CATHOLIC UNITED INVESTMENT TRUST

ANNUAL REPORT

(AUDITED)

December 31, 2018 CATHOLIC UNITED INVESTMENT TRUST

TABLE OF CONTENTS

Page REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1-2

Statement of Assets and Liabilities 3-5

Schedule of Investments: Money Market Fund 6-8 Short Bond Fund 9-12 Intermediate Diversified Bond Fund 13-21 Opportunistic Bond Fund 22-27 Balanced Fund 28-29 Value Equity Fund 30-32 Core Equity Index Fund 33-39 Growth Fund 40-42 International Equity Fund 43-47 Small Capitalization Equity Index Fund 48-54 Magnus 45 55 Fund 55-56 Magnus 60 40 Alpha Plus Fund 57-58 Magnus 60 40 Beta Plus Fund 59-60 Magnus 75 25 Fund 61-62

Statements of Operations 63-66 Statements of Changes in Net Assets 67-70

FINANCIAL HIGHLIGHTS 71-74

NOTES TO FINANCIAL STATEMENTS 75-93

GRANT THORNTON LLP REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Grant Thornton Tower 171 N. Clark Street, Suite 200 Chicago, IL 60601-3370

D +1 312 856 0200 F +1 312 565 4719 To 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, comprising 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, Small Capitalization Equity Index Fund, Magnus 45 55 Fund, Magnus 60 40 Alpha Plus Fund, Magnus 60 40 Beta Plus Fund, and Magnus 75 25 Fund (collectively, the “Funds”), which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2018, and the related statements of operations, and changes in net assets for the years ended December 31, 2018 and 2017 (except for certain funds commenced in 2018 where the periods covered by the statements of operations and changes in net assets are as follows: for the period from October 9, 2018 (commencement of operations) through December 31, 2018 for the Magnus 45 55 Fund; for the period from July 17, 2018 (commencement of operations) through December 31, 2018 for the Magnus 60 40 Alpha Plus Fund; for the period from August 28, 2018 (commencement of operations) through December 31, 2018 for the Magnus 60 40 Beta Plus Fund; for the period from November 20, 2018 (commencement of operations) through December 31, 2018 for the Magnus 75 25 Fund), and the financial highlights for the years ended December 31, 2018, 2017, and 2016 (except for certain funds commenced in 2018 where the periods covered by the financial highlights are as follows: for the period from October 9, 2018 (commencement of operations) through December 31, 2018 for the Magnus 45 55 Fund; for the period from July 17, 2018 (commencement of operations) through December 31, 2018 for the Magnus 60 40 Alpha Plus Fund; for the period from August 28, 2018 (commencement of operations) through December 31, 2018 for the Magnus 60 40 Beta Plus Fund; for the period from November 20, 2018 (commencement of operations) through December 31, 2018 for the Magnus 75 25 Fund), and the related notes to the financial statements. The accompanying financial highlights for the years ended December 31, 2015 and 2014, were audited by other auditors whose report thereon dated March 8, 2016, expressed an unqualified opinion on the 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.

GT.COM Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

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

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

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

Opinion In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, Small Capitalization Equity Index Fund, Magnus 45 55 Fund, Magnus 60 40 Alpha Plus Fund, Magnus 60 40 Beta Plus Fund, and Magnus 75 25 Fund, as of December 31, 2018, and the results of their operations and their changes in net assets, and the financial highlights for the periods indicated above, in accordance with accounting principles generally accepted in the United States of America.

Chicago, Illinois April 17, 2019

CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2018

(Amounts in thousands, except per trust unit amounts)

Intermediate Diversified Bond Opportunistic Bond ASSETS: Money Market Fund Short Bond Fund Fund Fund Investments, at amortized cost $ 73,267 $ 387,903 $ 1,342,086 $ 475,241 Investments, at fair value$ 73,267 $ 383,368 $ 1,333,886 $ 470,152 Cash - 6,035 18 3,724 Cash Collateral - - 261 456 Receivables: Investment securities sold - 13 7,241 200 Interest 124 2,141 8,007 2,943 Dividends - - - - Tax reclaims dividends - - - 3 Trust units sold 262 15 389 - Unrealized gain on forward foreign currency contracts - - - - Other assets - - 57 - Total assets 73,653 391,572 1,349,859 477,478

LIABILITIES: Payables: Securities sold short at fair value (proceeds $972) - - - 902 Written Options - - - 5 Distribution payable 1 10 155 34 Investment securities purchased - - 67,900 - Interest purchased - - 57 - Dividends payable - - - 2 Investment advisory and administrative fees 13 85 365 135 Other fees 45 21 47 24 Securities lending collateral 53 1,273 3,702 3,470 Unrealized Loss on forward foreign currency contracts - - - - Variation margin - - 10 - Trust units redeemed 175 275 2,306 1,523 Total liabilities 287 1,664 74,542 6,095

NET ASSETS$ 73,366 $ 389,908 $ 1,275,317 $ 471,383

NET ASSETS CONSIST OF: Paid-in capital$ 73,392 $ 391,701 $ 1,131,600 $ 476,314 Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (26) 2,742 153,084 255 Net unrealized appreciation (depreciation) on investments and future contracts - (4,535) (9,367) (5,186) NET ASSETS$ 73,366 $ 389,908 $ 1,275,317 $ 471,383

TRUST UNITS OUTSTANDING 73,392 N/A N/A N/A

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

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 332,800 $ 104,629 $ 60,758 Trust Units Outstanding N/A 30,322 7,660 6,162 Net Asset Value Per Trust Unit Outstanding N/A $ 10.98 $ 13.66 $ 9.86

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 1,056,339 $ 353,507 Trust Units Outstanding N/A N/A 77,375 35,858 Net Asset Value Per Trust Unit Outstanding N/A N/A $ 13.65 $ 9.86

CLASS X SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 57,108 $ 114,349 $ 57,118 Trust Units Outstanding N/A 5,720 11,502 5,726 Net Asset Value Per Trust Unit Outstanding N/A $ 9.98 $ 9.94 $ 9.98

See notes to financial statements. 3 CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2018

(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 $ 1,751 $ 267,142 $ 1,401,748 $ 272,301 $ 759,326 $ 384,999 Investments, at fair value$ 1,751 $ 301,679 $ 1,743,010 $ 296,104 $ 739,119 $ 344,570 Cash 2 1,854 469 333 215 6 Cash Collateral - - 1,308 - - - Receivables: Investment securities sold 2 25 - 594 109 - Interest 6 17 62 15 55 7 Dividends 1 408 1,873 114 777 434 Tax reclaims dividends - 1 - - 1,365 - Trust units sold - 649 757 337 1,250 1,035 Unrealized gain on forward foreign currency contracts - - - - 4,202 - Other assets 16 - - - - - Total assets 1,778 304,633 1,747,479 297,497 747,092 346,052

LIABILITIES: Payables: Securities sold short at fair value ------Written Options ------Distribution payable - 32 180 - - - Investment securities purchased - - - 299 4,089 - Interest purchased ------Dividends payable ------Investment advisory and administrative fees 13 170 223 196 424 69 Other fees 82 11 89 20 63 92 Securities lending collateral - 770 614 504 28 6,012 Unrealized Loss on forward foreign currency contracts - - - - 4,184 - Variation margin ------Trust units redeemed - 24 137 72 105 23 Total liabilities 95 1,007 1,243 1,091 8,893 6,196

NET ASSETS $ 1,683 $ 303,626 $ 1,746,236 $ 296,406 $ 738,199 $ 339,856

NET ASSETS CONSIST OF: Paid-in capital$ (299,123) $ (74,511) $ 632,672 $ (78,075) $ 334,735 $ 111,380 Accumulated undistributed net investment income (loss) (4) (1) - 2,983 113,525 40,176 Accumulated net realized gain (loss) 300,810 343,602 772,286 347,695 310,150 228,729 Net unrealized appreciation (depreciation) on investments and future contracts - 34,536 341,278 23,803 (20,211) (40,429) NET ASSETS$ 1,683 $ 303,626 $ 1,746,236 $ 296,406 $ 738,199 $ 339,856

TRUST UNITS OUTSTANDING 19 N/A N/A N/A N/A N/A

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 88.58 N/A N/A N/A N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 74,717 $ 84,831 $ 83,408 $ 104,937 $ 63,575 Trust Units Outstanding N/A 1,244 1,471 883 3,049 3,236 Net Asset Value Per Trust Unit Outstanding N/A$ 60.06 $ 57.67 $ 94.46 $ 34.42 $ 19.65

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 177,374 $ 1,087,561 $ 161,339 $ 437,729 $ 224,912 Trust Units Outstanding N/A 2,958 18,849 1,627 11,771 11,065 Net Asset Value Per Trust Unit Outstanding N/A$ 59.96 $ 57.70 $ 99.16 $ 37.19 $ 20.33

CLASS C SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A$ 472,990 N/A$ 109,712 N/A Trust Units Outstanding N/A N/A 8,198 N/A 2,940 N/A Net Asset Value Per Trust Unit Outstanding N/A N/A$ 57.70 N/A$ 37.32 N/A

CLASS X SHARES Net Assets Applicable to Trust Units Outstanding N/A$ 51,535 $ 100,854 $ 51,659 $ 85,821 $ 51,369 Trust Units Outstanding N/A 6,133 11,568 5,799 9,998 6,346 Net Asset Value Per Trust Unit Outstanding N/A$ 8.40 $ 8.72 $ 8.91 $ 8.58 $ 8.09

See notes to financial statements. 4 CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2018

(Amounts in thousands, except per trust unit amounts)

ASSETS: Magnus 45 55 Magnus 60 40 AP Magnus 60 40 BP Magnus 75 25 Investments, at amortized cost $ 21,974 $ 435,860 $ 123,487 $ 21,568 Investments, at fair value$ 21,118 $ 411,759 $ 115,021 $ 20,967 Cash - (20) - - Cash Collateral - - - - Receivables: Investment securities sold - - - - Interest - - - - Dividends 50 776 308 48 Tax reclaims dividends - - - - Trust units sold - - - - Unrealized gain on forward foreign currency contracts - - - - Other assets - - - - Total assets 21,168 412,515 115,329 21,015

LIABILITIES: Payables: Securities sold short at fair value - - - - Written Options - - - - Distribution payable - - - - Investment securities purchased - - - - Interest purchased - - - - Dividends payable - - - - Investment advisory and administrative fees 10 197 39 8 Other fees - - - - Securities lending collateral - - - - Unrealized Loss on forward foreign currency contracts - - - - Variation margin - - - - Trust units redeemed - 5 - - Total liabilities 10 202 39 8

NET ASSETS$ 21,158 $ 412,313 $ 115,290 $ 21,007

NET ASSETS CONSIST OF: Paid-in capital$ 21,942 $ 434,222 $ 122,754 $ 21,576 Accumulated undistributed net investment income (loss) 84 2,350 1,074 46 Accumulated net realized gain (loss) (12) (158) (71) (14) Net unrealized appreciation (depreciation) on investments and future contracts (856) (24,101) (8,467) (601) NET ASSETS$ 21,158 $ 412,313 $ 115,290 $ 21,007

TRUST UNITS OUTSTANDING N/A N/A N/A N/A

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

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding$ 21,158 $ 267,525 $ 39,565 $ 21,007 Trust Units Outstanding 2,200 28,767 4,311 2,180 Net Asset Value Per Trust Unit Outstanding$ 9.62 $ 9.30 $ 9.18 $ 9.64

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 144,788 $ 75,725 N/A Trust Units Outstanding N/A 15,551 8,159 N/A Net Asset Value Per Trust Unit Outstanding N/A $ 9.31 $ 9.28 N/A

See notes to financial statements. 5 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 26.82% Corporate Obligations 43.74% Municipal 1.14% Sovereign 19.02% U.S. Government Obligations 8.96% Short-Term Investments 0.11% Short-Term Investments-Repurchase Agreements 0.07% Other Assets, Less Liabilities 0.13%

6 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2018

Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Net Assets Cost (000's) Asset Backed Securities Asset Backed Securities (continued) 100,705 Ally Auto Receivables Trst 2016-2, 1.35%, due 5/15/20$ 100 249,350 Honda Auto Receivables 2016-2 Owner Trst, 1.39%, due 4/15/20$ 248 54,592 Ally Auto Receivables Trst 2018-3, 2.40%, due 7/15/19 55 615,000 Honda Auto Receivables 2018-3 Owner Trst, 2.67%, due 12/22/20 615 430,000 Ally Master Owner Trst, 2.78%, due 7/15/22 430 18,701 Hyundai Auto Lease Securitization Trst 2018-B, 2.45%, due 6/17/19 19 29,485 American Credit Acceptance Receivables Trst 2017-4, 2.00%, due 7/10/20 29 57,191 Hyundai Auto Receivables Trst 2017-B, 1.57%, due 8/17/20 57 62,357 American Credit Acceptance Receivables Trst 2018-1, 2.72%, due 3/10/21 62 350,000 Hyundai Auto Receivables Trst 2018-B, 2.80%, due 12/15/19 350 207,141 American Credit Acceptance Receivables Trst 2018-2, 2.94%, due 1/10/22 207 60,219 John Deere Owner Trst 2017-B, 2.57%, due 4/15/20 60 116,399 American Credit Acceptance Receivables Trst 2018-3, 2.92%, due 8/12/21 116 238,265 John Deere Owner Trst 2018-B, 2.53%, due 8/15/19 238 350,000 American Credit Acceptance Receivables Trst 2018-4, 3.38%, due 12/13/21 350 73,420 Kubota Credit Owner Trst 2018-1, 2.37%, due 5/15/19 73 280,000 American Express Credit Account Master Trst, 2.58%, due 5/16/22 280 450,000 Master Credit Card Trst II, 2.82%, due 1/21/22 450 600,000 American Honda Finance Corp, 0.00%, due 1/22/19 599 167,377 Mercedes-Benz Auto Lease Trst 2018-A, 2.20%, due 4/15/20 167 1,569 AmeriCredit Auto Receivables 2016-1, 1.81%, due 10/8/20 2 263,268 Mercedes-Benz Auto Lease Trst 2018-B, 2.72%, due 11/15/19 263 33,356 AmeriCredit Auto Receivables Trst 2017-3, 1.69%, due 12/18/20 33 45,939 Mercedes-Benz Auto Receivables Trst 2018-1, 2.35%, due 8/15/19 46 305,000 Americredit Auto Receivables Trst 2018-2, 2.86%, due 11/18/21 305 152,220 Navient Student Loan Trst 2018-4, 2.76%, due 6/27/67 152 205,000 Americredit Auto Receivables Trst 2018-3, 3.11%, due 1/18/22 205 320,058 Nissan Auto Lease Trst 2017-B, 2.67%, due 12/16/19 320 53,641 ARI Fleet Lease Trst 2018-A, 1.95%, due 3/15/19 54 95,810 Prestige Auto Receivables Trst 2018-1, 2.53%, due 10/15/19 96 170,221 BMW Vehicle Lease Trst 2017-2, 2.65%, due 2/20/20 170 51,575 Santander Drive Auto Receivables Trst 2017-2, 1.87%, due 12/15/20 52 375,132 BMW Vehicle Lease Trst 2018-1, 2.50%, due 10/21/19 375 235,905 Santander Drive Auto Receivables Trst 2018-2, 2.84%, due 10/15/20 236 302,509 Canadian Pacer Auto Receivables Trst 2018-2, 2.55%, due 10/21/19 303 255,668 Santander Drive Auto Receivables Trst 2018-3, 2.78%, due 3/15/21 256 64,954 Canadian Pacer Auto Receivables Trst 2017-1, 2.67%, due 12/19/19 65 75,000 Santander Drive Auto Receivables Trst 2018-4, 2.73%, due 4/15/21 75 313,620 Capital Auto Receivables Asset Trst 2018-2, 2.70%, due 11/20/19 314 228,381 Santander Drive Auto Receivables Trst 2018-5, 2.63%, due 11/15/19 228 545,000 CARDS II Trst, 2.81%, due 4/17/23 545 42,175 Securitized Term Auto Receivables Trst 2017-2, 1.78%, due 1/27/20 42 175,012 CarMax Auto Owner Trst 2015-4, 1.56%, due 11/16/20 174 5,471 Securitized Term Auto Receivables Trst 2018-1, 2.40%, due 4/25/19 5 185,396 CarMax Auto Owner Trst 2017-4, 2.59%, due 4/15/21 185 635,000 Securitized Term Auto Receivables Trst 2018-2, 2.72%, due 2/25/21 635 217,321 CarMax Auto Owner Trst 2018-1, 2.61%, due 5/17/21 217 276,072 SLM Student Loan Trst 2004-10, 3.04%, due 4/27/26 277 377,631 CarMax Auto Owner Trst 2018-4, 2.59%, due 11/15/19 378 575,000 Trillium Credit Card Trst II, 2.76%, due 2/27/23 575 183,935 CarMax Auto Owner Trst, 2.43%, due 8/15/19 184 550,000 Trillium Credit Card Trst II, 2.86%, due 9/26/23 550 203,152 Chesapeake Funding II LLC, 2.80%, due 11/15/29 203 62,542 United Auto Credit Securitization Trst 2018-1, 2.26%, due 4/10/20 63 230,369 Chesapeake Funding II LLC, 2.80%, due 8/15/29 230 88,382 United Auto Credit Securitization Trst 2018-2, 2.89%, due 3/10/21 88 350,000 Chesapeake Funding II LLC, 2.83%, due 8/15/30 350 111,005 Volkswagen Auto Loan Enhanced Trst 2018-1, 2.42%, due 7/22/19 111 223,016 CNH Equipment Trst 2018-B, 2.47%, due 10/15/19 223 241,096 Volkswagen Auto Loan Enhanced Trst 2018-2, 2.76%, due 11/20/19 241 12,723 CPS Auto Receivables Trst 2017-C, 1.78%, due 9/15/20 13 2,274 Volvo Financial Equipment LLC Series 2017-1, 1.55%, due 10/15/19 2 30,655 CPS Auto Receivables Trst 2017-D, 1.87%, due 3/15/21 31 133,356 Westlake Auto Receivables Trst 2017-2, 2.81%, due 7/15/20 133 46,468 CPS Auto Receivables Trst 2018-A, 2.16%, due 5/17/21 46 243,388 Westlake Auto Receivables Trst 2018-2, 2.84%, due 9/15/21 243 173,863 CPS Auto Receivables Trst 2018-D, 3.06%, due 1/17/22 174 123,137 Westlake Auto Receivables Trst 2018-3, 2.53%, due 9/16/19 123 105,006 CPS Auto Trst, 2.87%, due 9/15/21 105 260,582 Wheels SPV 2 LLC, 2.55%, due 7/20/19 261 2,840 DLL 2018-1 LLC, 2.45%, due 5/17/19 3 58,447 World Omni Auto Receivables Trst 2018-C, 2.36%, due 8/15/19 58 225,000 Drive Auto Receivables Trst 2018-5, 3.21%, due 7/15/21 225 224,492 World Omni Auto Receivables Trst 2018-D, 2.44%, due 10/15/19 224 500,000 Drive Auto Receivables Trst, 2.78%, due 10/15/20 500 179,789 World Omni Auto Lease Securitization Trst 2018-B, 2.27%, due 9/16/19 180 79,473 DT Auto Owner Trst 2018-1, 2.59%, due 5/17/21 79 TOTAL ASSET BACKED SECURITIES 26.82% 19,676 118,912 DT Auto Owner Trst 2018-2, 2.84%, due 9/15/21 119 (Cost $19,676) 117,944 Enterprise Fleet Financing 2018-2 LLC, 2.55%, due 8/20/19 118 341,193 Enterprise Fleet Financing 2018-3 LLC, 2.82%, due 11/20/19 341 Corp Obligations 10,327 Enterprise Fleet Financing LLC, 1.83%, due 9/20/21 10 Communication Services 0.48% 21,981 Enterprise Fleet Financing LLC, 2.15%, due 3/20/19 22 350,000 Comcast Corp, 2.74%, due 10/1/20$ 350 320,000 Evergreen Credit Card Trst Series 2018-2, 2.81%, due 7/15/22 320 350 500,000 Evergreen Credit Card Trst, 2.72%, due 10/15/21 500 72,178 Exeter Auto Receivables Trst 2018-1, 2.21%, due 5/17/21 72 Consumer Discretionary 0.95% 176,936 Exeter Auto Receivables Trst 2018-3, 2.90%, due 1/18/22 177 350,000 Toyota Motor Credit Corp, 2.68%, due 5/15/19$ 350 178,381 Exeter Auto Receivables Trst 2018-4, 3.05%, due 12/15/21 178 350,000 Volkswagen Group of America Finance LLC, 3.39%, due 11/13/20 350 31,338 First Investors Auto Owner Trst 2017-2, 1.86%, due 10/15/21 31 700 118,088 First Investors Auto Owner Trst 2018-1, 2.84%, due 5/16/22 118 154,596 First Investors Auto Owner Trst 2018-2, 3.23%, due 12/15/22 155 Consumer Staples 1.43% 74,342 Flagship Credit Auto Trst 2017-3, 1.88%, due 10/15/21 74 550,000 Coca-Cola Co/The, 0.00%, due 3/13/19$ 547 172,673 Flagship Credit Auto Trst 2018-3, 3.07%, due 2/15/23 173 500,000 Diageo Capital PLC, 2.88%, due 5/18/20 500 116,992 Flagship Credit Auto Trst 2018-4, 3.41%, due 5/15/23 117 1,047 309,931 Ford Credit Auto Lease Trst, 2.45%, due 10/15/19 310 203,985 Ford Credit Auto Owner Trst 2018-A, 2.59%, due 2/15/21 204 Financials 39.08% 266,369 Foursight Capital Auto Receivables Trst 2018-2, 2.74%, due 11/15/19 266 600,000 Australia & New Zealand Banking Group Ltd, 0.00%, due 3/5/19$ 597 247,134 GM Financial Auto Leasing Trst 2018-3, 2.42%, due 9/20/19 247 350,000 Bank of America NA, 2.96%, due 8/28/20 350 178,232 GM Financial Cons Auto Receivables Trst 2017-3, 2.57%, due 9/16/20 178 300,000 Bank of Montreal, 0.00%, due 12/31/49 300 56,958 GM Financial Cons Auto Receivables Trst 2018-3, 2.37%, due 7/16/19 57 300,000 Bank of Montreal/Chicago IL, 2.52%, due 5/2/19 300 158,404 GM Financial Cons Auto Receivables Trst 2018-4, 2.46%, due 10/16/19 158 600,000 Bank of New York Mellon Corp/The, 2.20%, due 5/15/19 599

7 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2018

Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Net Assets Cost (000's) Corp Obligations Municipals Financials (continued) 85,000 City of Houston TX, 2.20%, due 3/1/19$ 85 600,000 Bank of Nova Scotia/The, 2.54%, due 9/25/19$ 600 500,000 Province of Ontario Canada, 2.00%, due 1/30/19 500 500,000 BNP Paribas SA/New York NY, 2.67%, due 5/8/19 500 250,000 State of Connecticut, 2.30%, due 1/15/19 250 650,000 BPCE SA, 0.00%, due 10/21/19 634 TOTAL MUNICIPALS 1.14% 835 350,000 Caterpillar Financial Services Corp, 2.84%, due 11/29/19 350 (Cost $835) 525,000 Cigna Corp, 3.14%, due 3/17/20 525 300,000 Citigroup Inc, 3.70%, due 6/7/19 301 Sovereign 350,000 Commonwealth Bank of Australia, 2.65%, due 11/4/19 350 425,000 Federal Farm Credit Banks, 2.40%, due 8/8/19$ 425 600,000 Cooperative Rabobank UA/NY, 2.75%, due 2/25/19 600 500,000 Federal Farm Credit Banks, 2.47%, due 8/17/20 500 600,000 CPPIB Capital Inc, 0.00%, due 1/2/19 600 600,000 Federal Farm Credit Banks, 2.52%, due 9/20/19 600 600,000 Credit Agricole Corp and Investment Bank/New York, 0.00%, due 6/4/19 593 1,200,000 Federal Farm Credit Banks, 2.58%, due 4/12/19 1,200 600,000 Credit Suisse First Boston International Guernsey Ltd, 0.00%, due 9/6/19 588 145,000 Federal Farm Credit Discount Notes, 0.00%, due 11/4/19 142 6,000,000 Deutsche Bank Trst Co Americas, 2.95%, due 1/2/19 6,000 1,200,000 Federal Farm Credit Discount Notes, 0.00%, due 8/26/19 1,179 600,000 DNB Bank ASA/New York, 2.56%, due 7/9/19 600 1,700,000 Federal Home Loan Bank Discount Notes, 0.00%, due 1/16/19 1,698 266,670 DT Auto Owner Trst 2018-3, 3.02%, due 2/15/22 267 1,371,000 Federal Home Loan Bank Discount Notes, 0.00%, due 1/4/19 1,371 600,000 Erste Abwicklungsanstalt, 0.00%, due 2/20/19 598 1,239,000 Federal Home Loan Bank Discount Notes, 0.00%, due 6/21/19 1,224 500,000 Export Development Canada, 0.00%, due 1/2/19 500 2,500,000 Federal Home Loan Bank Discount Notes, 0.00%, due 6/5/19 2,473 500,000 HSBC Bank USA NA/New York NY, 2.67%, due 8/1/19 500 895,000 Federal Home Loan Banks, 2.25%, due 7/5/19 896 500,000 John Deere Capital Corp, 2.59%, due 1/7/20 500 650,000 Federal Home Loan Banks, 2.32%, due 1/17/19 650 250,000 JPMorgan Chase Bank NA, 2.97%, due 9/1/20 250 500,000 Japan Bank for International Cooperation, 3.22%, due 6/1/20 503 400,000 JPMorgan Chase Bank NA, 3.01%, due 10/19/20 400 500,000 Province of Alberta Canada, 0.00%, due 2/13/19 498 330,000 Kredietbank NA Finance Corp, 0.00%, due 1/25/19 329 600,000 Svensk Exportkredit AB, 0.00%, due 3/21/19 596 400,000 Macquarie Bank Ltd, 0.00%, due 4/23/19 397 TOTAL SOVEREIGN 19.02% 13,955 600,000 Manufacturers & Traders Trst Co, 2.25%, due 7/25/19 597 (Cost $13,955) 600,000 Metropolitan Life Global Funding I, 3.03%, due 9/7/20 600 200,000 Morgan Stanley, 5.63%, due 9/23/19 204 U.S. Government Obligations 650,000 National Rural Utilities Cooperative Finance Corp, 0.00%, due 1/15/19 649 1,400,000 United States Treasury Bill, 0.00%, due 1/24/19*$ 1,398 500,000 New York Life Global Funding, 2.56%, due 10/1/20 500 1,350,000 United States Treasury Bill, 0.00%, due 1/31/19* 1,348 600,000 Nordea Bank Abp/New York NY, 2.69%, due 3/7/19 600 1,500,000 United States Treasury Bill, 0.00%, due 8/15/19 1,477 600,000 Oesterreichische Kontrollbank AG, 0.00%, due 2/11/19 598 700,000 United States Treasury Floating Rate Note, 2.48%, due 10/31/19 700 450,000 Ontario Teachers' Finance Trst, 0.00%, due 2/15/19 449 1,250,000 United States Treasury Floating Rate Note, 2.50%, due 4/30/19 1,250 600,000 PNC Bank NA, 2.25%, due 7/2/19 599 400,000 United States Treasury Floating Rate Note, 2.54%, due 7/31/19 400 315,000 Protective Life Global Funding, 2.81%, due 7/13/20 315 TOTAL U.S. GOVERNMENT OBLIGATIONS 8.96% 6,573 500,000 PSP Capital Inc, 0.00%, due 1/18/19 499 (Cost $6,573) 400,000 Royal Bank of Canada, 1.50%, due 7/29/19 397 200,000 Royal Bank of Canada, 2.77%, due 7/22/20 200 Short-Term Investments 650,000 Skandinaviska Enskilda Banken AB, 0.00%, due 6/21/19 641 77,268 Dreyfus Government Cash Management$ 85 400,000 Societe Generale SA, 0.00%, due 4/8/19 397 TOTAL SHORT-TERM INVESTMENTS 0.11% 85 600,000 Svenska Handelsbanken/New York NY, 2.81%, due 8/23/19 600 (Cost $85) 500,000 Thunder Bay Funding LLC, 0.00%, due 3/5/19 498 400,000 Toronto-Dominion Bank/The, 0.00%, due 2/11/19 399 Collateral for Securities Loaned 250,000 Toronto-Dominion Bank/The, 2.64%, due 10/24/19 250 Short-Term Investments-Repurchase Agreements 350,000 US Bank NA/Cincinnati OH, 2.73%, due 3/14/19 350 52,722 Cantor D, 3.35%, due 1/2/19 $ 53 600,000 Wells Fargo Bank NA, 2.67%, due 1/15/20 600 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.07% 53 600,000 Westpac Banking Corp, 0.00%, due 1/3/19 600 (Cost $53) 28,670 TOTAL INVESTMENTS 99.86% 73,267 Healthcare 0.68% (Cost $73,267) 500,000 CVS Health Corp, 3.40%, due 3/9/20$ 500 500 Other Assets, Less Liabilities 0.13%$ 99

Materials 0.47% NET ASSETS 99.99%$ 73,366 345,000 Tyco Electronics Group SA, 3.20%, due 6/5/20$ 345 345

Utilities 0.65% 475,000 Oglethorpe Power Corp, 6.10%, due 3/15/19*$ 478 478

TOTAL CORP OBLIGATIONS 43.74% 32,090 (Cost $32,090)

* All or a portion of this security is on loan. The market value of loaned securities is $2,766,696

8 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 14.04% Collateralized Mortgage Obligation 1.53% Commercial Mortgage Backed Securities 4.82% Corporate Obligations 41.43% Municipals 1.93% Sovereign Issues 1.03% U.S. Agency Obligations 5.68% U.S. Government Obligations 26.90% Short-Term Investments 0.64% Short-Term Investments-Repurchase Agreements 0.33% Other Assets, Less Liabilities 1.67%

9 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2018

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities Corp Obligations 2,039,117 ARI Fleet Lease Trst 2017-A, 1.91%, due 4/15/26$ 2,024 Communication Services 1.87% 624,398 BCC Funding XIII LLC, 2.20%, due 12/20/21 622 2,000,000 AT&T Inc, 0.00%, due 11/27/22$ 1,734 2,231,360 Chesapeake Funding II LLC, 1.99%, due 5/15/29 2,208 1,774,000 AT&T Inc, 3.80%, due 3/15/22 1,782 2,387,492 CLI Funding V LLC, 3.38%, due 10/18/29 2,372 1,825,000 Discovery Communications LLC, 2.20%, due 9/20/19 1,806 585,254 CNH Equipment Trst 2014-C, 1.65%, due 9/15/21 585 1,976,563 Sprint Spec Co/ Sprint Spec Co II/ Sprint Spec Co III, 3.36%, due 9/20/21 1,952 449,432 CNH Equipment Trst 2015-C, 1.66%, due 11/16/20 448 7,274 1,432,676 CNH Equipment Trst 2016-B, 1.63%, due 8/15/21 1,422 2,000,000 Daimler Trucks Retail Trst 2018-1, 2.85%, due 7/15/21 1,996 Consumer Discretionary 2.27% 2,911,563 DB Master Finance LLC, 3.98%, due 2/20/45 2,952 2,000,000 Daimler Finance North America LLC, 1.50%, due 7/5/19$ 1,980 3,750,000 Discover Card Execution Note Trst, 3.11%, due 1/16/24 3,773 1,750,000 General Motors Financial Co Inc, 2.40%, due 5/9/19 1,743 1,850,000 Element Rail Leasing II LLC, 3.59%, due 2/19/45 1,852 1,850,000 Lennar Corp, 4.13%, due 1/15/22 1,776 608,587 Enterprise Fleet Financing LLC, 1.74%, due 2/22/22 606 1,492,000 Toyota Motor Credit Corp, 2.25%, due 3/20/24 1,486 2,437,976 Enterprise Fleet Financing LLC, 1.97%, due 1/20/23 2,419 1,075,000 Williams Scotsman International Inc, 6.88%, due 8/15/23 1,032 2,000,000 Ford Credit Auto Owner Trst/Ford Credit 2014-REV1, 2.26%, due 11/15/25 1,994 870,000 Williams Scotsman International Inc, 7.88%, due 12/15/22 850 2,600,000 GM Financial Auto Leasing Trst 2017-2, 2.02%, due 9/21/20 2,580 8,867 1,241,639 GreatAmerica Leasing Receivables Fndg Series 2017-1, 2.06%, due 6/22/20 1,236 2,058,437 MMAF Equipment Finance LLC 2016-A, 1.48%, due 6/15/20 2,046 Consumer Staples 1.02% 318,987 MMAF Equipment Finance LLC 2017-A, 1.73%, due 5/18/20 318 775,000 Keurig Dr Pepper Inc, 3.55%, due 5/25/21$ 774 1,399,415 NYCTL 2018-A Trst, 3.28%, due 11/10/31 1,401 1,250,000 Smithfield Foods Inc, 2.70%, due 1/31/20 1,233 2,900,000 PFS Financing Corp, 3.04%, due 3/15/21 2,900 2,000,000 Sysco Corp, 2.60%, due 10/1/20 1,978 2,160,229 SoFi Professional Loan Program 2015-d LLC, 2.72%, due 10/27/36 2,124 3,985 2,000,000 Synchrony Card Issuance Trst, 3.38%, due 9/15/24 2,018 1,625,000 TAL Advantage V LLC, 2.83%, due 2/22/38 1,599 Energy 4.08% 1,808,333 TAL Advantage V LLC, 3.51%, due 2/22/39 1,799 1,100,000 Alta Mesa Hldgs LP/Alta Mesa Finance Srvs Corp, 7.88%, due 12/15/24$ 682 606,264 Tax Ease Funding 2016-1 LLC, 3.13%, due 6/15/28 605 1,825,000 Anadarko Petroleum Corp, 8.70%, due 3/15/19 1,844 2,028,412 TCF Auto Receivables Owner Trst 2016-PT1, 1.93%, due 6/15/22 2,008 1,175,113 Cal Dive I-Title XI Inc, 4.93%, due 2/1/27 1,248 2,571,565 TRIP Rail Master Funding LLC, 2.71%, due 8/15/47 2,550 1,575,000 Energy Transfer LP, 5.88%, due 1/15/24 1,603 2,000,000 Verizon Owner Trst 2016-2, 2.15%, due 5/20/21 1,977 2,325,000 Magellan Midstream Partners LP, 6.55%, due 7/15/19 2,359 1,800,000 Verizon Owner Trst 2018-A, 3.55%, due 4/20/23 1,817 750,000 Marathon Petroleum Corp, 5.38%, due 10/1/22 756 2,485,000 World Financial Network Credit Card Master Trst, 3.14%, due 1/17/23 2,485 1,556,000 Petroleos Mexicanos, 1.70%, due 12/20/22 1,519 TOTAL ASSET BACKED SECURITIES 14.04% 54,736 2,786,000 Petroleos Mexicanos, 1.95%, due 12/20/22 2,735 (Cost $54,769) 1,014,750 Petroleos Mexicanos, 2.83%, due 2/15/24 1,017 2,405,000 Range Resources Corp, 5.00%, due 8/15/22 2,152 Collateralized Mortgage Obligation 15,915 23,579 CHL Mortgage Pass-Through Trst 2004-29, 3.05%, due 2/25/3522$ 86,473 Community Program Loan Trst 1987 A, 4.50%, due 10/1/29 82 Financials 20.17% 264,157 FDIC 2013-R1 Trst, 1.15%, due 3/25/33 261 2,450,000 Abay Leasing 2014 LLC, 2.65%, due 11/9/26$ 2,437 166,708 FDIC Guaranteed Notes Trst 2010-S3, 2.74%, due 12/3/20 164 108,880 Ahold Lease Series 2001-A-1 Pass Through Trst, 7.82%, due 1/2/20 109 2,902,839 FDIC Guaranteed Notes Trst 2010-S4, 3.03%, due 12/4/20 2,842 940,987 Ahold Lease Series 2001-A-2 Pass Through Trst, 8.62%, due 1/2/25 1,081 170,225 Government National Mortgage Assn., 3.00%, due 5/20/40 172 1,378,808 Amal Ltd/Cayman Islands, 3.47%, due 8/21/21 1,392 41,652 GSR Mortgage Loan Trst 2004-9, 4.31%, due 8/25/34 41 2,400,000 American Express Co, 2.65%, due 12/2/22 2,322 335,708 Impac Secured Assets Trst 2006-2, 2.86%, due 8/25/36 325 2,000,000 ANZ New Zealand Int'l Ltd/London, 2.25%, due 2/1/19 1,998 48,531 JP Morgan Mortgage Trst 2006-A2, 4.48%, due 8/25/34 49 2,025,000 Bank of America Corp, 3.13%, due 7/21/21 2,017 1,327,157 La Hipotecaria Panamanian Mortgage Trst 2014-1, 3.26%, due 11/24/42 1,302 1,825,000 Bank One Corp, 8.53%, due 3/1/19 1,840 314,878 Sequoia Mortgage Trst 2013-1, 1.86%, due 2/25/43 284 2,000,000 BARCLAYS PLC 7.875%, 7.88%, due 12/15/65 2,000 471,377 Sequoia Mortgage Trst 2013-2, 1.87%, due 2/25/43 421 3,000,000 BPCE SA, 3.90%, due 5/22/22 2,988 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 1.53% 5,965 2,225,000 Citigroup Inc, 8.50%, due 5/22/19 2,270 (Cost $6,209) 1,825,000 Cooperatieve Rabobank UA, 11.00%, due 12/31/65 1,884 1,850,000 Delphi Financial Group Inc, 7.88%, due 1/31/20 1,936 Commercial Mortgage Backed Securities 1,825,000 Depository Trst & Clearing Corp/The, 4.88%, due 12/15/65 1,798 1,947,095 BX Commercial Mortgage Trst 2018-IND, 3.21%, due 11/15/35$ 1,935 3,476,539 Durrah MSN 35603, 1.68%, due 1/22/25 3,364 1,750,000 Cold Storage Trst 2017-ICE3, 3.71%, due 4/15/36 1,716 1,132,015 DY9 Leasing LLC, 2.37%, due 3/19/27 1,113 2,728,510 COMM 2012-CCRE5 Mortgage Trst, 2.39%, due 12/10/45 2,697 2,260,000 First Horizon National Corp, 3.50%, due 12/15/20 2,260 1,731,536 COMM 2013-WWP Mortgage Trst, 2.50%, due 3/10/31 1,711 1,940,000 FMR LLC, 5.35%, due 11/15/21 2,039 2,600,000 DBCG 2017-BBG Mortgage Trst, 3.16%, due 6/15/34 2,561 2,006,822 Gate Capital Cayman Two Ltd, 3.55%, due 6/11/21 2,027 1,596,051 DBGS 2018-BIOD Mortgage Trst, 3.41%, due 10/15/51 1,605 2,700,000 Goldman Sachs Group Inc/The, 2.30%, due 12/13/19 2,673 1,650,000 GS Mortgage Securities Corp Trst 2017-500K, 3.16%, due 7/15/32 1,633 1,810,182 Grain Spectrum Funding II LLC, 3.29%, due 10/10/19 1,801 2,700,000 Morgan Stanley Capital I Trst 2017-CLS, 3.31%, due 11/15/34 2,657 2,250,000 HSBC Bank PLC, 4.13%, due 8/12/20 2,277 2,306,124 Motel 6 Trst 2017-MTL6, 3.65%, due 8/15/34 2,265 1,140,000 International Lease Finance Corp, 4.63%, due 4/15/21 1,151 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 4.82% 18,780 2,000,000 Jackson National Life Global Funding, 2.50%, due 6/27/22 1,934 (Cost $18,960)

10 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2018

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corp Obligations (continued) Municipals Financials (continued) 1,310,000 Atlanta Downtown Development Authority, 6.88%, due 2/1/21$ 1,369 2,000,000 Lloyds Bank PLC, 12.00%, due 6/16/66$ 2,339 2,325,000 Metro Gov Nashville & Davidson Cnty Hlth & Educ Facs Bd, 4.88%, due 7/1/46 2,406 2,500,000 Manufacturers & Traders Trst Co, 3.38%, due 12/1/21 2,475 750,000 New Jersey Economic Development Authority, 3.50%, due 6/15/20 753 2,500,000 Manulife Financial Corp, 4.90%, due 9/17/20 2,565 1,600,000 State of Illinois, 5.95%, due 4/1/22 1,689 2,300,000 Morgan Stanley, 3.41%, due 2/14/20 2,300 1,290,000 Vermont Educational & Health Bldngs Financing Agency, 2.88%, due 10/15/19 1,289 1,963,863 MSN 41079 and 41084 Ltd, 1.63%, due 12/14/24 1,897 TOTAL MUNICIPALS 1.93% 7,506 2,400,000 Nordea Bank Abp, 3.42%, due 9/30/19 2,405 (Cost $7,558) 2,115,000 Ohio National Financial Services Inc, 6.38%, due 4/30/20 2,184 1,500,000 OMX Timber Finance Investments I LLC, 5.42%, due 10/31/19 1,520 Sovereign 528,908 Premier Aircraft Leasing EXIM 1 DAC, 3.55%, due 4/10/22 540 3,680,000 United States Department of Transportation, 6.00%, due 12/7/21$ 4,018 1,211,727 Premier Aircraft Leasing EXIM 1 DAC, 3.58%, due 2/6/22 1,226 TOTAL SOVEREIGN 1.03% 4,018 1,704,472 Safina Ltd, 1.55%, due 1/15/22 1,674 (Cost $4,048) 1,331,873 Sovereign Bank Lease Pass-Through Trst, 12.18%, due 6/30/20 1,466 2,398,240 Tagua Leasing LLC, 1.90%, due 7/12/24 2,342 U.S. Agency Obligations 2,044,792 Ulani MSN 35940 LLC, 2.23%, due 5/16/25 2,010 Fannie Mae 0.74% 2,452,884 Washington Aircraft 2 Co DAC, 3.25%, due 6/26/24 2,461 1,372,914 Fannie Mae Pool, 2.50%, due 9/1/24$ 1,375 2,500,000 Wells Fargo & Co, 4.08%, due 3/4/21 2,526 552,323 Fannie Mae Pool, 4.00%, due 3/1/31 567 78,641 552,175 Fannie Mae Pool, 4.50%, due 8/1/38 576 251,265 Fannie Mae Pool, 5.00%, due 3/1/34 267 Health Care 0.59% 18,755 Fannie Mae Pool, 5.50%, due 8/1/37 20 2,300,000 Agiliti Health Inc, 7.63%, due 8/15/20$ 2,283 81,553 Fannie Mae REMICS, 5.57%, due 8/25/39 89 2,283 2,894

Industrials 5.29% Freddie Mac 0.46% 309,525 Brlingtn Nrthrn & Santa Fe Rwy Co 2000-1 Pass Through Trst, 8.25%, due 1/15/21$ 319 316,427 Freddie Mac Gold Pool, 5.00%, due 7/1/35$ 336 1,411,586 Brlingtn Nrthrn & Santa Fe Rwy Co 2001-2 Pass Through Trst, 6.46%, due 1/15/21 1,462 347,368 Freddie Mac REMICS, 2.00%, due 3/15/30 344 2,100,553 Brlingtn Nrthrn & Santa Fe Rwy Co 2006-1 Pass Through Trst, 5.72%, due 1/15/24 2,225 1,112,208 Freddie Mac Structured Agency Credit Risk Debt Notes, 4.71%, due 2/25/24 1,133 2,044,429 Federal Express Corp 1998 Pass Through Trst, 6.72%, due 7/15/23 2,116 1,813 1,225,000 Fortive Corp, 2.35%, due 6/15/21 1,194 1,809,553 GATX Corp 2005-1 Pass Through Trst, 5.70%, due 1/2/25 1,894 Ginnie Mae 4.48% 1,800,000 IDEX Corp, 4.20%, due 12/15/21 1,826 391,793 Ginnie Mae II Pool, 4.13%, due 6/20/61$ 406 1,975,000 Kansas City Southern, 3.85%, due 11/15/23 1,994 912,830 Government National Mortgage Assn., 0.51%, due 5/16/35 884 1,875,000 Oshkosh Corp, 5.38%, due 3/1/25 1,870 785,894 Government National Mortgage Assn., 1.61%, due 7/16/39 764 1,425,000 Roper Technologies Inc, 2.80%, due 12/15/21 1,396 1,426,673 Government National Mortgage Assn., 2.20%, due 10/16/46 1,384 1,950,000 Spirit AeroSystems Inc, 3.59%, due 6/15/21 1,935 2,167,033 Government National Mortgage Assn., 2.20%, due 4/16/57 2,082 2,400,000 TTX Co, 2.25%, due 2/1/19 2,397 1,624,965 Government National Mortgage Assn., 2.53%, due 6/16/48 1,633 20,628 2,482,082 Government National Mortgage Assn., 2.75%, due 7/16/46 2,445 1,440,542 Government National Mortgage Assn., 2.80%, due 5/16/39 1,430 Information Technology 2.10% 1,699,783 Government National Mortgage Assn., 2.92%, due 6/16/40 1,693 1,950,000 Broadridge Financial Solutions Inc, 3.95%, due 9/1/20$ 1,970 1,252,718 Government National Mortgage Assn., 3.00%, due 11/16/44 1,252 1,764,000 Fiserv Inc, 2.70%, due 6/1/20 1,751 1,217,685 Government National Mortgage Assn., 4.40%, due 5/16/51 1,282 2,000,000 FLIR Systems Inc, 3.13%, due 6/15/21 1,972 2,120,552 Government National Mortgage Assn., 4.69%, due 12/20/32 2,201 2,000,000 Xilinx Inc, 2.13%, due 3/15/19 1,996 17,456 500,000 Xilinx Inc, 3.00%, due 3/15/21* 498 8,187 TOTAL U.S. AGENCY OBLIGATIONS 5.68% 22,163 (Cost $22,546) Materials 0.55% 2,000,000 Dow Chemical Co/The, 8.55%, due 5/15/19$ 2,040 U.S. Government Obligations 104,000 WestRock MWV LLC, 7.65%, due 3/15/27 104 Government Backed Agency 5.99% 2,144 2,900,000 Overseas Private Investment Corp, 0.00%, due 8/21/21$ 2,951 2,362,343 SBA Small Business Investment Cos, 2.35%, due 3/10/23 2,338 Real Estate 1.74% 3,610,889 SBA Small Business Investment Cos, 2.52%, due 3/10/25 3,580 1,870,000 GEO Group Inc/The, 5.13%, due 4/1/23$ 1,683 1,607,360 SBA Small Business Investment Cos, 2.77%, due 3/10/22 1,606 2,229,456 Pershing Road Development Co LLC, 3.14%, due 9/1/26 2,084 2,748,603 SBA Small Business Investment Cos, 2.83%, due 9/10/25 2,752 2,678,000 SBA Tower Trst, 2.88%, due 7/10/46 2,629 3,258,755 SBA Small Business Investment Cos, 2.85%, due 3/10/27 3,260 380,000 SBA Tower Trst, 2.90%, due 10/8/19 378 1,961,348 SBA Small Business Investment Cos, 3.02%, due 9/10/24 1,978 6,774 3,014,045 SBA Small Business Investment Cos, 3.19%, due 3/10/24 3,061 243,877 Small Business Administration Pools, 2.62%, due 11/25/29 241 Utilities 1.75% 858,153 Small Business Administration Pools, 2.64%, due 5/25/39 854 2,751,768 Caledonia Generating LLC, 1.95%, due 2/28/22$ 2,706 319,855 Small Business Administration Pools, 2.65%, due 1/25/26 317 1,400,000 Public Service Electric & Gas Co, 9.25%, due 6/1/21 1,595 7,856 Small Business Administration Pools, 2.75%, due 6/25/20 8 575,000 Southern California Edison Co, 1.85%, due 2/1/22 559 32,989 Small Business Administration Pools, 3.00%, due 1/25/28 33 1,900,000 Westar Energy Inc, 5.10%, due 7/15/20 1,951 9,044 Small Business Administration Pools, 3.00%, due 4/25/19 9 6,811 219,233 Small Business Administration Pools, 3.00%, due 9/25/28 219 143,217 United States Small Business Administration, 4.57%, due 6/1/25 147 TOTAL CORP OBLIGATIONS 41.43% 161,509 23,354 (Cost $164,614)

11 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2018

Principal Percent of Fair Amount Net Assets Value (000's) U.S. Government Obligations (continued) U.S. Treasury Note/Bonds 20.91% 31800000 United States Treasury Note/Bond, 1.25%, due 3/31/21$ 30,955 8,500,000 United States Treasury Note/Bond, 1.50%, due 2/28/19* 8,488 31,350,000 United States Treasury Note/Bond, 1.63%, due 6/30/20 30,926 11,500,000 United States Treasury Note/Bond, 1.63%, due 8/15/22 11,157 81,526

TOTAL U.S. GOVERNMENT OBLIGATIONS 26.90% 104,880 (Cost $105,389)

Short-Term Investments 2,539,154 DREYFUS GOV'T CASH MGMT, 2.27%$ 2,538 TOTAL SHORT-TERM INVESTMENTS 0.64% 2,538 (Cost $2,537)

Short-Term Investments-Repurchase Agreements 255,344 BNP D, 3.00%, 1/2/19 $ 255 255,344 Citi D, 3.02%, 1/2/19 253 255,344 Cantor D, 3.35%, due 1/2/19 255 252,622 Mizuho D, 2.92%, due 1/2/19 255 255,344 RBC D, 3.02%, due 1/2/19 255 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.33% 1,273 (Cost $1,273)

TOTAL INVESTMENTS 98.33% $ 383,368 (Cost $387,903)

Other Assets, Less Liabilities 1.67%$ 6,540

NET ASSETS 100.00%$ 389,908

* All or a portion of this security is on loan. The market value of loaned securities is $8,370,019.

12 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities: Asset Backed Securities 4.39% Collateralized Mortgage Obligation 0.01% Commercial Mortgage Backed Securities 0.64% Corporate Obligations 31.55% Municipals 1.13% Sovereign 0.01% U.S. Agency Obligations 22.38% U.S. Government Obligations 37.93% Short-Term Investments 6.27% Short-Term Investments-Repurchase Agreements 0.29% Liabilities, Less Other Assets -4.60%

13 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities Corporate Obligations 449,995 AEP Texas Central Transition Funding II LLC, 5.31%, due 7/1/20$ 457 Communication Services 4.60% 130,000 AEP Texas Central Transition Funding III LLC, 2.84%, due 3/1/26 130 25,000 21st Century Fox America Inc, 5.65%, due 8/15/20$ 26 1,280,867 Ally Auto Receivables Trst 2017-1, 1.70%, due 6/15/21 1,272 675,000 21st Century Fox America Inc, 6.15%, due 3/1/37 828 1,165,000 American Express Credit Account Master Trst, 1.64%, due 12/15/21 1,160 325,000 21st Century Fox America Inc, 6.40%, due 12/15/35 405 1,500,000 American Express Credit Account Master Trst, 1.77%, due 11/15/22 1,479 810,000 21st Century Fox America Inc, 6.65%, due 11/15/37 1,067 2,747,000 BA Credit Card Trst, 2.70%, due 7/17/23 2,737 1,630,000 AT&T Inc, 3.40%, due 5/15/25 1,535 575,000 Cap. One Multi-Asset Execution Trst, 2.00%, due 1/17/23 569 485,000 AT&T Inc, 3.80%, due 3/1/24 480 1,960,000 Citibank Credit Card Issuance Trst, 1.92%, due 4/7/22 1,935 725,000 AT&T Inc, 4.25%, due 3/1/27 709 1,045,000 Discover Card Execution Note Trst, 3.32%, due 3/15/24 1,058 1,782,000 AT&T Inc, 4.35%, due 6/15/45 1,506 1,003,851 Ford Credit Auto Lease Trst 2017-A, 1.88%, due 4/15/20 1,001 2,005,000 AT&T Inc, 4.50%, due 3/9/48 1,716 1,650,000 Ford Credit Auto Owner Trst 2014-REV2, 2.31%, due 4/15/26 1,638 1,275,000 AT&T Inc, 4.75%, due 5/15/46 1,132 3,360,000 Ford Credit Auto Owner Trst 2015-REV1, 2.12%, due 7/15/26 3,326 625,000 AT&T Inc, 5.35%, due 9/1/40 607 1,310,000 Ford Credit Auto Owner Trst/Ford Credit 2014-REV1, 2.26%, due 11/15/25 1,306 700,000 AT&T Inc, 5.45%, due 3/1/47 684 1,115,000 Ford Credit Floorplan Master Owner Trst A, 1.55%, due 7/15/21 1,106 875,000 AT&T Inc, 5.65%, due 2/15/47 874 480,000 Ford Credit Floorplan Master Owner Trst A, 1.95%, due 11/15/21 475 1,200,000 AT&T Inc, 6.00%, due 8/15/40 1,212 1,190,000 GM Financial Consumer Auto Receivables Trst 2018-3, 2.74%, due 7/16/21 1,188 790,000 AT&T Inc, 8.75%, due 11/15/31 1,046 365,000 Hyundai Auto Receivables Trst 2018-B, 3.04%, due 6/15/21 365 1,010,000 Charter Comm. Operating, 4.91%, due 7/23/25 1,004 1,715,000 Mercedes-Benz Auto Lease Trst 2017-A, 1.79%, due 4/15/20 1,710 1,175,000 Charter Comm. Operating, 5.38%, due 5/1/47 1,065 8,539,000 Navient Student Loan Trst 2018-2, 3.26%, due 3/25/67 8,492 5,085,000 Charter Comm. Operating, 6.48%, due 10/23/45 5,227 550,000 Nissan Auto Receivables 2018-C Owner Trst, 3.07%, due 10/15/21 551 175,000 Comcast Corp, 3.13%, due 7/15/22 175 936,417 SLM Private Education Loan Trst 2013-C, 2.94%, due 10/15/31 936 450,000 Comcast Corp, 3.95%, due 10/15/25 455 8,651,000 SLM Student Loan Trst 2004-3, 3.04%, due 10/25/64 8,672 1,025,000 Comcast Corp, 3.97%, due 11/1/47 916 1,072,000 SLM Student Loan Trst 2005-5, 3.24%, due 10/25/40 1,063 2,055,000 Comcast Corp, 4.40%, due 8/15/35 1,988 5,244,851 SLM Student Loan Trst 2009-3, 3.26%, due 1/25/45 5,214 3,125,000 Cox Comm. Inc, 3.25%, due 12/15/22 3,053 12,596 United States Small Business Administration, 4.75%, due 7/1/25 13 750,000 Cox Comm. Inc, 3.35%, due 9/15/26 692 10,129 United States Small Business Administration, 4.84%, due 2/1/23 10 2,800,000 Cox Comm. Inc, 3.85%, due 2/1/25 2,758 2,300 United States Small Business Administration, 4.84%, due 5/1/25 2 850,000 Myriad International Holdings BV, 4.85%, due 7/6/27 814 4,237 United States Small Business Administration, 4.86%, due 1/1/25 4 3,500,000 Myriad International Holdings BV, 5.50%, due 7/21/25 3,523 8,990 United States Small Business Administration, 4.87%, due 12/1/24 9 850,000 Myriad International Holdings BV, 6.00%, due 7/18/20 873 7,798 United States Small Business Administration, 4.88%, due 11/1/24 8 1,705,000 Telecom Italia Cap. SA, 7.18%, due 6/18/19 1,717 6,555 United States Small Business Administration, 4.92%, due 10/1/23 7 300,000 Telecom Italia Cap. SA, 7.20%, due 7/18/36 287 8,296 United States Small Business Administration, 4.98%, due 11/1/23 9 1,500,000 Telecom Italia Cap. SA, 7.72%, due 6/4/38 1,490 25,434 United States Small Business Administration, 5.11%, due 8/1/25 26 2,225,000 Telecom Italia SpA/Milano, 5.30%, due 5/30/24 2,114 4,843 United States Small Business Administration, 5.23%, due 3/1/27 5 950,000 Time Warner Cable LLC, 4.00%, due 9/1/21 944 8,214 United States Small Business Administration, 5.31%, due 5/1/27 9 1,354,000 Time Warner Cable LLC, 4.13%, due 2/15/21 1,360 7,006 United States Small Business Administration, 5.35%, due 2/1/26 7 1,700,000 Time Warner Cable LLC, 6.75%, due 6/15/39 1,727 6,477 United States Small Business Administration, 5.57%, due 3/1/26 7 870,000 Time Warner Cable LLC, 8.25%, due 4/1/19 880 5,692 United States Small Business Administration, 5.70%, due 8/1/26 6 660,000 Time Warner Cable LLC, 8.75%, due 2/14/19 664 15,233 United States Small Business Administration, 5.71%, due 6/1/27 16 845,000 Verizon Comm. Inc, 3.85%, due 11/1/42 728 3,479 United States Small Business Administration, 5.82%, due 6/1/26 4 4,517,000 Verizon Comm. Inc, 4.27%, due 1/15/36 4,218 11,845 United States Small Business Administration, 6.07%, due 7/1/26 12 1,065,000 Verizon Comm. Inc, 4.40%, due 11/1/34 1,026 953 United States Small Business Administration, 6.63%, due 7/1/21 1 1,030,000 Verizon Comm. Inc, 4.52%, due 9/15/48 965 1,170,605 Verizon Owner Trst 2016-1, 1.42%, due 1/20/21 1,165 2,175,000 Verizon Comm. Inc, 5.01%, due 4/15/49 2,167 3,209,324 Verizon Owner Trst 2016-2, 1.68%, due 5/20/21 3,191 1,360,000 Vodafone Group PLC, 5.25%, due 5/30/48 1,277 2,140,000 Verizon Owner Trst 2017-1, 2.06%, due 9/20/21 2,124 780,000 Warner Media LLC, 5.38%, due 10/15/41 751 1,490,000 Verizon Owner Trst 2017-2, 1.92%, due 12/20/21 1,475 58,685 TOTAL ASSET BACKED SECURITIES 4.39% 55,950 (Cost $56,128 ) Consumer Discretionary 2.26% 775,000 Amazon.com Inc, 2.80%, due 8/22/24$ 753 Collateralized Mortgage Obligations 785,000 AutoZone Inc, 3.75%, due 6/1/27 753 42,247 Vendee Mortgage Trst 1993-1, 7.25%, due 2/15/23$ 45 640,000 BMW US Cap. LLC, 3.10%, due 4/12/21 634 16,933 Vendee Mortgage Trst 1995-1, 7.79%, due 2/15/25 18 675,000 BMW US Cap. LLC, 3.40%, due 8/13/21 672 6,662 Vendee Mortgage Trst 1995-2, 8.79%, due 6/15/25 7 1,050,000 Daimler Finance North America LLC, 1.75%, due 10/30/19 1,036 2,679 Vendee Mortgage Trst 1998-2, 8.67%, due 8/15/27 3 1,875,000 Daimler Finance North America LLC, 2.30%, due 1/6/20 1,855 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 0.01% 73 3,980,000 Daimler Finance North America LLC, 3.35%, due 5/4/21 3,968 (Cost $71 ) 1,090,000 Ford Motor Credit Co LLC, 2.60%, due 11/4/19 1,078 550,000 Ford Motor Credit Co LLC, 2.68%, due 1/9/20 541 Commercial Mortgage Backed Securities 405,000 Ford Motor Credit Co LLC, 3.81%, due 1/9/24 374 2,040,000 CFCRE Commercial Mortgage Trst 2016-C3, 3.87%, due 1/10/48$ 2,065 2,705,000 Ford Motor Credit Co LLC, 3.81%, due 10/12/21 2,627 1,475,996 COMM 2013-CCRE9 Mortgage Trst, 3.83%, due 7/10/45 1,504 1,050,000 Ford Motor Credit Co LLC, 4.38%, due 8/6/23 995 2,222,816 GS Mortgage Securities Trst 2012-GCJ7, 3.38%, due 5/10/45 2,232 600,000 Ford Motor Credit Co LLC, 5.75%, due 2/1/21 612 840,242 GS Mortgage Securities Trst 2013-GCJ14, 3.82%, due 8/10/46 853 1,600,000 Ford Motor Credit Co LLC, 5.88%, due 8/2/21 1,641 1,530,000 Morgan Stanley BofA Merrill Lynch Trst 2015-C26, 3.21%, due 10/15/48 1,534 1,430,000 Ford Motor Credit Co LLC, 8.13%, due 1/15/20 1,485 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 0.64% 8,188 3,065,000 Ford Motor DN, 0.00%, due 4/15/19 3,035 (Cost $8,340 ) 1,435,000 General Motors Financial Co Inc, 4.20%, due 11/6/21* 1,434

14 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Corporate Obligations (continued) Corporate Obligations (continued) Consumer Discretionary (continued) Financials (continued) 1,000,000 Macy's Retail Holdings Inc, 6.70%, due 7/15/34$ 1,002 720,000 American International Group Inc, 3.90%, due 4/1/26$ 693 1,245,000 McDonald's Corp, 3.80%, due 4/1/28 1,222 110,000 American International Group Inc, 4.75%, due 4/1/48 101 720,000 McDonald's Corp, 4.45%, due 3/1/47 688 1,125,000 American International Group Inc, 6.40%, due 12/15/20* 1,188 1,165,000 Nordstrom Inc, 6.95%, due 3/15/28 1,288 3,708,000 Bank of America Corp, 3.00%, due 12/20/23 3,604 1,165,000 Toyota Motor Credit Corp, 2.60%, due 1/11/22 1,146 1,330,000 Bank of America Corp, 3.09%, due 10/1/25 1,261 28,839 1,210,000 Bank of America Corp, 3.30%, due 1/11/23 1,192 875,000 Bank of America Corp, 3.50%, due 4/19/26 842 Consumer Staples 1.41% 695,000 Bank of America Corp, 3.50%, due 5/17/22 695 1,065,000 Anheuser-Busch Cos/Anheuser-Busch InBev Worldwide Inc, 3.65%, due 2/1/26$ 1,007 620,000 Bank of America Corp, 3.86%, due 7/23/24 619 1,775,000 Anheuser-Busch InBev Worldwide Inc, 4.00%, due 4/13/28 1,698 695,000 Bank of America Corp, 4.00%, due 1/22/25 677 1,965,000 Anheuser-Busch InBev Worldwide Inc, 4.60%, due 4/15/48 1,761 1,930,000 Bank of America Corp, 4.20%, due 8/26/24 1,914 235,000 Campbell Soup Co, 3.42%, due 3/15/21 230 1,050,000 Bank of America Corp, 4.25%, due 10/22/26 1,021 335,000 Keurig Dr Pepper Inc, 4.42%, due 5/25/25 333 3,195,000 Bank of America Corp, 4.27%, due 7/23/29 3,180 1,355,000 Kraft Heinz Foods Co, 3.50%, due 7/15/22 1,335 1,120,000 Bank of America Corp, 4.45%, due 3/3/26 1,107 90,000 Kraft Heinz Foods Co, 4.00%, due 6/15/23 90 1,000,000 Bank of New York Mellon Corp/The, 3.40%, due 5/15/24 995 480,000 Kraft Heinz Foods Co, 4.38%, due 6/1/46 395 1,805,000 Bank of Nova Scotia/The, 3.13%, due 4/20/21 1,802 295,000 Kraft Heinz Foods Co, 6.50%, due 2/9/40 313 100,000 Bank One Corp, 7.63%, due 10/15/26 119 4,125,000 Mondelez International Holdings Netherlands BV, 2.00%, due 10/28/21 3,952 1,425,000 Barclays PLC, 4.38%, due 9/11/24 1,345 2,295,000 Nestle Holdings Inc, 3.35%, due 9/24/23 2,318 650,000 Barclays PLC, 4.84%, due 5/9/28 597 1,190,000 Sysco Corp, 3.55%, due 3/15/25 1,172 2,700,000 BNP Paribas SA, 4.25%, due 10/15/24 2,669 1,710,000 Walgreens Boots Alliance Inc, 3.30%, due 11/18/21* 1,702 900,000 BNP Paribas SA, 4.38%, due 5/12/26 866 95,000 Walgreens Boots Alliance Inc, 4.80%, due 11/18/44 86 2,425,000 BNP Paribas SA, 4.38%, due 9/28/25 2,356 560,000 Walmart Inc, 3.95%, due 6/28/38 555 1,425,000 BNP Paribas SA, 4.63%, due 3/13/27 1,383 985,000 Walmart Inc, 4.05%, due 6/29/48 980 2,050,000 Boston Properties LP, 3.13%, due 9/1/23 1,981 17,927 725,000 Boston Properties LP, 3.85%, due 2/1/23 726 375,000 Boston Properties LP, 4.13%, due 5/15/21 380 Energy 2.99% 125,000 Boston Properties LP, 5.63%, due 11/15/20 130 1,215,000 BG Energy Cap. PLC, 4.00%, due 10/15/21$ 1,232 778,000 Cap. One Financial Corp, 3.50%, due 6/15/23 764 1,830,000 BP Cap. Markets America Inc, 3.22%, due 11/28/23 1,804 1,375,000 Cap. One Financial Corp, 3.75%, due 4/24/24 1,341 1,700,000 Chevron Corp, 2.90%, due 3/3/24* 1,659 1,000,000 Cap. One Financial Corp, 4.20%, due 10/29/25 962 386,000 ConocoPhillips Co, 4.15%, due 11/15/34 368 810,000 Caterpillar Financial Services Corp, 2.75%, due 8/20/21 800 810,000 Energy Transfer Operating LP, 4.05%, due 3/15/25 760 1,650,000 Citibank NA, 2.10%, due 6/12/20 1,623 455,000 Equinor ASA, 3.70%, due 3/1/24 463 2,350,000 Citibank NA, 3.40%, due 7/23/21 2,353 310,000 Kinder Morgan Energy Partners LP, 5.50%, due 3/1/44 299 156,815 Citigroup Cap. XIII 4,145 525,000 Kinder Morgan Inc/DE, 4.30%, due 6/1/25 521 255,000 Citigroup Inc, 3.40%, due 5/1/26 240 650,000 Kinder Morgan Inc/DE, 5.20%, due 3/1/48 620 3,195,000 Citigroup Inc, 4.07%, due 4/23/29 3,109 3,825,000 Kinder Morgan Inc/DE, 5.55%, due 6/1/45 3,788 2,480,000 Citigroup Inc, 4.50%, due 1/14/22 2,534 950,000 Kinder Morgan Inc/DE, 5.63%, due 11/15/23 1,004 440,000 Citigroup Inc, 4.65%, due 7/23/48 430 358,000 Motiva Enterprises LLC, 5.75%, due 1/15/20* 364 640,000 Citigroup Inc, 8.13%, due 7/15/39 888 2,100,000 Petrobras Global Finance BV, 6.00%, due 1/27/28 1,977 900,000 Credit Suisse Group AG, 4.21%, due 6/12/24 898 725,000 Petrobras Global Finance BV, 7.25%, due 3/17/44 714 2,000,000 ERP Operating LP, 3.00%, due 4/15/23 1,967 1,350,000 Petroleos Mexicanos, 4.88%, due 1/18/24 1,258 589,000 ERP Operating LP, 4.63%, due 12/15/21 609 649,000 Petroleos Mexicanos, 6.35%, due 2/12/48 519 845,000 Goldman Sachs Group Inc/The, 3.27%, due 9/29/25 792 1,925,000 Petroleos Mexicanos, 6.38%, due 1/23/45 1,550 760,000 Goldman Sachs Group Inc/The, 3.75%, due 2/25/26 719 1,400,000 Petroleos Mexicanos, 6.50%, due 3/13/27 1,316 1,455,000 Goldman Sachs Group Inc/The, 4.00%, due 3/3/24 1,436 1,750,000 Petroleos Mexicanos, 6.63%, due 6/15/35 1,528 2,190,000 Goldman Sachs Group Inc/The, 5.75%, due 1/24/22 2,293 825,000 Petroleos Mexicanos, 6.75%, due 9/21/47 682 1,310,000 Guardian Life Global Funding, 1.95%, due 10/27/21 1,265 1,025,000 Petroleos Mexicanos, 6.88%, due 8/4/26 996 1,150,000 HSBC Holdings PLC, 2.65%, due 1/5/22 1,116 4,129,691 Rio Oil Finance Trst Series 2014-1, 9.25%, due 7/6/24 4,403 1,350,000 HSBC Holdings PLC, 3.95%, due 5/18/24 1,343 1,139,184 Rio Oil Finance Trst Series 2014-3, 9.75%, due 1/6/27 1,246 410,000 HSBC Holdings PLC, 4.00%, due 3/30/22 415 2,615,000 Schlumberger Holdings Corp, 3.00%, due 12/21/20 2,592 2,500,000 HSBC Holdings PLC, 4.30%, due 3/8/26 2,466 1,645,000 Shell International Finance BV, 4.13%, due 5/11/35 1,633 420,000 HSBC Holdings PLC, 4.38%, due 11/23/26 407 520,000 Suncor Energy Inc, 6.85%, due 6/1/39 631 435,000 HSBC Holdings PLC, 4.58%, due 6/19/29 431 2,230,000 Total Cap. International SA, 2.88%, due 2/17/22 2,203 800,000 HSBC Holdings PLC, 5.10%, due 4/5/21 827 1,010,000 TransCanada PipeLines Ltd, 4.63%, due 3/1/34 965 1,160,000 HSBC Holdings PLC, 6.50%, due 5/2/36 1,320 1,075,000 Ultrapar International SA, 5.25%, due 10/6/26 1,044 2,700,000 HSBC Holdings PLC, 6.50%, due 9/15/37 3,060 38,139 125,000 HSBC Holdings PLC, 6.80%, due 6/1/38 148 100,000 HSBC USA Inc, 9.13%, due 5/15/21 111 Financials 12.77% 5,390,000 Jackson National Life Global Funding, 2.81%, due 4/27/20 5,372 1,465,000 American Express Co, 2.20%, due 10/30/20$ 1,439 1,630,000 JPMorgan Chase & Co, 2.55%, due 3/1/21 1,607 1,040,000 American Express Co, 2.50%, due 8/1/22 1,004 1,000,000 JPMorgan Chase & Co, 2.70%, due 5/18/23 961 680,000 American Express Credit Corp, 1.88%, due 5/3/19 677 790,000 JPMorgan Chase & Co, 2.75%, due 6/23/20 785 1,820,000 American Express Credit Corp, 2.60%, due 9/14/20 1,801 715,000 JPMorgan Chase & Co, 2.78%, due 4/25/23 693

15 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

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) Financials (continued) Health Care (continued) 2,145,000 JPMorgan Chase & Co, 3.25%, due 9/23/22$ 2,128 764,000 Cigna Holding Co, 7.88%, due 5/15/27$ 941 2,840,000 JPMorgan Chase & Co, 3.32%, due 3/9/21 2,826 1,635,000 CVS Health Corp, 3.50%, due 7/20/22 1,624 2,155,000 JPMorgan Chase & Co, 3.80%, due 7/23/24 2,159 3,670,000 CVS Health Corp, 3.70%, due 3/9/23 3,631 270,000 JPMorgan Chase & Co, 3.90%, due 1/23/49 237 425,000 CVS Health Corp, 4.10%, due 3/25/25 421 1,515,000 JPMorgan Chase & Co, 4.02%, due 12/5/24 1,527 2,730,000 CVS Health Corp, 4.30%, due 3/25/28 2,669 1,265,000 JPMorgan Chase & Co, 4.03%, due 7/24/48 1,132 1,920,000 CVS Health Corp, 4.78%, due 3/25/38 1,840 500,000 JPMorgan Chase & Co, 4.13%, due 12/15/26 488 1,535,000 Medtronic Inc, 3.63%, due 3/15/24 1,550 1,199,000 JPMorgan Chase & Co, 4.25%, due 10/1/27 1,180 650,000 Zoetis Inc, 3.45%, due 11/13/20 652 3,195,000 JPMorgan Chase & Co, 4.45%, due 12/5/29 3,250 1,000,000 Zoetis Inc, 4.50%, due 11/13/25 1,026 1,095,000 JPMorgan Chase & Co, 8.75%, due 9/1/30 1,473 28,139 1,100,000 Lloyds Banking Group PLC, 4.05%, due 8/16/23 1,087 525,000 Lloyds Banking Group PLC, 4.50%, due 11/4/24 507 Industrials 1.47% 2,028,000 Lloyds Banking Group PLC, 4.58%, due 12/10/25 1,920 449,840 American Airlines 2011-1 Class A Pass Thr Trst, 5.25%, due 7/31/22$ 459 1,050,000 Lloyds Banking Group PLC, 4.65%, due 3/24/26 987 549,779 American Airlines 2013-2 Class A Pass Thr Trst, 4.95%, due 1/15/23 558 172,000 Massachusetts Mutual Life Insurance Co, 8.88%, due 6/1/39 258 29,438 BNSF Railway Co 2007-1 Pass Thr Trst, 6.00%, due 4/1/24 32 2,265,000 MassMutual Global Funding II, 1.95%, due 9/22/20 2,220 21,229 Brlingtn Nrthrn & Santa Fe Rwy Co 1999-2 Pass Thr Trst, 7.57%, due 1/2/21 22 875,000 Metropolitan Life Global Funding I, 2.40%, due 1/8/21 862 221,089 Brlingtn Nrthrn & Santa Fe Rwy Co 2000-1 Pass Thr Trst, 8.25%, due 1/15/21 228 3,290,000 Metropolitan Life Global Funding I, 2.64%, due 1/8/21 3,250 320,093 Brlingtn Nrthrn & Santa Fe Rwy Co 2001-1 Pass Thr Trst, 6.73%, due 7/15/22 335 1,970,000 Metropolitan Life Global Funding I, 3.45%, due 12/18/26 1,929 215,232 Brlingtn Nrthrn & Santa Fe Rwy Co 2001-2 Pass Thr Trst, 6.46%, due 1/15/21 223 1,720,000 Morgan Stanley, 2.63%, due 11/17/21 1,679 6,843 Brlingtn Nrthrn & Santa Fe Rwy Co 2002-1 Pass Thr Trst, 5.94%, due 1/15/23 7 1,685,000 Morgan Stanley, 3.13%, due 1/23/23 1,646 451,349 Brlingtn Nrthrn & Santa Fe Rwy Co 2005-4 Pass Thr Trst, 4.97%, due 4/1/23 467 115,000 Morgan Stanley, 3.13%, due 7/27/26 106 61,266 Brlingtn Nrthrn & Santa Fe Rwy Co 2006-1 Pass Thr Trst, 5.72%, due 1/15/24 65 1,485,000 Morgan Stanley, 3.88%, due 4/29/24 1,478 275,000 Brlingtn Nrthrn Santa Fe LLC, 3.05%, due 9/1/22 273 565,000 New York Life Insurance Co, 6.75%, due 11/15/39 741 1,750,000 Brlingtn Nrthrn Santa Fe LLC, 3.75%, due 4/1/24 1,789 975,000 Northwestern Mutual Life Insurance Co/The, 6.06%, due 3/30/40 1,185 43,714 CSX Transportation Inc, 6.25%, due 1/15/23 47 850,000 Reliance Standard Life Global Funding II, 2.50%, due 1/15/20 842 1,041,000 CSX Transportation Inc, 9.75%, due 6/15/20 1,139 450,000 Royal Bank of Scotland Group PLC, 5.13%, due 5/28/24 436 572,627 Delta Air Lines 2007-1 Class A Pass Thr Trst, 6.82%, due 2/10/24 615 4,525,000 Royal Bank of Scotland Group PLC, 6.00%, due 12/19/23 4,580 159,721 Federal Express Corp 1998 Pass Thr Trst, 6.72%, due 7/15/23 165 1,010,000 Royal Bank of Scotland Group PLC, 6.13%, due 12/15/22 1,024 952,770 Federal Express Corp 1999 Pass Thr Trst, 7.65%, due 7/15/24 1,013 4,650,000 Transcanada Trst, 5.30%, due 3/15/77 4,014 795,000 FedEx Corp, 4.05%, due 2/15/48 666 1,060,000 UBS AG/London, 2.45%, due 12/1/20 1,040 82,000 Norfolk Southern Railway Co, 9.75%, due 6/15/20 90 100,000 Unum Group Corp, 7.25%, due 3/15/28 117 698,390 Northwest Airlines 2007-1 Class A Pass Thr Trst, 7.03%, due 5/1/21 718 615,000 Unum Group, 6.75%, due 12/15/28 709 1,580,000 RELX Cap. Inc, 3.13%, due 10/15/22 1,551 2,935,000 US Bank NA/Cincinnati OH, 3.15%, due 4/26/21 2,938 345,000 RELX Cap. Inc, 8.63%, due 1/15/19 346 1,670,000 Wells Fargo & Co, 2.10%, due 7/26/21 1,618 1,005,000 Republic Services Inc, 3.95%, due 5/15/28 1,006 2,000,000 Wells Fargo & Co, 2.60%, due 7/22/20 1,981 2,320,000 Siemens Financieringsmaatschappij NV, 2.90%, due 5/27/22 2,278 3,070,000 Wells Fargo & Co, 2.63%, due 7/22/22 2,960 1,975,000 Union Pacific Corp, 2.95%, due 1/15/23 1,938 3,195,000 Wells Fargo & Co, 3.58%, due 5/22/28 3,067 665,000 Union Pacific Corp, 3.95%, due 9/10/28 664 2,580,000 Wells Fargo & Co, 3.76%, due 10/31/23 2,572 375,000 Union Pacific Corp, 4.16%, due 7/15/22 384 500,000 Wells Fargo & Co, 4.10%, due 6/3/26 488 6,072 Union Pacific Railroad Co 1999 Pass Thr Trst, 7.60%, due 1/2/20 6 1,950,000 Wells Fargo & Co, 4.30%, due 7/22/27 1,918 167,624 Union Pacific Railroad Co 2001 Pass Thr Trst, 6.63%, due 1/27/22 182 125,000 Wells Fargo & Co, 4.60%, due 4/1/21 128 85,272 Union Pacific Railroad Co 2002 Pass Thr Trst, 6.06%, due 1/17/23 93 2,600,000 Wells Fargo Bank NA, 2.15%, due 12/6/19 2,576 40,830 Union Pacific Railroad Co 2003 Pass Thr Trst, 4.70%, due 1/2/24 42 1,325,000 Wells Fargo Bank NA, 3.39%, due 12/6/19 1,328 102,609 Union Pacific Railroad Co 2005 Pass Thr Trst, 5.08%, due 1/2/29 109 2,200,000 Wells Fargo Bank NA, 3.55%, due 8/14/23 2,191 47,334 Union Pacific Railroad Co 2007-3 Pass Thr Trst, 6.18%, due 1/2/31 52 1,465,000 Wells Fargo Bank NA, 3.63%, due 10/22/21 1,474 387,064 US Airways 2011-1 Class A Pass Thr Trst, 7.13%, due 4/22/25 422 162,850 723,802 US Airways 2012-1 Class A Pass Thr Trst, 5.90%, due 4/1/26 772 18,756 Health Care 0.25% 2,893,000 Abbott Laboratories, 3.40%, due 11/30/23$ 2,884 Information Technology 0.83% 1,375,000 Aetna Inc, 2.80%, due 6/15/23 1,308 1,655,000 Apple Inc, 3.85%, due 5/4/43$ 1,567 2,100,000 Anthem Inc, 3.35%, due 12/1/24 2,046 375,000 Apple Inc, 4.38%, due 5/13/45 381 225,000 Anthem Inc, 4.35%, due 8/15/20* 229 1,275,000 Dell International LLC / EMC Corp, 5.45%, due 6/15/23 1,297 3,915,000 Cigna Corp, 3.20%, due 9/17/20 3,899 1,810,000 Microsoft Corp, 3.50%, due 2/12/35 1,727 2,350,000 Cigna Corp, 3.75%, due 7/15/23 2,342 2,005,000 Oracle Corp, 3.90%, due 5/15/35 1,919 425,000 Cigna Corp, 4.13%, due 11/15/25 424 125,000 Visa Inc, 2.80%, due 12/14/22 123 225,000 Cigna Holding Co, 4.00%, due 2/15/22 227 370,000 Cigna Holding Co, 7.65%, due 3/1/23 426

16 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Municipals Net Assets Value (000's) Information Technology (continued) 1,050,000 State of Illinois, 5.00%, due 11/1/20$ 1,084 750,000 Visa Inc, 3.65%, due 9/15/47$ 706 1,050,000 State of Illinois, 5.00%, due 11/1/21 1,098 2,940,000 Xerox Corp, 4.50%, due 5/15/21 2,868 2,275,000 State of Illinois, 5.10%, due 6/1/33 2,169 25,000 Xerox Corp, 5.63%, due 12/15/19 25 1,520,000 State of Illinois, 5.88%, due 3/1/19 1,527 10,613 TOTAL MUNICIPALS 1.13% 14,448 (Cost $13,471 ) Materials 1.25% 565,000 Air Liquide Finance SA, 2.25%, due 9/27/23$ 539 Sovereign 4,225,000 Cemex SAB de CV, 7.75%, due 4/16/26* 4,442 54,943 New Valley Generation V, 4.93%, due 1/15/21 $ 56 1,950,000 CRH America Inc, 3.88%, due 5/18/25 1,874 1,537 United States Small Business Admin, 6.12%, due 9/1/21 2 2,895,000 Dow Chemical Co/The, 3.00%, due 11/15/22 2,808 1,383 United States Small Business Admin, 6.30%, due 5/1/19 1 450,000 Dow Chemical Co/The, 5.55%, due 11/30/48 456 1,031 United States Small Business Admin, 6.80%, due 6/1/19 1 1,490,000 Dow Chemical Co/The, 7.38%, due 11/1/29 1,817 250 United States Small Business Admin, 7.00%, due 7/1/19 - 365,000 Dow Chemical Co/The, 9.40%, due 5/15/39 528 2,524 United States Small Business Admin, 7.21%, due 9/1/20 3 2,620,000 DowDuPont Inc, 4.49%, due 11/15/25 2,697 198 United States Small Business Admin, 7.30%, due 8/1/19 - 79,000 Eastman Chemical Co, 2.70%, due 1/15/20 78 166 United States Small Business Admin, 7.30%, due 9/1/19 - 690,000 Sherwin-Williams Co/The, 2.25%, due 5/15/20 679 2,628 United States Small Business Admin, 7.59%, due 1/1/20 3 15,918 2,557 United States Small Business Admin, 7.63%, due 3/1/20 3 TOTAL SOVEREIGN 0.01% 69 Utilities 1.77% (Cost $70) 1,550,000 Alabama Power Co, 3.70%, due 12/1/47 $ 1,413 54,000 Berkshire Hathaway Energy Co, 6.13%, due 4/1/36 65 U.S. Agency Obligations 2,010,000 Consolidated Edison Co of New York Inc, 4.45%, due 3/15/44 2,006 Fannie Mae 16.72% 1,025,000 Dominion Energy Inc, 4.10%, due 4/1/21 1,031 31,116 Fannie Mae Grantor Trst 2000-T6, 7.50%, due 11/25/40$ 34 2,100,000 Dominion Energy Inc, 5.75%, due 10/1/54 2,097 236,548 Fannie Mae Grantor Trst 2001-T1, 7.50%, due 10/25/40 263 850,000 DTE Energy Co, 1.50%, due 10/1/19 837 195,370 Fannie Mae Grantor Trst 2001-T10, 7.00%, due 12/25/41 223 655,000 Duke Energy Florida LLC, 3.20%, due 1/15/27 634 7,018 Fannie Mae Grantor Trst 2001-T12, 6.50%, due 8/25/41 8 385,000 Duke Energy Florida LLC, 3.85%, due 11/15/42 360 17,464 Fannie Mae Grantor Trst 2001-T3, 7.50%, due 11/25/40 20 450,000 Enel Finance International NV, 4.25%, due 9/14/23 440 72,926 Fannie Mae Grantor Trst 2001-T4, 7.50%, due 7/25/41 83 1,250,000 Enel Finance International NV, 4.63%, due 9/14/25 1,199 3,031 Fannie Mae Grantor Trst 2001-T7, 7.50%, due 2/25/41 3 1,050,000 Enel Finance International NV, 6.00%, due 10/7/39 1,041 10,583 Fannie Mae Grantor Trst 2001-T8, 7.50%, due 7/25/41 12 1,725,000 Enel Finance International NV, 6.80%, due 9/15/37 1,851 4,025 Fannie Mae Grantor Trst 2004-T1, 6.50%, due 1/25/44 5 1,850,000 Eversource Energy, 2.90%, due 10/1/24 1,773 370,113 Fannie Mae Pool, 2.00%, due 1/1/23 369 1,120,000 Exelon Corp, 3.95%, due 6/15/25 1,105 152,471 Fannie Mae Pool, 2.00%, due 3/1/23 152 320,000 MidAmerican Energy Co, 5.80%, due 10/15/36 384 153,811 Fannie Mae Pool, 2.00%, due 4/1/23 153 690,000 PacifiCorp, 6.35%, due 7/15/38 870 462,594 Fannie Mae Pool, 2.00%, due 5/1/23 461 825,000 PECO Energy Co, 4.15%, due 10/1/44 831 263,873 Fannie Mae Pool, 2.00%, due 7/1/23 260 395,000 Public Service Co of New Hampshire, 3.50%, due 11/1/23 398 996,243 Fannie Mae Pool, 2.10%, due 12/1/27 951 1,725,000 Public Service Electric & Gas Co, 3.70%, due 5/1/28 1,752 3,526,822 Fannie Mae Pool, 2.16%, due 1/1/23 3,449 555,000 Sempra Energy, 2.90%, due 2/1/23* 539 12,315 Fannie Mae Pool, 2.44%, due 2/1/44 13 810,000 Southern Co/The, 2.15%, due 9/1/19* 805 427,836 Fannie Mae Pool, 2.46%, due 5/1/44 445 580,000 Virginia Electric & Power Co, 4.65%, due 8/15/43 602 259,091 Fannie Mae Pool, 2.50%, due 3/1/26 256 490,000 Wisconsin Public Service Corp, 3.35%, due 11/21/21 495 486,597 Fannie Mae Pool, 2.50%, due 7/1/25 487 22,528 361,844 Fannie Mae Pool, 2.50%, due 9/1/22 360 1,813,420 Fannie Mae Pool, 2.67%, due 5/1/45 1,817 TOTAL CORPORATE OBLIGATIONS 31.55% 402,394 1,682,268 Fannie Mae Pool, 2.69%, due 12/1/44 1,686 (Cost $410,456) 598,579 Fannie Mae Pool, 2.72%, due 10/1/44 602 49,993 Fannie Mae Pool, 2.73%, due 2/1/44 52 Municipals 164,730 Fannie Mae Pool, 2.80%, due 12/1/44 166 150,000 Los Angeles Unified School District/CA, 6.76%, due 7/1/34$ 193 1,141,177 Fannie Mae Pool, 2.83%, due 7/1/44 1,152 1,350,000 New Jersey Turnpike Authority, 7.10%, due 1/1/41 1,844 333,915 Fannie Mae Pool, 2.87%, due 4/1/44 337 25,000 State of California, 5.70%, due 11/1/21 27 17,061 Fannie Mae Pool, 2.87%, due 9/1/44 17 1,075,000 State of California, 7.30%, due 10/1/39 1,476 251,923 Fannie Mae Pool, 2.97%, due 1/1/44 256 1,150,000 State of California, 7.50%, due 4/1/34 1,567 36,479 Fannie Mae Pool, 2.97%, due 2/1/44 37 1,100,000 State of California, 7.55%, due 4/1/39 1,576 9,341,375 Fannie Mae Pool, 3.00%, due 7/1/47 9,111 1,325,000 State of California, 7.63%, due 3/1/40 1,887 2,113,059 Fannie Mae Pool, 3.02%, due 9/1/47 2,125 915,000 Fannie Mae Pool, 3.03%, due 6/1/27 907 2,350,678 Fannie Mae Pool, 3.11%, due 10/1/47 2,367

17 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

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) 1,828,947 Fannie Mae Pool, 3.23%, due 11/1/20$ 1,841 56,641 Fannie Mae Pool, 5.50%, due 1/1/25$ 59 1,835,775 Fannie Mae Pool, 3.33%, due 10/1/20 1,850 128,126 Fannie Mae Pool, 5.50%, due 10/1/35 137 1,094,286 Fannie Mae Pool, 3.50%, due 12/1/29 1,109 56,867 Fannie Mae Pool, 5.50%, due 11/1/23 58 2,675,480 Fannie Mae Pool, 3.50%, due 2/1/31 2,713 28,109 Fannie Mae Pool, 5.50%, due 11/1/29 30 2,017,509 Fannie Mae Pool, 3.50%, due 4/1/37 2,031 16,071 Fannie Mae Pool, 5.50%, due 11/1/33 17 36,612 Fannie Mae Pool, 3.50%, due 8/1/26 37 5,699 Fannie Mae Pool, 5.50%, due 2/1/38 6 205,229 Fannie Mae Pool, 3.50%, due 9/1/28 208 12,167 Fannie Mae Pool, 5.50%, due 3/1/24 13 1,190,000 Fannie Mae Pool, 3.63%, due 7/1/28 1,211 432,846 Fannie Mae Pool, 5.50%, due 4/1/35 464 5,174,558 Fannie Mae Pool, 3.76%, due 11/1/48 5,303 211,227 Fannie Mae Pool, 5.50%, due 4/1/37 228 5,318,892 Fannie Mae Pool, 4.00%, due 1/1/35 5,518 6,572 Fannie Mae Pool, 5.50%, due 5/1/24 7 1,659,149 Fannie Mae Pool, 4.00%, due 1/1/37 1,711 25,777 Fannie Mae Pool, 5.50%, due 6/1/33 28 62,962 Fannie Mae Pool, 4.00%, due 10/1/32 65 24,600 Fannie Mae Pool, 5.50%, due 9/1/36 26 2,715,016 Fannie Mae Pool, 4.00%, due 10/1/34 2,815 0 Fannie Mae Pool, 6.00%, due 1/1/19 - 526,261 Fannie Mae Pool, 4.00%, due 11/1/30 540 12,305 Fannie Mae Pool, 6.00%, due 10/1/22 13 1,768,911 Fannie Mae Pool, 4.00%, due 11/1/33 1,835 8,176 Fannie Mae Pool, 6.00%, due 11/1/21 8 581,353 Fannie Mae Pool, 4.00%, due 12/1/30 597 8,385 Fannie Mae Pool, 6.00%, due 11/1/33 9 1,217,274 Fannie Mae Pool, 4.00%, due 3/1/34 1,263 30,405 Fannie Mae Pool, 6.00%, due 11/1/35 33 13,796,596 Fannie Mae Pool, 4.00%, due 3/1/46 14,087 11,544 Fannie Mae Pool, 6.00%, due 12/1/32 13 4,771,785 Fannie Mae Pool, 4.00%, due 4/1/48 4,871 7,686 Fannie Mae Pool, 6.00%, due 12/1/33 8 2,914,647 Fannie Mae Pool, 4.00%, due 6/1/34 3,024 0 Fannie Mae Pool, 6.00%, due 2/1/19 - 501,543 Fannie Mae Pool, 4.00%, due 9/1/31 515 438,311 Fannie Mae Pool, 6.00%, due 3/1/34 478 338,263 Fannie Mae Pool, 4.07%, due 4/1/44 351 25,452 Fannie Mae Pool, 6.00%, due 3/1/36 28 59,749 Fannie Mae Pool, 4.16%, due 12/1/39 62 25,389 Fannie Mae Pool, 6.00%, due 3/1/37 28 6,858 Fannie Mae Pool, 4.22%, due 6/1/35 7 29,781 Fannie Mae Pool, 6.00%, due 4/1/34 32 14,345 Fannie Mae Pool, 4.22%, due 8/1/43 15 42,272 Fannie Mae Pool, 6.00%, due 4/1/35 46 13,208 Fannie Mae Pool, 4.26%, due 6/1/38 14 80,899 Fannie Mae Pool, 6.00%, due 5/1/38 89 218,709 Fannie Mae Pool, 4.27%, due 7/1/21 224 22,785 Fannie Mae Pool, 6.00%, due 6/1/23 24 2,170 Fannie Mae Pool, 4.30%, due 9/1/34 2 5,293 Fannie Mae Pool, 6.00%, due 7/1/35 6 11,906 Fannie Mae Pool, 4.33%, due 8/1/34 12 0 Fannie Mae Pool, 6.00%, due 8/1/19 - 149,374 Fannie Mae Pool, 4.50%, due 1/1/31 156 57,323 Fannie Mae Pool, 6.00%, due 8/1/21 59 2,451,431 Fannie Mae Pool, 4.50%, due 1/1/43 2,567 29,224 Fannie Mae Pool, 6.00%, due 8/1/37 32 137,607 Fannie Mae Pool, 4.50%, due 10/1/24 142 170 Fannie Mae Pool, 6.00%, due 9/1/19 - 70,848 Fannie Mae Pool, 4.50%, due 10/1/44 74 173,305 Fannie Mae Pool, 6.00%, due 9/1/36 189 74,497 Fannie Mae Pool, 4.50%, due 11/1/41 78 3,160 Fannie Mae Pool, 6.50%, due 1/1/49 4 61,880 Fannie Mae Pool, 4.50%, due 12/1/41 65 35,056 Fannie Mae Pool, 6.50%, due 10/1/38 40 1,291,549 Fannie Mae Pool, 4.50%, due 2/1/45 1,345 112,275 Fannie Mae Pool, 6.50%, due 10/1/39 127 2,804,258 Fannie Mae Pool, 4.50%, due 2/1/46 2,937 2,856 Fannie Mae Pool, 6.50%, due 11/1/37 3 1,730,176 Fannie Mae Pool, 4.50%, due 3/1/47 1,793 8 Fannie Mae Pool, 6.50%, due 12/1/19 - 2,534,439 Fannie Mae Pool, 4.50%, due 3/1/52 2,633 23,006 Fannie Mae Pool, 6.50%, due 12/1/32 26 1,528,273 Fannie Mae Pool, 4.50%, due 4/1/46 1,584 2,563 Fannie Mae Pool, 6.50%, due 12/1/37 3 5,468,901 Fannie Mae Pool, 4.50%, due 5/1/41 5,728 1,846 Fannie Mae Pool, 6.50%, due 2/1/38 2 4,903,491 Fannie Mae Pool, 4.50%, due 5/1/48 5,080 354,405 Fannie Mae Pool, 6.50%, due 3/1/35 400 38,578 Fannie Mae Pool, 4.50%, due 6/1/31 40 14,458 Fannie Mae Pool, 6.50%, due 3/1/38 16 61,382 Fannie Mae Pool, 4.50%, due 6/1/36 64 6,243 Fannie Mae Pool, 6.50%, due 5/1/33 7 13,453,467 Fannie Mae Pool, 4.50%, due 6/1/48 13,938 47,712 Fannie Mae Pool, 6.50%, due 8/1/32 53 586,137 Fannie Mae Pool, 4.50%, due 7/1/42 614 23,826 Fannie Mae Pool, 6.50%, due 8/1/39 27 7,641,483 Fannie Mae Pool, 4.50%, due 7/1/48 7,917 2 Fannie Mae Pool, 6.50%, due 9/1/19 - 379,777 Fannie Mae Pool, 4.50%, due 8/1/26 391 119,058 Fannie Mae Pool, 7.00%, due 11/1/29 133 53,045 Fannie Mae Pool, 4.50%, due 8/1/41 56 757 Fannie Mae Pool, 7.00%, due 12/1/37 1 7,522,296 Fannie Mae Pool, 4.50%, due 8/1/48 7,795 262,041 Fannie Mae Pool, 7.00%, due 8/1/32 301 45,047 Fannie Mae Pool, 4.50%, due 9/1/31 47 164,995 Fannie Mae REMIC Trst 2001-W3, 7.00%, due 9/25/41 176 37,316 Fannie Mae Pool, 4.50%, due 9/1/41 39 11,506 Fannie Mae REMIC Trst 2002-W6, 7.00%, due 6/25/42 12 32,705 Fannie Mae Pool, 4.50%, due 9/1/43 34 11,506 Fannie Mae REMIC Trst 2002-W6, 7.50%, due 6/25/42 13 14,612 Fannie Mae Pool, 5.00%, due 4/1/25 15 118,324 Fannie Mae REMIC Trst 2003-W4, 7.00%, due 10/25/42 129 43,815 Fannie Mae Pool, 5.00%, due 8/1/40 47 1,073,761 Fannie Mae REMICS, 3.11%, due 2/25/44 1,064 229,358 Fannie Mae Pool, 5.00%, due 9/1/25 235 617,731 Fannie Mae REMICS, 3.50%, due 12/25/30 630 121,392 Fannie Mae Pool, 5.00%, due 9/1/39 129 14,235 Fannie Mae REMICS, 5.75%, due 3/25/37 15 57,977 Fannie Mae Pool, 5.50%, due 1/1/24 59 23,166 Fannie Mae REMICS, 6.50%, due 2/25/31 25 33,303 Fannie Mae REMICS, 7.00%, due 3/25/45 38 13,216 Fannie Mae REMICS, 7.00%, due 3/25/49 15

18 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

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) Freddie Mac (continued) 72,287 Fannie Mae REMICS, 7.00%, due 6/25/32$ 80 116,922 Freddie Mac Gold Pool, 7.00%, due 6/1/32$ 133 14,672 Fannie Mae Trst 2003-W2, 7.50%, due 7/25/42 17 6,652 Freddie Mac Gold Pool, 7.00%, due 7/1/328 36,742 Fannie Mae Trst 2004-W2, 7.00%, due 2/25/44 41 1,258 Freddie Mac Gold Pool, 7.75%, due 12/25/21 1 15,150 Fannie Mae Trst 2004-W2, 7.50%, due 3/25/44 17 2,034,380 Freddie Mac Non Gold Pool, 2.66%, due 1/1/45 2,035 15,660,000 Fannie Mae, 3.00%, due 1/1/46 15,264 88,118 Freddie Mac Non Gold Pool, 2.71%, due 2/1/45 88 15,765,000 Fannie Mae, 3.50%, due 1/15/43 15,762 135,186 Freddie Mac Non Gold Pool, 2.79%, due 12/1/44 136 11,265,000 Fannie Mae, 4.00%, due 1/1/46 11,483 22,265 Freddie Mac Non Gold Pool, 2.79%, due 8/1/42 23 18,575,000 Fannie Mae, 4.50%, due 1/1/46 19,234 749,166 Freddie Mac Non Gold Pool, 2.84%, due 2/1/45 752 103,907 Fannie Mae-Aces, 2.10%, due 4/25/25 103 170,120 Freddie Mac Non Gold Pool, 2.85%, due 10/1/44 171 635,603 Fannie Mae-Aces, 2.13%, due 1/25/23 621 1,525,268 Freddie Mac Non Gold Pool, 2.90%, due 12/1/45 1,532 3,720,000 Fannie Mae-Aces, 2.16%, due 10/25/23 3,628 3,787,492 Freddie Mac Non Gold Pool, 2.91%, due 11/1/44 3,815 1,459,728 Fannie Mae-Aces, 2.26%, due 2/25/23 1,437 71,151 Freddie Mac Non Gold Pool, 2.93%, due 1/1/4472 1,780,000 Fannie Mae-Aces, 2.40%, due 5/25/26 1,719 47,462 Freddie Mac Non Gold Pool, 3.00%, due 5/1/4448 321,341 Fannie Mae-Aces, 2.95%, due 8/25/24 325 2,336,882 Freddie Mac Non Gold Pool, 3.04%, due 8/1/44 2,360 213,231 247,869 Freddie Mac Non Gold Pool, 3.06%, due 7/1/44 250 44,364 Freddie Mac Non Gold Pool, 3.62%, due 10/1/41 46 Freddie Mac 4.08% 249,070 Freddie Mac Non Gold Pool, 3.91%, due 4/1/43 258 2,503,510 Freddie Mac Gold Pool, 2.00%, due 1/1/28$ 2,457 230,352 Freddie Mac Non Gold Pool, 3.94%, due 4/1/38 241 2,364,876 Freddie Mac Gold Pool, 3.50%, due 4/1/37 2,394 178,261 Freddie Mac Non Gold Pool, 4.14%, due 1/1/42 185 111,666 Freddie Mac Gold Pool, 4.00%, due 10/1/31 115 214,217 Freddie Mac Non Gold Pool, 4.27%, due 11/1/39 221 5,858,547 Freddie Mac Gold Pool, 4.00%, due 5/1/46 5,981 18,703 Freddie Mac REMICS, 4.00%, due 12/15/24 19 178,196 Freddie Mac Gold Pool, 4.00%, due 7/1/34 184 374,363 Freddie Mac REMICS, 4.50%, due 12/15/43 393 271,456 Freddie Mac Gold Pool, 4.50%, due 1/1/44 281 694,500 Freddie Mac REMICS, 4.50%, due 3/15/44 738 26,407 Freddie Mac Gold Pool, 4.50%, due 11/1/43 28 108,723 Freddie Mac REMICS, 5.00%, due 2/15/35 118 1,114,230 Freddie Mac Gold Pool, 4.50%, due 11/1/45 1,160 296,681 Freddie Mac REMICS, 5.50%, due 2/15/36 322 62,162 Freddie Mac Gold Pool, 4.50%, due 12/1/33 65 380,796 Freddie Mac REMICS, 5.50%, due 3/15/35 416 286,760 Freddie Mac Gold Pool, 4.50%, due 12/1/43 297 7,780 Freddie Mac REMICS, 5.50%, due 6/15/37 8 25,834 Freddie Mac Gold Pool, 4.50%, due 2/1/26 27 107,999 Freddie Mac REMICS, 5.50%, due 9/15/33 117 2,979,416 Freddie Mac Gold Pool, 4.50%, due 2/1/45 3,088 30,020 Freddie Mac REMICS, 6.00%, due 3/15/31 33 25,028 Freddie Mac Gold Pool, 4.50%, due 3/1/44 26 151,089 Freddie Mac REMICS, 6.00%, due 7/15/26 161 3,532,756 Freddie Mac Gold Pool, 4.50%, due 3/1/47 3,661 711 Freddie Mac REMICS, 6.50%, due 5/15/21 1 31,529 Freddie Mac Gold Pool, 4.50%, due 6/1/26 33 134,289 Freddie Mac REMICS, 6.50%, due 8/15/28 145 54,615 Freddie Mac Gold Pool, 4.50%, due 6/1/31 57 666,402 Freddie Mac Strips, 2.96%, due 1/15/43 667 30,738 Freddie Mac Gold Pool, 4.50%, due 7/1/41 32 310,563 Freddie Mac Structured Pass-Thr Certs, 4.97%, due 7/25/33 325 774,755 Freddie Mac Gold Pool, 4.50%, due 7/1/44 803 40,159 Freddie Mac Structured Pass-Thr Certs, 5.44%, due 7/25/32 43 9,273,817 Freddie Mac Gold Pool, 4.50%, due 7/1/47 9,607 99,464 Freddie Mac Structured Pass-Thr Certs, 6.50%, due 9/25/43 113 3,043 Freddie Mac Gold Pool, 4.50%, due 8/1/20 3 501,949 Freddie Mac Structured Pass-Thr Certs, 7.00%, due 2/25/43 573 2,694,846 Freddie Mac Gold Pool, 4.50%, due 8/1/44 2,793 33,149 Freddie Mac Structured Pass-Thr Certs, 7.00%, due 7/25/43 38 964,124 Freddie Mac Gold Pool, 4.50%, due 9/1/41 1,009 5,685 Freddie Mac Structured Pass-Thr Certs, 7.50%, due 8/25/42 7 19,130 Freddie Mac Gold Pool, 5.00%, due 4/1/34 20 52,093 154,855 Freddie Mac Gold Pool, 5.50%, due 1/1/35 167 2,226 Freddie Mac Gold Pool, 5.50%, due 10/1/20 2 Ginnie Mae 1.58% 778 Freddie Mac Gold Pool, 5.50%, due 6/1/20 1 926,591 Ginnie Mae I Pool, 2.14%, due 8/15/23$ 898 3,064 Freddie Mac Gold Pool, 5.50%, due 6/1/37 3 3,886,670 Ginnie Mae I Pool, 2.73%, due 6/15/32 3,702 113,967 Freddie Mac Gold Pool, 6.00%, due 1/1/24 119 125 Ginnie Mae I Pool, 6.00%, due 3/15/19 - 13,400 Freddie Mac Gold Pool, 6.00%, due 11/1/36 15 3,885 Ginnie Mae I Pool, 6.50%, due 5/15/29 4 24,488 Freddie Mac Gold Pool, 6.00%, due 12/1/33 27 1,824 Ginnie Mae I Pool, 7.00%, due 12/15/29 2 43,998 Freddie Mac Gold Pool, 6.00%, due 2/1/39 48 258 Ginnie Mae I Pool, 8.25%, due 4/15/20 - 90,878 Freddie Mac Gold Pool, 6.00%, due 5/1/39 100 3,222,539 Government National Mortgage Assn., 2.58%, due 3/20/68 3,202 22,763 Freddie Mac Gold Pool, 6.00%, due 6/1/38 24 3,408,926 Government National Mortgage Assn., 2.60%, due 3/20/68 3,351 16,362 Freddie Mac Gold Pool, 6.00%, due 9/1/38 18 4,680,110 Government National Mortgage Assn., 3.10%, due 9/20/67 4,702 2,119 Freddie Mac Gold Pool, 6.50%, due 1/1/38 2 2,888,327 Government National Mortgage Assn., 3.30%, due 11/20/67 2,899 5,089 Freddie Mac Gold Pool, 6.50%, due 12/1/31 6 445,186 Government National Mortgage Assn., 4.81%, due 8/20/42 463 124,687 Freddie Mac Gold Pool, 6.50%, due 12/1/32 139 898,303 Government National Mortgage Assn., 6.00%, due 7/20/32 906 10,186 Freddie Mac Gold Pool, 6.50%, due 8/1/37 11 20,129 36,788 Freddie Mac Gold Pool, 6.50%, due 9/1/37 40 14,869 Freddie Mac Gold Pool, 7.00%, due 10/1/32 17 TOTAL U.S. AGENCY OBLIGATIONS 22.38% 285,453 546,319 Freddie Mac Gold Pool, 7.00%, due 11/1/32 621 (Cost $287,991)

19 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

Principal Percent of Fair Amount U.S. Government Obligations Net Assets Value (000's) U.S. Treasury Notes/ Bonds 16,405,000 United States Treasury Inflation Indexed Bonds, 0.75%, due 7/15/28$ 16,176 20,395,000 United States Treasury Note/Bond, 1.25%, due 10/31/21 19,715 8,215,000 United States Treasury Note/Bond, 1.38%, due 4/30/20 8,089 30,410,000 United States Treasury Note/Bond, 1.38%, due 8/31/20 29,836 11,940,000 United States Treasury Note/Bond, 1.38%, due 9/30/20 11,705 15,480,000 United States Treasury Note/Bond, 1.50%, due 5/15/20 15,260 11,130,000 United States Treasury Note/Bond, 1.50%, due 5/31/20 10,967 8,820,000 United States Treasury Note/Bond, 1.50%, due 6/15/20 8,692 4,160,000 United States Treasury Note/Bond, 1.50%, due 7/15/20 4,095 13,885,000 United States Treasury Note/Bond, 1.63%, due 10/15/20 13,669 36,420,000 United States Treasury Note/Bond, 1.63%, due 10/31/23 34,956 10,070,000 United States Treasury Note/Bond, 1.63%, due 7/31/20 9,927 6,700,000 United States Treasury Note/Bond, 2.13%, due 11/30/24 6,540 2,930,000 United States Treasury Note/Bond, 2.13%, due 8/31/20 2,911 6,880,000 United States Treasury Note/Bond, 2.25%, due 11/15/27 6,646 2,810,000 United States Treasury Note/Bond, 2.25%, due 3/31/20 2,798 4,395,000 United States Treasury Note/Bond, 2.25%, due 8/15/46 3,756 6,480,000 United States Treasury Note/Bond, 2.38%, due 4/30/20 6,463 18,865,000 United States Treasury Note/Bond, 2.50%, due 1/31/25 18,791 49,425,000 United States Treasury Note/Bond, 2.50%, due 2/15/45 44,791 26,070,000 United States Treasury Note/Bond, 2.50%, due 2/15/46 23,536 15,365,000 United States Treasury Note/Bond, 2.50%, due 5/15/46 13,857 17,775,000 United States Treasury Note/Bond, 2.50%, due 5/31/20 17,759 15,035,000 United States Treasury Note/Bond, 2.50%, due 6/30/20* 15,023 3,790,000 United States Treasury Note/Bond, 2.75%, due 11/15/42 3,624 6,000,000 United States Treasury Note/Bond, 2.75%, due 4/30/23 6,062 9,795,000 United States Treasury Note/Bond, 2.75%, due 8/15/21 9,861 19,930,000 United States Treasury Note/Bond, 2.75%, due 8/15/47 18,875 7,500,000 United States Treasury Note/Bond, 2.88%, due 11/30/25 7,634 56,695,000 United States Treasury Note/Bond, 2.88%, due 4/30/25 57,678 15,410,000 United States Treasury Note/Bond, 2.88%, due 5/31/25 15,675 10,220,000 United States Treasury Note/Bond, 2.88%, due 8/15/45 9,954 6,000,000 United States Treasury Note/Bond, 2.88%, due 9/30/23 6,098 2,270,000 United States Treasury Note/Bond, 3.00%, due 8/15/48* 2,259 TOTAL U.S. GOVERNMENT OBLIGATIONS 37.93% 483,678 (Cost $481,928)

Short-Term Investments 79,923,839 DREYFUS GOV'T CASH MGMT, 2.27%$ 79,931 TOTAL SHORT-TERM INVESTMENTS 6.27% 79,931 (Cost $79,929)

Collateral for Securities Loaned Short-Term Investments-Repurchase Agreements 712,520 Citi D, 3.02%, 1/2/19 $ 705 1,000,000 Cantor D, 3.35%, due 1/2/19 999 1,000,000 Normura D, 3.00%, due 1/2/19 999 1,000,000 RBC D, 3.02%, due 1/2/19 999 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.29% 3,702 (Cost $3,702)

TOTAL INVESTMENTS 104.60%$ 1,333,886 (Cost $1,342,086)

Liabilities, Less Other Assets -4.60%$ (58,569)

NET ASSETS 100.00%$ 1,275,317

20 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2018

(A) 1,385,000 shares of US Treasury Bond, 912810RS9, pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2018:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2018 5 Year U.S. Treasury Notes 346 100,000 Short March 2019$ (460,526) 10 Year U.S. Treasury Notes 403 100,000 Long March 2019 1,112,750 U.S. Treasury Bond 323 100,000 Short March 2019 (2,141,094) 2 Year U.S. Treasury Notes 930 200,000 Long March 2019 1,121,611 U.S. Treasury Notes Ultra 10 Year 280 100,000 Long March 2019 769,093 US Ultra Bond 199 100,000 Short March 2019 (1,570,134) $ (1,168,300)

21 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets) Equities 7.01% Equities Sold Short -0.19% Number of Stocks 92 Top Ten Stocks 2.56%

Fixed Income Securities: Asset Backed Securities 9.66% Collateralized Mortgage Obligation 1.07% Commercial Mortgage Backed Securities 6.58% Corporate Obligations 43.05% Municipals 3.62% Sovereign 1.95% U.S. Agency Obligations 6.31% U.S. Government Obligations 17.24% Preferred Securities 1.32% Short-Term Investments 1.19% Short-Term Investments-Repurchase Agreements 0.74% Other Assets, Less Liabilities 0.45%

Top Ten Equity Holdings (% of Net Assets) Ford Motor DN , due 4/15/19 0.35% Gores Holdings III Inc 0.33% Churchill Capital Corp 0.29% CF Finance Acquisition Corp 0.26% Capitol Investment Corp IV 0.25% Mosaic Acquisition Corp 0.25% TPG Pace Holdings Corp 0.24% Collier Creek Holdings 0.22% Graf Industrial Corp 0.19% GS Acquisition Holdings Corp 0.18%

Top 5 Sectors (Equity Securities only) (% of Net Assets) Diversified Holding Companies 5.50% Communication Services 0.41% Financials 0.35% Information Technology 0.24% Health Care 0.18%

22 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2018

Shares or Shares or Principal Percent of Fair Value Principal Percent of Fair Value Amount Net Assets (000's) Amount Net Assets (000's) Equity Securities (continued) Equity Securities Diversified Holding Companies (continued) Communication Services 0.41% 39,985 Leisure Acquisition Corp $ 408 39,120 Media Generald CVR $ - 37,518 Leo Holdings Corp 382 49,072 Pandora Media Inc 397 15,204 Modern Media Acquisition Corp 158 16,043 Tribune Media Co 728 115,800 Mosaic Acquisition Corp 1,172 16,566 Twenty-First Century Fox Inc 792 29,233 Mosaic Acquisition Corp, due 10/23/22 29 1,917 23,730 Mudrick Capital Acquisition Corp 248 32,089 Nebula Acquisition Corp 322 Consumer Discretionary 0.12% 59,800 One Madison Corp 619 2,100 International Speedway Corp$ 92 31,229 Pensare Acquisition Corp 316 38,516 Waitr Holdings Inc 429 32,540 Pensare Acquisition Corp, due 2/15/18 9 21,784 Waitr Holdings Inc, due 6/1/23 32 34,141 Pensare Acquisition Corp, due 8/8/22 7 553 45,497 Platinum Eagle Acquisition Corp 480 3,117 Platinum Eagle Acquisition Corp, due 1/17/20 4 Energy 0.08% 66,545 Pure Acquisition Corp 699 25,785 Alta Mesa Resources Inc, due 4/27/22$ 2 1,022 Reebonz Holding LTD 2 46,714 Altus Midstream Co, due 11/12/23 31 32,375 Regalwood Global Energy Ltd 329 22,066 Magnolia Oil & Gas Corp 247 39,773 Saban Capital Acquisition Corp 401 10,117 Magnolia Oil & Gas Corp, due 6/21/22 31 53,467 Saban Capital Acquisition Corp, due 9/21/21 32 13,048 Regalwood Global Energy Ltd, due 12/5/22 14 75,000 Schultze Special Purpose Acquisition Corp 746 48,069 Sentinel Energy Services Inc, due 12/22/22 40 62,308 Sentinel Energy Services Inc 624 43,011 US Well Services Inc, due 5/28/21 26 44,630 Social Capital Hedosophia Holdings Corp 457 391 27,824 Social Capital Hedosophia Holdings Corp, due 9/25/22 19 79,578 Spartan Energy Acquisition Corp 796 Financials 0.35% 2,501 Thunder Bridge Acquisition Ltd 25 1,680,000 Ford Motor DN , due 4/15/19$ 1,664 54,127 Thunder Bridge Acquisition Ltd, due 7/17/22 20 1,664 18,914 Tiberius Acquisition Corp 194 42,062 TKK Symphony Acquisition Corp 424 Health Care 0.18% 112,129 TPG Pace Holdings Corp 1,141 3,000 athenahealth Inc $ 396 67,028 TPG Pace Holdings Corp, due 8/18/22 70 64,152 Organogenesis Holdings Inc, due 12/2/21 13 7,272 Trinity Merger Corp 75 5,970 TESARO Inc 443 62,000 Trinity Merger Corp, due 5/31/23 24 852 17,353 Twelve Seas Investment Co 179 53,509 Vantage Energy Acquisition Corp 542 Diversified Holding Companies 5.50% 46,731 Vantage Energy Acquisition Corp, due 4/12/24 22 29,735 Allegro Merger Corp $ 307 17,644 VectoIQ Acquisition Corp, due 6/11/23 9 18,143 Altus Midstream Co 140 25,932 60,000 AMCI Acquisition Corp 597 17,728 ARYA Sciences Acquisition Corp 182 Industrials 0.13% 19,700 Big Rock Partners Acquisition Corp, due 12/1/22 7 11,844 Concrete Pumping Holdings Inc, due 8/1/24$ 9 17,943 Black Ridge Acquisition Corp, due 10/25/22 5 5,000 NRC Group Holdings Corp 38 11,297 Black Ridge Acquisition Corp, due 12/31/49 4 40,603 NRC Group Holdings Corp, due 6/15/2433 114,607 Capitol Investment Corp IV 1,178 22,602 Sparton Corp 411 120,564 CF Finance Acquisition Corp 1,206 2,730 USG Corp 116 43,894 ChaSerg Technology Acquisition Corp 439 607 135,000 Churchill Capital Corp 1,366 105,000 Collier Creek Holdings 1,055 Information Technology 0.24% 37,681 Constellation Alpha Capital Corp, due 12/31/49 7 6,000 Apptio Inc $ 228 71,433 Constellation Alpha Capital Corp, due 8/9/22 8 13,500 ARRIS International PLC 413 60,000 DD3 Acquisition Corp 601 46,529 Verra Mobility Corp 454 28,354 DFB Healthcare Acquisitions Corp 286 21,774 Verra Mobility Corp, due 3/6/22 40 52,000 Far Point Acquisition Corp 525 1,135 65,518 Federal Street Acquisition Corp 670 56,663 Federal Street Acquisition Corp, due 7/24/22 39 TOTAL EQUITY SECURITIES 7.01% 33,051 51,495 FinTech Acquisition Corp III 516 (Cost $32,928) 33,466 Forum Merger II Corp 339 22,814 GigCapital Inc 241 Fixed Income Securities 156,500 Gores Holdings III Inc 1,573 Asset Backed Securities 89,149 Graf Industrial Corp 891 411,509 Ally Auto Receivables Trst 2018-1, 2.08%, due 9/15/20$ 411 83,688 GS Acquisition Holdings Corp 843 1,308,959 AmeriCredit Auto Receivables Trst 2017-4, 1.83%, due 5/18/21 1,304 38,912 GTY Technology Holdings Inc/Cayman Islands 388 646,990 Bank of The West Auto Trst 2017-1, 1.78%, due 2/15/21 644 21,047 GTY Technology Holdings Inc/Cayman Islands, due 11/14/21 16 342,750 BCC Funding XIII LLC, 2.20%, due 12/20/21 341 78,588 Haymaker Acquisition Corp 829 1,079,721 BCC Funding XIV LLC, 2.96%, due 6/20/23 1,076 66,999 Legacy Acquisition Corp 682 735,000 Cabela's Credit Card Master Note Trst, 2.91%, due 7/15/22 735 23,162 Legacy Acquisition Corp, due 11/30/22 8 855,000 Canadian Pacer Auto Receivables Trst2017-1, 2.29%, due 1/19/22 844

23 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2018

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

Asset Backed Securities (continued) Commercial Mortgage Backed Securities (continued) 1,650,000 CarMax Auto Owner Trst 2016-1, 2.22%, due 8/16/21$ 1,635 243,798 DBJPM 16-C1 Mortgage Trst, 1.68%, due 5/10/49$ 240 1,530,536 Chesapeake Funding II LLC, 1.99%, due 5/15/29 1,514 1,540,000 FREMF 2010-K7 Mortgage Trst, 5.50%, due 4/25/20 1,580 851,071 CLI Funding V LLC, 3.38%, due 10/18/29 845 2,101,483 GS Mortgage Securities Trst 2011-GC3, 4.75%, due 3/10/44 2,160 1,225,000 CNH Equipment Trst 2016-B, 2.20%, due 10/15/23 1,213 1,740,000 GS Mortgage Securities Trst 2013-GCJ12, 2.86%, due 6/10/46 1,716 1,250,000 Daimler Trucks Retail Trst 2018-1, 2.85%, due 7/15/21 1,248 1,318,114 JP Morgan Chase Commercial Mort Secs Trst 2012-C6, 3.51%, due 5/15/45 1,324 1,925,000 DB Master Finance LLC, 3.98%, due 2/20/45 1,952 237,768 JPMBB Commercial Mortgage Securities Trst 2016-C1, 1.69%, due 3/15/49 236 1,574,625 Domino's Pizza Master Issuer LLC, 4.47%, due 10/25/45 1,589 1,001,309 JPMDB Commercial Mortgage Securities Trst 2017-C7, 2.08%, due 10/15/50 981 1,050,000 Element Rail Leasing I LLC, 3.67%, due 4/19/44 1,045 1,700,000 Morgan Stanley BofA Merrill Lynch Trst 2013-C9, 3.71%, due 5/15/46 1,689 1,900,000 Element Rail Leasing II LLC, 3.59%, due 2/19/45 1,902 1,100,000 Morgan Stanley Capital I Trst 2014-MP, 3.69%, due 8/11/33 1,120 1,398,665 Enterprise Fleet Financing LLC, 1.97%, due 1/20/23 1,388 683,805 Morgan Stanley Capital I Trst 2016-UBS9, 1.71%, due 3/15/49 673 138,009 Fifth Third Auto Trst 2017-1, 1.59%, due 4/15/20 138 640,000 Morgan Stanley Capital I Trst 2017-CLS, 3.31%, due 11/15/34 630 1,975,000 Ford Credit Auto Owner Trst 2015-REV2, 2.44%, due 1/15/27 1,958 1,215,260 Motel 6 Trst 2017-MTL6, 3.65%, due 8/15/34 1,194 1,039,922 Ford Credit Auto Owner Trst 2018-A, 2.59%, due 2/15/21 1,038 1,603,704 TPG Real Estate Finance 2018-FL-1 Issuer LTD, 3.21%, due 4/15/35 1,597 2,125,000 Ford Credit Auto Owner Trst 2018-REV1, 3.19%, due 7/15/31 2,108 870,000 UBS-Barclays Commercial Mortgage Trst 2012-C4, 2.85%, due 12/10/45 860 2,000,000 GM Financial Auto Leasing Trst 2017-2, 2.02%, due 9/21/20 1,985 189,210 Wells Fargo Commercial Mortgage Trst 2015-C26, 1.45%, due 2/15/48 189 1,600,000 GM Financial Auto Leasing Trst 2017-3, 2.12%, due 9/20/21 1,585 450,445 Wells Fargo Commercial Mortgage Trst 2015-C31, 1.68%, due 11/15/48 446 32,445 GMACM Home Equity Loan Trst 2003-HE1, 3.01%, due 4/25/33 31 790,695 Wells Fargo Commercial Mortgage Trst 2016-C32, 1.58%, due 1/15/59 781 61,460 Home Equity Loan Trst 2006-HSA2, 5.55%, due 3/25/36 31 602,493 Wells Fargo Commercial Mortgage Trst 2017-C40, 2.11%, due 10/15/50 593 1,825,000 MMAF Equipment Finance LLC 2017-A, 2.04%, due 2/16/22 1,808 12,883 WFRBS Commercial Mortgage Trst 2013-UBS1, 2.93%, due 3/15/46 13 1,200,000 PFS Financing Corp, 2.89%, due 2/15/23 1,190 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 6.58% 31,007 1,400,000 PFS Financing Corp, 3.04%, due 3/15/21 1,400 (Cost $31,240) 997,500 Planet Fitness Master Issuer LLC, 4.26%, due 9/5/48 1,002 1,978,306 SBA Small Business Investment Cos, 2.52%, due 9/10/27 1,942 Corporate Obligations 1,719,318 SBA Small Business Investment Cos, 3.19%, due 3/10/28 1,741 Communication Services 4.02% 1,158,668 SoFi Professional Loan Program 2015-d LLC, 2.72%, due 10/27/36 1,139 1,595,000 21st Century Fox America Inc, 4.50%, due 2/15/21$ 1,638 723,333 TAL Advantage V LLC, 3.51%, due 2/22/39 719 975,000 Activision Blizzard Inc, 2.30%, due 9/15/21 950 320,601 Tax Ease Funding 2016-1 LLC, 3.13%, due 6/15/28 320 2,000,000 AT&T Inc, due 11/27/22 1,734 795,627 TCF Auto Receivables Owner Trst 2016-PT1, 1.93%, due 6/15/22 788 2,355,000 AT&T Inc, 3.20%, due 3/1/22 2,323 824,985 Textainer Marine Containers V Ltd, 3.72%, due 5/20/42 823 1,500,000 AT&T Inc, 3.96%, due 6/12/24 1,455 840,371 Verizon Owner Trst 2016-1, 1.42%, due 1/20/21 836 1,100,000 CCO Holdings LLC / CCO Holdings Capital Corp, 5.75%, due 2/15/26 1,078 1,300,000 Verizon Owner Trst 2016-2, 2.15%, due 5/20/21 1,285 1,000,000 Comcast Cable Communications Holdings Inc, 9.46%, due 11/15/22 1,215 2,000,000 Volvo Financial Equipment LLC Series 2017-1, 1.92%, due 3/15/21 1,986 1,510,000 Comcast Corp, 3.45%, due 10/1/21 1,525 TOTAL ASSET BACKED SECURITIES 9.66% 45,539 1,085,000 Discovery Communications LLC, 2.95%, due 3/20/23* 1,038 (Cost $45,746) 1,000,000 Level 3 Financing Inc, 5.38%, due 5/1/25 938 1,099,000 Nexstar Broadcasting Inc, 5.63%, due 8/1/24 1,028 Collateralized Mortgage Obligations 1,048,438 Sprint Spectrum Co/ Sprint Spec Co II/ Sprint Spec Co III, 3.36%, due 9/20/21 1,035 17,921 Adjustable Rate Mortgage Trst 2005-3, 2.75%, due 7/25/35$ 18 595,000 Time Warner Cable LLC, 8.25%, due 4/1/19 602 275,389 FDIC Guaranteed Notes Trst 2010-S1, 3.25%, due 4/25/38 273 1,015,000 Verizon Communications Inc, 3.13%, due 3/16/22 1,008 604,173 FDIC Guaranteed Notes Trst 2010-S2, 2.57%, due 7/29/47 599 1,415,000 Vodafone Group PLC, 3.75%, due 1/16/24 1,395 113,030 Impac Secured Assets Trst 2006-2, 2.86%, due 8/25/36 109 18,962 1,577,233 La Hipotecaria El Salvadorian Mortgage Trst 2013-1, 3.50%, due 10/25/41 1,567 676,099 La Hipotecaria Panamanian Mortgage Trst 2014-1, 3.26%, due 11/24/42 663 Consumer Discretionary 5.15% 1,856,057 Sequoia Mortgage Trst 2014-4, 3.50%, due 11/25/44 1,833 1,275,000 Alibaba Group Holding Ltd, 2.50%, due 11/28/19$ 1,268 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 1.07% 5,062 695,000 American Honda Finance Corp, 1.70%, due 9/9/21 668 (Cost $5,155) 1,050,000 Daimler Finance North America LLC, 1.50%, due 7/5/19 1,040 2,000,000 Daimler Finance North America LLC, 2.20%, due 5/5/20 1,967 Commercial Mortgage Backed Securities 500,000 Ford Motor Credit Co LLC, 2.46%, due 3/27/20* 489 894,862 BANK 2017-BNK7, 1.98%, due 9/15/60$ 878 1,510,000 Ford Motor Credit Co LLC, 2.68%, due 1/9/20 1,485 708,739 BANK 2018-BNK10, 2.62%, due 2/15/61 703 755,000 Ford Motor Credit Co LLC, 3.20%, due 1/15/21 732 1,105,000 CFCRE Commercial Mortgage Trst 2011-C2, 3.83%, due 12/15/47 1,117 1,160,000 Ford Motor Credit Co LLC, 3.81%, due 10/12/21 1,127 1,500,000 Citigroup Commercial Mortgage Trst 2014-GC25, 3.64%, due 10/10/47 1,518 1,050,000 Ford Motor Credit Co LLC, 4.14%, due 2/15/23 998 344,487 Citigroup Commercial Mortgage Trst 2016-C1, 1.51%, due 5/10/49 339 1,000,000 General Motors Financial Co Inc, 2.40%, due 5/9/19 996 739,772 Citigroup Commercial Mortgage Trst 2016-P5, 1.41%, due 10/10/49 726 1,090,000 General Motors Financial Co Inc, 3.20%, due 7/13/20 1,076 540,198 Citigroup Commercial Mortgage Trst 2017-C4, 2.12%, due 10/12/50 531 2,330,000 General Motors Financial Co Inc, 3.20%, due 7/6/21 2,276 965,616 Citigroup Commercial Mortgage Trst 2017-P8, 2.07%, due 9/15/22 947 2,510,000 General Motors Financial Co Inc, 4.20%, due 11/6/21* 2,509 1,950,000 Cold Storage Trst 2017-ICE3, 3.71%, due 4/15/36 1,912 1,700,000 Harley-Davidson Financial Services Inc, 3.35%, due 2/15/23 1,663 540,704 COMM 2012-CCRE3 Mortgage Trst, 2.37%, due 10/15/45 534 1,155,000 Home Depot Inc/The, 3.25%, due 3/1/22 1,167 1,459,189 COMM 2014-CCRE16 Mortgage Trst, 3.04%, due 4/10/47 1,458 1,000,000 Lennar Corp, 4.13%, due 1/15/22 960 1,126,917 COMM 2016-COR1 Mortgage Trst, 1.52%, due 10/10/49 1,106 1,250,000 Macy's Retail Holdings Inc, 8.50%, due 6/1/19 1,274 1,235,000 DBCG 2017-BBG Mortgage Trst, 3.16%, due 6/15/34 1,216 845,000 Nissan Motor Acceptance Corp, 1.55%, due 9/13/19 832

24 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2018

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

Corporate Obligations (continued) Corporate Obligations (continued) Consumer Discretionary (continued) Financials (continued) 5,795 Reebonz Holding Ltd, due 9/30/24$ 1 920,000 JPMorgan Chase & Co, 4.50%, due 1/24/22$ 948 750,000 Toyota Motor Credit Corp, 2.25%, due 3/20/24 747 1,155,000 JPMorgan Chase Bank NA, 2.83%, due 2/1/21 1,147 560,000 Williams Scotsman International Inc, 6.88%, due 8/15/23 538 635,000 Liberty Mutual Group Inc, 4.95%, due 5/1/22 655 470,000 Williams Scotsman International Inc, 7.88%, due 12/15/22 459 979,000 Macquarie Group Ltd, 6.25%, due 1/14/21* 1,028 24,272 1,170,000 Manufacturers & Traders Trst Co, 2.05%, due 8/17/20 1,147 1,350,000 Manufacturers & Traders Trst Co, 3.38%, due 12/1/21 1,337 Consumer Staples 1.45% 1,275,000 Manulife Financial Corp, 4.90%, due 9/17/20 1,308 1,945,000 Conagra Brands Inc, 3.80%, due 10/22/21$ 1,946 249,000 MetLife Inc, 4.75%, due 2/8/21 257 1,445,000 Constellation Brands Inc, 2.25%, due 11/6/20 1,417 695,000 Metropolitan Life Global Funding I, 3.00%, due 1/10/23 684 1,060,000 Constellation Brands Inc, 3.75%, due 5/1/21* 1,068 1,145,000 Morgan Stanley, 2.80%, due 6/16/20 1,138 1,000,000 Kraft Heinz Foods Co, 4.88%, due 2/15/25 1,004 1,155,000 Morgan Stanley, 3.13%, due 1/23/23 1,128 650,000 Smithfield Foods Inc, 2.70%, due 1/31/20 641 890,000 Nationwide Financial Services Inc, 5.38%, due 3/25/21 922 380,000 Tyson Foods Inc, 2.25%, due 8/23/21 368 1,060,000 New York Life Global Funding, 1.70%, due 9/14/21 1,022 375,000 Tyson Foods Inc, 2.65%, due 8/15/19 373 1,000,000 Ohio National Financial Services Inc, 6.38%, due 4/30/20 1,033 6,817 1,000,000 OMX Timber Finance Investments I LLC, 5.42%, due 10/31/19 1,013 2,070,000 PNC Bank NA, 2.50%, due 1/22/21* 2,043 Energy 1.01% 635,000 Pricoa Global Funding I, 2.45%, due 9/21/22 614 930,000 Alta Mesa Holdings LP/Alta Mesa Finance Services Corp, 7.88%, due 12/15/24$ 577 1,000,000 Principal Life Global Funding II, 2.15%, due 1/10/20 990 465,000 Andeavor Logistics LP / Tesoro Logistics Finance Corp, 4.25%, due 12/1/27 439 1,110,000 Principal Life Global Funding II, 2.20%, due 4/8/20 1,097 600,000 BP Capital Markets America Inc, 2.52%, due 9/19/22 580 724,352 Sovereign Bank Lease Pass-Through Trst, 12.18%, due 6/30/20 797 1,130,000 Energy Transfer Operating LP, 6.25%, due 12/31/49 946 1,205,465 Tagua Leasing LLC, 1.90%, due 7/12/24 1,177 845,000 Magnolia Oil & Gas Op LLC / Magnolia Oil & Gas Fin Corp, 6.00%, due 8/1/26 815 700,000 UBS AG/London, 2.45%, due 12/1/20 687 1,000,000 Range Resources Corp, 5.00%, due 8/15/22 895 663,542 Ulani MSN 35940 LLC, 2.23%, due 5/16/25 652 550,000 Sunoco LP / Sunoco Finance Corp, 5.50%, due 2/15/26 521 1,365,000 Wells Fargo & Co, 2.10%, due 7/26/21 1,322 4,773 865,000 Wells Fargo & Co, 2.60%, due 7/22/20 857 690,000 Wells Fargo & Co, 6.65%, due 10/15/23 771 Financials 17.30% 81,540 729,265 Ahold Lease Series 2001-A-2 Pass Through Trst, 8.62%, due 1/2/25$ 838 2,350,000 AIG Global Funding, 1.90%, due 10/6/21 2,250 Health Care 1.82% 2,060,000 Allstate Corp/The, 3.23%, due 3/29/21 2,038 1,220,000 Abbott Laboratories, 2.90%, due 11/30/21$ 1,209 995,000 Ally Financial Inc, 3.75%, due 11/18/19 991 1,000,000 Agiliti Health Inc, 7.63%, due 8/15/20 993 855,000 American Express Co, 2.20%, due 10/30/20 840 1,085,000 Anthem Inc, 2.50%, due 11/21/20 1,070 790,000 American Express Credit Corp, 2.60%, due 9/14/20* 782 1,740,000 Cigna Corp, 3.75%, due 7/15/23 1,734 510,000 American Express Credit Corp, 2.70%, due 3/3/22 500 1,700,000 CVS Health Corp, 3.49%, due 3/9/21 1,686 1,615,000 American International Group Inc, 3.30%, due 3/1/21 1,610 1,164,551 CVS Pass-Through Trst, 6.04%, due 12/10/28 1,240 475,000 American International Group Inc, 6.40%, due 12/15/20 502 615,000 Providence Health & Services Obligated Group, 6.25%, due 10/1/19 627 740,000 Bank of America Corp, 2.63%, due 10/19/20 732 8,559 2,285,000 Bank of America Corp, 2.74%, due 1/23/22 2,250 2,200,000 Bank of America Corp, 3.49%, due 4/24/23* 2,176 Industrials 6.39% 875,000 Bank One Corp, 8.53%, due 3/1/19 882 1,100,000 ABB Finance USA Inc, 3.38%, due 4/3/23$ 1,099 2,550,000 Barclays Bank PLC, 2.88%, due 1/11/21 2,513 730,000 Air Lease Corp, 3.38%, due 6/1/21* 723 1,000,000 BARCLAYS PLC 7.875%, 7.88%, due 12/15/65* 1,000 1,480,000 Air Lease Corp, 3.88%, due 4/1/21 1,482 1,875,000 BB&T Corp, 3.20%, due 9/3/21* 1,873 2,119,148 American Airlines 2013-2 Class A Pass Through Trst, 4.95%, due 1/15/23 2,151 2,240,000 BNP Paribas SA, 5.00%, due 1/15/21 2,318 27,438 BNSF Railway Co 2005-4 Pass Thr Trst, 4.97%, due 4/1/23 28 815,000 Branch Banking & Trst Co, 2.63%, due 1/15/22 800 1,165,000 Cargill Inc, 3.25%, due 3/1/23 1,163 550,000 Cantor Fitzgerald LP, 6.50%, due 6/17/22 583 1,000,000 Carlisle Cos Inc, 3.75%, due 11/15/22 985 395,000 Cantor Fitzgerald LP, 7.88%, due 10/15/19 407 1,175,000 Caterpillar Financial Services Corp, 3.65%, due 12/7/23 1,189 1,600,000 Capital One Financial Corp, 2.50%, due 5/12/20 1,579 1,018,969 Continental Airlines 2007-1 Class A Pass Through Trst, 5.98%, due 10/19/23 1,064 1,500,000 Capital One Financial Corp, 3.20%, due 1/30/23 1,460 1,251,788 Delta Air Lines 2007-1 Class A Pass Through Trst, 6.82%, due 2/10/24 1,344 1,730,000 Citigroup Inc, 2.45%, due 1/10/20 1,716 3,015,000 ERAC USA Finance LLC, 2.60%, due 12/1/21 2,934 2,895,000 Citigroup Inc, 2.75%, due 4/25/22 2,812 1,050,000 Fortive Corp, 2.35%, due 6/15/21* 1,024 2,295,000 Citigroup Inc, 3.14%, due 1/24/23* 2,254 1,050,000 IDEX Corp, 4.50%, due 12/15/20 1,069 1,000,000 Citigroup Inc, 8.50%, due 5/22/19 1,020 950,000 John Deere Capital Corp, 2.15%, due 9/8/22 910 2,190,000 Credit Suisse AG/New York NY, 4.38%, due 8/5/20 2,226 435,000 Kansas City Southern, 3.85%, due 11/15/23 439 1,000,000 Delphi Financial Group Inc, 7.88%, due 1/31/20 1,047 1,715,000 Norfolk Southern Corp, 2.90%, due 2/15/23 1,685 1,191,000 FMR LLC, 7.49%, due 6/15/19 1,213 600,000 Norfolk Southern Corp, 3.25%, due 12/1/21 602 1,400,000 Goldman Sachs Group Inc/The, 2.30%, due 12/13/19 1,386 1,130,000 Ryder System Inc, 2.25%, due 9/1/21* 1,093 1,245,000 Goldman Sachs Group Inc/The, 2.60%, due 12/27/20 1,222 1,105,000 Ryder System Inc, 3.75%, due 6/9/23 1,098 2,250,000 Goldman Sachs Group Inc/The, 2.88%, due 10/31/22 2,185 2,530,000 Union Pacific Corp, 3.50%, due 6/8/23 2,535 1,150,000 Goldman Sachs Group Inc/The, 3.20%, due 2/23/23 1,115 912,078 Union Pacific Railroad Co 2005 Pass Through Trst, 5.08%, due 1/2/29 966 1,376,284 Grain Spectrum Funding II LLC, 3.29%, due 10/10/19 1,369 514,272 Union Pacific Railroad Co 2006 Pass Through Trst, 5.87%, due 7/2/30 559 1,100,000 Guardian Life Global Funding, 2.50%, due 5/8/22 1,069 2,735,000 Jackson National Life Global Funding, 2.10%, due 10/25/21 2,639 3,620,000 JPMorgan Chase & Co, 2.55%, due 3/1/21 3,569

25 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2018

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

Corporate Obligations (continued) Municipals (continued) Industrials (continued) 1,500,000 New Jersey Economic Development Authority, 5.50%, due 9/1/23$ 1,675 1,000,000 United Rentals North America Inc, 5.50%, due 7/15/25$ 943 1,250,000 North Texas Tollway Authority, 8.91%, due 2/1/30 1,322 900,000 USG Corp, 5.50%, due 3/1/25 907 1,000,000 Puerto Rico Electric Power Authority, 5.00%, due 7/1/20 1,020 2,200,000 Wabtec Corp, 4.15%, due 3/15/24 2,126 1,130,000 State of California, 7.70%, due 11/1/30 1,222 30,118 1,330,000 Vermont Ed & Health Buildings Financing Agency, 3.22%, due 10/15/20 1,333 TOTAL MUNICIPALS 3.62% 17,052 Information Technology 1.68% (Cost $16,981 ) 1,000,000 Analog Devices Inc, 3.13%, due 12/5/23$ 971 1,475,000 Broadcom Corp / Broadcom Cayman Finance Ltd, 2.20%, due 1/15/21* 1,426 Sovereign 1,100,000 Broadridge Financial Solutions Inc, 3.95%, due 9/1/20 1,111 440,331 Small Business Administration Pools, 2.63%, due 5/25/31$ 436 1,200,000 Fiserv Inc, 2.70%, due 6/1/20 1,191 1,956,630 Small Business Administration Pools, 2.75%, due 11/25/28 1,940 1,000,000 FLIR Systems Inc, 3.13%, due 6/15/21 986 150,294 Small Business Administration Pools, 2.75%, due 4/25/28 150 60 RHT US 01/25/19 C185, due 1/25/19 1 1,034,561 Small Business Administration Pools, 2.87%, due 4/25/29 1,033 1,120,000 VMware Inc, 2.30%, due 8/21/20 1,097 1,200,000 Tennessee Valley Authority, 6.24%, due 7/15/45 1,255 1,150,000 Xilinx Inc, 2.13%, due 3/15/19 1,147 1,900,000 United States Department of Transportation, 6.00%, due 12/7/21 2,074 7,930 417,106 United States Small Business Administration, 2.08%, due 4/1/33 403 454,939 United States Small Business Administration, 4.05%, due 12/1/29 474 Materials 1.49% 1,377,211 United States Small Business Administration, 4.05%, due 4/1/31 1,437 1,060,000 ArcelorMittal, 5.25%, due 8/5/20$ 1,076 TOTAL SOVEREIGN 1.95% 9,202 545,000 ArcelorMittal, 6.25%, due 2/25/22* 576 (Cost $9,241) 1,330,000 Dow Chemical Co/The, 4.13%, due 11/15/21 1,353 600,000 Dow Chemical Co/The, 7.38%, due 3/1/23 681 U.S. Agency Obligations 575,000 Dow Chemical Co/The, 8.55%, due 5/15/19 586 Fannie Mae 3.30% 1,110,000 DowDuPont Inc, 3.77%, due 11/15/20 1,121 564,031 Fannie Mae Pool, 2.40%, due 10/1/22$ 559 820,000 Packaging Corp of America, 2.45%, due 12/15/20 805 1,799,766 Fannie Mae Pool, 2.50%, due 5/1/23 1,802 805,000 Worthington Industries Inc, 6.50%, due 4/15/20 832 3,402,768 Fannie Mae Pool, 2.77%, due 6/1/23 3,389 7,030 1,189,150 Fannie Mae Pool, 4.00%, due 2/1/45 1,223 142,678 Fannie Mae Pool, 4.00%, due 3/1/31 147 Real Estate 1.15% 214,838 Fannie Mae Pool, 4.50%, due 5/1/31 225 1,000,000 Fort Benning Family Communities LLC, 2.81%, due 1/15/36$ 842 24,581 Fannie Mae Pool, 5.00%, due 2/1/23 25 925,000 GEO Group Inc/The, 5.13%, due 4/1/23 833 601,890 Fannie Mae REMICS, 1.50%, due 5/25/29 575 1,407,094 Pershing Road Development Co LLC, 3.14%, due 9/1/26 1,315 54,264 Fannie Mae REMICS, 1.75%, due 6/25/21 54 1,250,000 SBA Tower Trst, 3.17%, due 4/15/47 1,229 729,646 Fannie Mae REMICS, 2.50%, due 2/25/44 719 1,220,000 Simon Property Group LP, 2.75%, due 6/1/23 1,182 311,177 Fannie Mae-Aces, 1.56%, due 10/25/23 308 5,401 705,663 Fannie Mae-Aces, 1.92%, due 1/25/22 697 71,117 Fannie Mae-Aces, 2.00%, due 10/25/23 71 Utilities 1.60% 1,668,925 Fannie Mae-Aces, 2.26%, due 2/25/23 1,643 915,000 Alabama Power Co, 2.45%, due 3/30/22$ 891 1,984,448 Fannie Mae-Aces, 2.49%, due 12/25/26 1,965 2,240,000 Commonwealth Edison Co, 3.40%, due 9/1/21 2,252 2,127,173 Fannie Mae-Aces, 2.99%, due 12/25/27 2,159 2,035,000 PSEG Power LLC, 3.00%, due 6/15/21 2,001 15,561 1,260,000 Public Service Electric & Gas Co, 3.25%, due 9/1/23 1,266 1,135,000 Southern Co/The, 2.75%, due 6/15/20 1,122 Freddie Mac 1.11% 7,532 483,254 Freddie Mac Gold Pool, 3.00%, due 7/1/24$ 486 45,273 Freddie Mac Gold Pool, 4.00%, due 9/1/20 46 TOTAL CORPORATE OBLIGATIONS 43.05% 202,934 125,741 Freddie Mac Gold Pool, 4.50%, due 4/1/25 130 (Cost $207,137 ) 44,310 Freddie Mac Gold Pool, 6.00%, due 3/1/23 46 986,145 Freddie Mac Multifamily Structured Pass Thr Certs, 1.78%, due 7/25/19 980 Diversified Holding Companies 387,821 Freddie Mac REMICS, 1.75%, due 11/15/29 381 9,850 Big Rock Partners Acquisition Corp, due 12/1/22$ 4 1,384,429 Freddie Mac REMICS, 3.50%, due 6/15/44 1,398 TOTAL DIVERSIFIED HOLDING COMPANIES 0.00% 4 367,886 Freddie Mac REMICS, 3.50%, due 6/15/50 371 (Cost $4 ) 4,450 Freddie Mac REMICS, 4.00%, due 12/15/24 4 1,368,538 Freddie Mac REMICS, 4.00%, due 3/15/44 1,409 Municipals 5,251 285,000 Amarillo Economic Development Corp, 5.14%, due 8/15/19$ 289 840,000 Atlanta Downtown Development Authority, 6.88%, due 2/1/21 878 Ginnie Mae 1.82% 640,000 Chicago Board of Education, due 12/1/19 623 722,741 Ginnie Mae I Pool, 2.14%, due 8/15/23$ 701 1,000,000 City of Chicago Heights IL, 4.75%, due 1/15/20 1,018 337,045 Government National Mortgage Association, 0.51%, due 5/16/35 326 1,410,000 Clark County School District, 5.51%, due 6/15/20 1,455 318,980 Government National Mortgage Association, 1.61%, due 7/16/39 310 1,000,000 Commonwealth of Puerto Rico, 5.50%, due 7/1/20 1,028 24,948 Government National Mortgage Association, 1.77%, due 11/16/38 25 750,000 County of Clermont OH Sewer System Revenue, 4.00%, due 8/1/20 751 492,761 Government National Mortgage Association, 2.00%, due 3/16/26 482 1,175,000 Industry Public Facilities Authority, 3.14%, due 1/1/20 1,176 1,795,332 Government National Mortgage Association, 2.35%, due 4/16/57 1,725 1,400,000 Metro Gov Nashville & Davidson Cnty Health & Ed Facs Bd, 4.88%, due 7/1/46 1,449 884,791 Government National Mortgage Association, 2.40%, due 11/16/41 877 1,000,000 Metropolitan Transportation Authority, 7.13%, due 11/15/30 1,063 1,439,254 Government National Mortgage Association, 2.53%, due 6/16/48 1,446 750,000 Miami Beach Redevelopment Agency, 2.80%, due 2/1/19 750 1,121,994 Government National Mortgage Association, 2.75%, due 6/16/56 1,107

26 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2018

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

U.S. Agency Obligations (continued) Collateral for Securities Loaned Ginnie Mae (continued) Short-Term Investments-Repurchase Agreements 47,154 Government National Mortgage Association, 3.25%, due 3/20/39$ 47 474,129 BNP D, 3.00%, 1/2/19 $ 473 1,445,469 Government National Mortgage Association, 4.73%, due 6/20/36 1,526 1,000,000 Cantor D, 3.35%, 1/2/19 999 8,572 1,000,000 Nomura D, 3.00%, 1/2/19 999 1,000,000 RBC D, 3.02%, due 1/2/19 999 Other 0.08% TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.74% 3,470 180,445 JPTEP 2012-4 A , 3.50%, due 7/27/38$ 181 (Cost $3,470) 195,889 NCUA Guaranteed Notes Trst 2010-R1, 2.83%, due 10/7/20 196 377 TOTAL INVESTMENTS 99.74% 470,152 TOTAL U.S. AGENCY OBLIGATIONS 6.31% 29,761 (Cost $475,241) (Cost $30,035 ) Equity Securities-Short U.S. Government Obligations Communication Services -0.15% 7,405,000 United States Treasury Note/Bond, 1.25%, due 3/31/21$ 7,208 70,664 Sirius XM Holdings Inc (403) 3,150,000 United States Treasury Note/Bond, 1.50%, due 10/31/19 3,121 2,849 Walt Disney Co/The (308) 5,250,000 United States Treasury Note/Bond, 1.75%, due 5/15/22 5,127 (711) 19,380,000 United States Treasury Note/Bond, 1.75%, due 5/31/22 18,920 18,240,000 United States Treasury Note/Bond, 2.25%, due 3/31/21* 18,146 Energy -0.04% 2,250,000 United States Treasury Note/Bond, 2.38%, due 12/31/20 2,245 7,000 SPDR S&P Oil & Gas Exp (186) 9,450,000 United States Treasury Note/Bond, 2.63%, due 8/15/20 9,463 (186) 16,860,000 United States Treasury Note/Bond, 2.75%, due 4/30/23 17,033 TOTAL U.S. GOVERNMENT OBLIGATIONS 17.24% 81,263 Information Technology 0.00% (Cost $81,248 ) 30 RHT US 01/25/19 P172.5 (5) (5) TOTAL FIXED INCOME SECURITIES 89.48% 421,824 (Cost $426,787) TOTAL EQUITIES SOLD SHORT -0.19% (902) (Cost $972) Preferred Securities 800,000 Bank of America Corp, 6.50%, due 4/23/66$ 810 Other Assets, Less Liabilities 0.45% $ 2,133 1,121,000 Cooperatieve Rabobank UA, 11.00%, due 12/31/65 1,157 1,500,000 Depository Trst & Clearing Corp/The, 4.88%, due 12/15/65 1,478 NET ASSETS 100.00% $ 471,383 1,000,000 Lloyds Bank PLC, 12.00%, due 6/16/66 1,169 635,000 State Street Corp, 3.18%, due 5/15/28 568 350,000 USB Capital IX, 3.50%, due 10/15/65 259 800,000 Wells Fargo & Co, 5.90%, due 12/15/65 762 TOTAL PREFERRED SECURITIES 1.32% 6,203 (Cost $5,605)

Short-Term Investments 5,599,722 Dreyfus Government Cash Management$ 5,604 TOTAL SHORT-TERM INVESTMENTS 1.19% 5,604 (Cost $5,605)

* All or a portion of this security is on loan. The market value of loaned securities is $11,349,817

27 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2018

The Portfolio

Short-Term Investments 104.04% Liabilities, Less Other Assets -4.04%

28 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2018

Percent of Fair Shares Net Assets Value (000's) Short-Term Investments 1,751 Dreyfus Government Cash Management$ 1,751 TOTAL SHORT-TERM INVESTMENTS 104.04% 1,751 (Cost $1,751)

TOTAL INVESTMENTS (Cost $1,751) 104.04% 1,751

Liabilities, Less Other Assets -4.04% (68)

NET ASSETS 100.00%$ 1,683

29 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 95.12% Number of Stocks 184 Top Ten Stocks (% of Net Assets) 23.40%

Fixed Income Securities: Short-Term Investments 3.99% Short-Term Investments-Repurchase Agreements 0.25% Liabilities, Less Other Assets 0.64%

Top Ten Equity Holdings (% of Net Assets) Bank of America Corp 2.94% Microsoft Corp 2.75% Cigna Corp 2.72% Alphabet Inc 2.40% Capital One Financial Corp 2.34% Comcast Corp 2.20% JPMorgan Chase & Co 2.12% Medtronic PLC 2.10% Twenty-First Century Fox Inc 1.98% Wells Fargo & Co 1.85%

Top 5 Sectors (% of Net Assets) Financials 24.16% Information Technology 13.18% Communication Services 13.04% Health Care 11.91% Energy 9.28%

30 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2018

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

Equities Equities (continued) Communication Services 13.04% Energy (continued) 7,011 Alphabet Inc$ 7,280 78,000 Apache Corp $ 2,048 63,287 AT&T Inc 1,806 29,447 Chevron Corp 3,204 22,874 CBS Corp 1,000 11,000 Concho Resources Inc 1,131 18,357 Charter Communications Inc 5,231 40,977 ConocoPhillips 2,555 16,639 Cinemark Holdings Inc 596 23,419 Exxon Mobil Corp 1,597 196,570 Comcast Corp 6,693 45,000 Halliburton Co 1,196 34,000 DISH Network Corp 849 10,170 HollyFrontier Corp 520 904 IAC/InterActiveCorp 165 30,329 Marathon Petroleum Corp 1,790 9,965 John Wiley & Sons Inc 468 57,000 National Oilwell Varco Inc 1,465 29,400 News Corp 334 56,913 Occidental Petroleum Corp 3,493 170,714 Sprint Corp 994 16,448 PBF Energy Inc 537 37,223 TEGNA Inc 405 22,098 Phillips 66 1,904 27,840 Telephone & Data Systems Inc 906 48,000 Schlumberger Ltd 1,732 11,121 T-Mobile US Inc 707 20,266 Valero Energy Corp 1,519 125,000 Twenty-First Century Fox Inc 6,005 93,700 Weatherford International PLC* 52 82,365 Verizon Communications Inc 4,631 28,164 19,718 Viacom Inc 507 44,000 Zayo Group Holdings Inc 1,005 Financials 24.16% 39,582 215,529 Aegon NV* $ 1,002 25,019 Allstate Corp/The 2,067 Consumer Discretionary 5.54% 78,480 Ally Financial Inc 1,778 9,092 Aaron's Inc $ 382 45,000 American Express Co 4,289 654 Amazon.com Inc 982 362,310 Bank of America Corp 8,927 5,286 Best Buy Co Inc 280 76,500 Bank of New York Mellon Corp/The 3,601 2,325 Booking Holdings Inc 4,005 38,000 BB&T Corp 1,646 7,069 Deckers Outdoor Corp 904 16,318 Brighthouse Financial Inc 497 34,832 eBay Inc 978 94,033 Capital One Financial Corp 7,108 11,019 Foot Locker Inc 586 127,000 Charles Schwab Corp/The 5,274 21,200 Gap Inc/The 546 58,556 Citigroup Inc 3,048 22,500 Harley-Davidson Inc* 768 65,721 Citizens Financial Group Inc 1,954 878 Home Depot Inc/The 151 5,502 CNO Financial Group Inc 82 5,459 Lululemon Athletica Inc 664 668 First Citizens BancShares Inc/NC 252 64,500 Mattel Inc* 644 17,000 Goldman Sachs Group Inc/The 2,840 80,000 Qurate Retail Inc 1,562 8,756 Hanover Insurance Group Inc/The 1,022 4,091 Tapestry Inc 138 47,145 Hartford Financial Services Group Inc/The 2,096 31,000 Target Corp 2,049 65,838 JPMorgan Chase & Co 6,427 23,693 Yum! Brands Inc 2,178 10,633 Lazard Ltd 392 16,817 11,691 Lincoln National Corp 600 78,500 MetLife Inc 3,223 Consumer Staples 4.18% 19,601 MGIC Investment Corp 205 41,801 Archer-Daniels-Midland Co$ 1,713 39,565 Navient Corp 349 3,892 Casey's General Stores Inc 499 28,927 Popular Inc 1,366 17,644 Coca-Cola Co/The 835 28,381 Progressive Corp/The 1,712 9,529 Herbalife Nutrition Ltd 562 24,726 Prudential Financial Inc 2,016 11,712 Hershey Co/The 1,255 8,497 Radian Group Inc 139 5,609 Ingredion Inc 513 14,068 Reinsurance Group of America Inc 1,973 28,751 Kroger Co/The 791 10,822 S&P Global Inc 1,839 13,001 Lamb Weston Holdings Inc 956 122,006 Wells Fargo & Co 5,622 13,000 Molson Coors Brewing Co 730 73,346 12,145 Nu Skin Enterprises Inc 745 18,987 PepsiCo Inc 2,098 Health Care 11.91% 15,338 Sprouts Farmers Market Inc* 361 3,543 Amedisys Inc $ 415 21,947 Tyson Foods Inc 1,172 5,743 Anthem Inc 1,508 4,000 USANA Health Sciences Inc 471 26,508 Bruker Corp 789 12,701 23,976 Cardinal Health Inc 1,069 10,911 Centene Corp 1,258 Energy 9.28% 2,334 Chemed Corp 661 78,025 Anadarko Petroleum Corp$ 3,421 43,455 Cigna Corp 8,253

31 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Health Care (continued) Information Technology (continued) 26,000 CVS Health Corp$ 1,704 59,403 Micro Focus International PLC*$ 1,022 11,724 HMS Holdings Corp 330 25,000 Microchip Technology Inc* 1,798 25,768 Horizon Pharma Plc 504 13,472 Micron Technology Inc 427 3,336 ICON PLC 431 82,297 Microsoft Corp 8,359 6,637 IDEXX Laboratories Inc 1,235 2,800 Synopsys Inc 236 1,690 Illumina Inc 507 29,600 TE Connectivity Ltd 2,239 5,000 Incyte Corp 318 10,663 Teradata Corp 409 4,641 Jazz Pharmaceuticals PLC 575 10,308 VeriSign Inc 1,529 9,447 Laboratory Corp of America Holdings 1,194 40,026 3,721 Ligand Pharmaceuticals Inc 505 831 Loxo Oncology Inc 116 Materials 2.51% 5,260 Masimo Corp 565 5,500 Ball Corp $ 253 10,929 McKesson Corp 1,207 3,629 Cabot Corp 156 70,227 Medtronic PLC 6,388 24,000 Celanese Corp 2,159 1,603 Mettler-Toledo International Inc 907 19,800 Domtar Corp 696 3,404 Molina Healthcare Inc 396 16,345 LyondellBasell Industries NV 1,359 7,346 Neurocrine Biosciences Inc 525 7,199 Methanex Corp 347 12,011 Premier Inc 449 7,694 Packaging Corp of America 642 7,711 Repligen Corp 407 14,046 Reliance Steel & Aluminum Co 1,000 9,993 STERIS PLC 1,068 33,859 Steel Dynamics Inc 1,017 5,596 United Therapeutics Corp 609 7,629 2,606 Waters Corp 492 3,216 WellCare Health Plans Inc 759 Real Estate 1.85% 12,052 Zoetis Inc 1,031 6,655 Apartment Investment & Management Co$ 292 36,175 48,473 CBRE Group Inc 1,941 34,338 Host Hotels & Resorts Inc 572 Industrials 6.63% 10,179 Jones Lang LaSalle Inc 1,289 39,768 Delta Air Lines Inc$ 1,984 14,204 Spirit Realty Capital Inc 501 16,421 EMCOR Group Inc 980 143,438 VEREIT Inc 1,026 6,629 EnerSys 514 5,621 23,500 FedEx Corp 3,791 42,445 HD Supply Holdings Inc 1,593 Utilities 2.83% 10,312 Hillenbrand Inc 391 90,586 AES Corp/VA $ 1,310 42,344 JetBlue Airways Corp 680 52,861 Exelon Corp 2,384 105,029 Johnson Controls International plc 3,114 27,837 NRG Energy Inc 1,102 14,415 Masco Corp 421 10,464 PNM Resources Inc 430 5,479 Moog Inc 425 28,219 Portland General Electric Co 1,294 34,552 Quanta Services Inc 1,040 4,777 Southwest Gas Holdings Inc 365 17,087 Robert Half International Inc 977 32,282 UGI Corp 1,722 18,000 Union Pacific Corp 2,488 8,607 19,933 United Continental Holdings Inc 1,669 1,249 WESCO International Inc 60 TOTAL Equities 95.12% 288,795 20,127 (Cost $254,257)

Information Technology 13.18% Short-Term Investments 11,112 Aspen Technology Inc$ 913 12,115,152 Dreyfus Government Cash Management$ 12,114 28,045 Avnet Inc 1,012 TOTAL SHORT-TERM INVESTMENTS 3.99% 12,114 12,214 CDW Corp/DE 990 (Cost $12,115 ) 76,000 Cisco Systems Inc 3,293 15,343 Citrix Systems Inc 1,572 Collateral for Securities Loaned 15,588 Dell Technologies Inc 762 Short-Term Investments-Repurchase Agreements 235,000 Hewlett Packard Enterprise Co 3,104 771,854 Cantor D, 3.35%, due 1/2/19$ 770 254,774 HP Inc 5,213 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.25% 770 29,437 Intel Corp 1,381 (Cost $770) 9,376 Intuit Inc 1,846 1,589 j2 Global Inc* 110 TOTAL INVESTMENTS 30,259 Jabil Inc 750 (Cost $267,142) 99.36% 301,679 66,500 Juniper Networks Inc 1,790 25,000 Maxim Integrated Products Inc 1,271 Other Assets, Less Liabilities 0.64% 1,947

NET ASSETS 100.00%$ 303,626

* All or a portion of this security is on loan. The market value of loaned securities is $4,171,798

32 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 97.91% Number of Stocks 454 Top Ten Stocks (% of Net Assets) 23.65%

Fixed Income Securities: Short-Term Investments 1.87% Short-Term Investments-Repurchase Agreements 0.04% Other Assets, Less Liabilities 0.18%

Top Ten Equity Holdings (% of Net Assets) Microsoft Corp 4.23% Apple Inc 3.36% Alphabet Inc 3.25% Berkshire Hathaway Inc 3.00% Amazon.com Inc 2.95% Facebook Inc 1.53% JPMorgan Chase & Co 1.52% Exxon Mobil Corp 1.34% Coca-Cola Co/The 1.29% Verizon Communications Inc 1.18%

Top 5 Sectors (% of Net Assets) Information Technology 20.34% Financial Services 14.26% Health Care 12.46% Communication Services 10.41% Consumer Discretionary 10.00%

33 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities Equities (continued)

Communication Services 10.41% Consumer Discretionary (continued) 61,759 Activision Blizzard Inc$ 2,876 65,681 Lowe's Cos Inc$ 6,066 54,653 Alphabet Inc 56,837 24,827 Macy's Inc 739 587,842 AT&T Inc 16,777 23,326 Marriott International Inc/MD 2,532 27,361 CBS Corp 1,196 27,813 Mattel Inc* 278 77,025 CenturyLink Inc 1,167 76,081 McDonald's Corp 13,510 14,460 Charter Communications Inc 4,121 41,042 MGM Resorts International 996 370,136 Comcast Corp 12,603 5,133 Mohawk Industries Inc 600 41,856 Discovery Inc* 987 103,673 NIKE Inc 7,686 18,498 DISH Network Corp 462 9,270 Nordstrom Inc* 432 24,682 Electronic Arts Inc 1,948 17,828 Norwegian Cruise Line Holdings Ltd 756 204,211 Facebook Inc 26,770 6,525 O'Reilly Automotive Inc 2,247 31,041 Interpublic Group of Cos Inc/The* 640 21,121 PulteGroup Inc 549 36,803 Netflix Inc 9,851 6,185 PVH Corp 575 41,089 News Corp 468 4,474 Ralph Lauren Corp 463 18,154 Omnicom Group Inc* 1,330 30,432 Ross Stores Inc 2,532 9,219 Take-Two Interactive Software Inc 949 13,851 Royal Caribbean Cruises Ltd 1,354 8,239 TripAdvisor Inc 444 118,752 Starbucks Corp 7,648 128,035 Twenty-First Century Fox Inc 6,148 23,350 Tapestry Inc 788 58,273 Twitter Inc 1,675 42,570 Target Corp 2,813 365,420 Verizon Communications Inc 20,544 8,858 Tiffany & Co 713 28,644 Viacom Inc 736 101,568 TJX Cos Inc/The 4,544 120,394 Walt Disney Co/The 13,201 9,906 Tractor Supply Co 827 181,730 4,599 Ulta Beauty Inc 1,126 30,613 Under Armour Inc 518 Consumer Discretionary 10.00% 26,269 VF Corp 1,874 6,000 Advance Auto Parts Inc$ 945 5,227 Whirlpool Corp 559 34,259 Amazon.com Inc 51,456 7,919 Wynn Resorts Ltd 783 21,385 Aptiv PLC 1,317 25,655 Yum! Brands Inc 2,358 2,141 AutoZone Inc 1,795 174,690 19,660 Best Buy Co Inc 1,041 3,845 Booking Holdings Inc 6,623 Consumer Staples 6.82% 16,382 BorgWarner Inc 569 45,354 Archer-Daniels-Midland Co$ 1,858 12,228 Capri Holdings Ltd 464 16,083 Brown-Forman Corp 765 14,252 CarMax Inc* 894 15,587 Campbell Soup Co 514 32,650 Carnival Corp 1,610 24,928 Clorox Co/The* 3,842 1,982 Chipotle Mexican Grill Inc 856 476,802 Coca-Cola Co/The 22,577 10,048 Darden Restaurants Inc 1,003 147,094 Colgate-Palmolive Co 8,755 21,506 Dollar General Corp 2,324 38,038 Conagra Brands Inc 812 19,233 Dollar Tree Inc 1,737 13,589 Constellation Brands Inc 2,185 27,768 DR Horton Inc 962 39,746 Costco Wholesale Corp 8,097 75,334 eBay Inc 2,115 93,992 Coty Inc* 617 9,629 Expedia Group Inc 1,085 48,243 General Mills Inc 1,879 9,502 Foot Locker Inc 506 11,809 Hershey Co/The 1,266 317,025 Ford Motor Co 2,425 31,535 Hormel Foods Corp* 1,346 17,594 Gap Inc/The* 453 9,255 JM Smucker Co/The 865 9,806 Garmin Ltd 621 20,529 Kellogg Co 1,170 106,237 General Motors Co 3,554 62,916 Kimberly-Clark Corp 7,169 11,901 Genuine Parts Co 1,143 50,340 Kraft Heinz Co/The 2,167 19,205 Goodyear Tire & Rubber Co/The 392 64,549 Kroger Co/The 1,775 16,678 H&R Block Inc 423 11,900 Lamb Weston Holdings Inc 875 29,212 Hanesbrands Inc* 366 12,627 McCormick & Co Inc/MD* 1,758 13,441 Harley-Davidson Inc* 459 15,173 Molson Coors Brewing Co 852 9,397 Hasbro Inc* 764 159,773 Mondelez International Inc 6,396 24,158 Hilton Worldwide Holdings Inc 1,735 38,926 Monster Beverage Corp 1,916 92,620 Home Depot Inc/The 15,914 162,087 PepsiCo Inc 17,907 13,446 Kohl's Corp 892 38,719 Sysco Corp 2,426 18,448 L Brands Inc 474 23,955 Tyson Foods Inc 1,279 10,502 Leggett & Platt Inc* 376 68,242 Walgreens Boots Alliance Inc 4,663 23,653 Lennar Corp 926 143,880 Walmart Inc 13,402 25,475 LKQ Corp 605 119,133

34 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Energy 5.14% Financials (continued) 41,497 Anadarko Petroleum Corp$ 1,819 24,760 Franklin Resources Inc*$ 734 30,983 Apache Corp 813 28,438 Goldman Sachs Group Inc/The 4,751 35,682 Cabot Oil & Gas Corp* 797 29,030 Hartford Financial Services Group Inc/The 1,290 155,115 Chevron Corp 16,875 88,831 Huntington Bancshares Inc/OH 1,059 7,758 Cimarex Energy Co 478 46,436 Intercontinental Exchange Inc 3,498 16,220 Concho Resources Inc 1,667 33,256 Invesco Ltd 557 94,088 ConocoPhillips 5,866 23,450 Jefferies Financial Group Inc 407 37,900 Devon Energy Corp 854 272,079 JPMorgan Chase & Co 26,560 12,257 Diamondback Energy Inc 1,136 85,199 KeyCorp 1,259 46,923 EOG Resources Inc 4,092 17,582 Lincoln National Corp 902 342,781 Exxon Mobil Corp 23,374 22,542 Loews Corp 1,026 71,263 Halliburton Co 1,894 11,646 M&T Bank Corp 1,667 8,830 Helmerich & Payne Inc 423 40,866 Marsh & McLennan Cos Inc 3,259 20,393 Hess Corp 826 80,560 MetLife Inc 3,308 13,140 HollyFrontier Corp 672 13,522 Moody's Corp 1,894 153,667 Kinder Morgan Inc/DE 2,363 107,398 Morgan Stanley 4,258 69,167 Marathon Oil Corp 992 7,195 MSCI Inc 1,061 54,318 Marathon Petroleum Corp 3,205 9,300 Nasdaq Inc 759 30,970 National Oilwell Varco Inc 796 18,108 Northern Trust Corp 1,514 16,472 Newfield Exploration Co 241 30,203 People's United Financial Inc* 436 39,106 Noble Energy Inc 734 37,605 PNC Financial Services Group Inc/The 4,396 61,933 Occidental Petroleum Corp 3,801 21,389 Principal Financial Group Inc 945 33,256 ONEOK Inc 1,794 47,213 Progressive Corp/The 2,848 34,612 Phillips 66 2,982 33,732 Prudential Financial Inc 2,751 13,794 Pioneer Natural Resources Co 1,814 10,615 Raymond James Financial Inc 790 112,116 Schlumberger Ltd 4,045 83,685 Regions Financial Corp 1,120 34,570 TechnipFMC PLC 677 20,370 S&P Global Inc 3,462 34,578 Valero Energy Corp 2,592 30,716 State Street Corp 1,937 97,964 Williams Cos Inc/The 2,160 37,324 SunTrust Banks Inc 1,883 89,782 4,308 SVB Financial Group 818 55,189 Synchrony Financial 1,295 Financials 14.26% 19,638 T Rowe Price Group Inc 1,813 4,342 Affiliated Managers Group Inc$ 423 8,371 Torchmark Corp 624 62,165 Aflac Inc 2,832 21,680 Travelers Cos Inc/The 2,596 28,032 Allstate Corp/The 2,316 17,687 Unum Group 520 57,186 American Express Co 5,451 123,952 US Bancorp 5,665 71,970 American International Group Inc 2,836 350,847 Wells Fargo & Co 16,167 11,490 Ameriprise Financial Inc 1,199 10,591 Willis Towers Watson PLC 1,608 19,643 Aon PLC 2,855 15,769 Zions Bancorp NA 642 14,758 Arthur J Gallagher & Co 1,088 249,053 4,318 Assurant Inc 386 752,006 Bank of America Corp 18,529 Health Care 12.46% 74,479 Bank of New York Mellon Corp/The 3,506 259,311 Abbott Laboratories$ 18,756 62,716 BB&T Corp 2,717 6,455 ABIOMED Inc 2,098 256,531 Berkshire Hathaway Inc 52,378 52,777 Alexion Pharmaceuticals Inc 5,138 9,952 BlackRock Inc 3,909 9,094 Align Technology Inc 1,905 9,821 Brighthouse Financial Inc 299 27,368 AmerisourceBergen Corp 2,036 38,743 Capital One Financial Corp 2,929 38,560 Anthem Inc 10,127 9,092 Cboe Global Markets Inc 889 222,804 Boston Scientific Corp 7,874 97,372 Charles Schwab Corp/The 4,044 42,844 Cardinal Health Inc 1,911 37,520 Chubb Ltd 4,847 33,958 Centene Corp 3,915 12,248 Cincinnati Financial Corp 948 52,985 Cerner Corp 2,779 203,704 Citigroup Inc 10,605 57,484 Cigna Corp 10,917 38,512 Citizens Financial Group Inc 1,145 146,886 CVS Health Corp 9,624 28,661 CME Group Inc 5,392 18,465 DaVita Inc 950 13,138 Comerica Inc 902 34,692 DENTSPLY SIRONA Inc 1,291 27,743 Discover Financial Services 1,636 28,668 Edwards Lifesciences Corp 4,391 20,985 E*TRADE Financial Corp 921 26,533 Henry Schein Inc* 2,083 3,309 Everest Re Group Ltd 721 47,035 Hologic Inc 1,933 54,007 Fifth Third Bancorp 1,271 13,697 IDEXX Laboratories Inc 2,548

35 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Health Care (Continued) Industrials (Continued 31,516 Illumina Inc$ 9,453 13,031 Pentair PLC $ 492 78,871 Incyte Corp 5,015 12,028 Quanta Services Inc 362 17,082 Intuitive Surgical Inc 8,181 17,634 Republic Services Inc 1,271 79,619 IQVIA Holdings Inc 9,249 9,906 Robert Half International Inc 567 15,764 Laboratory Corp of America Holdings 1,992 18,483 Rockwell Automation Inc 2,781 28,221 McKesson Corp 3,118 11,850 Rollins Inc* 428 188,302 Medtronic PLC 17,128 19,630 Roper Technologies Inc 5,232 12,799 Mettler-Toledo International Inc 7,239 4,566 Snap-on Inc* 663 84,440 Nektar Therapeutics* 2,776 41,770 Southwest Airlines Co 1,941 21,713 Quest Diagnostics Inc 1,808 18,735 Stanley Black & Decker Inc 2,243 22,504 Regeneron Pharmaceuticals Inc 8,405 6,640 TransDigm Group Inc 2,258 26,095 ResMed Inc 2,971 60,314 Union Pacific Corp 8,337 56,975 Stryker Corp 8,931 18,498 United Continental Holdings Inc 1,549 16,613 Varian Medical Systems Inc 1,882 57,953 United Parcel Service Inc 5,652 60,385 Vertex Pharmaceuticals Inc 10,006 6,699 United Rentals Inc 687 47,062 Waters Corp 8,878 13,340 Verisk Analytics Inc 1,455 8,265 WellCare Health Plans Inc 1,951 31,961 Waste Management Inc 2,844 30,356 Zimmer Biomet Holdings Inc 3,149 6,907 WW Grainger Inc* 1,950 176,421 Zoetis Inc 15,091 24,956 Xylem Inc/NY 1,665 217,499 147,507

Industrials 8.45% Information Technology 20.34% 89,668 3M Co$ 17,085 51,895 Accenture PLC$ 7,318 10,007 Alaska Air Group Inc* 609 39,639 Adobe Inc 8,968 11,315 Allegion PLC* 902 69,443 Advanced Micro Devices Inc* 1,282 33,156 American Airlines Group Inc 1,065 13,747 Akamai Technologies Inc 840 34,904 AMETEK Inc 2,363 3,825 Alliance Data Systems Corp 574 11,726 AO Smith Corp 501 24,359 Amphenol Corp 1,974 51,378 Arconic Inc 866 30,129 Analog Devices Inc 2,586 76,886 Caterpillar Inc 9,770 6,824 ANSYS Inc 975 11,220 CH Robinson Worldwide Inc 943 371,440 Apple Inc 58,591 6,972 Cintas Corp 1,171 79,571 Applied Materials Inc 2,605 16,528 Copart Inc* 790 4,182 Arista Networks Inc 881 66,056 CSX Corp 4,104 17,706 Autodesk Inc 2,277 22,069 Cummins Inc 2,949 35,481 Automatic Data Processing Inc 4,652 45,078 Deere & Co 6,724 34,945 Broadcom Inc 8,886 50,943 Delta Air Lines Inc 2,542 9,466 Broadridge Financial Solutions Inc 911 17,066 Dover Corp 1,211 22,945 Cadence Design Systems Inc 998 64,900 Eaton Corp PLC 4,456 370,019 Cisco Systems Inc 16,033 117,750 Emerson Electric Co 7,036 10,438 Citrix Systems Inc 1,069 9,725 Equifax Inc 906 47,002 Cognizant Technology Solutions Corp 2,984 14,151 Expeditors International of Washington Inc 964 22,734 DXC Technology Co 1,209 40,651 Fastenal Co* 2,126 4,925 F5 Networks Inc 798 19,704 FedEx Corp 3,179 26,632 Fidelity National Information Services Inc 2,731 14,362 Flowserve Corp 546 32,740 Fiserv Inc 2,406 11,300 Fluor Corp 364 7,155 FleetCor Technologies Inc 1,329 54,778 Fortive Corp 3,706 11,200 FLIR Systems Inc 488 11,623 Fortune Brands Home & Security Inc 442 11,657 Fortinet Inc 821 28,909 IHS Markit Ltd 1,387 7,356 Gartner Inc* 940 55,639 Illinois Tool Works Inc 7,049 12,812 Global Payments Inc 1,321 44,430 Ingersoll-Rand PLC 4,053 119,086 Hewlett Packard Enterprise Co 1,573 7,041 JB Hunt Transport Services Inc 655 128,181 HP Inc 2,623 129,738 Johnson Controls International plc 3,847 373,277 Intel Corp 17,518 8,303 Kansas City Southern 793 73,927 International Business Machines Corp 8,403 24,863 Masco Corp 727 20,950 Intuit Inc 4,124 28,809 Nielsen Holdings PLC 672 2,917 IPG Photonics Corp* 330 22,680 Norfolk Southern Corp 3,392 6,248 Jack Henry & Associates Inc 790 44,405 PACCAR Inc 2,537 27,899 Juniper Networks Inc 751 18,091 Parker-Hannifin Corp 2,698 15,000 Keysight Technologies Inc 931

36 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Information Technology (continued) Real Estate 3.73% 12,649 KLA-Tencor Corp$ 1,132 8,439 Alexandria Real Estate Equities Inc$ 973 12,763 Lam Research Corp 1,738 80,926 American Tower Corp 12,802 74,229 Mastercard Inc 14,003 12,773 Apartment Investment & Management Co 560 22,500 Maxim Integrated Products Inc 1,144 11,195 AvalonBay Communities Inc 1,948 19,103 Microchip Technology Inc* 1,374 12,507 Boston Properties Inc 1,408 93,936 Micron Technology Inc 2,981 25,574 CBRE Group Inc 1,024 726,451 Microsoft Corp 73,786 55,636 Crown Castle International Corp 6,044 13,142 Motorola Solutions Inc 1,512 16,692 Digital Realty Trust Inc 1,779 21,025 NetApp Inc 1,255 28,910 Duke Realty Corp 749 49,243 NVIDIA Corp 6,574 6,439 Equinix Inc 2,270 228,868 Oracle Corp 10,333 29,819 Equity Residential 1,968 25,885 Paychex Inc 1,686 5,350 Essex Property Trust Inc 1,312 95,854 PayPal Holdings Inc 8,060 10,208 Extra Space Storage Inc 924 10,208 Qorvo Inc 620 5,960 Federal Realty Investment Trust 704 98,121 QUALCOMM Inc 5,584 38,056 HCP Inc 1,063 14,366 Red Hat Inc 2,523 60,116 Host Hotels & Resorts Inc 1,002 61,287 salesforce.com Inc 8,394 23,234 Iron Mountain Inc 753 21,127 Seagate Technology PLC* 815 34,165 Kimco Realty Corp 501 14,447 Skyworks Solutions Inc 968 8,592 Macerich Co/The 372 50,373 Symantec Corp 952 9,168 Mid-America Apartment Communities Inc 877 12,077 Synopsys Inc 1,017 56,375 Prologis Inc 3,310 28,240 TE Connectivity Ltd 2,136 15,030 Public Storage 3,042 78,740 Texas Instruments Inc 7,441 23,450 Realty Income Corp 1,478 13,569 Total System Services Inc 1,103 13,747 Regency Centers Corp 807 8,690 VeriSign Inc 1,289 9,301 SBA Communications Corp 1,506 149,791 Visa Inc 19,763 50,364 Simon Property Group Inc 8,461 23,600 Western Digital Corp 872 7,042 SL Green Realty Corp 557 36,201 Western Union Co/The* 618 21,633 UDR Inc 857 16,757 Xerox Corp 331 28,809 Ventas Inc 1,688 20,459 Xilinx Inc 1,742 14,051 Vornado Realty Trust 872 355,236 31,023 Welltower Inc 2,153 61,305 Weyerhaeuser Co 1,340 Materials 2.85% 65,104 17,759 Air Products & Chemicals Inc$ 2,842 8,809 Albemarle Corp* 679 Utilities 3.45% 7,088 Avery Dennison Corp 637 53,572 AES Corp/VA $ 775 27,870 Ball Corp 1,281 18,903 Alliant Energy Corp 799 18,867 CF Industries Holdings Inc 821 19,712 Ameren Corp 1,286 235,745 DowDuPont Inc 12,608 39,886 American Electric Power Co Inc 2,981 11,474 Eastman Chemical Co 839 14,656 American Water Works Co Inc 1,330 25,330 Ecolab Inc 3,732 39,896 CenterPoint Energy Inc 1,126 10,916 FMC Corp 807 22,945 CMS Energy Corp 1,139 117,315 Freeport-McMoRan Inc 1,210 25,170 Consolidated Edison Inc 1,924 8,198 International Flavors & Fragrances Inc 1,101 52,973 Dominion Energy Inc 3,785 33,097 International Paper Co 1,336 14,715 DTE Energy Co 1,623 48,754 Linde PLC 7,608 57,685 Duke Energy Corp 4,978 25,841 LyondellBasell Industries NV 2,149 26,327 Edison International 1,495 5,104 Martin Marietta Materials Inc* 877 14,656 Entergy Corp 1,261 28,706 Mosaic Co/The 839 22,031 Evergy Inc 1,251 43,235 Newmont Mining Corp 1,498 25,674 Eversource Energy 1,670 25,644 Nucor Corp 1,329 78,147 Exelon Corp 3,524 7,681 Packaging Corp of America 641 39,377 FirstEnergy Corp 1,479 19,620 PPG Industries Inc 2,006 58,175 NextEra Energy Inc 10,112 12,838 Sealed Air Corp 447 29,398 NiSource Inc 745 6,691 Sherwin-Williams Co/The 2,633 28,563 NRG Energy Inc 1,131 10,708 Vulcan Materials Co 1,058 41,949 PG&E Corp 996 20,625 Westrock Co 779 9,096 Pinnacle West Capital Corp 775 49,757 56,642 PPL Corp 1,605 40,936 Public Service Enterprise Group Inc 2,131

37 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Collateral for Securities Loaned

Utilities (continued) Short-Term Investments-Repurchase Agreements 11,523 SCANA Corp$ 551 615,541 Cantor D, 3.35%, due 1/2/19$ 614 22,148 Sempra Energy* 2,396 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.04% 614 82,046 Southern Co/The 3,603 (Cost $614) 25,547 WEC Energy Group Inc 1,769 41,245 Xcel Energy Inc 2,032 TOTAL INVESTMENTS 60,272 (Cost $1,401,748) 99.82% 1,743,010

TOTAL Equities 97.91% 1,709,763 Other Assets, Less Liabilities 0.18% 3,226 (Cost $1,368,506) NET ASSETS 100.00%$ 1,746,236 Short-Term Investments 32,628,187 Dreyfus Government Cash Management$ 32,633 TOTAL SHORT-TERM INVESTMENTS 1.87% 32,633 (Cost $32,628)

* All or a portion of this security is on loan. The market value of loaned securities is $31,302,518

38 CATHOLIC UNITED INVESTMENT TRUST FUTURES CONTRACTS CORE EQUITY INDEX FUND DECEMBER 31, 2018

$1,494,000.00 of cash pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2018:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) at Type Contracts Amount Position Expiration December 31, 2018 S&P 500 249 $100,000 Long March 2019 $16,698

39 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 98.37% Number of Stocks 203 Top Ten Stocks (% of Net Assets) 35.58%

Rights Fixed Income Securities: Short-Term Investments 1.36% Short-Term Investments-Repurchase Agreements 0.17% Liabilities, Less Other Assets 0.10%

Top Ten Equity Holdings (% of Net Assets) Microsoft Corp 7.49% Alphabet Inc 6.67% Apple Inc 5.20% Amazon.com Inc 4.27% Visa Inc 2.69% Home Depot Inc/The 2.39% Mastercard Inc 2.10% McDonald's Corp 1.71% Clorox Co/The 1.54% Stryker Corp 1.52%

Top 5 Sectors (% of Net Assets) Information Technology 35.21% Consumer Discretionary 17.61% Health Care 11.60% Communication Services 10.35% Industrials 7.70%

40 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2018

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

Equities Equities (continued)

Communications Services 10.35% Financials (continued) 4,980 Activision Blizzard Inc$ 232 3,250 Capital One Financial Corp$ 246 19,018 Alphabet Inc 19,743 602 Cboe Global Markets Inc 59 190 Charter Communications Inc 54 1,260 East West Bancorp Inc 55 10,385 Electronic Arts Inc 819 15,250 Eaton Vance Corp 536 28,361 Facebook Inc 3,718 12,522 Erie Indemnity Co 1,669 4,302 Netflix Inc 1,151 3,950 Evercore Inc 283 8,410 Twitter Inc 242 2,348 FactSet Research Systems Inc* 470 53,667 Verizon Communications Inc 3,017 1,557 Hanover Insurance Group Inc/The 182 15,570 Walt Disney Co/The 1,707 37,178 Intercontinental Exchange Inc 2,801 30,683 8,479 S&P Global Inc 1,441 22,630 SEI Investments Co 1,046 Consumer Discretionary 17.61% 3,490 State Street Corp 220 1,810 Advance Auto Parts Inc$ 285 15,490 Synovus Financial Corp 496 8,411 Amazon.com Inc 12,633 7,430 T Rowe Price Group Inc 686 3,711 AutoZone Inc 3,111 32,445 TD Ameritrade Holding Corp 1,589 1,951 Booking Holdings Inc 3,360 11,210 Western Alliance Bancorp 443 3,230 Brunswick Corp/DE 150 15,013 680 Carter's Inc* 56 880 Chipotle Mexican Grill Inc 380 Health Care 11.60% 840 Choice Hotels International Inc* 60 50,020 Abbott Laboratories$ 3,618 3,840 Dollar General Corp 415 1,000 ABIOMED Inc 325 710 Domino's Pizza Inc* 176 20 Alexion Pharmaceuticals Inc 2 3,020 Expedia Group Inc* 340 1,581 Align Technology Inc 331 9,420 H&R Block Inc 239 1,040 Alkermes PLC 31 41,111 Home Depot Inc/The 7,064 810 Alnylam Pharmaceuticals Inc 59 5,630 L Brands Inc 145 12,885 Anthem Inc 3,384 4,590 Las Vegas Sands Corp 239 760 Bluebird Bio Inc* 75 36,993 Lowe's Cos Inc 3,417 96,454 Boston Scientific Corp 3,409 1,690 Marriott International Inc/MD 183 18,810 Bruker Corp 560 28,589 McDonald's Corp 5,077 6,840 Cantel Medical Corp 509 56,172 NIKE Inc 4,165 38,880 Cerner Corp 2,039 8,982 O'Reilly Automotive Inc 3,093 980 Chemed Corp 278 19,822 Ross Stores Inc 1,649 1,480 Cigna Corp 281 34,230 Starbucks Corp 2,204 26,516 CVS Health Corp 1,737 58,487 TJX Cos Inc/The 2,617 4,073 DexCom Inc 488 3,180 Tractor Supply Co 265 12,617 Edwards Lifesciences Corp 1,933 2,350 Urban Outfitters Inc 78 1,790 Henry Schein Inc* 141 7,100 Yum China Holdings Inc 238 40 Hill-Rom Holdings Inc 4 6,170 Yum! Brands Inc 567 14,726 ICON PLC 1,903 52,206 820 ICU Medical Inc 188 3,170 IDEXX Laboratories Inc 590 Consumer Staples 5.60% 3,020 Illumina Inc 906 29,538 Clorox Co/The$ 4,553 2,970 Incyte Corp 189 46,688 Coca-Cola Co/The 2,211 2,737 Intuitive Surgical Inc 1,311 13,320 Colgate-Palmolive Co 793 690 IQVIA Holdings Inc 80 3,520 Constellation Brands Inc 566 1,600 Masimo Corp 172 15,791 Costco Wholesale Corp 3,217 634 Mettler-Toledo International Inc 359 940 General Mills Inc 37 110 Penumbra Inc* 13 1,880 Hershey Co/The 201 1,056 PRA Health Sciences Inc 97 4,570 Kimberly-Clark Corp 521 4,832 QIAGEN NV 166 29,822 Monster Beverage Corp 1,468 804 Regeneron Pharmaceuticals Inc 300 10,730 Nu Skin Enterprises Inc 658 8,462 ResMed Inc 964 21,450 PepsiCo Inc 2,370 28,708 Stryker Corp 4,500 16,595 4,320 Varian Medical Systems Inc 489 533 Veeva Systems Inc 48 Energy 0.79% 6,060 Vertex Pharmaceuticals Inc 1,004 23,801 BP PLC $ 903 3,717 Waters Corp 701 10,932 Chevron Corp 1,189 13,920 Zoetis Inc 1,191 4,890 ONEOK Inc 264 34,375 2,356 Industrials 7.70% Financials 5.07% 9,124 3M Co $ 1,738 26,795 American Express Co$ 2,554 6,570 AMETEK Inc 445 3,010 Axis Capital Holdings Ltd 155 3,260 AO Smith Corp 139 15,780 BGC Partners Inc 82 6,220 CH Robinson Worldwide Inc 523

41 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Industrials (continued) Information Technology (continued) 140 Cintas Corp $ 24 1,740 Red Hat Inc $ 306 3,680 Copa Holdings SA 290 27,717 salesforce.com Inc 3,796 35,118 Emerson Electric Co 2,098 4,301 ServiceNow Inc 766 14,054 Equifax Inc 1,309 168 Splunk Inc 18 13,504 Expeditors International of Washington Inc 919 29,068 SS&C Technologies Holdings Inc 1,311 77,161 Experian PLC 1,864 14,891 Texas Instruments Inc 1,407 17,946 Fortive Corp 1,214 2,850 Total System Services Inc 232 16,900 HD Supply Holdings Inc 634 3,230 Tyler Technologies Inc 600 13,880 Hexcel Corp 796 12,515 VeriSign Inc 1,856 4,180 IDEX Corp 528 27,370 Versum Materials Inc 759 41,909 IHS Markit Ltd 2,010 60,445 Visa Inc 7,975 3,630 Illinois Tool Works Inc 460 12,415 VMware Inc 1,702 7,810 JB Hunt Transport Services Inc 727 28,260 Western Union Co/The 482 80 Lennox International Inc 18 244 Workday Inc 39 2,730 Lincoln Electric Holdings Inc 215 15,725 Worldpay Inc 1,202 14,644 Norfolk Southern Corp 2,190 104,363 9,728 Roper Technologies Inc 2,593 4,150 Union Pacific Corp 574 Materials 0.95% 8,460 United Parcel Service Inc 825 12,570 Axalta Coating Systems Ltd$ 294 7,283 Waste Management Inc 648 33,167 CF Industries Holdings Inc 1,443 180 WW Grainger Inc* 51 1,060 Linde PLC 165 22,832 2,970 LyondellBasell Industries NV 247 3,850 Sealed Air Corp 134 Information Technology 35.21% 1,370 Sherwin-Williams Co/The 539 3,886 Accenture PLC$ 548 2,822 17,082 Adobe Inc 3,865 630 Akamai Technologies Inc 38 Real Estate 3.49% 2,050 Amphenol Corp 166 27,263 American Tower Corp$ 4,313 10,360 Analog Devices Inc 889 8,270 Crown Castle International Corp 898 97,539 Apple Inc 15,386 610 CubeSmart 18 1,160 Arista Networks Inc 244 3,370 Equity LifeStyle Properties Inc 327 6,160 Automatic Data Processing Inc 808 4,770 Extra Space Storage Inc 432 18,120 Black Knight Inc 816 500 Hudson Pacific Properties Inc 15 10,050 Cadence Design Systems Inc 437 2,020 Life Storage Inc 188 3,084 CDK Global Inc 148 7,320 Newmark Group Inc 59 1,050 CDW Corp/DE 85 6,160 Public Storage 1,247 21,370 Check Point Software Technologies Ltd 2,194 4,330 SBA Communications Corp 701 47,627 Cisco Systems Inc 2,064 11,310 Simon Property Group Inc 1,900 5,780 Citrix Systems Inc 592 5,390 Taubman Centers Inc 245 13,670 Cognizant Technology Solutions Corp 868 10,343 2,350 Fair Isaac Corp 439 9,268 Fidelity National Information Services Inc 950 TOTAL Equities 98.37% 291,588 20,201 Fiserv Inc 1,485 (Cost $267,778) 10,031 FleetCor Technologies Inc 1,863 11,720 Fortinet Inc 825 Short-Term Investments 5,274 Gartner Inc* 674 4,018,752 Dreyfus Government Cash Management Fund$ 4,012 24,664 Global Payments Inc 2,544 TOTAL SHORT-TERM INVESTMENTS 1.36% 4,012 5,279 Guidewire Software Inc 424 (Cost $4,019) 10,270 International Business Machines Corp 1,167 15,142 Intuit Inc 2,981 Collateral for Securities Loaned 2,889 Jack Henry & Associates Inc 366 505 Cantor D, 3.35%, due 1/2/19$ 504 32,949 Mastercard Inc 6,216 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.17% 504 218,457 Microsoft Corp 22,189 (Cost $504) 600 MKS Instruments Inc 39 2,590 Monolithic Power Systems Inc 301 TOTAL INVESTMENTS 22,148 NetApp Inc 1,322 (Cost $272,301) 99.90% 296,104 9,230 NVIDIA Corp 1,232 58,650 Oracle Corp 2,648 Other Assets, Less Liabilities 0.10% 302 4,850 Palo Alto Networks Inc 913 12,455 Paychex Inc 811 NET ASSETS 100.00%$ 296,406 40,131 PayPal Holdings Inc 3,375

* All or a portion of this security is on loan. The market value of loaned securities is $1,628,003

42 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2018

The Portfolio Summary of Investments by Country

Portfolio Asset Mix (% of Net Assets) % of Fair Equities 95.88% Investments Value (000's) Number of Stocks 351 Top Ten Stocks (% of Net Assets) 17.36% Australia 1.42%$ 10,466 Austria 0.28%$ 2,085 Rights 0.00% Belgium 0.15%$ 1,126 Fixed Income Securities: Brazil 1.50%$ 11,065 Short-Term Investments 4.24% Canada 4.48%$ 33,089 Short-Term Investments-Repurchase Agreements 0.00% Cayman Islands 0.02%$ 133 Liabilities, Less Other Assets -0.12% China 0.06%$ 461 Czechoslovakia 0.03%$ 227 Top Ten Equity Holdings (% of Net Assets) Denmark 1.36%$ 10,027 Tencent Holdings Ltd 2.29% Finland 0.34%$ 2,476 Nestle SA 2.19% France 6.98%$ 51,561 Taiwan Semiconductor Manufacturing Co Ltd 2.00% Germany 6.89%$ 50,923 Volkswagen AG 1.64% Greece 0.00%$ 12 LVMH Moet Hennessy Louis Vuitton SE 1.63% Hong Kong 6.05%$ 44,706 Keyence Corp 1.60% India 0.49%$ 3,637 HDFC Bank Ltd 1.59% Indonesia 0.09%$ 679 Linde PLC 1.58% Israel 0.12%$ 899 Prudential PLC 1.43% Italy 2.52%$ 18,662 ABB Ltd 1.41% Japan 9.19%$ 67,924 Malaysia 0.14%$ 1,030 Mexico 1.14%$ 8,403 Top 5 Sectors (% of Net Assets) Netherlands 3.12%$ 23,049 Financials 19.15% Norway 0.35%$ 2,558 Information Technology 13.81% Philippines 0.01%$ 96 Industrials 13.13% Poland 0.11%$ 780 Consumer Discretionary 12.24% Portugal 0.16%$ 1,192 Consumer Staples 9.46% Qatar 0.03%$ 204 Singapore 0.19%$ 1,422 South Africa 0.24%$ 1,796 South Korea 2.88%$ 21,253 Spain 1.92%$ 14,191 Sweden 1.66%$ 12,238 Switzerland 6.15%$ 45,420 Taiwan 1.10%$ 8,110 Thailand 0.80%$ 5,924 Turkey 0.23%$ 1,701 United Arab Emirates 0.07%$ 523 United Kingdom 18.42%$ 136,138 United States 19.34%$ 142,933 100.00% $ 739,119

43 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2018

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

Equities Equities (continued)

Communication Services 6.25% Consumer Staples 9.46% 14,949 Autohome Inc$ 1,169 50,195 Alimentation Couche-Tard Inc$ 2,496 65,600 Capcom Co Ltd 1,299 9,600 Arca Continental SAB de CV 54 161,442 China Mobile Ltd 1,554 1,527,677 Aryzta AG 1,687 50,791 Deutsche Telekom AG 860 29,475 Associated British Foods PLC 767 344,000 KDDI Corp 8,227 9,557 Carlsberg A/S 1,014 31,200 Mobile TeleSystems PJSC 218 499,900 Charoen Pokphand Foods PCL 378 589 Naspers Ltd 118 737 CJ CheilJedang Corp 218 1,000 NetEase Inc* 235 30,500 Coca-Cola Bottlers Japan Holdings Inc 913 6,700 Nintendo Co Ltd 1,788 43,029 Coca-Cola HBC AG 1,344 7,775 SK Telecom Co Ltd 1,878 112,943 Diageo PLC 4,020 88,054 Smiles Fidelidade SA 994 3,605 Gruma SAB de CV 41 37,500 SoftBank Group Corp 2,497 11,944 Heineken Holding NV 1,007 420,624 Tencent Holdings Ltd 16,869 566,200 Indofood Sukses Makmur Tbk PT 293 98,238 Turkcell Iletisim Hizmetleri AS 225 264,217 JBS SA 790 22,162 Ubisoft Entertainment SA 1,786 71,530 Koninklijke Ahold Delhaize NV 1,805 2,624,101 Vodafone Group PLC 5,110 169,584 Leroy Seafood Group ASA 1,291 9,816 Weibo Corp 574 49,411 Mowi ASA 1,043 12,485 YY Inc 747 199,778 Nestle SA 16,172 46,148 46,530 Pernod Ricard SA 7,622 37,014 Raia Drogasil SA 546 Consumer Discretionary 12.24% 12,770 Royal Unibrew A/S 878 36,035 adidas AG $ 7,514 32,200 Seven & i Holdings Co Ltd 1,404 9,774 Alibaba Group Holding Ltd* 1,340 523,947 Tate & Lyle PLC 4,404 81,576 Aristocrat Leisure Ltd 1,254 53,000 TCI Co Ltd 895 85,804 Carnival PLC 4,112 617,424 Tesco PLC 1,495 475,720 Compass Group PLC 9,997 370,500 Thai Union Group PCL 184 122,080 Dollarama Inc 2,902 134,287 Treasury Wine Estates Ltd 1,399 17,400 Don Quijote Holdings Co Ltd 1,082 66,621 Unilever NV 3,611 316,000 Dongfeng Motor Group Co Ltd 287 27,147 Unilever PLC 1,420 76,513 EssilorLuxottica SA 9,661 492,000 Uni-President Enterprises Corp 1,117 142,600 Even Construtora e Incorporadora SA 221 39,560 Universal Robina Corp 96 14,890 Ferrari NV 1,477 2,957,365 Wal-Mart de Mexico SAB de CV 7,505 8,921 FF Group 12 1,515,060 WH Group Ltd 1,167 81,386 Fiat Chrysler Automobiles NV 1,180 31,902 X5 Retail Group NV 791 394,000 Geely Automobile Holdings Ltd 694 69,867 153,971 Gildan Activewear Inc 4,672 158,400 Guangzhou Automobile Group Co Ltd 158 Energy 5.22% 120,858 GVC Holdings PLC 1,037 8,882 Aker BP ASA $ 224 12 Hermes International 7 116,000 Bangchak Corp PCL 113 138 Hyosung TNC Co Ltd 23 1,564,293 BP PLC 9,881 82,460 Industria de Diseno Textil SA 2,107 1,847,142 China Petroleum & Chemical Corp (HKG) 1,319 5,907 Kering SA 2,779 11,540 China Petroleum & Chemical Corp 815 15,610 Kia Motors Corp 471 241,500 China Shenhua Energy Co Ltd 529 271,148 Kroton Educacional SA 621 143,869 CNOOC Ltd 222 33,259 LG Electronics Inc 1,857 51,720 Core Laboratories NV 3,086 40,666 LVMH Moet Hennessy Louis Vuitton SE 12,003 780,657 Encana Corp 4,504 8,180 Maruti Suzuki India Ltd 875 22,411 Exxaro Resources Ltd 215 31,019 Moncler SpA 1,026 75,603 Galp Energia SGPS SA 1,192 6,000 New Oriental Education & Technology Group Inc 329 326,083 Gazprom PJSC 1,441 2,444 Puma SE 1,193 19,285 LUKOIL PJSC 1,376 283,210 Skyworth Digital Holdings Ltd 61 14,724 Neste Oyj 1,134 59,400 Sony Corp 2,884 500,000 PetroChina Co Ltd (HKG) 312 110,766 SSP Group Plc 913 3,407 PetroChina Co Ltd 210 26,800 Stars Group Inc/The 442 10,088 Polski Koncern Naftowy ORLEN SA 290 27,200 Suzuki Motor Corp 1,380 960,700 PTT PCL 1,357 62,303 Tata Motors Ltd* 759 115,660 Repsol SA* 957 465,957 Taylor Wimpey PLC 809 276,766 Royal Dutch Shell PLC 8,248 76,281 Volkswagen AG 12,114 2,723 SK Innovation Co Ltd 438 120,000 Xinyi Glass Holdings Ltd 133 3,550 Tatneft PJSC 224 90,386 119,900 Thai Oil PCL 244 9,176 Tupras Turkiye Petrol Rafinerileri AS 201 38,532

44 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Financials 19.15% Financials (continued) 136,922 3i Group PLC$ 1,349 117,800 Sumitomo Mitsui Financial Group Inc$ 3,914 50,106 Absa Group Ltd 564 384,100 Thanachart Capital PCL 587 1,955,000 Agricultural Bank of China Ltd 856 77,800 Tisco Financial Group PCL 187 1,022,255 AIA Group Ltd 8,487 149,687 Turkiye Garanti Bankasi AS 224 23,908 ASR Nederland NV 945 893,124 UniCredit SpA 10,102 1,199,468 Aviva PLC 5,736 25,000 Woori Bank 350 25,088 Banco BTG Pactual SA 152 510,000 Yuanta Financial Holding Co Ltd 256 167,070 Banco do Brasil SA 2,004 141,400 140,700 Bangkok Bank PCL 894 148,641 Bank Leumi Le-Israel BM 899 Health Care 5.47% 2,563,000 Bank of China Ltd 1,106 92,910 Amplifon SpA $ 1,492 4,413,486 Barclays PLC 8,461 25,524 Carl Zeiss Meditec AG 1,993 124,200 BB Seguridade Participacoes SA 884 6,332 Chong Kun Dang Pharmaceutical Corp 579 141,439 BNP Paribas SA 6,383 13,286 DiaSorin SpA 1,074 65,600 Brookfield Asset Management Inc 2,513 33,700 Hoya Corp 2,032 792,192 CaixaBank SA 2,865 68,098 ICON PLC 8,799 30,903 Canadian Imperial Bank of Commerce 2,301 12,848 Ipsen SA 1,657 67,000 Cathay Financial Holding Co Ltd 102 2,868,800 Kalbe Farma Tbk PT 303 4,101,066 China Construction Bank Corp 3,384 42,617 Koninklijke Philips NV 1,507 65,745 Chubb Ltd 8,493 13,651 Mettler-Toledo International Inc 7,721 33,300 CIMB Group Holdings Bhd 46 13,969 Orpea 1,425 5,400 Credicorp Ltd 1,197 67,100 Qualicorp Consultoria e Corretora de Seguros SA 223 678,000 CTBC Financial Holding Co Ltd 446 48,038 ResMed Inc 5,470 11,752 Daishin Securities Co Ltd 120 109,600 Sinopharm Group Co Ltd 461 3,819 DB Insurance Co Ltd 241 105,935 Smith & Nephew PLC 1,975 81,800 DBS Group Holdings Ltd 1,422 2,071 Straumann Holding AG 1,298 128,459 Dubai Islamic Bank PJSC 175 25,036 Swedish Orphan Biovitrum AB 545 34,677 Erste Group Bank AG 1,152 6,100 Taisho Pharmaceutical Holdings Co Ltd 613 51,163 First Abu Dhabi Bank PJSC 196 22,000 TTY Biopharm Co Ltd 55 28,211 FirstRand Ltd 129 13,814 UCB SA 1,126 480,000 Fubon Financial Holding Co Ltd 735 40,348 148,900 Grupo Financiero Banorte SAB de CV 725 179,248 Haci Omer Sabanci Holding AS 253 Industrials 13.13% 21,438 Hana Financial Group Inc 696 25,635 Aalberts Industries NV$ 851 12,165 Hannover Rueck SE 1,637 549,941 ABB Ltd 10,429 113,003 HDFC Bank Ltd 11,706 36,331 ACS Actividades de Construccion y Servicios SA 1,405 5,267 Hyundai Marine & Fire Insurance Co Ltd 194 743,400 Adhi Karya Persero Tbk PT 82 166,118 ICICI Bank Ltd 1,709 426,700 AirAsia Group Bhd 307 290,711 ING Groep NV 3,127 66,100 Alfa SAB de CV 79 84,903 Intermediate Capital Group PLC 1,011 49,226 Ashtead Group PLC 1,026 647,797 Itausa - Investimentos Itau SA 2,019 173,550 Atlas Copco AB 4,121 21,479 KB Financial Group Inc 895 1,025,011 Balfour Beatty PLC 3,254 133,000 Kiatnakin Bank PCL 271 57,868 Barloworld Ltd 463 41,391 Kotak Mahindra Bank Ltd 745 158,857 Brambles Ltd 1,135 614,700 Krung Thai Bank PCL 362 35,797 Canadian National Railway Co 2,650 10,666 Liberty Holdings Ltd 82 8,833 Canadian Pacific Railway Ltd 1,567 6,455,897 Lloyds Banking Group PLC 4,263 51,625 Canadian Pacific Railway Ltd 9,170 23,142 Macquarie Group Ltd 1,770 434,000 China Communications Construction Co Ltd 410 92,213 Malayan Banking Bhd 212 126,000 China Everbright International Ltd 113 519,932 Manulife Financial Corp 7,374 389,500 China Railway Construction Corp Ltd 540 116,217 Mediobanca Banca di Credito Finanziario SpA 980 519,000 China Railway Group Ltd 473 189,337 MMI Holdings Ltd/South Africa 225 33,833 CIMIC Group Ltd 1,034 40,356 NN Group NV 1,605 2,987 Daelim Industrial Co Ltd 274 59,379 ORIX Corp 869 177,839 Deutsche Post AG 4,861 1,662 Partners Group Holding AG 1,005 242,413 Downer EDI Ltd 1,154 51,000 PICC Property & Casualty Co Ltd 52 12,951 Eiffage SA 1,080 48,500 Ping An Insurance Group Co of China Ltd 428 392,115 Experian PLC 9,514 24,212 Powszechny Zaklad Ubezpieczen SA 283 33,700 FANUC Corp 5,120 590,259 Prudential PLC 10,540 22,943 Ferguson PLC 1,466 36,785 Raiffeisen Bank International AG 934 50,990 Finning International Inc 889 65,944 Sberbank of Russia PJSC 723 12,814 Geberit AG 4,969 5,381 Shinhan Financial Group Co Ltd 191 22,800 Harmonic Drive Systems Inc* 626 136,900 Sompo Holdings Inc 4,657 514,133 Hays PLC 917

45 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Industrials (continued) Information Technology (continued) 193,879 Howden Joinery Group PLC$ 1,076 58,895 Shopify Inc $ 8,154 4,932 Hyosung Corp 221 23,871 SK Hynix Inc 1,294 298 Hyosung Heavy Industries Corp 11 400,928 Taiwan Semiconductor Manufacturing Co Ltd 14,798 145,300 Japan Airlines Co Ltd 5,153 96,675 Tech Mahindra Ltd 1,001 5,189 KOC Holding AS 68 19,800 TIS Inc 781 59,100 Komatsu Ltd 1,274 130,027 Wipro Ltd 667 36,400 Kyowa Exeo Corp 855 14,096 Wirecard AG 2,140 49,348 Larsen & Toubro Ltd 1,016 110,400 WPG Holdings Ltd 133 11,195 LG Corp 701 53,915 Yageo Corp 560 28,200 Mitsubishi Corp 776 101,966 282,365 Qantas Airways Ltd 1,151 4,671 Rockwool International A/S 1,216 Materials 8.87% 44,000 Ryanair Holdings PLC* 3,139 102,819 Akzo Nobel NV$ 8,275 98,272 Sandvik AB 1,401 212,141 Anhui Conch Cement Co Ltd 1,030 37 Siemens AG 4 13,729 Aurubis AG 678 8,966 Sixt SE 709 139,520 BASF SE 9,633 85,600 Sumitomo Corp 1,218 109,616 BHP Group PLC 2,306 31,774 Sumitomo Heavy Industries Ltd 948 28,000 Braskem SA 342 26,444 TAV Havalimanlari Holding AS 119 78,328 Chr Hansen Holding A/S 6,919 159,331 Tekfen Holding AS 621 43,022 Eregli Demir ve Celik Fabrikalari TAS 58 7,214 Teleperformance 1,151 81,000 Formosa Chemicals & Fibre Corp 277 30,200 TFI International Inc 781 1,554 Givaudan SA 3,588 49,406 Valmet OYJ 1,014 459,108 Glencore PLC 1,704 12,345 Vinci SA 1,016 143 Hyosung Advanced Materials Corp 13 36,100 Yamato Holdings Co Ltd 995 102 Hyosung Chemical Corp 13 358,000 Zhejiang Expressway Co Ltd 310 53,800 Johnson Matthey PLC 1,918 96,923 5,757 LG Chem Ltd 1,342 73,643 Linde PLC 11,664 Information Technology 13.81% 66,844 Mondi PLC 1,391 64,655 Accenture PLC$ 9,117 136,000 Nine Dragons Paper Holdings Ltd 126 98,582 Amadeus IT Group SA 6,856 9,570 POSCO 2,084 172,000 Arcadyan Technology Corp 419 4,700 POSCO 258 27,920 ASML Holding NV 4,345 200,492 PTT Global Chemical PCL 439 14,928 BE Semiconductor Industries NV 315 28,392 Rio Tinto Ltd 1,568 9,974 Capgemini SE 990 39,095 Sika AG 4,941 76,000 Catcher Technology Co Ltd 556 47,400 Suzano Papel e Celulose SA 466 57,000 Compeq Manufacturing Co Ltd 37 329,000 Taiwan Cement Corp 381 3,800 Daqo New Energy Corp 89 12,955 UPM-Kymmene OYJ 328 13,170 Dassault Systemes SE 1,561 129,883 Vale SA 1,709 330,650 Delta Electronics Thailand PCL 706 100,361 Vale SA 1,324 34,300 DTS Corp 1,097 58,617 Vedanta Ltd* 676 32,357 FLEXium Interconnect Inc 78 65,451 134,119 Hexagon AB 6,172 27,600 Hitachi Ltd 738 Real Estate 0.76% 212,472 Hon Hai Precision Industry Co Ltd 489 204,000 Agile Group Holdings Ltd$ 240 56,184 Infineon Technologies AG 1,115 18,597 Barwa Real Estate Co 204 217,432 Infosys Ltd* 2,070 1,812,570 CIFI Holdings Group Co Ltd 963 188,000 Inventec Corp 135 369,522 DAMAC Properties Dubai Co PJSC 152 23,320 Keyence Corp 11,835 352,400 Guangzhou R&F Properties Co Ltd 533 649 LG Display Co Ltd 10 355,500 KWG Group Holdings Ltd 315 141,998 Lite-On Technology Corp 188 7,838 LEG Immobilien AG 816 42,421 Logitech International SA 1,331 5,556,100 Sansiri PCL 201 238,327 Micro Focus International PLC 4,198 466,357 Shenzhen Investment Ltd 154 36,000 Micro-Star International Co Ltd 89 258,500 Shimao Property Holdings Ltd 690 7,400 Murata Manufacturing Co Ltd 1,009 221,000 Wharf Real Estate Investment Co Ltd 1,322 9,220 Nice Ltd 998 5,590 77,300 NTT Data Corp 849 14,100 Obic Co Ltd 1,091 Utilities 1.52% 250,000 Pegatron Corp 418 9,558 CEZ AS $ 227 166,000 Powertech Technology Inc 357 11,800 Cia Paranaense de Energia 93 141,000 Radiant Opto-Electronics Corp 388 231,034 Enel SpA 1,332 7,143 Samsung Electro-Mechanics Co Ltd 663 170,459 Engie SA 2,441 188,479 Samsung Electronics Co Ltd 6,475 77,651 PGE Polska Grupa Energetyczna SA 207 56,900 SAP SE 5,654

46 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2018

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

Equities (continued) Collateral for Securities Loaned

Utilites (continued) Short-Term Investments-Repurchase Agreements 466,391 SSE PLC $ 6,424 49,527 Cantor D, 3.35%, due 1/2/19$ 28 141,300 Tenaga Nasional Bhd 465 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 0.00% 28 11,189 (Cost $28)

TOTAL Equities 95.88% 707,800 TOTAL INVESTMENTS 100.12% 739,119 (Cost $727,883 ) (Cost $759,326)

Short-Term Investments Liabilities, Less Other Assets -0.12% (920) 31,292,030 Dreyfus Government Cash Management$ 31,291 TOTAL SHORT-TERM INVESTMENTS 4.24% 31,291 NET ASSETS 100.00%$ 738,199 (Cost $31,292)

Rights 10,305 TAIWAN CMNT RTS 12/08/18 - 614,000 China Lumena New Materials Corp - TOTAL RIGHTS 0.00% - (Cost $123)

* All or a portion of this security is on loan. The market value of loaned securities is $7,960,907

47 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2018

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 98.94% Number of Stocks 591 Top Ten Stocks (% of Net Assets) 5.33%

Rights 0.00% Fixed Income Securities: Short-Term Investments 0.68% Short-Term Investments-Repurchase Agreements 1.77% Liabilities, Less Other Assets -1.39%

Top Ten Equity Holdings (% of Net Assets) First Financial Bankshares Inc 0.58% Green Dot Corp 0.57% Spire Inc 0.56% Selective Insurance Group Inc 0.54% Ingevity Corp 0.54% Trex Co Inc 0.53% Amedisys Inc 0.52% Glacier Bancorp Inc 0.50% EastGroup Properties Inc 0.50% Darling Ingredients Inc 0.48%

Top 5 Sectors (% of Net Assets) Financials 18.97% Industrials 18.38% Information Technology 14.35% Consumer Discretionary 13.85% Health Care 11.22%

48 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities Equities (continued)

Communication Services 2.02% Consumer Discretionary (continued) 5,658 ATN International Inc$ 405 7,638 Kirkland's Inc $ 73 26,893 Cincinnati Bell Inc 209 24,626 La-Z-Boy Inc 682 21,276 Cogent Communications Holdings Inc 962 12,832 LCI Industries 857 36,415 Consolidated Communications Holdings Inc 360 9,893 LGI Homes Inc* 447 29,500 EW Scripps Co/The* 464 14,637 Liquidity Services Inc 90 56,383 Frontier Communications Corp* 134 11,446 Lithia Motors Inc* 874 57,576 Gannett Co Inc 491 14,611 Lumber Liquidators Holdings Inc 139 50,273 Iridium Communications Inc 928 14,187 M/I Homes Inc 298 10,384 Marcus Corp/The 410 11,719 MarineMax Inc 215 27,466 New Media Investment Group Inc 318 22,966 MDC Holdings Inc 646 21,018 QuinStreet Inc 341 19,087 Meritage Homes Corp 701 14,074 Scholastic Corp 567 6,033 Monarch Casino & Resort Inc 230 9,248 Spok Holdings Inc 123 16,769 Monro Inc 1,153 12,548 TechTarget Inc 153 9,667 Motorcar Parts of America Inc* 161 113,546 Vonage Holdings Corp 991 9,090 Movado Group Inc* 287 6,856 15,512 Nautilus Inc 169 15,102 Nutrisystem Inc 663 Consumer Discretionary 13.85% 279,665 Office Depot Inc 722 33,852 Abercrombie & Fitch Co*$ 679 8,882 Oxford Industries Inc 631 56,807 American Axle & Manufacturing Holdings Inc 631 10,572 PetMed Express Inc 246 8,844 American Public Education Inc 252 6,808 Red Robin Gourmet Burgers Inc 182 9,959 Asbury Automotive Group Inc 664 17,073 Regis Corp 289 90,987 Ascena Retail Group Inc 228 23,157 Rent-A-Center Inc/TX 375 18,763 Barnes & Noble Education Inc 75 9,592 RH* 1,149 29,825 Barnes & Noble Inc 211 14,580 Ruth's Hospitality Group Inc 331 46,415 Belmond Ltd 1,162 13,324 Shake Shack Inc 605 11,145 BJ's Restaurants Inc 564 5,342 Shoe Carnival Inc* 179 14,530 Buckle Inc/The* 281 17,313 Shutterfly Inc* 697 21,963 Caleres Inc 611 9,590 Shutterstock Inc 345 46,570 Callaway Golf Co 713 17,043 Sleep Number Corp 541 36,125 Career Education Corp 413 12,074 Sonic Automotive Inc 166 11,949 Cato Corp/The 171 8,721 Stamps.com Inc* 1,357 4,543 Cavco Industries Inc 592 10,252 Standard Motor Products Inc 497 63,719 Chico's FAS Inc* 358 40,732 Steven Madden Ltd 1,233 8,228 Children's Place Inc/The 741 11,085 Strategic Education Inc 1,257 8,661 Chuy's Holdings Inc 154 11,434 Superior Industries International Inc 55 25,475 Cooper Tire & Rubber Co* 824 25,804 Tailored Brands Inc* 352 8,420 Cooper-Standard Holdings Inc 523 20,058 Tile Shop Holdings Inc 110 23,516 Core-Mark Holding Co Inc 547 18,145 TopBuild Corp 817 35,437 Crocs Inc 921 7,672 Unifi Inc 175 19,888 Dave & Buster's Entertainment Inc 886 7,730 Universal Electronics Inc* 195 9,298 Dine Brands Global Inc* 626 12,851 Vera Bradley Inc 110 14,820 Dorman Products Inc 1,334 9,177 Vitamin Shoppe Inc 43 34,871 DSW Inc* 861 16,665 William Lyon Homes 178 11,247 El Pollo Loco Holdings Inc 171 15,168 Wingstop Inc 974 12,609 Ethan Allen Interiors Inc 222 14,663 Winnebago Industries Inc* 355 37,378 Express Inc 191 48,789 Wolverine World Wide Inc 1,556 12,743 Fiesta Restaurant Group Inc 198 9,784 Zumiez Inc* 188 24,991 Fossil Group Inc 393 47,059 19,644 Fox Factory Holding Corp 1,156 17,467 Francesca's Holdings Corp 17 Consumer Staples 3.46% 51,821 GameStop Corp* 654 13,346 Andersons Inc/The$ 399 38,437 Garrett Motion Inc 474 237,257 Avon Products Inc 361 10,496 Genesco Inc 465 34,578 B&G Foods Inc* 1,000 17,763 Gentherm Inc 710 8,338 Calavo Growers Inc* 608 22,209 G-III Apparel Group Ltd 619 15,975 Cal-Maine Foods Inc* 676 8,971 Group 1 Automotive Inc 473 26,308 Central Garden & Pet Co* 839 29,279 Guess? Inc 608 12,348 Chefs' Warehouse Inc/The 395 9,642 Haverty Furniture Cos Inc 181 2,525 Coca-Cola Consolidated Inc 448 9,457 Hibbett Sports Inc 135 84,818 Darling Ingredients Inc 1,632 11,713 Installed Building Products Inc* 395 50,264 Dean Foods Co* 192 14,498 iRobot Corp 1,214 9,129 Inter Parfums Inc 599 159,960 JC Penney Co Inc* 166 7,798 J&J Snack Foods Corp 1,128

49 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Consumer Staples (continued) Financials (continued) 4,837 John B Sanfilippo & Son Inc$ 269 8,373 City Holding Co $ 566 6,354 Medifast Inc 794 37,200 Columbia Banking System Inc 1,350 6,856 MGP Ingredients Inc 391 26,009 Community Bank System Inc* 1,516 3,739 Seneca Foods Corp 106 14,891 Customers Bancorp Inc 271 18,702 SpartanNash Co 321 52,120 CVB Financial Corp 1,054 25,788 United Natural Foods Inc* 273 15,739 Dime Community Bancshares Inc 267 7,190 WD-40 Co 1,318 17,984 Donnelley Financial Solutions Inc 252 11,749 16,062 Eagle Bancorp Inc 782 9,075 eHealth Inc 349 Energy 3.41% 16,668 Employers Holdings Inc 700 65,759 Archrock Inc $ 493 12,943 Encore Capital Group Inc* 304 9,553 Bonanza Creek Energy Inc 197 18,772 Enova International Inc 365 18,675 Bristow Group Inc* 45 26,317 EZCORP Inc* 203 31,811 C&J Energy Services Inc 429 11,266 Fidelity Southern Corp 293 10,602 CARBO Ceramics Inc* 37 110,837 First BanCorp/Puerto Rico 953 43,333 Carrizo Oil & Gas Inc* 489 50,513 First Commonwealth Financial Corp 610 41,067 Cloud Peak Energy Inc 15 49,689 First Financial Bancorp 1,179 14,361 CONSOL Energy Inc 455 34,407 First Financial Bankshares Inc* 1,985 235,414 Denbury Resources Inc* 403 52,497 First Midwest Bancorp Inc/IL 1,040 10,232 Era Group Inc 89 22,270 FirstCash Inc 1,611 16,062 Exterran Corp 284 14,898 Flagstar Bancorp Inc 393 7,232 Geospace Technologies Corp 75 6,220 Franklin Financial Network Inc 164 19,662 Green Plains Inc 258 42,930 Glacier Bancorp Inc* 1,701 6,802 Gulf Island Fabrication Inc 49 22,043 Granite Point Mortgage Trust Inc 397 80,171 Gulfport Energy Corp 525 29,298 Great Western Bancorp Inc 916 70,633 Helix Energy Solutions Group Inc 382 13,538 Green Bancorp Inc 232 56,449 HighPoint Resources Corp* 141 24,458 Green Dot Corp 1,945 11,589 KLX Energy Services Holdings Inc 272 9,883 Greenhill & Co Inc 241 77,212 Laredo Petroleum Inc 280 16,146 Hanmi Financial Corp 318 14,096 Matrix Service Co 253 4,149 HCI Group Inc* 211 164,833 Nabors Industries Ltd* 330 16,855 Heritage Financial Corp/WA 501 46,280 Newpark Resources Inc 318 13,650 HomeStreet Inc 290 124,944 Noble Corp plc* 327 62,155 Hope Bancorp Inc 737 30,627 Oil States International Inc* 437 20,791 Horace Mann Educators Corp 779 14,304 Par Pacific Holdings Inc 203 14,014 Independent Bank Corp/Rockland MA 985 33,624 PDC Energy Inc 1,001 8,032 INTL. FCStone Inc 294 7,050 Penn Virginia Corp* 381 56,814 Invesco Mortgage Capital Inc 823 40,648 Pioneer Energy Services Corp 50 17,599 Investment Technology Group Inc 532 37,335 ProPetro Holding Corp* 460 15,213 James River Group Holdings Ltd 556 19,370 Renewable Energy Group Inc 498 22,886 LegacyTexas Financial Group Inc 734 2,874 REX American Resources Corp 196 38,884 Maiden Holdings Ltd 64 29,011 Ring Energy Inc* 147 14,017 Meta Financial Group Inc 272 8,755 SEACOR Holdings Inc 324 13,096 National Bank Holdings Corp 404 123,261 SRC Energy Inc 579 11,822 Navigators Group Inc/The 822 78,642 Superior Energy Services Inc 263 22,215 NBT Bancorp Inc 768 64,633 TETRA Technologies Inc 109 76,939 New York Mortgage Trust Inc 453 27,440 Unit Corp* 392 35,099 NMI Holdings Inc 627 39,324 US Silica Holdings Inc* 400 23,796 Northfield Bancorp Inc 322 11,586 52,498 Northwest Bancshares Inc* 889 23,412 OFG Bancorp 385 Financials 18.97% 76,438 Old National Bancorp/IN 1,177 22,972 Ambac Financial Group Inc*$ 396 11,041 Opus Bank 216 45,943 American Equity Investment Life Holding Co 1,284 19,646 Oritani Financial Corp* 290 20,304 Ameris Bancorp 643 22,831 Pacific Premier Bancorp Inc 583 9,795 AMERISAFE Inc 555 30,988 PennyMac Mortgage Investment Trust 577 56,871 Apollo Commercial Real Estate Finance Inc* 947 7,533 Piper Jaffray Cos 496 21,281 ARMOUR Residential REIT Inc* 436 23,151 PRA Group Inc* 564 28,233 Axos Financial Inc 711 7,053 Preferred Bank/Los Angeles CA* 306 21,558 Banc of California Inc 287 27,286 ProAssurance Corp 1,107 16,037 Banner Corp 858 31,285 Provident Financial Services Inc 755 20,549 Berkshire Hills Bancorp Inc 554 42,178 Redwood Trust Inc 636 25,471 Blucora Inc 679 19,857 RLI Corp 1,370 42,924 Boston Private Financial Holdings Inc 454 17,810 S&T Bancorp Inc* 674 40,868 Brookline Bancorp Inc 565 7,385 Safety Insurance Group Inc 604 46,197 Capstead Mortgage Corp 308 26,021 Seacoast Banking Corp of Florida 677 14,785 Central Pacific Financial Corp 360 29,941 Selective Insurance Group Inc 1,825

50 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Financials (continued) Health Care (continued) 23,268 ServisFirst Bancshares Inc*$ 742 26,827 Neogen Corp $ 1,529 46,965 Simmons First National Corp 1,133 25,949 NextGen Healthcare Inc 393 16,760 Southside Bancshares Inc* 532 20,548 Omnicell Inc 1,258 12,059 Stewart Information Services Corp 499 1,230 Omthera Pharmaceuticals - 37,703 Third Point Reinsurance Ltd 363 32,660 OraSure Technologies Inc 381 6,282 Tompkins Financial Corp* 471 9,771 Orthofix Medical Inc 513 12,350 Triumph Bancorp Inc 367 33,384 Owens & Minor Inc* 211 48,889 TrustCo Bank Corp NY 335 12,100 Phibro Animal Health Corp 389 40,274 United Community Banks Inc/GA 864 52,746 Progenics Pharmaceuticals Inc 222 10,825 United Fire Group Inc 600 5,578 Providence Service Corp/The 335 10,943 United Insurance Holdings Corp 182 21,241 Repligen Corp 1,120 16,940 Universal Insurance Holdings Inc 642 55,844 Select Medical Holdings Corp 857 12,359 Veritex Holdings Inc* 264 56,617 Spectrum Pharmaceuticals Inc* 495 3,621 Virtus Investment Partners Inc 288 28,173 Supernus Pharmaceuticals Inc 936 39,826 Waddell & Reed Financial Inc* 720 7,374 Surmodics Inc 348 14,624 Walker & Dunlop Inc 632 9,168 Tabula Rasa HealthCare Inc* 585 13,573 Westamerica Bancorporation* 756 9,194 Tactile Systems Technology Inc* 419 59,457 WisdomTree Investments Inc 395 21,527 Tivity Health Inc 534 3,679 World Acceptance Corp 376 6,685 US Physical Therapy Inc 684 64,460 28,587 Vanda Pharmaceuticals Inc 747 19,564 Varex Imaging Corp 463 Health Care 11.22% 38,122 22,930 Acorda Therapeutics Inc$ 357 5,574 Addus HomeCare Corp 378 Industrials 18.38% 55,833 Akorn Inc 189 21,388 AAON Inc* $ 750 19,787 AMAG Pharmaceuticals Inc 301 16,427 AAR Corp 613 15,104 Amedisys Inc 1,769 33,412 ABM Industries Inc 1,073 24,360 AMN Healthcare Services Inc 1,380 32,011 Actuant Corp 672 20,102 Amphastar Pharmaceuticals Inc 400 16,934 Aegion Corp 276 18,958 AngioDynamics Inc 382 11,385 Aerovironment Inc 774 5,239 ANI Pharmaceuticals Inc 236 4,875 Alamo Group Inc 377 7,669 Anika Therapeutics Inc 258 15,080 Albany International Corp 941 41,664 Assertio Therapeutics Inc 150 6,499 Allegiant Travel Co 651 17,560 BioTelemetry Inc 1,049 8,246 American Woodmark Corp 459 18,273 Cambrex Corp 690 14,448 Apogee Enterprises Inc 431 6,273 Computer Programs & Systems Inc 157 20,095 Applied Industrial Technologies Inc 1,084 13,358 CONMED Corp 858 13,390 ArcBest Corp 459 4,823 CorVel Corp 298 25,915 Arcosa Inc 718 18,549 Cross Country Healthcare Inc 136 11,788 Astec Industries Inc 356 18,266 CryoLife Inc 518 12,993 Atlas Air Worldwide Holdings Inc 548 7,860 Cutera Inc 134 30,712 Axon Enterprise Inc 1,344 33,857 Cytokinetics Inc 214 13,661 AZZ Inc 551 30,273 Diplomat Pharmacy Inc* 407 24,465 Barnes Group Inc 1,312 6,658 Eagle Pharmaceuticals Inc/DE 268 24,529 Brady Corp 1,066 24,066 Emergent BioSolutions Inc 1,427 22,245 Briggs & Stratton Corp 291 8,689 Enanta Pharmaceuticals Inc 615 16,434 Chart Industries Inc 1,069 25,919 Ensign Group Inc/The 1,005 10,884 CIRCOR International Inc* 232 13,389 HealthStream Inc 323 19,556 Comfort Systems USA Inc 854 3,743 Heska Corp 322 15,001 Cubic Corp 806 43,921 HMS Holdings Corp 1,235 9,046 DXP Enterprises Inc/TX 252 37,874 Innoviva Inc 661 14,963 Echo Global Logistics Inc 304 15,577 Integer Holdings Corp 1,188 10,655 Encore Wire Corp 535 18,219 Invacare Corp 78 10,122 Engility Holdings Inc 288 22,625 Lannett Co Inc* 112 10,747 EnPro Industries Inc 646 20,596 Lantheus Holdings Inc 322 13,510 ESCO Technologies Inc 891 8,782 LeMaitre Vascular Inc 208 18,057 Essendant Inc 227 15,189 LHC Group Inc 1,426 26,417 Exponent Inc 1,340 23,403 Luminex Corp 541 31,652 Federal Signal Corp 630 12,438 Magellan Health Inc 708 5,173 Forrester Research Inc 231 35,862 Medicines Co/The* 686 14,836 Forward Air Corp 814 22,805 Meridian Bioscience Inc 396 20,150 Franklin Electric Co Inc 864 28,377 Merit Medical Systems Inc 1,584 19,863 FTI Consulting Inc 1,324 52,555 Momenta Pharmaceuticals Inc 580 17,086 Gibraltar Industries Inc 608 39,647 Myriad Genetics Inc* 1,153 16,452 Greenbrier Cos Inc/The 651 17,738 Natus Medical Inc 604 18,163 Griffon Corp 190

51 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Industrials (continued) Information Technology (continued) 42,697 Harsco Corp $ 848 49,252 8x8 Inc $ 889 25,253 Hawaiian Holdings Inc 667 24,112 ADTRAN Inc 259 24,113 Heartland Express Inc 441 19,555 Advanced Energy Industries Inc 839 10,303 Heidrick & Struggles International Inc 321 9,017 Agilysys Inc 129 32,024 Hillenbrand Inc 1,215 18,120 Alarm.com Holdings Inc 940 17,062 Hub Group Inc 632 14,646 Anixter International Inc 795 10,081 Insteel Industries Inc 245 9,564 Applied Optoelectronics Inc* 148 30,195 Interface Inc 430 16,536 Axcelis Technologies Inc 294 16,483 John Bean Technologies Corp 1,184 14,816 Badger Meter Inc 729 14,448 Kaman Corp 810 4,965 Bel Fuse Inc 91 15,909 Kelly Services Inc 326 22,197 Benchmark Electronics Inc 470 29,215 Korn Ferry 1,155 18,783 Bottomline Technologies DE Inc 902 5,579 Lindsay Corp* 537 36,788 Brooks Automation Inc 963 18,323 LSC Communications Inc 128 14,290 Cabot Microelectronics Corp 1,363 8,932 Lydall Inc 181 17,661 CalAmp Corp 230 19,644 Marten Transport Ltd 318 19,776 Cardtronics PLC 514 21,727 Matson Inc 696 11,114 CEVA Inc 246 16,328 Matthews International Corp 663 20,683 Cohu Inc 332 25,340 Mercury Systems Inc 1,198 12,386 Comtech Telecommunications Corp 301 22,726 Mobile Mini Inc 722 13,727 Control4 Corp 242 16,789 Moog Inc 1,301 20,867 Cray Inc 451 30,051 Mueller Industries Inc 702 16,933 CSG Systems International Inc 538 7,123 Multi-Color Corp 250 16,792 CTS Corp 435 9,198 MYR Group Inc 259 20,053 Daktronics Inc 148 21,777 Navigant Consulting Inc 524 39,210 Diebold Nixdorf Inc 98 16,471 Orion Group Holdings Inc 71 13,923 Digi International Inc 140 11,911 Patrick Industries Inc 353 20,125 Diodes Inc 649 31,057 PGT Innovations Inc 492 9,781 DSP Group Inc 110 4,895 Powell Industries Inc 122 11,439 Ebix Inc* 487 14,136 Proto Labs Inc 1,594 17,710 Electro Scientific Industries Inc 531 17,972 Quanex Building Products Corp 244 22,376 Electronics For Imaging Inc 555 19,162 Raven Industries Inc 693 6,969 ePlus Inc 496 15,064 Resources Connection Inc 214 31,061 EVERTEC Inc 891 37,826 RR Donnelley & Sons Co 150 17,400 ExlService Holdings Inc 916 13,073 Saia Inc 730 60,943 Extreme Networks Inc 372 21,629 Simpson Manufacturing Co Inc 1,171 18,980 Fabrinet 974 26,366 SkyWest Inc 1,172 8,912 FARO Technologies Inc 362 22,548 SPX Corp 632 60,038 Finisar Corp 1,297 22,186 SPX FLOW Inc 675 38,031 FormFactor Inc 536 6,508 Standex International Corp 437 45,873 Harmonic Inc* 217 16,448 Team Inc* 241 11,680 Ichor Holdings Ltd* 190 9,502 Tennant Co 495 30,497 II-VI Inc* 990 28,098 Tetra Tech Inc 1,455 18,049 Insight Enterprises Inc 735 28,593 Titan International Inc 133 16,999 Itron Inc 804 30,602 Trex Co Inc 1,817 29,624 KEMET Corp 520 26,438 Triumph Group Inc* 304 45,826 Knowles Corp 610 20,627 TrueBlue Inc 459 30,954 Kopin Corp 31 7,851 UniFirst Corp/MA 1,123 34,127 Kulicke & Soffa Industries Inc 692 31,566 Universal Forest Products Inc 819 30,841 LivePerson Inc 582 11,187 US Ecology Inc 705 13,429 ManTech International Corp/VA 702 7,290 Veritiv Corp 182 31,732 MaxLinear Inc 558 10,325 Viad Corp 517 18,768 Methode Electronics Inc 437 9,362 Vicor Corp* 354 4,796 MicroStrategy Inc 613 29,770 Wabash National Corp 389 21,106 Monotype Imaging Holdings Inc 328 20,139 WageWorks Inc 547 9,055 MTS Systems Corp 363 14,308 Watts Water Technologies Inc 923 12,570 Nanometrics Inc 344 62,468 16,020 NETGEAR Inc 834 33,764 NIC Inc 421 Information Technology 14.35% 16,933 OneSpan Inc 219 59,114 3D Systems Corp*$ 601 8,558 OSI Systems Inc 627

52 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2018

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

Equities (continued) Equities (continued)

Information Technology (continued) Real Estate 6.56% 9,829 Park Electrochemical Corp$ 178 41,476 Acadia Realty Trust$ 985 14,127 PDF Solutions Inc 119 17,583 Agree Realty Corp 1,040 16,859 Perficient Inc 375 19,409 American Assets Trust Inc 780 34,624 Photronics Inc 335 24,781 Armada Hoffler Properties Inc 348 15,987 Plexus Corp 817 44,264 CareTrust REIT Inc 817 14,901 Power Integrations Inc 909 94,923 CBL & Associates Properties Inc* 182 22,813 Progress Software Corp 810 44,986 Cedar Realty Trust Inc 141 17,271 Qualys Inc 1,291 23,276 Chatham Lodging Trust 412 54,461 Rambus Inc 418 30,735 Chesapeake Lodging Trust 748 9,357 Rogers Corp 927 8,837 Community Healthcare Trust Inc 255 16,141 Rudolph Technologies Inc 330 105,768 DiamondRock Hospitality Co 960 34,585 Sanmina Corp 832 30,675 Easterly Government Properties Inc 481 12,993 ScanSource Inc 447 18,474 EastGroup Properties Inc 1,695 33,676 Semtech Corp 1,545 34,370 Four Corners Property Trust Inc 900 6,347 SMART Global Holdings Inc* 189 54,340 Franklin Street Properties Corp 339 22,059 SolarEdge Technologies Inc* 774 17,133 Getty Realty Corp 504 9,150 SPS Commerce Inc 754 38,648 Global Net Lease Inc* 681 20,232 Sykes Enterprises Inc 500 19,184 Hersha Hospitality Trust 336 62,931 TiVo Corp 592 20,901 HFF Inc 693 65,477 Travelport Worldwide Ltd 1,023 44,486 Independence Realty Trust Inc 408 7,170 TTEC Holdings Inc 205 34,404 iStar Inc* 315 46,839 TTM Technologies Inc 456 42,551 Kite Realty Group Trust 600 19,898 Ultra Clean Holdings Inc* 169 106,836 Lexington Realty Trust 877 27,321 Unisys Corp 318 20,256 LTC Properties Inc 844 24,282 Veeco Instruments Inc* 180 11,384 Marcus & Millichap Inc 391 115,371 Viavi Solutions Inc 1,159 28,981 National Storage Affiliates Trust 767 13,909 Virtusa Corp 592 51,532 Office Properties Income Trust 354 24,599 Xperi Corp 452 33,832 Pennsylvania Real Estate Investment Trust* 201 48,776 10,157 PS Business Parks Inc 1,331 9,461 RE/MAX Holdings Inc 291 Materials 4.11% 57,390 Retail Opportunity Investments Corp* 911 15,565 AdvanSix Inc $ 379 41,002 RPT Realty 490 168,204 AK Steel Holding Corp* 378 6,059 Saul Centers Inc 286 13,643 American Vanguard Corp 207 53,226 Summit Hotel Properties Inc* 518 16,614 Balchem Corp 1,302 6,718 Universal Health Realty Income Trust 412 20,162 Boise Cascade Co 481 15,325 Urstadt Biddle Properties Inc 295 26,798 Century Aluminum Co 196 94,456 Washington Prime Group Inc* 459 8,607 Clearwater Paper Corp 210 20,420 Whitestone REIT 250 14,486 FutureFuel Corp 230 22,297 5,408 Hawkins Inc 221 7,032 Haynes International Inc 186 Utilities 2.61% 25,756 HB Fuller Co 1,099 18,657 American States Water Co*$ 1,251 21,790 Ingevity Corp 1,824 33,359 Avista Corp 1,417 10,176 Innophos Holdings Inc 250 24,398 California Water Service Group 1,163 12,612 Innospec Inc 779 20,650 El Paso Electric Co 1,035 8,409 Kaiser Aluminum Corp 751 14,790 Northwest Natural Holding Co 894 10,811 Koppers Holdings Inc 184 43,854 South Jersey Industries Inc* 1,219 16,840 Kraton Corp 368 25,745 Spire Inc 1,907 11,789 LSB Industries Inc* 65 8,886 10,620 Materion Corp 478 19,289 Myers Industries Inc 291 TOTAL Equities 98.94% 336,229 8,553 Neenah Inc 504 (Cost $376,660) 4,914 Olympic Steel Inc 70 23,278 PH Glatfelter Co 227 Rights 6,933 Quaker Chemical Corp* 1,232 80 CHINA TELECOM CORP LTD-H - 27,342 Rayonier Advanced Materials Inc* 291 20,366 MEDIA GENERAL CVR - 14,736 SCHULMAN A INC CVR - 2,044 TOBIRA THERAPEUTICS INC C 0 10,340 Stepan Co 765 TOTAL RIGHTS 0.00% 0 33,819 SunCoke Energy Inc 289 (Cost $1) 21,673 TimkenSteel Corp 189 14,303 Tredegar Corp 227 Short-Term Investments 8,418 US Concrete Inc* 297 2,326,368 Dreyfus Government Cash Management$ 2,329 13,970 TOTAL SHORT-TERM INVESTMENTS 0.68% 2,329 (Cost $2,326 )

53 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2018

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

Collateral for Securities Loaned Short-Term Investments-Repurchase Agreements 1,431,460 Cantor D, 3.35%, Due 1/2/2019 $ 1,428

1,431,460 Daiwa D, 3.05%, Due 1/2/2019 1,428 1,431,460 Mizuho A, 2.92%, Due 1/2/2019 300 1,431,460 Nomura D, 3.00%, Due 1/2/2019 1,428 1,431,460 RBC D, 3.02%, Due 1/2/2019 1,428 TOTAL SHORT-TERM INVESTMENTS-COLLATERAL 1.77% 6,012 (Cost $6,012)

TOTAL INVESTMENTS (Cost $384,999) 101.39% 344,570

Liabilities, Less Other Assets -1.39% (4,714)

NET ASSETS 100.00%$ 339,856

* All or a portion of this security is on loan. The market value of loaned securities is $33,128,232

54 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 45 55 FUND DECEMBER 31, 2018

The Portfolio

CUIT Investment 99.81% Short-Term Investments 0.00% Other Assets, Less Liabilities 0.19%

55 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 45 55 FUND DECEMBER 31, 2018

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

CUIT Funds 86,835 CUIT Value Equity Class X$ 729 82,711 CUIT Growth Class X 737 477,088 CUIT Core Equity Index Class X 4,160 175,230 CUIT Small Capitalization Index Class X 1,418 277,534 CUIT International Equity Class X 2,381 291,840 CUIT Short Bond Class X 2,913 590,012 CUIT IDBF Class X 5,865 292,132 CUIT OBF Class X 2,915

TOTAL CUIT INVESTMENTS 99.81% 21,118 (Cost $21,974)

Short-Term Investments 0 Dreyfus Government Cash Management - TOTAL SHORT-TERM INVESTMENTS 0.00% - (Cost $0)

TOTAL INVESTMENTS (Cost $21,974) 99.81% 21,118

Other Assets, Less Liabilities 0.19% 40

NET ASSETS 100.00%$ 21,158

56 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 60 40 ALPHA PLUS FUND DECEMBER 31, 2018

The Portfolio

CUIT Investment 99.85% Short-Term Investments 0.02% Other Assets, Less Liabilities 0.13%

57 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 60 40 ALPHA PLUS FUND DECEMBER 31, 2018

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

CUIT Funds 5,840,946 CUIT Value Equity Class X$ 49,064 5,542,658 CUIT Growth Class X 49,385 5,607,113 CUIT Core Equity Index Class X 48,894 4,586,866 CUIT Small Capitalization Index Class X 37,108 7,232,633 CUIT International Equity Class X 62,056 4,135,447 CUIT Short Bond Class X 41,272 8,309,830 CUIT IDBF Class X 82,600 4,139,554 CUIT OBF Class X 41,313

TOTAL CUIT INVESTMENTS 99.85% 411,692 (Cost $435,792)

Short-Term Investments 68,070 Dreyfus Government Cash Management$ 67 TOTAL SHORT-TERM INVESTMENTS 0.02% 67 (Cost $68)

TOTAL INVESTMENTS (Cost $435,860) 99.87% 411,759

Other Assets, Less Liabilities 0.13% 554

NET ASSETS 100.00%$ 412,313

58 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 60 40 BETA PLUS FUND DECEMBER 31, 2018

The Portfolio

CUIT Investment 99.77% Short-Term Investments 0.00% Other Assets, Less Liabilities 0.23%

59 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 60 40 BETA PLUS FUND DECEMBER 31, 2018

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

CUIT Funds 4,714,432 CUIT Core Equity Index Class X$ 41,110 1,289,852 CUIT Small Capitalization Index Class X 10,435 2,030,891 CUIT International Equity Class X 17,425 1,152,544 CUIT Short Bond Class X 11,502 2,317,274 CUIT IDBF Class X 23,034 1,153,823 CUIT OBF Class X 11,515

TOTAL CUIT INVESTMENTS 99.77% 115,021 (Cost $123,487)

Short-Term Investments 209 Dreyfus Government Cash Management - TOTAL SHORT-TERM INVESTMENTS 0.00% - (Cost $0)

TOTAL INVESTMENTS (Cost $123,487) 99.77% 115,021

Other Assets, Less Liabilities 0.23% 269

NET ASSETS 100.00%$ 115,290

60 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 75 25 FUND DECEMBER 31, 2018

The Portfolio

CUIT Investment 99.81% Short-Term Investments 0.00% Other Assets, Less Liabilities 0.19%

61 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MAGNUS 75 25 FUND DECEMBER 31, 2018

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

CUIT Funds 187,857 CUIT Value Equity Class X$ 1,578 176,438 CUIT Growth Class X 1,572 716,632 CUIT Core Equity Index Class X 6,249 296,889 CUIT Small Capitalization Index Class X 2,402 461,520 CUIT International Equity Class X 3,960 130,545 CUIT Short Bond Class X 1,302 261,651 CUIT IDBF Class X 2,600 130,688 CUIT OBF Class X 1,304

TOTAL CUIT INVESTMENTS 99.81% 20,967 (Cost $21,568)

Short-Term Investments 0.00% 263 Dreyfus Government Cash Management - TOTAL SHORT-TERM INVESTMENTS - (Cost $0)

TOTAL INVESTMENTS (Cost $21,568) 99.81% 20,967

Other Assets, Less Liabilities 0.19% 40

NET ASSETS 100.00%$ 21,007

62 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (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

12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17

INVESTMENT INCOME: Interest income $ 1,413 $ 835 $ 9,853 $ 7,858 $ 37,473 $ 31,362 $ 11,853 $ 9,504 Dividend income ------623 310 Total investment income 1,413 835 9,853 7,858 37,473 31,362 12,476 9,814

EXPENSES: Investment advisory and administrative fees 194 166 1,120 1,154 - - - - Class A - - - - 683 695 369 357 Class B - - - - 3,786 3,781 1,345 1,273 Dividend expense ------623 310 Other expenses 66 46 129 154 474 420 202 257 Gross expenses 260 212 1,249 1,308 4,943 4,896 2,539 2,197 Fee waiver (27) ------Net expenses 233 212 1,249 1,308 4,943 4,896 2,539 2,197 Net investment income 1,180 623 8,604 6,550 32,530 26,466 9,937 7,617

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions (12) (9) (1,609) (42) (8,562) (1,003) (3,678) 893

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts - - (1,773) (3) (21,317) 16,573 (2,660) (740)

Net realized and unrealized gain (loss) (12) (9) (3,382) (45) (29,879) 15,570 (6,338) 153

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 1,168 $ 614 $ 5,222 $ 6,505 $ 2,651 $ 42,036 $ 3,599 $ 7,770

See notes to financial statements. 63 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund

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

12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17

INVESTMENT INCOME: Interest income $ 2,325 $ 2,289 $ 125 $ 76 $ 402 $ 162 Dividend income 2,037 2,835 6,148 7,296 34,866 34,102 Total investment income 4,362 5,124 6,273 7,372 35,268 34,264

EXPENSES: Investment advisory and administrative fees 1,581 1,808 - - - - Class A - - 1,104 1,297 439 469 Class B - - 1,440 1,504 1,887 1,750 Dividend expense ------Other expenses 239 198 138 182 742 571 Gross expenses 1,820 2,006 2,682 2,983 3,068 2,790 Fee waiver - - (27) (27) - - Net expenses 1,820 2,006 2,655 2,956 3,068 2,790 Net investment income 2,542 3,118 3,618 4,416 32,200 31,474

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 53,851 9,494 28,384 39,922 129,959 123,656

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts (52,175) 15,157 (68,855) 11,659 (241,461) 208,364

Net realized and unrealized gain (loss) 1,676 24,651 (40,471) 51,581 (111,502) 332,020

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 4,218 $ 27,769 $ (36,853) $ 55,997 $ (79,302) $ 363,494

See notes to financial statements. 64 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (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

12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17

INVESTMENT INCOME: Interest income $ 111 $ 26 $ 459 $ 436 $ 296 $ 511 Dividend income 3,728 4,896 20,296 18,186 5,377 4,993 Total investment income 3,839 4,922 20,755 18,622 5,673 5,504

EXPENSES: Investment advisory and administrative fees ------Class A 1,284 1,437 2,076 2,496 511 575 Class B 1,537 1,387 5,049 5,012 516 473 Dividend expense - - - - - Other expenses 158 177 769 659 331 202 Gross expenses 2,979 3,001 7,894 8,167 1,358 1,250 Fee waiver - - (4) - - - Net expenses 2,979 3,001 7,890 8,167 1,358 1,250 Net investment income 860 1,921 12,865 10,455 4,315 4,254

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 50,734 30,283 54,324 30,561 46,518 97,622

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts (50,076) 36,775 (199,900) 157,285 (83,366) (53,964)

Net realized and unrealized gain (loss) 658 67,058 (145,576) 187,846 (36,848) 43,658

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ 1,518 $ 68,979 $ (132,711) $ 198,301 $ (32,533) $ 47,912

See notes to financial statements. 65 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (AMOUNTS IN THOUSANDS)

Magnus 60 40 Magnus 60 40 Magnus 45 55 Magnus 75 25 AP BP Year Ended Year Ended Year Ended Year Ended

12/31/18 (1) 12/31/18 (2) 12/31/18 (3) 12/31/18 (4)

INVESTMENT INCOME: Interest income $ - $ 10 $ - $ - Dividend income 108 2,926 1,195 58 Total investment income 108 2,936 1,195 58

EXPENSES: Investment advisory and administrative fees - - - - Class A 24 342 44 12 Class B - 245 76 - Dividend expense - - - - Other expenses - - - - Gross expenses 24 587 120 12 Fee waiver - - - - Net expenses 24 587 120 12 Net investment income 84 2,349 1,075 46

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions (12) (158) (71) (14)

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts (856) (24,101) (8,466) (601)

Net realized and unrealized gain (loss) (868) (24,259) (8,537) (615)

NET INCREASE (DECREASE) IN NET ASSETS

RESULTING FROM OPERATIONS $ (784) $ (21,910) $ (7,462) $ (569)

(1) Commenced operations October 9, 2018

(2) Commenced operations July 17, 2018

(3) Commenced operations August 28, 2018

(4) Commenced operations November 20, 2018

See notes to financial statements. 66 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (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 12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17 OPERATIONS: Net investment income $ 1,180 $ 623 $ 8,604 $ 6,550 $ 32,530 $ 26,466 $ 9,937 $ 7,617 Net realized gain (loss) (12) (9) (1,609) (42) (8,562) (1,003) (3,678) 893 Change in net unrealized appreciation or (depreciation) - - (1,773) (3) (21,317) 16,573 (2,660) (740)

Net increase (decrease) in net assets resulting from operations 1,168 614 5,222 6,505 2,651 42,036 3,599 7,770

Distributions to participants from net investment income (1,180) (623) (8,604) (6,550) (32,530) (26,466) (9,937) (7,617)

TRUST UNIT TRANSACTIONS: Sale of trust units 101,918 138,669 135,290 95,846 269,118 173,530 104,711 88,729 Trust units redeemed (92,859) (138,478) (134,366) (95,229) (230,849) (132,984) (107,986) (33,912) Reinvestment of dividends 773 612 8,493 6,473 30,777 25,065 10,088 7,178

Net increase (decrease) in net assets resulting from trust unit transactions 9,832 803 9,417 7,090 69,046 65,611 6,813 61,995

Net increase (decrease) in net assets 9,820 794 6,035 7,045 39,167 81,181 475 62,148

NET ASSETS AT BEGINNING OF PERIOD 63,546 62,752 383,873 376,828 1,236,150 1,154,969 470,908 408,760

NET ASSETS AT END OF PERIOD $ 73,366 $ 63,546 $ 389,908 $ 383,873 $ 1,275,317 $ 1,236,150 $ 471,383 $ 470,908

TRUST UNIT ACTIVITY: Trust units at beginning of year 63,560 62,757 34,669 34,031 88,337 83,625 47,121 40,933 Sale of trust units 101,918 138,669 12,829 8,625 22,885 12,421 10,542 8,853 Trust units redeemed (92,859) (138,478) (12,233) (8,570) (16,976) (9,505) (10,939) (3,381) Units issued in reinvestment of dividends 773 612 777 583 2,291 1,796 1,022 716

TRUST UNITS AT END OF PERIOD 73,392 63,560 36,042 34,669 96,537 88,337 47,746 47,121

See notes to financial statements. 67 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17 OPERATIONS: Net investment income$ 2,542 $ 3,118 $ 3,618 $ 4,416 $ 32,200 $ 31,474 Net realized gain (loss) 53,851 9,494 28,384 39,922 129,959 123,656 Change in net unrealized appreciation or (depreciation) (52,175) 15,157 (68,855) 11,659 (241,461) 208,364

Net increase (decrease) in net assets resulting from operations 4,218 27,769 (36,853) 55,997 (79,302) 363,494

Distributions to participants from net investment income (2,542) (3,118) (3,618) (4,416) (32,200) (31,474)

TRUST UNIT TRANSACTIONS: Sale of trust units 11,865 21,662 82,051 31,080 293,044 190,459 Trust units redeemed (244,527) (44,966) (99,250) (90,710) (343,659) (261,242) Reinvestment of dividends 2,525 3,080 3,494 4,233 31,482 30,665

Net increase (decrease) in net assets resulting from trust unit transactions (230,137) (20,224) (13,705) (55,397) (19,133) (40,118)

Net increase (decrease) in net assets (228,461) 4,427 (54,176) (3,816) (130,635) 291,902

NET ASSETS AT BEGINNING OF PERIOD 230,144 225,717 357,802 361,618 1,876,871 1,584,969

NET ASSETS AT END OF PERIOD $ 1,683 $ 230,144 $ 303,626 $ 357,802 $ 1,746,236 $ 1,876,871

TRUST UNIT ACTIVITY: Trust units at beginning of year 2,605 2,849 5,235 6,104 30,578 31,185 Sale of trust units 136 261 6,462 485 14,390 3,437 Trust units redeemed (2,750) (542) (1,476) (1,421) (5,532) (4,583) Units issued in reinvestment of dividends 28 37 114 67 650 539

TRUST UNITS AT END OF PERIOD 19 2,605 10,335 5,235 40,086 30,578

See notes to financial statements. 68 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (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 12/31/18 12/31/17 12/31/18 12/31/17 12/31/18 12/31/17 OPERATIONS: Net investment income$ 860 $ 1,921 $ 12,865 $ 10,455 $ 4,315 $ 4,254 Net realized gain (loss) 50,734 30,283 54,324 30,561 46,518 97,622 Change in net unrealized appreciation or (depreciation) (50,076) 36,775 (199,900) 157,285 (83,366) (53,964)

Net increase (decrease) in net assets resulting from operations 1,518 68,979 (132,711) 198,301 (32,533) 47,912

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

TRUST UNIT TRANSACTIONS: Sale of trust units 81,606 22,351 343,021 110,035 131,399 53,619 Trust units redeemed (104,702) (55,161) (325,152) (100,390) (112,196) (90,281) Reinvestment of dividends ------

Net increase (decrease) in net assets resulting from trust unit transactions (23,096) (32,810) 17,869 9,645 19,203 (36,662)

Net increase (decrease) in net assets (21,578) 36,169 (114,842) 207,946 (13,330) 11,250

NET ASSETS AT BEGINNING OF PERIOD 317,984 281,815 853,041 645,095 353,186 341,936

NET ASSETS AT END OF PERIOD $ 296,406 $ 317,984 $ 738,199 $ 853,041 $ 339,856 $ 353,186

TRUST UNIT ACTIVITY: Trust units at beginning of year 3,263 3,636 19,700 19,566 16,037 17,807 Sale of trust units 6,076 244 15,898 2,745 9,406 2,680 Trust units redeemed (1,030) (617) (7,840) (2,611) (4,796) (4,450) Units issued in reinvestment of dividends ------

TRUST UNITS AT END OF PERIOD 8,309 3,263 27,758 19,700 20,647 16,037

See notes to financial statements. 69 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2017 (AMOUNTS IN THOUSANDS)

Magnus 45 Magnus 60 40 Magnus 60 40 55 AP BP Magnus 75 25

Year Ended Year Ended Year Ended Year Ended 12/31/18 (1) 12/31/18 (2) 12/31/18 (3) 12/31/18 (4) OPERATIONS: Net investment income $ 84 $ 2,349 $ 1,075 $ 46 Net realized gain (loss) (12) (158) (71) (14) Change in net unrealized appreciation or (depreciation) (856) (24,101) (8,466) (601)

Net increase (decrease) in net assets resulting from operations (784) (21,910) (7,462) (569)

Distributions to participants from net investment income - - - -

TRUST UNIT TRANSACTIONS: Sale of trust units 22,253 440,373 123,588 21,826 Trust units redeemed (311) (6,150) (836) (250) Reinvestment of dividends - - - -

Net increase (decrease) in net assets resulting from trust unit transactions 21,942 434,223 122,752 21,576

Net increase (decrease) in net assets 21,158 412,313 115,290 21,007

NET ASSETS AT BEGINNING OF PERIOD - - - -

NET ASSETS AT END OF PERIOD $ 21,158 $ 412,313 $ 115,290 $ 21,007

TRUST UNIT ACTIVITY: Trust units at beginning of year - - - - Sale of trust units 2,232 44,970 12,558 2,207 Trust units redeemed (32) (652) (88) (27) Units issued in reinvestment of dividends - - - -

TRUST UNITS AT END OF PERIOD 2,200 44,318 12,470 2,180 (1) Commenced operations October 9, 2018

(2) Commenced operations July 17, 2018

(3) Commenced operations August 28, 2018

(4) Commenced operations November 20, 2018

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

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

Income (loss) from investment Less Ratios to average net operations Distributions assets: Net asset value, beginning of of beginning value, asset Net period (loss) income investment Net gain unrealized realizedand Net investments on (loss) operations investment from Total investment net from Distributions income period of end value, asset Net return Total waivers of net Expenses, waivers before Expenses, income investment Net period of end assets, Net (in millions) Period Ended $ $ $ $ $ $ % % % % $ Money Market Fund 12-31-18 1.00 * * * * 1.00 1.79 0.35 0.39 1.77 73.4 12-31-17 1.00 * * * * 1.00 0.93 0.32 0.32 0.94 63.5 12-31-16 1.00 * * * * 1.00 0.31 0.35 0.35 0.31 62.8 12-31-15 1.00 * * * * 1.00 0.02 0.24 0.33 0.02 74.7 12-31-14 1.00 * * * * 1.00 0.05 0.32 0.40 0.05 61.3

Short Bond Fund Class A 12-31-18 11.07 0.25 (0.09) 0.16 (0.25) 10.98 1.41 0.33 0.33 2.21 332.8 12-31-17 11.07 0.19 0.00 0.19 (0.19) 11.07 1.71 0.34 0.34 1.70 383.9 12-31-16 11.03 0.18 0.04 0.22 (0.18) 11.07 1.99 0.34 0.34 1.62 376.8 12-31-15 11.13 0.19 (0.10) 0.09 (0.19) 11.03 0.81 0.33 0.33 1.72 332.9 12-31-14 11.18 0.20 (0.05) 0.15 (0.20) 11.13 1.37 0.33 0.33 1.83 315.6

Class X (b) 12-31-18 10.00 0.12 (0.02) 0.10 (0.12) 9.98 1.23 - - 2.57 57.1

Intermediate Diversified Bond Fund Class A 12-31-18 14.00 0.37 (0.34) 0.03 (0.37) 13.66 - 0.54 0.54 2.47 104.6 12-31-17 13.82 0.28 0.18 0.46 (0.28) 14.00 3.38 0.53 0.53 2.04 142.6 12-31-16 13.61 0.27 0.21 0.48 (0.27) 13.82 3.53 0.54 0.54 1.95 133.9 12-31-15 13.90 0.27 (0.29) (0.02) (0.27) 13.61 (0.13) 0.53 0.53 1.97 154.7 12-31-14 13.44 0.29 0.46 0.75 (0.29) 13.90 5.65 0.53 0.53 2.15 259.3

Class B 12-31-18 13.99 0.36 (0.34) 0.02 (0.36) 13.65 0.14 0.39 0.39 2.62 1,056.3 12-31-17 13.81 0.30 0.18 0.48 (0.30) 13.99 3.54 0.38 0.38 2.19 1,093.5 12-31-16 13.60 0.29 0.21 0.50 (0.29) 13.81 3.69 0.39 0.39 2.09 1,021.1 12-31-15 13.90 0.30 (0.30) - (0.30) 13.60 (0.05) 0.38 0.38 2.15 1,013.4 12-31-14 13.44 0.31 0.46 0.77 (0.31) 13.90 5.81 0.38 0.38 2.30 757.3

Class X (b) 12-31-18 10.00 0.16 (0.06) 0.10 (0.16) 9.94 1.38 - - 3.03 114.3

Opportunistic Bond Fund Class A 12-31-18 9.99 0.21 (0.13) 0.08 (0.21) 9.86 0.82 0.54 0.54 2.10 60.8 12-31-17 9.99 0.16 0.00 0.16 (0.16) 9.99 1.63 0.63 0.63 1.63 74.6 12-31-16 9.87 0.13 0.12 0.25 (0.13) 9.99 2.54 0.54 0.54 1.30 67.3 12-31-15 9.91 0.14 (0.04) 0.10 (0.14) 9.87 0.98 0.56 0.56 1.36 67.8 12-31-14 9.92 0.13 (0.01) 0.12 (0.13) 9.91 1.23 0.57 0.57 1.35 98.8

Class B 12-31-18 9.99 0.23 (0.13) 0.10 (0.23) 9.86 0.96 0.39 0.39 2.25 353.5 12-31-17 9.99 0.18 0.00 0.18 (0.18) 9.99 1.78 0.48 0.48 1.77 396.3 12-31-16 9.87 0.14 0.12 0.26 (0.14) 9.99 2.69 0.39 0.39 1.45 341.5 12-31-15 9.90 0.15 (0.03) 0.12 (0.15) 9.87 1.23 0.41 0.41 1.53 308.5 12-31-14 9.92 0.15 (0.02) 0.13 (0.15) 9.90 1.27 0.42 0.42 1.50 256.5

Class X (b) 12-31-18 10.00 0.12 (0.02) 0.10 (0.12) 9.98 1.14 - - 2.67 57.1

Balanced Fund 12-31-18 88.35 0.90 0.23 1.13 (0.90) 88.58 1.27 0.92 0.92 1.28 1.7 12-31-17 79.22 1.15 9.13 10.28 (1.15) 88.35 13.08 0.89 0.89 1.38 230.1 12-31-16 71.74 1.08 7.48 8.56 (1.08) 79.22 12.05 0.90 0.90 1.48 225.7 12-31-15 74.40 0.94 (2.66) (1.72) (0.94) 71.74 (2.33) 0.88 0.88 1.26 198.4 12-31-14 69.38 1.03 5.02 6.05 (1.03) 74.40 8.80 0.88 0.88 1.44 244.1 See notes to financial statements. 71 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 of beginning value, asset Net period (loss) income investment Net gain unrealized realizedand Net investments on (loss) operations investment from Total investment net from Distributions income period of end value, asset Net return Total waivers of net Expenses, waivers before Expenses, income investment Net period of end assets, Net (in millions) Period Ended $ $ $ $ $ $ % % % % $ Value Equity Fund Class A 12-31-18 68.47 0.38 (8.41) (8.03) (0.38) 60.06 (11.58) 1.04 1.04 0.79 74.7 12-31-17 59.34 0.63 9.13 9.76 (0.63) 68.47 16.53 1.05 1.05 1.00 127.4 12-31-16 52.73 0.68 6.61 7.29 (0.68) 59.34 13.98 1.05 1.05 1.29 130.9 12-31-15 55.11 0.41 (2.38) (1.97) (0.41) 52.73 (3.58) 1.04 1.04 0.64 140.9 12-31-14 50.74 0.46 4.37 4.83 (0.46) 55.11 9.57 1.04 1.04 0.91 199.0

Class B 12-31-18 68.29 0.70 (8.33) (7.63) (0.70) 59.96 (11.27) 0.68 0.68 1.14 177.4 12-31-17 59.18 0.86 9.11 9.97 (0.86) 68.29 16.96 0.70 0.70 1.35 230.4 12-31-16 52.58 0.87 6.60 7.47 (0.87) 59.18 14.41 0.70 0.70 1.67 230.7 12-31-15 55.01 0.64 (2.43) (1.79) (0.64) 52.58 (3.26) 0.69 0.69 1.38 260.9 12-31-14 50.65 0.66 4.36 5.02 (0.66) 55.01 9.97 0.69 0.69 1.22 228.9

Class X (b) 12-31-18 10.00 0.31 (1.60) (1.29) (0.31) 8.40 (13.67) - - 1.84 51.5

Core Equity Index Class A 12-31-18 61.40 1.09 (3.73) (2.64) (1.09) 57.67 (4.62) 0.39 0.39 1.45 84.8 12-31-17 50.84 0.88 10.56 11.44 (0.88) 61.40 22.64 0.38 0.38 1.56 143.0 12-31-16 46.48 0.85 4.34 5.19 (0.83) 50.84 11.27 0.38 0.38 1.77 126.7 12-31-15 47.14 0.79 (0.66) 0.13 (0.79) 46.48 0.29 0.38 0.38 1.67 122.0 12-31-14 42.00 0.71 5.14 5.85 (0.71) 47.14 13.99 0.38 0.38 1.58 140.1

Class B 12-31-18 61.38 1.06 (3.68) (2.62) (1.06) 57.70 (4.42) 0.19 0.19 1.65 1,087.6 12-31-17 50.83 0.99 10.55 11.54 (0.99) 61.38 22.87 0.18 0.18 1.76 1,238.8 12-31-16 46.46 0.97 4.33 5.30 (0.93) 50.83 11.51 0.18 0.18 1.96 1,053.2 12-31-15 47.12 0.88 (0.66) 0.22 (0.88) 46.46 0.50 0.18 0.18 1.87 1,248.1 12-31-14 42.00 0.79 5.12 5.91 (0.79) 47.12 14.19 0.18 0.18 1.78 1,209.2

Class C (b) 12-31-18 61.36 1.14 (3.66) (2.52) (1.14) 57.70 (4.30) 0.04 0.04 1.80 473.0 12-31-17 50.81 1.07 10.55 11.62 (1.07) 61.36 23.06 0.03 0.03 1.91 495.0 12-31-16(a) 49.47 0.39 1.47 1.86 (0.52) 50.81 3.78 0.03 0.03 2.12 405.1

Class X (b) 12-31-18 10.00 0.20 (1.28) (1.08) (0.20) 8.72 (10.12) - - 1.85 100.9

Growth Fund Class A 12-31-18 94.89 0.05 ** (0.48) (0.43) - 94.46 (0.45) 1.15 1.15 0.05 83.4 12-31-17 75.68 0.40 ** 18.81 19.21 - 94.89 25.38 1.16 1.16 0.47 130.2 12-31-16 71.82 0.11 3.75 3.86 - 75.68 5.37 1.17 1.17 0.58 123.1 12-31-15 68.21 0.24 3.37 3.61 - 71.82 5.29 1.16 1.16 0.34 129.6 12-31-14 61.09 0.26 6.86 7.12 - 68.21 11.65 1.16 1.16 0.41 176.8

Class B 12-31-18 99.31 0.37 ** (0.52) (0.15) - 99.16 (0.16) 0.85 0.85 0.35 161.3 12-31-17 78.96 0.68 ** 19.67 20.35 - 99.31 25.77 0.86 0.86 0.76 187.8 12-31-16 74.71 1.04 3.21 4.25 - 78.96 5.69 0.87 0.87 0.88 158.7 12-31-15 70.73 0.46 3.52 3.98 - 74.71 5.63 0.86 0.86 0.62 179.6 12-31-14 63.12 0.49 7.12 7.61 - 70.73 12.06 0.86 0.86 0.73 142.4

Class X (b) 12-31-18 10.00 0.02 (1.11) (1.09) - 8.91 (10.90) - - 1.21 51.7

See notes to financial statements. 72 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

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

Income (loss) from Ratios to investment Less average net operations distributions assets: Net asset value, beginning of of beginning value, asset Net period (loss) income investment Net gain unrealized realizedand Net investments on (loss) operations investment from Total investment net from Distributions income period of end value, asset Net return Total waivers of net Expenses, waivers before Expenses, income investment Net period of end assets, Net (in millions) Period Ended $ $ $ $ $ $ % % % % $ International Equity Fund Class A 12-31-18 40.93 4.98 (11.49) (6.51) - 34.42 (15.93) 1.40 1.40 1.12 104.9 12-31-17 31.37 1.76 7.80 9.56 - 40.93 30.47 1.40 1.40 1.12 189.6 12-31-16 30.65 0.33 ** 0.39 0.72 - 31.37 2.35 1.39 1.39 1.10 173.5 12-31-15 31.54 0.42 (1.31) (0.89) - 30.65 (2.82) 1.43 1.43 1.20 172.5 12-31-14 33.24 0.58 (2.28) (1.70) - 31.54 (5.11) 1.50 1.50 1.68 170.5

Class B 12-31-18 44.03 1.93 (8.77) (6.84) - 37.19 (15.53) 0.95 0.95 1.57 437.7 12-31-17 33.60 0.29 10.14 10.43 - 44.03 31.04 0.99 0.98 1.49 663.4 12-31-16 32.70 0.48 ** 0.42 0.90 - 33.60 2.75 0.98 0.98 1.46 471.6 12-31-15 33.52 0.54 (1.36) (0.82) - 32.70 (2.45) 1.03 1.03 1.59 368.9 12-31-14 35.18 0.60 (2.26) (1.66) - 33.52 (4.72) 1.09 1.09 2.12 335.1

Class C (b) 12-31-18 43.69 0.45 (6.82) (6.37) - 37.32 (14.58) 0.11 0.11 2.43 109.7

Class X (b) 12-31-18 10.00 0.05 (1.47) (1.42) - 8.58 (14.20) - - 2.53 85.8

Small Capitalization Equity Index Fund Class A 12-31-18 21.57 1.77 (3.69) (1.92) - 19.65 (8.90) 0.58 0.58 0.94 63.6 12-31-17 18.85 0.46 2.26 2.72 - 21.57 14.43 0.55 0.55 1.01 115.6 12-31-16 15.63 0.28 2.94 3.22 - 18.85 20.60 0.55 0.55 1.33 114.1 12-31-15 16.41 0.19 (0.97) (0.78) - 15.63 (4.75) 0.54 0.54 1.14 98.5 12-31-14 15.71 0.23 0.47 0.70 - 16.41 4.46 0.55 0.55 0.93 111.8

Class B 12-31-18 22.25 0.21 (2.13) (1.92) - 20.33 (8.63) 0.29 0.29 1.23 224.9 12-31-17 19.38 0.46 2.41 2.87 - 22.25 14.81 0.26 0.26 1.31 237.6 12-31-16 16.02 0.49 2.87 3.36 - 19.38 20.97 0.25 0.25 1.62 227.8 12-31-15 16.78 0.23 (0.99) (0.76) - 16.02 (4.53) 0.24 0.24 1.44 215.8 12-31-14 16.01 0.23 0.54 0.77 - 16.78 4.81 0.25 0.25 1.24 223.2

Class X (b) 12-31-18 10.00 0.03 (1.94) (1.91) - 8.09 (19.10) - - 1.54 51.4

See notes to financial statements. 73 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

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

Income (loss) from Ratios to investment Less average net operations distributions assets: Net asset value, beginning of of beginning value, asset Net period (loss) income investment Net gain unrealized realizedand Net investments on (loss) operations investment from Total investment net from Distributions income period of end value, asset Net return Total waivers of net Expenses, waivers before Expenses, income investment Net period of end assets, Net (in millions) Period Ended $ $ $ $ $ $ % % % % $ Magnus 45 55 (b) Class A 12-31-18 10.00 0.04 (0.42) (0.38) - 9.62 (3.80) 0.57 0.57 1.97 21.2

Magnus 60 40 Alpha Plus (b) Class A 12-31-18 10.00 0.04 (0.74) (0.70) - 9.30 (7.00) 0.69 0.69 2.35 267.5

Class B 12-31-18 10.00 0.08 (0.77) (0.69) - 9.31 (6.90) 0.52 0.52 2.52 144.8

Magnus 60 40 Beta Plus (b) Class A 12-31-18 10.00 0.07 (0.89) (0.82) - 9.18 (8.20) 0.54 0.54 3.60 39.6

Class B 12-31-18 10.00 0.10 (0.82) (0.72) - 9.28 (7.20) 0.37 0.37 3.77 75.7

Magnus 75 25 (b) Class A 12-31-18 10.00 0.02 (0.38) (0.36) - 9.64 (3.60) 0.65 0.65 2.59 21.0

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

(a) Start date for the CUIT Core Equity Class C Fund was October 1, 2016 and CUIT International Equity Class C Fund was July 2, 2018. (b) Net investment income and expense ratios have been annualized for fund classes open less than a full year

See notes to financial statements. 74 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Catholic United Investment Trust (CUIT or the Funds) 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 or Underlying Funds) and four no-load pooled investment fund of funds (Magnus Funds) for the exclusive benefit of religious organizations that are listed, or eligible for listing, in the Kenedy Official Catholic Directory of the Roman Catholic Church in the United States. CUIT is exempt from registration under the Investment Company Act of 1940 and the Trust Units issued by CUIT are exempt from registration under the Securities Act of 1933. Class A for the CUIT Funds (whether one class or multiclass) do not have a minimum initial investment requirement. Initial investment minimum 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 minimum for Class B units for the CUIT Core Equity Index Fund and Small Capitalization Equity Index Fund is $3.0 million. Initial investment minimum for Class C units for the CUIT Core Equity Index Fund and CUIT International Equity Fund is $50.0 million. Class X for the CUIT Funds are issued only to a fund of the Magnus Funds, each a fund of funds. Class A for the Magnus Funds (whether one class or multiclass) do not have a minimum initial investment requirement. Initial investment minimum for Class B units of the Magnus Funds is $25.0 million.

On July 2, 2018, Christian Brothers Investment Services (CBIS) launched the Magnus Funds, a series of four pooled investment vehicles designed to provide comprehensive investment management by investing in one or more of the CUIT Funds. The commencement date for Magnus 60 40 Alpha Plus Fund Class A and Class B was July 17, 2018. The commencement date for Magnus 60 40 Beta Plus Class A was August 28, 2018 and Class B was September 11, 2018. The commencement date for Magnus 45 55 Fund Class A was October 9, 2018. The commencement date for Magnus 75 25 Class A was November 20, 2018.

As a result of launching Magnus Funds, CBIS launched Share Class X which represents the Magnus Funds investment in the CUIT Funds. Class X is not a standalone share class that can be invested in directly.

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

Money Market Fund The Money Market Fund seeks optimal current income consistent with the preservation of capital. The policy of the Money Market Fund is to invest in high-quality, short-term cash and debt obligations having a weighted average maturity of 90 days or less.

Short Bond Fund The investment objective of the Short Bond Fund is to seek a maximum level of current income to the extent consistent with preservation of capital by investing primarily in a diversified portfolio of securities issued by the U.S. government, its agencies and instrumentalities, fixed income obligations of corporations, mortgage-backed and asset-backed securities. It is anticipated that, under normal market conditions, the Short Bond Fund seeks to maintain an effective duration of one to three years. The portfolio of the Short Bond Fund is expected to have a dollar-weighted quality portfolio rating of at least “A” or its equivalent.

Intermediate Diversified Bond Fund The Intermediate Diversified Bond Fund’s investment objective is to achieve current income and long-term capital appreciation through investments primarily in U.S. government securities, securities issued by U.S. government agencies, fixed income obligations of corporations, mortgage-backed securities and asset-backed securities. The Intermediate Diversified Bond Fund’s strategy will generally be to combine economic and fundamental research to capture inefficiencies in the valuation of market sectors and individual securities. It is anticipated that, under normal market conditions, the portfolio will have an effective duration of four to six years. The portfolio of the Intermediate Diversified Bond Fund is expected to have a dollar-weighted quality portfolio rating of at least “A” or its equivalent.

Opportunistic Bond Fund The Opportunistic Bond Fund’s investment objective is to achieve current income and relatively low correlation to equity assets through investments primarily in U.S. government securities, securities issued by U.S. government agencies, fixed income obligations of domestic U.S. and foreign corporations and mortgage-backed securities (including forward-settling 75

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

mortgage-backed securities) and asset-backed securities, including collateralized mortgage obligations (“CMO”). The Opportunistic Bond Fund also anticipates entering into repurchase agreements covering the foregoing securities. In addition, the Opportunistic Bond Fund will utilize strategies involving equity securities, derivative and option-based instruments, primarily within hedged combinations to capture merger arbitrage, interest rate or credit spread, or other fixed income opportunities, or to more cost effectively replicate a position than by use of physical fixed income issues. In furtherance of its investment objective, the Opportunistic Bond Fund may invest in a wide range of securities and instruments including, without limitation, interests in bank loans or leveraged loans, which are secured, senior floating rate financings made by banks, master limited partnerships, preferred stock, warrants and rights, and shares of investment companies. In addition, the Opportunistic Bond Fund may engage in derivatives transactions, including credit default swaps, put and call options, futures contracts, and short sales.

Balanced Fund The Balanced Fund’s objective is to provide investors current income and long-term appreciation through investments in equity securities primarily issued by companies with large market capitalizations, as well as U.S. Government securities (and securities of its agencies and instrumentalities) and other fixed income securities. The assets of the Balanced Fund are generally allocated 60% to equity securities and 40% to fixed income securities. The Balanced Fund was liquidated subject to a 2% holdback on December 4, 2018 with 98% of the shares converted into the Magnus 60 40 Alpha Plus Fund.

Value Equity Fund The Value Equity Fund’s objective is to provide investors long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of large and established companies that are believed to be undervalued.

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

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

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

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

Magnus 45 55 Fund The Magnus 45 55 Fund’s investment objective is to achieve current income and long-term capital appreciation. The Magnus 45 55 Fund invests in the Underlying Funds according to a fixed formula that reflects an allocation of approximately 45% of the Magnus 45 55 Fund’s assets to return-seeking securities and approximately 55% of the Magnus 45 55 Fund’s assets to risk-reducing securities.

76

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Magnus 60 40 Alpha Plus Fund The Magnus 60 40 Alpha Plus Fund’s investment objective is to achieve current income and long-term capital appreciation. The Magnus 60 40 Alpha Plus Fund invests in the Underlying Funds according to a fixed formula that reflects an allocation of approximately 60% of the Magnus 60 40 Alpha Plus Fund’s assets to return-seeking securities and approximately 40% of the Magnus 60 40 Alpha Plus Fund’s assets to risk-reducing securities, with a bias towards “active” management in the equity portion of the portfolio.

Magnus 60 40 Beta Plus Fund The Magnus 60 40 Beta Plus Fund’s investment objective is to achieve current income and long-term capital appreciation. The Magnus 60 40 Beta Plus Fund invests in the Underlying Funds according to a fixed formula that reflects an allocation of approximately 60% of the Magnus 60 40 Beta Plus Fund’s assets to return-seeking securities and approximately 40% of the Magnus 60 40 Beta Plus Fund’s assets to risk-reducing securities, with a bias towards “passive” management in the equity portion of the portfolio.

Magnus 75 25 Fund The Magnus 75 25 Fund’s investment objective is to achieve current income and long-term capital appreciation. The Magnus 75 25 Fund invests in the Underlying Funds according to a fixed formula that reflects an allocation of approximately 75% of the Magnus 75 25 Fund’s assets to return-seeking securities and approximately 25% of the Magnus 75 25 Fund’s assets to risk-reducing securities.

Net Asset Value and Valuation of Securities

Each 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 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 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 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.

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. 77

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Discounts and premiums on securities are amortized over the contractual life of the respective securities using the effective interest method.

Investment transactions for the period year ended December 31, 2018, excluding short-term investments, were as follows (in thousands):

CUIT Funds Purchases Sales Money Market Fund $1,177,425 $1,167,441 Short Bond Fund 177,567 167,671 Intermediate Diversified Bond Fund 2,021,764 1,973,466 Opportunistic Bond Fund 274,587 251,998 Balanced Fund 191,654 418,751 Value Equity Fund 179,471 198,390 Core Equity Index Fund 396,504 428,781 Growth Fund 289,292 312,792 International Equity Fund 355,002 342,289 Small Capitalization Equity Index Fund 160,894 136,454

Magnus Funds Purchases Sales 45 55 Fund $22,312 $325 60 40 Alpha Plus Fund 438,100 2,149 60 40 Beta Plus Fund 124,420 861 75 25 Fund 21,836 253

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.

Sector Risk

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

78

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

Redemption of Trust Units

Investors may redeem an amount equal to the value of their account plus any accrued income, in whole or in part, by means of a request to withdraw in proper form. Withdrawals from all Funds may be made by written request. The sale price will be the next net asset value for the particular 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, CBIS 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 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 Fund not reasonably practicable.

The 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 Fund. Notice of redemption by a 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 Fund’s trust units at the time of redemption.

Income Taxes

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

Distributions to Participants

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

Income and Other Expense Allocation

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

79

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Use of Estimates

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

Subsequent Events

CUIT has evaluated subsequent events for recognition and disclosure through April 17, 2019 which is the date the annual financial statements were available to be issued.

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. CUIT, 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 CUIT 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.

80

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.

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.

81

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Fair Value (continued)

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 CUIT using pricing models fall into this category and are categorized within 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.

82

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, 2018 (in thousands): Investments in Securities Level 1 Level 2 Level 3 Total Money Market Fund: Asset Backed Securities $ - $19,676 $ - $19,676 Corporate Obligations - 32,090 - 32,090 Municipals - 835 - 835 Sovereign - 13,955 - 13,955 U.S. Government Obligations - 6,573 - 6,573 Money Market 85 - - 85 Short Term Investments-Repurchase Agreements - 53 - 53 Total $85 $73,182 $ - $73,267

Short Bond Fund: Asset Backed Securities $ - $54,736 $ - $54,736 Collateralized Mortgage Obligations - 5,965 - 5,965 Mortgage Backed Securities- Commercial - 18,780 - 18,780 Corporate Obligations - 161,509 - 161,509 Municipals - 7,506 - 7,506 Sovereign - 4,018 - 4,018 U.S. Agency Obligations - 22,163 - 22,163 U.S. Government Obligations - 104,880 - 104,880 Money Market 2,538 - - 2,538 Short Term Investments-Repurchase Agreements - 1,273 - 1,273 Total $2,538 $380,830 $ - $383,368

Intermediate Diversified Bond Fund: Asset Backed Securities $ - $55,950 $ - $55,950 Collateralized Mortgage Obligations - 73 - 73 Mortgage Backed Securities- Commercial - 8,188 - 8,188 Corporate Obligations - 402,394 - 402,394 Municipals - 14,448 - 14,448 Sovereign - 69 - 69 U.S. Agency Obligations - 285,453 - 285,453 U.S. Government Obligations - 483,678 - 483,678 Money Market 79,931 - - 79,931 Short Term Investments-Repurchase Agreements - 3,702 - 3,702 Total $79,931 $1,253,955 $ - $1,333,886

Opportunistic Bond Fund: Equity Securities $33,051 $ - $ - $33,051 Asset Backed Securities - 45,539 - 45,539 Collateralized Mortgage Obligation - 5,062 - 5,062 Mortgage Backed Securities- Commercial - 31,007 - 31,007 Corporate Obligations - 202,934 - 202,934 Diversified Holding Companies - 4 - 4 Municipals - 17,052 - 17,052 Sovereign - 9,202 - 9,202 U.S. Agency Obligations - 29,761 - 29,761 U.S. Government Obligations - 81,263 - 81,263 Preferred Securities - 6,203 - 6,203 Money Market 5,604 - - 5,604 Short Term Investments-Repurchase Agreements - 3,470 - 3,470 Total $38,655 $431,493 $ - $470,152 Equity Securities (Sold Short) (902) - - (902) Total $ (902) $ - $ - $ (902)

Balanced Fund: Money Market $1,751 $ - $ - $1,751 Total $1,751 $ - $ - $1,751

83

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, 2018 (in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Value Equity Fund: Equity Securities $288,795 $ - $ - $288,795 Money Market 12,114 - - 12,114 Short Term Investments-Repurchase Agreements - 770 - 770 Total $300,909 $770 $ - $301,679

Core Equity Index Fund: Equity Securities $1,709,763 $ - $ - $1,709,763 Money Market 32,633 - - 32,633 Short Term Investments-Repurchase Agreements - 614 - 614 Total $1,742,396 $614 $ - $1,743,010

Growth Fund: Equity Securities $291,588 $ - $ - $291,588 Money Market 4,012 - - 4,012 Short Term Investments-Repurchase Agreements - 504 - 504 Total $295,600 $504 $ - $296,104

International Equity Fund: Equity Securities $707,800 $ - $ - $707,800 Money Market 31,291 - - 31,291 Short Term Investments-Repurchase Agreements - 28 - 28 Total $739,091 $28 $ - $739,119

Small Capitalization Equity Index Fund: Equity Securities $336,229 $ - $ - $336,229 Money Market 2,329 - - 2,329 Short Term Investments-Repurchase Agreements - 6,012 - 6,012 Total $338,558 $6,012 $ - $344,570

Magnus 45 55 Fund: CUIT Securities $ - $21,118 $ - $21,118 Money Market - - - - Total $ - $21,118 $ - $21,118

Magnus 60 40 AP Fund: CUIT Securities $ - $411,692 $ - $411,692 Money Market 67 - - 67 Total $67 $411,692 $ - $411,759

Magnus 60 40 BP Fund: CUIT Securities $ - $115,021 $ - $115,021 Money Market - - - - Total $ - $115,021 $ - $115,021

Magnus 75 25 Fund: CUIT Securities $ - $20,967 $ - $20,967 Money Market - - - - Total $ - $20,967 $ - $20,967

84

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

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

Fair Value as December 31, 2018 (in thousands):

Level 1 Level 2 Level 3 Other Financial Asset Liability Asset Liability Asset Liability Total Instruments Intermediate Diversified Bond Fund: Futures - ($1,168) - - - - ($1,168)

Core Equity Fund: Futures $17 - - - - - $17

Note 2 - Forward Foreign Currency Contracts

The International Equity Fund engages in portfolio hedging with respect to changes in foreign currency exchange rates by entering into foreign currency forward contracts to purchase or sell foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The unrealized gain, if any, represents the credit risk to the Fund on a foreign currency forward contract. Fluctuations in the value of the foreign currency forward contracts are recorded daily as net unrealized gains or losses. The Fund realizes a gain or loss upon settlement of the contracts. The statements of operations reflect net realized and net unrealized gains and losses on these contracts. Foreign currency at a fixed price on a future date is used as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates.

Note 3 - Related Party Transactions

Investment Advisory and Administrative Fee

The Funds have contracted with Christian Brothers Investment Services, Inc. (CBIS) to provide investment advisory and administrative services. For providing these services, each CUIT 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 are charged an advisory and administrative fee (see schedule below) paid to CBIS. In addition to the advisory and administrative fee, 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.

Under the management contract, the Magnus Funds are charged a Total Expense Ratio (see schedule below) paid to CBIS which is inclusive of the advisory and administrative fees and all of the other expenses for services provided to the Magnus Funds. Under the management contract, CBIS bears all costs of its operations of the Magnus Funds.

85

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 3 - Related Party Transactions (continued)

CUIT Fund Annual Advisory and Administrative 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 0.79%** International Equity Fund - Class C 0.00%* Small Capitalization Equity Index Fund - Class A 0.50% Small Capitalization Equity Index Fund - Class B 0.20%

Magnus Fund Total Expense Ratio 45 55 Fund Class A 0.57% 45 55 Fund Class B 0.37% 60 40 Alpha Plus Fund Class A 0.69% 60 40 Alpha Plus Fund Class B 0.52% 60 40 Beta Plus Fund Class A 0.54% 60 40 Beta Plus Fund Class B 0.37% 75 25 Fund Class A 0.65% 75 25 Fund Class B 0.45%

* No management fee exists for the CUIT Core Equity Index Fund – Class C Shares and CUIT International Equity Fund – Class C Shares pursuant to the Investment Management Agreement between CUIT and CBIS. Rather, investors that hold Class C Shares are billed and pay directly to CBIS a separate investment management fee, as set forth in the CUIT Offering Memorandum, pursuant to an Investment Management Fee Agreement by and between CBIS and the investor.

** As a result of the CUIT International Equity Fund Class C launch, the operating fee for International Class B was reduced from 0.90% to 0.79%.

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% prior to July 2, 2018 and 0.89% subsequent. 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, 2023 - $ 27,363 December 31, 2022 - $ 0 December 31, 2021 - $ 199 December 31, 2020 - $ 65,634 December 31, 2019 - $ 56,269 December 31, 2018 - $ 629,317

86

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 3 - Related Party Transactions (continued)

For the period ended December 31, 2018 the total amount of the waived management fee for the International Equity Fund – Class B was $4,259. 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.

CBIS has voluntarily agreed to waive its fees and/or reimburse expenses as necessary to prevent the total expense ratio of each of the Magnus Funds from exceeding the Total Expense Ratio (shown above) for each Magnus Fund.

Note 4 – Contingencies and Financial Guarantees

Contingencies

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

Financial Guarantees

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

Funds that invest in foreign securities are subject to foreign taxes that may be imposed by certain countries in which the Funds invest. The Funds generally record foreign taxes based on applicable foreign tax law. The Funds incur withholding taxes on certain foreign dividends and interest, and those taxes are accrued at the time the associated income is recorded. The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds record a reclaim receivable based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. In consideration of recent decisions rendered by European courts, the International Equity Fund has filed for additional reclaims related to prior years in accordance with European Union law. However, consistent with U.S. GAAP accrual requirements, the International Equity Fund has not recorded a corresponding receivable amount because there is limited historical precedent for U.S. funds collecting reclaims of this magnitude and the amount of the reclaims that these funds may receive in the future, if any, is uncertain. Any amounts to which the International Equity Fund may be entitled, if and when recorded, likely would result in an increase in the net asset value per share of the International Equity fund at that time. As of December 31, 2018, the total amount of reclaims filed for the International Equity Fund in the countries that may be affected by the European courts’ decisions (namely, France and Sweden) represents approximately 0.07% of the net asset value per share of the International Equity Fund; however, the recovery of any or all of this amount and timing of recovery, if any, is uncertain.

87

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 5 - Capital Share Transactions

Trust unit activity for the Funds is presented below: (Multiple class funds only) Capital Share Transactions for the Period Ended December 31, 2018 (in thousands)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR NET INCREASE (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES (DECREASE) IN CUIT FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS Short Bond Fund Class A 7,114 $78,259 733 $8,051 (12,194) ($133,981) (4,347) ($47,671) Short Bond Fund Class X 5,715 $57,031 44 $442 (39) ($385) 5,720 $57,088 Intermediate Diversified 2,476 $33,915 218 $2,974 (5,221) ($71,040) (2,527) ($34,151) Bond Fund Class A Intermediate Diversified 8,948 $121,766 1,954 $26,629 (11,677) ($159,040) (775) ($10,645) Bond Fund Class B Intermediate Diversified 11,461 $113,437 119 $1,174 (78) ($769) 11,502 $113,842 Bond Fund Class X Opportunistic Bond Fund 1,130 $11,194 150 $1,481 (2,578) ($25,431) (1,298) ($12,756) Class A Opportunistic Bond Fund 3,688 $36,446 831 $8,203 (8,322) ($82,170) (3,803) ($37,521) Class B Opportunistic Bond Fund 5,724 $57,071 41 $404 (39) ($385) 5,726 $57,090 Class X Value Equity Class A 82 $5,597 11 $718 (710) ($48,024) (617) ($41,709)

Value Equity Class B 283 $19,287 32 $2,097 (731) ($50,916) (416) ($29,532)

Value Equity Class X 6,097 $57,167 71 $679 (35) ($310) 6,133 $57,536 Core Equity Index Class A 174 $11,037 27 $1,634 (1,059) ($66,769) (858) ($54,098)

Core Equity Index Class B 2,400 $150,888 319 $19,690 (4,051) ($254,862) (1,332) ($84,284)

Core Equity Index Class C 331 $20,426 139 $8,568 (340) ($21,280) 130 $7,714

Core Equity Index Class X 11,485 $110,693 165 $1,590 (82) ($748) 11,568 $111,535

Growth Class A 62 $6,277 -- -- (551) ($55,851) (489) ($49,574)

Growth Class B 181 $19,353 -- -- (445) ($48,541) (264) ($29,188)

Growth Class X 5,833 $55,976 -- -- (34) ($310) 5,799 $55,666 International Equity Fund 469 $18,714 -- -- (2,052) ($80,321) (1,583) ($61,607) Class A International Equity Fund 2,364 $100,229 -- -- (5,661) ($241,785) (3,297) ($141,556) Class B International Equity Fund 3,002 $130,679 -- -- (62) ($2,476) 2,940 $128,203 Class C International Equity Fund 10,063 $93,399 -- -- (65) ($570) 9,998 $92,829 Class X Small Capitalization Equity 394 $8,806 -- -- (2,518) ($58,644) (2,124) ($49,838) Index Class A Small Capitalization Equity 2,626 $63,804 -- -- (2,238) ($53,210) 388 $10,594 Index Class B

Small Capitalization Equity 6,386 $58,789 -- -- (40) ($342) 6,346 $58,447 Index Class X

88

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 Period Ended December 31, 2018 (in thousands)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES NET INCREASE IN MAGNUS FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS 45 55 Fund Class A 2,232 $22,253 -- -- (32) ($311) 2,200 $21,942 45 55 Fund Class B ------60 40 Alpha Plus Fund Class 29,369 $286,875 -- -- (602) ($5,669) 28,767 $281,206 A 60 40 Alpha Plus Fund Class 15,601 $153,498 -- -- (50) ($481) 15,551 $153,017 B 60 40 Beta Plus Fund Class 4,324 $41,776 -- -- (13) ($122) 4,311 $41,654 A 60 40 Beta Plus Fund Class 8,234 $81,812 -- -- (75) ($714) 8,159 $81,098 B 75 25 Fund Class A 2,207 $21,826 -- -- (27) ($250) 2,180 $21,576 75 25 Fund Class B ------

Capital Share Transactions for the Year Ended December 31, 2017 (in thousands)

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

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

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

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

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

Growth Class A 124 $10,875 -- -- (379) ($33,393) (255) ($22,518)

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

89

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 6 - Securities Lending

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

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

As of December 31, 2018, 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, 2018. The non-cash collateral includes U.S. Treasury Notes/Bonds and Corporate Bonds and U.S. Agencies Obligations.

As of December 31, 2018, the market value of the securities on loan and payable on collateral (cash and non-cash) due to broker were as follows (in thousands):

Fund Market Value of Market Value Market Value Market Value Loaned Securities of Collateral of Cash of Non-Cash Collateral Collateral Money Market Fund $2,767 $2,824 $53 $2,771 Short Bond Fund 8,574 8,753 1,273 7,480 Intermediate Diversified Bond Fund 6,765 6,916 3,702 3,214 Opportunistic Bond Fund 11,350 11,587 3,470 8,117 Balanced Fund 0 0 0 0 Value Equity Fund 4,172 4,271 770 3,501 Core Equity Index Fund 31,303 32,018 614 31,404 Growth Fund 1,628 1,665 504 1,161 International Equity Fund 7,961 8,164 28 8,136 Small Capitalization Equity Index Fund 33,128 34,015 6,012 28,003 Totals $107,648 $110,213 $16,426 $93,787

90

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 6-Securities Lending (continued)

As of December 31, 2018, the collateral by cash equivalents pledged and remaining time to maturity were as follows (in thousands):

Fund Overnight Up to 30 Total and Days Continuous Money Market Fund Fixed Income $53 - $53

Short Bond Fund Fixed Income 1,273 - 1,273

Intermediate Diversified Bond Fund Fixed Income 3,702 - 3,702

Opportunistic Bond Fund Fixed Income 3,470 - 3,470

Balanced Fund - -

Value Equity Fund Equity 770 - 770

Core Equity Index Fund Equity 614 - 614

Growth Fund Equity 504 - 504

International Equity Fund Equity 28 - 28

Small Capitalization Equity Index Fund Equity 6,012 - 6,012

91

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 6-Securities Lending (continued)

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, 2018 and December 31, 2017, the Funds listed below generated interest income, net of fees paid to Bank of New York Mellon, from the lending of securities as follows (in thousands):

Fund Year Ended Year Ended December 31, 2018 December 31, 2017 Money Market Fund $2 $2 Short Bond Fund 8 3 Intermediate Diversified Bond Fund 98 107 Opportunistic Bond Fund 17 26 Balanced Fund 12 16 Value Equity Fund 14 25 Core Equity Index Fund 38 67 Growth Fund 26 12 International Equity Fund 110 85 Small Capitalization Equity Index Fund 241 487 Total Income $566 $830

Note 7- Investments in Derivatives

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

Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. For the period ended December 31, 2018, the average number of outstanding long futures contracts were 751, 38, and 129 for the Intermediate Diversified Bond Fund, Balanced Fund, and Core Equity Index Fund, respectively. The average number of outstanding short futures contracts were (287), (34), and (0) for the Intermediate Diversified Bond Fund, Balanced Fund, and Core Equity Index Fund, respectively.

The following table sets forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of December 31, 2018. 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 (in thousands).

Fund Risk Statements of Assets Derivative Statement of Assets Derivative and Liabilities Assets and Liabilities Liabilities Location Location Intermediate Diversified Bond Interest rate Variation Margin $ - Variation Margin $10 Fund

92

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 7- Investments in Derivatives (continued)

The following table sets forth by certain risk types the Funds’ gains (losses) related to derivative activities and their indicative volumes for the period ended December 31, 2018. 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 (in thousands):

Fund Risk Statement of Operations Location Net Realized Gain Net Change in (Loss) Unrealized Appreciation (Depreciation) Net realized gain on investments, futures Intermediate contracts and foreign currency transactions. Diversified Bond Interest rate $3,167 ($501) Change in net unrealized appreciation or Fund (depreciation) on: investments and futures contracts Net realized gain on investments, futures contracts and foreign currency transactions. Balanced Fund Interest rate $333 $51 Change in net unrealized appreciation or (depreciation) on: investments and futures contracts Net realized gain on investments, futures contracts and foreign currency Core Equity Index Securities transactions. ($2,850) $48 Fund price Change in net unrealized appreciation or (depreciation) on: investments and futures contracts

Note 8 – Subsequent Events

On February 7, 2019, CBIS initiated the final liquidation of the CUIT Balanced Fund by making the final distribution directly into the Magnus 60 40 Alpha Plus Fund portfolio of $1.7 million or 18,557 shares.

93