1q 2019 investment portfolio review · 2019-05-08 · catholic investment screens} encourage...

Christian Brothers Investment Services, Inc. n [email protected] PAGE 1

1Q 2019

Investment Portfolio Review

LEADING CATHOLIC INSTITUTIONAL

INVESTMENT MANAGER

} Over $7.5 billion in assets under management

} Exclusively serve Catholic institutions

} Founded and owned by the De La Salle Christian Brothers

PIONEERED CATHOLIC RESPONSIBLE

INVESTINGSM

} Thoughtful and disciplined Catholic investment screens

} Encourage companies to improve policies and practices through active ownership

DIVERSIFIED INVESTMENT PROGRAMS

} Manager of managers } Institutional pooled funds

and separate accounts

UNIFY FAITH AND FINANCE

} Align investments with mission

DIVERSE RANGE OF NEEDS

} Portfolio services for a range of institutions

} Single- and multi-product relationships with institutions and their consultants

GLOBAL INVESTOR BASE

} Religious Institutes } Dioceses/Parishes } Education } Healthcare } Foundations

CBIS helps Catholic organizations achieve their financial goals through the socially responsible management of their investments.

BY PRODUCT TYPE ($MILLION)

BY CUIT TYPE ($MILLION)

Separate Accounts $583Global Funds PLC (UCITS) $751CUIT Funds $5,377CUIT Maguns Funds $794

Money MarketOpportunistic BondCore IndexValue Short bond

Int. Diversified BondSmall capGrowthInternational CUIT Magnus

CBIS Asset Review

$7.5 BILLION IN TOTAL ASSETS

UNDER MANAGEMENT (3/31/19)

19%

5%

13% 31%

4%4%

11%5%

1%

6%

10%

72%

8%

11%

Key Highlights:Market Overviewpage 2

Investment Program Offeringspage 8

CUIT Fund’s Performancepage 9

CUIT Fund Reportspage 11

Investment Portfolio Review 1Q 2019

Christian Brothers Investment Services, Inc. n [email protected] PAGE 2Christian Brothers Investment Services, Inc. n [email protected] PAGE 1

CAPITAL MARKETS REVIEW

I. Global Overview

II. U.S. Equity Markets

III. Fixed Income Markets

IV. 10-Year Treasury

V. Fed Funds Are Not Yet Restrictive

VI. Economic Stress Indicator

MARKET MUSINGS

Global equity markets were as strong in 1Q 2019 as they were weak in 4Q 2018. At this point, talk of an impending U.S. recession appears overblown.

“All economic life should be shaped by moral principles. Economic choices and institutions must be judged by how they protect or undermine the life and dignity of the human person, support the family and serve the common good.”

US Conference of Catholic Bishops, Economic Justice for All, 1986

MARKET PERSPECTIVE 1Q 2019

Markets Roar Back Despite Fears

Despite the strong performance of global equity markets in the first

quarter, headlines have focused on the inversion of the 3-month

and 10-year Treasury curve and whether it portends a recession. And

although the monetary tightening of the past year continues to add

fuel to the debate, interest rates are still far from restrictive. The usual

caveats about downside risks remain, but key market indicators support

optimism that the strong recovery will continue.



Market Perspective 1Q 2019 APRIL 2019


Capital Markets Review

• Performance relatively consistentacross sectors for the quarterwith exception of Finance andHealthcare.

• Over the last 12 months,Financials were notably weak.

• Interest sensitive sectors ledmarket over last 12 monthsdespite rising short term rates

II . U.S. EQUIT Y MARKETS

I. GLOBAL OVERVIEW

• Global equity marketsrebounded from declinesexperienced during fourthquarter of 2018.

• Interest rates declined as theFederal Reserve signaled a pausein rate increases.

Market Performance: 3 Month Market Performance: 12 Month

MSCI EM (Local)

MSCI EM (USD)

MSCI ACWI-Ex US (Local)

MSCI ACWI-Ex US (USD)

S&P 600

Russell 1000 Growth

Russell 1000 Value

S&P 500

Barclays U.S. Aggregate

BB U.S. Short T-Bill (1-3M)

MSCI EM (Local)

MSCI EM (USD)

MSCI ACWI-Ex US (Local)

MSCI ACWI-Ex US (USD)

S&P 600

Russell 1000 Growth

Russell 1000 Value

S&P 500


BB U.S. Short T-Bill (1-3M)

9.9

10.0

10.7

10.4

11.6

16.1

11.9

13.7

2.9

0.6

-1.6

-7.1

2.4

-3.7

1.6

12.8

5.7

9.5

4.5

2.1

Source: FactSet

Market Performance: 12 MonthMarket Performance: 3 Month

S&P 500

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

17.5

14.0

10.8

10.3

19.9

17.2

6.6

8.6

16.4

12.0

15.7

13.7 S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

21.0

-0.4

15.4

3.2

14.9

-4.7

1.3

10.5

13.2

9.5

7.8

19.3

Source: FactSet

The growth sectors of the equity markets continue to outperform.


Investment Portfolio Review 1Q 2019Market Perspective 1Q 2019 APRIL 2019


• During first quarter, long-terminterest rates declined, resultingin a modest inversion in thecurve.

• The last 12 months witnesseda significant flattening of thecurve, with short-term ratesrising while long term ratesdeclined.

• Investment grade corporatebonds experienced modestoutperformance over the last12 months, while high yieldoutperformed.

• CMBS and ABS outperformed,though MBS were basicallyflat due to higher interest ratevolatility.

III . FIXED INCOME MARKETS

Reflecting strength in the equity markets, corporate bonds across the entire quality spectrum outperformed the Benchmark.

Treasury Yield Curve

Market Performance: 12 MonthMarket Performance: 3 Month

30Y10Y7Y5Y3Y2Y1Y6M3M1M

2.1

2.2

3.2

5.1

5.77.3

2.7

2.9 4.5

4.2

4.40.1

0.2

3.7

2.0

0.7

0.85.5

5.9

4.9

0.3

0.41.5

1.2

Duration-Adjusted Excess ReturnAbsolute Return

High Yield

Corporate

CMBS

ABS

MBS

Treasury


High Yield

Corporate

CMBS

ABS

MBS

Treasury


Maturity

1.5%

2.0%

2.5%

3.0%

3.5%

3/29/1912/31/183/29/18

Source: U.S. Department of Treasury

Source: Factset, Bloomberg




• Recessions have been precededby yield curve inversions.

• Is the inversion this quarterforeshadowing a recession?

IV. 10-YEAR TREASURY MATURIT Y

-2

-1

0

1

2

3

4

5

6

1982 1989 1996 2003 2010 2017

Perce

nt

10-Year Treasury Constant Maturity Less 3-Month Constant Maturity

Source: Federal Reserve Bank of St. Louis Shaded areas indicate U.S. recessions

• Recessions rarely occur whenFed Funds are less than NominalGDP.

• Fed rate pause is positive forcontinued growth.

V. FED FUNDS ARE NOT YET RESTRICTIVE

Shaded areas indicate U.S. recessionsSource: U.S. Bureau of Economic Affairs

-10

-8

-6

-4

-2

0

2

4

6

8

1954 1966 1978 1990 2002 2014

Perce

nt

Nominal Gross Domestic Product Less Fed Funds

Interest rates are below economic growth rate, which is stimulative.




• Corporate bond spreads are notconfirming economic weakness.

• We are watching impacts oftrade wars and Brexit.

VI. ECONOMIC STRESS INDICATOR

Source: Federal Reserve Bank of St. Louis Shaded areas indicate U.S. recessions

0

1

2

3

4

5

6

7

1986 1990 1994 1998 2002 2006 2010 2014 2018

Moody’s Seasoned BAA Corporate Bond Yield Less 10-Year Treasury Constant Maturity

Perce

nt



Market Perspective 1Q 2019 APRIL 2019


First, corporate yield spreads have historically widened during an inversion and in advance of a recession. This is not the case today (graph VI). Corporate bonds are outperforming treasuries on a duration adjusted basis this quarter in a reversal of the performance witnessed in 2018.

Second, Federal Reserve policy becomes restrictive when short-term rates exceed the growth of nominal GDP (graph V). Currently, interest rates are well below a level where one would consider policy to be restrictive.

Finally, equity valuations are still attractive relative to other investment alternatives. Despite monetary tightening over the last 12 months, equities remain attractive relative to bonds. (Graph II).

We believe it is appropriate for the Federal Reserve to have signaled a pause in interest rate tightening. Legitimate growth concerns persist in the form of:1. Brexit fallout2. EU political situation3. US-China trade wars

Commentators may continue to debate whether the US interest rate increase in December last year was appropriate. The debate makes for great press, but we must recognize monetary policy is a blunt instrument at best. Indicators of a Federal Reserve overshooting on policy result in much larger curve inversions and are confirmed by other indicators. While it is prudent to recognize the ever-present downside risks, at this point, talk of an impending US recession appears to be overblown.

Market Musings

The global equity markets were as strong in the first quarter of 2019 as they were weak in the fourth quarter of 2018. Yet, headlines were not dominated by the strong recovery, rather they were dominated by the US yield curve inversion and the implications for growth.

There is a reason the yield curve inversion caught investors attention this quarter. Since the early 1980’s, as seen in graph IV, recessions in the US have always been preceded by a yield curve inversion (10 year yields less than 3 month yields). However, is there causality, or is the inversion an indicator of economic stress and weakness? We would argue it is the latter. Free market economies have a natural propensity to grow. Recessions occur because of 1) policy mistakes, or 2) pressure that has built up within the economy; for example, excess inventory buildup, or inflationary pressures-particularly wage driven. Historical yield curve inversions have typically occurred as short-term interest rates rise, constraining near-term economic growth. Lower growth leads to reduced inflationary expectations. As a result, longer

Commentators may continue to debate whether

the US interest rate increase in December last year

was appropriate. The debate makes for great press,

but we must recognize monetary policy is a blunt

instrument at best.

term yields increase at a slower rate than short term rates, leading to an inversion. An inversion can be thought of as reflecting expectations that future levels of interest rates will be lower than current levels. Inversions also tend to be significant (25-100 basis points) and last for a period of time. Other indicators tend to confirm the increased risk of a slowdown in growth in advance of a recession.

Rarely do yield curves invert with a constant short-term rate and declining long term yields as we see today. Furthermore, other market indicators are not signaling financial stress as a precursor to a recession.

John W. Geissinger, CFACIO, CBIS



INVESTMENT PROGRAM OFFERINGSCBIS Offers Pooled Funds through its CUIT and Global Funds plc (UCITS) Fund families

CUIT FUND BENCHMARK MANAGER(S)

CUIT Money Market Fund Bloomberg Barclays U.S. Short T-Bills (1-3M) Index Wellington

CUIT Short Bond Bloomberg Barclays 1-3 Year Treasury Index Longfellow

CUIT Intermediate Diversified Bond Bloomberg Barclays Aggregate Index Dodge & Cox, Brandywine Global, Ryan Labs

CUIT Opportunistic Bond Bloomberg Barclays 1-5 Year US Gov’t Credit Index Longfellow, Brandywine Global

CUIT Core Equity Index S&P 500 RhumbLine

CUIT Value Equity Russell 1000 Value Index AJO, Dodge & Cox

CUIT Growth Russell 1000 Growth Index LA Capital, Wellington

CUIT Small-Cap Equity Index S&P SmallCap 600 Index RhumbLine

CUIT International Equity MSCI ACWI Ex-U.S. Index Causeway, Principal Global, WCM

UCITS FUND BENCHMARK MANAGER(S)

European Short-Term Government Bond Bloomberg Barclays Euro Gov’t Bond Index 1-3 Year ARCA

World Bond Bloomberg Barclays Capital Global Aggregate Index Degroof Fund Management Company

European Equity MSCI Europe Index Degroof Fund Management Company

World Equity MSCI AC World IndexScott Investment Partners; Los Angeles Capital Management Equity Research

Note: CUIT Funds are available to tax-exempt Catholic institutions in the United States. CBIS Global (UCITS) Funds can be purchased in select countries around the world.

Shares in the CUIT Magnus Series are not yet available in some jurisdictions.

MULTI-ASSET PROGRAM OFFERINGS: MAGNUS FUND SERIES CBIS offers the Magnus Fund Series, a Catholic United Investment Trust (CUIT) Fund Family, in the U.S.Powered by the CUIT single asset funds, each Magnus Fund is designed to achieve a diversified and optimized balance between return-seeking and risk-reducing asset classes.

CUIT MAGNUS FUNDS RETURN SEEKING ASSETS RISK REDUCING ASSETS

CUIT Magnus 45/55 Fund CUIT Value EquityCUIT Growth EquityCUIT Core Equity IndexCUIT Small Cap Equity Index CUIT International

3.5%3.5%

20.0%6.75%

11.25%

CUIT Short BondCUIT Opportunistic BondCUIT Intermediate Diversified Bond

13.75%13.75%

27.5%

CUIT Magnus 60/40 Alpha Plus CUIT Value EquityCUIT Growth EquityCUIT Core Equity IndexCUIT Small Cap Equity Index CUIT International

12.0%12.0%12.0%

9.0%15.0%


10.0%10.0%20.0%

CUIT Magnus 60/40 Beta Plus CUIT Core Equity IndexCUIT Small Cap Equity Index CUIT International

36.0%9.0%

15.0%


10.0%10.0%20.0%

CUIT Magnus 75/25 CUIT Value EquityCUIT Growth EquityCUIT Core Equity IndexCUIT Small Cap Equity Index CUIT International

7.5%7.5%

30.0%11.25%18.75%


6.25%6.25%12.5%


Please review the Important Disclosures on page 47 for further information.

CUIT Funds Performance (March 31, 2019)

INVESTMENT OPTION/BENCHMARK1

MONTH3

MONTHS1

YEAR3

YEARS5

YEARS10

YEARSSINCE

INCEPTIONINCEPTION

DATE

CUIT Money Market Fund 0.20 0.58 2.00 1.17 0.72 0.37 3.20 Jan 1985

Bloomberg Barclays US Short Treasury - Bills (1-3M) Index ± 0.21 0.59 2.09 1.16 0.73 0.42 3.61

CUIT Short Bond Fund 0.68 1.31 2.80 1.87 1.61 2.34 5.08 Jan 1985

Bloomberg Barclays 1-3 Year Treasury Index ** 0.63 0.99 2.73 0.98 0.97 1.04 4.88

CUIT Opportunistic Bond Fund Class A 0.81 1.83 3.22 1.83 1.70 * 1.48 May 2013

CUIT Opportunistic Bond Fund Class B 0.92 1.93 3.43 2.00 1.86 * 1.64 May 2013

Barclays 1-5 Year US Gov't/Credit Index 0.92 1.62 3.54 1.41 1.57 * 1.34

CUIT Inter. Diversified Bond Fund Class A 1.72 2.80 4.09 2.23 2.62 5.16 5.57 Jan 1995

CUIT Inter. Diversified Bond Fund Class B 1.72 2.87 4.20 2.39 2.78 5.32 4.49 Jan 2003

Barclays Capital Aggregate Bond Index 1.92 2.94 4.48 2.03 2.74 3.77 5.51/4.01

CUIT Value Equity Fund Class A (0.68) 10.05 (0.71) 9.69 6.12 13.90 9.21 Jan 1995

CUIT Value Equity Fund Class B (0.65) 10.15 (0.35) 10.08 6.49 14.30 9.12 Jan 2003

Russell 1000 Value Index 0.64 11.93 5.67 10.45 7.72 14.52 9.84/8.97

CUIT Core Equity Index Fund Class A 2.13 13.85 9.35 13.55 10.81 15.51 9.66 Jan 1995

CUIT Core Equity Index Fund Class B 2.13 13.90 9.55 13.78 11.04 15.74 5.96 Mar 2000

S&P 500 Index 1.94 13.65 9.50 13.51 10.91 15.92 9.89/5.94

CUIT Growth Fund Class A 3.36 16.29 13.86 15.02 12.34 16.31 8.88 Jan 1991

CUIT Growth Fund Class B 3.39 16.38 14.20 15.36 12.70 16.67 9.43 Jan 2003

Russell 1000 Growth Index **** 2.85 16.10 12.75 16.53 13.50 17.52 9.96/10.75

CUIT Small Cap Equity Index Fund Class A (3.36) 11.40 0.92 12.51 6.64 14.79 6.61 Jan 2007

CUIT Small Cap Equity Index Fund Class B (3.29) 11.51 1.25 12.86 6.98 15.15 6.91 Jan 2007

S&P SmallCap 600 Index § (3.33) 11.61 1.57 13.18 7.20 15.44 7.15

CUIT International Equity Fund Class A 0.84 11.33 (5.57) 8.29 2.79 9.39 5.70 Jan 1995

CUIT International Equity Fund Class B 0.90 11.45 (5.11) 8.76 3.22 9.84 2.26 Mar 2000

MSCI ACWI-ex U.S. ‡ 0.68 10.44 (3.74) 8.61 3.10 9.62 5.35/3.65



Please review the Important Disclosures on page 47 for further information.

CUIT Magnus Funds Performance (March 31, 2019)

INVESTMENT OPTION/BENCHMARK1

MONTH3

MONTHS1

YEAR3

YEARS5

YEARS10

YEARSSINCE

INCEPTIONINCEPTION

DATE

CUIT Magnus 60 40 Alpha Plus Class A 0.90 8.39 * * * * 0.80 Jul 2018

CUIT Magnus 60 40 Alpha Plus Class B 0.90 8.49 * * * * 1.00 Jul 2018

40% BBAgg / 45% Russell 3000 / 15% MSCI ACWI-ex U.S. 1.55 9.02 * * * * 2.30

CUIT Magnus 60 40 Beta Plus Class A 1.01 8.61 * * * * (0.30) Aug 2018

CUIT Magnus 60 40 Beta Plus Class B 1.10 8.73 * * * * 0.90 Sep 2018

40% BBAgg / 45% Russell 3000 / 15% MSCI ACWI-ex U.S. 1.55 9.02 * * * * 0.60/1.55

CUIT Magnus 45 55 Fund Class A 0.98 6.96 * * * * 2.90 Oct 2018

55% BBAgg / 33.75% Russell 3000 / 11.25% MSCI ACWI-ex U.S. 1.64 7.48 * * * * 3.19

CUIT Magnus 75 25 Class A 0.95 10.17 * * * * 6.20 Nov 2018

25% BBAgg / 56.25% Russel3000 / 18.75% MSCI ACWI ExUs 1.45 10.56 * * * * 7.36



FUND FACTS

PROFILE Q1 2019

Christian Brothers Investment Services, Inc. (800) 592-8890 n [email protected]

CUIT Money Market Fund

Objective

Preserve capital, provide current income; and maintain liquidity

InvestmentsHigh quality, short-term, fixed-income obligations

StrategyLiquidity will be maintained by investing in highly rated securities with short maturities and by constraining the average portfolio maturity to less than 90 days; credit and default risk are further minimized by diversifying among issuers; the Fund attempts to maintain a stable net asset value of $1.00 per unit.

BenchmarkBloomberg Barclays U.S. Short T-Bills (1-3 M) Index

Asset ManagersWellington Management Company (Effective 2001)

Total Expense Ratio / Minimum 0.35% / No Minimum

Fund Features Commingled fund exclusive for tax-exempt Catholic institutions

Daily NAV and daily liquidity

Dividends Distributed Monthly

20%

15%

10%

5%

0%

-5%

CUIT Money Market Bloomberg Barclays U.S. Short T-Bills (1-3 M) Index

FUND PERFORMANCE

QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR

CUIT Money Market Fund 0.58 2.00 1.17 0.72 0.37

Bloomberg Barclays US Short Treasury - Bills (1-3M) Index 0.59 2.09 1.16 0.73 0.42

CALENDAR YEAR RETURN 2018 2017 2016 2015 2014

CUIT Money Market Fund 1.74 0.93 0.31 0.02 0.05

Bloomberg Barclays US Short Treasury - Bills (1-3M) Index 1.82 0.81 0.33 0.05 0.04

Please see Important Information on Page 3.

3 MO 1 YR 3 YR 5 YR 10 YR

PORTFOLIO ANALYSIS

STATISTICS FUND BENCHMARK

Effective Duration (years) 0.2 0.1

Average Quality A-1+ A-1+

Yield-to-Maturity 2.7 2.4Fund Size $76.8 MM

CREDIT QUALITY %

FUND BENCHMARK

A-1+ or higher 67.0 100.0

A-1 29.6 0.0

Less than A-1 2.5 0.0

Cash 0.9 0.0

MATURITY DISTRIBUTION %

FUND

0 to 7 Days 22.0

8 to 29 Days 21.9

30 - 59 Days 9.2

60 - 89 Days 18.3

90 - 179 Days 21.2

180 and Over 7.5

CatholicResponsibleInvestments



MARKET SECTOR ANALYSIS %

US Government & Agencies

Certificates of Deposit

Repurchase Agreements

Commercial Paper Corporate

Asset-Backed Securities

Non-Corporate Credit Cash

Fund 31.2 3.9 11.4 5.9 16.8 29.9 0.0 0.9

Benchmark 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Active Weights -68.8 3.9 11.4 5.9 16.8 29.9 0.0 0.9

All attribution is based on gross portfolio performance.


3-MONTH 1-YEAR

Duration 0.02 0.05

Curve 0.00 -0.02

Sector Allocation -0.01 -0.25

Security Selection 0.00 0.02

Total 0.00 -0.20

AT TRIBUTION

Christian Brothers Investment Services, Inc. n [email protected] PAGE 13Christian Brothers Investment Services, Inc. n [email protected] PAGE 3 | CB -FFS-000-0000


Important InformationBenchmark Index: The Fund’s benchmark was changed to the Bloomberg Barclays U.S. Short Treasury Bills (1-3 Month) Index effective April 1, 2017. For periods prior to April 1, 2017, the applicable benchmark was the Merrill Lynch 91-Day Treasury Bill Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the indices may be obtained from our provider or CBIS.

Bloomberg Index Services Limited: BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

FUND COMMENTARY

12-Month Review¡ Overall Money Market Funds had a solid year as the benchmark Bloomberg Barclays US Short 1-3 Month Index ended up +2.09%. The Fund

outperformed the benchmark by 27 bps for the period.

¡ The Fed kept its targeted range for the federal funds rate at 2.25% - 2.50% in March and indicated that they are not likely to raise rates in the near term and forecasts no additional hikes for 2019.

¡ During the 12-month period, the Fund’s yield to maturity rose from 2.33% to 2.71%.

3-Month Review

¡ As investors processed the Fed’s about face on future interest-rate increases, yields on fixed rate securities declined. Investors continued to increasetheir local authority securities positions causing the yield curve on short dated local authority securities to flatten.

¡ The Fund’s yield to maturity declined from 3.08% to 2.71%.

Current Positioning

¡ The Fund’s effective duration is positioned with a short duration bias as the manager believes the market is pricing in rate cuts prematurely.

¡ With future Fed rate hikes likely, the sub-advisor has positioned the portfolio with 40% floating rate notes as they are less affected by rising rates. The current floating rate holdings consist of Corporates, which are linked to LIBOR, T-Bill floaters, and Agency floaters. The sub-advisor remains pro-cyclical positioning in corporate bonds based on slower but still positive US economic growth in 2019, stable corporate fundamentals, and supportive technicals. The sub-advisor shifted into ABS and reduced CMBS as valuations for the sectors shifted during the first quarter.


FUND FACTS

PROFILE Q1 2019


CUIT Short Bond Fund

Objective

Preserve capital while providing current income in excess of cash market yields with moderate emphasis on capital appreciation

InvestmentsU.S. government, agency, corporate, asset-backed and mortgage-backed securities with an average maturity of less than five years; up to 10% of the portfolio may be invested in securities rated below investment-grade (including U.S. dollar-denominated domestic, supranational or foreign issues)

StrategyFocuses on sector allocation and security selection, coupled with a top-down macroeconomic risk management process; aimed at minimizing downside risk while maximizing income potential

BenchmarkBloomberg Barclays 1–3 Year Treasury Index

Asset ManagersLongfellow Investment Management Co. (Effective 2008)

Total Expense Ratio / Minimum 0.33% / No Minimum




4%

3%

2%

1%

0%

-5%

CUIT Short Term Bond Bloomberg Barclays 1-3 Year Treasury Index

FUND PERFORMANCE


CUIT Short Bond Fund 1.31 2.80 1.87 1.61 2.34

Bloomberg Barclays 1-3 Year Treasury Index 0.99 2.73 0.98 0.97 1.04


CUIT Short Bond Fund 1.41 1.71 1.99 0.81 1.37

Bloomberg Barclays 1-3 Year Treasury Index 1.56 0.42 0.86 0.54 0.62



PORTFOLIO ANALYSIS


Average Maturity (years) 2.2 1.9


Average Quality AA- TSY

Yield-to-Maturity 3.1% 2.3%

Current Yield 2.9% 2.1%

# of Securities 195 98

Fund Size $338.9 MM

EFFECTIVE DURATION %

FUND BENCHMARK

<1 Year 27.6 3.6

1-3 Years 49.5 96.4

3-5 Years 19.9 0.0

5-7 Years 2.6 0.0

7-10 Years 0.4 0.0

10-20 Years 0.0 0.0

>20 Years 0.0 0.0

CREDIT QUALITY %

FUND BENCHMARK

AAA 59.2 100.0

AA 6.0 0.0

A 15.8 0.0

BBB 15.2 0.0

Below BBB 3.0 0.0

Cash 0.7 0.0

RISK METRICS

CHARACTERISTICS FUND / 5 YR BENCHMARK / 5 YR

Standard Deviation 0.7 0.8

Tracking Error 0.4 0.0

Sharpe Ratio 1.7 0.3

Information Ratio 2.1 N/A

Upside Capture 121.8 100.0

Downside Capture 7.1 100.0





Treasuries Agencies Industrials Finance Utilities Supranational Sovereign MBS CMO CMBS ABS MunicipalsCovered Bonds

Merger/ Arbitrage Cash

Fund 25.9 7.1 16.1 15.4 2.3 0.0 0.0 1.9 1.0 9.8 18.1 1.8 0.0 0.0 0.7

Benchmark 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Active Weights -74.1 7.1 16.1 15.4 2.3 0.0 0.0 1.9 1.0 9.8 18.1 1.8 0.0 0.0 0.7



3-MONTH 1-YEAR

Duration -0.02 0.07

Curve 0.04 0.22

Sector Allocation 0.31 0.18


Total 0.33 0.47

AT TRIBUTION



Important InformationBenchmark Index: The Fund’s benchmark was changed to the Bloomberg Barclays 1-3 Year Treasury Index effective July 1, 2016. For periods prior to July 1, 2016, the applicable benchmarks were: ML 1-3 Yr Treasury Index effective 7/1/01; ML 1-5 Yr G/C Index effective 4/1/98; 50% LB Intermediate Government /50% LB 1-3 Yr Government effective 5/1/96; LB 1-3 Yr Government in prior periods. The performance shown for SBF reflects the linked performance of these benchmarks for each applicable period. Characteristics presented for the Short Bond Fund were also compiled using data from Barclays Capital U.S. 1-3 Year Treasury Bond Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the indices may be obtained from our provider or CBIS.


CBIS offers pooled funds on behalf of a not-for-profit investment trust, the Catholic United Investment Trust (CUIT) Offering Memorandum, which contains further information, is available by calling 800-592-8890. Such information should be carefully considered prior to investing in the Fund. Commingled Fund exclusively for tax-exempt Catholic institutions. All assets are invested in accordance with CBIS’ Catholic Responsible Investing Guidelines. Total expense ratio includes management fee and all other fees (accounting, custody and transfer agent). The Funds provide daily NAV and daily liquidity.

FUND COMMENTARY

12-Month Review ¡ The Fund’s slightly longer than benchmark duration (1.9 vs. 1.85) contributed ~ 7 bps of the Fund’s outperformance as rates declined for the period.

¡ Curve positioning contributed ~ 22bps of value add to the fund.

¡ Sector allocation was additive due primarily to the fund’s securitized allocation (+18 bps). Specifically, CMBS and ABS were the largest contributors to results.

¡ Security selection was neutral for the trailing 12 months.

3-Month Review

¡ The Fund’s duration was slightly negative as yields fell sharply during the quarter.

¡ Curve positioning contributed positively (~4 bps) to overall performance.

¡ Sector allocation was the main contributor (~31 bps) with corporates and securitized exposures leading performance as spreads tightened for the period.

¡ Security selection was neutral for the trailing period.

Current Positioning

¡ The Fund’s now maintains a slight duration overweight. It was underweight duration (1.8 versus 1.9) last quarter.

¡ The Fund’s yield curve has maintained is “barbelled” positioning (overweight 0-1 year and 3+ year) relative to the benchmark in anticipation of a continued flattening of the curve.

¡ The Fund is overweight in non-Treasury sectors. The sub-adviser is focused on maintaining relative yield advantage by adding to higher quality issues in Financials and Industrial sectors.


FUND FACTS

PROFILE Q1 2019


CUIT Opportunistic Bond Fund

Objective Current income and long-term capital appreciation

InvestmentsU.S. government, agency, corporate, and mortgage-backed securities; primarily investment grade with no more than 20% of the portfolio rated below BBB; up to a 10% allocation to merger/arbitrage sector

StrategyUses top down macroeconomic analysis, along with fundamental industry and company research, to capture inefficiencies in the valuation of sectors and individual securities; this is combined with duration management (+/– 2.5 years of the benchmark) in pursuit of above-benchmark returns over a full market cycle

BenchmarkBloomberg Barclays 1-5 Year Government/Credit Index

Asset ManagersLongfellow Investment Management (Effective 2013); Brandywine Global Investment Management (Effective 2019)

Total Expense Ratio/MinimumClass A: 0.54% / No MinimumClass B: 0.39% / $5M




5%

4%

3%

2%

1%

0%

CUIT Opport. Bond B Bloomberg Barclays 1-5 Yr Gov’t/Credit

FUND PERFORMANCE


CUIT Opportunistic Bond Fund Class A 1.83 3.22 1.83 1.70 -

CUIT Opportunistic Bond Fund Class B 1.93 3.43 2.00 1.86 -

Bloomberg Barclays 1-5 Year US Government/Credit Index 1.62 3.54 1.41 1.57 -


CUIT Opportunistic Bond Fund Class A 0.82 1.63 2.54 0.98 1.23

CUIT Opportunistic Bond Fund Class B 0.96 1.78 2.69 1.23 1.27

Bloomberg Barclays 1-5 Year US Government/Credit Index 1.38 1.27 1.56 0.97 1.42



PORTFOLIO ANALYSIS




Average Quality A+ AA



# of Securities 316 2,914

Fund Size $388.5 MM


FUND BENCHMARK

<1 Year 19.7 3.1

1-3 Years 42.9 60.7

3-5 Years 28.9 36.1

5-7 Years 7.6 0.0

7-10 Years 0.9 0.0

10-20 Years 0.0 0.0

>20 Years 0.0 0.0

CREDIT QUALITY %

FUND BENCHMARK

AAA 39.4 70.3

AA 7.8 5.5

A 20.7 11.7

BBB 19.1 12.5

Below BBB 3.6 0.0

Merger/Arbitage 7.6 0.0

Cash 1.9 0.0

RISK METRICS














Fund 16.8 1.7 19.7 17.6 1.7 0.0 0.0 4.4 0.7 13.8 11.7 2.5 0.0 7.6 1.9

Benchmark 63.5 5.4 14.2 11.0 1.1 3.5 0.7 0.0 0.0 0.0 0.0 0.7 0.0 0.0 0.0

Active Weights -46.7 -3.6 5.5 6.6 0.6 -3.5 -0.7 4.4 0.7 13.8 11.7 1.8 0.0 7.6 1.9



3-MONTH 1-YEAR

Duration -0.10 -0.07

Curve 0.04 0.10


Security Selection -0.01 -0.20

Total 0.30 0.29

AT TRIBUTION



Important InformationBenchmark Index: Bloomberg Barclays 1–5 Year U.S. Govt/Credit Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative index represents unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but is not necessarily intended to parallel the risk or investment approach of your investments. The index does not incur taxes or expenses but is inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the index may be obtained from our provider or CBIS.


FUND COMMENTARY

12-Month Review ¡ Shorter relative duration (2.4 vs 2.6 years) detracted from results (-8 bps) as yields declined across the curve.

¡ Curve positioning was additive (+10 bps) for the trailing period.

¡ Sector allocation was the strongest contributor (+51 bps), as the Fund’s overweight to securitized and corporate areas delivered positive results. An underweight to Treasuries also benefitted results.

¡ Security selection detracted from results, (-19 bps) as Industrials and Financials underperformed. Issues in Energy, Banking and Financial companies were some of the weaker performers.

¡ Although Merger Arbitrage had a difficult year in 2018, results for the most recent trailing period indicated a strong recovery for the strategy.

3-Month Review

¡ The Fund’s shorter duration (2.4 vs 2.6) detracted from performance as rates declined during the quarter.

¡ Yield curve positioning was additive (+ 4bps) for the period.

¡ Sector allocation (+42 bps) was the strongest contributor to results, as the Fund’s underweight to Treasuries and the spread tightening in corporates positively impacted returns. Exposure to Financial holdings, specifically banking and insurance were key performers.

¡ Security selection was flat (-1 bps) for the period.

¡ The Merger/Arbitrage portfolio rebounded (3.40 % vs. 1.62%) despite significant spread volatility during the quarter.

Current Positioning

¡ Effective duration was shorter relative to the benchmark (2.3 versus 2.6)

¡ The Fund’s yield curve is positioned toward a slight flattening across the curve.

¡ Sector exposure emphasizes corporates and securitized areas, which is supported by a continued underweight to Treasuries (18% vs 64% for the index).

¡ The Fund’s High yield exposure remains in line from the previous quarter at approximately 4% due primarily to unattractive valuation levels.


FUND FACTS

PROFILE Q1 2019


CUIT Int. Diversified Bond Fund

Objective Current income and long-term capital appreciation

InvestmentsU.S. government, agency, corporate, and mortgage-backed securities; holdings are primarily investment grade (BBB to AAA, based on the three primary rating agencies; below-BBB permitted up to 10% of total Fund assets)

StrategyUses top down macroeconomic analysis, along with fundamental research, to capture inefficiencies in the valuation of sectors and individual securities; combined with duration management (+/– 20% of the benchmark) in pursuit of above-benchmark returns over a full market cycle

BenchmarkBloomberg Barclays Aggregate Bond Index

Asset ManagersDodge & Cox, Inc. (Effective 1995); Ryan Labs Asset Management (Effective 2019); Brandywine Global Investment Management (Effective 2019)

Total Expense Ratio/MinimumClass A: 0.54% / No MinimumClass B: 0.39% / $5M




CUIT Int. Divers. Bond B Bloomberg Barclays Aggregate Bond Index

FUND PERFORMANCE


CUIT Intermediate Diversified Bond Fund Class A 2.80 4.09 2.23 2.62 5.16

CUIT Intermediate Diversified Bond Fund Class B 2.87 4.20 2.39 2.78 5.32

Bloomberg Barclays Aggregate Bond Index 2.94 4.48 2.03 2.74 3.77


CUIT Intermediate Diversified Bond Fund Class A 0.00 3.38 3.53 (0.13) 5.65

CUIT Intermediate Diversified Bond Fund Class B 0.14 3.54 3.69 (0.05) 5.81

Bloomberg Barclays Aggregate Bond Index 0.01 3.54 2.65 0.55 5.97



PORTFOLIO ANALYSIS




Average Quality AA- AA



# of Securities 692 10,343

Fund Size $1,152.9 MM


FUND BENCHMARK

<1 Year 9.8 1.2

1-3 Years 16.7 27.1

3-5 Years 27.5 32.9

5-7 Years 18.4 17.0

7-10 Years 13.4 6.7

10-20 Years 14.4 14.9

>20 Years 0.0 0.2

CREDIT QUALITY %

FUND BENCHMARK

AAA 54.9 72.3

AA 4.7 3.5

A 11.3 10.5

BBB 25.0 13.6

Below BBB 2.9 0.0

Cash 1.0 0.0

RISK METRICS









6%5%4%3%2%1%0%


CUIT Int. Diviserfied Bond Fund




Fund 25.7 0.9 15.2 13.7 1.6 0.0 0.0 19.9 1.5 10.3 9.3 0.9 0.0 0.0 1.0

Benchmark 38.8 2.7 15.1 7.9 1.7 1.5 1.0 27.9 0.0 2.0 0.5 0.9 0.0 0.0 0.0

Active Weights -13.1 -1.8 0.2 5.7 -0.2 -1.5 -1.0 -8.0 1.5 8.3 8.8 0.0 0.0 0.0 1.0



3-MONTH 1-YEAR

Duration -0.14 -0.12

Curve 0.04 0.03



Total 0.06 0.07

AT TRIBUTION


CUIT Int. Diviserfied Bond Fund

Important InformationBenchmark Index: Bloomberg Barclays Aggregate Bond Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative index represents unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but is not necessarily intended to parallel the risk or investment approach of your investments. The index does not incur taxes or expenses but is inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the index may be obtained from our provider or CBIS.



FUND COMMENTARY

12-Month Review

¡ Over the past year the Fund’s slightly shorter than benchmark duration (currently 5.7 vs 5.8 yrs.) was a detractor for the period (-12 bps).

¡ Curve positioning was additive (+3bps).

¡ Sector exposure was additive (+6 bps) for the period. The Fund’s overweight to corporates (31.3% vs. 24.9%) was primarily responsible.

¡ Security selection added (+9 bps) due largely to corporate financials-banks and insurance companies and industrial holdings. Offsetting was

MBS passthroughs.

3-Month Review

¡ The Fund was essentially flat for 1Q (+1bps).

¡ The Fund’s shorter than benchmark duration positioning was a performance detractor for the quarter (-14 bps) as interest rates declined.

¡ Curve positioning for the period was neutral.

¡ Sector allocation was the additive (+8bps) for the period, due in large part to the rally in Corporate bonds.

¡ Security selection contributed (+8bps) for the quarter. Government Related-Agencies were additive, while ABS and MBS passthroughs detracted.

Current Positioning

¡ The Fund’s effective duration was slightly underweight relative to the benchmark (5.7 vs 5.8 yrs). Portfolio duration has increased (up from 5.4 yrs last quarter)

¡ There has been a shift to maturities in the 7 to 20-year range of the curve.

¡ The Fund had an overweight in the Corporate sector (+6.1%); the positioning in high yield credits stayed relatively low (2.9%) post the manager transition. The allocation has been at about this level for over a year.


FUND FACTS


PROFILE Q1 2019


CUIT Core Equity Index Fund

Objective Long-term capital appreciation

InvestmentsCommon stocks of companies that make up the S&P 500, except those excluded as a result of CBIS’ screens (roughly 40 securities, representing 14% of the S&P 500 Index market cap, are restricted – all unscreened companies are held at their index weight or higher)

StrategyTrack the S&P 500 and counter the impact of screens by overweighting select holdings so that the Fund's broad quantitative characteristics match those of the S&P 500 as closely as possible

BenchmarkS&P 500 Index

Asset ManagersRhumbLine Advisers (Effective 1995)

Total Expense Ratio / Minimum Class A: 0.39% / No MinimumClass B: 0.19% / $3M



Dividends Distributed Quarterly

PORTFOLIO ANALYSIS


Weighted Median Market Cap $92.4B $118.1B

Price/Book 3.1x 3.2x

Price/Earnings 20.5x 19.9x

Return on Equity 23.5% 22.6%

Dividend Yield 1.8% 1.9%

5-year Earnings Growth 13.5% 13.0%

Beta 1.0 1.0

Active Share 16.9 N/A

10 Largest Holdings 23.8 21.7

# of Equity Securities 461 505

Turnover Rate 20.6 N/A

Fund Size $1,900.2 MM

TOP TEN HOLDINGS

STATISTICS %

Microsoft Corporation 4.3

Apple Inc. 3.6

Alphabet Inc. 3.3

Amazon.com, Inc. 3.1

Berkshire Hathaway Inc. 2.6

Facebook, Inc. 1.7

Exxon Mobil Corporation 1.4

JPMorgan Chase & Co. 1.4

Visa Inc. 1.2

Coca-Cola Company 1.2

20%

15%

10%

5%

0%

-5%

CUIT Core Equity B S&P 500 Index

RISK METRICSCHARACTERISTICS FUND / 5 YR BENCHMARK / 5 YR







FUND PERFORMANCE


CUIT Core Equity A 13.85 9.35 13.55 10.81 15.51

CUIT Core Equity B 13.90 9.55 13.78 11.04 15.74

S&P 500 Index 13.65 9.50 13.51 10.91 15.92


CUIT Core Equity A (4.62) 22.64 11.27 0.29 13.99

CUIT Core Equity B (4.42) 22.87 11.51 0.50 14.19

S&P 500 Index (4.38) 21.83 11.96 1.38 13.69 Please see Important Information on Page 3.





Communication Services


Consumer Staples Energy Financials Health Care Industrials

Information Technology Materials Real Estate Utilities Cash

Fund 10.6 10.2 6.8 5.3 13.6 11.3 8.8 21.4 2.8 3.8 3.4 2.0

Benchmark 10.1 10.1 7.3 5.4 12.7 14.6 9.5 21.2 2.6 3.1 3.3 0.0

Active Weights 0.5 0.0 -0.6 -0.2 0.9 -3.3 -0.6 0.3 0.2 0.7 0.1 2.0



12-MONTHS 3-MONTHS

AVG. WEIGHT RELATIVE RETURN CONTRIBUTION AVG. WEIGHT RELATIVE RETURN CONTRIBUTION

SECTOR FUND INDEX SECTOR ALLOCATION

SECURITY SELECTION TOTAL FUND INDEX SECTOR

ALLOCATIONSECURITY

SELECTION TOTAL

Communication Services 10.23 9.78 0.00 0.04 0.04 10.32 9.92 0.00 0.02 0.02

Consumer Discretionary 10.40 10.43 0.00 0.02 0.02 10.38 10.41 0.00 0.00 0.01

Consumer Staples 6.79 7.04 -0.02 -0.07 -0.09 6.62 7.20 0.01 -0.20 -0.19

Energy 5.69 5.82 0.02 -0.01 0.01 5.31 5.45 -0.00 -0.01 -0.01

Financials 14.61 13.77 -0.12 0.03 -0.09 14.22 13.31 -0.04 -0.12 -0.16

Health Care 12.19 14.68 -0.12 0.26 0.14 12.25 14.96 0.19 0.63 0.82

Industrials 8.81 9.62 0.06 0.16 0.22 8.77 9.49 -0.03 -0.10 -0.13

Information Technology 20.61 20.36 0.02 0.06 0.08 20.63 20.34 0.02 -0.00 0.02

Materials 2.87 2.64 -0.04 -0.01 -0.05 2.85 2.68 -0.01 -0.01 -0.01

Real Estate 3.44 2.83 0.06 0.05 0.11 3.75 3.00 0.03 0.01 0.04

Utilities 3.12 3.02 0.01 0.01 0.02 3.36 3.24 -0.00 0.00 0.00

Cash 1.23 - 0.01 - 0.01 1.53 - -0.18 - -0.18

Total 100.00 100.00 -0.11 0.52 0.41 100.00 100.00 -0.01 0.23 0.22

AT TRIBUTION



Important InformationBenchmark Index: S&P 500 Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative index represents unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but is not necessarily intended to parallel the risk or investment approach of your investments. The index does not incur taxes or expenses but is inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the index may be obtained from our provider or CBIS.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by CBIS. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by CBIS. The CUIT Core Equity Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.


FUND COMMENTARY

12-Month Review ¡ Industrials in aggregate added 22 bps in relative return. The restrictions on certain Aerospace and Defense companies in aggregate added 30 bps.

However, some of those gains were offset by deficits in Machinery Holdings and elsewhere within Industrials.

¡ Within staples, tobacco restrictions added 19 bps.

¡ 39 bps of relative return was lost in 12 months due to Pharmaceuticals restrictions. Overweights in relatively strong performing biotech companies helped to substitute for the restricted stocks. The total relative performance impact within Healthcare was +14 bps.

3-Month Review

¡ Restrictions on large pharma company holdings in aggregate added 41 bps in the quarter. The total positive impact on relative performance withinHealthcare was 82 bps.

¡ Within Industrials aerospace and defense screens detracted 7 bps.

¡ Tobacco screens modestly hurt relative performance in Q1, contributing -11 bps of the total -19 bps deficit within consumer staples.

¡ Transactional cash in a sharply increasing market subtracted 18 bps in the quarter.

Current Positioning

¡ The Fund is positioned very similarly to the S&P 500 index.

¡ Catholic Responsible InvestmentsSM restrictions are most prominent in Healthcare, Consumer Staples, and Industrials. When there are significant differences in performance between the Fund and the S&P 500 index, the differences will most likely emanate from one or more of these economic sectors.

¡ Currently the fund has a -2.7 % underweight in Healthcare. Within the sector, the pharmaceutical underweight is -3.9%. Healthcare Equipment and Services stocks are overweight by 1.3%.


FUND FACTS

PROFILE Q1 2019


CUIT Value Equity Fund


InvestmentsPrimarily the common stocks of U.S. companies, and the dollar denominated stocks of foreign companies, with market capitalizations greater than $1 billion

StrategyCombines complementary value strategies – one seeks undervalued securities using fundamental research, emphasizing industry-leaders with a medium to long-term investment horizon; the other seeks undervalued securities using a quantitative model to analyze asset values, earnings, and other factors

BenchmarkRussell 1000 Value Index

Asset ManagersDodge & Cox (Effective 2000) AJO (Effective 2002)




Dividends Distributed Quarterly

PORTFOLIO ANALYSIS








Beta 1.1 1.0





Fund Size $239.2 MM

TOP TEN HOLDINGS

STATISTICS %


Bank of America Corporation 2.7

Alphabet Inc. 2.5

Cigna Corporation 2.5

Comcast Corporation 2.4

Medtronic Public Limited Company 2.0

Charter Communications, Inc. 1.9

Wells Fargo & Company 1.8

Charles Schwab Corporation 1.6

Capital One Financial Corporation 1.6

15%

10%

5%

0%

-5%

-5%

CUIT Value Equity B Russell 1000 Value Index





Information Ratio -0.1 N/A



FUND PERFORMANCE


CUIT Value Equity Fund Class A 10.05 (0.71) 9.69 6.12 13.90

CUIT Value Equity Fund Class B 10.15 (0.35) 10.08 6.49 14.30

Russell 1000 Value Index 11.93 5.67 10.45 7.72 14.52


Value Equity Fund (Class A) (11.58) 16.53 13.98 (3.58) 9.57

Value Equity Fund (Class B) (11.27) 16.96 14.41 (3.26) 9.97

Russell 1000 Value (8.27) 13.66 17.34 (3.83) 13.45











Fund 12.5 5.8 4.1 9.7 24.2 12.0 7.2 14.0 2.5 2.2 2.9 2.8

Benchmark 6.9 5.3 7.9 9.7 21.7 15.3 7.8 9.8 4.0 5.2 6.4 0.0

Active Weights 5.5 0.5 -3.8 0.0 2.5 -3.3 -0.6 4.2 -1.5 -2.9 -3.6 2.8



12-MONTHS 3-MONTHS




ALLOCATIONSECURITY

SELECTION TOTAL

Communication Services 10.06 5.91 0.20 -0.14 0.06 11.56 6.58 -0.09 0.31 0.22

Consumer Discretionary 7.97 5.83 -0.07 -0.55 -0.63 7.46 5.84 -0.01 -0.33 -0.34

Consumer Staples 3.78 7.46 -0.09 -0.46 -0.55 4.16 7.76 -0.03 -0.39 -0.42

Energy 10.15 10.47 -0.17 -1.01 -1.18 9.77 9.61 -0.02 -0.39 -0.41

Financials 26.13 23.88 -0.26 -0.35 -0.62 24.67 22.52 -0.10 0.51 0.40

Health Care 11.59 14.82 -0.33 -1.24 -1.57 11.68 15.17 0.15 -0.47 -0.32

Industrials 7.02 7.82 0.05 -0.82 -0.77 7.16 7.64 -0.04 -0.37 -0.41

Information Technology 13.90 9.34 0.20 0.24 0.44 13.37 9.49 0.21 -0.47 -0.26

Materials 2.80 3.76 0.06 -0.07 -0.01 2.61 4.03 0.02 0.16 0.19

Real Estate 1.94 4.77 -0.35 -0.29 -0.64 2.02 5.06 -0.14 0.06 -0.08

Utilities 2.56 5.94 -0.40 0.18 -0.22 2.84 6.30 0.02 0.01 0.03

Cash 2.09 - -0.12 - -0.12 2.69 - -0.35 - -0.35

Total 100.00 100.00 -1.29 -4.51 -5.79 100.00 100.00 -0.38 -1.37 -1.75

AT TRIBUTION



Important InformationBenchmark Index: Russell 1000 Value Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the indices may be obtained from our provider or CBIS.


FUND COMMENTARY

12-Month Review ¡ The Fund’s 12 month return of 0.40% (gross) was 527 bps below the benchmark Russell 1000 Value return of 5.67%.

¡ The Fund’s underweights to the strong performing Health Care, Real Estate and Utilities sectors combined to detract more than 100 bps in relative return.

¡ Stock selection impacts were negative in 9 of the 11 major sector groupings, the worst noted in Healthcare, Energy and Industrials.

¡ Both sub-advisors contributed to the fund’s 157 bps performance deficit in Healthcare. A portion of that is due to Catholic Responsible InvestmentSM restrictions, but some also is attributable from the sub-advisor’s selection of unrestricted pharmaceutical companies and other substitute Healthcare companies to invest in.

¡ The Energy sector had particularly disappointing results, causing the Fund’s total return to be -7.85% in that sector for the trailing one-year period. The comparable return within the benchmark index was +2.23%.

¡ On the positive side, the Fund’s overweight and stock selection mix in Information Technology was additive to relative return (combined +44 bps).

3-Month Review

¡ The first quarter was difficult for the Fund sub-advisors, as both trailed the Russell 1000 Value index return of 11.93%. One had a particularly badquarter with nearly 260 bps of negative excess return. Before fees, the combined fund trailed the index by 157 bps.

¡ Even though the sub-advisors utilize very different portfolio selection and construction processes, differences in sector weightings were not prominent this quarter in explaining the relative performance shortfall. The need to hold some transactional cash in a strong up market subtracted 35 bps in return.

¡ Disappointing stock selection results totaling -137 bps was spread fairly evenly among six major sector groupings, with Healthcare and Information Technology the weakest among the six.

Current Positioning

¡ The Fund’s positioning generally does not change much quarter to quarter or even annually in terms of sector exposures and other portfolio characteristics.

¡ Currently, the Fund’s overweights in Communications Services, Information Technology, and Financials are consistent with positioning in recent quarters — as are the underweights to Healthcare, Consumer Staples, Real Estate and Utilities.


FUND FACTS

PROFILE Q1 2019


CUIT Growth Fund


InvestmentsCommon stocks of U.S. companies and the dollar-denominated stocks of foreign companies with market capitalizations above $500 million

StrategyFocus on mid- and large-cap stocks that exhibit sustainable, above- average earnings growth; blends a quantitative manager that seeks to identify key investment risks and capture alpha through dynamic modeling with a bottom-up fundamental manager to deliver a portfolio with balanced growth, valuation, and quality attributes

BenchmarkRussell 1000 Growth Index

Asset ManagersWellington Management (Effective 2004)Los Angeles Capital Management (Effective 2009)




PORTFOLIO ANALYSIS








Beta 1.0 1.0





Fund Size $261.1 MM

TOP TEN HOLDINGS

STATISTICS %


Alphabet Inc. 6.2

Apple Inc. 5.6

Amazon.com, Inc. 5.5

Facebook, Inc. 3.2

Visa Inc. 2.5

Mastercard Incorporated 2.3

American Tower Corporation 1.9

Home Depot, Inc. 1.6

PayPal Holdings, Inc. 1.6

20%

15%

10%

5%

0%

-5%

CUIT Growth Fund B Russell 1000 Growth Index








FUND PERFORMANCE


CUIT Growth Fund Class A 16.29 13.86 15.02 12.34 16.31

CUIT Growth Fund Class B 16.38 14.20 15.36 12.70 16.67

Russell 1000 Growth Index 16.10 12.75 16.53 13.50 17.52


CUIT Growth Fund Class A (0.45) 25.38 5.37 5.29 11.65

CUIT Growth Fund Class B (0.16) 25.77 5.69 5.63 12.06

Russell 1000 Growth Index (1.51) 30.21 7.08 5.67 13.05 Please see Important Information on Page 3. The Fund’s benchmark was changed to the Russell Growth Index effective June 1, 2000. For periods prior to June 1, 2000, the benchmark was the Russell Mid-Cap Growth Index.




CUIT Growth Fund






Fund 10.8 15.3 3.9 0.0 5.1 12.3 9.1 38.8 0.5 3.2 0.0 1.0

Benchmark 12.1 15.1 5.7 0.7 4.3 13.2 11.8 33.0 1.8 2.4 0.0 0.0

Active Weights -1.3 0.2 -1.9 -0.7 0.8 -0.9 -2.7 5.9 -1.3 0.8 0.0 1.0



12-MONTHS 3-MONTHS




ALLOCATIONSECURITY

SELECTION TOTAL

Communication Services 10.53 12.53 0.17 0.11 0.29 11.16 12.23 -0.02 -0.16 -0.18

Consumer Discretionary 16.81 15.14 -0.04 -0.17 -0.21 16.81 15.08 -0.04 -0.21 -0.25

Consumer Staples 3.16 5.79 -0.00 -0.03 -0.04 4.37 5.70 0.01 -0.09 -0.08

Energy 2.22 0.85 -0.50 0.41 -0.09 0.30 0.77 0.06 -0.05 0.01

Financials 5.41 4.16 -0.26 -0.00 -0.27 5.33 4.40 -0.04 -0.07 -0.12

Health Care 11.95 13.47 0.08 1.19 1.27 12.05 13.80 0.12 0.83 0.96

Industrials 8.46 12.05 0.10 -0.19 -0.08 8.69 12.03 -0.08 0.07 -0.00

Information Technology 36.25 31.64 0.50 1.03 1.53 36.70 31.85 0.26 0.22 0.48

Materials 1.49 2.15 0.05 -0.01 0.04 0.66 1.82 0.02 -0.07 -0.06

Real Estate 2.38 2.22 0.17 0.08 0.25 3.15 2.31 0.01 0.01 0.02

Utilities 0.00 0.00 0.01 0.01 0.02 - - - - -

Cash 1.35 - 0.12 - 0.12 0.79 - -0.19 - -0.19

Total 100.00 100.00 0.40 2.42 2.83 100.00 100.00 0.11 0.48 0.58

AT TRIBUTION


CUIT Growth Fund

Important InformationBenchmark Index: The Fund’s benchmark was changed to the Russell 1000 Growth Index effective June 1, 2000. For prior periods, the benchmark was the Russell Mid-Cap Growth Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative index represents unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but is not necessarily intended to parallel the risk or investment approach of your investments. The index does not incur taxes or expenses but is inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the index may be obtained from our provider or CBIS.


FUND COMMENTARY

12-Month Review ¡ After a sharp decline in valuations in Q4 2018, US Large Cap Growth stocks rebounded strongly over the past 3 months and the index return is

12.75% for the trailing one-year period.

¡ The Fund’s return before fees of 15.27% is 250 bps better than the Russell 1000 Growth

¡ More than half of the Fund’s 2018 excess return came from the Information Technology sector.

¡ Stock selection was also notably strong in Healthcare. The relative performance impact from pharmaceuticals holdings was minimal for the 12-month period. Positive stock selection results were prominent in biotech and equipment and supply companies.

¡ There were very few noticeable areas of weakness among the major sector groupings relative to the returns available in the index.

3-Month Review

¡ The Russell 1000 Growth index return was 16.1% for 1Q. The Fund investors fared a bit better as before fee performance was 16.6%.

¡ The overweight in Information Technology was helpful in Q1 as Information Technology stocks registered the highest average gains among the major sector groupings.

¡ The Fund benefitted from being underweight in Healthcare. Catholic Responsible InvestmentsSM restrictions were likely beneficial both in pharmaceuticals and within biotech industries.

¡ The need for some transactional cash cost 19 bps of performance in the strong up market in early 2019.

Current Positioning

¡ Although the two sub-advisors utilize very different investment philosophies and portfolio construction techniques, both are currently keeping sector weights fairly close to the benchmark index.

¡ Both managers aim to add 75% or more of their excess return through specific stock selection within sectors.

¡ Among Growth oriented equity managers, the Fund’s sub-advisors place a premium on companies that are reasonably valued. As such, the Fund should provide some downside protection in rapidly declining markets.

¡ The +4.8% relative weighting to Information technology stocks is the fund’s largest overweight. Industrials are -3.7% underweight relative to the index.


FUND FACTS

PROFILE Q1 2019


CUIT Small Cap Equity Index Fund

Objective Long-term capital appreciation by attempting to replicate the performance of the S&P SmallCap 600, a commonly used index of domestic small-capitalization stocks

InvestmentsCommon stocks of companies that generally comprise the S&P SmallCap 600

StrategyClosely track the benchmark Index, while seeking replacements for screened stocks among companies with similar market capitalizations in the same or a related industry

BenchmarkS&P SmallCap 600 Index

Asset ManagersRhumbLine Advisers (Effective 2007)




PORTFOLIO ANALYSIS








Beta 1.0 1.0





Fund Size $316.5 MM

TOP TEN HOLDINGS

STATISTICS %

EastGroup Properties, Inc. 0.6

FirstCash, Inc. 0.5

Trex Company, Inc. 0.5

Selective Insurance Group, Inc. 0.5

Darling Ingredients Inc. 0.5

Merit Medical Systems, Inc. 0.5

Omnicell, Inc. 0.5

Semtech Corporation 0.5

Glacier Bancorp, Inc. 0.5

iRobot Corporation 0.5

20%

15%

10%

5%

0%

-5%

Small Cap Equity B S&P SmallCap 600 Index








FUND PERFORMANCE


CUIT Small Capitalization Equity Index Fund Class A 11.40 0.92 12.51 6.64 14.79

CUIT Small Capitalization Equity Index Fund Class B 11.51 1.25 12.86 6.98 15.15

S&P SmallCap 600 Index 11.61 1.57 13.18 7.20 15.44


CUIT Small Capitalization Equity Index Fund Class A (8.90) 14.43 20.60 (4.75) 4.46

CUIT Small Capitalization Equity Index Fund Class B (8.63) 14.81 20.97 (4.53) 4.81

S&P SmallCap 600 Index (8.48) 15.22 21.31 (4.41) 4.90 Please see Important Information on Page 3. The Fund’s benchmark was changed to the S&P SmallCap 600 Index effective November 1, 2017. For periods prior to November 1, 2017, the benchmark was the Russell 2000 Index.










Fund 2.2 13.8 3.4 4.3 17.2 11.0 18.6 14.9 4.4 7.5 2.1 0.9

Benchmark 2.1 13.9 3.5 4.4 17.2 11.3 18.7 15.0 4.4 7.5 2.1 0.0

Active Weights 0.0 -0.1 -0.1 -0.1 0.0 -0.3 -0.2 -0.1 -0.1 0.0 0.0 0.9



12-MONTHS 3-MONTHS




ALLOCATIONSECURITY

SELECTION TOTAL

Communication Services 2.03 2.01 0.01 -0.01 0.00 2.11 2.08 0.00 0.00 0.00

Consumer Discretionary 14.27 14.31 -0.01 0.05 0.04 13.88 13.91 0.00 0.05 0.06

Consumer Staples 3.18 3.28 -0.01 -0.00 -0.02 3.38 3.49 0.00 0.01 0.01

Energy 3.97 3.97 -0.00 0.08 0.08 3.84 3.85 -0.01 0.02 0.01

Financials 17.79 17.79 -0.01 0.03 0.02 18.36 18.34 -0.00 0.02 0.02

Health Care 11.89 12.08 -0.00 0.11 0.10 11.26 11.46 0.01 -0.02 -0.01

Industrials 18.86 18.98 -0.01 -0.09 -0.10 18.52 18.63 -0.00 0.06 0.06

Information Technology 14.41 14.40 0.01 -0.00 0.01 14.66 14.63 0.00 0.01 0.01

Materials 4.72 4.74 -0.00 -0.02 -0.03 4.44 4.46 -0.00 -0.03 -0.04

Real Estate 6.17 6.15 0.00 0.00 0.00 6.94 6.91 0.00 0.02 0.02

Utilities 2.28 2.28 -0.01 0.00 -0.01 2.25 2.24 -0.00 0.01 0.00

Cash 0.44 - 0.26 - 0.26 0.36 - -0.04 - -0.04

Total 100.00 100.00 0.22 0.14 0.36 100.00 100.00 -0.03 0.14 0.22

AT TRIBUTION



FUND COMMENTARY

12-Month Review ¡ For the trailing 12-month period, the S&P 600 index return was 1.57%. The Fund, with a 1.60% return before fees, marginally outperformed

the index.

¡ There are very minor differences in the weightings of securities within the fund versus those of the index. Therefore, there are no significant relative performance impacts for the 12-month period.

3-Month Review

¡ Before fees, the return for the Fund was identical to that of the benchmark index at 11.61% for the quarter.

¡ There are no significant relative performance impacts to discuss this quarter.

Current Positioning

¡ The Fund is positioned very similarly to the S&P 600 index.

¡ Catholic Responsible InvestmentsSM restrictions are most prominent in Healthcare, Consumer, and Industrials. When there are differences in performance between the Fund and the S&P 600 index, the differences will most likely emanate from one or more of these economic sectors.

¡ Since restricted securities comprise less than 2% of the S&P 600 index, this fund will almost always closely track the index but underperform marginally due to management fees.

Important InformationBenchmark Index: The Fund’s benchmark was changed to the S&P SmallCap 600 Index effective November 1, 2017. For periods prior to November 1, 2017, the benchmark was the Russell 2000 Index. Performance for periods of one year and longer are annualized. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative index represents unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but is not necessarily intended to parallel the risk or investment approach of your investments. The index does not incur taxes or expenses but is inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the index may be obtained from our provider or CBIS.

The S&P SmallCap 600 Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by CBIS. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by CBIS. The CUIT Small Capitalization Equity Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P SmallCap 600 Index.



FUND FACTS

PROFILE Q1 2019


CUIT International Equity Fund


InvestmentsBroad mix of mostly large and mid cap equities chosen from a universe that incorporates 22 Developed Market countries and 23 Emerging Market countries; up to 30% of the portfolio may be invested in emerging markets

Strategy Combines three managers with complementary growth and value oriented investment processes to produce highly competitive risk adjusted returns.

BenchmarkMSCI All Country World Index ex-U.S.

Asset ManagersCauseway Capital (Effective 2/1/05) Principal Global (Effective 5/18/07)WCM (Effective 9/23/15)

Total Expense Ratio / Minimum Class A: 1.40% / No minimumClass B: 0.89% / $5M



15%

10%

5%

0%

-5%

-10%

-5% CUIT International Equity B MSCI ACWI ex-U.S. Index

FUND PERFORMANCE


CUIT International Equity Fund Class A 11.33 (5.57) 8.29 2.79 9.39

CUIT International Equity Fund Class B 11.45 (5.11) 8.76 3.22 9.84

MSCI ACWI ex-U.S. Index 10.44 (3.74) 8.61 3.10 9.62


CUIT International Equity Fund Class A (15.93) 30.47 2.35 (2.82) (5.11)

CUIT International Equity Fund Class B (15.53) 31.04 2.75 (2.45) (4.72)

MSCI ACWI ex-U.S. Index (13.78) 27.77 5.01 (3.81) (4.49)

Please see Important Information on Page 3. The Fund’s benchmark was changed to the Morgan Stanley Capital International All Country World ex U.S. Index (“ACWI ex U.S.”) effective June 1, 2015. For periods prior to June 1, 2015 the benchmark was the Morgan Stanley Capital International Europe, Australia and the Far East Index (“EAFE”).

3 MO

1 YR

3 YR 5 YR 10 YR









PORTFOLIO ANALYSIS








Beta 1.0 1.0



# of Equity Securities 379 2,148


Fund Size $703.3 MM

TOP TEN HOLDINGS

STATISTICS %

Nestle S.A. 2.4

Tencent Holdings Ltd. 2.4

Taiwan Semiconductor Manufacturing Co., Ltd. 2.0

LVMH Moet Hennessy Louis Vuitton SE 1.8

Keyence Corporation 1.8

HDFC Bank Limited 1.6

Volkswagen AG 1.6

Canadian Pacific Railway Limited 1.5

Shopify, Inc. 1.5

Compass Group PLC 1.4








Fund 6.3 12.7 10.1 5.9 18.3 5.7 13.7 14.5 8.1 0.8 1.4 2.3

Benchmark 7.1 11.1 9.9 7.4 21.6 8.4 11.7 8.4 7.6 3.5 3.3 0.0

Active Weights -0.7 1.6 0.1 -1.5 -3.3 -2.6 2.1 6.1 0.5 -2.7 -1.9 2.3



12-MONTHS 3-MONTHS




ALLOCATIONSECURITY

SELECTION TOTAL

Communication Services 6.25 7.05 0.04 -0.43 -0.39 6.26 7.11 0.04 0.11 0.14

Consumer Discretionary 13.40 11.41 -0.09 0.45 0.36 12.59 11.11 0.01 -0.08 -0.07

Consumer Staples 9.48 9.50 0.00 0.22 0.22 9.60 9.71 0.01 0.01 0.02

Energy 5.74 7.37 -0.07 -0.60 -0.66 5.49 7.44 -0.04 0.11 0.07

Financials 18.17 22.21 0.27 -0.19 0.08 19.12 22.09 0.08 0.57 0.65

Health Care 5.00 8.17 -0.26 -0.26 -0.52 5.68 8.32 -0.01 -0.03 -0.03

Industrials 13.95 11.77 0.00 -0.44 -0.43 13.68 11.69 -0.00 -0.06 -0.06

Information Technology 13.53 8.25 -0.07 1.20 1.13 13.76 8.16 0.22 0.68 0.90

Materials 8.96 7.90 -0.03 0.31 0.27 8.45 7.61 0.01 -0.04 -0.03

Real Estate 0.80 3.22 -0.20 -0.01 -0.21 0.74 3.39 -0.09 0.08 -0.01

Utilities 1.52 3.15 -0.17 -0.13 -0.30 1.47 3.37 0.04 0.06 0.10

Cash 3.19 - 0.14 - 0.14 3.15 - -0.37 - -0.37

Total 100.00 100.00 -0.44 0.12 -0.32 100.00 100.00 -0.09 1.40 1.31

AT TRIBUTION

GEOGRAPHIC DISTRIBUTION

FUND BENCHMARK

United Kingdom 16.9 11.5

France 8.1 7.6

Italy 2.5 1.6

Germany 7.0 5.8

Japan 9.1 16.1

USA* 8.9 0.0

Canada 6.3 6.8

Other Europe 17.6 16.2

Developed Asia 4.0 8.5

Emeg. Mkts Asia 15.4 19.4

Other Emg. Mkts 4.2 6.7

*U.S. allocation includes ADRs and cash.



Important InformationBenchmark Index: The Fund’s benchmark was changed to MSCI All Country World Index (ACWI) ex-U.S. effective June 1, 2015. For periods prior to June 1, 2015, the applicable benchmark was the Morgan Stanley Capital International Europe, Australia and the Far East Index (“EAFE”). Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative index represents unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for the purpose of measuring relative performance, but is not necessarily intended to parallel the risk or investment approach of your investments. The index does not incur taxes or expenses but is inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the index may be obtained from our provider or CBIS.

Total Estimated Expense Ratio for Class B reflects the partial waiver of the Investment Management Fee so total expenses do not exceed 99 bps.


FUND COMMENTARY

12-Month Review¡ Healthcare, Energy, Utilities, and Real Estate were four sector groupings with positive returns over the past 12 months; the Fund was underweight

in each of the four. While the underweight to Financials helped relative performance, the net impact of all sector weight deviations from the benchmark index detracted 44 bps from the fund’s excess return.

¡ For specific stock selection, the Fund was strong in Information Technology (+1.20%) and in Consumer Discretionary (+44 bps).

¡ Two textile and apparel holdings within the Fund, combined to add 45 bps to the fund’s active return.

¡ On the negative side, below benchmark returns were evident in Energy, Industrials, Healthcare and Communication Services.

3-Month Review

¡ The Fund’s gross return of 11.7% in Q1 was 1.3% ahead of the ACWI ex US benchmark index 10.4% return. Eight of the eleven major sector groupsachieved double digit returns within the benchmark index over the past 3 months. Information Technology stocks led the way with 14.7% average gains.

¡ The Fund’s overweight to Information Technology and underweight in Financials, one of three sectors lagging the top eight, combined to add 30 bps in excess return from sector allocation. The total net sector allocation effect was -9 bps for the quarter.

¡ The Fund’s specific holdings in Information Technology and in Financials were responsible for almost all of the positive stock selection impacts in Q1.

Current Positioning

¡ The Fund’s positioning is relatively stable quarter to quarter.

¡ The Fund has 379 securities and a modest growth tilt relative to its MSCI ACWI ex US benchmark index. The Fund’s P/E and P/B ratios are slightly higher, and its dividend yield is lower than the index.

¡ The Fund currently has 80% of its market value invested in developed nation securities and 20% in emerging markets.

¡ Like recent quarters, the Fund’s sector weightings currently include a nearly 6% overweight in Information Technology and much more modest overages in Consumer Discretionary and Industrials. Underweights in Financials, Healthcare, Real Estate and utility stocks are each in the vicinity of 2% to 3% relative to the index.


FUND FACTS

PROFILE Q1 2019


CUIT Magnus 60/40 Alpha Plus Fund

Objective The 60/40 Alpha Plus Fund’s investment objective is to achieve current income and long-term capital appreciation.

InvestmentsThe 60/40 Alpha Plus Fund’s risk-reducing holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (which may be hedged to minimize foreign currency exposure). The 60/40 Alpha Plus Fund’s return-seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large-capitalization equity securities.

BenchmarkThe blended benchmark for the 60/40 Alpha Plus Fund is comprised of 40% Bloomberg Barclays Aggregate / 45% Russell 3000 / 15% MSCI ACWI ex-US.

CUIT Fund InvestmentsRisk-Reducing: CUIT Intermediate Diversified Bond (20%); CUIT Opportunistic Bond (10%); CUIT Short Bond (10%)

Return-Seeking: CUIT Small Cap Equity Index (9%); CUIT International Equity (15%); CUIT Growth Equity (12%); CUIT Core Equity Index (12%); CUIT Value Equity (12%)

PORTFOLIO ANALYSIS - EQUITY








Beta 1.1 1.0


# of Equity Securities 1,592 5,122

Fund Size $616.0 MM

18%

10%

5%

0%

-2%

CUIT Magnus 60/40 Alpha Plus Class B 40% BBAgg / 45% R3000 / 15% MSCI ACWI-ex.U.S.

FUND PERFORMANCE


CREDIT QUALITY %

FUND BENCHMARK

AAA 52.0 72.3

AA 5.9 3.5

A 14.9 10.5

BBB 21.1 13.6

Below BBB 3.1 0.0


Cash 1.2 0.0


FUND BENCHMARK

<1 Year 16.6 1.2

1-3 Years 31.2 27.1

3-5 Years 25.9 32.9

5-7 Years 11.9 17.0

7-10 Years 7.1 6.7

10-20 Years 7.3 14.9

>20 Years 0.0 0.2

PORTFOLIO ANALYSIS - FIXED INCOMESTATISTICS FUND BENCHMARK






# of Securities 1,101 10,343



CUIT Magnus 60/40 Alpha Plus Class A 8.39 * * * *

CUIT Magnus 60/40 Alpha Plus Class B 8.49 * * * *

40% BBAgg / 45% R3000 / 15% MSCI ACWI-ex.U.S. 9.02 * * * *



CUIT Magnus 60/40 Alpha Plus Fund

MARKET SECTOR ANALYSIS % - RETURN-SEEKING



Consumer Staples Energy Financials Health care Industrials


Fund 8.6 11.6 6.0 5.0 15.5 10.2 11.3 21.0 3.8 3.2 1.9 1.9

Benchmark 8.6 10.6 7.4 5.7 15.3 12.8 10.5 17.9 4.1 3.9 3.3 0.0

Active Weights 0.1 1.0 -1.4 -0.6 0.2 -2.6 0.8 3.0 -0.3 -0.7 -1.3 1.9


ALLOCATIONS % - RISK-REDUCING


Merger/Arbitrage Cash

Fund 23.4 2.7 16.6 15.1 1.8 0.0 0.0 11.3 1.2 11.1 12.2 1.5 0.0 1.9 1.2

Benchmark 38.8 2.7 15.1 7.9 1.7 1.5 1.0 27.9 0.0 2.0 0.5 0.9 0.0 0.0 0.0

Active Weights -15.4 - 0.1 1.6 7.2 0.1 -1.5 -1.0 -16.5 1.2 9.1 11.6 0.6 0.0 1.9 1.2


FUND COMMENTARY

Asset Allocation Effect [AAE]: Quantifies the value-add of the asset component’s benchmark performance and weighting relative to that of the multi-asset blended benchmark. For example, within the Risk-Reducing bucket, this measure quantifies how the Barclays Agg performed relative to the Barclays Agg/Russell 3000/MSCI ACWI ex US blended benchmark and how the component’s weighting relative to the blended benchmark contributed to performance.

Strategy Selection Effect [SSE]: Quantifies value-add of the underlying strategy benchmarks (e.g. R100V) relative to the Risk-Reducing and Return-Seeking broad benchmarks (e.g. R3000).

Manager Selection Effect [MSE]: Quantifies how CBIS’ manager selection and pairing combination within each sub-strategy (e.g. Growth) has added value relative to the corresponding sub-strategy benchmark (e.g. R1000G).

Since Inception Performance 7.17.2018

¡ AAE was positive from inception. Underweight Return-Seeking US and International and overweight frictional Cash combined overrode the negative effect of being underweighted Risk-Reducing.

¡ SSE was negative from inception, driven by Small Cap underperformance within Return-Seeking US, as well as underperformance in Risk-Reducing.

¡ MSE was negative from inception. Except for Core and Growth within Return-Seeking US, manager selection was not additive.

3-Month Performance

¡ AAE was neutral for the quarter as the allocation of the Magnus portfolio held close to that of the multi-asset benchmark.

¡ SSE was negative for the quarter, driven by Small Cap and Value underperformance within Return-Seeking US, as well as underperformance in Risk-Reducing (i.e., the selection of SBF and OBF detracted from results as longer duration outperformed).

¡ MSE was positive for the quarter as most managers outperformed their respective benchmarks except for Value.

For more details on positioning, see current positioning for the underlying CUIT Funds.


FUND FACTS

PROFILE Q1 2019


CUIT Magnus 60/40 Beta Plus Fund

Objective The 60/40 Beta Plus Fund’s investment objective is to achieve current income and long-term capital appreciation.

InvestmentsThe 60/40 Beta Plus Fund’s risk-reducing holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (which may be hedged to minimize foreign currency exposure). The 60/40 Beta Plus Fund’s return-seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large-capitalization equity securities.

BenchmarkThe blended benchmark for the 60/40 Beta Plus Fund is comprised of 40% Bloomberg Barclays Aggregate / 45% Russell 3000 / 15% MSCI ACWI ex-US.

CUIT Fund InvestmentsRisk Reducing: CUIT Intermediate Diversified Bond (20%); CUIT Opportunistic Bond (10%); CUIT Short Bond (10%)

Return Seeking: CUIT Small Cap Equity Index (9%); CUIT International Equity (15%); CUIT Core Equity Index (36%)









Beta 1.0 1.0



Fund Size $130.6 MM

18%

10%

5%

0%

-2%

CUIT Magnus 60/40 Beta Plus Class B 40% BBAgg / 45% R3000 / 15% MSCI ACWI-ex.U.S.

FUND PERFORMANCE


CREDIT QUALITY %

FUND BENCHMARK

AAA 52.0 72.3

AA 5.9 3.5

A 14.9 10.5

BBB 21.1 13.6

Below BBB 3.1 0.0


Cash 1.2 0.0


FUND BENCHMARK

<1 Year 16.6 1.2

1-3 Years 31.2 27.1

3-5 Years 25.9 32.9

5-7 Years 11.9 17.0

7-10 Years 7.1 6.7

10-20 Years 7.3 14.9

>20 Years 0.0 0.2










CUIT Magnus 60/40 Beta Plus Class A 8.61 * * * *

CUIT Magnus 60/40 Beta Plus Class B 8.73 * * * *

40% BBAgg / 45% R3000 / 15% MSCI ACWI-ex.U.S. 9.02 * * * *



CUIT Magnus 60/40 Beta Plus Fund






Fund 8.3 11.3 7.1 5.3 15.3 9.9 11.5 18.8 4.4 3.6 2.7 1.9

Benchmark 8.6 10.6 7.4 5.7 15.3 12.8 10.5 17.9 4.1 3.9 3.3 0.0

Active Weights -0.3 0.8 -0.3 -0.4 0.0 -3.0 1.0 0.8 0.3 -0.3 -0.5 1.9





Fund 23.4 2.7 16.6 15.1 1.8 0.0 0.0 11.3 1.2 11.1 12.2 1.5 0.0 1.9 1.2

Benchmark 38.8 2.7 15.1 7.9 1.7 1.5 1.0 27.9 0.0 2.0 0.5 0.9 0.0 0.0 0.0

Active Weights -15.4 - 0.1 1.6 7.2 0.1 -1.5 -1.0 -16.5 1.2 9.1 11.6 0.6 0.0 1.9 1.2


FUND COMMENTARY




Since Inception Performance 8/28/2018

¡ AAE was positive from inception. Underweight Return-Seeking US and overweight frictional Cash combined outpaced the negative effects of Risk-Reducing and Return-Seeking International.


¡ MSE was slightly negative from inception. Manager selection within Core and Small Cap, while positive, was insufficient to offset the negative effects of Risk-Reducing and Return-Seeking International.

3-Month Performance

¡ AAE was slightly positive for the quarter.

¡ SSE was negative for the quarter, driven by Core and Small Cap underperformance within Return-Seeking US, as well as underperformance in Risk-Reducing.

¡ MSE was positive for the quarter as most managers outperformed their respective benchmarks.




CUIT Magnus 45/55 Fund 6.96 * * * *

55% BBAgg / 33.75% R3000 / 11.25% MSCI ACWI-Ex.U.S. 7.48 * * * *

FUND FACTS

PROFILE Q1 2019


CUIT Magnus 45/55 Fund

Objective The 45/55 Fund’s investment objective is to achieve current income and long-term capital appreciation.

InvestmentsThe 45/55 Fund’s risk-reducing holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (which may be hedged to minimize foreign currency exposure). The 45/55 Fund’s return-seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large-capitalization equity securities.

BenchmarkThe blended benchmark for the 45/55 Fund is comprised of 55% Bloomberg Barclays Aggregate / 33.75% Russell 3000 / 11.25% MSCI ACWI ex-US.

CUIT Fund InvestmentsRisk-Reducing: CUIT Intermediate Diversified Bond (27.5%); CUIT Opportunistic Bond (13.75%; CUIT Short Bond Fund (13.75%)

Return-Seeking: CUIT Small Cap Equity Index (6.75%); CUIT International Equity (11.25%); CUIT Growth Equity (3.5%); CUIT Core Equity Index (20%); CUIT Value Equity (3.5%)









Beta 1.0 1.0



Fund Size $23.5 MM

18%

10%

5%

0%

-2%

CUIT Magnus 45/55 Fund 55% BBAgg / 33.75% R3000 / 11.25% MSCI ACWI-Ex.U.S.

FUND PERFORMANCE



CREDIT QUALITY %

FUND BENCHMARK

AAA 52.0 72.3

AA 5.9 3.5

A 14.9 10.5

BBB 21.1 13.6

Below BBB 3.1 0.0


Cash 1.2 0.0


FUND BENCHMARK

<1 Year 16.6 1.2

1-3 Years 31.2 27.1

3-5 Years 25.9 32.9

5-7 Years 11.9 17.0

7-10 Years 7.1 6.7

10-20 Years 7.3 14.9

>20 Years 0.0 0.2
















Fund 8.4 11.4 6.6 5.2 15.4 10.0 11.4 19.6 4.2 3.4 2.4 1.9

Benchmark 8.6 10.6 7.4 5.7 15.3 12.8 10.5 17.9 4.1 3.9 3.3 0.0

Active Weights -0.2 0.9 -0.7 -0.5 0.1 -2.8 0.9 1.7 0.0 -0.5 -0.8 1.9





Fund 23.4 2.7 16.6 15.1 1.8 0.0 0.0 11.3 1.2 11.1 12.2 1.5 0.0 1.9 1.2

Benchmark 38.8 2.7 15.1 7.9 1.7 1.5 1.0 27.9 0.0 2.0 0.5 0.9 0.0 0.0 0.0

Active Weights -15.4 - 0.1 1.6 7.2 0.1 -1.5 -1.0 -16.5 1.2 9.1 11.6 0.6 0.0 1.9 1.2


FUND COMMENTARY




Since Inception Performance 10/09/2018

¡ AAE was positive from inception. Overweight frictional Cash and underweight Return-Seeking US were strongly positive, overriding the negative effects of Risk-Reducing and Return-Seeking International.


¡ MSE was negative from inception. Manager selection across Risk-Reducing, combined with negative effects for Return-Seeking Value, offset otherwise positive effects within Return- Seeking US.

3-Month Performance

¡ AAE was slightly positive for the quarter.

¡ SSE was negative for the quarter, driven by Core and Small Cap underperformance within Return-Seeking US, as well as underperformance in Risk-Reducing.




FUND FACTS

PROFILE Q1 2019



Objective The 75/25 Fund’s investment objective is to achieve current income and long-term capital appreciation.

InvestmentsThe 75/25 Fund’s risk-reducing holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (which may be hedged to minimize foreign currency exposure). The 75/25 Fund’s return-seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large-capitalization equity securities.

BenchmarkThe blended benchmark for the 75/25 Fund is comprised of 25% Bloomberg Barclays Aggregate / 56.25% Russell 3000 / 18.75% MSCI ACWI ex-US.

CUIT Fund InvestmentsRisk-Reducing: CUIT Intermediate Diversified Bond (12.5%); CUIT Opportunistic Bond (6.25%); CUIT Short Bond (6.25%)

Return-Seeking: CUIT Small Cap Equity Index (11.25%); CUIT International Equity (18.75%); CUIT Growth Equity (7.5%); CUIT Core Equity Index (30%); CUIT Value Equity (7.5%)









Beta 1.0 1.0



Fund Size $24.3 MM

18%

15%

10%

5%

0%

-2%

CUIT Magnus 75/25 Fund 25% BBAgg / 56.25% R3000 / 18.75% MSCI ACWI-Ex.U.S.

FUND PERFORMANCE


CREDIT QUALITY %

FUND BENCHMARK

AAA 52.0 72.3

AA 5.9 3.5

A 14.9 10.5

BBB 21.1 13.6

Below BBB 3.1 0.0


Cash 1.2 0.0


FUND BENCHMARK

<1 Year 16.6 1.2

1-3 Years 31.2 27.1

3-5 Years 25.9 32.9

5-7 Years 11.9 17.0

7-10 Years 7.1 6.7

10-20 Years 7.3 14.9

>20 Years 0.0 0.2










CUIT Magnus 75/25 Fund 10.17 * * * *

25% BBAgg / 56.25% R3000 / 18.75% MSCI ACWI-Ex.U.S. 10.56 * * * *









Fund 8.5 11.5 6.5 5.2 15.4 10.0 11.4 19.8 4.1 3.4 2.3 1.9

Benchmark 8.6 10.6 7.4 5.7 15.3 12.8 10.5 17.9 4.1 3.9 3.3 0.0

Active Weights -0.1 0.9 -0.9 -0.5 0.1 -2.8 0.9 1.9 0.0 -0.5 -0.9 1.9





Fund 23.4 2.7 16.6 15.1 1.8 0.0 0.0 11.3 1.2 11.1 12.2 1.5 0.0 1.9 1.2

Benchmark 38.8 2.7 15.1 7.9 1.7 1.5 1.0 27.9 0.0 2.0 0.5 0.9 0.0 0.0 0.0

Active Weights -15.4 - 0.1 1.6 7.2 0.1 -1.5 -1.0 -16.5 1.2 9.1 11.6 0.6 0.0 1.9 1.2


FUND COMMENTARY




Since Inception Performance 11.20.2018

¡ AAE was slightly negative from inception. The positive effect of Return-Seeking US’ underweight position was insufficient to offset the negative effects of Return-Seeking International and frictional Cash.

¡ SSE was negative from inception, driven by Small Cap and Value components of Return-Seeking US. as well as underperformance in Risk-Reducing (i.e., the selection of SBF and OBF detracted from results as longer duration outperformed).

¡ MSE was slightly positive from inception driven primarily by manager selection in Return-Seeking International and Core and Growth outperformance within Return-Seeking US.

3-Month Performance

¡ AAE was neutral for the quarter.

¡ SSE was negative for the quarter, driven by Core, Small Cap, and Value underperformance within Return-Seeking US, as well as underperformance in Risk-Reducing (i.e., the selection of SBF and OBF detracted from results as longer duration outperformed).




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CENTRAL

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EAST

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WEST

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Important Disclosures+ The CUIT Money Market Fund changed its investment approach from overnight repurchase agreements, to actively managed effective 8/1/01. ± Effective April 1, 2017, the benchmark for the CUIT Money Market Fund was changed to the Bloomberg Barclays U.S. Short Treasury Bills (1-3 Month) Index. For periods prior to April 1, 2017, the applicable benchmark was the Merrill Lynch 91-Day Treasury Bill Index. ** Effective July 1, 2016, the benchmark for the CUIT Short Bond Fund (SBF) was changed to the Bloomberg Barclays 1-3 Year Treasury Index. For periods prior to July 1, 2016, the applicable benchmarks were: ML 1-3 Yr Treasury Index effective 7/1/01; ML 1-5 Yr G/C Index effective 4/1/98; 50% LB Intermediate Government /50% LB 1-3 Yr Government effective 5/1/96; LB 1-3 Yr Government in prior periods. The benchmark performance shown for SBF in this presentation reflects the linked performance of these benchmarks for each applicable period. **** Effective June 1, 2000, the benchmark was changed to the Russell 1000 Growth Index; prior to this date, historical returns reflect Russell Mid-Cap Growth Index. ‡ Effective June 1, 2015, the benchmark for the International Fund was changed to the Morgan Stanley Capital International All Country World ex U.S. Index (“ACWI ex U.S.”). For periods prior to June 1, 2015, the applicable benchmark was the Morgan Stanley Capital International Europe, Australia and the Far East Index (“EAFE”). The benchmark performance shown in this presentation reflects the linkedperformance of the two benchmarks for the respective applicable periods.

All data sourced from FactSet unless otherwise noted. FactSet returns can vary from other sources due to different methodologies. Active share is defined as the sum of the absolute value of the differences between the weights of the securities in a portfolio and the weights of securities in the fund’s benchmark, divided by two.

The CUIT Money Market Fund is not guaranteed by the U.S. Government and there can be no assurance that a stable net asset value of $1.00 can be maintained.

The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Funds’ total returns for the purpose of measuring relative performance, but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by certain third parties; information regarding composition of indexes may be obtained from provider or CBIS.

The CUIT Funds are exempt from registration with the Securities and Exchange Commission and therefore are exempt from certain regulatory requirements applicable to registered mutual funds. Performance for periods of one year and longer are annualized. All Fund performance, except where otherwise noted, is reported net of any fees and expenses, but inclusive of dividends and interest. The return and principal value of the Funds will fluctuate and, upon redemption, shares in the Funds may be worth less than their original cost. Past performance is not indicative of future performance.

CBIS offers pooled funds on behalf of a not-for-profit investment trust, Catholic United Investment Trust (CUIT). Offering Memoranda / Disclosure Statements, which contain further information regarding each of the Funds, including certain restrictions regarding redemptions, are available by calling 800-592-8890. Such information should be carefully considered prior to investing in the Funds. Shares in the CUIT Funds are offered exclusively through CBIS Financial Services, Inc., a broker-dealer subsidiary of CBIS.

The S&P 500 Index and S&P SmallCap 600 Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by CBIS. Standard & Poor’s®, S&P®, S&P 500® and S&P SmallCap 600® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by CBIS. The CUIT Core Equity Fund and the CUIT Small Cap Equity Index Fund are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the CUIT Core Equity Fund, the CUIT Small Cap Equity Index Fund, or any member of the public regarding the advisability of investing in securities generally or in the CUIT Core Equity Fund or the CUIT Small Cap Equity Index Fund particularly or the ability of the S&P 500 Index and S&P SmallCap 600 Index to track general market performance. S&P Dow Jones Indices’ only relationship to CBIS with respect to the S&P 500 Index and the S&P SmallCap 600 Index is the licensing of the Indices and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index and the S&P SmallCap 600 Index are determined, composed and calculated by S&P Dow Jones Indices without regard to CBIS, the CUIT Core Equity Fund, or the CUIT Small Cap Equity Index Fund. S&P Dow Jones Indices has no obligation to take the needs of CBIS, the owners of the CUIT Core Equity Fund, or the owners of the CUIT Small Cap Equity Index Fund into consideration in determining, composing or calculating the S&P 500 Index and the S&P SmallCap 600 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the CUIT Core Equity Fund and the CUIT Small Cap Equity Index Fund or the timing of the issuance or sale of the CUIT Core Equity Fund and the CUIT Small Cap Equity Index Fund or in the determination or calculation of the equation by which the CUIT Core Equity Fund and the CUIT Small Cap Equity Index Fund are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the CUIT Core Equity Fund or the CUIT Small Cap Equity Index Fund. There is no assurance that investment products based on the S&P 500 Index and the S&P SmallCap 600 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX AND THE S&P SMALLCAP 600 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CBIS, OWNERS OF THE CUIT CORE EQUITY FUND AND THE CUIT SMALL CAP EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX AND THE S&P SMALLCAP 600 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND CBIS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.


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