CATHOLIC UNITED INVESTMENT TRUST ANNUAL REPORT (AUDITED) December 31, 2014
CATHOLIC UNITED INVESTMENT TRUST TABLE OF CONTENTS
REPORT OF INDEPENDENT AUDITORS Statements of Assets and Liabilities
Page 1-2 3-4
Schedule of Investments: 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
5-7 8-11 12-20 21-26 27-37 38-40 41-47 48-51 52-55 56-72
Statements of Operations Statements of Changes in Net Assets
73-75 76-78
NOTES TO FINANCIAL STATEMENTS
79-90
FINANCIAL HIGHLIGHTS
91-93
Crowe Horwath LLP Independent Member Crowe Horwath International
INDEPENDENT AUDITOR'S REPORT
To the Members of the Board of Trustees and Unit-holders of Catholic United Investment Trust
Report on the Financial Statements We have audited the accompanying financial statements of Catholic United Investment Trust – Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund (the “Trust”), which comprise the statement of assets and liabilities as of December 31, 2014, the schedule of investments as of December 31, 2014, the related statements of operations and statements of changes in net assets for the periods ended December 31, 2014 and 2013, and the financial highlights for the periods ended December 31, 2014 and 2013, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
(Continued) 1.
Opinion In our opinion, the financial statements, the schedule of investments and financial highlights referred to above present fairly, in all material respects, the assets and liabilities of Catholic United Investment Trust – Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Balanced Fund, Opportunistic Bond Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund as of December 31, 2014, the results of its operations and changes in its net assets for the periods ended December 31, 2014 and 2013, and the financial highlights for the periods ended December 31, 2014 and 2013, in accordance with accounting principles generally accepted in the United States of America.
Crowe Horwath LLP South Bend, Indiana March 11, 2015
2.
CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2014 (Amounts in thousands, except per trust unit amounts)
ASSETS: Investments, at amortized cost Investments, at fair value Cash Receivables: Investment securities sold Interest Dividends Tax Reclaims Dividends Trust units sold Unrealized gain on forward foreign currency contracts Prepaid Expenses Total assets
Money Market Fund $ 61,290 $ 61,290 4
Short Bond Fund $ 315,918 $ 313,770 -
Intermediate Diversified Bond Fund $ 1,037,583 $ 1,066,047 -
30 -
28 1,901 8
137 5,542 11,722
7 1,812 250
61,324
315,707
1,083,448
52 361,455
8 6
9 82 11
36 94 53,673 316 29
18 144 118 19
14
-
12,749 66,897
13 4,542 1,235 6,089
LIABILITIES: Payables: Cash Overdraft Interest Payable Investment securities purchased Investment advisory and administrative fees Other fees Unrealized loss on forward foreign currency contracts Securities sold short at fair value (proceeds $3,860) Trust units redeemed Total liabilities NET ASSETS NET ASSETS CONSIST OF: Paid-in capital Accumulated undistributed net investment income (loss) Accumulated net realized gain (loss) Net unrealized appreciation (depreciation) on investments and future contracts Net unrealized gain (loss) on forward foreign currency contracts NET ASSETS
$
61,310
$
315,605
$
1,016,551
$
355,366
$
61,315 (5)
$
312,398 5,355
$
850,963 138,970
$
356,902 41
-
(2,148)
61,310
$
TRUST UNITS OUTSTANDING NET ASSET VALUE PER TRUST UNIT OUTSTANDING
102
Opportunistic Bond Fund $ 353,094 $ 352,199 7,135
315,605
$
61,315 $
26,618
$
1,016,551
28,345
1.00
$
N/A N/A N/A
N/A N/A N/A
CLASS B SHARES Net Assets Applicable to Trust Units Outstanding Trust Units Outstanding Net Asset Value Per Trust Unit Outstanding
N/A N/A N/A
N/A N/A N/A
See notes to financial statements. 2
3
355,366
$
73,150
11.13
CLASS A SHARES Net Assets Applicable to Trust Units Outstanding Trust Units Outstanding Net Asset Value Per Trust Unit Outstanding
(1,577)
35,878
N/A
$ $
$ $
N/A
259,255 18,649 13.90
757,296 54,501 13.90
$ $
$ $
98,821 9,976 9.91
256,545 25,902 9.90
CATHOLIC UNITED INVESTMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2014 (Amounts in thousands, except per trust unit amounts)
ASSETS: Investments, at amortized cost Investments, at fair value Cash Receivables: Investment securities sold Interest Dividends Tax Reclaims Dividends Trust units sold Other Receivables Prepaid Expenses Total assets
Balanced Fund $ 195,500 $ 247,510 -
Value Equity Fund $ 316,223 $ 428,352 -
Core Equity Index Fund $ 929,815 $ 1,349,647 122
Growth Fund $ 244,106 $ 319,848 -
International Equity Fund $ 476,607 $ 505,531 78
Small Capitalization Equity Index Fund $ 238,262 $ 334,901 1
9 567 110 11 5 248,212
284 283 1 27 428,947
1,450 3,070 1,354,289
158 166 320,172
315 700 6,150 512,774
405 213 3 335,523
7 18 3,901 165 8
43 84 297 26
212 196 51
159 263 18
496 47
84 13
4,099
526 976
4,465 4,924
526 966
6,674 7,217
405 502
LIABILITIES: Payables: Cash Overdraft Interest Payable Investment securities purchased Investment advisory and administrative fees Other fees Unrealized loss on forward foreign currency contracts Trust units redeemed Total liabilities NET ASSETS NET ASSETS CONSIST OF: Paid-in capital Accumulated undistributed net investment income (loss) Accumulated net realized gain (loss) Net unrealized appreciation (depreciation) on investments and future contracts Net unrealized gain (loss) on forward foreign currency contracts NET ASSETS
$
244,113
$
427,971
$
1,349,365
$
319,206
$
505,557
$
335,021
$
(16,790) (4) 209,104
$
85,189 230,652
$
571,638 357,859
$
48,519 (3,586) 198,531
$
173,422 74,163 229,048
$
172,023 22,228 44,132
51,803
$
244,113
TRUST UNITS OUTSTANDING NET ASSET VALUE PER TRUST UNIT OUTSTANDING
112,130 427,971
$
3,281 $
N/A N/A N/A
CLASS B SHARES Net Assets Applicable to Trust Units Outstanding Trust Units Outstanding Net Asset Value Per Trust Unit Outstanding
N/A N/A N/A
$
7,774
74.40
CLASS A SHARES Net Assets Applicable to Trust Units Outstanding Trust Units Outstanding Net Asset Value Per Trust Unit Outstanding
419,868
199,034 3,612 55.11
$
$
228,937 4,162 55.01
$
See notes to financial statements. 3
4
$
319,206
28,634
N/A
$
1,349,365
75,742
$
$ $
140,143 2,973 47.14
1,209,222 25,661 47.12
$
4,605
N/A
$
28,935
$
$ $
176,799 2,592 68.21
142,407 2,013 70.73
$
15,401
N/A
$
(11) 505,557
96,638
20,113
N/A
$ $
$ $
170,460 5,404 31.54
335,097 9,997 33.52
335,021
N/A
$ $
$ $
111,799 6,811 16.41
223,222 13,302 16.78
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Fixed Income Securities Asset Backed Securities Corporate Obligations U.S. Agency Obligations
13.90% 45.22% 32.34%
5 5
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2014
Principal
Amortized
Principal
Amount
Cost (000's)
Amount
Asset Backed Securities
13.90%
27,739 Ally Auto Receivable Trust, 2.230%, due 3/15/16
Amortized Corporate Obligations Financial Services
$
28
Cost (000's) 28.95%
Abbey National Treasury Services PLC/Stamford CT
300,000 Ally Master Owner Trust, 0.610%, due 4/15/18
301
600,000 0.368%, due 9/04/15
220,732 ARI Fleet Lease Trust, 0.711%, due 3/15/20
221
350,000 ABN AMRO Bank NV 0.645%, due 6/6/16
$
600 350
430,000 Barclays Dryrock Issuance Trust, 0.500%, due 7/16/18
430
650,000 American Honda Finance Corp., 0.359%, due 9/02/16
650
300,000 Capital One Multi-Asset Execution Trust 0.340%, due 2/15/19
300
900,000 Australia & New Zealand Bank, 0.432%, due 5/7/15
900
310,000 CarMax Auto Owner Trust, 0.550%, due 8/15/17
310
500,000 Bank of Nova Scotia/Houston, 0.229%, due 10/30/15
500
480,304 Chesapeake Funding LLC, 0.607%, due 1/7/25
480
600,000 BARCLAYS BK NY FRN, 0.304, due 3/19/15
600
160,807 Chesapeake Funding LLC, 0.907%, due 11/7/23
161
500,000 BNP Paribas/New York NY, 0.289%, due 4/30/15
500
137,132 Chrysler Capital Auto Receivables Trust 2013-A, 0.610%, due 11/15/16
137
500,000 BPCE DN, 0.000%, due 05/20/15
500
102,607 CNH Equipment Trust, 0.440%, due 10/17/16
103
300,000 Discover Card Execution Note Trust,0.341%, due 10/15/18
300
Cooperatieve Centrale Raiffeisen-Boerenleenbank 450,000 0.233%, due 2/23/15
450
74,396 Fifth Third Auto 2013-A, 0.590%, due 3/15/2016
74
500,000 Credit Suisse/New York NY, 0.320%, due 5/13/15
500
51,768 Fifth Third Auto Trust 2013-A, 0.450%, due 1/15/16
52
500,000 Deutsche Bank AG/New York NY, 0.398%, due 1/30/15
644,973 First Investors Auto Owner Trust 2012-2, 0.800%, due 2/15/18
645
265,672 First Investors Auto Owner Trust 2012-2,1.470%, due 5/15/18
267
193,399 Ford Credit Auto Lease Trust, 0.431%, due 1/15/16
193
500
1,000,000 JP Morgan Chase & Co., 0.681%, due 4/23/15
1,000
500,000 Metropolitan Life Global, 0.382%, due 6/23/16
500
1,000,000 National Australia Bank Ltd., 0.436%, due 5/28/15
1,000
27,111 Ford Credit Auto Owner Trust, 0.550%, due 4/15/15
27
300,000 Natixis NY Inst., 0.270%, due 4/16/15
300
335,000 Ford Credit Auto Owner Trust, 1.150%, due 6/15/17
337
600,000 New York Life Global Funding, 0.233%, due 10/29/15
600
525,000 Ford Credit Floorplan Master Owner Trust, 0.461%, due 6/15/17
525
500,000 Noreda Bank Finland , 0.190%, due 1/12/15
500
285,000 GE Equipment Mid-Ticket LLC Series 2013-1, 0.640%, 4/24/17
285
300,000 Pricoa Global Funding I, 0.382%, due 5/16/16
300
95,461 GE Equipment Small Ticket LLC Series 2013-1, 0.730%, 1/25/16
95
277,285 GE Equipment Transportation LLC., 0.610%, due 6/24/16 630,000 Hyundai Auto Lease Securitization Trust 2012-A, 0.610%, due 2/15/17
277 630
94,964 M&T Bank Auto Receivables Trust 2013-1, 0.660%, due 2/16/16
95
1,500,000 Royal Bank of Canada, 0.442%, due 4/29/15
1,500
500,000 Skandinaviska ENS Discount Note, 0.000%, due 2/6/15 500,000 Societe Generale/New York NY,0.241%, due 1/9/15
500 500
500,000 Svenska HandelBank Instl., 0.000%, due 4/15/15
500
305,000 MMAF Equipment Finance, 0.5200%, due 4/10/17
305
390,905 MMAF Equipment Finance, 0.690%, due 5/9/16
391
850,000 Toyota Motor Credit Corp., 0.401%, due 1/23/15
174,440 Nissan Auto Lease Trust, 0.291%, due 9/15/15
174
600,000 UBS AG STAM, 0 .245, due 3/04/15
600
177,736 Nissan Auto Lease Trust, 0.431%, due 1/15/16
178
550,000 Wells Fargo Bank NA, 0.384%, due 6/2/16
550
169,562 Nissan Auto Lease Trust, 0.730 due 5/16/16
170
108,628 Nissan Auto Receivables Owners Trust, 0.520%, due 4/15/16
109
57,470 NYCTL 2013-A Trust, 1.190%, due 11/10/26
57
84,837 Toyota Auto Receivables Owners Trust, 0.480%, due 2/15/16
85
144,920 Volkswagen Auto Lease Trust 2013-A, 0.415%, due 12/21/15
145
19,013 Volvo Financial Equipment LLC Series 2013-1, 0.530%, due 11/16/15
19
16,560 World Omni Auto Receivables Trust, 0.430%, due 5/16/16
17
1,500,000 Toronto-Dominion Bank, 0.411%, due 5/1/15
1,500 850
1,000,000 Westpac Banking Corp., 0.482%, due 1/29/15
1,000 17,750
Health Care
0.82%
500,000 Bayer US Finance LLC, 0.481%, due 10/7/16
Industrial
500
2.04%
1,250,000 Kellogg Co., 0.463%, due 2/13/15
1,250
World Omni Automobile Lease Securitization Trust 2012-A, 198,214 0.481%, due 5/16/16
198
400,000 0.710%, due 3/15/17
400
TOTAL ASSET BACKED SECURITIES
8,521
Producer Durables
1.46%
545,000 Canadian National Railway Co, 0.432%, due 11/6/15
545
350,000 John Deere Capital Corp., 0.330% , due 4/12/2016
350 895
Corporate Obligations Consumer Staples
45.22%
Technology
4.97%
1,500,000 International Business Machines Corp, 0.263%, due 7/29/15
1,650,000 Coca-Cola Enterprises Inc, 0.215%, due 3/5/15
1,650
1,400,000 PepsiCo Inc, 0.433%, due 7/30/15
1,400 3,050
Utilities 230,000 Duke Energy Ohio Inc, 0.375%, due 3/6/2015 1,250,000 Verizon Communications Inc. , 0.435%, due 3/6/15
Energy 1,300,000 BP Capital Markets PLC, 0.462%, due 5/7/15
2.45%
2.12%
1,500
2.41% 230 1,249 1,479
1,300 TOTAL CORPORATE OBLIGATIONS
56
27,724
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND DECEMBER 31, 2014
Principal Amount
U.S. Agency Obligations Federal National Mortgage Association
32.34%
Amortized
Principal
Cost (000's)
Amount
2.64%
1,600,000 1.625%, due 10/26/15
Amortized Short-Term Investments Repurchase Agreements
$
1,617
Cost (000's) 7.67%
2,700,000 Barclays Repo, 0.050%, due 1/2/15
$
2,000,000 Deutsche Bank Repo, 0.120%, due 1/2/15 Fannie Mae Discount Notes
1.63%
1,000,000 0.000%, due 1/9/15
4,700 1,000 Short Term Investments
Federal Farm Credit Banks
3.26%
2,000,000 0.230%, due 11/2/15
Federal Home Loan Bank Discount Notes
2,700 2,000
0.84%
515,941 Dreyfus Government Cash Management Fund 2,000
TOTAL SHORT-TERM INVESTMENTS
1,000
TOTAL INVESTMENTS
516 5,216
9.38%
1,000,000 0.000%, due 2/11/15 750,000 0.000%, due 2/4/15
750
2,000,000 0.000%, due 3/20/15
1,999
2,000,000 0.000%, due 3/25/15
1,999
99.97% $
61,290
(Cost $61,290,179) Other Assets, Less Liabilities
0.03%
20
5,748 NET ASSETS Federal Home Loan Banks
10.11%
700,000 0.070%, due 4/22/15
700
2,000,000 0.110%, due 5/1/15
2,000
1,000,000 0.113%, due 5/21/15
1,000
1,000,000 0.120%, due 5/8/15
1,000
500,000 0.125%, due 3/20/15
500
1,000,000 0.200%, due 9/17/15
1,000 6,200
Federal Home Loan Mortgage Corp
5.32%
2,000,000 0.151%, due 7/16/15
2,000
1,250,000 1.750%, due 9/10/15
1,264 3,264
TOTAL U.S. AGENCY OBLIGATIONS
19,829
67
100.00% $
61,310
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Fixed Income Securities Asset Backed Securities Collateralized Mortgage Obligation Commercial Mortgage Backed Securities Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations
16.33% 3.02% 17.74% 33.23% 3.22% 12.03% 12.89%
7 8
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014
Principal
Fair
Principal
Fair
Amount
Value (000's)
Amount
Value (000's)
Asset Backed Securities
16.33%
834,032 AmeriCredit Automobile Receivable Trust, 1.730%, due 2/8/17 1,975,000 AmeriCredit Automobile Receivable Trust, 1.780%, due 3/8/17 669,170 ARI Fleet Lease Trust 2013-A, 0.700%, due 12/15/15
Commercial Mortgage Backed Securities $
835 1,981 669
2,850,000 Capital Auto Receivables Asset Trust, 0.790%, due 6/20/17
2,852
1,639,196 Capital Auto Receivables Asset Trust, 0.920%, due 9/20/16
1,641
93,038 Carnow Auto Receivable Trust 1A A 144A, 1.160%, due 10/16/17
17.74%
1,282,898 BAMLL_DB Trust, 2.343%, due 4/13/29
$
2,421,000 Bank of America Commercial Mortage Tr, 5.547%, due 6/10/49 1,854,036 Bank of America Commercial Mortage Tr, 5.634%, due 7/10/46
1,295 2,597 1,940
Bank of America Corp Merrill Lynch.Commercial Mortgage Inc. 1,229,223 5.152%, due 9/10/47
93
1,255
Bear Stearns Commercial Mortgage Securities Trust
1,172,152 CCG Receivables Trust, 1.050%, due 8/14/20
1,174
1,566,000 4.985%, due 9/11/42
2,458,333 CLI Funding V LLC, 3.380%, due 10/18/29
2,443
1,340,000 5.694%, due 6/11/50
1,453
1,500,000 CNH Equipment Trust, 1.160%, due 6/15/20
1,505
3,000,000 Citigroup Commercial Mortgage Trust, 5.431%, due 10/15/49
3,177
571,249 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 2,015,000 Cronos Containers Program, 3.810%, due 9/18/27
576
862,664 COMM 2012 Mortgae Trust, 0.704%, due 10/15//45
2,016
859,767 Direct Capital Funding, 1.730%, due 8/20/18
2,375 962 2,330
3,000,000 GE Dealer Floorplan Master Note Trust, 0.545%, due 7/20/19
2,997
2,325,000 GE Equipment Midticket LLC Series 2014-1, 1.140%, due 5/22/18
2,324
860
1,842,846 COMM 2012 Mortgae Trust, 1.024%, due 6/10/46
862
2,265,856 Dominos Pizza Master Issuer, 5.216%, due 1/25/42* 962,800 DT Auto Owener Trust, 0.680%, due 8/15/17 2,330,000 Ford Credit Floorplan Master Owner Trust A, 0.850% due 1/15/18
1,603
1,835
2,900,000 COMM 2012 Mortgae Trust, 2.365%, due 2/10/29
2,956
2,340,000 COMM 2014 Mortgae Trust, 0.961%, due 3/15/29 2,150,000 COMM 2014 Mortgae Trust, 1.911%, due 6/15/34 1,845,000 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49
2,330 2,143 1,998
Credit Suisse Commercial Mortgage Trust Series
GE Equipment Transportation LLC Series 2013-1
2,225,000 2006-C1, 5.467%, due 2/15/39
2,314
2,274,268 2006-C3, 5.806%, due 6/15/38
2,376
1,540,000 0.900%, due 3/24/21
1,540
1,810,000 Golden Credit Card Trust, 1.770%, due 1/15/19
1,827
1,282,225 4.830%, due 4/15/37
1,284
1,196,083 Great American Leasing, 0.780%, due 6/15/16
1,197
1,650,000 Del Coronado Trust 2013-DEL, 1.460%, due 3/15/26
1,650
837,289 MMAF Equipment Finance Trust, .940%, due 8/10/16
Credit Suisse First Boston Mortgage Securities Corp
1,900,000 GE Capital Commercial Mortgage Corp, 5.312%, due 11/10/45
1,956
1,520,000 MMAF Equipment Finance Trust, 1.350%, due 10/10/18
1,529
838
1,900,000 JP Morgan Chase & Co., 1.661%, due 12/15/28
1,901
1,188,629 MMAF Equipment Finance Trust, 2.100%, due 7/15/17
1,200
2,338,426 JP Morgan Chase & Co., 4.917%, due 10/15/42
2,370
1,128,252 New York City Tax, 1.030%, due 11/10/27
1,128
1,967,398 JP Morgan Chase & Co., 5.336%, due 5/15/47
2,089
226,854 New York City Tax, 1.190%, due 11/10/26
227
1,444,831 JP Morgan Chase & Co., 5.440%, due 6/12/47
1,536
74,453 New York City Tax, 1.230%, due 11/10/25
74
725,000 JP Morgan Chase & Co., 5.479%, due 5/15/45
760
2,375,000 PFS Financing Corp, 0.760% due 2/15/19
2,380
2,000,000 JP Morgan Chase & Co., 5.697%, due 2/12/49
2,146
963,494 Santander Drive Auto Receivable Trust, 1.940%, due12/15/16
965
152,514 Santander Drive Auto Receivable Trust, 2.090%, due 8/15/16 453,086 Small Business Administration Participation, 4.570%, due 6/1/25
153 486
94,609 Small Business Administration Participation, 4.580%, due 3/1/18
98
220,898 Small Business Administration Participation, 4.750%, due 7/1/25
236
77,102 Small Business Administration Participation, 5.250%, due 9/1/17
147,739 JP Morgan Mortgage Trust, 2.503%, due 8/25/34
80
993,140 Smart Trust/AUST 2USA A4A 144A, 2.310%, due 4/14/17* 1,771,571 Sonic Capital LLC, 5.438%, due 5/20/41
997 1,875
2,440,000 Springleaf Funding Trust, 2.580%, due 9/15/21
2,447
1,600,000 LB-UBS Commercial Mortgage Trust, 5.451%, due 9/15/39
1,682 1,940
640,379 NCUA Guaranteed Notes Trust 2010-C1, 1.600%, due 10/29/20
641
1,683,749 Wachovia Bank Commercial Mortage Trust, 5.118%, due 7/15/42 1,589,634 Wachovia Bank Commercial Mortage Trust, 5.242%, due 10/15/44 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
80
273,206 United States Small Business Administration, 4.941%, due 9/10/15 79,050 United States Small Business Administration, 5.788%, due 8/10/17
278 84
Corporate Obligations
884,195 Westlake Automobile Receivables Trust, 1.120%, due 1/15/18
885
Consumer Discretionary
1,698 1,619 55,990
(Cost $57,569,600)
1,398 1,893
TOTAL ASSET BACKED SECURITIES
1,458 980
1,840,000 Morgan Stanley Capital, 5.792%, due 7/12/44
79,308 United States Small Business Administration, 4.638%, due 2/10/15
1,400,000 World Financial Network Credit Crad, 0.910%, due 3/16/20 1,865,000 World Financial Network Credit Crad, 3.960%, due 4/15/19
148
1,424,060 LB-UBS Commercial Mortgage Trust, 5.156%, due 2/15/31 946,000 LB-UBS Commercial Mortgage Trust, 5.216%, due 2/15/31
33.23% 0.84%
1,000,000 AmeriGas Finance LLC 7.000%, due 5/20/22 1,525,000 Wynn Las Vegas LLC,7.875%, due 5/1/20
1,035 1,601
51,530
2,636
(Cost $51,621,408) Consumer Staples Collateralized Mortgage Obligation
3.02%
52,326 CHL Mortgage Pass-Throu 29 1A1, 0.709%, due 2/25/35 300,224 Community Program Loan Trust 1987 A, 4.500%, due 10/01/29 619,444 FDIC Guaranteed Notes Trust 2010-S3, 2.740%, due 12/3/20 1,020,422 FDIC Trust 2013-R1, 1.150%, due 3/25/33
49 272 629
1.89%
1,450,000 Bunge NA Finance LP, 5.9000%, due 04/01/2017
1,577
1,552,319 Smith's Food & Drug Center Inc., 9.200%, due 7/2/18
1,768
300,000 Tyson Foods Inc., 6.600%, due 4/1/16 2,175,000 US Foods Inc, 8.500%, due 6/30/19
320 2,306
1,003
5,971
Freddie Mac Structured Agency Credit Risk Debt Notes 1,476,404 1.019%, due 4/25/24
1,465
119,061 GSR Mortgage Loan Trust, 2.525%, due 8/25/34
117
789,281 Impac Secured Assets Trust, 0.519%, due 8/25/36
775
Energy 1,800,000 CNOOC Nexen Finance 2014- ULC, 1.625%, due 4/30/17
3.68% 1,791
Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas Inc
La Hipotecaria Panamanian Mortgage Trust 2014-1
1,124,000 6.125%, due 6/15/19
1,217
2,060,216 3.257%, due 11/24/42
2,122
1,000,000 Kodiak Oil & Gas Corp, 8.125%, due 12/1/19
1,018
1,334,713 MASTR Adjustable Rate, 0.329%, due 1/25/47
1,315
3,112,000 Petroleos Mexicanos, 1.700%, due 12/20/22
3,033
805,592 Sequoia Mortgage Trust 1.855%, due 02/25/43
733
1,732,000 Petroleos Mexicanos, 1.950%, due 12/20/22
1,705
902,804 Sequoia Mortgage Trust 1.873%, due 02/25/43 221,910 Structured Adjustable, 2.397%, due 3/25/34
835 224
1,752,750 Petroleos Mexicanos, 2.830%, due 2/15/24 1,000,000 Sunoco Inc., 5.750%, due 1/15/17
1,783 1,081
TOTAL COLLATERALIZED MORTGAGE OBLIGATION (Cost $9,731,567)
9,539
11,628
89
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014
Principal Amount
Corporate Obligations (continued) Financial Services
Fair
Principal
Value (000's)
Amount
18.65%
949,756 Ahold Lease Series 2001-A-1 PA 7.820%, due 1/2/20
Fair Corporate Obligations (continued) Technology
$
1,057
1,390,000 American Express Co., 6.800%, due 09/01/66
1,456
1,350,000 BBVA US Senior SAU, 4.664%, due 10/9/15
1,386
1,400,000 BPCE SA, 1.625%, due 2/10/17
1,403
1,500,000 Cantor Fitzgerald LP, 6.375%, due 6/26/15
1,537
1,750,000 Citigroup Inc, 6.000%, due 8/15/17 1,500,000 Corrections Corp of America, 4.125%, due 4/1/20
1,936 1,459
1,485,000 Countrywide Financial Corp, 6.250%, due 5/15/16
1,576
1,360,000 Eaton Vance Corp., 6.500%, due 10/2/17
1,526
0.36%
1,100,000 Hewlett-Packard Co, 3.000%, due 9/15/16 Utilities
$
1,129
1.55%
1,500,000 AES Corp., 8.000%, due 6/1/20
1,714
72,773 BellSouth Telecommunications LLC, 6.300%, due 12/15/15
75
1,914,129 Great River Energy, 5.829%, due 7/1/17 1,050,000 Verizon Communications Inc.,1.770%, 9/15/16
2,036 1,069 4,894
1,225,000 Ford Motor Credit Co LLC., 5.000%, due 5/15/18
1,331
TOTAL CORPORATE OBLIGATIONS
2,200,000 Forest City Southern Group LLC, 3.187%, due 4/1/16
2,248
(Cost $105,374,035)
50,110 GMAC Capital Trust I
Value (000's)
104,882
1,322
1,220,000 Goldman Sachs Group Inc., 5.625%, due 1/15/17
1,309
1,011,000 HCP Inc., 6.000%, due 1/30/17
1,103
1,891,000 HSBC Finance Corp, 5.500%, 1/19/16
1,977
Municipals
3.22%
2,600,000 Alaska Housing Finacial Corp.. 0.954%, due 6/1/43
2,597
California State Pollution Control Financing Authority
1,400,000 International Lease Finance Co., 3.875%, due 4/15/18
1,400
1,800,000 IStar Finacial Inc., 4.000%, due 11/1/17
1,751
1,500,000 7.500%, due 4/1/25 499,837 Louisana Local Government Environmental, 1.520%, due 2/1/18
502
1,000,000 Jefferies Group LLC,8.500%, due 7/15/19
1,198
1,054,426 Louisana Local Government Environmental, 2.470%, due 2/1/19
1,073
2,000,000 JP Morgan Chase, 0.571%, due 6/13/16
1,992
1,880,000 New Jersey Economic Development Authority, 1.802%, due 6/15/17
1,867
1,290,000 KeyBank NA, 7.413%, due10/15/27 1,200,000 Metropolitan Life Insurance Co, 7.700%, due 11/1/15
1,319 1,265
1,600,000 South Carolina State Public Service, 1.255%, due 6/1/16 1,000,000 State of Connecticut, 0.990%, due 3/1/17
1,604 1,002
1,700,000 Morgan Stanley, 6.250%, due 8/28/17
1,888
TOTAL MUNICIPALS
1,200,000 Omega Healthcare Investorrs Inc., 6.750%, due 10/15/22
1,272
(Cost $10,150,077)
1,870,000 PNC Preferred Funding Trust, 1.463% due 3/29/49
1,758
1,505
10,150
2,830,366 Premier Aircraft Leasing EXIM 1 Ltd, 3.547%, due 4/10/22
2,985
U.S. Agency Obligations
12.03%
1,218,750 Prudential Covered Trust 2012-1, 2.997%, due 9/30/15
1,236
Federal Home Loan Banks
62.00%
1,330,000 Royal Bank of Scotland, 9.499%, due 3/16/22
1,511
2,667,122 Safina Ltd, 1.550%, due 1/15/22
2,633
1,475,000 Santander Issuances SAU, 5.911%, due 6/20/16
1,537
1,350,000 Skyway Concession Co LLC, 0.536%, due 6/30/17 1,650,000 Standard Chartered Bank, 6.400% due 9/26/17
1,283 1,841
1,800,000 State Street Corp, 4.956%, due 3/15/18
1,949
625,000 UBS AG/Stamford CT, 3.875%, due 1/15/15
1,970,000 0.980%, due 9/11/17 Federal Home Loan Mortgage Corporation
1,954 79.00%
840,945 5.000%, due 7/1/35 1,513,211 3.000%, due 2/1/22
932 1,577 2,509
626
1,250,000 UniCredit Bank Austria AG, 7.250%, due 2/15/17
1,351
1,261,005 Utility Contract Funding LLC, 7.940%, due 10/1/16
1,335
1,410,884 2.000%, due 3/15/30
Federal National Mortgage Association
2,000,000 Vornado Realty LP, 4.250%, due 4/1/15
2,000
208,061 5.000%, due 6/1/24
230
2,000,000 Wachovia Corp., 0.573%, due 10/28/15 109,331 WHC-IRS Trust, 6.980%, due 5/15/15
2,000 112
89,541 5.500%, due 6/1/26 622,219 5.000%, due 3/1/34
100 689
58,868 Materials & Processing
2.83% 1,428
219,502 5.500%, due 1/1/37
238
1,615,127 4.500%, due 8/1/38
1,758
419,225 5.500%, due 2/1/23
461
3.62%
2,250,000 Carlisle Cos Inc, 6.125%, due 8/15/16
2,409
76,191 5.500%, due 8/1/37
83
1,700,000 Copano Energy LLC, 7.125%, due 4/1/21
1,846
327,189 5.000%, due 4/1/24
357
1,500,000 El PasoLLC, 7.000%, due 6/15/17
1,654
1,286,293 4.000%, due 3/1/31
1,387
1,500,000 Huntsman International LLC, 4.875%, due 11/15/20
1,489
1,932,900 3.000%, due 12/1/22
2,018
189 96
16,123 3.310%, due 2/25/32 167,846 5.560%, due 8/25/39
16 179
186,303 Petrodrill Five Ltd., 4.240%, due 1/15/16 93,777 Petrodrill Four Ltd., 4.390%, due 4/15/16 1,950,000 SBA Tower Trust, 5.101%, due 4/15/42 1,500,000 Sealed Air Corp, 8.375% due 9/15/21
2,053 1,676
8,944
11,412
Government National Mortgage Association 1,556,256 1.738%, due 1/16/34
Producer Durables 1,284,031 Canadian National Railway Co., 7.195%, due 1/2/16 624,396 Federal Express Corp., 2.625%, due 1/15/18 1,727,399 Federal Express Corp., 7.840%, due 1/30/18 767,646 General American Railcar Corp., 7.760%, due 8/20/21 876,000 Ryder System Inc., 7.200%, due 9/1/15 1,600,000 Steel Dynamics, Inc. 7.625%, due 3/15/20 856,000 Westvaco Corp, 7.650%, due 3/15/2027
2.64% 1,371 634 1,943 880
2.92% 1,557
547,987 3.000%, due 5/20/40
563
1,442,432 1.614%, due 7/16/39
1,422
2,443,031 0.514%, due 05/16/35
2,376
2,668,117 2.799%, due 5/16/39 568,657 2.034%, due 6/20/61
2,710 598
913
9,226
1,668 935 8,344
9 10
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND DECEMBER 31, 2014
Principal Amount
U.s. Agency Obligations (continued) Government Backed Agency
Fair
Principal
Fair
Value (000's)
Amount
Value (000's)
4.86%
2,235,000 Government Trust Certificate, 0.000%, due 5/15/15
Short Term Investments $
526,316 Overseas Private Investment Corp, 0.570%, due 6/15/17
2,227 524
3,185,000 Overseas Private Investment. Corp, 0.000%, due 11/17/17
3,204
2,200,000 Overseas Private Investment. Corp, 0.000%, due 7/12/16
2,201
2,000,000 Overseas Private Investment. Corp, 0.000%, due 7/7/19 120,254 Small Business Administration Participation, 5.800%, due 12/1/18
2,260 128
386,724 Small Business Administration Pools, 0.625%, due 11/25/29
1,761
671,840 Small Business Administration Pools, 0.649%, due 1/25/26
672
238,464 Small Business Administration Pools, 0.750%, due 6/25/20
238
100,244 Small Business Administration Pools, 0.999%, due 1/25/28
101
424,074 Small Business Administration Pools, 0.999%, due 4/25/19
424
477,581 Small Business Administration Pools, 0.999%, due 9/25/28 732,000 Tennessee Valley Authority Strip, 0.000%, due 6/15/17
482 709
3,056
(Cost $3,056,349)
TOTAL INVESTMENTS (Cost $315,918,330)
Other Assets, Less Liabilities
NET ASSETS
15,317
TOTAL U.S. AGENCY OBLIGATIONS
37,950
(Cost $37,713,291)
12.89%
14,200,000 0.625%, due 4/30/18
13,912
6,000,000 1.000%, due 3/31/17
6,025
2,500,000 1.750%, due 5/31/16 13,000,000 3.250%, due 3/31/17 3,690,000 United States Treasury Inflation Indexed Bonds, 2.000%, due 1/15/1 TOTAL U.S. GOVERNMENT OBLIGATIONS
$
TOTAL SHORT TERM INVESTMENTS
99.42%
313,770
0.58%
1,835
386
1,771,785 Small Business Administration Pools, 0.639%, due 5/25/39
U.S. Treasury Notes
0.97%
3,056,349 Dreyfus Government Cash Management Fund
2,546 13,712 4,478 40,673
(Cost $40,702,003)
1011
100.0% $
315,605
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Fixed Income Securities Asset Backed Securities Collateralized Mortgage Obligation Commercial Mortgage Backed Securities Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations
3.19% 0.02% 1.88% 28.72% 1.00% 19.28% 42.63%
11 12
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
Par
Fair
Par
Amount
Value (000's)
Amount
Asset Backed Securities
3.19%
130,000 AEP Texas Central Transition Funding III LLC, 2.845%, due 3/1/26 36,928 Ally Auto Receivables Trust 2010-5, 1.750%, due 3/15/16 860,000 Ally Auto Receivables Trust 2014-1, 0.480%, due 2/15/17
Fair Corporate Obligations Consumer Discretionary
$
131
25,000 21st Century Fox America Inc, 5.650%, due 8/15/20
37 859
325,000 21st Century Fox America Inc, 6.400%, due 12/15/35 410,000 21st Century Fox America Inc, 6.650%, due 11/15/37
1,710,000 Ally Master Owner Trust, 1.430%, due 6/17/19
1,706
2,315,000 Amazon.com Inc, 3.800% , due 12/5/24
1,420,000 Ally Master Owner Trust, 1.540%, due 9/15/19
1,409
50,000 Comcast Corp, 6.300%, due 11/15/17
1,080,000 American Express Credit Account Master Tr, 1.430%, due 6/15/20
1,078
700,000 American Express Credit Account Master Tr, 1.490%, due 4/15/20
701
674,083 Centerpoint Energy Transition Bond Co III LLC, 4.192%, due 2/1/20
693
2,740,000 Chase Issuance Trust, 0.540%, due 10/16/17
2,739
28.72% Value (000's) 2.49% $
29 424 547 2,372 57
520,000 Comcast Corp, 6.500%, due 1/15/17
574
1,925,000 Cox Communications Inc, 2.950%, due 6/30/23
1,846
975,000 Cox Communications Inc, 3.250%, due 12/15/22
957
1,000,000 Cox Communications Inc, 3.850%, due 2/1/25
1,009
805,000 Chase Issuance Trust, 0.590%, due 8/15/17
805
700,000 Cox Communications Inc, 5.875%, due 12/1/16
757
1,865,000 Chase Issuance Trust, 0.790%, due 6/15/17
1,867
300,000 Cox Communications Inc, 9.375%, due 1/15/19
378
2,250,000 Chase Issuance Trust, 1.150%, due 1/15/19
2,249
1,200,000 DIRECTV Hldng LLC / DIRECTV Fin Co Inc, 6.000%, due 8/15/40
1,345
1,051,000 Chase Issuance Trust, 1.260%, due 7/15/19 1,090,000 Chase Issuance Trust, 1.380%, due 11/15/19 266,428 CNH Equipment Trust 2013-C, 0.630%, due 1/17/17
1,048 1,086 266
850,000 Myriad International Holdings BV, 6.000%, due 7/18/20 1,530,000 Reed Elsevier Capital Inc, 3.125%, due 10/15/22 296,000 Reed Elsevier Capital Inc, 8.625%, due 1/15/19
929 1,514 362
328,464 CNH Equipment Trust 2014-A, 0.490%, due 6/15/17
328
650,000 Time Warner Cable Inc, 4.000%, due 9/1/21
692
406,559 Countrywide Asset-Backed Certificates, 0.389%, due 10/25/36
397
854,000 Time Warner Cable Inc, 4.125%, due 2/15/21
914
1,310,000 Ford Cred Auto Own Tr/Ford Cred 2014-REV1, 2.260%, due 11/15/25
1,317
445,000 Time Warner Cable Inc, 5.500%, due 9/1/41
1,590,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, due 8/15/19
1,587
900,000 Time Warner Cable Inc, 5.875%, due 11/15/40
517 1,073
370,000 Ford Credit Floorplan Master Owner Trust A, 1.500%, due 9/15/18
373
360,513 GMACM Home Equity Loan Trust 2006-HE3, 5.805%, due 10/25/36
344
50,000 Time Warner Cable Inc, 7.300%, due 7/1/38
69
2,540,000 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17
2,534
775,000 Time Warner Cable Inc, 8.250%, due 4/1/19
949
1,370,000 Hertz Vehicle Financing LLC, 2.200%, due 3/25/16
1,373
1,410,000 Time Warner Cable Inc, 8.750%, due 2/14/19
1,608,589 Home Equity Loan Trust 2006-HSA2, 5.549%, due 3/25/36
1,088
400,000 Time Warner Inc, 6.250%, due 3/29/41
497
2,540,000 Home Equity Loan Trust 2006-HSA2, 5.810%, due 3/26/36 687,331 Home Equity Mortgage Trust 2006-1, 5.800%, due 5/25/36
1,079 564
2,340,000 Time Warner Inc, 7.625%, due 4/15/31 810,000 Time Warner Inc, 7.700%, due 5/1/32
3,262 1,144
1,704,155 MSCC Heloc Trust 2007-1, 0.269%, due 12/25/31
1,609
1,045,000 RSB Bondco LLC, 5.820%, due 6/28/19
1,130
1,574,000 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30
1,635
13,384 SLM Student Loan Trust 2007-2, 0.234%, due 7/25/17 348,827 Struct Asset Sec Corp Mort Loan Tr 2005-S7, 0.469%, due 12/25/36 TOTAL ASSET BACKED SECURITIES
1,331
1,745
25,293 Consumer Staples
1.82%
13 339
750,000 Anheuser-Busch InBev Finance Inc, 4.000%, due 1/17/43 505,000 Anheuser-Busch InBev Worldwide Inc, 2.500%, due 7/15/22
744 491
32,384
440,000 Anheuser-Busch InBev Worldwide Inc, 3.750%, due 7/15/42
414
840,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18
855
(Cost $30,477,838) Collateralized Mortgage Obligations
1,040,000 Time Warner Cable Inc, 6.950%, due 1/15/28
0.02%
710,000 ConAgra Foods Inc, 1.900%, due 1/25/18
705
710,000 CVS Health Corp, 2.250%, due 12/5/18
716
129,735 Vendee Mortgage Trust 1993-1, 7.250%, due 02/15/23
148
125,000 Dillard's Inc, 7.130%, due 8/1/18
140
49,311 Vendee Mortgage Trust 1995-1, 7.792%, due 02/15/25
55
165,000 Kraft Foods Group Inc, 3.500%, due 6/6/22
169
15,670 Vendee Mortgage Trust 1995-2, 8.792%, due 6/15/25 7,714 Vendee Mortgage Trust 1998-2, 8.727%, due 8/15/27
19 9
295,000 Kraft Foods Group Inc, 6.500%, due 2/9/40 530,000 Kroger Co/The, 2.950%, due 11/1/21
379 526
425,000 Macy's Retail Holdings Inc, 4.500%, due 12/15/34
428
TOTAL COLLATERALIZED MORTGAGE OBLIGATION
231
(Cost $212,029) Commercial Mortgage Backed Securities
1.88%
15,000 Macy's Retail Holdings Inc, 6.375%, due 3/15/37
19
1,025,000 Macy's Retail Holdings Inc, 6.650%, due 7/15/24
1,271
1,125,000 Macy's Retail Holdings Inc, 6.700%, due 7/15/34
1,438
1,408,554 CD 2005-CD1 Commercial Mortgage Trust, 5.226%, due 7/15/44
1,431
90,000 Macy's Retail Holdings Inc, 6.700%, due 9/15/28
110
1,057,416 Citigroup Comm Mort Tr 2012-GC8, 0.685%, due 9/10/45
1,056
145,000 Macy's Retail Holdings Inc, 6.900%, due 1/15/32
189
1,139,448 Commercial Mort Pass Through Certificates, 0.666%, due 10/15/45
1,134
705,000 Macy's Retail Holdings Inc, 6.900%, due 4/1/29
897
735,000 Commercial Mortgage Trust 2007-GG9, 5.444%, due 3/10/39
784
218,045 Credit Suisse Mortgage Capital Certificates, 5.106%, due 3/27/37
224
25,000 Macy's Retail Holdings Inc, 7.000%, due 2/15/28
31
1,233,000 Mondelez International Inc, 6.500%, due 2/9/40
1,643
2,424,069 GE Capital Commercial Mort Series 2005-C2, 4.977%, due 5/10/43
2,429
1,165,000 Nordstrom Inc, 6.950%, due 3/15/28
1,535
2,145,525 GS Mortgage Securities Corp II, 0.662%, due 11/10/45
2,134
1,045,000 PepsiCo Inc, 4.250%, due 10/22/44
1,091
1,089,033 JP Morgan Chase Comm Mort Sec Tr 2012-C8, 0.705%, due 10/15/45
1,089
1,634,952 JPMBB Commercial MortSec Tr 2013-C14, 1.260%, due 8/15/46
1,638
1,135,000 Sysco Corp, 2.350%, due 10/2/19
1,212 1,136
1,030,000 Walgreens Boots Alliance Inc/old, 3.300%, due 11/18/21 1,300,000 Wal-Mart Stores Inc, 4.300%, due 4/22/44
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 1,219,291 0.664%, due 11/15/45 1,110,460 NCUA Guaranteed Notes Trust 2010-C1, 2.650%, due 10/29/20 1,212,170 Struct Asset Sec Corp Mort Loan Tr 2006-S2, 5.500%, due 6/25/36
245,000 SABMiller Holdings Inc, 3.750%, due 1/15/22
256 1,141
810,000 Sysco Corp, 3.000%, due 10/2/21
822 1,037 1,419
797
18,466
1,512,962 UBS-Barclays Commercial Mort Tr 2012-C3, 0.726%, due 8/10/49
1,500
1,319,413 Wells Fargo Commercial Mort Tr2012-LC5, 0.687%, due 10/15/45 1,229,089 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45
1,317 1,226
655,000 Anadarko Petroleum Corp, 4.500%, due 7/15/44 220,000 Apache Corp, 4.250%, due 1/15/44
636 192
19,107
1,215,000 BG Energy Capital PLC, 4.000% , due 10/15/21
1,250
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $19,108,483)
1213
Energy
2.83%
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
Principal Amount
Corporate Obligations (continued)
Fair
Principal
Value (000's)
Amount
Energy (continued)
Fair Corporate Obligations (continued)
Value (000's)
Financial Services (continued)
760,000 BP Capital Markets PLC, 3.535%, due 11/4/21
$
756
2,875,000 ConocoPhillips Co, 3.350%, due 11/15/24
2,905
890,000 ConocoPhillips Co, 4.150%, due 11/15/34
913
1,275,000 ConocoPhillips, 5.750%, due 2/1/19
1,675,000 Boston Properties LP, 3.125%, due 9/1/23 50,000 Boston Properties LP, 3.700%, due 11/15/18 725,000 Boston Properties LP, 3.850%, due 2/1/23
$
1,636 53 753
1,449
75,000 Boston Properties LP, 5.625%, due 11/15/20
86
655,000 Devon Energy Corp, 3.250%, due 5/15/22
643
500,000 Boston Properties LP, 5.875%, due 10/15/19
573
1,095,000 Devon Energy Corp, 4.750%, due 5/15/42
1,102
1,090,000 Branch Banking & Trust Co, 1.350%, due 10/1/17
1,084
425,000 Devon Energy Corp, 5.600%, due 7/15/41
472
1,653,000 Capital One Financial Corp, 3.500%, due 6/15/23
1,671
1,040,000 Encana Corp, 6.500%, due 2/1/38
1,112
1,180,000 Capital One Financial Corp, 4.750%, due 7/15/21
1,301
830,000 Ensco PLC, 5.750%, due 10/1/44
833
1,160,000 Citigroup Inc, 1.350%, due 3/10/17
1,155
2,731
1,545,000 Citigroup Inc, 1.850%, due 11/24/17
1,543
1,675,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23
1,793
740,000 Citigroup Inc, 1.932%, due 5/15/18
1,205,000 Petrobras Global Finance BV, 2.371%, due 1/15/19
1,069
520,000 Citigroup Inc, 2.500%, due 9/26/18
526
200,000 Petrobras Global Finance BV, 4.375%, due 5/20/23
172
1,200,000 Citigroup Inc, 3.500%, due 5/15/23
1,168
2,730,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25
300,000 Petrobras Global Finance BV, 6.250%, due 3/17/24
764
285
1,500,000 Citigroup Inc, 4.050%, due 7/30/22
1,552
1,103
1,480,000 Citigroup Inc, 4.500%, due 1/14/22
1,617
995,000 Petroleos Mexicanos, 3.500% ,due 7/18/18
1,007
5,455,000 Citigroup Inc, 4.587%, due 12/15/15
5,637
750,000 Petroleos Mexicanos, 4.250%, due 1/15/25
745
650,000 Citigroup Inc, 6.125%, due 11/21/17
725
1,150,000 Petroleos Mexicanos, 4.875%, due 1/18/24
1,195
175,000 Citigroup Inc, 6.625%, due 6/15/32
218
800,000 Petroleos Mexicanos, 6.375 , due 1/23/45
906
345,000 Citigroup Inc, 8.125%, due 7/15/39
528
850,000 Shell International Finance BV, 3.400%, due 8/12/23
877
985,000 Deutsche Bank AG/London, 1.350%, due 5/30/17
977
910,000 Statoil ASA, 2.900%, due 11/8/20
931
775,000 ERP Operating LP, 3.000%, due 4/15/23
756
315,000 Suncor Energy Inc, 6.500%, due 6/15/38
388
460,000 ERP Operating LP, 4.625%, due 12/15/21
503
1,190,000 Petrobras International Finance Co SA, 5.375%, due 1/27/21
910,000 Suncor Energy Inc, 6.850%, due 6/1/39 1,075,000 Total Capital International SA, 2.750%, due 6/19/21 1,010,000 TransCanada PipeLines Ltd, 4.625%, due 3/1/34
1,162
1,090,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19
1,084
1,079 1,025
1,185,000 Ford Motor Credit Co LLC, 3.984%, due 6/15/16 2,095,000 Ford Motor Credit Co LLC, 4.207%, due 4/15/16
1,227 2,168
28,731
500,000 Ford Motor Credit Co LLC, 4.250%, due 9/20/22 1,565,000 Ford Motor Credit Co LLC, 4.375%, due 8/6/23
Financial Services
12.89%
780,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18
531 1,673 848
940,000 ABB Treasury Center USA Inc, 2.500%, due 6/15/16
959
400,000 Ford Motor Credit Co LLC, 5.750%, due 2/1/21
640,000 AIG Global Funding, 1.650%, due 12/15/17
640
1,205,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20
300,000 Allstate Corp/The, 3.150%, due 6/15/23
301
2,509,000 Goldman Sachs Group Inc/The, 1.432%, due 4/30/18
2,538
560,000 Ally Financial Inc, 3.125%, due 1/15/16
561
2,310,000 Goldman Sachs Group Inc/The, 1.600%, due 11/23/15
2,322
1,055,000 Ally Financial Inc, 5.500%, due 2/15/17
1,108
1,150,000 Goldman Sachs Group Inc/The, 3.700%, due 8/1/15
1,169
715,000 Ally Financial Inc, 8.300%, due 2/12/15
719
2,525,000 Goldman Sachs Group Inc/The, 5.250%, due 7/27/21
2,850
1,345,000 American Express Credit Corp, 2.250%, due 8/15/19
1,345
55,000 Goldman Sachs Group Inc/The, 7.500%, due 2/15/19
2,525,000 American Honda Finance Corp, 1.125%,due 10/7/16
2,537
410,000 HSBC Holdings PLC, 4.000%, due 3/30/22
436
1,600,000 American International Group Inc, 5.050%, due 10/01/15 945,000 American International Group Inc, 6.400%, due 12/15/20
1,649 1,127
1,195,000 HSBC Holdings PLC, 4.250%, due 3/14/24 525,000 HSBC Holdings PLC, 5.100%, due 4/5/21
1,243 593
2,025,000 Bank of America Corp, 1.250%, due 1/11/16
2,029
450,000 HSBC Holdings PLC, 6.500%, due 5/2/36
1,820,000 Bank of America Corp, 1.500%, due 10/9/15
1,827
1,850,000 HSBC Holdings PLC, 6.500%, due 9/15/37
2,725,000 Bank of America Corp, 4.200%, due 8/26/24
2,776
220,000 HSBC Holdings PLC, 6.800%, due 6/1/38
600,000 Bank of America Corp, 4.250%, due 10/22/26
599
100,000 HSBC USA Inc, 9.125%, due 5/15/21
458 1,493
65
578 2,377 292 133
3,880,000 Bank of America Corp, 4.500%, due 4/1/15
3,916
2,810,000 ING Bank NV, 3.750%, due 3/7/17
2,941
1,400,000 Bank of America Corp, 5.420%, due 3/15/17
1,501
1,950,000 JPMorgan Chase & Co, 0.854%, due 2/26/16
1,954
750,000 Bank of America Corp, 5.625%, due 7/1/20
854
2,410,000 JPMorgan Chase & Co, 1.100%, due 10/15/15
2,414
380,000 Bank of America Corp, 5.650%, due 5/1/18
422
1,145,000 JPMorgan Chase & Co, 3.250%, due 9/23/22
1,152
1,065,000 Bank of America Corp, 6.500%, due 8/1/16
1,147
295,000 JPMorgan Chase & Co, 3.450%, due 3/1/16
1,250,000 Bank of America Corp, 7.625%, due 6/1/19
1,511
1,750,000 JPMorgan Chase & Co, 6.000%, due 1/15/18
865,000 Bank of America NA, 6.100%, due 6/15/17
951
885,000 JPMorgan Chase Bank NA, 6.000%, due 10/1/17
775,000 Bank of New York Mellon Corp/The, 2.200%, due 3/4/19
778
430,000 Liberty Mutual Group Inc, 6.700%, due 8/15/16
303 1,958 982 466
2,310,000 Bank of New York Mellon Corp/The, 3.400%, due 5/15/24
2,352
1,265,000 Lloyds Bank PLC, 6.500%, due 9/14/20
1,471
1,095,000 Bank One Capital III, 8.750%, due 9/1/30
1,582
1,140,000 Manufacturers & Traders Trust Co, 1.400%, due 7/25/17
1,138
100,000 Bank One Corp, 7.625%, due 10/15/26
133
570,000 Massachusetts Mutual Life Insurance Co, 8.875%, due 6/1/39
975,000 Barclays PLC, 2.750%, due 11/8/19
969
920,000 MetLife Inc, 6.750%, due 6/1/16
920 992
875,000 Barclays PLC, 4.375%, due 9/11/24
843
440,000 Metropolitan Life Global Funding I, 2.500%, due 9/29/15
446
55,000 Berkshire Hathaway Energy Co, 6.125%, due 4/1/36
69
1,050,000 Morgan Stanley, 1.483%, due 2/25/16
1,058
445,000 Berkshire Hathaway Energy Co, 6.500%, due 9/15/37
582
985,000 Morgan Stanley, 3.875%, due 4/29/24
1,011
610,000 BHP Billiton Finance USA Ltd, 3.850%, due 9/30/23 2,150,000 BNP Paribas SA, 4.250%, due 10/15/24 43,716 BNSF Railway Co 2007-1 Pass Through Trust, 5.996%, due 4/1/24
280,000 Morgan Stanley, 5.450%, due 1/9/17
301
2,172
642
200,000 Navient Corp, 3.875%, due 9/10/15
202
49
995,000 Navient Corp, 6.000%, due 1/25/17
1,042
13 14
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
Principal Amount
Corporate Obligations (continued)
Fair
Principal
Value (000's)
Amount
Financial Services (continued)
Fair Corporate Obligations (continued) Producer Durables
350,000 Navient Corp, 6.250%, due 1/25/16
$
1,580,000 New York Life Global Funding, 1.450%, due 12/15/17 655,000 New York Life Global Funding, 2.100%, due 1/2/19
364 1,576 657
565,000 New York Life Insurance Co, 6.750%, due 11/15/39
Value (000's) 2.34%
797,728 American Airlines 2011-1 Pass Through Tr, 5.250%, due 7/31/22 Burlington Northern and Santa Fe Railway Co : 95,649 1999-2 Pass Through Tr, 7.570%, due 1/2/21
$
860 108
786
609,768 2000-1 Pass Through Trust, 8.251%, due 1/15/21
710
1,260
882,412 2001-1 Pass Through Trust, 6.727%, Due 7/15/22
999
690,000 PNC Bank NA, 2.250%, due 7/2/19
689
638,223 2001-2 Pass Through Trust, 6.462%, due 1/15/21
709
855,000 PNC Bank NA, 2.400%, due 10/18/19
859
23,517 2002-1 Pass Through Trust, 5.943%, due 1/15/23
25
63
794,331 2005-4 Pass Through Trust, 4.967%, due 4/1/23
864
975,000 Northwestern Mutual Life Insurance Co/The, 6.63%, due 3/30/40
50,000 Provident Cos Inc, 7.250%, due 3/15/28 3,875,000 Rio Oil Finance Trust Series 2014-1, 6.250%, due 7/6/24
3,706
1,620,000 Burlington Northern Santa Fe LLC, 3.400%, due 9/1/24
1,650
2,350,000 Rio Oil Finance Trust Series 2014-3, 6.750 %, due 1/6/27
2,230
1,615,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27
2,058
385,000 Rio Tinto Finance USA PLC, 2.875%, due 8/21/22
370
810,000 Caterpillar Financial Services Corp, 2.750%, due 8/20/21
817
200,000 Royal Bank of Scotland PLC/The, 5.625%, due 8/24/20
228
59,916 CSX Transportation Inc, 6.251%, due 1/15/23
72
2,835,000 Royal Bank of Scotland PLC/The, 6.125%, due 1/11/21
3,341
1,041,000 CSX Transportation Inc, 9.750%, due 6/15/20
1,378
1,125,000 Toyota Motor Credit Corp, 3.400%, due 9/15/21
1,183
641,622 Delta Air Lines 2007-1 Class A Pass Thru, 6.821%, due 2/10/24
744
1,725,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19
1,719
129,908 FedEx Corp. 1998 Pass Through, 6.720%, due 7/15/23
152
700
1,282,179 FedEx Corp. 1999 Pass Through, 7.650%, due 7/15/24
1,539
695,000 Volkswagen Group of America Finance LLC, 2.450%, due 11/20/19 1,360,000 Wells Fargo & Co, 1.400%, due 9/8/17
1,359
510,000 Wells Fargo & Co, 2.125%, due 4/22/19 1,240,000 Wells Fargo & Co, 3.000%, due 1/22/21
510 1,263 131,168
25,000 FedEx Corp, 8.000%, due 1/15/19
30
893,708 Northwest Airlines 2007-1 Psss Thru Tr, 7.027%, due 5/1/21 605,000 Parker-Hannifin Corp, 3.300%, due 11/21/24
1,014 617
1,325,000 Pitney Bowes Inc, 6.250%, due 3/15/19
1,506
82,000 Southern Railway Co, 9.750%, due 6/15/20 Health Care
1.87%
585,000 AbbVie Inc, 2.900%, due 11/6/22
576
995,000 AbbVie Inc, 4.400%, due 11/6/42
1,027
380,000 Aetna Inc, 2.200%, due 3/15/19
109
570,000 Union Pacific Corp, 3.250%, due 1/15/25
585
46,000 Union Pacific Corp, 3.646%, due 2/15/24
49
Union Pacific Railroad Co:
377
14,403 1998 Pass Through Tr, 6.330%, due 1/2/20
16
1,450,000 Amgen Inc, 5.150%, due 11/15/41
1,634
43,376 1998 Pass Through Tr, 6.700%,due 2/23/19
47
1,255,000 Amgen Inc, 5.650%, due 6/15/42
1,493
40,419 1998 Pass Through Tr, 6.850%,due 1/2/19
45
225,000 Anthem Inc, 4.350%, due 8/15/20
244
33,346 1999 Pass Through Tr, 7.600%, due 1/2/20
39
1,125,000 Anthem Inc, 5.875%, due 6/15/17
1,237
606,795 2001 Pass Through Tr, 6.630%,due 1/27/22
678
750,000 Boston Scientific Corp, 6.000%, due 1/15/20
845
294,728 2002 Pass Through Tr, 6.061%,due 1/17/23
326
710,000 Boston Scientific Corp, 6.400%, due 6/15/16
760
511,861 2003 Pass Through Tr, 4.698%, due 1/2/24
559
225,000 Cigna Corp, 4.000% ,due 2/15/22
237
36,667 2005 Pass Through Tr, 5.082%, due 1/2/29
41
600,000 Cigna Corp, 5.375%, due 2/15/42
710
61,672 2007-3 Pass Through Tr,6.176%, due 1/2/31
74
370,000 Cigna Corp, 7.650%, due 3/1/23
473
795,000 Cigna Corp, 7.875%, due 5/15/27
1,086
200,000 Cigna Corp, 8.300%, due 1/15/33 55,000 Cigna Corp, 8.500%, due 5/1/19
266 68
566,496 US Airways 2011-1 Class A Pass Through, 7.125%, due 4/22/25 988,217 US Airways 2012-1 Class A Pass Through, 5.900%, due 4/1/26 1,350,000 Xerox Corp, 4.500%, due 5/15/21 1,945,000 Xerox Corp, 6.750% , due 2/1/17
765,000 Gilead Sciences Inc, 2.350%, due 2/1/20
769
1,005,000 Gilead Sciences Inc, 3.700%, due 4/1/24
1,054
1,045,000 Humana Inc, 3.850%, due 10/1/24
1,059
235,000 Apple Inc, 2.850%, due 5/6/21
2,855,000 Medtronic Inc, 2.500%, due 3/15/20
2,862
785,000 Apple Inc, 3.850%, due 5/4/43
1,165,000 Medtronic Inc, 3.625%, due 3/15/24 995,000 UnitedHealth Group Inc, 2.875%, due 12/15/21
1,209 1,006 18,992
Materials & Processing
660 1,102 1,443 2,144 23,769
Technology
0.55% 240 786
845,000 Hewlett-Packard Co, 3.300%, due 12/9/16 1,815,000 Oracle Corp, 2.250%, due 10/8/19
873 1,828
580,000 Texas Instruments Inc, 2.750%, due 3/12/21 1,300,000 TSMC Global Ltd, 1.625%, due 4/3/18
583 1,276
0.92%
5,586
2,700,000 Dow Chemical Co, 3.000%, due 11/15/22
2,638
1,365,000 Dow Chemical Co, 7.375%, due 11/1/29
1,817
1,065,000 Dow Chemical Co, 8.550%, due 5/15/19
1,324
315,000 Dow Chemical Co, 9.400%, due 5/15/39
511
Utilities
3.01%
865,000 AT&T Corp, 8.000%, due 11/15/31
1,275
1,782,000 AT&T Inc, 4.350%, due 6/15/45
1,680
1,160,000 Eastman Chemical Co, 2.700%, due 1/15/20
1,167
1,005,000 Consolidated Edison Co of New York Inc, 4.450%, due 3/15/44
1,087
575,000 Lafarge SA, 6.200%, due 7/9/15 1,215,000 Lafarge SA, 6.500%, due 7/15/16
588 1,294
1,275,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17 375,000 Dominion Resources Inc/VA, 1.950%, due 8/15/16
1,295 379
9,339
14 15
865,000 Dominion Resources Inc/VA, 2.500%, due 12/1/19
868
385,000 Duke Energy Florida Inc, 3.850%, due 11/15/42
388
330,000 Duke Energy Progress Inc, 3.000%, due 9/15/21
339
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
Par Amount
Corporate Obligations (continued)
Fair
Par
Value (000's)
Amount
Utilities (Continued)
Fair U.S. Agency Obligations (continued)
Value (000's)
Government Backed Agency (continued)
1,050,000 Enel Finance International NV, 6.000%, due 10/07/39
$
1,234
1,570,000 Residual Funding Corp Principal Strip, 0.000%, due 7/15/20
$
1,394
775,000 Enel Finance International NV, 6.800%, due 9/15/37
991
2,698 Small Business Admin Participation Certificates, 7.550%, due 6/1/16
320,000 MidAmerican Energy Co, 5.800%, due 10/15/36
412
6,358 Small Business Admin Participation Certificates, 7.150%, due 1/1/17
3 7
1,250,000 Pacific Gas & Electric Co, 5.625%, due 11/30/17
1,389
7,382 Small Business Admin Participation Certificates, 7.300%, due 5/1/17
8
690,000 PacifiCorp, 6.350%, due 7/15/38
944
4,247 Small Business Admin Participation Certificates, 7.200%, due 6/1/17
4
825,000 PECO Energy Co, 4.150%, due 10/1/44
877
12,070 Small Business Admin Participation Certificates, 6.800%, due 8/1/17
13
445,000 PSEG Power LLC, 2.750%, due 9/15/16
456
7,655 Small Business Admin Participation Certificates, 6.900%, due 9/1/17
8
395,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23
408
15,573 Small Business Admin Participation Certificates, 6.550%, due 12/1/1
16
810,000 Southern Co/The, 2.150%, due 9/1/19
805
5,607 Small Business AdminParticipation Certificates, 6.125%, due 1/1/18
6
875,000 Sprint Communications Inc, 6.000%, due 12/1/16
915
10,332 Small Business Admin Participation Certificates, 6.150%, due 2/1/18
11
400,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 1,355,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 275,000 Telecom Italia Capital SA, 7.200%, due 7/18/36
444
2,139 Small Business Admin Participation Certificates, 6.300%, due 6/1/18
2
1,551
7,883 Small Business Admin Participation Certificates, 6.150%, due 8/1/18
8
296
7,731 Small Business Admin Participation Certificates, 6.000%, due 9/1/18
8
2,205
18,867 Small Business AdminParticipation Certificates, 5.800%, due 12/1/18
20
425,000 Verizon Communications Inc, 3.500%, due 11/1/24
418
28,886 Small Business Admin Participation Certificates, 6.300%, due 5/1/19
31
585,000 Verizon Communications Inc, 3.850%, due 11/1/42
522
14,079 Small Business Admin Participation Certificates, 6.800%, due 6/1/19
15
375,000 Verizon Communications Inc, 4.150%, due 3/15/24
388
2,303 Small Business Admin Participation Certificates, 7.000%, due 7/1/19
2
595,000 Verizon Communications Inc, 4.400%, due 11/1/34
591
2,110 Small Business Admin Participation Certificates, 7.300%, due 8/1/19
2
3,000,000 Verizon Communications Inc, 5.150%, due 9/15/23
3,313
1,419 Small Business Admin Participation Certificates, 7.300%, due 9/1/19
2
2,215,000 Verizon Communications Inc, 1.350%, due 6/9/17
145,000 Verizon Communications Inc, 5.850%, due 9/15/35
170
18,015 Small Business Admin Participation Certificates, 7.590%, due 1/1/20
20
2,105,000 Verizon Communications Inc, 6.400%, due 9/15/33
2,593
19,597 Small Business Admin Participation Certificates, 7.625%, due 3/1/20
21
325,000 Verizon Communications Inc, 6.550%, due 9/15/43
416
26,513 Small Business Admin Participation Certificates, 7.210%, due 9/1/20
29
580,000 Virginia Electric & Power Co, 4.650%, due 8/15/43 1,350,000 Vodafone Group PLC, 2.950%, due 2/19/23
650 1,301
5,021 Small Business Admin Participation Certificates, 6.625%, due 7/1/21 7,299 Small Business Admin Participation Certificates, 6.120%, due 9/1/21
5 8
30,600
43,591 Small Business Admin Participation Certificates, 4.840%, due 2/1/23
47
25,700 Small Business Admin Participation Certificates, 4.920%, due 10/1/2
28
41,068 Small Business Admin Participation Certificates, 4.980%, due 11/1/2
45
23,052 Small Business Admin Participation Certificates, 4.880%, due 11/1/2
25
TOTAL CORPORATE OBLIGATIONS
291,944
(Cost $280,131,000)
Municipals
1.00%
34,121 Small Business Admin Participation Certificates, 4.870%, due 12/1/2
37
13,911 Small Business Admin Participation Certificates, 4.860%, due 1/1/25
15
900,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41
1,305
8,752 Small Business Admin Participation Certificates, 4.840%, due 5/1/25
9
850,000 State of California, 7.500%, due 4/1/34
1,264
40,656 Small Business Admin Participation Certificates, 4.750%, due 7/1/25
43
1,100,000 State of California, 7.550%, due 4/1/39
1,698
25,478 Small Business Admin Participation Certificates, 5.350%, due 2/1/26
28
1,031
22,834 Small Business Admin Participation Certificates, 5.570%, due 3/1/26
25
2,034
13,397 Small Business Admin Participation Certificates, 5.820%, due 6/1/26
15
30
46,612 Small Business Admin Participation Certificates, 6.070%, due 7/1/26
52
415,000 State of Illinois, 4.961%, due 3/1/16
432
22,641 Small Business Admin Participation Certificates, 5.700%, due 8/1/26
25
1,010,000 State of Illinois, 5.365%, due 3/1/17 1,215,000 State of Illinois, 5.665%, due 3/1/18
1,081 1,330
16,004 Small Business Admin Participation Certificates, 5.230%, due 3/1/27 27,766 Small Business Admin Participation Certificates, 5.310%, due 5/1/27
18 31
10,205
50,029 Small Business Admin Participation Certificates, 5.710%, due 6/1/27
700,000 State of California, 7.300%, due 10/1/39 1,325,000 State of California, 7.625%, due 3/1/40 25,000 State of California, 5.700%, due 11/1/21
TOTAL MUNICIPALS (Cost $8,577,969)
Federal National Mortgage Association U.S. Agency Obligations Government Backed Agency
56 20,071
11.72%
19.28%
2,850,330 0.519%, due 12/25/42
2,872
1.97%
1,917,623 0.569%, due 2/25/43
1,936 1,751
200,000 Export-Import Bank of Korea, 4.000%, due 1/11/17
210
1,751,118 0.594%, due 8/25/15
415,000 Financing Corp Fico, 10.700%, due 10/6/17
520
1,712,470 0.769%, due 2/25/44
1,730
1,910,000 Financing Corp Fico, 9.800%, due 11/30/17
2,371
2,973,074 0.986%, due 3/25/19
2,958
450,000 Financing Corp Fico, 0.000%, due 5/11/17
438
1,800,000 1.462%, due 4/25/17
1,813
2,665,000 Financing Corp Fico, 0.000%, due 10/5/17
2,571
2,230,783 1.700%, due 8/25/18
2,235
2,400,000 Financing Corp Fico, 0.000%, due 12/6/18
2,242
89,681 1.950%, due 8/1/43
92
6,390,000 Financing Corp Fico, 0.000%, due 10/6/17
6,165
1,256,014 2.000%, due 7/1/28
1,243
110,000 Financing Corp Fico, 0.000%, due 4/15/19 1,060,000 Financing Corp Fico, 0.000%, due 4/5/19 1,305,000 Financing Corp Fico, 0.000%, due 9/26/19 106,765 New Valley Generation V, 4.929%, due 1/15/21 1,120,000 Residual Funding Corp Principal Strip, 0.000%, due 10/15/19
102 983
24,190 2.025%, due 6/1/35 1,346,806 2.100%, due 12/1/27
26 1,305
1,190
6,393 2.119%, due 9/1/34
7
119
3,874,159 2.160%, due 1/1/23
3,813
1,018
32,162 2.268%, due 8/1/34
34
1516
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
Par Amount
U.S. Agency Obligations (continued)
Fair
Par
Value (000's)
Amount
Federal National Mortgage Association (continued) 1,905,142 2.325%, due 7/25/23
Fair U.S. Agency Obligations (continued)
Value (000's)
Federal National Mortgage Association (continued) $
1,930
24,158 5.500%, due 2/1/38
42,956 2.347%, due 6/1/38
46
619,205 5.500%, due 3/1/40
$
698
26
1,488,840 2.494%, due 5/1/44
1,533
291,299 5.500%, due 8/1/37
328
590,236 2.500%, due 3/1/26
603
29,962 5.538%, due 11/1/16
32
5,597,000 2.726%, due 12/1/44
5,763
496,422 5.970%, due 1/1/40
621 457
1,714,969 2.803%, due 10/1/44
1,769
382,954 5.970%, due 1/1/40
3,025,894 2.917%, due 7/1/44
3,132
6,925 6.000%, due 10/1/16
1,240,000 2.951%, due 8/25/24
1,253
12,142 6.000%, due 5/1/18
7 13
1,044,440 2.989%, due 4/1/44
1,083
6,909 6.000%, due 8/1/18
7
1,030,006 3.082%, due 1/1/44
1,070
12,826 6.000%, due 12/1/18
13
2,004,714 3.230%, due 11/1/20
2,120
4,992 6.000%, due 1/1/19
5
1,997,502 3.330%, due 10/1/20
2,126
13,492 6.000%, due 2/1/19
14
493,239 3.500%, due 9/1/28 1,446,276 3.500%, due 12/25/30
522
6,520 6.000%, due 8/1/19
7
1,510
6,028 6.000%, due 9/1/19
6
5,699 4.000%, due 6/1/18
6
22,228 6.000%, due 9/1/19
23
20,925 4.000%, due 9/1/18
22
277,684 6.000%, due 8/1/21
302
978,988 4.000%, due 4/1/24
1,043
39,549 6.000%, due 11/1/21
801,550 4.000%, due 2/1/27
857
54,276 6.000%, due 10/1/22
60
6,130,551 4.000%, due 5/1/27
6,558
83,185 6.000%, due 6/1/23
92
786,118 4.000%, due 11/1/30
847
1,270,219 4.000%, due 12/1/30
1,368
1,212,528 4.000%, due 9/1/31
1,307
28,640 6.000%, due 12/1/32
33
3,450,127 4.000%, due 11/1/33
3,715
22,524 6.000%, due 11/1/33
26
1,075,455 4.500%, due 8/1/26
1,163
18,428 6.000%, due 12/1/33
982,830 4.500%, due 2/1/41
1,068
1,076,041 6.000%, due 3/1/34
1,236
1,324,754 4.500%, due 7/1/42
1,439
62,145 6.000%, due 4/1/34
71
673
41,010 6.000%, due 4/1/35
47
25,378
59,485 6.000%, due 4/1/35
68
618,781 4.500%, due 10/1/43 23,380,000 4.500%, due 1/1/45 7,795 4.877%, due 4/1/15
8
715,000 4.887%, due 7/1/21
755
44,554 6.000%, due 12/1/27
43
378,211 6.000%, due 2/1/28
50 429
21
12,897 6.000%, due 7/1/35
15
72,812 6.000%, due 11/1/35
83
871,942 5.000%, due 9/1/25
952
1,134 6.000%, due 3/1/36
1
375,250 5.100%, due 12/1/40
440
61,628 6.000%, due 3/1/36
71
581,145 5.275%, due 11/1/15
588
70,754 6.000%, due 8/1/37
81
36,380 5.433%, due 2/1/16
37
250,219 6.000%, due 6/1/38
274
82,906 5.500%, due 1/1/18
88
14,953 6.000%, due 7/1/38
16
385,484 5.500%, due 11/1/23
422
22,679 6.000%, due 9/1/38
25
27,228 5.500%, due 1/1/24
30
1,475,109 6.000%, due 11/1/38
335,042 5.500%, due 1/1/24
366
19,654 6.450%, due 6/25/42
34,958 5.500%, due 1/1/24
38
1 6.500%, due 12/1/15
51,075 5.500%, due 3/1/24
56
67,449 6.500%, due 9/1/16
69
23,128 5.500%, due 5/1/24
25
22,181 6.500%, due 5/1/17
23
206,821 5.500%, due 1/1/25
227
4,804 6.500%, due 7/1/17
16,281 5.500%, due 1/1/25
18
7 6.500%, due 7/1/17
804,212 5.500%, due 12/1/32
906
66,698 5.500%, due 6/1/33
75
33,721 6.500%, due 2/1/18
35
188,340 5.500%, due 7/1/33
214
3,819 6.500%, due 4/1/18
4
739,651 5.500%, due 11/1/33
834
8,906 6.500%, due 9/1/19
9
40,156 5.500%, due 11/1/33
45
6,812 6.500%, due 12/1/19
7 508
3,197 6.500%, due 10/1/17
1,618 23 -
5 3
890,424 5.500%, due 9/1/34
1,002
446,182 6.500%, due 10/1/24
1,164,418 5.500%, due 4/1/35
1,312
51,215 6.500%, due 2/25/31
56
61,881 5.500%, due 9/1/36
70
89,371 6.500%, due 8/1/32
103
101,012 5.500%, due 4/1/37
114
53,022 6.500%, due 12/1/32
61
432,577 5.500%, due 4/1/37
490
14,676 6.500%, due 5/1/33
17
2,270,913 5.500%, due 8/1/37
2,559
778,930 6.500%, due 3/1/35
914
680,475 5.500%, due 1/1/38
766
17,908 6.500%, due 8/1/37
20
1,130,105 5.500%, due 2/1/38
1,272
32,481 6.500%, due 9/1/37
36
1617
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
Par Amount
U.S. Agency Obligations (continued)
Fair
Par
Value (000's)
Amount
Federal National Mortgage Association (continued)
Fair U.S. Agency Obligations (continued)
Value (000's)
Federal Home Loan Mortgage Corporation (continuied)
7,753 6.500%, due 10/1/37
$
8
2,694,656 4.500%, due 9/1/41
8,992 6.500%, due 11/1/37
10
769,421 4.500%, due 1/1/44
834
7,856 6.500%, due 12/1/37
9
2,342,258 4.500%, due 7/1/44
2,551
27,000 6.500%, due 12/1/37 225,614 6.500%, due 1/1/38
2,921
31
14,809 5.500%, due 6/1/20
16
255
20,600 5.500%, due 10/1/20
22
6,712 6.500%, due 2/1/38
8
1,401,066 5.500%, due 6/1/34
46,429 6.500%, due 3/1/38
53
405,553 5.500%, due 1/1/35
44,166 6.500%, due 3/1/38
51
1,202,432 5.500%, due 3/15/35
1,583 458 1,335
105,345 6.500%, due 10/1/38
120
792,227 5.500%, due 11/1/35
893
148,879 6.500%, due 11/1/38
163
773,532 5.500%, due 2/15/36
855 513
71,936 6.500%, due 8/1/39
82
454,585 5.500%, due 7/1/36
381,532 6.500%, due 10/1/39
434
14,240 5.500%, due 6/1/37
16
12,535 6.500%, due 8/25/41
14
616,748 5.500%, due 8/1/38
695
6,866 6.500%, due 1/25/44
8
1,356,462 5.500%, due 1/1/39
1,532
9,462 6.500%, due 1/1/49
11
481,051 5.652%, due 7/25/33
544
202,677 6.574%, due 10/25/42
230
1,299,774 5.569%, due 11/1/39
1,382
19,653 6.911%, due 6/25/42
22
240,078 6.000%, due 2/1/17
250
335,270 6.918%, due 9/25/41
383
7,960 6.000%, due 4/1/17
8
5
12,008 6.000%, due 5/1/17
12
5,012 7.000%, due 9/1/17 6,143 7.000%, due 11/1/18
6
303,058 7.000%, due 11/1/29
359
120,883 7.000%, due 6/25/32
138
3,322 6.000%, due 3/1/18
3
262,220 7.000%, due 8/1/32
297
1,604 6.000%, due 3/1/18
2
313,059 7.000%, due 8/1/32
367
5,485 6.000%, due 2/1/19
6
359,603 7.000%, due 3/1/37
402
339,740 6.000%, due 1/1/24
378
29,511 7.000%, due 3/1/37
33
32,869 6.000%, due 1/1/27
37
46,241 7.000%, due 4/1/37
52
70,817 6.000%, due 3/15/31
78
2,568 7.000%, due 12/1/37
976 6.000%, due 6/1/17
1
719 6.000%, due 10/1/17
1
3
55,821 6.000%, due 12/1/33
64
329,630 7.000%, due 12/25/41
385
41,695 6.000%, due 11/1/36
47
20,714 7.000%, due 2/25/44
24
117,949 6.000%, due 6/1/38
130
58,863 7.000%, due 3/25/45
69
138,782 6.000%, due 2/1/39
158
41,265 7.000%, due 3/25/49
47
64,920 6.088%, due 7/25/32
75
56,686 7.500%, due 6/25/30
65
1,149,000 6.173%, due 3/15/44
1,280
409,322 7.500%, due 10/25/40
479
3,389 6.500%, due 9/1/16
3
28,209 7.500%, due 11/25/40
33
90,260 6.500%, due 7/1/17
94
5,632 7.500%, due 2/25/41
6
253,639 6.500%, due 8/1/17
265
106,321 7.500%, due 7/25/41
126
3,883 6.500%, due 4/1/18
4
17,477 7.500%, due 7/25/41
20
5,960 6.500%, due 5/15/21
6
41,382 7.500%, due 5/25/42
48
5,995 6.500%, due 6/1/22
7
22,385 7.500%, due 7/25/42 38,250 7.500%, due 3/25/44
26 44
312,022 6.500%, due 8/15/28 12,482 6.500%, due 12/1/31
351 15
119,166
281,397 6.500%, due 12/1/32
329
Federal Home Loan Mortgage Corporation 1,204,062 0.661%, due 1/15/43
4.83%
67,249 6.500%, due 8/1/37
78
14,140 6.500%, due 9/1/37
15
1,219
130,126 6.500%, due 9/1/37
139
518,829 2.347%, due 4/1/38
556
26,625 6.500%, due 9/1/37
30
863,120 2.530%, due 1/1/42
894
8,211 6.500%, due 1/1/38
11,488
180,125 3.000%, due 7/15/27
184
2,932 7.000%, due 5/1/16
939,800 3.045%, due 7/1/44
974
4,676 7.000%, due 2/1/18
5
6,702,914 3.114%, due 8/1/44
6,948
243,640 7.000%, due 6/1/32
285
731,503 3.500%, due 12/15/24 1,244,650 4.000%, due 5/1/27
765 1,329
151,404 6.500%, due 9/25/43
9
11,101,391 2.971%, due 11/1/44
173 3
13,294 7.000%, due 7/1/32
16
35,621 7.000%, due 10/01/32
43
370,033 4.000%, due 7/1/34
398
1,176,649 7.000%, due 11/1/32
1,369
1,282,168 4.500%, due 7/1/26
1,384
794,000 7.000%, due 2/25/43
967
1718
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND DECEMBER 31, 2014
Par Amount
U.S. Agency Obligations (continued)
Fair
Par
Value (000's)
Amount
Federal Home Loan Mortgage Corporation (continuied)
Value (000's)
U.S Treasury Notes (continued)
49,900 7.000%, due 7/25/43
$
8,048 7.499%, due 8/25/42 8,365 7.750%, due 12/25/21
58 10 9
4,037 8.000%, due 12/1/22
4 49,106
Government National Mortgage Association
Fair U.S. Government Obligations (continued)
12,695,000 3.625%, due 2/15/44
$
8,360,000 3.750%, due 11/15/43 9,240,000 4.250%, due 11/15/17
14,939 10,050 10,077
TOTAL U.S. GOVERNMENT OBLIGATIONS
433,322
(Cost $424,804,364)
0.76%
1,641,097 2.140%, due 8/15/23
1,629
5,972,733 2.730%, due 6/15/32
6,010
7,691 6.500%, due 5/15/29
9
14,161 8.250%, due 4/15/20
16
15,615 8.350%, due 12/15/18 8,932 8.350%, due 3/15/19
16 9 7,689 196,032
TOTAL U.S. AGENCY OBLIGATIONS
Short Term Investments
8.15%
82,822,633 Dreyfus Government Cash Management Fund
82,822
TOTAL SHORT TERM INVESTMENTS (Cost $82,822,633)
TOTAL INVESTMENTS (Cost $1,037,582,536)
104.87%
1,066,047
(Cost $191,448,220) Liabilities Less, Other Assets
-4.87%
(49,496)
U.S. Government Obligations U.S Treasury Notes
42.63%
NET ASSETS
2,470,000 0.000%, due 5/15/43 6,350,000 0.250%, due 10/15/15
1,098 6,350
22,775,000 0.500%, due 11/30/16
22,718
7,850,000 0.500%, due 7/31/17
7,761
20,075,000 0.625%, due 8/31/17
19,884
19,180,000 0.750%, due 2/28/18
18,916
10,650,000 0.750%, due 3/15/17
10,646
10,080,000 0.875%, due 11/15/17
10,032
11,550,000 0.875%, due 5/15/17
11,556
25,560,000 1.375%, due 2/28/19
25,422
3,750,000 1.500%, due 1/31/19
3,751
5,000,000 1.500%, due 11/30/19
4,968
46,415,000 1.500%, due 2/28/19
46,448
3,800,000 1.625%, due 3/31/19
3,817
12,660,000 1.625%, due 4/30/19
12,704
7,765,000 1.625%, due 6/30/19
7,784
2,500,000 1.625%, due 7/31/19
2,504
5,415,000 1.750%, due 5/15/23
5,272
1,080,000 1.750%, due 9/30/19
1,086
26,710,000 2.125%, due 1/31/21
27,111
4,790,000 2.125%, due 6/30/21
4,848
62,545,000 2.250%, due 11/15/24
62,965
13,690,000 2.250%, due 11/30/17
14,157
8,950,000 2.750%, due 8/15/42
8,947
9,765,000 2.750%, due 11/15/42
9,755
22,515,000 2.875%, due 5/15/43 4,675,000 3.125%, due 2/15/42 (A)
23,029 5,033
16,455,000 3.125%, due 5/15/19
17,541
2,000,000 3.125%, due 8/15/44
2,153
(A) $4,675,000 principal amount of United States Treasury Bond pledged as margin for open futures contracts at December 31, 2014.
1819
100.00% $
1,016,551
CATHOLIC UNITED INVESTMENT TRUST INTERMEDIATE DIVERSIFIED BOND FUND FUTURES CONTRACTS DECEMBER 31, 2014
(A) $4,675,000 of US Treasury Notes pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2014:
Type US 5YR NOTE (CBT) Mar15 US 2YR NOTE (CBT) Mar15 US 10YR NOTE (CBT)Mar15 US LONG BOND (CBT) Mar15 US ULTRA BOND (CBT) Mar15
Number of Contracts 492 (759) 143 (89) (239)
Principal Amount 100,000 200,000 100,000 100,000 100,000
Position Long Short Long Short Short
19 20
Expiration March 2015 March 2015 March 2015 March 2015 March 2015
Unrealized Gains (Losses) at December 31, 2014 66,848 181,937 87,525 (394,938) (1,788,813) (1,847,441)
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Fixed Income Securities Asset Backed Securities Collateralized Mortgage Back Securities Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations
13.91% 15.54% 36.60% 1.41% 18.61% 7.76%
Equities Number of Stocks Top Ten Stocks
3.33% 50 1.81%
Top Ten Equity Holdings (% of Net Assets) GMAC Capital Trust I RF Micro Devices Inc. TriQuint Semiconductor Inc. Protective Life Corp. American Realty Capital Holdings M&T Bank Corp. Applied Materials Inc. Hudson City Bancorp Inc. Ventas Inc. Tokyo Electron Ltd.
0.36% 0.21% 0.21% 0.16% 0.15% 0.15% 0.15% 0.14% 0.14% 0.14%
Top 5 Industries (% of Net Assets) Financial Services Technology Consumer Discretionary Health Care Utilities
1.20% 0.62% 0.46% 0.45% 0.25%
2021
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014
Shares
Common Stocks Consumer Discretionary
2,845 Brookfield Residential Properties Inc.
Fair
Principal
Fair
Value (000's)
Amount
Value (000's)
3.33%
Asset Backed Securities
13.91%
68
173,101 AmeriCredit Automobile Rec Tr 2012-1, 1.730%, due 2/8/17
4,130 DirecTV Group Inc. 3,865 Family Dollar Stores Inc.
358 306
895,000 AmeriCredit Automobile Rec Tr2012-3, 1.590%, due 7/10/17 263,485 AmeriCredit Automobile Rec Tr 2012-4, 0.670%, due 6/8/17
899 263
3,480 Liberty Interactive Corp.
102
735,000 AmeriCredit Automobile Rec Tr 2013-5, 1.520%, due 1/8/19
736
2,800 Time Warner Cable Inc. 3,670 TRW Automotive Holdings Co.
426 377
735,000 Cabela's Master Credit Card Trust, 0.611%, due 7/15/22 550,000 Cabela's Master Credit Card Trust, 0.811%, due 8/16/21
732 554
1,637
700,000 Capital Auto Rec Asset Tr 2013-3, 0.960%, due 4/20/17
701
951,000 Capital Auto Rec Asset Tr2013-3, 1.680%, due 4/20/18
960
Consumer Staples
0.46% $
0.16%
26,415 Chiquita Brands International 5,115 Safeway Inc.
Energy 15,669 Amec Foster Wheeler PLC-ADR
Financial Services
173
500,000 CarMax Auto Owner Trust 2011-3, 2.170%, due 7/17/17
505
382 180
59,131 Carnow Auto Rec Tr 2013-1, 1.160%, due 10/16/17 937,722 CCG Receivables Truste 2013-1, 1.050%, due 8/14/20
59 939
562
470,000 Chase Issuance Trust, 0.581%, due 7/15/20
471
0.06% 203
1.20%
45,206 American Realty Capital Holdings
$
538
920,000 Chase Issuance Trust, 0.590%, due 8/15/17 1,204,583 CLI Funding LLC, 3.380%, due 10/18/29 475,000 CNH Equipment Trust 2012-B, 1.160%, due 6/15/20
920 1,197 476
270,740 College & University Facility Loan Tr Two, 4.000%, due 6/1/18
273
941,204 Cronos Containers Program Ltd, 3.270%, due 11/18/29
941
794,375 Cronos Containers Program Ltd, 3.810%, due 9/18/27
795
352,239 Direct Capital Funding V LLC, 1.730%, due 8/20/18
353
28,385 Glimcher Realty Trust
390
816,481 Domino's Pizza Master Issuer LLC, 5.216%, due 1/25/42
856
47,847 GMAC Capital Trust I
1,262
333,077 DT Auto Owner Trust 2012-2, 0.680%, due 8/15/17
333
50,200 Hudson City Bancorp Inc.
508
776,172 Fifth Third Auto Trust 2014-1, 0.460%, due 8/15/16
776
6,645 National Interstate Corp.
198
663,630 Ford Credit Auto Owner Tr 2014-A, 0.480%, due 11/15/16
664
4,049 Platinum Underwriters Holdings Ltd.
297
1,465,000 GE Dealer Floorplan Master Note Tr, 0.545%, due 7/20/19
1,464
8,320 Protective Life Corp.
579
174,745 GE Equipment Tran LLC Series 2012-1, 1.230%, due 1/22/20
175
347 156
381,167 GMACM Home Equity Loan Tr 2003-HE1, 0.449%, due 4/25/33 176,141 GMACM Home Equity Loan Tr 2006-HE1, 5.805%, due 10/25/36
353 168
516,295 GreatAmerica Leasing RecFunding LLC, 0.780%, due 6/15/16
517
25,801 Susquehanna Bancshares Inc. 22,545 SWS Group Inc.
4,275
200,458 GreenPoint Mortgage Funding Tr 2005-HE1, 0.844%, due 9/25/34 Health Care 1,027 Auxilium Pharmaceuticals Inc.
0.45% 35
23,062 Avanir Pharmaceuticals 4,300 Covidien Ltd. 3,475 Cubist Pharmaceuticals Inc. 21,790 Volcano Corp.
133,797 Home Equity Loan Trust 2003-HS3, 0.449%, due 8/25/33
440
122,171 Home Equity Loan Trust 2006-HSA2, 5.550%, due3/25/36
83
350 390
184,766 Home Equity Mortgage Trust 2006-1, 5.800%, due 5/25/36 10,929 Home Loan Trust 2006-HI4, 5.440%, due 9/25/36
152 11
0.10%
4,700 Rockwood Holdings Inc.
370
1,810,000 Honda Auto Rec 2014-4 Owner Tr, 0.990%, due 9/17/18
0.03%
9,415 MicroFinancial Inc.
96
0.62%
1,806 1,275
1,650,000 Hyundai Auto Lease Sec Tr 2014-A, 0.750%, due 4/17/17
1,648
1,610,000 Hyundai Auto Receivables Tr 2013-B, 0.710%, due 9/15/17
1,611 593
103,846 M&T Bank Auto Receivables Tr2013-1, 0.660%, due 2/16/16
104
352,186 MMAF Equipment Finance LLC 2011-A, 2.100%, due 7/15/17
356
885,000 MMAF Equipment Finance LLC 2012-A, 1.350%, due 10/10/18
890
748,165 MSCC Heloc Trust 2007-1, 0.269%, due 12/25/31
706
3,633,215 NCUA Guaranteed Notes Tr 2010-A1, 0.511%, due 12/07/20 Technology
125
1,275,172 Huntington Auto Trust, 0.510%, due 4/17/17
605,124 IndyMac Home Equity Loan Tr 2004-2, 0.276%, due 9/28/36 Producer Durables
200 2,125 782
391
1,606 Materials & Processing
2,130,000 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17 780,000 Hertz Vehicle Financing LLC, 2.200%, due 3/25/16
950,000 Nissan Auto Rec 2014-A Owner Tr, 0.720%, due 8/15/18
3,637 948
550 Actuate Corp.
4
56,713 NYCTL 2013-A Trust, 1.190%, due 11/10/26
57
2,244 Covisint Corp.
6
567,175 NYCTL 2014-A Trust, 1.030%, due 11/10/27
567
8,360 International Rectifier Corp.
334
10,135 Riverbed Technology Inc
207
16,700 Sapient Corp.
415
25,493 Tokyo Electron Ltd. 27,180 TriQuint Semiconductor Inc.
486 749 2,201
1,212,000 PFS Financing Corp, 0.761%, due 2/15/19 1,275,000 2012-2, 3.200%, due 2/15/18 498,608 2012-3, 1.940%, due 12/15/16 481,787 2012-4, 1.830%, due 3/15/17 1,000,000 2012-5, 2.700%, due 8/15/18 678,648 Small Business Admin Participation Certs, 2.080%, due 4/1/33
Utilities
0.25%
289,009 SMART Trust/Australia, 2.310%, due 4/14/17
6,105 Integrys Energy Group Inc. 15,540 Pepco Holdings Inc.
TOTAL COMMON STOCKS
475 418
1,215
Santander Drive Auto Receivables Trust
990,406 Sonic Capital LLC, 5.440%, due 5/20/41 1,320,000 Springleaf Funding Tr 2013-A, 2.580%, due 9/15/21
1,289 499 483 1,017 663 290 1,048 1,324
893
Structured Asset Securities Corp Mortgage Loan Tr 2005-S7 89,300 0.469%, due 12/25/35
87
11,843
1,070,000 Synchrony Credit Card Master Note Tr, 1.510%, due 6/15/18
1,075
805,000 Synchrony Credit Card Master Note Tr, 3.690%, due 3/15/18
810
(Cost $11,101,809)
21
22
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014
Principal Amount 709,259 786,667 875,000 900,000 299,072 134,860 485,000
Fair Asset Backed Securities (continued) Taxable Newman Capital Trust Series 2000-1, 7.000%, due 7/5/17 Textainer Marine Containers Ltd, 3.270%, due 10/20/39 Textainer Marine Containers Ltd, 3.900%, due 9/20/38 United Auto Credit Securitization Trust 2013-1, 2.220%, due 12/15/17 United States Small Business Administration, 5.038%, due 3/10/15 Volvo Financial Equipment LLC Series 2012-1, 1.090%, due 8/15/17 World Financial Network Credit Card Master Tr, 0.910%, due 3/16/20
450,000 World Financial Network Credit Card Master Tr, 3.960%, due 4/15/19 TOTAL ASSET BACKED SECURITIES (Cost $49,521,904) Commercial Mortgage Backed Securities 450,565 426,019 741,614 1,250,000 1,465,000
Value (000's) 726 786 893 902 302 135 484
438 430 776 1,341 1,491
602,837 979,045 305,533 717,000 249,447
304
1,620,000 WF-RBS Commercial Mort Tr 2011-C2, 3.791%, due 2/15/44 1,076,974 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $56,057,713)
COMM 2014-BBG Mortgage Trust, 0.961%, 3/15/29 COMM 2014-SAVA Mortgage Trust, 1.911%, due 6/15/34 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 Credit Suisse Comm Mortgage Tr Series 2006-C3, 5.806%, due 6/15/38 Credit Suisse First Boston Mort Securities Corp, 5.230%, due 12/15/40 Credit Suisse First Boston Mort Securities Corp, 5.467%, due 2/15/39
582 1,047 487 1,215 1,069 1,154
800,000 350,000 315,000 1,040,000 565,000 1,130,000
1,326 500 814
Consumer Staples 1,000,000 Ball Corp, 6.75%, due 9/15/20
831 541 960
657,757 Freddie Mac Struct Agency Cred Risk Debt Notes, 1.019%, due 4/25/24
653
GE Capital Commercial Mortgage Corp, 4.978%, due 5/10/43 GE Capital Commercial Mortgage Corp, 5.312%, due 11/10/45 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 GSMS Trust 2009-RR1, 5.794%, due 7/12/38 Impac Secured Assets Trust 2006-2, 0.519%, due 8/25/36 JP Morgan Chase Comm Mort Sec Tr 2005-LDP4,4.918%,due 10/15/42 JP Morgan Chase Comm Mort Sec Tr 2006-LDP9, 5.336%, due 5/15/47 JP Morgan Chase Comm Mort Sec Tr 2007-CIBC18, 5.440%, due 6/12/47 JP Morgan Chase Comm Mort Sec Tr 2007-CIBC19,5.698%, due 2/12/49 JP Morgan Chase Comm Mort Sec Tr 2007-CIBC19, 5.335%,due 8/12/37 JP Morgan Chase Comm Mort Sec Tr 2007-LDP12, 5.480%, due 5/15/45 JP Morgan Chase Comm Mort Sec Tr 2007-LDP12, 5.833%, due 2/15/51 JP Morgan Chase Comm Mort Sec Tr 2012-C8, 0.705%, due 10/15/45 JP Morgan Chase Comm Mort Sec Tr 2014 CBM, 1.061%, due 10/15/29 JP Morgan Chase Comm Mort Sec Tr 2014 FBLU, 1.661%, due 12/15/28 JP Morgan Tax-Emept Pass-Through Tr Ser 2012-4 3.500%, due 7/27/38 JPMBB Commercial Mortgage Sec Tr 2013-C14, 1.260 %, due 8/15/46 La Hipotecaria Panamanian Mortgage Tr 2014-1, 3.258%, due 11/24/42 LB-UBS Commercial Mortgage Trust 2006-C1, 4.954%, due 9/15/30 LB-UBS Commercial Mortgage Trust 2006-C1, 5.156%, due 2/15/31 LB-UBS Commercial Mortgage Trust 2006-C1, 5.452%, due 9/15/39
946 1,081 292 1,438 261 694 1,149 758 939 397 1,310 326 576 1,321 800 491 226 1,081 1,477 665 736
1,409 581 500 529
333,273 Struct Asset Sec Corp Mort Loan Tr2006-S2, 5.500%, due 6/25/36 223,847 TIAA Seasoned Comm Mort Tr 2007-C4, 5.559%, due 8/15/39 1,130,925 Wells Fargo Commercial Mort Tr 2012-LC5, 0.687%, due 10/15/45
752 1,518 2,059 51 694 871 420
740,000 ERAC USA Finance LLC,6.375%, due 10/15/17 525,951 FDIC Guaranteed Notes Trust 2010-S1, 2.980%, due 12/6/20 938,231 FDIC Guaranteed Notes Trust 2010-S1, 3.250%, due 4/25/38
Value (000's) $ 1,013 616
Morgan Stanley Capital I Trust 2003-IQ4, 5.500%, due 5/15/40 Morgan Stanley Capital I Trust 2006-HQ9, 5.793%, due 7/12/44 Morgan Stanley Capital I Trust 2014-MP,3.693%, due 8/11/29 NCUA Guaranteed Notes Trust 2010-C1, 1.600%, 10/29/20 NCUA Guaranteed Notes Trust 2010-R1, 0.607%, due 10/7/20 NCUA Guaranteed Notes Trust 2010-R1, 1.840%, due 10/7/20 NCUA Guaranteed Notes Trust 2011-R4, 0.537%, due 3/6/20 NCUA Guaranteed Notes Trust 2011-R6, 0.537%, due 5/7/20 President and Fellows of Harvard College, 6.300%, due 10/1/37 Structured Adjustable Rate Mort Loan Tr, 0.399%, due 5/25/35
2005-PWR8, 4.985%, due 9/11/42 BHMS 2014-ATLS Mortgage Trust, 1.657%, due 7/5/33 CD 2005-CD1 Commercial Mortgage Tr, 5.226%, due 7/15/44 Citigroup Commercial Mortgage Tr 2005-C3, 4.860%, due 5/15/43 Citigroup Commercial Mortgage Tr 2012-GC8, 0.685%, due 9/10/45 COMM 2012-CCRE2 Mortgage Trust, 0.824%, due 8/15/45 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46
1,293,843 DBUBS 2011-LC1 Mortgage Trust, 3.742%, due 11/13/46 500,000 Del Coronado Trust 2013-DEL, 1.461%, due 3/15/26 780,000 ERAC USA Finance LLC, 5.900%, due 11/15/15
943,825 1,050,000 293,907 1,360,000 265,743 684,950 1,082,069 712,783 875,000 396,618 1,250,000 312,709 575,790 1,320,000 800,000 478,101 225,243 1,049,544 1,469,906 649,520 700,000
Amount 868,000 Lightship Tankers V LLC, 6.500%, 6/14/24 625,820 MASTR Adjustable Rate Mort Tr 2007-1, 0.329%, due 1/25/47 Merrill Lynch Mortgage Trust: 1,371,566 2006-C2, 5.291%, due 1/12/44 550,566 2006-C2, 5.742%, due 8/12/43 502,406 2012-C6, 0.664%, due 11/15/45 530,997 2013-C9, 0.825%, due 5/15/46 493,000 780,000 1,100,000 300,700 566,704
743
Fair Commercial Mortgage Backed Securities (continued)
457 49,414
15.54%
Adjustable Rate Mortgage Trust 2005-3, 0.410%, due 7/25/35 BAMLL-DB Trust, 2.343%, due 4/13/29 Banc of America Commercial Mortgage Tr 2006-4, 5.634%, due 7/10/46 Banc of America Commercial Mortgage Tr 2007-3, 5.547%, due 6/10/49 Banc of America Merrill Lynch Comm Mort Inc., 4.997%, due 7/10/45
291,327 Banc of America Re-REMIC Trust 2009-UBER1, 5.588%, due 6/24/50 Bear Stearns Commercial Mortgage Securities Trust: 739,882 2005-PWR8, 4.674%, due 6/11/41 735,000 1,525,000 2,026,259 50,858 694,380 873,008 422,319 585,000 1,050,000 450,000 1,162,925 1,049,581 1,110,000
$
Principal
Corporate Obligations Consumer Discretionary
509 823 1,138 301 570 606 982 306 763 248 219 224 1,129 1,655 1,075 55,227
36.60% 1.22%
21st Century Fox America Inc., 8.000%, 10/17/26 American Honda Finance Corp, 1.500%, due 9/11/17 American Honda Finance Corp, 2.125%, due 10/10/18 Daimler Finance North America LLC, 1.375%, due 8/1/17 DISH DBS Corp, 7.750%, due 5/31/15 General Motors Co, 3.500%, due 10/2/18
893 350 317 1,035 580 1,153 4,328 1.99% 1,040
580,000 General Mills Inc., 1.400%, due 10/20/17 825,000 Pinnacle Foods Finance LLC, 4.875%, due 5/1/21 800,000 Sealed Air Corp, 8.375%, due 9/15/21
578 804 894
Smith's Food & Drug Centers Inc 1994-A3 Pass Through Tr 654,885 375,000 1,500,000 1,000,000
9.200%, due 7/2/18 Tyson Foods Inc., 2.650%, due 8/15/19 US Foods Inc, 8.500%, due 6/30/19 Wynn Las Vegas LLC, 7.875%, due 5/1/20
1,280,000 130,000 835,000 505,000 1,133,000 1,745,000 339,000 350,000 350,000 665,000 450,000 670,000 920,000 1,550,000 475,000
Energy Anadarko Petroleum Corp, 5.950%, due 9/15/16 Anadarko Petroleum Corp, 6.375%, due 9/15/17 BP Capital Markets PLC, 2.237%, due 5/10/19 CNOOC Nexen Finance 2014 ULC, 1.625%, due 4/30/17 Copano Energy LLC, 7.125%, due 4/1/21 Devon Energy Corp, 2.250%, due 12/15/18 Freeport-McMoran Oil & Gas LLC, 6.125%, due 6/15/19 Kinder Morgan Inc/DE, 7.000%, due 2/1/18 Kinder Morgan Inc/DE, 7.000%, due 6/15/17 Kodiak Oil & Gas Corp., 8.125%, due 12/1/19 Nexen Energy ULC, 5.200%, due 3/10/15 Petrobras Global Finance BV, 1.852%, due 5/20/16 Statoil ASA, 2.250%, due 11/8/19 Transocean Inc, 5.050%, due 12/15/16 Ultramar Diamond Shamrock Corp, 7.200%, due 10/15/17
746 378 1,590 1,050 7,080 3.30% 1,369 145 834 503 1,231 1,739 367 387 386 677 453 635 921 1,557 534 11,738
2223
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014
Principal Amount
Corporate Obligations (continued) Financial Services
705,000 729,265 50,000 1,075,000 1,290,000 1,130,000 795,000 330,000 635,000 735,000 470,000 450,000 2,820,000 300,000 420,000 700,000 1,540,000 970,000
Fair
Principal
Value (000's)
Amount
24.46%
Aflac Inc, 8.500%, due 5/15/19 Ahold Lease Series 2001-A-2 Pass Through Tr, 8.620%, due 1/2/25 Ally Financial Inc, 3.125%, due 1/15/16 Ally Financial Inc, 5.500%, due 2/15/17 Ally Financial Inc, 8.300%, due 2/12/15 American Express Co, 6.800%, due 9/1/66 American Express Credit Corp, 1.125%, due 6/5/17 American Express Credit Corp, 2.125%, due 3/18/19 American Express Credit Corp, 2.800%, due 9/19/16 American International Group Inc, 5.850%, due 1/16/18 AmeriGas Finance LLC, 7.000%, due 5/20/22 ANZ New Zealand Int'l Ltd/London, 1.850%, due 10/15/15 Bank of America Corp,1.700%, due 8/25/17 Bank of America Corp,8.125%, due 12/29/49 Bank of America NA, 0.541%, due 6/15/17 Bank of New York Mellon Corp/The, 2.100%, due 1/15/19 Barclays Bank PLC, 2.750%, due 11/8/19 BB&T Corp, 1.600%, due 8/15/17
565,000 BB&T Corp, 3.200%, due 3/15/16
Fair Corporate Obligations (continued)
Value (000's)
Financial Services (continued) $
881 936 50 1,129 1,296 1,184 792 330 654 822 486 454 2,821 324 414 702 1,531 969 578
330,000 350,000 1,990,000 960,000 465,000 1,665,000 800,000 400,000 1,345,000 400,000 850,000 1,927,976 1,275,000 228,338 1,190,000 990,000 880,000 1,435,000
Liberty Property LP, 5.500%, due 12/15/16 Mellon Capital IV, 4.000%, due 6/29/49 MetLife Inc, 1.760%, due 12/15/17 MetLife Inc, 3.650%, due 6/14/18 MetLife Inc, 6.750%, due 6/1/16 Morgan Stanley, 3.800%, due 4/29/16 Morgan Stanley, 6.250%, due 8/28/17 National Austral Bank Loan, 8.000%, due 9/29/49 New York Life Global Funding, 2.150%, 6/18/19 Nordea Bank, 8.375%, 9/29/49 Omega Healthcare Investors Inc., 6.750%, due 10/15/22 Pershing Road Development Co LLC, 0.634%, due 9/1/26 PNC Preferred Funding Trust II, 1.463%, due 3/29/49 Postal Square LP, 8.950%, due 6/15/22 Principal Life Global Funding II, 1.500%, due 9/11/17 Prudential Financial Inc, 4.750%, due 9/17/15 Prudential Financial Inc, 8.875%, due 6/15/68 Reliance Standard Life Global Funding II, 2.500%, due 4/24/19
940,000 Royal Bank of Scotland Group PLC, 9.500%, due 3/16/22
$
354 277 1,997 1,017 501 1,720 889 431 1,342 405 901 1,639 1,199 278 1,187 1,016 1,027 1,442 1,068
1,000,000 BBVA US Senior SAU, 4.664%, due 10/9/15
1,027
692,499 Salton Sea Funding Corp., 7.475%, due 11/30/18
1,000,000 Cantor Fitzgerald LP, 6.375%, due 6/26/15
1,025
325,000 Santander Issuances SAU, 5.911%, due 6/20/16
717 339
830,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21
889
445,000 Cantor Fitzgerald LP, 7.875%, due 10/15/19
486
850,000 Capital One NA/Mclean VA, 1.500%, due 9/5/17
843
500,000 Simon Property Group LP, 1.500%, due 2/1/18
497
840,000 Citigroup Inc, 1.850%, due 11/24/17
839
1,075,000 Simon Property Group LP, 2.200%, due 2/1/19
1,081
2,500,000 Citigroup Inc, 4.450%, due 1/10/17
2,643
700,000 Skyway Concession Co LLC, 0.537, due 6/30/17
665
880,000 Citigroup Inc, 5.350%, due 4/29/49
812
700,000 Standard Chartered Bank, 6.400%, due 9/26/17
781
800,000 Citigroup Inc, 6.000%, due 8/15/17
885
635,000 State Street Capital Trust I, 0.792%, due 5/15/28
540
450,000 Commonwealth Bank of Australia/New York NY, 1.250%, due 9/18/15
452
670,000 Torchmark Corp, 9.250%, due 6/15/19
848
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 921,000 11.000%, due 12/29/49 835,000 1,240,000 950,000 527,718 755,000 650,000 832,000 616,000 605,000 600,000
Corrections Corp of America, 4.125%, due 4/1/20 Credit Suisse/New York NY, 1.375%, due 5/26/17 Crown Castle International Corp., 5.250%, due 1/15/23 CVS Pass-Through Trust, 5.789%, due 1/10/26 Deutsche Bank AG/London, 6.000%, due 9/1/17 Dresdner Bank AG, 7.250%, due 9/15/15 Eaton Vance Corp, 6.500%, due 10/2/17 FMR LLC, 7.490%, due 6/15/19 Ford Motor Credit Co LLC, 1.7240%, due 12/6/17 Ford Motor Credit Co LLC, 2.375%, due 3/12/19
665,000 Ford Motor Credit Co LLC, 4.207%, due 4/15/16 2,620,000 Ford Motor Credit Co LLC, 4.250%, due 2/3/17
1,185
830,000 UBS AG/Stamford CT, 5.875%, due 12/20/17 1,071,875 Ulani MSN 35940 LLC, 2.227%, due 5/16/25
927 1,054
812 1,236 969 595 839
350,000 1,465,771 2,545,000 800,000 650,000
282 1,552 2,588 806 685
672 933 741 599 596 688 2,751
USB Capital IX, 3.500%, due 10/29/49 Utility Contract Funding LLC, 7.944%, due 10/1/16 Wells Fargo & Co, 2.100%, due 5/8/17 Wells Fargo & Co, 5.899%, due 12/29/49 ZFS Finance USA Trust II, 6.450%, due 12/15/65
86,950 Health Care 0.20% 615,000 Providence Health & Serv Obligated Grp, 6.250%, due 10/1/19 Materials & Processing
672 606
1,000,000 SBA Tower Trust, 5.101%, due 4/15/42
400,000 Goldman Sachs Capital II, 4.000%, due 12/29/49 415,000 Goldman Sachs Group Inc/The, 1.433%, due 4/30/18
294 420
145,667 Petrodrill Five Ltd, 4.390%, due 4/15/16 1,000,000 Huntsman International LLC, 4.875%, due 11/15/20
200,000 Goldman Sachs Group Inc/The, 1.600%, due 11/23/15
908
1,370,000 Caterpillar Financial Services Corp, 2.250%, due 12/1/19
620,000 Genworth Holdings Inc., 7.625%, due 9/24/21
1,830,000 Goldman Sachs Group Inc/The, 3.625%, due 2/7/16
1.42%
835,000 Bunge NA Finance LP, 5.900%, due 4/1/17
580,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21
705
1,372
565,000 Caterpillar Financial Services Corp, 1.250%, due 8/18/17
563 1,053 149 993
201
5,038
1,878
530,000 Hartford Financial Services Group Inc, 4.000%, due 10/15/17
564
Producer Durables
875,000 Hartford Financial Services Group Inc, 5.375%, due 3/15/17
945
Burlington Northern and Santa Fe Railway Co.
1.01%
1,365,000 Hartford Financial Services Group Inc,5.500%, due 10/15/16
1,464
329,233 2002-1 Pass Through Trust, 5.943%, due 1/15/23
1,630,000 ING Bank NV, 3.750%, due 3/7/17
1,706
48,288 2005-4 Pass Through Trust, 4.967%, due 4/1/23
53
1,000,000 International Lease Finance Corp, 3.875%, due 4/15/18
1,000
345,972 1999-2 Pass Through Trust, 7.570%, due 1/2/21
390
925,000 820,000 675,000 1,890,000 350,000
900 932 675 1,922 377
753,041 Canadian National Railway Co Financing Tr, 7.195%, due 1/2/16 Federal Express Corp 57,672 Pass Through Trust, 8.760%, due 5/22/15 673,686 Pass Through Trust, 7.840%, due 1/30/18 735,884 Union Pacific Railroad Co 2006 Trust, 5.866%, due 7/2/30
804
184,473 General American Railcar Corp III 1999-1 Tr, 7.760%, due 8/20/21 75,528 TTX Co, 6.610%, due 1/15/15
211 76
iStar Financial Inc, 4.000%, due 11/1/17 Jefferies Group LLC, 6.875%, due 4/15/21 JPMorgan Chase & Co, 1.350%, due 2/15/17 JPMorgan Chase & Co, 2.600%, due 1/15/16 JPMorgan Chase & Co, 7.900%, due 4/29/49
760,000 Leucadia National Corp, 8.125%, due 9/15/15 625,000 Liberty Mutual Group Inc, 6.700%, due 8/15/16
794 678
357
60 758 876
3,585
2324
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014
Principal Amount
Corporate Obligations (continued) Technology
Principal Amount
0.60%
1,000,000 Samsung Electronics America Inc, 1.750%, due 4/10/17 1,060,000 Fidelity National Information Services Inc, 5.000%, due 3/15/22
Utilities
Fair Value (000's) 1,003 1,124
2,011,935 0.595%, due 8/25/15 1,930,000 0.626% , due 11/1/20
2,127
2,822,761 0.678%, due 4/25/17
2.41%
660,000 AES Corp., 8.000%, due 6/1/20
Value (000's)
Federal National Mortgage Association (continued) $
754
1,730,000 AT&T Inc, 1.700%, due 6/1/17
Fair U.S. Agency Obligations (continued)
1,737
$
2,012 1,927 2,816
281,245 0.819%, due 9/25/23
283
876,655 0.953%, due 11/25/15
878
263,458 0.982%, due 6/25/18
264
628,280 1.074%, due 11/25/16
630
845,000 British Telecommunications PLC, 1.250%, due 2/14/17
841
365,006 1.114%, due 2/25/17
366
100,000 British Telecommunications PLC, 2.000%, due 6/22/15
101
1,213,258 1.246%, due 8/25/17
1,212
140,000 Deutsche Telekom International Finance BV, 3.125%, due 4/11/16
143
230,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17
234
142,000 DPL Inc, 6.500%, due 10/15/16 974,947 Great River Energy, 5.829%, due 7/1/17
363,603 1.315%, due 12/27/22
359
3,246,212 1.451%, due 2/25/18
3,243
150
1,675,000 1.462%, due4/25/17
1,687
1,037
1,214,380 1.500%, due 7/1/17
1,224
1,000,000 1.520%, due 12/25/19
1,001
699,619 Kansas Gas & Electric Co, 5.647%, due 3/29/21
741
610,000 NextEra Energy Capital Holdings Inc, 2.700%, due 9/15/19
616
710,208 1.600%, due 5/25/18
712
305,000 PSEG Power LLC, 5.320%, due 9/15/16
326
1,181,872 1.700%, due 8/25/18
1,184
310,000 Public Service Electric & Gas Co, 2.300%, due 9/15/18
314
1,380,000 1.730%, due 1/1/17
1,399
785,000 Steel Dynamics, 7.625%, due 3/15/20
818
1,654,708 1.750%, due 4/25/21
1,671
455,000 Verizon Communications Inc, 1.350%, due 6/9/17 270,000 Verizon Communications Inc, 4.500%, due 9/15/20
453 293
1,670,993 1.750%, due 6/25/21 738,600 1.750%, due 1/25/22
1,687 745
8,558 TOTAL CORPORATE OBLIGATIONS (Cost $130,765,693)
Municipals
799,632 1.824%, due 2/25/22
797
4,621,932 1.940%, due 1/1/17 130,109
1.41%
4,641
2,136,452 2.000%, due 5/25/25
2,167
1,381,250 2.101%, due 10/25/23
1,373
1,834,205 2.140%, due 12/25/23
1,826
285,000 2.970%, due 3/1/15
285
550,000 California Pollution Control Financing Authority, 7.500%, due 4/1/25
552
224,005 3.000%, due 12/25/25
230
500,000 Commonwealth of Puerto Rico, 5.500%, due 7/1/20
526
332,281 4.000%, due 3/1/31
358
750,000 County of Clermont OH Sewer System Revenue, 4.000%, due 8/1/20
799
496,312 4.500%, due 5/1/31
542
223,841 Louisiana Public Facilities Authority, 5.750%, due 2/1/19
234
218,497 5.000%, due 2/1/23
236
505,000 New Jersey Economic Development Authority, 0.000%, due 2/15/16
497
341,065 6.000%, due 10/1/22
374
585,000 Philadelphia Authority for Industrial Development, 0.000%, due 4/15/15 430,000 South Carolina State Public Service Authority, 1.254%, due 6/1/16
584 431
137,063 6.500%, due 5/1/17 263,786 7.000%, due 4/1/37
143 296
775,000 Skagit County Public Hospital District No 2.000%, due 12/1/15 550,000 Tulsa Public Facilities Authority, 6.600%, due 11/15/29
770 621
TOTAL MUNICIPALS
5,014
(Cost $4,956,453) U.S. Agency Obligations Federal Home Loan Mortgage Corporation
45,084 Government National Mortgage Association
18.61% 3.99%
1,000,000 0.500%, due 5/13/16 1,680,711 1.000%, due 8/15/18
1,000 1,659
2,049,285 1.383%, due 3/25/18
2,004
4,155,000 1.655%, due 11/25/16
4,199
1,271,540 1.750%, due 11/15/29
1,275
454,980 2.000%, due 5/15/20 213,938 2.250%, due 11/15/28
460 216
1,402,338 3.000%, due 7/1/24
877
585,458 1.614%, due 7/16/39
577
507,535 1.771%, due 11/16/38
502
507,429 2.000%, due 11/20/36
FHLMC Multifamily Structured Pass Through Certificates:
511
1,280,056 2.140%, due 8/15/23
1,270
1,329,427 3.000%, due 7/20/36 318,858 3.250%, due 3/20/39
1,366 328 5,431
Government Backed Agency
0.40%
1,103,652 Small Business Administration Pools, 0.630%, due 5/25/31 317,109 Small Business Administration Pools, 0.750%, due 4/25/28
1,099 318
1,465
46,210 3.000%, due 7/15/27
1,417
47
316,109 4.000%, due 9/1/20
335
TOTAL U.S. AGENCY OBLIGATIONS
174,024 4.000%, due12/15/24
182
(Cost $66,284,234)
436,647 4.500%, due 4/1/25
472
602,406 4.500%, due 9/1/26 197,936 6.000%, due 3/1/23
647 218 14,179
Federal National Mortgage Association
1.53%
902,042 0.514%, due 5/16/35
12.69%
700,095 0.447%, due 12/25/17 1,133,341 0.478%, due 9/25/15
699 1,133
4,697,099 0.558%, due 3/25/16
4,684
U.S. Government Obligations U.S Treasury Notes
7.76%
1,765,000 0.875%, due 7/31/15
1,772
9,500,000 2.375%, due 2/15/16
9,847
5,300,000 1.000%, due 5/31/18
5,249
4,375,000 1.500%, due 12/31/18 6,000,000 3.250%, due 3/31/17
4,381 6,329
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $27,502,599)
2425
66,111
27,578
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND DECEMBER 31, 2014
Principal
Fair
Principal
Fair
Amount
Value (000's)
Amount
Value (000's)
Shares
Shares Short Term Investments
Securities Sold Short (continued)
1.94%
6,903,461 Dreyfus Government Cash Management Fund
$
6,903
TOTAL SHIORT TERM INVESTMENTS
Materials & Processing
0.04%
2,257 Albemarle Corp.
$
136
(Cost $6,903,461) TOTAL INVESTMENTS (Cost $353,093,866)
99.11%
352,199
Technology 20,707 Applied Materials Inc.
0.36% 516
45,526 RF Micro Devices Inc.
755
Securities Sold Short Consumer Discretionary
1,271 0.13%
8,049 Comcast Corp.
467 Utilities
Energy 15,669 Amec Foster Wheeler PLC-ADR
0.06% 208
0.15%
5,369 AT&T Inc. 6,886 Wisconsin Energy Corp.
180 363 543
Financial Services 6,525 BB&T Corporation
0.45%
5,627 Hilltop Holdings Inc.
254
TOTAL COMMON STOCKS
112
(Cost $3,860,336)
4,217 M&T Bank Corp.
530
1,198 RenaissanceRe Holdings Ltd.
116
1 Southside Bancshares Inc.
1
6,866 Ventas Inc. 5,644 Washington Prime Group Inc.
492 97
TOTAL SECURITIES SOLD SHORT
1.28% $
4,542
-1.28%
(4,542)
2.17%
7,709
(Proceeds $3,860,336) Other Assets, Less Liabilities
1,602 NET ASSETS Health Care 251 Endo International PLC 4,110 Medtronic Inc.
0.09% 18 297 315
2526
100.00% $
355,366
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Equities Number of Stocks Top Ten Stocks
57.42% 483 15.39%
Fixed Income Securities Asset Backed Securities Commercial Mortgage Obligations Commercial Mortgage Backed Securities Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations
1.49% 0.04% 0.75% 12.44% 0.53% 8.27% 16.11%
Top 10 Equity Holdings (% of Net Assets) Wells Fargo & Co. Microsoft Corp. Hewlett-Packard Co. Time Warner Inc. Capital One Financial Corp. Google Class A & C Comcast Corp. Wal-Mart Stores Inc. Bank of America Corp. FedEx Corp.
2.01% 1.96% 1.89% 1.48% 1.47% 1.42% 1.32% 1.32% 1.28% 1.23%
Top 5 Industries (Equity Securities only) (% of Net Assets) Financial Services 13.53% Technology 12.69% Consumer Discretionary 12.02% Energy 5.27% Health Care 4.88%
26 27
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Shares
Fair Common Stocks
57.42%
Consumer Discretionary
12.02%
1,068 Amazon.com Inc. 200 AutoNation Inc. 90 AutoZone Inc.
Shares
Value (000's)
Fair Common Stocks (continued)
Value (000's)
Consumer Discretionary (continued) $
331
300 PetSmart Inc.
12
145 priceline.com Incorporated
$
24 165
56
985 Pulte Group Inc.
21
11
224 PVH Corp.
29
500 Bed Bath & Beyond Inc.
38
164 Ralph Lauren Corp.
30
825 Best Buy Co. Inc.
32
600 Ross Stores Inc.
57
600 BorgWarner Inc.
33
500 Royal Caribbean Cruises Ltd.
41
1,200 Avon Products Inc.
600 Cablevision Systems Corp. 12,100 CarMax Inc.
12
1,300 Carnival Corp.
59
1,300 CBS Corp.
72
85 Chipotle Mexican Grill Inc. 19,742 Coach Inc. 55,655 Comcast Corp. 1,518 Costco Wholesale Corp 400 Darden Restaurants Inc. 800 Delphi Automotive PLC 1,400 DirecTV Group Inc. 1,200 Discovery Communications Inc. 15,500 Dish Network Corp.
900 DR Horton Inc.
1,128 The Interpublic Group of Cos Inc.
58 41 1,130
18,270 Time Warner Cable Inc.
2,778
42,366 Time Warner Inc.
3,619
1,900 TJX Companies Inc.
130
400 Tractor Supply Co.
32
500 Under Armour Inc.
34 11 75
69
996 VF Corp.
21
1,000 Viacom Inc.
300 Family Dollar Stores Inc.
24
34 16
75
37,490 Wal-Mart Stores Inc.
167
800 Gap Inc.
2,984
300 Urban Outfitters Inc.
250 Expedia Inc.
300 Garmin Ltd.
23
77,700 Twenty-First Century-Class A
23
10 19
185
303 TripAdvisor Inc.
2,027
300 GameStop Corp. 600 Gannett Co. Inc.
32
7,504 Time Inc.
121
15
23 414
300 Tiffany & Co.
23
135 Fossil Inc.
1,579
4,400 The Walt Disney Co.
900 Estee Lauder Companies Inc.
10,800 Ford Motor Co.
41
20,800 Target Corp.
215
43
168
500 Starwood Hotels & Resorts Worldwide Inc.
742
618 Dollar Tree Inc.
32
2,050 Starbucks Corp.
3,229
57
23
1,750 Staples Inc.
58
800 Dollar General Corporation
36,120 eBay Inc.
300 Scripps Networks Interactive Inc.
806
3,220
216 Whirlpool Corp.
42
380 Wyndham Worldwide Corp.
33
222 Wynn Resorts Ltd. 1,180 Yum! Brands Inc.
33 85 29,335
3,800 General Motors Co.
133
423 Genuine Parts Co.
45
Consumer Staples
800 Goodyear Tire & Rubber Co.
23
475 Brown-Forman Corp.
42
800 H&R Block Inc.
27
500 Campbell Soup Co.
22
1,800 Archer-Daniels-Midland Co.
1.87% 94
570 Harley-Davidson Inc.
38
357 Clorox Co.
37
184 Harman International Industries Inc.
20
16,900 Coca-Cola Co.
714
300 Hasbro Inc. 3,700 Home Depot Inc. 1,900 Johnson Controls Inc.
16
3,054 Colgate-Palmolive Co.
92
600 Kohl's Corp.
37
700 L Brands Inc.
61
400 Leggett & Platt Inc.
17
500 Lennar Corp.
22
30,075 Liberty Interactive Corp.
660 Coca-Cola Enterprises Inc.
388
1,150 ConAgra Foods Inc. 450 Constellation Brands Inc. 3,509 CVS Caremark Corp. 500 Dr Pepper Snapple Group Inc. 2,400 General Mills Inc.
29 211 42 44 338 36 128
885
719 Hershey Co.
4,275 Liberty Ventures
161
400 Hormel Foods Corp.
21
2,700 Lowe's Companies Inc.
186
900 Kellogg Co.
59
960 Macy's Inc.
63
611 Marriott International Inc.
48
970 Mattel Inc. 2,914 McDonald's Corp.
353 Keurig Green Mountain Inc
30 273
75
47
1,177 Kimberly-Clark Corp.
136
2,200 Kraft Foods Inc.
138
1,400 Kroger Co.
90
600 Michael Kors Holdings Ltd.
45
400 McCormick & Co. Inc.
30
168 Mohawk Industries Inc.
26
559 Mead Johnson Nutrition Company
56
164 Netflix Inc.
56
480 Molson Coors Brewing Co.
36
800 Newell Rubbermaid Inc.
30
6,000 Mondelez International Inc.
218
21,425 News Corp. 1,200 Nielsen Holdings Nv 1,920 Nike Inc. 400 Nordstrom Inc. 200 NVR Inc.
336
400 Monster Beverage Corp.
54 185
43
7,095 Pepsico Inc.
671
9,040 Procter & Gamble Co.
823
32
690 Safeway Inc.
24
255
1,900 Systemax Inc.
75
700 Omnicom Group Inc.
54
315 The J.M. Smucker Co.
32
284 O'Reilly Automotive Inc.
55
800 Tyson Foods Inc.
32
28
27
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Shares
Fair Common Stocks (continued)
Shares
Value (000's)
Consumer Staples (continued)
Value (000's)
Financial Services (continued)
2,400 Walgreens Boots Alliance Inc. 1,000 Whole Foods Market Inc.
$
183 50
800 Aon Corp. 455 Apartment Investment & Management Co.
4,576 Energy
Fair Common Stocks (continued)
5.27%
1,378 Anadarko Petroleum Corp. 28,828 Apache Corp.
1,807
27,180 Baker Hughes Inc.
1,524
1,200 Cabot Oil & Gas Corp. 600 Cameron International Corp. 1,400 Chesapeake Energy Corp. 17,762 Chevron Corp.
14 59 2,623
31,000 BB&T Corporation
1,206
349 BlackRock Inc.
30
420 Boston Properties Inc. 43,519 Capital One Financial Corp. 800 CBRE Group Inc.
25
98,200 Charles Schwab Corp.
3,396 ConocoPhillips Co.
235
666 Chubb Corporation
620 Consol Energy Inc.
21
1,000 Denbury Resources Inc.
361 Cincinnati Financial Corp.
8
1,100 Devon Energy Corporation
8,411 Citigroup Inc.
67
200 Diamond Offshore Drilling Inc.
7
600 Ensco plc. 1,513 EOG Resources Inc. 400 EQT Corporation
287 Helmerich & Payne Inc. 700 Hess Corp.
762 Marathon Petroleum Corp.
19 455
905 CME Group Inc.
80
510 Comerica Inc.
24 71
105 Dun & Bradstreet Corp.
13
840 E* TRADE Financial Corp.
20
300 Equifax Inc.
24
1,000 Equity Residential
72
94
175 Essex Property Trust Inc.
36
19
800 Fidelity National Information
50
2,300 Fifth Third Bancorp
202
1,824 Marathon Oil Corp.
69
82
52
4,763 Kinder Morgan Inc.
27 2,965
900 Crown Castle International Corp.
33
2,400 Halliburton Co.
54 3,592
1,250 Discover Financial Services LLC
9
700 FMC Technologies Inc.
125
18
1,095
191 First Solar Inc.
823
139 30
11,844 Exxon Mobil Corp.
3,136
64,647 Bank of New York Mellon Corp. 5,483 Berkshire Hathaway Inc.
1,993
232 Cimarex Energy Co.
200 Assurant Inc.
36 27
76 17
361 Avalonbay Communities Inc. 175,300 Bank of America Corp. 114
$
640 Fiserv Inc.
47 45
52
1,109 Franklin Resources Inc.
61
69
1,700 General Growth Properties
48
500 Murphy Oil Corp.
25
760 Nabors Industries Ltd.
10
13,200 National Oilwell Varco Inc.
865
400 Newfield Exploration Company
11
700 Noble Corp.
12
1,400 Genworth Financial Inc. 12,636 Goldman Sachs Group Inc.
12 2,449
1,200 Hartford Financial Services Group Inc.
50
1,300 HCP Inc.
57
900 Health Care REIT Inc.
68
1,048 Noble Energy Inc.
50
2,059 Host Hotels & Resorts Inc.
49
2,750 NOW Inc.
71
1,300 Hudson City Bancorp Inc.
13
2,300 Huntington Bancshares Inc.
24
2,130 Occidental Petroleum Corp.
172
600 ONEOK Inc.
30
1,548 Phillips 66
314 InterContinental Exchange Inc.
111
1,200 Invesco Ltd.
415 Pioneer Natural Resources Co.
62
500 QEP Resources Inc.
10
2,480 KeyCorp.
500 Range Resources Corp.
27
1,100 Kimco Realty Corp.
28
300 Legg Mason Inc.
16
34,553 Schlumberger Limited
34,177 JP Morgan Chase & Co.
69 47
2,951
2,139 34
1,000 Southwestern Energy Co.
27
900 Leucadia National Corp.
20
1,896 Spectra Energy Corp.
69
768 Lincoln National Corp.
44
400 Tesoro Corp.
30
900 Transocean Ltd.
16
1,430 Valero Energy Corp.
1,400 Loews Corp. 358 M&T Bank Corp.
71
40,000 Weatherford International Ltd. 1,900 Williams Cos. Inc.
1,500 Marsh & McLennan Companies Inc.
458 85
2,750 Mastercard Inc. 800 McGraw-Hill Companies Inc.
12,869 Financial Services
13.54%
925 ACE Limited
106
110,000 AEGON N.V.
825
148 Affiliated Managers Group Inc. 1,400 Aflac Inc. 178 Alliance Data Systems Corporation 1,200 Allstate Corp.
24,200 MetLife Inc.
59 45 86 237 71 1,309
514 Moody's Corp.
49
4,300 Morgan Stanley
167
300 NASDAQ OMX Group 1,200 Navient Corp.
14 26
31
650 Northern Trust Corp.
44
86
900 People's United Financial Inc.
14
51
500 Plum Creek Timber Co. Inc.
84
1,516 PNC Financial Services Group Inc.
2,440 American Express Co.
227
8,311 American International Group Inc.
465
1,500 Progressive Corp.
40
1,100 American Tower Corp.
109
1,392 ProLogis Inc.
60
511 Ameriprise Financial Inc.
740 Principal Financial Group Inc.
21 138
68
1,440 Prudential Financial Inc.
29
28
38
130
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Shares
Fair Common Stocks (continued)
Shares
Value (000's)
Fair Common Stocks (continued)
Financial Services (continued)
Materials & Processing
396 Public Storage Inc.
$
3,770 Regions Financial Corp. 1,066 Simon Property Group Inc.
73
523 Air Products & Chemicals Inc.
40
182 Airgas Inc.
194
1,210 State Street Corp.
1.15% $
52
260 Allegheny Technologies Inc.
1,006
75 21
3,300 Alcoa Inc.
95
24,000 SunTrust Banks Inc.
Value (000's)
9
400 Ball Corp.
27
700 T. Rowe Price Group Inc.
60
400 The Macerich Co.
33
17,000 Celanese Corp. 139 CF Industries Holdings Inc.
38
375 Torchmark Corp.
20
404 Eastman Chemical Co.
31
425 Total System Services Inc.
14
938 Travelers Companies Inc.
99
2,500 EI DuPont de Nemours & Co.
700 Unum Group
1,019
776 Ecolab Inc.
81 185
24
1,200 Fastenal Co.
57
5,000 Us Bancorp
225
400 FMC Corp.
23
800 Ventas Inc.
57
1,360 Visa Inc.
357
476 Vornado Realty Trust
56
89,439 Wells Fargo & Co.
27
1,462 Weyerhaeuser Co.
52
710 XL Group plc 600 Zions Bancorporation
68
1,300 Ingersoll-Rand Public Ltd.
82
224 International Flavors & Fragrances Inc.
4,903
1,484 Western Union Co.
2,892 Freeport-McMoran Copper & Gold Inc.
23
1,200 International Paper Co.
64
1,137 LyondellBasell Industries
90
164 Martin Marietta Materials Inc.
24 17
18
1,000 Masco Corp. 500 MeadWestvaco Corp.
33,028
25 22
1,471 Monsanto Co.
176
1,400 Newmont Mining Corp. Health Care
4.88%
44 13
6,760 Abbott Laboratories
304
500 Owens-Illinois Inc.
7,760 AbbVie Inc.
508
378 PPG Industries Inc.
1,235 Aetna Inc.
110
904 Alexion Pharmaceuticals Inc. 1,059 Allergan Inc. 700 Amerisourcebergen Corp.
26
900 Nucor Corp.
87
1,163 Praxair Inc.
151
167
630 Sealed Air Corp.
27
225
228 Sherwin-Williams Co.
60
63
3,100 The Dow Chemical Co.
141
3,523 Amgen Inc. 900 Anthem Inc.
561 113
900 The Mosaic Company 330 Vulcan Materials Co.
41 22
1,034 Biogen Idec Inc.
351
3,587 Boston Scientific Corp.
2,798
48
1,425 Cardinal Health Inc.
115
612 CareFusion Corp.
36
2,972 Celgene Corporation
Producer Durables
4.62%
3,558 3M Co.
585
332
1,800 Accenture plc.
161
1,108 Cerner Corp.
72
266 Allegion Plc.
15
12,913 CIGNA Corp.
1,329
1,400 Ametek Inc.
1,288 Covidien, Ltd.
132
207 CR Bard Inc.
34
300 Avery Dennison Corp.
16
802 DaVita Inc.
61
400 C.H. Robinson Worldwide Inc.
30
1,300 Automatic Data Processing Inc.
400 Dentsply International Inc.
21
2,891 Caterpillar Inc.
293 Edwards Lifesciences Corp.
37
300 Cintas Corp.
23,079 Express Scripts Holding Co.
1,954
5,747 Gilead Sciences Inc.
542
2,020 Hospira Inc.
124
422 Humana Inc. 98 Intuitive Surgical Inc.
24 101 78 1,209
61
3,060 Deere & Co.
271
2,300 Delta Air Lines Inc.
113
34
700 Mallinckrodt PLC
69
799 McKesson Corp.
543 Cummins Inc. 14,100 Danaher Corp.
265
52
316 Laboratory Corp. of America Holdings
19,100 Medtronic Inc.
2,800 CSX Corp.
74 108
700 Dover Corp. 5,100 Emerson Electric Co.
166
500 Expeditors International of Washington Inc.
1,379
17,234 FedEx Corp.
50 315 22 2,993
200 Patterson Companies Inc.
10
400 FLIR Systems Inc.
13
400 Quest Diagnostics Inc.
27
523 Flowserve Corp.
31
316 Regeneron Pharmaceuticals Inc. 900 St. Jude Medical Inc. 1,200 Stryker Corp. 21,600 UnitedHealth Group Inc. 300 Varian Medical Systems Inc. 874 Vertex Pharmaceuticals Incorporated 635 Zimmer Holdings Inc. 4,300 Zoetis Inc.
130
2,100 Illinois Tool Works Inc.
59 113 2,184
23
300 Joy Global Inc.
14
303 Kansas City Southern
26
26,551 Koninklijke Philips Electronics
104
855 Norfolk Southern Corp.
72 185
1,333 Paccar Inc. 400 Pall Corp.
11,910
2930
199
594 Iron Mountain Inc.
37 770 94 91 40
595 Parker-Hannifin Corp.
77
900 Paychex Inc.
42
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Shares
Fair Common Stocks (continued)
Shares
Value (000's)
Fair Common Stocks (continued)
Producer Durables (continued)
Value (000's)
Technology (continued)
1,195 Pentair Ltd.
$
79
1,550 NVIDIA Corp.
15
9,038 Oracle Corp.
406
800 Quanta Services Inc.
23
4,670 Qualcomm Inc.
347
675 Republic Services Inc.
27
500 Red Hat Inc.
35
400 Robert Half International Inc.
23
692 Rockwell Automation Inc.
77
700 Rockwell Collins Inc.
59
900 Seagate Technology
615 Roper Industries Inc.
96
83,923 Symantec Corporation
600 Pitney Bowes Inc.
100 Ryder System Inc.
1,588 Salesforce.com Inc.
655 Stanley Black & Decker Inc.
63
236 Stericycle Inc.
31
20,487 The ADT Corp.
17
600 Western Digital Corp.
66
700 Xilinx Inc. 2,600 Yahoo! Inc.
30 131 30,970
27
2,000 Waste Management Inc.
103
1,550 Waters Corp.
175
424 WW Grainger Inc.
Utilities 1,800 AES Corp.
108
2,974 Xerox Corp. 500 Xylem Inc.
367 AGL Resources Inc.
41 19
630 Ameren Corp. 1,390 American Electric Power Co. Inc.
11,283
1,340 Adobe Systems Inc.
155
300 VeriSign Inc.
247
262 United Rentals Inc.
Technology
956 1,904 17
2,900 Texas Instruments Inc.
1,056 296
2,218 United Parcel Service Inc.
60 2,153
30,100 TE Connectivity Ltd. 400 Teradata Corp.
742
24,075 Tyco International Ltd. 2,487 Union Pacific Corp.
62
22,000 Synopsys Inc.
26 80
31
94
630 SanDisk Corp.
9
188 Snap-on Inc. 1,900 Southwest Airlines Co.
$
16,267 AT&T Inc.
12.69%
1.38% 25 20 29 84 546
1,200 CenterPoint Energy Inc.
28
1,580 CenturyLink Inc.
63
97
800 CMS Energy Corp.
28
31
800 Consolidated Edison Inc.
53
900 Altera Corp.
33
2,460 Dominion Resources Inc.
189
858 Amphenol Corp.
46
490 DTE Energy Co.
42
900 Analog Devices Inc.
50
2,714 Duke Energy Corp.
227
500 Akamai Technologies Inc.
15,675 AOL Inc. 16,361 Apple Inc. 3,400 Applied Materials Inc.
724 1,806
900 Edison International
59
490 Entergy Corp.
43
85
2,358 Exelon Corp.
600 Autodesk Inc.
36
1,200 Firstenergy Corp.
47
700 Avago Technologies Ltd.
70
2,716 Frontier Communications Corp.
18
1,500 Broadcom Corp. 900 CA Inc.
65
200 Integrys Energy Group Inc.
16
27
800 Level 3 Communications Inc.
40
30,000 Cadence Design Systems Inc.
569
33,450 Cisco Systems Inc.
930
410 Citrix Systems Inc. 1,664 Cognizant Technology Solutions Corp. 400 Computer Sciences Corp. 900 Electronic Arts Inc. 47,600 EMC Corp. 207 F5 Networks Inc. 5,800 Facebook Inc.
87
1,301 NextEra Energy Inc.
138
900 NiSource Inc.
38
26
900 Northeast Utilities
48
88
900 NRG Energy Inc.
24
25
700 Pepco Holdings Inc.
19
42
1,300 PG&E Corp.
1,416
300 Pinnacle West Capital Corp.
27 453
69 20
1,900 PPL Corporation
69
1,400 Public Service Enterprise Group
58
2,310 Google Inc. Class A
1,226
400 SCANA Corp.
24
4,271 Google Inc. Class C
2,248
692 Sempra Energy
77
70,075 Sprint Nextel Corp.
291
300 Harris Corp. 115,252 Hewlett-Packard Co. 13,520 Intel Corp. 2,744 International Business Machines Corp. 800 Intuit Inc. 15,500 Juniper Networks Inc. 500 KLA-Tencor Corp
22 4,625
600 TECO Energy Inc.
12
491
3,800 The Southern Co.
187
440
11,900 Verizon Communications Inc.
74
1,600 Windstream Holdings Corp.
13
600 Wisconsin Energy Corp. 1,400 Xcel Energy Inc.
32 50
346 35
492 Lam Research Corp.
39
700 Linear Technology Corp.
32
33,000 Maxim Integrated Products Inc. 600 Microchip Technology Inc. 3,000 Micron Technology Inc. 102,950 Microsoft Corp. 571 Motorola Solutions Inc.
3,370
1,052
TOTAL COMMON STOCK
27
(Cost $90,886,114)
105 4,782 38
32,900 NetApp Inc.
1,364
116,300 Nokia Corp.
914
557
3031
140,139
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Par
Fair
Par
Amount
Value (000's)
Amount
Asset Backed Securities
1.49%
305,000 Ally Auto Receivables Trust 2014-1+C295, 0.480%, due 2/15/17
Fair Corporate Obligations
12.44%
Consumer Discretionary $
Value (000's)
1.71%
305
245,000 American Honda Finance Corp., 1.125%, due 10/7/16
110,000 Ally Master Owner Trust, 1.540%, due 9/15/19
109
150,000 American Honda Finance Corp., 3.875%, due 9/21/20
190,000 Ally Master Owner Trust, 1.430%, due 6/17/19
190
95,000 Toyota Motor Credit Corp., 3.400%, due 9/15/21
100,000 Chase Issuance Trust, 5.160%, due 4/16/18
105
25,000 21st Century Fox America Inc., 6.400%, due 12/15/35
195,000 Chase Issuance Trust, 0.790%, due 6/15/17
195
320,000 Chase Issuance Trust, 0.540%, due 10/16/17
320
90,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21
590,000 Chase Issuance Trust, 1.260%, due 7/15/19
588
75,000 Comcast Corp., 3.125%, due 7/15/22
150,000 Chase Issuance Trust, 1.380%, due 11/15/19
149
125,000 Cox Communications Inc., 2.950%, due 6/30/23
120
24,499 CNH Equipment Trust 2013-C, 0.630%, due 1/17/17
25
275,000 Cox Communications Inc., 3.250%, due 12/15/22
270
47,541 CNH Equipment Trust 2014-A, 0.490%, due 6/15/17
48
75,000 Cox Communications Inc., 3.850%, due 2/1/25
76
33,531 Countrywide Asset-Backed Certificates, 0.389%, due 10/25/36
33
50,000 Cox Communications Inc., 5.875%, due 12/1/16
54
45,000 Cox Communications Inc., 9.375%, due 1/15/19
57
70,000 CVS Health Corp., 2.250%, due 12/5/18
71
146
50,000 Ford Credit Floorplan Master Owner Trust A, 1.500%, due 9/15/18 165,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, 8/15/19
50
100 33 220 91 76
DIRECTV Holdings LLC / DIRECTV Financing Co Inc.
165
39,312 GMACM Home Equity Loan Trust 2006-HE3, 5.805%, 10/25/36
246 160
165,000 21st Century Fox America Inc., 6.650%, 11/15/37
Ford Credit Auto Owner Trust/Ford Credit 2014-REV1 145,000 2.260%, due 11/15/25
$
115,000 6.000%, due 8/15/40
129
37
50,000 Macy's Retail Holdings Inc., 6.375%, due 3/15/37
63
117,500 Hertz Vehicle Financing LLC, 2.200%, due 3/25/16
118
76,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34
97
205,000 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17
122
205
100,000 Macy's Retail Holdings Inc., 6.700%, due 9/15/28
11,593 Home Equity Loan Trust 2003-HS3, 0.449%, due 8/25/33
11
50,000 Macy's Retail Holdings Inc., 6.900%, due 1/15/32
186,166 Home Equity Loan Trust 2006-HSA2, 5.550%, due 3/25/36
126
275,000 Home Equity Loan Trust 2006-HSA2, 5.810%, 3/25/36
117
54,715 Home Equity Mortgage Trust 2006-1, 5.800%, due 5/25/36
65
135,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29
172
75,000 Nordstrom Inc., 6.950%, due 3/15/28
45
99
244,000 Reed Elsevier Capital Inc., 3.125%, due 10/15/22
242
181,222 MSCC Heloc Trust 2007-1, 0.269%, due 12/25/31
171
25,000 Time Warner Cable Inc., 4.000%, due 9/1/21
27
100,000 RSB Bondco LLC, 5.820%, due 6/28/19
108
200,000 Time Warner Cable Inc., 4.125%, due 2/15/21
214
100,000 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30
104
15,000 Time Warner Cable Inc., 5.500%, due 9/1/41
145,000 SLM Private Education Loan Trust 2012-C, 3.310%, due 10/15/46
150
90,000 Time Warner Cable Inc., 5.875%, due 11/15/40
Structured Asset Securities Corp Mortgage Loan Trust 2005-S7 28,604 0.470%, due 12/25/35
100,000 Time Warner Cable Inc., 8.250%, due 4/1/19 28
TOTAL ASSET BACKED SECURITIES (Cost $3,485,161)
Collateralized Mortgage Obligations
0.04%
Structured Asset Securities Corp Mortgage Loan Trust 2006-S2 109,125 5.500%, due 6/25/36 TOTAL COLLATERALIZED MORTGAGE OBLIGATION SECURITIES
Commercial Mortgage Backed Securities
243
225,000 Time Warner Inc., 7.625%, due 4/15/31
314
135,000 Time Warner Inc., 7.700%, due 5/1/32
191
105,000 Walgreens Boots Alliance Inc/old, 3.300%, due 11/18/21 150,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44
106 164 4,186
72 98
Consumer Staples
0.75%
0.39%
60,000 Anheuser-Busch InBev Finance Inc., 4.000%, due 1/17/43
60
55,000 Anheuser-Busch InBev Worldwide Inc., 2.500%, due 7/15/22
53
150,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 157
Citigroup Commercial Mortgage Trust 2012-GC8 77,794 0.685%, due 9/10/45
118
190,000 Time Warner Cos Inc., 6.950%, due 1/15/28
26
(Cost $87,829)
154,426 CD 2005-CD1 Commercial Mortgage Trust, 5.226%, due 7/15/44
122
95,000 Time Warner Cable Inc., 8.750%, due 2/14/19
3,648
25,399 Credit Suisse Mortgage Capital Certificates, 5.106%, due 3/27/37
17 107
78
Commercial Mortgage Pass Through Certificates 42,192 0.666%, due 10/15/45
42
55,000 Commercial Mortgage Trust 2007-GG9, 5.444%, due 3/10/39
59
GE Capital Commercial Mortgage Series 2005-C2 258,024 4.978%, due 5/10/43
258
170,466 GS Mortgage Securities Corp II, 0.662%, due 11/10/45
170
153
55,000 ConAgra Foods Inc., 1.900%, due 1/25/18
55
95,000 Kraft Foods Group Inc., 3.500%, due 6/6/22
97
30,000 Kraft Foods Group Inc., 6.500%, due 2/9/40
39
55,000 Kroger Co/The, 2.950%, due 11/1/21
55
80,000 Mondelez International Inc., 6.500%, due 2/9/40
107
110,000 PepsiCo Inc., 4.250%, due 10/22/44
115
125,000 Sysco Corp., 2.350%, due 10/2/19 90,000 Sysco Corp., 3.000%, due 10/2/21
126 91 951
JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 51,508 0.705%, due 10/15/45
52
Energy
JPMBB Commercial Mortgage Securities Trust 2013-C14 318,447 1.260%, due 8/15/46
1.74%
55,000 Anadarko Petroleum Corp., 4.500%, 7/15/44 319
20,000 Apache Corp., 4.250%, due 1/15/44
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6
200,000 BG Energy Capital PLC, 4.000%, due 10/15/21 65,000 BP Capital Markets PLC, 3.535%, due 11/4/24
53 17 206
111,646 0.664%, due 11/15/45
111
104,609 NCUA Guaranteed Notes Trust 2010-C1, 2.650%, due 10/29/20
107
350,000 ConocoPhillips Co., 3.350%, due 11/15/24
218
150,000 ConocoPhillips, 5.750%, due 2/1/19
171
110,000 Consolidated Edison Co of New York Inc., 4.450%, due 3/15/44
119
UBS-Barclays Commercial Mortgage Trust 2012-C3 219,857 0.7260%, due 8/10/49
90,000 ConocoPhillips Co., 4.150%, due 11/15/34
Wells Fargo Commercial Mortgage Trust 2012-LC5
65 354 92
107,293 0.687%, due 10/15/45
107
50,000 Devon Energy Corp., 3.250%, due 5/15/22
161,242 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45
161
95,000 Devon Energy Corp., 4.750%, due 5/15/42
96
1,839
35,000 Devon Energy Corp., 5.600%, due 7/15/41
39
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $1,850,002)
3132
49
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Par Amount Corporate Obligations (continued)
Fair
Par
Value (000's)
Amount
Energy (continued)
Fair Corporate Obligations (continued)
Value (000's)
Financial Services (continued)
35,000 Dominion Resources Inc/VA, 1.950%, due 8/15/16
$
35
50,000 Boston Properties LP, 5.875% due 10/15/19
80,000 Dominion Resources Inc/VA, 2.500%, due 12/1/19
80
95,000 Branch Banking & Trust Co., 1.350%, due 10/1/17
94
20,000 Duke Energy Florida Inc., 3.850%, due 11/15/42
20
190,000 Capital One Financial Corp., 3.500%, due 6/15/23
192
30,000 Duke Energy Progress Inc., 3.000%, due 9/15/21
31
150,000 Capital One Financial Corp., 4.750%, due 7/15/21
165
55,000 Encana Corp., 6.500%, due 2/1/38
59
100,000 Citigroup Inc., 1.350%, due 3/10/17
100
175,000 Enel Finance International NV, 6.000%, due 10/7/39
206
135,000 Citigroup Inc., 1.850%, due 11/24/17
135
50,000 Enel Finance International NV, 6.800%, due 9/15/37
64
80,000 Citigroup Inc., 1.932%, due 5/15/18
83
75,000 Ensco PLC, 5.750%, due 10/1/44
75
105,000 Citigroup Inc., 2.500%, due 9/26/18
106
275,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25
275
215,000 Citigroup Inc., 3.500%, due 5/15/23
209
200,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23
214
130,000 Citigroup Inc., 4.050%, due 7/30/22
135
95,000 MidAmerican Energy Co., 5.800%, due 10/15/36
122
80,000 Citigroup Inc., 4.500%, due 1/14/22
87
115,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17
128
475,000 Citigroup Inc., 4.587%, due 12/15/15
491
57
35,000 PacifiCorp., 6.2350%, due 7/15/38
48
85,000 PECO Energy Co., 4.150%, due 10/1/44
90
110,000 Deutsche Bank AG/London, 1.350%, due 5/30/17
105,000 Petrobras Global Finance BV, 2.370%, due 1/15/19
93
100,000 ERP Operating LP, 3.000%, due 4/15/23
60,000 Petrobras Global Finance BV, 4.375%, due 5./20/23
52
50,000 Petrobras Global Finance BV, 6.250%, due 3/17/24
48
200,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19
199
65,000 Petrobras International Finance Co SA, 5.375%, due 1/27/21
60
105,000 Ford Motor Credit Co LLC, 3.984%, due 6/15/16
109
90,000 Petroleos Mexicanos, 3.500%, due 7/18/18
91
150,000 Ford Motor Credit Co LLC, 4.207%, due 4/15/16
155
100,000 Petroleos Mexicanos, 4.250%, due 1/15/25
99
135,000 Ford Motor Credit Co LLC, 4.375%, due 8/6/23
144
150,000 Petroleos Mexicanos, 4.875%, due 1/18/24
156
70,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18
76
80,000 Petroleos Mexicanos, 6.375%, due 1/23/45
91
300,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20
372
35,000 PSEG Power LLC, 2.750%, due 9/15/16
36
220,000 Goldman Sachs Group Inc/The, 1.433%, due 4/30/18
223
40,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23
41
200,000 Goldman Sachs Group Inc/The, 1.600%, due 11/23/15
201
75,000 Shell International Finance BV, 3.400%, due 8/12/23
77
100,000 Goldman Sachs Group Inc/The, 3.700%, due 8/1/15
102
50,000 Southern California Edison Co., 3.500%, due 10/1/23
53
60,000 Goldman Sachs Group Inc/The, 4.000%, due 3/3/24
62
90,000 Southern Co/The, 2.150%, due 9/1/19
89
70,000 Goldman Sachs Group Inc/The, 5.750%, due 1/24/22
81
90,000 Statoil ASA, 2.900%, due 11/8/20
92
70,000 Goldman Sachs Group Inc/The, 6.150%, due 4/1/18
79
172
75,000 Goldman Sachs Group Inc/The, 7.500%, due 2/15/19
89
140,000 Suncor Energy Inc., 6.500%, due 6/15/38
35,000 Citigroup Inc., 8.125%, due 7/15/39
$
75,000 ERP Operating LP, 4.625%, due 12/15/21
54 109 98 82
120,000 Total Capital International SA, 2.750%, due 6/19/21
120
205,000 HSBC Holdings PLC, 4.250%, due 3/14/24
213
110,000 TransCanada PipeLines Ltd., 4.625%, due 3/1/34 50,000 Virginia Electric & Power Co., 4.650%, due 8/15/43
112 56
75,000 HSBC Holdings PLC, 5.100%, due 4/5/21 165,000 HSBC Holdings PLC, 6.500%, due 5/2/36
85 212
125,000 HSBC Holdings PLC, 6.500%, due 9/15/37
161
4,246 Financial Services
5.30%
245,000 ING Bank NV, 3.750%, due 3/7/17
256
170,000 JPMorgan Chase & Co., 0.854%, due 2/26/16
170
55,000 AIG Global Funding, 1.650%, due 12/15/17
55
210,000 JPMorgan Chase & Co., 1.100%, due 10/15/15
210
30,000 Allstate Corp/The, 3.150%, due 6/15/23
30
310,000 JPMorgan Chase & Co., 3.250%, due 9/23/22
312
50,000 Ally Financial Inc., 3.125%, due 1/15/16
50
75,000 JPMorgan Chase & Co., 4.125, due 12/15/26
75
90,000 Ally Financial Inc., 5.500%, due 2/15/17
95
100,000 JPMorgan Chase & Co., 6.000%, due 1/15/18
112
200,000 Lloyds Bank PLC,6.500%, due 9/14/20
232
175,000 Manufacturers & Traders Trust Co., 1.400%, due 7/25/17
175
60,000 Ally Financial Inc., 8.300%, due 2/12/15
60
255,000 Amazon.com Inc., 3.800%, due 12/5/24
261
150,000 American Express Credit Corp., 2.250%, due 8/15/19
150
20,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39
32
140,000 American International Group Inc., 5.050%, due 10/1/15
144
40,000 Metropolitan Life Global Funding I, 2.500%, due 9/29/15
41
95
90,000 Morgan Stanley, 1.483%, due 2/25/16
91
175,000 Bank of America Corp., 1.250%, due 1/11/16
80,000 American International Group Inc., 6.400%, due 12/15/20
175
100,000 Morgan Stanley, 7.300%, due 5/13/19
119
155,000 Bank of America Corp., 1.500%, due 10/9/15
156
25,000 Navient Corp., 3.875%, due 9/10/15
25
190,000 Bank of America Corp., 3.300%, due 1/11/23
190
35,000 Navient Corp., 6.000%, due 1/25/17
37
350,000 Bank of America Corp., 4.200%, due 8/26/24
357
25,000 Navient Corp., 6.250%, due 1/25/16
26
25
50,000 Navient Corp., 8.450%, due 6/15/18
25,000 Bank of America Corp., 4.250%, due 10/22/26
56
340,000 Bank of America Corp., 4.500%, due 4/1/15
343
140,000 New York Life Global Funding, 1.450%, due 12/15/17
140
175,000 Bank of America Corp., 5.625%, due 7/1/20
199
80,000 New York Life Global Funding, 2.100%, due 1/2/19
80
40,000 Bank of America Corp., 5.650%, due 5/1/18
44
50,000 New York Life Insurance Co., 6.750%, due 11/15/39
85,000 Bank of America Corp., 6.500%, due 8/1/16
92
95,000 Northwestern Mutual Life Insurance Co/The, 6.063%, due 3/30/4
70 123
75,000 Bank of America Corp., 7.625%, due 6/1/19
91
250,000 PNC Bank NA, 2.400%, due 10/18/19
251
90,000 Bank of New York Mellon Corp/The, 2.200%, due 3/4/19
90
650,000 Rio Oil Finance Trust Series 2014-1, 6.250%, due 7/6/24
622
260,000 Bank of New York Mellon Corp/The, 3.400%, due 5/15/24
265
40,000 Royal Bank of Scotland PLC/The, 5.625%, due 8/24/20
46
108
310,000 Royal Bank of Scotland PLC/The, 6.125%, due 1/11/21
365
75,000 Bank One Capital III, 8.750%, due 9/1/30 85,000 Barclays PLC, 2.750%, due 11/8/19
84
25,000 Unum Group, 6.750%, due 12/15/28
31
250,000 BNP Paribas SA, 4.250%, due 10/15/24
253
250,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19
249
190,000 Boston Properties LP, 3.125%, due 9/1/23 60,000 Boston Properties LP, 3.850%, due 2/1/23
186 62
120,000 Wells Fargo & Co., 1.400%, due 9/8/17 135,000 Wells Fargo & Co., 3.000%, due 1/22/21
120 138
25,000 Boston Properties LP, 4.125%, due 5/15/21
27
250,000 Wells Fargo Bank NA, 6.000%, due 11/15/17
280 12,931
33
32
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Par Amount Corporate Obligations (continued) Health Care
Fair
Par
Value (000's)
Amount
0.85%
60,000 AbbVie Inc., 2.900%, due 11/6/22
Fair Corporate Obligations (continued) Technology
$
59
Value (000's) 0.33%
120,000 Apple Inc., 3.850%, due 5/4/43
$
120
95,000 AbbVie Inc., 4.400%, due 11/6/42
98
50,000 Hewlett-Packard Co., 2.600%, due 9/15/17
45,000 Aetna Inc., 2.200%, due 3/15/19
45
50,000 Hewlett-Packard Co., 3.300%, 12/9/16
100,000 Amgen Inc., 5.150%, due 11/15/41
113
100,000 Koninklijke Philips NV, 5.750%, due 3/11/18
111
135,000 Amgen Inc., 5.650%, due 6/15/42
161
200,000 Oracle Corp., 2.250%, due 10/8/19
201
125,000 Anthem Inc., 3.700%, due 8/15/21 100,000 Anthem Inc., 7.000%, due 2/15/19
131 118
65,000 Texas Instruments Inc., 2.750%, due 3/12/21 200,000 TSMC Global Ltd., 1.625%, due 4/3/18
65 196
100,000 Boston Scientific Corp., 6.000%, due 1/15/20
113
50,000 Boston Scientific Corp., 6.400%, due 6/15/16
53
100,000 Cigna Corp., 5.375%, due 2/15/42
118
35,000 Cigna Corp., 7.875%, due 5/15/27
48
110,000 Cigna Corp., 8.300%, due 1/15/33
147
75,000 Gilead Sciences Inc., 2.350%, due 2/1/20 110,000 Gilead Sciences Inc., 3.700%, due 4/1/24
75 115
51 52
796 Utilities
0.76%
75,000 AT&T Corp., 8.000%, due 11/15/31
111
84,000 AT&T Inc., 4.350%, due 6/15/45
79
25,000 AT&T Inc., 6.550%, due 2/15/39 150,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/1
31 152
115,000 Humana Inc., 3.850%, due 10/1/24
117
50,000 Sprint Communications Inc., 6.000%, due 12/1/16
315,000 Medtronic Inc., 2.500%, due 3/15/20
316
25,000 Telecom Italia Capital SA, 6.999%, due 6/4/18
28
125,000 Medtronic Inc., 3.625%, due 3/15/24 110,000 UnitedHealth Group Inc., 2.875%, due 12/15/21
130 111
100,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 25,000 Telecom Italia Capital SA, 7.721%, due 6/4/38
115 28
195,000 Verizon Communications Inc., 1.350%, due 6/9/17
194
2,068 Materials & Processing
0.39%
52
45,000 Verizon Communications Inc., 3.850%, due 11/1/42
40
70,000 Verizon Communications Inc., 4.150%, due 3/15/24
72
325,000 Dow Chemical Co/The, 3.000%, due 11/15/22
318
100,000 Verizon Communications Inc., 4.400%, due 11/1/34
99
125,000 Dow Chemical Co/The, 7.375%, due 11/1/29
166
400,000 Verizon Communications Inc., 5.150%, due 9/15/23
442
93,000 Dow Chemical Co/The, 8.550%, due 5/15/19
116
15,000 Verizon Communications Inc., 5.850%, due 9/15/35
18
50,000 Dow Chemical Co/The, 9.400%, due 5/15/39
81
200,000 Verizon Communications Inc., 6.400%, due 9/15/33
246
120,000 Eastman Chemical Co., 2.700%, due 1/15/20 150,000 Lafarge SA, 6.500%, due 7/15/16
121 160
30,000 Verizon Communications Inc., 6.550%, due 9/15/43 130,000 Vodafone Group PLC, 2.950%, due 2/19/23
38 112
962
1,857 TOTAL CORPORATE OBLIGATIONS
Producer Durables
0.97%
30,373
(Cost $29,357,826)
American Airlines 2011-1 Class A Pass Through Trust 69,034 5.250%, due 7/31/22
74
50,000 BHP Billiton Finance USA Ltd., 3.850%, due 9/30/23
53
Municipals
Burlington Northern and Santa Fe Railway Co
0.53%
100,000 State of California, 7.500%, due 4/01/34
149
36,586 2000-1 Pass Through Trust, 8.251%, due 1/15/21
43
80,000 State of California, 7.300%, due 10/01/39
84,615 2001-1 Pass Through Trust, 6.727%, due 7/15/22
96
275,000 State of California, 7.625%, 3/01/40
422
55,257 2001-2 Pass Through Trust, 6.462%, due 1/15/21
61
100,000 State of Illinois, 4.961%, due 3/01/16
104
82,089 2005-4 Pass Through Trust, 4.967%, due 4/1/23
89
100,000 State of Illinois, 5.365%, due 3/01/17
107
140,000 Burlington Northern Santa Fe LLC, 3.400%, due 9/1/24
143
110,000 State of Illinois, 5.665%, due 3/01/18
120
150,000 Burlington Northern Santa Fe LLC, 3.750%, due 4/1/24 170,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27
156 217
75,000 Los Angeles Unified School District/CA, 6.758%, due 7/01/34 125,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41
105 181
105,000 CSX Transportation Inc., 9.750%, due 6/15/20
139
TOTAL MUNICIPALS
Delta Air Lines 2007-1 Class A Pass Through Trust 56,614 6.821%, 2/10/24
118
1,306
(Cost $1,152,051) 66
Northwest Airlines 2007-1 Class A Pass Through Trust
U.S. Agency Obligations
8.27%
Federal National Mortgage Association
4.34%
78,053 7.027%, 5/1/21
89
65,000 Parker-Hannifin Corp., 3.300%, due 11/21/24
66
14,237 0.595%, due 8/25/15
14
75,000 Rio Tinto Finance USA PLC, 1.375%, due 6/17/16
75
325,252 0.986%, due 3/25/19
324
60,000 Rio Tinto Finance USA PLC, 2.250%, due 12/14/18
60
75,000 1.462%, due 4/25/17
76
35,000 Rio Tinto Finance USA PLC, 2.875%, due 8/21/22
34
100,000 1.637%, due 11/25/17
101
65,000 Union Pacific Corp., 3.250%, due 1/15/25 Union Pacific Railroad Co 2003 Pass Through Trust
67
177,281 1.700%, due 8/25/18 82,924 1.950%, due 8/1/43
178 85
37,683 4.698%, due 1/2/24
41
90,037 2.000%, due 7/1/28
89
111,861 2.100%, due 12/1/27
108
41
288,757 2.160%, due 1/1/23 201,217 2.325%, due 7/25/23
284 204
196
175,503 2.494%, due 5/1/44 48,430 2.500%, due 3/1/26
181 49
Union Pacific Railroad Co 2005 Pass Through Trust 36,667 5.082%, due 1/2/29 Union Pacific Railroad Co 2007-3 Pass Through Trust 164,458 6.176%, due 1/2/31 US Airways 2011-1 Class A Pass Through Trust 48,906 7.125%, due 4/22/25
57
142,271 2.501%, due 8/1/42
146
84,960 5.900%, due 4/1/26
95
660,000 2.726%, due 12/1/44
680
214
426,507 2.864%, due11/1/44
441
28
135,000 2.951%, due 8/25/24
136
149 27
167,447 3.230%, due 11/1/20
177
200,000 Xerox Corp., 4.500%, due 5/15/21 25,000 Xerox Corp., 5.625%, due 12/15/19 135,000 Xerox Corp., 6.750%, due 2/1/17 25,000 Xerox Corp., 7.200%, due 4/1/16
2,376
3334
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Par Amount U.S. Agency Obligations (continued)
Fair
Par
Value (000's)
Amount
Federal National Mortgage Association (continued)
Fair U.S. Agency Obligations (continued)
Value (000's)
Federal Home Loan Mortgage Corporation (continued)
168,408 3.330%, due 10/1/20
$
179
117,347 4.000%, due 5/1/21
33,118 3.333%, due 9/1/38
35
28,663 4.000%, due 7/1/26
$
124 31
39,575 3.500%, due 9/1/28
42
77,536 4.000%, due 8/1/25
83
70,378 4.000%, due 4/1/24
75
44,702 4.500%, due 6/1/25
48
89,277 4.000%, due 2/1/27
95
158,853 4.500%, due 7/1/26
172
219,840 4.000%, due 5/1/27
168
235
154,147 4.500%, due 3/1/31
16,710 4.000%, due 11/1/30
18
91,981 4.500%, due 3/1/31
100
183,727 4.000%, due 10/1/33 785,852 4.000%, due 12/1/34
198 846
430,979 4.500%, due 12/1/33 89,659 4.500%, due 9/1/40
470 97
17,080 4.500%, due 3/1/25
18
151,459 4.500%, due 1/1/44
165
97,686 4.500%, due 8/1/26
106
445,325 4.500%, due 7/1/44
485
129,537 4.500%, due 5/25/40
139
263,132 5.000%, due 11/15/34
287
75,345 4.500%, due 2/1/41
82
325,953 5.500%, due 9/15/33
361
149,416 4.500%, due 7/1/42 72,119 4.500%, due 10/1/43
162 78
76,491 5.500%, due 11/1/35 43,384 5.500%, due 7/1/36
86 49
2,630,000 4.500%, due 1/1/45 47,500 5.100%, due 12/1/40
2,855 56
218,614 5.500%, due 7/15/38 60,754 5.500%, due 8/1/38
242 68 75
11,071 5.500%, due 1/1/18
12
66,575 5.500%, due 1/1/39
31,661 5.500%, due 1/1/24
35
67,396 5.569%, due 11/1/39
72
84,971 5.500%, due 12/1/32
96
270,895 5.928%, due 12/15/43
298
33,540 5.500%, due 4/1/33
38
89,535 6.000%, due 12/1/23
98
63,677 5.500%, due 9/1/33
72
22,265 6.000%, due 2/1/39
25
28,247 5.500%, due 8/1/37
32
43,696 6.088%, due 7/25/32
51
162,984 5.500%, due 8/1/37
184
33,000 6.174%, due 3/15/44
37
49,791 5.500%, due 1/1/38 95,167 5.500, due 2/1/38 49,641 5.500%, due 3/1/40 42,550 5.970%, due 1/1/40
56
51,972 6.500%, due 10/1/22
59
107
22,971 6.500%, due 12/1/32
27
56 51
14,663 6.500%, due 12/1/32 37,961 6.500%, due 8/1/37
15 45
22,042 6.500%, due 9/1/37
24
52,006 5.970, due 1/1/40
65
166,356 6.000%, due 3/1/34
191
5,644 6.500%, due 10/1/38
98,572 6.000%. Due 8/1/37
113
3,903 7.000%, due 5/1/26
4
16,962 6.000%, due 7/1/38
19
15,193 7.000%, due 7/1/32
18
117,409 6.000%, due 7/1/39
134
45,102 7.000%, due 9/1/32
54
28,049 6.500%, due 5/1/17
29
40,335 7.000%, due 10/1/32
49
24,759 6.500%, due 12/1/19
26
156,789 7.000%, due 11/1/32
182
75,469 6.500%, due 9/25/28 23,727 6.500%, due 12/1/37
84 27
25,023 6.500%, due 1/1/38
28
20,796 6.500%, due 1/1/39 165,589 6.990%, due 6/19/41
24 187
50,041 7.000%, due 8/25/17 39,784 7.000%, due 11/1/29
53 47
24,395 7.000%, due 8/1/32
28
45,964 7.000%, due 8/1/32
54
6
93,562 7.000%, due 7/25/43 16,396 8.500%, due 12/17/18
108 17 7,403
Government National Mortgage Association
0.31%
98,466 2.140%, due 8/15/23 651,145 2.730%, due 6/15/32
98 655 753
16,449 7.000%, due 8/1/37
18
66,557 7.500%, due 10/25/40
78
49,933 7.500%, due 7/25/41 81,400 7.500%, due 7/25/42
56 96
35,000 Financing Corp Fico, 10.700%, due 10/6/17 45,000 Financing Corp Fico, 0.000%, due 10/6/17
44 43
10,588
90,000 Financing Corp Fico, 0.000%, due 12/27/18
84
Federal Home Loan Mortgage Corporation
Government Backed Agency
3.03%
0.59%
60,000 Financing Corp Fico, 0.000%, due 10/6/17
58
120,000 Financing Corp Fico, 0.000%, due 9/26/19
109
625,000 Financing Corp Fico, 0.000%, 11/30/17
602
21,167 2.4223%, due 11/1/37
22
180,000 Residual Funding Corp Principal Strip, 0.000%, due 10/15/19
164
77,532 2.637%, due 8/1/42
80
330,000 Residual Funding Corp Principal Strip, 0.000%, due 7/15/20
293
1,640,459 2.971%, due 11/1/44
1,698
17,918 3.000%, due 7/15/27
18
614 8.100%, due 3/1/15
23,225 3.027%, due 12/1/37
25
3,515 7.300%, due 5/1/17
4
789,717 3.114%, due 8/1/44 67,867 3.136 %, due 5/1/44
819 71
13,480 6.100%, due 7/1/18 29,197 6120%, due 9/1/21
14 32
142,685 4.000%, due 10/1/31
154
129,935 4.000%, due 12/1/26
139
73,828 4.000%, due 12/15/24
Small Business Administration Participation Certificates 1
1,448 TOTAL U.S. AGENCY OBLIGATIONS
77
(Cost $19,728,596)
35
34
20,192
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND DECEMBER 31, 2014
Par
Fair
Amount U.S. Government Obligations
16.11%
U.S Treasury Notes
16.11%
265,000 0.000%, due 5/15/43
Shares
Value (000's) Short Term Investments
$
118
900,000 0.250%, due 10/15/15
900
525,000 0.250%, due 2/28/15
525
475,000 0.375%, due 4/15/15
475
1,030,000 0.500%, due 11/30/16
Fair
Value (000's)
TOTAL INVESTMENTS
200
2,310,000 0.625%, due 8/31/17
2,288
1,500,000 0.750%, due 2/28/18
1,479
Liabilities Less, Other Assets
1,600,000 0.750%, due 3/15/17 1,920,000 0.875%, due 11/15/17
1,599 1,911
TOTAL NET ASSETS
5,900,000 1.375%, due 2/28/19
5,867 430 318
3,495,000 1.500%, due 2/28/19
3,497
140,000 1.625%, due 4/30/19 20,000 1.750%, due 5/15/23
140 19
2,315,000 2.125%, due 1/31/21
2,350
215,000 2.125%, due 6/30/21 5,150,000 2.250%, due 11/15/24
218
770,000 2.250%, due 11/30/17
796 1,174
725,000 2.750%, due 8/15/42
725
2,330,000 2.875%, due 5/15/43
2,383
1,230,000 3.125%, due 2/15/42 (A)
1,324
855,000 3.125%, due 5/15/19
911
1,140,000 3.625%, due 2/15/44
1,342
885,000 3.750%, due 11/15/43 980,000 4.250%, due 11/15/17 TOTAL U.S. GOVERNMENT OBLIGATIONS
101.39%
247,510
(Cost $195,500,194)
5,185
1,175,000 2.750%, due 11/15/42
10,581
(Cost $10,580,898)
1,027
320,000 1.500%, due 11/30/19
$
TOTAL SHORT TERM INVESTMENTS
200,000 0.500%, due 6/15/16
430,000 1.500%, due 1/31/19
4.33%
10,580,898 Dreyfus Government Cash Management Fund
1,064 1,069 39,334
(Cost $38,371,717) (A) $1,230,000 principal amount of United States Treasury Bond pledged as margin for open futures contracts at December 31, 2014.
3536
-1.39% 100.00% $
(3,397) 244,113
CATHOLIC UNITED INVESTMENT TRUST BALANCED FUND FUTURES CONTRACTS DECEMBER 31, 2014
(A) $1,230,000 of US Treasury Notes pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2014:
OPEN FUTURES CONTRACTS:
Type US 5YR NOTE (CBT) Mar15 US 2YR NOTE (CBT) Mar15 US 10YR NOTE (CBT)Mar15 US LONG BOND (CBT) Mar15 US ULTRA BOND (CBT) Mar15
Number of Contracts 45 (76) 19 (9) (27)
Principal Amount $100,000 $200,000 $100,000 $100,000 $100,000
Position Long Short Long Short Short
36 37
Expiration March 2015 March 2015 March 2015 March 2015 March 2015
Unrealized Gains (Losses) December 31, 2014 5,747 19,016 10,484 (39,938) (202,500) (207,191)
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Equities Number of Stocks Top Ten Stocks (% of Net Assets)
Top Ten Equity Holdings (% of Net Assets) Capital One Financial Corp. JP Morgan Chase & Co. FedEx Corp. Hewlett-Packard Co. Wells Fargo & Co. Wal-Mart Stores Inc. Microsoft Corp. Time Warner Inc. Goldman Sachs Group Inc. Charles Schwab Corp.
Top 5 Industries (% of Net Assets) Financial Services Consumer Discretionary Technology Energy Health Care
96.97% 153 21.73%
2.85% 2.61% 2.34% 2.28% 2.28% 2.10% 2.02% 1.92% 1.70% 1.63%
27.48% 16.13% 15.71% 10.04% 9.97%
37 38
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2014
Shares
96.97% Common Stocks Consumer Discretionary
Fair Value (000's)
Shares
16.13%
41,300 Avis Budget Group Inc.
Financial Services (continued) $
34,200 Cablevision Systems Corp.
2,739
76,900 American International Group Inc.
706
26,000 CarMax Inc. 42,000 Coach Inc.
1,578
35,000 Dish Network Corp.
4,307 992
18,820 Assurant Inc.
1,288
25,540 AXIS Capital Holdings Limited
1,305
6,496
339,000 Bank of America Corp.
6,065
2,551
145,000 Bank of New York Mellon Corp.
5,883
82,642 eBay Inc.
4,638
48,400 Foot Locker Inc. 28,100 Lear Corp.
2,719 2,756
78,200 Liberty Interactive Corp.
2,301
11,117 Liberty Ventures
$
7,500 Ameriprise Financial Inc.
1,731
111,985 Comcast Corp.
Fair Value (000's)
Common Stocks (continued)
63,000 BB&T Corp.
1,834
23,300 Magna International Inc.
2,532
2,087 12,209
21,900 CBOE Holdings, Inc.
419
27,900 Macy's Inc.
2,450
13,900 Berkshire Hathaway Inc. 147,897 Capital One Financial Corp.
1,389
51,440 CBRE Group Inc.
1,762
230,600 Charles Schwab Corp.
6,962
18,500 Chubb Corporation
1,914
51,250 News Corp
804
99,400 Citigroup Inc.
5,379
300 NVR Inc.
383
51,700 Discover Financial Services LLC
3,386
38,700 Target Corp.
2,938
18,750 Time Inc.
9,510 Everest RE Group Inc.
461
1,620
37,500 Goldman Sachs Group Inc.
7,269
40,448 Time Warner Cable Inc.
6,151
96,000 Time Warner Inc.
8,200
178,500 JP Morgan Chase & Co.
99,430 Huntington Bancshares Inc.
11,171
130,000 Twenty-First Century-Class A
4,993
22,800 Lincoln National Corp.
1,315
104,800 Wal-Mart Stores Inc. 15,900 Whirlpool Corp.
9,000 3,080
22,400 McGraw-Hill Companies Inc. 48,000 MetLife Inc.
1,993 2,596
23,350 Moody's Corp.
2,237
69,011
1,046
14,200 Morgan Stanley Consumer Staples
2.91%
551
11,200 Partnerre Ltd.
1,278
26,300 Bunge Ltd
2,391
65,600 Radian Group Inc.
1,097
31,300 Dr Pepper Snapple Group Inc.
2,244
14,800 Reinsurance Group Amer Inc.
1,297
16,500 RenaissanceRe Holdings Ltd.
1,604
8,610 Herbalife Ltb.
325
43,400 Kroger Co.
2,787
18,100 RLJ Lodging Trust
54,400 Pilgrim's Pride Corp 72,500 Tyson Foods Inc.
1,784 2,907
54,000 SunTrust Banks Inc. 34,100 Travelers Companies Inc.
12,438 Energy 67,000 Apache Corp.
10.04% 4,199
83,100 Baker Hughes Inc.
4,659
52,700 Cameron International Corp.
2,632
32,332 Chevron Corp.
3,627
47,800 Exxon Mobil Corp.
4,419
35,600 Halliburton Co. 28,300 Marathon Petroleum Corp.
1,400 2,554
28,900 Nabors Industries Ltd. 8,250 NOW Inc.
63,500 Schlumberger Limited
5,424
24,600 SM Energy Co.
177,806 Wells Fargo & Co. 91,100 Western Union Co.
9,747 1,632
24,900 Anthem Inc. 5,900 Biogen Idec Inc.
2,096 2,840 3,129 2,003
39,100 Cardinal Health Inc.
3,157 3,871 6,757
27,600 Health Net, Inc.
339
9.97%
37,620 CIGNA Corp. 79,800 Express Scripts Holding Co. 6,200 Gilead Sciences Inc.
949
16,800 Superior Energy Services
475
Health Care
212 1,946 834
963
11,200 Voya Financial Inc.
23,600 Aetna Inc. 31,500 Amerisourcebergen Corp.
2,162
39,800 Oil States International 50,300 Patterson-Uti Energy Inc.
27,600 Unum Group
117,594
375
33,000 National Oilwell Varco Inc.
607 2,263 3,609
584 1,477
16,200 Humana Inc.
2,327
41,300 Tesoro Corp.
3,071
13,600 McKesson Corp.
2,823
61,800 Valero Energy Corp. 96,700 Weatherford International Ltd.
3,059 1,107
36,500 Medtronic Inc. 32,700 Omnicare Inc.
2,635 2,385
18,900 United Therapeutics Corp. 41,000 UnitedHealth Group Inc.
2,447 4,145
42,968 Financial Services
27.48%
42,676
247,529 AEGON N.V.
1,856
44,800 Allstate Corp.
3,147
35,700 Ally Financial Inc
843
3839
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued) Materials & Processing
Utilities $
44,500 Celanese Corp. 6,100 CF Industries Holdings Inc. 25,700 LyondellBasell Industries 84,700 United States Steel Corporation
774
4.46%
158,600 AES Corp.
$
2,184
2,668
49,400 American Electric Power Co. Inc.
1,662
91,600 AT&T Inc.
3,077
2,040 2,265
82,800 Calpine Corp. 44,300 CenturyLink Inc.
1,832 1,753
9,409
46,400 Edison International 33,600 Entergy Corp.
3,038 2,939
8.08%
14,700 Caterpillar Inc.
1,345
20,663 Danaher Corp.
1,771
1,962
42,500 Lexmark International Inc.
1,754
66,500 Southwest Airlines Co.
2,814
41,800 Spirit AeroSystems Holdings Inc.
1,799
44,732 The ADT Corp.
1,621
361 887 19,071
2,828 10,020
67,639 Koninklijke Philips Electronics
3,000
13,400 NRG Energy Inc. 213,714 Sprint Nextel Corp.
2,952
57,500 Delta Air Lines Inc. 57,700 FedEx Corp.
Fair Value (000's)
Common Stocks (continued)
2.20%
49,000 Alcoa Inc.
Producer Durables 49,400 Alaska Air Group Inc.
Shares
TOTAL COMMON STOCKS (Cost $302,866,010)
Shares
Short-Term Investments
414,995
3.12%
13,356,825 Dreyfus Government Cash Management Fund
13,357
(Cost $13,356,825)
53,800 Trinity Industries Inc.
1,507
50,465 Tyco International Ltd.
2,213
TOTAL INVESTMENTS
11,400 Union Pacific Corp. 6,200 United Rentals Inc.
1,358 632
(Cost $316,222,835)
100.09%
428,352
34,576 Liabilities Less, Other Assets Technology 25,030 Amdocs Ltd .
1,168
43,123 AOL Inc.
1,991
23,300 Apple Inc.
2,572
10,860 Arrow Electronics Inc. 1,450 Avnet, Inc.
62 1,328
41,700 Cisco Systems Inc.
1,160
88,000 EMC Corp. 148,500 Flextronics Intl. Ltd.
646 2,617 1,660
3,200 Google Inc. Class A
1,698
6,800 Google Inc. Class C
3,580
243,077 Hewlett-Packard Co.
9,755
114,930 Intel Corp.
4,171
36,160 Jabil Circuit Inc.
789
35,100 Juniper Networks Inc.
783
80,500 Maxim Integrated Products Inc.
2,566
42,300 Micron Technology Inc.
1,481
186,521 Microsoft Corp. 72,900 NetApp Inc.
TOTAL NET ASSETS
629
70,000 Cadence Design Systems Inc. 10,240 Computer Sciences Corp.
-0.09%
(381)
15.71%
8,664 3,022
283,500 Nokia Corp.
2,228
200,000 Symantec Corporation
5,131
53,800 Synopsys Inc.
2,339
60,851 TE Connectivity Ltd.
3,849
5,600 VeriSign Inc. 27,500 Western Digital Corp.
319 3,044 67,252
40 39
100.00% $
427,971
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Equities Number of Stocks Top Ten Stocks (% of Net Assets)
Top Ten Equity Holdings (% of Net Assets) Apple Inc. Exxon Mobil Corp. Microsoft Corp. Google Inc. Class A & C Wells Fargo & Co. Berkshire Hathaway Inc. Procter & Gamble Co. Coca-Cola Co. JP Morgan Chase & Co. PepsiCo Inc.
Top 5 Industries (% of Net Assets) Financial Services Technology Consumer Discretionary Health Care Producer Durables
99.65% 467 18.92%
3.53% 2.14% 2.09% 2.04% 1.83% 1.61% 1.61% 1.40% 1.36% 1.32%
19.43% 17.24% 14.26% 11.77% 10.03%
40 41
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks
99.65%
Consumer Discretionary
14.26%
28,215 Amazon.com Inc. 5,000 AutoNation Inc. 2,401 AutoZone Inc. 33,730 Avon Products Inc. 13,940 Bed Bath & Beyond Inc.
Fair Value (000's)
Shares
Fair Value (000's)
Common Stocks (continued) Consumer Discretionary (continued)
$
8,757
18,460 Omnicom Group Inc.
302
$
7,467 O'Reilly Automotive Inc.
1,486
1,438
7,500 PetSmart Inc.
317
610
3,861 priceline.com Incorporated
1,062
1,430
4,402
24,894 Pulte Group Inc.
534
20,750 Best Buy Co. Inc.
809
6,087 PVH Corp.
780
17,200 BorgWarner Inc.
945
4,527 Ralph Lauren Corp.
838
16,300 Cablevision Systems Corp.
336
15,400 Ross Stores Inc.
1,452
12,300 Royal Caribbean Cruises Ltd.
1,014
16,100 CarMax Inc.
1,072
33,200 Carnival Corp.
1,505
35,067 CBS Corp.
1,941
47,490 Staples Inc.
1,563
55,340 Starbucks Corp.
2,284 Chipotle Mexican Grill Inc. 20,200 Coach Inc. 189,584 Comcast Corp.
7,850 Scripps Networks Interactive Inc.
759 10,998
40,023 Costco Wholesale Corp.
5,673
10,090 Darden Restaurants Inc.
592
20,800 Delphi Automotive PLC
1,513
37,034 DirecTV Group Inc.
3,211
591 861 4,541
13,200 Starwood Hotels & Resorts Worldwide Inc.
1,070
46,710 Target Corp.
3,546
32,209 The Interpublic Group of Cos Inc.
669
114,859 The Walt Disney Co.
10,819
8,380 Tiffany & Co.
895
20,518 Time Warner Cable Inc.
3,120
11,200 Discovery Communications Inc.
386
61,723 Time Warner Inc.
5,272
20,700 Discovery Communications Inc.
698
51,040 TJX Companies Inc.
3,500
22,300 Dollar General Corporation
1,577
15,100 Dollar Tree Inc.
1,063
24,270 DR Horton Inc.
4,671
22,080 Estee Lauder Companies Inc.
1,682
7,000 Family Dollar Stores Inc. 283,231 Ford Motor Co.
631
136,500 Twenty-First Century-Class A
5,242
12,200 Under Armour Inc.
828
7,700 Urban Outfitters Inc.
636
271
25,388 VF Corp.
554
1,902
27,238 Viacom Inc.
4,390
2,050
170,538 Wal-Mart Stores Inc.
3,309 Fossil Inc.
366
5,744 Whirlpool Corp.
8,500 GameStop Corp.
287
9,206 Wyndham Worldwide Corp.
16,600 Gannett Co. Inc. 20,005 Gap Inc.
530 842
8,900 Garmin Ltd.
796
8,450 TripAdvisor Inc.
614
83,229 eBay Inc. 7,450 Expedia Inc.
10,100 Tractor Supply Co.
14,646 1,113 790
6,125 Wynn Resorts Ltd. 32,380 Yum! Brands Inc.
911 2,359
470
99,500 General Motors Co.
3,474
11,274 Genuine Parts Co.
1,201
192,353 Consumer Staples
8.95%
19,100 Goodyear Tire & Rubber Co.
546
47,571 Archer-Daniels-Midland Co.
2,474
20,900 H&R Block Inc.
704
11,586 Brown-Forman Corp.
1,018
15,995 Harley-Davidson Inc.
1,054
5,200 Harman International Industries Inc.
555
8,775 Hasbro Inc.
483
96,995 Home Depot Inc. 49,020 Johnson Controls Inc. 15,200 Kohl's Corp. 18,050 L Brands Inc.
13,520 Campbell Soup Co. 9,488 Clorox Co. 446,110 Coca-Cola Co.
10,182
17,040 Coca-Cola Enterprises Inc.
2,370
81,242 Colgate-Palmolive Co.
928 1,562
595 989 18,835 754 5,621
31,799 ConAgra Foods Inc.
1,154
12,343 Constellation Brands Inc.
1,212
10,090 Leggett & Platt Inc.
430
93,646 CVS Caremark Corp.
9,019
12,700 Lennar Corp.
569
14,700 Dr Pepper Snapple Group Inc.
1,054
71,619 Lowe's Companies Inc.
4,927
63,640 General Mills Inc.
3,394
25,960 Macy's Inc.
1,707
19,157 Hershey Co.
1,991
16,001 Marriott International Inc.
1,249
24,915 Mattel Inc. 77,104 McDonald's Corp.
7,225
15,100 Michael Kors Holdings Ltd.
1,134
4,730 Mohawk Industries Inc. 4,425 Netflix Inc.
9,900 Hormel Foods Corp.
771
23,210 Kellogg Co. 8,971 Keurig Green Mountain Inc
735 1,512
20,183 Newell Rubbermaid Inc.
769
37,650 News Corp.
591
516 1,519 1,188
30,991 Kimberly-Clark Corp.
3,581
57,800 Kraft Foods Inc.
3,622
36,030 Kroger Co.
2,313
9,510 McCormick & Co. Inc. 14,888 Mead Johnson Nutrition Company
707 1,497
30,100 Nielsen Holdings Nv
1,346
12,000 Molson Coors Brewing Co.
894
51,402 Nike Inc.
4,942
157,800 Mondelez International Inc.
5,732
10,200 Monster Beverage Corp.
1,105
10,570 Nordstrom Inc.
839
41 42
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued) Consumer Staples (continued)
$
237,961 Procter & Gamble Co.
17,845
24,417 ACE Limited
21,676
17,630 Safeway Inc.
619
50,720 Sysco Corp.
2,013
7,498 The J.M. Smucker Co. 21,600 Tyson Foods Inc. 64,010 Walgreens Boots Alliance Inc. 26,562 Whole Foods Market Inc.
Fair Value (000's)
Common Stocks (continued) Financial Services
188,712 PepsiCo Inc.
4,176 Affiliated Managers Group Inc. 38,700 Aflac Inc. 4,705 Alliance Data Systems Corporation
19.43% $
2,805 886 2,364 1,346
757
30,902 Allstate Corp.
2,171
866
65,476 American Express Co.
6,092
4,878 1,339
219,801 American International Group Inc. 29,173 American Tower Corp.
120,777 Energy
Shares
13,786 Ameriprise Financial Inc. 21,000 Aon Corp.
8.44%
11,237 Apartment Investment & Management Co.
37,251 Anadarko Petroleum Corp.
3,073
5,400 Assurant Inc.
28,151 Apache Corp.
1,764
9,237 Avalonbay Communities Inc.
32,086 Baker Hughes Inc.
1,799
774,365 Bank of America Corp.
12,311 2,884 1,823 1,991 417 370 1,509 13,853
30,700 Cabot Oil & Gas Corp.
909
83,383 Bank of New York Mellon Corp.
3,383
14,900 Cameron International Corp.
744
52,980 BB&T Corporation
2,060
38,260 Chesapeake Energy Corp. 139,139 Chevron Corp. 6,555 Cimarex Energy Co. 90,580 ConocoPhillips Co.
749
144,457 Berkshire Hathaway Inc.
15,609
9,290 BlackRock Inc.
695 6,255
21,690 3,322
11,275 Boston Properties Inc.
1,451
40,929 Capital One Financial Corp.
3,379
17,600 Consol Energy Inc.
595
20,500 CBRE Group Inc.
27,300 Denbury Resources Inc.
222
84,430 Charles Schwab Corp.
2,549
17,356 Chubb Corporation
1,796
28,360 Devon Energy Corp. 5,400 Diamond Offshore Drilling Inc. 17,700 Ensco plc. 40,362 EOG Resources Inc. 11,415 EQT Corporation 311,649 Exxon Mobil Corp. 4,706 First Solar Inc. 17,300 FMC Technologies Inc. 62,600 Halliburton Co. 8,135 Helmerich & Payne Inc 18,675 Hess Corp.
1,736 198
11,317 Cincinnati Financial Corp.
530
223,227 Citigroup Inc.
3,716
23,265 CME Group Inc.
864
13,290 Comerica Inc.
702
587 12,079 2,062 623
28,812
24,600 Crown Castle International Corp.
1,936
210
33,345 Discover Financial Services LLC
2,184
810
2,844 Dun & Bradstreet Corp.
2,462
21,860 E* TRADE Financial Corp.
548
9,000 Equifax Inc.
1,379
26,600 Equity Residential 4,658 Essex Property Trust Inc.
344 530 728 1,911
125,124 Kinder Morgan Inc.
5,294
49,628 Marathon Oil Corp.
1,404
21,000 Fidelity National Information
1,306
962
20,864 Marathon Petroleum Corp.
1,883
61,431 Fifth Third Bancorp
1,252
12,250 Murphy Oil Corp.
619
18,400 Fiserv Inc.
1,306
20,100 Nabors Industries Ltd.
261
28,995 Franklin Resources Inc.
1,605
46,200 General Growth Properties
1,300
31,638 National Oilwell Varco Inc.
2,073
10,100 Newfield Exploration Company
274
37,700 Genworth Financial Inc.
19,700 Noble Corp.
326
29,813 Goldman Sachs Group Inc.
5,779
320
26,486 Noble Energy Inc.
1,256
31,720 Hartford Financial Services Group Inc.
1,322
57,372 Occidental Petroleum Corp.
4,625
33,750 HCP Inc.
1,486
15,700 ONEOK Inc.
782
23,100 Health Care REIT Inc.
1,748 1,347
40,690 Phillips 66
2,917
56,674 Host Hotels & Resorts Inc.
10,538 Pioneer Natural Resources Co.
1,569
36,200 Hudson City Bancorp Inc.
12,500 QEP Resources Inc.
253
12,400 Range Resources Corp.
663
94,680 Schlumberger Limited 26,700 Southwestern Energy Co. 49,397 Spectra Energy Corp. 9,700 Tesoro Corp. 25,700 Transocean Ltd. 38,900 Valero Energy Corp. 49,518 Williams Cos. Inc.
62,876 Huntington Bancshares Inc. 8,354 InterContinental Exchange Inc.
8,087
31,900 Invesco Ltd.
729
294,144 JP Morgan Chase & Co.
1,793 721 471
113,830
4243
661 1,832 1,261 18,408
64,590 KeyCorp.
898
31,000 Kimco Realty Corp.
779
7,500 Legg Mason Inc.
1,926 2,225
366
400
22,900 Leucadia National Corp. 19,195 Lincoln National Corp.
513 1,107
34,500 Loews Corp.
1,450
9,912 M&T Bank Corp. 40,130 Marsh & McLennan Companies Inc.
1,245 2,297
72,130 Mastercard Inc.
6,215
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued) Financial Services (continued)
Shares
Fair Value (000's)
Common Stocks (continued) Health Care (continued)
19,978 McGraw-Hill Companies Inc.
$
1,778
53,840 Hospira Inc.
82,797 MetLife Inc.
4,478
11,360 Humana Inc.
13,660 Moody's Corp.
1,309
2,648 Intuitive Surgical Inc.
112,751 Morgan Stanley
4,375
8,070 Laboratory Corp. of America Holdings
8,900 NASDAQ OMX Group
427
30,924 Navient Corp.
1,099
23,800 People's United Financial Inc.
361
13,400 Plum Creek Timber Co. Inc.
573
3,298 1,632 1,401 871
16,700 Mallinckrodt PLC
668
16,300 Northern Trust Corp.
$
1,654
20,781 McKesson Corp.
4,314
95,600 Medtronic Inc.
6,902
6,463 Patterson Companies Inc.
311
10,626 Quest Diagnostics Inc.
713
38,732 PNC Financial Services Group Inc.
3,534
20,160 Principal Financial Group Inc.
1,047
23,936 St. Jude Medical Inc.
1,557
40,610 Progressive Corp.
1,096
32,730 Stryker Corp.
3,087
36,827 ProLogis Inc.
1,585
94,989 UnitedHealth Group Inc.
9,602
37,160 Prudential Financial Inc.
3,361
10,679 Public Storage Inc.
1,974
101,532 Regions Financial Corp. 28,375 Simon Property Group Inc.
8,101 Regeneron Pharmaceuticals Inc.
7,400 Varian Medical Systems Inc.
2,447
38,340 SunTrust Banks Inc.
1,606
19,400 T. Rowe Price Group Inc.
1,666
10,700 The Macerich Co.
892
9,580 Torchmark Corp.
519
12,023 Total System Services Inc.
Materials & Processing
580
86,616 Alcoa Inc.
1,368
8,250 Allegheny Technologies Inc.
287
10,186 Ball Corp.
694
3,750 CF Industries Holdings Inc.
21,700 Ventas Inc.
1,556
10,942 Eastman Chemical Co.
35,949 Visa Inc.
9,426
20,775 Ecolab Inc.
12,853 Vornado Realty Trust
2,036
5,036 Airgas Inc.
5,921
1,513
450,018 Wells Fargo & Co.
3.51%
14,118 Air Products & Chemicals Inc.
670
131,729 Us Bancorp
1,917 4,798 158,838
2,582
19,198 Unum Group
2,666
16,905 Zimmer Holdings Inc. 111,500 Zoetis Inc.
408
24,391 Travelers Companies Inc.
640
22,441 Vertex Pharmaceuticals Incorporated
1,072 5,167
31,170 State Street Corp.
3,323
24,670
1,022 830 2,171
67,304 EI DuPont de Nemours & Co.
4,976
27,700 Fastenal Co.
1,317
40,012 Western Union Co.
717
38,870 Weyerhaeuser Co.
1,395
76,558 Freeport-McMoran Copper & Gold Inc.
1,788
651 402
35,400 Ingersoll-Rand Public Ltd. 6,100 International Flavors & Fragrances Inc.
2,244 618
18,950 XL Group plc 14,100 Zions Bancorporation
10,200 FMC Corp.
262,248 Health Care 175,062 Abbott Laboratories 204,062 AbbVie Inc.
11.77%
31,443 International Paper Co.
1,685
30,575 LyondellBasell Industries
2,427
4,589 Martin Marietta Materials Inc. 7,881 13,354
663
12,684 MeadWestvaco Corp.
563
2,971
39,019 Monsanto Co.
23,823 Alexion Pharmaceuticals Inc.
4,408
37,673 Newmont Mining Corp.
27,991 Allergan Inc.
5,951
23,470 Nucor Corp.
92,905 Amgen Inc.
506
26,290 Masco Corp.
33,450 Aetna Inc.
18,800 Amerisourcebergen Corp.
582
4,662 712 1,151
1,695
12,600 Owens-Illinois Inc.
14,799
10,151 PPG Industries Inc.
2,346
340 4,037
22,921 Anthem Inc.
2,880
31,157 Praxair Inc.
27,244 Biogen Idec Inc.
9,248
15,000 Sealed Air Corp.
97,603 Boston Scientific Corp.
1,293
6,121 Sherwin-Williams Co.
1,610
36,675 Cardinal Health Inc.
2,961
81,566 The Dow Chemical Co.
3,720
15,337 CareFusion Corp. 78,369 Celgene Corporation
910 8,766
23,500 The Mosaic Company 10,000 Vulcan Materials Co.
1,073 657
28,100 Cerner Corp.
1,817
24,169 CIGNA Corp.
2,487
33,326 Covidien, Ltd.
3,409
5,635 CR Bard Inc. 21,554 DaVita Inc. 10,900 Dentsply International Inc. 8,005 Edwards Lifesciences Corp. 82,114 Express Scripts Holding Co. 150,618 Gilead Sciences Inc.
636
47,301 Producer Durables
939
93,846 3M Co.
1,632
46,500 Accenture plc.
10.03% 15,421 4,153
581
6,933 Allegion Plc.
385
1,020
35,500 Ametek Inc.
1,868
6,953
35,378 Automatic Data Processing Inc.
2,949
14,197
7,234 Avery Dennison Corp. 10,800 C.H. Robinson Worldwide Inc.
4344
375 809
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued)
Shares
Fair Value (000's)
Common Stocks (continued)
Producer Durables (continued)
Technology (continued)
76,505 Caterpillar Inc.
$
7,300 Cintas Corp. 73,650 CSX Corp.
7,003
375,541 Cisco Systems Inc.
573
11,800 Citrix Systems Inc.
2,668
14,323 Cummins Inc.
2,065
123,400 Danaher Corp.
10,577
81,620 Deere & Co.
7,221
62,100 Delta Air Lines Inc.
3,055
18,200 Dover Corp.
1,305
132,010 Emerson Electric Co. 14,700 Expeditors International of Washington Inc. 19,548 FedEx Corp. 11,850 Flowserve Corp. 55,799 Illinois Tool Works Inc. 7,700 Joy Global Inc.
2,359
10,300 Computer Sciences Corp.
649
23,127 Electronic Arts Inc.
1,087
149,384 EMC Corp.
4,443
5,456 F5 Networks Inc.
712
153,400 Facebook Inc.
11,968
8,149
21,315 Google Inc. Class A
11,311
656
30,735 Google Inc. Class C
16,179
7,758 Harris Corp.
352
137,410 Hewlett-Packard Co.
709
355,879 Intel Corp.
5,284
13,785 Iron Mountain Inc.
10,446 753
44,800 Cognizant Technology Solutions Corp.
3,395
10,900 FLIR Systems Inc.
$
557 5,514 12,915
72,181 International Business Machines Corp.
11,581
533
20,900 Intuit Inc.
358
28,300 Juniper Networks Inc.
1,927 632 851
8,340 Kansas City Southern
1,018
12,100 KLA-Tencor Corp
22,793 Norfolk Southern Corp.
2,498
11,661 Lam Research Corp.
925
36,100 Paccar Inc.
2,455
17,800 Linear Technology Corp.
812
11,099 Pall Corp.
1,123
15,000 Microchip Technology Inc.
15,890 Parker-Hannifin Corp.
2,049
78,830 Micron Technology Inc.
24,475 Paychex Inc.
1,130
31,791 Pentair Ltd.
2,112
606,650 Microsoft Corp.
28,179
15,630 Motorola Solutions Inc.
15,640 Pitney Bowes Inc.
381
22,900 NetApp Inc.
17,600 Quanta Services Inc.
500
38,870 NVIDIA Corp.
19,045 Republic Services Inc.
767
238,116 Oracle Corp.
590
122,330 Qualcomm Inc.
10,100 Robert Half International Inc.
677 2,760 1,048 949 779 10,708 9,093
18,129 Rockwell Automation Inc.
2,016
13,900 Red Hat Inc.
18,900 Rockwell Collins Inc.
1,597
42,432 Salesforce.com Inc.
2,517
961
16,381 Roper Industries Inc.
2,561
16,513 SanDisk Corp.
1,618
4,000 Ryder System Inc.
371
24,100 Seagate Technology
1,603
5,408 Snap-on Inc.
739
50,833 Symantec Corporation
1,304 1,904
50,425 Southwest Airlines Co.
2,134
30,100 TE Connectivity Ltd.
18,487 Stanley Black & Decker Inc.
1,776
11,400 Teradata Corp.
6,442 Stericycle Inc.
844
13,100 The ADT Corp.
498
77,700 Texas Instruments Inc.
475
4,154
8,500 VeriSign Inc.
485
39,400 Tyco International Ltd.
1,728
15,768 Western Digital Corp.
1,746
65,439 Union Pacific Corp. 58,448 United Parcel Service Inc.
7,796 6,498
19,440 Xilinx Inc. 64,800 Yahoo! Inc.
842 3,273
7,249 United Rentals Inc.
739
51,620 Waste Management Inc.
232,656
2,649 Utilities
6.02%
40,898 Waters Corp.
4,610
10,705 WW Grainger Inc.
2,729
48,200 AES Corp.
664
79,861 Xerox Corp. 13,500 Xylem Inc.
1,107 514
9,231 AGL Resources Inc. 17,900 Ameren Corp.
503 826
135,369 Technology 34,890 Adobe Systems Inc.
35,960 American Electric Power Co. Inc. 429,942 AT&T Inc.
17.24%
32,422 CenterPoint Energy Inc. 2,537
42,029 CenturyLink Inc.
2,183 14,442 760 1,664
13,500 Akamai Technologies Inc.
850
20,300 CMS Energy Corp.
22,800 Altera Corp.
842
21,600 Consolidated Edison Inc.
1,426
22,800 Amphenol Corp.
1,227
64,894 Dominion Resources Inc.
4,990
23,090 Analog Devices Inc.
1,282
13,000 DTE Energy Co.
1,123
69,669 Duke Energy Corp.
5,820 1,572
431,663 Apple Inc.
47,647
705
89,720 Applied Materials Inc.
2,236
24,007 Edison International
16,770 Autodesk Inc.
1,007
13,500 Entergy Corp.
1,181
18,500 Avago Technologies Ltd.
1,861
63,311 Exelon Corp.
2,348
39,600 Broadcom Corp.
1,716
31,656 Firstenergy Corp.
1,234
24,035 CA Inc.
732
73,820 Frontier Communications Corp.
44
45
492
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Utilities (continued) 6,128 Integrys Energy Group Inc.
477 1,037
34,225 NextEra Energy Inc.
3,638
23,300 Northeast Utilities
668 520
34,200 PG&E Corp. 8,100 Pinnacle West Capital Corp.
1,821 553
49,237 PPL Corporation
1,789
37,300 Public Service Enterprise Group
1,545 1,942
99,069 Southern Co.
4,865
46,003 Windstream Holdings Corp. 17,100 Wisconsin Energy Corp. 38,005 Xcel Energy Inc.
TOTAL INVESTMENTS
Liabilities Less, Other Assets
TOTAL NET ASSETS
328 14,658 379 902 1,365 81,269
TOTAL COMMON STOCKS
5,006
100.02%
1,349,647
(Cost $929,815,359)
646
17,441 Sempra Energy
313,339 Verizon Communications Inc.
$
1,247
19,300 Pepco Holdings Inc.
16,000 TECO Energy Inc.
Fair Value (000's)
0.37%
(Cost $5,006,230)
983
24,800 NRG Energy Inc.
10,700 SCANA Corp.
Short-Term Investments 5,006,230 Dreyfus Government Cash Management Fund
$
21,000 Level 3 Communications Inc. 23,184 NiSource Inc.
Shares
1,344,641
(Cost $924,809,129)
4546
-0.02%
100.00% $
(282)
1,349,365
CATHOLIC UNITED INVESTMENT TRUST CORE EQUITY INDEX FUND FUTURES CONTRACTS DECEMBER 31, 2014
$207,000 of cash pledged as margin for futures contracts. The Portfolio had the following open futures contracts at December 31, 2014:
OPEN FUTURES CONTRACTS:
Type S&P 500
Number of Contracts 35
Principal Amount $100,000
Position Long
46 47
Expiration March 2015
Unrealized Gains (Losses) December 31, 2014 ($36,068)
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Equities Number of Stocks Top Ten Stocks (% of Net Assets)
Top Ten Equity Holdings (% of Net Assets) Apple Inc. Microsoft Corp. Oracle Corp. Google Inc. Class A & C Verizon Communications Inc. Gilead Sciences Inc. Home Depot Inc. Qualcomm Inc. Amgen Inc. Comcast Corp.
Top 5 Industries (% of Net Assets) Technology Consumer Discretionary Health Care Financial Services Producer Durables
99.92% 278 28.42%
7.17% 4.02% 3.06% 2.74% 2.38% 2.12% 1.98% 1.70% 1.68% 1.57%
33.23% 17.57% 15.98% 9.61% 9.03%
47 48
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014
Shares Common Stocks
Fair 99.92% Value (000's)
Consumer Discretionary
17.57%
4,613 Advance Auto Parts Inc.
Shares Consumer Staples (continued)
$
735
73,365 Coca-Cola Co.
1,454 Amazon.com Inc.
451
18,465 Coca-Cola Enterprises Inc.
2,267 Avis Budget Group Inc.
150
37,545 Avon Products Inc. 6,922 Brinker International Inc. 58,273 Cablevision Systems Corp.
Fair Value (000's)
Common Stocks (continued)
10,095 ConAgra Foods Inc.
406
38,282 CVS Caremark Corp.
3,097 817
7,370 Colgate-Palmolive Co.
353 1,203
$
510 366 3,687
4,865 Dr Pepper Snapple Group Inc.
349
1,197 Chipotle Mexican Grill Inc.
819
10,334 General Mills Inc.
551
4,370 Choice Hotels International Inc.
245
4,495 Health Net, Inc.
241
86,575 Comcast Corp.
5,022
19,265 Costco Wholesale Corp.
2,731
11,569 Hershey Co. 5,575 Keurig Green Mountain Inc
738
26,581 DirecTV Group Inc.
2,305
2,277 Kimberly-Clark Corp.
263
15,631 Discovery Communications Inc. Class A
538
11,370 Kraft Foods Inc.
25,358 Discovery Communications Inc. Class K
855
33,220 Kroger Co.
5,745 Domino's Pizza Inc.
541
11,903 eBay Inc.
668
12,319 Expedia Inc.
1,052
5,175 Ford Motor Co.
80
13,080 Gap Inc.
551
21,740 Gentex Corp./MI
785
9,770 Genuine Parts Co. 60,221 Home Depot Inc. 5,210 Kohl's Corp. 12,890 Lamar Advertising Co - A
712 2,133
2,040 McCormick & Co. Inc.
152
49,792 Mondelez International Inc.
1,809
11,475 Monster Beverage Corp.
1,243
23,750 Pepsico Inc.
2,246
3,540 Procter & Gamble Co.
322
41,130 Rite Aid Corp.
309
1,041
630 Safeway Inc.
22
6,321
16,110 Sysco Corp.
639
318 691
250 Lear Corp.
1,202
3,160 The J.M. Smucker Co. 16,390 Walgreens Boots Alliance Inc.
319 1,249
25
27,132 Liberty Interactive Corp.
25,497
798
3,857 Liberty Ventures 1,500 LKQ Corp. 47,364 Lowe's Companies Inc.
145
Energy
42
8,843 Apache Corp.
3,259
2,380 Marriott International Inc.
186
4,658 Mattel Inc.
144
17,949 McDonald's Corp.
1,682
4,290 Michael Kors Holdings Ltd. 2,090 Netflix Inc.
322 714
5,182 Nike Inc.
498
4,610 Nordstrom Inc.
366
630 NVR Inc.
803
10,912 Omnicom Group Inc.
845
1.42% 554
15,517 Baker Hughes Inc.
870
30,272 Cabot Oil & Gas Corp.
896
1,158 Cheniere Energy Inc.
82
17,066 Devon Energy Corp.
1,045
11,381 National Oilwell Varco Inc. 3,874 Schlumberger Limited
746 331 4,524
Financial Services
9.61%
31,530 Allied World Assurance Company Holdings
1,196 3,695
8,229 O'Reilly Automotive Inc.
1,585
39,713 American Express Co.
1,866 priceline.com Incorporated
2,128
4,439 American Tower Corp.
439
1,271
6,310 Ameriprise Financial Inc.
834
59,215 Pulte Group Inc. 11,349 Scripps Networks Interactive Inc.
856
1,310 Six Flags Entertainment Corp.
57
8,630 Staples Inc.
156
1,764 Starbucks Corp.
145
950 Starz
28
3,550 Target Corp.
269
12,244 Aon Corp. 100 Artisan Partners Asset Management Inc. 1,150 Assurant Inc. 96,602 Bank of America Corp.
1,161 5 79 1,728
1,420 BlackRock Inc.
508
7,220 Broadridge Financial Solutions Inc.
333
11,527 The Walt Disney Co.
1,086
13,308 Time Warner Cable Inc.
2,024
2,176 CBRE Group Inc.
33,735 TJX Companies Inc.
2,314
2,530 Dun & Bradstreet Corp.
306
6
8,720 Endurance Specialty Holdings
522
648
12,000 Equity LifeStyle Properties Inc.
90 Under Armour Inc. 8,605 Viacom Inc. 13,258 Wal-Mart Stores Inc.
1,139
1,930 Whirlpool Corp.
374
27,962 Wyndham Worldwide Corp.
2,398
8,027 Wynn Resorts Ltd. 9,637 Yum! Brands Inc.
1,194 702 56,070
640 CBOE Holdings, Inc.
23,403 Erie Indemnity Co.
Consumer Staples 10,690 Archer-Daniels-Midland Co.
7.99%
75
619 2,124
8,655 Extra Space Storage Inc.
508
4,650 Fidelity National Information
289
1,140 Gaming and Leisure Properties Inc 10,207 Global Payments Inc. 284 Halyard Health Inc. 3,381 InterContinental Exchange Inc.
13,964 Anheuser-Busch InBev SA/NV
41
33 824 13 741
43,414 Itau Unibanco H-Spon Prf
565
1,568
2,180 Jones Lang Lasalle Inc.
327
556
4,532 JP Morgan Chase & Co.
5,850 Campbell Soup Co.
257
1,340 Clorox Co.
140
48 49
11,128 Legg Mason Inc. 2,590 Marsh & McLennan Companies Inc.
284 594 148
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued) Financial Services (continued)
Shares Materials & Processing
20,510 Mastercard Inc.
$
3,033 Plum Creek Timber Co. Inc.
1,767 130
Fair Value (000's)
Common Stocks (continued) 2.42%
12,758 Ball Corp.
$
870
6,831 Compass Minerals International Inc.
593
5,550 EI DuPont de Nemours & Co.
410
79
5,640 Ingersoll-Rand Public Ltd.
358
4,860 Simon Property Group Inc.
885
870 International Paper Co.
47
5,840 StanCorp Financial Group Inc.
408
1,620 LyondellBasell Industries
129
1,720 The Howard Hughes Corp.
224
3,517 Monsanto Co.
1,610 Travelers Companies Inc.
170
8,252 PPG Industries Inc.
1,907
21,670 Validus Holdings Ltd.
901
8,607 Sherwin-Williams Co.
2,264
15,460 Vantiv Inc.
524
7,680 The Dow Chemical Co.
350
438
2,700 The Mosaic Company
123
6,333 Public Storage Inc.
1,171
2,840 Rayonier Inc.
6,110 Ventas Inc. 16,042 Visa Inc.
4,206
14,143 Waddell Reed Financial 43,325 Western Union Co.
705 776
8,305 Weyerhaeuser Co.
420
1,870 TimkenSteel Corp.
69
2,110 Vulcan Materials Co. 956 Westlake Chemical Corp.
139 58
298 30,673
7,737 Producer Durables
9.03%
21,392 3M Co. Health Care
15.98%
3,515
10,110 A.O. Smith Corp.
570
28,405 Abbott Laboratories
1,279
8,136 Accenture plc.
29,515 AbbVie Inc.
1,931
3,900 Alaska Air Group Inc.
233
23,257 Aetna Inc.
2,066
9,252 Automatic Data Processing Inc.
771
6,950 Amerisourcebergen Corp. 33,698 Amgen Inc. 2,040 Anthem Inc. 8,896 Biogen Idec Inc. 60,800 Boston Scientific Corp. 4,980 Cardinal Health Inc. 42,835 Celgene Corporation
627 5,368 256 3,020
702
18,215 CR Bard Inc.
3,035
730 Envision Healthcare Holdings Inc.
386 25
33,885 Express Scripts Holding Co.
2,869
71,663 Gilead Sciences Inc.
6,755
2,580 Graco Inc. 5,005 Harsco Corporation
207 95
55,635 Hologic Inc.
1,488
9,435 Hospira Inc.
578
700 Humana Inc.
101
4,953 Illumina Inc.
914
670 Incyte Corp.
49
40 Intercept Pharmaceuticals, Inc. 5,659 Laboratory Corp. of America Holdings 5,500 McKesson Corp. 70 Medivation Inc 30,459 Medtronic Inc 640 Patterson Companies Inc. 5,290 Pharmacyclics Inc. 11,435 Premier Inc.
6 611 1,142 7 2,199 31 647 383
6,830 Quest Diagnostics Inc.
458
2,650 Quintiles Transnational Holdings Inc.
156
2,090 Regeneron Pharmaceuticals Inc. 9,504 Salix Pharmaceuticals Ltd
857 1,092
2,787 Seattle Generics Inc.
90
13,724 St. Jude Medical Inc.
892
3,860 Stryker Corp. 2,190 Teleflex Inc. 19,295 Vertex Pharmaceuticals Incorporated 13,893 Zimmer Holdings Inc.
6,198 Caterpillar Inc.
567 183
2,360 Deere & Co.
194
364 251 2,292 1,576 50,999
4950
509
5,055 CSX Corp. 27,912 Danaher Corp.
6,820 CIGNA Corp.
524
6,800 C.H. Robinson Worldwide Inc.
806
3,050 Charles River Laboratories International Inc.
5,100 DaVita Inc.
19,760 Booz Allen Hamilton Holding Corp.
402 4,792
727
2,392 209
16,557 Emerson Electric Co.
1,022
1,380 FedEx Corp.
240
10,167 Hanover Insurance Group Inc./The
725
20,203 Illinois Tool Works Inc.
1,913
11,850 Landstar System Inc.
859
730 Mettler-Toledo International Inc.
221
1,830 Norfolk Southern Corp.
201
35,169 Paychex Inc.
1,624
29,071 Pitney Bowes Inc.
708
9,612 Rockwell Automation Inc.
1,069
11,791 Rollins Inc.
390
1,730 Southwest Airlines Co.
73
11,840 Spirit AeroSystems Holdings Inc.
510
3,960 Spirit Airlines Inc.
299
2,780 Toro Co.
177
1,920 Triumph Group, Inc.
129
19,180 Union Pacific Corp.
2,285
43,100 United Parcel Service Inc.
4,791
910 United Rentals Inc.
93
9,520 Waste Management Inc.
489
2,347 Waters Corp.
265
34,000 Xerox Corp. 729 Zebra Technologies Corp
471 56 28,810
Technology
33.23%
57,204 Activision Blizzard Inc
1,153
11,600 Alibaba Group Holding Ltd.
1,206
2,172 Alliance Data Systems Corporation 75,744 Altera Corp. 207,406 Apple Inc. 9,830 ARRIS Group Inc. 22,745 Atmel Corp. 34,886 Broadcom Corp.
621 2,798 22,893 297 191 1,512
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares
Technology (continued) 47,534 Brocade Communications Systems Inc. 3,084 CDK Global Inc. 1,000 CDW Corp./DE 20,728 Check Point Software Technologies Ltd. 126,343 Cisco Systems Inc.
Utilities $
563 126
533
4,740 Diebold Inc.
164
64,000 Facebook Inc.
8,571
490 388 2,335
TOTAL COMMON STOCKS (Cost $243,214,627)
Shares
Short-Term Investments
TOTAL INVESTMENTS
5,741
(Cost $244,105,781)
10,505 Hewlett-Packard Co.
422
4,537 IAC/InterActiveCorp.
276
Liabilities Less, Other Assets
8,800 Informatica Corp. 6,615 Ingram Micro Inc.
336 183
TOTAL NET ASSETS
35,992 Intel Corp.
1,306
19,673 International Business Machines Corp.
3,156
16,931 Intuit Inc.
1,561 956 1,055
26,750 Marvell Technology Group Ltd.
388
52,774 Maxim Integrated Products Inc.
1,682
13,600 Micron Technology Inc. 276,405 Microsoft Corp. 1,760 Motorola Solutions Inc.
860 476 12,839 118
58,561 NetApp Inc.
2,427
217,251 Oracle Corp.
9,770
10,895 PMC-Sierra Inc.
100
72,835 Qualcomm Inc.
5,414
15,976 SanDisk Corp.
1,565
1,890 SBA Communications Corp. 13,245 Skyworks Solutions Inc. 2,185 Solera Holdings Inc 2,470 SunEdison Inc. 3,069 Tech Data Corp. 15,190 Texas Instruments Inc. 1,531 VMware Inc. 18,859 Western Digital Corp.
891
4,993
10,906 Google Inc.Class C
19,071 Microchip Technology Inc.
0.28%
(Cost $891,154)
3,002
23,127 Linear Technology Corp.
318,957
891,153 Dreyfus Government Cash Management Fund
5,657 Google Inc. Class A
13,596 KLA-Tencor Corp.
988 7,583
3,514
8,460 Computer Sciences Corp.
17,895 F5 Networks Inc.
$
35
515 155
13,055 EMC Corp.
2.69%
24,970 CenturyLink Inc. 162,092 Verizon Communications Inc.
1,629
8,070 Citrix Systems Inc. 6,799 CommScope Holding Co. Inc.
5,200 DST Systems Inc.
Fair Value (000's)
Common Stocks (continued)
209 963 112 48 194 812 126 2,088
23,047 Xilinx Inc.
998
14,839 Yahoo! Inc. 590 Yelp Inc.
750 32 106,076
50 51
100.20%
-0.20% 100.00% $
319,848
(642) 319,206
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Equities Number of Stocks Top Ten Stocks (% of Net Assets)
Top Ten Equity Holdings (% of Net Assets) Toyota Motor Corp KDDI Corp Reed Elsevier NV Akzo Nobel NV Total SA Barclays PLC Nestle SA UBS Group AG Linde AG Sumitomo Mitsui Financial Group Inc
Top 5 Industries (% of Net Assets) Financial Services Producer Durables Consumer Discretionary Materials & Processing Utilities
Summary of Investments by Country % of Investments Australia 3.18% Austria 0.31% Belgium 1.43% Brazil 1.12% Canada 6.31% China 2.07% Denmark 1.55% Finland 0.57% France 10.95% Germany 5.22% Greece 0.03% Hong Kong 1.66% India 0.55% Indonesia 0.31% Ireland 1.35% Italy 1.02% Japan 18.79% Kazakhstan 0.01% Luxembourg 0.23% Malaysia 0.48% Mexico 0.05% Netherlands 5.58% New Zealand 0.39% Norway 1.18% Philippines 0.01% Poland 0.14% Qatar 0.02% Russia 0.08% Singapore 0.69% South Africa 0.65% South Korea 1.37% Spain 1.20% Sweden 2.09% Switzerland 7.81% Taiwan 0.89% Thailand 0.23% Turkey 0.10% Unitied Arab Kingdom 0.06% United Kingdom 19.14% United States 1.18% Total 100.00%
99.82% 263 16.30%
2.33% 2.33% 1.98% 1.88% 1.46% 1.35% 1.29% 1.25% 1.23% 1.21%
20.63% 16.19% 14.76% 11.04% 9.39%
51 52
Fair Value (000's)
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
16,076 1,567 7,229 5,662 31,899 10,464 7,836 2,882 55,356 26,389 152 8,392 2,780 1,567 6,825 5,156 94,989 51 1,163 2,427 253 28,209 1,972 5,965 51 708 101 404 3,488 3,286 6,926 6,066 10,566 39,482 4,499 1,163 506 303 96,759 5,965 505,531
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014
Shares Common Stocks
Fair 98.82% Value (000's)
Consumer Discretionary
14.76%
475,000 ANTA Sports Products Ltd
Shares Energy (continued)
$
839
29,030 Gazprom OAO
1,793
64,600 Imperial Oil Ltd
74,600 Bridgestone Corp
2,613
20,900 JA Solar Holdings Co Ltd
20,000 Canadian Tire Corp Ltd
2,119
5,730 KazMunaiGas Exploration Production JSC
5,425
1,545 Lukoil OAO
11,142 Continental AG
2,367
1,607 PetroChina Co Ltd-ADR
59,800 East Japan Railway Co
4,550
59,318 Bellway PLC
119,186 Carnival PLC
4,142 FF Group
Fair Value (000's)
Common Stocks (continued)
132
76,500 Fuji Heavy Industries Ltd
2,744
43,400 FUJIFILM Holdings Corp
1,340
$
135 2,791 171 83 61 178
604,000 PetroChina Co Ltd
670
63,341 Petrofac Ltd
694
9,500 Petroleo Brasileiro SA
72
307,900 PTT Global Chemical PCL
480
106,223 Inchcape PLC
1,201
38,700 PTT PCL
717,766 ITV PLC
2,408
54,883 Royal Dutch Shell PLC Class A
1,843
1,187
45,865 Royal Dutch Shell PLC Class B
1,597
69,300 JTEKT Corp 7,454 KIA Motors Corp
355
757,504 Kingfisher PLC
4,022
27,874 Magna International Inc
3,030
2,550 Naspers Ltd
334
17,206 Next PLC
1,830
420,000 Nikon Corp
5,619
21,648 Pandora A/S
1,775
96,337 Persimmon PLC
2,370
416,849 Reed Elsevier NV
10,011
80,600 Sekisui House Ltd
1,067
380,000 Skyworth Digital Holdings Ltd
207
35,331 Tata Motors Ltd
1,494
186,800 Toyota Motor Corp
11,776
16,034 Valeo SA
2,010 74,618
23,635 Sasol Ltd
Consumer Staples
8.10%
144,867 AMBEV SA
891
35,637 Anheuser-Busch InBev NV
4,047
21,500 Arca Continental SAB de CV
136
8,317 Tatneft OAO
Financial Services
5,358
206,370 AXA SA
4,796
6,870 Banco do Brasil SA 843,800 Bank Negara Indonesia Persero Tbk PT
2,346
1,792,576 Barclays PLC
6,806
8,634 Barwa Real Estate Co
74,407 Brookfield Asset Management Inc
1,514 3,740
406,000 China Communications Construction Co Ltd
488 187
1,474,500 China Hongqiao Group Ltd 57,565 Commonwealth Bank of Australia
95
99 5,918
343,000 China Everbright Bank Co Ltd
2,330
342 CJ CheilJedang Corp
61 416
4,164,000 Bank of China Ltd
47,385 Associated British Foods PLC
813
20.63%
709,214 Aviva PLC
59,904 Cielo SA
1,922
7,370 33,913
1,472
182,779 Britvic PLC
204 4,810
143,249 Total SA
19,008 Aryzta AG 415,100 Astra Agro Lestari Tbk PT
1,249
80,440 Technip SA
452,500 BOC Hong Kong Holdings Ltd 3,384
881
71,373 Statoil ASA
99,284 BNP Paribas SA 80,498 Alimentation Couche Tard Inc
381
157,224 Credit Suisse Group AG 11,630 Daishin Securities Co Ltd 290,810 Direct Line Insurance Group PLC
994 939 4,035 3,968 100 1,321
7,700 Daesang Corp
234
82,343 DNB ASA
9,489 Diageo PLC
273
95,881 Dubai Islamic Bank PJSC
181
66,200 Even Construtora e Incorporadora SA
135
23,640 First Gulf Bank PJSC
109
30,563 Heineken NV
2,180
341,000 Industrial & Commercial Bank of China Ltd
249
359,801 JBS SA 27,500 Metro Inc
1,516
107,460 FirstRand Ltd
470
2,215
125,600 Guangzhou R&F Properties Co Ltd
154
88,820 Nestle SA
6,521
75,000 NH Foods Ltd
1,650
11,800 Royal Unibrew A/S
2,084
43,000 Thai Union Frozen Prodcuts
118
113,700 Unilever NV 36,194 Unilever PLC 113,001 Woolworths Ltd
61,917 Industrial Bank of Korea 59,483 Investor AB
2,837 6.71% 200
329,000 Bankers Petroleum Ltd
926
78,887 Canadian Natural Resources Ltd 4,740 China Petroleum & Chemical Corp
37,500 ICICI Bank Ltd 297,900 Indofood Sukses Makmur Tbk PT
4,491
207,000 Bangchak Petroleum PCL/The 266,626 BG Group PLC
8,416 HDFC Bank Ltd 629,557 HSBC Holdings PLC
1,483 40,941
Energy
1,216
3,596 2,446 384
19,090 DCC PLC
1,058
365,202 Enel SpA
1,633
52 53
111,321 Itau Unibanco Holding SA 75,300 Itausa - Investimentos Itau SA
427 6,007 433 162 794 2,163 1,449 266
56,629 KBC Groep NV
3,186
597,000 Kobe Steel Ltd
1,041
12,800 Kyongnam Bank 385,151 Legal & General Group PLC 8,104 Liberty Holdings Ltd 2,874,678 Lloyds Banking Group PLC 33,169 Macquarie Group Ltd 723,290 Man Group PLC
139 1,493 86 3,399 1,582 1,810
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued) Financial Services (continued)
Shares
Fair Value (000's)
Common Stocks (continued) Materials & Processing (continued)
682,000 Megaworld Corp
$
216,000 Mitsubishi UFJ Financial Group Inc
71 1,197
87,904 MMI Holdings Ltd/South Africa
228
254,300 Natixis SA
1,688
77,500 ORIX Corp
985
220,283 Paragon Group of Cos PLC/The
1,430
1,265 Powszechny Zaklad Ubezpieczen SA
173
139,071 Prudential PLC 36,633 Royal Bank of Canada 203,047 Sanlam Ltd 438,357 Shenzhen Investment Ltd
366,228 Rexam PLC
$
4,074
80,100 Shin-Etsu Chemical Co Ltd
5,255
41,682 Sibanye Gold Ltd
81
61,074 Smurfit Kappa Group PLC
1,382
145,959 Stora Enso OYJ
1,313
68,778 Svenska Cellulosa AB SCA
1,484
3,235
38,865 Voestalpine AG
1,542
2,538
18,210 West Fraser Timber Co Ltd
1,045
1,229
39,798 Yara International ASA
1,772
126
76,500 Shimao Property Holdings Ltd
55,838
171
167,600 Sumitomo Mitsui Financial Group Inc
6,116
197,600 Thanachart Capital PCL
191
46,800 Tokio Marine Holdings Inc
1,535
25,794 Toronto-Dominion Bank/The
1,236
25,356 Turkiye Garanti Bankasi AS
101
366,566 UBS Group AG
6,305
19,006 Zurich Insurance Group AG
5,962 104,305
Producer Durables
16.19%
50,129 ACS Actividades de Construccion y Servicios SA
1,757
605 AP Moeller - Maersk A/S
1,216
481,819 Balfour Beatty PLC
1,593
98,000 Brother Industries Ltd
1,802
48,714 Canadian National Railway Co
3,366
51,800 Canon Marketing Japan Inc
885
1,996,000 China Construction Bank Corp
1,640
241,500 China Railway Construction Corp Ltd Health Care
2,591
87,095 Rio Tinto PLC
6.42%
28,777 Actelion Ltd
3,339
14,262 Boiron SA
1,203
2,667 Chong Kun Dang Pharmaceutical Corp
158
32,477 Coloplast A/S
2,739
14,076 Daewoong Pharmaceutical Co Ltd
861
12,852 Draegerwerk AG & Co KGaA
1,304
60,478 Eni SpA
1,062
6,453 Eurofins Scientific SE 406,970 Fisher & Paykel Healthcare Corp Ltd 1,331,900 Kalbe Farma Tbk PT 20,692 Orpea
616,000 Sihuan Pharmaceutical Holdings Group Ltd
1,288 1,360
31,445 Go-Ahead Group PLC
1,206
23,439 HOCHTIEF AG
1,660
736,169 International Consolidated Airlines Group SA
5,580
50,000 Japan Airlines Co Ltd
1,501 3,492
226,900 Komatsu Ltd
5,079
1,299
55,999 Shire PLC
14,525 Duerr AG 337,000 Fuji Electric Co Ltd
1,988
2,478
2,060,967 Sigma Pharmaceuticals Ltd
2,407
168,000 JGC Corp
1,587
159,377 Recordati SpA
445
73,554 Deutsche Post AG
1,656 197
50,884 Orion Oyj
308
541,000 China Railway Group Ltd
3,382 Korea Electric Power Corp
131
110,879 Legrand SA
5,842
45,926 Loomis AB
1,326
393,893 Michael Page International PLC
2,530
3,958
130,000 Mitsui & Co Ltd
1,758
1,248
799,000 Mitsui Engineering & Shipbuilding Co Ltd
1,419
412
40,220 NCC AB
1,268
130,900 Smith & Nephew PLC
2,425
84,000 Nippo Corp
83,976 Sonic Healthcare Ltd
1,271
474,000 Nippon Yusen KK
1,352
1,384
13,858 Sonova Holding AG
2,049
542,625 PostNL NV
2,035
29,600 Takeda Pharmaceutical Co Ltd
1,234
61,323 Ryanair Holdings PLC
4,370
32,468
67,849 Schneider Electric SE
4,976
39,000 Seiko Epson Corp Materials & Processing
11.04%
1,656
434,000 Sembcorp Industries Ltd
1,457
828,000 Sembcorp Marine Ltd
2,037
136,100 Akzo Nobel NV
9,494
44,300 Alfa SAB de CV
99
19,994 Siemens AG
2,268
1,152
87,507 Skanska AB
1,877
38,735 APERAM SA 164,509 BHP Billiton Ltd
3,954
263,000 Sumitomo Heavy Industries Ltd
1,432
75,463 Billerudkorsnas AB
1,084
62,240 Tecnicas Reunidas SA
83,621 Boliden AB
1,341
36,506 Vinci SA
2,010
29,500 West Japan Railway Co
1,405
614,000 China Lumena New Materials Corp 199,877 Clariant AG 2,589 Givaudan SA 2,729 KGHM Polska Miedz SA 14,989 KOC Holding AS 1,533 LG Chem Ltd
0 3,363
81,851
4,672 84 396 197
Technology 60,996 Advanced Semiconductor Engineering Inc
33,368 Linde AG
6,226
97,112 AU Optronics Corp
93,102 Mondi PLC
1,524
20,325 Cap Gemini SA
302,687 Norsk Hydro ASA
2,733
1,713
53 54
4,200 Constellation Software Inc/Canada
5.58% 374 494 1,463 1,253
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued) Technology (continued)
Shares
Short-Term Investments
Fair 1.17% Value (000's)
5,905,527 Dreyfus Government Cash Management Fund
45,502 Dialog Semiconductor PLC
$
1,615
695,000 Hitachi Ltd
5,221
16,386 Ingenico
1,731
143,000 KWG Property Holding Ltd
98
2,469 LG Display Co Ltd
5,905
(Cost $5,905,527) TOTAL INVESTMENTS
99.99% $
76
33,200 Omron Corp
1,509
30,420 Open Text Corp
1,776
Other Assets, Less Liabilities
606 Samsung Electronics Co Ltd 59,884 SAP SE
732 4,222
TOTAL NET ASSETS
62,669 Siliconware Precision Industries Co Ltd
0.01% 100.00% $
473
36,459 SK Hynix Inc
1,584
119,102 Taiwan Semiconductor Manufacturing Co Ltd
2,666
18,000 Tovis Co Ltd
269
50,418 United Internet AG
2,287
120,249 United Microelectronics Corp
273
9,800 Wipro Ltd
111 28,227
Utilities
9.39%
111,000 Cheung Kong Holdings Ltd
1,865
399,942 China Mobile Ltd
4,667
368 Chocoladefabriken Lindt & Sprungli AG 8,123 Chunghwa Telecom Co Ltd 12,632 Cia Energetica de Minas Gerais 11,600 Cia Energetica de Sao Paulo 12,700 Cia Paranaense de Energia
1,827 239 62 117 172
401,890 Drax Group PLC
2,886
371,323 Echo Entertainment Group Ltd
1,152
15,436 Essilor International SA
1,731
61,978 Gas Natural SDG SA
1,561
209,250 GDF Suez 530,000 Huaneng Power International Inc 184,800 KDDI Corp 80,800 Kuroda Electric Co Ltd 17,400 Nippon Telegraph & Telephone Corp 111,612 Orange SA
4,920 716 11,771 1,123 901 1,911
67,181 PGE Polska Grupa Energetyczna SA
357
22,775 Sesa Sterlite Ltd
309
3,317 SK Telecom Co Ltd 13,574 SK Telecom Co Ltd- ADR
809 367
80,210 Tauron Polska Energia SA
114
75,447 Telekom Malaysia Bhd
148
575,900 Tenaga Nasional Bhd 47,319 TUI AG 1,355,498 Vodafone Group PLC
2,273 761 4,706 47,465
TOTAL COMMON STOCKS
505,531
(Cost $476,607,409)
499,626
(Cost $470,701,882)
54 55
26 505,557
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
The Portfolio Portfolio Asset Mix (% of Net Assets) Equities Number of Stocks Top Ten Stocks (% of Net Assets)
Top Ten Equity Holdings (% of Net Assets) ISIS Pharmaceuticals Inc. Brunswick Corp. TriQuint Semiconductor Inc. RF Micro Devices Inc. Office Depot Inc. LaSalle Hotel Properties RLJ Lodging Trust Graphic Packaging Corp. Puma Biotechnology Inc. Core-Mark Holding Company Inc.
Top 5 Industries (% of Net Assets) Financial Services Technology Health Care Consumer Discretionary Producer Durables
99.68% 1,976 2.72%
0.41% 0.27% 0.27% 0.27% 0.26% 0.26% 0.25% 0.25% 0.25% 0.24%
25.29% 14.83% 14.64% 14.40% 13.29%
55 56
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks
Fair 99.68% Value (000's)
Consumer Discretionary
14.40%
4,580 1-800-Flowers.com Inc 1,900 2U Inc.
Common Stocks (continued)
38
5,090 Conn's Inc.
37
5,980 Constant Contact Inc.
34
3,860 AH Belo Corp.
40
3,700 Container Store Group Inc. 10,960 Cooper Tire & Rubber Co.
107
2,500 Cooper-Standard Holding Inc.
12,750 American Axle & Manufacturing Holdings Inc.
288
2,200 Coupons.com Inc.
36,400 American Eagle Outfitters Inc.
505
3,586 Cracker Barrel Old Country Store
3,600 American Public Education Inc.
Fair Value (000's)
Consumer Discretionary (continued) $
14,550 Aeropostale Inc. 4,100 AMC Entertainment Holdings Inc.
Shares
133
16,320 CROCS Inc.
$
95 219 71 380 145 39 505 204
2,330 American Woodmark Corp.
94
6,390 Crown Media Holdings Inc.
1,650 America's Car-Mart Inc.
88
1,730 CSS Industries Inc.
48
8,090 Angie's List Inc.
50
27,100 Cumulus Media Inc.
115
9,050 Ann Inc. 2,300 Arctic Cat Inc.
23
330
187 Daily Journal Corp.
49
82
32,030 Dana Holding Corp.
696
5,910 Asbury Automotive Group Inc.
449
7,660 Barnes & Noble Inc.
178
4,390 Del Frisco's Restaurant Group, Inc. 16,150 Denny's Corp.
104 167
5,128 Beazer Homes USA Inc.
99
2,770 Destination Maternity Corp.
44
5,800 Bebe Stores Inc.
13
5,660 Destination XL Group, Inc.
31
18,090 Belmond Ltd. 3,440 Big 5 Sporting Goods Corp.
224
3,320 DEX Media Inc.
50
30
7,300 Diamond Resorts International
204
325 Biglari Holdings Inc.
130
3,080 DineEquity Inc.
319
4,540 BJ's Restaurants Inc.
228
5,160 Dorman Products Inc.
249
5,370 Black Diamond Inc.
47
4,390 Drew Industries Inc.
224
14,610 Bloomin' Brands, Inc.
362
3,200 Eastman Kodak Co
69
2,530 Blue Nile Inc. 4,700 Bob Evans Farms Inc.
91 241
1,500 El Pollo Loco Holdings Inc.
30
4,640 Elizabeth Arden Inc.
99
2,760 Bon-Ton Stores Inc.
20
2,800 Empire Resorts Inc.
22
14,250 Boyd Gaming Corp.
182
4,890 Entercom Communications Corp.
59
3,500 Bravo Brio Restaurant Group
49
10,580 Entravision Communications Corp.
69
2,850 Bridgepoint Education Inc.
32
5,820 Bright Horizons Family Solutions, Inc. 8,150 Brown Shoe Co. Inc. 17,700 Brunswick Corp.
274
4,780 Ethan Allen Interiors Inc. 7,830 EVINE Live Inc.
3,574 Buffalo Wild Wings Inc.
645
5,300 Burlington Stores Inc. 9,460 Caesars Entertainment Corp. 16,560 Callaway Golf Co. 1,980 Capella Education Co. 1,900 Care.com Inc.
44
262 274
8,400 Caesars Acquisition Co.
89
2,900 Escalade Inc.
907
5,215 Buckle Inc. 2,300 Build-A-Bear Workshop Inc.
4,200 Eros International Plc
16,160 Express Inc. 900 Famous Dave's of America Inc.
148 52 237 24
46
5,280 Federal-Mogul Holdings Corp.
85
250
4,950 Fiesta Restaurant Group Inc.
301
87
9,469 Finish Line Inc.
230
148
10,310 Five Below, Inc.
421
128
1,000 Flexsteel Industries
152
3,000 Fox Factory Holding Corp.
49
16
8,000 Francesca's Holdings Corp.
134
14,190 Career Education Corp.
99
4,550 Carmike Cinemas Inc.
120
3,010 Carriage Services Inc. 6,460 Carrols Restaurant Group Inc.
1,860 Franklin Covey Co.
32
36
6,610 Fred's Inc.
115
63
3,784 FTD Cos Inc.
132
49
2,870 Fuel Systems Solutions Inc.
31 20
5,030 Cato Corp.
212
2,800 Gaiam Inc.
1,630 Cavco Industries Inc.
129
4,510 Genesco Inc.
346
6,740 Gentherm Incorporated
247
13,060 Central European Media
42
8,560 Central Garden & Pet Company
82
3,610 G-III Apparel Group Ltd.
365
1,000 Century Communities Inc.
17
8,990 Grand Canyon Education Inc.
419
11,020 Cenveo Inc. 9,610 Cheesecake Factory Incorporated 13,500 Chegg Inc. 4,330 Children's Place Retail Stores 6,730 Christopher & Banks Corp.
23 483 93
8,990 Gray Television Inc.
101
4,550 Group 1 Automotive Inc.
408
12,000 Guess? Inc.
247 38
253
8,790 Harte-Hanks Inc.
68
4,000 Haverty Furniture Companies Inc.
88
2,665 Churchill Downs Inc.
254
4,120 Healthstream Inc.
121
3,320 Chuy's Holdings, Inc.
65
5,350 Helen of Troy Ltd.
348
6,280 Cimpress Nv
470
3,100 Citi Trends Inc.
78
4,600 Cluccorp Holdings Inc.
82
1,300 Collectors Universe
27
5,080 Columbia Sportswear Company
1,780 Hemisphere Media Group Inc.
24
2,250 hhgregg Inc.
17
4,920 Hibbett Sports, Inc.
226
56 57
238
11,840 Hillenbrand Inc.
408
20,500 Houghton Mifflin Harcourt
425
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Consumer Discretionary (continued) 21,440 Hovnanian Enterprises Inc.
Fair Value (000's)
Consumer Discretionary (continued) $
89
1,500 Norcraft Cos Inc.
6,220 HSN Inc.
473
5,260 NutriSystem Inc.
103
9,060 Iconix Brand Group Inc.
306
101,212 Office Depot Inc.
868
2,300 Ignite Restaurant Group Inc.
18
3,150 Inter Parfums Inc.
86
11,450 Orbitz Worldwide Inc. 3,950 Outerwall Inc.
5,730 International Speedway Corp.
181
2,290 Overstock.com Inc.
8,060 Interval Leisure Group Inc.
168
2,750 Oxford Industries Inc.
$
29
94 297 56 152
3,630 Intrawest Resorts Holdings Inc.
43
9,223 Pacific Sunwear Of California
20
4,030 Isle of Capri Casinos Inc.
34
5,720 Papa John's International Inc.
319
4,380 ITT Educational Services Inc. 7,700 Jack in the Box Inc.
42
1,700 Papa Murphy's Holdings Inc.
616
15,600 Penn National Gaming
20 214
3,930 JAKKS Pacific Inc.
27
9,350 Pep Boys - Manny, Moe & Jack
92
3,418 Jamba Inc.
52
2,520 Perry Ellis International Inc.
65
1,330 Johnson Outdoors Inc.
41
17,390 Pier 1 Imports Inc.
268
8,220 Journal Communications Inc.
94
11,140 Pinnacle Entertainment Inc.
248
6,360 K12 Inc.
75
15,530 KB Home
257
2,850 Kirkland's Inc. 12,790 Krispy Kreme Doughnuts Inc.
8,920 Pool Corp.
566
4,480 Popeyes Louisiana Kitchen Inc.
252
67
2,700 Potbelly Corp.
35
252
3,541 PriceSmart Inc.
323
8,900 La Quinta Holdings Inc.
196
25,120 Quicksilver Inc.
56
3,400 Lands' End Inc.
183
6,410 QuinStreet Inc.
39
9,910 La-Z-Boy Inc.
266
4,200 Radio One Inc.
12,030 LeapFrog Enterprises Inc.
57
3,350 Reading International Inc.
7 44
9,800 Lee Enterprises Inc.
36
8,380 Reald Inc.
2,600 LGI Homes Inc.
39
2,660 Red Robin Gourmet Burgers Inc.
205
8,520 Regis Corp.
143
3,990 Libbey Inc. 960 Liberty Tax Inc. 7,910 Life Time Fitness Inc. 14,810 LifeLock, Inc. 2,090 Lifetime Brands Inc.
125 34
2,880 Remy International Inc
99
60
448
9,910 Rent-A-Center Inc.
274
1,840 Rentrak Corp.
134
5,820 Restoration Hardware Holdings, Inc.
559
36
360
4,400 Lithia Motors Inc.
381
2,320 Revlon Inc.
5,078 Lumber Liquidators Holdings
337
3,870 Rosetta Stone Inc.
79 38
5,040 M/I Homes Inc.
116
11,260 Ruby Tuesday Inc.
77
1,600 Malibu Boats Inc.
31
7,330 Ruth's Hospitality Group
110
6,040 Marchex Inc.
28
8,930 Ryland Group Inc.
344
3,290 Marcus Corp.
61
993 Saga Communications Inc.
43
2,150 Marine Products Corp.
18
2,120 Salem Communications Corp.
17
4,780 Marinemax Inc. 5,230 Marriott Vacations Worldwide 5,460 Martha Stewart Living Ominmedia Inc.
96 390 24
5,618 Matthews International Corp.
273
2,750 Mattress Firm Holding Corp.
160
12,830 McClatchy Company
43
7,290 MDC Holdings Inc.
193
4,910 Scholastic Corp.
179
9,770 Scientific Games Corporation
124
2,170 Sears Hometown And Outlet 10,240 Select Comfort Corporation 3,100 Sequential Brands Group Inc. 10,400 SFX Entertainment Inc. 3,070 Shoe Carnival Inc.
7,840 MDC Partners Inc.
178
7,269 Shutterfly Inc.
10,010 Media General Inc.
167
2,820 Shutterstock, Inc.
9,140 Men's Wearhouse Inc.
404
12,790 Sinclair Broadcast Group Inc.
7,010 Meredith Corp.
381
4,950 Sizmek Inc.
7,390 Meritage Homes Corp.
266
7,310 Skechers U.S.A. Inc.
293
3,690 Skullcandy Inc.
19,320 Meritor Inc. 1,760 Monarch Casino & Resort Inc.
29
5,895 Monro Muffler Brake Inc.
341
5,450 Morgans Hotel Group Co.
43
3,400 Motorcar Parts of America Inc. 3,410 Movado Group Inc.
7,270 Sonic Automotive Inc.
106
29 277 41 47 79 303 195 350 31 404 34 197
10,290 Sonic Corp.
280
11,370 Sotheby's
491
8,590 Speed Commerce Inc.
27
97
2,740 Speedway Motorsports Inc.
60
560 Nathan's Famous Inc.
45
2,300 Sportsman's Warehouse Holdings Inc.
17
11,340 National CineMedia Inc.
163
5,790 Stage Stores Inc.
57
2,670 Stamps.com Inc.
128
3,650 Standard Motor Products Inc.
139
989 National Presto Industries Inc. 6,830 Nautilus Inc
104
6,900 New Media Investment Group Inc.
163
28,010 Standard Pacific Corp.
204
5,386 New York & Co. Inc.
14
27,010 New York Times Co.
357
3,000 Steiner Leisure Ltd.
139
300
11,017 Steven Madden Ltd.
351
5,800 Nexstar Broadcasting Group Inc. 2,000 Noodles & Co.
5,059 Stein Mart Inc.
120
53
5,228 Stoneridge Inc.
57 58
74
67
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued)
Shares
Fair Value (000's)
Common Stocks (continued)
Consumer Discretionary (continued)
Consumer Staples (continued)
753 Strattec Security Corp.
$
2,014 Strayer Education Inc.
62
2,880 Inventure Foods Inc.
150
$
2,760 J&J Snack Foods Corp.
4,450 Superior Industries International Inc.
88
1,670 John B. Sanfilippo & Son Inc.
2,230 Systemax Inc
30
3,490 Lancaster Colony Corp.
37 300 76 327
11,470 Tenneco Inc.
649
13,070 Texas Roadhouse Inc.
441
5,800 Liberator Medical Holdings Inc. 504 Lifeway Foods Inc.
17 9
5,600 The EW Scripps Co.
125
2,050 Limoneira Company
51
1,100 The Habit Restaurants Inc.
36
2,320 Medifast Inc.
78
1,600 The New Home Co Inc.
23
2,320 National Beverage Corp.
52
5,190 Tile Shop Holdging Inc.
46
1,810 Natural Grocers by Vitamin Cottage, Inc.
51
2,020 Tilly's Inc.
20
2,230 Nature's Sunshine Products Inc.
33
20,900 Time Inc.
514
1,750 Nutraceutical International Corp.
38
21,690 TiVo Inc.
257
3,870 Omega Protein Corp.
41
3,750 Tower International Inc.
96
1,640 Orchids Paper Products Co.
1,700 Townsquare Media Inc.
22
4,220 Pantry Inc.
4,600 Travelport Worldwide Ltd.
83
27,820 TRI Pointe Homes, Inc. 1,300 TubeMogul Inc.
4,110 PetMed Express Inc.
424
2,360 Photomedex Inc.
29
8,380 Post Holdings Inc.
8,660 Tuesday Morning Corp.
188
7,250 Roundy's Inc.
9,790 Tumi Holdings
232
4,360 Sanderson Farms Inc.
2,920 Universal Electronics Inc.
190
4,335 Universal Technical Institute Inc.
631
4,130 Vera Bradley Inc.
84
4,160 Viad Corp.
60
5,710 Vitamin Shoppe Inc.
277
3,820 Voxx International Corp.
4 351 35 366 227
1,670 Seneca Foods Corp.
45
2,500 Smart & Final Stores Inc.
111
2,300 Vince Holding Corp.
59
54 Seaboard Corp.
43
6,920 Vail Resorts Inc.
48 156
39
9,120 Snyders-Lance Inc.
279
7,092 SpartanNash Co.
185
37,720 Supervalu Inc.
366
3,130 Synutra International Inc.
33
19
8,300 The Fresh Market Inc.
342 108
2,400 Wayfair Inc
48
3,529 Tootsie Roll Industries Inc.
2,200 WCI Communities Inc.
43
8,090 Treehouse Foods Inc.
692
9,490 United Natural Foods Inc.
734 121
5,100 Weight Watchers Intenational Inc.
127
4,975 West Marine Inc.
64
1,180 USANA Health Sciences Inc.
1,330 Weyco Group Inc.
39
1,290 Village Super Market Inc.
3,230 William Lyon Homes-Class A
65
2,860 Wd-40 Co.
40
2,250 Weis Markets Inc.
460 Winmark Corp. 5,040 Winnebago Industries Inc.
110
19,220 Wolverine World Wide Inc.
566
6,580 World Wrestling Entertainment Inc.
81
4,980 XO Group Inc.
91
1,100 Zoe's Kitchen Inc. 4,220 Zumiez Inc.
Energy 17,300 Abraxas Petroleum Corporation
33 163
430 Adams Resources & Energy Inc. 4,760 Alon USA Energy Inc. 40,960 Alpha Natural Resources 4,000 Ameresco Inc.
590 Alico Inc.
108 9,919
48,237 Consumer Staples
35 243
2.96%
6,200 American Eagle Energy Cor. 30
4,960 Amyris Inc.
3.21% 51 21 60 68 28 4 10
5,430 Andersons Inc.
289
1,870 Apco Oil & Gas International
26
10,010 B&G Foods Inc.
299
7,130 Approach Resources Inc.
46
1,577 Boston Beer Co. Inc.
457
11,070 Boulder Brands, Inc.
122
6,120 Basic Energy Services Inc.
2,500 Calavo Growers Inc.
118
9,370 Bill Barrett Corp.
107
5,880 Cal-Maine Foods Inc.
229
6,320 Bonanza Creek Energy Inc.
152
7,300 Casey's General Stores Inc.
659
3,360 Chefs' Warehouse Inc. 8,800 Chiquita Brands International 850 Coca-Cola Bottling Co. 13,028 Core-Mark Holding Company Inc. 2,160 Craft Brewers Alliance 17,700 Dean Foods Co. 4,050 Diamond Foods Inc.
39,010 Arch Coal Inc.
21,900 BPZ Resources Inc.
77
8,510 C&J Energy Services Inc.
127
10,450 Callon Petroleum Co.
75
62,290 Capstone Turbine Corp.
807 29 343
12,930 Clean Energy Fuels Corp.
4,800 Fairway Group Holdings Co.
15
11,540 Cloud Peak Energy Inc.
1,210 Farmer Brothers
36
2,300 Freshpet Inc.
39 88
73 69 65 106
9,180 Comstock Resources Inc.
63
3,181 Contango Oil & Gas Co.
93
1,650 Dawson Geophysical Co. 11,190 Delek US Holdings Inc.
5859
46 355
71
2,380 Ingles Markets Inc.
57
8,540 Carrizo Oil & Gas Inc. 1,082 Clayton Williams Energy Inc.
223
6 112
150
2,600 Diplomat Pharmacy Inc.
6,640 Fresh Del Monte Produce Inc.
43
3,737 Carbo Ceramics Inc. 17,800 Civeo Corp.
114
69
20 305
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares
Energy (continued) 7,850 Diamondback Energy, Inc. 5,700 Eclipse Resources Corp
Fair Value (000's)
Common Stocks (continued) Energy (continued)
$
469
3,400 Ring Energy Inc.
40
$
11,490 Rosetta Resources Inc.
36 256
10,578 Emerald Oil Inc.
13
4,400 RSP Permian Inc.
17,384 Energy XXI Bermuda Limited
57
9,520 Sanchez Energy Corp.
111
5,370 EnerNOC Inc.
83
3,510 Seacor Holdings Inc.
259
8,000 Semgroup Corp.
547
88
3,260 Enphase Energy Inc.
47
4,120 ERA Group Inc.
87
13,980 Solazyme Inc.
3,470 Evolution Petroleum Corp.
26
10,821 Stone Energy Corp.
183
13,210 Suncoke Energy Inc.
255
27,860 EXCO Resources Inc
60
11,180 Exterran Holdings Inc.
364
10,460 Flotek Industries Inc.
196
4,700 FMSA Holdings Inc. 11,150 Forum Energy Technologies Inc. 47,860 FuelCell Energy Inc. 9,930 FX Energy Inc. 13,200 Gastar Exploration Ltd. 2,340 Geospace Technologies Corporation 2,200 Glu Mobile Inc. 6,400 Goodrich Petroleum Corp. 7,370 Green Plains Inc. 2,960 Gulf Island Fabrication Inc. 47,930 Halcon Resources Corp.
8,870 Swift Energy Co.
33
14,710 Tetra Technologies Inc.
98
15
4,200 Transatlantic Petroleum
23
32
3,670 Trecora Resources
62
54
14,830 Triangle Peteroleum Corp.
9 28 183
71
10,040 Vaalco Energy Inc.
46
37,730 Vantage Drilling Company
18
3,900 Vivint Solar Inc.
36
57
7,110 W&T Offshore Inc.
52
85
12,800 Walter Energy Inc.
18
13,520 Warren Resources Inc. 10,370 Western Refining Inc.
20,270 Helix Energy Solutions Group Inc. 28,120 Hercules Offshore Inc.
440 28
6,820 Hornbeck Offshore Service Inc.
170
24,150 Key Energy Services Inc.
89
74
20
2,200 Jones Energy Inc.
133
6,980 Tesco Corp.
14
184 Isramco Inc.
153
4,300 TerraForm Power Inc.
231
1,780 Hallador Energy Co.
23,040 ION Geophysical Corp.
36
12,200 Synergy Resources Corp.
7,700 Harvest Natural Resources
1,323 Independence Contract Drilling Inc.
36
22 392
2,810 Westmoreland Coal Co. 8,080 Willbros Group Inc.
93 51 10,739
7 63
Financial Services
25
3,090 1st Source Corp.
25
10,964 Acadia Realty Trust
106 351
9,980 Advent Software Inc.
306
36,460 Magnum Hunter Resources Corp.
114
5,710 AG Mortgage Investment Trust Inc.
106
14,030 Matador Resources Co.
284
2,710 Agree Realty Corp.
108
9,190 Alexander & Baldwin, Inc.
4,830 Matrix Service Co. 43,600 McDermott International Inc. 6,790 Midstates Petroleum Co. 5,540 Miller Energy Resources Inc. 2,630 Mitcham Industries Inc. 2,530 Natural Gas Services Group Inc.
40
25.29%
127
384 Alexander's Inc.
10
259 Altisource Asset Management Corp.
7
2,680 Altisource Portfolio Sol
16
84 361 168 80 91
10,590 Altisource Residential Corp.
205 214
58
8,720 Ambac Financial Group Inc.
15,720 Newpark Resources Inc.
150
6,670 American Assets Trust Inc.
266
16,510 Nordic American Tanker Shipping Ltd.
166
9,860 American Capital Mortgage Investment Corp.
186
13,100 North Atlantic Drilling L
21
14,100 American Equity Investment Life Holding
11,050 Northern Oil and Gas Inc.
62
1,610 American National Bankshares Danville
2,867 Nuverra Environmental Solutions, Inc.
16
412 40
32,000 American Realty Capital Holdings
381
4,500 Pacific Ethanol Inc.
46
5,920 American Residential Properties
104
2,860 Panhandle Oil and Gas Inc.
67
4,879 Ameris Bancorp
125
21,580 Parker Drilling Co.
66
3,360 Amerisafe Inc.
142
10,000 Parsley Energy Inc.
160
1,901 Ames National Corp.
289
4,010 AmREIT, Inc.
106
5,644 Amtrust Financial Services Inc.
317
7,010 PDC Energy Inc. 12,090 Penn Virginia Corp.
81
10,730 PetroQuest Energy Inc.
40
11,420 Pioneer Energy Services Corp.
63
525 Anchor BanCorp Wisconsin Inc.
49
18
26,030 Anworth Mortgage Asset Corp.
137
3,880 Powersecure International
45
8,440 Apollo Commerical Real Estate
138
4,800 Profire Energy Inc.
11
6,650 Apollo Residential Mortgage Inc.
105
5
5,260 Ares Commercial Real Estate Co.
26,000 Quicksilver Resources Inc. 6,330 Renewable Energy Group Inc. 14,350 Resolute Energy Corporation
61
284 111
19
4,170 Arlington Asset Investment Corp.
1,120 Rex American Resources Corp.
69
4,720 Armada Hoffler Properties
9,250 Rex Energy Corp.
47
2,120 Rignet Inc.
87
66,320 Armour Residential REIT 2,220 Arrow Financial Corp.
5960
60
5,112 Argo Group International
45 244 61
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Financial Services (continued) 4,710 Ashford Hospitality Prime Inc. 13,250 Ashford Hospitality Trust Inc. 143 Ashford Inc.
Financial Services (continued) $
81
3,200 City Holding Co.
139
4,823 Clifton Savings Bancorp Inc.
13
11,300 Associated Estates Realty Corp.
262
15,860 Astoria Financial Corp.
212
2,100 Atlas Financial Holdings
2,560 CNB Financial Corp. 38,840 CNO Financial Group Inc. 6,550 Cobiz Inc.
34
3,850 Cohen & Steers Inc.
1,930 AV Homes Inc.
28
20,080 Colony Financial Inc.
4,070 Aviv REIT INC.
140
66 47 669 86 162 478 292
49
7,660 Community Bank Systems Inc.
62
2,150 Community One Bancorp
1,350 BancFirst Corp.
86
2,857 Community Trust Bancorp Inc.
177
149
272
1,890 Baldwin & Lyons Inc.
5,890 Banco Latinoamericano de Comercial
$
9,836 Columbia Banking System Inc.
5,430 Banc of California Inc.
5,720 Bancorp Inc.
Fair Value (000's)
4,490 ConnectOne Bancorp Inc.
25 105 85
62
800 Cons Tomoka Land Co-Flori
45
18,170 BancorpSouth Inc.
409
3,470 Consumer Portfolio Services
26
8,590 Bank Mutual Corp.
59
5,894 CorEnergy Infrastructure Trust Inc.
1,260 Bank of Kentucky Financial Corp.
61
4,240 CoreSite Realty Corporation
1,110 Bank of Marin Bancorp
58
14,900 Bank of the Ozarks Inc.
565
3,454 BankFinancial Corp. 3,580 Banner Corp.
41
14,701 BBCN Bancorp Inc.
211
1,480 BBX Capital Corp.
24
5,349 Beneficial Mutual Bancorp Inc. 4,730 Berkshire Hills Bancorp Inc.
302 397
5,400 Blue Hills Bancorp Inc.
73
3,750 BNC Bancorp
65
2,670 BOFI Holding Inc. 14,800 Boston Private Financial Holdings Inc.
4,521 Customers Bancorp Inc.. 20,080 CVB Financial Corp. 6,120 Cyrusone Inc.
55 183 42 676 88 322 169
30,380 CYS Investments Inc.
265
15,865 DCT Industrial Trust Inc.
566
525 Diamond Hill Investment Group Inc.
72
208
36,879 Diamondrock Hospitality Co.
548
199
6,510 Dime Community Bancorp
106
2,240 Bridge Bancorp Inc.
60
1,970 Bridge Capital Holdings
44
14,238 Brookline Bancorp Inc.
143
2,760 Bryn Mawr Bank Corp.
86
900 C1 Financial Inc.
1,940 CU Bancorp 30,650 CubeSmart
66
32,990 BGC Partners Inc.
472 102
1,339 Credit Acceptance Corp.
126
10,240 Blackhawk Newtwork Holdings
41,368 Cousins Properties Inc. 21,160 Cowen Group Inc. 5,370 Crawford & Co.
154
38 166
1,520 Donegal Group Inc. 11,870 DuPont Fabros Technology Inc. 11,340 Dynex Capital Inc.
24 395 94
4,560 Eagle Bancorp Inc.
162
16
6,030 EastGroup Properties Inc.
382
2,860 Calamos Asset Management Inc.
38
8,706 Education Realty Trust Inc.
319
1,560 Camden National Corp.
62
3,180 eHealth Inc.
13,140 Campus Crest Communities Inc. 4,370 Capital Bank Corp. 1,950 Capital City Bank Group Inc. 27,070 Capitol Federal Financial
79
96
920 EMC Insurance Group Inc.
33
117
17,300 Empire State Reality Trust
304
30 346
5,630 Employers Holdings Inc.
132
4,870 Encore Capital Group Inc.
216
17,750 Capstead Mortgage Corp.
218
4,977 Enova International Inc.
111
6,190 Cardinal Financial Corp.
123
1,567 Enstar Group Ltd.
240
8,234 Cardtronics Inc.
318
1,480 Enterprise Bancorp Inc.
37
3,700 Enterprise Financial Services
73
5,949 CareTrust REIT Inc. 5,834 Cascade Bancorp
73 30
11,020 EPR Properties
635
5,440 Cash America International Inc.
123
11,410 Equity One Inc.
289
2,109 Cass Information Systems Inc.
112
3,600 CatchMark Timber Trust Inc.
2,624 ESB Financial Corp.
41
7,664 Essent Group Ltd.
50 197
14,930 Cathay General Bancorp
382
9,700 Euronet Worldwide Inc.
533
14,590 Cedar Realty Trust Inc.
107
17,760 Everbank Financial Corp.
339
6,480 CenterState Banks Inc.
77
3,560 Central Pacific Financial
77
12,750 Evertec Inc.
700 Century Bancorp Inc.
28
11,480 Excel Trust Inc.
45,150 Chambers Street Properties
6,150 Evercore Partners Inc.
364
322 282 154
9,740 EZCorp Inc.
114
4,158 Charter Financial Corp.
48
6,040 Fair Isaac Corporation
437
6,400 Chatham Lodging Trust
185
1,820 FBL Financial Group Inc.
106
3,280 Chemed Corp.
347
1,785 FBR & Co.
44
384
1,600 FCB Financial Holdings Inc.
39
10,330 Chesapeake Lodging Trust 1,200 CIFC Corp.
10
2,110 Federal Agricultural Mortgage Corp.
64
2,520 Citizens & Northern Corp.
52
2,600 Federated National Holding Co.
63
8,080 Citizens Inc.
61
22,990 FelCor Lodging Trust Inc.
61
60
249
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Financial Services (continued) 2,230 Fidelity & Guaranty Life
Financial Services (continued) $
54
3,043 Fidelity Southern Corp.
49
9,640 Financial Engines Inc.
352
2,820 Financial Institutions Inc. 20,230 First American Financial Corporation 1,750 First Bancorp Inc/Me 19,180 First BanCorp/Puerto Rico 4,023 First Bancorp/Troy NC 13,320 First Busey Corp. 700 First Business Financial Services Inc.
Fair Value (000's)
1,900 HCI Group, Inc. 17,990 Healthcare Realty Trust Inc. 3,030 Heartland Financial USA Inc.
71
6,930 Heartland Payment Systems Inc.
686
3,830 Heritage Commerce Corp.
32
5,921 Heritage Financial Group Inc.
113
1,300 Heritage Insurance Holdings Inc.
$
82 491 82 374 34 104 25
74
4,130 Heritage Oaks Bancorp
35
87
39,330 Hersha Hospitality Trust
276
34
6,070 HFF Inc.
218
5,470 First Cash Financial Services Inc.
305
6,210 Higher One Holdings Inc.
26
1,461 First Citizens BancShares Inc./NC
369
16,999 Highwoods Properties Inc.
753
17,380 First Commonwealth Financial Corp.
160
12,790 Hilltop Holdings Inc.
255
2,667 First Community Bancshares Inc.
44
10,248 Home Bancshares Inc.
330
2,970 First Connecticut Bancorp Inc.
48
13,230 Home Loan Servicing Solution
258
2,650 Homestreet Inc.
46
10,830 First Financial Bancorp
1,800 First Defiance Finl.Corp.
201
61
3,860 HomeTrust Bancshares, Inc.
64
11,890 First Financial Bankshares Inc.
355
8,020 Horace Mann Educators Corp.
2,300 First Financial Corp.
82
2,690 First Financial Northwest Inc.
32
1,780 Horizon Bancorp 10,360 Hudson Pacific Properties Inc.
20,880 First Industrial Realty Trust Inc.
429
2,757 Hudson Valley Holding Corp.
3,590 First Interstate Bancsystem Inc.
100
5,910 IberiaBank Corp.
6,690 First Merchants Corp. 13,950 First Midwest Bancorp Inc. 2,770 First NBC Bank Holding Co.
152
1,610 Independence Holding Co.
239
4,200 Independent Bank Corp.
98
2,430 First of Long Island Corp.
69
10,810 First Potomac Realty Trust
134
31,797 FirstMerit Corp.
601
4,080 Flagstar Bancorp Inc. 5,510 Flushing Financial Corp. 32,661 FNB Corp. 6,990 Forestar Group Inc.
4,480 Independent Bank Corp./Rockland MA 1,690 Independent Bank Group Inc. 2,160 Infinity Property and Casuality Corp.
64 112
75 383 22 55 192 66 167 191
10,620 International Bancshares Corp.
282
23,060 Invesco Mortgage Capital Inc.
108
47 311
17,449 Inland Real Estate Corp. 2,883 Intl Fcstone Inc.
435
266
6,610 Investment Technology Group Inc.
59 357 138
2,490 Fox Chase Bancorp Inc.
42
67,773 Investors Bancorp Inc.
1,800 Franklin Financial Corp.
38
21,030 Investors Real Estate Trust
172
209
16,100 iStar Financial Inc.
220
139
27,940 Janus Capital Group Inc.
451
17,010 Franklin Street Properties Corp. 8,380 FXCM Inc. 4,290 Gain Capital Holdings Inc. 4,800 GAMCO Investors Inc. 1,230 GAMCO Investors Inc. 13,945 Geo Group Inc.
39 5
8,329 KCG Holdings Inc.
97
2,930 Kearny Financial Corp.
40
79 97
3,160 Gladstone Commercial Corp. 27,550 Glimcher Realty Trust 12,140 Global Cash Access Holdings Inc. 1,720 Global Indemnity Plc.
21 39
109
2,590 German American Bancorp Inc. 14,040 GFI Group Inc.
810 Kansas City Life Insurance Co.
563
5,340 Getty Realty Corp. 13,930 Glacier Bancorp Inc.
2,000 JG Wentworth Co.
761
8,700 Kemper Corp. 13,620 Kennedy Wilson Holdings Inc.
77
6,177 Kite Realty Group Trust
387
2,970 Ladder Capital Corp.
54
18,460 Ladenburg Thalmann Financial Services Inc.
379
6,990 Lakeland Bancorp Inc.
87 49
12,780 Government Properties Income Trust
294
35,310 Gramercy Property Trust
244
314 345 178 58 73 82
2,960 Lakeland Financial Corp.
129
21,140 LaSalle Hotel Properties
856
38,516 Lexington Realty Trust
423
6,610 LTC Properties Inc.
285
2,110 Great Southern Bancorp Inc.
84
4,850 Macatawa Bank Corp.
26
3,500 Great Western Bancorp Inc.
80
16,800 Mack-Cali Realty Corp.
320
16
10,190 Maiden Holdings Ltd.
130
1,300 Green Bancorp Inc. 5,680 Green Dot Corp.
116
3,765 Mainsource Financial Group
79
5,370 Greenhill & Co. Inc.
234
2,780 Manning & Napier Inc.
38
5,268 Greenlight Capital RE Ltd.
172
1,400 Marcus & Millichap Inc.
2,704 Guaranty Bancorp
39
2,700 Hallmark Financial Services Inc.
33
1,361 Hampton Roads Bankshares Inc.
2
15,866 Hancock Holding Co. 5,763 Hanmi Financial Corp. 4,040 Hannon Armstrong Sustaina
7,253 MarketAxess Holdings Inc. 12,730 MB Financial Inc. 9,200 Meadowbrook Insurance Group Inc.
487
32,690 Medical Properties Trust Inc.
126
3,080 Mercantile Bank Corp.
57
47 520 418 78 450 65
1,150 Merchants Bancshares Inc.
35
15,250 Harbinger Group Inc.
216
4,162 Meridian Bancorp Inc.
47
18,100 Hatteras Financial Corp.
334
1,120 Meta Financial Group Inc.
39
6162
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Financial Services (continued) 2,890 Metro Bancorp Inc. 64,000 MGIC Investment Corp.
Financial Services (continued) $
75
13,130 Prosperity Bancshares Inc.
596
11,310 Provident Financial Services Inc.
1,680 Midsouth Bancorp Inc.
29
3,730 PS Business Parks Inc.
1,380 Midwestone Financial Group Inc.
40
2,320 Pzena Investment Management
1,400 Moelis & Co.
49
2,200 QTS Realty Trust Inc-Class A
5,378 Moneygram International Inc.
49
10,280 Monmouth Real Estate Investment Corp. 7,360 Montpelier RE Holdings Ltd.
36,310 Radian Group Inc.
$
727 204 297 22 74 607
114
16,851 RAIT Financial Trust
129
264
14,510 Ramco-Gershenson Properties Trust
272
8,257 N B T Bancorp Inc.
217
1,750 Re/Max Holdings Inc-Class A
7,590 National Bank Holdings Corp.
147
2,300 ReachLocal Inc.
1,420 National Bankshares Inc.
43
6,500 National General Hldgs.
121
1,360 National Interstate Corp.
41
23,239 National Penn Bancshares Inc.
Fair Value (000's)
15,840 Redwood Trust Inc. 2,000 Regional Management Corp. 6,252 Renasant Corp.
21 79 312 32 181
245
1,985 Republic Bancorp Inc.
112
5,700 Republic First Bancorp Inc.
21
7,130 Natl Health Investors Inc.
499
2,490 Resource America Inc.
23
1,920 Navigators Group Inc.
141
25,470 Resource Capital Corp.
128
4,180 Nelnet Inc.
194
16,890 Retail Opportunity Investments
284
26,700 New Residential Investment
341
8,584 Rexford Industrial Realty Inc.
135
16,640 New York Mortgage Trust Inc.
128
8,224 RLI Corp.
406
30,400 New York REIT Inc.
322
6,170 Newbridge Bancorp
54
6,790 Rouse Properties Inc.
126
5,270 NewStar Financial Inc.
67
8,226 Ryman Hospitality Properties, Inc.
434
2,100 Nicholas Financial Inc.
31
9,300 NMI Holdings Inc.
85
10,136 Sabra Healthcare REIT Inc.
9,602 Northfield Bancorp Inc.
142
4,293 Safeguard Scientifics Inc.
1,330 Northrim Bancorp Inc.
35
2,630 Safety Insurance Group Inc.
168
17,875 Northwest Bancshares Inc.
224
4,510 Sandy Spring Bancorp Inc.
118
2,820 OceanFirst Financial Corp.
48
1,810 Saul Centers Inc.
104
417 National Western Life Insurance Co.
8,430 OFG Bancorp 1,500 Old Line Bancshares Inc. 22,330 Old National Bancorp
25,100 RLJ Lodging Trust
5,380 S&T Bancorp Inc.
140
4,360 Seacoast Banking Corp.
24
7,430 Select Income REIT
49
842
160 308 85
60 181
332
10,560 Selective Insurance Group Inc.
287
4,600 Om Asset Management Plc
75
500 ServisFirst Bancshares Inc.
16
2,400 One Liberty Properties Inc.
57
2,190 Sierra Bancorp
4,230 Onebeacon Insurance Group
69
7,112 Silver Bay Realty Trust Corp.
2,030 Oppenheimer Holdings Inc.
47
900 Opus Bank 8,280 Oritani Financial Corp.
400 Silvercrest Asset Management
26
6
2,980 Simmons First National Corp.
121
4,552 South State Corp
305
2,000 Owens Realty Mortgage Inc.
29
4,774 Southside Bancshares Inc.
138
3,260 Pacific Continental Corp.
46
3,675 Southwest Bancorp Inc.
64
3,160 Pacific Premier Bancorp
55
6,220 Sovran Self Storage Inc.
543 163
596 Palmetto Bancshares Inc.
128
38 118
10
4,500 Springleaf Holdings Inc.
2,350 Park National Corp.
208
1,100 Square 1 Financial Inc.
8,190 Park Sterling Corp.
60
14,811 Parkway Properties Inc.
10,560 Stag Industrial Inc.
27 259
272
7,800 Starwood Waypoint Reside
42
3,060 State Auto Financial Corp.
68
13,560 Pebblebrook Hotel Trust
619
5,823 State Bank Financial Corp.
116
13,010 Penn Real Estate Invesment Trust
305
2,240 Peapack Gladstone Financial Corp
990 Penns Woods Bancorp Inc. 2,630 Pennymac Financial Services 14,170 PennyMac Mortgage Investment Trust
5,000 State National Cos. Inc.
49
15,462 Sterling Bancorp
45
4,360 Stewart Information Services Corp.
299
12,402 Stifel Financial Corp.
206
60 222 161 633
2,610 Peoples Bancorp Inc.
68
2,854 Stock Yards Bancorp Inc.
95
1,400 Peoples Financial Services Corp
70
1,800 Stonegate Bank
53
1,089 Phoenix Companies Inc.
75
8,900 Physicians Realty Trust
148
4,650 PICO Holdings Inc.
2,600 Stonegate Mortgage Corp. 6,000 STORE Capital Corp.
88
6,600 Pinnacle Financial Partners Inc.
261
2,830 Piper Jaffray Companies
164
50,580 Strategic Hotels & Resorts Inc. 2,370 Suffolk Bancorp 15,690 Summit Hotel Properties
31 130 669 54 195
4,640 Platinum Underwriters Holdings Ltd.
341
1,554 Sun Bancorp Inc.
7,580 Potlatch Corp.
317
9,060 Sun Communites Inc.
9,392 PRA Group Inc.
544
38,502 Sunstone Hotel Investors Inc.
636
67
35,488 Susquehanna Bancshares Inc.
477
2,390 Preferred Bank Los Angeles 10,260 Primerica Inc.
557
13,620 Privatebancorp Inc.
455
5,920 SWS Group Inc. 14,270 Symetra Financial Corp.
63
62
30 548
41 329
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares
Financial Services (continued) 3,330 Talmer Bancorp Inc. 2,320 Tejon Ranch Co. 8,130 Terreno Realty Corp. 1,370 Territorial Bancorp Inc. 8,180 Texas Capital BancShares Inc.
Health Care $
47
1,300 AAC Holdings Inc.
68
4,400 Abaxis Inc.
168 30
286
4,470 Accelerate Diagnostics, Inc. 3,300 Acceleron Pharma Inc.
10,400 Third Point Reinsurance
151
14,158 Accuray Incorporated
164
40 250 495
230
2,960 Tompkins Financial Corp.
$
8,090 Acadia Healthcare Co.
444
17
14.64%
7,520 Abiomed Inc.
12,500 The St. Joe Co. 2,100 Tiptree Financial Inc.
Fair Value (000's)
Common Stocks (continued)
86 129 107
4,270 Acelrx Pharmaceuticals Inc.
29
1,400 Achaogen Inc.
18
5,382 TowneBank
81
3,400 Trade Street Residential Inc.
26
8,000 Acorda Therapeutics, Inc.
1,310 Tree.com Inc.
63
4,750 Actinium Pharmaceuticals Inc
28
103
1,400 Adamas Pharmaceuticals Inc.
24 29
4,180 TriCo Bancshares
18,950 Achillion Pharmaceuticals Inc.
4,070 Tristate Capital Holdings Inc
42
1,190 Addus HomeCare Corporation
2,600 Trupanion Inc.
18
1,100 Adeptus Health Inc
17,530 TrustCo Bank Corp.
127
12,640 Trustmark Corp.
310
1,600 UCP Inc. - Class A
5,790 Aegerion Pharmaceuticals Inc. 1,900 Aerie Pharmaceuticals Inc.
17
7,240 UMB Financial Corp.
412
3,090 UMH Properties Inc.
30
13,340 Affymetrix Inc. 14,000 Agenus Inc. 7,680 Air Methods Corp.
204
1,750 Akebia Therapeutics Inc.
9,314 United Community Banks Inc.
12,000 Akorn Inc.
176
4,560 Albany Molecular Research Inc.
50
55 132 56 338
530
9,350 United Community Financial
41 121
303
8,455 Union Bankshares Corp.
483
327
2,700 Agios Pharmaceuticals Inc.
31,175 Umpqua Holdings Corp. 12,903 United Bankshares Inc.
232
20 434 74
2,500 Alder Biopharmaceuticals Inc.
73
9,829 United Financial Bancorp
141
6,340 Alimera Sciences Inc.
35
4,110 United Fire Group
122
1,110 Alliance Healthcare Service
23
3,100 United Incsurance Holdings
68
1,560 Almost Family Inc.
45
2,230 Universal Health Realty Income Trust
107
4,180 AMAG Pharmaceuticals Inc.
5,700 Universal Insurance Holdings Inc.
117
5,140 Amedisys Inc.
151
8,720 AMN Healthcare Services Inc.
171
3,410 Univest Corp. of Pennsylvania 5,100 Urstadt Biddle Properties Inc.
69
178
112
1,700 Amphastar Pharmaceuticals Inc.
412
7,550 Ampio Pharmaceuticals Inc.
7,472 Viewpoint Financial Group
178
8,120 AmSurg Corp.
444
1,314 Virtus Investment Partners Inc.
224
6,590 Anacor Pharmaceuticals Inc.
213
2,300 Analogic Corp.
195
42,400 Valley National Bancorp
3,370 Walker & Dunlop Inc. 6,867 Walter Investment Management Corp.
59 113
4,540 AngioDynamics Inc.
19,300 Washington Federal Inc.
427
1,400 ANI Pharmaceuticals Inc.
12,800 Washington Real Estate Investment Trust
354
2,660 Anika Therapeutics Inc.
2,660 Washington Trust Bancorp Inc. 6,367 Waterstone Financial Inc. 17,360 Webster Financial Corp. 4,800 Wesbanco Inc. 2,897 West Bancorporation Inc. 5,120 Westamerica Bancorporation 14,250 Western Alliance Bancorp 7,660 Western Asset Mortgage Capital 1,430 Westwood Holdings Group Inc. 7,281 WEX Inc. 4,290 Whitestone REIT 12,670 Wilshire Bancorp Inc. 8,780 Wintrust Financial Corp. 20,250 Wisdomtree Investments Inc.
107
21,460 Antares Pharma Inc.
84
1,600 Applied Genetic Technologies Corp./DE
20 26
86 79 108 55 34
565
5,400 Aratana Therapeutics Inc.
96
167
1,100 Ardelyx Inc.
21
49
42,260 Arena Pharmaceuticals Inc.
147
251
31,700 ARIAD Pharmaceuticals Inc.
218
396
25,200 Array Biopharma Inc.
119
113
10,200 Arrowhead Research Corp.
88
1,300 Atara Biotherapeutics Inc.
734 65
75 35
5,080 Atricure Inc.
101
271 Atrion Corp.
92
128
1,740 Auspex Pharmaceuticals Inc.
91
411
9,380 Auxilium Pharmaceuticals Inc.
323
317
1,300 Avalanche Biotechnologies Inc.
70
1,500 World Acceptance Corp.
119
37,190 Avanir Pharmaceuticals
630
1,610 WSFS Financial Corp.
124
13,500 BioCryst Pharmaceuticals Inc.
164
5,700 Xoom Corp. 4,158 Yadkin Financial Corp.
100 82
7,720 Biodelivery Sciences International 16,500 Bio-Path Holdings Inc.
93 44
4,400 Bio-Reference Laboratories Inc.
141
84,763
12,520 BioScrip Inc. 700 BioSpecifics Technologies Corp.
64
63
88 27
5,200 BioTelemetry Inc.
52
4,200 Bluebird Bio Inc.
385
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Health Care (continued) 1,700 Calithera Biosciences Inc. 6,140 Cambrex Corp.
Fair Value (000's)
Health Care (continued) $
34
2,000 HealthEquity Inc
133
16,860 HealthSouth Corp.
$
51 648
6,505 Cantel Medical Corp.
281
5,880 Healthways Inc.
117
5,620 Capital Senior Living Corp.
140
3,140 Heartware International Inc.
231
2,300 Cara Therapeutics Inc. 5,580 Cardiovascular Systems Inc. 2,400 Castlight Health Inc. 9,200 Catalent Inc. 16,940 Celldex Therapeutics Inc.
23
359
28
11,940 Horizon Pharma Inc.
154
256
2,890 Hyperion Therapeutics, Inc.
309
2,650 ICU Medical Inc.
3,000 Cellular Dynamics International
19 95
13,340 Cepheid Inc.
722
6,430 Chemical Financial Corp.
52
17,000 HMS Holdings Corp.
4,030 Cempra Inc. 13,360 Cerus Corporation
5,200 Heron Therapeutics Inc.
168
14,000 Idera Pharmaceuticals Inc.
83
62
7,000 IGI Laboratories Inc.
62
1,100 Immune Design Corp.
34
16,450 Immunogen Inc.
197
69 217
16,140 Immunomedics Inc.
77
2,200 Civitas Solutions Inc.
37
4,730 Clovis Oncology Inc.
265
2,170 Computer Programs & Systems Inc.
132
1,100 INC Research Holdings Inc.
28
5,070 Conmed Corp.
228
9,790 Infinity Pharmaceuticals Inc.
165
1,980 CorVel Corp.
74
6,020 Cross Country Healthcare Inc.
75
5,120 CryoLife Inc. 28,330 CTI BioPharma Corp.
13,610 Impax Laboratories Inc.
100
569 Imprivata Inc.
1,000 Inogen Inc. 11,900 Inovio Pharmaceuticals Inc. 9,700 Insmed Inc.
150
10,430 Insulet Corp.
480
2,235 Insys Therapeutics Inc.
4,215 Cynosure Inc.
116
4,590 Integra Lifesciences Holdings Corp.
11,560 DepoMed Inc. 3,900 Derma Sciences Inc. 14,160 Dexcom Inc. 1,900 Dicerna Pharmaceuticals Inc. 25,730 Dyax Corp.
31 109
58 276
6,890 Cytokinetics Inc.
7
67
4,950 Cyberonics Inc.
12,400 CytRx Corp.
431
94 249
55
1,100 Intersect ENT Inc.
20
34
3,100 Intra-Cellular Therapies Inc.
55
186
6,900 Intrexon Corp.
36
5,650 Invacare Corp.
780
3,257 IPC the Hospitalist Company Inc.
31
23,030 Ironwood Pharmaceuticals Inc.
362
22,260 ISIS Pharmaceuticals Inc.
190 95 149 353 1,374
5,657 Dynavax Technologies Corporation
95
1,600 K2M Group Holdings Inc.
33
3,700 Egalet Corp.
21
2,500 Karyopharm Therapeutics I
94
500 Eleven Biotherapeutics Inc.
6
5,740 Emergent BioSolutions Inc.
156
2,120 Enanta Pharmaceuticals Inc.
108
17,330 Keryx Biopharmaceuticals Inc. 2,200 Kindred Biosciences Inc. 12,500 Kindred Healthcare Inc.
6,230 Endocyte Inc.
39
12,740 Endologix Inc.
195
3,410 Kythera Biopharmaceuticals, Inc.
3,880 Ensign Group Inc.
172
1,950 Landauer Inc.
8,200 Enzo Biochem Inc.
36
2,720 Epizyme Inc.
51
1,200 Esperion Therapeutics Inc.
49
16,150 Exact Sciences Corp. 1,910 Exactech Inc. 6,560 ExamWorks Group Inc. 1,900 FibroGen Inc. 3,800 Five Prime Therapeutics Inc. 11,750 Five Star Quality Care Inc. 1,100 Flexion Therapeutics Inc. 5,200 Fluidigm Corp.
1,600 Kite Pharma Inc
102
1,500 Loxo Oncology Inc.
52
7,540 Luminex Corp.
103 49
67
3,100 LDR Holding Corp.
3,908 Ligand Phamaceuticals Inc.
273
92 118 216
2,530 LHC Group Inc.
45
16 227
5,040 Lannett Co. Inc. 49,390 Lexicon Pharmaceuticals Inc.
443
245
45 79 208 18 141
4,100 MacroGenics Inc.
144
5,140 Magellan Health Services Inc.
309
22
44,440 MannKind Corp.
232
175
9,460 Masimo Corp.
249
2,900 Foundation Medicine Inc.
64
11,440 MedAssets Inc.
226
4,000 Galectin Therapeutics Inc.
14
12,650 Medicines Co.
350 489
27,780 Galena Biopharma Inc.
42
10,238 Medidata Solutions Inc.
7,650 Genmark Diagnostics Inc.
104
12,960 Merge Healthcare Inc.
2,300 Genocea Biosciences Inc.
16
7,680 Meridian Bioscience Inc.
3,610 Genomic Health Inc.
115
6,130 Gentiva Health Services Inc.
117
19,520 Merrimack Pharmaceuticals Inc.
221
32,472 Geron Corp.
106
19,270 Mimedx Group Inc.
222
12,170 Globus Medical Inc. - A
289
1,750 Mirati Therapeutics Inc.
32
236
5,595 Molina Healthcare Inc.
300
4,790 Greatbatch Inc.
8,605 Merit Medical Systems Inc.
46 126
10,042 Haemonetics Corp.
376
19,930 Halozyme Therapeutics, Inc.
192
2,433 MWI Veterinary Supply Inc.
152
2,500 NanoString Technologies Inc.
6,940 Hanger Inc.
10,070 Momenta Pharmaceuticals Inc.
65
64
149
121 413 35
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Health Care (continued) 9,450 NanoViricides Inc.
Fair Value (000's)
Health Care (continued) $
26
19,660 Rigel Pharmaceuticals Inc.
$
45
2,030 National Healthcare Corp.
128
7,530 Rockwell Medical Inc.
77
2,010 National Research Corp.
28
5,200 Roka Bioscience Inc.
23
6,220 Natus Medical Inc. 27,660 Navidea Biopharmaceuticals 24,150 Nektar Therapeutics
224
10,520 RTI Surgical Inc.
52
1,100 Sage Therapeutics Inc.
55 40
374
4,010 Sagent Pharamaceuticals
101
6,985 Neogen Corp.
346
14,020 Sangamo Biosciences Inc.
213
5,650 NeoStem Inc
21
7,740 Sarepta Therapeutics Inc.
112
14,320 Neurocrine Biosciences Inc. 1,500 Nevro Corp. 3,780 Newlink Genetics Corp. 7,900 Northwest Biotherapeutics Inc.
320 58
24,970 Sequenom Inc.
42 270
20,120 NPS Pharmaceuticals Inc.
720
11,220 Nxstage Medical Inc.
15,380 Select Medical Holdings Corporation
150
45,500 Novavax Inc. 8,980 NuVasive Inc.
9,460 SciClone Pharmaceuticals Inc.
6,660 Skilled Healthcare Group Inc. 7,657 Spectranetics Corporation 12,280 Spectrum Pharmaceuticals Inc.
83 221 92 57 265 85
423
7,520 Staar Surgical Co.
69
201
2,740 Stemline Therapeutics Inc.
47
1,100 Ocular Therapeutix Inc.
26
5,700 Ohr Pharmaceutical Inc.
48
7,320 Omeros Corp.
181
6,890 Omnicell Inc.
228
11,360 Steris Corp. 3,700 Sucampo Pharmaceuticals Inc. 11,600 Sunesis Pharmaceuticals Inc.
737 53 30
5,350 Supernus Pharmaceuticals
44
59
2,770 SurModics Inc.
61
15,800 Oncothyreon Inc.
30
1,710 Symmetry Surgical Inc.
2,800 Ophthotech Corp.
126
2,700 Oncomed Pharmaceuticals
4,221 Synageva Biopharma Corp.
13 392
37,430 Opko Health Inc.
374
22,040 Synergy Pharmaceuticals Inc.
67
10,240 OraSure Technologies Inc.
104
12,880 Synta Pharmaceuticals Corp.
34
22,970 Orexigen Therapeutics Inc.
139
12,500 Organovo Holdings Inc
91
3,480 Orthofix International
105
1,100 T2 Biosystems Inc.
21
1,800 Tandem Diabetes Care Inc.
23
13,280 Team Health Holdings Inc.
764
3,990 Osiris Therapeutics Inc.
64
3,820 Tesaro, Inc.
142
1,400 Otonomy Inc.
47
5,100 Tetraphase Pharmaceutical
203
3,060 Ovascience Inc. 11,850 Owens & Minor Inc. 2,400 Oxford Immunotec Global P 11,500 Pacific Biosciences of California 6,740 Pacira Pharmaceuticals Inc. 7,000 Pain Therapeutics Inc.
135
5,260 TG Therapeutics Inc.
83
416
20,270 Therapeuticsmd Inc.
90
33
4,600 Theravance Biopharma Inc. 16,000 Theravance Inc.
226
598
10,930 Thoratec Corp.
355
14
10,820 Threshold Pharmaceuticals Inc.
10,810 Paraxel International Corp.
601
6,520 Tornier NV
30,430 PDL BioPharma Inc.
235
5,300 TransEnterix Inc.
6,100 Pernix Therapeutics Holdings 5,573 PharMerica Corp. 2,700 Phibro Animal Health Corp. 7,990 Portola Pharmaceuticals
69
90
57
4,840 Triple-S Management Corporation
115
1,400 TriVascular Technologies Inc
85 226
5,020 Pozen Inc.
40
3,900 PRA Health Sciences Inc.
94
34 166 15 116 18
2,350 U.S. Physical Therapy Inc.
99
1,400 Ultragenyx Pharmaceutical Inc.
61
19,000 Unilife Corporation 7,760 Universal American Corp.
64 72
9,760 Prestige Brands Holdings Inc.
339
680 Utah Medical Products Inc.
41
14,980 Progenics Pharmaceuticals Inc.
113
6,540 Vanda Pharmaceuticals Inc.
94
107
3,380 Vascular Solutions Inc.
92
1,000 Veracyte Inc
10
5,160 Prothena Corp. Plc 2,170 Providence Service Corp.
79
4,700 PTC Therapeutics Inc
243
4,900 Verastem Inc.
45
4,413 Puma Biotechnology Inc.
835
1,900 Versartis Inc.
43
9,340 Quality Systems Inc.
146
5,740 Quidel Corp.
166
1,500 Vital Therapies Inc. 16,490 Vivus Inc.
37 47
1,300 Radius Health Inc.
51
9,760 Volcano Corp.
175
6,300 RadNet, Inc.
54
7,330 WebMD Health Corp.
290
8,390 Wellcare Health Plans
688
11,990 Raptor Pharmaceutical Corp. 4,192 Receptos Inc
126 514
13,370 West Pharmaceutical Services Inc.
712
2,790 Regulus Therapeutics Inc
45
9,760 Wright Medical Group Inc.
3,100 Relypsa Inc.
95
3,210 Xencor Inc.
123
10,670 Xenoport Inc.
94
16,510 Xoma Corp.
59
6,200 Repligen Corp. 4,850 Repros Therapeutics Inc.
48
4,700 Retrophin Inc.
58
1,300 Zafgen Inc.
1,870 Revance Therapeutics Inc.
32
5,320 ZELTIQ Aesthetics Inc.
6566
262 51
40 148
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued)
Shares Common Stocks (continued)
Health Care (continued)
Materials & Processing (continued)
16,390 Ziopharm Oncology Inc.
$
22,570 Zogenix Inc. 1,300 ZS Pharma Inc.
83
17,200 KapStone Paper and Packaging Corp.
31 54
3,710 KMG Chemicals Inc. 3,740 Koppers Holdings Inc.
49,044
6,650 Kraton Performance Polymers Inc. 3,800 Kronos Worldwide Inc.
Materials & Processing
6.53%
7,410 Landec Corp.
5,579 A Schulman Inc.
226
8,467 AAON Inc.
190
4,400 LSB Industries Inc.
6,840 Aceto Corp.
148
3,970 LSI Corp.
2,900 Advanced Drainage Systems Inc.
Fair Value (000's)
26,500 Louisiana-Pacific Corp.
67
2,100 Marrone Bio Innovations
890 AEP Industries Inc.
52
5,600 Masonite International Co.
33,380 AK Steel Holding Corp.
198
21,250 Allied Nevada Gold Corp.
18
$
504 74 97 138 49 102 439 138 27 8 344
3,700 Materion Corp.
130
6,630 Minerals Technologies Inc.
460
7,780 American Vanguard Corp.
90
33,460 Molycorp Inc.
1,730 Ampco-Pittsburgh Corp.
33
10,760 Mueller Industries Inc.
367
5,380 Apogee Enterprises Inc.
228
29,500 Mueller Water Products Inc.
302
1,500 Aspen Aerogels Inc. 13,830 Axiall Corporation
12 587
29
5,070 Myers Industries Inc.
89
5,130 NCI Building Systems Inc.
95
5,710 Balchem Corp.
381
3,860 Neenah Paper Inc.
9,060 Beacon Roofing Supply Inc.
252
1,400 NL Industries Inc.
12
8,170 Belden, Inc.
644
3,500 NN Inc.
72
17,020 Berry Plastics Group Inc.
537
8,100 Noranda Aluminum Holding Corp.
7,270 Boise Cascade Company
270
1,640 Nortek Inc.
8,440 Builders FirstSource Inc. 4,560 Cabot Microelectronics Corp. 10,260 Calgon Carbon Corp. 9,720 Century Aluminum Co.
58
1,850 Olympic Steel Inc.
237
7,360 OM Group Inc.
1,320 Chase Corp.
48 37
4,412 Clearwater Paper Corp.
990 Oil-Dri Corp. of America
213
5,470 Chemocentryx Inc. 17,150 Chemtura Corp.
1,930 Northwest Pipe Co.
216
500 Omega Flex Inc. 8,820 Omnova Solutions Inc.
233
29 133 58 32 33 219 19 72
424
1,560 Patrick Industries Inc.
69
302
8,690 PGT Inc.
84
19,160 Coeur d ' Alene Mines Corp.
98
6,610 Comfort Systems USA Inc.
113
4,850 Ply Gem Holdings Inc. 18,540 Polyone Corp.
22,110 Commercial Metals & Co.
360
2,630 Continental Building Prod.
47
2,490 Quaker Chemical Corp.
229
1,670 Culp Inc.
36
7,080 Quanex Building Products Corp.
133
4,600 RBC Bearings Inc.
297
2,280 Deltic Timber Corp. 2,800 Dynamic Materials Corp. 13,620 Ferro Corp.
156 45
1,980 Foster (Lb) Co.
96 53
10,090 Glatfelter 3,870 Global Brass & Copper 12,290 Globe Specialty Metals Inc. 6,780 Gold Resource Corp. 61,440 Graphic Packaging Corp.
14,100 Rexnord Corp.
398
2,100 Ryerson Holding Corp.
258
4,860 Schnitzer Steel Industries Inc.
51
7,800 Senomyx Inc. 9,870 Sensient Technologies Corp.
23
1,390 Shiloh Industries Inc.
837
7,730 Griffon Corp.
103 418
7,690 Simpson Manufacturing Co. 3,900 Stepan Co. 22,850 Stillwater Mining Co.
47
59 262
5,810 RTI International Metals Inc.
212
397
14,870 Resolute Forest Products Inc.
102
9,390 H.B. Fuller Company 1,020 Handy & Harman Ltd.
46,800 Rentech Inc.
177
4,050 Futurefuel Corp. 6,280 Gibraltar Industries Inc.
8,440 Polypore International Inc.
68 703
2,700 Stock Building Supply Hol
147 21 110 47 596 22 266 156 337 41
2,690 Hawkins Inc.
117
2,700 The Dixie Group Inc.
2,220 Haynes International Inc.
108
5,030 Tredegar Corp.
113 281
13,650 Headwaters Inc.
205
6,600 Trex Co. Inc.
62,770 Hecla Mining Co.
175
4,100 Trinseo SA 11,600 Tronox Ltd-Cl A
25
72
9,220 Horsehead Holding Corp.
146
277
4,630 Innophos Holdings Inc.
271
1,140 UFP Technologies Inc.
28
4,510 Innospec Inc.
193
3,056 Unifi Inc.
91
1,600 Installed Building Products Inc.
29
400 United States Lime & Minerals
29
3,690 Insteel Industries Inc.
87
3,760 Universal Forest Products Inc.
200
12,230 Interface Inc.
201
1,320 Universal Stainless & Alloy Products Inc.
10,190 Intrepid Potash Inc.
141
2,750 Us Concrete Inc.
3,470 Kaiser Aluminum Corp.
248
10,090 Us Silica Holdings Inc.
67
66
33 78 259
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued)
Shares Common Stocks (continued)
Materials & Processing (continued)
Producer Durables (continued)
4,941 Watsco Inc.
$
11,950 Wausau Paper Corp. 9,780 Worthington Industries Inc. 4,230 Zep Inc.
Producer Durables 8,110 AAR Corp.
Fair Value (000's)
529
9,400 Curtiss-Wright Corp.
$
664
136
31,180 Darling International Inc.
566
294 64
9,700 Deluxe Corp. 17,400 DHT Holdings Inc.
604 127
21,876
7,200 Dice Holdings Inc.
72
13.29%
1,300 Dorian Lpg Ltd.
18
4,150 Douglas Dynamics Inc.
89
225
2,550 Ducommun Inc.
10,580 ABM Industries Inc.
303
2,411 DXP Enterprises Inc.
21,620 ACCO Brands Corp.
195
6,680 Dycom Industries Inc.
234
4,340 Echo Global Logistics Inc.
127
7,100 Accuride Corp. 12,140 Actuant Corp.- Class A 4,120 Advanced Emissions Solutions, Inc.
31 331
2,840 Electro Rent Corp.
94
8,230 Advanced Energy Industries Inc.
195
6,860 Advisory Board Co.
336
8,790 Electronics For Imaging Inc. 12,730 Emcor Group Inc. 3,900 Encore Wire Corp.
64 122
40 376 566 146
7,300 Aegion Corp.
136
5,935 Energy Recovery Inc.
3,950 AeroVironment Inc.
108
8,840 EnerSys
546
3,510 Engility Holdings Inc.
150
9,610 Air Transport Services Group Inc. 11,900 Aircastle Ltd. 1,450 Alamo Group Inc.
82 254
4,850 Ennis Inc.
70
4,330 EnPro Industries Inc
31
65 272
5,220 Albany International Corp.
198
1,800 Erickson Air-Crane Inc.
15
2,654 Allegiant Travel Company
399
4,910 Esco Technologies Inc.
181
4,950 Altra Holdings Inc.
141
6,090 Esterline Technologies Corp.
668
6,070 Exlservice Holdings Inc.
174
2,440 Exponent Inc.
201
1,730 American Railcar Industries 7,920 Applied Industrial Technologies Inc. 1,100 ARC Group Worldwide Inc. 5,160 ArcBest Corp.
89 361 11
3,200 FARO Technologies Inc.
239
11,670 Federal Signal Corp.
201 180
3,300 Ardmore Shipping Corp.
40
1,970 Forrester Research Inc.
2,260 Argan Inc.
76
5,890 Forward Air Corp.
297 338
2,590 Ascent Capital Group Inc.
137
9,000 Franklin Electric Co. Inc.
3,370 Astec Industries Inc.
132
2,460 FreightCar America Inc.
3,736 Astronics Corp.
207
12,191 Frontline Ltd.
4,780 Atlas Air Worldwide Holdings
236
1,340 Frp Holdings Inc.
4,810 AZZ Incorporated
226
7,660 FTI Consulting Inc. 6,950 Furmanite Corp.
2,640 Badger Meter Inc.
157
9,000 Baltic Trading Ltd.
23
10,090 Barnes Group Inc.
373
1,440 Barrett Business Services Inc. 9,070 Blount International Inc.
78
65 31 53 296 54
3,700 G&K Services Inc.
262
8,420 Gaslog Ltd.
171
39
13,040 Generac Holdings Inc.
610
159
9,480 General Cable Corp.
141
9,450 Brady Corp.
258
2,000 General Finance Corp
20
8,740 Briggs & Stratton Corp.
178
3,480 Global Power Equipment Group
48
9,110 Brink's Co.
222
2,174 Global Sources Ltd.
6,690 Bristow Group Inc.
440
3,451 Gorman-Rupp Co.
3,510 CAI International Inc.
81
7,900 Casella Waste Systems Inc.
32
2,500 GP Strategies Corp. 22,200 Graftech International Ltd.
7,580 CBIZ Inc.
65
1,760 Graham Corp.
2,890 CDI Corp.
51
7,740 Granite Construction Inc.
14 111 85 112 51 294
3,543 CECO Environmental Corp.
55
11,250 Great Lakes Dredge & Dock
96
4,110 Celadon Group Inc.
93
5,100 Greenbrier Companies Inc.
274
5,764 Chart Industries Inc.
197
6,220 Chc Group Ltd.
20
5,060 Gulfmark Offshore Inc.
124
5,780 H&E Equipment Services Inc.
162
3,390 Circor International Inc.
204
4,630 Hackett Group Inc.
41
9,560 Clarcor Inc.
637
15,100 Harsco Corporation
285
3,700 Columbus McKinnon Corp.
104
8,520 Hawaiian Holdings Inc.
222
4,900 Commercial Vehicle Group Inc.
33
13,590 Healthcare Services Group Inc.
420
2,100 Control4 Corp.
32
10,610 Heartland Express Inc.
287
12,810 HEICO Corp.
774
19,390 Convergys Corp. 6,440 Corporate Executive Board Co. 900 Corporate Resource Servic 2,080 CRA International Inc. 4,030 Cubic Corporation 3,800 CUI Global Inc.
395 467
3,690 Heidrick & Struggles International Inc.
1
1,810 Heritage Crystal Clean Inc.
63
11,270 Herman Miller Inc.
212
4,400 Hill International Inc.
28
8,500 HNI Corp.
68 67
85 22 332 17 434
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Producer Durables (continued) 3,260 Houston Wire & Cable Co. 7,020 Hub Group Inc. 1,320 Hurco Co.
Fair Value (000's)
Producer Durables (continued) $
39
1,680 Powell Industries Inc.
267
850 Power Solutions International
45
530 Preformed Line Products Co.
82 44 29
4,360 Huron Consulting Group Inc.
298
1,989 Hyster-Yale Materials Handling, Inc.
146
7,120 Primoris Services Corporation
3,630 ICF International Inc.
149
4,230 Proto Labs Inc.
284
5,110 Quad/Graphics Inc.
117
6,000 Information Services Group Inc. 6,870 InnerWorkings Inc. 4,190 Insperity Inc. 1,100 International Shipholding Corp. 7,690 Itron Inc. 47,050 JetBlue Airways Corp. 5,840 John Bean Technologies Corp. 2,190 Kadant Inc. 5,200 Kaman Corp. 5,610 Kelly Services Inc. 5,540 KForce Inc.
5,480 PRGX Global Inc.
$
25 54
5,000 Quality Distribution Inc.
142 16
31 165
53
6,840 Raven Industries Inc.
171
9,350 Republic Airways Holdings Inc.
136
325
7,140 Resources Connection Inc.
117
746
5,110 Roadrunner Transportation Systems Inc.
119
192
9,730 RPX Corp.
134
6,400 Rush Enterprises Inc.
205
93 208
7,100 Safe Bulkers Inc.
95
4,670 Saia Inc.
28 259
134
25,900 Scorpio Bulkers Inc.
51
6,638 Kimball International Inc.
61
32,320 Scorpio Tankers Inc.
281
11,210 Knight Transportation Inc.
377
6,210 Knightsbridge Shipping Ltd.
12,620 Servicesource International
28
8,850 Knoll Inc.
187
9,260 Korn/Ferry International
266
11,261 Ship Finance International Limited 800 SIFCO Industries Inc. 9,710 SkyWest Inc.
59 159 23 129
9,850 Kratos Defense & Security Solutions Inc.
49
2,798 SP Plus Corp.
71
3,150 Layne Christensen Co.
30
6,290 Spartan Motors Inc.
33
2,432 Lindsay Corp. 4,880 Liquity Services Inc. 4,420 Littlefuse Inc. 2,830 LMI Aerospace Inc. 3,480 Lydall Inc.
209
2,400 Standex International Corp.
40
15,610 Steelcase Inc.
427
3,400 Sterling Construction Co. Inc.
40
4,385 Sun Hydraulics Corp.
114
15,850 Swift Transportation Co.
2,360 Manitex International Inc.
30
7,233 Sykes Enterprises Incorporated
1,690 Marlin Business Services Corp.
35
6,670 TAL International Group Inc.
4,790 Marten Transport Ltd.
105
12,250 MasTec Inc.
277
8,030 Matson Inc
277
12,780 Maximus Inc. 5,070 Maxwell Technologies Inc. 4,850 McGrath Rentcorp 540 Mesa Laboratories Inc. 2,300 Miller Industries Inc. 3,250 Mistras Group, Inc.
10,670 Taser International Inc. 3,750 Team Inc. 11,930 Teekay Tankers Ltd.
701 46 174 42
1,800 The Exone Co. 5,840 Thermon Group Holdings Inc.
9,460 Modine Manufacturing Co.
129
8,050 Titan International Inc.
7,960 Moog Inc.
3,220 Titan Machinery Inc.
589
170 291 283 152 60
249
354 78
454
3,450 Tennant Co.
8,740 Mobile Mini Inc. 16,860 Monster Worldwide Inc.
22 173
740 77
3,960 Textainer Group Hldgs. Ltd.
60
280
7,202 Teledyne Technologies Inc. 3,270 TeleTech Holdings Inc. 12,280 Tetra Tech Inc.
48
185
8,519 Trimas Corp.
328 136 30 141 86 45 267
5,590 MSA Safety Inc.
297
2,900 TriNet Group Inc.
2,950 MTS Systems Corp.
221
7,720 TrueBlue Inc.
172
2,310 Multi-Color Corp.
128
6,880 Tutor Perini Corp.
166
4,290 MYR Group Inc.
118
1,590 Twin Disc Inc.
32
8,100 Ultrapetrol (Bahamas) Ltd.
17
918 Nacco Industries Inc. 9,120 Navigant Consulting Inc.
54 140
91
2,749 UniFirst Corp.
334
15,100 Navios Maritime Acquisitions
55
7,600 United Stationers Inc.
320
14,600 Navios Maritime Holdings
60
1,100 Universal Truckload Services Inc.
3,400 Nordic American Offshore
42
4,170 US Ecology Inc.
10,550 On Assignment Inc.
350
11,900 Orbital Sciences Corp.
320
5,574 Orion Marine Group Inc. 3,880 OSI Systems Inc. 600 P.A.M. Transportation Services Inc. 1,670 Park-Ohio Holdings Corp. 1,500 Paylocity Holding Corp 5,470 Performant Financial Corporation 10,880 PHH Corp. 2,370 PHI Inc. 30,700 Plug Power Inc.
1,200 USA Truck Inc. 16,760 UTI Worldwide Inc.
62
2,200 Vertex Energy Inc.
275
3,020 Vicor Corp.
31
2,900 Virgin America Inc.
105
2,530 Vishay Precision Group Inc.
39
840 VSE Corp.
36
12,610 Wabash National Corp.
261
6,600 Wageworks Inc.
31 167 34 202 9 37 125 43 55 156 426
89
5,440 Watts Water Technologies Inc.
345
92
8,450 Werner Enterprises Inc.
263
6869
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued)
Shares Common Stocks (continued)
Producer Durables (continued)
Technology (continued)
11,130 Wesco Aircraft Holdings
$
12,690 Woodward Inc. 2,230 Xerium Technologies Inc. 10,154 XPO Logistics Inc. 5,720 YRC Worldwide Inc.
156
4,880 Coherent Inc.
625
5,050 Cohu Inc.
$
296 60
35
8,950 CommVault Systems, Inc.
463
415 129
3,170 Computer Task Group Inc. 6,500 ComScore Inc.
30 302
44,532
2,940 Comtech Telecommunications 4,540 Comverse, Inc.
Technology
Fair Value (000's)
14.83%
9,960 Cornerstone Ondemand Inc.
3,580 A.M. Castle & Co.
29
7,178 Covisint Corp.
6,300 A10 Networks Inc.
27
7,700 Cray Inc.
93 85 351 19 265
10,060 Acacia Research Corporation
170
6,330 CSG Systems International Inc.
159
21,744 ACI Worldwide Inc.
439
6,860 CTS Corp.
122
144
3,300 CVENT INC.
92
5,070 Cyan Inc.
13
7,770 Actua Corp. 8,510 Actuate Corp.
56
14,420 Acxiom Corp.
292
11,120 ADTRAN Inc.
242
6,970 Daktronics Inc.
87
15
3,220 Datalink Corp.
42
3,200 Aerohive Networks Inc.
30,070 Cypress Semiconductor
2,909 Agilysys Inc.
37
2,360 Alliance Fiber Optic Products Inc.
34
4,500 Demand Media Inc.
3,950 Alpha & Omega Semiconductor Ltd.
35
5,790 Demandware Inc.
5,480 Ambarella, Inc.
10,210 DealerTrack Holdings Inc.
429
452 28 333
278
5,285 Digi International Inc.
49
1,600 Amber Road Inc.
16
1,280 Digimarc Corporation
35
1,430 American Science & Engineering Inc.
74
6,210 Digital River Inc.
154
4,910 American Software Inc.
45
14,234 DigitalGlobe Inc.
441
15,720 Amkor Technology Inc. 5,125 Anixter International Inc.
112
6,740 Diodes Incorporated
186
453
11,000 Dot Hill Systems Corp.
49
14,745 Applied Micro Circuits Corp.
96
4,040 DSP Group Inc.
44
2,700 Applied Optoelectronics Inc.
30
3,132 DTS Inc.
96
4,220 E2open, Inc.
41
7,530 ARC Document Solutions, Inc.
77
20,110 Aruba Networks Inc.
366
17,270 Aspen Technology Inc.
605
5,000 Audience Inc. 6,400 AVG Technologies. 20,450 Axcelis Technologies Inc. 12,360 Bankrate Inc.
18,780 EarthLink Holdings Corp. 6,358 Ebix Inc.
22
4,570 Electro Scientific Industries Inc.
126
5,380 Ellie Mae Inc.
52
13,280 Emulex Corp.
154
5,500 Endurance Internmational
1,500 Barracuda Networks Inc.
54
26,092 Entegris Inc.
9,130 Bazaarvoice Inc.
73
16,420 Entropic Communications Inc.
2,020 Bel Fuse Inc.
55
10,420 Benchmark Electronics Inc.
82 108 35 217 75 101 345 42
6,420 Envestnet Inc.
315
265
6,870 Epam Systems Inc.
328
1,000 BenefitFocus INC.
33
6,430 EPIQ Systems Inc.
110
3,300 Black Box Corp.
79
970 ePlus Inc.
73
8,660 Blackbaud Inc.
375
1,400 Evolution Petroleum Corp.
21
8,380 Blucora Inc.
116
7,828 Exar Corp.
80
1,700 Borderfree Inc. 7,240 Bottomline Technologies Inc. 5,850 Brightcove 5,730 BroadSoft Inc.
15
17,870 Extreme Networks Inc.
183
6,400 Fabrinet
46
23,400 Fairchild Semiconductor International Inc.
166
7,928 FEI Co.
13,500 Brooks Automation Inc.
172
4,450 CACI International Inc.
384
2,400 Five9 Inc.
7,170 Calamp Corp.
131
7,340 Fleetmatics Group Plc
7,588 Calix Inc. 8,480 Callidus Software Inc.
18,190 Finisar Corp.
63 114 395 716 353 11 260
76
10,160 FormFactor Inc.
87
138
4,400 Gigamon Inc.
78
3,280 Carbonite Inc.
47
7,020 Global Eagle Entertainment
96
2,300 Cascade Microtech Inc.
34
1,300 Globant SA
20
10,000 Cavium Inc.
618
16,490 Glu Mobile Inc.
64
4,530 CEVA Inc.
82
1,600 GrubHub Inc.
58
3,850 Channeladvisor Corp.
83
6,100 GSI Group Inc.
90
2,600 GTT Communications Inc.
34
7,290 Checkpoint Systems Inc. 14,234 Ciber Inc. 20,070 Ciena Corp.
100 51
3,230 Guidance Software Inc.
23
390
12,900 Guidewire Software Inc.
653 123
14,100 Cinedigm Corp
23
17,510 Harmonic Inc.
12,260 Cirrus Logic Inc.
289
1,100 HubSpot Inc.
37
2,100 Clearfield Inc.
26
6,824 iGATE Corp.
269
16,480 Cognex Corp.
681
10,340 II-VI Inc.
70
69
141
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares Common Stocks (continued)
Fair Value (000's)
Shares Common Stocks (continued)
Technology (continued) 5,710 Immersion Corp.
Fair Value (000's)
Technology (continued) $
54
17,200 Oclaro Inc.
31
204
22,900 Infinera Corp.
337
1,400 OPOWER Inc.
20
9,940 Infoblox Inc.
201
1,800 Park City Group Inc.
16
5,830 Inphi Corporation
108
8,200 Insight Enterprises Inc.
212
25,160 Integrated Device Tech Inc.
10,440 OmniVision Technologies Inc.
$
4,130 Imperva Inc.
4,260 Park Electrochemical Corp. 17,910 Parkervision Inc.
493
1,200 Paycom Software Inc
271
106 16 32
5,750 Integrated Silicon Solution Inc.
95
1,910 PC Connection Inc.
47
3,170 Interactive Intelligence Group
152
5,640 PDF Solutions Inc.
84
7,020 Interdigital Inc.
371
6,922 Pegasystems Inc.
144
6,850 Perficient Inc.
128
9,930 Internap Network Services Corp.
79
13,490 International Rectifier Corp.
538
24,310 Intersil Corp.
352
11,487 Photronics Inc.
95
4,400 Intevac Inc.
34
8,050 Plantronics Inc.
427
7,250 IntraLinks Holdings Inc. 13,310 InvenSense Inc. 5,680 iRobot Corp. 11,550 Ixia
4,090 Pericom Seimconductor Corp.
86
6,280 Plexus Corp.
216
33,930 PMC-Sierra Inc.
197
26,100 Polycom Inc.
130
5,730 Power Integrations Inc.
4,950 IXYS Corp.
62
4,200 Procera Networks Inc.
8,000 Jive Software Inc.
48
9,675 Progress Software Corp.
55
259 311 352 296 30 261
8,290 Kemet Corp.
35
6,960 Proofpoint Inc.
336
6,070 KEYW Holding Corporation
63
4,600 PROS Holdings Inc.
126
4,878 Kimball Electronics Inc
59
1,800 Q2 Holdings Inc.
34
13,600 Kofax Ltd.
96
1,262 QAD Inc.
29
12,160 Kopin Corp.
44
17,270 QLIK Technologies Inc.
533
40
16,010 Qlogic Corp.
213
3,650 Qualys, Inc.
138
3,170 KVH Industries Inc. 21,650 Lattice Semiconductor Corp.
149
11,150 Limelight Networks Inc.
31
40,324 Quantum Corp.
71
11,910 Lionbridge Technologies Inc.
68
10,100 Quicklogic Corp.
32
10,870 LivePerson Inc.
153
4,580 Logmein Inc.
226
2,460 Loral Space & Communication Inc.
194
1,400 Luxoft Holding Inc. 2,160 M/A-COM Technology Solutions Holdings Inc. 14,380 Manhattan Associates Inc. 4,380 ManTech International Corporation 4,810 Marin Software Inc. 4,740 Marketo Inc.
4,520 Rally Software Develop 21,330 Rambus Inc. 4,247 Real Networks Inc.
54
9,520 RealPage Inc.
68
51 237 30 209
1,700 Reis Inc.
44
586
5,700 Retailmenot Inc.
83
132
3,750 Revolution Lighting Technology
5
41
54,230 RF Micro Devices Inc.
900
155
1,600 Rightside Group Ltd.
11
1,800 Mavenir Systems Inc.
24
5,100 RingCentral Inc.
76
4,730 MaxLinear Inc.
35
3,400 Rocket Fuel Inc.
18,210 Mentor Graphics Corp. 6,160 Mercury Computer Systems Inc.
399 86
6,980 Methode Electronics Inc.
255
8,220 Micrel Inc.
119
18,000 Microsemi Corp. 1,771 MicroStrategy Inc. 13,820 Millennial Media Inc.
22 367
3,390 Rogers Corp.
276
11,900 Ruckus Wireless, Inc. 6,180 Rudolph Technologies Inc.
288
10,040 MKS Instruments Inc.
146
4,820 Rubicon Technology Inc.
511
55
5,080 Rofin-Sinar Technologies Inc.
15,430 Sanmina Corp. 4,470 Sapiens International Corp. 22,070 Sapient Corp.
22 143 63 363 33 549
2,300 MobileIron Inc.
23
5,300 ScanSource Inc.
213
3,500 Model N Inc.
37
8,100 Science Applications International Corp.
401
6,770 ModusLink Global Solutions Inc.
25
7,420 Monolithic Power Systems Inc.
369
7,820 Monotype Imaging Holdings Inc.
225
1,800 Multi-Fineline Electronix Inc.
20
4,730 Nanometrics Inc.
80
6,880 Netgear Inc.
245
6,940 NetScout Systems Inc.
254
10,500 NeuStar Inc. 7,190 Newport Corp. 12,863 NIC Inc.
5,560 Sciquest Inc. 6,100 SeaChange International Inc. 12,680 Semtech Corp. 11,440 ShoreTel Inc. 6,370 Silicon Graphics International Corp. 14,500 Silicon Image Inc. 8,400 Silicon Laboratories Inc.
292
6,420 Silver Spring Networks Inc.
39 350 84 72 80 400 54
137
45,120 Sonus Networks Inc.
179 406
231
11,870 Spansion Inc.
1,700 Nimble Storage Inc.
47
2,090 Sparton Corp.
2,860 Numerex Corp.
32
2,970 SPS Commerce Inc.
990 NVE Corp.
80
70
13,040 SS&C Technologies Holdings Inc.
7071
59 168 763
CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND DECEMBER 31, 2014
Shares
Fair Value (000's)
Common Stocks (continued)
Shares
Fair Value (000's)
Common Stocks (continued)
Technology (continued)
Utilities (continued)
6,520 Super Micro Computer Inc.
$
227
8,860 Cogent Communications Group Inc.
6,840 Synaptics Inc.
471
2,010 Connecticut Water Service Inc.
6,555 Synchronoss Technologies Inc.
274
9,457 Consolidated Communication Holdings
5,370 Synnex Corp.
420
5,825 Syntel Inc.
262
7,720 El Paso Electric Co.
309
439
8,030 Empire District Electric Co.
239 60
15,660 Take-Two Interactive Software Inc.
$
314 73 263
23,270 Dynegy Inc.
706
7,140 Tangoe Inc.
93
4,240 Fairpoint Communications
4,100 Techtarget
47
6,440 General Communication Inc.
8,907 Telecommunication Systems
28
50,400 Globalstar Inc.
139
10,300 Gogo Inc.
170
4,960 TeleNav Inc.
33
1,120 Tessco Technologies Inc.
32
10,090 Tessera Technologies Inc.
361
3,400 Textura Corp.
97
1,500 The Rubicon Project Inc.
24
1,620 Travelzoo Inc.
20
6,691 Tremor Video Inc.
2,110 Hawaiian Telcom Holdco Inc.
1,400 Truecar Inc.
3,150 IDT Corporation
6,245 Tyler Technologies Inc.
98 131
5,000 Intelsat SA
87
14,830 Iridium Communications Inc.
32
1,800 Turtle Beach Corp.
64
6,650 Inteliquent Inc.
320
10,030 TTM Technologies Inc.
627
11,110 Incontact Inc.
903
6,959 Trulia Inc.
58
9,480 IdaCorp Inc.
19
32,780 TriQuint Semiconductor Inc.
89
9,040 J2 Global Inc.
560
8,080 Laclede Group Inc.
430
76
3,160 Lumos Networks Corp.
6
3,790 Magicjack Vocaltec Ltd.
683
145
53 31
6,595 MGE Energy Inc.
5,480 Ubiquiti Networks Inc.
162
3,240 Middlesex Water Co.
5,364 Ultimate Software Group Inc.
788
8,010 New Jersey Resources Corp.
301 75 490
6,880 Ultra Clean Holdings Inc.
64
5,112 Northwest Natural Gas Co.
255
5,070 Ultratech Inc.
94
8,910 Northwestern Corp.
504 212
9,830 Unisys Corp.
290
4,500 Nrg Yield Inc. - Class A
7,530 Universal Display Corp.
209
3,130 NTELOS Holdings Corp.
18,100 Unwired Planet Inc.
18
1,000 Varonis Systems Inc.
13
10,100 ONE Gas Inc.
33
416
8,210 Orbcomm Inc.
54
3,110 Ormat Technologies Inc.
85
5,516 Vasco Data Security International Inc.
156
7,510 Veeco Instruments Inc.
262
6,820 Otter Tail Corporation
211
657
7,800 Pattern Energy Group Inc
192
11,272 Verint Systems Inc. 7,850 ViaSat Inc.
495
1,000 Viasystems Group Inc.
30,090 Pendrell Corporation
16
14,700 Violin Memory Inc. 7,530 VirnetX Holding Corp. 4,787 Virtusa Corp.
70
14,900 PNM Resources Inc.
441
14,780 Portland General Electric Co.
559
199
8,640 Premiere Global Services Inc.
33
4,406 Shenandoah Telecommunications Co.
4,310 Vocera Communications Inc.
45
2,860 SJW Corp.
6
9,470 Web.com Group Inc.
579
41
8,800 Vitesse Semiconductor Corp. 10,251 Vringo Inc
42
14,700 Piedmont Natural Gas Co. Inc.
180
92 138 92
6,280 South Jersey Industries Inc.
370
8,820 Southwest Gas Corp.
545
2,500 WIX Com Ltd.
53
800 Spark Energy Inc.
11
9,723 Xcerra Corp.
89
4,430 Spok Holdings Inc.
77
17
10,670 UIL Holdings Corp.
465
51 39
2,830 Unitil Corp. 32,030 Vonage Holdings Corporation
104 122
3,300 YuMe Inc. 2,100 Zendesk Inc. 10,960 Zix Corp.
49,671 Utilities 17,650 8X8 Inc. 5,400 Abengoa Yield Plc.
4.53%
7,570 West Corp.
250
9,960 WGL Holdings Inc. 2,350 York Water Co.
544 55
162
15,190
148
TOTAL COMMON STOCKS
7,970 Allete Inc.
439
(Cost $237,331,926)
7,680 American States Water Co.
289
1,550 Artesian Resources Corp. 22,310 Atlantic Power Corp. 1,880 Atlantic Tele-Network Inc. 11,340 Avista Corp. 8,630 Black Hills Corp. 4,300 Boingo Wireless Inc. 8,860 California Water Service Group
35
Short-Term Investments
60
333,971 0.28%
929,705 Dreyfus Government Cash Management Fund
127
930
(Cost $929,705)
401 458
TOTAL INVESTMENTS
33
99.96%
334,901
0.04%
120
(Cost $238,261,631)
218
Other Assets, Liabilities Less
2,650 Chesapeake Utilities Corp. 38,670 Cincinnati Bell Inc.
132 123
TOTAL NET ASSETS
11,460 Cleco Corp.
625
7172
100.00% $
335,021
CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)
Money Market Fund
Short Bond Fund
Intermediate Diversified Bond Fund
Opportunistic Bond Fund
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
12/31/2014
12/31/2013
12/31/2014
12/31/2013
12/31/2014
12/31/2013
12/31/2014
12/31/2013
INVESTMENT INCOME: Interest income
$
247
Dividend income Total investment income
$
513
$
6,465
$
5,089
$
23,413
$
22,332
$
6,058
$
1,686
-
-
-
-
-
-
-
-
247
513
6,465
5,089
23,413
22,332
6,058
1,686
184
842
895
766
3,535
3,755
1,250
442
84
291
101
101
282
367
218
71
268
1,133
996
867
3,817
4,122
1,468
513
EXPENSES: Investment advisory and administrative fees Other expenses Gross expenses Fee expense waiver
(56)
(629)
-
-
-
-
-
-
Net expenses
212
504
996
867
3,817
4,122
1,468
513
35
9
5,469
4,222
19,596
18,210
4,590
1,173
7
-
500
758
4,883
767
-
-
-
-
7
-
Net investment income
NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions
(75)
116
(802)
(775)
Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts
(1,847)
(2,937)
23,823
(33,623)
Forward foreign currency contracts and foreign currency transactions
Net realized and unrealized gain (loss)
-
-
(1,347)
-
(2,179)
-
28,706
-
(32,856)
-
(877)
(659)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$
See notes to financial statements.
42
$
9
$
4,122
72 73
$
2,043
$
48,302
$
(14,646)
$
3,713
$
514
CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)
Balanced Fund
Value Equity Fund
Core Equity Index Fund
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
12/31/2014
12/31/2013
12/31/2014
12/31/2013
12/31/2014
12/31/2013
INVESTMENT INCOME: Interest income
$
Dividend income Total investment income
2,417
$
1,842
$
6
$
-
$
20
$
-
2,925
2,258
8,050
6,625
25,790
22,287
5,342
4,100
8,056
6,625
25,810
22,287
1,836
1,635
3,416
3,082
2,248
1,988
195
187
181
171
428
372
2,031
1,822
3,597
3,253
2,676
2,360
EXPENSES: Investment advisory and administrative fees Other expenses Gross expenses Fee expense waiver Net expenses Net investment income
-
-
-
-
-
-
2,031
1,822
3,597
3,253
2,676
2,360
3,311
2,278
4,459
3,372
23,134
19,927
11,344
10,318
34,459
45,028
109,617
58,224
4,667
26,980
496
68,251
43,346
235,945
-
-
-
-
-
-
16,011
37,298
34,955
113,279
152,963
294,169
NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions
Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts Forward foreign currency contracts and foreign currency transactions
Net realized and unrealized gain (loss)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$
See notes to financial statements.
19,322
$
39,576
$
39,414
73 74
$
116,651
$
176,097
$
314,096
CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED December 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)
Growth Fund
International Equity Fund
Small Capitalization Equity Index Fund
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
12/31/2014
12/31/2013
12/31/2014
12/31/2013
12/31/2014
12/31/2013
INVESTMENT INCOME: Interest income
$
Dividend income Total investment income
3
$
-
$
38
$
-
$
198
$
-
4,842
4,161
16,739
11,328
4,556
4,354
4,845
4,161
16,777
11,328
4,754
4,354
2,987
2,692
5,956
5,091
974
916
180
201
493
491
149
143
3,167
2,893
6,449
5,582
1,123
1,059
-
-
-
-
-
-
3,167
2,893
6,449
5,582
1,123
1,059
1,678
1,268
10,328
5,746
3,631
3,295
36,132
30,691
27,470
26,681
21,684
17,868
(3,389)
44,445
(63,973)
58,080
(10,699)
74,073
EXPENSES: Investment advisory and administrative fees Other expenses Gross expenses Fee expense waiver Net expenses Net investment income
NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions
Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts Forward foreign currency contracts and foreign currency transactions
Net realized and unrealized gain (loss)
-
-
32,743
75,136
(36,503)
113
-
-
84,874
10,985
91,941
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$
See notes to financial statements.
34,421
$
76,404
$
(26,175)
74 75
$
90,620
$
14,616
$
95,236
CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)
Money Market Fund Year Ended 12/31/2014
OPERATIONS: Net investment income Net realized gain (loss) Change in net unrealized appreciation or (depreciation)
$
Short Bond Fund
Year Ended 12/31/2013
35 7
$
Year Ended 12/31/2014
9 -
$
5,469 500
Intermediate Diversified Bond Fund
Year Ended 12/31/2013
$
4,222 758
Year Ended 12/31/2014
$
19,596 4,883
Opportunistic Bond Fund
Year Ended 12/31/2013
$
18,210 767
Year Ended 12/31/2014
$
4,590 (75)
Year Ended 12/31/2013
$
-
-
(1,847)
(2,937)
23,823
(33,623)
42
9
4,122
2,043
48,302
(14,646)
3,713
(35)
(9)
(5,469)
(4,222)
(19,596)
(18,210)
(4,590)
(1,173)
TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units Trust units redeemed Units issued in reinvestment of dividends
200,426 (234,104) 34
1,209,875 (1,285,462) 9
101,913 (54,280) 5,408
141,488 (98,999) 4,222
360,529 (219,961) 18,871
181,403 (363,547) 18,210
133,530 (35,090) 4,434
261,309 (8,454) 1,173
Net increase (decrease) in net assets resulting from trust unit transactions
(33,644)
(75,578)
53,041
46,711
159,439
(163,934)
102,874
254,028
Net increase (decrease) in net assets
(33,637)
(75,578)
51,694
44,532
188,145
(196,790)
101,997
253,369
94,947
170,525
263,911
219,379
828,406
253,369
-
263,911
$ 1,016,551
Net increase (decrease) in net assets resulting from operations Distributions to participants from net investment income
NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF YEAR
$
TRUST UNIT ACTIVITY: Trust units at beginning of year Sale of trust units Trust units redeemed Units issued in reinvestment of dividends
TRUST UNITS AT END OF YEAR
See notes to financial statements
61,310
94,959 200,426 (234,104)
$
94,947
170,537 1,209,875 (1,285,462)
$
315,605
23,613 9,094 (4,845)
$
19,460 12,600 (8,823)
(802)
1,173 116
1,025,196 $
828,406
61,644 25,843 (15,708)
73,558 13,245 (26,493)
$
355,366
25,540 13,422 (3,530)
(775)
514
$
253,369
26,274 (852)
34
9
483
376
1,371
1,334
446
118
61,315
94,959
28,345
23,613
73,150
61,644
35,878
25,540
75
76
CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)
Balanced Fund Year Ended 12/31/2014
OPERATIONS: Net investment income Net realized gain (loss) Change in net unrealized appreciation or (depreciation)
$
Value Equity Fund
Year Ended 12/31/2013
3,311 11,344
$
Year Ended 12/31/2014
2,278 10,318
$
Core Equity Index Fund
Year Ended 12/31/2013
4,459 34,459
$
Year Ended 12/31/2014
3,372 45,028
$
Year Ended 12/31/2013
23,134 109,617
$
19,927 58,224
4,667
26,980
496
68,251
43,346
235,945
19,322
39,576
39,414
116,651
176,097
314,096
(3,311)
(2,278)
(4,459)
(3,372)
(23,134)
(19,927)
26,812 (25,507) 3,242
21,443 (29,269) 2,278
58,835 (71,112) 4,373
70,690 (105,747) 3,372
86,313 (212,575) 22,583
214,276 (189,806) 19,927
Net increase (decrease) in net assets resulting from trust unit transactions
4,547
(5,548)
(7,904)
(31,685)
(103,679)
44,397
Net increase (decrease) in net assets
20,558
31,750
27,051
81,594
49,284
338,566
NET ASSETS AT BEGINNING OF YEAR
223,555
191,805
400,920
319,326
1,300,081
961,515
Net increase (decrease) in net assets resulting from operations Distributions to participants from net investment income TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units Trust units redeemed Units issued in reinvestment of dividends
NET ASSETS AT END OF YEAR
$
TRUST UNIT ACTIVITY: Trust units at beginning of year Sale of trust units Trust units redeemed Units issued in reinvestment of dividends
TRUST UNITS AT END OF YEAR
See notes to financial statements
244,113
3,222 377 (363)
$
223,555
3,316 331 (461)
$
427,971
7,909 1,139 (1,357)
$
400,920
8,644 1,578 (2,389)
$
1,349,365
30,955 1,930 (4,756)
$
1,300,081
29,769 5,781 (5,118)
45
36
83
76
505
523
3,281
3,222
7,774
7,909
28,634
30,955
76
77
CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013 (AMOUNTS IN THOUSANDS)
Growth Fund Year Ended 12/31/2014
OPERATIONS: Net investment income Net realized gain (loss) Change in net unrealized appreciation or (depreciation)
$
Net increase (decrease) in net assets resulting from operations
International Equity Fund Year Ended 12/31/2013
1,678 36,132
$
Year Ended 12/31/2014
1,268 30,691
$
Small Capitalization Equity Index Fund
Year Ended 12/31/2013
10,328 27,470
$
Year Ended 12/31/2014
5,746 26,681
$
Year Ended 12/31/2013
3,631 21,684
$
3,295 17,868
(3,389)
44,445
(63,973)
58,193
(10,699)
74,073
34,421
76,404
(26,175)
90,620
14,616
95,236
-
-
-
-
-
Distributions to participants from net investment income
-
TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units Trust units redeemed Units issued in reinvestment of dividends
53,445 (72,886) -
69,581 (77,809) -
65,406 (48,617) -
95,839 (64,467) -
37,018 (53,018) -
40,425 (53,825) -
Net increase (decrease) in net assets resulting from trust unit transactions
(19,441)
(8,228)
16,789
31,372
(16,000)
(13,400)
Net increase (decrease) in net assets
14,980
68,176
(9,386)
121,992
(1,384)
81,836
NET ASSETS AT BEGINNING OF YEAR
304,226
236,050
NET ASSETS AT END OF YEAR
$
TRUST UNIT ACTIVITY: Trust units at beginning of year Sale of trust units Trust units redeemed Units issued in reinvestment of dividends
TRUST UNITS AT END OF YEAR
See notes to financial statements
319,206
$
304,226
514,943 $
505,557
392,951 $
514,943
336,405 $
335,021
254,569 $
336,405
4,918 825 (1,138)
5,103 1,262 (1,447)
14,941 1,917 (1,457)
13,992 3,079 (2,130)
21,154 2,319 (3,360)
22,145 2,929 (3,920)
-
-
-
-
-
-
4,605
4,918
15,401
14,941
20,113
21,154
77
78
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1- Nature of Organization and Summary of Significant Accounting Policies Nature of Organization The Catholic United Investment Trust (CUIT) is an investment company and presents it’s financial statements in accordance with ASC 946. CUIT is comprised of ten professionally managed, no-load, open-end, pooled investment funds (CUIT Funds) for the exclusive benefit of religious organizations that are listed, or eligible for listing, in the Kenedy Official Catholic Directory of the Roman Catholic Church in the United States. CUIT is exempt from registration under the Investment Company Act of 1940 and the Trust Units issued by CUIT are exempt from registration under the Securities Act of 1933. Class B units are made available to the Intermediate Diversified Bond, Opportunistic Bond, Value Equity, Growth and International Equity Funds and require an initial investment of $10.0 million. Effective April 1, 2008, the Class B units for the CUIT Core Equity Index and Small Capitalization Index Funds initial investment was reduced to $3.0 million. Effective January 1, 2012, the Class B units for the CUIT International Equity Fund was reduced to $5.0 million. On January 15, 2014, the CUIT Flex Cash Fund discontinued offering banking services. On February 1, 2014, the Flex Cash Fund was renamed the CUIT Money Market Fund and CBIS reduced its management fee to 0.25% from 0.50%. The specific investment objectives of the CUIT Funds are as follows: Money Market Fund The Money Market Fund’s objective is to provide participating organizations investments in high quality short-term cash and debt obligations, consistent with its specific objective of seeking optimal current income to the extent consistent with preservation of capital. Effective June 30, 2009, the Flex Cash Fund extended its average maturity to a maximum of 180 days, as a temporary measure to augment yield due to the Federal Reserve’s zero percent Federal Funds targeting. Effective December 31, 2011, the June 30, 2009 maturity extension was rescinded and the portfolio’s weighted average maturity must be 90 days or less. Short Bond Fund The Short Bond Fund’s objective is to provide participating organizations a high level of current income to the extent consistent with preservation of capital by investing primarily in securities issued by the U.S. Government, its agencies or instrumentalities, investment grade corporate debt obligations, mortgage-backed securities and other asset backed securities. The Short Bond Fund seeks to maintain an effective duration within 20% of the Merrill Lynch 1-3 year Treasury Index. Intermediate Diversified Bond Fund The Intermediate Diversified Bond Fund’s objective is to provide participating organizations current income and long-term capital appreciation through investments primarily in U.S. Government securities, securities issued by U.S. Government agencies, fixed income obligations of corporations, asset-backed, mortgage-backed and municipal securities. The Intermediate Diversified Bond Fund seeks to maintain an effective duration between four to six years. Opportunistic Bond Fund The Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets. While it will generally offer short duration bond exposure similar to its benchmark, the Barclays 1-5 Year Government Credit Index, its sub-advisers will have substantial discretion to modify effective duration and to implement strategies utilizing a wide range of physical bond, equity and derivative strategies. Balanced Fund The Balanced Fund’s objective is to provide participating organizations capital appreciation and current income through investing in equity and fixed income securities.
78
79
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1- Nature of Organization and Summary of Significant Accounting Policies (continued) Value Equity Fund The Value Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of large and established companies that possess valuable assets or that are believed to be undervalued. Core Equity Index Fund The Core Equity Index Fund’s objective is to replicate the investment performance of the Standard & Poor’s Composite Stock Price Index (the S&P 500® Index), an index that emphasizes large capitalization companies, while incorporating CBIS’ Catholic SRI program. “S&P 500®” is a registered trademark of McGraw-Hill. Neither McGraw-Hill nor Standard & Poor’s is a sponsor of, or affiliated in any way with, the Index Fund and neither endorses the Index Fund. Growth Fund The Growth Fund’s objective is to provide participating organizations long-term capital appreciation through investing primarily in equity securities of well-established companies demonstrating strong and sustainable earnings growth. International Equity Fund The International Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing in equity securities of well-established companies based primarily in countries included in the Morgan Stanley Capital International Europe, Australia, the Far East Index (EAFE) and Canada. Small Capitalization Equity Index Fund The Small Capitalization Equity Fund’s objective is to replicate the price and yield performance of the Russell 2000 ® Index, an index which emphasizes small capitalization companies. The Russell 2000 ® Index is an index of 2,000 small company stocks that is created by taking the largest 3,000 companies in the United States and eliminating the largest 1,000 of those companies. Net Asset Value and Valuation of Securities The net asset value (NAV) of each Catholic United Investment Trust (CUIT) Fund is determined by the fair value of each Fund’s securities and other assets, less any liabilities and is calculated as of the close of business on any day the New York Stock Exchange is open. For this purpose, securities listed or traded on a national or foreign securities exchange are valued at their last sale price or, if there have been no sales on that day, at the most recent bid price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (NOCP). Securities traded in the over-the-counter market not covered by the NASDAQ are valued at the latest bid price. Debt securities are valued at the most recent bid price by using market quotations or independent pricing services. Foreign currency forward contracts are valued daily using quoted forward exchange rates. If no quotations are readily available, securities and other assets are valued as the Board of Trustees in good faith deem appropriate to reflect the fair value thereof. The net asset value per trust unit is obtained by dividing the total net asset value of each class of the respective CUIT Fund by the number of trust units outstanding. Investment Transactions Investment transactions are accounted for on trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as the information becomes available. Discounts and premiums on securities are amortized over the life of the respective securities.
7980
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Investment Transactions (continued) Investment transactions for the period ended December 31, 2014, excluding short-term investments, were as follows (amounts in thousands): December 31, 2014 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
Purchases $2,052,174,322 189,172,195 1,607,172,073 312,892,355 199,129,943 185,579,225 203,089,099 174,233,406 311,934,552 62,687,245
Proceeds From Sales $2,085,011,576 87,578,460 1,452,505,100 198,261,308 183,020,488 198,590,125 290,661,751 192,239,259 276,982,286 75,110,630
Forward Foreign Currency Translation Investment securities and all other assets and liabilities of the International Equity Fund denominated in a foreign currency are translated into U.S. dollars at the exchange rates based on the Reuters London close on the date of valuation. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. Realized and unrealized foreign exchange gains or losses on investments are included as a component of net realized and unrealized gain or loss in the statements of operations. Foreign Security Risk The International Equity Fund invests a substantial percentage of its assets in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. In addition, changes in currency exchange rates will affect the value of investments denominated in a foreign currency, as well as investment income derived from those securities. Futures A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Balanced, Core Equity Index and Intermediate Diversified Bond Funds generally invest in futures contracts on U.S. Treasuries. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund’s overall exposure to the market risk of the fixed income markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities.
8081
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Redemption of Trust Units Participating Organizations may redeem an amount equal to the value of their account plus any accrued income, in whole or in part, by means of a request to withdraw in proper form. Withdrawals from the Flex Cash Fund may be made by a Participating Organization negotiating a check payable by the Fund; withdrawal from all Funds may be made by written request. The sale price will be the next net asset value for the particular CUIT Fund determined after a valid written redemption request is received. Generally, redemption proceeds will be sent within seven days after receipt of a valid redemption request. Income Taxes CUIT is exempt from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code and, accordingly, no provision for income taxes has been made in the financial statements. CUIT is also exempt from state income taxes. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. CUIT recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. CUIT has no amounts accrued for interest or penalties as of December 31, 2014. CUIT is no longer subject to examination by U.S. federal taxing authorities for years before December 31, 2010. CUIT does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Distributions to Participants Certain Funds distribute their net investment income to the participants in the form of additional units on a reinvestment basis. Participants, at their discretion, may redeem such units or retain the units in their accounts. Distributions to participants are recorded on the ex-dividend date. Income and Other Expense Allocation Income, gains (losses) and non-class specific expenses are allocated on a daily basis to each of the classes based on relative net assets of that class to the entire Fund. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Subsequent Events CUIT has evaluated subsequent events for recognition and disclosure through March 11, 2015 which is the date the financial statements were available to be issued.
81
82
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value Any securities for which market quotations are not readily available or are believed to be incorrect are valued at fair value as determined in good faith by the investment advisers under the supervision of the Board of Trustees. The Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance. This may occur particularly with respect to certain foreign securities held by a Fund, in which case the Trust may use adjustment factors obtained from an independent valuation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. Accounting standards establish a fair value hierarchy and specify that a valuation technique used to measure fair value shall maximize the use of observable inputs and minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of the fair value hierarchy are described below: x
Level 1-Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
x
Level 2-Quoted prices that are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
x
Level 3-Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A description of the valuation techniques applied to CUIT’s major categories of assets and liabilities measured at fair value on a recurring basis follows.
8283
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value (continued) Equity securities (common & preferred stock): Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation at the close at trading on the New York Stock Exchange (generally 4:00 Eastern Time). To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Asset backed securities. The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would be categorized in level 2 of the fair value hierarchy. Corporate obligations: The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. These have been classified as level 2 of the fair value hierarchy. U.S. government obligations: These securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These are categorized in level 1 and level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. U.S. agency obligations: U.S. agency obligations are comprised of agency issued debt. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Depending on market activity levels, these securities are typically categorized in level 1 or level 2 of the fair value hierarchy. These have been classified in level 1and 2 of the fair value hierarchy. Collateralized mortgage obligations: Collateralized mortgage obligations are comprised of mortgage pass-throughs. Mortgage pass-throughs include to-be-announced (TBA) securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized in level 1 or level 2 of the fair value hierarchy. These have been classified in level 2 of the fair value hierarchy. Certificates of Deposit: Fair values are estimated to approximate deposit account balances, payable on demand, as no discounts for credit quality or liquidity were determined to be applicable. These have been classified in level 2 of the fair value hierarchy. Short term repurchase agreements: Short-term repurchase agreements are recorded at fair value, which is determined to be amortized cost. To the extent the inputs are observable and timely, the values have been categorized in level 1 of the fair value hierarchy. Money Market. The fair values of mutual fund investments are determined by obtaining quoted prices on nationally recognized securities exchanges, the values would be categorized in level 1 of the fair value hierarchy.
8384
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value (continued) U.S. Treasury bills. U.S. Treasury bills are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. Treasury bills are typically categorized in level 1 or level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. These have been classified in level 2 of the fair value hierarchy. Derivative instruments. Listed derivatives such as futures that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Over the counter (OTC) derivative contracts include forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products can be modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the CUIT using pricing models fall into this category and are categorized within the level 1 and 2 of the fair value hierarchy. Municipals. Municipals are normally valued based on quotes and active trades of similar securities as well as reviews of current economic conditions, market psychology, trading levels, spread relationships and the slope of the yield curve. These have been classified as level 2 investments. Mortgage backed securities-commercial. The fair value of commercial mortgage backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would be categorized in level 2 of the fair value hierarchy; otherwise they would be categorized as level 3. These have been classified in level 2 of the fair value hierarchy.
84 85
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value as December 31, 2014 (amounts in thousands):
Investments in Securities Money Market Fund: Asset Backed Securities Corporate Obligations U.S. Agency Obligations Short Term Repurchase Agreements Money Market Total
Level 1 $
Level 2
Level 3 $
Total
4,700 516 $5,216
$8,521 27,724 19,829 $56,074
-
Asset Backed Securities Collateralized Mortgage Obligations Mortgage Backed Securities- Commercial Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations Money Market Total
40,673 3,056 $43,729
51,530 9,539 55,990 104,882 10,150 37,950 $270,041
-
51,530 9,539 55,990 104,882 10,150 37,950 40,673 3,056 $313,770
Intermediate Diversified Bond Fund: Asset Backed Securities Collateralized Mortgage Obligations Mortgage Backed Securities- Commercial Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations Money Market Total
433,322 82,822 $516,144
32,384 231 19,107 291,944 10,205 196,032 -$549,903
-
32,384 231 19,107 291,944 10,205 196,032 433,322 82,822 $1,066,047
-
-
$8,521 27,724 19,829 4,700 516 $61,290
Short Bond Fund:
Opportunistic Bond Fund: Equity Securities
11,843
-
Equity Securities (Sold Short)
(4,542)
-
-
49,414
Asset Backed Securities Mortgage Backed Securities- Commercial Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations Money Market Total
55,227 130,109 5,014 66,111
27,578
-
6,903
-
$41,782
$305,875
140,139 -
3,648 98 1,839 30,373 1,306 20,192
11,843 (4,542) 49,414 55,227 130,109 5,014 66,111 27,578 6,903 $347,657
Balanced Fund: Equity Securities Asset Backed Securities Collateralized Mortgage Obligations Mortgage Backed Securities- Commercial Corporate Obligations Municipals U.S. Agency Obligations U.S. Government Obligations Money Market Total
39,334 10,581 $190,055
$57,455
8586
-
140,139 3,648 98 1,839 30,373 1,306 20,192 39,334 10,581 $247,510
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued)
Fair Value as December 31, 2014 (amounts in thousands): Investments in Securities Value Equity Fund:
Level 1
Equity Securities Money Market Total
Level 2
Level 3
Total
$414,995 13,357 $428,352
-
-
$414,995 13,357 $428,352
1,344,641 5,006 $1,349,647
-
-
1,344,641 5,006 $1,349,647
318,957 891 $319,848
-
-
318,957 891 $319,848
499,626 5,905 $505,531
-
-
499,626 5,905 $505,531
333,971 930 $334,901
-
-
333,971 930 $334,901
Asset
Level 3 Liability
Total
Core Equity Index Fund: Equity Securities Money Market Total
Growth Fund: Equity Securities Money Market Total
International Equity Fund: Equity Securities Money Market Total
Small Capitalization Equity Index Fund: Equity Securities Money Market Total
Amounts in Thousands Other Financial Instruments Intermediate Diversified Bond Fund: Futures
Level 1 Liability
Asset
Asset
Level 2 Liability
-
($1,867)
-
-
-
-
($1,867)
-
($207)
-
-
-
-
($207)
$155
-
-
-
-
-
$155
Balanced Fund: Futures
Core Equity Fund: Futures
8687
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 2 - Forward Foreign Currency Contracts The International Equity Fund engages in portfolio hedging with respect to changes in foreign currency exchange rates by entering into foreign currency forward contracts to purchase or sell foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The unrealized gain, if any, represents the credit risk to the Fund on a foreign currency forward contract. Fluctuations in the value of the foreign currency forward contracts are recorded daily as net unrealized gains or losses. The Fund realizes a gain or loss upon settlement of the contracts. The statements of operations reflect net realized and net unrealized gains and losses on these contracts. Foreign currency at a fixed price on a future date is used as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Note 3 - Investment Advisory and Administrative Fee CUIT has contracted with Christian Brothers Investment Services, Inc. (CBIS) to provide investment advisory and administrative services. For providing these services, each Fund is charged an annual fee (see schedule below) based on the average daily net assets of the participating investment account as defined in the CUIT Trust Agreement. This fee is accrued daily and paid on a monthly basis. Under the service contract, CBIS bears all costs of each Fund’s operations, except the audit fees, legal fees and expenses of the custodian (which are paid directly by the Fund), investment transaction fees and any license fees paid to providers of investment indices. Fund Money Market Fund Short Bond Fund Intermediate Diversified Bond Fund Class A Intermediate Diversified Bond Fund Class B Opportunistic Bond Fund Class A Opportunistic Bond Fund Class B Balanced Fund Value Equity Fund - Class A Value Equity Fund - Class B Core Equity Index Fund - Class A Core Equity Index Fund - Class B Growth Fund - Class A Growth Fund - Class B International Equity Fund - Class A International Equity Fund - Class B Small Capitalization Equity Index Fund - Class A Small Capitalization Equity Index Fund - Class B
Annual Fee 0.25 %* 0.30% 0.50% 0.35% 0.50% 0.35% 0.80% 1.00% 0.65% 0.35% 0.15% 1.10% 0.80% 1.40% 1.00% 0.50% 0.20%
*On February 1, 2014, the Flex Cash Fund was renamed the CUIT Money Market Fund and CBIS reduced its management fee to 0.25% from 0.50%.
Expense Waiver CBIS has agreed to temporarily and voluntarily waive a portion of the Money Market Funds Management Fee in order for the fund to maintain a positive yield. CBIS may request reimbursement from the Fund to recapture the waived fees. For the periods ended December 31, 2014 and December 31, 2013 the total amount of the waived management fee was $56,269 and $629,317.
8788
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 3 - Investment Advisory and Administrative Fee (continued) Other Expenses The Funds are charged additional fees and expenses for bank fees and related charges, custodian fees, legal fees, transfer agent fees, and other services or costs incurred in administering the Trust. Note 4 – Financial Guarantees The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is not known. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Note 5 - Capital Share Transactions Trust unit activity for the Funds is presented below:
Capital Share Transactions for the Year Ended December 31, 2014 (000s)
FUND NAME
Intermediate Diversified Bond Fund Class A Intermediate Diversified Bond Fund Class B Opportunistic Bond Fund Class A Opportunistic Bond Fund Class B
SHARES SOLD
PROCEEDS FROM SHARES SOLD
SHARES FROM REINVESTED DIVIDENDS
REINVESTMENT OF DIVIDENDS
SHARES REDEEMED
PAYMENTS FOR SHARES REDEEMED
NET INCREASE (DECREASE) IN SHARES
INCREASE (DECREASE) IN NET ASSETS
4,338
$59,692
462
$6,362
(8,893)
($123,258)
(4,093)
($57,204)
21,505
300,837
909
12,509
(6,815)
(96,703)
15,599
216,643
4,205
41,838
128
1,276
(1,852)
(18,399)
2,481
24,715
9,217
91,692
318
3,158
(1,678)
(16,691)
Value Equity Class A
432
22,451
32
1,681
(852)
(44,650)
(388)
(20,518)
Value Equity Class B
707
36,384
51
2,692
(505)
(26,462)
253
12,614
Core Equity Index Class A
416
18,584
45
1,998
(639)
(28,412)
(178)
(7,830)
1,514
67,729
460
20,585
(4,117)
(184,163)
(2,143)
(95,849)
Growth Class A
305
19,424
--
--
(747)
(47,580)
(442)
(28,156)
Growth Class B
520
34,021
--
--
(391)
(25,306)
129
8,715
International Equity Fund Class A
872
29,033
--
--
(933)
(30,404)
(61)
(1,371)
International Equity Fund Class B
1,045
36,373
--
--
(524)
(18,213)
521
18,160
Small Capitalization Equity Index Class A
962
15,156
--
--
(1,470)
(22,955)
(508)
(7,799)
Small Capitalization Equity Index Class B
1,357
21,862
--
--
(1,890)
(30,063)
(533)
(8,201)
Core Equity Index Class B
8889
7,857
78,159
CATHOLIC UNITED INVESTMENT TRUST NOTES TO FINANCIAL STATEMENTS Note 5 - Capital Share Transactions (continued) Trust unit activity for the Funds is presented below:
Capital Share Transactions for the Period Ended December 31, 2013 (000s) SHARES SOLD
PROCEEDS FROM SHARES SOLD
4,606
$62,931
487
$6,648
(11,136)
($152,549)
(6,043)
$(82,968)
8,639
118,471
847
11,562
(15,357)
(210,999)
(5,871)
(80,966)
8,065
80,150
28
275
(598)
(5,938)
7,495
74,487
18,209
181,159
90
898
(254)
(2,516)
18,045
179,542
Value Equity Class A
439
19,818
34
1,572
(2,025)
(90,042)
(1,551)
(68,654)
Value Equity Class B
1,139
50,872
42
1,800
(364)
(15,706)
816
36,966
492
18,302
57
2,137
(1,849)
(68,954)
(1,300)
(48,515)
5,289
195,974
466
17,790
(3,269)
(120,852)
2,486
92,912
Growth Class A
338
18,467
--
--
(1,315)
(70,489)
(978)
(52,022)
Growth Class B
924
51,114
--
--
(132)
(7,320)
793
43,794
International Equity Fund Class A
1,147
33,888
--
--
(1,705)
(51,320)
(559)
(17,432)
International Equity Fund Class B
1,932
61,951
--
--
(425)
(13,147)
1,508
48,804
Small Capitalization Equity Index Class A
921
12,910
--
--
(2,387)
(32,448)
(1,467)
(19,538)
Small Capitalization Equity Index Class B
2,008
27,515
--
--
(1,533)
(21,377)
476
6,138
FUND NAME
Intermediate Diversified Bond Fund Class A Intermediate Diversified Bond Fund Class B Opportunistic Bond Fund Class A Opportunistic Bond Fund Class B
Core Equity Index Class A Core Equity Index Class B
SHARES FROM REINVESTED DIVIDENDS
REINVESTMENT OF DIVIDENDS
SHARES REDEEMED
PAYMENTS FOR SHARES REDEEMED
NET INCREASE (DECREASE) IN SHARES
INCREASE (DECREASE) IN NET ASSETS
Note 6-Securities Lending All of the CUIT Funds may lend their securities through a security lending program administered by Bank of New York Mellon Bank to earn additional income. The Bank of New York Mellon invests cash received as collateral for the securities loaned in fixed income and equity securities. The value of the collateral obtained at the inception of the security loan is at least 102% of the market value of the loaned securities. The securities loaned and the collateral is marked to market daily. The collateral is maintained at not less than 100% of the market value of the loaned securities during the period of the loan. For the year ended December 31, 2013, none of the CUIT Funds had any activity from security lending. Counter party risk, the risk that the Borrower fails to return the loaned security, is mitigated by the collateral held against the loaned security. This collateral is 102% at inception and is monitored by the bank on a daily basis, and maintained at no less than 100% of the market value of the security loaned. During 2014, the Funds listed below generated income, net of fees paid to Bank of New York Mellon Bank, from the lending of securities. Such income is included in interest income in the statements of operations. Money Market Fund Short Bond Fund Intermediate Diversified Bond Fund Opportunistic Bond Fund Balanced Fund Value Equity Fund Core Equity Fund Growth Fund International Equity Fund Small Capitalization Equity Index Fund
$
13 3,138 18,859 2,976 3,796 10,734 22,682 4,287 48,832 237,968 89 90
CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS Condensed financial information for a trust unit outstanding throughout each period is presented below: Income (loss)
11.18 11.27 11.18 11.18 11.14
0.20 0.18 0.24 0.26 0.33
Intermediate Diversified Bond Fund** Class A 12-31-14 13.44 12-31-13 13.94 12-31-12 13.42 12-31-11 12.87 12-31-10 12.41 Class B 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
%
%
%
%
$
0.32 0.30 0.36 0.48 0.49
0.40 0.67 0.66 0.66 0.65
0.05 0.00 0.00 0.00 0.03
61.3 95.0 170.5 221.8 217.6
0.00 0.00 0.00 0.00 0.01
0.00 0.00 0.00 0.00 (0.01)
1.00 1.00 1.00 1.00 1.00
0.05 0.00 0.00 0.00 0.02
(0.05) (0.09) 0.09 0.00 0.04
0.15 0.09 0.33 0.26 0.37
(0.20) (0.18) (0.24) (0.26) (0.33)
11.13 11.18 11.27 11.18 11.18
1.37 0.84 2.98 2.31 3.34
0.33 0.34 0.35 0.33 0.33
1.83 1.65 2.15 2.30 2.94
315.6 263.9 219.4 198.9 176.1
0.29 0.26 0.29 0.37 0.42
0.46 (0.50) 0.52 0.55 0.46
0.75 (0.24) 0.81 0.92 0.88
(0.29) (0.26) (0.29) (0.37) (0.42)
13.90 13.44 13.94 13.42 12.87
5.65 (1.73) 6.05 7.22 7.20
0.53 0.54 0.55 0.53 0.53
2.15 1.88 2.08 2.80 3.32
259.3 305.7 401.3 353.8 338.9
13.44 13.93 13.41 12.86 12.41
0.31 0.28 0.31 0.39 0.44
0.46 (0.49) 0.52 0.55 0.45
0.77 (0.21) 0.83 0.94 0.89
(0.31) (0.28) (0.31) (0.39) (0.44)
13.90 13.44 13.93 13.41 12.86
5.81 (1.51) 6.21 7.39 7.27
0.38 0.39 0.40 0.38 0.38
2.30 2.03 2.58 2.95 3.47
757.3 522.9 623.9 545.9 458.4
Opportunistic Bond Fund*** Class A 12-31-14 12-31-13
9.92 10.00
0.13 0.05
(0.01) (0.08)
0.12 (0.03)
(0.13) (0.05)
9.91 9.92
1.23 (0.25)
0.57 0.56
1.35 0.93
98.8 74.4
Class B 12-31-14 12-31-13
9.92 10.00
0.15 0.06
(0.02) (0.08)
0.13 (0.02)
(0.15) (0.06)
9.90 9.92
1.27% (0.16)
0.42 0.42
1.50 1.07
256.5 179.0
Balanced Fund 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
69.38 57.84 51.17 51.61 46.82
1.03 0.71 0.76 0.82 0.77
5.02 11.54 6.67 (0.44) 4.79
6.05 12.25 7.43 0.38 5.56
(1.03) (0.71) (0.76) (0.82) (0.77)
74.40 69.38 57.84 51.17 51.61
8.80 21.29 14.59 0.71 12.03
0.88 0.89 0.92 0.89 0.89
1.44 1.12 1.37 1.55 1.60
244.1 223.6 191.8 182.2 203.7
Short Bond Fund** 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
-
Net assets, end of period (in millions)
0.00 0.00 0.00 0.00 0.01
$
Net investment income
1.00 1.00 1.00 1.00 1.00
Money Market Fund** 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
$
Expenses, before waivers
$
Expenses, net of waivers*
$
Total return
$
Net asset value, end of period
Total from investment operations
$
Period Ended
Ratios to average net assets:
Distributions from net investment income
Net realized and unrealized gain (loss) on investments
distributions
Net investment income (loss)
Less
operations Net asset value, beginning of period
from investment
*CBIS may request reimbursement from the Fund to recapture the waived fees. For the years ended December 31, 2014 and and December 31, 2013 the total amount of the waived management fee was $56,269 and $629,317. ** Performance shown for the periods 2009-2011 was based on the Religious Communities Trust Funds. *** Start date for the CUIT Opportunistic Bond Fund was May 1, 2013 See notes to financial statements
90 91
CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS Condensed financial information for a trust unit outstanding throughout each period is presented below: Income (loss)
$
$
$
Value Equity Fund Class A 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
50.74 36.96 31.35 32.54 28.38
0.46 0.34 0.38 0.28 0.20
4.37 13.78 5.61 (1.19) 4.16
4.83 14.12 5.99 (0.91) 4.36
(0.46) (0.34) (0.38) (0.28) (0.20)
55.11 50.74 36.96 31.35 32.54
Class B 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
50.65 36.91 31.32 32.51 28.36
0.66 0.51 0.51 0.40 0.30
4.36 13.74 5.59 (1.19) 4.15
5.02 14.25 6.10 (0.79) 4.45
(0.66) (0.51) (0.51) (0.40) (0.30)
Core Equity Index Class A 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
42.00 32.31 28.41 28.59 25.29
0.71 0.58 0.56 0.44 0.40
5.14 9.69 3.90 (0.18) 3.30
5.85 10.27 4.46 0.26 3.70
Class B 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
42.00 32.30 28.40 28.58 25.28
0.79 0.66 0.62 0.50 0.46
5.12 9.70 3.90 (0.18) 3.30
5.91 10.36 4.52 0.32 3.76
Growth Fund Class A 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
61.09 45.96 40.27 41.06 34.71
0.26 0.20 0.28 0.04 0.14
6.86 14.93 5.41 (0.83) 6.21
7.12 15.13 5.69 (0.79) 6.35
Class B 12-31'14 12-31-13 12-31-12 12-31-11 12-31-10
63.12 47.35 41.36 42.04 35.43
0.49 0.38 0.47 0.16 0.26
7.12 15.39 5.52 (0.84) 6.35
7.61 15.77 5.99 (0.68) 6.61
See notes to financial statements
9192
Net assets, end of period (in millions)
$
Net investment income
Net asset value, end of period
$
Expenses, before waivers
Distributions from net investment income
$
Period Ended
Total return
Total from investment operations
Ratios to average net assets:
Net realized and unrealized gain (loss) on investments
distributions
Net investment income (loss)
Less
operations Net asset value, beginning of period
from investment
%
%
%
$
9.57 38.32 19.15 (2.82) 15.44
1.04 1.05 1.06 1.04 1.04
0.91 0.78 1.11 0.83 0.68
199.0 202.9 205.2 177.5 224.1
55.01 50.65 36.91 31.32 32.51
9.97 38.80 19.54 (2.44) 15.83
0.69 0.70 0.71 0.69 0.69
1.22 1.15 1.46 1.18 1.02
228.9 198.0 114.2 83.0 81.7
(0.71) (0.58) (0.56) (0.44) (0.40)
47.14 42.00 32.31 28.41 28.59
13.99 32.03 15.72 0.92 14.78
0.38 0.38 0.39 0.38 0.38
1.58 1.57 1.78 1.54 1.54
140.1 143.8 122.3 132.5 111.6
(0.79) (0.66) (0.62) (0.50) (0.46)
47.12 42.00 32.30 28.40 28.58
14.19 32.31 15.95 1.13 15.01
0.18 0.18 0.19 0.18 0.18
1.78 1.78 1.98 1.75 1.74
1,209.2 1,167.7 817.7 682.1 641.1
-
68.21 61.09 45.96 40.27 41.06
11.65 32.92 14.13 (1.92) 18.29
1.16 1.18 1.20 1.17 1.17
0.41 0.39 0.63 0.10 0.44
176.8 185.4 184.4 176.3 203.7
-
70.73 63.12 47.35 41.36 42.04
12.06 33.31 14.48 (1.62) 18.66
0.86 0.87 0.90 0.87 0.87
0.73 0.68 0.94 0.40 0.74
142.4 118.9 51.7 47.6 49.9
CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS Condensed financial information for a trust unit outstanding throughout each period is presented below: Income (loss) from distributions
0.54 4.30 1.35 (0.59) 2.11
0.77 4.44 1.58 (0.48) 2.22
International Equity Fund Class A 12'-31'14 12-31-13 12-31-12 12-31-11 12-31-10
33.24 27.24 22.86 26.56 23.38
0.58 0.34 0.38 0.56 0.20
(2.28) 5.66 4.00 (4.26) 2.98
(1.70) 6.00 4.38 (3.70) 3.18
Class B 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
35.18 28.72 24.00 27.77 24.35
0.60 0.43 0.46 0.63 0.34
(2.26) 6.03 4.26 (4.40) 3.08
Small Capitalization Equity Fund Class A 12'31'14 15.71 12-31-13 11.38 12-31-12 9.86 12-31-11 10.36 12-31-10 8.20
0.23 0.12 0.15 0.11 0.11
Class B 12-31-14 12-31-13 12-31-12 12-31-11 12-31-10
0.23 0.14 0.23 0.11 0.11
See notes to financial statements
16.01 11.57 9.99 10.47 8.25
92 93
Net assets, end of period (in millions)
0.70 4.33 1.52 (0.50) 2.16
$
Net investment income
0.47 4.21 1.37 (0.61) 2.05
$
Expenses, before waivers
-
$
Total return
(1.66) 6.46 4.72 (3.77) 3.42
Total from investment operations
31.54 33.24 27.24 22.86 26.56
Net realized and unrealized gain (loss) on investments
-
Net investment income (loss)
$
Net asset value, beginning of period
$
$
Period Ended
Ratios to average net assets: Net asset value, end of period
Less
operations
Distributions from net investment income
investment
%
%
%
$
(5.11) 22.03 19.16 (13.93) 13.60
1.50 1.51 1.52 1.50 1.51
1.68 1.14 1.46 2.03 0.88
170.5 181.6 164.1 153.5 239.0
33.52 35.18 28.72 24.00 27.77
(4.72) 22.49 19.67 (13.58) 14.05
1.09 1.11 1.12 1.11 1.11
2.12 1.43 1.85 2.40 1.35
335.1 333.4 228.8 173.7 127.8
-
16.41 15.71 11.38 9.86 10.36
4.46 38.05 15.42 (4.83) 26.34
0.55 0.55 0.56 0.55 0.54
0.93 0.91 1.52 0.81 0.92
111.8 115.0 100.0 84.6 94.4
-
16.78 16.01 11.57 9.99 10.47
4.81 38.38 15.82 (4.58) 26.91
0.25 0.25 0.26 0.25 0.24
1.24 1.22 1.77 1.11 1.23
223.2 221.5 154.6 145.5 163.0
