4Q 2019 Investment Portfolio Review4Q 2019 Investment Portfolio Review Leading Catholic...

4Q 2019

Investment Portfolio Review

Leading Catholic Institutional Investment Manager

■ Over $8.2 billion in assets under management

■ Exclusively serve Catholic institutions ■ Founded and owned by the

De La Salle Christian Brothers

Pioneered Catholic Responsible InvestmentsSM

■ Thoughtful and disciplined Catholic investment screens

■ Encourage companies to improve policies and practices through active ownership

Diversified Investment Programs ■ Manager of managers ■ Institutional pooled funds and

separate accounts

Unify Faith and Finance ■ Align investments with mission

Diverse Range of Needs■ Portfolio services for a range

of institutions■ Single- and multi-product

relationships with institutions and their consultants

Global Investor Base ■ Religious Institutes■ Dioceses/Parishes■ Education ■ Healthcare■ Foundations

CBIS helps Catholic organizations achieve their financial goals through

the socially responsible management of their investments.

BY PRODUCT TYPE ($MILLION)

BY CUIT TYPE ($MILLION)

Separate Accounts $562

Global Funds PLC (UCITS) $851

CUIT Funds $5,564

CUIT Magnus® Funds $1,241

Money Market

Opportunistic Bond

Core Index

Value

Short bond

Int. Diversified

Small cap

Growth

International

Int. Small Cap Equity*

CUIT Magnus®

CBIS Asset Review$8.2 BILLION IN TOTAL ASSETS

UNDER MANAGEMENT (12/31/19)

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

68%

7%10%

15%

1%

3%

0.1%

5%5%

29%

5%18%

5%4%

13%

17%

*The CUIT International Small Cap Equity Fund was added to the CUIT Funds in December 2019.

Key Highlights:Market Overviewpage 2

Investment Program Offeringspage 11

CUIT Fund’s Performancepage 12

CUIT Fund Reportspage 14

Investment Portfolio Review 4Q 2019

MARKET PERSPECTIVE 4Q 2019

Stage is Set for Continued Economic Growth in 2020

CatholicResponsibleInvestments


CAPITAL MARKETS REVIEW

I. S&P 500

II. Global Overview

III. U.S. Equity Markets

IV. U.S. Fixed Income Markets

V. Unemployment Rate

VI. Labor Force Participation Rate

VII. U.S. vs Euro ConsumerPrice Index

VIII. Real Gross Domestic Product

IX. Real Output Per Hour ofAll Persons

X. Working Age Population

XI. U.S. Federal Fund Rate vs GrossDomestic Product

The financial markets defied all reasonable expectations in 2019…The market

correction in the fourth quarter of 2018 is a distant memory in the past.


Capital Markets Review

I. S&P 500

■ The 4th quarter 2018 correctionhas been offset and more.

■ Reminder that equity marketsare volatile.

■ We believe long term trend ispositive and linked to economicfundamentals and companyearnings.

Source: S&P Dow Jones Indices LLC.

S&P 500

1

§ The 4th quarter 2018 correction hasbeen offset and more.

§ Reminder that equity marketsare volatile.

§ We believe long term trend ispositive and linked to economicfundamentals and companyearnings. In

dex

Source: S&P Dow Jones Indices LLC..

2300.00

2400.00

2500.00

2600.00

2700.00

2800.00

2900.00

3000.00

3100.00

3200.00

3300.00

2018-01 2018-04 2018-07 2018-10 2019-01 2019-04 2019-07 2019-10

Melt Up




Capital Markets Review

■ Equity “melt up” during fourthquarter as prospects for resolutionof US-China trade war emerged.

■ Growth remained the leader forthe quarter and year.

■ Decline in long-term bond yieldsdrove fixed income performancefor the year as the Federal Reserve reversed course and eased policy through the year.

■ Real Estate and Utilities, whichhad been sector leaders throughthe third quarter, gave up groundduring the 4th quarter “melt up”.

■ Sector gains were broad basedfor the year with the notable exception of energy. Despite tensions in the Middle East, energy prices remained stable through 2019, due in large part to increased US supply.

II. GLOBAL OVERVIEW

III. U.S. EQUITY MARKETS

Market Performance: 3 Month




Source: FactSet

Source: FactSet

Global Overview

2

MARKET PERFORMANCE: 12 MONTHMARKET PERFORMANCE: 3 MONTH

§ Equity “melt up” during fourth quarter as prospects for resolution of US-China trade war emerged.

§ Growth remained the leader for the quarter and year.

§ Decline in long-term bond yields drove fixed income performance for the year as the Federal Reserve reversed course and easedpolicy through the year.

Source: FactSet

0.4

0.2

9.1

9.1

7.4

10.6

8.2

9.0

6.2

11.9

9.6

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

Barclays U.S. Aggregate

S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600

MSCI ACWI-Ex US (USD)

MSCI ACWI-Ex US (Local)

MSCI EM (USD)

MSCI EM (Local)

2.2

8.7

31.5

31.0

26.5

36.4

22.8

22.1

21.4

18.9

18.5



S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600



MSCI EM (USD)

MSCI EM (Local)

Global Overview

2





Source: FactSet

0.4

0.2

9.1

9.1

7.4

10.6

8.2

9.0

6.2

11.9

9.6



S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600



MSCI EM (USD)

MSCI EM (Local)

2.2

8.7

31.5

31.0

26.5

36.4

22.8

22.1

21.4

18.9

18.5



S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600



MSCI EM (USD)

MSCI EM (Local)

Global Overview

2





Source: FactSet

0.4

0.2

9.1

9.1

7.4

10.6

8.2

9.0

6.2

11.9

9.6



S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600



MSCI EM (USD)

MSCI EM (Local)

2.2

8.7

31.5

31.0

26.5

36.4

22.8

22.1

21.4

18.9

18.5



S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600



MSCI EM (USD)

MSCI EM (Local)

Global Overview

2





Source: FactSet

0.4

0.2

9.1

9.1

7.4

10.6

8.2

9.0

6.2

11.9

9.6



S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600



MSCI EM (USD)

MSCI EM (Local)

2.2

8.7

31.5

31.0

26.5

36.4

22.8

22.1

21.4

18.9

18.5



S&P 500

Russell 3000

Russell 1000 Value

Russell 1000 Growth

S&P 600



MSCI EM (USD)

MSCI EM (Local)

U.S. Equity Markets

3


§ Real Estate and Utilities, which had been sector leaders through the third quarter, gave up ground during the 4th quarter “melt up”.

§ Sector gains were broad based for the year with the notable exception of energy. Despite tensions in the Middle East, energyprices remained stable through 2019, due in large part to increased US supply.

Source: FactSet

9.1

4.5

3.5

5.5

10.5

14.4

5.5

14.4

6.4

-0.5

9.0

0.8

S&P 500

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

31.5

27.9

27.6

11.8

32.1

20.8

29.4

24.6

29.0

32.7

26.3

S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

50.3

U.S. Equity Markets

3




Source: FactSet

9.1

4.5

3.5

5.5

10.5

14.4

5.5

14.4

6.4

-0.5

9.0

0.8

S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

31.5

27.9

27.6

11.8

32.1

20.8

29.4

24.6

29.0

32.7

26.3

S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

50.3

U.S. Equity Markets

3




Source: FactSet

9.1

4.5

3.5

5.5

10.5

14.4

5.5

14.4

6.4

-0.5

9.0

0.8

S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

31.5

27.9

27.6

11.8

32.1

20.8

29.4

24.6

29.0

32.7

26.3

S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

50.3

U.S. Equity Markets

3




Source: FactSet

9.1

4.5

3.5

5.5

10.5

14.4

5.5

14.4

6.4

-0.5

9.0

0.8

S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

31.5

27.9

27.6

11.8

32.1

20.8

29.4

24.6

29.0

32.7

26.3

S&P 500


Consumer Staples

Energy

Financials

Healthcare

Industrials

Info Technology

Materials

Real Estate

Telecom

Utilities

50.3



IV. U.S. FIXED INCOME MARKETS

Market Performance: 3 Month Market Performance: 12 Month

Treasury Yield Curve

Source: FactSet Absolute Return Duration-Adjusted Excess Return

■ Absolute returns have been strongacross the fixed income sectors.

■ The MBS sector underperformedon a relative basis due toincreased interest rate volatilityand overall decline in yields.

■ High Yield continues to recoverfrom the relative drawdown in thesecond half of 2018.

■ The economic effects of thetrade war have led to a significant decline in interest rates.

■ Year over year, the yield curve hasshifted down in a parallel fashion. The brief curve inversion has been curtailed as the curve steepened through the 4th quarter.

U.S. Fixed Income Markets

4


§ Absolute returns have been strong across the fixed income sectors.

§ The MBS sector underperformed on a relative basis due to increased interest rate volatility and overall decline in yields.

§ High Yield continues to recover from the relative drawdown in the second half of 2018.

Absolute Return Duration-Adjusted Excess ReturnSource: FactSet

8.7

6.9

6.3

4.5

8.3

14.5

14.3

0.5

0.7

1.7

6.2

8.9


Treasury

MBS

ABS

CMBS

Corporate

High Yield

0.2

-0.8

0.7

0.4

-0.3

1.2

2.6

0.6

0.0

0.0

2.4

2.5


Treasury

MBS

ABS

CMBS

Corporate

High Yield


4






8.7

6.9

6.3

4.5

8.3

14.5

14.3

0.5

0.7

1.7

6.2

8.9


Treasury

MBS

ABS

CMBS

Corporate

High Yield

0.2

-0.8

0.7

0.4

-0.3

1.2

2.6

0.6

0.0

0.0

2.4

2.5


Treasury

MBS

ABS

CMBS

Corporate

High Yield


4






8.7

6.9

6.3

4.5

8.3

14.5

14.3

0.5

0.7

1.7

6.2

8.9


Treasury

MBS

ABS

CMBS

Corporate

High Yield

0.2

-0.8

0.7

0.4

-0.3

1.2

2.6

0.6

0.0

0.0

2.4

2.5


Treasury

MBS

ABS

CMBS

Corporate

High Yield

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y


5

TREASURY YIELD CURVE

§ The economic effects of the trade war have led to a significant declinein interest rates.

§ Year over year, the yield curve hasshifted down in a parallel fashion.The brief curve inversion has beencurtailed as the curve steepenedthrough the 4th quarter.

Source: Bloomberg

-1.5-1.0-0.50.00.5

1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y

12/31/20189/30/2019

3 Mo Change

12/31/2019

12 Mo ChangeSource: Bloomberg

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

1990 1993 1995 1998 2000 2003 2005 2008 2010 2013 2015 2018

Unemployment Rate

6

§ Global economies are onsound footing.

§ Unemployment continues todecline/remain low.

§ Consumer is poised tosupport economies.

Source: U.S. Bureau of Labor Statistics. Shaded areas indicate U.S. recessions.

Perc

ent

US Unemployment Rate EU Unemployment Rate



V. UNEMPLOYMENT RATE

VI. LABOR FORCE PARTICIPATION RATE

■ Global economies are onsound footing.

■ Unemployment continues todecline/remain low.

■ Consumer is poised tosupport economies.

■ Labor participation, whichdeclined precipitously postthe Global Financial Crisis isrecovering.

■ Tightness in labor market isbringing workers back to theworkforce.

■ Despite low unemployment levels,we feel this recovery will keepinflation in check.

Source: U.S. Bureau of Labor Statistics. Shaded area indicate U.S. recessions.


U.S. Unemployment Rate EU Unemployment Rate Labor Force Participation Rate

7

§ Labor participation, which declined precipitously post the GlobalFinancial Crisis is recovering.

§ Tightness in labor market is bringingworkers back to the workforce.

§ Despite low unemployment levels,we feel this recovery will keepinflation in check.


Perc

ent

59.0

60.0

61.0

62.0

63.0

64.0

65.0

66.0

67.0

68.0

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015



VII. U.S. VS. EURO CONSUMER PRICE INDEX

VIII. REAL GROSS DOMESTIC PRODUCT

■ Inflation is well contained globally.

■ Global Central bankers will remaincautious in tightening monetarypolicies.

■ Nevertheless, fundamentals donot justify lower rates.

■ We expect a slow pace towardslong-term normalization.

■ The most recent decade hasexperienced the lowest averagegrowth rate since the ‘70’s.

■ Economic growth is a function ofgrowth in labor force and increasein productivity.

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

1997 2001 2005 2009 2013 2017

US vs. Euro Consumer Price Index

8

§ Inflation is well contained globally.

§ Global Central bankers will remaincautious in tightening monetarypolicies.

§ Nevertheless, fundamentals do notjustify lower rates.

§ We expect a slow pace towardslong-term normalization.

Perc

ent C

hang

e fro

m Y

ear A

go

US CPI EU CPI




U.S. CPI EU CPI

Gross Domestic Product Decade Average

Real Gross Domestic Product

9

§ The most recent decade hasexperienced the lowest average growth rate since the ‘70’s.

§ Economic growth is a function ofgrowth in labor force and increasein productivity.

Perc

ent C

hang

e fro

m P

rece

ding

Per

iod


Gross Domestic Product Decade Average

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015



IX. REAL OUTPUT PER HOUR OF ALL PERSONS

X. WORKING AGE POPULATION (Aged 15-64 – All Persons for the United States)

■ Despite technology advances,productivity gains have beensub-par, particularly comparedto increases in the ‘90’s andearly 00’s.

■ Has technology reached thelimit of marginal contributionsto productivity?

■ Disturbing trend in US.

■ Demographics are workingagainst significant increase inUS growth.

■ This is similar to the situation inJapan, leading to….

■ Lower for longer: lower interestrates, lower economic growth.


Nonfarm Business Sector Decade Average

Working Age Population (Aged 15-64 – All Persons for the United States)

11

Perc

ent C

hang

e fro

m Y

ear A

go

Source: Organization for Economic Co-Operation and Development. Shaded areas indicate U.S. recessions.

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

1975 1980 1985 1990 1995 2000 2005 2010 2015

§ Disturbing trend in US.

§ Demographics are working against significant increase in US growth.

§ This is similar to the situation inJapan, leading to….

§ Lower for longer: lower interestrates, lower economic growth.

Source: Organization for Economic Co-Operation and Development. Shaded area indicate U.S. recessions.

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018

Real Output Per Hour of All Persons

10

§ Despite technology advances, productivity gains have beensub-par, particularly compared to increases in the ‘90’s and early 00’s.

§ Has technology reached the limit of marginal contributions to productivity?

Perc

ent C

hang

e fro

m P

rece

ding

Per

iod


Nonfarm Business Sector Decade Average



XI. U.S. FEDERAL FUND RATE VS. GROSS DOMESTIC PRODUCT

■ Federal Reserve remainsstimulative.

■ Tensions in Middle East, politicsin 2020 will tend to keep the Federring on the side of continuedstimulation.

■ Favorable conditions for positiveequity returns, though we do notexpect a repeat of 2019.

Source: BEA, Board of Governors. Shaded area indicate U.S. recessions.

U.S. Federal Fund Rate vs. Gross Domestic Product

12

§ Federal Reserve remains stimulative.

§ Tensions in Middle East, politics in2020 will tend to keep the Fed erringon the side of continued stimulation.

§ Favorable conditions for positiveequity returns, though we do notexpect a repeat of 2019.

Perc

ent C

hang

e fro

m Y

ear A

go

Sources: BEA, Board of Governors. Shaded areas indicate U.S. recessions.

Gross Domestic Product

Effective Federal Funds Rate

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018



Market Musings

The financial markets defied all reasonable expectations in

2019. Despite an ongoing trade war between the US and China,

uncertainty over the resolution of Brexit, and the impeachment

of President Trump by the US House of Representatives, global

equity markets, as represented by the MSCI All Country World

Index (US Dollar), returned 26.6%. The US equity markets were

even stronger, with a 31.5% return for the S&P 500 index (including

dividends). The market correction in the fourth quarter of 2018 is a

distant memory in the past.

Given the strong market gains in 2019, a reasonable question is

whether we are due for a bear market. While corrections of 10-20%

are to be expected, we do not foresee an imminent bear market

because economic conditions remain benign.

The unemployment situation in both the US and Europe

remains quite favorable. And, in an important development,

the labor participation rate in the US has finally shown signs

of improving. After the financial crisis, we saw a significant

reduction in the percentage of working age persons working and/

or searching for work. (This decline in the participation rate

represents approximately 4.6 million people.) There was a large

“disenfranchised” workforce not working. The increase in labor

participation is a positive development indeed.

Moreover, the low levels of unemployment have defied the Phillips

Curve, which states there is a tradeoff between unemployment and

inflation. Inflation remains quite contained globally, which is, to

an extent, due to the lower potential growth in GDP. We are not

growing at a rate that will drive increased pricing pressures. Simply

put, economic growth is a function of how many people are working

and how productive the workers are. We have seen a decade over

decade decline in GDP growth, particularly in the US.

This correlates quite closely with the decline in productivity growth,

and more disturbing, the decline in the labor force. We believe the

developed nations of the world may be faced with a demographic

headwind for quite some time.

As a result, we expect the Federal Reserve and other global central

banks to be moderate in their pursuit to normalize interest rates.

One indicator of whether the Fed is stimulative or restrictive is the

relationship between nominal GDP growth and the Fed Funds rate.

When the Fed Funds rate is below nominal GDP growth, the Fed is

stimulative, as it is currently. The Fed has capacity to increase rates

before it would be considered restrictive, to about 2.25% based on

current nominal GDP growth.

We do not expect a continued “melt-up” in global equity markets

in 2020. Corrections may occur from time to time, but we believe

the economic landscape supports continued economic growth and

market returns in line with earnings growth, which we anticipate to

be in the range of 5-10%. The risk to this forecast remains a policy

mistake, as always. Barring that, in our view the economy and

markets remain on solid footing.

John W. Geissinger, CFA Chief Investment Officer, CBIS

Opinions are subject to change and may not reflect the actual performance results of the markets and/or CBIS products.

Investment Programs OfferingsCBIS Offers Pooled Funds through its CUIT and Global Funds plc (UCITS) Fund families

CUIT FUND BENCHMARK MANAGER(S)

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

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

CUIT Intermediate Diversified Bond Bloomberg Barclays Aggregate Index Dodge & Cox, Brandywine Global, SLC Management

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

CUIT Core Equity Index S&P 500 RhumbLine

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

CUIT Growth Russell 1000 Growth Index LA Capital, Wellington

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

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

CUIT International Small Cap Equity MSCI All Country World ex US Small-Cap Index Lazard, Global Alpha

UCITS FUND BENCHMARK MANAGER(S)

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

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

European Equity MSCI Europe Index Degroof Fund Management Company

World Equity MSCI AC World IndexScott Investment Partners; Los Angeles

Capital Management Equity Research

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

CUIT MAGNUS FUNDS RETURN-SEEKING RISK-REDUCING ASSETS

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

4.50%9.00%3.50%

22.25%3.50%2.25%

CUIT Short BondCUIT Opportunistic Bond CUIT Intermediate Diversified Bond

13.75%13.75%

27.5%

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

6.00%12.00%12.00%15.00%12.00%

3.00%


10.0%10.0%20.0%

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

6.00%12.00%39.00%

3.00%


10.0%10.0%20.0%

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

7.50%15.00%

7.50%33.75%

7.50%3.75%


6.25%6.25%12.5%

*The CUIT International Small Cap Equity Fund was allocated to Magnus® in December 2019.

Multi-Asset Program Offerings: Magnus Fund Series CBIS offers the Magnus Fund Series, a Catholic United Investment Trust (CUIT) Fund Family, in the U.S. Powered by the CUIT single asset funds, each Magnus Fund is designed to achieve a diversified and optimized balance between return-seeking and risk-reducing asset classes.




Please review the Important Disclosures on page 42 for further information.

CUIT Funds Performance (December 31, 2019)

INVESTMENT OPTION/BENCHMARK 1MONTH

3 MONTHS

1YEAR

3YEARS

5YEARS

10YEARS

SINCEINCEPTION

INCEPTIONDATE

CUIT Money Market Fund 0.14 0.46 2.20 1.62 1.03 0.52 3.18 Jan 1985

Bloomberg Barclays US Short Treasury - Bills (1-3M) Index ±

0.14 0.44 2.21 1.61 1.04 0.56 3.58

CUIT Short Bond Fund 0.12 0.54 4.14 2.41 2.01 2.08 5.05 Jan 1985

Bloomberg Barclays 1-3 Year Treasury Index ** 0.22 0.51 3.59 1.85 1.39 1.22 4.85

CUIT Opportunistic Bond Fund Class A 0.29 0.59 5.35 2.58 2.25 * 1.83 May 2013

CUIT Opportunistic Bond Fund Class B 0.39 0.69 5.56 2.75 2.43 * 1.98 May 2013

Bloomberg Barclays 1-5 Year US Gov't/Credit Index 0.21 0.50 5.01 2.54 2.03 * 1.69

CUIT Inter. Diversified Bond Fund Class A 0.02 0.28 8.78 3.99 3.06 3.94 5.63 Jan 1995

CUIT Inter. Diversified Bond Fund Class B 0.02 0.28 8.93 4.14 3.20 4.09 4.64 Jan 2003

Bloomberg Barclays Capital Aggregate Bond Index -0.07 0.18 8.72 4.03 3.05 3.75 5.57/4.16

CUIT Value Equity Fund Class A 2.27 7.71 23.06 8.23 6.86 10.94 9.41 Jan 1995

CUIT Value Equity Fund Class B 2.31 7.80 23.50 8.63 7.24 11.33 9.44 Jan 2003

Russell 1000 Value Index 2.75 7.41 26.54 9.68 8.29 11.80 10.07/9.34

CUIT Core Equity Index Fund Class A 2.98 8.80 32.05 15.60 11.50 13.27 10.01 Jan 1995

CUIT Core Equity Index Fund Class B 3.00 8.87 32.33 15.83 11.73 13.50 6.53 Mar 2000

S&P 500 Index 3.02 9.07 31.49 15.27 11.70 13.56 10.22/6.49

CUIT Growth Fund Class A 2.60 9.25 33.46 18.54 13.07 13.77 9.16 Jan 1991

CUIT Growth Fund Class B 2.63 9.33 33.87 18.90 13.42 14.12 9.89 Jan 2003

Russell 1000 Growth Index **** 3.02 10.62 36.39 20.49 14.63 15.22 10.30/11.30

CUIT Small Cap Equity Index Fund Class A 3.05 8.20 22.24 8.41 7.92 11.35 6.97 Jan 2007

CUIT Small Cap Equity Index Fund Class B 3.06 8.21 22.58 8.74 8.23 11.69 7.28 Jan 2007

S&P SmallCap 600 Index § 2.99 8.21 22.78 8.99 8.47 11.95 7.51

CUIT International Equity Fund Class A 4.58 10.10 26.10 11.42 6.59 6.38 6.05 Jan 1995

CUIT International Equity Fund Class B 4.66 10.27 26.75 11.95 7.06 6.83 2.84 Mar 2000

MSCI ACWI-ex U.S. ‡ 4.36 8.99 22.13 10.40 6.33 6.07 5.60/4.03


INVESTMENT OPTION/BENCHMARK 1MONTH

3 MONTHS

1YEAR

3YEARS

5YEARS

10YEARS

SINCEINCEPTION

INCEPTIONDATE

CUIT Magnus® 60 40 Alpha Plus Class A 2.12 5.62 19.25 * * * 7.36 Jul 2018

CUIT Magnus® 60 40 Alpha Plus Class B 2.02 5.60 19.44 * * * 7.56 Jul 2018

40% BBAgg / 45% Russell 3000 / 15% MSCI ACWI-ex U.S.

1.92 5.47 20.63 * * * 8.88

CUIT Magnus® 60 40 Beta Plus Class A 2.13 5.65 20.26 * * * 7.65 Aug 2018

CUIT Magnus® 60 40 Beta Plus Class B 2.19 5.77 20.58 * * * 9.00 Sep 2018

40% BBAgg / 45% Russell 3000 / 15% MSCI ACWI-ex U.S.

1.92 5.47 20.63 * * * 8.31/9.35

CUIT Magnus® 45 55 Fund Class A 1.63 4.29 16.32 * * * 9.59 Oct 2018

55% BBAgg / 33.75% Russell 3000 / 11.25% MSCI ACWI-ex U.S.

1.42 4.13 17.60 * * * 10.39

CUIT Magnus® 75 25 Class A 2.52 6.69 22.41 * * * 16.04 Nov 2018

CUIT Magnus® 75 25 Class B 2.61 6.68 * * * * 9.86 Apr 2019

25% BBAgg / 56.25% Russell 3000 / 18.75% MSCI ACWI ExUs

2.42 6.81 23.69 * * * 17.91/10.57


Please review the Important Disclosures on page 42 for further information.

CUIT Magnus® Funds Performance (December 31, 2019)


Credit Quality %FUND BENCHMARK

A-1+ or higher 56.3 100.0

A-1 40.5 0.0

Less than A-1 2.9 0.0

Cash 0.3 0.0

Portfolio AnalysisSTATISTICS FUND BENCHMARK

Effective Duration (years) 0.2 0.1

Average Quality A-1+ A-1+

Yield-to-Maturity 1.9 1.4

Fund Size $82.5 MM

Objective Capital preservation, liquidity and current income

InvestmentsHigh quality and high liquidity fixed income obligations with short maturities

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

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

Asset ManagersWellington Management Company (Effective 2001)

Total Expense Ratio / Minimum 0.35% / No Minimum


Q4 2019 FUND FACTS

CUIT Money Market Fund

Fund Performance

CUIT Money Market

Bloomberg Barclays US Short Treasury - Bills (1-3M) Index

2.5%2.0%1.5%1.0%0.5%

0%3 MO 1 YR 3 YR 5 YR 10 YR

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

CUIT Money Market 0.46 2.20 1.62 1.03 0.52

Bloomberg Barclays US Short Treasury-Bills (1-3M) Index 0.44 2.21 1.61 1.04 0.56

CALENDAR YEAR RETURN 2019 2018 2017 2016 2015

CUIT Money Market 2.20 1.74 0.93 0.31 0.02

Bloomberg Barclays US Short Treasury-Bills (1-3M) Index 2.21 1.82 0.81 0.33 0.05

Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2.

Source: FactSet

Source: FactSet

Source: FactSet

Maturity DistributionFUND

0 to 7 Days 34.4

8 to 29 Days 15.9

30 - 59 Days 17.7

60 - 89 Days 12.5

90 - 179 Days 10.0

180 and Over 9.6

Market Sector Analysis %US Government

& AgenciesCertificates of Deposit

Repurchase Agreements Commercial Paper Corporate Asset-Backed

SecuritiesNon-Corporate

Credit Cash

Fund 33.4 9.2 2.7 5.5 16.2 32.7 0.0 0.3Benchmark 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Active Weights -66.6 9.2 2.7 5.5 16.2 32.7 0.0 0.3

Source: FactSet.



Q4 2019 FUND FACTS

CUIT Money Market Fund

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

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

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.

12-Month Review■ Overall, the Money Market Fund had a solid year.

■ On October 30, 2019, the Federal Reservelowered the Federal Funds rate for the third time during the year, a move that was widely expected and fully priced in the market.

■ The Fund’s yield to maturity declined.

■ An allocation to consumer ABS and investmentgrade Corporates contributed. Duration posturewas additive. Positioning in U.S. governmentsand non-corporate credit had a neutral impact.

3-Month Review■ Yields on the front end of the curve declined.

■ During the 3-month period, the Fund’s yield tomaturity declined.

■ Allocation to consumer ABS and investmentgrade Corporate securities positively impactedfund results. Duration/yield curve positioninghad a neutral impact as did positioning in U.S.governments and non-corporate credit.

Current Positioning■ The portfolio’s duration posture is slightly

longer than the benchmark.

■ The sub-advisor maintains a modestpro-cyclical positioning in corporate bondsbased on supportive technicals and stablefundamentals, though tight valuations tempertheir enthusiasm.

All attribution is based on gross portfolio performance.


Objective Capital preservation and current income in excess of cash market yields

InvestmentsShort-term U.S. government, agency, corporate, asset-backed and mortgage-backed securities; Up to 10% of the portfolio may be invested in short-maturity bonds rated below investment-grade

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

BenchmarkBloomberg Barclays 1-3 Year U.S. Treasury Index

Asset ManagersLongfellow Invst. Mgmt. Co. (Effective 2008)

Total Expense Ratio / Minimum 0.33% / No Minimum


Q4 2019 FUND FACTS

CUIT Short Bond Fund

Fund Performance

CUIT Short Term Bond

Bloomberg Barclays 1-3 Year U.S. Treasury Index

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

3 MO 1 YR 3 YR 5 YR 10 YR


CUIT Short Bond Fund 0.54 4.14 2.41 2.01 2.08

Bloomberg Barclays 1-3 Year U.S. Treasury Index 0.51 3.59 1.85 1.39 1.22


CUIT Short Bond Fund 4.14 1.41 1.71 1.99 0.81

Bloomberg Barclays 1-3 Year U.S. Treasury Index 3.59 1.56 0.42 0.86 0.54


Average Maturity (years) 2.3 1.9


Average Quality AA- TSY

Yield-to-Maturity 2.3% 1.6%

Current Yield 2.8% 1.8%

# of Securities 209 94

Effective Duration %FUND BENCHMARK

<1 Year 26.1 3.9

1-3 Years 52.5 96.1

3-5 Years 19.4 0.0

5-7 Years 2.0 0.0


AAA 59.8 100.0

AA 4.9 0.0

A 15.3 0.0

BBB 15.7 0.0

Below BBB 3.3 0.0

Cash 1.0 0.0

Risk Metrics (5yr)CHARACTERISTICS FUND BENCHMARK

Standard Deviation 0.8 0.9

Tracking Error 0.4 0.0

Sharpe Ratio 1.6 0.4

Information Ratio 2.2 N/A

Upside Capture 115.1 100.0

Downside Capture -7.7 100.0

Market Sector Analysis %Treasuries Agencies Industrials Finance Utilities Supra-

national Sovereign MBS CMO CMBS ABS Municipals CoveredBonds

Merger/Arbitrage Cash

Fund 27.3 5.4 15.9 13.9 2.0 0.0 0.0 2.9 0.7 11.1 17.7 2.1 0.0 0.0 1.0Benchmark 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Active Weights -72.7 5.4 15.9 13.9 2.0 0.0 0.0 2.9 0.7 11.1 17.7 2.1 0.0 0.0 1.0

Source: FactSet

Total Fund Value $444.1 MMCUIT Short Bond Fund $325.5 MM

CUIT Short Bond Fund in Magnus® $118.6 MM


Source: FactSet

Source: eVestment Source: FactSet

Source: FactSet



Q4 2019 FUND FACTS

CUIT Short Bond Fund

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



12-Month Review■ Duration positioning detracted.

■ Curve positioning was neutral.

■ Sector allocation was the main driver ofoutperformance and driven primarily by theFund’s holdings in CMBS, Financial Institutionsand Industrials.

■ Security selection was neutral for the trailingtwelve months.

3-Month Review■ The Fund’s duration positioning was neutral.

■ Curve positioning detracted.

■ Sector allocation was the main contributorwith Corporates and securitized exposuresleading performance.

■ Security selection was neutral.

Current Positioning

■ The Fund maintains a slight duration overweight.

■ The Fund has maintained its “barbelled”positioning relative to the benchmark inanticipation of a continued flattening of the yieldcurve.

■ The Fund is overweight non-Treasury sectors.High yield exposure has remained around 5%recently and stands at 3% on December 31st.Those holdings are focused primarily in BBand B rated securities.

Attribution 3-MONTH 1-YEAR

Duration -0.02 -0.09

Curve -0.11 0.02

Sector Allocation 0.23 1.00

Security Selection 0.00 0.00

Total 0.10 0.93

Source: FactSet. All attribution is based on gross portfolio performance.



<1 Year 22.3 3.3

1-3 Years 40.6 60.5

3-5 Years 30.1 36.2

5-7 Years 5.9 0.0

7-10 Years 1.0 0.0

10-20 Years 0.1 0.0

>20 Years 0.0 0.0




Fund 12.5 1.9 19.0 16.4 1.2 0.0 0.0 4.2 0.6 17.0 13.2 2.8 0.0 9.4 1.7Benchmark 65.2 4.7 13.7 10.7 1.1 3.2 0.7 0.0 0.0 0.0 0.0 0.7 0.0 0.0 0.0Active Weights -52.7 -2.8 5.3 5.6 0.1 -3.2 -0.7 4.2 0.6 17.0 13.2 2.1 0.0 9.4 1.7


AAA 42.5 71.3

AA 10.2 4.8

A 21.6 11.8

BBB 19.7 12.1

Below BBB 5.8 0.0







Downside Capture 21.8 100.0




Average Quality A+ AA



# of Securities 288 2,919

Objective Current income and long-term capital appreciation

InvestmentsU.S. government, agency, corporate, mortgage- and asset-backed securities (below-BBB permitted to 20% of assets); Merger-arbitrage strategy, opportunistic / modest use

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

BenchmarkBloomberg Barclays 1-5 Year Government/Credit Index

Asset ManagersLongfellow Invst. Mgmt. (Effective 2013) Brandywine Global Invst. Mgmt. (Effective 2019)

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


Q4 2019 FUND FACTS

CUIT Opportunistic Bond Fund

Fund Performance

CUIT Opportunistic Bond Fund Class A

CUIT Opportunistic Bond Fund Class B

Bloomberg Barclays 1-5 Yr Gov’t/Credit

6%

4%

2%

0%3 MO 1 YR 3 YR 5 YR 10 YR


CUIT Opportunistic Bond Fund Class A 0.59 5.35 2.58 2.25 -

CUIT Opportunistic Bond Fund Class B 0.69 5.56 2.75 2.43 -

Bloomberg Barclays 1-5 Yr Gov’t/Credit Index 0.50 5.01 2.54 2.03 -


CUIT Opportunistic Bond Fund Class A 5.35 0.82 1.63 2.54 0.98

CUIT Opportunistic Bond Fund Class B 5.56 0.96 1.78 2.69 1.23

Bloomberg Barclays 1-5 Yr Gov’t/Credit Index 5.01 1.38 1.27 1.56 0.97


Source: FactSet. Bond allocation excludes mergers and acquisitions.

Source: eVestment

Source: FactSet. Includes cash.

Source: FactSet

Source: FactSet

Total Fund Value $466.6 MMCUIT Opportunistic Bond Fund Class A $48.6 MM

CUIT Opportunistic Bond Fund Class B $300.0 MM

CUIT Opportunistic Bond Fund in Magnus® $118.0MM



Q4 2019 FUND FACTS

CUIT Opportunistic Bond Fund

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



12-Month Review■ Contributions from curve positioning, sector

allocation, and security selection more thanoffset the negative impact of the durationposition within the bond only portfolio.

■ Shorter average duration detracted from results.

■ Curve positioning was slightly additive.

■ Sector allocation was the strongest contributor,underweight to Treasuries and overweight toCorporate sectors delivered positive results. Anoverweight to ABS was the primary detractor.

■ Security selection also contributed, as holdingswithin Industrials and Treasuries outperformed.

■ The Merger Arbitrage portfolio contributedsignificantly.

3-Month Review

■ The Fund’s duration posture had little impact.

■ Yield curve positioning was slightly negative forthe period.

■ Sector allocation was a big contributor, as theFund’s underweight to Treasuries and overweight in Corporates positively impacted returns.

■ Security selection was positive for the period.Specific holdings within Industrials accounted formuch of the positive stock selection results.

■ The Merger Arbitrage outpaced both thebenchmark and the bond only portfolios,which was additive.

Current Positioning■ The Fund’s duration is shorter relative to the

benchmark.

■ The Fund is positioned toward a neutral to slightflattening across the yield curve.

■ Sector exposure emphasizes Corporates andsecuritized areas, which is supported by acontinued underweight to Treasuries.

■ The Fund’s allocation to high yield securities ispredominately held in BB and B credit buckets.


Duration 0.01 -0.19

Curve -0.10 0.08



Total 0.16 0.76











<1 Year 11.9 1.2

1-3 Years 30.9 33.0

3-5 Years 24.6 31.2

5-7 Years 8.1 11.2

7-10 Years 12.2 6.7

10-20 Years 10.6 15.8

>20 Years 1.7 0.9







# of Securities 700 10,982

Objective Current income and long-term capitalappreciation

InvestmentsU.S. government and agency securities, Corporate bonds, mortgage- and asset-backed securities (below-BBB permitted up to 10% of total Fund assets)

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

BenchmarkBloomberg Barclays Aggregate Bond Index

Asset ManagersDodge & Cox, Inc. (Effective 1995)SLC Management (Effective 2019)* Brandywine Global Invst. Mgmt. (Effective 2019)



Q4 2019 FUND FACTS

CUIT Int. Diversified Bond Fund

Fund Performance

CUIT Int. Divers. Bond A

CUIT Int. Divers. Bond B

Bloomberg Barclays Aggregate Bond Index

10%8%6%4%2%

03 MO 1 YR 3 YR 5 YR 10 YR


CUIT Int. Diversified Bond Fund Class A 0.28 8.78 3.99 3.06 3.94

CUIT Int. Diversified Bond Fund Class B 0.28 8.93 4.14 3.20 4.09

Bloomberg Barclays Aggregate Bond Index 0.18 8.72 4.03 3.05 3.75


CUIT Int. Diversified Bond Fund Class A 8.78 0.00 3.38 3.53 (0.13)

CUIT Int. Diversified Bond Fund Class B 8.93 0.14 3.54 3.69 (0.05)

Bloomberg Barclays Aggregate Bond Index 8.72 0.01 3.54 2.65 0.55


Source: FactSet

Source: eVestment Source: eVestment

Source: FactSet


AAA 51.1 72.0

AA 3.7 3.2

A 15.0 10.5

BBB 21.5 13.1

Below BBB 6.8 1.2

Cash 1.8 0.0




Fund 25.0 1.3 16.7 15.4 1.5 0.0 0.0 18.1 1.3 10.3 7.5 0.9 0.0 0.0 1.8Benchmark 39.5 2.5 15.5 7.9 1.9 1.3 1.0 27.0 0.0 2.0 0.5 0.9 0.0 0.0 0.0Active Weights -14.5 -1.1 1.3 7.5 -0.4 -1.3 -1.0 -8.9 1.3 8.3 7.1 -0.1 0.0 0.0 1.8

Source: FactSet

Total Fund Value $1,392.7 MMCUIT Int. Diversified Bond Fund Class A $83.5 MM

CUIT Int. Diversified Bond Fund Class B $1,073.9 MM

CUIT Int. Diversified Bond Fund in Magnus® $235.2 MM



Q4 2019 FUND FACTS

CUIT Int. Diversified Bond Fund

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



12-Month Review■ The Fund’s shorter than benchmark duration

had a negative impact.

■ Curve positioning had a positive impact.

■ Sector positioning had a meaningful impact forthe period, driven by the Fund’s overweightto Corporates, especially Financials, andunderweight to MBS and U.S. Treasuries.

■ Security selection was the biggest driver duelargely to selection within the Industrial bond, Agency and CMBS sectors. Selection within MBS and Financials detracted.

3-Month Review

■ Sector allocation added to relativeperformance, especially the overweight toFinancials and underweight to U.S.Treasuries.

■ The Fund’s shorter relative durationcontributed as rates moved higher forlonger dated securities.

■ Curve positioning had a modest positiveimpact on relative results.

Current Positioning■ The relatively shorter effective duration

declined modestly during the quarter.

■ There was a modest shift from the longer partof the curve to the shorter.

■ Corporate credit overweight; the positioning inhigh yield credits increased. Within securitized,MBS is the largest underweight and ABSthe largest overweight. U.S. Treasuries areunderweight.


Duration 0.08 -0.16

Curve 0.02 0.10



Total 0.26 0.73










Top Ten HoldingsNAME %

Microsoft Corporation 5.0

Apple Inc. 4.7

Alphabet Inc. 3.2

Amazon.com, Inc. 2.9

Berkshire Hathaway Inc. 2.3

Facebook, Inc. 1.9

JPMorgan Chase & Co. 1.6

Coca-Cola Company 1.2

Visa Inc. 1.2

Abbott Laboratories 1.2


Q4 2019 FUND FACTS

CUIT Core Equity Index Fund

Fund Performance

CUIT Core Equity A

CUIT Core Equity B

S&P 500 Index

40%

30%

20%

10%

0%3 MO 1 YR 3 YR 5 YR 10 YR


CUIT Core Equity A 8.80 32.05 15.60 11.50 13.27

CUIT Core Equity B 8.87 32.33 15.83 11.73 13.50

S&P 500 9.07 31.49 15.27 11.70 13.56


CUIT Core Equity A 32.05 (4.62) 22.64 11.27 0.29

CUIT Core Equity B 32.33 (4.42) 22.87 11.51 0.50

S&P 500 31.49 (4.38) 21.83 11.96 1.38

Source: BNY Mellon. Please see Important Information on page 2.

Source: FactSet

Source: FactSet

Source: eVestment

Source: FactSet


Weighted Median Market Cap $101.5B $126.5B

Price/Book 3.4x 3.5x

Price/Earnings 23.0x 22.9x

Return on Equity 25.8% 24.5%

Dividend Yield 1.7% 1.8%

5-year Earnings Growth 14.8% 14.3%

Beta 1.0 1.0

Active Share 14.8 N/A

10 Largest Holdings 25.3 22.7

# of Equity Securities 463 505

Turnover Rate 23.8 N/A

Market Sector Analysis %Communication

ServicesConsumer

DiscretionaryConsumer

Staples Energy Financials Health Care Industrials Information

Technology Materials Real Estate Utilities Cash

Fund 10.8 9.8 6.8 4.3 13.6 12.1 8.6 23.7 3.1 3.4 3.3 0.5Benchmark 10.4 9.8 7.2 4.3 13.0 14.2 9.1 23.2 2.7 2.9 3.3 0.0Active Weights 0.4 0.0 -0.4 -0.1 0.6 -2.1 -0.5 0.5 0.4 0.5 0.0 0.5

Objective Long-term capital appreciation

InvestmentsEquity securities in S&P 500 except those screened by CBIS’ Catholic investment screens criteria

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

BenchmarkS&P 500 Index

Asset ManagersRhumbLine Advisers (Effective 1995)

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

Total Fund Value $2,223.0 MMCUIT Core Equity Fund Class A $76.3 MM

CUIT Core Equity Fund Class B $1,473.1 MM

CUIT Core Equity Fund Class C $414.3 MM

CUIT Core Equity Fund in Magnus® $259.4 MM



Q4 2019 FUND FACTS

CUIT Core Equity Index Fund

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

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

The securities identified and described do not represent all of the securities purchased, sold or recommended for investor accounts. The reader should not assume that an investment in the securities identified was or will be profitable. For a complete list of securities offered during the period, please contact CBIS.


12-Month Review■ Outperformance of the Fund was due primarily

to not owning weaker performing names inHealth Care.

■ Industrials in aggregate detracted, which wasdriven by restricting outperforming securities.

■ Information Technology sector was additive,due primarily from re-weighting to two names.

■ Consumer staples detracted.

3-Month Review■ Underperformance was concentrated in Health

Care and Consumer Staples. This was partiallyoffset by performance in Industrials andInformation Technology.

■ Restrictions on large pharmaceutical holdingsdetracted during the quarter. Reweighting tosmaller issues partially offset underperformance.

■ Within Industrials restricted names werethe main detractors of results for aerospaceand defense.

Current Positioning

■ The Fund is positioned very similarly to theS&P 500 index.

■ Catholic Responsible InvestmentsSM restrictionsare most prominent in Health Care, ConsumerStaples, and Industrials.

■ Currently, the Fund is underweight in HealthCare. Within the sector, the pharmaceutical is underweight. Health Care equipment and services stocks are overweight.







Information Ratio -0.1 N/A




Cigna Corporation 2.6

Alphabet Inc. 2.4

Medtronic Public Limited Company 2.2

Capital One Financial Corporation 2.2

Wells Fargo & Company 2.1

Comcast Corporation 2.1

Charter Communications, Inc. 2.1

MetLife, Inc. 2.0

Charles Schwab Corporation 2.0









Beta 1.1 1.0





Objective Long-term capital growth of capital

InvestmentsHigh-quality companies, $1 billion+ market caps, that appear underpriced relative to traditional value metrics

StrategyCombines complementary managers seeking undervalued securities, one using fundamental, bottom-up analysis; the other using quantitative multi-factor modeling

BenchmarkRussell 1000 Value Index

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



Q4 2019 FUND FACTS

CUIT Value Equity Fund

Fund Performance

CUIT Value Equity A

CUIT Value Equity B

Russell 1000 Value Index

30%25%15%10%5%0%



CUIT Value Equity Fund Class A 7.71 23.06 8.23 6.86 10.94

CUIT Value Equity Fund Class B 7.80 23.50 8.63 7.24 11.33

Russell 1000 Value Index 7.41 26.54 9.68 8.29 11.80


CUIT Value Equity Fund Class A 23.06 (11.58) 16.53 13.98 (3.58)

CUIT Value Equity Fund Class B 23.50 (11.27) 16.96 14.41 (3.26)

Russell 1000 Value Index 26.54 (8.27) 13.66 17.34 (3.83)


Source: FactSet

Source: FactSet

Source: eVestment

Source: FactSet.


ServicesConsumer




Fund 11.9 5.3 4.6 8.6 26.9 12.3 7.6 13.2 2.7 2.1 2.8 1.8Benchmark 8.2 5.9 8.9 8.2 23.9 13.0 9.7 6.3 4.3 5.2 6.6 0.0Active Weights 3.7 -0.6 -4.2 0.4 3.0 -0.6 -2.0 7.0 -1.6 -3.0 -3.8 1.8

Total Fund Value $328.7 MMCUIT Value Equity Fund Class A $66.1 MM

CUIT Value Equity Fund Class B $149.0 MM

CUIT Value Equity Fund in Magnus® $113.6 MM



Q4 2019 FUND FACTS

CUIT Value Equity FundAttribution 12-MONTHS 3-MONTHS

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

Sector Fund Index SectorAllocation

Security Selection Total Fund Index Sector

AllocationSecurity Selection Total

Communication Services 12.13 7.49 0.13 0.22 0.35 12.02 8.21 -0.02 0.08 0.06

Consumer Discretionary 5.79 5.81 0.00 -0.94 -0.94 5.37 5.97 0.02 -0.20 -0.18

Consumer Staples 4.48 8.41 -0.02 -0.45 -0.47 4.69 8.95 0.17 -0.11 0.06

Energy 9.03 8.91 -0.03 -0.08 -0.10 8.23 8.15 0.01 0.11 0.12

Financials 25.44 23.10 0.05 0.49 0.53 26.41 23.91 0.06 0.15 0.21

Health Care 11.57 13.84 0.24 0.46 0.69 11.78 12.71 -0.04 0.38 0.34

Industrials 7.84 8.67 -0.02 -1.13 -1.15 8.20 9.63 -0.01 -0.36 -0.37

Information Technology 13.45 7.86 0.72 -1.45 -0.73 13.19 6.15 0.33 -0.60 -0.26

Materials 2.59 4.16 0.09 0.34 0.43 2.73 4.28 -0.01 -0.01 -0.02

Real Estate 2.27 5.22 -0.04 -0.04 -0.08 2.27 5.36 0.23 0.20 0.43

Utilities 2.91 6.53 0.04 -0.26 -0.22 2.97 6.69 0.27 0.06 0.32

Cash 2.50 - -0.68 - -0.68 2.15 - -0.15 - -0.15

Total 100.00 100.00 0.49 -2.85 -2.36 100.00 100.00 0.86 -0.29 0.57


Important Information

Benchmark 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.



12-Month Review

■ Sector allocation was slightly positive with allunderperformance coming from stock selection.

■ The Fund’s overweight to Information Technologyand underweight to Health Care were beneficial.Other sector positions had little impact.

■ Stock selection was the primary cause ofunderperformance with negative relative resultsin Industrials, Information Technology, andConsumer Discretionary driving overall Fund performance.

3-Month Review■ Results was attributable to positive

sector positioning as stock selection wasslightly negative.

■ Underweights to Consumer Staples, Real Estate,and Utilities combined with an overweight toInformation Technology were the main driversof outperformance. Other sector allocations had negligible impact.

■ Stock selection was mixed, but negative overall with the underperformance of holdings in Information Technology, Consumer Discretionary, and Industrials dominating.

Current Positioning■ The Fund’s positioning generally does not

change much quarter to quarter or evenannually in terms of sector exposures andother portfolio characteristics.

■ The Fund’s overweights in CommunicationsServices, Information technology, and Financialsare consistent with positioning in recent quarters— as are the underweights to Health Care,Consumer Staples, Real Estate, and Utilities.


Objective Long-term growth of capital

InvestmentsCommon stocks of U.S. companies with market caps greater than $500 million, exhibiting sustainable, above-average earnings growth

StrategyFocus on mid- and large-cap stocks that exhibit sustainable, above-average earnings growth; blends a quantitative manager and a fundamental manager to construct a more concentrated portfolio

BenchmarkRussell 1000 Growth Index

Asset ManagersWellington Mgmt. (Effective 2004) Los Angeles Capital Mgmt. (Effective 2009)



Q4 2019 FUND FACTS

CUIT Growth Fund

Fund Performance

CUIT Growth Fund A

CUIT Growth Fund B

Russell 1000 Growth Index

40%30%20%10%0%



CUIT Growth Fund A 9.25 33.46 18.54 13.07 13.77

CUIT Growth Fund B 9.33 33.87 18.90 13.42 14.12

Russell 1000 Growth Index 10.62 36.39 20.49 14.63 15.22


CUIT Growth Fund A 33.46 (0.45) 25.38 5.37 5.29

CUIT Growth Fund B 33.87 (0.16) 25.77 5.69 5.63

Russell 1000 Growth Index 36.39 (1.51) 30.21 7.08 5.67


Source: FactSet

Source: FactSet

Source: eVestment

Source: FactSet








Beta 1.0 1.0









Information Ratio -0.1 N/A





Apple Inc. 8.3

Alphabet Inc. 5.9

Facebook, Inc. 4.3

Amazon.com, Inc. 3.9

Visa Inc. 2.6

Mastercard Incorporated 2.1

Costco Wholesale Corporation 1.4

Abbott Laboratories 1.3

QUALCOMM Incorporated 1.3


ServicesConsumer




Fund 11.6 13.4 4.0 0.0 6.7 10.0 8.9 40.6 1.9 1.5 0.0 1.3Benchmark 11.6 13.8 4.6 0.3 3.1 14.7 9.3 38.9 1.3 2.4 0.0 0.0Active Weights 0.1 -0.4 -0.6 -0.3 3.6 -4.7 -0.3 1.7 0.6 -0.9 0.0 1.3

Total Fund Value $363.3 MMCUIT Growth Fund Class A $72.9 MM

CUIT Growth Fund Class B $175.0 MM

CUIT Growth Fund in Magnus® $115.4 MM



Q4 2019 FUND FACTS

CUIT Growth FundAttribution 12-MONTHS 3-MONTHS





Communication Services 11.48 11.94 -0.12 -0.38 -0.51 11.63 11.65 0.00 -0.03 -0.02

Consumer Discretionary 16.01 14.73 -0.21 -0.38 -0.59 14.68 14.00 -0.08 -0.13 -0.21

Consumer Staples 4.23 5.26 -0.02 -0.29 -0.32 4.13 4.77 0.03 -0.07 -0.04

Energy 0.07 0.51 0.16 -0.08 0.08 - 0.26 0.01 - 0.01

Financials 5.72 3.78 -0.13 0.05 -0.08 6.45 3.14 -0.05 -0.08 -0.13

Health Care 10.22 13.82 -0.03 0.93 0.90 8.91 14.54 -0.32 -0.52 -0.85

Industrials 8.60 10.73 -0.15 0.33 0.18 9.11 9.63 0.04 0.32 0.36

Information Technology 38.90 35.21 0.40 -0.50 -0.11 39.61 38.23 -0.00 0.00 0.00

Materials 1.16 1.61 -0.11 0.06 -0.05 1.90 1.39 -0.05 0.05 -0.00

Real Estate 2.46 2.41 -0.10 -0.09 -0.19 2.00 2.42 0.00 -0.06 -0.06

Utilities - - - - - - - - - -

Cash 1.16 - -0.56 - -0.56 1.59 - -0.19 - -0.19

Total 100.00 100.00 -0.89 -0.35 -1.24 100.00 100.00 -0.60 -0.52 -1.12


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



12-Month Review

■ After a sharp decline in valuations inQ4 2018, U.S. Large Cap Growth stocks rebounded dramatically in 2019.

■ Sector allocation detracted. The overweightto Information Technology helped whileother allocations provided mixed results. The transactional cash position was a drag on performance and more than offset gains.

■ While selection was an overall detractor,favorable stock selection within theHealth Care sector added.

■ The benefit from stock selection within HealthCare was more than offset by selection decisionsin Information Technology, CommunicationsServices, Consumer Discretionary and ConsumerStaples.

3-Month Review■ The Fund underperformed the benchmark.

■ Underweight to Health Care plus securityselection decisions detracted. This was somewhatmitigated by selection within Industrials.

Current Positioning■ Sector weights are fairly close to the benchmark

index. Health Care is the largest underweightand Financials is the largest overweight.

■ The Fund has a very low Tracking Error relativeto peers.

■ The Fund places a premium on companies thatare reasonably valued. As such, the Fund shouldprovide some downside protection in rapidlydeclining markets.










Medicines Company 0.8

Darling Ingredients Inc. 0.6

LHC Group, Inc. 0.5

Glacier Bancorp, Inc. 0.5

Community Bank System, Inc. 0.5

John Bean Technologies Corporation 0.5

Exponent, Inc. 0.5

TopBuild Corp. 0.4

Strategic Education, Inc. 0.4

RH 0.4








Beta 1.0 1.0






Q4 2019 FUND FACTS

CUIT Small Cap Equity Index Fund

Fund Performance

CUIT Small Cap Equity A

CUIT Small Cap Equity B

S&P SmallCap 600 Index

25%20%15%10%5%0%



CUIT Small Cap Equity Fund Class A 8.20 22.24 8.41 7.92 11.35

CUIT Small Cap Equity Fund Class B 8.21 22.58 8.74 8.23 11.69

S&P SmallCap 600 Index 8.21 22.78 8.99 8.47 11.95


CUIT Small Capitalization Equity Fund Class A 22.24 (8.90) 14.43 20.60 (4.75)

CUIT Small Capitalization Equity Fund Class B 22.58 (8.63) 14.81 20.97 (4.53)

S&P SmallCap 600 Index 22.78 (8.48) 15.22 21.31 (4.41)


Source: FactSet

Source: FactSet

Source: eVestment

Source: FactSet


ServicesConsumer




Fund 2.1 13.9 4.1 4.2 17.4 12.0 17.3 13.7 4.9 7.4 2.2 0.8Benchmark 2.1 14.0 4.3 4.2 17.5 12.2 17.5 13.8 4.9 7.4 2.2 0.0Active Weights 0.0 -0.1 -0.2 0.0 -0.1 -0.2 -0.2 -0.1 0.0 0.0 0.0 0.8

Objective Long-term capital appreciation by attempting to replicate the performance of the S&P Small Cap 600

InvestmentsCommon stocks that generally comprise the S&P SmallCap 600

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

BenchmarkS&P SmallCap 600 Index

Asset ManagersRhumbLine Advisers (Effective 2007)


Total Fund Value $434.1 MMCUIT Small Cap Equity Fund Class A $59.3 MM

CUIT Small Cap Equity Fund Class B $298.7 MM

CUIT Small Cap Equity Fund in Magnus® $76.1 MM


■ Industrials added to relative performancefrom restricting two stocks.

■ The Health Care sector added to relativeperformance from restricting three stocks,and a stock re-weighting.


Q4 2019 FUND FACTS

CUIT Small Cap Equity Index Fund

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

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



12-Month Review

■ Health Care benefitted results for the period.Restrictions in pharmaceuticals issues were additive.

■ Consumer Discretionary positively contributedto relative performance driven by gains fromrestricting two stocks.

■ Industrials were additive.

3-Month Review Current Positioning■ The Fund is positioned very similarly to the

S&P 600 index.

• CRI restrictions are most prominent in HealthCare, Consumer Staples, and Industrials.

• Since restricted securities comprise less than2% of the S&P 600 index, this Fund will almostalways closely track the index.

All attribution is based on gross portfolio performance



Taiwan Semiconductor Manufacturing Co., Ltd. 2.5

Tencent Holdings Ltd. 2.3

Nestle S.A. 2.1

LVMH Moet Hennessy Louis Vuitton SE 1.8

Volkswagen AG 1.8

Alibaba Group Holding Ltd. 1.6

BASF SE 1.5

Canadian Pacific Railway Limited 1.4

ASML Holding NV 1.4

Shopify, Inc. 1.4








Beta 1.1 1.0



# of Equity Securities 356 2,412


Objective Long-term growth of capital

InvestmentsBroad mix of large and mid cap equities from a universe of over 20 Developed Market countries and over 20 Emerging Market countries; up to 30% of the portfolio may be invested in emerging markets

StrategyCombines three managers with complementary growth and value oriented investment processes

BenchmarkMSCI All Country World ex-U.S. Index

Asset ManagersCauseway Capital (Effective 2005)Principal Global (Effective 2007)WCM (Effective 2015)

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


Q4 2019 FUND FACTS

CUIT International Equity Fund

Fund Performance

CUIT International Equity Fund A

CUIT International Equity Fund B

MSCI ACWI ex-U.S. Index

30%

20%

10%

0%3 MO 1 YR 3 YR 5 YR 10 YR


CUIT International Equity Fund A 10.10 26.10 11.42 6.59 6.38

CUIT International Equity Fund B 10.27 26.75 11.95 7.06 6.83

MSCI ACWI ex-U.S. Index 8.99 22.13 10.40 6.33 6.07


CUIT International Equity Fund A 26.10 (15.93) 30.47 2.35 (2.82)

CUIT International Equity Fund B 26.75 (15.53) 31.04 2.75 (2.45)

MSCI ACWI ex-U.S. Index 22.13 (13.78) 27.77 5.01 (3.81)


Source: eVestment

Source: FactSet

Source: FactSet

Source: FactSet

Risk Metrics (5yr)CHARACTERISTICS FUND BENCHMARK CHARACTERISTICS FUND BENCHMARK

Standard Deviation 12.4 12.5 Information Ratio 0.7 N/A

Tracking Error 2.6 0.0 Upside Capture 102.6 100.0

Sharpe Ratio 0.6 0.4 Downside Capture 92.6 100.0

Geographic DistributionFUND BENCHMARK

United Kingdom 14.6 10.9

France 9.4 7.6

Italy 2.7 1.6

Germany 9.4 5.7

Japan 7.9 16.3

USA* 8.4 0.0

Canada 5.0 6.7

Other Europe 17.3 16.4

Developed Asia 3.1 7.9

Emeg. Mkts Asia 17.5 20.4

Other Emg. Mkts 4.7 6.6


ServicesConsumer




Fund 5.2 13.9 9.3 4.6 16.6 7.2 15.0 15.8 5.8 0.4 1.1 5.1Benchmark 6.7 11.8 9.4 6.5 21.4 8.9 12.0 9.3 7.4 3.2 3.4 0.0Active Weights -1.5 2.1 -0.1 -1.9 -4.8 -1.6 3.0 6.4 -1.6 -2.8 -2.3 5.1

Source: FactSet. *U.S. allocation includes ADRs and cash.

Total Fund Value $1,009.1 MMCUIT Intl Equity Fund Class A $98.9 MM

CUIT Intl Equity Fund Class B $537.8 MM

CUIT Intl Equity Fund Class C $223.0 MM

CUIT Intl Equity Fund in Magnus® $149.4 MM



Q4 2019 FUND FACTS

CUIT International Equity FundAttribution 12-MONTHS 3-MONTHS





Communication Services 6.47 6.97 0.08 -0.07 0.01 5.83 6.73 0.01 -0.08 -0.08

Consumer Discretionary 13.00 11.33 0.14 0.90 1.04 13.45 11.64 0.04 -0.27 -0.22

Consumer Staples 10.16 9.87 0.01 0.22 0.23 10.08 9.73 -0.03 -0.02 -0.05

Energy 5.19 6.97 0.14 -0.37 -0.22 4.80 6.59 0.04 -0.12 -0.08

Financials 18.00 21.75 0.19 1.64 1.83 17.70 21.52 0.03 1.00 1.03

Health Care 6.76 8.42 0.03 0.07 0.10 7.39 8.68 -0.05 -0.26 -0.30

Industrials 13.92 11.93 0.06 0.89 0.95 14.59 12.07 0.00 0.61 0.61

Information Technology 14.68 8.59 1.04 1.04 2.08 15.57 9.11 0.41 0.19 0.61

Materials 7.21 7.45 0.04 0.17 0.21 6.17 7.30 -0.02 -0.01 -0.03

Real Estate 0.67 3.29 0.13 0.04 0.17 0.46 3.20 0.05 0.05 0.10

Utilities 1.25 3.43 0.11 0.26 0.36 1.11 3.42 0.10 0.15 0.25

Cash 2.69 - -0.64 - -0.64 2.84 - -0.25 - -0.25

Total 100.00 100.00 1.32 4.81 6.13 100.00 100.00 0.34 1.25 1.59


12-Month Review■ Sector allocation decisions and stock selection

were additive with positive stock selection asthe primary driver.

■ Sector positioning was positive across the boardwith an overweight to Information Technologythe most significant factor. Residual cash in thefund was the largest single detractor.

■ While stock selection in Energy detracted, stockselection was positive, particularly in Financialsand Information Technology.

3-Month Review■ Sector allocation and stock selection had

positive results.

■ An overweight to Information Technologywas beneficial, while other sector allocationdecisions had little impact.

■ Stock selection decisions within Financialsand Industrials were the primary drivers.

Current Positioning

■ We believe the Fund’s positioning is relativelystable quarter to quarter.

■ The Fund exhibited a modest growth tilt relativeto the benchmark index. The Fund’s P/E and P/B ratios are slightly higher, and its dividend yield is lower than the index.

■ The Fund currently has about 78% of its marketvalue invested in developed nation securities and22% in emerging markets.

■ Sector weightings currently include anoverweight in Information Technology and muchmore modest overages in ConsumerDiscretionary and Industrials. The mostsignificant underweight is to Financials.

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

Total Estimated Expense Ratio for Class B reflects the partial waiver of the Investment Management Fee so total expenses do not exceed 99 bps. The securities identified and described do not represent all of the securities purchased, sold or recommended for investor accounts. The reader should not assume that an investment in the securities identified was or will be profitable. For a complete list of securities offered during the period, please contact CBIS.



Objective Long-term capital appreciation

InvestmentsEquity securities in MSCI All Country World ex US Small-Cap Index except those screened by CBIS’ Catholic investment screens criteria

StrategyCombines two skilled and complementary active managers, designed for enhanced risk-adjusted returns

BenchmarkMSCI All Country World ex US Small-Cap Index

Asset ManagersLazard Asset Management (Effective 2019)Global Alpha (Effective 2019)

Total Expense Ratio / Minimum Class B: 1.15% / $1M


Q4 2019 FUND FACTS

CUIT International Small Cap Equity Fund









Beta 1.0 1.0

Active Share N/A N/A


# of Equity Securities 451 4,210

Geographic DistributionFUND BENCHMARK CHARACTERISTICS FUND BENCHMARK

United Kingdom 15.3 13.6 Canada 3.9 6.9

France 6.4 2.5 Other Europe 16.3 19.2

Italy 5.0 2.5 Developed Asia 9.7 8.6

Germany 4.4 4.5 Emeg. Mkts Asia 6.8 14.7

Japan 28.2 22.0 Other Emg. Mkts 2.8 5.4

USA* 1.2 0.0


Kerry Logistics Network Ltd. 1.5

Internet Initiative Japan Inc. 1.4

Autogrill S.p.A. 1.4

IWG Plc 1.4

Savills plc 1.3

CVS Group plc 1.2

LISI SA 1.2

L'Occitane International S.A. 1.2

Rothschild & Co. SCA 1.2

Melia Hotels International, S.A. 1.2


ServicesConsumer




Fund 3.5 11.5 7.6 2.1 10.1 6.8 22.5 10.4 7.8 11.7 2.7 3.3Benchmark 4.3 12.5 5.9 3.3 10.4 7.3 19.7 11.1 9.9 12.3 3.2 0.0Active Weights -0.8 -1.0 1.7 -1.2 -0.4 -0.5 2.8 -0.7 -2.2 -0.6 -0.5 3.3

*U.S. allocation includes ADRs and cash.Source: FactSet

Total Fund Value $43.4 MM

CUIT Intl Small Cap Equity Fund B $5.4 MM

CUIT Intl Small Cap Equity Fund in Magnus® $38.0 MM

Important InformationBenchmark Index: As of December 30, 2019, the benchmark for the International Small Cap Equity Fund is the MSCI ACWI ex-US Small Cap Index, which captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. 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 securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. For a complete list of securities offered during the period, please contact CBIS.


Source: FactSet Source: FactSet

Source: FactSet


Portfolio Analysis – EquitySTATISTICS FUND BENCHMARK







Beta 1.1 0.0


# of Securities 1,531 5,402

Fund Size $837.8 MM

Portfolio Analysis – Fixed IncomeSTATISTICS FUND BENCHMARK







Credit QualityFUND BENCHMARK

AAA 50.0 72.0

AA 5.9 3.2

A 17.0 10.5

BBB 21.2 13.1

Below BBB 4.2 1.2

Merger/Arbitrage 2.4 0.0

Cash 1.6 0.0

Effective DurationFUND BENCHMARK

<1 Year 17.8 1.2

1-3 Years 38.7 33.0

3-5 Years 24.6 31.2

5-7 Years 6.1 11.2

7-10 Years 6.5 6.7

10-20 Years 5.5 15.8

>20 Years 0.9 0.9

Fund Performance

CUIT Magnus® 60/40 Alpha Plus Class A

CUIT Magnus® 60/40 Alpha Plus Class B

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

25%20%15%10%5%0%



CUIT Magnus® 60/40 Alpha Plus Class A 5.62 19.25 * * *

CUIT Magnus® 60/40 Alpha Plus Class B 5.60 19.44 * * *

40% BBAgg / 45% R3000 / 15% MSCI ACWI-ex.U.S. 5.47 20.63 * * *


Q4 2019 FUND FACTS

CUIT Magnus® 60/40 Alpha Plus Fund

Objective The 60/40 Alpha Plus Fund’s investmentobjective is to achieve current incomeand long-term capital appreciation.

InvestmentsThe 60/40 Alpha Plus Fund’s risk-reducingholdings are a diversified mix ofshort-, intermediate-, and long-termU.S. government, U.S. agency, andinvestment-grade U.S. corporate bonds;mortgage-backed and asset-backedsecurities; and government, agency,corporate, and securitized investment-gradeforeign bonds issued in currenciesother than the U.S. dollar (which may behedged to minimize foreign currencyexposure). The 60/40 Alpha Plus Fund’sreturn-seeking holdings are a diversifiedmix of U.S. and foreign small-, mid-, andlarge-capitalization equity securities.

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

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

Return-Seeking: CUIT Small Cap Equity Index (6.00%) CUIT International Equity (12.00%) CUIT Growth Equity (12.00%) CUIT Core Equity Index (15.00%) CUIT Value Equity (12.00%) CUIT International Small Cap Equity* (3.00%)



Source: FactSet

Source: FactSet



Important InformationImportant Information Benchmark Index: The Fund’s blended benchmark is 40% Bloomberg Barclays Aggregate / 45% Russell 3000 / 15% MSCI ACWI ex-US. Characteristics presented for the 60/40 Alpha Fund were also compiled using data from Barclays Capital U.S. 1-3 Year Treasury Bond Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for measuring relative performance but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the indices may be obtained from our provider or CBIS. Bloomberg Index Services Limited: BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. CBIS offers pooled funds on behalf of a not-for-profit investment trust, the Catholic United Investment Trust (CUIT), a commingled fund exclusively for tax-exempt Catholic institutions. The CUIT Fund SeriesOffering Memorandum and CUIT Magnus® Series 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. Shares in the CUIT Fund Series and CUIT Magnus® Series are offered exclusively through CBIS Financial Services, Inc., a broker-dealer subsidiary of CBIS. 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.

Asset Allocation Effect [AAE]: Quantifies the performance effect of differences in actual asset allocation weights of the Series relative to the target weights of the blended benchmark. As mentioned previously, the magnitude of cashflows and market volatility will have an impact on results.

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

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

12-Month Performance

■ AAE was negative for the year

■ SSE was negative for the year due to anoverweight allocation to the small cap strategyand small cap stocks’ underperformance relativeto large cap stocks. Allocation to Value alsodetracted as value stocks underperformed duringthe period; this was offset by the allocationto Growth as growth stock outperformed. Inaddition, allocation to SBF and OBF detractedfrom results as longer duration outperformed

■ MSE was positive for the year, driven primarily byInternational and Core within Return-Seeking, as well as outperformance within Risk-Reducing. This more than offset underperformance within the Value and Growth components.

3-Month Performance■ AAE was positive for the quarter.

■ SSE was slightly negative for the quarter. Thepositive effect within Risk-Reducing was offsetby negative effect within Return-Seeking US,particularly with Value and Small Cap as bothvalue and small cap stocks underperformed.

■ MSE was positive for the quarter as mostmanagers (with the exception of thosewithin Growth) outperformed their respectivebenchmarks, particularly within theInternational Fund.

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


Q4 2019 FUND FACTS

CUIT Magnus® 60/40 Alpha Plus Fund

Source: FactSet

Market Sector Analysis % - Return-Seeking

Communication Services


Consumer Staples Energy Financials Health

Care Industrials InformationTechnology Materials Real

Estate Utilities Cash

Fund 8.8 11.2 6.9 4.3 15.1 10.6 11.0 21.4 3.8 2.6 2.3 1.9Benchmark 8.7 10.5 7.2 4.7 15.5 12.8 10.4 19.2 4.0 3.8 3.3 0.0Active Weights 0.1 0.7 -0.3 -0.3 -0.3 -2.2 0.5 2.2 -0.1 -1.2 -1.0 1.9

Allocations% - Risk-Reducing

Treasuries Agencies Industrials Finance Utilities Supra- national Sovereign MBS CMO CMBS ABS Municipals Covered

BondsMerger/Arbitrage Cash

Fund 22.2 2.5 17.2 15.3 1.5 0.0 0.0 10.6 1.0 12.3 11.7 1.7 0.0 2.4 1.6Benchmark 39.5 2.5 15.5 7.9 1.9 1.3 1.0 27.0 0.0 2.0 0.5 0.9 0.0 0.0 0.0Active Weights -17.3 0.0 1.7 7.4 -0.3 -1.3 -1.0 -16.3 1.0 10.3 11.2 0.8 0.0 2.4 1.6

Source: FactSet










Beta 1.1 0.0



Fund Size $197.5 MM









AAA 50.0 72.0

AA 5.9 3.2

A 17.0 10.5

BBB 21.2 13.1

Below BBB 4.2 1.2


Cash 1.6 0.0


<1 Year 17.8 1.2

1-3 Years 38.7 33.0

3-5 Years 24.6 31.2

5-7 Years 6.1 11.2

7-10 Years 6.5 6.7

10-20 Years 5.5 15.8

>20 Years 0.9 0.9

Fund Performance

CUIT Magnus® 60/40 Beta Plus Class A

CUIT Magnus® 60/40 Beta Plus Class B

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

25%20%15%10%5%0%



CUIT Magnus® 60/40 Beta Plus Class A 5.65 20.26 * * *

CUIT Magnus® 60/40 Beta Plus Class B 5.77 20.58 * * *

40% BBAgg/45% R3000/15% MSCI ACWI-ex.U.S. 5.47 20.63 * * *


Q4 2019 FUND FACTS

CUIT Magnus® 60/40 Beta Plus Fund

Objective The 60/40 Beta Plus Fund’s investmentobjective is to achieve current incomeand long-term capital appreciation.

InvestmentsThe 60/40 Beta Plus Fund’s risk-reducingholdings are a diversified mix ofshort-, intermediate-, and long-termU.S. government, U.S. agency, andinvestment-grade U.S. corporate bonds;mortgage-backed and asset-backedsecurities; and government, agency,corporate, and securitized investment-gradeforeign bonds issued in currenciesother than the U.S. dollar (which may behedged to minimize foreign currencyexposure). The 60/40 Beta Plus Fund’sreturn-seeking holdings are a diversifiedmix of U.S. and foreign small-, mid-, andlarge-capitalization equity securities.

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

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

Return-Seeking: CUIT Small Cap Equity Index (6.00%) CUIT International Equity (12.00%) CUIT Core Equity Index (39.00%) CUIT International Small Cap Equity* (3.00%)



Source: FactSet


Source: FactSet


Important InformationImportant Information Benchmark Index: The Fund’s blended benchmark is 40% Bloomberg Barclays Aggregate / 45% Russell 3000 / 15% MSCI ACWI ex-US. Characteristics presented for the 60/40 Beta Fund were also compiled using data from Barclays Capital U.S. 1-3 Year Treasury Bond Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for measuring relative performance but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the indices may be obtained from our provider or CBIS. Bloomberg Index Services Limited: BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. CBIS offers pooled funds on behalf of a not-for-profit investment trust, the Catholic United Investment Trust (CUIT), a commingled fund exclusively for tax-exempt Catholic institutions. The CUIT Fund Series Offering Memorandum and CUIT Magnus® Series 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. Shares in the CUIT Fund Series and CUIT Magnus® Series are offered exclusively through CBIS Financial Services, Inc., a broker-dealer subsidiary of CBIS. 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.




12-Month Performance■ AAE was positive for the year.

■ SSE was negative for the year due primarily toan overweight allocation to Small Cap and smallcap stocks’ underperformance relative to largecap stocks. In addition, allocation to SBF andOBF detracted from results as longer durationoutperformed.

■ MSE was positive for the year, driven primarily byInternational and Core within Return-Seeking, aswell as outperformance within Risk-Reducing.

3-Month Performance■ AAE was positive for the quarter.

■ SSE was slightly negative for the quarter. Thepositive effect within Risk-Reducing was offsetby negative effect within Return-Seeking US,particularly with Small Cap as small cap stocksunderperformed large cap stocks.

■ MSE was negative for the quarter driven primarilyby outperformance within International andRisk-Reducing.



Q4 2019 FUND FACTS

CUIT Magnus® 60/40 Beta Plus FundMarket Sector Analysis % - Return-Seeking






Fund 8.0 11.5 7.1 4.4 15.0 10.8 11.6 20.1 4.1 3.2 2.6 1.7Benchmark 8.7 10.5 7.2 4.7 15.5 12.8 10.4 19.2 4.0 3.8 3.3 0.0Active Weights -0.7 1.0 -0.1 -0.3 -0.5 -2.0 1.2 0.9 0.1 -0.6 -0.7 1.7





Source: FactSet

Source: FactSet










Beta 1.1 0.0



Fund Size $46.5 MM


AAA 50.0 72.0

AA 5.9 3.2

A 17.0 10.5

BBB 21.2 13.1

Below BBB 4.2 1.2


Cash 1.6 0.0


<1 Year 17.8 1.2

1-3 Years 38.7 33.0

3-5 Years 24.6 31.2

5-7 Years 6.1 11.2

7-10 Years 6.5 6.7

10-20 Years 5.5 15.8

>20 Years 0.9 0.9

Fund Performance

CUIT Magnus® 45/55 Fund

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

20%15%10%5%0%



CUIT Magnus® 45/55 Fund 4.29 16.32 * * *

55% BBAgg/33.75% R3000/11.25% MSCI ACWI-Ex.U.S. 4.13 17.60 * * *


Source: FactSet

Source: FactSet










Q4 2019 FUND FACTS


Objective The 45/55 Fund’s investment objectiveis to achieve current income and long-termcapital appreciation.

InvestmentsThe 45/55 Fund’s risk-reducingholdings are a diversified mix ofshort-, intermediate-, and long-termU.S. government, U.S. agency, andinvestment-grade U.S. corporate bonds;mortgage-backed and asset-backedsecurities; and government, agency,corporate, and securitized investment-gradeforeign bonds issued in currenciesother than the U.S. dollar (which may behedged to minimize foreign currencyexposure). The 45/55 Fund’s return-seekingholdings are a diversified mixof U.S. and foreign small-, mid-, andlarge-capitalization equity securities.

BenchmarkThe blended benchmark for the 45/55Fund is comprised of 55% BloombergBarclays Aggregate / 33.75% Russell3000 / 11.25% MSCI ACWI ex-US.

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




Important InformationImportant Information Benchmark Index: The Fund’s blended benchmark is comprised of 55% Bloomberg Barclays Aggregate / 33.75% Russell 3000 / 11.25% MSCI ACWI ex-US.Characteristics presented for the 45/55 Fund were also compiled using data from Barclays Capital U.S. 1-3 Year Treasury Bond Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for measuring relative performance but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the indices may be obtained from our provider or CBIS. Bloomberg Index Services Limited: BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. CBIS manages pooled funds on behalf of a not-for-profit investment trust, the Catholic United Investment Trust (CUIT), a commingled fund exclusively for tax-exempt Catholic institutions. The CUIT Fund Series Offering Memorandum and CUIT Magnus® Series 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. Shares in the CUIT Fund Series and CUIT Magnus® Series are offered exclusively through CBIS Financial Services, Inc., a broker-dealer subsidiary of CBIS. 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.




12-Month Performance

■ AAE was negative for the year

■ SSE was negative for the year due to an overweight allocation to Small Cap and small cap stocks’ underperformance relative to large cap stocks. In addition, allocation to SBF and OBF detracted from results as longer duration outperformed.

■ MSE was negative for the year, driven primarilyby selection in International and Core within Return-Seeking, as well as outperformance within Risk-Reducing.

3-Month Performance

■ AAE was slightly positive for the quarter.

■ SSE was slightly positive for the quarter. Thepositive effect within Risk-Reducing was offset by negative effect within Return-Seeking US, particularly with Value and Small Cap as both value and small cap stocks underperformed.

■ MSE was positive for the quarter as mostmanagers matched or outperformed theirrespective benchmarks, particularly withinthe International Fund.



Q4 2019 FUND FACTS


Source: FactSet

Market Sector Analysis % - Return-Seeking






Fund 8.1 11.5 6.7 4.3 15.4 10.6 11.6 20.6 4.0 3.0 2.3 1.9Benchmark 8.7 10.5 7.2 4.7 15.5 12.8 10.4 19.2 4.0 3.8 3.3 0.0Active Weights -0.6 1.0 -0.5 -0.3 -0.1 -2.2 1.2 1.5 0.0 -0.8 -1.0 1.9





Source: FactSet



Fund Performance

CUIT Magnus® 75/25 Fund Class A

CUIT Magnus® 75/25 Fund Class B

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

25%20%15%10%5%0%



CUIT Magnus® 75/25 Fund Class A 6.69 22.41 * * *

CUIT Magnus® 75/25 Fund Class B 6.68 * * * *

25% BBAgg/56.25% R3000/18.75% MSCI ACWI-Ex.U.S. 6.81 23.69 * * *









Beta 1.1 0.0



Fund Size $159.1 MM









AAA 50.0 72.0

AA 5.9 3.2

A 17.0 10.5

BBB 21.2 13.1

Below BBB 4.2 1.2


Cash 1.6 0.0


<1 Year 17.8 1.2

1-3 Years 38.7 33.0

3-5 Years 24.6 31.2

5-7 Years 6.1 11.2

7-10 Years 6.5 6.7

10-20 Years 5.5 15.8

>20 Years 0.9 0.9


Q4 2019 FUND FACTS


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

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

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

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



Source: FactSet

Source: FactSet



Important InformationImportant Information Benchmark Index: The Fund’s blended benchmark is comprised of 25% Bloomberg Barclays Aggregate / 56.25% Russell 3000 / 18.75% MSCI ACWI ex-US. Characteristics presented for the 75/25 Fund were also compiled using data from Barclays Capital U.S. 1-3 Year Treasury Bond Index. Performance for periods of one year and longer are annualized. All Fund performance is reported net of any fees and expenses, but inclusive of dividends and interest. Past performance is not indicative of future performance. The return and principal value of the Fund will fluctuate, and upon redemption, shares in the Fund may be worth less than their original cost. The comparative indices represent unmanaged or average returns on various financial assets which can be compared to the Fund’s total returns for measuring relative performance but are not necessarily intended to parallel the risk or investment approach of your investments. The indices do not incur taxes or expenses but are inclusive of dividends and interest. Comparative index information is provided by BNY Mellon Bank; information regarding composition of the indices may be obtained from our provider or CBIS. Bloomberg Index Services Limited: BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. CBIS manages pooled funds on behalf of a not-for-profit investment trust, the Catholic United Investment Trust (CUIT) , a commingled fund exclusively for tax-exempt Catholic institutions. The CUIT Fund Series Offering Memorandum and CUIT Magnus® Series 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. Shares in the CUIT Fund Series and CUIT Magnus® Series are offered exclusively through CBIS Financial Services, Inc., a broker-dealer subsidiary of CBIS. 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.

Class B performance is only available for the three month period; one year performance results are not available.




12-Month Performance■ AAE was negative for the year due to frictional

cash held in the portfolio.

■ SSE was negative for the year due to anoverweight to Small Cap and small cap stocks’underperformance relative to large cap stocks.Allocation to Value also detracted as value stocksunderperformed during the period; this wasoffset by the allocation to Growth as growthstock outperformed. In addition, allocation toSBF and OBF detracted from results as longerduration outperformed.

■ MSE was positive for the year, driven primarilyby International and Core within Return-Seeking,as well as outperformance within Risk-Reducing.This more than offset underperformance withinthe Value and Growth components.

3-Month Performance

■ AAE was negative for the quarter.

■ SSE was slightly negative for the quarter. Thepositive strategy selection effect within Risk-Reducing was offset by negative strategy effect within Return-Seeking US, particularly with Value and Small Cap as both value and small cap stocks underperformed.

■ MSE was positive for the quarter driven primarilyby outperformance by the managers within International and Risk-Reducing.



Q4 2019 FUND FACTS

CUIT Magnus® 75/25 FundMarket Sector Analysis % - Return-Seeking






Fund 8.2 11.5 6.6 4.3 15.5 10.6 11.6 20.8 3.9 2.9 2.2 1.9Benchmark 8.7 10.5 7.2 4.7 15.5 12.8 10.4 19.2 4.0 3.8 3.3 0.0Active Weights -0.6 1.0 -0.6 -0.4 0.0 -2.2 1.2 1.6 0.0 -0.9 -1.1 1.9





Source: FactSet

Source: FactSet



Christian Brothers Investment Services, Inc. � [email protected] PAGE 41

SM

� CBIS pioneered Catholic Responsible InvestmentsSM

and has more than 30 years of experience applying Catholic ethicaland social teaching to the investing process.

� While socially responsible investing is oftenequated with stock screens, a truly effective Catholic ResponsibleInvestmentsSM program requires that we also act as responsibleowners of companies to bring about a more just society. Ourapproach to Catholic socially responsible investing emphasizesdirect engagement with companies to help improve their policiesand practices.

� Catholic Responsible InvestmentsSM enables Catholic institutionsto align their investments with their beliefs and effect realchange in corporate activities with respect to human rights, theenvironment, and corporate governance.

�

encouraging strong corporate environmental, social andgovernance policies, we are helping support long-termperformance and the potential growth of shareholder value.

TEL: 877-550-2247 EMAIL: [email protected]

PO Box 9683 Providence, RI 02940-9683

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

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Important Disclosures

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

As of December 30, 2019, the benchmark for the International Small Cap Equity Fund is the MSCI ACWI ex-US Small Cap Index, which captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries.

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

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

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

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

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

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

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



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