3Q 2014 Investment Portfolio ReviewInvestment Portfolio Review 3Q 2014 Christian Brothers Investment...

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

3Q 2014

Investment Portfolio Review

LEADING CATHOLIC INSTITUTIONAL

INVESTMENT MANAGER

} + billion in assets under management

} Exclusively serve Catholic institutions

} Founded and owned by the De La Salle Christian Brothers

PIONEERED CATHOLIC RESPONSIBLE

INVESTING

} Th oughtful 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

GLOBAL CLIENT BASE

} Religious Institutes } Dioceses } Education } Healthcare

DIVERSE RANGE OF NEEDS

} Full-service advisory services for range of institutions

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

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

12%

83%

5%

1%

12%

9%

6%

7%5%

28%

18%

6%6%

BY PRODUCT TYPE ($MILLION)

BY CUIT TYPE ($MILLION)

Separate Accounts $UCITS Funds $CUIT Funds $,

Money MarketOpportunistic BondBalancedCore IndexValue

Short bondInt. Diversifi ed BondSmall capGrowthInternational

CBIS Asset Review

$5.7 BILLION IN TOTAL ASSETS

UNDER MANAGEMENT (9/30/14)

Investment Portfolio Review 3Q 2014


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 EAFE-Gross 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

Global Equity MSCI World Index Schroder Investment Management

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

YEAR3

YEARs5

YEARs10

YEARssINCE

INCEPTIONINCEPTION

DATE

CUIT Money Market Fund 0.00 0.01 0.05 0.05 0.02 0.02 1.39 3.57 Jan 1985

Merrill Lynch 91-Day TBill Index 0.00 0.01 0.03 0.05 0.07 0.10 1.59 4.04

CUIT Short Bond Fund (0.20) (0.12) 1.06 1.68 1.79 2.22 3.21 5.61 Jan 1985

Merrill Lynch 1-3yr Treasury Index ** (0.06) 0.03 0.44 0.50 0.48 1.03 2.52 5.49

CUIT Opportunistic Bond Fund Class A (0.19) (0.05) 0.96 1.40 * * * 0.50 May 2013

CUIT Opportunistic Bond Fund Class B (0.18) (0.02) 1.07 1.54 * * * 0.64 May 2013

Barclays 1-5 Year US Government/Credit Index (0.22) (0.05) 1.01 1.15 * * * 0.52

CUIT Inter. Diversified Bond Fund Class A (0.69) 0.17 4.07 4.27 3.25 4.67 5.26 6.29 Jan 1995

CUIT Inter. Diversified Bond Fund Class B (0.68) 0.21 4.11 4.35 3.38 4.81 5.42 5.21 Jan 2003

Barclays Capital Aggregate Bond Index (0.68) 0.17 4.10 3.96 2.43 4.12 4.62 6.19

CUIT Balanced Fund (1.28) 0.31 5.56 12.85 16.22 11.30 7.18 9.09 Dec 1983

60% S&P 500/ 40% BC Agg*** (1.11) 0.75 6.70 13.28 14.51 11.19 6.99 8.85

CUIT Value Equity Fund Class A (2.26) 0.21 5.99 17.62 24.92 15.38 7.73 10.01 Jan 1995

CUIT Value Equity Fund Class B (2.24) 0.13 6.27 18.04 25.36 15.79 8.11 10.27 Jan 2003

Russell 1000 Value Index (2.06) (0.19) 8.07 18.89 23.93 15.26 7.84 10.38

CUIT Core Equity Index Fund Class A (1.63) 1.01 8.09 19.36 22.49 15.15 7.62 9.47 Jan 1995

CUIT Core Equity Index Fund Class B (1.60) 1.09 8.25 19.60 22.73 15.38 7.81 4.54 Mar 2000

Standard & Poor’s 500 Index ++ (1.40) 1.13 8.35 19.74 22.99 15.70 8.11 9.72

CUIT Growth Fund Class A (1.76) 1.41 5.99 17.41 21.19 14.77 7.10 8.21 Jan 1991

CUIT Growth Fund Class B (1.74) 1.54 6.29 17.85 21.58 15.13 7.43 8.16 Jan 2003

Russell 1000 Growth Index **** (1.45) 1.49 7.89 19.15 22.45 16.50 8.94 9.31

CUIT Small Cap Equity Index Fund Class A (6.03) (7.43) (4.77) 3.46 20.45 13.59 * 5.33 Jan 2007

CUIT Small Cap Equity Index Fund Class B (5.97) (7.28) (4.50) 3.80 20.86 13.95 * 5.63 Jan 2007

Russell 2000 Index (6.05) (7.36) (4.40) 3.93 21.26 14.28 • 5.87

CUIT International Equity Fund Class A (3.86) (5.40) (2.59) 4.35 13.73 7.31 4.86 6.13 Jan 1995

CUIT International Equity Fund Class B (3.83) (5.32) (2.30) 4.75 14.18 7.74 5.28 1.65 Mar 2000

MSCI EAFE-Gross Index (3.81) (5.83) (0.99) 4.70 14.16 7.04 6.80 5.69

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

CBIS Funds Performance (September 30, 2014)

Investment Portfolio Review AUGUST 2014


Heading Goes Herefund facts

profile Q3 2014

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 (Since 8/1/01)

Total Expense Ratio / Minimum 0.30% / no Minimum

Maturity distriBution %

FUND

0-7 Days 21.9

8-29 Days 24.8

30-59 Days 21.9

60-89 Days 10.8

90-179 Days 5.6

180 and Over 15.0

portfolio analysis

STATISTICS FUND ML T-BILL

Effective Duration 0.22 (Yrs) 0.16 (Yrs)

Average Quality A+ Treasury

Yield-to-Maturity 0.35% 0.02%

Fund Size $63.8MM

credit Quality %

FUND ML T-BILL

A-1+ 73.5 –

A-1 17.8 –

<A-1 8.8 –

Not Rated 0.0 –

5%

5%

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 0.01 0.05 0.02 0.02 1.39

ML 91-Day T-Bill Index 0.01 0.05 0.07 0.10 1.59

CALENDAR YEAR RETURN 2013 2012 2011 2010 2009

CUIT Money Market A 0.01 0.00 0.00 0.02 0.15

ML 91-Day T-Bill Index 0.07 0.11 0.10 0.13 0.21

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-007-1014

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

¡ Mixed economic data offered little challenge to the consensus forecast of slow and steady us growth

¡ the federal reserve has continued to provide monetary stimulus, with the federal reserve funds rate trading between 5 and 10 basis points throughout the quarter

¡ However, despite reduced federal reserve purchases, the long end rallied over the past quarter, driven in large part by a flight to quality, as investors shifted purchases towards us denominated investments

¡ the federal reserve had announced the end of their bond purchase program in october, leading analysts to expect an increase in the fed funds rate in 2015

¡ investors focused on scrutinizing federal reserve statements and speeches for any insight into the timing of fed-led interest rate increases

¡ reflecting the rally in the long end of the curve, the curve has flattened over the past quarter and 12 months

Q3 2014 perforMance review

the cuit Money Market fund produced a 0.01% return for the third quarter of 2014, and the Merrill lynch 91-day treasury Bill index also returned 0.01%

allocations %

US Government & Agencies

Certificates of Deposit Supranational Munis

Repurchase Agreements

Corp. - Incl. Floating Rate

ABS - Incl. Floating Rate

Mortgage - Incl. CMOs

CommercialPaper

Fund 10.7 8.3 0.0 0.0 16.6 41.8 20.1 0.0 2.5




profile Q3 2014


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. (Since 7/1/08)

Total Expense Ratio / Minimum 0.35% / no Minimum

portfolio analYsis

STATISTICS FUND ML 1-3 Yr

Average Maturity 2.0 (Yrs) 1.9 (Yrs)


Average Quality A+ AAA


Current Yield 3.3% 1.7%

10 Largest Holdings 17.5% 12.9%

# of Securities 214 94

Fund Size $314.0MM

effectiVe duration %

FUND ML 1-3 Yr

0-1 Years 36.4 6.1

1-3 Years 50.4 93.9

3-4 Years 9.1 0.0

4+ 4.1 0.0

credit QualitY %

FUND ML 1-3 Yr

U.S. Treasury 13.0 100

Federal Agency 11.3 –

AAA 23.2 –

AA 9.9 –

A 12.4 –

BBB 17.6 –

Below BBB 9.5 –

Cash 3.1 –

3%

2%

1%

0%

CUIT Short Bond A ML 1-3 Year Treasury Index

fund perforMance

QUArTErLY rETUrN 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr

CUIT Short Bond A -0.12 1.68 1.79 2.22 3.21

ML 1-3 Year Treasury Index 0.03 0.50 0.48 1.03 2.52

CALENDAr YEAr rETUrN 2013 2012 2011 2010 2009

CUIT Short Bond A 0.84 2.98 2.31 3.34 7.44

ML 1-3 Year Treasury Index 0.36 0.43 1.55 2.35 0.79


3 Mo

1 Yr 3 Yr 5 Yr 10 Yr

risK Metrics

CHArACTErISTICS FUND / 5 Yr ML 1-3 Yr / 5 Yr

Sharpe Ratio 2.71 1.19

Information Ratio 2.57 –

Standard Deviation 0.92 0.79

Tracking Error 0.60 –

Downside Capture 26.20 100

Upside Capture 173.03 100



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

Q3 2014 perforMance reView

the cuit short Bond fund returned -0.12% for the third quarter of 2014, trailing the Merrill lynch 1-3 Year treasury index benchmark’s 0.03% return

allocations %

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

Fund 13.0 7.7 10.8 15.5 3.3 0.0 4.0 3.7 19.0 16.5 3.5 3.1

ML 1-3 YR 100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

¡ while a modestly shorter duration negatively impacted performance, the barbell curve position benefitted performance as the yield curve has flattened

¡ security selection, particularly within the cMBs sector, has driven outperformance where the manager has been focusing on securities with investor friendly prepayment terms

¡ underweighting treasury securities has been a significant contributor to outperformance over the 12 months, but was detrimental over the quarter as credit spreads widened

¡ confusion over timing of fed tightening policy and conflicting views on speed to the first rate hike caused volatility in the market; will likely continue until there’s more clarity on whether economy is strong enough to sustain rate hikes; economic weakness or another cold winter could extend the timeline to later 2015

¡ some concern with the depth of bond market liquidity, but there appears to be good financial strength in most sectors




profile Q3 2014

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. (Since 1/1/95); Jennison Associates (Since 9/2/02); Reams Asset Management Co. (Since 7/1/08)

Total Expense Ratio/MinimumClass A: 0.54% / no MinimumClass B: 0.39% / $10M*

* Effective 10/2014, the Class B minimum is waived for consultant directed assets

portfolio analYsis

STATISTICS FUND BCAGG

Average Maturity $7.8 (Yrs) $7.7 (Yrs)

Effective Duration $4.9 (Yrs) $5.5 (Yrs)

Average Quality AA AA



# of Securities 662 8,958

Fund Size $882.1MM


FUND BCAGG

0-1 Years 9.1 0.6

1-3 Years 20.3 27.4

3-4 Years 11.6 12.3

4-6 Years 26.6 28.3

6-8 Years 9.2 16.4

Over 8 Years 23.2 15.0

credit QualitY %

FUND BCAGG

U.S. Treasury 44.3 35.5

Federal Agency 14.2 32.5

AAA 10.8 4.6

AA 2.1 3.9

A 14.3 11.5

BBB 11.1 12.0

Below BBB 2.1 –

Cash 1.0 –

30%

20%

10%

0%

CUIT Int. Divers. Bond B Barclays Aggregate Bond Index

fund perforMance


CUIT Int. Divers. Bond A 0.17 4.27 3.25 4.67 5.26

CUIT Int. Divers. Bond B 0.21 4.35 3.38 4.81 5.42

Barclays Aggregate Bond Index 0.17 3.96 2.43 4.12 4.62


CUIT Int. Divers. Bond A -1.73 6.05 7.22 7.20 18.40

CUIT Int. Divers. Bond B -1.51 6.21 7.39 7.27 18.58

Barclays Aggregate Bond Index -2.02 4.22 7.84 6.54 5.93



risK Metrics

CHARACTERISTICS FUND / 5 YR BCAGG / 5 YR









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

¡ Q3 continued to feature low yields and very tight credit spreads, with the fund defensively positioned in terms of sector exposures and duration

¡ Market action was flat, with high-yield spreads somewhat wider, and the fund’s relative performance basically flat

¡ the fund’s shorter duration and conservative positioning across sectors detracted from performance over the last 3 months

¡ the barbell position along the curve helped to offset the impact of a shorter duration as the curve flattened over the last 3 and 12 months

¡ security selection within the corporate and mortgage sector contributed to performance

¡ Going forward, we expect volatility whether fed raises rates sooner or later (if later, could be due to economic weakness); lack of liquidity remains a concern, as is tail risk

All attribution is based on gross portfolio performance.

Active Weights

8.8%

Treasuries -0.8% -0.4%

Agency

-13.9%

MBS2.1%

CMO -0.4%

Municipals 1.1%

Cash

Industrials

4.7%

Finance -0.7%

Utilies

-4.7%

Non-Corp. 0.4%

CMBS

3.8%

ABS

allocations %


Fund 44.3 2.8 13.4 12.4 1.1 0.1 15.0 2.1 2.5 4.3 0.9 1.1

BCAGG 35.5 3.6 13.8 7.7 1.8 4.8 28.9 0.0 2.1 0.5 1.3 0.0


the cuit intermediate diversified Bond fund returned 0.17% (class B, 0.21%), matching the Barclays aggregate Bond index’s 0.17% return for the quarter




profile Q3 2014


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

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

Total Expense Ratio/MinimumClass A: 0.56% / no MinimumClass B: 0.42% / $10M*

* Effective 10/2014, the Class B minimum is waived for consultant directed assets

portfolio analYsis

STATISTICS FUND BC 1-5G/C

Average Maturity 2.5 (Yrs) 2.8 (Yrs)


Average Quality A AA




Fund Size $339.3MM


FUND BC 1-5G/C

0-1 Years 29.2 0.6

1-3 Years 49.8 63.1

3-4 Years 10.4 21.0

4-6 Years 10.2 15.4

6-8 Years 0.4 –

Over 8 Years 0.0 –

credit QualitY %

FUND BC 1-5G/C

U.S. Treasury 6.2 59.8

Federal Agency 5.4 10.4

AAA 37.2 0.2

AA 6.2 6.8

A 18.8 13.0

BBB 15.8 9.8

Below BBB 9.4 –

Cash 0.9 –

40%

30%

20%

10%

0%

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

fund perforMance


CUIT Opport. Bond A -0.05 1.40 – – –

CUIT Opport. Bond B -0.02 1.54 – – –

Barclays 1-5 Yr Gov't/Credit -0.05 1.15 – – –


CUIT Opport. Bond A – – – – –

CUIT Opport. Bond B – – – – –

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


3 Mo

1 YR 3 YR 5 YR 10 YR



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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 -0.05% (class B, -0.02%), matching the Barclays 1-5 Year Government/credit index benchmark’s -0.05% for the quarter

allocations %

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

Arbitrage Cash

Fund 5.9 5.1 12.8 21.7 2.5 0.0 15.6 5.4 12.6 11.7 1.7 3.9 0.9

BC 1-5G/C 59.8 15.3 12.7 10.9 1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Active Weights

-53.9%

Treasuries

-10.2%

Agency

15.6%

MBS

5.4%

CMO

1.7%

Municipals

3.9%

M&A

0.9%Cash

0.1%Industrials

10.8%

Finance

1.2%

Utilies Non-Corp.0%

12.6%

CMBS

11.7%

ABS

¡ shorter duration detracted from performance over the quarter as interest rates declined

¡ sector allocation was a positive addition to performance over the 12 month period, particularly allocations to mortgage, commercial mortgage-backed and asset-backed securities

¡ However, over the quarter, allocations to these same sectors detracted as spreads widened

¡ Merger arbitrage detracted modestly, though wider spreads at quarter end could help this strategy going forward

¡ remain risk averse, with some concerned about bond market liquidity and volatility’s impact on high-yield



Heading Goes HereFUND FACTS

PROFILE Q2 2014


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

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

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

Total Expense Ratio / Minimum 0.89% / No Minimum

PORTFOLIO ANALYSIS

STATISTICS FUND S&P 500

Median Market Cap $17.03 $17.71

Weighted Avg. Mkt Cap $100.50 $125.32

Average Price/Book 2.14 2.45

Average Price/Earnings 18.00 18.70

Average Yield 1.56% 1.85%

Beta 1.14 1.00

5 Year Earnings Growth 15.71% 14.56%


# of Equity Securities 487 501

Turnover Rate 10.5% N/A

Fund Size $229.9 MM

TOP TEN HOLDINGS

STATISTICS %

Wells Fargo 3.61

Microsoft 3.15

Hewlett Packard 3.01

Comcast 2.69

Capital One 2.62

Schlumberger 2.59

Time Warner 2.22

Fedex 2.06

Twenty First Century Fox 2.03

Time Warner Cable 1.95

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 3.64 17.24 12.19 14.20 7.19

60% S&P 40% BC Agg 3.95 16.24 11.48 13.32 6.93


CUIT Balanced 21.29 14.59 0.71 12.03 26.92

60% S&P 40% BC Agg 17.56 11.31 4.69 12.13 18.40


3 MO 1 YR 3 YR 5 YR 10 YR

PORTFOLIO ANALYSIS: FIXED INCOME

STATISTICS FUND BCAGG

Average Maturity $7.83 $7.63

Effective Duration 5.02 5.51

Average Quality AA AA

Yield-to-Maturity 1.98 2.22


EFFECTIVE DURATION FUND BENCHMARK

0–1 Years 10.85 0.76

1–3 Years 16.28 27.57

3–4 Years 9.68 12.90

4–6 Years 26.88 26.64

6–8 Years 11.44 17.10

Over 8 Years 24.87 15.03



Heading Goes Here

Christian Brothers Investment Services, Inc. n [email protected] PAGE 2 | CB -FFS-001-0614

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

¡ Relative equity performance for the quarter was achieved through holdings in Consumer Discretionary, Energy and Industrials

¡ Holdings in Information Technology, and Financials were detractors for the quarter

¡ Over the last twelve months, equity performance was supported by strong stock selection across all sectors with the exception of Information Technology

¡ The fixed income portion of the Fund underperformed slightly due to a shorter duration, though this was offset through curve positioning and sector allocation for the past 3 and 12 months



Active Weights

Active Weights

4.42%

10.41%

-4.06%

-1.29%

0.26%

-1.33%

6.34%

3.81%

-4.89%

-0.72%

-3.32%

-4.82%

2.70%

-14.98%

0.28%

2.71%

-1.06%

0.27%

-1.92%

2.62%

1.27%

1.14% 2.20%

Consumer Discretionary

Treasuries

Information Technology

MBS

Materials

CMO

Cash

Municipals Cash

Consumer Staples

Agency

Energy

Industrials

Financials

Finance

Health Care

Utilities

Industrials

Non-Corp.

Telecomm Service

CMBS

Utilities

ABS

MARKET SECTOR ANALYSIS %


Consumer Staples Energy Financials Health Care Industrials

Information Technology Materials

Telecomm Service Utilities Cash

Fund 16.26 5.45 11.11 22.45 8.41 7.18 21.52 3.78 1.34 1.23 1.27

Benchmark 11.84 9.51 10.85 16.11 13.30 10.50 18.82 3.50 2.41 3.15 0.0

MARKET SECTOR ANALYSIS % – FIXED INCOME


Fund 45.67 2.35 12.58 11.39 1.07 0.10 13.99 2.71 2.40 3.10 2.46 2.20

BC Agg 35.26 3.64 13.91 7.58 1.79 4.92 28.97 0.00 2.13 0.48 1.32 0.00

Q2 2014 PERFORMANCE REVIEW

The CUIT Balanced Fund returned 3.64%, lagging the blended benchmark's 3.95% return for the quarter




profile Q3 2014


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 (Since 1/1/95)

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

portfolio analYsis

StatiSticS FUND S&P 500

Median Market Cap $16.8B $17.2B

Weighted Avg. Mkt Cap $125.2B $130.7B

Average Price/Book 2.7X 2.6X

Average Price/Earnings 18.3X 18.4X


Beta 1.0 1.0





Fund Size $1,334.4MM

top ten Holdings

StatiSticS %

Apple 3.4

Exxon Mobil 2.3

Microsoft 2.2

Wells Fargo 1.9

Coca-Cola 1.6

Berkshire Hathaway Inc 1.6

Procter & Gamble 1.5

Pepsico Inc 1.5

JPMorgan Chase & Co 1.3

Chevron Corp 1.3

30%

20%

10%

0%

CUIT Core Equity B S&P 500

risK MetricscHaRactERiSticS FUND / 5 YR S&P 500 / 5 YR


Information Ratio -0.3 –





fund perforMance

QUaRtERLY REtURN 3 Mo 1 YR 3 YR 5 YR 10 YR

CUIT Core Equity A 1.01 19.36 22.49 15.15 7.62

CUIT Core Equity B 1.09 19.60 22.73 15.38 7.81

S&P 500 1.13 19.74 22.99 15.70 8.11

caLENDaR YEaR REtURN 2013 2012 2011 2010 2009

CUIT Core Equity A 32.03 15.72 0.92 14.78 25.02

CUIT Core Equity B 32.31 15.95 1.13 15.01 25.28

S&P 500 32.39 16.00 2.11 15.07 26.46





Heading Goes Here

Christian Brothers Investment Services, Inc. n [email protected] page 2 | cB -ffs-003-1014

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

¡ re-weighting into the Biotech industry more than offset the modest cost of the pharmaceuticals underweight, as pharmaceuticals slightly outperformed

¡ aerospace & defense industry screens were neutral since the industry returned only 1.3%

¡ tobacco screens were neutral as industry returned only 3.4%

¡ for the trailing 1-year, fund and benchmark returns were within a few basis points in all sectors but Healthcare, where the fund picked up close to 30 bps, much of which came from re-weighting into the very strong Biotech industry

¡ aerospace & defense screens were neutral as the industry gained +18%, about same as the s&p 500, for the past 12 months

¡ tobacco screen was slightly additive as the industry lagged the benchmark


Active Weights0%

0.7%

-0.2%

1.1%

-2.0%

-1.0%

0.2% 0% 0.1% 0.4% 0.7%


InformationTechnology

Materials CashConsumerStaples

Energy

Financials

Healthcare Industrials

TelecommService

Utilities

MarKet sector analYsis %


Consumer Staples Energy Financials Healthcare Industrials


TelecommService Utilities Cash

Fund 11.7 10.3 9.6 17.4 11.9 9.3 19.7 3.5 2.5 3.4 0.7

S&P 500 11.7 9.6 9.8 16.3 13.9 10.3 19.5 3.5 2.4 3.0 0.0


the cuit core equity index fund returned 1.01% (class B, 1.09%) for the third quarter, just behind the s&p 500 index, which returned 1.13%




profile Q3 2014


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

StatiSticS FUND R1000V






Beta 1.1 1.0





Fund Size $424.9mm

top ten Holdings

StatiSticS %

Wells Fargo 3.07

Capital One 2.82

JPMorgan Chase & Co 2.37

Fedex 2.28

Hewlett Packard 2.22

Microsoft 2.00

Wal-Mart Stores 1.88

Time Warner 1.67

Baker Hughes 1.63

Goldman Sachs Group 1.61

30%

20%

10%

0%

CUIT Value Equity B Russell 1000 Value Index

risK MetricscHaRactERiSticS FUND / 5 YR R1000V / 5 YR







fund perforMance

QUaRtERLY REtURN 3 mo 1 YR 3 YR 5 YR 10 YR

CUIT Value Equity A 0.21 17.62 24.92 15.38 7.73

CUIT Value Equity B 0.13 18.04 25.36 15.79 8.11

Russell 1000 Value Index -0.19 18.89 23.93 15.26 7.84


CUIT Value Equity A 38.32 19.15 -2.82 15.44 23.65

CUIT Value Equity B 38.80 19.54 -2.44 15.83 24.06

Russell 1000 Value Index 32.53 17.51 0.39 15.51 19.69


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-011-1014

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 Q3 was driven by strength among industrials and materials sector holdings along with the fund’s heavy it overweight; it was the benchmark’s strongest sector, tech at lowest relative value vs. s&p 500 in 20 years due to cloud-related uncertainties

¡ Healthcare underweight from screens shows up in oil services overweight, stocks were weak on profit taking in Q3 but fundamentals got stronger

¡ Q3 winners had common theme of share repurchases; over the past 18 months, the decline in return correlations across the market should be good news for active managers

¡ the fund lagged slightly over the trailing year; it holdings posted strong gains but trailed benchmark peers (+28.5% vs. +35.0%); consumer staples holdings also trailed benchmark peers and the fund’s cash balance, permitting daily liquidity, detracted given the strong market return

¡ fund remains well above benchmark for trailing periods of 2-years and longer


Active Weights

5.3%

-2.3%-1.1%

-2.7%-3.3%

-2.4%

7.8%

0.4%

-0.6%

-3.0%

1.7%



Materials Cash

ConsumerStaples Energy Financials Healthcare Industrials

TelecommService Utilities






Fund 11.5 4.8 11.8 26.5 10.2 7.8 17.2 3.7 1.7 3.0 1.7

R1000V 6.2 7.1 12.9 29.2 13.5 10.2 9.4 3.3 2.3 6.0 0.0

Q3 2014 perforMance reViewthe cuit Value equity fund returned 0.21% (class B, 0.13%) well ahead of the benchmark russell 1000 Value index return of -0.19%



Heading Goes HereFUND FACTS

PROFILE Q3 2014


CUIT Growth Fund

Objective Long-term capital appreciation

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

Total Expense Ratio / Minimum Class A: 1.18% / No MinimumClass B: 0.88% / $10M

PORTFOLIO ANALYSIS

STATISTICS FUND R1000G






Beta 0.9 1.0





Fund Size $310.2MM

TOP TEN HOLDINGS

STATISTICS %

Apple 6.81

Microsoft 4.11

Oracle 2.69

Verizon Communications 2.62

Gilead Sciences 2.36

Google 2.03

Qualcomm 1.78

Home Depot 1.77

Facebook 1.62

Amgen 1.52

30%

20%

10%

0%

CUIT Growth B Russell 1000 Growth Index

RISK METRICSCHARACTERISTICS FUND / 5 YR R1000G / 5 YR







FUND PERFORMANCE

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

CUIT Growth A 1.41 17.41 21.19 14.77 7.10

CUIT Growth B 1.54 17.85 21.58 15.13 7.43

Russell 1000 Growth Index 1.49 19.15 22.45 16.50 8.94


CUIT Growth A 32.92 14.13 -1.92 18.29 43.19

CUIT Growth B 33.31 14.48 -1.62 18.66 43.62

Russell 1000 Growth Index 33.49 15.26 2.64 16.71 37.21


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-004-1014

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

¡ Minor relative-return gains from stock selection in Consumer Discretionary, Energy and Healthcare, along with the Fund’s IT overweight, were offset by portfolio positioning in Industrials and IT, where Fund holdings marginally lagged benchmark peers

¡ For the trailing 1-year period, the biggest weakness was stock selection in heavily over-weighted IT, as Fund holdings marginally lagged benchmark peers (+23.4% vs. +25.1%); the cash balance was also a performance drag given market gains

¡ The lack of broad dispersion in stock performance has led to constrained opportunity sets for stock pickers; Fed low-rate policy has kept failing companies alive and helped fund speculative concerns

¡ The Fund’s holdings emphasize companies with strong fundamentals and good cash flow; still see need for recovery in IT investment by Financial sector, government and corporations

¡ Large-caps have dominated, showing higher earnings quality and they are primary beneficiaries of strong M&A activity; M&A likely to continue to support large-caps as a way to buy growth in a low-return market


Active Weights

-4.1%

-2.4%

-0.4%

0.7%1.5%

-3.5%

8.9%

-1.5%

0.7% 0% 0.3%Consumer

Discretionary


MaterialsCash

ConsumerStaples Energy

Financials Healthcare

Industrials

TelecommService

Utilities

MARKET SECTOR ANALYSIS %





Fund 14.1 7.9 5.3 5.8 15.1 8.4 37.3 2.7 3.1 0.1 0.3

R1000G 18.2 10.3 5.7 5.1 13.6 11.9 28.4 4.2 2.4 0.1 0.0

Q3 2014 PERFORMANCE REVIEW

The CUIT Growth Fund returned 1.41% (Class B, 1.54%), lagging the Russell 1000 Growth Index’s 1.49% return for the quarter




profile Q3 2014


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-capitalization 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 (since 12/31/06)


Fund Featurescommingled fund exclusively for tax-exempt catholic institutions.all assets are invested in accordance with cBis’ socially responsible investing Guidelines

portfolio analYsis

StatiSticS FUND R2000



Average Price/Book 2.0 2.0



Beta 1.0 1.0



# of Equity Securities 1,946 1,951


Fund Size $ 305.4 mm

top ten HoldinGs

StatiSticS %

Puma Biotechnology 0.34

Isis Pharmaceuticals 0.28

Core-Mark Holding Company 0.28

WEX Inc 0.26

Team Health Holdings 0.25

Graphic Packaging Holding Co 0.25

Ultimate Software Group 0.25

Prosperity Bancshares 0.25

Brunswick 0.25

RLJ Lodging Trust 0.23

30%

20%

10%

0%

CUIT Small Cap B Russell 2000 Index

risK MetricscHaRactERiSticS FUND / 5 YR R2000 / 5 YR







fund perforMance

QUaRtERLY REtURN 3 mo 1 YR 3 YR 5 YR 10 YR

CUIT Small Cap Equity Index A -7.43 3.46 20.45 13.59 –

CUIT Small Cap Equity Index B -7.28 3.80 20.86 13.95 –

Russell 2000 Index -7.36 3.93 21.26 14.28 –


CUIT Small Cap Equity Index A 38.05 15.42 -4.83 26.34 26.74

CUIT Small Cap Equity Index B 38.38 15.82 -4.58 26.91 27.12

Russell 2000 Index 38.82 16.35 -4.18 26.86 27.17


3 mo




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 -7.43% (class B, -7.28%) for the third quarter of 2014, slightly trailing the russell 2000 index benchmark’s -7.36% return


Active Weights0.1%

-0.3%-0.3% -0.1% -0.1% -0.1% -0.1%

0%0%0.8%


InformationTechnology Materials

Cash

ConsumerStaples

EnergyFinancials Healthcare Industrials

TelecommService

Utilities






Fund 13.4 3.0 5.5 23.5 13.3 13.7 17.9 4.9 0.8 3.2 0.8

R2000 13.3 3.3 5.5 23.8 13.4 13.8 18.0 5.0 0.8 3.2 0.0

0%

¡ in Q3, the fund’s sector-level returns were within a few basis points of the benchmark’s across most sectors

¡ there was no meaningful impact from screens, which constitute only 1.2% of the benchmark by capitalization

¡ for the trailing 1-year, fund and benchmark results were nearly identical across most sectors

¡ there was very slight positive tracking in consumer discretionary and financials in the past year

¡ in Healthcare, the fund’s Biotech exposure slightly trailed the benchmark’s (+8.3% vs. +9.5%) over the last 12 months and there was slight negative tracking at the sector level

¡ the fund’s cash balance had little impact given the nearly flat market in the past year




profile Q3 2014


CUIT International Equity Fund


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 europe, australasia, far east (eafe) index

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

Total Expense Ratio / Minimum Class A: 1.51% / no minimumClass B: 1.11% / $5M

portfolio analYsis

STATISTICS FUND EAFE






Beta 0.96 1.00





Fund Size $524.5MM

top ten HoldinGs

STATISTICS %

KDDI Corporation 2.2

Toyota Motor 2.1

Reed Elsevier 1.8

Akzo Nobel 1.8

Technip 1.4

Total SA 1.4

UBS Ag 1.4

BNP Paribas SA 1.4

Sumitomo Mitsui Financi 1.3

Lloyds Banking Group 1.3

20%

15%

10%

5%

0%

CUIT International Equity B MSCI EAFE-Gross Index

fund perforMance


CUIT International Equity A -5.40 4.35 13.73 7.31 4.86

CUIT International Equity B -5.32 4.75 14.18 7.74 5.28

MSCI EAFE-Gross Index -5.83 4.70 14.16 7.04 6.80


CUIT International Equity A 22.03 19.16 -13.93 13.60 30.11

CUIT International Equity B 22.49 19.67 -13.58 14.05 30.63

MSCI EAFE-Gross Index 23.30 17.90 -11.73 8.21 32.46


3 Mo


risK MetricsCHARACTERISTICS FUND / 5 YR MSCI EAFE / 5 YR







GeoGrapHic distriButionINT'L INDEx

Europe 59.4 66.2

Pacific Basin 23.2 33.0

EM 8.6 0.1

Other 8.8 0.7



Heading Goes Here


Important InformationBenchmark Index: MSCI EAFE-Gross 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 International Equity Fund


the cuit international equity fund returned -5.40% (class B, -5.32%), well ahead of the Msci eafe benchmark’s -5.83% return






Fund 12.5 8.5 8.3 21.2 6.1 16.6 5.7 10.5 4.7 2.5 3.2

EAFE 11.6 10.9 6.9 25.7 11.2 12.5 4.7 7.7 4.9 3.9 0.0


Active Weights0.9%

-2.4%

1.4%

-4.5% -5.1%

4.1%

1.0%

2.8%

-1.4%

-0.2%

3.2%



Materials Cash

ConsumerStaples

Energy

Financials Healthcare

Industrials

TelecommService Utilities

¡ for Q3, outperformance came from relative strength in financials, consumer discretionary, telecom services and Materials sector exposures

¡ sector weightings were mostly neutral, although the pharmaceuticals underweight within Healthcare detracted slightly as pharmaceuticals returned about 1%

¡ the fund’s 10% emerging market (eM) exposure was neutral as emerging and developed markets performed comparably

¡ for the trailing 1-year period, stock selection added excess return across most sectors; the strongest were consumer discretionary, financials, Healthcare and it

¡ the Healthcare underweight (due to life ethics screens) was the biggest detractor, as the sector gained +21%

¡ expecting continued low return market; looking for company-specific risks (that could hurt prices) and strong balance sheets

¡ continued weak european economies surprised the markets; can’t rely on ecB to float stocks – but continue to believe in “global recovery” thesis



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.

TO LEARN MORE ABOUT CBIS

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

CBIS ACCOUNT SERVICES

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

CBIS GLOBAL ROME SERVICE CENTRE

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.

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.

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