2Q 2015 Investment Portfolio Review - CBIS · 2015-08-12 · Christian Brothers Investment Services, Inc. n. [email protected] in . PAGE. 3 Investment Portfolio Review. 2Q. 2015

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

2Q 2015

Investment Portfolio Review

LEADING CATHOLIC INSTITUTIONAL

INVESTMENT MANAGER

} Over $6 billion in assets under management

} Exclusively serve Catholic institutions

} Founded and owned by the De La Salle Christian Brothers

PIONEERED CATHOLIC RESPONSIBLE

INVESTING

} 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 mission with investments

DIVERSE RANGE OF NEEDS

} Full-service advisory services for range of institutions

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

GLOBAL CLIENT BASE

} Religious Institutes } Dioceses } Education } Healthcare

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

10%

84%

5%

1%

11%

8%

6%

7%5%

26%

22%

6%6%

BY PRODUCT TYPE ($MILLION)

BY CUIT TYPE ($MILLION)

Separate Accounts $628UCITS Funds $316CUIT Funds $5,099

Money MarketOpportunistic BondBalancedCore IndexValue

Short bondInt. Diversified BondSmall capGrowthInternational

CBIS Asset Review

$6.0 BILLION IN TOTAL ASSETS

UNDER MANAGEMENT (6/30/15)


Market Summary

The U.S. Treasury yield curve steepened in Q2 as economic growth rebounded from a weak Q1.

Corporate spreads widened in Q2, and investment-grade corporates underperformed Treasuries despite improved economic fundamentals and a stable equity market.

Despite volatility caused by Greece and China at quarter end, the U.S. equity market was relatively flat.

European equity markets were buffeted by volatility at the end of Q2 after a breakdown in debt negotiations with Greece. The Japanese market continued to outperform due in part to the prospect of continued aggressive support from the government.

Emerging market returns in Q2 were generally positive. China experienced a strong run-up in May. Russia and Brazil rebounded after severe losses earlier in the trailing 12-month period. weakness in the broader market.

Market OverviewBRACING FOR VOLATILITY

Global equity markets drifted sideways during most of Q2 as economic data confirmed expectations for improvement in Eurozone economies and in U.S. growth after a weak first quarter, which was blamed on very cold weather and labor disputes that slowed shipments at west coast ports. The only global equity market drama occurred on the last days of June when Greece’s negotiations with European creditors broke down after Prime Minister Alex Tsipras insisted the Greek people vote on bailout terms and Greece missed a scheduled payment to the International Monetary Fund (IMF). Global markets were shaken as investors had expected a last-minute compromise and the quarter ended with downside volatility.

80

70

60

50

40

30

20

10

0

‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15‘95

CBOE VOLATILITY INDEX

Source: FactSet

Key Highlights:Market Overviewpage 2

Investment Program Offeringspage 6

CBIS Fund’s Performancepage 7

CBIS Fund Reportspage 8

Investment Portfolio Review 2Q 2015



The U.S. economy also showed renewed strength after its winter stumble. Q1 GDP, which had originally been reported as down 0.7%, was revised upward to a decline of 0.2% and reasonably strong employment and consumer spending data as Q2 progressed led to consensus estimates that growth would recover to 2.6% in Q2 and about 3% over the balance of 2015. Consumer spending in May posted its largest monthly increase, at 0.9%, in six years on strong auto sales and other big-ticket expenditures, while employment and housing-related data also indicated a rebound from Q1 weakness. U.S. growth seems strong enough for the Fed to make its first hike to the Federal Funds rate in ten years later this year, with its September meeting seen as the most likely time if recent economic strength continues.

Japan’s economy was weaker than expected during Q2 after 3.9% growth during the first quarter. Consumer spending, industrial production and exports were below expectation and caused some economists to reduce Q2 growth projections to zero. Weakness was generally attributed to a sales tax increase last year. Nevertheless, the government remains committed to aggressive stimulus to spur both economic activity and inflation, which remains near zero.

In local currency terms, Ireland (4.63%) was Europe’s strongest market, followed by Norway (1.42%). Austria (-0.36) was next, with all other European markets in the negative. More broadly, the global developed market benchmark, MSCI EAFE, returned -1.6% in terms of local currencies, while the MSCI Emerging Markets Index gained 0.8%. The U.S. dollar rally stalled in Q2 as the U.S. currency fell about 4% against the euro, 6% against the British pound and about 2.5% against the Swiss franc. The dollar gained only against the Japanese yen, extending its year-long rally with a 2% gain. As a result, returns were marginally enhanced for U.S. dollar-based investors; in U.S. dollar terms, both the MSCI EAFE Index and the MSCI Emerging Markets Index were nearly flat for the quarter, each with about a 0.8% return. The MSCI All-Country World ex-U.S. Index returned just over 1% in U.S. dollars.

U.S. equity indices were largely unchanged, with both the S&P 500 and Russell 1000 returning just slightly over 0% with little difference between growth and value. The small-cap Russell 2000 Index returned 0.4%. Sector returns within the S&P 500 were fairly narrow; utilities (-5.8%) were weakest on a rise in interest rates, healthcare (+2.8%) was strongest, with other sectors clustering tightly around the broad index return.

Crude oil prices stabilized for most of the quarter around $60 per barrel, having bounced from a low near $40 per barrel in March. Economists credited the boost to consumer budgets produced by oil’s collapse from more than a $100/barrel price last summer and the monetary stimulus provided by the European Central Bank’s version of quantitative easing, which began during March, as an impetus to improving economic data in Europe as the quarter evolved. European exports have also been supported by the decline of the euro to a two-decade low against the U.S. dollar. Late in Q2, European business activity measured by the closely watched Markit purchasing managers survey rose to a 49-month high across the 19-country Eurozone and economists estimated Q2 quarter-to-quarter growth at 0.4% with a 2% estimate for 2015 as a whole, with broad-based albeit modest strength evident across the continent.

TRADE WEIGHTED U.S. DOLLAR INDEX: MAJOR CURRENCIES

95

90

85

80

75

70

65

Source: Federal Reserve Bank of St. Louis (FRED), Board of Governors of the Federal Reserve System (US)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Inde

x Mar

1973

=100

Shaded areas indicate U.S. recessions



A more pessimistic take on the quarter’s bond volatility highlights the lack of liquidity in bond markets, a result partly of banks withdrawal from market-making as a result of Dodd-Frank legislation restrictions on risk and partly due to aggressive central bank buying through QE programs. A Wall Street Journal article (“Why Liquidity Starved Markets Fear the Worst”, May 20) profiled the problem, stating that the corporate bond market has doubled since the 2008/2009 crisis, to $4.5 trillion, yet bank trading desks hold only $50 billion of bonds compared with about $300 billion pre-crisis. The article also cited Deutsche Bank research that found U.S. Treasury trading volumes have fallen 10% since 2005 even as the size of the market has tripled, while a J.P. Morgan analysis said a trading position capable of moving the government bond market has fallen from $280 million to only $80 million over the past year. Scare stories are legendary in financial journalism; after all that’s what grabs reader’s attention. Yet after an unprecedented 90 months of zero short-term yields and with longer-term yields at the lowest levels in six decades, wariness about volatility likely to be attendant to rising rates is a prudent form of caution. CBIS bond funds are sub-advised by expert bond investors with the experience and analytical acumen to navigate any market environment well as anyone. But we suggest participants brace themselves for volatility as the Fed transitions to more traditional interest rate policy.

While equity markets drifted trendless in Q2, European sovereign bond markets surprised investors with sharply rising yields, albeit from very low levels. The German 10-year government yield jumped from near zero in early April to almost 1% in June, Spanish and Italian 10-year government yields rose from just over 1% to near 2.5%, and the Portuguese 10-year jumped from 1.5% to 3%, all before backing off slightly as the quarter closed. The U.S. 10-year yield trend in Q2 was a bit more muted; it had reached a low of about 1.6% in February and climbed from just under 2% in early April to 2.4% by quarter end. In general, rising yields were seen optimistically as a natural consequence and confirmation of stronger economic data, even as inflation readings remained muted in both Europe and the U.S. — in both cases well below the Fed and ECB’s general 2% target rate. In the U.S., shorter-term yields also drifted higher, with the five-year Treasury yield rising from a low of 1.2% in early April to 1.7% by quarter end. The two-year was a bit more muted, climbing from 0.5% to 0.7%. Credit spreads for lower-rated U.S. investment grade debt rose slightly during the quarter, from about 2.5% to 2.8%. High-yield spreads were little changed. Nevertheless, over the past year, credit spreads in the U.S. bond markets have climbed, with Baa spreads up from 2.2% to 2.8% and high-yield spreads up from 3.5% to 4.5% (after peaking at 5% in January of this year).

CRUDE OIL PRICES

Source: U.S. Energy Information Administration and Federal Reserve Bank of St. Louis (FRED)


160140120100

80604020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Dolla

rs p

er B

arre

l

10-YEAR TREASURY CONSTANT MATURITY RATE

Source: Board of Governors of the Federal Reserve System (U.S.) and Federal Reserve Bank of St. Louis (FRED)


2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Perc

ent

5.55.04.54.03.53.02.52.01.51.0


deals or offers have been announced globally, according to Dealogic, making 2015 on pace to challenge the record $4.3 trillion in 2007. In another potential sign of market froth, NYSE margin debt reached a record high in April, overtaking levels that preceded the collapse of the 2001 tech bubble.

In the Q1 letter we remarked that markets had risen to ebullient heights partly as a result of a firm faith in central bankers, a belief that six years of zero rates and global easy money policies would stimulate economies enough to produce the earnings growth that would justify further market gains. Three months later and the situation remains pretty much the same. Investors have been lulled over six years of fairly steady market gains and low volatility into a “buy the dip” mentality and a forgetfulness that longer-term market advances come attendant with at times nerve-wracking downturns. The former has been delivered in recent years, but decidedly without the latter. We’d encourage CBIS participants to steel themselves emotionally for a return of volatility and harden their investment policies and their nerves to contend with it when it arrives. The path to higher rates is unlikely to be gentle, for either stocks or bonds. We do not say this to be bearish or foreboding. Instead, we urge you to establish and review your long-term investment strategies and prepare to use any market volatility to rebalance back to target weights. As Q3 begins, the equity markets have drifted trendless since late last year and bond yields seem to be drifting with a slightly upward bias. We urge participants not to try and guess what will happen next, but rather prepare for whatever the markets may deliver and employ disciplined rebalancing as a constructive response to any downside volatility.

OUTLOOK

In the U.S., equity markets are likely to be reliant on corporate earnings growth rather than PE expansion to power further gains, with Fed policy shifting to a tightening bias and interest rates unlikely to drop further unless economic growth disappoints. Yet earnings growth is a bit hard to come by in a still-tepid six-year economic expansion that is already lengthy by post-WWII standards. S&P 500 profits rose only about 4% in 2014, according to Zack’s (Zack’s Earnings Trends, June 24, 2015) with 2015 gains projected at about 7% (ex the very weak energy sector); including energy, 2015 earnings growth is pegged at only 1%. The 2016 outlook is more bullish. Analysts’ consensus expectations indicate about an 11% gain, which will clearly be reliant on the U.S. economy gaining its long-awaited, but so far evasive, traction for steady 3% growth. Moreover, stocks have been supported by record levels of share buybacks and extraordinarily strong merger & acquisition activity. The Wall Street Journal (Fear of Losing Out Drives Deal Boom, June 26) reports that merger activity this year is running at the fastest pace in nearly a decade. About $2.15 trillion in M&A

Important InformationThis is for informational purposes only and does not constitute an offer to sell any investment. The funds are not available for sale in all jurisdictions. Where available for sale, an offer will only be made through the prospectus for the funds, and the funds may only be sold in compliance with all applicable country and local laws and regulations.


GERMAN 10-YEAR GOVERNMENT YIELD (AS OF: 30-JUN 2015)

Source: FactSet

1M0.034

-0.280-0.304

One Year Ago31-Mar-201530-Jun-2015

3M-0.026-0.277-0.281

6M0.011

-0.215-0.267

1 Yr0.002-0.258-0.291

2 Yr0.021

-0.258-0.232

3 Yr0.055

-0.2390.037

5 Yr0.341-0.1520.072

7 Yr0.685-0.0300.305

10 Yr1.2440.1510.765

30 Yr2.1860.6031.571

2.5002.0001.5001.0000.5000.000

-0.5001M 3M 6M 1Yr 2Yr 3Yr 5Yr 7Yr 10Yr 30Yr

One Year Ago 31-Mar-2015 30-Jun-2015

Perc

ent



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 91-Day Treasury Bill Wellington

CUIT Short Bond Merrill Lynch 1-3 Year Treasury Index Longfellow

CUIT Intermediate Diversified Bond Barclays Capital Aggregate Index Dodge & Cox, Jennison, Reams

CUIT Opportunistic Bond Barclays 1-5 Year US Gov’t Credit Index Longfellow and Reams

CUIT Balanced 60% S&P 500 / 40% BCAgg Dodge & Cox, Jennison, Reams, RhumbLine

CUIT Core Equity Index S&P 500 RhumbLine

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

CUIT Growth Equity Russell 1000 Growth Index LA Capital, Wellington

CUIT Small-Cap Equity Index Russell 2000 Index RhumbLine

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

UCITS FUND BENCHMARK MANAGER(S)

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

World Bond Barclays Capital Global Aggregate Index Schroder Investment Management

European Equity MSCI Europe Index Degroof Fund Management Company

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

Note: UCITS Funds are not available in the U.S., but can be purchased currently in select countries around the world.

Investment Management ProcessCBIS hires institutional investment management firms to manage our institutional funds and separately managed portfolios. We typically combine two or more managers in actively managed funds in order to achieve our investment objective.

MANAGERIDENTIFICATIONAND SELECTION

PORTFOLIOCONSTRUCTION

ON-GOINGDUE DILIGENCE

Proven Investment Process

Defined Core Competency

Value add over a full market cycle

Preference for majority-owned firms

Access CRI Impact

Diversification of manager core competencies

Improved risk-adjusted returns

Managed Active Share

Systematic evaluation process

Quantitative and qualitative assessment

Analyze any disconnect between expectations and reality



INVESTMENT OPTION/BENCHMARK 1 MONTH

3 MONTHS YTD

1 YEAR

3 YEARS

5 YEARS

10 YEARS

SINCE INCEPTION

INCEPTION DATE

CUIT Money Market Fund 0.00 0.00 0.01 0.02 0.02 0.02 1.26 3.48 Jan 1985

Merrill Lynch 91-Day TBill Index 0.00 0.01 0.01 0.02 0.06 0.08 1.41 3.94

CUIT Short Bond Fund (0.21) 0.06 0.74 0.93 1.48 1.87 3.21 5.50 Jan 1985

Merrill Lynch 1-3yr Treasury Index ** 0.03 0.15 0.67 0.88 0.66 0.82 2.51 5.38

CUIT Opportunistic Bond Fund Class A (0.18) 0.02 0.87 1.08 * * * 0.85 May 2013

CUIT Opportunistic Bond Fund Class B (0.17) 0.06 1.04 1.23 * * * 0.99 May 2013

Barclays 1-5 Year US Government/Credit Index (0.18) (0.02) 0.94 1.31 * * * 0.96

CUIT Inter. Diversified Bond Fund Class A (1.06) (1.59) 0.07 1.76 2.08 3.76 5.04 6.13 Jan 1995

CUIT Inter. Diversified Bond Fund Class B (1.05) (1.55) 0.08 1.92 2.24 3.91 5.20 5.03 Jan 2003

Barclays Capital Aggregate Bond Index (1.09) (1.68) (0.10) 1.86 1.83 3.35 4.44 6.04/4.43

CUIT Balanced Fund (1.28) 0.22 0.13 3.52 12.14 11.86 6.73 8.97 Dec 1983

60% S&P 500/ 40% BC Agg*** (1.60) (0.51) 0.79 5.28 10.98 11.76 6.79 8.78

CUIT Value Equity Fund Class A (1.53) 1.22 1.22 4.86 18.89 17.02 7.01 9.86 Jan 1995

CUIT Value Equity Fund Class B (1.50) 1.32 1.39 5.06 19.31 17.43 7.39 10.05 Jan 2003

Russell 1000 Value Index (2.00) 0.11 (0.61) 4.13 17.34 16.50 7.05 10.21/9.32

CUIT Core Equity Index Fund Class A (1.87) 0.12 0.85 7.43 17.12 16.90 7.44 9.44 Jan 1995

CUIT Core Equity Index Fund Class B (1.86) 0.18 0.96 7.66 17.36 17.12 7.62 4.74 Mar 2000

Standard & Poor’s 500 Index ++ (1.94) 0.28 1.23 7.42 17.31 17.34 7.89 9.67/4.72

CUIT Growth Fund Class A (1.51) 0.37 3.31 10.37 16.58 16.73 6.97 8.33 Jan 1991

CUIT Growth Fund Class B (1.48) 0.45 3.48 10.78 16.96 17.09 7.30 8.40 Jan 2003

Russell 1000 Growth Index **** (1.76) 0.12 3.96 10.56 17.99 18.59 9.10 9.40/9.86

CUIT Small Cap Equity Index Fund Class A 0.71 0.29 4.45 6.06 17.19 16.40 * 6.54 Jan 2007

CUIT Small Cap Equity Index Fund Class B 0.75 0.34 4.59 6.43 17.53 16.75 * 6.84 Jan 2007

Russell 2000 Index 0.75 0.42 4.75 6.49 17.81 17.08 * 7.08

CUIT International Equity Fund Class A (2.54) 1.88 4.79 (3.45) 11.24 9.67 3.99 6.00 Jan 1995

CUIT International Equity Fund Class B (2.49) 1.97 4.98 (3.06) 11.69 10.11 4.41 1.73 Mar 2000

MSCI ACWI Ex-U.S. ‡ (2.75) 0.90 5.94 (3.76) 12.47 10.04 5.61 5.58/3.55

Please review the Important Disclosures page in the Appendix for further information.

CBIS Funds Performance (June 30, 2015)

Investment Portfolio Review AUGUST 2014


Heading Goes HereFUND FACTS

PROFILE Q2 2015

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 and credit quality are maintained by investing only in securities rated A-1/P-1 or higher; average portfolio maturity is 90 days or less, while 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

BenchmarkML 91 Day Treasury Bill

Asset ManagersWellington Management Company (Effective 8/1/01)

Total Expense Ratio / Minimum 0.32% / No Minimum

MATURITY DISTRIBUTION %

FUND

0-7 Days 16.57

8-29 Days 23.39

30-59 Days 6.59

60-89 Days 22.37

90-179 Days 19.58

180 and Over 11.49

PORTFOLIO ANALYSIS

STATISTICS FUND ML T-BILL

Effective Duration 0.22 (Yrs) 0.16 (Yrs)

Average Quality AA+ Treasury

Yield-to-Maturity 0.27% -0.01%

Fund Size $74.8MM

CREDIT QUALITY %

FUND ML T-BILL

A-1+ 88.8 100.0

A-1 11.2 –

<A-1 – –

Not Rated – –

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

CUIT Money Market A ML 91-Day T-Bill Index

FUND PERFORMANCE

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

CUIT Money Market A 0.00 0.02 0.02 0.02 1.26

ML 91-Day T-Bill Index 0.01 0.02 0.06 0.08 1.41

CALENDAR YEAR RETURN 2014 2013 2012 2011 2010

CUIT Money Market A 0.05 0.01 0.00 0.00 0.02

ML 91-Day T-Bill Index 0.04 0.07 0.11 0.10 0.13

Please see Important Information on Page 2

3 MO 1 YR 3 YR 5 YR 10 YR



Heading Goes Here

Christian Brothers Investment Services, Inc. n [email protected] PAGE 2 | CB -FFS-005-0615

Important InformationBenchmark Index: ML 1–3 Yr. Treasury Index eff. 7/1/01; ML 1–5 Yr. G/C Index eff. 7/1/97; 50% Lehman Intermediate Govt Index/50% Lehman 1–3 Yr. Govt Index eff. 5/1/96. 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.

CUIT Money Market Fund

¡ The Federal Reserve continued to hold money market rates near zero during Q1 and over the trailing 1-year period producing a sixth-straight year of near-zero cash market yields.

¡ The Federal Reserve ended its bond purchase program (quantitative easing) in October 2014 and appears focused on a growing U.S. economy rather than on financial markets or weak overseas economies.

¡ The Fund’s sub-adviser believes the Fed is on track to begin raising rates by late-2015 if core inflation holds steady and labor market conditions continue to improve.

Q2 2015 PERFORMANCE REVIEW

The CUIT Money Market Fund produced a 0.00% return for the second quarter of 2015, and the Merrill Lynch 91-Day Treasury Bill Index returned 0.01%.

ALLOCATIONS %

US Government & AgenciesCertificates of

DepositRepurchase Agreements

Corp. - Incl. Floating Rate

ABS - Incl. Floating Rate

CommercialPaper

Fund 58.1 7.7 13.6 10.3 8.5 1.7

ML T-BILL 100 0.0 0.0 0.0 0.0 0.0




PROFILE Q2 2015


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

BenchmarkMerrill Lynch 1–3 Year Treasury Index

Asset ManagersLongfellow Investment Management Co. (Effective 7/1/08)

Total Expense Ratio / Minimum 0.33% / No Minimum

PORTFOLIO ANALYSIS

STATISTICS FUND BENCHMARK

Average Maturity 2.00 (Yrs) 1.84 (Yrs)


Average Quality A AAA

Yield-to-Maturity 2.24% 0.60%

Current Yield 3.45% 1.42%

# of Securities 207 95

Fund Size $336.3MM

EFFECTIVE DURATION %

FUND BENCHMARK

0-1 Years 33.60 7.70

1-3 Years 52.10 92.30

3-4 Years 8.60

4+ 5.70

CREDIT QUALITY %

FUND BENCHMARK

AAA 46.52 100.0

AA 10.30 –

A 14.39 –

BBB 17.00 –

Below BBB 6.87 –

Cash 4.92 –

10%

5%

0%

CUIT Short Bond A ML 1-3 Year Treasury Index

FUND PERFORMANCE


CUIT Short Bond A 0.06 0.93 1.48 1.87 3.21

ML 1-3 Year Treasury Index 0.15 0.88 0.66 0.82 2.51


CUIT Short Bond A 1.37 0.84 2.98 2.31 3.34

ML 1-3 Year Treasury Index 0.62 0.36 0.43 1.55 2.35



RISK METRICS

CHARACTERISTICS FUND / 5 YR BENCHMARK / 5 YR

Sharpe Ratio 2.71 1.30

Information Ratio 2.47 –

Standard Deviation 0.79 0.58

Tracking Error 0.56 –

Downside Capture 24.69 100.0

Upside Capture 183.03 100.00



Heading Goes Here


Important InformationBenchmark Index: ML 1–3 Yr. Treasury Index eff. 7/1/01; ML 1–5 Yr. G/C Index eff. 7/1/97; 50% Lehman Intermediate Govt Index/50% Lehman 1–3 Yr. Govt Index eff. 5/1/96. 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.

CUIT Short Bond Fund


The CUIT Short Bond Fund underperformed slightly for the quarter, returning 0.06% versus the Merrill Lynch 1-3 Year Treasury Index benchmark’s 0.15% return.

ALLOCATIONS %

Treasuries Agency Industrials Finance Utilities Non-Corp. MBS CMO CMBS ABS Municipals Cash

Fund 10.42 12.20 13.01 15.61 3.68 0 2.18 1.72 19.13 15.09 2.05 4.92

Benchmark 100.0 0 0 0 0 0 0 0 0 0 0 0

¡ Signs of improved economic strength in both the U.S. and Euro Zone led to increases in global yields during the quarter.

¡ The Fund’s duration has been slightly below that of the Index, reflecting the market’s minimal yields and the sub-adviser’s expectation of rising rates later in 2015.

¡ While the duration positioning was a positive for relative performance, the steeping of the yield curve and modest widening in spreads led to a slight underperformance versus the benchmark this quarter. Long term performance continues to be strong relative to the benchmark.

¡ The Fund’s sub-adviser expects the path to meaningfully higher rates will be a lengthy process and remains focused on maintaining the Fund’s yield advantage, including modest use of higher-quality names within the below-investment-grade area.




PROFILE Q2 2015


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

BenchmarkBarclays Capital 1-5 Year Government/Credit Index

Asset ManagersLongfellow Investment Management (Effective 5/1/13); Reams AssetManagement Co. (Effective 5/1/13)

Total Expense Ratio/MinimumClass A: 0.57% / No MinimumClass B: 0.42% / $5M

PORTFOLIO ANALYSIS


Average Maturity 2.59 2.80


Average Quality A AA



# of Securities 419 2,968

Fund Size $370.6MM


FUND BENCHMARK

0-1 Years 31.0 0.7

1-3 Years 42.4 62.0

3-4 Years 7.8 20.2

4-6 Years 16.6 17.1

6-8 Years 2.1 0.0

Over 8 Years 0.1 0.0

CREDIT QUALITY %

FUND BENCHMARK

AAA 49.8 69.8

AA 5.8 6.6

A 17.9 13.3

BBB 18.7 10.2

Below BBB 7.1 0.0

Cash 0.7 –

40%

30%

20%

10%

0%

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

FUND PERFORMANCE


CUIT Opport. Bond A 0.02 1.08 – – –

CUIT Opport. Bond B 0.06 1.23 – – –

Barclays 1-5 Yr Gov't/Credit -0.02 1.31 – – –


CUIT Opport. Bond A 1.23 – – – –

CUIT Opport. Bond B 1.27 – – – –

Barclays 1-5 Yr Gov't/Credit 1.42 – – – –





Heading Goes Here


Important InformationBenchmark Index: 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. 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.

CUIT Opportunistic Bond Fund


The CUIT Opportunistic Bond Fund returned 0.02% (Class B, 0.06%), marginally outperforming the Barclays 1-5 Year Government/Credit Index return of -0.02%.

ALLOCATIONS %

Treasuries Agency Industrials Finance Utilities Non-Corp. MBS CMO CMBS ABS MunicipalsMerger/

Arbitrage Cash

Fund 11.75 3.03 15.45 20.78 2.93 1.51 10.99 4.42 12.10 12.01 0.73 3.46 0.88

Benchmark 60.09 14.25 12.96 10.77 1.27 0.00 0.0 0.0 0.0 0.0 0.65 0.0 0.0

All attribution is based on gross portfolio performance.

Active Weights

-48.34%

Treasuries

-11.22%

Agency

10.99%

MBS

4.42%

CMO

0.08%Municipals

3.46%

M&A

0.88%

Cash

2.49%

Industrials

10.01%

Finance

1.66%

Utilies

1.51%

Non-Corp.

12.10% 12.01%

CMBS ABS


¡ The Fund’s duration has been slightly below that of the Index, reflecting the market’s minimal yields and the sub-adviser’s expectation of rising rates later in 2015.

¡ Duration positioning was a positive during the quarter, as was the allocation to MBS, other securitized assets and the allocation to merger arbitrage opportunities. These positives were offset by the barbell positioning which detracted as the yield curve steepened, as well as a modest overweight to investment grade corporate securities.

¡ The sub-advisers believe the path to meaningfully higher rates is likely to be a lengthy process and remain focused on maintaining the Fund’s yield advantage, including modest use of higher-quality names within the below-investment-grade area; the Fund is maintaining a duration posture less than the market.




PROFILE Q2 2015

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

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)

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

BenchmarkBarclays Capital Aggregate Bond Index

Asset ManagersDodge & Cox, Inc. (Effective 1/1/95); Jennison Associates (Effective 9/2/02); Reams Asset Management Co. (Effective 7/1/08)

Total Expense Ratio/MinimumClass A: 0.53% / No MinimumClass B: 0.38% / $5M

PORTFOLIO ANALYSIS




Average Quality AA AA



# of Securities 803 9454

Fund Size $1,126.5MM


FUND BENCHMARK

0-1 Years 9.54 0.31

1-3 Years 28.54 27.33

4-6 Years 21.03 26.25

6-8 Years 8.63 14.87

Over 8 Years 20.91 16.73

CREDIT QUALITY %

FUND BENCHMARK

AAA 62.76 72.34

AA 2.05 3.48

A 14.65 11.50

BBB 15.60 12.68

Below BBB 1.84 0.0

Cash 3.10 0.0

30%

20%

10%

0%

CUIT Int. Divers. Bond B Barclays Aggregate Bond Index

FUND PERFORMANCE


CUIT Int. Divers. Bond A -1.59 1.76 2.08 3.76 5.04

CUIT Int. Divers. Bond B -1.55 1.92 2.24 3.91 5.20

Barclays Aggregate Bond Index -1.68 1.86 1.83 3.35 4.44


CUIT Int. Divers. Bond A 5.65 -1.73 6.05 7.22 7.20

CUIT Int. Divers. Bond B 5.81 -1.51 6.21 7.39 7.27

Barclays Aggregate Bond Index 5.97 -2.02 4.22 7.84 6.54



RISK METRICS

CHARACTERISTICS FUND / 5 YR BENCHMARK / 5 YR




Tracking Error 0.76 0.00





Heading Goes Here


Important InformationBenchmark Index: ML 1–3 Yr. Treasury Index eff. 7/1/01; ML 1–5 Yr. G/C Index eff. 7/1/97; 50% Lehman Intermediate Govt Index/50% Lehman 1–3 Yr. Govt Index eff. 5/1/96. Performance for periods Benchmark Index: Barclays Capital 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. 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.

CUIT Int. Diversified Bond Fund


¡ The Fund’s duration has been below that of the Index, reflecting the minimal yields on offer and the sub-advisers’ expectation that the Fed will begin its move toward a more neutral monetary stance late this year.

¡ While duration positioning detracted slightly from relative return over the last 12 months, the shorter duration posture was additive to relative return during the second quarter. This positive was slightly offset by the barbelled yield curve position as the curve steepened. The positions in securitized assets offset weakness in the corporate bond sector.

¡ As Q3 2015 began, the Fund maintained its relatively shorter duration, however, the sub-advisers believe the path to meaningfully higher rates is likely to be lengthy and volatile; the Fund continued to maintain a barbelled position along the yield curve and an underweight to MBS, instead emphasizing allocations to select corporates and to asset-backed securities less susceptible to prepayment volatility and therefore likely to outperform in a volatile interest rate environment. This theme also extends to MBS exposure, as the Fund is focused on shorter duration holdings within the sector.


Active Weights-0.06%

Treasuries

-1.89%

3.09%Agency

-10.60%

MBS 0.17%CMO

0.05%Municipals

3.10%

CashIndustrials

5.77%

Finance -0.48%

Utilies

-3.22%

Non-Corp. 0.41%

CMBS

3.67%

ABS

ALLOCATIONS %


Fund 36.09 3.10 17.29 13.48 1.27 0.00 17.62 0.17 2.36 4.24 1.27 3.10

Benchmark 36.15 4.99 14.20 7.71 1.75 3.22 28.22 0.00 1.96 0.58 1.22 0.0


The CUIT Intermediate Diversified Bond Fund returned -1.59% (Class B, -1.55%), marginally outperforming the Barclays Aggregate Bond Index return of -1.68%.



Heading Goes Herefund facts

profile Q2 2015


CUIT Balanced Fund

Objective long-term capital appreciation and current income

Investmentsthe equity allocation is comprised primarily of large-cap u.s. companies diversified across industry sectors. fixed-income instruments include corporate, u.s. government and agency bonds, and asset-backed and mortgage-backed securities.

Strategythe equity portion blends undervalued companies with a modest exposure to growth through a core equity index allocation. the fixed-income portion leverages economic and fundamental research in an attempt to identify and capture inefficiencies across the yield curve.

Benchmark60% s&p 500 / 40% Barclays capital aggregate Bond index

Asset ManagersFixed Income: Dodge & Cox, Inc. (Effective 4/1/91); Jennison Associates(Effective 9/2/02); Reams Asset Management Co. (Effective 7/1/08)

Equities: Dodge & Cox, Inc. – (Effective 4/1/91); RhumbLine Advisers – (Effective 4/1/02)

Total Expense Ratio / Minimum 0.88% / no Minimum

portfolio analYsis

StatiSticS FUND S&P 500

Weighted Median Market Cap $59.7B $83.1B

Price/Book 2.2x 2.7x

Price/Earnings 18.1x 19.2x

Return on Equity 16.1% 20.1%

Dividend Yield 1.72% 1.99%

5-year Earnings Growth 12.84% 12.84%

Beta 1.02 1.00

10 Largest Holdings 25.34 7.25

# of Equity Securities 483 502

Turnover Rate 225.38

Fund Size $235.7MM

top ten Holdings

StatiSticS %

Wells Fargo & Company 3.35

Microsoft Corporation 3.20

Capital One Financial Corporation 2.70

Time Warner Inc. 2.49

Hewlett-Packard Company 2.44

Time Warner Cable Inc. 2.30

Charles Schwab Corporation 2.26

Comcast Corporation Class A 2.25

Bank of America Corporation 2.25

Schlumberger NV 2.10

portfolio analYsis: fiXed incoMe

StatiSticS FUND Bcagg



Average Quality AA AA


Current Yield * 3.10%

# of Securities 483 9,454

EFFEctiVE DURatiON FUND BENcHMaRK

0–1 Years 10.76 0.31

1–3 Years 26.47 27.33

3–4 Years 10.54 14.51

4–6 Years 20.08 26.25

6–8 Years 9.48 14.87

Over 8 Years 22.67 16.73

25%

20%

10%

0%

CUIT Value Equity A 60% S&P 40% BC Agg

fund perforMance

% aVERagE aNNUaL REtURN 3 MO 1 YR 3 YR 5 YR 10 YR

CUIT Balanced 0.22 3.52 12.14 11.86 6.73

60% S&P 40% BC Agg -0.51 5.28 10.98 11.76 6.79

caLENDaR YEaR REtURN 2014 2013 2012 2011 2010

CUIT Balanced 8.80 21.29 14.59 0.71 12.03

60% S&P 40% BC Agg 10.62 17.56 11.31 4.69 12.13





Heading Goes Here


Important InformationBenchmark Index: 60% S&P 500/40% BC Aggregate eff. 1/2/03; 60% S&P 500/30% LB Aggregate/10% T Bill eff. 4/1/91; 60% LB Aggregate/40% S&P 500 in prior periods. 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. “S&P 500” is a registered trademark of McGraw-Hill Companies, Inc. The CUIT Balanced Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Fund. 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.

CUIT Balanced Fund

¡ Outperformance for the quarter came largely from the Fund’s value equity portfolio, though this has been a detractor to relative performance over the last 12 months.

¡ While duration positioning detracted slightly from relative return of the bond component over the last 12 months, the shorter duration posture was additive to relative return during the second quarter; this positive was slightly offset by the barbelled yield curve position as the curve steepened the positions in securitized assets offset weakness in the corporate bond sector.

¡ The value portfolio sub-adviser continues to be constructive on the U.S. economic outlook and emphasizes companies that can

benefit from rising consumer spending, primarily in the Consumer Discretionary, Financials and Information Technology sectors

¡ As Q3 began, the Fund’s bond segment maintained its relatively shorter duration, however, the sub-advisers believe the path to meaningfully higher rates is likely to be lengthy and volatile; the bond segment continued to maintain a barbelled position along the yield curve and an underweight to MBS, instead emphasizing allocations to select corporates and to asset-backed securities less susceptible to prepayment volatility and therefore likely to outperform in a volatile interest rate environment


Active Weights-2.06% -2.10%

3.55%6.17%

-0.42% -3.22%

-10.13%

0.08% 0.77% 4.37% 0.26% 2.74%Treasuries MBSCMO Municipals Cash

Agency

Industrials FinanceUtilities Non-Corp.

CMBS ABS

MArkET SECTOr ANALYSIS %

Consumer Discretionary

Consumer Staples Energy Financials Health Care Industrials

Information Technology Materials

Telecomm Service Utilities Cash

Fund 16.77 5.20 8.80 23.59 10.17 6.95 22.41 2.02 1.41 1.15 1.53

Benchmark 12.79 9.47 7.84 16.58 15.37 10.11 19.60 3.13 2.27 2.83 0.0

MArkET SECTOr ANALYSIS % – FIXED INCOME


Fund 34.10 2.89 17.75 13.87 1.33 0.00 18.09 0.08 2.72 4.95 1.48 2.74

BC Agg 36.15 4.99 14.20 7.71 1.75 3.22 28.22 0.00 1.96 0.58 1.22 0.00


Active Weights

3.97%

-4.26%

0.95%

7.01%

-5.20%-3.16%

2.82%

-1.11% -0.86% -1.69%

1.53%


Information Technology

MaterialsCash

Consumer Staples

Energy Financials

Health Care IndustrialsTelecomm

Service Utilities

Q2 2015 PErFOrMANCE rEvIEW

The CUIT Balanced Fund returned 0.22% versus the blended 60% S&P 500 / 40% Barclays Capital Aggregate Index benchmark’s -0.51% return.




PROFILE Q2 2015


CUIT Core Equity 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 (about 6% of the S&P 500's constituent companies – 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 broadquantitative characteristics match those of the S&P 500 as closely as possible

BenchmarkS&P 500

Asset ManagersRhumbLine Advisers (Effective 1/1/95)

Total Expense Ratio / Minimum Class A: 0.38% / No MinimumClass B: 0.18% / $3M

PORTFOLIO ANALYSIS








Beta 1.01 1.00

10 Largest Holdings 17.73% 15.47%


Turnover Rate 14.92% N/A

Fund Size $1,328.0 MM

TOP TEN HOLDINGS

STATISTICS %

Apple Inc. 3.97

Microsoft Corp 1.95

Exxon Mobil Corporation 1.90


Berkshire Hathaway Inc. Class B 1.58

Google Inc. Class C 1.47

Procter & Gamble Company 1.39

JPMorgan Chase & Co. 1.38

3M Company 1.25

Gilead Sciences, Inc. 1.24

30%

20%

10%

0%

CUIT Core Equity B S&P 500

RISK METRICSCHARACTERISTICS FUND / 5 YR BENCHMARK / 5 YR


Information Ratio -0.05 0.0





FUND PERFORMANCE


CUIT Core Equity A 0.12 7.43 17.12 16.90 7.44

CUIT Core Equity B 0.18 7.66 17.36 17.12 7.62

S&P 500 0.28 7.42 17.31 17.34 7.89


CUIT Core Equity A 13.99 32.03 15.72 0.92 14.78

CUIT Core Equity B 14.19 32.31 15.95 1.13 15.01

S&P 500 13.69 32.39 16.00 2.11 15.07





Heading Goes Here


Important InformationBenchmark Index: S&P 500. 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. “S&P 500” is a registered trademark of McGraw-Hill Companies, Inc. The CUIT Core Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Fund. 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.

CUIT Core Equity Fund

¡ In Q2, the Fund showed slight positive tracking in Healthcare where several screened pharma names were weak; reweighting into biotech was helpful. Tracking was slightly negative in Consumer Staples; tobacco modestly outperformed while re-weighting detracted slightly. Industrials tracked closely; a benefit from the aerospace & defense underweight was offset by screening of large industrial conglomerate under life ethics criteria, as it gained 8% in Index.

¡ For the trailing 12-month period, the Fund tracked ahead of the Index in Healthcare; weakness in several screened pharmaceuticals and reweighting into the strong biotech industry were both additive. The Fund tracked slightly behind the benchmark in Consumer Staples; not owning tobacco was minor cost, while reweighting in the sector also detracted slightly. In Industrials, the aerospace & defense underweight detracted slightly as did reweighting into the machinery industry.


Active Weights0.02% 0.72%

-0.01%

0.84%

-2.12%

-0.93%

0.52% 0.08% 0.32% 0.34% 0.21%


InformationTechnology

Materials CashConsumerStaples

Energy

Financials

Healthcare Industrials

TelecommService

Utilities

MARKET SECTOR ANALYSIS %


Consumer Staples Energy Financials Healthcare Industrials


TelecommService Utilities Cash

Fund 12.82 10.19 7.83 17.42 13.25 9.18 20.12 3.21 2.59 3.17 0.21

Benchmark 12.79 9.47 7.84 16.58 15.37 10.11 19.60 3.13 2.27 2.83 0.0


The CUIT Core Equity Index Fund returned 0.12% (Class B, 0.18%) for Q2, marginally trailing the S&P 500 Index, which returned 0.28%.




PROFILE Q2 2015


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 2/1/00) AJO (Effective 4/1/02)


PORTFOLIO ANALYSIS








Beta 1.01 1.00



Turnover Rate 39.61 N/A

Fund Size $ 421.0 MM

TOP TEN HOLDINGS

STATISTICS %

Capital One Finl Cor 2.99

JPMorgan Chase & Co. 2.73

Microsoft Corp 2.64


Goldman Sachs Group, Inc. 2.02

FedEx Corporation 1.93

Hewlett-Packard Company 1.85

Time Warner Inc. 1.83

Bank of America Corporation 1.78

Symantec Corporation 1.78

30%

20%

10%

0%

CUIT Value Equity B Russell 1000 Value Index








FUND PERFORMANCE


CUIT Value Equity A 1.22 4.86 18.89 17.02 7.01

CUIT Value Equity B 1.32 5.06 19.31 17.43 7.39

Russell 1000 Value Index 0.11 4.13 17.34 16.50 7.05


CUIT Value Equity A 9.57 38.32 19.15 -2.82 15.44

CUIT Value Equity B 9.97 38.80 19.54 -2.44 15.83

Russell 1000 Value Index 13.45 32.53 17.51 0.39 15.51





Heading Goes Here


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. 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.

CUIT Value Equity Fund

¡ Excess return in Q2 came largely from Financials, where holdings in the consumer finance and diversified financial services industries performed well and a significant underweight in REITs was helpful as the industry declined on the quarter’s rise in yields. A secondary strength was media exposure in the Consumer Discretionary sector. A weak spot was the Fund’s overweight to the airline industry within Industrials as oil prices rebounded.

¡ For the trailing 12-months, a significant benefit came from Fund positioning in Healthcare, including an overweight in the strong providers and services industry and an overweight and favorable stock selection in biotechnology, which surged 38% in the benchmark. In Consumer Discretionary, an emphasis on strong media names and avoidance of automakers that underperformed were beneficial. Stock selection was somewhat weak in Telecommunications Services, while stock selection in Financials (a notable source of strength in Q2) detracted slightly.


Active Weights

6.69%

-2.08%-2.91%

-1.36% -1.79%-2.23%

6.27%

-0.68% -0.85%

-3.00%

1.95%



Materials

Cash

ConsumerStaples Energy Financials Healthcare Industrials

TelecommService Utilities






Fund 12.08 4.58 11.32 28.20 10.04 7.92 17.27 2.34 1.63 2.67 1.95

Benchmark 5.39 6.65 14.22 29.57 11.83 10.16 11.00 3.01 2.49 5.68 0.0


The CUIT Value Equity Fund returned 1.22% (Class B, 1.32%) for Q2, outperforming the Russell 1000 Value Index’s 0.11% return.




PROFILE Q2 2015


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 12/31/04)Los Angeles Capital Management (Effective 4/1/09)


PORTFOLIO ANALYSIS








Beta 0.99 1.00




Fund Size $312.1 MM

TOP TEN HOLDINGS

STATISTICS %

Apple Inc. 6.63

Home Depot, Inc. 2.14

Gilead Sciences, Inc. 2.09

Microsoft Corporation 2.02

Oracle Corporation 1.81

Google Inc. Class C 1.81

Facebook, Inc. Class A 1.77

Amgen Inc. 1.64

Celgene Corporation 1.53

Verizon Communications Inc. 1.50

30%

20%

10%

0%

CUIT Growth B Russell 1000 Growth Index



Information Ratio -0.25 –





FUND PERFORMANCE


CUIT Growth A 0.37 10.37 16.58 16.73 6.97

CUIT Growth B 0.45 10.78 16.96 17.09 7.30

Russell 1000 Growth Index 0.12 10.56 17.99 18.59 9.10


CUIT Growth A 11.65 32.92 14.13 -1.92 18.29

CUIT Growth B 12.06 33.31 14.48 -1.62 18.66

Russell 1000 Growth Index 13.05 33.49 15.26 2.64 16.71





Heading Goes Here


Important InformationBenchmark Index: Russell 1000 Growth Index eff. June 1, 2000; prior to this date, historical returns reflect 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. 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.

CUIT Growth Fund

¡ The Fund gained modest incremental return in Q2 from its large Industrials underweight as the sector (-5.0% in the benchmark) lagged. Stock selection was additive in Information Technology, with strength concentrated in semiconductor positioning. The Fund gained modest relative return in Healthcare from strength among providers and equipment holdings; this offset the cost of pharmaceuticals screens as pharma (+4.9% in the benchmark) outperformed. The primary, albeit minor, weak spot was stock selection in Consumer Discretionary, where a few hotel and restaurant holdings underperformed.

¡ Relative performance for the trailing 12 months was characterized by scattered, modest strengths and weaknesses. In Healthcare, strength among biotech, providers & services and equipment makers more than offset the cost of the Fund’s pharmaceuticals underweight (pharma gained +27% in the benchmark). In Consumer Staples, an overweight and relative strength in food & staples retailing holdings was helpful. A third strength was the Fund’s modest Energy sector underweight; the sector (-24.5% in the benchmark) was weak due to the oil price decline last year. Stock selection detracted to a minor degree in Information Technology, Industrials and Consumer Discretionary; in all cases several Fund positions trailed sector peers.


Active Weights

-2.66%

-0.15%

0.41% 0.66%1.12%

-5.15%

4.67%

0.67%0.03%

-0.04%

0.43%Consumer

Discretionary


Materials Cash

ConsumerStaples

Energy Financials Healthcare

Industrials

TelecommService

Utilities






Fund 18.37 10.35 1.38 6.02 19.42 6.00 31.68 4.54 1.82 0.00 0.43

Benchmark 21.03 10.50 0.96 5.35 18.30 11.15 27.01 3.87 1.78 0.04 0.0


The CUIT Growth Fund returned 0.37% (Class B, 0.45%) for Q2, slightly outperforming the Russell 1000 Growth Index’s 0.12% return.




PROFILE Q2 2015


CUIT Small Cap Fund

Objective Long-term capital appreciation by attempting to replicate the performance of the Russell 2000 Index, a commonly used index of domestic small-capitaliza-tion stocks

InvestmentsCommon stocks of companies that generally comprise the Russell 2000 Index

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

BenchmarkRussell 2000 Index

Asset ManagersRhumbLine Advisers (Effective 1/07)


PORTFOLIO ANALYSIS








Beta 1.00 1.00


# of Equity Securities 1,973 1,975


Fund Size $ 341.4 MM

TOP TEN HOLDINGS

STATISTICS %

Team Health Holdings, Inc. 0.25

Core-Mark Holding Company, Inc. 0.24

Cepheid 0.24

Manhattan Associates, Inc. 0.23

Tyler Technologies, Inc. 0.23

MAXIMUS, Inc. 0.23

Investors Bancorp Inc 0.23

HealthSouth Corporation 0.23

West Pharmaceutical Services, Inc. 0.22

Neurocrine Biosciences, Inc. 0.22

30%

20%

10%

0%

CUIT Small Cap B Russell 2000 Value Index



Information Ratio -0.37 –





FUND PERFORMANCE


CUIT Small Cap Equity Index A 0.29 6.06 17.19 16.40 –

CUIT Small Cap Equity Index B 0.34 6.43 17.53 16.75 –

Russell 2000 Index 0.42 6.49 17.81 17.08


CUIT Small Cap Equity Index A 4.46 38.05 15.42 -4.83 26.34

CUIT Small Cap Equity Index B 4.81 38.38 15.82 -4.58 26.91

Russell 2000 Index 4.90 38.82 16.35 -4.18 26.86





Heading Goes Here


Important InformationBenchmark Index: 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 Russell 2000 Index is a trademark/servicemark, and Russell is a trademark, of the Frank Russell Company. The Small Cap Index Fund is not sponsored, endorsed, sold or promoted by the Frank Russell Company, and the Frank Russell Company makes no representation regarding the advisability of investing in the Small Cap Index Fund. 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.

CUIT Small Cap Fund


The CUIT Small-Capitalization Equity Index Fund returned 0.29% (Class B, 0.34%) for Q2, marginally trailing the Russell 2000 Index’s 0.42% return.


Active Weights

-0.64%

-0.18%

-0.51% -0.52%

0.44%

0.88%

0.07%

-0.11%

0.15%Consumer Discretionary


Materials Cash

ConsumerStaples Energy Financials

Healthcare Industrials

TelecommService Utilities






Fund 13.93 2.97 3.37 23.74 16.45 13.25 18.06 4.09 0.73 3.25 0.15

Benchmark 14.57 3.15 3.88 24.26 16.02 12.81 17.18 4.02 0.84 3.26 0.00

-0.01%

¡ In Q2, there was little difference between Fund and benchmark returns at the sector level. Within Consumer Staples, the tobacco screen came at a very slight cost as the industry, which is only a 0.2% benchmark weight, gained 17.4%. In Healthcare, the Fund’s biotech names marginally lagged benchmark peers due to life ethics screens, but the impact was very small. The Fund tracked marginally ahead of the benchmark in Materials, Information Technology and Financials. Tracking for other sectors was very close to the Index.

¡ The Fund closely tracked its benchmark for the trailing 12-months. The Fund gained slight excess return in Consumer Discretionary, where reweighting into a strong name in the distributors industry was marginally additive. Conversely, there was minor negative tracking in Healthcare, mostly due to screening a very strong biotech name that gained 85%.

0.44%



Heading Goes Herefund facts

profile Q2 2015


CUIT International Equity Fund

Objective long-term capital appreciation

Investmentsequity securities of companies with market capitalizations greater than $1 billion, located primarily in developed-market nations; up to 15% exposure to emerging markets

Strategy combines a fundamental, bottom-up value-style manager and a growth-style manager; emphasizes stock selection to add value over time

BenchmarkMsci all country World index ex-u.s.

Asset ManagersCauseway Capital (Effective 2/1/05) Principal Global (Effective 5/18/07)

Total Expense Ratio / Minimum Class A: 1.40% / no minimumClass B: 0.99% / $5M

20%

15%

10%

5%

0%

CUIT International Equity B MSCI ACWI ex-U.S.

fund perforMance

QUARTERLY RETURN 3 Mo 1 YR 3 YR 5 YR 10 YR

CUIT International Equity A 1.88 -3.45 11.24 9.67 3.99

CUIT International Equity B 1.97 -3.06 11.69 10.11 4.41

MSCI ACWI ex-U.S. 0.90 -3.76 12.47 10.04 5.61

CALENdAR YEAR RETURN 2014 2013 2012 2011 2010

CUIT International Equity A -5.11 22.03 19.16 -13.93 13.60

CUIT International Equity B -4.72 22.49 19.67 -13.58 14.05

MSCI EAFE-Gross Index -4.49 23.30 17.90 -11.73 8.21

Please see Important Information including more detail on the benchmark change that occurred on June 1, 2015 on Page 2.

3 Mo 1 YR 3 YR 5 YR 10 YR

risK MetricsCHARACTERISTICS FUNd / 5 YR BENCHMARK / 5 YR







GeoGrapHic distriButionINT'L INdEx

Europe 52.68 46.26

Pacific Basin 24.87 30.11

EM 14.39 16.39

Other 8.06 7.23

portfolio analYsis

STATISTICS FUNd BENCHMARK







Beta 0.99 1.00




Fund Size $552.4 MM

top ten HoldinGs

STATISTICS %

Toyota Motor Corp. 2.02

KDDI Corporation 1.67

Akzo Nobel N.V. 1.63

Unilever NV Cert. of shs 1.59

RELX NV 1.40

East Japan Railway Company 1.39

UBS Group AG 1.29

Volkswagen AG Pref 1.23

HSBC Holdings plc 1.20

Nestle S.A. 1.17



Heading Goes Here


Important InformationBenchmark Index: The Fund’s benchmark was changed to MSCI All Country World Index (ACWI) ex-U.S. effective June 1, 2015. The benchmark performance shown reflects the linked performance of the prior benchmark (MSCI EAFE) through May 31, 2015 and MSCI ACWI ex-U.S. from June 1-June 30, 2015. 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. 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.

CUIT International Equity Fund

Q2 2015 PErFormAnCE rEviEw

The CUiT international Equity Fund returned 1.88% (Class B, 1.97%) for Q2, outperforming its transition benchmark (mSCi EAFE through may 31/mSCi All-Country world ex-U.S. until quarter end), which returned 0.90%.

mArkET SECTor AnALYSiS %





Fund 13.98 9.31 6.17 20.85 6.83 14.90 8.90 7.14 5.20 3.82 2.87

Benchmark 11.81 9.87 6.96 27.80 9.03 11.02 7.45 7.46 5.22 3.38 0.0


Active Weights

2.17%

-0.56% -0.79%

-6.96%

-2.20%

3.88%

1.45%

-0.33% -0.02%

0.45%

2.87%



Materials

Cash

ConsumerStaples Energy Financials Healthcare

Industrials

TelecommService

Utilities

¡ Stock selection was broadly additive in Q2, contributing modest excess return across seven of the ten GiCS sectors. in Financials, strength came from positioning in the banking industry. in Healthcare, pharmaceuticals holdings outperformed benchmark peers and the Fund’s underweight was also helpful (pharma in the benchmark underperformed with a -2.1% return). Selection in biotech was also additive. There were few notable weaknesses; stock selection in Consumer Staples detracted very slightly due to modest weakness among the portfolio’s food products holdings.

¡ For the trailing 12-months, relative strength came primarily from stock selection in materials and Financials. Strength among bank holdings was overwhelming driver in Financials. in materials, the Fund avoided several weak metals and mining names. The primary weak spot was Energy, where an emphasis on the weak energy & services industry and a minor sector overweight both detracted. The Fund’s pharmaceutical industry underweight also detracted somewhat since the industry outperformed (+2.1% in the benchmark).



CBIS’ offers a disciplined and comprehensive approach to Catholic Responsible Investing

} CBIS pioneered Catholic responsible investing and has more than 30 years of experience applying Catholic social teaching to the investing process.

} While socially responsible investing is often equated with stock screens, a truly effective CRI program requires that we act as responsible owners of companies to bring about a more just society. Our approach to Catholic Socially Responsible Investing emphasizes direct engagement with companies to help them be better corporate citizens; while also incorporating screens.

} CBIS’ program of Catholic Responsible Investing enables Catholic institutions to align their investments with their beliefs and effect real change in corporate activities with respect to human rights, the environment, and corporate governance.

} As an institutional investment firm, we believe that by encouraging strong corporate environmental, social and governance, we are supporting the growth performance of shareholder value.

TEL: 800-592-8890 EMAIL: [email protected]

PO Box 9683 Providence, RI 020940-9683

U.S. TEL: 800-321-7194 U.S. FAX: 844-261-6489

NON-U.S. TEL: 508-871-9942 NON-U.S. FAX: 508-599-4183

Via Aurelia, 476 CP 9099 00165 ROMA-ITALIA

TEL: (39) 06 66 01 72 18 FAX: (39) 06 663 88 21

CHICAGO, IL 20 North Wacker Drive, Suite 2000 Chicago, IL 60606-3002

TEL: 877-550-2247 312-803-6440 FAX: 312-803-6441

NEW YORK, NY 777 Third Avenue, 29th Floor, New York NY 10017-1401

TEL: 800-592-8890 212-490-0800 FAX: 212-490-6092

SAN FRANCISCO, CA One Embarcadero Center, Suite 500 San Francisco, CA 94111

TEL: 800-754-8177 415-623-2080 FAX: 415-623-2070

CBIS REGIONAL OFFICES

Important Disclosures*Data not available.

+ The CUIT Money Market Fund changed its investment approach from overnight repurchase agreements, to actively managed effective 8/1/01.

**Benchmark Index: 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.

++ “S&P 500” is a registered trademark of McGraw-Hill Companies, Inc. (“McGraw-Hill”). The CUIT Core Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the fund.

*** Benchmark Index: 60% S&P 500/40% BC Aggregate effective 1/2/03; 60% S&P 500/30% LB Aggregate/10% T Bill effective 4/1/91; 60% LB Aggregate/40% S&P 500 in prior periods.

**** Benchmark Index: Russell 1000 Growth Index effective June 1, 2000; prior to this date, historical returns reflect Russell Mid-Cap Growth Index.‡ Effective June 1, 2015, the benchmark for the International Fund has been 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 linked performance 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. Past performance is not indicative of future performance.

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. 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.

TO LEARN MORE ABOUT CBIS CBIS ACCOUNT SERVICES CBIS GLOBAL ROME SERVICE CENTRE

Documents

2Q 2015 Investment Portfolio Review - CBIS · 2015-08-12 · Christian Brothers Investment Services, Inc. n. [email protected] in . PAGE. 3 Investment Portfolio Review. 2Q. 2015