3Q 2015 Investment Portfolio Review · emblematic of global growth slump fears. Healthcare (-11%) also had a weak quarter. Pharmaceuticals and biotech shares saw pressure after Democratic

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

3Q 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

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DIVERSE RANGE OF NEEDS

} Portfolio services for a range of institutions

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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%

85%

5%

1%

10%

8%

6%

6%5%

26%

24%

6%6%

BY PRODUCT TYPE ($MILLION)

BY CUIT TYPE ($MILLION)

Separate Accounts $576UCITS Funds $316CUIT Funds $4,906

Money MarketOpportunistic BondBalancedCore IndexValue

Short bondInt. Diversified BondSmall capGrowthInternational

CBIS Asset Review

$5.8 BILLION IN TOTAL ASSETS

UNDER MANAGEMENT (9/30/15)

Key Highlights:Market Overviewpage 2

Investment Program Offeringspage 7

CBIS Fund’s Performancepage 8

CBIS Fund Reportspage 9

Investment Portfolio Review 3Q 2015

Market Summary

Global markets posted their weakest quarterly performance in four years in Q3 with spiking volatility. The most widely cited trigger for the decline was China’s August currency devaluation. A second was unease/confusion over the Fed’s refusal to raise rates at its September FOMC meeting.

Both events highlighted the more important and pervasive underlying concern — the persistence of weak global growth despite years of aggressive monetary stimulus from global central banks.

Corporate earnings were flat to down in Q3, partly on energy sector weakness, but optimism still holds for 2016. Market gains going forward will likely demand evidence that global growth fears are overblown and earnings outlooks are stable.

Continued on page 6


3Q 2015

Market OverviewEMBRACING VOLATILITY

Global markets posted their weakest quarterly performance in four years in the third quarter with spiking volatility. In hindsight, our second quarter letter was prophetic, with its Bracing for Volatility title and reference to evidence of market froth, although we will be the first to admit we did not expect the volatility to appear so soon. We’ve long said markets are due for a correction and one seemed, at the height of the August vacation season, to have finally arrived. In local currency terms, the MSCI All Country World ex-U.S. Index (ACWI ex-US), which contains developed and emerging market exposure, returned -9.5% for the quarter. The all-developed market MSCI EAFE Index returned -8.9%. Emerging market (EM) stocks were broadly weak on several concerns, including the impact of continued oil and commodity price weakness on export-dependent EM economies, and, worry over the impact of a stronger dollar on the countries’ dollar-based debts, which have risen sharply in recent years. Brazil (facing recession and political scandal) was especially weak, off 33%, while the MSCI China Index was off about 22% (both in U.S. dollar terms).

‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15

CBOE VOLATILITY INDEX©

Source: Chicago Board Options Exchange

80

70

60

50

40

30

20

10



In terms of sectors, the quarter’s worst performers within the ACWI ex-US Index were the economically sensitive materials (-21%) and energy (-20%). Oil slumped nearly 25% for the quarter in U.S. dollar terms, sinking to a new yearly low under $40 in late August before strengthening to the mid-$40s as the quarter closed. The industrials sector matched the broad index with a -12% return, supported in part by relative strength among scattered sub-industries, but the machinery industry within industrials was off more than 20%. Results were similar in the U.S. In the S&P 500, materials (-17%) and energy (-17%) were the weakest sectors. Industrials nearly matched the Index, returning -7%, but the sector was supported by airline industry strength. Airlines in the S&P 500 gained 7% on the fall in oil prices since fuel costs are a large component of airline operating costs. Within industrials, machinery (-18%) was weak; Caterpillar (-22% for the quarter) and Deere (-23%) were emblematic of global growth slump fears. Healthcare (-11%) also had a weak quarter. Pharmaceuticals and biotech shares saw pressure after Democratic presidential hopeful Hillary Clinton criticized the high price of U.S. drugs.

Global growth worries broadly encompassed global emerging markets, but China was the focus of analytical attention. China is the world’s 2nd largest economy and weak economic reports there (e.g. industrial profits down -8.8% in August, -2.9% in July and -1.9% year-to-date through August, all versus year-ago levels), combined with its market rout, led to widespread questioning not only of whether it can effectively navigate the transition from an investment-driven to a more consumer-driven economy, but whether China’s still buoyant broader economic data is believable.

The U.S. economy continued to outperform those of other developed markets. U.S. GDP in fact was revised upward to +3.9% in Q2 after a weaker +0.6% reading in Q1. Eurozone Q2 quarter-to-quarter growth slightly exceeded expectations, at +0.4%, despite widespread concerns that the Greek election drama early in the year and its attendant threat of a potential Greek exit from the Eurozone would kill the region’s fragile economic progress. The region showed pockets of strength too; on an annualized basis, Ireland’s Q2 GDP grew 7.3%, Spain’s

The US stock market was not immune to this volatility overseas, with the S&P 500 down -6.4% for the quarter bringing the last 12 months return to a modest -0.6% return. In the U.S. bond market, yields drifted down in Q3, partly in response to evidently slowing global growth and dormant inflation pressures. Credit spreads continued to widen, particularly for lower-rated debt. High-yield, in particular, underperformed for both Q3 and the trailing year, weighed down in part by the prominence of below-investment-grade energy company debt in high-yield indices.

CHINA AND THE FED

Probably the most widely cited trigger for the quarter’s equity market weakness was China’s August currency devaluation, which came on the heels of its internal equity market rout. (Its internal market, which is open only to domestic investors and is driven by heavily speculative flows, has fallen about 40% from a late 2014 high after surging over 100%.). A second trigger was unease/confusion over the Fed’s refusal to raise rates at its September FOMC meeting, which was driven partly by concern over what the Fed termed “developments abroad.” The International Monetary Fund in particular noted in its Global Financial Stability Report, released in early October, that Fed tightening poses a major risk to EM economies. Both events highlighted the more important and pervasive underlying concern — the persistence of weak global growth despite years of aggressive monetary stimulus from global central banks. The Fed’s decision to maintain their zero interest rate policy would have likely been seen as bullish for stocks in recent years, as successive rounds of QE powered steady market gains. But, given the increasing worry over global growth, it was seen this time as a negative. The Fed confused matters further in a speech Fed Chair Janet Yellen gave a week after the Fed decided not to raise interest rates, when she laid out a rationale for why rates should increase: unemployment has fallen significantly and the benefit of falling energy prices and stronger dollar will subside in the inflation readings. However, in true Fed speak, she also stated she would like to see unemployment fall even further to jump start wage gains.



Stock analysts are an optimistic lot (as are Wall Street economists) and the earnings outlook for 2016 remains upbeat. Zacks pegs analysts’ S&P 500 earnings outlook at +0.7% for Q1, +3.7% for Q2 and +11.9% for Q3 (as energy comparisons dramatically improve). Combined with dividend income, this sort of growth could certainly produce the high-single-digit broad equity market returns we’ve been suggesting is a reasonable scenario over the next year or so, and confirms the general views of the CBIS equity sub-advisers who closely track earnings outlooks. Moreover, equities could continue to benefit, as they have almost continually since the 2008/2009 financial crisis, from aggressive central bank support, particularly if the Fed continues to postpone any move to raise rates until well into 2016. But a persistence of weaker earnings growth and weak global growth could produce additional downside volatility.

FAITH IN CENTRAL BANKS

In fact, the impact of Federal Reserve QE on markets is hinted at in the accompanying charts.

The S&P 500 has pretty closely tracked expansion in the Fed’s balance sheet since its aggressive market support began in 2009. It suggests a possible link between the end of QE, the flattening of Fed balance sheet growth and the flattening of market returns over the past year. And indeed, as Q4 commenced, market volatility turned to the upside when weak job numbers and commentary by Fed officials suggested

grew 3.1% and German’s a more tepid 1.6%. However Italy and France saw continued sluggish performance, with annualized growth of 0.6% and 1.1%, respectively in Q2. The eurozone as a whole posted only 1.5% annualized growth in Q2. The U.K. grew a stronger 2.6% annualized for the quarter.

SLUGGISH EARNINGS PERSIST

As we highlighted last quarter, tepid global growth has translated into tepid earnings growth, although few economists (or the managers we speak with) see evidence that the U.S. is on the verge of a recession. According to Zacks Earnings Trends (October 8), Q2 S&P 500 earnings were down -2.1% year-to-year on -6.4% lower revenues. The energy sector was the primary reason. Excluding energy, total earnings for the S&P 500 index would have been up +5.1% in Q2 on +1.2% higher revenues. The trend isn’t expected to improve much in Q3, with S&P 500 earnings expected down -5.7% from the same period last year on a comparable revenue decline. The headwinds from Q2 persisted into Q3 — a combination of energy sector weakness, dollar strength impinging on US exports and sluggish global growth. Excluding energy (where earnings are expected to be down -65.3% year-to-year), S&P 500 Q3 earnings would be up +1.4%, yet revenues would still be down -0.7%, with Zacks noting particular earnings weakness in basic materials companies, industrials and conglomerates – with all groups showing projected earnings declines of -15% to -20%. Q4 S&P 500 earnings are forecast to be down a similar -4.7% overall.

All Federal Reserve Banks – Total Assets, Eliminations from Consolidation S&P 500© (right)

LIQUIDITY FUELED RALLY

4,800,000

4,400,000

4,000,000

3,600,000

3,200,000

2,800,000

2,400,000

2,000,000

1,600,00

1,200,00

800,00

2,275

2,100

1,925

1,750

1,575

1,400

1,225

1,050

875

700

525

Mill

ions

of D

olla

rsIndex

2006 2008 2010 2012 2014

Source: St. Louis Federal Reserve



growth/value divergence is evident in the small-cap Russell 2000 as well. The small cap growth index outperformed value due to its relative energy underweight, strength among its consumer discretionary names, and strong performance by biotech, which gained 15% for the year even after the industry’s Q3 slump.

But industry differences are not the whole story. Growth strength is evident across most sectors and industries. CBIS’ quantitative sub-advisers have noted the strong performance of their growth-related factors, such as strong trailing and forecast earnings growth and price momentum, as another explanation for the strength of growth indices. They also note that reversals of investors’ preference for growth can be swift and severe. CBIS encourages participants not to give up on value as an investing style. All market trends eventually come to an end. Value will once again have its day (as will international investing and emerging market exposure) and when it does it will affirm the worth of style diversification within a broadly diversified portfolio. Turning points in market trends are impossible predict in advance, but we can know with virtual certainty that they will occur and that a diversified, disciplined investor will benefit as a result.

EMBRACING VOLATILITY

In both the Q1 and Q2 letters we remarked that market strength over the past few years has been driven in part by faith that central banks’ zero short-term rates and easy money policies can stimulate economies enough to produce the earnings growth that supports further market gains. The market’s rebound following the August/September weakness

any move to a tightening policy could be postponed well into next year. What was seen as cause for a market sell-off in mid-September became a spark for a rally in early October. Perhaps the dosage of prospective accommodation was the spark (market speculation included a prospective new round of QE) and dovish sentiment was notably increased. “Risk on” returned as Q4 began, despite the weak economic data. Investors were once again rewarded, as they have been so often in recent years, for buying the dip. While the ECB and the Bank of Japan are each embarked on aggressive balance sheet expansion, picking up slack from a dormant Fed, neither has the prominence of the Fed and Fed signaling (even more than economic or earnings data) continues to dominate both investor scrutiny and market moves.

THE VALUE/GROWTH DICHOTOMY

One of the equity markets’ prominent trends over the past few years is the dominance of growth returns over those of value. Investors’ search for earnings growth in a low-growth environment may be the equity market equivalent of investors’ stretch for yield in a low global interest rate environment. In the trailing year at September 30, for example, the Russell 1000 Growth Index gained +3.2% versus the Russell 1000 Value Index’s -4.4% return. Growth’s outperformance persists, to a lesser degree, even to the trailing five-year period (at +14.4% versus +12.2%). Part of the explanation may be the industry/company compositions of the style indices. The very weak energy sector (down over 30% for the trailing year) is considerably overweighted in the Value index while the strong consumer discretionary sector (up +5% in Value and +13% in Growth) is far more dominant in the Growth index. The

CENTRAL BANK ASSETS FOR EURO AREA (11-19 COUNTRIES)©

Source: European Central Bank

Mill

ions

of E

uros

3,200,000

2,800,000

2,400,000

2,000,000

1,600,000

1,200,000

800,0002007 2008 2009 2010 2011 2012 2013 2014 2015

4,000,0003,600,0003,200,0002,800,0002,400,0002,000,0001,600,0001,200,000

800,002007 2008 2009 2010 2011 2012 2013 2014 2015

BANK OF JAPAN: TOTAL ASSETS FOR JAPAN©

100 M

illio

n Ye

n

Source: Bank of Japan



only reinforces that thesis. The economic evidence did not change, but the perception that the Fed may be dovish for longer than was previously anticipated did change. And markets shot higher. But the tension between lack of tangible earnings growth and central bank support eventually has to be reconciled – and it will be in favor of hard evidence of earnings since earnings drive long-term stock returns. In the meantime, volatility is likely to persist as markets find their way to any eventual resolution. While we encouraged participants last quarter to brace for volatility, we would extend that advice this quarter to say they should embrace it. Downside volatility allows our sub-advisers to commit new capital at lower prices

for better long-term returns. For the investor seeking long-term capital gains, particularly institutions with long-term investing goals, downside volatility can be a gift not a curse through disciplined rebalancing. Volatility is inevitable, although to be sure we’ve been though a stretch of quiet years on that front. As volatility returns to what we would argue are more normal levels, if investors can embrace it constructively, they can turn it into an advantage. We urge investors not to try and guess what will happen next, but rather prepare for whatever the markets may deliver and utilize disciplined rebalancing seek to turn volatility into a positive.

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.

Market Summary continued

Treasury bond yields drifted lower during Q3. U.S. inflation data remained subdued while renewed weakness in oil and global commodity prices and weak economic data from China (along with its August currency devaluation) were indicators of troubles in emerging market economies and signs of broadly slowing global growth.

The Fed decided at its September FOMC meeting to postpone a rate increase, in part due to what it termed “developments abroad” and related risks to U.S. economic growth. Late in the quarter, disappointing employment data and comments by Fed officials suggested any rate increase could be postponed until well into 2016.



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, WCM

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 0.01 0.02 0.02 1.19 3.45 Jan 1985

Merrill Lynch 91-Day TBill Index 0.00 0.01 0.02 0.03 0.06 0.08 1.33 3.91

CUIT Short Bond Fund 0.16 0.25 0.99 1.30 1.17 1.68 3.20 5.46 Jan 1985

Merrill Lynch 1-3yr Treasury Index ** 0.30 0.31 0.98 1.16 0.67 0.76 2.54 5.34

CUIT Opportunistic Bond Fund Class A 0.23 0.34 1.21 1.47 * * * 0.90 May 2013

CUIT Opportunistic Bond Fund Class B (0.24) 0.37 1.42 1.63 * * * 1.05 May 2013

Barclays 1-5 Year US Government/Credit Index 0.47 0.60 1.55 1.97 * * * 1.11

CUIT Inter. Diversified Bond Fund Class A 0.32 0.43 0.50 2.02 1.57 3.30 5.14 6.08 Jan 1995

CUIT Inter. Diversified Bond Fund Class B 0.33 0.54 0.62 2.26 1.75 3.48 5.30 4.97 Jan 2003

Barclays Capital Aggregate Bond Index 0.68 1.23 1.13 2.94 1.71 3.10 4.64 6.03/4.44

CUIT Balanced Fund (2.01) (5.18) (5.06) (2.15) 8.29 9.10 5.85 8.72 Dec 1983

60% S&P 500/ 40% BC Agg*** (1.21) (3.39) (2.62) 0.95 8.14 9.33 6.22 8.59

CUIT Value Equity Fund Class A (3.80) (9.38) (8.27) (5.17) 12.45 12.44 5.39 9.22 Jan 1995

CUIT Value Equity Fund Class B (3.77) (9.29) (8.03) (4.82) 12.84 12.84 5.76 9.01 Jan 2003

Russell 1000 Value Index (3.02) (8.40) (8.96) (4.42) 11.59 12.29 5.71 9.62/8.38

CUIT Core Equity Index Fund Class A (2.73) (6.80) (6.01) (0.87) 12.13 12.85 6.28 8.95 Jan 1995

CUIT Core Equity Index Fund Class B (2.70) (6.73) (5.84) (0.67) 12.36 13.09 6.47 4.20 Mar 2000

Standard & Poor’s 500 Index ++ (2.47) (6.44) (5.29) (0.61) 12.40 13.34 6.80 9.20/4.19

CUIT Growth Fund Class A (2.40) (4.80) (1.64) 3.61 12.62 13.00 6.03 8.02 Jan 1991

CUIT Growth Fund Class B (2.37) (4.71) (1.40) 3.95 12.99 13.36 6.36 7.82 Jan 2003

Russell 1000 Growth Index **** (2.47) (5.29) (1.54) 3.17 13.61 14.47 8.09 9.06/9.19

CUIT Small Cap Equity Index Fund Class A (4.92) (12.02) (8.10) 0.80 10.46 11.07 * 4.81 Jan 2007

CUIT Small Cap Equity Index Fund Class B (4.86) (11.91) (7.87) 1.11 10.79 11.40 * 5.11 Jan 2007

Russell 2000 Index (4.91) (11.92) (7.73) 1.25 11.02 11.73 * 5.33

CUIT International Equity Fund Class A (4.87) (11.89) (7.67) (10.07) 4.10 3.71 2.10 5.29 Jan 1995

CUIT International Equity Fund Class B (4.84) (11.79) (7.40) (9.69) 4.53 4.13 2.51 0.88 Mar 2000

MSCI ACWI Ex-U.S. ‡ (4.60) (12.10) (6.88) (10.17) 5.34 4.01 3.22 4.86/2.64

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

CBIS Funds Performance (September 30, 2015)

Investment Portfolio Review AUGUST 2014


Heading Goes HereFUND FACTS

PROFILE Q3 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 24.87

8-29 Days 20.48

30-59 Days 16.82

60-89 Days 11.62

90-179 Days 12.37

180 and Over 13.84

PORTFOLIO ANALYSIS

STATISTICS FUND ML T-BILL

Effective Duration 0.20 (Yrs) 0.16 (Yrs)

Average Quality AA+ Treasury

Yield-to-Maturity 0.27% -0.01%

Fund Size $75.3MM

CREDIT QUALITY %

FUND ML T-BILL

A-1+ 90.5 100.0

A-1 9.5 –

<A-1 – –

Not Rated – –

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 0.01 0.02 0.02 1.19

ML 91-Day T-Bill Index 0.01 0.03 0.06 0.08 1.33

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-005-1015

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 Fed decided at its September FOMC meeting to postpone a widely expected (although largely symbolic) move to raise the Federal Funds rate, which has been anchored at or near zero since the 2008/2009 financial crisis. The decision resulted in part from what the Fed termed “developments abroad” – i.e. the summer’s weak global growth data and renewed weakness in global commodity prices — and the related risks to U.S. economic growth.

¡ The Fed’s decision caused many investors to shift their expectations for the Fed’s first rate increase since before the financial crisis of 2008/2009 into 2016.

¡ The sub-adviser expects the U.S. economy to grow 2.5% next year driven by consumer spending, housing and construction, and that a tighter labor market will eventually lead core inflation higher. While the sub-adviser believes the Fed is ready to raise rates when economic data improves, the path to higher rates will be gradual once the Fed does begin. There will likely be no quick relief for yield-starved cash market investors.

Q3 2015 PERFORMANCE REVIEW

ALLOCATIONS %

US Government & AgenciesCertificates of

DepositRepurchase Agreements

Corp. - Incl. Floating Rate

ABS - Incl. Floating Rate

CommercialPaper

Fund 55.6 6.0 21.2 7.9 6.5 2.8

ML T-BILL 100 0.0 0.0 0.0 0.0 0.0




PROFILE Q3 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)


PORTFOLIO ANALYSIS

STATISTICS FUND BENCHMARK

Average Maturity 1.97 (Yrs) 1.82 (Yrs)


Average Quality A+ AAA

Yield-to-Maturity 2.40% 0.61%

Current Yield 3.53% 1.41%

# of Securities 212 93

Fund Size $341.4MM

EFFECTIVE DURATION %

FUND BENCHMARK

0-1 Years 34.00 7.50

1-3 Years 53.30 92.50

3-4 Years 7.10

4+ 5.60

CREDIT QUALITY %

FUND BENCHMARK

AAA 43.45 100.0

AA 10.39 –

A 17.62 –

BBB 18.11 –

Below BBB 7.71 –

Cash 2.71 –

4%

3%

2%

1%

0%

CUIT Short Bond A ML 1-3 Year Treasury Index

FUND PERFORMANCE


CUIT Short Bond A 0.25 1.30 1.17 1.68 3.20

ML 1-3 Year Treasury Index 0.31 1.16 0.67 0.76 2.54


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 2.52 1.19

Information Ratio 2.21 –

Standard Deviation 0.77 0.58

Tracking Error 0.57 –

Downside Capture 28.17 100.0

Upside Capture 177.16 100.00



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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


ALLOCATIONS %

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

Fund 10.25 11.49 16.11 16.96 3.99 0 2.00 1.48 19.16 13.56 2.30 2.71

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

¡ The Fed at its September FOMC meeting postponed a widely expected (although largely symbolic) move to raise the Federal Funds rate, which has been anchored at or near zero since the 2008/2009 financial crisis

¡ Short-term yields fell and the short end of the yield curve flattened during the quarter, producing positive returns for short-maturity portfolios.

¡ In Q3, the portfolio’s above-benchmark yield was beneficial, but an overweight to corporate spread products more than offset the yield advantage as spreads widened. Duration combined with curve positioning was marginally additive.

¡ For the trailing 12 months, outperformance resulted primarily from the Fund’s yield advantage, although widening spreads somewhat offset the benefit. Duration and curve positioning together were only a minor detractor.

¡ The portfolio closed Q3 with about 20% exposure to Treasury and Agency securities (versus the benchmark’s 100% Treasury structure) with the remainder of the portfolio diversified across corporate and securitized debt in search of incremental yield. The portfolio has about a 9% allocation to high yield, but this does not closely track the broader high yield market due to its higher quality and relatively short duration.




PROFILE Q3 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 2.57 2.72


Average Quality AA AA



# of Securities 396 2,993

Fund Size $377.5MM


FUND BENCHMARK

0-1 Years 30.1 0.9

1-3 Years 42.3 60.6

3-4 Years 10.8 21.1

4-6 Years 14.8 17.4

6-8 Years 1.9 0.0

Over 8 Years 0.2 0.0

CREDIT QUALITY %

FUND BENCHMARK

AAA 46.1 69.1

AA 5.6 6.7

A 19.5 13.5

BBB 19.9 10.4

Below BBB 8.2 0.3

Cash 0.71 –

40%

30%

20%

10%

0%

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

FUND PERFORMANCE


CUIT Opport. Bond A 0.34 1.47 – – –

CUIT Opport. Bond B 0.37 1.63 – – –

Barclays 1-5 Yr Gov't/Credit 0.60 1.97 – – –


CUIT Opport. Bond A 1.23 – – – –

CUIT Opport. Bond B 1.27 – – – –

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





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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


ALLOCATIONS %

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

Arbitrage Cash

Fund 10.65 3.56 17.48 21.89 2.68 0.00 4.67 2.12 18.90 11.13 2.66 3.58 0.68

Benchmark 59.72 9.34 13.34 11.10 1.31 4.56 0.0 0.0 0.0 0.0 0.62 0.0 0.0

All attribution is based on gross portfolio performance.

Active Weights

-49.07%

Treasuries

-5.78%

Agency4.67%

MBS

2.12%

CMO

2.04%

Municipals

3.58%

M&A

0.68%Cash

4.14%

Industrials

10.79%

Finance

1.37%Utilies

-4.56%

Non-Corp.

18.90% 11.13%

CMBS ABS

¡ Treasury rates fell during Q3 and credit spreads widened amid concerns over slowing global economic growth. However, the impact of the Fund’s shorter duration relative to the benchmark’s was largely offset by well-timed trading and by yield curve positioning, which benefitted from a flattening of the curve.

¡ The Fund’s above-benchmark yield during Q3 was a source of strength. The primary detractor was the impact of widening spreads on the Fund’s overall corporate exposure.

¡ For the trailing 12 months, the Fund’s yield advantage over the benchmark was the primary source of strength, but this was more than offset by its relatively shorter duration as yields declined and by spread widening that affected corporate holdings.

¡ The Fund’s small merger arbitrage allocation, which is one of the more opportunistic strategies within the Fund, considerably outperformed the benchmark for the year and was additive to relative return.

¡ The Fund remains positioned defensively in terms of interest rate risk with a lower duration than that of the benchmark; the Treasury market continues to be perceived as richly priced, as real interest rates are very modest and well below what appears to be fair value. The Fund began Q4 with a considerable underweight to Treasuries and compensating overweights to corporate, mortgage-backed and asset backed debt that offer above-benchmark yields.




PROFILE Q3 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








Fund Size $1,167.6MM


FUND BENCHMARK

0-1 Years 9.80 0.39

1-3 Years 29.23 28.25

3-4 Years 15.46 17.21

4-6 Years 14.30 24.36

6-8 Years 9.90 12.59

Over 8 Years 21.31 17.20

CREDIT QUALITY %

FUND BENCHMARK

AAA 61.17 71.21

AA 2.46 4.60

A 13.55 11.37

BBB 16.64 12.32

Below BBB 2.47 0.51

Cash 3.75 0.0

20%

15%

10%

5%

0%

CUIT Int. Divers. Bond B Barclays Aggregate Bond Index

FUND PERFORMANCE


CUIT Int. Divers. Bond A 0.43 2.02 1.57 3.30 5.14

CUIT Int. Divers. Bond B 0.54 2.26 1.75 3.48 5.30

Barclays Aggregate Bond Index 1.23 2.94 1.71 3.10 4.64


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





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CUIT Int. Diversified Bond Fund

¡ The principle source of underperformance for Q3 was downside volatility related to weak energy and commodity prices that affected several corporate and national oil company holdings. The sub-adviser remains confident in the quantity and quality of assets that back the bonds and in the strength of covenants that protect bond investors, and expects the positions to recover and perform well. Duration and yield curve positioning at the Fund level were largely neutral.

¡ As in Q3, the primary driver of relative 12-month results was weakness among a group of emerging market-related and commodity-related credit holdings given the global weakness in oil and commodity prices. The Fund has been defensively positioned with respect to the risk of rising interest rates and the Fund’s shorter duration relative to the benchmark also detracted slightly as yields drifted lower.

¡ The Fund remains defensively positioned with respect to interest rate risk and underweight the mortgage-backed security (MBS) sector as tight spreads there offer modest compensation for extension risk if rates rise. Credit spreads have widened notably over the past year, and the sub-advisers are finding selective opportunities within the corporate sector in a number of well-capitalized issuers at attractive valuation within industries that have experienced heightened downside volatility.


Active Weights-0.02%

Treasuries

-2.07%

3.92%Agency

-11.29%

MBS 0.16%

CMO

0.02%Municipals

3.75%

CashIndustrials

5.70%

Finance -0.53%

Utilies

-3.14%

Non-Corp. 0.16%

CMBS

3.34%

ABS

ALLOCATIONS %


Fund 36.32 2.66 18.27 13.48 1.24 0.00 16.91 0.16 2.08 3.92 1.21 3.75

Benchmark 36.34 4.73 14.35 7.78 1.77 3.14 28.20 0.00 1.92 0.58 1.19 0.0


Important InformationBenchmark 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.




PROFILE Q3 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)


PORTFOLIO ANALYSIS

STATISTICS FUND S&P 500

Weighted Median Market Cap $52.7B $75.2B

Price/Book 1.9x 2.4x

Price/Earnings 17.2x 18.2x

Return on Equity 15.9% 19.4%

Dividend Yield 1.92% 2.21%

5-year Earnings Growth 12.43% 12.27%

Beta 1.02 1.00

10 Largest Holdings 25.49 7.67

# of Equity Securities 481 505

Turnover Rate 17.84

Fund Size $219.2MM

TOP TEN HOLDINGS

STATISTICS %

Microsoft Corporation 3.59

Wells Fargo & Company 3.45

Capital One Financial Corporation 2.59

Time Warner Cable Inc. 2.58

Hewlett-Packard Company 2.54

Bank of America Corporation 2.36

Charles Schwab Corporation 2.21

Comcast Corporation Class A 2.18

Time Warner Inc. 2.02

Google Inc. Class C 1.97

PORTFOLIO ANALYSIS: FIXED INCOME

STATISTICS FUND BCAGG







EFFECTIVE DURATION FUND BENCHMARK

0–1 Years 10.90 0.39

1–3 Years 25.59 28.25

3–4 Years 16.50 17.21

4–6 Years 13.16 24.36

6–8 Years 11.21 12.59

Over 8 Years 22.64 17.20

10%

5%

0%

CUIT Balanced Fund 60% S&P 40% BC Agg

FUND PERFORMANCE

% AVERAGE ANNUAL RETURN 3 MO 1 YR 3 YR 5 YR 10 YR

CUIT Balanced -5.18 -2.15 8.29 9.10 5.85

60% S&P 40% BC Agg -3.39 0.95 8.14 9.33 6.22


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





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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

¡ In Q3, the value tilt in the Fund’s equity segment continued to penalize return relative to the S&P 500 Index benchmark, which contains both growth and value exposure. Value has underperformed growth for the past several years due in part to investors’ favoring companies that appear able to deliver earnings growth in a sluggish global economy.

¡ Also in Q3, relative performance was impacted by downside volatility in the Fund’s bond segment caused by weakness in energy and commodity prices that affected several corporate and national oil company holdings. The sub-adviser is confident in the assets and covenants that back the bonds and expects them to recover and perform well when market sentiment improves.

¡ Trailing 12-month results were driven by forces similar to those of Q3: weakness in select bond segment holdings related to commodity and energy price weakness and the outperformance of growth over value. Growth (R1000G) outperformed value (R1000V) by more than 750 basis points during the period.

¡ CBIS believes recent underperformance is due to trends in market sentiment (energy & commodity weakness and growth strength) that will reverse. The Fund is structured as a vehicle for long-term investing through a conservative, diversified portfolio and it does not attempt to tactically anticipate investors’ style preferences. Relative return should improve as value investing returns to favor and as the bond segment’s energy and commodity positions strengthen.


Active Weights

-4.31%-2.39%

5.60% 6.44%

-0.38%-3.14%

-10.17%

0.08% 0.65%4.03%

0.31% 3.26%Treasuries MBS

CMO 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 16.73 5.61 7.50 23.24 9.97 6.70 24.50 1.83 1.46 1.33 1.12

Benchmark 13.09 9.93 6.93 16.53 14.67 10.05 20.41 2.82 2.42 3.15 0.0

MARKET SECTOR ANALYSIS % – FIXED INCOME


Fund 32.03 2.34 19.95 14.22 1.39 0.00 18.03 0.08 2.57 4.61 1.50 3.26

BC Agg 36.34 4.73 14.35 7.78 1.77 3.14 28.20 0.00 1.92 0.58 1.19 0.00


Active Weights

3.64%

-4.32%

0.57%

6.71%

-4.70% -3.35%

4.09%

-0.99% -0.96% -1.82%

1.12%


Information Technology

MaterialsCash

Consumer Staples

Energy Financials

Health Care IndustrialsTelecomm

Service Utilities





PROFILE Q3 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 1.00 1.00

10 Largest Holdings 17.67% 16.25%


Turnover Rate 17.19% N/A

Fund Size $1,262.3 MM

TOP TEN HOLDINGS

STATISTICS %

Apple Inc. 3.86


Exxon Mobil Corporation 1.80

Berkshire Hathaway Inc. Class B 1.72


Procter & Gamble Company 1.35

AT&T Inc. 1.34

JPMorgan Chase & Co. 1.31


Facebook, Inc. Class A 1.20

30%

20%

10%

0%

CUIT Core Equity B S&P 500

RISK METRICSCHARACTERISTICS FUND / 5 YR BENCHMARK / 5 YR


Information Ratio -0.13 0.0





FUND PERFORMANCE


CUIT Core Equity A -6.80 -0.87 12.13 12.85 6.28

CUIT Core Equity B -6.73 -0.67 12.36 13.09 6.47

S&P 500 -6.44 -0.61 12.40 13.34 6.80


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





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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 Q3, the worst performing sectors of the index were Energy, Healthcare and Materials. Those sectors combined comprise about 25% of the index but accounted for almost half of total return in the quarter.

¡ Screened aerospace and defense companies were among the better performing stocks , hindering Fund performance. Re-weighting into machinery stocks also detracted from performance as several prominent companies were off more than 20% for the quarter.

¡ The screened stocks in pharmaceuticals had a minor direct positive impact; however the resulting overweight in biotechnology companies was a significant detractor.

¡ The exclusion of tobacco companies in the Fund also hurt relative performance by about 19 basis points, as those stocks were among the few in the market to register positive returns in Q3. A portion of the loss generated by excluding tobacco was made up for in the additional allocations to food and beverage companies.

¡ The net effect of screening out some large pharmaceutical companies enhanced relative performance over the past year, as did the resulting additional allocations to better performing Healthcare providers and service companies, including the larger insurance carriers.

¡ The screening process detracted from performance in aerospace and defense within Industrials.

¡ The exclusion of tobacco cost about 20 basis points in return relative to the S&P 500 over the past 12 months. Tobacco companies on average returned more than 14% over the period.


Active Weights0.19% 0.82%

-0.08% 0.26%

0.35%0.73%

-0.97%-0.02%

-2.55%

0.27% 1.01%


InformationTechnology Materials

CashConsumerStaples

Energy

Financials

Healthcare Industrials

TelecommService

Utilities



Consumer Staples Energy Financials Healthcare Industrials


TelecommService Utilities Cash

Fund 13.28 10.75 6.85 17.26 12.12 9.08 20.67 2.80 2.69 3.50 1.01

Benchmark 13.09 9.93 6.93 16.53 14.67 10.05 20.41 2.82 2.42 3.15 0.0





PROFILE Q3 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 1.03 1.00



Turnover Rate 41.45 N/A

Fund Size $ 378.2 MM

TOP TEN HOLDINGS

STATISTICS %

Bank of America Corporation 3.08


JPMorgan Chase & Co. 2.74

Capital One Financial Corporation 2.33


Time Warner Cable Inc. 1.92

Hewlett-Packard Company 1.89

Goldman Sachs Group, Inc. 1.88

Wal-Mart Stores, Inc. 1.80

FedEx Corporation 1.76

30%

20%

10%

0%

CUIT Value Equity B Russell 1000 Value Index








FUND PERFORMANCE


CUIT Value Equity A -9.38 -5.17 12.45 12.44 5.39

CUIT Value Equity B -9.29 -4.82 12.84 12.84 5.76

Russell 1000 Value Index -8.40 -4.42 11.59 12.29 5.71


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





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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

¡ The Fund’s underweight in Utilities, compounded by unfavorable stock selection, contributed to the shortfall in relative performance in Q3.

¡ The interest rate sensitive REIT segment performed well; thus the underweight in REITs detracted from relative return. Stock selection within other Financial components was relatively weak in the quarter, especially in Consumer Finance and Diversified Financial Services.

¡ Healthcare was the only other sector where performance of the Fund significantly trailed the benchmark in Q3, most of it due to stock selection among biotech companies.

¡ On the positive side, the overweight in Information Technology companies and underweight in Energy stocks were additive this period. Better than average returns within the Energy, Industrials, and Information Technology sectors were also beneficial.

¡ For the trailing 12 month period, the Fund was well positioned by being underweight in Energy and Materials and had positive stock selection among Energy companies, but gave back some with unfavorable results in chemicals, paper, and forest products.

¡ In Financials, performance was hurt by an underweight in better performing subsectors, particularly REITS and banks. Some adverse performance results came from stock selection among insurance carriers.

¡ The Fund was underweight in the strong performing electric and multi-source utility companies during the period, a negative contributor to relative return.

¡ In Healthcare, the Fund overcame the disadvantage of an underweight in the best performing market segment with advantageous stock choices in providers and service companies within healthcare, e.g., the larger health insurance carriers.


Active Weights

6.64%

-2.27% -2.42% -2.17%-1.69%

-2.38%

7.89%

-0.64% -0.86%

-3.31%

1.24%


InformationTechnology

Materials

Cash

ConsumerStaples Energy Financials Healthcare Industrials

TelecommService Utilities






Fund 12.03 4.69 10.44 28.13 9.89 7.66 19.16 2.06 1.64 3.08 1.24

Benchmark 5.39 6.96 12.86 30.30 11.58 10.04 11.27 2.70 2.50 6.39 0.0





PROFILE Q3 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 0.97 1.00




Fund Size $292.0 MM

TOP TEN HOLDINGS

STATISTICS %

Apple Inc. 5.93


Home Depot, Inc. 2.58

Amazon.com, Inc. 2.19

Facebook, Inc. Class A 1.99

Gilead Sciences, Inc. 1.97


CVS Health Corporation 1.83

Visa Inc. Class A 1.69

Comcast Corporation Class A 1.64

20%

10%

0%

CUIT Growth B Russell 1000 Growth Index



Information Ratio -0.07 –





FUND PERFORMANCE


CUIT Growth A -4.80 3.61 12.62 13.00 6.03

CUIT Growth B -4.71 3.95 12.99 13.36 6.36

Russell 1000 Growth Index -5.29 3.17 13.61 14.47 8.09


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





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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

¡ A small overweight in Healthcare detracted from relative performance in the quarter but was compensated for with favorable stock selection within the sector. The only noticeable underweight among major sectors was in Industrials, but there was no meaningful impact on relative return. Within Healthcare, the Fund’s underweight in pharmaceutical companies was marginally additive for performance; however there were offsetting negative contributions from overweights in biotech and healthcare providers and services.

¡ The Fund’s overall composition was not significantly different than the benchmark index in sector exposures over the past twelve months. The only significant overweight, in Information Technology, had virtually no direct impact on relative performance.

¡ A smaller overweight in Healthcare was a positive contributor – and that contribution was significantly enhanced by positive stock selection within the sector.

¡ Limiting exposure to Energy companies to about half that in the benchmark index added approximately 50 basis points of return over the past 12 months.

¡ The Fund’s lone significant underweight among sector exposures was in Industrials, and that too was helpful in generating positive excess returns. A good portion of that was generated by avoiding sharp price declines in the stocks of machinery, road and rail companies, distributors and trading companies.


Active Weights0.29%

-0.01% -0.41%

1.68% 1.16%

-4.55%

2.20%

-0.87%-0.26% -0.05%

0.82%



MaterialsCash

ConsumerStaples Energy

Financials Healthcare

IndustrialsTelecomm

Service Utilities






Fund 21.76 11.19 0.28 7.11 17.95 6.53 29.94 2.61 1.81 0.00 0.82

Benchmark 21.47 11.20 0.69 5.43 16.79 11.08 27.74 3.48 2.07 0.05 0.0





PROFILE Q3 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 1,924 1,955


Fund Size $ 300.0 MM

TOP TEN HOLDINGS

STATISTICS %

Tyler Technologies, Inc. 0.31

Anacor Pharmaceuticals, Inc. 0.29

Core-Mark Holding Company, Inc. 0.28

Manhattan Associates, Inc. 0.28

CubeSmart 0.28

Investors Bancorp Inc. 0.26

First American Financial Corporation 0.26

MAXIMUS, Inc. 0.24

Casey's General Stores, Inc. 0.24

West Pharmaceutical Services, Inc. 0.24

20%

10%

0%

10

20

CUIT Small Cap B Russell 2000 Value Index



Information Ratio -0.34 –





FUND PERFORMANCE


CUIT Small Cap Equity Index A -12.02 0.80 10.46 11.07 –

CUIT Small Cap Equity Index B -11.91 1.11 10.79 11.40 –

Russell 2000 Index -11.92 1.25 11.02 11.73


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





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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



Active Weights0.16%

-0.19% -0.01% -0.01%-0.03% -0.01%-0.03% -0.03%

0.0%0.19%


InformationTechnology Materials

Cash

ConsumerStaples Energy Financials Healthcare Industrials

TelecommService

Utilities






Fund 14.70 3.17 2.91 25.84 15.39 12.17 17.51 3.51 0.85 3.75 0.19

Benchmark 14.54 3.36 2.92 25.87 15.44 12.20 17.52 3.54 0.85 3.76 0.00

¡ The Fund’s third quarter return was very much in line with the Russell 2000 Index. Even though they are relatively small sectors within the index, the largest negative returns came from the Energy and Materials sectors.

¡ Consumer Discretionary, Healthcare, Industrials, and Information Technology – four of the largest sectors of the small cap market – each experienced negative double digit returns over the three month period. Financials held up better than others but were still down more than 5%.

¡ There was a slight negative impact of the screening and re-weighting process within the biotech names but no other noticeable impacts among specific pharmaceutical and tobacco companies.

¡ Consistent with the most recent quarter, the Fund tracked closely sector by sector with the Index for the past one year.

¡ There was some relatively minor positive performance impacts of the screening and re-allocation process within the Materials sector, specifically among chemical producing companies.

¡ The only noticeable negative results for relative performance came from the biotech segment within Healthcare.

¡ Even though the tobacco companies had relatively strong returns over the past year, their weight is quite insignificant in the Russell 2000 Index. The total impact of screening tobacco over the past year is approximately 2 basis points.

¡ All other sectors of the Fund tracked closely with the Index.

-0.05%




PROFILE Q3 2015


CUIT International Equity Fund


InvestmentsSeasoned, well-established companies as well as relatively small, new companies; up to 30% 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)WCM (Effective 9/23/15)

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


CUIT International Equity A -11.89 -10.07 4.10 3.71 2.1

CUIT International Equity B -11.79 -9.69 4.53 4.13 2.51

MSCI ACWI ex-U.S. -12.10 -10.17 5.34 4.01 3.22


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.








GEOGRAPHIC DISTRIBUTIONINT'L INDEX

Europe 52.27 48.26

Pacific Basin 16.65 24.38

EM 18.71 20.48

Other 12.36 6.89

PORTFOLIO ANALYSIS








Beta 0.94 1.00




Fund Size $492.3 MM

TOP TEN HOLDINGS

STATISTICS %

Taiwan Semiconductor Manufacturing Co., Ltd. 2.35

Nestle S.A. 2.31

East Japan Railway Company 1.43

Toyota Motor Corp. 1.42

Chr. Hansen Holding A/S 1.41

Akzo Nobel N.V. 1.39

KDDI Corporation 1.38

Tencent Holdings Ltd. 1.30

RELX NV 1.29

ACE Limited 1.28

15%10%

5%0%

51015

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

FUND PERFORMANCE




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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







Fund 13.20 11.43 4.96 18.87 7.76 13.55 12.18 7.82 4.06 3.06 3.12

Benchmark 11.96 10.88 6.28 27.30 9.59 11.14 7.36 6.68 5.23 3.58 0.0


Active Weights

1.24%0.55%

-1.32%

-8.43%

-1.83%

2.41%

4.82%

1.14%

-1.17%-0.52%

3.12%



Materials CashConsumerStaples

Energy Financials Healthcare

Industrials

TelecommService Utilities

¡ During the quarter every major sector grouping experienced negative returns , with Energy stock returns the weakest. Double digit losses occurred also in Materials, Financials, Consumer Discretionary, Information Technology and Utilities.

¡ Relative to the benchmark, the underweight to Financials added to performance; however specific stock selection offset the benefit. Most other sector weights were close to the benchmark with no meaningful impact on relative performance. Transitional cash was a marginal positive benefit.

¡ Stock selection in aggregate was neutral, as gains generated within Industrials, Materials, and Telecommunications Services were offset by relatively poor results in Energy and Utilities.

¡ Specific country allocations within the Fund had little influence on Q3 returns relative to the benchmark.

¡ Performance over the training 12 months was in line with expectations and consistent with the objective to rely on bottom up stock selection rather than top down country and sector allocations.

¡ Attribution shows strong stock selection in Financials, Materials, and Industrials. The Energy sector, though not large, was a significant contributor on the negative side.

¡ Relative performance is by design driven more by the specific stocks rather than the country weights relative to the index.



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

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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.

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3Q 2015 Investment Portfolio Review · emblematic of global growth slump fears. Healthcare (-11%) also had a weak quarter. Pharmaceuticals and biotech shares saw pressure after Democratic