzer Steel Industries Inc. 125 3,820 Columbus McKinnon Corp. 103 8,486 Sensient Technologies Corp. 667 3,700 Control4 Corp. 38 7,749 Simpson Manufacturing Co Inc. 339 16,609 Convergys Corp.* 408 3,571 Stepan Co 291 5,117 Costamare Inc. 29 22,399 Stillwater Mining Co 361 2,100 Covenant Transportation Group Inc. 41 14,391 Summit Materials Inc. 342 1,571 CRA International Inc. 57 33,557 The Chemours Co 741 2,788 CSW Industrials Inc. 103 7,200 TimkenSteel Corp. 111 5,284 Cubic Corp. 253 4,623 Tredegar Corp. 111 30,668 Darling Ingredients Inc. 396 5,364 Trex Co Inc. 345 8,883 Deluxe Corp. 636 5,683 Trinseo 337 9,414 DHI Group Inc. 59 11,727 Tronox Ltd Class A 121 16,700 DHT Holdings Inc.* 69 1,165 UFP Technologies Inc. 30 4,500 Dorian LPG Ltd* 37 2,656 Unifi Inc. 87 3,825 Douglas Dynamics Inc. 129 400 United States Lime & Minerals Inc. 30 1,917 Ducommun Inc. 49 8,822 Univar Inc. 250 2,566 DXP Enterprises Inc. 89 3,690 Universal Forest Products Inc. 377 5,706 Dycom Industries Inc. 458 2,673 US Concrete Inc.* 175 5,358 Echo Global Logistics Inc. 134 11,776 US Silica Holdings Inc.* 667 8,696 Electronics For Imaging Inc. 381 1,500 Veritiv Corp. 81 11,066 EMCOR Group Inc. 783 8,411 Worthington Industries Inc. 399 3,774 Encore Wire Corp. 164 25,130 2,767 Energous Corp.* 47 6,658 Energy Recovery Inc.* 69 Producer Durables 13.82% 7,921 EnerSys 619 6,155 AAR Corp. 203 3,366 Engility Holdings Inc. 113 10,410 ABM Industries Inc. 425 5,350 Ennis Inc. 93 19,272 ACCO Brands Corp. 251 3,926 EnPro Industries Inc. 264 11,274 Actuant Corp. 293 4,621 ESCO Technologies Inc. 262 7,376 Advanced Energy Industries Inc. 404 6,549 Essendant Inc. 137 6,524 Aegion Corp. 155 5,788 Esterline Technologies Corp. 516 4,150 Aerovironment Inc. 111 6,010 ExlService Holdings Inc. 303 9,563 Air Transport Services Group Inc. 153 4,707 Exponent Inc. 284 9,392 Aircastle Ltd 196 3,096 FARO Technologies Inc. 111 1,850 Alamo Group Inc. 141 11,818 Federal Signal Corp. 184 5,530 Albany International Corp. 256 1,749 Forrester Research Inc. 75 2,483 Allegiant Travel Co 413 5,559 Forward Air Corp. 263 1,725 Allied Motion Technologies Inc. 37 8,599 Franklin Electric Co Inc. 335

67 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Producer Durables (continued) 2,160 FreightCar America Inc. $ 32 11,661 MAXIMUS Inc. $ 651 12,124 Frontline Ltd* 86 5,880 Maxwell Technologies Inc. 30 7,549 FTI Consulting Inc. 340 4,284 McGrath RentCorp. 168 3,563 G&K Services Inc. 344 585 Mesa Laboratories Inc. 72 7,520 GasLog Ltd 121 3,385 Milacron Holdings Corp.* 63 7,587 GATX Corp.* 467 2,200 Miller Industries Inc. 58 1,433 Gencor Industries Inc. 22 2,896 Mistras Group Inc. 74 7,562 Gener8 Maritime Inc.* 34 8,176 Mobile Mini Inc. 247 12,203 Generac Holdings Inc. 497 9,160 Modine Manufacturing Co 136 8,880 General Cable Corp. 169 6,202 Moog Inc. 407 2,507 GP Strategies Corp. 72 5,690 MSA Safety Inc. 394 2,303 Graham Corp. 51 3,082 MTS Systems Corp. 175 7,258 Granite Construction Inc. 399 2,544 Multi-Color Corp. 197 11,120 Great Lakes Dredge & Dock Corp. 47 2,631 MYR Group Inc. 99 5,680 H&E Equipment Services Inc. 132 818 NACCO Industries Inc. 74 3,245 Hardinge Inc. 36 9,020 Navigant Consulting Inc. 236 15,692 Harsco Corp. 213 11,031 Navios Maritime Acquisition Corp. 19 9,558 Hawaiian Holdings Inc. 545 9,072 Navistar International Corp.* 285 6,307 HC2 Holdings Inc. 37 1,976 Neff Corp. 28 13,145 Healthcare Services Group Inc. 515 18,228 Nordic American Tankers Ltd* 153 8,599 Heartland Express Inc.* 175 1,387 NV5 Global Inc. 46 3,517 Heidrick & Struggles International Inc. 85 9,497 On Assignment Inc. 419 2,210 Heritage-Crystal Clean Inc. 35 5,306 Orion Group Holdings Inc. 53 11,170 Herman Miller Inc. 382 3,269 OSI Systems Inc. 249 6,247 Hill International Inc. 27 6,991 Overseas Shipholding Group Inc. 27 11,023 Hillenbrand Inc. 423 1,866 Park-Ohio Holdings Corp. 79 8,500 HNI Corp. 475 4,276 Paylocity Holding Corp. 128 6,097 Hub Group Inc. 267 2,100 PFSweb Inc. 18 1,547 Hurco Cos Inc. 51 9,966 PHH Corp. 151 4,060 Huron Consulting Group Inc. 206 2,396 PHI Inc. 43 1,928 Hyster-Yale Materials Handling Inc. 123 41,536 Plug Power Inc.* 50 3,370 ICF International Inc. 186 1,680 Powell Industries Inc. 66 1,460 IES Holdings Inc. 28 530 Preformed Line Products Co 31 6,011 Information Services Group Inc. 22 7,175 Primoris Services Corp. 163 6,670 InnerWorkings Inc. 66 4,486 Proto Labs Inc.* 230 2,845 Insperity Inc. 202 5,310 Quad/Graphics Inc. 143 2,330 International Seaways Inc. 33 7,248 Radiant Logistics Inc. 28 6,244 Itron Inc. 392 6,774 Raven Industries Inc. 171 5,440 John Bean Technologies Corp. 468 6,751 Resources Connection Inc. 130 18,409 Joy Global Inc. 515 5,110 Roadrunner Transportation Systems Inc. 53 2,002 Kadant Inc. 123 9,230 RPX Corp. 100 4,880 Kaman Corp. 239 5,501 Rush Enterprises Inc.-Class A 175 5,310 Kelly Services Inc. 122 1,238 Rush Enterprises Inc.-Class B 38 14,751 Kennametal Inc. 461 4,870 Saia Inc. 215 4,578 Kforce Inc. 106 10,476 SCorp.io Bulkers Inc. 53 7,366 Kimball International Inc. 129 30,342 SCorp.io Tankers Inc.* 137 10,064 KLX Inc. 454 11,789 ServiceSource International Inc. 67 12,501 Knight Transportation Inc. 413 10,915 Ship Finance International Ltd* 162 8,741 Knoll Inc. 244 9,379 SkyWest Inc. 342 10,661 Korn/Ferry International 314 2,998 SP Plus Corp. 84 9,375 Kratos Defense & Security Solutions Inc. 69 5,390 Spartan Motors Inc. 50 3,652 Layne Christensen Co 40 8,037 SPX Corp. 191 2,095 Lindsay Corp.* 156 6,827 SPX FLOW Inc. 219 4,533 Liquidity Services Inc. 44 2,400 Standex International Corp. 211 4,017 Littelfuse Inc. 610 15,637 Steelcase Inc. 280 3,101 Lydall Inc. 192 4,599 Sun Hydraulics Corp. 184 1,591 Marlin Business Services Corp. 33 2,909 Supreme Industries Inc. 46 4,290 Marten Transport Ltd 100 13,947 Swift Transportation Co* 340 12,363 MasTec Inc. 473 7,132 Sykes Enterprises Inc. 206 8,230 Matson Inc. 291 9,607 TASER International Inc. 233

68 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Technology (continued) 5,255 Team Inc. $ 206 3,100 Applied Optoelectronics Inc.* $ 73 8,496 Teekay Corp.* 68 8,248 ARC Document Solutions Inc. 42 21,886 Teekay Tankers Ltd 49 14,189 Aspen Technology Inc. 776 6,520 Teledyne Technologies Inc. 802 1,660 Autobytel Inc. 22 2,970 TeleTech Holdings Inc. 91 6,002 Avid Technology Inc.* 26 3,391 Tennant Co 241 8,374 AVX Corp. 131 10,791 Tetra Tech Inc. 466 5,337 Axcelis Technologies Inc. 78 3,960 Textainer Group Holdings Ltd 30 8,830 Bankrate Inc. 98 7,960 The Advisory Board Co 265 4,400 Barracuda Networks Inc. 94 8,411 The Brink's Co 347 15,330 Bazaarvoice Inc. 74 1,777 The ExOne Co 17 1,707 Bel Fuse Inc. 53 3,451 The Gorman-Rupp Co 107 9,320 Benchmark Electronics Inc. 284 4,883 The Greenbrier Cos Inc.* 203 2,554 Benefitfocus Inc.* 76 4,230 The Hackett Group Inc. 75 2,783 Black Box Corp. 42 25,509 The Manitowoc Co Inc. 153 8,585 Blackbaud Inc. 549 5,740 Thermon Group Holdings Inc. 110 7,720 Blucora Inc. 114 8,500 Tidewater Inc.* 29 7,840 Bottomline Technologies de Inc. 196 7,750 Titan International Inc. 87 9,541 Box Inc. 132 3,120 Titan Machinery Inc. 45 7,482 Brightcove Inc. 60 7,452 TopBuild Corp. 265 5,630 BroadSoft Inc.* 232 3,000 TRC Cos Inc. 32 12,600 Brooks Automation Inc. 215 8,858 TriMas Corp. 208 4,543 CACI International Inc. 565 7,700 TriNet Group Inc. 197 6,770 CalAmp Corp. 98 7,926 Triton International Ltd 125 7,744 Calix Inc. 60 9,914 Triumph Group Inc. 263 11,422 Callidus Software Inc. 192 8,120 TrueBlue Inc. 200 3,180 Carbonite Inc. 52 6,839 Tutor Perini Corp. 191 11,709 Cavium Inc. 731 2,827 UniFirst Corp. 406 3,678 CEVA Inc. 123 1,500 Universal Logistics Holdings Inc. 25 4,499 ChannelAdvisor Corp. 65 4,010 US Ecology Inc. 197 25,642 Ciena Corp. 626 2,014 Vectrus Inc. 48 11,386 Cirrus Logic Inc. 644 2,920 Vicor Corp. 44 2,000 Clearfield Inc. 41 2,384 Vishay Precision Group Inc. 45 4,320 Coherent Inc. 594 1,668 VSE Corp. 65 4,862 Cohu Inc. 68 11,629 Wabash National Corp. 184 7,132 CommVault Systems Inc. 367 6,639 WageWorks Inc. 481 8,808 comScore Inc. 278 5,240 Watts Water Technologies Inc. 342 4,214 Comtech Telecommunications Corp. 50 8,550 Werner Enterprises Inc. 230 9,400 Cornerstone OnDemand Inc. 398 10,487 Wesco Aircraft Holdings Inc. 157 7,109 Cray Inc. 147 9,630 Woodward Inc. 665 5,987 CSG Systems International Inc.* 290 17,812 XPO Logistics Inc. 769 6,060 CTS Corp. 136 5,820 YRC Worldwide Inc. 77 6,760 Daktronics Inc. 72 47,240 3,967 Datalink Corp. 45 12,600 Diebold Nixdorf Inc. 317 Technology 14.42% 4,795 Digi International Inc. 66 19,614 3D Systems Corp.* 261 1,888 Digimarc Corp. 57 8,122 A10 Networks Inc. 67 11,697 DigitalGlobe Inc. 335 977 Acacia Communications Inc. 60 7,040 Diodes Inc. 181 9,366 Acacia Research Corp. 61 3,979 DSP Group Inc. 52 21,541 ACI Worldwide Inc. 391 19,927 EarthLink Holdings Corp. 112 7,086 Actua Corp. 99 4,707 Ebix Inc.* 269 14,478 Acxiom Corp. 388 4,468 Electro Scientific Industries Inc. 26 8,801 ADTRAN Inc. 197 6,119 Ellie Mae Inc. 512 136,825 Advanced Micro Devices Inc. 1,552 4,827 EMCORE Corp. 42 4,200 Aerohive Networks Inc. 24 11,451 Endurance International Group Holdings Inc.* 106 2,709 Agilysys Inc. 28 25,724 Entegris Inc. 460 1,944 Alarm.com Holdings Inc. 54 7,724 Envestnet Inc. 272 3,966 Alpha & Omega Semiconductor Ltd 84 8,724 EPAM Systems Inc. 561 5,747 Ambarella Inc.* 311 1,174 ePlus Inc. 135 3,100 Amber Road Inc. 28 3,183 Evolent Health Inc.* 47 4,782 American Software Inc. 49 3,296 Exa Corp. 51 18,426 Amkor Technology Inc. 194 7,622 Exar Corp. 82 5,312 Anixter International Inc. 431 19,202 Extreme Networks Inc. 97 1,551 Appfolio Inc.* 37 6,408 Fabrinet 258 14,745 Applied Micro Circuits Corp. 122 20,077 Finisar Corp. 608 6,660 Five9 Inc. 95

69 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology (continued) Technology (continued) 12,085 FormFactor Inc. $ 135 1,900 Park City Group Inc. $ 24 6,067 Gigamon Inc. 276 3,561 Park Electrochemical Corp. 66 11,164 GigPeak Inc. 28 8,201 Paycom Software Inc.* 373 8,320 Global Eagle Entertainment Inc. 54 1,910 PC Connection Inc. 54 5,025 Globant SA* 168 5,046 PDF Solutions Inc. 114 19,443 Glu Mobile Inc. 38 1,863 pdvWireless Inc.* 42 15,081 GrubHub Inc. 567 6,722 Pegasystems Inc.* 242 5,250 GTT Communications Inc. 151 6,650 Perficient Inc. 116 3,430 Guidance Software Inc. 24 13,187 Photronics Inc. 149 14,090 Harmonic Inc.* 70 6,023 Plantronics Inc. 330 7,884 Hortonworks Inc.* 66 6,143 Plexus Corp. 332 5,348 HubSpot Inc.* 251 5,120 Power Integrations Inc. 347 11,111 II-VI Inc. 329 9,197 Progress Software Corp. 294 5,403 Immersion Corp.* 57 7,621 Proofpoint Inc. 538 5,649 Imperva Inc. 217 4,683 PROS Holdings Inc. 101 900 Impinj Inc. 32 13,324 Pure Storage Inc. 151 25,900 Infinera Corp. 220 5,058 Q2 Holdings Inc. 146 7,630 Inphi Corp. 340 1,862 QAD Inc. 57 7,000 Insight Enterprises Inc. 283 5,106 Qualys Inc. 162 25,166 Integrated Device Technology Inc. 593 5,635 Radisys Corp. 25 6,469 InterDigital Inc. 591 20,304 Rambus Inc. 280 25,078 Intersil Corp. 559 3,920 Rapid7 Inc. 48 7,863 Intralinks Holdings Inc. 106 7,642 RealNetworks Inc. 37 15,054 InvenSense Inc.* 193 10,220 RealPage Inc. 307 4,872 iRobot Corp. 285 1,667 Reis Inc. 37 11,810 Ixia 190 7,457 RetailMeNot Inc. 69 4,630 IXYS Corp. 55 10,818 RingCentral Inc. 223 11,432 Jive Software Inc.* 50 3,277 Rogers Corp. 252 5,230 Kimball Electronics Inc. 95 5,591 Rudolph Technologies Inc. 131 16,900 Knowles Corp.* 282 13,512 Sanmina Corp. 495 11,384 Kopin Corp. 32 4,270 Sapiens International Corp. 61 2,745 KVH Industries Inc. 32 4,689 ScanSource Inc. 189 21,350 Lattice Semiconductor Corp. 157 7,694 Science Applications International Corp. 652 14,551 Limelight Networks Inc. 37 12,069 Semtech Corp. 381 11,137 Lionbridge Technologies Inc. 65 12,534 ShoreTel Inc. 90 10,499 LivePerson Inc. 79 6,645 Sigma Designs Inc. 40 4,701 LogMeIn Inc. 454 1,022 Silicom Ltd 42 2,360 Loral Space & Communications Inc.* 97 7,708 Silicon Laboratories Inc. 501 9,354 Lumentum Holdings Inc. 362 6,979 Silver Spring Networks Inc. 93 4,435 MACOM Technology Solutions Holdings Inc. 205 7,897 Sonus Networks Inc. 50 4,580 ManTech International Corp. 194 1,844 Sparton Corp. 44 10,249 MaxLinear Inc. 223 3,120 SPS Commerce Inc. 218 6,793 MeetMe Inc.* 33 8,876 Stratasys Ltd* 147 19,491 Mentor Graphics Corp. 719 6,920 Super Micro Computer Inc. 194 7,100 Mercury Systems Inc. 215 6,549 Synaptics Inc.* 351 6,810 Methode Electronics Inc. 282 7,755 Synchronoss Technologies Inc. 297 20,948 Microsemi Corp. 1,131 5,424 SYNNEX Corp. 656 1,773 MicroStrategy Inc. 350 5,925 Syntel Inc.* 117 2,810 MINDBODY Inc.* 60 2,030 Systemax Inc. 18 6,259 Mitek Systems Inc.* 38 15,182 Take-Two Interactive Software Inc. 748 9,740 MKS Instruments Inc. 579 5,344 Tangoe Inc. 42 6,920 MobileIron Inc. 26 6,337 Tech Data Corp. 537 3,700 Model N Inc.* 33 3,500 TechTarget Inc. 30 7,273 Monolithic Power Systems Inc. 596 6,013 Telenav Inc. 42 7,347 Monotype Imaging Holdings Inc. 146 8,864 Tessera Holding Corp. 392 4,418 Nanometrics Inc. 111 6,857 The KEYW Holding Corp. 81 5,344 NeoPhotonics Corp.* 58 7,275 The Rubicon Project Inc. 54 5,951 NETGEAR Inc. 323 21,861 TiVo Corp. 457 16,731 NetScout Systems Inc. 527 10,055 TrueCar Inc.* 126 10,110 NeuStar Inc.* 338 12,836 TTM Technologies Inc. 175 4,270 New Relic Inc.* 121 4,844 Ubiquiti Networks Inc.* 280 11,854 NIC Inc. 283 5,916 Ultra Clean Holdings Inc. 57 11,626 Nimble Storage Inc.* 92 4,036 Ultratech Inc. 97 5,872 Novanta Inc. 123 9,091 Unisys Corp. 136 4,077 Numerex Corp. 30 7,744 Universal Display Corp.* 436 928 NVE Corp. 66 5,250 USA Technologies Inc. 23 20,441 Oclaro Inc. 183 1,982 Varonis Systems Inc. 53

70 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology (continued) Utilities (continued) 5,316 VASCO Data Security International Inc. $ 73 8,637 Shenandoah Telecommunications Co $ 236 7,231 Veeco Instruments Inc. 211 2,894 SJW Group 162 11,596 Verint Systems Inc. 409 14,914 South Jersey Industries Inc. 502 8,301 ViaSat Inc.* 550 8,604 Southwest Gas Holdings Inc. 659 43,204 Viavi Solutions Inc. 353 600 Spark Energy Inc.* 18 9,884 VirnetX Holding Corp.* 22 8,211 Spire Inc. 530 5,587 Virtusa Corp. 140 3,930 Spok Holdings Inc. 82 25,103 Vishay Intertechnology Inc.* 407 1,700 Straight Path Communications Inc.* 58 4,619 Vocera Communications Inc. 85 8,430 The Empire District Electric Co* 287 8,019 Web.com Group Inc. 170 2,450 The York Water Co 94 4,353 Workiva Inc.* 59 2,558 Unitil Corp. 116 4,487 Xactly Corp. 49 35,730 Vonage Holdings Corp. 245 9,791 Xcerra Corp. 75 8,067 West Corp. 200 15,008 Zendesk Inc. 318 9,183 WGL Holdings Inc. 700 10,542 Zix Corp. 52 18,300 Windstream Holdings Inc.* 132 49,315 15,987 TOTAL COMMON STOCKS 342,286 Utilities 4.67% (Cost $245,411) 16,750 8x8 Inc. 240 Rights 0.01% 9,095 ALLETE Inc. 584 27,230 Dyax Corp. CVR 30 6,791 American States Water Co 309 Originally Acquired: 6/24/2014 1,444 Artesian Resources Corp. 46 22,864 Atlantic Power Corp. 57 16,440 Chelsea Therapeutic CVR - 10,607 Atlantica Yield plc* 205 Originally Acquired: 6/24/2014 1,980 ATN International Inc. 159 11,618 Avista Corp. 465 8,410 Trius Therapeutics CVR - 9,439 Black Hills Corp. 579 Originally Acquired: 9/12/2013 6,600 Boingo Wireless Inc. 80 8,883 California Water Service Group 301 3,060 CLINICAL DATA **DUMMY** - 2,850 Chesapeake Utilities Corp. 191 Originally Acquired: 4/13/2011 7,655 CInc.innati Bell Inc. 171 7,761 Cogent Communications Holdings Inc. 321 3,550 Durata Therapeutics CVR - 2,010 Connecticut Water Service Inc. 112 Originally Acquired: 11/18/2014 9,178 Consolidated Communications Holdings Inc. 246 2,767 Consolidated Water Co Ltd* 30 13,290 Ferroglobe Representation - 1,280 Delta Natural Gas Co Inc. 38 Originally Acquired: 11/21/2016 20,832 Dynegy Inc. 176 7,341 El Paso Electric Co 341 5,440 Gerber Scientic Escrow - 3,740 FairPoint Communications Inc. 70 Originally Acquired: 8/22/2011 5,440 General Communication Inc. 106 53,110 Globalstar Inc. 84 10,840 Leap Wireless Cont RTS - 11,000 Gogo Inc.* 101 Originally Acquired: 7/9/2014 1,145 Hawaiian Telcom Holdco Inc. 28 TOTAL RIGHTS 30 9,193 IDACorp. Inc. 740 (Cost $4) 2,950 IDT Corp. 55 Principal 6,087 Inteliquent Inc. 140 Amount Short-Term Investments 5,000 Intelsat SA* 13 518,363 Dreyfus Government Cash Management Fund 0.15% 518 15,290 Iridium Communications Inc.* 147 (Cost $518) 8,574 j2 Global Inc.* 701 4,060 Lumos Networks Corp. 63 Short-Term Investments 10.31% 6,411 MGE Energy Inc.* 419 Collateral for Securities Loaned 2,940 Middlesex Water Co 126 8,374,102 SwibRepo 0.65%, due 1/3/17 8,374 16,028 New Jersey Resources Corp. 569 1,762,404 Merrill Lynch Pierce Fenner & Smith 0.50%, due 1/3/17 1,750 14,816 NII Holdings Inc. 32 8,374,102 Nomura Securities Int Inc, 0.50%, due 1/3/17 8,374 4,915 Northwest Natural Gas Co 294 8,374,102 RBC Dominion Securities Inc, 052%, due 1/3/17 8,374 9,089 NorthWestern Corp. 517 8,374,102 Citibank NA, 053%, due 1/3/17 8,374 6,200 NRG Yield Inc.* 95 TOTAL SHORT TERM INVESTMENTS-COLLATERAL 35,246 11,449 NRG Yield Inc.* Class A 181 (Cost $35,246) 9,623 ONE Gas Inc. 615 12,025 ORBCOMM Inc. 99 TOTAL INVESTMENTS 7,261 Ormat Technologies Inc. 389 (Cost $281,179) 110.57% 378,080 7,020 Otter Tail Corp. 286 12,233 Pattern Energy Group Inc. 232 Liabilities Less, Other Assets -10.57% (36,144) 14,784 PNM Resources Inc. 507 16,283 Portland General Electric Co 706 TOTAL NET ASSETS 100.00% $ 341,936

* All or a portion of this security is on loan.The market value of loaned securities is $41,565,965

71 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015 (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

12/31/16 12/31/2015 12/31/16 12/31/2015 12/31/16 12/31/2015 12/31/16 12/31/2015

INVESTMENT INCOME: Interest income $ 472 $ 182 $ 6,594 $ 6,755 $ 29,582 $ 28,682 $ 7,476 $ 7,170 Dividend income ------201 - Total investment income 472 182 6,594 6,755 29,582 28,682 7,677 7,170

EXPENSES: Investment advisory and administrative fees 180 178 1,008 988 - - - - Class A - - - - 727 977 347 405 Class B - - - - 3,669 3,288 1,174 1,014 Dividend expense ------216 - Other expenses 70 59 131 108 425 363 158 213 Gross expenses 250 237 1,139 1,096 4,821 4,628 1,895 1,632 Fee waiver - (66) ------Net expenses 250 171 1,139 1,096 4,821 4,628 1,895 1,632 Net investment income 222 11 5,455 5,659 24,761 24,054 5,782 5,538

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions - - (946) (16) 9,228 14,450 1,909 1,090

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts - - 2,423 (3,034) 9,256 (40,498) 2,303 (2,512) Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) - - 1,477 (3,050) 18,484 (26,048) 4,212 (1,422)

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 222 $ 11 $ 6,932 $ 2,609 $ 43,245 $ (1,994) $ 9,994 $ 4,116

See notes to financial statements. 72 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

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

12/31/16 12/31/2015 12/31/16 12/31/2015 12/31/16 12/31/2015

INVESTMENT INCOME: Interest income $ 2,196 $ 2,475 $ 107 $ 60 $ 97 $ 59 Dividend income 2,796 2,514 8,463 7,570 31,011 27,619 Total investment income 4,992 4,989 8,570 7,630 31,108 27,678

EXPENSES: Investment advisory and administrative fees 1,678 1,860 - - - - Class A - - 1,344 1,679 437 438 Class B - - 1,491 1,613 1,806 1,837 Dividend expense ------Other expenses 215 190 178 157 470 389 Gross expenses 1,893 2,050 3,013 3,449 2,713 2,664 Fee waiver - - (7) - - - Net expenses 1,893 2,050 3,006 3,449 2,713 2,664 Net investment income 3,099 2,939 5,564 4,181 28,395 25,014

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 13,441 14,919 19,276 25,371 81,593 79,217

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts 7,899 (22,684) 23,164 (43,562) 52,162 (97,654) Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) 21,340 (7,765) 42,440 (18,191) 133,755 (18,437)

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 24,439 $ (4,826) $ 48,004 $ (14,010) $ 162,150 $ 6,577

See notes to financial statements. 73 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015 (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

12/31/16 12/31/2015 12/31/16 12/31/2015 12/31/16 12/31/2015

INVESTMENT INCOME: Interest income $ 24 $ 6 $ 454 $ 84 $ 583 $ 588 Dividend income 5,173 4,695 14,464 * 13,861 * 5,447 4,979 Total investment income 5,197 4,701 14,918 13,945 6,030 5,567

EXPENSES: Investment advisory and administrative fees ------Class A 1,368 1,654 2,252 2,326 507 512 Class B 1,381 1,329 3,916 3,374 442 456 Dividend expense ------Other expenses 202 178 495 458 160 141 Gross expenses 2,951 3,161 6,663 6,158 1,109 1,109 Fee expense waiver ------Net expenses 2,951 3,161 6,663 6,158 1,109 1,109 Net investment income 2,246 1,540 8,255 7,787 4,921 4,458

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 37,028 31,119 (5,167) 1,383 17,756 22,701

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts (23,115) (15,524) 18,187 (24,717) 42,269 (42,006) Forward foreign currency contracts and foreign currency transactions - - 11 - - -

Net realized and unrealized gain (loss) 13,913 15,595 13,031 (23,334) 60,025 (19,305)

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 16,159 $ 17,135 $ 21,286 $ (15,547) $ 64,946 $ (14,847)

*Net of foreign withholding tax of $1,286 and $1,275 respectively

See notes to financial statements. 74 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015 (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 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 OPERATIONS: Net investment income $ 222 $ 11 $ 5,455 $ 5,659 $ 24,761 $ 24,054 $ 5,782 $ 5,538 Net realized gain (loss) - - (946) (16) 9,228 14,451 1,909 1,090 Change in net unrealized appreciation or (depreciation) - - 2,423 (3,034) 9,256 (40,498) 2,303 (2,512)

Net increase (decrease) in net assets resulting from operations 222 11 6,932 2,609 43,245 (1,993) 9,994 4,116

Distributions to participants from net investment income (222) (11) (5,455) (5,659) (24,761) (24,054) (5,782) (5,538)

TRUST UNIT TRANSACTIONS: Sale of trust units 142,869 131,071 132,456 93,682 142,658 366,290 85,697 103,045 Trust units redeemed (155,053) (117,672) (95,360) (78,912) (197,783) (211,536) (62,963) (85,972) Reinvestment of dividends 219 8 5,352 5,578 23,569 22,783 5,527 5,270

Net increase (decrease) in net assets resulting from trust unit transactions (11,965) 13,407 42,448 20,348 (31,556) 177,537 28,261 22,343

Net increase (decrease) in net assets (11,965) 13,407 43,925 17,298 (13,072) 151,490 32,473 20,921

NET ASSETS AT BEGINNING OF YEAR 74,717 61,310 332,903 315,605 1,168,041 1,016,551 376,287 355,366

NET ASSETS AT END OF YEAR $ 62,752 $ 74,717 $ 376,828 $ 332,903 $ 1,154,969 $ 1,168,041 $ 408,760 $ 376,287

TRUST UNIT ACTIVITY: Trust units at beginning of year 74,722 61,315 30,171 28,345 85,896 73,150 38,126 35,878 Sale of trust units 142,869 131,071 11,948 8,412 10,221 26,312 8,553 10,360 Trust units redeemed (155,053) (117,672) (8,570) (7,088) (14,176) (15,211) (6,298) (8,642) Units issued in reinvestment of dividends 219 8 482 502 1,684 1,645 552 530

TRUST UNITS AT END OF YEAR 62,757 74,722 34,031 30,171 83,625 85,896 40,933 38,126

See notes to financial statements 75 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 OPERATIONS: Net investment income $ 3,099 $ 2,939 $ 5,564 $ 4,181 $ 28,395 $ 25,014 Net realized gain (loss) 13,441 14,919 19,276 25,371 81,593 79,217 Change in net unrealized appreciation or (depreciation) 7,899 (22,684) 23,164 (43,562) 52,162 (97,654)

Net increase (decrease) in net assets resulting from operations 24,439 (4,826) 48,004 (14,010) 162,150 6,577

Distributions to participants from net investment income (3,099) (2,939) (5,564) (4,181) (28,395) (25,014)

TRUST UNIT TRANSACTIONS: Sale of trust units 53,901 19,409 26,659 67,354 588,553 172,163 Trust units redeemed (50,975) (60,213) (114,636) (79,418) (534,670) (157,343) Reinvestment of dividends 3,034 2,873 5,381 4,058 27,254 24,329

Net increase (decrease) in net assets resulting from trust unit transactions 5,960 (37,931) (82,596) (8,006) 81,137 39,149

Net increase (decrease) in net assets 27,300 (45,696) (40,156) (26,197) 214,892 20,712

NET ASSETS AT BEGINNING OF YEAR 198,417 244,113 401,774 427,971 1,370,077 1,349,365

NET ASSETS AT END OF YEAR $ 225,717 $ 198,417 $ 361,618 $ 401,774 $ 1,584,969 $ 1,370,077

TRUST UNIT ACTIVITY: Trust units at beginning of year 2,766 3,281 7,634 7,774 29,487 28,634 Sale of trust units 738 264 499 1,209 12,014 3,647 Trust units redeemed (696) (819) (2,130) (1,425) (10,876) (3,322) Units issued in reinvestment of dividends 41 40 101 76 560 528

TRUST UNITS AT END OF YEAR 2,849 2,766 6,104 7,634 31,185 29,487

See notes to financial statements 76 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015 (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 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 OPERATIONS: Net investment income $ 2,246 $ 1,540 $ 8,255 $ 7,787 $ 4,921 $ 4,458 Net realized gain (loss) 37,028 31,119 (5,167) 1,383 17,756 22,701 Change in net unrealized appreciation or (depreciation) (23,115) (15,524) 18,198 (24,717) 42,269 (42,006)

Net increase (decrease) in net assets resulting from operations 16,159 17,135 21,286 (15,547) 64,946 (14,847)

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

TRUST UNIT TRANSACTIONS: Sale of trust units 16,120 51,959 145,677 92,741 23,081 30,837 Trust units redeemed (59,674) (79,090) (63,304) (41,315) (60,353) (36,749) Reinvestment of dividends ------

Net increase (decrease) in net assets resulting from trust unit transactions (43,554) (27,131) 82,373 51,426 (37,272) (5,912)

Net increase (decrease) in net assets (27,395) (9,996) 103,659 35,879 27,674 (20,759)

NET ASSETS AT BEGINNING OF YEAR 309,210 319,206 541,436 505,557 314,262 335,021

NET ASSETS AT END OF YEAR $ 281,815 $ 309,210 $ 645,095 $ 541,436 $ 341,936 $ 314,262

TRUST UNIT ACTIVITY: Trust units at beginning of year 4,209 4,605 16,913 15,401 19,768 20,113 Sale of trust units 218 708 4,606 2,781 1,454 1,858 Trust units redeemed (791) (1,104) (1,953) (1,269) (3,415) (2,203) Units issued in reinvestment of dividends ------

TRUST UNITS AT END OF YEAR 3,636 4,209 19,566 16,913 17,807 19,768

See notes to financial statements 77 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

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

Income (loss) from investment Less Ratios to average net operations distributions assets: Net asset value, beginning of period Net investment income (loss) Net realized and unrealized gain (loss)on investments Totalfrom investmentoperations Distributions from net investment income Net asset value, end of period return Total Expenses, net of waivers Expenses, before waivers Net investment income Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % % $ Money Market Fund

12-31-16 1.00 * * * * 1.00 0.31 0.35 0.35 0.31 62.8 12-31-15 1.00 * * * * 1.00 0.02 0.24 0.33 0.02 74.7 12-31-14 1.00 * * * * 1.00 0.05 0.32 0.40 0.05 61.3 12-31-13 1.00 * * * * 1.00 0.00 0.30 0.67 0.00 95.0 12-31-12 1.00 * * * * 1.00 0.00 0.36 0.66 0.00 170.5

Short Bond Fund 12-31-16 11.03 0.18 0.04 0.22 (0.18) 11.07 1.99 0.34 0.34 1.62 376.8 12-31-15 11.13 0.19 (0.10) 0.09 (0.19) 11.03 0.81 0.33 0.33 1.72 332.9 12-31-14 11.18 0.20 (0.05) 0.15 (0.20) 11.13 1.37 0.33 0.33 1.83 315.6 12-31-13 11.27 0.18 (0.09) 0.09 (0.18) 11.18 0.84 0.34 0.34 1.65 263.9 12-31-12 11.18 0.24 0.09 0.33 (0.24) 11.27 2.98 0.35 0.35 2.15 219.4

Intermediate Diversified Bond Fund Class A 12-31-16 13.61 0.27 0.21 0.48 (0.27) 13.82 3.53 0.54 0.54 1.95 133.9 12-31-15 13.90 0.27 (0.29) (0.02) (0.27) 13.61 (0.13) 0.53 0.53 1.97 154.7 12-31-14 13.44 0.29 0.46 0.75 (0.29) 13.90 5.65 0.53 0.53 2.15 259.3 12-31-13 13.94 0.26 (0.50) (0.24) (0.26) 13.44 (1.73) 0.54 0.54 1.88 305.7 12-31-12 13.42 0.29 0.52 0.81 (0.29) 13.94 6.05 0.55 0.55 2.08 401.3

Class B 12-31-16 13.60 0.29 0.21 0.50 (0.29) 13.81 3.69 0.39 0.39 2.09 1,021.1 12-31-15 13.90 0.30 (0.30) - (0.30) 13.60 (0.05) 0.38 0.38 2.15 1,013.4 12-31-14 13.44 0.31 0.46 0.77 (0.31) 13.90 5.81 0.38 0.38 2.30 757.3 12-31-13 13.93 0.28 (0.49) (0.21) (0.28) 13.44 (1.51) 0.39 0.39 2.03 522.9 12-31-12 13.41 0.31 0.52 0.83 (0.31) 13.93 6.21 0.40 0.40 2.58 623.9

Opportunistic Bond Fund (a) Class A 12-31-16 9.87 0.13 0.12 0.25 (0.13) 9.99 2.54 0.54 0.54 1.30 67.3 12-31-15 9.91 0.14 (0.04) 0.10 (0.14) 9.87 0.98 0.56 0.56 1.36 67.8 12-31-14 9.92 0.13 (0.01) 0.12 (0.13) 9.91 1.23 0.57 0.57 1.35 98.8 12-31-13 ( b) 10.00 0.05 (0.08) (0.03) (0.05) 9.92 (0.25) 0.56 0.56 0.93 74.4

12-31-16 9.87 0.14 0.12 0.26 (0.14) 9.99 2.69 0.39 0.39 1.45 341.5 12-31-15 9.90 0.15 (0.03) 0.12 (0.15) 9.87 1.23 0.41 0.41 1.53 308.5 12-31-14 9.92 0.15 (0.02) 0.13 (0.15) 9.90 1.27 0.42 0.42 1.50 256.5 12-31-13 ( b) 10.00 0.06 (0.08) (0.02) (0.06) 9.92 (0.16) 0.42 0.42 1.07 179.0

Balanced Fund 12-31-16 71.74 1.08 7.48 8.56 (1.08) 79.22 12.05 0.90 0.90 1.48 225.7 12-31-15 74.40 0.94 (2.66) (1.72) (0.94) 71.74 (2.33) 0.88 0.88 1.26 198.4 12-31-14 69.38 1.03 5.02 6.05 (1.03) 74.40 8.80 0.88 0.88 1.44 244.1 12-31-13 57.84 0.71 11.54 12.25 (0.71) 69.38 21.29 0.89 0.89 1.12 223.6 12-31-12 51.17 0.76 6.67 7.43 (0.76) 57.84 14.59 0.92 0.92 1.37 191.8

See notes to financial statements 78 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

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

Income (loss) from investment Less Ratios to average operations distributions net assets: Net asset value, beginning of period Net investment income (loss) Net realized and unrealized gain (loss)on investments Totalfrom investmentoperations Distributions from net investment income Net asset value, end of period return Total Expenses, net of waivers Expenses, before waivers Net investment income Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % % $ Value Equity Fund Class A 12-31-16 52.73 0.68 6.61 7.29 (0.68) 59.34 13.98 1.05 1.05 1.29 130.9 12-31-15 55.11 0.41 (2.38) (1.97) (0.41) 52.73 (3.58) 1.04 1.04 0.64 140.9 12-31-14 50.74 0.46 4.37 4.83 (0.46) 55.11 9.57 1.04 1.04 0.91 199.0 12-31-13 36.96 0.34 13.78 14.12 (0.34) 50.74 38.32 1.05 1.05 0.78 202.9 12-31-12 31.35 0.38 5.61 5.99 (0.38) 36.96 19.15 1.06 1.06 1.11 205.2

Class B 12-31-16 52.58 0.87 6.60 7.47 (0.87) 59.18 14.41 0.70 0.70 1.67 230.7 12-31-15 55.01 0.64 (2.43) (1.79) (0.64) 52.58 (3.26) 0.69 0.69 1.38 260.9 12-31-14 50.65 0.66 4.36 5.02 (0.66) 55.01 9.97 0.69 0.69 1.22 228.9 12-31-13 36.91 0.51 13.74 14.25 (0.51) 50.65 38.80 0.70 0.70 1.15 198.0 12-31-12 31.32 0.51 5.59 6.10 (0.51) 36.91 19.54 0.71 0.71 1.46 114.2

Core Equity Index Class A 12-31-16 46.48 0.85 4.34 5.19 (0.83) 50.84 11.27 0.38 0.38 1.77 126.7 12-31-15 47.14 0.79 (0.66) 0.13 (0.79) 46.48 0.29 0.38 0.38 1.67 122.0 12-31-14 42.00 0.71 5.14 5.85 (0.71) 47.14 13.99 0.38 0.38 1.58 140.1 12-31-13 32.31 0.58 9.69 10.27 (0.58) 42.00 32.03 0.38 0.38 1.57 143.8 12-31-12 28.41 0.56 3.90 4.46 (0.56) 32.31 15.72 0.39 0.39 1.78 122.3

Class B 12-31-16 46.46 0.97 4.33 5.30 (0.93) 50.83 11.51 0.18 0.18 1.96 1,053.2 12-31-15 47.12 0.88 (0.66) 0.22 (0.88) 46.46 0.50 0.18 0.18 1.87 1,248.1 12-31-14 42.00 0.79 5.12 5.91 (0.79) 47.12 14.19 0.18 0.18 1.78 1,209.2 12-31-13 32.30 0.66 9.70 10.36 (0.66) 42.00 32.31 0.18 0.18 1.78 1,167.7 12-31-12 28.40 0.62 3.90 4.52 (0.62) 32.30 15.95 0.19 0.19 1.98 817.7

Class C (d ) 12-31-16(c ) 49.47 0.39 1.47 1.86 (0.52) 50.81 3.78 0.03 0.03 2.12 405.1

Growth Fund Class A 12-31-16 71.82 0.11 3.75 3.86 - 75.68 5.37 1.17 1.17 0.58 123.1 12-31-15 68.21 0.24 3.37 3.61 - 71.82 5.29 1.16 1.16 0.34 129.6 12-31-14 61.09 0.26 6.86 7.12 - 68.21 11.65 1.16 1.16 0.41 176.8 12-31-13 45.96 0.20 14.93 15.13 - 61.09 32.92 1.18 1.18 0.39 185.4 12-31-12 40.27 0.28 5.41 5.69 - 45.96 14.13 1.20 1.20 0.63 184.4

Class B 12-31-16 74.71 1.04 3.21 4.25 - 78.96 5.69 0.87 0.87 0.88 158.7 12-31-15 70.73 0.46 3.52 3.98 - 74.71 5.63 0.86 0.86 0.62 179.6 12-31-14 63.12 0.49 7.12 7.61 - 70.73 12.06 0.86 0.86 0.73 142.4 12-31-13 47.35 0.38 15.39 15.77 - 63.12 33.31 0.87 0.87 0.68 118.9 12-31-12 41.36 0.47 5.52 5.99 - 47.35 14.48 0.90 0.90 0.94 51.7

See notes to financial statements 79 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

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

Income (loss) from Less investment distributi Ratios to average operations ons net assets: Net asset value, beginning of period Net investment income (loss) Net realized and unrealized gain (loss)on investments Totalfrom investmentoperations Distributions from net investment income Net asset value, end of period return Total Expenses, net of waivers Expenses, before waivers Net investment income Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % % $ International Equity Fund Class A 12-31-16 30.65 0.33 ** 0.39 0.72 - 31.37 2.35 1.39 1.39 1.10 173.5 12-31-15 31.54 0.42 (1.31) (0.89) - 30.65 (2.82) 1.43 1.43 1.20 172.5 12-31-14 33.24 0.58 (2.28) (1.70) - 31.54 (5.11) 1.50 1.50 1.68 170.5 12-31-13 27.24 0.34 5.66 6.00 - 33.24 22.03 1.51 1.51 1.14 181.6 12-31-12 22.86 0.38 4.00 4.38 - 27.24 19.16 1.52 1.52 1.46 164.1

Class B 12-31-16 32.70 0.48 ** 0.42 0.90 - 33.60 2.75 0.98 0.98 1.46 471.6 12-31-15 33.52 0.54 (1.36) (0.82) - 32.70 (2.45) 1.03 1.03 1.59 368.9 12-31-14 35.18 0.60 (2.26) (1.66) - 33.52 (4.72) 1.09 1.09 2.12 335.1 12-31-13 28.72 0.43 6.03 6.46 - 35.18 22.49 1.11 1.11 1.43 333.4 12-31-12 24.00 0.46 4.26 4.72 - 28.72 19.67 1.12 1.12 1.85 228.8

Small Capitalization Equity Index Fund Class A 12-31-16 15.63 0.28 2.94 3.22 18.85 20.60 0.55 0.55 1.33 114.1 12-31-15 16.41 0.19 (0.97) (0.78) - 15.63 (4.75) 0.54 0.54 1.14 98.5 12-31-14 15.71 0.23 0.47 0.70 - 16.41 4.46 0.55 0.55 0.93 111.8 12-31-13 11.38 0.12 4.21 4.33 - 15.71 38.05 0.55 0.55 0.91 115.0 12-31-12 9.86 0.15 1.37 1.52 - 11.38 15.42 0.56 0.56 1.52 100.0

Class B 12-31-16 16.02 0.49 2.87 3.36 19.38 20.97 0.25 0.25 1.62 227.8 12-31-15 16.78 0.23 (0.99) (0.76) - 16.02 (4.53) 0.24 0.24 1.44 215.8 12-31-14 16.01 0.23 0.54 0.77 - 16.78 4.81 0.25 0.25 1.24 223.2 12-31-13 11.57 0.14 4.30 4.44 - 16.01 38.38 0.25 0.25 1.22 221.5 12-31-12 9.99 0.23 1.35 1.58 - 11.57 15.82 0.26 0.26 1.77 154.6

*Amounts are less than $0.005 ** Calculated using average shares outstanding

(a) Start date for the CUIT Opportunistic Bond Fund was May 1, 2013. (b) Net investment income and expense ratios are annualized for CUIT Opportunistic Bond Fund for the period December 31, 2013. (c) Start date for the CUIT Core Equity Class C Fund was October 1, 2016. (d ) Net investment income and expense ratios are annualized for CUIT Core Equity Index Fund for the period December 31, 2016.

See notes to financial statements 80 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Catholic United Investment Trust (CUIT) is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946, “Financial Services – Investment Companies”.

Nature of Organization CUIT is comprised of ten professionally managed, no-load, open-end, pooled investment funds (CUIT Funds) for the exclusive benefit of religious organizations that are listed, or eligible for listing, in the Kenedy Official Catholic Directory of the Roman Catholic Church in the United States. CUIT is exempt from registration under the Investment Company Act of 1940 and the Trust Units issued by CUIT are exempt from registration under the Securities Act of 1933. The CUIT Funds with one class and multiclass funds Class A units do not have a minimum initial investment requirement. Initial investment for Class B units for the CUIT Intermediate Diversified Bond, Opportunistic Bond, Value Equity, Growth, and International Equity Funds is $5.0 million. Initial investment for Class B units for the CUIT Core Equity Index Fund and Small Capitalization Equity Index Fund is $3.0 million. Initial investment for Class C units for the CUIT Core Equity Index Fund is $50.0 million

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

Money Market Fund The Money Market Fund’s objective is to provide participating organizations investments in high quality short-term money market instruments in a portfolio with a weighted average maturity of less than 90 days consistent with its specific objective of seeking optimal current income to the extent consistent with preservation of capital.

Short Bond Fund The Short Bond Fund’s objective is to provide participating organizations maximum current income to the extent consistent with preservation of capital by investing primarily in fixed income obligations issued by the U.S. Government or its agencies, fixed income obligations issued by corporations, mortgage-backed and asset backed securities. The Short Bond Fund’s portfolio effective duration will be similar to that of its benchmark, the Barclays US Treasury 1-3 Index, generally one to three years.

Intermediate Diversified Bond Fund The Intermediate Diversified Bond Fund’s objective is to provide participating organizations current income and long-term capital appreciation through investments primarily in fixed income obligations issued by the U.S. Government or its agencies, obligations issued by corporations, mortgage-backed and asset-backed securities. The Intermediate Diversified Bond Fund’s portfolio effective duration will be similar to that of its benchmark, the Bloomberg Barclays Capital Aggregate Bond Index, generally four to six years.

Opportunistic Bond Fund The Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets. While it will generally offer short duration bond exposure similar to its benchmark, the Bloomberg Barclays 1-5 Year Government Credit Index, one-half to five years, 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 current income and long-term appreciation through investments in equity securities primarily issued by companies with large market capitalizations, as well as U.S. Government securities (and securities of its agencies and instrumentalities) and other fixed income securities. The assets of the Balanced Fund are generally allocated 60% to equity securities and 40% to fixed income securities.

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 are believed to be undervalued.

Core Equity Index Fund The Core Equity Index Fund’s objective is to replicate the aggregate price and yield performance of the Standard & Poor’s Composite Stock Price Index (the S&P 500® Index), an index that emphasizes large capitalization companies, while adhering to the CBIS Commitment to Catholic Responsible Investing. “S&P 500®” is a registered trademark of McGraw- Hill. Neither McGraw-Hill nor Standard & Poor’s is a sponsor of, or affiliated in any way with, the Core Equity Index Fund and neither endorses the Core Equity Index Fund.

Growth Fund The Growth Fund’s objective is to provide participating organizations long-term capital appreciation through investing primarily in equity securities of well-established, medium to large companies that are believed to have above-average market appreciation potential.

International Equity Fund The International Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of well-established companies based in those countries included in the Morgan Stanley Capital International All Country World Ex-USA Index that are believed to have above-average market appreciation potential. The International Equity Fund will adhere to the CBIS Commitment to Catholic Responsible Investing, to the extent reasonably feasible and practicable given the different legal standards that may prevail in foreign countries or the degree of information that may be available to CBIS regarding foreign securities.

Small Capitalization Equity Index Fund The Small Capitalization Equity Index Fund’s objective is to replicate the total return of the Russell 2000 ® Index, an index which emphasizes small capitalization common stocks, while incorporating the CBIS Commitment to Catholic Responsible Investing. It is designed for long-term investors seeking the advantages of a low-cost, “passive” approach for investing in a diversified portfolio of common stocks. The Russell 2000 ® Index is an index of 2,000 small company stocks that is created by taking the largest 3,000 companies in the United States and eliminating the largest 1,000 of those companies.

Net Asset Value and Valuation of Securities

Each CUIT Fund calculates its net asset value (NAV) per share each business day as of the close of trading on the New York Stock Exchange (NYSE) (normally 4:00 p.m. Eastern time). The CUIT Funds do not calculate NAV on days the NYSE is closed for trading, which include New Year’s Day, Martin Luther King Jr. Day, President’s Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

All Funds other than the Money Market Fund

The net asset value (NAV) of each CUIT Fund is determined by the fair value of each Fund’s securities and other assets, less any liabilities. The net asset value per trust unit is obtained by dividing the total NAV of each class of the respective CUIT Fund by the number of trust units outstanding. For this purpose, securities listed or traded on a national or foreign securities exchange are valued at their last sale price or, if there have been no sales on that day, at the most recent bid price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (NOCP). Securities traded in the over-the-counter market not covered by the NASDAQ are valued at the latest bid price. Debt securities are valued at the most recent bid price by using market quotations or independent pricing services. Foreign currency forward contracts are valued daily using quoted forward exchange rates. If no quotations are readily available, securities and other assets are valued as the Board of Trustees, or their designees, in good faith deem appropriate to reflect the fair value thereof. See more information about valuing securities under “Fair Value” heading below.

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Net Asset Value and Valuation of Securities (continued)

Money Market Fund The Money Market Fund seeks to maintain a net asset value of $1.00 per trust unit. The securities of the Money Market Fund are priced on an amortized cost basis (a security is valued at its original cost basis plus the constant amortization of premium or discount to its maturity). The impact of price changes due to changes in interest rates is not reflected by this pricing method. Periodically, the trust administrator verifies this valuation by calculating the market value of the Money Market Fund’s securities and compares this to their amortized cost values. There can be no guarantee that it will achieve its objective or that it will maintain a net asset value of $1.00 per trust unit, but the Money Market Fund has maintained a $1.00 net asset value per trust unit since its inception.

Investment Transactions

Investment transactions are accounted for on trade date +1, except for financial reporting purposes where investment transactions are accounted for on a trade date basis. Realized gains and losses on investments are determined on an identified cost basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities net of foreign withholdings are recorded as the information becomes available. Discounts and premiums on securities are amortized over the contractual life of the respective securities using the effective interest method.

Investment transactions for the year ended December 31, 2016, excluding short-term investments, were as follows (amounts in thousands):

Funds Purchases Sales Money Market Fund $2,129,996 $2,141,747 Short Bond Fund 208,759 180,197 Intermediate Diversified Bond Fund 2,211,742 2,210,138 Opportunistic Bond Fund 438,791 413,496 Balanced Fund 205,197 195,677 Value Equity Fund 115,531 195,602 Core Equity Index Fund 376,593 300,235 Growth Fund 193,992 234,588 International Equity Fund 365,116 275,612 Small Capitalization Equity Index Fund 68,601 98,927

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.

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Futures

A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Balanced, Core Equity Index, Intermediate Diversified Bond Funds and Opportunistic Bond Fund generally invest in exchange traded futures. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund’s overall exposure to the market risk of the fixed income and equity markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin).

Redemption of Trust Units

Participating Organizations may redeem an amount equal to the value of their account plus any accrued income, in whole or in part, by means of a request to withdraw in proper form. Withdrawals from all Funds may be made by written request. The sale price will be the next net asset value for the particular CUIT Fund determined after a valid written redemption request is received. Generally, redemption proceeds will be sent within seven days after receipt of a valid redemption request. Redemption requests for significant amounts may take longer to process. Under unusual circumstances, in order to protect the interests of remaining Participating Organizations, or to accommodate a request by a particular Participating Organization that does not adversely affect the interests of the remaining Participating Organizations, CUIT reserves the right to pay part or all the redemption proceeds in marketable securities instead of cash. In such cases, CBIS, in its discretion, would determine the securities to be delivered in the redemption. If the Participating Organization later wishes to convert the securities to cash, it might incur brokerage or other transaction costs.

The CUIT Funds may suspend the right of redemption during any period when (i) trading on the New York Stock Exchange is restricted or such Exchange is closed, other than customary weekend and holiday closing; or (ii) the Securities and Exchange Commission has by order permitted such suspension, making disposal of portfolio securities or determination of the value of net assets of a particular CUIT Fund not reasonably practicable.

The CUIT Funds have the right, upon thirty (30) days written notice, to redeem involuntarily in cash at net asset value any Participating Organization’s investment in trust units of a given CUIT Fund. Notice of redemption by a CUIT Fund does not preclude a Participating Organization from exercising its right of redemption prior to the expiration of the thirty-day notice period.

The value of trust units on redemption may be more or less than the investor’s cost, depending on the net asset value of a particular CUIT Fund’s trust units at the time of redemption.

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Income Taxes

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

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

CUIT recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. CUIT has no amounts accrued for interest or penalties as of December 31, 2016.

CUIT is no longer subject to examination by U.S. federal taxing authorities for years before December 31, 2012. CUIT does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

Distributions to Participants

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

Income and Other Expense Allocation

Income, fees, realized and unrealized gains (losses) and non-class specific expenses are allocated on a daily basis to each of the classes based on relative net assets of that class to the entire Fund. Class specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective class share.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosure in the accompanying notes. Actual results may differ from those estimates.

Subsequent Event

CUIT has evaluated subsequent events for the recognition and disclosure through March 17, 2017 which is the date the annual financial statements were available to be issued.

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Fair Value

Any securities for which market quotations are not readily available or are believed to be incorrect are valued at fair value as determined in good faith by the investment advisers under the supervision of the Board of Trustees. The Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance. This may occur particularly with respect to certain foreign securities held by a Fund, in which case the Trust may use adjustment factors obtained from an independent valuation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

Accounting standards establish a fair value hierarchy and specify that a valuation technique used to measure fair value shall maximize the use of observable inputs and minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of the fair value hierarchy are described below:

• Level 1-Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

• Level 2-Quoted prices that are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3-Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Fair Value (continued)

A description of the valuation techniques applied to CUIT’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (common & preferred stock): Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would be categorized in level 2 of the fair value hierarchy.

Corporate obligations: The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. These have been classified as level 2 of the fair value hierarchy.

U.S. government obligations: These securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These are categorized in level 1 and level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

U.S. agency obligations: U.S. agency obligations are comprised of agency issued debt. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Depending on market activity levels, these securities are typically categorized in level 1 or level 2 of the fair value hierarchy. These have been classified in level 1and 2 of the fair value hierarchy.

Collateralized mortgage obligations: Collateralized mortgage obligations are comprised of mortgage pass-throughs. Mortgage pass-throughs include to-be-announced (TBA) securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized level 2 of the fair value hierarchy

Certificates of Deposit: Fair values are estimated to approximate deposit account balances, payable on demand, as no discounts for credit quality or liquidity were determined to be applicable. These have been classified in level 2 of the fair value hierarchy.

Short term repurchase agreements: Short-term repurchase agreements are recorded at fair value, which is determined to be amortized cost. To the extent the inputs are observable and timely, the values have been categorized in level 2 of the fair value hierarchy.

Money Market: The fair values of money market mutual fund investments are carried at NAV of $1 per share; the values have been categorized in level 1 of the fair value hierarchy.

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 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.

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, 2016 (amounts in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Money Market Fund: Asset Backed Securities $ - $23,809 $ - $23,809 Corporate Obligations - 23,564 - 23,564 Sovereign - 649 - 649 U.S. Agency Obligations - 4,256 - 4,256 U.S. Government Obligations - 8,511 - 8,511 Repurchase Agreements - 1,500 - 1,500 Money Market 1,417 - - 1,417 Total $1.417 $62,289 $ - $63,706

Short Bond Fund: Asset Backed Securities $ - $52,721 $ - $52,721 Collateralized Mortgage Obligations - 6,742 - 6,742 Mortgage Backed Securities- Commercial - 30,186 - 30,186 Corporate Obligations - 133,972 - 133,972 Municipals - 16,979 - 16,979 Sovereign - 5,794 - 5,794 U.S. Agency Obligations - 22,188 - 22,188 U.S. Government Obligations - 79,231 - 79,231 Money Market 28,218 - - 28,218 Total $28,218 $347,813 $ - $376,031

Intermediate Diversified Bond Fund: Asset Backed Securities $ - $42,687 $ - $42,687 Collateralized Mortgage Obligations - 142 - 142 Mortgage Backed Securities- Commercial - 7,231 - 7,231 Corporate Obligations - 392,784 - 392,784 Municipals - 15,323 - 15,323 Sovereign - 2,591 - 2,591 U.S. Agency Obligations - 254,317 - 254,317 U.S. Government Obligations - 429,318 - 429,318 Money Market 44,705 - - 44,705 Short Term Investments-Repurchase Agreements - 26,306 - 26,306 Total $44,705 $1,170,699 $ - $1,215,404

Opportunistic Bond Fund: Equity Securities $19,365 $ - $ - $19,365 Asset Backed Securities 33,910 - 33,910 Collateralized Mortgage Obligation - 2,766 - 2,766 Mortgage Backed Securities- Commercial - 29,307 29,307 Corporate Obligations - 171,425 - 171,425 Municipals - 17,652 - 17,652 Sovereign - 1,816 - 1,816 U.S. Agency Obligations - 66,463 - 66,463 U.S. Government Obligations - 49,915 - 49,915 Mutual Funds 29 - 29 Money Market 5,582 - - 5,582 Short Term Investments-Repurchase Agreements - 3,497 - 3,497 Total $24,976 $376,751 $ - $401,727 Equity Securities (Sold Short) ($5,248) $ - $ - ($5,248) Total ($5,248) $ - $ - ($5,248)

Balanced Fund: Equity Securities $134,693 $ - $ - $134,693 Asset Backed Securities - 2,970 - 2,970 Mortgage Backed Securities- Commercial - 534 - 534 Corporate Obligations - 28,138 - 28,138 Municipals - 973 - 973 Sovereign - 657 - 980 U.S. Agency Obligations - 20,234 - 20,234 U.S. Government Obligations - 36,335 - 36,012 Money Market 5,203 - - 5,203 Short Term Investments-Repurchase Agreements - 1,353 - 1,353 Total $139,896 $91,194 $ - $231,090 89

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, 2016 (amounts in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Value Equity Fund: Equity Securities $357,945 $ - $ - $357,945 Money Market 5,387 - - 5,387 Short Term Investments-Repurchase Agreements - 5,509 - 5,509 Total $363,332 $5,509 $ - $368,841

Core Equity Index Fund: Equity Securities $1,572,562 $ - $ - $1,572,562 Rights 18 - - 18 Money Market 11,566 - - 11,566 Short Term Investments-Repurchase Agreements - 10,571 - 10,571 Total $1,584,146 $10,571 $ - $1,594,717

Growth Fund: Equity Securities $279,635 $ - $ - $279,635 Rights 2 - - 2 Money Market 2,095 - - 2,095 Short Term Investments-Repurchase Agreements - 5,441 - 5,441 Total $281,732 $5,441 $ - $287,173

International Equity Fund: Equity Securities $627,577 $ - $ - $627,577 Money Market 16,719 - - 16,719 Short Term Investments-Repurchase Agreements - 17,058 - 17,058 Total $644,296 $17,058 $ - $661,354

Small Capitalization Equity Index Fund: Equity Securities $342,286 $ - S - $342,286 Rights 30 - - 30 Money Market 518 - - 518 Short Term Investments-Repurchase Agreements - 35,246 - 35,246 Total $342,834 $35,246 $ - $378,080

(Amounts in thousands): Level 1 Level 2 Level 3 Other Financial Asset Liability Asset Liability Asset Liability Total Instruments Intermediate Diversified Bond Fund: Futures $407 - - - - - $407

Balanced Fund: Futures $31 - - - - - $31

Core Equity Fund: Futures - ($102) - - - - ($102)

International Equity Fund: Forward Currency Contracts - - $2 - - - $2

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 management contract. This fee is accrued daily and paid on a monthly basis. Under the management contract, the CUIT Funds bear the following fees and expenses: Trustee compensation; Trustee costs and expenses associated with the holding of Board meetings; expenses relating to the issuance, registration, and qualification of shares of the CUIT Funds in appropriate states (so-called blue sky registrations); fees and expenses of the custodian; auditing fees; fees and expenses of legal counsel; license fees paid to providers of investment indices; expenses related to transfer agency, shareholder servicing and fund accounting; fees associated with the benchmark index and performance analytics software used to assess CUIT Funds performance. The CUIT Funds may also pay fees to consultants based on cost savings achieved by the CUIT Funds attributable to the services of such consultants. Under the management contract, CBIS bears all costs of its operations of the CUIT Funds, excluding those aforementioned fees and expenses borne by the CUIT Funds. The costs borne by CBIS include interest charges; incidental and operational costs associated with the holding of Board meetings; costs associated with holding Participating Organization meetings; costs associated with preparing reports and notices; costs associated with maintaining trade association memberships; record keeping expenses; and any extraordinary expenses.

Fund Annual Fee Money Market Fund 0.25 % Short Bond Fund 0.30% Intermediate Diversified Bond Fund Class A 0.50% Intermediate Diversified Bond Fund Class B 0.35% Opportunistic Bond Fund Class A 0.50% Opportunistic Bond Fund Class B 0.35% Balanced Fund 0.80% Value Equity Fund - Class A 1.00% Value Equity Fund - Class B 0.65% Core Equity Index Fund - Class A 0.35% Core Equity Index Fund - Class B 0.15% Core Equity Index Fund – Class C 0.00%** Growth Fund - Class A 1.10% Growth Fund - Class B 0.80% International Equity Fund - Class A 1.30%* International Equity Fund - Class B 0.90%* Small Capitalization Equity Index Fund - Class A 0.50% Small Capitalization Equity Index Fund - Class B 0.20%

*On June 1, 2015, the CUIT International Equity Fund reduced its management fee to 1.30% from 1.40% for Class A and to 0.90% from 1.00% for Class B. ** No management fee exists for the CUIT Core Equity Index Fund – Class C Shares pursuant to the Investment Management Agreement between CUIT and CBIS. Rather, investors that hold Class C Shares will be billed and pay directly to CBIS a separate investment management fee, as set forth in the CUIT Offering Memorandum, pursuant to an Investment Management Fee Agreement by and between CBIS and the investor. 91

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 3 - Investment Advisory and Administrative Fee (continued)

Expense Waiver

CBIS has agreed to voluntarily waive its fees or reimbursement expenses, or both, for the following funds: the Money Market Fund so that the total annual fund operating expenses will not exceed 0.35% and the International Equity Fund – Class B so the total annual fund operating expense will not exceed 0.99%. As provided in the Investment Management Agreement between CUIT and CBIS, to the extent that CBIS voluntarily agrees to waive fees and/or reimburse expenses, CUIT, on behalf of such Series, may reimburse CBIS for any of its fee waivers and/or expense reimbursements up to the amount waived or reimbursed during the preceding five-year period. The total amount of the waived management fees that are subject to recapture by the Money Market Fund by the following dates are:

December 31, 2021- $ 199 December 31, 2020 -$ 65,634 December 31, 2019 -$ 56,269 December 31, 2018 -$629,317 December 31, 2017 -$587,533

For the year ended December 31, 2016 the total amount of the waived management fee for the International Equity Fund – Class B was $0.00. One sub-adviser to the Value Equity Fund has voluntarily reduced its fee to CBIS for an indefinite period of time; this temporary concession of a portion of the investment management fee paid by CBIS has been passed on to the Value Equity Fund as a fee waiver, and will continue to be passed on as a fee waiver so long as the temporary concession remains in place. This fee waiver is reflected in the Financial Statements of the Value Equity Fund.

Note 4 – Financial Guarantees The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is not known. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Note 5 - Capital Share Transactions Trust unit activity for the Funds is presented below: (Multiple class funds only) Capital Share Transactions for the Year Ended December 31, 2016 (000s)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES NET INCREASE IN FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS Intermediate Diversified 1,121 $15,609 183 $2,569 (2,984) ($41,633) (1,680) ($23,455) Bond Fund Class A Intermediate Diversified 9,100 127,049 1,501 21,000 (11,193) (156,149) (591) (8,101) Bond Fund Class B Opportunistic Bond Fund 748 7,471 85 854 (956) (9,570) (122) (1245) Class A Opportunistic Bond Fund 7,805 78,225 467 4,673 (5,342) (53,392) 2,930 29,506 Class B Value Equity Class A 168 8,625 31 1,635 (664) (36,024) (466) (25,763)

Value Equity Class B 332 18,036 71 3,746 (1,466) (78,613) (1,063) (56,831)

Core Equity Index Class A 332 15,559 41 2,000 (506) (24,355) (133) (6,796)

Core Equity Index Class B 3,756 181,216 450 21,781 (10,348) (509,182) (6,142) (306,185)

Core Equity Index Class C 7,927 391,777 69 3,473 (23) (1,132) 7,973 394,117

Growth Class A 92 6,632 -- -- (270) (19,728) (177) 13,096

Growth Class B 126 9,487 -- -- (520) (39,945) (395) (30,459) International Equity Fund 647 19,494 -- -- (747) (23,026) (100) (3,532) Class A International Equity Fund 3,959 126,183 -- -- (1,205) (40,277) 2,753 85,906 Class B Small Capitalization Equity 716 11,362 -- -- (963) (15,945) (247) (4,583) Index Class A Small Capitalization Equity 738 11,719 -- -- (2,451) (44,407) (1,713) (32,688) Index Class B

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 5 - Capital Share Transactions (continued) Trust unit activity for the Funds is presented below: (Multiple class funds only) Capital Share Transactions for the Year Ended December 31, 2015 (000s)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES NET INCREASE IN FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS Intermediate Diversified 1,859 $25,770 237 $3,304 (9,377) ($130,777) (7,281) ($101,703) Bond Fund Class A Intermediate Diversified 24,453 340,520 1,408 19,479 (5,834) (80,759) 20,027 279,240 Bond Fund Class B Opportunistic Bond Fund 2,564 25,487 102 1,019 (5,778) (57,518) (3,112) (31,012) Class A Opportunistic Bond Fund 7,796 77,558 428 4,251 (2,864) (28,454) 5,360 53,355 Class B Value Equity Class A 248 13,535 21 1,134 ( 1,209) (67,548) (940) (52,878)

Value Equity Class B 961 53,819 55 2,923 (216) (11,870) 800 44,872

Core Equity Index Class A 499 23,557 41 1,877 (888) (42,193) (348) (16,759)

Core Equity Index Class B 3,148 148,606 487 22,452 (2,434) (115,150) 1,201 55,908

Growth Class A 151 10,682 -- -- (939) (66,910) (788) (56,229)

Growth Class B 557 41,277 -- -- (165) (12,180) 392 29,098 International Equity Fund 1,114 35,417 -- -- (888) (28,448) 226 6,969 Class A International Equity Fund 1,667 57,324 -- -- (381) (12,867) 1,286 44,457 Class B Small Capitalization Equity 908 14,818 -- -- (1,419) (23,400) (511) (8,582) Index Class A Small Capitalization Equity 950 16,019 -- -- (784) (13,349) 166 2,670 Index Class B

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 6-Securities Lending

All of the CUIT Funds may lend their securities through a security lending program administered by Bank of New York Mellon to earn additional income. The Bank of New York Mellon invests cash received as collateral for the securities loaned in fixed income and equity securities. The value of the cash collateral obtained at the inception of the security loan is at least 102% of the market value of the loaned securities. The securities loaned and the collateral is marked to market daily. The collateral is maintained at not less than 100% of the market value of the loaned securities during the period of the loan. Counter party risk, the risk that the Borrower fails to return the loaned security, is mitigated by the collateral held against the loaned security. This collateral is 102% at inception and is monitored by the bank on a daily basis, and maintained at no less than 100% of the market value of the security loaned.

The CUIT Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

As of December 31, 2016, the CUIT Funds had loaned securities that were collateralized by cash equivalents and forms of non-cash collateral assets. The cash collateral is invested by the custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. A Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. The schedules of investments for the Funds include the particular cash collateral holdings as of December 31, 2016. The non-cash collateral includes U.S. Treasury Notes/Bonds and Corporate Bonds and U.S Agencies Obligations.

As of December 31, 2016, the market value of the securities on loan and payable on collateral (cash and non-cash) due to broker were as follows:

Fund Market Value of Market Value Market Value Market Value Loaned Securities of Collateral of Cash of Non-Cash Collateral Collateral Intermediate Diversified Bond Fund $95,427,623 $97,430,080 $26,305,933 $71,124,147 Opportunistic Bond Fund 29,689,914 30,319,171 3,497,075 26,822,096 Balanced Fund 9,918,525 10,134,418 1,353,346 8,781,072 Value Equity Fund 7,448,077 7,615,439 5,508,608 2,106,831 Core Equity Index Fund 17,277,007 17,699,104 10,570,552 7,128,552 Growth Fund 9,229,077 9,439,982 5,440,881 3,999,101 International Equity Fund 18,926,141 19,574,837 17,057,569 2,517,268 Small Capitalization Equity Index Fund 41,565,965 42,832,585 35,246,182 7,586,403 Totals $229,482,329 $235,045,616 $104,980,146 $130,065,470

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 6-Securities Lending (continued)

As of December 31, 2016 the collateral by cash equivalents pledged and remaining time to maturity were as follows:

Fund Overnight Up to 30 Total and Days Continuous Intermediate Diversified Bond Fund Fixed Income $26,305,933 - $26,305,933

Opportunistic Bond Fund Fixed Income 3,497,075 - 3,497,075

Balanced Fund Equity 1,323,946 - 1,323,946 Fixed Income 29,400 - 29,400 1,353,346 1,353,346 Value Equity Fund Equity 5,508,608 - 5,508,608

Core Equity Index Fund Equity 10,570,552 - 10,570,552

Growth Fund Equity 5,440,881 - 5,440,881

International Equity Fund Equity 17,057,569 - 17,057,569

Small Capitalization Equity Index Fund Equity 35,246,182 - 35,246,182

Interest Income:

The interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them (“securities lending income”) is reflected in the Funds’ statement of operations. During periods ending December 31, 2016 and December 31, 2015, the Funds listed below generated interest income, net of fees paid to Bank of New York Mellon, from the lending of securities as follows:

Fund Year Ended Year Ended December 31, 2016 December 31, 2015 Money Market Fund $ 951 $ 486 Short Bond Fund 10,802 14,653 Intermediate Diversified Bond Fund 192,649 162,930 Opportunistic Bond Fund 35,796 25,812 Balanced Fund 26,239 18,903 Value Equity Fund 85,218 70,857 Core Equity Index Fund 77,338 65,419 Growth Fund 18,108 5,310 International Equity Fund 94,228 71,642 Small Capitalization Equity Index Fund 584,571 591,941 Total Income $1,125,900 $1,027,593

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 7- Investments in Derivatives

The CUIT Intermediate Diversified Bond Fund, CUIT Balanced Fund, and CUIT Core Equity Index Fund made investments in derivative instruments which included futures transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specific date, or to exchange interest payment streams or currencies based on a notional or contractual amount.

Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

The following table sets forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of December 31, 2016. The values in the table below exclude the effects of cash collateral received or posted pursuant to derivative contracts, and therefore are not representative of the Fund’s net exposure. (amounts in thousands)

Fund Risk Statements of Assets Derivative Statement of Assets Derivative and Liabilities Assets and Liabilities Liabilities Location Location Intermediate Variation Margin $- Variation Margin $342 Diversified Bond Fund Interest rate

Balanced Fund Variation Margin $- Variation Margin $32 Interest rate

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

The following table sets forth by certain risk types the Funds’ gains (losses) related to derivative activities and their indicative volumes for the year ended December 31, 2016. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains or losses on derivative contracts may offset losses or gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations (amounts in thousands):

Fund Risk Statement of Operations Net Realized Gain Net Change in Location (Loss) Unrealized Appreciation (Depreciation) Net realized gain on investments, futures contracts and foreign Intermediate currency transactions. Diversified Interest rate Change in net unrealized ($650) $710 Bond Fund appreciation or (depreciation) on: investments and futures contracts Net realized gain on investments, futures contracts and foreign currency transactions. Balanced Fund Interest rate Change in net unrealized ($45) $54 appreciation or (depreciation) on: investments and futures contracts Net realized gain on investments, futures contracts and foreign Core Equity currency transactions. Securities price $956 ($81) Index Fund Change in net unrealized appreciation or (depreciation) on: investments and futures contracts